magm
Abstract
For December 2015 Payout
CARE has rated more than 260 Asset Backed Securitisation (ABS) / Mortgage Backed Securitisation
(MBS) pools across 29 Originators and pools aggregating to around Rs. 55,000crore covering
various asset classes, which include - Auto Loans, Commercial Vehicle loans, Construction
Equipment loans, Two Wheeler loans, Personal Loans, Microfinance loans and Mortgage Loans.
This report analyses the performance of all rated transactions live as on recent date. It covers the
characteristics of pools at the time of origination and their key performance indicators. Key
performance indicators include 90+ DPD levels, 180+ DPD levels, Cumulative Collection Efficiency
Ratio, Prepayments etc. CARE also calculates the Break-even Collection Efficiency ratio to
determine the minimum collection efficiency required on pools future cash flow to be able to
serve the payouts on time. It also covers the Credit Enhancement Utilization and Coverage at 90+
DPD levels & 180+ DPD levels. Detailed performance report and interpretation of each term are
briefed in the later sections.
All the securitisation pools rated by CARE have either maintained the initial rating assigned to
them or have been upgraded. All the pools so far continue to be comfortably placed in terms of
low utilization of credit enhancements. Break-even Collection Efficiency and Enhancement
coverage for all the rated pool shows that they are comfortably placed.
1
Contents
Index
S.No
I
Terminologies
II Acronym
III Originator-Wise Pools Performance
 Asirwad Microfinance Pvt. Ltd.
 Au Financiers (India) Pvt. Ltd.
 Cholamandalam Investment Finance Company Ltd.
 Dewan Housing Finance Limited
 ESAF Microfinance
 HDB Financial Services Limited
 HDFC Limited
 Hinduja Leyland Finance Limited
 Indiabulls Housing Finance Company Ltd.
 India Infoline Finance Limited
 IKF Finance Limited
 Magma Fincorp Limited
 Magma ITL Finance Ltd
 Reliance Capital Ltd.
 SKS Microfinance Limited
 Shriram City Union Finance Limited
 Shriram Transport Finance Company Limited
 SREI Equipment Finance Private Limited
Page No
3
6
10
13
17
21
33
41
47
57
61
74
76
81
90
95
97
103
106
112
2
Terminologies
Commencement Month: Date from which pool receivables have been transferred.
Transaction Structure: Whether the pool receivables were transferred at their par value or at a
premium. If there is some new structure, then it is suitably mentioned.
Pool Principal: The pool principal outstanding at the time of securitisation.
Future Payout: Total obligation towards PTC holders or the acquirer at the time of securitisation.
Future Receivables: Total cash flows arising from the assigned pool.
No of Contracts: The total number of contracts in a pool.
Average Maturity: It is calculated as weighted average maturity of all future cash flow.
∑ (No. of Month * Monthly Pool Cash Flow)
Sum of Pool Cash Flow
Average Seasoning: Weighted average seasoning of the pool as on cut off date.
Overdue Composition: Principal outstanding of all those loans in a pool which are in overdue category.
It is expressed as % of initial pool principal outstanding. It is presented sequentially as current, one
month overdue and two months overdue. For example, if the Pool has 98% current contracts, 1% one
month overdue and 1% two month overdue. The Overdue Composition will appear as 98%, 1%, 1%.
Cash Collateral: Cash Collateral (CC) is the total amount of credit protection available in the form of cash
or corporate undertaking divided by the pool receivables (in the case of premium transactions) or pool
principal (in the case of par transactions). Cash collateral is further divided into first loss and second loss
(wherever applicable).
Liquidity Facility: This facility is used for meeting temporary shortfall in the collection. This facility can
be used only for the overdue pertaining to all the contracts which are due for 90 days or less (less than
90 dpd).
Excess Interest Spread: It is difference between scheduled interest cash flow from underlying obligors
and schedule interest payout to investor / acquirer. It is calculated as a % of initial principal outstanding.
Pool Interest Cash Flow – Investor Interest Payout
Initial Principal Outstanding
Pool Maturity: Last payout date to the investor or the date on which last payment to the investor is to
be made.
Months Post Securitisation: Months elapsed after the securitisation.
Balance Tenure: Number of months for which investor / acquirer payout is outstanding in the
transaction.
Amortisation: Amount of pool got amortised as a percentage of original assigned pool.
3
30+/ 90+/ 180+ Delinquency (% of Initial POS / FP): It is a ratio of sum of pool principal outstanding
(POS) or future receivables (FR) of all those contracts which are more than 30/90/180 days past dues
(dpd) and overdue amount pertaining to those contracts and loss from repossessed assets (wherever
available) to the initial POS / future payouts (FP).
Future POS / FR (30+/ 90+/ 180+dpd) + Overdue Amount (30+/ 90+/ 180+dpd) + Repo Loss
Initial POS / FP
30+/ 90+/ 180+ Delinquency (% of Balance POS / FP): It is a ratio of future POS / FR of all those
contracts which are more than 30/90/180dpd to the balance pool POS / FP.
Future POS / FR (30+/ 90+/ 180+dpd)
Balance POS/ FP
Overdue as a % of Initial POS / FP: It is a ratio of overdue amount of all the contracts overdue as on
date to initial POS / FP.
Overdue Amount
Initial POS / FP
Cash Collateral as % of Balance POS: It is ratio of outstanding cash collateral as on date as a % of
principal outstanding as on date.
Outstandingcash collateral
Balance POS
Liquidity Facility as % of Balance POS: It is ratio of outstanding liquidity facility as on date as a % of
principal outstanding as on date.
Outstandingliquidity facility
Balance POS
Balance cash collateral: Outstanding cash collateral as a % of initial cash collateral.
Outstanding Cash Collateral
Initial cash collateral
Break Even Collection Efficiency: Minimum collection efficiency required from future billings (excluding
overdues) to serve the investors.
Future Payouts – Available cash collateral
Future Billing
Break Even Collection Efficiency (First Loss Facility): Minimum collection efficiency required from
future billings (excluding overdues) to serve the investor keeping second loss facility unutilised at the
end of the transaction.
Future Payouts – Available first loss facility (cash collateral)
Future Billing
Overall Credit Enhancement coverage at 30+/ 90+/ 180+dpd: This ratio explains the credit
enhancement coverage available to the future receivables of above 30/90/180dpd contracts.
4
1- Break even collection efficiency
30+/ 90+/ 180+dpd (% of Balance POS)
First Loss Enhancement coverage at 90+/ 180+dpd: This ratio explains the first loss enhancement
coverage available to the future receivables of above 90/180dpd contracts.
1- Break even collection efficiency (First Loss Facility)
90+/180+dpd (% of Balance POS)
Cumulative Prepayment: This ratio explains the cumulative prepayment in the pool.
Cumulative Prepayment
Initial POS / FP
Cumulative Collection Efficiency (CCE): This ratio explains the cumulative collection in the pool.
Cumulative Collection till date (exclusive of prepayments)
Cumulative Monthly Billing
Monthly Collection Efficiency (MCE): This ratio explains the monthly collection in the pool.
Total Monthly Collections (exclusive of prepayments)
Monthly Billing
Fortnightly Collection Efficiency (FCE): This ratio explains the fortnightly collection in the pool.
Total Fortnightly Collections (exclusive of prepayments)
Fortnightly Billing
5
Acronym
ABS
Asset Backed Securities
Amt
Amount
AP
Assignee Payout
BCE
Break-even Collection Efficiency
CC
Cash Collateral/ Credit Collateral
CCE
Cumulative Collection Efficiency
DPD
Days Past Due
EIS
Excess Interest Spread
FLF
First Loss Facility
FL
First Loss
FP
Future Payouts
FR
Future Receivables
LF
Liquidity Facility
MBS
Mortgage Backed Securities
MCE
Monthly Collection Efficiency
FCE
Fortnightly Collection Efficiency
OC
Over Collateralization
PTC
Pass through Certificate
POS
Principal Outstanding
SLF
Second Loss Facility
6
Rating Withdrawal:
No
Originator
1
Shriram Transport
Finance Company Ltd.
Transaction Name
Facilities /
Instrument
Month of
Withdrawal
A1 PTCs
STFCL CV Trust Mar
2013-II
A2 PTCs
Rating/Credit
opinion
CARE AA (SO)
Oct-15
CARE AA (SO)
CARE BBB (SO)
Equivalent
SLF
2
SKS Micro Finance
IMLRT Jan-15 A
A PTCs
Oct-15
CARE AA (SO)
3
SKS Micro Finance
IMLRT Feb-15 B
A PTCs
Oct-15
CARE AA (SO)
4
Magma Fincorp Ltd.
MFL Sec Trust XIII
A1 PTCs
CARE AA (SO)
A2 PTCs
CARE AA (SO)
SLF
Nov-15
CARE BBB (SO)
Equivalent
CARE AAA (SO)
Equivalent
LF
5
HDB Financial Services
Ltd.
Venus Trust Mar-13
A PTCs
Nov-15
CARE A (SO)
6
SKS Micro Finance
IMLRT Mar-15 A
A PTCs
Nov-15
CARE AA (SO)
A1 PTCs
7
8
Magma Fincorp Ltd.
Shriram Transport
Finance Company Ltd.
MFL Sec Trust IX
Sansar Vehicle Trust
Mar-13 VI
A2 PTCs
CARE AA (SO)
Dec-15
CARE AA (SO)
SLF
CARE BBB (SO)
Equivalent
A1 PTCs
CARE AAA (SO)
A2 PTCs
Dec-15
CARE BBB+ (SO)
Equivalent
SLF
9
ESAF Micro Finance
Cedar MFI Trust 19
A PTCs
IKF Finance Ltd.
Kallone CV IFMR
Capital 2014
A1 PTCs
10
CARE AAA (SO)
Dec-15
CARE A- (SO)
CARE A (SO)
Dec-15
A2 PTCs
CARE BB+ (SO)
7
Provisional Rating:
List of provisional rating cases assigned by CARE which are yet to convert to final rating
provided below. The rating shall be confirmed, once the final documents received. The
executed documents should confirm to the structure/conditions as provided at the time of the
initial rating.
No
Originator
Transaction
Name
1
Arohan
Financial
Services Pvt.
Ltd.
ARID Trust
Jan 2016
2
ESAF
Microfinance
Light
Microfinance
3
4
5
6
7
Instrument
Amount
(Rs Crs)
Ratings assigned
Document
s pending
Feb-16
Series A
PTCs
15.02
Provisional
CARE BBB (SO)
YES
Cedar MFI
Trust 25
Feb-16
Series A
PTCs
71.22
Provisional
CARE BBB (SO)
YES
Tachyon
Trust 2016
Feb-16
Series A
PTCs
19.85
Provisional
CARE BBB (SO)
YES
Series A1
PTCs
23.06
Provisional
CARE A- (SO)
Series A2
PTCs
0.52
Provisional
CARE BBB (SO)
Series A1
PTCs
23.46
Provisional
CARE BBB (SO)
Series A2
PTCs
1.78
Provisional
CARE BB- (SO)
Series A
PTCs
602.92
Provisional
CARE AA (SO)
Series A1
PTCs
21.04
Provisional
CARE A- (SO)
Aptus Value
Housing
Finance India
Limited
Attis SBL
IFMR Capital
2016
S V Creditline
Private
Limited
Amako
IFMR Capital
2016
SKS
Microfinance
Limited
IMLRT Jan
2016
IKF Finance
Ltd.
Rating
assigned
month
Volturnus
CV IFMR
Capital 2016
Feb-16
Feb-16
Feb-2016
Mar-16
YES
YES
YES
YES
Series A2
PTCs
0.47
Provisional
CARE BBB+ (SO)
8
Rating Transition:
Sr.
No.
Month
of
Upgrade
Rating/Credit
Opinion
IBFSL Dec 2011 I
Assignee
Payouts
Feb-16
CARE AAA (SO)
Equivalent
IBFSL Feb2012 I
Assignee
Payouts
Feb-16
CARE AAA (SO)
Equivalent
IBFSL Sep 2011 I
Assignee
Payouts
Feb-16
CARE AAA (SO)
Equivalent
Transaction
Name
Instrument
1
2
3
Originator
Indiabulls
Housing Finance
Ltd.
Assignee
Payouts
4
IBFSL Mar 2012 II
CARE AAA (SO)
Equivalent
Feb-16
Second Loss
Facility
CARE A+ (SO)
Equivalent
Remarks
Revised from
Equivalent to
CARE AA+
(SO)
Revised from
Equivalent to
CARE AA+
(SO)
Revised from
Equivalent to
CARE AA+
(SO)
Revised from
Equivalent to
CARE AA+
(SO)
Revised from
Equivalent to
CARE BBB
(SO)
9
Asirvad Microfinance Private Limited
(AMFPL - 2 Pools)
Key financial indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
20.4
2.1
26.8
0.00
24.31
2014
(12m, A)
37.3
4.7
31.4
0.03
16.83
FY15
(12m, P)
67.3
10.4
103.9
0.04
34.77
P*=Provisional, A=Audited

Total income stood at Rs. 67.3 Crore in FY15 as compared to 37.3 Crore in FY14

The Gross NPA ratio has increased marginally from 0.03% as on March 31, 2014 to 0.04% as
on March 31st 2015.

AMFPL reported regulatory CAR of 34.77% as on March 2015 which is slightly on a higher
side.
10
Issue Name
Originator
Rating
Asset Class
Alcibie IFMR Capital 2015
Asirvad Microfinance Private Limited (AMFPL)
Series A1 PTC - CARE A- (SO) and Series A2 PTC - CARE BB+ (SO)
Microfinance (100%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Nov-15
Par
24.0
21.1
Future Receivables (Rs Cr)
27.6
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
FL enhancement Coverage (30+ DPD)
FL enhancement Coverage (90+ DPD)
Cumulative Prepayment
17,257
68.5
30.3
100.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Dec-15
1
18
8.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
5.2%
NA
NA
100.0%
NA
NA
98.6%
NA
84.7%
NA
NA
NA
NA
NA
0.0%
4.8%
NA
NA
NA
1.9
8.3%
4.0%
Jun-17
19
Sep-15
-
11
Issue Name
Originator
Rating
Asset Class
Manto IFMR Capital 2015
Asirvad Microfinance Private Limited (AMFPL)
Series A1 PTC - CARE A- (SO) and Series A2 PTC - CARE BB+ (SO)
Microfinance (100%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Nov-15
Par
25.1
22.1
Future Receivables (Rs Cr)
29.6
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
FL enhancement Coverage (30+ DPD)
FL enhancement Coverage (90+ DPD)
Cumulative Prepayment
16,191
76.4
21.0
100.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Dec-15
1
20
8.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
6.5%
7.4%
NA
100.0%
NA
NA
99.1%
NA
82.5%
NA
NA
NA
NA
NA
0.1%
6.0%
NA
NA
NA
2.0
10.0%
4.0%
Aug-17
21
Sep-15
-
12
Au Financiers (India) Pvt. Limited –
(AUFPL - 3 Pools)
Key financial indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
441
80
454
0.81
20.82
2014
(12m, A)
619
92
624
1.50
20.43
FY15
(6m, P)
336
52
699
2.01
22.55
P*=Provisional, A=Audited

Total income stood at Rs. 619 Crore in FY14 and 336 crore as on H1FY15. This increase was
on account of strong AUM growth.

Economic slowdown over the past years has lead to an increase in delinquencies. The Gross
NPA ratio increased from 1.50% as on March 31, 2014 to 2.01% as on September 30th 2014.

AUFL reported regulatory CAR of 22.55% as on September 2014.
13
Issue Name
Originator
Rating/Credit Opinion
Asset Class
AUFPL Direct Assignment Mar ’12 I
Au Finaciers (India) Pvt. Limited
Assignee Payout - CARE A+ (SO) Equivalent
CV(79%), MUV (12%)& TWH (8%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Premium
22.2
29.5
821
19.2
1.8
100%,0%
CC as % of initial FR
10.2%
First Loss Credit
NA
Second Loss Credit
NA
LF as % of initial POS
NA
EIS
NA
OC
NA
Pool Maturity
Feb-16
Maturity (months)
47
Pool Performance
Dec-15
45
2
99.8%
1.4%
1.1%
11.5%
6.2%
2.0%
3376.8%
NA
NA
80.7%
NA
NA
97.5%
95.9%
0.0%
NA
NA
NA
NA
NA
13.1%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial FR)
180+ Delinquency (% of Initial FR)
90+ Delinquency (% of Balancel FR)
180+ Delinquency(% of Balance FR)
Overdue Amt (% of Initial FR)
CC as % of Balance FR
FLF as % of Balance FR
LF as % of Balance FR
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
4.0%
Collection Efficiency
Sep-15
42
5
97.9%
1.4%
1.1%
12.4%
5.9%
1.9%
403.9%
NA
NA
81.5%
NA
NA
97.6%
95.8%
0.0%
NA
NA
NA
NA
NA
13.0%
CCE
MCE
BCE
150.0%
3.0%
100.0%
2.0%
50.0%
1.0%
0.0%
0.0%
M1
M8 M15 M22 M29 M36 M43
M1 M8 M15 M22 M29 M36 M43
14
Issue Name
Originator
Rating/Credit Opinion
Asset Class
AUFPL Direct Assignment Mar ’12 II
Au Finaciers (India) Pvt. Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Loan Against Property(60%) & HL(40%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
50.0
80.1
1193
32.1
6.2
100%, 0%
CC as % of initial POS
First Loss Credit
Second Loss Credit
LF as % of initial POS
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Dec-15
45
38
81.4%
2.2%
1.3%
7.5%
3.9%
1.4%
147.4%
53.3%
NA
100.0%
100.0%
NA
98.7%
112.2%
0.0%
49.0%
NA
NA
6.8
13.1
32.5%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
3.0%
Collection Efficiency
15.0%
5.0%
10.0%
NA
24.9%
NA
Feb-19
83
Sep-15
42
41
77.3%
2.8%
1.5%
7.8%
3.0%
1.9%
120.8%
43.7%
NA
100.0%
100.0%
NA
98.1%
106.0%
0.0%
56.9%
NA
NA
5.5
14.4
31.2%
CCE
MCE
BCE
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
2.0%
1.0%
0.0%
M1
M8
M15 M22 M29 M36 M43
M1 M8 M15 M22 M29 M36 M43
15
Issue Name
Originator
Rating/Credit Opinion
Asset Class
India Standard Loan Trust - III
Au Finaciers (India) Pvt. Limited
Series A PTCs and Series B PTC - CARE AA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
MUV (52.51%), SCV (27.38%), LCV (10.50%),
HCV (8.38%) and Others (1.23%).
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
74.9
94.9
2084
19.0
8.0
100%,0%
CC as % of initial POS 9.5%
First Loss Credit
3.0%
Second Loss Credit
6.5%
LF as % of initial POS
NA
EIS
12.1%
OC
NA
Pool Maturity
Jan-17
Maturity (months)
47
Pool Performance
Dec-15
33
14
90.1%
3.1%
2.3%
8.6%
4.9%
4.0%
95.3%
33.1%
NA
99.2%
97.6%
NA
96.0%
103.8%
7.2%
66.1%
10.8
19.0
4.0
13.5
12.5%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
6.0%
4.0%
2.0%
0.0%
M1
M6 M11 M16 M21 M26 M31
Collection Efficiency
Sep-15
30
17
84.3%
3.7%
2.7%
8.9%
5.3%
4.2%
60.4%
21.3%
NA
100.0%
100.0%
NA
95.6%
101.2%
40.5%
76.8%
6.7
11.2
2.6
14.5
11.6%
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1 M6 M11 M16 M21 M26 M31
16
Cholamandalam Investment Finance
Company Ltd. (CIFCL – 3 Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR)
2013
(12m, A)
2,556
307
1,965
1.20
19.04
2014
(12m, A)
3263
364
2,295
1.85
17.24
2015
(12m, A)
3,691
435
3,172
3.10
21.24
P*=Provisional, A=Audited

During FY15, CIFCL reported an operating income of Rs. 3,691 crore (growth of 13% yoy)

Provisions continued to increase in FY15 as well, primarily due to increased NPA levels in
the vehicle finance segment which is in-line with the industry trend.

The overall asset quality of CIFCL had seen deterioration over the years. The gross NPA
has increased from 1.85% in FY14 to 3.10% in FY15.

The CAR improved to 21.24% as on March 31, 2015 as against 17.24% as on
March 31, 2014.
17
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Platinum Trust Dec 13 - Tranche 3
Cholamandalam Investment and Finance Company Ltd. (CIFCL)
Series A PTCs - CARE AAA (SO)
LCV(60.38%), HCV(28.24%) and Others(11.38%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
344.1
414.9
7,649
16.5
12.8
94.9%, 5.1%
CC as % of initial POS
8.6%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
9.8%
OC
NA
Pool Maturity
Nov-18
Maturity (months)
59
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
3.0%
Dec-15
Sep-15
24
35
78.4%
2.0%
0.6%
5.5%
1.0%
1.6%
39.7%
0.0%
NA
100.0%
NA
NA
97.8%
98.3%
59.6%
NA
7.3
>30
NA
NA
10.4%
21
38
67.8%
2.1%
0.6%
4.2%
0.9%
1.5%
26.7%
NA
NA
100.0%
NA
NA
97.8%
99.9%
68.7%
NA
7.5
>30
NA
NA
9.1%
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
2.0%
80.0%
1.0%
60.0%
40.0%
0.0%
M1
M4
M7 M10 M13 M16 M19 M22
M1 M4 M7 M10 M13 M16 M19 M22
18
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Platinum Trust Jan -14
Cholamandalam Investment and Finance Company Ltd. (CIFCL)
Series A PTCs - CARE AAA (SO)
Loan Against property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Jan-14
Par
250.0
469.9
413
62.8
15.0
100%, 0%
CC as % of initial POS
10.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
40.3%
OC
NA
Pool Maturity
Dec-27
Maturity (months)
168
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Dec-15
Sep-15
23
50.3%
6.5%
4.7%
11.0%
7.4%
1.2%
21.1%
0.0%
NA
100.0%
NA
NA
95.8%
94.4%
69.2%
NA
2.8
4.1
NA
NA
41.4%
20
45.6%
6.4%
3.7%
10.1%
5.5%
1.0%
19.3%
NA
NA
100.0%
NA
NA
95.9%
92.4%
69.9%
NA
3.0
5.5
NA
NA
37.7%
Collection Efficiency
110.00%
CCE
MCE
BCE
100.00%
90.00%
80.00%
70.00%
60.00%
M1
M4
M7 M10 M13 M16 M19 M22
M4
M7 M10 M13 M16 M19 M22
19
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Platinum Trust March -14 - Tranche III
Cholamandalam Investment and Finance Company Ltd. (CIFCL)
Series A PTCs - CARE AAA (SO)
New CV(33.81%) and Tractor (66.19%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
125.4
151.2
5,547
14.1
13.1
100%,0%
CC as % of initial POS
10.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
11.3%
OC
NA
Pool Maturity
Jun-18
Maturity (months)
52
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delenquency
3.0%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
22
30
81.1%
1.4%
0.5%
4.2%
1.2%
1.6%
55.7%
0.0%
NA
100.0%
NA
NA
97.5%
100.9%
43.8%
NA
13.3
>30
NA
NA
6.8%
18
34
71.2%
1.6%
0.4%
3.8%
0.9%
1.7%
36.4%
NA
NA
100.0%
NA
NA
97.0%
98.4%
61.0%
NA
10.3
>30
NA
NA
5.6%
Collection Efficiency
CCE
MCE
BCE
120.00%
100.00%
2.0%
80.00%
1.0%
60.00%
40.00%
0.0%
M1
M5
M9
M13
M17
M21
M1
M5
M9
M13
M17
M21
20
Dewan Housing Finance Limited
(DHFL –11 Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
4,141
452
3,235
0.71
16.52
2014
(12m, A)
4,970
529
3,575
0.78
16.42
2015
(12m, A)
5,982
621
4,636
0.8
16.5
P*=Provisional, A=Audited

DHFL reported PAT of Rs. 173 crore on total income of Rs. 1,653 crore during 1QFY16 as
compared to PAT of Rs. 621 crore on total income of Rs. 5,982 crore during FY15.

DHFL reported Gross NPA ratio of 0.8% in 1QFY16, at the same level as at the end of
FY15. Over the years DHFL has developed the expertise in lending in the low-middle
income group segment while maintaining stable asset quality parameters.

DHFL reported the CAR of 15.8% as on June 30, 2015, as compared to 16.5% as on
March 31, 2015.
Note: Shri Vijay Kumar Chopra, who is a Director on the board Dewan Housing Finance Limited,
is a member of the Rating Committee in CARE. Shri Vijay Kumar Chopra did not participate in
the rating process or in the meeting of the Rating Committee when the rating of DHFL was
discussed.
21
Issue Name
Originator
Rating/Credit Opinion
Asset Class
DHFL Direct Assignment Mar'12 I
Dewan Housing Finance Limited
Assignee Payout - CARE AAA (SO) Equivalent
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
321.8
679.2
3,853
91.0
12.8
100%, 0%
Pool Performance
Dec-15
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
CC as % of initial POS
15.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
10.3%
OC
NA
Pool Maturity
Mar-32
Maturity (months)
240
180+ dpd
Sep-15
45
42
49.4%
0.4%
0.3%
0.6%
0.4%
0.1%
30.6%
NA
NA
100.0%
NA
NA
99.6%
99.6%
46.7%
0.4%
0.2%
0.6%
0.4%
0.1%
29.1%
NA
NA
100.0%
NA
NA
99.6%
100.8%
75.7%
77.0%
NA
NA
>30
>30
>30
>30
NA
NA
NA
NA
34.9%
33.2%
Collection Efficiency
CCE
MCE
BCE
110.0%
1.0%
100.0%
90.0%
0.5%
80.0%
70.0%
0.0%
M1 M6 M11 M16 M21 M26 M31 M36 M41
M1 M6 M11 M16 M21 M26 M31 M36 M41
22
Issue Name
Originator
Rating/Credit Opinion
Asset Class
DHFL Direct Assignment Mar'12 II
Dewan Housing Finance Limited
Assignee Payout - CARE AAA (SO) Equivalent
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
266.7
575.4
3,874
92.4
16.6
100%, 0%
CC as % of initial POS
13.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
20.9%
OC
NA
Pool Maturity
Mar-37
Maturity (months)
300
Pool Performance
Dec-15
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
1.0%
Sep-15
45
42
49.6%
0.3%
0.3%
0.5%
0.4%
0.1%
25.8%
NA
NA
100.0%
NA
NA
99.5%
99.9%
47.0%
0.3%
0.3%
0.5%
0.4%
0.1%
24.5%
NA
NA
100.0%
NA
NA
99.5%
100.5%
76.9%
78.3%
NA
NA
>30
>30
>30
>30
NA
NA
NA
NA
35.5%
33.9%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
0.0%
M1
M7
M13 M19 M25 M31 M37 M43
70.0%
M1
M7 M13 M19 M25 M31 M37 M43
23
Issue Name
Originator
Rating/Credit Opinion
Asset Class
DHFL Direct Assignment Mar'12 III
Dewan Housing Finance Limited
Assignee Payout - CARE AAA (SO) Equivalent
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
110.0
234.1
1,444
90.5
17.1
100%, 0%
CC as % of initial POS
14.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
12.5%
OC
NA
Pool Maturity
Mar-32
Maturity (months)
240
Pool Performance
Dec-15
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
1.0%
Sep-15
45
42
51.3%
0.3%
0.2%
0.4%
0.3%
0.2%
28.8%
NA
NA
100.0%
NA
NA
99.6%
100.8%
48.7%
0.4%
0.2%
0.6%
0.3%
0.2%
27.3%
NA
NA
100.0%
NA
NA
99.5%
100.4%
74.9%
77.4%
NA
NA
>30
>30
>30
>30
NA
NA
NA
NA
37.4%
35.7%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
70.0%
0.0%
M1
M10
M19
M28
M37
M1
M10
M19
M28
M37
24
Issue Name
Originator
Rating/Credit opinion
Asset Class
Nirmaan RMBS Trust - Series II - 2013
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA- (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Jun-13
Par
299.9
287.9
Future Receivables (Rs Cr)
689.0
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
2,110
104.5
17.9
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance LF (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
1.0%
8.0%
NA
NA
NA
12.0
33.6%
4.0%
Jun-38
300
Dec-15
Sep-15
30
40.8%
27
38.1%
40.8%
0.3%
0.3%
0.5%
0.4%
0.1%
13.5%
NA
NA
100.0%
NA
NA
38.1%
0.5%
0.2%
0.8%
0.4%
0.1%
12.9%
NA
NA
100.0%
NA
NA
99.2%
99.1%
100.4%
100.7%
80.1%
80.9%
NA
NA
>30
25.3
>30
>30
NA
NA
NA
NA
33.7%
31.8%
CCE
MCE
Collection Efficiency
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
70.0%
0.0%
M1
M6
M11
M16
M21
M26
M1
M6
M11
M16
M21
M26
25
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series III - 2013
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Aug-13
Par
413.9
397.3
Future Receivables (Rs Cr)
890.1
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
2,791
98.6
33.4
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance LF (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
1.0%
8.4%
NA
NA
NA
16.6
23.2%
4.0%
May-38
299
Dec-15
Sep-15
28
43.9%
25
40.3%
43.9%
0.3%
0.2%
0.5%
0.3%
0.1%
14.3%
NA
NA
100.0%
NA
NA
40.3%
0.2%
0.2%
0.3%
0.2%
0.1%
13.4%
NA
NA
100.0%
NA
NA
99.7%
99.7%
99.5%
100.0%
81.0%
81.9%
NA
NA
>30
>30
>30
>30
NA
NA
NA
NA
34.7%
32.0%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M1
M5
M9 M13 M17 M21 M25
26
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series IV - 2013
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Nov-13
Par
195.3
187.5
Future Receivables (Rs Cr)
450.5
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
2,135
107.0
37.2
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance LF (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
1.0%
8.0%
NA
NA
NA
7.8
29.5%
4.0%
Oct-43
360
Dec-15
Sep-15
25
37.5%
37.5%
22
34.3%
34.3%
0.1%
0.1%
0.2%
0.2%
0.1%
12.8%
NA
NA
100.0%
NA
NA
0.1%
0.1%
0.1%
0.1%
0.1%
12.2%
NA
NA
100.0%
NA
NA
99.7%
99.7%
99.7%
100.6%
81.0%
81.9%
NA
NA
>30
>30
>30
>30
NA
NA
NA
NA
29.0%
26.8%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
70.0%
0.0%
M1
M4
M7 M10 M13 M16 M19 M22 M25
M1 M4 M7 M10 M13 M16 M19 M22 M25
27
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series I - 2014
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Loan Against Property (LAP)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Feb-14
Par
80.2
77.0
Future Receivables (Rs Cr)
180.0
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
173
83.5
30.1
100%, 0%
Pool Performance
90+ dpd
Overdue
180+ dpd
3.0%
3.2
42.0%
4.0%
Apr-36
266
Dec-15
Sep-15
22
60.3%
60.3%
1.3%
1.3%
2.9%
2.9%
0.3%
36.5%
NA
NA
100.0%
NA
NA
98.6%
96.3%
63.3%
NA
12.9
12.9
NA
NA
54.3%
19
58.0%
58.0%
1.3%
1.3%
2.7%
2.7%
0.2%
34.5%
NA
NA
100.0%
NA
NA
98.8%
99.5%
65.0%
NA
12.9
12.9
NA
NA
52.7%
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance LF (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
14.5%
NA
NA
NA
Collection Efficiency
CCE
MCE
BCE
140.0%
120.0%
2.0%
100.0%
1.0%
80.0%
60.0%
0.0%
M1
M4
M7
M10 M13 M16 M19 M22
M1
M4
M7 M10 M13 M16 M19 M22
28
Issue Name
Originator
Rating/Credit opinion
Asset Class
Nirmaan RMBS Trust - Series III - 2014
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 PTC Principal (Rs Cr)
Mar-14
Par
92.2
88.5
Future Receivables (Rs Cr)
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
220.3
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
748
108.7
22.8
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance LF (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
1.0%
8.8%
NA
NA
NA
3.7
34.7%
4.0%
Feb-39
299
Dec-15
Sep-15
21
26.1%
26.1%
0.2%
0.2%
0.2%
0.2%
0.1%
11.9%
NA
NA
100.0%
NA
NA
99.7%
100.2%
81.0%
NA
>30
>30
NA
NA
20.8%
18
23.1%
23.1%
0.1%
0.1%
0.2%
0.2%
0.1%
11.4%
NA
NA
100.0%
NA
NA
99.6%
100.2%
81.7%
NA
>30
>30
NA
NA
18.6%
CCE
MCE
Collection Efficiency
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
M21
M19
M17
M15
M13
M9
M11
M7
M5
M3
M1 M3 M5 M7 M9 M11 M13 M15 M17 M19 M21
M1
70.0%
0.0%
29
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series IV - 2014
Dewan Housing Finance Limited
Series A PTCs - CARE AAA(SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
37.8
87.4
288
105.0
21.1
100%, 0%
CC as % of initial POS
7.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
32.7%
Mortgage Guarantee by IMGC 10.0%
Pool Maturity
Dec-38
Maturity (months)
297
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
1.0%
Dec-15
Sep-15
21
29.1%
0.0%
0.0%
0.0%
0.0%
0.1%
10.8%
NA
NA
100.0%
NA
NA
99.7%
100.6%
81.5%
NA
NA
NA
NA
NA
22.5%
18
25.3%
0.0%
0.0%
0.0%
0.0%
0.1%
10.3%
NA
NA
100.0%
NA
NA
99.6%
100.1%
82.2%
NA
NA
NA
NA
NA
19.7%
CCE
MCE
Collection Efficiency
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
M21
M19
M17
M15
M13
M11
M9
M7
M5
M3
M1 M3 M5 M7 M9 M11 M13 M15 M17 M19 M21
M1
70.0%
0.0%
30
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series I - 2015
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 PTC Principal (Rs Cr)
Feb-15
Par
215.4
209.0
Future Receivables (Rs Cr)
487.3
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
1,596
106.1
22.5
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance LF (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
1.0%
10.5%
NA
NA
NA
6.4
29.1%
3.0%
Feb-40
300
Dec-15
Sep-15
10
11.5%
11.5%
7
7.5%
7.5%
0.1%
0.0%
0.1%
0.0%
0.0%
11.9%
NA
NA
100.0%
NA
NA
0.0%
0.0%
0.0%
0.0%
0.1%
11.4%
NA
NA
100.0%
NA
NA
99.5%
99.2%
100.2%
100.3%
81.6%
82.3%
NA
NA
>30
NA
NA
NA
NA
NA
NA
NA
8.7%
5.6%
Collection Efficiency
CCE
MCE
BCE
110.00%
100.00%
0.5%
90.00%
80.00%
0.0%
M1
M3
M5
M7
M9
M1
M3
M5
M7
M9
31
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series II - 2015
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 PTC Principal (Rs Cr)
Mar-15
Par
312.5
303.1
Future Receivables (Rs Cr)
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
656.5
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
4,228
94.2
28.9
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance LF (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
180+ dpd
Overdue
1.0%
7.8%
NA
NA
NA
9.4
26.6%
3.0%
Apr-35
242
Dec-15
Sep-15
9
14.9%
14.9%
0.1%
0.1%
0.1%
0.1%
0.0%
9.2%
NA
NA
100.0%
NA
NA
99.6%
99.8%
82.9%
NA
>30
>30
NA
NA
9.6%
6
10.9%
10.9%
0.1%
0.0%
0.1%
0.0%
0.0%
8.8%
NA
NA
100.0%
NA
NA
99.6%
100.1%
83.6%
NA
>30
NA
NA
NA
7.3%
Collection Efficiency
CCE
MCE
BCE
120.0%
110.0%
0.5%
100.0%
90.0%
0.0%
80.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9
M1 M2 M3 M4 M5 M6 M7 M8 M9
32
ESAF Microfinance and Investments Pvt. Ltd.
(EMFIPL – 7 Pool)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA
Capital Adequacy Ratio (CAR)
2013
(12m, A)
81
5
62
0.92
19.37
2014
(12m, A)
121
10
130
1.28
25.20
2015
(12m, P)
201
22
147
0.64
18.22
P*=Provisional, A=Audited

Total Income of EMFIPL has increased 201 Cr. As on March 31st 2015 as compare to Rs 121 crore as
on 31st March 2014.

Capital adequacy stood at healthy 18.22% comprising totally of Tier-I capital as on March 31, 2015.

Gross NPA ratio stood at 0.64% as on March 31, 2015.
33
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 15
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Dec-14
Par
45.0
41.9
51.8
37,883
31.0
20.2
100%,0.0%
Pool Performance
30+ dpd
90+ dpd
Overdue
1.0%
8.0%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
8.2%
7.0%
Sep-16
21
Dec-15
Sep-15
12
9
77.9%
77.9%
0.3%
0.2%
0.7%
0.4%
0.1%
36.1%
38.9%
100.0%
99.1%
97.2%
52.2%
>30
>30
3.9%
9
12
68.4%
68.4%
0.2%
0.2%
0.3%
0.3%
0.1%
25.4%
27.3%
100.0%
99.4%
98.3%
62.9%
>30
>30
3.2%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
60.0%
0.0%
40.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
34
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 16
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Dec-14
Par
20.0
18.8
23.5
13,892
34.7
20.6
100%,0.0%
Pool Performance
30+ dpd
Overdue
1.0%
90+ dpd
8.0%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
9.2%
6.0%
Sep-16
21
Dec-15
Sep-15
12
9
73.0%
73.0%
0.1%
0.1%
0.4%
0.1%
0.1%
29.7%
31.6%
100.0%
99.6%
99.0%
61.8%
>30
>30
3.4%
9
12
60.3%
60.3%
0.1%
0.1%
0.2%
0.1%
0.0%
20.2%
21.5%
100.0%
99.7%
99.5%
72.4%
>30
>30
2.1%
Collection Efficiency
CCE
MCE
BCE
110.0%
90.0%
0.5%
70.0%
0.0%
50.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
35
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 17
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Jan-15
Par
25.0
23.5
29.5
16,492
35.4
13.8
100%,0.0%
Pool Performance
30+ dpd
Overdue
1.0%
90+ dpd
7.8%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
9.1%
6.0%
Oct-16
21
Dec-15
Sep-15
11
10
68.3%
68.3%
0.1%
0.1%
0.2%
0.2%
0.0%
24.6%
26.2%
100.0%
99.7%
99.0%
69.2%
>30
>30
3.1%
8
13
57.7%
57.7%
0.1%
0.0%
0.1%
0.0%
0.0%
18.4%
19.6%
100.0%
99.8%
99.7%
73.1%
>30
>30
2.6%
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
Collection Efficiency
CCE
BCE
MCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
36
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 18
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Feb-15
Par
85.1
80.0
99.8
55,828
37.4
15.2
100%,0.0%
Pool Performance
30+ dpd
90+ dpd
1.0%
5.0%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
10.1%
6.0%
Jan-17
23
Dec-15
Sep-15
10
13
67.3%
71.6%
0.1%
0.1%
0.3%
0.2%
0.1%
15.3%
18.8%
100.0%
99.6%
98.9%
61.2%
>30
>30
3.2%
7
16
54.7%
58.2%
0.1%
0.0%
0.1%
0.0%
0.0%
11.0%
12.7%
100.0%
99.7%
99.7%
67.9%
>30
NA
2.3%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
0.5%
0.0%
M1
M3
M5
M7
M9
M1
M3
M5
M7
M9
37
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 19
ESAF Microfinance & Investments (P) Ltd
Withdrawn
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Feb-15
Par
32.5
29.9
36.8
22,780
26.4
54.3
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
30+ dpd
Delinquency
90+ dpd
Overdue
1.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
6.0%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
Dec-15
Sep-15
10
5
90.0%
100.0%
0.2%
0.1%
1.1%
0.6%
0.1%
60.2%
NA
100.0%
99.7%
99.2%
0.0%
NA
NA
11.7%
7
8
62.2%
74.7%
0.1%
0.0%
0.1%
0.0%
0.0%
15.9%
25.8%
100.0%
99.8%
99.9%
37.9%
>30
NA
5.4%
Collection Efficiecny
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
0.5%
0.0%
M1
M3
M5
M7
M9
8.2%
8.0%
May-16
15
M1
M3
M5
CCE
MCE
M7
BCE
M9
38
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 20
ESAF Microfinance & Investments (P) Ltd
Series A1 PTC - CARE A- (SO) & Series A2 PTC - CARE B (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal
Feb-15
Par
64.6
60.0
Future Receivables (Rs Cr)
CC as % of initial POS
8.2%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
Series A2 Principal
4.60
(Subordinated to A1)
EIS
8.3%
OC
NA
Pool Maturity
Nov-16
Maturity (months)
21
74.2
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
54,538
29.0
44.4
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
Series A1 PTC Amortised
Series A2 PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Delinquency
1.0%
30+ dpd
Overdue
90+ dpd
Dec-15
Sep-15
10
11
77.9%
92.6%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
37.2%
59.0%
100.0%
99.8%
99.6%
44.9%
NA
NA
7.5%
7
14
54.4%
65.8%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
18.0%
21.1%
100.0%
99.8%
99.8%
60.9%
NA
NA
3.1%
Collection Efficiecny
120.0%
CCE
MCE
BCE
100.0%
0.5%
80.0%
60.0%
0.0%
40.0%
M1
M3
M5
M7
M9
M1
M3
M5
M7
M9
39
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 21
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A Principal
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Mar-15
Par
35.04
33.29
40.48
30,541
31.0
28.22
100%,0.0%
CC as % of initial POS
4.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
9.1%
OC
5.0%
Pool
Dec-16
Maturity (months)
21
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
Series A PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
30+ dpd
Overdue
Delinquency
1.0%
90+ dpd
Dec-15
Sep-15
9
12
66.7%
77.6%
0.3%
0.1%
0.6%
0.2%
0.1%
12.0%
18.7%
100.0%
99.3%
98.6%
45.5%
>30
>30
5.0%
6
15
50.1%
58.4%
0.1%
0.0%
0.1%
0.0%
0.0%
8.0%
10.1%
100.0%
99.5%
99.6%
63.0%
>30
NA
3.4%
CCE
MCE
Collection Efficiecny
120.0%
BCE
100.0%
0.5%
80.0%
60.0%
0.0%
40.0%
M3
M5
M7
M9
M11
M3
M5
M7
M9
M11
40
HDB Financial Services Limited
(HFSL – 5 Pools)
Key financial indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Total Assets (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
963
102
841
8,379
0.44
18.34
2014
(12m, A)
1,688
209
1,568
13,630
0.81
18.40
2015
(12m, A)
2,527
350
3,044
19,762
0.84
23.05
P*=Provisional, A=Audited

Total income increased by 49.7% in FY15 to Rs.2,527 crore.

PAT increased by 67% to Rs.350 crore for FY15.

Gross NPA stood stable at 0.84% as on March 31, 2015

Total CAR also stood comfortably at 23.05% as on March 31, 2015 (FY14: 18.40%)
41
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HFSL Direct Assignment Mar’12 I
HDB Financial Services Limited
Assignee Payout - CARE AAA (SO) Equivalent
HCV (84.52%), LCV (13.91%) and Others (1.57%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
28.4
35.0
261
19.6
3.6
100%, 0%
CC as % of initial POS
16.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
5.8%
OC
NA
Pool Maturity
Nov-16
Maturity (months)
56
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
4.0%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
45
11
99.8%
1.0%
0.9%
67.2%
56.3%
1.1%
8005.9%
NA
NA
100.0%
NA
NA
97.9%
114.1%
0.0%
NA
NA
NA
NA
NA
10.0%
42
14
98.2%
1.4%
1.1%
27.1%
20.3%
1.5%
891.0%
NA
NA
100.0%
NA
NA
97.6%
106.7%
0.0%
NA
NA
NA
NA
NA
10.0%
Collection Efficiency
CCE
MCE
BCE
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
3.0%
2.0%
1.0%
0.0%
M1 M6 M11 M16 M21 M26 M31 M36 M41
M1 M6 M11M16M21M26M31M36M41
42
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Venus Trust March 2013
HDB Financial Services Limited
Withdrawn
HCV (64%), LCV (34%) and SCV (2%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
28.3
34.1
436
16.8
9.5
96.6%, 3.4%
CC as % of initial POS
7.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
8.8%
OC
NA
Pool Maturity
Mar-17
Maturity (months)
48
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Nov-15
Sep-15
32
16
93.0%
1.8%
0.0%
12.5%
0.0%
1.5%
114.8%
NA
NA
100.0%
NA
NA
98.8%
103.9%
0.0%
NA
NA
NA
NA
NA
12.8%
30
18
89.9%
2.3%
1.5%
13.0%
7.7%
1.7%
78.8%
NA
NA
100.0%
NA
NA
98.6%
94.4%
21.0%
NA
6.1
10.2
NA
NA
12.2%
Collection Efficiency
CCE
MCE
BCE
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1
M6
M11
M16
M21
M26
M31
M1
M6
M11 M16 M21 M26 M31
43
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Venus Trust March 2014
HDB Financial Services Limited
Series A PTCs - CARE AA (SO)
HCV (53.5%), LCV (31.4%), SCV (5.9%) and CE (9.2%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
145.9
172.6
2,916
15.2
13.1
100%, 0.0%
CC as % of initial POS
9.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
8.0%
OC
NA
Pool Maturity
Feb-18
Maturity (months)
48
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
2.0%
Dec-15
Sep-15
21
27
74.3%
1.5%
0.8%
3.7%
1.9%
1.3%
46.5%
NA
0.0%
119.2%
NA
NA
97.3%
97.8%
53.6%
NA
12.5
24.0
NA
NA
7.4%
18
30
65.0%
1.3%
0.6%
2.7%
1.0%
1.1%
30.8%
NA
0.0%
107.7%
NA
NA
97.2%
97.6%
67.9%
NA
12.1
>30
NA
NA
6.2%
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
80.0%
1.0%
60.0%
40.0%
0.0%
M1
M5
M9
M13
M17
M21
M1
M5
M9
M13
M17
M21
44
Issue Name
Originator
Rating/Credi Opinion
Asset Class
Venus Trust March 2015
HDB Financial Services Limited
Series A PTCs - CARE A (SO)
CV (85.80%) and CE (14.20%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-15
Par
210.4
249.0
3,736
14.2
12.3
95.40%, 4.60%
CC as % of initial POS
7.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
9.7%
OC
NA
Pool Maturity
Mar-19
Maturity (months)
48
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
2.0%
Dec-15
Sep-15
9
39
35.7%
1.1%
0.2%
1.4%
0.3%
1.2%
10.9%
NA
0.0%
100.0%
NA
NA
96.2%
NA
83.8%
NA
11.5
>30
NA
NA
3.4%
6
42
23.5%
0.3%
0.0%
0.3%
0.0%
0.8%
9.1%
NA
NA
100.0%
NA
NA
96.3%
NA
84.7%
NA
>30
NA
NA
NA
2.0%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
1.0%
90.0%
80.0%
0.0%
M1
M3
M5
M7
M9
M1
M3
M5
M7
M9
45
Issue Name
Originator
Rating/Credi Opinion
Asset Class
Venus Trust June 2015
HDB Financial Services Limited
Series A PTCs - CARE AA (SO)
CV (97.06%) and CE (2.94%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Jun-15
Par
777.05
897.97
15,872
12.8
16.8
95.17%, 4.83%
CC as % of initial POS
9.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
5.9%
OC
NA
Pool Maturity
Oct-19
Maturity (months)
53
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
1.0%
Dec-15
Sep-15
6
47
29.8%
0.5%
0.0%
0.6%
0.0%
1.0%
12.8%
NA
NA
100.0%
NA
NA
97.2%
NA
84.0%
NA
26.4
>30
NA
NA
3.2%
3
50
14.8%
0.1%
0.0%
0.1%
0.0%
0.6%
10.6%
NA
NA
100.0%
NA
NA
97.5%
NA
85.7%
NA
>30
NA
NA
NA
1.4%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
0.0%
M1
M2
M3
M4
M5
M6
M1
M2
M3
M4
M5
M6
46
HDFC Ltd – 9 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR)
2013
(12m, A)
21,148
4,848
24,369
0.7
16.4
2014
(12m, A)
24,143
5,440
27,325
0.69
14.6
2015
(12m, A)
27,401
5,990
30,655
0.67
16.0
P*=Provisional, A=Audited

HDFC reported 15% growth in the PAT y-o-y at Rs. 5,990crores as on 31st March 2015.

As on 31st March 2015 the Total Income was Rs. 27,401crores.

HDFC reported Gross NPA ratio of 0.67% as on March 31, 2015.

HDFC reported Capital Adequacy Ratio (CAR) of 16.0% (Tier I CAR: 12.3%) as on March
31, 2015.
47
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of Mar' 09
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - A+ (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-09
Par
1032.0
2105.5
14,764
94.0
19.2
83.6%, 16.4%
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
7.5%
First Loss Credit Facility
2.5%
Second Loss Credit Facility 5.0%
LF as % of initial POS
NA
EIS
25.9%
OC
Nil
Pool Maturity
Feb-34
Maturity (months)
299
Dec-15
Sep-15
81
78.2%
0.4%
0.2%
1.4%
0.7%
0.2%
34.4%
11.5%
NA
100.0%
100.0%
NA
99.8%
99.6%
69.8%
84.6%
22.1
>30
11.3
20.8
46.3%
78
76.8%
0.3%
0.2%
1.1%
0.6%
0.2%
32.3%
10.8%
NA
100.0%
100.0%
NA
99.8%
100.2%
71.2%
85.0%
27.2
>30
14.2
23.4
45.7%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
60.0%
0.0%
M1 M11 M21 M31 M41 M51 M61 M71 M81
M1 M11 M21 M31 M41 M51 M61 M71 M81
48
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of May' 09-I
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - A+ (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
May-09
Par
362.2
678.4
3,945
89.3
2.4
95.3%,4.4%,0.3%
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
12.0%
First Loss Credit Facility
5.5%
Second Loss Credit Facility 6.5%
LF as % of initial POS
NA
EIS
11.2%
OC
Nil
Pool Maturity
Jan-30
Maturity (months)
248
Dec-15
Sep-15
79
68.8%
0.9%
0.3%
2.5%
0.7%
0.3%
38.4%
17.6%
NA
100.0%
100.0%
NA
99.6%
99.9%
72.3%
84.8%
11.2
>30
6.2
21.5
39.5%
76
67.1%
0.9%
0.3%
2.3%
0.6%
0.3%
36.5%
16.7%
NA
100.0%
100.0%
NA
99.6%
101.7%
73.7%
85.4%
11.4
>30
6.3
24.1
38.8%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
60.0%
0.0%
M1
M12 M23 M34 M45 M56 M67 M78
M1 M12 M23 M34 M45 M56 M67 M78
49
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of May' 09-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - A+ (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
May-09
Par
1013.2
2040.7
3,384
95.4
7.4
95.9%,3.8%,0.3%
CC as % of initial POS
10.0%
First Loss Credit Facility
4.3%
Second Loss Credit Facility 5.8%
LF as % of initial POS
NA
EIS
12.4%
OC
Nil
Pool Maturity
Nov-33
Maturity (months)
294
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
1.0%
180+ dpd
Dec-15
Sep-15
79
76.4%
0.4%
0.2%
1.4%
0.7%
0.3%
42.5%
18.1%
NA
100.0%
100.0%
NA
99.6%
100.1%
68.8%
84.2%
22.6
>30
11.4
23.1
51.0%
76
75.0%
0.5%
0.3%
1.6%
1.0%
0.3%
40.0%
17.0%
NA
100.0%
100.0%
NA
99.6%
101.4%
70.7%
85.0%
18.4
29.6
9.4
15.1
50.2%
CCE
MCE
Collection Efficiency
120.0%
BCE
100.0%
0.5%
80.0%
M78
M71
M64
M57
M50
M43
M36
M29
M22
M8
M15
M78
M71
M64
M57
M50
M43
M36
M29
M22
M15
M8
M1
M1
60.0%
0.0%
50
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of Dec' 09-I
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - A+ (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-09
Par
238.6
430.6
3,243
84.6
8.3
99.8%, 0.2%
CC as % of initial POS
12.9%
First Loss Credit Facility
5.7%
Second Loss Credit Facility 7.2%
LF as % of initial POS
NA
EIS
9.8%
OC
Nil
Pool Maturity
Sep-29
Maturity (months)
240
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
73
67.3%
0.8%
0.3%
2.1%
0.7%
0.2%
39.4%
17.6%
NA
100.0%
100.0%
NA
99.9%
99.0%
72.5%
85.7%
12.9
>30
6.7
21.6
38.9%
70
65.6%
0.5%
0.2%
1.3%
0.6%
0.2%
37.5%
16.7%
NA
100.0%
100.0%
NA
99.9%
101.3%
73.9%
86.3%
20.2
>30
10.6
23.1
38.2%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1 M10 M19 M28 M37 M46 M55 M64 M73
M1 M10 M19 M28 M37 M46 M55 M64 M73
51
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of Dec' 09-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - A+ (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-09
Par
759.5
1344.3
13,248
76.4
36.2
99.7%, 0.3%
CC as % of initial POS
9.8%
First Loss Credit Facility
3.7%
Second Loss Credit Facility 6.1%
LF as % of initial POS
NA
EIS
14.5%
OC
Nil
Pool Maturity
Aug-30
Maturity (months)
251
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Sep-15
Jun-15
73
75.6%
0.5%
0.1%
1.7%
0.4%
0.2%
39.9%
15.4%
NA
100.0%
100.0%
NA
99.7%
99.5%
68.4%
84.6%
18.2
>30
8.9
>30
43.0%
70
74.1%
0.5%
0.1%
1.5%
0.4%
0.2%
37.6%
14.5%
NA
100.0%
100.0%
NA
99.7%
100.3%
70.2%
85.2%
19.3
>30
9.6
>30
42.5%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1 M10 M19 M28 M37 M46 M55 M64 M73
M1 M10 M19 M28 M37 M46 M55 M64 M73
52
Issue Name
Originator
HDFC Direct Assignment Oct' 10-I
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Rating/Credit Opinion
Second Loss Facility - BBB (SO) Equivalent
Asset Class
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Nov-10
Par
316.3
572.1
2,982
97.7
2.3
91.7%, 8.2%, 0.1%
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
10.5%
First Loss Credit Facility
4.2%
Second Loss Credit Facility 6.3%
LF as % of initial POS
NA
EIS
12.0%
OC
Nil
Pool Maturity
Aug-30
Maturity (months)
238
Dec-15
Sep-15
62
49.3%
0.5%
0.1%
0.8%
0.2%
0.2%
20.7%
8.3%
NA
100.0%
100.0%
NA
99.8%
99.4%
82.9%
90.2%
20.4
>30
11.6
>30
29.8%
59
47.3%
0.3%
0.2%
0.5%
0.3%
0.2%
19.9%
8.0%
NA
100.0%
100.0%
NA
99.8%
100.7%
83.5%
90.4%
>30
>30
17.8
>30
28.8%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1
M9 M17 M25 M33 M41 M49 M57
M1 M9 M17 M25 M33 M41 M49 M57
53
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC Direct Assignment Oct' 10-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - BBB (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Nov-10
Par
1042.4
1850.5
9,974
95.4
1.1
91.4%, 8.6%
CC as % of initial POS
10.5%
First Loss Credit Facility
4.2%
Second Loss Credit Facility 6.3%
LF as % of initial POS
NA
EIS
12.0%
OC
Nil
Pool Maturity
Aug-30
Maturity (months)
238
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
62
56.6%
0.6%
0.2%
1.1%
0.4%
0.2%
24.2%
9.7%
NA
100.0%
100.0%
NA
99.8%
99.8%
80.8%
89.5%
17.1
>30
9.4
28.0
33.8%
59
54.4%
0.6%
0.3%
1.1%
0.4%
0.2%
23.0%
9.2%
NA
100.0%
100.0%
NA
99.8%
100.0%
81.6%
89.8%
16.5
>30
9.2
24.2
32.7%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
0.0%
80.0%
M1
M9 M17 M25 M33 M41 M49 M57
M1 M9 M17 M25 M33 M41 M49 M57
54
Issue Name
Originator
HDFC Direct Assignment Sep' 11
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Rating/Credit Opinion
Second Loss Facility - BBB (SO) Equivalent
Asset Class
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-11
Par
600.0
1270.4
4,191
102.1
11.0
94.72%,5.13%, 0.15%
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
9.3%
First Loss Credit Facility
4.1%
Second Loss Credit Facility 5.2%
LF as % of initial POS
NA
EIS
7.6%
OC
Nil
Pool Maturity
Dec-34
Maturity (months)
278
Dec-15
Sep-15
51
47.5%
0.5%
0.2%
0.9%
0.3%
0.2%
17.7%
7.8%
NA
100.0%
100.0%
NA
99.9%
99.7%
86.9%
92.6%
14.0
>30
7.9
24.9
30.7%
48
45.0%
0.4%
0.2%
0.7%
0.2%
0.2%
16.9%
7.5%
NA
100.0%
100.0%
NA
99.9%
99.9%
87.5%
92.9%
18.8
>30
10.8
>30
29.3%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
0.5%
90.0%
80.0%
0.0%
M1
M8
M15 M22 M29 M36 M43 M50
M1 M8 M15 M22 M29 M36 M43 M50
55
56
Hinduja Leyland Finance Ltd - 3 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR)
2013
(12m, A)
499
91
520
2.43
15.95
2014
(12m, A)
625
81
794
3.20
20.42
2015
(12m, A)
814
112
896
3.62
19.67
P*=Provisional, A=Audited

During FY15, HLF registered 30% growth in total income driven by strong growth in AUM.

Gross NPA increased from Rs.3.20% on March 31, 2014 to 3.62% as on March 31, 2015.

HLF has maintained capital adequacy above the NBFC’s regulatory requirement. HLF
reported CAR of 19.67% as on March 31, 2015 as compared to 20.42% as on March 31,
2014.
57
Issue Name
Originator
HLF CV Trust September 2013
Hinduja Leyland Finance Ltd.
Rating/Credit Opinion
Asset Class
Series A PTCs - CARE AA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
MHCV (50.88%), SCV (23.55%),CE (12.48),Buses (6.55%) & LCV (6.54%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Sep-13
Par
213.9
256.2
3,615
16.5
9.8
96.44%, 3.56%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
CC as % of initial POS
16.0%
First Loss Credit Facility
10.0%
Second Loss Credit Facility 6.0%
LF as % of initial POS
NA
EIS
7.6%
OC
NA
Pool Maturity
Feb-18
Maturity (months)
53
Dec-15
Sep-15
27
26
82.3%
3.6%
1.9%
8.6%
3.9%
4.1%
90.3%
56.4%
NA
100.0%
100.0%
NA
93.9%
93.5%
12.2%
41.8%
10.2
22.6
6.7
15.0
6.4%
24
29
75.6%
3.9%
2.0%
8.3%
3.7%
3.7%
65.5%
40.9%
NA
100.0%
100.0%
NA
93.9%
93.9%
34.9%
56.5%
7.8
17.6
5.2
11.8
5.8%
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
6.00%
4.00%
2.00%
0.00%
M1
M5
M9
M13
M17
M21
M25
M1
M5
CCE
MCE
BCE
M9 M13 M17 M21 M25
58
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Aeries CV Trust March 2014
Hinduja Leyland Finance Ltd.
Series A PTCs - CARE AA (SO)
MHCV (34.13%), SCV (18.48%),MUV (15.60%), CE (7.03%), Others (24.76%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Mar-14
Par
283.6
338.3
7,074
15.8
11.0
93.31%, 6.69%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
13.8%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
8.2%
OC
NA
Pool Maturity
Sep-18
Maturity (months)
54
Dec-15
Sep-15
21
33
71.0%
2.3%
1.3%
4.4%
2.3%
1.8%
47.4%
NA
NA
100.0%
NA
NA
96.3%
99.8%
49.8%
NA
11.3
21.8
NA
NA
5.7%
18
36
62.4%
2.6%
1.4%
4.3%
2.1%
1.9%
36.5%
NA
NA
100.0%
NA
NA
95.8%
97.0%
60.4%
NA
9.3
18.5
NA
NA
4.7%
Collection Efficiency
120.00%
3.00%
CCE
MCE
BCE
100.00%
2.00%
80.00%
1.00%
60.00%
0.00%
40.00%
M1
M5
M9
M13
M17
M21
M1
M5
M9
M13
M17
M21
59
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Aeries CV Trust March 2015
Hinduja Leyland Finance Ltd.
Series A PTCs - CARE AAA (SO)
MHCV (48.24%),SCV (20.12%),LCV(8.31%),Tractor(8.16%),Others (15.19%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-15
Par
204.5
241.0
4,682
16.0
14.2
99.05%, 0.95%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
CC as % of initial POS
14.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.2%
OC
NA
Pool Maturity
Mar-19
Maturity (months)
48
Dec-15
Sep-15
9
39
42.6%
0.0%
0.0%
0.1%
0.0%
1.1%
24.4%
NA
NA
100.0%
NA
NA
95.7%
100.2%
70.1%
NA
>30
NA
NA
NA
16.2%
6
42
34.6%
0.0%
0.0%
0.1%
0.0%
1.2%
21.4%
NA
NA
100.0%
NA
NA
93.8%
97.1%
72.3%
NA
>30
NA
NA
NA
15.9%
CCE
MCE
Collection Efficiency
110.00%
2.00%
BCE
100.00%
90.00%
1.00%
80.00%
70.00%
0.00%
60.00%
M1
M3
M5
M7
M9
M1
M3
M5
M7
M9
60
Indiabulls Housing Finance Company Ltd – 12
(Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (%)
2013
(12m, A)
4,778
1,266
5,003
0.88
18.47
2014
(12m, A)
5,961
1,569
5,452
0.96
19.14
2015
(12m, A)
7,270
1,901
5,723
0.85
18.36%
P*=Provisional, A=Audited

Net profit (PAT) for the FY15 period stood at Rs.1,901 crore on a total income of
Rs.7,270 crore.

Asset quality has remained stable during the FY15 period with Gross and Net NPA at
0.85% and 0.36% as on March 31, 2015.

The entity has a comfortable capital adequacy ratio with Total CAR at 18.36% with Tier-I
CAR at 15.25% as on March 31, 2015.
61
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment – Dec ’11 I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AAA (SO) Equivalent
Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-11
Par
250.3
496.8
383
65.9
7.4
100.0%, 0.0%
CC as % of initial POS
20.9%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
24.8%
OC
NA
Pool Maturity
Jun-28
Maturity (months)
199
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
Jan-16
Sep-15
49
81.7%
0.7%
0.1%
3.6%
0.3%
0.1%
114.1%
NA
NA
100.0%
NA
NA
99.7%
113.8%
16.8%
NA
23.4
>30
NA
NA
63.9%
45
77.8%
1.3%
0.1%
5.3%
0.3%
0.1%
94.3%
NA
NA
100.0%
NA
NA
99.4%
102.6%
29.9%
NA
13.2
>30
NA
NA
60.9%
Collection Efficiency
CCE
BCE
MCE
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
1.0%
0.0%
M1
M8
M15 M22 M29 M36 M43
M1
M8 M15 M22 M29 M36 M43
62
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment- Feb ’12 I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AAA (SO) Equivalent
Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
222.3
492.2
454
76.0
12.1
100.0%, 0.0%
CC as % of initial POS
20.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
38.3%
OC
NA
Pool Maturity
Dec-31
Maturity (months)
239
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.00%
90+ dpd
Overdue
180+ dpd
Jan-16
Sep-15
46
80.9%
0.0%
0.0%
0.0%
0.0%
0.2%
104.8%
NA
NA
100.0%
NA
NA
99.5%
100.1%
26.5%
NA
NA
NA
NA
NA
68.2%
42
79.8%
0.1%
0.0%
0.3%
0.2%
0.2%
99.0%
NA
NA
100.0%
NA
NA
99.5%
109.5%
31.0%
NA
>30
>30
NA
NA
67.8%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.50%
0.00%
M1
M8
M15 M22 M29 M36 M43
M1
M8 M15 M22 M29 M36 M43
63
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment- Sep ’11 I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AAA (SO) Equivalent
Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-11
Par
335.5
707.8
600
67.8
13.2
100.0%, 0.0%
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
0.0%
M1 M7 M13 M19 M25 M31 M37 M43 M49
Jan-16
Sep-15
52
83.4%
0.2%
0.2%
1.1%
1.1%
0.1%
117.5%
NA
NA
100.0%
NA
NA
98.5%
102.3%
16.3%
NA
>30
>30
NA
NA
70.0%
48
81.1%
0.4%
0.0%
2.0%
0.0%
0.1%
103.4%
NA
NA
100.0%
NA
NA
98.4%
103.2%
25.5%
NA
>30
NA
NA
NA
68.4%
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
1.0%
CC as % of initial POS
19.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
34.6%
OC
NA
Pool Maturity
Jan-26
Maturity (months)
173
CCE
MCE
BCE
M1 M7 M13 M19 M25 M31 M37 M43 M49
64
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment- Mar ’12 II
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AAA (SO)Equivalent,
Second Loss Facility - CARE A+ (SO) Equivalent
Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
259.6
486.6
374
59.7
12.1
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
0.5%
0.0%
M1 M6 M11 M16 M21 M26 M31 M36 M41 M46
Jan-16
Sep-15
46
82.5%
0.0%
0.0%
0.2%
0.2%
0.1%
113.6%
45.7%
NA
100.0%
100.0%
NA
99.5%
98.8%
20.1%
61.6%
>30
>30
>30
>30
63.3%
42
76.9%
0.0%
0.0%
0.2%
0.2%
0.1%
86.1%
34.6%
NA
100.0%
100.0%
NA
99.6%
100.7%
37.0%
68.4%
>30
>30
>30
>30
58.5%
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
19.9%
8.0%
11.9%
NA
23.8%
NA
Dec-26
177
CCE
MCE
BCE
M1 M6 M11M16M21M26M31M36M41M46
65
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-VIII Mar 13
Indiabulls Housing Finance Ltd.
Series A1 PTC - CARE AA+ (SO)
Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
102.4
181.9
187
58.3
15.5
100%, 0%
CC as % of initial POS
13.3%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
32.4%
OC
NA
Pool Maturity
Apr-30
Maturity (months)
205
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
180+ dpd
Dec-15
Sep-15
33
72.7%
0.0%
0.0%
0.0%
0.0%
0.1%
48.6%
0.0%
NA
100.0%
0.0%
NA
99.4%
99.9%
51.9%
NA
NA
NA
NA
NA
57.8%
30
70.7%
0.0%
0.0%
0.0%
0.0%
0.1%
45.2%
NA
NA
100.0%
0.0%
NA
99.3%
98.2%
54.4%
NA
NA
NA
NA
NA
56.6%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
M1
M6
M11
M16
M21
M26
M31
M1
M6 M11 M16 M21 M26 M31
66
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-XI Mar 13
Indiabulls Housing Finance Ltd.
Series A1 PTC - CARE AA- (SO)
Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
493.2
932.3
581
66.5
20.9
100%, 0%
CC as % of initial POS
10.8%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
25.1%
OC
NA
Pool Maturity
Aug-45
Maturity (months)
389
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
1.0%
180+ dpd
Dec-15
Sep-15
33
71.5%
0.0%
0.0%
0.0%
0.0%
0.1%
42.1%
NA
NA
100.0%
NA
NA
99.2%
99.9%
63.6%
NA
NA
NA
NA
NA
54.2%
30
67.8%
0.7%
0.0%
2.1%
0.0%
0.1%
37.2%
NA
NA
100.0%
NA
NA
99.1%
97.6%
66.6%
NA
16.2
NA
NA
NA
51.3%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1
M6
M11
M16
M21
M26
M31
M1
M6 M11 M16 M21 M26 M31
67
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-XV Dec 13
Indiabulls Housing Finance Ltd.
Series A PTC - CARE AA (SO)
Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
98.6
184.4
124
58.7
19.0
100%, 0%
CC as % of initial POS
14.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
39.3%
OC
NA
Pool Maturity
Aug-33
Maturity (months)
236
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.00%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
24
63.7%
0.0%
0.0%
0.0%
0.0%
0.2%
39.9%
NA
NA
100.0%
NA
NA
99.3%
99.8%
56.9%
NA
NA
NA
NA
NA
54.2%
21
59.4%
0.4%
0.0%
0.9%
0.0%
0.2%
35.7%
NA
NA
100.0%
NA
NA
99.3%
103.4%
59.8%
NA
>30
NA
NA
NA
50.9%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
0.50%
60.0%
40.0%
0.00%
M1
M4
M7 M10 M13 M16 M19 M22
M1 M4 M7 M10 M13 M16 M19 M22
68
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-XIX Mar' 14
Indiabulls Housing Finance Ltd.
Series A PTC - CARE AA (SO)
Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
385.0
713.7
575
58.3
19.5
100%, 0%
CC as % of initial POS
9.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
36.5%
OC
NA
Pool Maturity
Dec-33
Maturity (months)
237
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
1.00%
180+ dpd
Dec-15
Sep-15
21
54.5%
0.0%
0.0%
0.0%
0.0%
0.2%
19.8%
NA
NA
100.0%
NA
NA
99.2%
98.0%
71.1%
NA
NA
NA
NA
NA
43.7%
18
48.5%
0.0%
0.0%
0.0%
0.0%
0.2%
17.5%
NA
NA
100.0%
NA
NA
99.3%
100.5%
72.8%
NA
NA
NA
NA
NA
39.1%
CCE
MCE
Collection Efficiency
120.00%
BCE
100.00%
0.50%
80.00%
0.00%
60.00%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
69
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBHFL Direct Assignment – Mar ’12 I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Housing loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
158.7
347.0
1,272
93.5
11.9
100%,0%
CC as % of initial POS
12.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
15.8%
OC
NA
Pool Maturity
Feb-32
Maturity (months)
240
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
45
57.6%
0.0%
0.0%
0.0%
0.0%
0.0%
28.3%
NA
NA
100.0%
NA
NA
99.9%
101.2%
79.2%
NA
NA
NA
NA
NA
46.7%
42
55.6%
0.4%
0.1%
0.9%
0.1%
0.1%
27.0%
NA
NA
100.0%
NA
NA
99.8%
98.9%
80.3%
NA
21.1
>30
NA
NA
45.4%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
0.0%
70.0%
M1
M7 M13 M19 M25 M31 M37 M43
M1 M7 M13 M19 M25 M31 M37 M43
70
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBHFL Direct Assignment – Mar ’12 II
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Housing loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
137.2
277.1
987
88.3
6.9
100%,0%
CC as % of initial POS
12.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.3%
OC
NA
Pool Maturity
Dec-31
Maturity (months)
238
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
45
62.7%
0.1%
0.1%
0.2%
0.2%
0.0%
33.5%
NA
NA
100.0%
NA
NA
99.9%
99.6%
78.3%
NA
>30
>30
NA
NA
48.5%
42
58.9%
0.2%
0.1%
0.5%
0.2%
0.0%
30.4%
NA
NA
100.0%
NA
NA
106.7%
99.3%
78.9%
NA
>30
>30
NA
NA
47.5%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
0.5%
90.0%
80.0%
0.0%
70.0%
M1
M7 M13 M19 M25 M31 M37 M43
M1 M7 M13 M19 M25 M31 M37 M43
71
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBHFL Direct Assignment – Mar ’12 III
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Housing loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
102.7
239.5
731
114.6
6.2
100%,0%
CC as % of initial POS
12.8%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.2%
OC
NA
Pool Maturity
Aug-36
Maturity (months)
294
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
45
68.6%
0.0%
0.0%
0.0%
0.0%
0.0%
40.5%
NA
NA
99.9%
99.9%
NA
99.9%
100.3%
76.8%
NA
NA
NA
NA
NA
60.1%
42
67.3%
0.0%
0.0%
0.0%
0.0%
0.0%
39.0%
NA
NA
100.0%
100.0%
NA
99.9%
100.1%
78.4%
NA
NA
NA
NA
NA
59.3%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
0.5%
90.0%
80.0%
70.0%
0.0%
M1 M6 M11 M16 M21 M26 M31 M36 M41
M1 M6 M11M16M21M26M31M36M41
72
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-I Sep12
Indiabulls Housing Finance Ltd.
Series A1 PTC - CARE AA+ (SO)
Housing loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-12
Par
54.9
117.0
458
8.1
20.6
100%,0%
CC as % of initial POS
11.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
9.5%
OC
NA
Pool Maturity
Apr-36
Maturity (months)
283
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
2.00%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
39
61.0%
0.0%
0.0%
0.0%
0.0%
0.0%
29.5%
NA
NA
100.0%
100.0%
NA
100.0%
101.7%
81.3%
NA
NA
NA
NA
NA
50.3%
36
58.6%
0.7%
0.0%
1.6%
0.0%
0.1%
27.8%
NA
NA
100.0%
100.0%
NA
99.9%
99.0%
82.8%
NA
10.8
NA
NA
NA
48.6%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
1.00%
90.0%
80.0%
0.00%
M1
M6 M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
73
India Infoline Finance Limited
(IIFL – 1 Pool)
Key Financial Indicators
For the year ended as on 31st March
Total Loan Portfolio (in Rs. Cr)
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
9,376
1737
189
1,513
0.49
21.60
2014
(12m, A)
10,819
1970
210
1,613
0.86
17.65
2015
(12m, A)
14,543
2514
301
1,928
1.27
18.02
P*=Provisional, A=Audited

During FY15, total income grew by 30.2% on y-o-y basis, primarily supported by increase
in loan portfolio. Asset Under Management stood at 16,176 crores as of 31st March,
2015 as against 11,562crores as of 31st March, 2014.

The Gross NPA level has increased from 1.27% in FY15 to 0.86% in FY14.

The CAR has increased in FY15 and stood at 18.02% as against 17.65% in FY14. However
the CAR is very well above the regulatory requirement of 15%.
Note: Shri Vijay Kumar Chopra, who is a Director on the board India Infoline Finance Limited, is a
member of the Rating Committee in CARE. Shri Vijay Kumar Chopra did not participate in the
rating process or in the meeting of the Rating Committee when the rating of IIFL was discussed.
74
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IIFL CV Trust December 2013 I
India Infoline Finance Limited
Series A1 PTCs - CARE AA (SO)
HCV (52.60%), SCV (24.21%), LCV (18.05%) and Others (5.14%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
66.8
83.4
1,210
18.0
7.7
100%,0%
CC as % of initial POS
13.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
10.8%
OC
NA
Pool Maturity
Nov-17
Maturity (months)
48
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
24
24
70.1%
3.9%
1.8%
8.2%
2.9%
2.8%
44.7%
NA
NA
99.0%
NA
NA
95.6%
92.7%
55.3%
NA
5.5
15.3
NA
NA
7.6%
21
27
61.9%
3.2%
1.6%
5.6%
2.4%
2.2%
35.4%
NA
NA
100.0%
NA
NA
95.9%
93.5%
63.6%
NA
6.5
15.1
NA
NA
6.5%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
M1
M4
M7 M10 M13 M16 M19 M22
M1 M4 M7 M10 M13 M16 M19 M22
75
IKF Finance Limited – 4 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Assets (in Rs. Cr)
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Net NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
248.17
42.79
6.81
52.50
0.51%
20.67%
2014
(12m, A)
331.66
60.73
11.55
66.42
0.53%
19.12%
2015
(12m, A)
508.08
79.52
14.69
130.42
0.70%
16.40%
P*=Provisional, A=Audited

During FY15, total assets stood at 508.08 crores as against 331.66 crores as of FY14.

The Net NPA level increased to 0.70% as of 31st March, 2015 as against 0.53% as of 31st
March 2014.

The CAR has declined at the level of 16.40% as of FY15 as against 19.12% as of FY14. It is
above the regulatory requirement of 15%.
76
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Kallone CV IFMR Capital 2014
IKF Finance Limited
Withdrawn
HCV (41.75%), MUV (29.96%), LCV (11.21%), Car(8.26%),
CE (5.00%) and Others (3.83%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Jan-14
Par
20.8
18.7
Future Receivables (Rs Cr)
24.5
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
0.83
(Subordinated to A1) (Rs Cr)
EIS
8.4%
OC
6.0%
Pool Maturity
Jun-17
Maturity (months)
41
748
11.8
12.4
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
3.0%
180+ dpd
11.0%
NA
NA
Dec-15
Sep-15
23
18
90.7%
0.4%
0.0%
1.6%
0.0%
0.9%
118.4%
NA
NA
100.0%
NA
NA
99.1%
115.6%
0.0%
NA
NA
NA
NA
NA
1.6%
20
21
83.5%
1.4%
0.0%
3.1%
0.0%
1.8%
66.7%
NA
NA
100.0%
NA
NA
98.2%
100.7%
0.0%
NA
NA
NA
NA
NA
0.0%
Collection Efficiency
CCE
MCE
BCE
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
2.0%
1.0%
0.0%
M1
M4
M7
M10 M13 M16 M19 M22
M1
M4
M7 M10 M13 M16 M19 M22
77
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Hesperis CV IFMR Capital 2014
IKF Finance Limited
Series A1 PTC - CARE A- (SO) , Series A2 PTC - CARE BB+ (SO)
HCV (33.05%), Three Wheeler (14.32%), LCV (8.12%),
Car(41.37%), SCV (2.04%) and Tractor (1.10%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Mar-14
Par
15.2
13.3
Future Receivables (Rs Cr)
18.2
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
9.4%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
Series A2 Principal
1.07
(Subordinated to A1) (Rs Cr)
EIS
9.2%
OC
6.0%
Pool Maturity
Jul-17
Maturity (months)
40
618
13.1
7.7
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
3.0%
180+ dpd
Dec-15
Sep-15
21
19
80.3%
0.5%
0.0%
0.9%
0.0%
1.8%
47.7%
NA
NA
100.0%
NA
NA
98.1%
100.2%
23.2%
NA
>30
NA
NA
NA
0.2%
18
22
71.5%
0.7%
0.0%
1.3%
0.0%
1.9%
32.9%
NA
NA
100.0%
NA
NA
97.9%
103.2%
45.8%
NA
>30
NA
NA
NA
0.2%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
2.0%
1.0%
0.0%
M1
M4
M7
M10
M13
M16
M19
M1
M4
M7 M10 M13 M16 M19
78
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Pontus CV IFMR Capital 2015
IKF Finance Limited
Series A1 PTC - CARE BBB+ (SO) , Series A2 PTC - CARE B- (SO)
Car (44.96%), CV (36.21%), LCV (9.35%),
Three Wheeler (4.72%), Other (4.76%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Feb-15
Par
9.4
8.4
Future Receivables (Rs Cr)
11.8
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(Subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
329
12.4
8.7
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
PTC Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Series A1 PTC
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
LF (Unutilized)
Cummulative Collection Efficiency
Moving Average (3 months) Collection Efficiency
Break even Collection Efficiency
Break even Collection Efficiency (FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FLF enhancement coverage (90+ DPD)
FLF enhancement coverage (180+ DPD)
Cumulative Prepayment
Delinquency
3.0%
90+ dpd
180+ dpd
Overdue
3.0%
NA
NA
NA
0.28
13.7%
7.0%
Apr-18
38
Dec-15
Sep-15
10
28
41.7%
46.0%
0.7%
0.0%
0.9%
0.0%
2.8%
5.1%
6.2%
NA
NA
100.0%
NA
NA
93.1%
89.6%
77.6%
NA
26.0
NA
NA
NA
0.1%
7
31
28.9%
31.3%
0.1%
0.0%
0.1%
0.0%
2.0%
4.2%
4.9%
NA
NA
100.0%
NA
NA
94.9%
94.3%
80.2%
NA
>30
NA
NA
NA
0.1%
Collection Efficiency
110.00%
CCE
MCE
BCE
100.00%
2.0%
90.00%
1.0%
80.00%
0.0%
M1
M3
M5
M7
M9
70.00%
M1
M3
M5
M7
M9
79
Issue Name
Originator
Rating
Asset Class
Artemis CV IFMR Capital 2015
IKF Finance Limited
Series A1 PTC - CARE A- (SO) , Series A2 PTC - CARE BB+ (SO)
LCV (17.23%), HCV (44.02%), Car (16.64%),
Three Wheeler (13.21%), Other (8.9%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Mar-15
Par
39.1
33.2
Future Receivables (Rs Cr)
47.1
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
1,203
13.4
7.5
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
Series A1 Amortisation
Series A2 Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
LF (Unutilized)
Cummulative Collection Efficiency
Moving Average (3 months) Collection Efficiency
Break even Collection Efficiency
Break even Collection Efficiency (FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FLF enhancement coverage (90+ DPD)
FLF enhancement coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
2.00%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
7.0%
NA
NA
NA
Series A2 Principal
(Subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
1.96
11.5%
10.0%
Mar-19
48
Dec-15
Sep-15
9
39
36.1%
42.0%
0.3%
0.0%
0.3%
0.0%
1.5%
10.9%
14.2%
NA
NA
100.0%
NA
NA
96.7%
97.6%
78.3%
NA
>30
NA
NA
NA
0.0%
6
42
24.0%
27.8%
0.0%
0.2%
0.0%
0.2%
0.0%
1.2%
9.2%
NA
NA
100.0%
NA
NA
96.3%
97.1%
76.0%
NA
>30
NA
NA
NA
0.0%
Collection Efficiency
CCE
MCE
BCE
110.0%
1.50%
1.00%
90.0%
0.50%
70.0%
0.00%
M1 M2 M3 M4 M5 M6 M7 M8 M9
M1 M2 M3 M4 M5 M6 M7 M8 M9
80
Magma Fincorp Ltd (MFL – 8 Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
1,606.2
122.8
1,173.6
1.6
16.8
2014
(12m, A)
1,876
136
1,076
4.2
16.6
2015
(12m, A)
2,045
150
1,177
6.1
16.3
P*=Provisional, A=Audited

During FY15, total income was Rs. 2,045 crores, as compared to the total Income of Rs.
1,876crores in FY14.

Gross NPA (180` dpd) stood at 6.1% as on March 31, 2015 as compared to that of 4.2%
as on March 31, 2014.

The CAR remained comfortable at the level of 16.3% as of 31st March, 2015 as against
16.6% at the end of 31st March, 2014. It is above the regulatory requirement of 15%.
81
Issue Name
Originator
MFL Securitisation Trust IX
Magma Fincorp Ltd
Rating/Credit Opinion
Asset Class
Withdrawn
CV (46.40%), Car (28.45%), CE(19.14%) and Tractor (6.01%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
218.9
203.6
269.2
3,124
17.9
8.5
80.05%,9.07%,10.88%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Dec-15
32
22
90.1%
90.1%
8.1%
6.2%
27.4%
17.3%
6.6%
77.3%
28.1%
NA
97.4%
93.1%
NA
93.1%
93.8%
24.4%
69.9%
2.8
4.4
1.1
1.7
12%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
120.0%
8.0%
100.0%
6.0%
80.0%
4.0%
60.0%
2.0%
40.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M29
Sep-15
29
25
83.1%
83.1%
9.1%
5.7%
22.8%
10.6%
6.4%
46.2%
17.3%
NA
99.0%
97.4%
NA
93.0%
94.2%
53.1%
79.5%
2.1
4.4
0.9
1.9
8.80%
Collection Efficiency
10.0%
7.9%
3.0%
4.9%
NA
15.3
11.9%
NA
Sep-17
54
CCE
MCE
BCE
20.0%
M1
M5
M9
M13 M17 M21 M25 M29
82
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MFL Securitisation Trust X
MagmaA1
Fincorp
LtdSeries A2 PTC - CARE AA+ (SO),Second
Series
PTC and
Loss Facility - CARE BBB (SO) Equivalent & Liquidity Facility CARE AAA (SO) Equivalent
Tractor (34.78%), CV (33.36%), CE(19.02%) and Car (12.84%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
173.9
160.5
220.0
3,531
18.9
7.8
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Dec-15
32
22
85.2%
85.2%
7.8%
6.2%
19.2%
13.0%
6.0%
63.8%
13.2%
0.0%
96.5%
85.0%
0.0%
93.0%
105.7%
39.9%
82.2%
3.1
4.6
0.9
1.4
7.7%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
10.0%
90+ dpd
180+ dpd
Overdue
8.0%
9.8%
2.3%
7.5%
0.6%
13.4
14.8%
NA
Oct-17
54
Sep-15
29
25
79.6%
79.6%
9.1%
6.0%
19.8%
9.9%
6.2%
47.0%
10.3%
0.0%
97.9%
91.2%
0.0%
92.6%
89.6%
54.0%
84.3%
2.3
4.6
0.8
1.6
5.8%
Collection Efficiency
CCE
BCE
MCE
140.0%
110.0%
6.0%
80.0%
4.0%
50.0%
2.0%
0.0%
M1
M5
M9
M13 M17 M21 M25 M29
20.0%
M1
M5
M9 M13 M17 M21 M25 M29
83
Issue Name
Originator
MFL Securitisation Trust XIII
Magma Fincorp Ltd
Rating/Credit Opinion
Asset Class
Withdrawn
CV (51.84%), CE (31.12%), Tractor (10.31%) and Car (6.73%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Jun-13
Par
200.2
186.2
240.0
2,613
15.9
11.8
86.53%, 13.47%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Nov-15
29
25
90.1%
90.1%
5.7%
3.7%
20.3%
11.1%
5.0%
83.6%
23.3%
6.2%
92.4%
77.1%
100.0%
95.5%
101.7%
19.5%
74.4%
4.0
7.2
1.3
2.3
10.5%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
10.0%
9.0%
3.0%
6.0%
0.8%
14.0
9.0%
NA
Dec-17
54
Sep-15
27
27
84.6%
84.6%
6.8%
4.0%
18.8%
8.7%
5.2%
57.3%
18.4%
0.0%
98.3%
94.8%
0.0%
95.2%
93.9%
48.4%
78.8%
2.7
5.9
1.1
2.4
7.8%
Collection Efficiency
CCE
MCE
BCE
120.0%
8.0%
90.0%
6.0%
60.0%
4.0%
30.0%
2.0%
0.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M29
M1
M5
M9
M13 M17 M21 M25 M29
84
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MFL Securitisation Trust XIV
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO), Second Loss Facility -CARE
BBB (SO) Equivalent & Liquidity Facility - CARE AAA (SO) Equivalent
CE (47.25%), CV (44.21%) and Tractor (8.54%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Aug-13
Par
331.0
312.8
402.3
3,786
17.3
9.1
86.03%, 13.97%
Pool Performance
Dec-15
28
26
83.5%
83.5%
8.6%
5.2%
23.6%
10.6%
6.2%
71.4%
24.4%
0.0%
96.1%
89.3%
0.0%
93.4%
90.0%
35.6%
73.7%
2.7
6.1
1.1
2.5
7.5%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
10.0%
90+ dpd
180+ dpd
Overdue
8.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Collection Efficiency
110.0%
12.3%
4.5%
7.8%
0.9%
18.2
9.6%
NA
Feb-18
54
Sep-15
25
29
76.1%
76.1%
8.4%
4.7%
18.3%
8.2%
5.7%
50.7%
18.3%
0.0%
98.9%
97.1%
0.0%
95.3%
109.4%
53.2%
79.3%
2.6
5.7
1.1
2.5
5.9%
CCE
MCE
BCE
90.0%
6.0%
70.0%
4.0%
50.0%
2.0%
30.0%
0.0%
M1
M4
M7 M10 M13 M16 M19 M22 M25 M28
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
85
Issue Name
Originator
MFL Securitisation Trust XIX
MagmaA1
Fincorp
LtdSeries A2 PTC - CARE AA (SO), Second Loss
Series
PTC and
Facility - CARE BBB (SO) Equivalent & Liquidity Facility - CARE AAA
(SO) Equivalent
CE (12.66%), CV (48.26%) and Tractor (39.08%)
Rating/Credit Opinion
Asset Class
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
113.2
105.8
140.0
2,414
17.7
11.5
86.96%, 13.04%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Dec-15
24
30
70.9%
70.9%
7.0%
3.6%
14.7%
6.2%
4.2%
39.8%
11.3%
0.0%
98.2%
94.1%
0.0%
93.5%
92.6%
59.6%
83.3%
2.7
6.5
1.1
2.7
4.9%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
8.0%
90+ dpd
Overdue
180+ dpd
Sep-15
21
33
63.8%
63.8%
6.3%
2.9%
11.5%
4.4%
3.5%
32.6%
9.7%
0.0%
100.0%
100.0%
0.0%
93.7%
94.7%
65.8%
84.5%
3.0
7.8
1.4
3.5
4.2%
Collection Efficiency
110.0%
11.8%
3.5%
8.3%
0.7%
7.4
12.7%
NA
Jun-18
54
CCE
BCE
MCE
6.0%
90.0%
4.0%
70.0%
2.0%
2.
6.
50.0%
0.0%
M1
M4
M7
M10 M13 M16 M19 M22
M1
M4
M7
1.
M10 M13 M16 M19 M22
2.
86
Issue Name
Originator
MFL Securitisation Trust XXIII
MagmaA1
Fincorp
LtdSeries A2 PTC - CARE AA (SO), Second Loss Facility Series
PTC and
CARE BBB (SO) Equivalent & Liquidity Facility - CARE AAA (SO)
Rating/Credit Opinion Equivalent
Asset Class
CE (41.92%), CV (29.70%) and Tractor (28.38%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
175.1
164.2
215.3
3,157
17.5
8.0
91.14%, 8.86%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Dec-15
20
34
61.0%
61.0%
7.8%
3.2%
13.6%
4.7%
4.0%
30.3%
9.3%
0.0%
98.4%
95.0%
0.0%
94.2%
93.0%
68.9%
86.0%
2.3
6.6
1.0
3.0
3.9%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
10.0%
180+ dpd
Sep-15
17
37
53.7%
53.7%
5.9%
2.5%
9.0%
3.4%
3.5%
25.7%
8.0%
0.0%
99.3%
97.9%
0.0%
94.3%
90.2%
72.6%
86.7%
3.0
8.0
1.5
3.9
3.1%
CCE
Collection Efficiency
100.0%
6.0%
90.0%
4.0%
80.0%
2.0%
70.0%
BCE
MCE
110.0%
8.0%
12.0%
3.8%
8.2%
0.7%
10.9
11.6%
NA
Oct-18
54
60.0%
0.0%
M1
M4
M7
M10
M13
M16
M19
M1
M4
M7
M10
M13
M16
M19
87
Issue Name
Originator
MFL Securitisation Trust XXVIII
MagmaA1
Fincorp
LtdSeries A2 PTC - CARE AA (SO), Second Loss Facility Series
PTC and
CARE BBB- (SO) Equivalent & Liquidity Facility - CARE AAA (SO)
Equivalent
Tractor (100%)
Rating/Credit Opinion
Asset Class
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-14
Par
111.3
105.7
142.1
3,760
17.7
10.2
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Dec-15
12
42
35.4%
35.4%
7.5%
1.7%
9.2%
1.8%
2.9%
22.1%
7.7%
0.0%
100.0%
100.0%
0.0%
92.7%
94.6%
73.2%
85.2%
2.9
15.0
1.6
8.3
2.0%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
8.0%
14.3%
5.0%
9.3%
1.3%
5.6
16.8%
NA
Jun-19
54
Sep-15
9
45
28.8%
28.8%
3.7%
1.4%
4.1%
1.4%
2.3%
20.1%
7.0%
0.0%
100.0%
100.0%
0.0%
92.4%
88.3%
74.0%
84.7%
6.4
19.0
3.7
11.2
1.4%
CCE
Collection Efficiency
BCE
MCE
120.0%
6.0%
100.0%
4.0%
1.61
80.0%
2.0%
8.25
0.02
60.0%
0.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
88
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MFL Securitisation Trust XXXI
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO), Second Loss
Tractor (100%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-15
Par
113.6
107.9
145.3
4,113
17.7
8.6
100.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
6.0%
180+ dpd
CC as % of initial
First Loss Credit
Second Loss Credit
LF as % of initial
Series A2 Principal
EIS
OC
Pool Maturity
Maturity (months)
Dec-15
9
45
23.8%
23.8%
4.8%
0.7%
5.2%
0.6%
2.2%
19.0%
6.6%
0.0%
100.0%
100.0%
0.0%
94.1%
95.2%
75.2%
85.6%
4.7
40.9
2.7
23.8
1.2%
Sep-15
6
48
18.4%
18.4%
1.7%
0.0%
1.8%
0.0%
1.5%
17.8%
6.1%
0.0%
100.0%
100.0%
2.8%
94.1%
93.1%
75.3%
84.7%
14.1
NA
8.7
NA
0.8%
CCE
MCE
Collection Efficiency
120.0%
4.0%
100.0%
2.0%
80.0%
14.5%
5.0%
9.5%
1.3%
5.7
17.4%
NA
Sep-19
54
BCE
60.0%
0.0%
M1
M3
M5
M7
M9
M1
M3
M5
M7
M9
89
Magma ITL Finance Ltd (MIFL) – 4 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Tangible Net worth (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) %)
2013
(12m, A)
108.92
24.37
94.76
1.56
18.37
2014
(12m, A)
145.63
30.78
124.19
6.62
18.82
2015
(12m, A)
146.40
25.38
146.56
12.15
20.11
P*=Provisional, A=Audited

The gross NPA level has increased from 6.62% as of 31st March, 2014 to 12.15% as of
31st March 2015.

Tangible Net worth for the MIFL was reported at Rs. 146.56 crores as on 31st March,
2015.

MIFL reported CAR as 20.11% at the end of FY15.
90
Issue Name
Originator
MIFL Securitisation Trust I
Magma ITL Finance Ltd
Series A1 PTC & Series A2 PTC - CARE AA+ (SO), Liquidity Facility CARE AAA (SO) Equivalent & Second Loss Facility - CARE BBB (SO)
Tractor
Rating/Credit Opinion
Asset Class
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
70.0
64.8
89.5
2,636
18.5
11.6
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
8.0%
9.8%
2.5%
7.3%
0.9%
5.2
18.0%
NA
Sep-17
54
Dec-15
Sep-15
32
22
29
25
85.2%
85.2%
6.7%
5.2%
16.2%
10.7%
5.6%
61.7%
12.5%
0.0%
85.4%
74.1%
80.0%
80.0%
6.8%
4.5%
15.1%
7.9%
5.1%
46.3%
9.8%
0.0%
86.4%
78.2%
0.0%
0.0%
92.8%
93.2%
92.9%
91.6%
37.7%
51.3%
82.3%
83.7%
3.8
3.2
5.8
6.2
1.1
1.1
1.6
2.1
7.1%
5.7%
Collection Efficiency
CCE
MCE
BCE
120.0%
6.0%
90.0%
4.0%
60.0%
2.0%
30.0%
0.0%
M1
M6
M11
M16
M21
M26
M31
M1
M6 M11 M16 M21 M26 M31
91
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MIFL Securitisation Trust II
Magma ITL Finance Ltd
Series A1 PTC & Series A2 PTC - CARE AA (SO), Liquidity Facility CARE AAA (SO) Equivalent & Second Loss Facility - CARE BBB (SO)
Tractor
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
40.6
37.7
55.6
1,161
23.1
11.1
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
10.8%
2.8%
8.0%
1.3%
2.9
19.2%
NA
Sep-17
54
Dec-15
Sep-15
32
22
29
25
68.7%
68.7%
9.5%
5.6%
18.1%
8.3%
5.0%
34.1%
8.5%
0.2%
98.8%
95.2%
64.0%
64.0%
8.3%
4.6%
14.6%
6.5%
4.5%
29.2%
7.0%
0.0%
97.3%
89.7%
5.1%
0.0%
94.5%
94.8%
101.6%
85.1%
63.7%
67.3%
86.0%
86.4%
2.0
2.2
4.4
5.0
0.8
0.9
1.7
2.1
5.9%
5.4%
Collection Efficiency
CCE
BCE
MCE
140.0%
120.0%
100.0%
80.0%
60.0%
M1
M6
M11
M16
M21
M26
M31
M1
M6
M11
M16
M21
M26
M31
92
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MIFL Securitisation Trust III
Magma ITL Finance Ltd
Series A1 PTC & Series A2 PTC - CARE AA (SO), Liquidity Facility - CARE
AAA (SO) Equivalent & Second Loss Facility - CARE BBB (SO) Equivalent
Tractor
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-13
Par
18.1
17.2
23.5
744
19.3
13.4
99.47.%, 0.53%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
180+ dpd
Overdue
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
13.5%
5.0%
8.5%
1.5%
0.9
16.3%
NA
Mar-18
54
Dec-15
Sep-15
27
27
24
30
71.2%
71.2%
9.1%
6.5%
16.2%
10.0%
5.4%
45.3%
15.8%
1.6%
96.8%
91.3%
66.3%
66.3%
7.6%
5.4%
12.2%
8.1%
4.7%
39.2%
14.0%
0.6%
98.0%
94.5%
30.4%
13.2%
94.2%
94.5%
91.1%
83.8%
56.4%
61.7%
78.7%
79.8%
2.7
3.1
4.4
4.7
1.3
1.6
2.1
2.5
4.1%
3.5%
Collection Efficiency
CCE
BCE
MCE
110.0%
90.0%
70.0%
50.0%
M1
M4 M7 M10 M13 M16 M19 M22 M25
M1 M4 M7 M10M13M16M19M22M25
93
Issue Name
Originator
MIFL Securitisation Trust V
Magma ITL Finance Ltd
Series A1 PTC & Series A2 PTC - CARE AA (SO), Liquidity Facility CARE AAA (SO) Equivalent & Second Loss Facility - CARE BBB (SO)
Tractor
Rating/Credit Opinion
Asset Class
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
105.8
100.0
139.8
3,600
19.8
12.5
100%, 0%
Pool Performance
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Dec-15
Sep-15
21
33
18
36
55.5%
55.5%
9.1%
3.7%
14.2%
4.6%
4.1%
26.8%
9.9%
0.0%
99.3%
98.2%
50.1%
50.1%
6.3%
3.3%
8.7%
3.9%
3.5%
23.4%
8.4%
0.0%
97.3%
92.7%
0.0%
0.0%
93.2%
93.5%
99.1%
97.2%
69.9%
71.9%
82.3%
82.7%
2.1
3.2
6.6
7.3
1.2
2.0
3.9
4.5
4.4%
3.6%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
12.0%
4.5%
7.5%
1.0%
5.8
19.6%
NA
Sep-18
54
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
M1
M4
M7
M10
M13 M16
M19
M1
M4
M7 M10 M13 M16 M19
94
Reliance Capital Ltd (RCL)
(1 Pool)
Key financial indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Tangible Net worth (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
3,868
662
11345
2.14
16.99
2014
(12m, A)
7,455
747
11458
1.88
16.31
2015
(12m, A)
8,787
1,001
13550
2.20
23.90
P*=Provisional, A=Audited

Total income for the company as on 31st March 2015 was Rs. 8,787 crores.

The Gross NPA ratio increased to 2.20% as of March 31, 2015. The increase in the NPA
was mainly due to the stress in the CV assets.

RCL reported CAR of 23.90% as of March 31, 2015.
Note: Shri Vijay Kumar Chopra, who is a Director on the board Reliance Capital Pension Fund
Limited (which is a part of Reliance Capital Group), is a member of the Rating Committee in
CARE. Shri Vijay Kumar Chopra did not participate in the rating process or in the meeting of the
Rating Committee when the rating of RCL was discussed.
95
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Receivables Trust 13
Reliance Capital Limited (RCL)
Series A PTCs - CARE AAA (SO)
New CV (71.79%) and Used CV (28.21%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
81.3
96.7
1,715
15.1
9.0
100%,0%
CC as % of initial POS
13.2%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.1%
OC
NA
Pool Maturity
Jun-18
Maturity (months)
54
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
Dec-15
Sep-15
24
30
82.1%
3.4%
2.3%
9.3%
5.5%
2.4%
69.7%
NA
NA
99.6%
NA
NA
96.2%
100.1%
31.4%
NA
7.4
12.6
NA
NA
10.7%
21
33
75.8%
3.2%
1.9%
7.2%
3.9%
2.5%
51.7%
NA
NA
100.0%
NA
NA
96.0%
97.4%
47.3%
NA
7.3
13.4
NA
NA
9.4%
Collection Efficiency
5.0%
120.0%
4.0%
100.0%
3.0%
80.0%
2.0%
60.0%
1.0%
40.0%
CCE
MCE
BCE
20.0%
0.0%
M1
M4
M7 M10 M13 M16 M19 M22
M1 M4 M7 M10 M13 M16 M19 M22
96
SKS Microfinance Ltd
(SKSML– 5 Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA/Gross Advances(%)
Capital Adequacy Ratio (CAR)
2013
(12m, A)
353
(297)
388
0.5
33.9
2014
(12m, A)
545
70
455
0.1
27.2
2015
(12m, A)
803
188
1,046
0.1
31.7
P*=Provisional, A=Audited

Total income for the FY15 increased by 47% to Rs. 803 crores from Rs. 492 crores in
FY14. SKSML has registered net profit of Rs 188 crores during FY15.

Asset quality remains stable with Gross NPA (excluding Andhra Pradesh) stood at 0.1%
at the end of FY15.

SKSMFL continues to have comfortable capital adequacy ratio (CAR) at 31.7% comprising
totally of Tier-I capital as on Mar 31, 2015.
97
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Microfinance Loan Receivables Trust February 2015 B
SKS Microfinance Ltd
Withdrawan
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Feb-15
Par
243.2
218.9
262.9
332,077
32.7
22.3
100%, 0%
CC as % of initial POS
5.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
4.8%
Principal Subordination as
a % of Pool Principal
10.0%
Pool Maturity
Sep-16
Maturity (months)
19
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
30+ dpd
Overdue
Delinquency
90+ dpd
1.0%
Oct-15
Sep-15
8
11
90.6%
7
12
82.9%
90.6%
0.1%
0.1%
0.2%
0.1%
0.1%
105.9%
117.6%
82.9%
0.1%
0.1%
0.2%
0.1%
0.1%
58.5%
64.9%
100.0%
100.0%
99.8%
99.8%
99.7%
99.7%
0.0%
31.0%
NA
>30
NA
>30
1.4%
1.2%
Collection Efficiency
CCE
MCE
BCE
120.00%
80.00%
0.5%
40.00%
0.00%
0.0%
M1
M2
M3
M4
M5
M6
M7
M8
M1 M2 M3 M4 M5 M6 M7 M8
98
Issue Name
Originator
Rating
Asset Class
Indian Microfinance Loan Receivables Trust March 2015 A
SKS Microfinance Ltd
Withdrawn
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Mar-15
Par
106.4
96.3
115.8
121,303
36.3
20.0
100%, 0%
CC as % of initial POS
5.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
5.3%
Principal Subordination as
a % of Pool Principal
9.5%
Pool Maturity
Oct-16
Maturity (months)
21
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
30+ dpd
Delinquency
90+ dpd
Overdue
1.0%
Nov-15
Sep-15
8
13
93.0%
6
15
78.4%
93.0%
0.1%
0.1%
0.1%
0.0%
0.1%
136.1%
150.4%
78.4%
0.2%
0.1%
0.2%
0.1%
0.1%
44.0%
48.6%
100.0%
100.0%
99.9%
99.8%
100.1%
99.6%
0.0%
46.0%
NA
>30
NA
>30
1.4%
1.0%
Collection Efficiency
CCE
MCE
BCE
120.0%
90.0%
0.5%
60.0%
30.0%
0.0%
0.0%
M1
M2
M3
M4
M5
M6
M7
M8
M1 M2 M3 M4 M5 M6 M7 M8
99
Issue Name
Originator
Rating
Asset Class
Indian Microfinance Loan Receivables Trust March 2015 B
SKS Microfinance Ltd
Withdrawn
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Mar-15
Par
344.4
311.6
378.6
325,351
41.4
15.2
100%, 0%
CC as % of initial POS
5.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
5.6%
Principal Subordination as
a % of Pool Principal
9.5%
Pool Maturity
Dec-16
Maturity (months)
21
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
30+ dpd
Overdue
Delinquency
90+ dpd
1.0%
Dec-15
Sep-15
9
12
92.5%
6
15
63.1%
92.5%
0.1%
0.1%
0.2%
0.1%
0.1%
127.5%
140.9%
63.1%
0.2%
0.1%
0.2%
0.1%
0.1%
25.8%
28.5%
100.0%
100.0%
99.9%
99.7%
100.0%
99.6%
0.0%
63.3%
NA
>30
NA
>30
1.4%
0.7%
CCE
MCE
Collection Efficiency
BCE
120.0%
90.0%
0.5%
60.0%
30.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M1
M3
M5
M7
M9
100
Issue Name
Originator
Rating
Asset Class
Indian Microfinance Loan Receivables Trust June 2015
SKS Microfinance Ltd
Series A PTC - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Jun-15
Par
83.7
75.7
101.5
33,237
87.7
16.3
100%, 0%
CC as % of initial POS
5.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
11.9%
Principal Subordination as
a % of Pool Principal
9.5%
Pool Maturity
Mar-17
Maturity (months)
21
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
30+ dpd
Delinquency
90+ dpd
Dec-15
Sep-15
6
15
25.1%
3
18
11.7%
25.1%
0.2%
0.1%
0.2%
0.1%
0.0%
6.7%
7.4%
11.7%
0.1%
0.0%
0.1%
0.0%
0.0%
5.7%
6.3%
100.0%
100.0%
99.8%
99.9%
99.7%
99.9%
78.6%
78.5%
>30
>30
>30
NA
0.3%
0.1%
Collection Efficiency
Overdue
0.6%
80%
0.2%
40%
BCE
MCE
120%
0.4%
CCE
0%
0.0%
M1
M3
M5
M1
M3
M5
101
Issue Name
Originator
Rating
Asset Class
Indian Microfinance Loan Receivables Trust November 2015
SKS Microfinance Ltd
Series A PTC - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Nov-15
Par
243.1
223.6
287.5
109,367
75.5
28.5
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
CC as % of initial POS
5.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
11.8%
Principal Subordination as
a % of Pool Principal
8.0%
Pool Maturity
Jul-17
Maturity (months)
20
Dec-15
Sep-15
1
19
4.8%
-
4.8%
0.0%
0.0%
0.0%
0.0%
0.0%
5.3%
5.7%
-
100.0%
-
100.0%
-
NA
-
79.2%
-
NA
-
NA
-
0.0%
-
102
Shriram City Union Finance ltd
(SCUFL – 2 Pools)
For the year ended as on 31st March
Total AUM (in Rs. Cr)
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2013
(12m, A)
15,828
3,083
450
2.9
18.95
2014
(12m, A)
14,668
3,239
521
2.7
25.77
2015
(12m, A)
16,717
3,532
558
3.1
29.50
P*=Provisional, A=Audited

Total income for the FY15 increased by 9% to Rs. 3,532 crores from Rs. 3,239 crores in
FY14. SCUF has registered net profit of Rs 558 crores during FY15.

Asset quality deteriorated with Gross NPA increasing to 3.1% at the end of FY15 from
2.7% in FY14.

SCUF continues to have comfortable capital adequacy ratio (CAR) at 29.5% as on Mar
31, 2015.
Note: Mr. P. P. Pattanayak, who is a Director on the board of Shriram City Union Finance Ltd. is
a member of the Rating Committee in CARE. Mr Pattanayak did not participate in the rating
process or in the meeting of the Rating Committee when the rating of STFCL was discussed.
103
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Small Business Loan Trust - March 2014
Shriram City Union Finance (SCUF)
Series A1 PTC - CARE AA (SO), Series A2 PTC - CARE A (SO)
SME Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Mar-14
Par
202.9
192.8
Future Receivables (Rs Cr)
254.9
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(Subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
3,594
16.9
8.6
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Series A1 PTC Amortisation
Series A2 PTC Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
110.0%
0.5%
90.0%
10.1
14.0%
5.0%
Sep-18
54
Dec-15
Sep-15
20
17
34
73.1%
73.1%
0.0%
0.0%
0.0%
0.0%
0.4%
23.8%
NA
NA
100.0%
NA
NA
99.5%
37
63.5%
63.5%
0.0%
0.0%
0.0%
0.0%
0.4%
17.5%
NA
NA
100.0%
NA
NA
99.5%
99.8%
99.9%
72.7%
78.1%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
13.8%
10.7%
Collection Efficiency
1.0%
0.0%
6.4%
NA
NA
NA
CCE
MCE
BCE
70.0%
M1
M4
M7
M10
M13
M16
M19
M1
M4
M7
M10 M13 M16 M19
104
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Privilege Trust Series 10 - March 15
Shriram City Union Finance (SCUF)
Series A1 PTC - CARE AAA (SO), Series A2 PTC - CARE AA- (SO)
SME Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Mar-15
Par
94.3
89.6
Future Receivables (Rs Cr)
124.3
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(Subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
636
20.4
9.4
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Series A1 PTC Amortisation
Series A2 PTC Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
1.0%
9.0%
NA
NA
NA
4.7
16.5%
5.0%
Sep-19
53
Dec-15
Sep-15
8
5
45
27.7%
27.7%
0.0%
0.0%
0.0%
0.0%
0.2%
12.5%
NA
NA
100.0%
100.0%
48
17.5%
17.5%
0.0%
0.0%
0.0%
0.0%
0.1%
10.9%
NA
NA
100.0%
NA
NA
NA
99.2%
99.5%
98.8%
99.1%
79.9%
80.7%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
8.1%
4.8%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
70.0%
0.0%
M1
M2
M3
M4
M5
M6
M7
M8
M1 M2 M3 M4 M5 M6 M7 M8
105
Shriram Transport Finance Company
Ltd (STFCL) – 9 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (%)
2013
(12m, A)
7,016
1,463
7,012
3.10
20.74
2014
(12m, A)
8,480
1,358
8,209
3.75
23.37
2015
(12m, A)
9,180
1,028
8,510
3.79
20.56
P*=Provisional, A=Audited

STFCL reported PAT of Rs. 1,028 crore on total income of Rs. 9,180 crore during FY15 as
compared to PAT of Rs. 1,358 crore on total income of Rs. 8,480 crore during FY14.

It reported Gross NPA ratio of 3.79% at the end of FY15, slightly higher than 3.75% at
the end of FY14.

STFCL reported the CAR of 20.56% as on March 31, 2015, as compared to 23.37% as on
March 31, 2014.
Note: Mr. P. P. Pattanayak, who is a Director on the board of Shriram City Union Finance Ltd.
(which is part of the Shriram Group), is a member of the Rating Committee in CARE. Mr
Pattanayak did not participate in the rating process or in the meeting of the Rating Committee
when the rating of STFCL was discussed.
106
Issue Name
Originator
Rating/Credit Opinion
Asset Class
STFCL CV Trust Mar 2013-II
Shriram Transport Finance Company Ltd
Withdrawn
HCV (57.83%), S & LCV (15.30%), CE (14.77%) and PV (12.10%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
547.8
668.3
16,066
16.6
14.0
86.78%, 13.22%
CC as % of initial POS 8.9%
First Loss Credit
5.0%
Second Loss Credit
3.9%
LF as % of initial POS
NA
EIS
10.7%
OC
NA
Pool Maturity
Sep-17
Maturity (months)
54
Pool Performance
Oct-15
31
23
90.8%
4.7%
3.8%
10.1%
4.9%
4.3%
90.9%
48.5%
NA
94.0%
89.3%
NA
97.1%
95.3%
12.7%
51.9%
8.7
17.7
4.8
9.7
17.2%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Collection Efficiency
Sep-15
30
24
89.6%
4.6%
3.7%
10.0%
5.0%
4.1%
81.5%
43.9%
NA
95.1%
91.3%
NA
97.1%
101.1%
21.5%
56.1%
7.9
15.8
4.4
8.8
16.9%
CCE
MCE
BCE
120.0%
90.0%
60.0%
30.0%
0.0%
M1
M6
M11 M16 M21 M26 M31
M1
M6 M11 M16 M21 M26 M31
107
Issue Name
Originator
Commercial Vehicle Trust March 2013 II
Shriram Transport Finance Company Ltd
Rating/Credit Opinion Withdrawn
Asset Class
HCV (48.49%), S & LCV (20.80%), CE (18.07%) and PV (12.64%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
206.4
250.4
6,090
16.8
13.2
92.59%, 7.41%
CC as % of initial POS 9.3%
First Loss Credit
5.0%
Second Loss Credit
4.3%
LF as % of initial POS
NA
EIS
10.5%
OC
NA
Pool Maturity
Oct-17
Maturity (months)
54
Pool Performance
Dec-15
32
22
92.7%
4.8%
4.4%
9.2%
7.0%
4.4%
119.5%
60.4%
NA
93.5%
88.0%
NA
97.6%
94.5%
0.0%
40.6%
NA
NA
6.5
8.5
17.9%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Collection Efficiency
Sep-15
29
25
87.9%
4.0%
3.2%
7.4%
4.0%
3.7%
76.5%
40.9%
NA
99.2%
98.5%
NA
97.7%
107.0%
25.9%
58.7%
10.0
18.7
5.6
10.4
15.8%
CCE
MCE
BCE
120.0%
90.0%
60.0%
30.0%
0.0%
M1
M6
M11 M16 M21 M26 M31
M1
M6 M11 M16 M21 M26 M31
108
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Sansar Trust Mar 2013-VII
Shriram Transport Finance Company Ltd
Withdrawn
HCV (49.16%), CE (19.83%), S & LCV (19.66%) and PV (11.35%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
200.7
244.2
5,421
17.1
12.3
90.11%, 9.89%
CC as % of initial POS 9.3%
First Loss Credit
5.0%
Second Loss Credit
4.3%
LF as % of initial POS
NA
EIS
10.6%
OC
NA
Pool Maturity
Oct-17
Maturity (months)
54
Pool Performance
Dec-15
32
22
92.4%
5.2%
4.3%
10.3%
4.2%
4.9%
109.9%
53.1%
NA
89.5%
80.5%
NA
97.3%
96.4%
0.0%
47.4%
NA
NA
5.1
12.4
18.2%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Collection Efficiency
Sep-15
29
25
86.5%
4.3%
3.0%
7.7%
3.0%
4.0%
67.2%
35.2%
NA
97.2%
94.8%
NA
97.3%
101.4%
34.4%
63.8%
8.5
22.1
4.7
12.2
15.6%
CCE
MCE
BCE
120.0%
90.0%
60.0%
30.0%
0.0%
M1
M6
M11 M16 M21 M26 M31
M1
M6 M11 M16 M21 M26 M31
109
Issue Name
Originator
Sansar Vehicle Trust Mar 2013-VI
Shriram Transport Finance Company Ltd
Rating/Credit Opinion
Asset Class
Withdrawn
Tractors (30.51%), HCV (28.97%), S & LCV (21.23%), PV (10.09%) and CE (9.20%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
124.7
153.5
4,059
18.4
9.9
88.25%, 11.75%
Pool Performance
Dec-15
33
20
90.3%
6.0%
5.8%
10.2%
9.7%
5.4%
119.3%
37.6%
NA
89.4%
72.6%
NA
96.5%
85.6%
0.0%
62.3%
NA
NA
3.7
3.9
15.4%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
8.0%
CC as % of initial POS 12.9%
First Loss Credit
5.0%
Second Loss Credit
7.9%
LF as % of initial POS
NA
EIS
12.6%
OC
NA
Pool Maturity
Aug-17
Maturity (months)
53
Collection Efficiency
Sep-15
30
23
85.5%
5.6%
4.6%
11.1%
7.0%
4.5%
83.6%
29.2%
NA
94.2%
84.9%
NA
97.0%
92.4%
19.9%
69.9%
7.2
11.5
2.7
4.3
14.0%
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
6.0%
4.0%
2.0%
0.0%
M1
M6
M11 M16 M21 M26 M31
M1 M6 M11 M16 M21 M26 M31
110
`
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Sansar Trust Feb 2014 –IV
Shriram Transport Finance Company Ltd
Series A PTCs - CARE AA (SO)
& Second Loss Facility - CARE A- (SO) Equivalent
HCV - 38.37%, CE - 27.13%, LCV – 26.33% and SCV – 8.17%
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
549.8
672.8
14,311
16.4
9.4
86.0%, 14.0%
CC as % of initial POS
First Loss Credit
Second Loss Credit
LF as % of initial POS
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Dec-15
21
33
73.1%
5.3%
2.1%
8.5%
1.3%
4.7%
34.2%
18.6%
NA
100.0%
100.0%
NA
96.9%
104.3%
64.2%
78.1%
4.2
26.7
2.6
16.3
10.9%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
120.0%
4.0%
100.0%
2.0%
80.0%
0.0%
60.0%
M1
M4
M7 M10 M13 M16 M19
Sep-15
18
36
64.3%
4.6%
1.7%
6.5%
1.1%
4.4%
25.7%
13.9%
NA
99.5%
99.2%
NA
96.2%
96.0%
71.6%
82.0%
4.4
24.9
2.8
15.8
9.7%
Collection Efficiency
6.0%
M1
M4
9.2%
5.0%
4.2%
NA
11.0%
NA
Jun-17
54
CCE
MCE
BCE
M7 M10 M13 M16 M19
111
Srei Equipment Finance Private Ltd
(SEFPL) – 2 (Pools)
Key Financial Indicators
For the period ended as on March 31,
Income from finance activities (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (%)
2013
(12m, A)
2,147
270
2.80
16.20
2014
(12m, A)
2,380
225
4.80
17.10
2015
(12m, A)
2,320
153
4.70
17.10
P*=Provisional, A=Audited

As per the results for FY15, SEFPL earned a Income from finance activities of Rs.2,320
crore.

Gross NPA ratio stood at 4.70% and Net NPA of 3.60 as on March 31, 2015

CAR for SEFPL stood at 17.1% as on FY15.
112
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Infrastructure Equipment Receivables Trust - March 2013 - IV
Srei Equipment Finance Private Limited
Withdrawn
Construction Equipment
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
100.0
117.2
507
16.1
7.7
100%, 0.0%
CC as % of initial POS
10.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
6.4%
OC
NA
Pool Maturity
Sep-17
Maturity (months)
54
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
180+ dpd
Sep-15
Jun-15
29
25
90.1%
3.7%
2.4%
11.7%
6.2%
3.1%
100.7%
NA
NA
100.0%
NA
NA
96.6%
97.4%
0.0%
NA
NA
NA
NA
NA
4.38%
27
27
86.3%
3.6%
2.4%
10.9%
6.1%
3.0%
73.2%
NA
NA
100.0%
NA
NA
96.6%
97.2%
29.0%
NA
6.5
11.7
NA
NA
3.96%
CCE
MCE
Collection Efficiency
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1
M6
M11
M16
M21
M26
M1
M6
M11
M16
M21
M26
113
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Infrastructure Equipment Receivables Trust - March 2013 - II
Srei Equipment Finance Private Limited
Withdrawn
Construction Equipment
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
65.8
78.5
342
16.7
7.0
100%, 0.0%
Pool Performance
Sep-15
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
180+ dpd
CC as % of initial POS
10.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.5%
OC
NA
Pool Maturity
Dec-15
Maturity (months)
46
M6
M11
M16
M21
M26
27
19
84.3%
6.3%
5.1%
16.3%
11.3%
4.43%
63.7%
NA
NA
100.0%
NA
NA
95.4%
98.1%
37.9%
NA
3.8
5.5
NA
NA
6.54%
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1
Jun-15
30
16
90.3%
6.2%
5.9%
20.2%
18.3%
4.51%
103.6%
NA
NA
100.0%
NA
NA
95.5%
98.2%
0.0%
NA
NA
NA
NA
NA
8.06%
M1
M6
CCE
MCE
BCE
M11 M16 M21 M26
114
Analyst Contact
Name: Mr. Ramadasu Bandaru
Tel: 022-67543402
Email: ramadasu.bandaru@careratings.com
Name: Mr. Chirag Gambhir
Tel: 022-67543423
Email: chirag.gambhir@careratings.com
Name: Mr Mukund Upadhyay
Tel: 022-67543669
Email: mukund.upadhyay@careratings.com
Name: Mr. Jatin Gajwani
Tel: 022-67543462
Email: jatin.gajwani@careratings.com
Name: Mr. Samarth Khare
Tel: 022-67543677
Email: samarth.khare@careratings.com
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In case of partnership/proprietary concerns, the rating assigned by CARE is based on the capital deployed by the
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capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant
factors.
115