In a large pan heat coconut oil and add asafoetida/hing , now add dried red chilli, mustard seeds, urad dal, chana dal, curry leaves and cashew sauté for one or two minutes.
Now add in grated coconut and saute for 1-2 minutes till raw smell goes away.
After roasting the coconut take out everything out of the pan put it in a bowl. Keep it aside.
In the same pan add washed and soaked rice and stir to lightly toast them.
Add in 2 cups of water and cover. Allow the water to boil and then reduce the heat to slow.
Cook it covered for 10minutes. After that allow it to stand for 3-4 minutes and fluff with a flat spoon.
Now add the cooked coconut masala in the rice and mix in gently. Serve it with plain curd, raita or a curry.