Name Type of Educations National Education Society Schools Nagarjuna Education Society chools S The Lord Chaitanya Educational

Society Schools Superhouse Education Foundation Schools The Abraham Memorial Educational Trust Schools Shrimati Jankidevi Educational Trusts Schools Geethanjali Education Society Schools Nav Shubh Prabhat Education Society Schools Vijaykiran Educational Trust Schools Vel Ganesh Educational Trust Schools Anand Education Trust Schools Kamakhya Educational Society Schools Sri Venkateswara Educational Society Schools Sri Mahanandeeswara Educational Society Schools Sri Surya Educational Society Schools Sri Satyanarayana Swamy Educational Society Schools Bharath Reddy Educational Schools Society Keshava Reddy EducationalSchools Trust Keshava Educational Society chools S Sri Saraswathi Educational Schools Society Sri Kanakadurga Educational Society Schools Keshava Reddy EducationalSchools Society Mahatma Education SocietyProfessional, Schools Children Education Society Professional, Schools

Portfolio 47 institutions

No of Students Since Revenues(11) PAT(11) 40,000 1963 154.3 30.1 1620 1995 1996 1996 982 1998 1999 2002 2003 2003 936 2007 2009 2010 145 58 18.5 99.7 77.5 5 4 -13.5 13 21.6

4 schools

3 schools

31 schools 31 schools

60,000 60,000

85 54 37.6 26.2

31 schools 31 schools 31 schools 31 schools 31 schools 31 schools 40 institutes

60,000 60,000 60,000 60,000 60,000 60,000 1970 15,000 20,000 24,683 5,365 2500 2635 5000 1974 1985 1995 1992 1995 1997 1998 1998 1999 1999 120* 2000 2001 912 2002 2005 2007 2007 480 4100 7116 3000 2007 1984 1991 1997 1998 1999

27 100 125 53.6 38.9 835 1222 104 375

Shri Dharmasthala Manjunatheshwara Educational Society 33 institutions Professional, Management, Schools Sarvahitha Educational Society Professional, Management, Schools Karnatak Lingayat Education Society Professional, Management Raman Education Society Professional, Management Vel Shree R. Rangarajan Dr.Professional, Rangarajan Educational Academy Sagunthala Management 3 institutions S.Veerasamy Chettiar Educational & Charitable Trust Professional, Management Atharva Educational Trust Professional, Management Ideal Educational Society Shanti Education Society Disha Education Society Professional, Management 8 institutions the Rajeev Education Trust Professional, Management Professional, Management Professional, Management 3 institutions Mangalmay Foundation Trust Professional, Management Indo Global Education Foundation Professional, Management Accurate Education & Research Society Management Professional, Batanagar Education and Research TrustManagement Professional, Baljeet Singh Education Society Professional, Management Erode Builder Educational Trust Professional, Management Harish Chand Maina Devi Memorial Trust Society Professional Sri Rajeshwara Educational Professional Society Jassar Dental Medical Education Health Foundation Professional Viswanadha Educational Society Professional Millennium Education & Development Society Professional Society for Educational Excellence Professional Babu Mohan Lal Arya Smarak Educational Trust Professional Uthan Educational Society Professional Shail Educational & WelfareProfessional Societys Sri Rama Educational Societys Professional Educational Development Trust Professional Arun Shanti Education Trust Professional Mary Matha Education Societys Professional 3 educational societies 2 institutions

200 institutions, including70000 79 schools1916

123 211.6 77

20 37 14

3400 6800

2400

52.8

-10.8

243 136.5

22.7 9.4

2000 540

1999 1999 1999 2002

100 1478 3300 1200

2002 2002 2002 2003

Chintpurni School Educational Society Professional Sri Sai Krishna EducationalProfessional Society Kongunadu Educational Charitable Trust Professional Mata Sheela Devi Des Raj Luthra Educational Society Professional Surya World Educational Research & Charitable Initiative Professional Dev Educational Society Professional 3institutions 6 institutions Accurate Education & Research Society Management Ashoka Education Foundations Management Galaxy Educational Health & Charitable Trust Management 3institutions 2 institutions

150

2005 2006 2006 85 95.8 8 -2.2

990

2007 2009

2400 480

2005 2005 2009

Net Margin Growth Revenues(10) PAT(10) Net Margin Growth 19.5% 14.6% 134.6 31.4 23.3% 152.1 106.4 188.4 3.4% 6.9% -73.0% 13.0% 27.9% 7150.0% 23.4% -5.1% 27.8% 24.4% 2 47 19.5 78 62.3 23.3 -13.1 18.2 110 2.2 11.2 13.3 19 4.7% 57.4% 17.1% 30.5% 15.3% -12.3% 9.7% 9.3% 24.2% 31.3% 100.0%

Revenues(09) PAT(09) Net Margin Working Capital 195.1 139.1 85.7 143.5 14.2 -11.6 25.5 10.2% -13.5% 17.8% 75 68 189.8 241.8 206 69.6 160 105 120

733.3% 114.3%

10.2 25.2

55 6.9

539.2% 27.4%

-62.1%

26.9

3.7%

75 49 60 70 50

210.6% 107.3% 25.2% 93.5% 12.5% 30.7% 23.9% 8.7%

32.2 60.3 42.8 20.1 674 1124 240 1800 410.44 271.8

1 7.1 6.2 7 160 461 35 280.4 35.6 120 8 54.3 31 13 70 30.6 0.7 16.6 41 -20.5

3.1% 11.8% 14.5% 34.8% 23.7%

66.8% 73.3%

19.3 34.8

6 2.6

31.1% 7.5%

35 56 66 100

125.8%

8.9

33.7% 80

41.0% 14.6% 15.6% 8.7% 44.2% 9.4% 26.9% 22.0% 23.2% 37.4% 32.6% 0.3% 11.9% 16.3% -110.2% 98.9% 15.6% 30.4% 14.9% 39.2% 94 81.3 191.2 121 181 26 26.6 0.6 8.1 31 27.7% 32.7% 0.3% 6.7% 17.1% 27.0% 111 14 12.6% 44.6% 5.9% 87.2% 30.6% 166 1700 219.3 208.1 17 244.1 -69.3 83.3 10.2% 14.4% -31.6% 40.0%

350 81.5 665 20 86.7 171.2 121.9 135.1 115 310.1 100 319.2 82.2 375 110 145 200 106.8

16.3% 17.5% 18.2%

44.7% 4.7% 37.5%

85 202.1 140.97 56 187 94 249.3 139 252

-20.5%

183.9%

18.6

133 9.3% 6.9% 14.0% 62.7% 213.2 107 83.9 135 151.24

5 18.8 36 0.8 19.3 -16.86

3.8% 8.8% 33.6% 1.0% 14.3% -11.1%

8.1%

123

10

8.1%

65.3 131.3 98 110 19

26.4% -13.7%

106.8 175.24

12.9 1.29

12.1% 0.7%

240 255.5 160.7 38.5

118.3 172

6.4 46

5.4% 26.7%

6.0% 33.3%

111.6 129

6.3 74

5.6% 57.4%

160 197.2 138

1000 9.4% -2.3% 66.7% 34.0% 51 71.5 29.8 27.1 252 57 16 47.8 0.6 -18.7 41 -45 31.4% 66.9% 2.0% -69.0% 16.3% -78.9% 39.2% 46.2% 181 39 31 -35 17.1% -89.7% 65.4 120 211 1080 55 481 162.8 120

Provisioned Debt 15 13.8

Type runs schools, and graduate, post-graduate, senior secondary school called engineering and management Engineering & Technology

primary school education as well as professi

dental studies, engineering, pharmacy and b

135 110.4

medical college

management, engineering, education and po

Engineering and Technology, Kongunadu Po 170 senior education up to Class XI engineering and management 1 29 30 school school schools schools 14 schools 300 1000 schools schools schools schools 48.5 115 90 25 10 28.1 5.1 20 22.5 70 MCA, MBA,engineering law, pharmacy, and engineering schools MCA, MBA,engineering 100 Dental Science Engineering Polytechnic, Engineering College 13 10 36.2 1180 Engineering and Technology engineering and management school

nursing, management, engineering, informa

Accurate Institute of Management and Techn

co-educational day school, National Centre f

schools, and graduate, post-graduate, and p

Institute of Science and Technology,Pharma Pharmacy

engineering, architecture, management, and

post-graduate courses in business managem

pre-school to professional and post-graduate Management and IT Engineering College Technology & Marine Engineering

architecture, pharmacy, engineering and Ho

201

MBA, MCA, BE and schools with classes from engineering, pharmacy , IT business school ,Institute of Management

diploma courses in civil, computer, electrica 27.5 25 22.5 schools

engineering and management, a polytechnic school to the post-graduate

biotechnology, microbiology, engineering, an

100 9.6

engineering college engineering, MBA Engineering and Technology Engineering

420 100 40

school engineering, technology, and management Management and Technology school

medicine, dentistry, nursing, pharmacy, eng

Risk Profile Capex comfortable financial risk profile engineering college new

Upgrade/Downgrade BBB+ to BB

Rs.80.00 Million Cash Credit

business and financial risk profiles the construction of an Ayurveda college under SDME Society in Million Term Loan A Rs.350 Bengaluru (Karnataka) its financial risk profile is expected to remain weak over the medium term marked by weak debt protection Loan Rs.69.6 Million Term metrics. major capex out of accruals or due to lower-than-expected revenues and profitability resulting in deterioration in its liquidity Rs.131.3 Million Term Loan increase in salary expenses construction of a 12-storey building, which was earlier envisaged at aboutRupee Term Loan Rs.121.9 Million Rs.150 million high degree of government regulations weak liquidity weak profitability, and limited track record in the education field Rs.65.4 Million Long-Term Loan Rs.1.0 Billiion Term Loan Rs.171.20 Million Long-Term Loan Rs.120.0 Million Rupee Term Loan Rs.115 Million Long-Term Loan Rs.68 Million Term Loan Rs.110 Million Term Loan Rs.160.00 Million Long-Term Loan Rs.75 Million Long -Term Loan Rs.49 Million Long-Term Loan Rs.60 Million Term Loan Rs.70 Million Long-Term Loan weak debt protection metrics, small scale of operations, and susceptibility to adverse regulatory changes Rs.50.00 Million Long-Term Loan Rs.35 Million Long-Term Loan Rs.56.00 Million Long-Term Loan Rs.66 Million Long-Term Loan Rs.100 Million Long-Term Loan weak liquidity primarily due to mismatch in cash flows. Rs.145 Million Term Loan Rs.105 Million Rupee Term Loan Rs.160.7 Million Term Loan Rs.82.2 Million Rupee Term Loan Rs.110 Million Term Loan

engineering, education and polytechnic

agement, engineering, information technology, pharmacy and technical education

on up to Class XI

tute of Management and Technology (AIMT), Accurate Business School capital structure, or Institute of Advanced Management (AIAM) leading to deterioration in its (ABS) and Accurate if enrolment for Million Cash Credit Limit thereby adversely a Rs.100.0 its various courses declines, Academy of Education Pvt Ltd (VKA), collectively referred to as the VK group

nd management

capex of about Rs.350 million towards construction of academic blocks, auditorium, swimming pool, and other fac Rs.241.8 Million Long-Term Loan

Rs.300 Million Proposed Long-Term Bank Loan Facility

raduate, post-graduate, and professional colleges

Rs.1000 Million Proposed Long Term Bank Loan Facilit

ience and Technology,Pharmacy, Nursing

rchitecture, management, and education

leading to significant weakening in its debt protection metrics, Million is a significant drop in student enrolment at Rs.75 if there Rupee Term Loan Rs.10.0 Million Cash Credit Limit Rs.25.0 Million Overdraft Facility courses in business management Rs.2.5 Million Cash Credit Rs.38.5 Million Rupee Term Loan Rs.165.00 Million Cash Credit weak liquidity. Rs.211.40 Million Long-Term Loan Rs.138.30 Million Long-Term Loan

small net worth, high gearing, and weak debt protection metrics, limited track record, and is susceptible to intense competition in the educatio Rs.13.00 Million Cash Credit

y, and engineering

Rs.120.00 Million Proposed Long-Term Bank Loan Faci

nd Technology

financial risk profile and healthy growth in operating income over the medium term, backed by Million Long-Term Loan Rs.195.10 the increase in fees and seats. The society has undertaken aggressive capex of around Rs.319.2 Million 2010-11 (refers to financial year, April 1 Rs.800 million in Term Loan Rs.240.00 Million Term Loan Rs.10.0 Million Cash Credit Rs.81.50 Million Long-Term Loan Rs.65.30 Million Long-Term Loan The trust is establishing Galaxy Institute of Management, a fully residentialLong-Term Loan which is expected to Rs.120.00 Million business school,

pharmacy, engineering and Hotel Management, as well as Master of Business Administration and Rs.1080.0 Million Term Loan Master of Computer Applications.

Marine Engineering

E and schools with classes from nursery to Class 10

ol ,Institute of Management

es in civil, computer, electrical, mechanical, and electrical and computer engineering. from B+/Negative) D (Downgraded Rs.55.0 Million Term Loan Rs.20.00 Million Long-Term Loan B-/Stable (Downgraded from BB+/Stable) Long-Term Loan Rs.135.1 Million Rs.120.00 Million Term Loan

SEF is setting up two new schools under the DPS franchise and isMillion Term Loan Rs.189.8 expanding the portfolio of courses it offers at its microbiology, engineering, and management

nd management, a polytechnic college, and a school.

post-graduate

Rs.98.00 Million Term Loan Rs.197.2 Million Term Loan Rs.255.5 Million Term loan Rs.100.0 Million Cash Credit Limit Rs.100.0 Million Rupee Term Loan

SES applied for university status. The capital expenditure (capex) for setting up university is not factored in the rat Rs.22.5 Million Overdraft Facility

nd Technology

The school is expected to commence operations in April Rs.170.0 Million Proposed Long-Term Bank Loan Facili 2011. The total cost of the project is estimated at Rs.577.6

echnology, and management

and Technology

tistry, nursing, pharmacy, engineering, business management, law, agriculture, and physiotherapy. Rs.665.00 Million Long-Term Loan

SJET has a modest financial risk profile. This weaknessRs.206.0 Million by the extensive experience of SJETs pro is partially offset Long-Term Loan

ion Cash Credit Rs.110.4 Million Proposed Long-Term Bank Loan Facility Rs.70.0 Million Overdraft Rs.48.0 Million Bank Guarantee Rs.28.1 Million Proposed Long-Term Bank Loan Facility Rs.5.5 Million Secured Overdraft Million Proposed Long-Term Bank Loan Facility Rs.4.1 Facility Rs.0.1 Billion Bank Guarantee Rs.10.00 Million Overdraft Facility Rs.20 Million Overdraft Facility Rs.481.0 Million Term Loan (Enhanced from Rs.375.0 Million)

n Term Loan

ion Rupee Term Loan

n Term Loan Long -Term Loan Rs.1 Million Proposed Long-Term Bank Loan Facility Rs.29 Million Proposed Long-Term Bank Loan Facility Rs.30 Million Proposed Long-Term Bank Loan Facility

llion Long-Term Loan

ion Long-Term Loan Long-Term Loan Rs.14 Million Proposed Long-Term Bank Loan Facility

ion Long-Term Loan

ion Long-Term Loan

n Long-Term Loan

n Proposed Long-Term Bank Loan Facility

n Term Loan

n Rupee Term Loan

on Proposed Long Term Bank Loan Facility

ion Term Loan

on Rupee Term Loan Rs.15 Million Overdraft Facility Rs.200.00 Million Term Loan Rs.106.8 Million Term Loan Rs.15.00 Million Proposed Cash Credit Rs.86.7 Million Term Loan Rs.162.8 Million Long-Term Loan Million Proposed Long-Term Bank Loan facility Rs.37.2 Rs.27.5 Million Bank Guarantee Rs.19.00 Million Term Loan Rs.36.00 Million Proposed Long-Term Bank Loan Facility

n Term Loan

llion Long-Term Loan

llion Long-Term Loan Rs.420.0 Million Proposed Long-Term Bank Loan Facility

llion Long-Term Loan

ion Term Loan Rs.160.0 Million Term Loan Rs.15.0 Million Bank Guarantee Rs.25.00 Million Overdraft Facility Million Proposed Long-Term Bank Loan Facility Rs.23.50 Rs.30.00 Million Overdraft Facility Rs.6.20 Million Proposed Long-Term Bank Loan Facility

llion Term Loan

llion Long-Term Loan Rs.13.8 Million Proposed Long-Term Bank Loan Facility Rs.90.00 Million Overdraft Facility Rs.5.1 Million Cash Credit

on Term Loan

llion Term Loan

ion Term Loan Rs.22.5 Million Overdraft Facility

Rs.310.2 Million Term Loan Rs.47.7 Million Proposed Long-Term Bank Loan Facility In 2009-10 (refers to financial year, April 1 to March 31), S

ion Term loan Rs.375.0 Million Term Loan Rs.70.0 Million Overdraft Facility Rs.115.00 Million Letter of credit & Bank Guarantee

ion Proposed Long-Term Bank Loan Facility

ion Long-Term Loan

fers to financial year, April 1 to March 31), SESs fee income improved by 33 per cent over the previous year to Rs.187 million, almost in line with CRISILs p

Rs.187 million, almost in line with CRISILs projection. In 2010-11, the society added around 650 seats to its engineering courses. Its net fees receipts are, t

ngineering courses. Its net fees receipts are, therefore, expected to increase with improved scale of operations over the medium term. However, the operating

er the medium term. However, the operating surpluses declined to 47.2 per cent in 2009-10 from 53.3 per cent in 2008-09 due to expenditure on new colleg

in 2008-09 due to expenditure on new colleges opened during 2008-09. To forge a successful placements track record at its new colleges, SES plans to incu

k record at its new colleges, SES plans to incur expenses to create a brand name. This may lead to some pressure on its operating surpluses; however, CRISI

re on its operating surpluses; however, CRISIL expects the same to remain healthy over the medium term. In 2010-11, the occupancy in Master of Business

010-11, the occupancy in Master of Business Administration (MBA) courses declined to around 75 per cent due to increased competition from institutes in o

to increased competition from institutes in other states. The inflow of students to SESs colleges will remain key rating sensiti

y rating sensiti