Structured Finance
Abstract
CARE has rated more than 210 Asset Backed Securitisation (ABS) / Mortgage Backed
Securitisation (MBS) pools across 28 Originators and pools aggregating to around Rs
48,000 crore 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.
ABS & MBS Pool Performance Update- June 14
1
Structured Finance
Contents
S.No
I
II
III
Index
Terminologies
Acronym
Originator-Wise Pools Performance
a. Au Financiers (India) Pvt. Ltd.
b. Bandhan Financial Services Pvt. Ltd.
c. Cholamandalam Investment Finance Company Ltd.
d. Shriram City Union Finance Limited
e. Dewan Housing Finance Limited
f. ESAF Microfinance and Investments Pvt. Ltd.
g. HDB Financial Services Limited
h. HDFC Bank Limited
i. HDFC Limited
j. Indiabulls Housing Finance Company Ltd.
k. India Infoline Finance Limited
l. IKF Finance Limited
m. Magma Fincorp Limited
n. Magma ITL Finance Ltd
o. Reliance Capital Ltd.
p. SKS Microfinance Limited
q. Multi Originator Transaction (SKS Microfinance Limited &
Janalakshmi Financial Services Private Limited)
r. Shriram Transport Finance Company Limited
s. SREI Equipment Finance Private Limited
t. Equitas Micro Finance Private Limited
ABS & MBS Pool Performance Update- June 14
Page No
3
6
7
12
15
19
21
31
33
37
39
49
68
70
75
84
89
91
99
105
127
132
2
Structured Finance
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.
ABS & MBS Pool Performance Update- June 14
3
Structured Finance
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.
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 30/90/180 dpd 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.
Outstanding cash 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.
Outstanding liquidity 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
ABS & MBS Pool Performance Update- June 14
4
Structured Finance
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 30/90/180 dpd contracts.
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 90/180 dpd 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
ABS & MBS Pool Performance Update- June 14
5
Structured Finance
Acronym
ABS
Asset Backed Securities
Amt
Amount
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
ABS & MBS Pool Performance Update- June 14
6
Structured Finance
Au Financiers (India) Pvt. Limited –
(AUFPL - 4 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) (%)

2011
(12m, A)
159
42
159
0.29
24.22
2012
(12m, A)
249
50
392
0.43
29.02
2013
(12m, A)
446
80
461
0.81
20.82
2014
(12m, A)
619
92
524
1.50
20.43
Total income registered growth of 79% in FY 13 and stood at Rs. 446 Crore. The income
has increased further to Rs. 619 Crore in FY14, due to strong AUM growth.

Economic slowdown over the past years has lead to an increase in delinquencies. The
Gross NPA ratio increased from 0.81% as on March 31, 2013 to 1.50% as on March 31st
2014.

AUFL has maintained capital adequacy ratio above the regulatory requirement. AUFL
reported CAR of 20.43% as on March 31st, 2014 as compared to 20.82% as on March 31st,
2013.
ABS & MBS Pool Performance Update- June 14
7
Structured Finance
Issue Name
Originator
Rating
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
Mar-12
CC as % of initial FR
10.2%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Premium
22.2
29.5
821
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
EIS
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
19.2
1.8
100%,0%
OC/Subordination
Pool Maturity
Maturity (months)
NA
NA
NA
NA
NA
Feb-16
47
Pool Performance
Jun-14
Mar-14
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial FR)
180+ Delinquency (% of Initial FR)
90+ Delinquency (% of Balance 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
27
20
77.7%
3.1%
1.6%
7.9%
3.2%
2.8%
32.9%
NA
NA
72.2%
NA
NA
95.5%
96.4%
67.1%
NA
4.2
10.4
NA
NA
10.4%
24
23
71.4%
3.0%
1.9%
6.4%
3.6%
2.8%
25.8%
NA
NA
72.4%
NA
NA
95.5%
100.1%
74.2%
NA
4.0
7.2
NA
NA
9.8%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
CCE
MCE
Collection Efficiency
140.0%
3.0%
120.0%
2.0%
100.0%
1.0%
80.0%
BCE
60.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M1
M5
M9
ABS & MBS Pool Performance Update- June 14
M13
M17
M21
M25
8
Structured Finance
Issue Name AUFPL Direct Assignment Mar ’12 II
Originator Au Finaciers (India) Pvt. Limited
Assignee Payout - CARE AAA (SO) Equivalent
Rating
Second Loss Facility - CARE BBB (SO) Equivalent
Asset Class Secured SME (60%) & HL(40%)
Issue Details
Transaction Month
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Par
50.0
80.1
1193
32.1
6.2
100%, 0%
CC as % of initial POS
15.0%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
EIS
5.0%
10.0%
NA
24.9%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Feb-19
83
Pool Performance
Jun-14
Mar-14
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
27
56
53.8%
2.7%
0.8%
4.6%
1.3%
1.5%
59.3%
100.0%
NA
100.0%
100.0%
NA
97.6%
93.5%
45.4%
73.4%
11.8
>30
5.7
20.7
23.3%
24
59
47.5%
2.7%
0.8%
4.2%
1.1%
1.4%
52.2%
100.0%
NA
100.0%
100.0%
NA
97.9%
100.2%
50.8%
75.0%
11.7
>30
5.9
23.7
20.3%
Delinquency
6.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
CCE
MCE
BCE
110.0%
5.0%
90.0%
4.0%
70.0%
3.0%
50.0%
2.0%
30.0%
1.0%
10.0%
0.0%
M1
M4
M7
M10 M13 M16 M19 M22 M25
M1
M4
M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
9
Structured Finance
Issue Name AUFPL Direct Assignment Mar ’12 III
Originator Au Finaciers (India) Pvt. Limited
Assignee Payout - CARE AAA (SO) Equivalent
Rating
Second Loss Facility - CARE BBB (SO) Equivalent
MUV (39%),HCV (27%), SCV(20%),Car (9%),LCV
Asset Class
(4%) & Others (1%)
Issue Details
Transaction Month
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Par
64.2
83.6
1881
19.0
2.1
100%,0%
CC as % of initial POS
16.0%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
11.0%
5.0%
NA
11.0%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Mar-16
47
Pool Performance
Jun-14
Mar-14
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
27
20
72.6%
3.6%
1.7%
7.3%
2.3%
3.6%
58.4%
18.2%
NA
100.0%
100.0%
NA
95.4%
100.2%
44.0%
79.8%
7.65
24.1
2.8
>30
10.0%
24
23
64.8%
4.0%
1.5%
6.9%
1.9%
3.7%
45.5%
14.2%
NA
100.0%
100.0%
NA
94.9%
101.1%
55.6%
83.1%
6.43
23.2
2.5
>30
8.5%
Delinquency
5.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
4.0%
100.0%
3.0%
80.0%
2.0%
60.0%
1.0%
CCE
MCE
BCE
40.0%
0.0%
M1
M1
M4
M4
M7 M10 M13 M16 M19 M22 M25
M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
10
Structured Finance
Issue Name India Standard Loan Trust - III
Originator Au Finaciers (India) Pvt. Limited
Series A PTCs and Series B PTC - CARE AA (SO) &
Rating
Second Loss Facility - CARE BBB (SO)
MUV (52.51%), SCV (27.38%), LCV (10.50%),
Asset Class
HCV (8.38%) and Others (1.23%).
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
9.5%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
74.9
94.9
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
3.0%
6.5%
NA
No of Contracts
2084
EIS
12.1%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Jan-17
47
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
19.0
8.0
100%,0%
Pool Performance
Jun-14
Mar-14
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
15
32
44.4%
4.9%
1.5%
6.7%
1.8%
3.9%
17.1%
6.0%
NA
100.0%
100.0%
NA
92.9%
98.4%
73.7%
82.6%
3.9
14.5
2.6
>30
5.6%
12
35
35.0%
4.3%
1.4%
5.2%
1.5%
3.7%
14.6%
5.2%
NA
100.0%
100.0%
NA
91.6%
96.8%
80.4%
88.4%
3.8
13.0
2.2
>30
4.0%
90+ dpd
Overdue
Delinquency
8.0%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
6.0%
100.0%
4.0%
80.0%
2.0%
60.0%
BCE
40.0%
0.0%
M1
M3
M5
M7
M9
M11 M13 M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
M15
11
Structured Finance
Bandhan Financial Services Pvt. Ltd.
(BFSPL - 2 Pools)
Key financial indicators
For the year ended as on 31st March
Total Income
PAT (after defd. tax)
Tangible Networth
Capital Adequacy Ratio (CAR) (%)
Gross NPA (%)

2012
(12m, A)
788.2
188.1
689.9
22.63
0.15
2013
(12m, A)
937.3
208.5
885.3
21.81
0.14
2014
(12m, A)
1,212.8
283.6
1,132.6
20.47
0.07
Notable increase in total income led to significant increase in PAT (after deferred tax) level
in FY14, which increased by 36% in FY14 vis-à-vis FY13.

BFSPL reported regulatory CAR of 20.47% as on March 31, 2014.

BFSPL has been able to maintain asset quality at comfortable levels. As on March 31, 2014,
gross NPA improved to 0.07% from 0.14% as on March 31, 2013.
ABS & MBS Pool Performance Update- June 14
12
Structured Finance
Issue Name
Originator
Rating
Asset Class
BanLoan Receivable Feb’ 14
Bandhan Financial Services Pvt. Ltd.
Series A1 PTCs - CARE A (SO)
Microfinance Loans
Issue Details
Transaction Month
Feb-14
CC as % of initial POS
6.5%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
110.9
105.4
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
128.8
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (Months)
8.9%
No of Contracts
72,758
Average Maturity (Weeks)
37.2
Average Seasoning' (Weeks)
18.9
Overdue Composition
100%,0.0%
5.0%
Jan-16
23
Pool Performance
Jun-14
Mar-14
Months Post Securitisation
Balance Tenure (Months)
Pool 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
4
19
21.5%
0.0%
0.0%
0.0%
0.0%
0.0%
8.3%
9.2%
100.0%
100.0%
100.0%
77.2%
NA
NA
0.0%
1
22
1.3%
0.0%
0.0%
0.0%
0.0%
0.0%
6.6%
6.9%
100.0%
100.0%
NA
81.5%
NA
NA
0.0%
30+ dpd
Overdue
Delinquency
5.0%
90+ dpd
Collection Efficiency
100.0%
4.0%
80.0%
3.0%
60.0%
2.0%
40.0%
1.0%
20.0%
CCE
MCE
BCE
0.0%
0.0%
M1
M2
M3
M4
M1
ABS & MBS Pool Performance Update- June 14
M2
M3
M4
13
Structured Finance
Issue Name
Originator
Rating
Asset Class
BanLoan Receivable Mar’ 14
Bandhan Financial Services Pvt. Ltd.
Series A1 PTCs - CARE A (SO)
Microfinance Loans
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
6.5%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
50.0
47.5
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
57.7
8.9%
No of Contracts
33,429
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (Months)
Average Maturity (Weeks)
35.9
Average Seasoning' (Weeks)
12.6
Overdue Composition
100%,0.0%
Pool Performance
Jun-14
Months Post Securitisation
Balance Tenure (Months)
Pool 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
3
19
20.2%
0.0%
0.0%
0.0%
0.0%
0.0%
8.1%
8.8%
100.0%
100.0%
100.0%
73.1%
NA
NA
2.6%
ABS & MBS Pool Performance Update- June 14
5.0%
Jan-16
22
14
Structured Finance
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)

2011
(12m, A)
1,202
62
941
3.17
16.67
2012
(12m, A)
1,788
173
1,366
0.95
18.08
2013
(12m, A)
2,556
307
1,896
1.20
19.04
2014
(12m, A)
3263
364
2165
1.85
17.24
During FY14, operating income grew by 28% on y-o-y basis, primarily supported by
increase in income from vehicle financing, which grew at 25% during the year and
increase in home equity portfolio, which grew by 37% in FY 14.

Provisions continued to increase in FY14 as well, primarily due to increased NPA
levels in the vehicle finance segment as in the trend with the industry.

The overall asset quality of CIFCL, which had seen improvement over the year ended
March 2013, moderated in FY14 in line with the industry. The gross NPA has
increased from 1.20% in FY13 to 1.85% in FY 14.

The CAR remained comfortable at 17.24% as on March 31, 2014 as against 19.04%
as on March 31, 2013, which had been strengthened in FY 13 by equity infusion of
Rs.300 crore. Moderation in CAR in FY14 is on account of increase in AUM without
addition of equity and increase in write-off/provisions during the year.
ABS & MBS Pool Performance Update- June 14
15
Structured Finance
Issue Name
Originator
Rating
Asset Class
Platinum Trust - Dec 13 - Tranche 3
Cholamandalam Investment and Finance Company Ltd (CIFCL)
Series A PTCs - CARE AAA (SO)
Used CV(6.32%) & New CV(93.68%)
Issue Details
Transaction Month
Dec-13
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
344.1
414.9
7649
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
16.5
12.8
94.9%,5.1%
CC as % of initial POS
8.6%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
EIS
NA
NA
NA
9.8%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Dec-27
59
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
6
53
19.0%
0.5%
0.0%
0.5%
0.0%
0.9%
10.6%
NA
NA
100.0%
NA
NA
97.5%
98.3%
81.3%
NA
>30
NA
NA
NA
2.4%
3
56
11.0%
0.0%
0.0%
0.0%
0.0%
0.6%
9.7%
NA
NA
100.0%
NA
NA
96.8%
96.8%
88.1%
NA
NA
NA
NA
NA
0.0%
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
BCE
1.5%
80.0%
1.0%
0.5%
40.0%
0.0%
M1
M2
M3
M4
M5
M6
M1
M2
ABS & MBS Pool Performance Update- June 14
M3
M4
M5
M6
16
Structured Finance
Issue Name
Originator
Rating
Asset Class
Platinum Trust - Jan 14
Cholamandalam Investment and Finance Company Ltd (CIFCL)
Series A PTCs - CARE AAA (SO)
Loan Against Property (100%)
Issue Details
Transaction Month
Jan-14
CC as % of initial POS
10.5%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
250.0
469.9
413
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
EIS
NA
NA
NA
40.3%
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
62.8
15.0
0.0%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Dec-27
168
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
5
163
20.4%
0.0%
0.0%
0.0%
0.0%
0.1%
13.2%
NA
NA
100.0%
NA
NA
97.8%
NA
60.0%
NA
NA
NA
NA
NA
15.0%
2
166
10.5%
0.0%
0.0%
0.0%
0.0%
0.0%
11.7%
NA
NA
100.0%
NA
NA
99.3%
NA
75.2%
NA
NA
NA
NA
NA
6.4%
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
Collection Efficiency
CCE
MCE
BCE
100.0%
1.5%
1.0%
50.0%
0.5%
0.0%
0.0%
M1
M1
M2
M3
M4
M2
M3
M4
M5
M5
ABS & MBS Pool Performance Update- June 14
17
Structured Finance
Issue Name
Originator
Rating
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%) & Tractors (66.19%)
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
10.5%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
125.4
151.2
5547
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
EIS
NA
NA
NA
11.3%
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
14.1
13.1
0.0%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Jun-18
52
Pool Per for mance
Jun-14
Months Post S ecuritisation
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
3
49
10.7%
0.1%
0.0%
0.1%
0.0%
0.4%
11.8%
NA
NA
100.0%
NA
NA
92.5%
91.7%
81.5%
NA
>30
NA
>30
NA
0.8%
ABS & MBS Pool Performance Update- June 14
18
Structured Finance
Shriram City Union finance ltd
(SCUFL – 1 Pool).
Key Financial Indicators
Total AUM (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) (%)

For the year ended as on 31st March
2010-11 2011-12 2012-13 2013-14
7,998
13,431
15,828
14,668
1,321
2,056
3,083
3,239
241
343
450
521
1,194
1,721
2,233
2912
0.43
0.38
0.80
0.60
20.80
17.40
18.95
25.77
During FY14, SCUF showed moderate growth of 5% in total income after witnessing
strong growth rates in FY12 and FY13. The moderation in growth could be
attributable to stagnant portfolio levels as the company slowed disbursements in LAG
segment.

It can be noted that SCUF has changed its policy of recognizing NPA from 180 days
dpd to 150 days dpd since April 2012 and again changed it back to 180 days dpd since
January 2014. The Gross NPA ration has increased in Mar’14 to 2.67% as against the
2.19% in last year. The increase in GNPA levels in March 2014 is primarily due to
increase in NPA levels across asset classes in line with general economic scenario in
the country.

Total CAR stood at comfortable levels at 25.77% as on March 31, 2014.
ABS & MBS Pool Performance Update- June 14
19
Structured Finance
Issue Name
Originator
Rating
Asset Class
Small Business Loan Trust – March 2014
Shriram City Union Finance Limited (SCUF)
Series A1 PTCs - CARE AA (SO) ,Series A2 PTCs - CARE A (SO)
SME 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
CC as % of initial POS
6.4%
Par
First Loss Credit Facility
NA
202.9
254.9
3,587
16.9
8.6
100.0%, 0.0%
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
14.0%
5.0%
Sep-18
Maturity (months)
54
Pool Per for man ce
Ju n -14
M onths Post S ecuritisation
Balance Tenure (M onths)
Am ortisation
90+ Delinquency (% of Initial POS )
180+ Delinquency (% of Initial POS )
90+ Delinquency (% of Balance POS )
180+ Delinquency (% of Balance POS )
Overdue Am t (% 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
M CE (3 m onth average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancem ent coverage (90+ DPD)
Overall enhancem ent coverage (180+ DPD)
FL enhancem ent Coverage (90+ DPD)
FL enhancem ent Coverage (180+ DPD)
Cumulative Prepaym ent
2
52
8.4%
0.0%
0.0%
0.0%
0.0%
0.1%
7.0%
NA
NA
100.0%
NA
NA
97.7%
NA
88.1%
NA
NA
NA
NA
NA
1.8%
ABS & MBS Pool Performance Update- June 14
20
Structured Finance
Dewan Housing Finance Limited
(DHFL – 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)

2012
2013
2014
(12m, A) (12m, A) (12m, A)
2,470
4,141
4,969
306
452
529
2,033
3,235
3,575
0.76
0.71
0.78
18.24
16.52
17.16
DHFL reported PAT of Rs.529 crore on total income of Rs.4,971 crore during FY14
as compared to PAT of Rs.452 crore on total income of Rs.4,141 crore during FY13.
Though the profit has seen growth, the margins were marginally impacted in line with
most other market players.

DHFL reported Gross NPA ratio of 0.78% [P.Y.: 0.71%] as on March 31, 2014 and
Net NPA ratio of 0.52% [P.Y.: 0.46%] as on March 31, 2014. 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 comfortable CAR of 17.16% [P.Y. : 16.52%] as on March 31, 2014.
ABS & MBS Pool Performance Update- June 14
21
Structured Finance
Issue Name
Originator
Rating
Asset Class
DHFL Direct Assignment- Mar ’12 I
Dewan Housing Finance Limited.
Assignee Payout - CARE AAA (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Mar-12
CC as % of initial POS
15.5%
Transaction Structure
Par
Pool Principal (Rs Cr)
321.8
Future Receivables (Rs Cr)
No of Contracts
679.2
3,853
LF as % of initial POS
EIS
Average Maturity (Months)
Average Seasoning (Months)
91.0
12.8
OC/Subordination
Pool Maturity
NA
Mar-32
100%, 0%
Maturity (months)
240
Overdue Composition
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
NA
10.3%
Pool Performance
Jun-14
Mar-14
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
27
32.5%
0.5%
0.2%
0.7%
0.2%
0.1%
23.0%
0.0%
NA
100.0%
0.0%
NA
99.4%
98.4%
80.7%
NA
27.2
>30
NA
NA
24.1%
24
29.3%
0.3%
0.1%
0.3%
0.1%
0.1%
21.9%
NA
NA
100.0%
NA
NA
99.5%
100.0%
81.2%
NA
>30
>30
NA
NA
21.9%
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
110.0%
1.5%
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
70.0%
M1
M4
M7 M10 M13 M16 M19 M22 M25
M1
M4
CCE
MCE
BCE
M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
22
Structured Finance
Issue Name
Originator
Rating
Asset Class
DHFL Direct Assignment- Mar ’12 II
Dewan Housing Finance Limited.
Assignee Payout - CARE AAA (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Mar-12
Transaction Structure
Par
Pool Principal (Rs Cr)
266.7
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
575.4
3,874
92.4
16.6
Overdue Composition
CC as % of initial POS
13.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100%, 0%
NA
20.9%
Nil
Mar-37
Maturity (months)
300
Pool Performance
Jun-14
Mar-14
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
27
33.5%
0.3%
0.1%
0.4%
0.2%
0.1%
19.5%
0.0%
NA
100.0%
0.0%
NA
99.4%
98.8%
81.7%
NA
>30
>30
NA
NA
25.1%
24
29.8%
0.1%
0.1%
0.1%
0.1%
0.1%
18.5%
NA
NA
100.0%
NA
NA
99.4%
100.1%
82.0%
NA
>30
>30
NA
NA
22.3%
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
1.5%
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
70.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
CCE
BCE
MCE
110.0%
M1
M4
M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
23
Structured Finance
Issue Name
Originator
Rating
Asset Class
DHFL Direct Assignment- Mar ’12 III
Dewan Housing Finance Limited.
Assignee Payout - CARE AAA (SO) Equivalent
Housing Loan
Issue Details
Mar-12
Transaction Structure
Par
Pool Principal (Rs Cr)
110.0
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
234.1
1,444
90.5
17.1
Overdue Composition
CC as % of initial POS
14.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100%, 0%
NA
12.5%
NA
Mar-32
Maturity (months)
240
Pool Performance
Jun-14
Mar-14
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
27
34.1%
0.5%
0.3%
0.8%
0.4%
0.1%
21.2%
0.0%
NA
100.0%
NA
NA
99.4%
98.9%
81.0%
NA
24.8
>30
NA
NA
25.8%
24
30.2%
0.3%
0.1%
0.4%
0.1%
0.1%
20.1%
NA
NA
100.0%
NA
NA
99.5%
100.2%
81.5%
NA
>30
>30
NA
NA
22.8%
ABS & MBS Pool Performance Update- June 14
M25
M23
BCE
M21
70.0%
M19
0.0%
M17
80.0%
M15
0.5%
M13
90.0%
M11
1.0%
M9
100.0%
M7
110.0%
1.5%
M1 M4 M7 M10 M13 M16 M19 M22 M25
CCE
MCE
Collection Efficiency
M5
180+ dpd
M3
2.0%
90+ dpd
Overdue
M1
Delinquency
M27
Transaction Month
24
Structured Finance
Issue Name Nirmaan RMBS Trust - Series II -2013
Originator Dewan Housing Finance Limited.
Series A1 PTCs - CARE AAA(SO) & Series A2
Rating
PTC - CARE AA- (SO)
Asset Class Housing Loan
Issue Details
Transaction Month
Jun-13
Transaction Structure
Par
Pool Principal (Rs Cr)
299.9
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
689.0
2,110
104.5
17.9
Overdue Composition
CC as % of initial POS
8.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100%, 0%
NA
33.6%
4.0%
Jun-38
Maturity (months)
300
Pool Performance
Jun-14
Mar-14
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
12
21.0%
0.2%
0.0%
0.3%
0.0%
0.1%
10.1%
0.0%
NA
100.0%
NA
NA
99.4%
99.3%
81.9%
NA
>30
>30
NA
NA
18.2%
9
16.3%
0.0%
0.0%
0.0%
0.0%
0.1%
9.6%
NA
NA
100.0%
NA
NA
99.4%
99.8%
81.8%
NA
>30
NA
NA
NA
14.2%
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
CCE
MCE
Collection Efficiency
110.0%
1.5%
BCE
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
M1
M3
M5
M7
M9
M11
70.0%
M1
M3
ABS & MBS Pool Performance Update- June 14
M5
M7
M9
M11
25
Structured Finance
Issue Name Nirmaan RMBS Trust - Series III -2013
Originator Dewan Housing Finance Limited.
Series A1 PTCs - CARE AAA(SO) & Series A2
Rating
PTC - CARE AA (SO)
Asset Class Housing Loan
Issue Details
Transaction Month
Aug-13
Transaction Structure
Par
Pool Principal (Rs Cr)
413.9
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
890.1
2,791
98.6
33.4
Overdue Composition
CC as % of initial POS
8.4%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100.0%, 0.0%
NA
23.2%
4.0%
May-38
Maturity (months)
299
Pool Performance
Jun-14
Mar-14
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
10
21.2%
0.0%
0.0%
0.0%
0.0%
0.0%
10.2%
NA
NA
100.0%
NA
NA
99.7%
99.8%
83.8%
NA
>30
NA
NA
NA
17.8%
7
15.7%
0.0%
0.0%
0.0%
0.0%
0.0%
9.5%
0.0%
NA
100.0%
NA
NA
99.6%
99.6%
83.8%
NA
NA
NA
NA
NA
13.3%
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
1.5%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10
70.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10
ABS & MBS Pool Performance Update- June 14
26
Structured Finance
Issue Name Nirmaan RMBS Trust - Series IV -2013
Originator Dewan Housing Finance Limited.
Series A1 PTCs - CARE AAA(SO) & Series A2
Rating
PTC - CARE AA (SO)
Asset Class Housing Loan
Issue Details
Transaction Month
Nov-13
Transaction Structure
Par
Pool Principal (Rs Cr)
195.3
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
450.5
2,135
107.0
37.2
Overdue Composition
CC as % of initial POS
8.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100%, 0%
NA
29.5%
4.0%
Oct-43
Maturity (months)
360
Pool Performance
Jun-14
Mar-14
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
7
14.1%
0.0%
0.0%
0.0%
0.0%
0.0%
9.3%
NA
NA
100.0%
NA
NA
99.6%
99.7%
83.3%
NA
NA
NA
NA
NA
11.7%
4
8.5%
0.0%
0.0%
0.0%
0.0%
0.0%
8.7%
NA
NA
100.0%
NA
NA
99.5%
99.6%
83.3%
NA
NA
NA
NA
NA
7.1%
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
CCE
MCE
Collection Efficiency
110.0%
1.5%
BCE
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
M1
M2
M3
M4
M5
M6
M7
70.0%
M1
M2
M3
ABS & MBS Pool Performance Update- June 14
M4
M5
M6
M7
27
Structured Finance
Issue Name Nirmaan RMBS Trust - Series I -2014
Originator Dewan Housing Finance Limited.
Series A1 PTCs - CARE AAA(SO) & Series A2
Rating
PTC - CARE AA (SO)
Asset Class Loan against Property
Issue Details
Transaction Month
Feb-14
CC as % of initial POS
14.5%
Transaction Structure
Par
First Loss Credit Facility
NA
Pool Principal (Rs Cr)
80.2
Second Loss Credit Facility
NA
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
180.0
173
83.5
30.1
Overdue Composition
100%, 0%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
NA
42.0%
4.0%
Apr-36
266
Pool Performance
Jun-14
Mar-14
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
4
13.7%
0.0%
0.0%
0.0%
0.0%
0.1%
16.8%
NA
NA
100.0%
NA
NA
98.4%
98.9%
73.9%
NA
NA
NA
NA
NA
12.5%
1
4.0%
0.0%
0.0%
0.0%
0.0%
0.0%
15.1%
NA
NA
100.0%
NA
NA
96.9%
NA
73.3%
NA
NA
NA
NA
NA
3.7%
ABS & MBS Pool Performance Update- June 14
28
Structured Finance
Issue Name Nirmaan RMBS Trust - Series III -2014
Originator Dewan Housing Finance Limited.
Series A1 PTCs - CARE AAA(SO) & Series A2
Rating
PTC - CARE AA (SO)
Asset Class Housing Loan
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
8.8%
Transaction Structure
Par
First Loss Credit Facility
NA
Pool Principal (Rs Cr)
92.1
Second Loss Credit Facility
NA
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
220.3
748
212.2
22.8
Overdue Composition
100%, 0%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
NA
34.7%
4.0%
Feb-39
299
Pool Performance
Jun-14
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
3
4.6%
0.0%
0.0%
0.0%
0.0%
0.0%
9.2%
NA
NA
100.0%
NA
NA
99.1%
99.1%
82.0%
NA
NA
NA
NA
NA
3.9%
ABS & MBS Pool Performance Update- June 14
29
Structured Finance
Issue Name
Originator
Rating
Asset Class
Nirmaan RMBS Trust - Series IV -2014
Dewan Housing Finance Limited.
Series A PTCs - CARE AAA(SO)
Housing Loan
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
7.5%
Transaction Structure
Par
First Loss Credit Facility
NA
Pool Principal (Rs Cr)
37.8
Second Loss Credit Facility
NA
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
87.4
288
206.9
21.1
Overdue Composition
100%, 0%
LF as % of initial POS
EIS
Mortgage Guarantee*
Pool Maturity
Maturity (months)
NA
32.7%
10.0%
Dec-38
297
Pool Performance
Jun-14
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
3
6.6%
0.0%
0.0%
0.0%
0.0%
0.0%
8.2%
NA
NA
100.0%
NA
NA
99.5%
99.5%
82.6%
NA
NA
NA
NA
NA
5.7%
* The mortgage guarantee shall cover the shortfalls up to 30% of principal outstanding for a particular contract,
while the total shortfall is capped at 10% of the principal outstanding of the pool.
ABS & MBS Pool Performance Update- June 14
30
Structured Finance
ESAF Microfinance and Investments Pvt. Ltd.
(EMFIPL – 1 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 / Gross Advances (%)
Capital Adequacy Ratio (CAR)

2011
(12m, A)
54
1
47
0.64
23.18
2012
(12m, A)
65
4
55
1.26
20.45
2013
(12m, A)
81
5
62
0.92
19.37
2014
(12m, A)
121
10
130
0.88
25.20
Income of EMFIPL has increased by 49% Y-o-Y to Rs 121 crore backed by growth in AUM
during the above period.

Capital adequacy stood at healthy 25.20% comprising totally of Tier-I capital as on March 31,
2014. EMFIPL raised Rs 56 crore through compulsory convertible preferential shares in FY14.

Gross NPA ratio has remained stable, having reduced from 0.92% as on March 31, 2013 to 0.88%
as on March 31, 2014.
ABS & MBS Pool Performance Update- June 14
31
Structured Finance
Issue Name
Originator
Rating
Asset Class
Cedar MFI Trust 11
ESAF Microfinance & Investments (P) Ltd
Series A1 PTC - CARE A- (SO)
Microfinance Loans
Issue Details
Transaction Month
Feb-14
CC as % of initial POS
7.0%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
64.3
58.5
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
71.1
7.5%
No of Contracts
81,985
Average Maturity (Weeks)
21.0
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Average Seasoning' (Weeks)
22.6
Overdue Composition
100%,0.0%
Maturity (months)
9.0%
Dec-15
22
Pool Performance
Jun-14
Mar-14
Months Post Securitisation
Balance Tenure (Months)
Pool 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
4
18
55.3%
0.0%
0.0%
0.0%
0.0%
0.0%
15.7%
22.1%
100.0%
100.0%
100.0%
51.0%
NA
NA
0.0%
1
21
13.5%
0.0%
0.0%
0.0%
0.0%
0.0%
8.1%
9.2%
100.0%
100.0%
NA
75.0%
NA
NA
0.0%
30+ dpd
Overdue
Delinquency
5.0%
90+ dpd
Collection Efficiency
100.0%
4.0%
80.0%
3.0%
60.0%
2.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M2
M3
M4
M1
ABS & MBS Pool Performance Update- June 14
M2
CCE
MCE
M3
BCE
M4
32
Structured Finance
HDB Financial Services Limited
(HFSL – 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)
Total Assets (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)

2011
(12m, A)
179
16
719
1,495
0.33
55.2
2012
(12m, A)
432
51
757
4,054
0.10
19.94
2013
(12m, A)
963
102
841
8,379
0.44
18.34
2014
(12m, A)
1688
209
1568
13,630
0.81
18.40
Total income during FY14 increased by 75% to Rs.1688 crore as compared to 123%
during FY13. PAT of HDBFSL has increased in FY14 by 104%. HDBFSL’s
profitability remains comfortable as compared to other players in the industry.

Economic slowdown over the past few years has lead to an increase in delinquencies,
the Gross NPA ratio increased from 0.44% as on March 31, 2013 to 0.81% as on
March 31, 2014.

HDBFSL’s has maintained capital adequacy above the regulatory requirement for
NBFCs. On a standalone basis, HDBFSL reported CAR of 18.40% as on March 31,
2014 as compared to 18.34% as on March 31, 2013.
ABS & MBS Pool Performance Update- June 14
33
Structured Finance
Issue Name
Originator
Rating
Asset Class
HFSL Direct Assignment Mar’12 I
HDB Financial Services Limited
Assignee Payout - CARE AAA (SO) Equivalent
Vehicle Loan
Issue Details
Transaction Month
Mar-12
CC as % of initial POS
16%
Transaction Structure
Par
First Loss Credit Facility
NA
Pool Principal (Rs Cr)
28.4
Second Loss Credit Facility
NA
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
35.0
261
19.6
3.6
Overdue Composition
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100.0%, 0.0%
NA
5.8%
Nil
Nov-16
Maturity (months)
56
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
27
29
72.0%
2.0%
1.8%
4.8%
4.1%
2.0%
57.2%
NA
NA
100.0%
NA
NA
98.0%
94.0%
45.5%
NA
11.3
13.2
NA
NA
6.3%
24
32
64.7%
1.8%
1.4%
3.6%
2.7%
1.6%
45.4%
NA
NA
100.0%
NA
NA
98.4%
101.3%
56.6%
NA
12.0
15.9
NA
NA
5.8%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
Collection Efficiency
120.0%
3.0%
100.0%
2.0%
80.0%
1.0%
60.0%
CCE
MCE
BCE
40.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M1
M5
M9
ABS & MBS Pool Performance Update- June 14
M13
M17
M21
M25
34
Structured Finance
Issue Name
Originator
Rating
Asset Class
Venus Trust March 2013
HDB Financial Services Limited
Series A PTCs - CARE A (SO)
Vehicle Loan
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
8%
Transaction Structure
Par
First Loss Credit Facility
NA
Pool Principal (Rs Cr)
28.3
Second Loss Credit Facility
NA
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
34.1
436
16.8
9.5
Overdue Composition
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
96.6%, 3.4%
NA
8.8%
NA
Mar-17
Maturity (months)
48
Pool Performance
Jun-14
Mar-14
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
15
33
49.1%
2.6%
0.0%
3.6%
0.0%
1.8%
14.7%
NA
NA
100.0%
NA
NA
98.1%
97.8%
81.8%
NA
5.1
NA
NA
NA
5.3%
12
36
38.7%
1.1%
0.0%
1.3%
0.0%
1.6%
12.2%
NA
NA
100.0%
NA
NA
98.2%
103.4%
83.6%
NA
12.9
NA
NA
NA
3.7%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
3.0%
100.0%
2.0%
80.0%
1.0%
60.0%
BCE
40.0%
0.0%
M1
M3
M5
M7
M9
M11 M13 M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
M15
35
Structured Finance
Issue Name
Originator
Rating
Asset Class
Venus Trust March 2014
HDB Financial Services Limited
Series A PTCs - CARE AA (SO)
Vehicle Loan
Issue Details
Transaction Month
Mar-14
Transaction Structure
Par
Pool Principal (Rs Cr)
145.9
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
172.6
2,916
15.2
13.1
Overdue Composition
100.0%, 0.0%
CC as % of initial POS
9.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
8.0%
NA
Feb-18
Maturity (months)
48
Pool Per for man ce
Ju n -14
M onths Post S ecuritisation
Balance Tenure (M onths)
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
M CE (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
3
45
10.8%
0.0%
0.0%
0.0%
0.0%
0.3%
10.7%
NA
NA
100.0%
NA
NA
101.5%
101.6%
84.5%
NA
NA
NA
NA
NA
0.7%
ABS & MBS Pool Performance Update- June 14
36
Structured Finance
HDFC Bank Ltd – 1 (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)

2011
(12m, A)
24,263
3,926
24,191
1.05
16.22
2012
2013
2014
(12m, A) (12m, A) (12m, A)
33,658
41,918
49,055
5,167
6,726
8,478
28,476
34,309
41,619
1.01
0.97
0.98
16.52
16.80
16.10
During FY14, total income grew by 17% on y-o-y basis, primarily supported
by strong interest and non-interest income. The bank’s balance sheet has
grown at a CAGR of 21% in the last three years (FY11 to FY14). During FY14,
the bank’s advances grew at 23% while its deposits grew at 24% which was
higher than the industry growth at 14.3% and 13% respectively

The bank reported comfortable asset quality parameters with Gross NPA ratio
of 0.98% as of 31st March, 2014 as against 0.97% as of 31st March, 2013.

The bank’s capital adequacy was comfortable with CAR at 16.10% (Tier I
CAR: 11.80%) (Under Basel III) as on Mar.31, 2014.
ABS & MBS Pool Performance Update- June 14
37
Structured Finance
Issue Name
Originator
Rating
Asset Class
HDFC Bank's Assignment of Receivables of Mar' 09
HDFC Bank Limited
Assignee Payout - CARE AAA (SO) Equivalent
Car(69.9%), CV(30.1%)
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
560.1
650.0
27695
16.4
21.4
100%, 0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
Jun-14
62
12
99.9%
0.4%
0.4%
4.2%
2.8%
0.4%
22194.5%
NA
NA
100.0%
NA
NA
99.9%
128.0%
0.0%
NA
>30
>30
NA
NA
12.7%
400.0%
0.8%
300.0%
0.5%
200.0%
0.3%
100.0%
0.0%
74
Mar-14
59
15
99.9%
0.4%
0.4%
2.7%
2.5%
0.4%
13888.4%
NA
NA
100.0%
NA
NA
99.9%
215.0%
0.0%
NA
>30
>30
NA
NA
12.7%
Collection Efficiency
1.0%
12.1%
NA
NA
NA
2.4%
Nil
Jun-15
CCE
MCE
BCE
0.0%
M1
M11
M21
M31
M41
M51
M61
M1
M11
M21
ABS & MBS Pool Performance Update- June 14
M31
M41
M51
M61
38
Structured Finance
HDFC Ltd – 9 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Net Interest Income (NII)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR)
2011
(12m, A)
12,878
4,488
3,535
16,868
0.83
14
2012
(12m, A)
17,354
5,328
4,123
18,389
0.74
14.6
2013
(12m, A)
21,148
7,257
4,848
24,369
0.7
16.4
2014
(12m, A)
24,198
6,666
5,440
27,325
0.69
17.9

Higher treasury and dividend income helped HDFC report Profit After Tax (PAT) of
Rs.5,440 crore on total income of Rs.24,198 crore during FY14 as compared to PAT
of Rs.4,848 crore on total income of Rs.21,148 crore during FY13.

HDFC reported Gross NPA ratio of 0.69% [Net NPA Ratio: Nil] as on March 31,
2014 as compared to Gross NPA ratio of 0.70% [Net NPA Ratio: Nil], as on March
31, 2013, indicating one of the best asset quality parameters in the housing finance
industry.

It reported Capital Adequacy Ratio (CAR) of 17.90% (Tier I CAR: 15.40%) as on
March 31, 2014 as against CAR of 16.4% (Tier-I CAR: 13.9%), as on March 31,
2013. Accretion of profit as well as reduction in regulatory risk weights on
commercial real estate helped improvement in capital adequacy ratio.
ABS & MBS Pool Performance Update- June 14
39
Structured Finance
HDFC's Assignment of Receivables of Mar' 09
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - BBB (SO) Equivalent
Housing Loan
Issue Name
Originator
Rating
Asset Class
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%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
90+ dpd
Overdue
Delinquency
1.0%
180+ dpd
Jun-14
63
68.5%
0.3%
0.1%
0.7%
0.3%
0.2%
23.8%
7.9%
NA
100.0%
100.0%
NA
99.7%
100.0%
77.1%
86.5%
34.8
>30
20.5
>30
41.7%
7.5%
2.5%
5.0%
NA
25.9%
Nil
Feb-34
299
Mar-14
60
66.5%
0.3%
0.1%
0.8%
0.3%
0.2%
22.4%
7.5%
NA
100.0%
100.0%
NA
99.7%
100.0%
78.0%
86.7%
28.9
>30
17.5
>30
40.7%
Collection Efficiency
CCE
MCE
BCE
110%
0.8%
100%
0.6%
90%
0.4%
80%
0.2%
70%
0.0%
60%
M1
M11
M21
M31
M41
M51
M61
M1
M11
M21
ABS & MBS Pool Performance Update- June 14
M31
M41
M51
M61
40
Structured Finance
Issue Name
Originator
Rating
Asset Class
HDFC's Assignment of Receivables of May' 09-I
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
May-09
Par
362.2
678.4
3,945
89.3
2.4
95.3%,4.4%,0.3%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
90+ dpd
Overdue
Delinquency
1.0%
180+ dpd
Jun-14
61
56.7%
0.8%
0.3%
1.6%
0.5%
0.3%
27.7%
12.7%
NA
100.0%
100.0%
NA
99.4%
100.3%
80.1%
88.1%
12.6%
>30
7.6
25.9
33.1%
12.0%
5.5%
6.5%
NA
11.2%
Nil
Jan-30
248
Mar-14
58
54.3%
0.7%
0.3%
1.3%
0.5%
0.3%
26.3%
12.0%
NA
100.0%
100.0%
NA
99.4%
100.3%
81.0%
88.5%
14.6%
>30
8.9
24.6
31.7%
Collection Efficiency
CCE
MCE
BCE
110%
0.8%
100%
0.6%
90%
0.4%
80%
0.2%
70%
0.0%
60%
M1
M11
M21
M31
M41
M51
M61
M1
M11
M21
ABS & MBS Pool Performance Update- June 14
M31
M41
M51
M61
41
Structured Finance
HDFC's Assignment of Receivables of May' 09-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - BBB (SO) Equivalent
Housing Loan
Issue Name
Originator
Rating
Asset Class
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
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
Jun-14
61
65.8%
0.5%
0.3%
1.3%
0.6%
0.3%
29.3%
12.4%
NA
100.0%
100.0%
NA
99.5%
100.0%
78.5%
88.2%
16.3
>30
8.9
18.7
45.1%
Mar-14
58
63.5%
0.6%
0.4%
1.4%
0.9%
0.3%
27.4%
11.6%
NA
100.0%
100.0%
NA
99.5%
101.3%
79.7%
88.6%
14.0
23.2
7.8
13.0
43.7%
Collection Efficiency
110%
0.8%
100%
0.6%
90%
0.4%
80%
0.2%
70%
0.0%
10.0%
4.3%
5.8%
NA
12.4%
Nil
Nov-33
294
CCE
MCE
BCE
60%
M1
M11
M21
M31
M41
M51
M61
M1
M11
M21
ABS & MBS Pool Performance Update- June 14
M31
M41
M51
M61
42
Structured Finance
Issue Name
Originator
Rating
Asset Class
HDFC's Assignment of Receivables of Dec' 09-I
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
Dec-09
Par
238.6
430.6
3,243
84.6
8.3
99.8%, 0.2%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
90+ dpd
Overdue
Delinquency
180+ dpd
Jun-14
55
55.6%
0.5%
0.1%
1.0%
0.2%
0.2%
29.1%
13.0%
NA
100.0%
100.0%
NA
99.9%
101.0%
80.0%
88.9%
20.5
>30
11.3
>30
33.25%
Collection Efficiency
12.9%
5.7%
7.2%
NA
9.8%
Nil
Sep-29
240
Mar-14
52
53.3%
0.5%
0.2%
1.1%
0.3%
0.3%
27.6%
12.3%
NA
100.0%
100.0%
NA
99.9%
99.3%
81.1%
89.4%
17.9
>30
10.1
>30
32.00%
CCE
MCE
BCE
110%
1.0%
100%
0.8%
0.6%
90%
0.4%
0.2%
80%
0.0%
M1
M10
M19
M28
M37
M46
M55
70%
M1
M7 M13 M19 M25 M31 M37 M43 M49 M55
ABS & MBS Pool Performance Update- June 14
43
Structured Finance
Issue Name
Originator
Rating
Asset Class
HDFC's Assignment of Receivables of Dec' 09-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
Dec-09
Par
759.5
1344.3
13,248
76.4
36.2
99.7%, 0.3%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
90+ dpd
Overdue
Delinquency
180+ dpd
Jun-14
55
64.8%
0.4%
0.1%
1.1%
0.2%
0.2%
27.7%
10.7%
NA
100.0%
100.0%
NA
99.6%
100.4%
77.5%
87.7%
20.1
>30
10.9
>30
38.2%
Collection Efficiency
110%
9.8%
3.7%
6.1%
NA
14.5%
Nil
Aug-30
251
Mar-14
52
62.5%
0.5%
0.1%
1.2%
0.3%
0.2%
26.0%
10.0%
NA
100.0%
100.0%
NA
99.6%
100.3%
78.7%
88.1%
17.9
>30
10.0
>30
37.0%
CCE
MCE
BCE
1.0%
100%
0.8%
0.6%
90%
0.4%
0.2%
80%
0.0%
M1
M10
M19
M28
M37
M46
M55
70%
M1
M7 M13 M19 M25 M31 M37 M43 M49 M55
ABS & MBS Pool Performance Update- June 14
44
Structured Finance
HDFC Direct Assignment Oct' 10-I
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - BBB (SO) Equivalent
Housing Loan
Issue Name
Originator
Rating
Asset Class
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%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
90+ dpd
180+ dpd
Overdue
1.0%
Jun-14
44
36.4%
0.4%
0.1%
0.6%
0.1%
0.2%
16.5%
6.6%
NA
100.0%
100.0%
NA
99.7%
100.0%
85.9%
91.2%
23.5
>30
14.7
>30
22.9%
10.5%
4.2%
6.3%
NA
12.0%
Nil
Aug-30
238
Mar-14
41
33.6%
0.4%
0.1%
0.6%
0.2%
0.2%
15.8%
6.3%
NA
100.0%
100.0%
NA
99.7%
99.5%
86.4%
91.3%
22.1
>30
14.1
>30
21.1%
CCE
MCE
Collection Efficiency
110%
BCE
100%
0.8%
0.6%
90%
0.4%
0.2%
80%
0.0%
70%
M1
M7
M13
M19
M25
M31
M37
M43
M1
M7
M13
ABS & MBS Pool Performance Update- June 14
M19
M25
M31
M37
M43
45
Structured Finance
HDFC Direct Assignment Oct' 10-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - BBB (SO) Equivalent
Housing Loan
Issue Name
Originator
Rating
Asset Class
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
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
90+ dpd
Overdue
Delinquency
1.0%
180+ dpd
Jun-14
44
42.0%
0.6%
0.2%
0.8%
0.3%
0.2%
18.1%
7.2%
NA
100.0%
100.0%
NA
99.7%
100.2%
85.1%
90.9%
17.6
>30
10.7
>30
25.5%
Mar-14
41
38.8%
0.5%
0.2%
0.7%
0.3%
0.2%
17.2%
6.9%
NA
100.0%
100.0%
NA
99.7%
99.6%
85.7%
91.1%
20.2
>30
12.5
>30
23.4%
CCE
MCE
Collection Efficiency
110%
0.8%
10.5%
4.2%
6.3%
NA
12.0%
Nil
Aug-30
238
BCE
100%
0.6%
90%
0.4%
0.2%
80%
0.0%
70%
M1
M8
M15
M22
M29
M36
M43
M1
M7
M13
ABS & MBS Pool Performance Update- June 14
M19
M25
M31
M37
M43
46
Structured Finance
Issue Name
Originator
Rating
Asset Class
HDFC Direct Assignment Sep' 11
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - BBB (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Sep-11
CC as % of initial POS
9.3%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
600.0
1270.4
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
4.1%
5.2%
NA
No of Contracts
Average Maturity (Months)
4,191
102.1
EIS
OC/Subordination
7.6%
Nil
Average Seasoning' (Months)
Overdue Composition
11.0
94.72%,5.13%, 0.15%
Pool Maturity
Maturity (months)
Dec-34
278
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
Jun-14
33
32.6%
0.4%
0.1%
0.5%
0.1%
0.2%
13.8%
6.1%
NA
100.0%
100.0%
NA
99.8%
100.2%
89.8%
93.7%
21.2
>30
13.0
>30
21.9%
Collection Efficiency
1.0%
110%
0.8%
100%
Mar-14
30
29.7%
0.3%
0.1%
0.4%
0.1%
0.2%
13.2%
5.8%
NA
100.0%
100.0%
NA
99.8%
99.7%
90.2%
93.9%
22.6
>30
14.0
>30
20.0%
CCE
MCE
BCE
0.6%
90%
0.4%
80%
0.2%
0.0%
70%
M1
M5
M9
M13 M17 M21 M25 M29 M33
M1
M5
M9
ABS & MBS Pool Performance Update- June 14
M13 M17 M21 M25 M29 M33
47
Structured Finance
Issue Name
Originator
Rating
Asset Class
HDFC Direct Assignment Oct' 11
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
Oct-11
Par
1386.4
2986.0
15,568
102.6
22.2
80.98%,17.47%, 1.55%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
90+ dpd
Overdue
180+ dpd
Jun-14
33
39.8%
0.5%
0.2%
0.8%
0.2%
0.3%
14.8%
6.0%
NA
100.0%
100.0%
NA
100.0%
100.3%
85.6%
90.2%
18.6
>30
12.6
>30
25.2%
Collection Efficiency
1.0%
110%
0.8%
100%
8.8%
3.6%
5.2%
NA
16.3%
Nil
Apr-40
344
Mar-14
30
36.8%
0.5%
0.2%
0.7%
0.2%
0.3%
14.1%
5.8%
NA
100.0%
100.0%
NA
99.9%
100.0%
86.0%
90.4%
19.5
>30
13.4
>30
23.5%
CCE
MCE
BCE
0.6%
90%
0.4%
0.2%
80%
0.0%
70%
M1
M5
M9
M13 M17 M21 M25 M29 M33
M1
M5
M9
M13 M17 M21 M25 M29 M33
ABS & MBS Pool Performance Update- June 14
48
Structured Finance
Indiabulls Housing Finance Company
Ltd – 18 (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)
2011
(12m, A)
2,510
751
4,464
1.05
20.09
2012
2013
2014
(12m, A) (12m, A) (12m, A)
3,846
4,778
5,961
1,006
1,266
1,569
4,793
5,004
5,522
0.86
0.88
0.96
18.86
18.47
19.12
* Calculated on on-balance sheet portfolio

During FY14, total income grew by 24.8% on y-o-y basis, primarily supported by
increase in disbursements. Asset Under Management registered a growth of around
20% and stood at 41,169 crores as of 31st March, 2014 as against 34,425 as of 31st
March, 2013. AUM as of June 30, 2014 stood at 42,014 crores

The gross NPA level has increased slightly from 0.88% in FY13 to 0.96% in FY 14 in
line with the industry. As of June 30, 2014 gross NPA stood at 0.84%. Despite the
prolonged depressed economic environment NPAs remained within the comfortable
range.

The CAR has improved in FY14 and stood at 19.12% as against 18.47% in FY13. The
improvement in CAR is mainly due to the strengthening of Tier II Capital to the level
of 4.08% in FY14 as against 3.51% in FY13. Tier I Capital almost remained stable
increasing slightly to 15.04% in FY14 as against 14.96% in FY13.
ABS & MBS Pool Performance Update- June 14
49
Structured Finance
Issue Name IBFSL Direct Assignment- Sep ’11 I
Indiabulls Housing Finance Ltd.
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class Secured SME / Loan against Property
Originator
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%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
Jun-14
33
69.0%
0.0%
0.0%
0.0%
0.0%
0.1%
62.8%
NA
NA
100.0%
NA
NA
98.2%
100.5%
49.7%
NA
NA
NA
NA
NA
59.2%
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
Collection Efficiency
120.0%
1.5%
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
40.0%
M1
M5
M9 M13 M17 M21 M25 M29 M33
M1
M5
19.5%
NA
NA
NA
34.6%
NA
Jan-26
173
Mar-14
30
65.7%
0.0%
0.0%
0.0%
0.0%
0.1%
56.9%
NA
NA
100.0%
NA
NA
98.0%
99.7%
52.7%
NA
NA
NA
NA
NA
56.6%
CCE
MCE
BCE
M9 M13 M17 M21 M25 M29 M33
ABS & MBS Pool Performance Update- June 14
50
Structured Finance
Issue Name IBFSL Direct Assignment- Sep ’11 II
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class HCV (92.03%), LCV (6.37%) & Others (1.60%)
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
251.2
304.5
4,398
15.5
11.2
100.0%, 0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
Jun-14
33
13
95.4%
0.5%
0.2%
4.6%
1.5%
0.6%
292.4%
NA
NA
100.0%
NA
NA
97.9%
99.9%
0.0%
NA
>30
>30
NA
NA
12.9%
Collection Efficiency
125.0%
13.5%
NA
NA
NA
7.2%
NA
Jun-15
46
Mar-14
30
16
92.1%
0.6%
0.3%
3.5%
1.1%
0.7%
171.0%
NA
NA
100.0%
NA
NA
97.9%
100.7%
0.0%
NA
>30
>30
NA
NA
12.2%
CCE
MCE
BCE
100.0%
3.0%
75.0%
2.0%
50.0%
1.0%
25.0%
0.0%
0.0%
M1 M5 M9 M13 M17 M21 M25 M29 M33
M1 M5 M9 M13 M17 M21 M25 M29 M33
ABS & MBS Pool Performance Update- June 14
51
Structured Finance
Issue Name IBFSL Direct Assignment – Dec ’11 I
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class Secured SME / Loan against Property
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
4.0%
90+ dpd
Overdue
180+ dpd
Jun-14
30
59.3%
0.0%
0.0%
0.0%
0.0%
0.3%
51.4%
NA
NA
100.0%
NA
NA
99.1%
102.2%
56.9%
NA
NA
NA
NA
NA
46.5%
Collection Efficiency
130.0%
3.0%
110.0%
2.0%
90.0%
1.0%
70.0%
0.0%
50.0%
M1
M5
M9
M13 M17 M21 M25 M29
Mar-14
27
53.7%
0.7%
0.0%
1.5%
0.0%
0.3%
45.2%
NA
NA
100.0%
NA
NA
98.9%
100.3%
60.3%
NA
26.97
NA
NA
NA
41.9%
M1
M5
M9
CCE
MCE
BCE
M13 M17 M21 M25 M29
ABS & MBS Pool Performance Update- June 14
52
Structured Finance
Issue Name IBFSL Direct Assignment Dec ’11 III
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class HCV (92.26%) & LCV (7.74%)
Issue Details
Transaction Month
Dec-11
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
Overdue Composition
CC as % of initial POS
Par
First Loss Credit Facility
NA
250.2
305.8
3,182
17.6
9.0
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
5.7%
NA
Jul-16
100%,0%
Maturity (months)
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
13.9%
180+ dpd
55
Jun-14
30
25
89.1%
1.1%
0.5%
6.3%
2.4%
0.9%
127.9%
NA
NA
100.0%
NA
NA
97.5%
101.7%
0.0%
NA
18.9
>30
NA
NA
16.6%
Mar-14
27
28
84.9%
0.9%
0.4%
4.1%
1.6%
1.1%
92.5%
NA
NA
100.0%
NA
NA
97.3%
98.9%
13.5%
NA
21.3
>30
NA
NA
16.1%
CCE
MCE
Collection Efficiency
120.0%
3.0%
90.0%
2.0%
60.0%
1.0%
30.0%
BCE
0.0%
0.0%
M1
M5
M9
M13 M17 M21 M25 M29
M1
M5
M9
ABS & MBS Pool Performance Update- June 14
M13
M17
M21
M25
M29
53
Structured Finance
Issue Name IBFSL Direct Assignment- Feb ’12 I
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class Secured SME / Loan against Property
Issue Details
Transaction Month
Mar-12
Transaction Structure
Par
Pool Principal (Rs Cr)
222.3
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
492.2
454
76.0
12.1
Overdue Composition
100.0%, 0.0%
CC as % of initial POS
2.0%
90+ dpd
Overdue
180+ dpd
NA
Second Loss Credit Facility
NA
NA
38.3%
NA
Dec-31
Maturity (months)
Jun-14
27
64.1%
0.0%
0.0%
0.1%
0.1%
0.1%
55.7%
NA
NA
100.0%
NA
NA
99.5%
100.0%
53.6%
NA
>30
>30
NA
NA
55.2%
Collection Efficiency
120.0%
1.5%
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
40.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
First Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
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
20.0%
239
Mar-14
24
59.8%
0.0%
0.0%
0.1%
0.0%
0.1%
49.8%
NA
NA
100.0%
NA
NA
99.4%
101.2%
56.7%
NA
>30
NA
NA
NA
51.6%
CCE
MCE
BCE
M1 M4 M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
54
Structured Finance
Issue Name IBFSL Direct Assignment Mar ’12 - I
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class HCV (92.42%), LCV (5.31%) and Others (2.27%)
Issue Details
Transaction Month
Mar-12
Transaction Structure
Par
Pool Principal (Rs Cr)
193.8
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
242.1
2,218
19.4
7.7
Overdue Composition
85.49%,14.51%
CC as % of initial POS
4.0%
90+ dpd
Overdue
180+ dpd
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
7.7%
NA
Jan-17
Maturity (months)
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
14.0%
Jun-14
27
32
77.5%
1.7%
0.5%
5.1%
1.1%
1.2%
62.1%
NA
NA
100.0%
NA
NA
96.8%
98.0%
41.5%
NA
11.4
>30
NA
NA
12.2%
Collection Efficiency
59
Mar-14
24
35
69.9%
0.7%
0.2%
1.5%
0.3%
1.3%
46.5%
NA
NA
100.0%
NA
NA
96.7%
100.0%
55.8%
NA
29.6
>30
NA
NA
10.2%
CCE
MCE
BCE
110.0%
3.0%
90.0%
2.0%
70.0%
1.0%
50.0%
0.0%
30.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
M1 M4 M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
55
Structured Finance
Issue Name IBFSL Direct Assignment- Mar ’12 II
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Assignee Payout - CARE AA+ (SO)
Rating
Second Loss Facility - CARE BBB (SO)
Asset Class Secured SME / Loan against Property
Issue Details
Transaction Month
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
Overdue Composition
CC as % of initial POS
Par
First Loss Credit Facility
8.0%
259.6
486.6
374
59.7
12.1
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
11.9%
NA
23.8%
NA
Dec-26
100%, 0%
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
2.0%
90+ dpd
Overdue
19.9%
180+ dpd
Jun-14
27
58.5%
0.0%
0.0%
0.0%
0.0%
0.1%
47.9%
19.3%
NA
100.0%
100.0%
NA
99.6%
99.5%
61.7%
NA
NA
NA
NA
NA
44.9%
Collection Efficiency
120.0%
1.5%
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
40.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
177
Mar-14
24
54.3%
0.0%
0.0%
0.0%
0.0%
0.1%
43.5%
17.5%
NA
100.0%
100.0%
NA
99.6%
98.4%
64.2%
NA
NA
NA
NA
NA
41.8%
CCE
MCE
BCE
M1 M4 M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
56
Structured Finance
Issue Name IBFSL Direct Assignment Mar ’12 - III
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class HCV (88.99%), LCV(7.93%) and Others (3.08%)
Issue Details
Transaction Month
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
Overdue Composition
CC as % of initial POS
Par
First Loss Credit Facility
NA
118.3
149.3
1,283
20.3
3.8
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
7.3%
NA
Feb-17
88.45%,11.55%
Maturity (months)
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
13.5%
180+ dpd
59
Jun-14
27
32
78.9%
1.5%
0.5%
4.9%
1.3%
1.2%
63.9%
NA
NA
100.0%
NA
NA
96.7%
103.6%
40.0%
NA
12.3
>30
NA
NA
19.3%
Collection Efficiency
120.0%
Mar-14
24
35
73.4%
1.3%
0.8%
3.1%
1.7%
1.6%
50.7%
NA
NA
100.0%
NA
NA
96.2%
95.7%
52.1%
NA
15.3
27.9
NA
NA
18.2%
CCE
MCE
BCE
100.0%
3.0%
80.0%
2.0%
60.0%
1.0%
40.0%
0.0%
20.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
M1 M4 M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
57
Structured Finance
Issue Name IBFSL Direct Assignment Mar ’12 - IV
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class HCV (89.34%), Buses (6.07%), Others (4.59%)
Issue Details
Transaction Month
Mar-12
Transaction Structure
Par
Pool Principal (Rs Cr)
100.0
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
119.1
1,068
17.4
11.4
Overdue Composition
91.06%,8.94%
CC as % of initial POS
4.0%
90+ dpd
Overdue
180+ dpd
3.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
2.3%
NA
Aug-16
Maturity (months)
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
15.0%
53
Jun-14
27
26
93.1%
1.4%
0.6%
12.2%
3.1%
1.1%
218.0%
NA
NA
100.0%
NA
NA
95.8%
97.0%
0.0%
NA
16.8
>30
NA
NA
31.8%
Collection Efficiency
120.0%
Mar-14
24
29
88.6%
1.2%
1.0%
5.9%
4.3%
1.4%
131.4%
NA
NA
100.0%
NA
NA
95.8%
96.7%
0.0%
NA
20.7
28.1
NA
NA
29.8%
CCE
MCE
BCE
80.0%
2.0%
40.0%
1.0%
0.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
M1 M4 M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
58
Structured Finance
Issue Name INNOVATION TRUST-IV SEP 12
Indiabulls Housing Finance Ltd.
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Series A1 PTC - CARE AA+ (SO)
Asset Class HCV (79.85%), Bus (17.64%) and LCV (2.51%)
Originator
Issue Details
Transaction Month
Sep-12
Transaction Structure
Par
Pool Principal (Rs Cr)
176.6
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
208.4
2,037
16.9
11.2
Overdue Composition
100%, 0%
CC as % of initial POS
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
4.0%
90+ dpd
Overdue
180+ dpd
120.0%
2.0%
80.0%
1.0%
60.0%
0.0%
40.0%
M7
M10
M13
Mar-14
18
36
64.3%
0.5%
0.2%
0.9%
0.4%
0.9%
53.9%
NA
NA
100.0%
NA
NA
97.3%
96.8%
49.7%
NA
>30
>30
NA
NA
13.4%
Collection Efficiency
100.0%
M4
M16
M19
54
Jun-14
21
33
73.2%
0.5%
0.3%
1.2%
0.6%
0.9%
71.7%
NA
NA
100.0%
NA
NA
97.6%
99.2%
33.1%
NA
>30
>30
NA
NA
15.4%
3.0%
M1
NA
1.1%
NA
Jan-17
Maturity (months)
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
15.8%
M1
M4
M7
ABS & MBS Pool Performance Update- June 14
M10
CCE
MCE
M13
BCE
M16
M19
59
Structured Finance
Issue Name IBHFL Direct Assignment – Mar ’12 I
Originator Indiabulls Housing Finance Ltd.
Rating
Assignee Payout - CARE AA+ (SO) Equivalent
Asset Class Housing loan
Issue Details
Transaction Month
Mar-12
Transaction Structure
Par
Pool Principal (Rs Cr)
158.7
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
347.0
1,272
93.5
11.9
Overdue Composition
100%,0%
CC as % of initial POS
12.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
15.8%
NA
Feb-32
Maturity (months)
240
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
27
43.7%
0.3%
0.1%
0.5%
0.2%
0.0%
21.3%
NA
NA
100.0%
NA
NA
99.9%
100.1%
82.6%
NA
>30
>30
NA
NA
36.7%
24
40.2%
0.2%
0.1%
0.3%
0.2%
0.0%
20.1%
NA
NA
100.0%
NA
NA
99.8%
99.8%
83.0%
NA
>30
>30
NA
NA
33.8%
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
1.5%
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
M1 M4 M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
60
Structured Finance
Issue Details
Transaction Month
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
Overdue Composition
CC as % of initial POS
12.5%
Par
First Loss Credit Facility
NA
137.2
277.1
987
88.3
6.9
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
7.3%
NA
Dec-31
100%,0%
Maturity (months)
238
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
27
47.4%
0.0%
0.0%
0.0%
0.0%
0.0%
23.8%
NA
NA
100.0%
NA
NA
100.0%
99.9%
84.7%
NA
NA
NA
NA
NA
38.0%
24
44.3%
0.0%
0.0%
0.0%
0.0%
0.0%
22.4%
NA
NA
100.0%
NA
NA
100.0%
99.9%
85.6%
NA
NA
NA
NA
NA
35.7%
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
110.0%
1.5%
100.0%
1.0%
90.0%
0.5%
80.0%
CCE
MCE
BCE
70.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
M1 M4 M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
61
Structured Finance
Issue Details
Transaction Month
Mar-12
CC as % of initial POS
12.8%
Transaction Structure
Par
Pool Principal (Rs Cr)
102.7
Future Receivables (Rs Cr)
239.5
LF as % of initial POS
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
731
114.6
6.2
EIS
OC/Subordination
Pool Maturity
7.2%
NA
Aug-36
100%,0%
Maturity (months)
294
Overdue Composition
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
NA
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
27
60.1%
0.0%
0.0%
0.0%
0.0%
0.0%
32.0%
NA
NA
100.0%
100.0%
NA
100.0%
132.7%
82.9%
NA
NA
NA
NA
NA
54.1%
24
59.0%
0.0%
0.0%
0.0%
0.0%
0.0%
31.1%
NA
NA
100.0%
100.0%
NA
100.0%
100.1%
83.4%
NA
NA
NA
NA
NA
53.0%
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
1.5%
110.0%
1.0%
100.0%
0.5%
90.0%
0.0%
80.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25
CCE
MCE
BCE
M1 M4 M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
62
Structured Finance
Issue Name
Originator
Rating
Asset Class
Innovation Trust-I Sep12
Indiabulls Housing Finance Ltd.
Series A1 PTC - CARE AA+ (SO) Equivalent
Housing loan
Issue Details
Transaction Month
Sep-12
CC as % of initial POS
11.5%
Transaction Structure
Par
First Loss Credit Facility
NA
Pool Principal (Rs Cr)
54.9
Second Loss Credit Facility
NA
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
117.0
458
8.1
20.6
Overdue Composition
100%,0%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
9.5%
NA
Apr-36
Maturity (months)
283
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
21
45.6%
0.0%
0.0%
0.0%
0.0%
0.0%
21.2%
NA
NA
100.0%
100.0%
NA
99.9%
99.9%
86.2%
NA
NA
NA
NA
NA
39.5%
18
43.6%
0.0%
0.0%
0.0%
0.0%
0.0%
20.4%
NA
NA
100.0%
100.0%
NA
99.9%
99.7%
86.8%
NA
NA
NA
NA
NA
37.6%
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
1.5%
BCE
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
M1
M4
M7
M10
M13
M16
M25
M1
M4
M7
ABS & MBS Pool Performance Update- June 14
M10
M13
M16
M25
63
Structured Finance
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
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
4.0%
90+ dpd
Overdue
180+ dpd
Jun-14
15
34.2%
1.5%
0.0%
2.3%
0.0%
0.2%
20.1%
0.0%
NA
100.0%
0.0%
NA
99.2%
102.1%
68.7%
NA
13.79
NA
NA
NA
26.4%
2.0%
80.0%
1.0%
60.0%
0.0%
40.0%
M3
M5
M7
M9
M11 M13 M15
CCE
MCE
120.0%
100.0%
M1
Mar-14
12
27.9%
0.0%
0.0%
0.0%
0.0%
0.3%
18.4%
0.0%
NA
100.0%
0.0%
NA
98.6%
98.2%
69.3%
NA
NA
NA
NA
NA
21.4%
Collection Efficiency
3.0%
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
13.3%
NA
NA
NA
32.4%
NA
Apr-30
205
M7
M9
BCE
M11 M13 M15
64
Structured Finance
Issue Name Innovation Trust-XI Mar 13
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Series A1 PTC - CARE AA+ (SO)
Asset Class Secured SME / 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
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
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
2.0%
90+ dpd
Overdue
180+ dpd
1.5%
Jun-14
15
43.0%
0.0%
0.0%
0.0%
0.0%
0.2%
21.1%
NA
NA
100.0%
NA
NA
99.4%
99.3%
74.1%
NA
NA
NA
NA
NA
33.4%
10.8%
NA
NA
NA
25.1%
NA
Aug-45
389
Mar-14
12
36.0%
0.6%
0.6%
0.8%
0.8%
0.1%
18.7%
NA
NA
100.0%
NA
NA
99.4%
100.6%
74.9%
NA
29.65
29.65
NA
NA
27.8%
CCE
MCE
Collection Efficiency
120.0%
BCE
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
M1
M3
M5
M7
M9
M11 M13 M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11 M13 M15
65
Structured Finance
Issue Name
Innovation Trust XV Dec' 13
Indiabulls Housing Finance Ltd.
(Erstwhile Indiabulls Financial Services Ltd.)
Originator
Rating
Series A PTCs - CARE AA (SO)
Asset Class
Secured SME/ Loan against Property
Issue Details
Transaction Month
Dec-13
CC as % of initial POS
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
98.6
184.4
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
No of Contracts
Average Maturity (Months)
124
58.7
EIS
OC/Subordination
39.3%
NA
Average Seasoning' (Months)
19.0
Pool Maturity
Aug-33
Overdue Composition
100%, 0%
90+ dpd
Overdue
2.0%
180+ dpd
236
Jun-14
6
18.4%
0.0%
0.0%
0.0%
0.0%
0.1%
17.8%
NA
NA
100.0%
NA
NA
98.7%
98.5%
69.4%
NA
NA
NA
NA
NA
15.5%
Mar-14
3
11.3%
0.0%
0.0%
0.0%
0.0%
0.1%
16.3%
NA
NA
100.0%
NA
NA
98.9%
98.9%
69.9%
NA
NA
NA
NA
NA
9.8%
CCE
MCE
Collection Efficiency
120.0%
1.5%
NA
NA
NA
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
14.5%
BCE
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
M1
M2
M3
M4
M5
M6
M1
M2
ABS & MBS Pool Performance Update- June 14
M3
M4
M5
M6
66
Structured Finance
Issue Name
Originator
Rating
Asset Class
Innovation Trust XIX Mar' 14
Indiabulls Housing Finance Ltd.
(Erstwhile Indiabulls Financial Services Ltd.)
Series A PTCs - CARE AA (SO)
Secured SME/ Loan against Property
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
9.0%
NA
NA
NA
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
385.0
713.7
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
No of Contracts
Average Maturity (Months)
575
58.3
EIS
OC/Subordination
36.5%
NA
Average Seasoning' (Months)
19.5
Pool Maturity
Dec-33
Overdue Composition
100%, 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
Maturity (months)
237
Jun-14
3
10.7%
0.0%
0.0%
0.0%
0.0%
0.0%
10.1%
NA
NA
100.0%
NA
NA
99.2%
NA
74.8%
NA
NA
NA
NA
Na
8.9%
ABS & MBS Pool Performance Update- June 14
67
Structured Finance
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)
Net NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)

2011
2012
(12m, A) (12m, A)
3,289
6,224
519
954
92
105
1,333
1,431
0.36
0.40
29.95
17.90
2013
2014
(12m, A) (12m, A)
8,803
10,247
1737
1970
189
210
1,533
1,620
0.17
0.33
21.60
17.67
During FY14, total income grew by 13.4% on y-o-y basis, primarily supported by
increase in disbursements. Asset Under Management registered a growth of around
16.4% and stood at 10,247 crores as of 31st March, 2014 as against 8,803 crores as of
31st March, 2013.

The net NPA level has increased from 0.17% in FY13 to 0.33% in FY 14 in line with
the industry. Despite the prolonged depressed economic environment NPAs remained
within the comfortable range.

The CAR has declined in FY14 and stood at 17.67% as against 21.60% in FY13.
However the CAR is very well above the regulatory requirement of 15%.
ABS & MBS Pool Performance Update- June 14
68
Structured Finance
Issue Name
Originator
Rating
IIFL CV Trust December 2013 I
India Infoline Finance Limited
Series A1 PTC - CARE AA (SO)
HCV (49.54%), SCV(24.21%), LCV (18.05%), Pick
Up (5.14%) & Tractor Trail (3.06%)
Asset Class
Issue Details
Transaction Month
Dec-13
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Par
66.8
83.4
1210
18.0
Average Seasoning' (Months)
7.0
Overdue Composition
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
CC as % of initial POS
13.5%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
NA
NA
NA
10.8%
NA
Pool Maturity
Nov-17
Maturity (months)
Jun-14
6
42
17.2%
0.8%
0.0%
0.8%
0.0%
1.1%
16.3%
NA
NA
100.0%
NA
NA
95.9%
97.8%
78.9%
NA
25.1
NA
NA
NA
1.5%
ABS & MBS Pool Performance Update- June 14
48
Mar-14
3
45
8.8%
0.0%
0.0%
0.0%
0.0%
0.7%
14.8%
NA
NA
100.0%
NA
NA
93.9%
94.0%
79.7%
NA
NA
NA
NA
NA
1.0%
69
Structured Finance
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) (%)
2011
2012
2013
2014
(12m, A) (12m, A) (12m, A) (12m, A)
114.97
190.29
248.17
331.91
15.62
26.76
42.79
59.60
3.3
3.89
7.06
11.62
22.51
34.68
52.55
66.68
0.31
0.43
0.51%
0.43*%
26.25
24.86
20.68% 19.70*%
*As of 31st Dec 2013

During FY14, total assets grew by 33.74% and stood at 331.91 crores as of 30th March
2014 as against 248.17 crores as of 31st March 2013.

The Net NPA level has come down to 0.43% as of 31st December, 2013 as against
0.51% as of 31st March 2013. In spite of stressed economic scenario, NPAs remained
under control.

The CAR remained comfortable at the level of 19.70% as of 31st December, 2013 as
against 20.68% at the end of 31st March, 2013. It is above the regulatory requirement
of 15%.
ABS & MBS Pool Performance Update- June 14
70
Structured Finance
Issue Name Alpha Trust March 2013 - I
Originator IKF Finance Limited
Rating
Series A PTC - CARE A+ (SO)
MUV (36%), HCV (33%), LCV (20%), SCV (4%)
Asset Class
and Others (7%).
Issue Details
Transaction Month
Mar-13
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue
Composition
Pool Per
for mance
CC as % of initial POS
Par
First Loss Credit Facility
NA
24.7
29.4
716
12.5
11.0
100.0%, 0.0%
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
7.8%
NA
Apr-16
MaturityJun-14
(months)
Months Post S ecuritisation
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
1.5%
90+ dpd
Overdue
20.0%
180+ dpd
Mar -1438
15
23
64.1%
0.0%
0.0%
0.0%
0.0%
1.0%
55.6%
NA
NA
100.0%
NA
NA
100.6%
100.7%
45.6%
NA
NA
NA
NA
NA
0.0%
12
26
52.0%
0.0%
0.0%
0.0%
0.0%
0.5%
41.7%
NA
NA
100.0%
NA
NA
100.8%
108.2%
33.8%
NA
NA
NA
NA
NA
0.0%
CCE
MCE
Collection Efficiency
120.0%
BCE
1.0%
80.0%
0.5%
40.0%
0.0%
M1
M3
M5
M7
M9 M11 M13 M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
M15
71
Structured Finance
Issue Name Auxesia CV IFMR Capital 2013
Originator
IKF Finance Limited
Series A1 PTC - CARE A- (SO) , Series A2 PTC Rating
CARE BB+ (SO)
MCV (48%), HCV (31%), Car (20%) and
Asset Class
LCV(0.86%).
Issue Details
Transaction Month
Nov-13
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
7.2%
Par
First Loss Credit Facility
NA
24.7
28.9
824
11.2
11.7
100%, 0%
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
8.2%
13.0%
Sep-17
Maturity (months)
46
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
CC as % of S eries A1 PTC
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
7
39
34.2%
0.0%
0.0%
0.0%
0.0%
0.9%
10.9%
13.6%
NA
NA
100.0%
NA
NA
98.0%
95.3%
70.2%
NA
NA
NA
NA
NA
0.0
4
42
19.4%
0.0%
0.0%
0.0%
0.0%
0.0%
8.9%
10.6%
NA
NA
100.0%
NA
NA
100.0%
100.0%
74.3%
NA
NA
NA
NA
NA
0.0
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
BCE
1.5%
90.0%
1.0%
0.5%
60.0%
0.0%
M1
M2
M3
M4
M5
M6
M7
M1
M2
M3
ABS & MBS Pool Performance Update- June 14
M4
M5
M6
M7
72
Structured Finance
Issue Name
Originator
Kallone CV IFMR Capital 2014
IKF Finance Limited
Series A1 PTC - CARE A (SO) and
Series A2 PTC -CARE BB+ (SO)
HCV (41.75%), MUV (29.96%), LCV (11.21%), Car
(8.26%), CE (5.00%), & Others (3.83%)
Rating
Asset Class
Issue Details
Transaction Month
Jan-14
CC as % of initial POS
11.0%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
20.8
24.5
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
No of Contracts
Average Maturity (Months)
748
11.8
EIS
OC/Subordination
8.4%
10.0%
Average Seasoning' (Months)
12.4
Pool Maturity
Jun-17
Overdue Composition
100%, 0%
Maturity (months)
NA
NA
NA
41
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
CC as % of S eries A1 PTC
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
5
36
25.0%
0.0%
0.0%
0.0%
0.0%
1.0%
14.7%
17.0%
NA
NA
100.0%
NA
NA
96.9%
98.7%
73.5%
NA
NA
NA
NA
NA
0.0
2
39
9.9%
0.0%
0.0%
0.0%
0.0%
0.7%
12.2%
13.7%
NA
NA
100.0%
NA
NA
94.3%
NA
76.7%
NA
NA
NA
NA
NA
0.0
ABS & MBS Pool Performance Update- June 14
73
Structured Finance
Issue Name
Originator
Hesperis CV IFMR Capital 2014
IKF Finance Limited
Series A1 PTC - CARE A- (SO) and
Series A2 PTC -CARE BB+ (SO)
Rating
HCV (33.05%),Three Wheeler (14.32%), LCV
(8.12%), Car(41.37%), SCV(2.04%) & Tractor (1.10%)
Asset Class
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
9.4%
NA
NA
NA
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
15.2
18.24
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
No of Contracts
Average Maturity (Months)
618
13.1
EIS
OC/Subordination
9.2%
13.0%
Average Seasoning' (Months)
7.7
Pool Maturity
Jul-17
Overdue Composition
100%, 0%
Maturity (months)
Pool Per for mance
Jun-14
Months Post S ecuritisation
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
CC as % of S eries A1 PTC
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
3
37
12.4%
0.0%
0.0%
0.0%
0.0%
0.6%
10.7%
12.6%
NA
NA
100.0%
NA
NA
96.6%
96.6%
77.8%
NA
NA
NA
NA
NA
0.0
ABS & MBS Pool Performance Update- June 14
40
74
Structured Finance
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) %)

2011
(12m, A)
847.3
114.4
613.5
0.0
18.2
2012
(12m, A)
1,016.0
63.2
1,081.3
0.0
21.2
2013
(12m, A)
1,606.2
122.8
1,173.6
1.6
16.8
2014
(12m, A)
1876
136
1264
3.6
16.6
During FY14, total income grew by 16.8% on y-o-y basis, primarily supported by
disbursements of Tractor loan, Business Loan and Mortgages. The Asset Under
Management grew from 16,240 crores as of 31st March 2013 to 17,877 crores as of
31st March, 2014 registering a growth of 10%. AUM as of 30th June, 2014 stood at
18,295 crores.

The gross NPA level has increased from 1.6% as of 31st March, 2013 to 3.6% as of
31st March 2014. Due to stressed economic scenario, NPAs rose for all the players in
the CV and CE industry. However, NPAs seems to be stabilizing in the last quarter.
Gross NPA stood at 3.2% as of 30th June, 2014.

The CAR remained comfortable at the level of 16.6% as of 31st March, 2014 as
against 16.8% at the end of 31st March, 2013. As of 30th June, 2014 CAR remained
comfortable at 17.09%. It is above the regulatory requirement of 15%.
ABS & MBS Pool Performance Update- June 14
75
Structured Finance
Issue Name MFL Direct Assignment Mar ’12-I
Originator Magma Fincorp Ltd
Assignee Payout - CARE AA (SO) Equivalent
Rating
Second Loss Facility - CARE BBB (SO) Equivalent
Asset Class CE (42.24%),CV (38.54%), Car (19.22%)
Issue Details
Transaction Month
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Par
111.0
135.9
1453
17.8
4.6
95.73%, 4.27%
CC as % of initial POS
10.0%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
4.0%
6.0%
NA
6.0%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Nov-16
56
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
27
29
78.4%
5.1%
2.6%
12.6%
5.6%
3.5%
46.3%
18.5%
NA
100.0%
100.0%
NA
95.9%
98.5%
55.4%
80.9%
3.5
7.9
1.5
3.4
5.9%
24
32
71.0%
5.6%
2.7%
12.0%
5.2%
3.3%
34.5%
13.8%
NA
100.0%
100.0%
NA
95.6%
92.3%
66.3%
85.1%
2.8
6.5
1.2
2.9
5.2%
Delinquency
90+ dpd
Overdue
180+ dpd
10.0%
Collection Efficiency
CCE
MCE
BCE
110%
8.0%
90%
6.0%
4.0%
70%
2.0%
50%
0.0%
M1
M4
M7 M10 M13 M16 M19 M22 M25
M1
M4
M7 M10 M13 M16 M19 M22 M25
ABS & MBS Pool Performance Update- June 14
76
Structured Finance
MFL Securitisation Trust VIII
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO) &
Second Loss Facility - CARE BBB (SO)
CV (46.55%), Car (24.20%), CE(23.21%) and Tractor
(6.05%)
Issue Name
Originator
Rating
Asset Class
Issue Details
Transaction Month
Mar-13
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
379.2
461.3
5459
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
17.2
9.5
86.95%, 13.05%
CC as % of initial POS
7.5%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
3.0%
4.5%
NA
9.6%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Sep-17
54
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
15
39
48.0%
8.4%
3.3%
12.1%
3.9%
3.4%
14.4%
5.8%
NA
100.0%
100.0%
NA
94.2%
98.1%
81.9%
89.5%
1.5
4.6
0.9
2.7
3.5%
12
42
38.8%
5.9%
2.7%
7.2%
3.0%
3.1%
12.3%
4.9%
NA
100.0%
100.0%
NA
93.4%
94.5%
83.4%
89.8%
2.3
5.5
1.4
3.4
2.8%
90+ dpd
Overdue
Delinquency
180+ dpd
10.0%
CCE
MCE
Collection Efficiency
BCE
110%
8.0%
100%
6.0%
4.0%
90%
2.0%
80%
0.0%
M1
M3
M5
M7
M9
M11
M13
M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
M15
77
Structured Finance
Issue Name
Originator
Rating
Asset Class
MFL Securitisation Trust IX
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO) &
Second Loss Facility - CARE BBB (SO)
CV (46.40%), Car (28.45%), CE(19.14%) and Tractor
(6.01%)
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
7.9%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
218.9
269.2
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
3.0%
4.9%
NA
No of Contracts
3124
EIS
11.9%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Sep-17
54
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
17.9
8.5
80.05%,9.07%,10.88%
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
14
40
44.2%
9.0%
4.3%
11.5%
4.7%
4.3%
14.1%
5.4%
NA
100.0%
100.0%
NA
91.7%
95.5%
80.5%
88.1%
1.7
4.1
1.0
2.5
4.9%
11
43
35.4%
6.9%
3.3%
7.9%
3.3%
3.8%
12.2%
4.6%
NA
100.0%
100.0%
NA
90.8%
94.7%
81.7%
88.2%
2.3
5.5
1.5
3.5
4.2%
90+ dpd
Overdue
Delinquency
180+ dpd
10.0%
CCE
MCE
Collection Efficiency
BCE
120%
8.0%
100%
6.0%
4.0%
80%
2.0%
60%
0.0%
M1
M3
M5
M7
M9
M11
M13
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
78
Structured Finance
Issue Name
Originator
Rating
Asset Class
MFL Securitisation Trust X
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA+ (SO) &
Second Loss Facility - CARE BBB (SO)
Tractor (34.78%), CV (33.36%), CE(19.02%) and Car
(12.84%)
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
9.8%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
173.9
220.0
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
2.3%
7.5%
NA
No of Contracts
3531
EIS
14.8%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Sep-17
54
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
18.9
7.8
100%, 0%
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
14
40
39.1%
8.1%
3.4%
10.3%
3.8%
2.9%
16.1%
3.8%
NA
100.0%
100.0%
NA
95.0%
96.8%
77.3%
87.7%
2.2
6.0
1.2
3.3
2.5%
11
43
31.1%
5.7%
2.2%
6.5%
2.3%
2.3%
14.2%
3.3%
NA
100.0%
100.0%
NA
94.6%
92.8%
78.3%
87.4%
3.3
9.6
1.9
5.6
1.9%
90+ dpd
Overdue
Delinquency
180+ dpd
10.0%
CCE
MCE
Collection Efficiency
BCE
110%
8.0%
100%
6.0%
90%
4.0%
80%
2.0%
70%
0.0%
M1
M3
M5
M7
M9
M11
M13
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
79
Structured Finance
Issue Name MFL Securitisation Trust XIII
Originator Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO)
Rating
& Second Loss Facility - CARE BBB (SO)
CV (51.84%), CE (31.12%), Tractor (10.31%) and Car
Asset Class
(6.73%)
Issue Details
Transaction Month
Jun-13
CC as % of initial POS
9.0%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
200.2
240.0
2613
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
3.0%
6.0%
NA
9.5%
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
15.9
11.8
86.53%, 13.47%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Dec-17
54
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
12
42
46.9%
8.0%
2.9%
11.6%
3.7%
3.1%
17.0%
5.7%
NA
100.0%
100.0%
NA
95.2%
97.6%
79.2%
89.0%
1.8
5.6
1.0
3.0
4.6%
9
45
36.9%
4.9%
1.9%
6.1%
2.3%
2.8%
14.3%
4.8%
NA
100.0%
100.0%
NA
94.6%
95.2%
81.3%
89.5%
3.1
8.3
1.7
4.7
3.9%
90+ dpd
Overdue
Delinquency
180+ dpd
10.0%
CCE
MCE
Collection Efficiency
BCE
110%
8.0%
100%
6.0%
90%
4.0%
80%
2.0%
70%
0.0%
M1
M3
M5
M7
M9
M11
M1
M3
ABS & MBS Pool Performance Update- June 14
M5
M7
M9
M11
80
Structured Finance
Issue Name MFL Securitisation Trust XIV
Originator Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO)
Rating
& Second Loss Facility - CARE BBB (SO)
Asset Class CE (47.25%), CV (44.21%) and Tractor (8.54%)
Issue Details
Transaction Month
Aug-13
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
331.0
402.3
3786
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
17.3
9.1
86.03%, 13.97%
CC as % of initial POS
12.3%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
4.5%
7.8%
NA
10.1%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Feb-18
54
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
10
44
31.9%
9.0%
1.8%
10.9%
2.0%
2.8%
18.0%
6.6%
NA
100.0%
100.0%
NA
94.1%
98.1%
78.4%
88.1%
2.0
11.0
1.1
6.0
1.7%
7
47
22.8%
3.3%
0.7%
3.5%
0.6%
2.4%
15.9%
5.8%
NA
100.0%
100.0%
NA
92.6%
93.3%
79.9%
88.4%
5.7
>30
3.3
18.2
1.2%
Delinquency
90+ dpd
Overdue
180+ dpd
10.0%
Collection Efficiency
CCE
MCE
BCE
110%
8.0%
100%
6.0%
90%
4.0%
80%
2.0%
70%
0.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10
ABS & MBS Pool Performance Update- June 14
81
Structured Finance
Issue Name
MFL Securitization Trust XIX
Originator
Magma Fincorp Ltd
Rating
Series A1 PTC and Series A2 PTC -CARE AA (SO)
& Second Loss Facility - CARE BBB (SO)
Asset Class
CE (12.66%), CV (48.26%) and Tractor (39.08%)
Issue Details
Transaction Month
Dec-13
CC as % of initial POS
11.8%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
113.2
140.0
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
3.5%
8.3%
NA
No of Contracts
Average Maturity (Months)
2414
17.7
EIS
OC/Subordination
12.7%
NA
Average Seasoning' (Months)
11.5
Pool Maturity
Jun-18
Overdue Composition
86.96%, 13.04%
Maturity (months)
54
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
6
48
22.2%
2.5%
0.4%
2.7%
0.4%
1.3%
15.2%
4.5%
NA
100.0%
100.0%
NA
95.6%
100.0%
78.6%
87.3%
7.8
>30
4.6
>30
0.6%
3
51
11.4%
0.4%
0.0%
0.4%
0.0%
0.9%
13.3%
4.0%
NA
100.0%
100.0%
NA
91.5%
NA
79.9%
87.5%
>30
NA
29.8
NA
0.2%
90+ dpd
Overdue
Delinquency
180+ dpd
10.0%
CCE
MCE
Collection Efficiency
BCE
110%
8.0%
100%
6.0%
90%
4.0%
80%
2.0%
70%
0.0%
M1
M2
M3
M4
M5
M6
M1
M2
ABS & MBS Pool Performance Update- June 14
M3
M4
M5
M6
82
Structured Finance
Issue Name
MFL Securitization Trust XXIII
Originator
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC -CARE AA (SO)
& Second Loss Facility - CARE BBB (SO)
CE (41.92%), CV (29.70%) and Tractor (28.38%)
Rating
Asset Class
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
12.0%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
175.1
215.28
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
3.8%
8.2%
NA
No of Contracts
Average Maturity (Months)
3157
17.5
EIS
OC/Subordination
11.6%
NA
Pool Maturity
Oct/18
Average Seasoning' (Months)
Overdue Composition
8.0
91.14%, 8.86%
Maturity (months)
Pool Per for mance
Jun-14
Months Post S ecuritisation
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
2
52
6.5%
0.0%
0.0%
0.0%
0.0%
0.7%
12.8%
4.1%
NA
100.0%
100.0%
NA
95.4%
NA
80.9%
88.1%
>30
NA
>30
NA
1.0%
ABS & MBS Pool Performance Update- June 14
54
83
Structured Finance
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) %)
2011
(12m, A)
34.88
7.71
37.82
0.0
16.5
2012
(12m, A)
70.27
14.51
72.15
0.0
26.8
2013
(12m, A)
108.92
24.37
93.48
5.91
18.37
2014
(12m, A)
145.63
30.78
120.07
9.84
18.82
*Magma used to follow a policy of 100% write-off of 180+DPD assets till 31 Mar 2012.

The gross NPA level has increased from 5.9% as of 31st March, 2013 to 9.84% as of
31st March 2014. In-spite of good monsoons, tractor portfolio of players across the
industry reported higher delinquency levels.

The CAR increased marginally to the level of 18.82% as of 31st March, 2014 as
against 18.37% at the end of 31st March, 2013. It is above the regulatory requirement
of 15%.
ABS & MBS Pool Performance Update- June 14
84
Structured Finance
Issue Name
Originator
Rating
Asset Class
MIFL Securitisation Trust I
Magma ITL Finance Ltd
Series A1 PTC and Series A2 PTC - CARE AA+ (SO) &
Second Loss Facility - CARE BBB (SO)
Tractor
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
70.0
89.5
2636
18.5
11.6
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
Delinquency
180+ dpd
8%
Jun-14
14
40
39.5%
5.9%
2.6%
7.2%
2.8%
2.3%
16.2%
4.1%
NA
100.0%
100.0%
NA
95.4%
102.7%
75.4%
85.6%
3.4
8.7
2.0
5.1
2.9%
Mar-14
11
43
32.5%
4.5%
1.5%
5.3%
1.6%
1.9%
14.5%
3.7%
NA
100.0%
100.0%
NA
94.0%
94.0%
76.0%
85.0%
4.6
15.3
2.8
9.6
2.4%
CCE
MCE
Collection Efficiency
Overdue
9.8%
2.5%
7.3%
NA
18.0%
NA
Sep-17
54
BCE
130%
120%
6%
110%
100%
4%
90%
2%
80%
ABS & MBS Pool Performance Update- June 14
M14
M13
M12
M11
M9
M10
M8
M7
M6
M5
M4
M3
M2
M14
M13
M12
M11
M9
M10
M8
M7
M6
M5
M4
M3
M2
M1
M1
70%
0%
85
Structured Finance
Issue Name
Originator
Rating
Asset Class
MIFL Securitisation Trust II
Magma ITL Finance Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO) &
Second Loss Facility - CARE BBB (SO)
Tractor
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
40.6
55.6
1161
23.1
11.1
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
ABS & MBS Pool Performance Update- June 14
BCE
M14
M13
M12
M11
M9
M10
M8
M7
M6
M5
M4
M14
M13
M12
M11
M9
M10
M8
M7
M6
M5
M4
0.0%
M3
2.0%
M3
CCE
MCE
130%
120%
110%
100%
90%
80%
70%
4.0%
M2
Mar-14
11
43
23.2%
5.5%
2.1%
6.0%
2.1%
1.8%
14.1%
3.7%
NA
100.0%
100.0%
NA
95.5%
92.8%
77.0%
85.1%
3.8
11.1
2.5
7.2
1.3%
Collection Efficiency
6.0%
M1
Jun-14
14
40
27.9%
7.3%
2.6%
8.5%
2.8%
2.0%
15.0%
3.9%
NA
100.0%
100.0%
NA
96.4%
103.2%
77.0%
85.8%
2.7
8.3
1.7
5.1
1.8%
M2
8.0%
180+ dpd
M1
Delinquency
10.8%
2.8%
8.0%
NA
19.2%
NA
Sep-17
54
86
Structured Finance
Issue Name MIFL Securitisation Trust III
Originator Magma ITL Finance Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO) &
Rating
Second Loss Facility - CARE BBB (SO)
Asset Class Tractor
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-13
Par
18.1
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
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
8.0%
180+ dpd
13.5%
5.0%
8.5%
NA
16.3%
NA
Mar-18
54
Jun-14
9
45
27.0%
6.0%
1.8%
6.6%
1.6%
2.3%
18.5%
6.8%
NA
100%
100%
NA
97.7%
103.9%
74.2%
83.5%
3.88
15.93
2.48
10.2
1.4%
Mar-14
6
48
19.5%
4.7%
0.7%
4.8%
0.6%
1.9%
16.8%
6.2%
NA
100%
100%
NA
94.5%
92.9%
75.3%
83.6%
5.15
>30
3.41
26.6
0.9%
CCE
MCE
Collection Efficiency
BCE
130%
120%
6.0%
110%
4.0%
100%
90%
2.0%
80%
M9
ABS & MBS Pool Performance Update- June 14
M9
M8
M8
M7
M7
M6
M6
M5
M5
M4
M4
M3
M3
M2
M2
M1
M1
70%
0.0%
87
Structured Finance
Issue Name MIFL Securitisation Trust V
Originator Magma ITL Finance Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO) &
Rating
Second Loss Facility - CARE BBB (SO)
Asset Class Tractor
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
12.0%
4.5%
7.5%
NA
19.6%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
105.8
139.8
3600
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
Average Maturity (Months)
19.8
OC/Subordination
NA
12.5
100%, 0%
Pool Maturity
Maturity (months)
Sep-18
54
Average Seasoning' (Months)
Overdue Composition
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
ABS & MBS Pool Performance Update- June 14
Jun-14
3
51
4.7%
0.5%
0.0%
0.4%
0.0%
0.5%
12.6%
4.7%
NA
100%
100%
NA
92.0%
90.8%
76.6%
82.7%
53
NA
39
NA
0.5%
88
Structured Finance
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) (%)

2011
(12m, A)
1971
229
6932
1.36
17.82
2012
(12m, A)
3317
519
10906
1.75
20.21
2013
(12m, A)
3868
662
11345
2.14
16.99
2014
(12m, A)
3254
409
11634
1.88
16.31
Total income has declined by 16% y-o-y during FY14 to Rs. 3254 crore from Rs.
3868 crore in FY 13. This is primarily due to inclusion of one- time item of capital
gains on 26% stake sale in RCAM during FY13.

The Gross NPA ratio has improved in FY 14 and stood at 1.88% as against 2.14% in
FY 13. During Q4 FY14, RCL has resolved two large SME NPAs account, which
have resulted into provision write backs.

RCL has maintained capital adequacy above the NBFCs regulatory requirement. On a
standalone basis, RCL reported CAR of 16.31% as on March 31, 2014 as compared to
16.99% as on March 31, 2013.
ABS & MBS Pool Performance Update- June 14
89
Structured Finance
Issue Name
Originator
Rating
Asset Class
Indian Receivables Trust 13
Reliance Capital Limited (RCL).
Series A PTCs - CARE AAA (SO)
Used CV(28.21%) & New CV(71.79%)
Issue Details
Transaction Month
Dec-13
CC as % of initial POS
13.2%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
81.3
96.7
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
No of Contracts
1715
EIS
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
15.1
9.0
100%,0%
NA
NA
NA
7.1%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Jun-18
54
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
6
48
18.7%
0.2%
0.0%
0.2%
0.0%
0.5%
16.2%
NA
NA
100.0%
NA
NA
95.9%
NA
75.0%
NA
>30
NA
NA
NA
0.0%
3
51
14.4%
0.0%
0.0%
0.0%
0.0%
0.4%
15.4%
NA
NA
100.0%
NA
NA
97.6%
NA
76.7%
NA
NA
NA
NA
NA
0.0%
Delinquency
90+ dpd
180+ dpd
2.0%
150.0%
1.5%
100.0%
1.0%
CCE
MCE
Collection Efficiency
BCE
50.0%
0.5%
0.0%
0.0%
M1
M1
M2
M3
M4
M5
M2
M3
M4
M5
M6
M6
ABS & MBS Pool Performance Update- June 14
90
Structured Finance
SKS Microfinance Ltd
(SKSML – 6 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 (%)
(Non AP)
Capital Adequacy Ratio (CAR)
2011
(12m, A)
1270
2012
(12m, A)
472
2013
(12m, A)
353
2014
(12m, A)
545
112
(1361)
(297)
70
1736
430
388
455
2.4
5.5
0.5
0.1
45.4
35.4
33.9^
27.2^
^Reported capital adequacy ratio after RBI dispensation on AP provisioning

SKSML has registered net profit of Rs 70 Cr during FY14. SKSML registered its first full year
profit in FY14 after the AP crisis.

Asset quality has improved with Gross NPA (excluding AP) stood at 0.1% as on March 31, 2014.

SKSMFL continues to have comfortable capital adequacy ratio (CAR) at 27.2% comprising
totally of Tier-I capital as on March 31, 2014. SKS Microfinance raised Rs.397.59 crore through
QIP in May 2014.
ABS & MBS Pool Performance Update- June 14
91
Structured Finance
Issue Name
Originator
Rating*
Asset Class
IMLRT September 2013
SKS Microfinance Ltd
Series A1 PTCs - CARE A1+ (SO)
Microfinance Loans
Issue Details
Transaction Month
Sep-13
CC as % of initial POS
7.5%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
321.8
289.6
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
343.0
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
3.1%
No of Contracts
4,83,823
Average Maturity (Weeks)
15.9
Average Seasoning' (Weeks)
23.7
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
* Rating withdrawn
30+ dpd
Overdue
Delinquency
1.0%
90+ dpd
Mar-14
8
1
99.77%
0.02%
0.02%
0.07%
0.01%
0.02%
3280.24%
3644.71%
100.00%
99.97%
100.31%
0.00%
>30
>30
1.06%
6
3
90.78%
0.05%
0.02%
0.11%
0.03%
0.05%
81.38%
90.42%
100.00%
99.94%
99.97%
9.68%
>30
>30
0.99%
CCE
MCE
100.0%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
Jun-14
9
May-14
Collection Efficiency
0.8%
10.0%
BCE
0.0%
0.0%
M1
M2
M3
M4
M5
M6
M7
M8
M1
M2
M3
ABS & MBS Pool Performance Update- June 14
M4
M5
M6
M7
M8
92
Structured Finance
Issue Name
Originator
Rating
Asset Class
IMLRT December 2013 C
SKS Microfinance Ltd
Series A1 PTCs - CARE A1+ (SO)
Microfinance Loans
Issue Details
Transaction Month
Dec-13
CC as % of initial POS
7.8%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
55.6
50.0
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
59.9
3.7%
No of Contracts
72,021
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
Average Maturity (Weeks)
18.3
Average Seasoning' (Weeks)
18.7
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
1.0%
90+ dpd
Mar-14
6
3
77.52%
0.07%
0.02%
0.12%
0.02%
0.05%
34.70%
38.56%
100.00%
99.94%
99.94%
55.46%
>30
>30
0.65%
3
6
34.68%
0.06%
0.00%
0.06%
0.00%
0.02%
11.94%
13.27%
100.00%
99.94%
99.94%
63.61%
>30
NA
0.26%
100.0%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
Sep-14
9
Jun-14
Collection Efficiency
0.8%
10.0%
CCE
MCE
BCE
0.0%
0.0%
M1
M2
M3
M4
M5
M6
M1
M2
ABS & MBS Pool Performance Update- June 14
M3
M4
M5
M6
93
Structured Finance
Issue Name
Originator
Rating
Asset Class
IMLRT January 2014 A
SKS Microfinance Ltd
Series A PTCs - CARE A1+ (SO)
Microfinance Loans
Issue Details
Transaction Month
Jan-14
CC as % of initial POS
7.8%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
55.6
50.0
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
60.4
4.5%
No of Contracts
62,980
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
Average Maturity (Weeks)
20.4
Average Seasoning' (Weeks)
14.7
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
1.0%
90+ dpd
Mar-14
5
5
53.85%
0.07%
0.01%
0.10%
0.01%
0.03%
16.90%
18.78%
100.00%
99.95%
99.95%
72.32%
>30
>30
0.48%
2
8
17.38%
0.03%
0.00%
0.03%
0.00%
0.01%
9.44%
10.49%
100.00%
99.95%
NA
78.35%
>30
NA
0.13%
100.0%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
Nov-14
10
Jun-14
Collection Efficiency
0.8%
10.0%
CCE
MCE
BCE
0.0%
0.0%
M1
M2
M3
M4
M5
M1
M2
ABS & MBS Pool Performance Update- June 14
M3
M4
M5
94
Structured Finance
Issue Name
Originator
Rating
Asset Class
IMLRT February 2014 A
SKS Microfinance Ltd
Series A PTCs - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Feb-14
CC as % of initial POS
9.5%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
222.7
209.3
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
239.8
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
4.0%
No of Contracts
2,99,582
Average Maturity (Weeks)
18.4
Average Seasoning' (Weeks)
19.2
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
1.0%
90+ dpd
Mar-14
5
16
63.55%
0.06%
0.01%
0.09%
0.01%
0.04%
26.06%
27.72%
100.00%
99.95%
99.95%
67.54%
>30
>30
0.52%
2
19
20.51%
0.03%
0.00%
0.03%
0.00%
0.01%
11.95%
12.71%
100.00%
99.95%
NA
80.13%
>30
NA
0.14%
100.0%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
Oct-15
21
Jun-14
Collection Efficiency
0.8%
6.0%
CCE
MCE
BCE
0.0%
0.0%
M1
M2
M3
M4
M5
M1
M2
ABS & MBS Pool Performance Update- June 14
M3
M4
M5
95
Structured Finance
Issue Name
Originator
Rating
Asset Class
IMLRT February 2014 B
SKS Microfinance Ltd
Series A PTCs - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Feb-14
CC as % of initial POS
9.5%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
158.3
148.8
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
172.1
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
5.0%
No of Contracts
1,84,918
Average Maturity (Weeks)
18.6
Average Seasoning' (Weeks)
15.2
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
1.0%
90+ dpd
Mar-14
4
18
47.18%
0.08%
0.01%
0.10%
0.01%
0.03%
17.99%
19.13%
100.00%
99.94%
99.93%
74.92%
>30
>30
0.36%
1
21
10.75%
0.00%
0.00%
0.00%
0.00%
0.00%
10.64%
11.32%
100.00%
99.97%
NA
80.57%
NA
NA
0.05%
100.0%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
Dec-15
22
Jun-14
Collection Efficiency
0.8%
6.0%
CCE
MCE
BCE
0.0%
0.0%
M1
M2
M3
M4
M1
ABS & MBS Pool Performance Update- June 14
M2
M3
M4
96
Structured Finance
Issue Name
Originator
Rating
Asset Class
IMLRT March 2014 B
SKS Microfinance Ltd
Series A PTCs - CARE A1+ (SO)
Microfinance Loans
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
7.8%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
26.7
24.1
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
29.2
5.4%
No of Contracts
28,985
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
Average Maturity (Weeks)
21.4
Average Seasoning' (Weeks)
12.6
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
1.0%
90+ dpd
Mar-14
4
6
38.27%
0.09%
0.00%
0.10%
0.00%
0.04%
12.64%
14.04%
100.00%
99.91%
99.90%
75.72%
>30
>30
0.21%
1
9
4.94%
0.00%
0.00%
0.00%
0.00%
0.00%
8.21%
9.12%
100.00%
99.97%
NA
78.59%
NA
NA
0.02%
100.0%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
Dec-14
10
Jun-14
Collection Efficiency
0.8%
10.0%
CCE
MCE
BCE
0.0%
0.0%
M1
M2
M3
M4
M1
ABS & MBS Pool Performance Update- June 14
M2
M3
M4
97
Structured Finance
Issue Name
Originator
Rating
Asset Class
IMLRT March 2014 C
SKS Microfinance Ltd
Series A PTCs - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
9.0%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
183.0
171.1
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
200.0
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
5.2%
No of Contracts
1,99,041
Average Maturity (Weeks)
19.2
Average Seasoning' (Weeks)
13.8
Overdue Composition
100%,0.0%
Pool Performance
1.0%
Jan-16
22
Jun-14
Months Post Securitisation
Balance Tenure (Months)
Pool 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
Delinquency
6.5%
30+ dpd
Overdue
90+ dpd
3
19
33.87%
0.07%
0.00%
0.08%
0.00%
0.03%
13.61%
14.56%
100.00%
99.94%
99.94%
78.13%
>30
NA
0.29%
Collection Efficiency
100.0%
0.8%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
CCE
MCE
BCE
0.0%
0.0%
M1
M2
M3
M1
ABS & MBS Pool Performance Update- June 14
M2
M3
98
Structured Finance
Multi Originator Transaction - 5
(SKS Microfinance Limited &
Janalakshmi Financial Services Private
Limited)
Key Financial Indicators for Janalakshmi Financial Services Private Limited and refer
page number 91 for SKS microfinance Ltd.
2012
(12m, A)
71.09
2013
(12m, A)
169.47
2014
(12m, A)
408.99
Profit After Tax (in Rs. Cr)
1.22
18.06
50.63
Net worth (in Rs. Cr)
95.59
190.70
513.96
Gross NPA (%)
0.70
0.08
0.37
Capital Adequacy Ratio (CAR)
24.85
19.43
28.19
For the year ended as on 31st March
Total Income (in Rs. Cr)
 Income of JFSPL has grown at a rapid pace in last two years with exponential increase in
scale of business. JFSPL has registered net profit of Rs 50.63 Cr during FY14.
 JFSPL has been able to maintain asset quality at comfortable levels. As on March 31, 2014,
GNPA% stood at 0.37%.
 JFSPL has been able to attract equity infusion at regular intervals from individual investors
and PE investors. Accordingly, CAR stood comfortable at 28.19% as of 31st March, 2014.
ABS & MBS Pool Performance Update- June 14
99
Structured Finance
Issue Name IMLRT March 2013 B
SKS Microfinance Limited & Janalakshmi
Originator
Financial Services Private Limited
Rating
Series A1 PTCs - CARE A+ (SO)
Microfinance Loans
Asset Class
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
8.7%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
66.1
62.8
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
72.5
5.3%
No of Contracts
95,048
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
Average Maturity (Weeks)
19.8
Average Seasoning' (Weeks)
15.6
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
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
1.0%
90+ dpd
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M11 M13 M15
Mar-14
15
6
98.33%
0.02%
0.01%
0.71%
0.39%
0.01%
604.62%
100.00%
99.71%
99.98%
0.00%
>30
>30
0.94%
12
9
97.09%
0.01%
0.01%
0.29%
0.15%
0.01%
347.86%
100.00%
99.71%
99.66%
0.00%
>30
>30
0.84%
CCE
MCE
100.0%
80.0%
M1
Dec-14
21
Jun-14
Collection Efficiency
0.8%
5.0%
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
BCE
M11 M13 M15
100
Structured Finance
Issue Name IMLRT March 2013 C
SKS Microfinance Limited & Janalakshmi
Originator
Financial Services Private Limited
Rating*
Series A1 PTCs - CARE A+ (SO)
Asset Class Microfinance Loans
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
8.7%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
181.0
172.0
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
198.6
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
5.8%
No of Contracts
2,45,293
Average Maturity (Weeks)
21.3
Average Seasoning' (Weeks)
14.9
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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 Assignee 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
5.0%
Aug-14
17
Jun-14
Mar-14
15
2
99.05%
0.09%
0.08%
5.51%
4.97%
0.04%
918.74%
1046.39%
100.00%
99.89%
99.50%
0.00%
>30
>30
1.50%
12
5
97.08%
0.07%
0.05%
1.65%
1.17%
0.03%
298.16%
317.36%
100.00%
99.89%
99.15%
0.00%
>30
>30
1.16%
* Rating Withdrawan
30+ dpd
Overdue
Delinquency
1.0%
90+ dpd
100.0%
0.8%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M11 M13 M15
CCE
MCE
Collection Efficiency
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
BCE
M11 M13 M15
101
Structured Finance
Issue Name IMLRT December 2013 B
SKS Microfinance Limited & Janalakshmi
Originator
Financial Services Private Limited
Rating
Series A1 PTCs - CARE A+ (SO)
Asset Class Microfinance Loans
Issue Details
Transaction Month
Dec-13
CC as % of initial POS
7.2%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
240.9
228.8
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
264.9
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
5.1%
No of Contracts
2,68,193
Average Maturity (Weeks)
23.2
Average Seasoning' (Weeks)
16.4
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
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
1.0%
90+ dpd
Mar-14
7
14
75.36%
0.12%
0.07%
0.31%
0.17%
0.05%
29.29%
100.00%
99.94%
99.96%
64.74%
>30
>30
0.88%
4
17
39.29%
0.10%
0.01%
0.13%
0.01%
0.04%
11.89%
100.00%
99.91%
99.91%
80.92%
>30
>30
0.41%
CCE
MCE
100.0%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
Sep-15
21
Jun-14
Collection Efficiency
0.8%
5.0%
BCE
0.0%
0.0%
M1
M2
M3
M4
M5
M6
M7
M1
M2
ABS & MBS Pool Performance Update- June 14
M3
M4
M5
M6
M7
102
Structured Finance
Issue Name IMLRT February 2014 C
SKS Microfinance Limited & Janalakshmi
Originator
Financial Services Private Limited
Rating
Series A1 PTCs - CARE A+ (SO)
Asset Class Microfinance Loans
Issue Details
Transaction Month
Feb-14
CC as % of initial POS
7.4%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
176.5
167.7
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
193.6
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
5.2%
No of Contracts
1,97,051
Average Maturity (Weeks)
20.1
Average Seasoning' (Weeks)
16.1
Overdue Composition
100%,0.0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool 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
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
1.0%
90+ dpd
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M1
M2
M3
Mar-14
4
16
45.18%
0.14%
0.04%
0.19%
0.05%
0.04%
13.44%
100.00%
99.92%
99.91%
79.83%
>30
>30
0.42%
1
19
10.33%
0.00%
0.00%
0.00%
0.00%
0.01%
8.22%
100.00%
99.94%
NA
83.59%
NA
NA
0.07%
100.0%
80.0%
M4
Oct-15
20
Jun-14
Collection Efficiency
0.8%
5.0%
M1
ABS & MBS Pool Performance Update- June 14
M2
CCE
MCE
M3
BCE
M4
103
Structured Finance
Issue Name IMLRT March 2014 E
SKS Microfinance Limited & Janalakshmi
Originator
Financial Services Private Limited
Rating
Series A1 PTCs - CARE A+ (SO)
Asset Class Microfinance Loans
Issue Details
Transaction Month
Mar-14
CC as % of initial POS
7.4%
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Par
170.0
161.5
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
NA
NA
NA
Future Receivables (Rs Cr)
186.5
EIS
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
5.0%
No of Contracts
1,77,910
Average Maturity (Weeks)
22.5
Average Seasoning' (Weeks)
14.7
Overdue Composition
100%,0.0%
Pool Performance
1.0%
30+ dpd
Overdue
90+ dpd
CCE
MCE
100.0%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M2
3
15
24.97%
0.08%
0.00%
0.08%
0.00%
0.02%
9.80%
10.32%
100.00%
99.92%
99.93%
82.64%
>30
NA
0.18%
Collection Efficiency
0.8%
M1
Oct-15
18
Jun-14
Months Post Securitisation
Balance Tenure (Months)
Pool 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 Assignee 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
Delinquency
5.0%
M3
M1
ABS & MBS Pool Performance Update- June 14
M2
BCE
M3
104
Structured Finance
Shriram Transport Finance Company
Ltd (STFCL) – 21 (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 (%)

2012
(12m, A)
6,179
1,309
5,771
2.92
22.26
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
Total income during FY14 increased by 21% to Rs.8,480 crore as compared to 14%
during FY13. PAT of STFCL has declined in FY14 as compared to FY13 was mainly
on account of higher credit costs and decline in net interest margin. However,
STFCL’s profitability remains comfortable as compared to other players in the
industry.

Economic slowdown over the past few years has lead to an increase in delinquencies.
On a consolidated basis, the Gross NPA ratio increased from 3.10% as on March 31,
2013 to 3.75% as on March 31, 2014.

STFCL has maintained capital adequacy above the regulatory minimum of 15% for
deposit taking NBFCs. On a standalone basis, STFCL reported CAR of 23.37% as on
March 31, 2014 as compared to 20.74% as on March 31, 2013.
ABS & MBS Pool Performance Update- June 14
105
Structured Finance
Issue Name
Originator
Rating
Asset Class
STFCL’s Assignment of Receivables Mar' 10-VII
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(96.3%) & New CV(3.7%)
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-10
Par
176.1
278.4
3,605
25.0
2.6
95.6%,4.4%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
Jun-14
51
10
98.7%
0.9%
0.7%
19.3%
12.2%
0.7%
1039.4%
259.5%
NA
100.0%
100.0%
NA
100.6%
93.1%
0.0%
0.0%
> 30
> 30
12.8
20.24
18.4%
Collection Efficiency
120.0%
3.0%
90.0%
2.0%
60.0%
1.0%
30.0%
0.0%
14.0%
3.5%
10.5%
NA
41.5%
NA
Mar-15
61
Mar-14
48
13
97.8%
1.0%
0.8%
17.2%
12.5%
0.7%
634.2%
158.4%
NA
100.0%
100.0%
NA
100.6%
96.3%
0.0%
0.0%
> 30
> 30
8.7
11.98
18.3%
CCE
MCE
BCE
0.0%
M1
M7
M13 M19 M25 M31 M37 M43 M49
M1
M7 M13 M19 M25 M31 M37 M43 M49
ABS & MBS Pool Performance Update- June 14
106
Structured Finance
STFCL Direct Assignment Feb' 11-II
Shriram Transport Finance Company Ltd
Issue Name
Originator
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(65.04%) & New CV(34.96%)
Rating
Asset Class
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
Feb-11
Par
194.2
277.7
7,182
23.0
3.5
92.9%, 7.1%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
3.5%
180+ dpd
Jun-14
39
8
99.1%
1.1%
0.9%
30.7%
18.0%
0.9%
1027.3%
186.9%
NA
100.0%
100.0%
NA
103.2%
120.6%
0.0%
0.0%
>30
>30
5.9
10.0
29.0%
Collection Efficiency
150.0%
2.8%
120.0%
2.1%
90.0%
1.4%
60.0%
0.7%
30.0%
0.0%
8.8%
1.6%
7.2%
NA
26.6%
NA
Feb-15
47
Mar-14
36
11
95.6%
1.5%
1.2%
12.4%
8.0%
1.1%
200.5%
36.5%
NA
100.0%
100.0%
NA
103.0%
104.9%
0.0%
62.3%
15.4
23.8
3.0
4.7
27.1%
CCE
MCE
BCE
0.0%
M1
M6
M11
M16
M21
M26
M31
M36
M1
M6
M11 M16 M21 M26 M31 M36
ABS & MBS Pool Performance Update- June 14
107
Structured Finance
Issue Name
Originator
Rating
Asset Class
STFCL Direct Assignment Mar' 11-II
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(63.19%) & New CV(36.81%)
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-11
Par
1000.2
1483.3
39,269
23.0
2.3
93.1%, 6.9%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
Jun-14
39
20
93.6%
1.6%
1.0%
11.1%
5.5%
0.9%
140.3%
31.0%
NA
100.0%
100.0%
NA
101.5%
115.0%
NA
66.6%
11.6
23.7
3.0
6.1
28.9%
Collection Efficiency
120.0%
9.1%
2.0%
7.1%
NA
27.8%
NA
Feb-16
59
Mar-14
36
23
89.1%
1.8%
1.3%
8.3%
4.5%
1.0%
83.3%
18.4%
NA
100.0%
100.0%
NA
101.3%
107.2%
20.7%
77.4%
9.6
17.4
2.7
5.0
26.3%
CCE
MCE
BCE
100.0%
3.0%
80.0%
2.0%
60.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1 M5 M9 M13 M17 M21 M25 M29 M33 M37
M1 M5 M9 M13 M17 M21 M25 M29 M33 M37
ABS & MBS Pool Performance Update- June 14
108
Structured Finance
Issue Name
Originator
Rating
Asset Class
STFCL Direct Assignment Mar' 11-III
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(45.39%) & New CV(54.61%)
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-11
Par
427.1
642.6
14,037
25.6
1.7
88.2%, 11.8%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
4.5%
90+ dpd
Overdue
180+ dpd
Jun-14
38
34
87.2%
2.5%
2.1%
10.5%
7.9%
1.2%
74.3%
19.6%
NA
100.0%
100.0%
NA
101.9%
109.0%
29.1%
75.7%
6.8
8.95
2.3
3.07
30.0%
Collection Efficiency
120.0%
9.5%
2.5%
7.0%
NA
28.8%
NA
Mar-17
72
Mar-14
35
37
80.6%
2.7%
1.9%
8.3%
5.1%
1.3%
48.9%
12.9%
NA
100.0%
100.0%
NA
101.7%
105.4%
50.6%
80.9%
5.9
9.65
2.3
3.72
25.9%
CCE
MCE
BCE
100.0%
3.6%
80.0%
2.7%
60.0%
1.8%
40.0%
0.9%
20.0%
0.0%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1
M6
M11 M16 M21 M26 M31 M36
ABS & MBS Pool Performance Update- June 14
109
Structured Finance
Issue Name
Originator
Rating
Asset Class
STFCL Direct Assignment Mar' 11-IV
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(54.36%) & New CV(45.64%)
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-11
Par
750.0
1114.7
16,693
26.1
1.9
95.1%, 4.9%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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
3.5%
90+ dpd
Overdue
180+ dpd
2.8%
2.1%
1.4%
0.7%
0.0%
M1 M5 M9 M13 M17 M21 M25 M29 M33 M37
Jun-14
39
33
88.3%
1.5%
1.2%
7.1%
5.1%
0.7%
81.7%
21.2%
NA
100.0%
100.0%
NA
102.2%
119.4%
23.8%
75.9%
10.8
14.9
3.4
4.70
30.5%
Collection Efficiency
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
9.6%
2.5%
7.1%
NA
25.5%
NA
Mar-17
72
Mar-14
36
36
82.0%
2.1%
1.2%
7.0%
3.5%
1.0%
53.2%
13.8%
NA
100.0%
100.0%
NA
101.7%
106.7%
48.2%
82.0%
7.4
14.8
2.6
5.15
26.8%
CCE
MCE
BCE
M1 M5 M9 M13 M17 M21 M25 M29 M33 M37
ABS & MBS Pool Performance Update- June 14
110
Structured Finance
Issue Name
Originator
Rating
Asset Class
STFCL Direct Assignment Mar' 11-V
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(50.08%), New CV(12.38%) & Tractor (37.54%)
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-11
Par
49.9
79.3
2,027
24.2
0.0
100.0%, 0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
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%
90+ dpd
Overdue
180+ dpd
Jun-14
39
33
93.2%
1.5%
1.3%
9.4%
7.6%
0.9%
240.4%
80.3%
NA
100.0%
100.0%
NA
103.0%
106.7%
0.0%
22.9%
23.1
28.43
8.2
10.1
35.6%
Collection Efficiency
120.0%
16.3%
5.5%
10.8%
NA
36.9%
NA
Mar-17
72
Mar-14
36
36
86.2%
1.6%
1.0%
6.2%
3.2%
0.9%
118.3%
39.5%
NA
100.0%
100.0%
NA
102.9%
107.7%
0.0%
57.7%
17.6
>30
6.8
13.1
31.2%
CCE
MCE
BCE
100.0%
4.0%
80.0%
3.0%
60.0%
2.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1
M6
M11 M16 M21 M26 M31 M36
ABS & MBS Pool Performance Update- June 14
111
Structured Finance
Issue Name
Originator
Rating
Asset Class
STFCL Direct Assignment June' 11
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(71.31%) & New CV(28.69%)
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-11
Premium
85.5
129.1
2,599
24.0
2.0
100.0%, 0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial FR)
180+ Delinquency (% of Initial FR)
90+ Delinquency (% of Balance 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
4.0%
90+ dpd
Overdue
180+ dpd
Jun-14
36
34
91.2%
1.3%
0.7%
8.3%
3.5%
0.6%
275.3%
221.1%
0.0%
172.3%
209.4%
0.0%
104.9%
142.1%
NA
NA
22.7
>30
18.2
>30
21.5%
Collection Efficiency
200.0%
3.2%
160.0%
2.4%
120.0%
1.6%
80.0%
0.8%
40.0%
0.0%
14.0%
9.3%
4.8%
NA
NA
Nil
Apr-17
70
Mar-14
33
37
85.1%
1.7%
0.8%
6.9%
2.7%
0.7%
120.6%
88.7%
0.0%
128.3%
142.8%
0.0%
103.6%
112.4%
NA
11.3%
17.6
>30
12.9
>30
18.4%
CCE
MCE
BCE
0.0%
M1
M5
M9 M13 M17 M21 M25 M29 M33
M1
M5
M9 M13 M17 M21 M25 M29 M33
ABS & MBS Pool Performance Update- June 14
112
Structured Finance
Issue Name STFCL Direct Assignment Dec' 11-I
Originator Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Rating
Second Loss Facility - CARE BBB (SO) Equivalent
Asset Class Used CV(60.37%) & New CV(39.63%)
Issue Details
Transaction Month
Dec-11
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
Par
First Loss Credit Facility
3.7%
125.7
178.1
3,028
22.5
3.9
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
8.3%
NA
19.8%
NA
Dec-16
100%, 0.0%
Maturity (months)
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
2.0%
1.0%
0.0%
M5
M9
M13
M17
M21
Jun-14
30
30
81.9%
1.9%
1.4%
6.1%
4.0%
0.9%
66.5%
20.5%
NA
100.0%
100.0%
NA
101.7%
115.7%
37.6%
77.2%
10.2
15.5
3.7
5.7
30.7%
Collection Efficiency
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
3.0%
M1
12.0%
M25
M29
M1
M5
M9
ABS & MBS Pool Performance Update- June 14
60
Mar-14
27
33
73.1%
2.7%
1.4%
6.5%
3.1%
1.0%
44.7%
13.8%
NA
100.0%
100.0%
NA
101.0%
104.9%
56.2%
82.5%
6.8
14.2
2.7
5.6
25.7%
CCE
MCE
BCE
M13 M17 M21 M25 M29
113
Structured Finance
Issue Name STFCL Direct Assignment- Mar ’12 I
Originator Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Rating
Second Loss Facility - CARE BBB (SO) Equivalent
Asset Class Used CV(73.85%) & New CV(26.15%)
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
CC as % of initial POS
12.0%
Par
First Loss Credit Facility
3.0%
486.7
671.9
13,122
19.6
3.7
85.7%, 14.3%
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
9.0%
NA
20.3%
NA
Nov-17
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
Maturity (months)
Jul-14
28
40
84.3%
3.5%
1.7%
13.0%
5.3%
1.9%
76.6%
19.2%
NA
100.0%
100.0%
NA
98.8%
103.7%
27.7%
77.3%
5.6
13.7
1.8
4.3
27.1%
ABS & MBS Pool Performance Update- June 14
68
Mar-14
24
44
76.1%
4.4%
1.8%
12.0%
4.1%
2.1%
50.2%
12.5%
NA
100.0%
100.0%
NA
98.4%
99.9%
50.3%
82.2%
4.1
12.0
1.5
4.3
23.9%
114
Structured Finance
Issue Name STFCL Direct Assignment March ’12 II
Originator Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Rating
Second Loss Facility - CARE BBB (SO) Equivalent
Asset Class Used CV(30.54%) & New CV(69.46%)
Issue Details
Transaction Month
Mar-12
CC as % of initial POS
12.0%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
200.0
278.5
4,521
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
3.0%
9.0%
NA
16.9%
Average Maturity (Months)
Average Seasoning' (Months)
23.1
10.9
OC/Subordination
Pool Maturity
NA
Mar-17
89.89%, 10.11%
Maturity (months)
Overdue Composition
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
60
Jul-14
28
32
79.9%
3.1%
1.5%
9.7%
3.7%
1.3%
59.6%
14.9%
NA
100.0%
100.0%
NA
102.1%
122.6%
43.9%
82.1%
5.8
15.3
1.9
4.9
34.4%
Mar-14
24
36
68.3%
4.3%
2.0%
9.3%
3.8%
1.6%
37.8%
9.5%
NA
100.0%
100.0%
NA
100.8%
104.8%
62.4%
86.1%
4.0
9.9
1.5
3.6
27.5%
Collection Efficiency
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
CCE
MCE
BCE
M9 M11 M13 M15 M17
115
Structured Finance
Issue Name STFCL Direct Assignment March ’12 III
Originator Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Rating
Second Loss Facility - CARE BBB (SO) Equivalent
Asset Class Used CV(70.76%) & New CV(29.24%)
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
100.0
139.0
4,168
18.3
4.6
94.59%, 5.41%
Pool Per for mance
Months Post S ecuritisation
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
CC as % of initial POS
15.0%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
Maturity (months)
5.0%
10.0%
NA
22.2%
NA
Mar-17
60
Jul-14
Mar -14
28
32
89.5%
2.3%
1.2%
10.5%
4.0%
1.4%
143.3%
47.8%
NA
100.0%
100.0%
NA
98.5%
112.3%
0.0%
52.2%
12.4
>30
4.5
12.0
31.5%
24
36
81.2%
3.2%
1.4%
9.2%
3.2%
1.9%
79.9%
26.6%
NA
100.0%
100.0%
NA
97.8%
101.5%
24.5%
69.8%
8.2
23.40
3.3
9.3
27.1%
ABS & MBS Pool Performance Update- June 14
116
Structured Finance
Issue Name STFCL Sansar Trust Sep 2012-IV
Originator
Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA
Rating
(SO) & Second Loss Facility - CARE BBB (SO)
Asset Class Used CV(8.46%) & New CV(91.54%)
Issue Details
Transaction Month
Sep-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
Par
First Loss Credit Facility
5.0%
98.1
122.7
1,990
17.5
8.2
90.44%, 9.56%
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
7.0%
NA
11.2%
NA
Mar-17
Maturity (months)
Pool Per for mance
Months Post S ecuritisation
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%
12.0%
180+ dpd
54
Jul-14
Mar -14
22
32
73.3%
3.5%
1.1%
8.8%
2.2%
1.7%
45.0%
18.8%
NA
100.0%
100.0%
NA
98.3%
105.4%
54.9%
78.0%
5.1
20.9
2.5
10.2
16.9%
18
36
63.6%
4.0%
0.3%
7.8%
0.3%
2.0%
33.0%
13.8%
NA
100.0%
100.0%
NA
97.7%
99.8%
65.3%
82.0%
4.4
>30
2.3
>30
14.2%
CCE
MCE
Collection Efficiency
120.0%
BCE
100.0%
4.0%
80.0%
3.0%
60.0%
2.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M4
M7
M10
M13
M16
M19
M22
M1
M4
M7
ABS & MBS Pool Performance Update- June 14
M10
M13
M16
M19
M22
117
Structured Finance
Issue Name STFCL CV Trust Nov 2012-I
Originator Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA
Rating
(SO) & Second Loss Facility - CARE BBB (SO)
Asset Class Used CV(76.83%) & New CV(23.17%)
Issue Details
Transaction Month
Nov-12
Transaction Structure
Par
Pool Principal (Rs Cr)
500.1
Future Receivables (Rs Cr)
615.2
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
14,418
17.9
13.3
91.31%, 8.69%
CC as % of initial POS
10.8%
First Loss Credit Facility
5.0%
Second Loss Credit Facility
5.8%
LF as % of initial POS
NA
EIS
OC/Subordination
Pool Maturity
9.4%
NA
May-17
Maturity (months)
54
Pool Per for mance
Jun-14
Mar -14
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
19
35
56.3%
1.2%
0.4%
2.0%
0.6%
1.4%
24.7%
11.4%
NA
100.0%
100.0%
NA
98.2%
100.0%
73.6%
85.3%
13.4
> 30
7.4
25.8
2.8%
16
38
47.8%
1.3%
0.2%
1.9%
0.2%
1.4%
20.7%
9.6%
NA
100.0%
100.0%
NA
97.9%
97.1%
77.0%
86.7%
12.1
> 30
7.0
> 30
2.4%
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
BCE
100.0%
1.6%
80.0%
1.2%
60.0%
0.8%
40.0%
0.4%
20.0%
0.0%
0.0%
M1
M4
M7
M10
M13
M16
M19
M1
M4
M7
ABS & MBS Pool Performance Update- June 14
M10
M13
M16
M19
118
Structured Finance
Issue Name STFCL CV Trust Nov 2012-III
Originator Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AA+
Rating
(SO) & Second Loss Facility - CARE BBB (SO)
Asset Class Used CV(82.69%) & New CV(17.31%)
Issue Details
Transaction Month
Nov-12
Transaction Structure
Par
Pool Principal (Rs Cr)
372.8
Future Receivables (Rs Cr)
458.2
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
5.0%
Second Loss Credit Facility
5.2%
LF as % of initial POS
10,703
18.1
13.9
92.64%, 7.36%
3.0%
180+ dpd
9.5%
NA
May-17
Maturity (months)
Months Post S ecuritisation
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
NA
EIS
OC/Subordination
Pool Maturity
Pool Per for mance
Delinquency
10.2%
54
Jul-14
Mar -14
20
34
59.7%
0.9%
0.2%
1.7%
0.4%
1.2%
25.3%
12.4%
NA
100.0%
100.0%
NA
98.8%
98.7%
73.2%
84.7%
16.1
>30
9.2
>30
4.2%
16
38
47.5%
0.8%
0.2%
1.2%
0.2%
1.1%
19.4%
9.5%
NA
100.0%
100.0%
NA
98.7%
97.1%
78.2%
86.9%
17.5
>30
10.5
>30
2.6%
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
2.4%
80.0%
1.8%
60.0%
1.2%
40.0%
0.6%
20.0%
0.0%
0.0%
M1
M4
M7
M10
M13
M16
M19
M1
M4
M7
ABS & MBS Pool Performance Update- June 14
M10
M13
M16
M19
119
Structured Finance
Issue Name STFCL CV Trust Dec 2012-II
Originator Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA
Rating
(SO) & Second Loss Facility - CARE BBB (SO)
Asset Class Used CV(72.91%) & New CV(27.09%)
Issue Details
Transaction Month
Dec-12
Transaction Structure
Par
Pool Principal (Rs Cr)
220.4
Future Receivables (Rs Cr)
270.6
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
10.9%
First Loss Credit Facility
5.0%
Second Loss Credit Facility
5.9%
LF as % of initial POS
5,286
17.5
12.0
90.38%, 9.62%
NA
EIS
OC/Subordination
Pool Maturity
9.7%
NA
May-17
Maturity (months)
53
Pool Per for mance
Jun-14
Mar -14
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
18
35
57.2%
6.9%
2.5%
10.7%
3.5%
3.2%
25.5%
11.7%
NA
100.0%
100.0%
NA
95.0%
101.4%
72.3%
84.5%
2.6
8.0
1.5
4.5
7.2%
15
38
48.7%
9.1%
1.4%
12.9%
1.6%
3.5%
21.2%
9.7%
NA
100.0%
100.0%
NA
94.0%
94.4%
75.9%
85.9%
1.9
15.2
1.1
8.9
6.3%
90+ dpd
Overdue
Delinquency
10.0%
180+ dpd
8.0%
6.0%
4.0%
2.0%
0.0%
M1
M3
M5
M7
M9 M11 M13 M15 M17
Collection Efficiency
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1
M3
M5
M7
ABS & MBS Pool Performance Update- June 14
CCE
MCE
BCE
M9 M11 M13 M15 M17
120
Structured Finance
Issue Name STFCL CV Trust Mar 2013-II
Originator Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AA(SO)
Rating
& Second Loss Facility - CARE BBB (SO)
Asset Class Used CV(82.52%) & New CV(17.48%)
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
8.9%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
547.8
668.3
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
5.0%
3.9%
NA
No of Contracts
16,066
EIS
10.7%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Sep-17
54
Average Maturity (Months)
16.6
Average Seasoning' (Months)
14.0
86.78%, 13.22%
Overdue Composition
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
15
39
54.0%
3.0%
1.3%
4.3%
1.6%
1.9%
19.3%
10.9%
NA
100.0%
100.0%
NA
97.4%
98.3%
77.4%
84.8%
5.2
14.1
3.5
9.5
6.9%
12
42
45.0%
2.8%
0.5%
3.7%
0.5%
1.8%
16.2%
9.1%
NA
100.0%
100.0%
NA
97.3%
95.4%
79.9%
86.0%
5.4
>30
3.7
26.2
6.3%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
BCE
100.0%
3.0%
80.0%
2.0%
60.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M11
M13
M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
M15
121
Structured Finance
Issue Name Commercial Vehicle Trust march 2013 II
Originator Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AA (SO)
Rating
& Second Loss Facility - CARE A- (SO)
Asset Class Used CV(85.47%) & New CV(14.53%)
Issue Details
Transaction Month
Mar-13
Transaction Structure
Par
Pool Principal (Rs Cr)
206.4
Future Receivables (Rs Cr)
250.4
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
9.3%
First Loss Credit Facility
5.0%
Second Loss Credit Facility
4.3%
LF as % of initial POS
6,090
16.8
13.2
92.59%, 7.41%
NA
EIS
OC/Subordination
Pool Maturity
10.5%
NA
Oct-17
Maturity (months)
54
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
14
40
48.6%
3.0%
1.0%
4.1%
1.2%
1.8%
18.1%
9.7%
NA
100.0%
100.0%
NA
97.2%
98.6%
78.2%
85.5%
5.3
18.5
3.5
12.3
4.4%
11
43
39.5%
2.5%
0.3%
3.1%
0.3%
1.7%
15.4%
8.3%
NA
100.0%
100.0%
NA
96.8%
95.7%
80.3%
86.4%
6.3
>30
4.3
>30
4.0%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
3.0%
80.0%
2.0%
60.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M11
M13
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
122
Structured Finance
Issue Name Sansar Vehicle Trust Mar 2013-VI
Originator Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA
Rating
(SO) & Second Loss Facility - CARE BBB+ (SO)
Asset Class Used CV(70.24%) & New CV(29.76%)
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
12.9%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
124.7
153.5
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
5.0%
7.9%
NA
No of Contracts
4,059
EIS
12.6%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Aug-17
53
Average Maturity (Months)
18.4
Average Seasoning' (Months)
9.9
88.25%, 11.75%
Overdue Composition
Pool Per for mance
Jun-14
Mar -14
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
15
38
44.4%
3.1%
0.8%
4.3%
0.9%
1.7%
23.2%
9.0%
NA
100.0%
100.0%
NA
97.7%
99.0%
74.6%
86.9%
6.0
28.4
3.1
14.6
3.0%
12
41
36.1%
2.6%
0.3%
3.2%
0.3%
1.6%
20.2%
7.8%
NA
100.0%
100.0%
NA
97.5%
96.0%
77.0%
87.6%
7.2
>30
3.9
>30
2.5%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
BCE
100.0%
3.0%
80.0%
60.0%
2.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M11
M13
M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
M15
123
Structured Finance
Issue Name Sansar Trust Mar 2013-VII
Originator Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AA (SO)
Rating
& Second Loss Facility - CARE A- (SO)
Asset Class Used CV(86.71%) & New CV(13.29%)
Issue Details
Transaction Month
Mar-13
Transaction Structure
Par
Pool Principal (Rs Cr)
200.7
Future Receivables (Rs Cr)
244.2
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
5,421
17.1
12.3
90.11%, 9.89%
CC as % of initial POS
9.3%
First Loss Credit Facility
5.0%
Second Loss Credit Facility
4.3%
LF as % of initial POS
NA
EIS
OC/Subordination
Pool Maturity
10.6%
NA
Oct-17
Maturity (months)
54
Pool Per for mance
Jun-14
Mar -14
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
CC 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
14
40
47.6%
3.1%
1.3%
4.0%
1.49%
1.8%
17.7%
9.5%
NA
100.0%
100.0%
NA
98.1%
96.0%
78.5%
85.6%
5.4
14.5
3.6
9.7
8.6%
11
43
38.7%
2.8%
0.3%
3.4%
0.30%
1.7%
15.2%
8.2%
NA
100.0%
100.0%
NA
98.6%
99.7%
80.4%
86.5%
5.7
>30
4.0
>30
8.2%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
3.0%
80.0%
60.0%
2.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M11
M13
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
124
Structured Finance
Issue Name Grand Development Trust June 2013 I
Originator Shriram Transport Finance Company Ltd
Series A PTCs - CARE AA (SO) & Second Loss
Rating
Facility - CARE BBB (SO)
Asset Class Used CV(62.86%) & New CV(37.14%)
Issue Details
Transaction Month
Transaction Structure
Jun-13
Par
CC as % of initial POS
First Loss Credit Facility
10.4%
4.0%
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
320.7
383.5
6,782
14.9
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
6.4%
NA
9.0%
NA
Average Seasoning' (Months)
6.7
Pool Maturity
86.74%, 13.26%
Overdue Composition
Jun-17
Maturity (months)
48
Pool Per for mance
Jun-14
Mar -14
Months Post S ecuritisation
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
12
36
49.1%
6.8%
1.1%
10.0%
1.4%
3.1%
20.4%
7.9%
NA
100.0%
100.0%
NA
94.1%
97.7%
77.1%
88.2%
2.3
16.7
1.2
8.6
9.3%
9
39
37.5%
3.9%
0.3%
4.9%
0.4%
2.8%
16.6%
6.4%
NA
100.0%
100.0%
NA
93.1%
97.5%
80.1%
89.1%
4.0
>30
2.2
>30
7.4%
90+ dpd
Overdue
Delinquency
8.0%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
BCE
100.0%
6.0%
80.0%
4.0%
60.0%
40.0%
2.0%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
125
Structured Finance
Issue Name
Originator
Rating
Asset Class
Sansar Trust Feb 2014 –IV
Shriram Transport Finance Company Ltd
Series A PTCs - CARE AA (SO)
Used CV(92.87%) & New CV(7.13%)
Issue Details
Transaction Month
Mar-14
Transaction Structure
Par
Pool Principal (Rs Cr)
549.8
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
672.8
14,311
16.4
9.4
86.0%, 14.0%
CC as % of initial POS
9.2%
First Loss Credit Facility
5.0%
Second Loss Credit Facility
4.2%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
11.0%
NA
Jun-17
Maturity (months)
54
Pool Per for mance
Jun-14
Months Post S ecuritisation
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
3
51
10.7%
0.0%
0.0%
0.0%
0.0%
0.5%
0.1%
0.1%
NA
100.0%
100.0%
NA
99.0%
98.9%
91.5%
91.5%
NA
NA
NA
NA
0.0%
ABS & MBS Pool Performance Update- June 14
126
Structured Finance
Srei Equipment Finance Private Ltd
(SEFPL) – 4 (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 (%)
2012
(12m, A)
1661
197
2.80
16.90
2013
(12m, A)
2,147
270
2.80
16.20
2014
(12m, A)
2,380
225
4.80
17.10
NA – Not available

As per the results for FY14, SEFPL earned a Income from finance activities of
Rs.2,380 crore which grew by 11% over FY13. SEFPL profitability has come down to
Rs 225 crore as compared to previous financial year was mainly on account of higher
loan loss provisioning during the FY14.

As of March 31, 2014 the overall GNPA and NNPA ratios were 4.80% and 3.90%
respectively. The high NPA ratios were due the large accounts fall under CDR.

CAR for SEFPL as on March 31, 2014 was at 17.10%.
ABS & MBS Pool Performance Update- June 14
127
Structured Finance
Issue Name
Originator
Rating
Asset Class
SEFPL Direct Assignment Mar’ 12-II
Srei Equipment Finance Private Limited
Assignee Payout - CARE AAA (SO) Equivalent
Construction Equipment
Issue Details
Transaction Month
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
NA
107.1
130.3
498
18.4
1.2
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
4.3%
NA
Mar-16
100%, 0.0%
Maturity (months)
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%
14.8%
Par
180+ dpd
47
Jun-14
26
21
74.1%
4.1%
1.5%
10.1%
2.7%
2.7%
57.1%
NA
NA
100.0%
NA
NA
97.0%
97.2%
45.7%
NA
5.4
20.1
NA
NA
6.90%
Mar-14
23
24
67.1%
4.5%
2.1%
8.7%
3.4%
2.4%
45.0%
NA
NA
100.0%
NA
NA
96.9%
94.6%
57.2%
NA
4.9
12.5
NA
NA
6.9%
CCE
MCE
Collection Efficiency
BCE
100%
4%
80%
3%
60%
2%
40%
1%
20%
0%
0%
M1
M6
M11
M16
M21
M26
M1
M6
ABS & MBS Pool Performance Update- June 14
M11
M16
M21
M26
128
Structured Finance
Issue Name
Originator
Rating
Asset Class
SEFPL Direct Assignment Mar’ 12-V
Srei Equipment Finance Private Limited
Assignee Payout - CARE AAA (SO) Equivalent
Construction Equipment
Issue Details
Transaction Month
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
Par
First Loss Credit Facility
NA
293.8
357.2
406
18.5
6.0
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
3.2%
NA
Dec-16
100%, 0%
Maturity (months)
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
4%
13.3%
180+ dpd
57
Jun-14
26
31
79.2%
3.7%
1.5%
11.2%
4.0%
2.2%
63.9%
NA
NA
100.0%
NA
NA
97.5%
98.9%
40.9%
NA
5.3
14.7
NA
NA
13.41%
Mar-14
23
34
72.3%
3.5%
1.2%
8.4%
2.3%
2.1%
48.1%
NA
NA
100.0%
NA
NA
97.3%
95.5%
55.5%
NA
5.3
19.5
NA
NA
12.4%
CCE
MCE
Collection Efficiency
BCE
100%
80%
3%
60%
2%
40%
1%
20%
0%
0%
M1
M6
M11
M16
M21
M26
M1
M6
ABS & MBS Pool Performance Update- June 14
M11
M16
M21
M26
129
Structured Finance
Issue Name
Originator
Rating
Asset Class
Indian Infrastructure Equipment Receivables Trust - March 2013 - II
Srei Equipment Finance Private Limited
Series A1 PTCs - CARE AA (SO)
Construction Equipment
Issue Details
Transaction Month
Mar-13
CC as % of initial POS
10.0%
Transaction Structure
Par
First Loss Credit Facility
NA
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
65.8
78.5
342
16.7
7.0
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
7.5%
NA
Dec-15
Overdue Composition
100%, 0.0%
Maturity (months)
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
8%
180+ dpd
46
Jun-14
15
31
47.4%
6.9%
3.3%
9.2%
3.8%
3.0%
19.0%
NA
NA
100.0%
NA
NA
94.7%
96.0%
78.8%
NA
2.3
5.6
NA
NA
3.29%
Mar-14
12
34
36.7%
6.1%
3.4%
7.1%
3.7%
2.6%
15.8%
NA
NA
100.0%
NA
NA
94.4%
92.8%
81.4%
NA
2.6
5.0
NA
NA
1.5%
CCE
MCE
Collection Efficiency
BCE
100%
6%
80%
60%
4%
40%
2%
20%
0%
0%
M1
M3
M5
M7
M9
M11
M13
M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
M15
130
Structured Finance
Issue Name
Originator
Rating
Asset Class
Indian Infrastructure Equipment Receivables Trust - March 2013 - IV
Srei Equipment Finance Private Limited
Series A1 PTCs - CARE AA (SO)
Construction Equipment
Issue Details
Transaction Month
Mar-13
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
Par
First Loss Credit Facility
NA
100.0
117.2
507
16.1
7.7
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
NA
6.4%
NA
Sep-17
100%, 0.0%
Maturity (months)
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
4%
10.0%
180+ dpd
54
Jun-14
15
39
50.7%
2.5%
0.7%
3.6%
0.9%
2.1%
20.3%
NA
NA
100.0%
NA
NA
96.3%
95.2%
72.7%
NA
7.6
>30
NA
NA
2.79%
Mar-14
12
42
40.5%
2.4%
0.6%
2.8%
0.6%
1.6%
16.8%
NA
NA
100.0%
NA
NA
96.5%
97.0%
80.8%
NA
6.7
>30
NA
NA
2.6%
CCE
MCE
Collection Efficiency
BCE
100%
3%
80%
60%
2%
40%
1%
20%
0%
0%
M1
M3
M5
M7
M9
M11
M13
M15
M1
M3
M5
ABS & MBS Pool Performance Update- June 14
M7
M9
M11
M13
M15
131
Structured Finance
Equitas Micro Finance Private Limited
(EMFPL) – 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) %)

2012
(12m, A)
191
18
194
0.95
31.35
2013
(12m, A)
237
28
247
0.03
27.18
2014
(12m, A)
342
57
301
0.10
22.91
The gross NPA level has increased from 0.03% as of 31st March, 2013 to 70.10% as
of 31st March 2014.

The CAR declined to the level of 22.91% as of 31st March, 2014 as against 27.18% at
the end of 31st March, 2013. It is above the regulatory requirement of 15%.

PAT has increased significantly from 28 crores in the FY 2012-13 to 57 crores in the
FY 2013-14.

Total income grew by around 44% and stood at 342 crores for the FY 2013-14 against
237 crores for FY 2012-13.
ABS & MBS Pool Performance Update- June 14
132
Structured Finance
Issue Name
Originator
Rating
Asset Class
EMF Microloans Pool - Chatvaari - March 2014
Equitas Micro Finance Private Limited
Series A1 PTC - CARE BBB (SO)
Microfinance Loan Receivables
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
52.6
62.2
67739
33.5
36.5
100%, 0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
Subordination as a % of Pool
Pool Maturity
Maturity (months)
Pool Performance
Jun-14
Months Post Securitisation
Balance Tenure (Months)
Pool 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 Assignee 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
3
19
23.0%
0.0%
0.0%
0.0%
0.0%
0.0%
7.1%
7.6%
100.0%
99.1%
99.1%
79.7%
>30
NA
1.1%
ABS & MBS Pool Performance Update- June 14
5.5%
NA
NA
NA
11.0%
5.0%
Jan-16
22
133
Structured Finance
Analyst Contact
Vijay Agrawal
Joint General Manager
Tel- +91-22-67543416
vijay.agrawal@careratings.com
Ramadasu Bandaru
Manager
Tel- +91-22-67543402
Ramadasu.bandaru@careratings.com
Disclaimer
CARE’s ratings are opinions on credit quality and are not recommendations to buy, sell or hold any security. CARE
has based its ratings on information obtained from sources believed by it to be accurate and reliable. CARE does
not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for
any errors or omissions or for the results obtained from the use of such information. Most issuers of securities
rated by CARE have paid a credit rating fee, based on the amount and type of securities issued.
Credit Analysis & Research Limited , 4th Floor, Godrej Coliseum, Somaiya Hospital Road,
Off Eastern Express Highway, Sion East, Mumbai-22, INDIA
Tel: 022 – 6754 3456 Fax: 022 – 6754 3457
ABS & MBS Pool Performance Update- June 14
134