­Established in1988 as a trust, ASRF is a part of Srinivas Group (SG) and CA.A.Raghavendra Rao is the founder. The trust manages 18 educational institutes and offers various programmes in Science, Engineering, Management, and in Health Sciences in three campuses in Mangalore with about 12,000 students, 76 courses, and 3000 staff members. SG was established in 1988 with the opening of its first college, Srinivas College of Hotel Management and has a presence in education since then. SG has its own private university, Srinivas University, approved by the government. The Colleges are located on three campuses. First campus is located in Pandeshwar (1.5 Acres of land with 8,500 Sq. Mts. of buildup area), the heart of downtown Mangalore, the business and financial centre of Western Karnataka. The other Campus is located at Valachil (35 Acres of land with 60,000 Sq. Mts. of buildup area), nearly 10 KM from Mangalore along Mangalore Bangalore Highway. The third campus is located at Mukka, Surathkal (40 Acres of land and about 140000 Sq.Mts. built-up area).

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating continues to be flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

­The rated entity has not shared the latest financial statements despite repeated requests.

­"No information provided by the issuer / available for Acuite to comment upon."

­None

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­None

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.