Name National Education Society Nagarjuna Education Society The Lord Chaitanya Educational Society Superhouse Education Foundation

The Abraham Memorial Educational Trust Shrimati Jankidevi Educational Trusts Geethanjali Education Society Nav Shubh Prabhat Education Society Vijaykiran Educational Trust Vel Ganesh Educational Trust Anand Education Trust Kamakhya Educational Society Sri Venkateswara Educational Society Sri Mahanandeeswara Educational Society Sri Surya Educational Society Sri Satyanarayana Swamy Educational Society Bharath Reddy Educational Society Keshava Reddy Educational Trust Keshava Educational Society Sri Saraswathi Educational Society Sri Kanakadurga Educational Society Keshava Reddy Educational Society Mahatma Education Society Children Education Society Shri Dharmasthala Manjunatheshwara Educational Society Sarvahitha Educational Society Karnatak Lingayat Education Society Vel Shree R. Rangarajan Dr. Sagunthala Rangarajan Educational Academy Raman Education Society S.Veerasamy Chettiar Educational & Charitable Trust Atharva Educational Trust Ideal Educational Society the Rajeev Education Trust Shanti Education Society Mangalmay Foundation Trust Disha Education Society Indo Global Education Foundation Accurate Education & Research Society Batanagar Education and Research Trust Baljeet Singh Education Society Erode Builder Educational Trust Harish Chand Maina Devi Memorial Trust Society Sri Rajeshwara Educational Society Jassar Dental Medical Education Health Foundation Viswanadha Educational Society Millennium Education & Development Society Society for Educational Excellence Babu Mohan Lal Arya Smarak Educational Trust Uthan Educational Society Shail Educational & Welfare Societys Sri Rama Educational Societys Educational Development Trust Arun Shanti Education Trust Mary Matha Education Societys

Type of Educations Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Schools Professional, Schools Professional, Schools Professional, Management, Schools Professional, Management, Schools Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional, Management Professional Professional Professional Professional Professional Professional Professional Professional Professional Professional Professional Professional Professional

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

Professional Professional Professional Professional Professional Professional Management Management Management

Portfolio 47 institutions

No of Students Since Revenues(11) PAT(11) Net Margin Growth Revenues(10) PAT(10) Net Margin 40,000 1963 154.3 30.1 19.5% 14.6% 134.6 31.4 23.3% 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 3.4% 6.9% -73.0% 13.0% 27.9% 7150.0% 23.4% -5.1% 27.8% 24.4% 152.1 106.4 188.4 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%

4 schools

3 schools

31 schools 31 schools

60,000 60,000

85 54 37.6 26.2

733.3% 114.3%

10.2 25.2

55 6.9

539.2% 27.4%

31 schools 31 schools 31 schools 31 schools 31 schools 31 schools 40 institutes 33 institutions

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 12.5% 30.7% 210.6% 107.3% 25.2% 93.5% 23.9% 8.7% 32.2 60.3 42.8 20.1 674 1124 240 1800 410.44 271.8 123 211.6 77 20 37 14 16.3% 17.5% 18.2% 44.7% 4.7% 37.5% 85 202.1 140.97 56 187 94 249.3 139 252 52.8 -10.8 -20.5% 183.9% 18.6 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% 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%

ement, Schools 3 institutions

200 institutions, including70000 79 schools1916

8 institutions

3400 6800

3 institutions

2400

133 243 136.5 22.7 9.4 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%

2 institutions 3 educational societies

2000 540

1999 1999 1999 2002

100 1478 3300 1200

2002 2002 2002 2003 118.3 172 6.4 46 5.4% 26.7%

150 3institutions 2 institutions 990

2005 2006 2006 2007 2009 85 95.8 8 -2.2 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%

3institutions 6 institutions

2400 480

2005 2005 2009

Growth 9.3% 24.2% 31.3% 100.0%

Revenues(09) PAT(09) Net Margin Working Capital Provisioned Debt 195.1 139.1 85.7 143.5 14.2 -11.6 25.5 10.2% -13.5% 17.8% 75 68 189.8 241.8 206 135 69.6 160 105 170 120 110.4 13.8 15

-62.1%

26.9

3.7%

75 49 60 70 50 1 29 30

66.8% 73.3%

19.3 34.8

6 2.6

31.1% 7.5%

35 56 66 100 14 300 1000 80 350

125.8%

8.9

33.7%

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%

81.5 665 20 86.7 171.2 121.9

48.5 115 90 25 10 28.1 5.1 20 22.5 70

27.0% 98.9% 15.6% 30.4% 14.9% 39.2%

111 94 81.3 191.2 121 181

14 26 26.6 0.6 8.1 31

12.6% 27.7% 32.7% 0.3% 6.7% 17.1%

135.1 115 310.1 100 319.2 82.2 375 110 145 200 106.8

100

13 10 36.2 1180

8.1%

123

10

8.1%

65.3 131.3 98 110 19

201

26.4% -13.7%

106.8 175.24

12.9 1.29

12.1% 0.7%

240 255.5 160.7 38.5 27.5 25 22.5

6.0% 33.3%

111.6 129

6.3 74

5.6% 57.4%

160 197.2 138

1000 65.4 120 211 1080 55 39.2% 46.2% 181 39 31 -35 17.1% -89.7% 481 162.8 120

100 9.6

420 100 40

Type runs schools, and graduate, post-graduate, and professional colleges primary school education as well as professional courses in medicine, dental senior secondary school called dental studies, engineering, pharmacy and business administration engineering and management Engineering & Technology medical college management, engineering, education and polytechnic Engineering and Technology, Kongunadu Polytechnic nursing, management, engineering, information technology, pharmacy and senior education up to Class XI Accurate Institute of Management and Technology (AIMT), Accurate Business engineering and management co-educational day school, National Centre for Excellence school school schools schools schools schools schools schools schools engineering and management school schools, and graduate, post-graduate, and professional colleges Institute of Science and Technology,Pharmacy, Nursing engineering, architecture, management, and education Pharmacy MCA, MBA,engineering law, pharmacy, and engineering schools MCA, MBA,engineering post-graduate courses in business management Dental Science Engineering Polytechnic, Engineering College Engineering and Technology pre-school to professional and post-graduate courses. architecture, pharmacy, engineering and Hotel Management, as well as Management and IT Engineering College Technology & Marine Engineering MBA, MCA, BE and schools with classes from nursery to Class 10 engineering, pharmacy , IT business school ,Institute of Management diploma courses in civil, computer, electrical, mechanical, and electrical schools engineering and management, a polytechnic college, and a school. biotechnology, microbiology, engineering, and management school to the post-graduate engineering college engineering, MBA Engineering and Technology Engineering school engineering, technology, and management Management and Technology medicine, dentistry, nursing, pharmacy, engineering, business management, school

Type runs schools, and graduate, post-graduate, and professional colleges primary school education as well as professional courses in medicine, dental surgery, engineering, management, and law senior secondary school called dental studies, engineering, pharmacy and business administration engineering and management Engineering & Technology medical college management, engineering, education and polytechnic Engineering and Technology, Kongunadu Polytechnic nursing, management, engineering, information technology, pharmacy and technical education senior education up to Class XI engineering and management co-educational day school, National Centre for Excellence school school schools schools schools schools schools schools schools engineering and management school schools, and graduate, post-graduate, and professional colleges Institute of Science and Technology,Pharmacy, Nursing engineering, architecture, management, and education Pharmacy MCA, MBA,engineering law, pharmacy, and engineering schools MCA, MBA,engineering post-graduate courses in business management Dental Science Engineering Polytechnic, Engineering College Engineering and Technology pre-school to professional and post-graduate courses. Management and IT Engineering College Technology & Marine Engineering MBA, MCA, BE and schools with classes from nursery to Class 10 engineering, pharmacy , IT business school ,Institute of Management diploma courses in civil, computer, electrical, mechanical, and electrical and computer engineering. schools engineering and management, a polytechnic college, and a school. biotechnology, microbiology, engineering, and management school to the post-graduate

Accurate Institute of Management and Technology (AIMT), Accurate Business School (ABS) and Accurate Institute of Advanced Management (A

architecture, pharmacy, engineering and Hotel Management, as well as Master of Business Administration and Master of Computer Applicatio

engineering college engineering, MBA Engineering and Technology Engineering school engineering, technology, and management Management and Technology medicine, dentistry, nursing, pharmacy, engineering, business management, law, agriculture, and physiotherapy. school

Risk Profile comfortable financial risk profile business and financial risk profiles its financial risk profile is expected to remain weak over the medium term marked by weak debt protection metrics. major capex out of accruals or due to lower-than-expected revenues and profitability resulting in deterioration in its liquidity increase in salary expenses high degree of government regulations weak liquidity weak profitability, and limited track record in the education field

Advanced Management (AIAM) Academy of Education Pvt Ltd (VKA), collectively referred to as the VK group

weak debt protection metrics, small scale of operations, and susceptibility to adverse regulatory changes

weak liquidity primarily due to mismatch in cash flows.

small net worth, high gearing, and weak debt protection metrics, limited track record, and is susceptible to intense competition in the educatio

weak liquidity. financial risk profile and healthy growth in operating income over the medium term, backed by the increase in fees and seats.

ter of Computer Applications.

Capex new engineering college

Upgrade/Downgrade BBB+ to BB

the construction of an Ayurveda college under SDME Society in Bengaluru (Karnataka) A

construction of a 12-storey building, which was earlier envisaged at about Rs.150 million

leading to deterioration in its capital structure, or if enrolment for its various courses declines, thereby adversely affecting its revenues.

capex of about Rs.350 million towards construction of academic blocks, auditorium, swimming pool, and other facilities, for which additional c

leading to significant weakening in its debt protection metrics, if there is a significant drop in student enrolment at its institutes, or if the socie

competition in the education sector and adverse regulatory changes

The society has undertaken aggressive capex of around Rs.800 million in 2010-11 (refers to financial year, April 1 to March 31), which is being

The trust is establishing Galaxy Institute of Management, a fully residential business school, which is expected to commence operations for th D (Downgraded from B+/Negative)

SEF is setting up two new schools under the DPS franchise and is expanding the portfolio of courses it offers at its engineering college-the tota B-/Stable (Downgraded from BB+/Stable)

SES applied for university status. The capital expenditure (capex) for setting up university is not factored in the rating, as approvals have not b

The school is expected to commence operations in April 2011. The total cost of the project is estimated at Rs.577.6 million, to be funded throu

SJET has a modest financial risk profile. This weakness is partially offset by the extensive experience of SJETs promoters in the education fiel

Rs.80.00 Million Cash Credit Rs.350 Million Term Loan Rs.69.6 Million Term Loan Rs.131.3 Million Term Loan Rs.121.9 Million Rupee Term Loan 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.100.0 Million Cash Credit Limit 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 Rs.241.8 Million Long-Term Loan 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 Rs.300 Million Proposed Long-Term Bank Loan Facility Rs.145 Million Term Loan Rs.105 Million Rupee Term Loan Rs.1000 Million Proposed Long Term Bank Loan Facility Rs.160.7 Million Term Loan Rs.82.2 Million Rupee Term Loan Rs.110 Million Term Loan Rs.75 Million Rupee Term Loan Rs.13.00 Million Cash Credit Rs.10.0 Million Cash Credit Limit Rs.120.00 Million Proposed Long-Term Bank Loan Facility Rs.25.0 Million Overdraft Facility Rs.2.5 Million Cash Credit Rs.38.5 Million Rupee Term Loan Rs.165.00 Million Cash Credit Rs.211.40 Million Long-Term Loan Rs.138.30 Million Long-Term Loan Rs.195.10 Million Long-Term Loan Rs.1080.0 Million Term Loan Rs.319.2 Million 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 Rs.120.00 Million Long-Term Loan Rs.55.0 Million Term Loan Rs.189.8 Million Term Loan Rs.20.00 Million Long-Term Loan Rs.135.1 Million Long-Term Loan Rs.120.00 Million Term Loan

Rs.98.00 Million Term Loan Rs.22.5 Million Overdraft Facility Rs.197.2 Million Term Loan Rs.255.5 Million Term loan Rs.170.0 Million Proposed Long-Term Bank Loan Facility Rs.100.0 Million Cash Credit Limit Rs.100.0 Million Rupee Term Loan Rs.665.00 Million Long-Term Loan Rs.206.0 Million Long-Term Loan

Rs.110.4 Million Proposed Long-Term Bank Loan Facility Rs.70.0 Million Overdraft Rs.28.1 Million Proposed Long-Term Bank Loan Facility Rs.5.5 Million Secured Overdraft 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)

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

Rs.14 Million Proposed Long-Term Bank Loan Facility

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 Rs.27.5 Million Bank Guarantee Rs.19.00 Million Term Loan

Rs.420.0 Million Proposed Long-Term Bank Loan Facility

Rs.160.0 Million Term Loan Rs.25.00 Million Overdraft Facility Rs.30.00 Million Overdraft Facility

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

Rs.310.2 Million Term Loan Rs.22.5 Million Overdraft Facility

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

Rs.48.0 Million Bank Guarantee Rs.4.1 Million Proposed Long-Term Bank Loan Facility

Rs.37.2 Million Proposed Long-Term Bank Loan facility Rs.36.00 Million Proposed Long-Term Bank Loan Facility

Rs.15.0 Million Bank Guarantee Rs.23.50 Million Proposed Long-Term Bank Loan Facility Rs.6.20 Million Proposed Long-Term Bank Loan Facility

Rs.47.7 Million Proposed Long-Term Bank Loan Facility

In 2009-10 (refers to financial year, April 1 to March 31), SESs fee income improved by 33 per cent over the previous year to Rs.187 million, a

nt over the previous year to Rs.187 million, almost in line with CRISILs projection. In 2010-11, the society added around 650 seats to its engineering course

d around 650 seats to its engineering courses. Its net fees receipts are, therefore, expected to increase with improved scale of operations over the medium te

proved scale of operations over 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

2009-10 from 53.3 per cent in 2008-09 due to expenditure on new colleges opened during 2008-09. To forge a successful placements track record at its new

successful placements track record at its new colleges, SES plans to incur expenses to create a brand name. This may lead to some pressure on its operatin

his may lead to some pressure on its operating surpluses; however, CRISIL expects the same to remain healthy over the medium term. In 2010-11, the occup

over the medium term. In 2010-11, the occupancy in Master of Business Administration (MBA) courses declined to around 75 per cent due to increased com

d to around 75 per cent due to increased competition from institutes in other states. The inflow of students to SESs colleges will remain key rating sensiti

ESs colleges will remain key rating sensiti