MIRA
INFORM REPORT
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Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NAANDI FOUNDATION |
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Registered
Office : |
502, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.10.1998 |
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Trust Reg. No.: |
174/98 (Registered at Registrar of |
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Corpus Fund : |
Rs.52.010
millions |
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IEC No.: |
0904013723 |
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PAN No.: [Permanent Account No.] |
AAATN2405L |
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Legal Form : |
Public Charitable Trust |
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Line of Business
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The Trust is primarily engaged in providing charitable services in the
areas of healthcare, education, livelihoods and Safe Drinking Water and
Midday Meal. |
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No. of Employees
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Approximately 386 (In Office – 57, In Branch Office – 329) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established Trust having satisfactory track. It is
an autonomous public charitable trust engaged in providing charitable
services in the areas of Healthcare, Education, Livelihoods and safe Drinking
Water. Trustees are reported to be experienced and respectable businessmen.
Their trade relations are fair. Payments are reported to be usually correct. Subject can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
502, |
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Tel. No.: |
91-40-23556491/ 92 |
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Fax No.: |
91-40-23556537 |
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Website : |
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Branch Office 1 : |
D.No.6-383, Flat No.201, 2nd Floor, |
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Tel. No.: |
91-40-23415741/ 23415890 |
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Branch Office 2 : |
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Tel. No.: |
91-893-5251265 |
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Branch Office 3 : |
Dr. Preetha Bhakta, C/o Sunder Srinivas, 1TN INDIA, #24, 3rd
Cross Jyothi Layout, Yelechenahalli, Kanakapura Main Road, Bangalore – 560
078, Karnataka, India |
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Tel. No.: |
91-80-26320970/ 72 |
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Branch Office 4 : |
B1/1, Jeevan Jyoti Apartments, Near Kohat Enclave, Opposite Sandesh
Vihar, Pitampura, |
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Branch Office 5 : |
C/o Yash Foundation, Mahindra Jeep House, Uday Nagar, Lane No.2,
Opposite Akashwani Tower, Gangapur Road, Nashik, Maharashtra, India |
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Branch Office 6 : |
No.31, 11th |
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Branch Office 7 : |
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Tel. No.: |
91-44-24363420/ 24363410 |
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Branch Office 8 : |
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Tel. No.: |
91-20-65106207 Admin: 91-20-65106572, 65100350 |
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Branch Office 9 : |
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Branch Office 10 : |
No-7, Moti Mangri, Near UIT Office, |
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Tel. No.: |
91-294-2419574 |
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Branch Office 11 : |
H.No.8-3-29/2, |
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Branch Office 12 : |
C/O Sataendra Narayan Singh, At/PO- Kondatarai, District- Raigarh –
496 100, |
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Branch Office 13 : |
Chouhan Bhawan, In front of Madhuban Hotel, Kailash Nagar, Bazar Road,
PO- Dantewada, District – Dantewada, Chhattisgarh, India |
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Tel. No.: |
91-7856-252017 |
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Branch Office 14 : |
Behind Gurudwara, PO- Govindpur, District – Kanker - 494 334, |
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Tel. No.: |
91-7868-224561 |
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Branch Office 15 : |
House No.30, Khushi Batika, Phase -2, Rajendra Nagar, Amlidihi, |
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Branch Office 16 : |
H.No:18-59, Nirmala Devi Colony, Opposite: |
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Branch Office 17 : |
Organic Coffee Project, |
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Tel. No.: |
91-893-6249261 |
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Branch Office 18 : |
Project Office: Ajita Complex, Plot No.20 and 21,Royal Market, Near
Collectorate, Sheopur – 476 337, |
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Tel. No.: |
91-7530-221832 |
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Branch Office 19 : |
202, Matru Smruti, L.T. Colony No.2, Behind Swami NarayanaTemple,
Dadar (East), Mumbai - 400 014, |
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Tel. No.: |
91-22-24146601/ 24146041 |
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Branch Office 20 : |
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TRUSTEES
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Name : |
Dr. K. Anji Reddy |
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Designation : |
Chairman |
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Address : |
Dr. Reddy’s Laboratories, 7-1-27, Ameerpet, |
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Date of Birth/Age : |
22.01.1939 |
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Name : |
Mr. Anand Mahindra |
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Designation : |
Vice Chairman and Managing Director / Trustee |
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Address : |
Mahindra and Mahindra, |
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Date of Birth/Age : |
01.05.1955 |
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Name : |
Dr. Isher Judge Ahluwalia |
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Designation : |
Trustee |
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Address : |
32, |
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Date of Birth/Age : |
01.10.1945 |
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Name : |
Mr. M. Rajendra Prasad |
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Designation : |
Chairman and Managing Director / Trustee |
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Address : |
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Date of Birth/Age : |
10.08.1949 |
KEY EXECUTIVES
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Name : |
Mr. Manoj Kumar |
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Designation : |
Chief Executive Officer |
BUSINESS DETAILS
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Line of Business : |
The Trust is primarily engaged in providing charitable services in the
areas of healthcare, education, livelihoods and Safe Drinking Water and Midday
Meal. |
GENERAL INFORMATION
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No. of Employees : |
Approximately 386 (In Office – 57, In Branch Office – 329) |
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Bankers : |
Punjab National Bank, Himayatnagar, |
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Facilities : |
Cash Credit Limit – Rs.175.000 millions and Non fund based (BG and LC)
– Rs.80.000 millions
Notes: 1. Cash credit facility from banks is secured by first charge on all
current assets of Naandi, both present and future. 2. The term loan is secured by way of hypothecation of the machinery
and other items purchased from the term loan and collateral security of the
current assets both present and future. The term loan is repayable in 56
monthly installments commencing from April 2008. 3. Unsecured loan from trustees is repayable on demand. 4. The loans relate to setting up of infrastructure facilities for mid-day
meal program and are repayable in 24 to 72 monthly installments commencing
from the date the facilities become operational. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Reliance Humsafar, IV Floor, Road No.11, Banjara Hills, |
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Tel. No.: |
91-40-30465000 |
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Fax No.: |
91-40-30465299 |
CAPITAL STRUCTURE
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Corpus Fund |
31.03.2011 (Rs. in
millions) |
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Balance at the beginning of the year |
22.010 |
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Add: additions during the year |
30.000 |
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Balance at the end of the year |
52.010 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Funds employed |
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Corpus Fund |
52.010 |
22.010 |
22.010 |
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Restricted funds |
131.925 |
112.142 |
172.501 |
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Deferred income |
82.922 |
89.426 |
116.265 |
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Capital grants |
26.699 |
28.812 |
3.550 |
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Loan Funds |
154.632 |
296.581 |
144.258 |
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TOTAL |
448.188 |
548.971 |
458.584 |
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Represented by |
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Fixed Assets (Net Block) |
69.121 |
71.819 |
79.879 |
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Capital work in progress (including capital advances) |
2.666 |
6.303 |
4.776 |
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Infrastructure facility for midday meal
programme (Net Block) |
80.703 |
95.896 |
122.810 |
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Capital work in progress (including capital advances) |
12.058 |
23.636 |
6.501 |
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CURRENT ASSETS, LOANS AND ADVANCES |
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Grants receivable |
213.581
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218.890 |
167.809 |
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Sundry Debtors |
0.000
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0.000 |
0.568 |
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Cash and bank balances |
55.818
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91.829 |
45.790 |
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Loans and advances |
126.501
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122.537 |
137.007 |
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Total
Current Assets |
395.900
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433.256 |
351.174 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
209.021
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182.206 |
207.157 |
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Other Current Liabilities |
21.828
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21.433 |
36.120 |
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Provisions |
1.025
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0.885 |
0.548 |
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Total
Current Liabilities |
231.874
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204.524 |
243.825 |
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Net Current Assets |
164.026
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228.732 |
107.349 |
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Excess of expenditure over income |
119.614
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122.585 |
137.269 |
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TOTAL |
448.188 |
548.971 |
458.584 |
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INCOME AND
EXPENSES ACCOUNTS
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Grants |
878.349 |
904.144 |
683.092 |
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Other Income |
2.618 |
1.749 |
0.773 |
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TOTAL |
880.967 |
905.893 |
683.865 |
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Less |
EXPENSES |
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Program Expenses |
780.201 |
810.050 |
655.959 |
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Personnel Costs |
10.049 |
14.300 |
10.621 |
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Administration and General Expenses |
13.767 |
6.441 |
5.683 |
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Finance and Bank Charges |
28.651 |
17.493 |
10.382 |
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Depreciation of infrastructure facility for mid-day meal |
33.191 |
31.382 |
29.872 |
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Depreciation of other fixed assets |
12.136 |
11.544 |
6.007 |
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TOTAL |
877.995 |
891.210 |
718.524 |
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Excess/
(deficit) of income over expenditure for the year |
2.972 |
14.683 |
(34.659) |
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Excess of expenditure over income brought forward |
(122.586) |
(137.269) |
(102.610) |
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Excess of
expenditure over income carried to the |
(119.614) |
(122.586) |
(137.269) |
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LOCAL AGENCY FURTHER INFORMATION
OVERVIEW:
The Trust is an autonomous public charitable trust registered under
Indian Trust Act, 1882. It was incorporated in the year 1998 to enable public
private partnership in the economic development of marginalised and under
privileged communities of the society. The Trust is primarily engaged in
providing charitable services in the areas of healthcare, education,
livelihoods and Safe Drinking Water. Presently, the Trust is providing
community development services in the states of Andhra Pradesh, Madhya Pradesh,
Rajasthan, Chattisgarh, Punjab, Haryana,
BACKGROUND:
Midday Meal Scheme
Hunger, malnutrition and illiteracy are a few of chronic problems in
The legislation did not specify the mode of meal delivery, therefore
each state took on an individualized approach. Many states simply transferred
the raw grains provided by the Food Corporation of India (FCI) directly to
parents since additional infrastructure would not be required with this option.
However, this undermined the purpose of the programme to increase school
attendance. It also failed to effectively provide food to children because
household allocation could result in for instance, the distribution of food to
boys but not girl children.
Subsequently, the Supreme Court of India revised the legislation in 2001
to require provision of a hot cooked meal to students in government and
government aided schools every school working day. The requirement to feed
millions of children has proved difficult and the implementation of the MDM
programme has remained faulty especially in urban areas.
In rural areas of Andhra Pradesh, the programme ran informally by women
self help groups within the school premises. These groups would often involve
the mothers of the students, in hopes of making the meals reliable and
consistent. In urban areas, however, there remained an absence of an
established network of self help groups. Moreover, schools were notoriously
poor and overcrowded, with no space for safe cooking. The solution lay in
building a strong delivery partnership which is where the NAANDI Foundation
stepped in. Naandi in Sanskrit means ‘dawn’ or a ‘new beginning’ and this is
what it sought to do with the MDM programme.
THE TRUST
The trust is an autonomous, not-for-profit trust dedicated to changing
the lives of the underserved populations in
Guiding Naandi in its initiatives is its board of trustees chaired by
Dr. Anji Reddy, Chairman of Dr. Reddy’s Laboratories Limited. Other board
members include eminent industrialists and leading economists, including Mr.
Anand Mahindra, Vice Chairman and Managing Director, Mahindra and Mahindra, Dr.
Isher Judge Ahluwalia, Chairperson, International Food Policy Research
Institute and Mr.Rajendra Prasad, Chairman and Managing Director, Soma
Enterprise Limited.
Naandi’s main area of operations include:
Child Rights, Safe Drinking Water and Sustainable Livelihoods. When the
Supreme Court mandate was passed in 2001, the government of Andhra Pradesh
approached The trust, which had experience in running outreach programs in the
schools.
In 2002, Naandi signed a Memorandum of Understanding (M0U) with the
Government of Andhra Pradesh to develop a system to administer the MDM
programme in
Objective
Under the ambit of the MDM scheme, Naandi aims to prepare and distribute
the midday meal to government school going children in urban, semi-urban, rural
and tribal areas. It seeks to make these meals nutritious by adding adequate
nutritional supplements.
In this way, it hopes to achieve the broader goal of the MDM scheme
which is to simultaneously address the problems of hunger and school
attendance.
FIXED ASSETS:
v
Building
v
Furniture and Fixtures
v
Plant and Machinery
v
Medical Equipment
v
Office Equipment
v
Library
v
Electrical Installations
v
Generator
v
Leasehold Improvements
v
Computer Equipments
v
Vehicles
WEBSITE DETAILS:
PROFILE:
The trust, which in
Sanskrit means a new beginning; is one of the largest and fastest growing
social sector organisations in
Founded in 1998
their work has 3 broad sectors: Child Rights, Safe Drinking Water and Sustainable
Livelihoods. They also have a
research arm that takes up action researches and other field based trials to
check out innovations and their potential to positively influence policy. Their
ideology revolves around building sustainable models within the social sector
that deliver critical services efficiently and equitably to underserved
communities.
It is their belief
that in a globalised world for any social activity to be effective the
involvement and contribution of all stakeholders direct or indirect plays an
important role in making it responsive, responsible and sustainable for the
communities in question. In this effort they work together with governments,
communities, corporates and civil society institutions to channelise their
collective resources – financial, technical and human – into creating new
approaches to solve widespread poverty-related issues across the country. The
aim is to make the most efficient and equitable use of every rupee spent in the
sector.
This has been their
journey since 1998 from when these public-private partnerships have helped them
create sustainable, affordable solutions to long-pending development problems
of the country: ensuring the rights of a child , sustainable livelihood opportunities
for the underserved and safe drinking water and sanitation to rural households
and so on.
The trust with a
team of 300 + employees and hundreds of community workers is presently working
in nine states: Andhra Pradesh, Rajasthan, Madhya Pradesh, Chhattisgarh,
Orissa, Nagaland, Punjab, Haryana and
One out of every
four Indian lives below the poverty line.
While
Their vision to
Eradicate Poverty emerges from this belief, and since their establishment in
1998 The trust has been, every year, creating and replicating such models of
change across the country that involve the ‘haves’ the people with the ‘power’
to join hands, and give back to society.
They work with governments,
corporates, civil society, and communities to catalyze their collective
resources – financial, technical and human – into innovating new approaches to
solve large-impact social sector issues across the country.
By bringing these
key stakeholders together and using their energies and skills, The trust
believes it is possible to make more equitable and efficient, the delivery of
critical social sector services such as Child Rights, Safe Drinking Water and
Sustainable Livelihoods to earn a livelihood - issues that plague the majority
of the country’s population.
To add value they
bring in such best practices from across disciplines that empower people and
enable knowledge transfer to marginalised communities so they are better
equipped in the 21st century to lead a life with dignity and respect.
Areas of Operation
What started out in
1998 as work in a few villages in Andhra Pradesh has expanded to three
programme verticals of Child Rights, Sustainable Livelihoods, and Safe Drinking
Water across several states in the country and as many governments.
BOARD OF TRUSTEES:
A scientist gifted
with entrepreneurial skills, Dr Anji Reddy has made pioneering efforts in putting
the Indian Pharmaceutical Industry on the world map through his company's (Dr
Reddy's Laboratories Limited) state-of-the-art facilities and drug discovery on
par with the Global Pharmaceutical Giants.
Listed on the New
York Stock Exchange, a major portion of Dr Reddy's Laboratories' revenues come
from
Dr Anji Reddy is
equally recognized for his philanthropic outlook and is the moving spirit
behind innovative developmental initiatives taken up by The trust.
Anand Mahindra is
the Vice Chairman and Managing Director Mahindra and Mahindra Limited and has
previously served as Chairman of CII (Western Region) and President of The
Automotive Research Association of India (ARAI).
Mr. Mahindra is a
Trustee of the K C Mahindra Education Trust and also serves on the Board of
Governors of the Mahindra United World College of India.
Rajendra Prasad, an
Entrepreneur - Technocrat heads one of the leading infrastructure developers in
the country - Soma Enterprise Limited. He has been associated with the
Construction Industry for more than 32 years and has been instrumental in implementing
several major infrastructure projects.
Mr. Prasad is
committed towards social welfare and is involved in various social and
philanthropic initiatives, including financing and constructing two Rural Water
Conservation projects in Chittoor district of Andhra Pradesh for the benefit of
the rural poor; and constructing a building for Andhra Mahila Sabha,
Dr. Isher Judge Ahluwalia
Dr Ahluwalia holds a
Ph.D. from
She is currently the
chairperson of the Indian Council for Research on International Economic
Relations (ICRIER) and a member of the National Manufacturing Competitiveness
Council. Until recently, she was the Board Chair of the International Food
Policy Research Institute.
NEWS:
NAANDI FOUNDATION: THE MIDDAY MEAL PROGRAM
Adopting standardised procedures for the
preparation and delivery of daily hot cooked meals to students of government schools,
Naandi Foundation hopes to address the correlated problems of malnutrition and
low school attendance.
In 2001, a revised policy altered the Midday
Meal Programme (MDM) launched by the Government of India in 1995, henceforth
making it compulsory for the meal to be a hot cooked one. The mode of
implementation was left to the discretion of the states.
In 2002, the Government of Andhra Pradesh
asked Naandi Foundation, an established not-for-profit organization to develop
a system to administer the MOM programme in
With its first kitchen in Hyderabad, launched
in 2003, Naandi has now successfully replicated its standardised procedures of
preparing, packaging, transporting and delivering nutrient-rich meals using
state-of-the-art technology, supported by proper monitoring and feedback
mechanisms across five states — Andhra Pradesh, Rajasthan, Madhya Pradesh,
Orissa and Chattisgarh.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.15 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.