Cook rice as you normally would. When it is done cooking set it out to cool a little by spooning it into a shallow bowl.
Meanwhile, blend fresh coconut, 3 red chilis and mustard seeds together to a fine paste. Try to add as little water as possible when making the paste. Grate the raw mango and add it to the paste and continue grinding until it is fully incorporated into the paste.
In a pan, heat the oil until it begins to shimmer, about a minute or two. Then add the mustard seeds and cover the pan with a lid while the seeds pop. After the mustard is done popping, turn down the fire and add chana dal and urad dal. When the dals are light golden brown, add Asafoetida (hing), curry leaves, turmeric and the remaining red chili torn into 3-4 pieces. Add the coconut paste.
Cook the paste while stirring frequently for about 10 minutes on a medium flame until the oil begins to separate. Set aside.
Roast the peanuts in 1 tablespoon of oil separately. Add the paste, peanuts and salt to the rice.
Toss well and adjust the salt as needed. If the rice feels too dry, you may heat a little more oil and add it to the rice, or simply add a tablespoon of ghee to the rice.
Serve with a cucumber raita, fried hapla (papad), or sandigae.