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 Rs48,000
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 Breakeven 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- Sep 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. Dewan Housing Finance Limited
e. ESAF Microfinance and Investments Pvt. Ltd.
f. Equitas Micro Finance Private Limited
g. HDB Financial Services Limited
h. HDFC Bank Limited
i. HDFC Limited
j. Hinduja Leyland Finance Limited
k. Indiabulls Housing Finance Company Ltd.
l. India Infoline Finance Limited
m. IKF Finance Limited
n. Magma Fincorp Limited
o. Magma ITL Finance Ltd
p. Reliance Capital Ltd.
q. SKS Microfinance Limited
r. Multi Originator Transaction (SKS Microfinance Limited &
Janalakshmi Financial Services Private Limited)
s. Shriram City Union Finance Limited
t. Shriram Transport Finance Company Limited
u. SREI Equipment Finance Private Limited
ABS & MBS Pool Performance Update- Sep 14
Page No
3
6
7
12
15
19
29
31
33
37
39
49
52
71
73
78
87
92
94
101
106
108
128
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- Sep 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 30/90/180dpd to the balance pool POS / FP.
Future POS / FR (30+/ 90+/ 180+dpd)
Balance POS/ FP
Overdue as a % of Initial POS / FP: It is a ratio of overdue amount of all the contracts overdue
as on date to initial POS / FP.
Overdue Amount
Initial POS / FP
Cash Collateral as % of Balance POS: It is ratio of outstanding cash collateral as on date as a %
of principal outstanding as on date.
Outstandingcash collateral
Balance POS
Liquidity Facility as % of Balance POS: It is ratio of outstanding liquidity facility as on date as
a % of principal outstanding as on date.
Outstandingliquidity facility
Balance POS
Balance cash collateral: Outstanding cash collateral as a % of initial cash collateral.
Outstanding Cash Collateral
Initial cash collateral
Break Even Collection Efficiency: Minimum collection efficiency required from future billings
(excluding overdues) to serve the investors.
Future Payouts – Available cash collateral
Future Billing
ABS & MBS Pool Performance Update- Sep 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 30/90/180dpd 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 90/180dpd contracts.
1- Break even collection efficiency (First Loss Facility)
90+/180+dpd (% of Balance POS)
Cumulative Prepayment: This ratio explains the cumulative prepayment in the pool.
Cumulative Prepayment
Initial POS / FP
Cumulative Collection Efficiency (CCE): This ratio explains the cumulative collection in the
pool.
Cumulative Collection till date (exclusive of prepayments)
Cumulative Monthly Billing
Monthly Collection Efficiency (MCE): This ratio explains the monthly collection in the pool.
Total Monthly Collections (exclusive of prepayments)
Monthly Billing
Fortnightly Collection Efficiency (FCE): This ratio explains the fortnightly collection in the
pool.
Total Fortnightly Collections (exclusive of prepayments)
Fortnightly Billing
ABS & MBS Pool Performance Update- Sep 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- Sep 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) (%)

2012
(12m, A)
249
50
392
0.43
29.02
2013
(12m, A)
441
80
454
0.81
20.82
2014
(12m, A)
619
92
624
1.50
20.43
H1 FY15
(6m, P)
336
52
699
2.01
22.55
Total income registered growth of 40% in FY 14 and stood at Rs. 619 Crore. This increase
was on account of strong AUM growth.

Economic slowdown over the past years has lead to an increase in delinquencies. The Gross
NPA ratio increased from 0.81% as on March 31, 2013 to 1.50% as on March 31st 2014. As
on September 2014 the NPA stood at 2.01%.

AUFL reported regulatory CAR of 22.55% as on September 2014.
ABS & MBS Pool Performance Update- Sep 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
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Premium
22.2
29.5
821
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
19.2
1.8
100%,0%
CC as % of initial FR
10.2%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
NA
NA
NA
EIS
NA
OC/Subordination
Pool Maturity
Maturity (months)
NA
Feb-16
47
Pool Per for mance
Sep-14
Jun-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
30
17
83.9%
2.91%
1.33%
9.27%
2.91%
2.90%
45.27%
NA
NA
71.49%
NA
NA
95.8%
98.7%
54.7%
NA
4.9
15.6
NA
NA
11.53%
27
20
77.7%
3.06%
1.58%
7.90%
3.16%
2.82%
32.92%
NA
NA
72.20%
NA
NA
95.5%
96.4%
67.1%
NA
4.2
10.4
NA
NA
10.52%
Delinquency
4.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
130.0%
3.0%
110.0%
2.0%
90.0%
CCE
MCE
BCE
70.0%
1.0%
50.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
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
CC as % of initial POS
15.0%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
50.0
80.1
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial FR
5.0%
10.0%
NA
No of Contracts
1193
EIS
24.9%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Feb-19
83
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
32.1
6.2
100%, 0%
Pool Per for mance
Sep-14
Jun-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
30
53
59.2%
2.19%
0.99%
4.0%
1.5%
1.46%
67.2%
100%
NA
100.0%
100%
NA
97.75%
99.9%
39.2%
71.5%
15.1
>30
7.09
18.8
25.45%
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
5.74
20.7
23.3%
Delinquency
90+ dpd
Overdue
180+ dpd
4.0%
Collection Efficiency
130.0%
CCE
MCE
BCE
110.0%
3.0%
90.0%
2.0%
70.0%
1.0%
50.0%
30.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 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
CC as % of initial POS
16.0%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
64.2
83.6
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
11.0%
5.0%
NA
No of Contracts
1881
EIS
11.0%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Mar-16
47
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
19.0
2.1
100%,0%
Pool Per for mance
Sep-14
Jun-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
30
17
79.58%
3.32%
1.81%
8.00%
3.10%
3.70%
78.3%
24.5%
NA
100.0%
100.0%
NA
95.7%
98.9%
25.7%
74.4%
9.30
24.0
3.20
24.0
11.0%
27
20
72.59%
3.60%
1.74%
7.32%
2.33%
3.63%
58.4%
18.2%
NA
100.0%
100.0%
NA
95.4%
100.2%
44.0%
79.8%
7.65
24.1
2.76
>30
10.0%
Delinquency
5.0%
90+ dpd
Overdue
180+ dpd
4.0%
3.0%
2.0%
1.0%
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
CCE
MCE
BCE
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 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 Per for mance
Sep-14
Jun-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
29
53.8%
4.2%
1.9%
6.4%
2.6%
4.02%
20.6%
7.2%
NA
100.0%
100.0%
NA
96.5%
117.3%
75.1%
86.7%
3.9
9.4
2.1
>30
7.4%
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%
78.5%
88.0%
3.2
11.9
1.8
>30
5.6%
Delinquency
6.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
5.0%
CCE
MCE
BCE
100.0%
4.0%
80.0%
3.0%
2.0%
60.0%
1.0%
40.0%
0.0%
M1 M3 M5 M7 M9 M11 M13 M15 M17
M1
ABS & MBS Pool Performance Update- Sep 14
M3
M5
M7
M9 M11 M13 M15 M17
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
30-06-2014
(3m, P)
375.3
96.4
1,223.4
20.95
0.09
In Q1FY15, BFSPL earned PAT (after deferred tax) of Rs.96.4 crore on the total income of
Rs.375.3 crore as against Rs.283.6 crore on the total income of Rs.1,212.8 crore in FY14,
respectively.

BFSPL reported regulatory CAR of 20.95% as on June30, 2014.

BFSPL has been able to maintain asset quality at comfortable levels. As on June 30, 2014,
gross NPA stood at 0.09%.
ABS & MBS Pool Performance Update- Sep 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
Sep-14
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
7
16
45.0%
0.0%
0.0%
0.0%
0.0%
0.0%
11.8%
14.4%
100.0%
100.0%
100.0%
64.0%
NA
NA
0.0%
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%
30+ dpd
Overdue
Delinquency
5.0%
90+ dpd
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
M5
CCE
MCE
Collection Efficiency
M6
M7
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
BCE
M6
13
M7
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%
5.0%
Jan-16
22
Pool Performance
Sep-14
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
6
16
52.3%
0.0%
0.0%
0.0%
0.0%
0.0%
13.6%
16.5%
100.0%
100.0%
100.0%
48.0%
NA
NA
2.6%
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%
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
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
14
M6
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
H1’2015
(6m, P*)
1786
188
2282
2.6
19.78
P*= Provisional. A= Audited

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 had seen moderation over the years, which is 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- Sep 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%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
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
CCE
MCE
Collection Efficiency
110.0%
BCE
100.0%
3.0%
90.0%
2.0%
80.0%
1.0%
70.0%
0.0%
60.0%
M1
M2
M3
M4
M5
M6
M7
M8
M9
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
M7
16
M8
M9
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 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
4.0%
180+ dpd
Sep-14
8
160
23.6%
1.9%
0.0%
2.3%
0.0%
0.3%
13.7%
NA
NA
100.0%
NA
NA
97.5%
NA
56.1%
NA
19.2
NA
NA
NA
20.2%
Jun-14
5
163
17.2%
0.0%
0.0%
0.0%
0.0%
0.1%
12.7%
NA
NA
100.0%
NA
NA
98.2%
NA
57.6%
NA
NA
NA
NA
NA
15.0%
CCE
MCE
Collection Efficiency
BCE
110.0%
3.0%
95.0%
2.0%
80.0%
1.0%
65.0%
0.0%
50.0%
M1
M2
M3
M4
M5
M6
M7
M8
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
17
M7
M8
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 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
4.0%
180+ dpd
Sep-14
6
46
21.5%
0.5%
0.0%
0.5%
0.0%
0.7%
13.4%
NA
NA
100.0%
NA
NA
95.9%
98.9%
79.5%
NA
>30
>30
NA
NA
1.61%
Jun-14
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
NA
NA
0.8%
CCE
MCE
Collection Efficiency
110.0%
BCE
100.0%
3.0%
90.0%
2.0%
80.0%
1.0%
70.0%
0.0%
60.0%
M1
M2
M3
M4
M5
M6
M7
M8
M9
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
18
M6
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
(12m, A)
2,470
306
2,033
0.76
18.24
2013
2014
H1’2015
(12m, A) (12m, A) (6m, P*)
4,141
4,970
2,877
452
529
323
3,235
3,575
3,779
0.71
0.78
0.78
16.52
16.42
16.17
P*= Provisional. A= Audited

DHFL reported PAT of Rs.323 crore on total income of Rs.2,877 crore during H1FY15
as compared to PAT of Rs.529 crore on total income of Rs.4,970 crore during FY14.

DHFL reported Gross NPA ratio of 0.78% as on September 30, 2014 [0.71% as on March
31, 2014] and Net NPA ratio of 0.46% as on September 30, 2014 [0.52% 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 16.17% as on September 30, 2014 [16.42% as on
March 31, 2014].
ABS & MBS Pool Performance Update- Sep 14
19
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
Transaction Structure
Par
Pool Principal (Rs Cr)
321.8
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
679.2
3,853
91.0
12.8
Overdue Composition
CC as % of initial POS
15.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100%, 0%
NA
10.3%
NA
Mar-32
Maturity (months)
240
Pool Performance
Sep-14
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
30
35.8%
0.4%
0.2%
0.6%
0.3%
0.1%
24.2%
NA
NA
100.0%
NA
NA
99.5%
100.4%
80.2%
NA
>30
>30
NA
NA
26.4%
27
32.5%
0.5%
0.2%
0.7%
0.2%
0.1%
23.0%
NA
NA
100.0%
NA
NA
99.4%
98.4%
80.7%
NA
27.2
>30
NA
NA
24.1%
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 M28
CCE
MCE
BCE
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
20
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
Sep-14
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
30
36.6%
0.4%
0.1%
0.5%
0.1%
0.1%
20.5%
NA
NA
100.0%
NA
NA
99.4%
99.7%
81.3%
NA
>30
>30
NA
NA
27.2%
27
33.5%
0.3%
0.1%
0.4%
0.2%
0.1%
19.5%
NA
NA
100.0%
NA
NA
99.4%
98.8%
81.7%
NA
>30
>30
NA
NA
25.1%
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 M28
CCE
BCE
MCE
110.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
21
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
Sep-14
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
30
37.7%
0.6%
0.5%
0.8%
0.7%
0.2%
22.5%
NA
NA
100.0%
NA
NA
99.4%
98.5%
80.4%
NA
24.3
27.6
NA
NA
28.5%
27
34.1%
0.5%
0.3%
0.8%
0.4%
0.1%
21.2%
NA
NA
100.0%
NA
NA
99.4%
98.9%
81.0%
NA
24.8
>30
NA
NA
25.8%
ABS & MBS Pool Performance Update- Sep 14
22
M27
M25
BCE
M23
M21
70.0%
M19
0.0%
M17
80.0%
M15
0.5%
M13
90.0%
M9
1.0%
M11
100.0%
M7
110.0%
1.5%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
CCE
MCE
Collection Efficiency
M5
180+ dpd
M3
2.0%
90+ dpd
Overdue
M1
Delinquency
M29
Transaction Month
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
Sep-14
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
15
25.6%
0.3%
0.0%
0.4%
0.0%
0.1%
10.8%
NA
NA
100.0%
NA
NA
99.5%
99.7%
81.7%
NA
>30
NA
NA
NA
22.1%
12
21.0%
0.2%
0.0%
0.3%
0.0%
0.1%
10.1%
NA
NA
100.0%
NA
NA
99.4%
99.3%
81.9%
NA
>30
>30
NA
NA
18.2%
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%
70.0%
M1
M3
M5
M7
M9
M11
M13
M15
M1
ABS & MBS Pool Performance Update- Sep 14
M3
M5
M7
M9
M11
M13
23
M15
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
Sep-14
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
13
25.4%
0.1%
0.0%
0.1%
0.0%
0.0%
10.7%
NA
NA
100.0%
NA
NA
99.7%
99.9%
83.6%
NA
>30
>30
NA
NA
20.9%
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%
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
Collection Efficiency
110.0%
1.5%
CCE
MCE
BCE
100.0%
M13
M12
M11
M9
M10
M8
M7
M6
70.0%
M5
0.0%
M4
80.0%
M3
0.5%
M2
90.0%
M1
1.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10M11M12M13
ABS & MBS Pool Performance Update- Sep 14
24
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
Sep-14
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
10
18.5%
0.0%
0.0%
0.0%
0.0%
0.0%
9.8%
NA
NA
100.0%
NA
NA
99.6%
99.6%
83.2%
NA
NA
NA
NA
NA
15.0%
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%
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- Sep 14
25
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
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100%, 0%
NA
42.0%
4.0%
Apr-36
Maturity (months)
266
Pool Performance
Sep-14
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
7
20.9%
1.3%
0.0%
1.5%
0.0%
0.2%
18.3%
NA
NA
100.0%
NA
NA
98.0%
97.4%
71.9%
NA
19.03
NA
NA
NA
18.8%
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%
90+ dpd
Overdue
Delinquency
5.0%
180+ dpd
CCE
MCE
Collection Efficiency
110.0%
BCE
4.0%
100.0%
3.0%
2.0%
90.0%
1.0%
80.0%
0.0%
M1
M2
M3
M4
M5
M6
M6
70.0%
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
26
M6
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
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100%, 0%
NA
34.7%
4.0%
Feb-39
Maturity (months)
299
Pool Performance
Sep-14
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
6
7.2%
0.1%
0.0%
0.2%
0.0%
0.0%
9.4%
NA
NA
100.0%
NA
NA
99.3%
99.4%
82.1%
NA
>30
NA
NA
NA
5.9%
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%
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
Collection Efficiency
110.0%
1.5%
CCE
MCE
BCE
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
70.0%
M1
M2
M3
M4
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
27
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
NA
32.7%
10.0%
Dec-38
Maturity (months)
Pool Performance
297
Sep-14
Jun-14
Months Post Securitisation
6
3
Amortisation
10.8%
6.6%
90+ Delinquency (% of Initial POS)
0.0%
0.0%
180+ Delinquency (% of Initial POS)
0.0%
0.0%
90+ Delinquency (% of Balance POS)
0.0%
0.0%
180+ Delinquency (% of Balance POS)
0.0%
0.0%
Overdue Amt (% of Initial POS)
0.0%
0.0%
CC as % of Balance POS
8.6%
8.2%
FLF as % of Balance POS
NA
NA
LF as % of Balance POS
NA
NA
Balance CC (unutilized)
100.0%
100.0%
Balance FLF (unutilized)
NA
NA
Balance LF (unutilized)
NA
NA
CCE
99.7%
99.5%
MCE (3 month average)
99.9%
99.5%
Break even Collection Efficiency
82.6%
82.6%
Break even Collection Efficiency(FLF)
NA
NA
Overall enhancement coverage (90+ DPD)
NA
NA
Overall enhancement coverage (180+ DPD)
NA
NA
FL enhancement Coverage (90+ DPD)
NA
NA
FL enhancement Coverage (180+ DPD)
NA
NA
Cumulative Prepayment
9.0%
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.
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
Collection Efficiency
110.0%
1.5%
CCE
MCE
BCE
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
M1
M2
M3
M4
M5
M6
70.0%
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
28
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
1.28
25.20
Income of EMFIPL has increased by49% 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 stood at 1.28% as on March 31, 2014.
ABS & MBS Pool Performance Update- Sep 14
29
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
Future Receivables (Rs Cr)
71.1
EIS
No of Contracts
7.5%
Principal Subordination as a %
of Pool Principal
Pool Maturity
Maturity (months)
81,985
Average Maturity (Weeks)
21.0
Average Seasoning' (Weeks)
22.6
Overdue Composition
100%,0.0%
Pool Performance
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
* Rating withdrawn
30+ dpd
Overdue
Delinquency
5.0%
90+ dpd
NA
NA
NA
Jun-14
7
15
84.1%
0.0%
0.0%
0.0%
0.0%
0.0%
44.1%
485.6%
100.0%
100.0%
100.0%
0.0%
NA
NA
0.0%
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%
CCE
MCE
100.0%
80.0%
3.0%
60.0%
2.0%
40.0%
1.0%
20.0%
Dec-15
22
Sep-14
Collection Efficiency
4.0%
9.0%
BCE
0.0%
0.0%
M1
M2
M3
M4
M5
M6
M7
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
30
M7
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
2015
(3m, P)
99
16
327
0.08
21.93
The gross NPA level has increased from 0.03% as of 31st March, 2013 to 70.10% as of
31st March 2014. However, it dropped to 0.08% level in 1QFY15

PAT has increased significantly from 28 crores in the FY 2012-13 to 57 crores in the FY
2013-14. In 1QFY15, the reported PAT was Rs. 16 crores.

Total income grew by around 44% and stood at 342 crores for the FY 2013-14 against
237 crores for FY 2012-13. The reported total income for 1QFY15 was Rs. 99 crores.
ABS & MBS Pool Performance Update- Sep 14
31
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
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
30+ dpd
Overdue
Delinquency
90+ dpd
Sep-14
6
16
42.8%
0.2%
0.0%
0.2%
0.0%
0.0%
9.6%
10.5%
100.0%
99.5%
100.0%
76.1%
>30
>30
3.1%
Jun-14
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%
Collection Efficiency
2.0%
120.0%
1.5%
105.0%
1.0%
90.0%
0.5%
75.0%
0.0%
5.5%
NA
NA
NA
11.0%
5.0%
Jan-16
22
CCE
MCE
BCE
60.0%
M1
M2
M3
M4
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
32
M6
Structured Finance
HDB Financial Services Limited
(HFSL – 3 Pools)
Key financial indicators

For the year ended as on 31st
March
2012
(12m, A)
2013
(12m, A)
2014
(12m, A)
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) (%)
432
51
757
4,054
0.10
19.94
963
102
841
8,379
0.44
18.34
1688
209
1,568
13,630
0.81
18.40
30-062014
(3m, P)
544.01
70.22
NA
NA
0.92
18.85
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 has been able to maintain asset quality at comfortable levels. As on June
30, 2014, gross NPA stood at 0.92%.

HDBFSL reported regulatory CAR of 18.85% as on June 30, 2014.
ABS & MBS Pool Performance Update- Sep 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
Sep-14
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
30
26
79.1%
2.55%
1.93%
7.73%
5.48%
2.30%
76.7%
0.0%
NA
100.0%
NA
NA
97.67%
93.34%
27.11%
NA
9.43
13.30
NA
NA
7.12%
27
29
72.0%
2.02%
1.75%
4.83%
4.14%
1.97%
57.2%
0.0%
NA
100.0%
NA
NA
98.02%
93.98%
45.53%
NA
11.27
13.2
NA
NA
6.35%
Delinquency
4.0%
90+ dpd
Overdue
180+ dpd
CCE
MCE
Collection Efficiency
BCE
110.0%
3.0%
90.0%
70.0%
2.0%
50.0%
1.0%
30.0%
0.0%
10.0%
M1
M5
M9
M13
M17
M21
M25
M29
M1
M5
ABS & MBS Pool Performance Update- Sep 14
M9
M13
M17
M21
M25
34
M29
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 Per for mance
Sep-14
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
18
30
59.75%
3.6%
0.0%
5.9%
0.0%
2.5%
18.6%
7.5%
NA
100.0%
NA
NA
97.3%
92.8%
78.7%
NA
3.6
NA
NA
NA
7.7%
15
33
49.12%
2.6%
0.0%
3.6%
0.0%
1.8%
14.7%
7.5%
NA
100.0%
NA
NA
98.1%
97.8%
81.8%
NA
5.1
NA
NA
NA
5.3%
Delinquency
4.0%
90+ dpd
Overdue
180+ dpd
3.0%
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
2.0%
80.0%
1.0%
60.0%
0.0%
M1 M3 M5 M7 M9 M11 M13 M15 M17
M1
M3
ABS & MBS Pool Performance Update- Sep 14
M5
M7
M9 M11 M13 M15 M17
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
CC as % of initial POS
10%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
100%, 0.0%
NA
8.0%
NA
Feb-18
Maturity (months)
48
Pool Per for mance
Sep-14
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
6
42
21.90%
0.4%
0.0%
0.4%
0.0%
0.7%
12.2%
NA
0.0%
100.0%
NA
NA
96.8%
96.1%
83.4%
NA
>30
NA
NA
NA
1.5%
3
45
10.81%
0.0%
0.0%
0.0%
0.0%
0.3%
10.7%
NA
0.0%
100.0%
NA
NA
97.4%
97.4%
84.4%
NA
>30
NA
NA
NA
0.7%
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
110.0%
0.8%
CCE
MCE
BCE
100.0%
0.6%
90.0%
0.4%
80.0%
0.2%
70.0%
0.0%
M1
M2
M3
M4
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
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)

2012
(12m, A)
2013
(12m, A)
2014
(12m, A)
33,658
5,167
28,476
1.01
16.52
41,918
6,726
34,309
0.97
16.80
49,055
8,478
41,619
0.98
16.10
30-062014
(3m, P)
1,3071
2,233
NA
1.1
15.10
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 Gross NPA ratio of 1.1% as of 30thJune, 2014.

The bank’s capital adequacy was comfortable with CAR at 15.10%.
ABS & MBS Pool Performance Update- Sep 14
37
Structured Finance
Issue Name HDFC Bank's Assignment of Receivables of Mar' 09
Originator HDFC Bank Limited
Rating
Assignee Payout- CARE AAA (SO) Equivalent
Asset Class 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
Delinquency
90+ dpd
Overdue
180+ dpd
Sep-14
65
9
99.97%
0.38%
0.38%
3.17%
2.52%
0.38%
38375.62%
NA
NA
100.00%
NA
NA
99.91%
158.80%
0.00%
NA
>30
>30
NA
NA
12.66%
Collection Efficiency
1.0%
400.0%
0.8%
300.0%
0.5%
200.0%
0.3%
100.0%
0.0%
12.1%
NA
NA
NA
2.4%
Nil
Jun-15
74
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%
CCE
MCE
BCE
0.0%
M1
M11
M21
M31
M41
M51
M61
M1
M11
ABS & MBS Pool Performance Update- Sep 14
M21
M31
M41
M51
38
M61
Structured Finance
HDFC Ltd – 9 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR)
2012
(12m, A)
17,354
4,123
18,389
0.74
14.6
2013
(12m, A)
21,148
4,848
24,369
0.7
16.4
2014
(12m, A)
24,198
5,440
27,325
0.69
17.9
30-062014
(3m, P)
6,461
1,419
28,744
0.70
15.30

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 ascompared to PAT of
Rs.4,848 crore on total income of Rs.21,148 crore during FY13.

HDFC reported Gross NPA ratio of 0.70% and Net NPA of 0.48%as on June 30, 2014,
indicating one of the best asset quality parameters in the housing finance industry.

HDFC reported Capital Adequacy Ratio (CAR) of 15.30% (Tier I CAR: 12.90%) as on
June 30, 2014.
ABS & MBS Pool Performance Update- Sep 14
39
Structured Finance
Issue Name HDFC's Assignment of Receivables of Mar' 09
HDFC Limited
Originator
Assignee Payout - CARE AAA (SO) Equivalent
Rating
Second Loss Facility - BBB (SO) Equivalent
Asset Class Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
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
Sep-14
66
70.4%
0.3%
0.1%
0.9%
0.4%
0.2%
25.3%
8.4%
NA
100.0%
100.0%
NA
99.7%
100.3%
76.1%
86.3%
27.7
>30
15.9
>30
42.7%
7.5%
2.5%
5.0%
NA
25.9%
Nil
Feb-34
299
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%
>30
>30
20.5
>30
41.7%
Collection Efficiency
CCE
MCE
BCE
110.0%
0.8%
100.0%
0.6%
90.0%
0.4%
80.0%
0.2%
70.0%
60.0%
0.0%
M1
M11
M21
M31
M41
M51
M61
50.0%
M1
M11
ABS & MBS Pool Performance Update- Sep 14
M21
M31
M41
M51
40
M61
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
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Sep-14
64
58.8%
0.8%
0.4%
1.6%
0.7%
0.3%
29.1%
13.3%
NA
100.0%
100.0%
NA
99.4%
99.6%
79.2%
87.7%
12.9
>30
7.6
18.4
34.2%
110.0%
0.6%
100.0%
0.4%
90.0%
0.2%
80.0%
0.0%
M1
M11
M21
M31
M41
M51
M61
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%
Collection Efficiency
0.8%
12.0%
5.5%
6.5%
NA
11.2%
Nil
Jan-30
248
CCE
MCE
BCE
70.0%
M1
M11
ABS & MBS Pool Performance Update- Sep 14
M21
M31
M41
M51
41
M61
Structured Finance
Issue Name
Originator
Rating
Asset Class
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 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
Sep-14
64
67.85%
0.51%
0.29%
1.37%
0.76%
0.29%
31.13%
13.23%
NA
100.00%
100.00%
NA
99.53%
100.35%
77.21%
87.65%
16.6
30.0
9.0
16.2
46.33%
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%
Collection Efficiency
0.8%
110.0%
0.6%
100.0%
10.0%
4.3%
5.8%
NA
12.4%
Nil
Nov-33
294
CCE
MCE
BCE
90.0%
0.4%
80.0%
0.2%
70.0%
0.0%
M1
M11
M21
M31
M41
M51
M61
60.0%
M1
M11
ABS & MBS Pool Performance Update- Sep 14
M21
M31
M41
M51
42
M61
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
Delinquency
90+ dpd
Overdue
180+ dpd
Sep-14
58
57.8%
0.66%
0.07%
1.4%
0.1%
0.23%
30.6%
13.6%
NA
100.0%
100.0%
NA
99.93%
100.0%
79.02%
88.5%
14.7
>30
8.1
>30
34.40%
110.0%
0.8%
100.0%
0.6%
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%
CCE
MCE
Collection Efficiency
1.0%
12.9%
5.7%
7.2%
NA
9.8%
Nil
Sep-29
240
BCE
90.0%
0.4%
80.0%
0.2%
70.0%
0.0%
M1
M9
M17
M25
M33
M41
M49
M57
M1
M9
ABS & MBS Pool Performance Update- Sep 14
M17
M25
M33
M41
M49
43
M57
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
Sep-14
58
67.0%
0.5%
0.1%
1.3%
0.3%
0.2%
29.5%
11.3%
NA
100.0%
100.0%
NA
99.6%
100.4%
76.3%
87.3%
18.58
>30
9.9
>30
39.3%
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%
CCE
MCE
Collection Efficiency
110.0%
1.0%
0.8%
100.0%
0.6%
90.0%
9.8%
3.7%
6.1%
NA
14.5%
Nil
Aug-30
251
BCE
0.4%
80.0%
0.2%
0.0%
70.0%
M1
M9
M17
M25
M33
M41
M49
M57
M1
M9
ABS & MBS Pool Performance Update- Sep 14
M17
M25
M33
M41
M49
44
M57
Structured Finance
Issue Name
Originator
Rating
Asset Class
HDFC Direct Assignment Oct' 10-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
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
1.0%
90+ dpd
180+ dpd
Overdue
0.8%
Sep-14
47
38.4%
0.45%
0.10%
0.7%
0.1%
0.18%
17.1%
6.8%
NA
100.0%
100.0%
NA
99.77%
100.2%
85.5%
91.1%
21.4
>30
13.21
>30
24.04%
Collection Efficiency
110.0%
10.5%
4.2%
6.3%
NA
12.0%
Nil
Aug-30
238
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%
CCE
MCE
BCE
100.0%
0.6%
90.0%
0.4%
0.2%
80.0%
0.0%
M1 M6 M11 M16 M21 M26 M31 M36 M41 M46
M1
M6 M11 M16 M21 M26 M31 M36 M41 M46
ABS & MBS Pool Performance Update- Sep 14
45
Structured Finance
Issue Name
Originator
Rating
Asset Class
HDFC Direct Assignment Oct' 10-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - BBB (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Nov-10
Par
1042.4
1850.5
9,974
95.4
1.1
91.4%, 8.6%
CC as % of initial POS
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
0.8%
Sep-14
47
44.7%
0.52%
0.20%
0.8%
0.3%
0.21%
19.0%
7.6%
NA
100.0%
100.0%
NA
99.75%
100.1%
84.53%
90.7%
18.8
>30
11.2
>30
27.17%
Collection Efficiency
110.0%
10.5%
4.2%
6.3%
NA
12.0%
Nil
Aug-30
238
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%
CCE
MCE
BCE
100.0%
0.6%
90.0%
0.4%
80.0%
0.2%
70.0%
0.0%
M1
M6 M11 M16 M21 M26 M31 M36 M41 M46
M1 M6 M11 M16 M21 M26 M31 M36 M41 M46
ABS & MBS Pool Performance Update- Sep 14
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
Transaction Structure
CC as % of initial POS
Par
Pool Principal (Rs Cr)
600.0
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
1270.4
4,191
102.1
11.0
Overdue Composition
First Loss Credit Facility
4.1%
Second Loss Credit Facility
5.2%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
94.72%,5.13%, 0.15%
90+ dpd
Overdue
180+ dpd
278
Sep-14
36
35.4%
0.47%
0.22%
0.63%
0.26%
0.20%
14.4%
6.3%
NA
99.9%
99.7%
NA
99.77%
98.9%
89.37%
93.6%
16.82
>30
10.14
24.24
23.73%
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%
CCE
MCE
Collection Efficiency
110.0%
1.0%
0.8%
NA
7.6%
Nil
Dec-34
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
9.3%
BCE
100.0%
0.6%
0.4%
90.0%
0.2%
80.0%
0.0%
M1
M6
M11
M16
M21
M26
M31
M36
M1
M6
ABS & MBS Pool Performance Update- Sep 14
M11
M16
M21
M26
M31
47
M36
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
90+ dpd
Overdue
Delinquency
180+ dpd
Sep-14
36
42.6%
0.51%
0.22%
0.79%
0.32%
0.25%
15.5%
6.3%
NA
100.0%
100.0%
NA
99.98%
100.0%
85.16%
90.1%
18.77
>30
12.51
>30
26.83%
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%
CCE
MCE
Collection Efficiency
110.0%
1.0%
0.8%
8.8%
3.6%
5.2%
NA
16.3%
Nil
Apr-40
344
BCE
100.0%
0.6%
0.4%
90.0%
0.2%
80.0%
0.0%
M1
M6
M11
M16
M21
M26
M31
M36
M1
M6
ABS & MBS Pool Performance Update- Sep 14
M11
M16
M21
M26
M31
48
M36
Structured Finance
Hinduja Leyland Finance Ltd - 2 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR)

2011
(12m, A)
102
27
249
0.19
29.36
2012
(12m, A)
324
84
430
1.25
15.77
2013
(12m, A)
499
91
520
3.16
15.95
2014
(12m, A)
596
81
794
3.86
20.42
During FY14, HLF registered 19% growth in total income driven by 20% growth in AUM.
This is due to higher disbursement in HCV and two wheeler segments.

Gross NPA increased from Rs.3.16% on March 31, 2013 to 3.86% as on March 31, 2014 on
account of increase in NPA levels in used vehicle segment, HCV and LCV segments.

HLF has maintained capital adequacy above the NBFC’s regulatory requirement. HLF
reported CAR of 20.42% as on March 31, 2014 as compared to 15.95% as on March 31,
2013 majorly due to equity infusion of Rs.200 crore during FY14.
ABS & MBS Pool Performance Update- Sep 14
49
Structured Finance
Issue Name HLF CV Trust September 2013
Originator Hinduja Leyland Finance Ltd.
Rating
Series A1 PTCs - CARE AA (SO)
MHCV (50.88%), SCV (23.55%),CE (12.48),Buses
Asset Class
(6.55%) & LCV (6.54%)
Issue Details
Transaction Month
Sep-13
Transaction Structure
Par
Pool Principal (Rs Cr)
213.9
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
256.2
3,615
16.5
9.8
Overdue Composition
96.44%, 3.56%
CC as % of initial POS
16.0%
First Loss Credit Facility
10.0%
Second Loss Credit Facility
6.0%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
7.6%
NA
Feb-18
Maturity (months)
53
Pool Per for mance
Sep-14
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
12
41
39.1%
3.4%
1.3%
4.3%
1.5%
2.3%
26.3%
16.4%
NA
100.0%
100.0%
NA
93.9%
94.8%
70.5%
79.0%
6.9
19.4
4.9
13.8
2.3%
9
44
28.8%
2.2%
0.7%
2.5%
0.8%
1.7%
22.5%
14.0%
NA
100.0%
100.0%
NA
93.6%
93.5%
74.0%
81.2%
10.6
>30
7.7
24.2
1.5%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
CCE
MCE
Collection Efficiency
100.0%
BCE
80.0%
3.0%
60.0%
2.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M11
M1
ABS & MBS Pool Performance Update- Sep 14
M3
M5
M7
M9
M11
50
Structured Finance
Issue Name Aeries CV Trust March 2014
Originator Hinduja Leyland Finance Ltd.
Rating
Series A PTCs - CARE AA (SO)
Asset Class
MHCV (34.13%), SCV (18.48%), CE (7.03%), Buses
(5.42%), CPC (10.86%), Three Wheeler (0.10%),
Tractor (3.93%), MUV (15.60%) and LCV (4.44%)
Issue Details
Transaction Month
Mar-14
Transaction Structure
Par
Pool Principal (Rs Cr)
283.6
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
338.3
7,074
15.8
11.0
Overdue Composition
CC as % of initial POS
13.8%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
93.31%, 6.69%
NA
8.2%
NA
Sep-18
Maturity (months)
54
Pool Per for mance
Sep-14
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
6
48
21.5%
0.3%
0.0%
0.3%
0.0%
0.8%
17.5%
NA
NA
100.0%
NA
NA
93.7%
96.0%
77.6%
NA
>30
NA
NA
NA
1.5%
3
51
10.4%
0.0%
0.0%
0.0%
0.0%
0.5%
15.3%
NA
NA
100.0%
NA
NA
91.4%
91.4%
79.6%
NA
>30
NA
NA
NA
0.5%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
CCE
MCE
Collection Efficiency
100.0%
BCE
80.0%
3.0%
60.0%
2.0%
40.0%
1.0%
20.0%
0.0%
0.0%
M1
M2
M3
M4
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
51
M6
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)
2012
(12m, A)
2013
(12m, A)
2014
(12m, A)
3,846
1,006
4,793
0.86
18.86
4,778
1,266
5,003
0.88
18.47
5,961
1,569
5,452
0.96
19.14
30-062014
(3m, P)
1,603
424
5,499
0.97
17.40
* 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 0.97%. 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 15.05% in FY14 as against 14.96% in FY13. CAR stood at 17.40%
as on June 30, 2014.
ABS & MBS Pool Performance Update- Sep 14
52
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
Delinquency
2.0%
90+ dpd
Overdue
Sep-11
Par
335.5
707.8
600
67.8
13.2
100.0%, 0.0%
180+ dpd
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)
Collection Efficiency
120.0%
1.5%
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
40.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1
ABS & MBS Pool Performance Update- Sep 14
M6
19.5%
NA
NA
NA
34.6%
NA
Jan-26
173
CCE
MCE
BCE
M11 M16 M21 M26 M31 M36
53
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
Sep-14
36
10
97.6%
0.3%
0.2%
4.3%
1.7%
0.5%
556.2%
NA
NA
100.0%
NA
NA
98.0%
98.8%
0.0%
NA
>30
>30
NA
NA
13.1%
Collection Efficiency
125.0%
13.5%
NA
NA
NA
7.2%
NA
Jun-15
46
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%
CCE
MCE
BCE
100.0%
3.0%
75.0%
2.0%
50.0%
1.0%
25.0%
0.0%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1
ABS & MBS Pool Performance Update- Sep 14
M6
M11 M16 M21 M26 M31 M36
54
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
Sep-14
33
63.0%
0.0%
0.0%
0.0%
0.0%
0.2%
56.5%
NA
NA
100.0%
NA
NA
99.5%
104.8%
53.9%
NA
NA
NA
NA
NA
49.3%
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 M33
M1
M5
ABS & MBS Pool Performance Update- Sep 14
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%
CCE
MCE
BCE
M9 M13 M17 M21 M25 M29 M33
55
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
Delinquency
4.0%
13.9%
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%
90+ dpd
Overdue
CC as % of initial POS
180+ dpd
Maturity (months)
Collection Efficiency
55
CCE
MCE
BCE
120.0%
3.0%
90.0%
2.0%
60.0%
1.0%
30.0%
0.0%
0.0%
M1
M5
M9 M13 M17 M21 M25 M29 M33
M1
ABS & MBS Pool Performance Update- Sep 14
M5
M9 M13 M17 M21 M25 M29 M33
56
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
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
2.0%
90+ dpd
Overdue
180+ dpd
Sep-14
30
67.3%
0.0%
0.0%
0.0%
0.0%
0.1%
61.2%
NA
NA
100.0%
NA
NA
99.3%
97.3%
51.2%
NA
NA
NA
NA
NA
57.8%
120.0%
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
40.0%
M5
M9
M13 M17 M21 M25 M29
M1
ABS & MBS Pool Performance Update- Sep 14
M5
M9
239
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
1.5%
M1
NA
38.3%
NA
Dec-31
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
20.0%
CCE
MCE
BCE
M13 M17 M21 M25 M29
57
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
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
85.49%,14.51%
4.0%
90+ dpd
Overdue
180+ dpd
3.0%
2.0%
1.0%
0.0%
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%
Sep-14
30
29
83.02%
0.5%
0.0%
2.4%
0.0%
0.9%
82.4%
NA
NA
100.0%
NA
NA
97.0%
100.2%
22.6%
NA
>30
NA
NA
NA
12.9%
Collection Efficiency
130.0%
110.0%
90.0%
70.0%
50.0%
30.0%
10.0%
59
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%
CCE
MCE
BCE
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
58
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
Par
Pool Principal (Rs Cr)
259.6
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
486.6
374
59.7
12.1
Overdue Composition
100%, 0%
CC as % of initial POS
First Loss Credit Facility
8.0%
Second Loss Credit Facility
11.9%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
90+ dpd
Overdue
180+ dpd
177
Sep-14
30
64.0%
0.0%
0.0%
0.0%
0.0%
0.2%
55.2%
22.2%
NA
100.0%
100.0%
NA
99.3%
95.5%
56.8%
NA
NA
NA
NA
NA
49.2%
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%
CCE
MCE
Collection Efficiency
0.5%
120.0%
0.4%
100.0%
0.3%
NA
23.8%
NA
Dec-26
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
19.9%
BCE
80.0%
0.2%
60.0%
0.1%
40.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M29
M1
M5
ABS & MBS Pool Performance Update- Sep 14
M9
M13
M17
M21
M25
59
M29
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
Par
Pool Principal (Rs Cr)
118.3
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
149.3
1,283
20.3
3.8
Overdue Composition
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
88.45%,11.55%
4.0%
90+ dpd
Overdue
180+ dpd
3.0%
2.0%
1.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
NA
7.3%
NA
Feb-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
13.5%
59
Sep-14
30
29
83.8%
1.6%
0.5%
6.7%
1.4%
1.2%
83.6%
NA
NA
100.0%
NA
NA
96.7%
96.1%
21.7%
NA
11.8
>30
NA
NA
20.2%
Collection Efficiency
130.0%
110.0%
90.0%
70.0%
50.0%
30.0%
10.0%
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%
CCE
MCE
BCE
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
60
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
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
91.06%,8.94%
4.0%
90+ dpd
Overdue
180+ dpd
3.0%
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
Sep-14
30
23
95.39%
1.3%
0.4%
15.6%
2.8%
1.0%
325.6%
NA
NA
100.0%
NA
NA
95.8%
96.0%
0.0%
NA
19.8
>30
NA
NA
32.0%
Collection Efficiency
120.0%
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%
CCE
MCE
BCE
80.0%
2.0%
40.0%
1.0%
0.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
61
Structured Finance
Issue Name INNOVATION TRUST-IV SEP 12
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Series A1 PTC - CARE AA+ (SO)
Asset Class HCV (79.85%), Bus (17.64%) and LCV (2.51%)
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
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
100%, 0%
4.0%
90+ dpd
Overdue
180+ dpd
3.0%
2.0%
1.0%
0.0%
M1
M4
M7 M10 M13 M16 M19 M22
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%
54
Sep-14
24
30
79.80%
0.9%
0.3%
2.8%
0.6%
1.0%
95.1%
NA
NA
100.0%
NA
NA
97.5%
97.5%
11.2%
NA
>30
>30
NA
NA
15.6%
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1
M4
ABS & MBS Pool Performance Update- Sep 14
M7
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%
CCE
MCE
BCE
M10 M13 M16 M19 M22
62
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
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
2.0%
90+ dpd
Overdue
180+ dpd
1.5%
NA
15.8%
NA
Feb-32
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
12.0%
Sep-14
30
46.1%
0.1%
0.0%
0.2%
0.0%
0.0%
22.2%
NA
NA
100.0%
NA
NA
99.9%
100.5%
82.3%
NA
>30
NA
>30
NA
38.4%
Collection Efficiency
120.0%
240
Jun-14
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%
CCE
MCE
BCE
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
63
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
Delinquency
2.0%
90+ dpd
Overdue
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%
180+ dpd
Maturity (months)
Collection Efficiency
238
CCE
MCE
BCE
110.0%
1.5%
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
70.0%
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
64
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
Delinquency
90+ dpd
Overdue
180+ dpd
2.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
Collection Efficiency
120.0%
NA
CCE
MCE
BCE
110.0%
1.5%
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
M1
M1
M5
M9
M5
M9
M13 M17 M21 M25 M29
M13 M17 M21 M25 M29
ABS & MBS Pool Performance Update- Sep 14
65
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
Delinquency
90+ dpd
Overdue
100%,0%
180+ dpd
2.0%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
9.5%
NA
Apr-36
Maturity (months)
Collection Efficiency
283
CCE
MCE
BCE
120.0%
1.5%
100.0%
1.0%
80.0%
0.5%
0.0%
60.0%
M1
M4
M7 M10 M13 M16 M25 M28
M1
ABS & MBS Pool Performance Update- Sep 14
M4
M7 M10 M13 M16 M25 M28
66
Structured Finance
Issue Name Innovation Trust-VIII 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
Mar-13
Transaction Structure
Par
Pool Principal (Rs Cr)
102.4
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
181.9
187
58.3
15.5
Overdue Composition
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
100%, 0%
90+ dpd
Overdue
180+ dpd
4.0%
3.0%
2.0%
1.0%
0.0%
M1
M3
M5
M7
M9 M11 M13 M15 M17
NA
32.4%
NA
Apr-30
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
13.3%
Sep-14
18
45.4%
0.0%
0.0%
0.0%
0.0%
0.0%
24.3%
0.0%
NA
100.0%
0.0%
NA
99.6%
102.4%
66.6%
NA
NA
NA
NA
NA
36.3%
Collection Efficiency
120.0%
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
205
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
8.82
NA
26.4%
CCE
MCE
BCE
M1 M3 M5 M7 M9 M11 M13 M15 M17
ABS & MBS Pool Performance Update- Sep 14
67
Structured Finance
Issue Name
Originator
Innovation Trust-XI Mar 13
Indiabulls Housing Finance Ltd.
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Series A1 PTC - CARE AA (SO)
Asset Class
Secured SME / Loan against Property
Issue Details
Transaction Month
Mar-13
Transaction Structure
Par
Pool Principal (Rs Cr)
493.2
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
932.3
581
66.5
20.9
Overdue Composition
100%, 0%
CC as % of initial POS
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
1.0%
90+ dpd
Overdue
180+ dpd
389
Sep-14
18
47.3%
0.13%
0.00%
0.24%
0.00%
0.10%
22.8%
NA
NA
100.0%
NA
NA
99.14%
97.6%
73.30%
NA
>30
NA
>30
NA
36.27%
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%
CCE
MCE
Collection Efficiency
110.0%
0.8%
100.0%
0.6%
90.0%
0.4%
80.0%
0.2%
70.0%
0.0%
60.0%
M1 M3 M5 M7 M9 M11 M13 M15 M17
NA
25.1%
NA
Aug-45
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
10.8%
First Loss Credit Facility
M1
M3
ABS & MBS Pool Performance Update- Sep 14
M5
M7
M9
BCE
M11 M13 M15 M17
68
Structured Finance
Issue Name Innovation Trust-XV Dec 13
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Series A PTC - CARE AA (SO)
Asset Class Secured SME / Loan against Property
Issue Details
Transaction Month
Dec-13
CC as % of initial POS
14.5%
Transaction Structure
Par
First Loss Credit Facility
NA
Pool Principal (Rs Cr)
98.6
Second Loss Credit Facility
NA
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
184.4
124
58.7
19.0
Overdue Composition
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
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
180+ dpd
NA
39.3%
NA
Aug-33
Sep-14
9
32.1%
0.0%
0.0%
0.0%
0.0%
0.1%
21.4%
NA
NA
100.0%
NA
NA
96.1%
95.4%
67.7%
NA
NA
NA
NA
NA
27.9%
Collection Efficiency
110.0%
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%
CCE
MCE
BCE
100.0%
1.5%
90.0%
1.0%
80.0%
0.5%
70.0%
0.0%
60.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9
M1 M2 M3 M4 M5 M6 M7 M8 M9
ABS & MBS Pool Performance Update- Sep 14
69
Structured Finance
Issue Name Innovation Trust-XIX Mar' 14
Indiabulls Housing Finance Ltd.
Originator
(Erstwhile Indiabulls Financial Services Ltd.)
Rating
Series A PTC - CARE AA (SO)
Asset Class Secured SME / Loan against Property
Issue Details
Transaction Month
Mar-14
Transaction Structure
Par
Pool Principal (Rs Cr)
385.0
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning (Months)
713.7
575
58.3
19.5
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
90+ dpd
Overdue
2.0%
180+ dpd
NA
36.5%
NA
Dec-33
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
9.0%
237
Sep-14
6
19.0%
0.0%
0.0%
0.0%
0.0%
0.1%
11.1%
NA
NA
100.0%
NA
NA
98.5%
97.7%
75.6%
NA
NA
NA
NA
NA
15.6%
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%
CCE
MCE
Collection Efficiency
120.0%
1.5%
BCE
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
M1
M2
M3
M4
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
70
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
(12m, A)
3,289
519
92
1,333
0.36
29.95
2012
2013
2014
2015
(12m, A) (12m, A) (12m, A) (6m, P)
6,224
8,803
10,247 13,742.5
954
1737
1970
1171
105
189
210
143
1,431
1,533
1,620
1,819
0.40
0.17
0.33
0.30
17.90
21.60
17.67
17.1
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- Sep 14
71
Structured Finance
Issue Name
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%)
Originator
Rating
Asset Class
Issue Details
Transaction Month
Dec-13
CC as % of initial POS
13.5%
NA
NA
NA
10.8%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
66.8
83.4
1210
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
Average Maturity (Months)
18.0
OC/Subordination
Average Seasoning' (Months)
7.0
Pool Maturity
Overdue Composition
100%, 0%
90+ dpd
Overdue
180+ dpd
2.0%
Nov-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
NA
48
Sep-14
9
39
26.0%
2.0%
0.4%
2.3%
0.4%
1.5%
18.3%
NA
NA
100.0%
NA
NA
96.1%
96.5%
77.6%
NA
10.0
>30
NA
NA
2.2%
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%
CCE
MCE
Collection Efficiency
BCE
120.0%
1.5%
100.0%
1.0%
80.0%
0.5%
0.0%
60.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
M7
72
M8
M9
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
2015
(12m, A) (12m, A) (12m, A) (12m, A) (3m, P)
114.97
190.29
248.17
331.91
365.06
15.62
26.76
42.79
59.60
18.00
3.3
3.89
7.06
11.62
3.58
22.51
34.68
52.55
66.68
70.18
0.31
0.43
0.51% 0.43*%
0.55%
26.25
24.86
20.68% 19.70*% 17.06%
*As of 31st Dec 2013

DuringFY14, 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. As on 1QFY15, the reported total
asset was Rs. 365.06 crores.

The Net NPA level increased to 0.55% as of 30th June, 2014 as against 0.43% as of 31st
Dec 2013.

The CAR remained comfortable at the level of 17.06% as of 30th June, 2014 as against
19.70% at the end of 31st Dec, 2013. It is above the regulatory requirement of 15%.
ABS & MBS Pool Performance Update- Sep 14
73
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
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
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
1.5%
90+ dpd
Overdue
20.0%
180+ dpd
Sep-14
18
20
75.0%
0.0%
0.0%
0.0%
0.0%
1.4%
78.9%
NA
NA
98.4%
NA
NA
100.0%
96.3%
23.9%
NA
NA
NA
NA
NA
0.0%
Collection Efficiency
38
Jun-14
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%
CCE
MCE
BCE
120.0%
100.0%
1.0%
80.0%
0.5%
60.0%
40.0%
0.0%
20.0%
M1 M3 M5 M7 M9 M11 M13 M15 M17
M1 M3 M5 M7 M9 M11 M13 M15 M17
ABS & MBS Pool Performance Update- Sep 14
74
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
Delinquency
2.0%
90+ dpd
Overdue
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
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
75
M7
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)
No of Contracts
Average Maturity (Months)
Par
20.8
24.5
748
11.8
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
NA
NA
NA
8.4%
10.0%
Average Seasoning' (Months)
12.4
Pool Maturity
Jun-17
Overdue Composition
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
CC as % of Series 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
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
41
Sep-14
8
33
39.7%
0.0%
0.0%
0.0%
0.0%
1.4%
18.3%
21.9%
NA
NA
100.0%
NA
NA
97.1%
97.3%
68.6%
NA
NA
NA
NA
NA
0.0
Jun-14
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
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
M8
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
M7
76
M8
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%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
15.2
18.24
618
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
NA
NA
NA
9.2%
Average Maturity (Months)
13.1
OC/Subordination
13.0%
Average Seasoning' (Months)
7.7
Pool Maturity
Jul-17
Overdue Composition
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
CC as % of Series 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
90+ dpd
Overdue
Delinquency
180+ dpd
2.0%
40
Sep-14
5
35
25.1%
0.0%
0.0%
0.0%
0.0%
0.8%
12.5%
15.2%
NA
NA
100.0%
NA
NA
95.7%
94.6%
75.5%
NA
NA
NA
NA
NA
0.0
Jun-14
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
Collection Efficiency
CCE
MCE
BCE
120.0%
1.5%
1.0%
90.0%
0.5%
0.0%
60.0%
M1
M2
M3
M4
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
77
M6
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
2012
2013
2014
(12m, A) (12m, A) (12m, A) (12m, A)
847.3 1,016.0
1,606.2
1876
114.4
63.2
122.8
136
613.5 1,081.3
1,173.6
1378.2
0.0
0.0
1.6
3.6
18.2
21.2
16.8
16.6
2015
(6m, P)
979.1
69.1
1434.7
3.5
16.9
During 6M FY15, total income grew by 7.40% on y-o-y basis, primarily led by
disbursements of Tractor loan, Uued assets financing 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 30thSeptember, 2014 stood at
18,836 crores.

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 September, 2014 CAR remained
comfortable at 16.89%. It is above the regulatory requirement of 15%.
ABS & MBS Pool Performance Update- Sep 14
78
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
Delinquency
90+ dpd
Overdue
Par
111.0
135.9
1453
17.8
4.6
95.73%, 4.27%
180+ dpd
10.0%
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)
Collection Efficiency
NA
Nov-16
56
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 M28
M1 M4 M7 M10 M13 M16 M19 M22 M25 M28
ABS & MBS Pool Performance Update- Sep 14
79
Structured Finance
Issue Name
Originator
Rating
Asset Class
MFL Securitisation Trust VIII
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO),
Second Loss Facility - CARE BBB (SO) & Liquidity
Facility - CARE AAA (SO)*
CV (46.55%), Car (24.20%), CE(23.21%) and Tractor
(6.05%)
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
379.2
461.3
5459
17.2
9.5
86.95%, 13.05%
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
Sep-14
18
36
57.1%
7.1%
3.7%
10.8%
4.8%
4.1%
17.5%
7.0%
0.0%
100.0%
100.0%
0.0%
93.8%
91.3%
81.2%
90.5%
1.7
3.9
0.9
2.0
4.2%
7.5%
3.0%
4.5%
0.8%
9.6%
NA
Sep-17
54
Jun-14
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%
*Liquidity Facility has been introduced in the month of September 2014
90+ dpd
Overdue
Delinquency
180+ dpd
10.0%
Collection Efficiency
CCE
MCE
BCE
110%
8.0%
100%
6.0%
4.0%
90%
2.0%
80%
0.0%
M1
M3
M5
M7
M9 M11 M13 M15 M17
M1 M3 M5 M7 M9 M11 M13 M15 M17
ABS & MBS Pool Performance Update- Sep 14
80
Structured Finance
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 Name
Originator
Rating
Asset Class
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 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
10.0%
Sep-14
17
37
52.9%
9.0%
4.3%
12.7%
5.0%
4.9%
16.8%
6.4%
NA
100.0%
100.0%
NA
92.0%
93.9%
78.6%
87.7%
1.7
4.3
1.0
2.4
5.7%
Jun-14
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%
Collection Efficiency
CCE
MCE
BCE
120%
8.0%
100%
6.0%
4.0%
80%
2.0%
60%
0.0%
M1
M3
M5
M7
M9 M11 M13 M15 M17
M1
ABS & MBS Pool Performance Update- Sep 14
M3
M5
M7
M9 M11 M13 M15 M17
81
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 Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
Sep-14
17
37
48.5%
7.8%
3.7%
10.7%
4.2%
3.7%
19.0%
4.5%
NA
100.0%
100.0%
NA
93.2%
85.7%
75.1%
87.6%
2.3
5.9
1.2
2.9
3.1%
Collection Efficiency
10.0%
110%
8.0%
100%
6.0%
Jun-14
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%
CCE
MCE
BCE
90%
4.0%
80%
2.0%
70%
0.0%
M1
M3
M5
M7
M9
M11 M13 M15 M17
M1
M3
ABS & MBS Pool Performance Update- Sep 14
M5
M7
M9 M11 M13 M15 M17
82
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)
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
10.0%
NA
Dec-17
54
Sep-14
15
39
55.9%
6.4%
3.1%
9.9%
4.4%
3.6%
20.4%
6.8%
NA
100.0%
100.0%
NA
95.4%
96.7%
76.4%
88.3%
2.4
5.3
1.2
2.7
5.2%
Jun-14
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%
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
M15
M1
ABS & MBS Pool Performance Update- Sep 14
M3
M5
M7
M9
M11 M13 M15
83
Structured Finance
Issue Name
Originator
Rating
Asset Class
MFL Securitisation Trust XIV
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO),
Second Loss Facility - CARE BBB (SO) & Liquidity
Facility - CARE AAA (SO)*
CE (47.25%), CV (44.21%) and Tractor (8.54%)
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
Aug-13
Par
331.0
402.3
3786
17.3
9.1
86.03%, 13.97%
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
Sep-14
13
41
41.5%
7.7%
2.8%
9.9%
3.4%
3.6%
20.9%
7.7%
0.0%
100.0%
100.0%
NA
93.4%
90.7%
77.3%
88.8%
2.3
6.8
1.1
3.3
2.3%
12.3%
4.5%
7.8%
0.9%
10.1%
NA
Feb-18
54
Jun-14
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%
*Liquidity Facility has been introduced in the month of September 2014
90+ dpd
Overdue
Delinquency
180+ dpd
Collection Efficiency
10.0%
110%
8.0%
100%
6.0%
CCE
MCE
BCE
90%
4.0%
80%
2.0%
70%
0.0%
M1
M1
M3
M5
M7
M9
M11
M3
M5
M7
M9
M11
M13
ABS & MBS Pool Performance Update- Sep 14
84
M13
Structured Finance
Issue Name
Originator
Rating
Asset Class
MFL Securitisation Trust XIX
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO),
Second Loss Facility - CARE BBB (SO) & Liquidity
Facility - CARE AAA (SO)*
CE (12.66%), CV (48.26%) and Tractor (39.08%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
113.2
140.0
2414
17.7
11.5
6.96%, 13.04%
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
Sep-14
9
45
32.4%
3.4%
0.8%
4.1%
0.9%
1.8%
17.4%
5.2%
0.0%
100.0%
100.0%
NA
94.5%
92.2%
77.8%
88.0%
5.5
25.9
3.0
14.1
2.1%
11.8%
3.5%
7.8%
0.7%
12.7%
NA
Jun-18
54
Jun-14
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%
*Liquidity Facility has been introduced in the month of September 2014
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
M7
M8
M9
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
M7
85
M8
M9
Structured Finance
Issue Name
Originator
Rating
Asset Class
MFL Securitisation Trust XXIII
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO),
Second Loss Facility - CARE BBB (SO) & Liquidity
Facility - CARE AAA (SO)*
CE (41.92%), CV (29.70%) and Tractor (28.38%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
175.1
215.3
3157
17.5
8.0
1.14%, 8.86%
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
Sep-14
5
49
17.5%
1.1%
0.0%
1.2%
0.0%
1.3%
14.6%
4.6%
0.0%
100.0%
100.0%
NA
93.7%
92.6%
80.4%
88.7%
16.3
NA
9.4
NA
1.4%
12.0%
3.8%
8.2%
0.7%
11.6%
NA
Oct-18
54
Jun-14
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%
*Liquidity Facility has been introduced in the month of September 2014
90+ dpd
Overdue
Delinquency
180+ dpd
Collection Efficiency
4.0%
110%
3.0%
100%
2.0%
90%
CCE
MCE
BCE
80%
1.0%
70%
0.0%
M1
M2
M3
M4
M5
ABS & MBS Pool Performance Update- Sep 14
M1
M2
M3
M4
86
M5
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) %)
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
30-06-2014
(12m, A)
(3m, P)
145.63
36.71
30.78
9.09
120.07
125.86
9.84
9.62
18.82
18.10
*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
31stMarch 2014.

MIFL reported gross NPA level’s of 9.62% as on 30th June 2014

MIFL reported CAR as 18.10% at the end of 30th June, 2014. It is above the regulatory
requirement of 15%.
ABS & MBS Pool Performance Update- Sep 14
87
Structured Finance
Issue Name MIFL Securitisation Trust I
Magma ITL Finance Ltd
Originator
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
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)
9.8%
2.5%
7.3%
NA
18.0%
NA
Sep-17
54
Pool Per for mance
Sep-14
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
17
37
50.3%
5.12%
2.55%
6.92%
2.9%
2.8%
19.7%
5.0%
NA
100.0%
99.8%
NA
94.4%
93.4%
73.0%
85.4%
3.9
9.2
2.1
5.0
3.6%
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%
90+ dpd
Delinquency
180+ dpd
Overdue
8%
CCE
MCE
Collection Efficiency
130.0%
BCE
120.0%
6%
110.0%
100.0%
4%
90.0%
80.0%
2%
70.0%
M1
0%
M1
M3
M5
M7
M9
M11
M13
M15
M3
M5
M7
M9
M11 M13 M15 M17
M17
ABS & MBS Pool Performance Update- Sep 14
88
Structured Finance
Issue Name MIFL Securitisation Trust II
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-13
CC as % of initial POS
10.8%
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
Par
40.6
55.6
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
2.8%
8.0%
NA
No of Contracts
1161
EIS
19.2%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Sep-17
54
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
23.1
11.1
100%, 0%
Pool Per for mance
Sep-14
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
17
37
36.49%
6.9%
3.6%
8.4%
3.9%
2.5%
17.0%
4.4%
NA
100.0%
100.0%
NA
95.4%
91.6%
75.7%
85.9%
2.9
6.2
1.7
3.6
2.4%
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%
90+ dpd
Delinquency
180+ dpd
Overdue
8.0%
Collection Efficiency
130.0%
120.0%
110.0%
100.0%
90.0%
80.0%
70.0%
6.0%
4.0%
2.0%
0.0%
M1
M1
M3
M5
M7
M9
M11
M13
M15
M3
M5
M7
CCE
MCE
M9 M11 M13 M15 M17
M17
ABS & MBS Pool Performance Update- Sep 14
BCE
89
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)
13.5%
5.0%
8.5%
NA
16.3%
NA
Mar-18
54
Pool Per for mance
Sep-14
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
12
42
36.9%
5.6%
2.1%
6.6%
2.2%
2.7%
21.5%
8.0%
NA
100.6%
101.5%
NA
95.5%
88.4%
72.1%
82.96%
4.22
12.69
2.58
7.7
2.0%
9
45
27.0%
6.0%
1.8%
6.6%
1.6%
2.3%
18.5%
6.8%
NA
100.0%
100.0%
NA
97.7%
103.9%
74.2%
83.5%
3.88
15.93
2.48
10.2
1.4%
Delinquency
8.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
CCE
MCE
BCE
110.0%
6.0%
100.0%
4.0%
90.0%
80.0%
2.0%
70.0%
0.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10M11M12
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12
ABS & MBS Pool Performance Update- Sep 14
90
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
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
105.8
139.8
3600
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
19.8
12.5
100%, 0%
CC as % of initial POS
12.0%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
4.5%
7.5%
NA
19.6%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Sep-18
54
Pool Per for mance
Sep-14
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
6
48
16.14%
1.2%
0.0%
1.3%
0.0%
1.0%
14.2%
5.3%
NA
99.3%
98.2%
NA
94.6%
100.5%
75.7%
82.7%
19.5
NA
13.9
NA
1.1%
3
51
4.7%
0.5%
0.0%
0.4%
0.0%
0.5%
12.6%
4.7%
NA
100.0%
100.0%
NA
92.0%
90.8%
76.6%
82.7%
53.3
NA
39.4
NA
0.5%
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
CCE
MCE
Collection Efficiency
110.0%
1.5%
100.0%
1.0%
90.0%
BCE
80.0%
0.5%
70.0%
0.0%
M1
M1
M2
M3
M4
M5
M2
M3
M4
M5
M6
M6
ABS & MBS Pool Performance Update- Sep 14
91
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
11458
1.88
16.31
H1’2015
(6m, P*)
1820
200
11766
2.81
19.75
P*= Provisional, A= Audited.

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.

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- Sep 14
92
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
Sep-14
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
9
45
37.8%
2.4%
0.9%
3.0%
1.1%
1.3%
21.2%
NA
NA
100.0%
NA
NA
95.0%
93.2%
68.3%
NA
10.5
29.7
NA
NA
3.7%
6
48
26.4%
1.0%
0.0%
1.1%
0.0%
0.9%
17.9%
NA
NA
100.0%
NA
NA
95.9%
94.3%
73.5%
NA
23.5
NA
NA
NA
2.4%
Delinquency
4.0%
90+ dpd
Overdue
180+ dpd
3.0%
2.0%
1.0%
0.0%
M1 M2 M3 M4 M5 M6 M7 M8 M9
CCE
MCE
Collection Efficiency
BCE
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
M1
M2
ABS & MBS Pool Performance Update- Sep 14
M3
M4
M5
M6
M7
M8
93
M9
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)
2012
(12m, A)
472
(1361)
430
2013
(12m, A)
353
(297)
388
2014
30-06-2014
(12m, A)
(3m, P)
545
169
70
49
455
886
5.5
0.5
0.1
0.2
35.4
33.9^
27.2^
39.6
^Reported capital adequacy ratio after RBI dispensation on AP provisioning

With increased income from assigned loans and recovery from written-off accounts, total revenue
for the quarter increased by 38% Y-o-Y to Rs.169 crore. SKSML has registered net profit of Rs
49 Cr during Q1FY15.

Asset quality remains stable with Gross NPA (excluding AP) stood at 0.2% as on June 30, 2014.

SKSMFL continues to have comfortable capital adequacy ratio (CAR) at 39.6% comprising
totally of Tier-I capital as on June 30, 2014. SKS Microfinance raised Rs.397.59 crore through
QIP in May 2014.
ABS & MBS Pool Performance Update- Sep 14
94
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
* Rating withdrawn
Delinquency
1.0%
30+ dpd
Overdue
90+ dpd
80.0%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M1
M2
M3
M4
M5
M6
Jun-14
8
1
96.67%
0.06%
0.03%
0.16%
0.05%
0.06%
234.41%
260.46%
100.00%
99.94%
99.93%
0.00%
>30
>30
1.18%
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%
CCE
MCE
100.0%
0.6%
M7
M8
M1
ABS & MBS Pool Performance Update- Sep 14
Sep-14
9
Aug-14
Collection Efficiency
0.8%
10.0%
M2
M3
M4
M5
M6
BCE
M7
95
M8
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
* Rating withdrawn
Delinquency
1.0%
30+ dpd
Overdue
90+ dpd
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M1
M2
M3
M4
M5
M6
Jun-14
8
2
91.36%
0.11%
0.06%
0.23%
0.10%
0.10%
90.28%
100.32%
100.00%
99.90%
99.83%
0.63%
>30
>30
1.13%
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%
CCE
MCE
100.0%
80.0%
M7
M8
M1
ABS & MBS Pool Performance Update- Sep 14
Nov-14
10
Sep-14
Collection Efficiency
0.8%
10.0%
M2
M3
M4
M5
M6
BCE
M7
96
M8
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
* Rating withdrawn
Delinquency
1.0%
30+ dpd
Overdue
90+ dpd
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M1
M2
M3
M4
M5
M6
Jun-14
8
13
97.87%
0.09%
0.06%
0.27%
0.10%
0.09%
445.40%
473.83%
100.00%
99.91%
99.83%
0.00%
>30
>30
1.21%
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%
CCE
MCE
100.0%
80.0%
M7
M8
M1
ABS & MBS Pool Performance Update- Sep 14
Oct-15
21
Sep-14
Collection Efficiency
0.8%
6.0%
M2
M3
M4
M5
M6
BCE
M7
97
M8
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
* Rating withdrawn
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
M4
M5
Jun-14
7
15
85.65%
0.15%
0.08%
0.30%
0.12%
0.11%
66.19%
70.41%
100.00%
99.88%
99.81%
28.50%
>30
>30
1.06%
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%
100.0%
80.0%
M6
M7
M1
ABS & MBS Pool Performance Update- Sep 14
Dec-15
22
Sep-14
Collection Efficiency
0.8%
6.0%
M2
M3
M4
CCE
MCE
M5
BCE
M6
98
M7
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
80.0%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M1
M2
M3
M4
M5
Jun-14
7
3
73.64%
0.17%
0.10%
0.26%
0.13%
0.11%
29.59%
32.88%
100.00%
99.87%
99.82%
60.34%
>30
>30
0.51%
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%
100.0%
0.6%
M6
M7
M1
ABS & MBS Pool Performance Update- Sep 14
Dec-14
10
Sep-14
Collection Efficiency
0.8%
10.0%
M2
M3
M4
CCE
MCE
M5
BCE
M6
99
M7
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
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
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
0.0%
0.0%
M1
M2
M3
M4
Jun-14
6
16
69.83%
0.17%
0.08%
0.26%
0.10%
0.10%
29.83%
31.91%
100.00%
99.87%
99.81%
63.50%
>30
>30
0.78%
3
19
33.9%
0.1%
0.0%
0.1%
0.0%
0.0%
13.6%
14.6%
100.0%
99.9%
99.9%
78.1%
>30
NA
0.3%
100.0%
80.0%
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
Jan-16
22
Sep-14
Collection Efficiency
0.8%
6.5%
M2
M3
CCE
MCE
M4
BCE
M5
100
M6
Structured Finance
Multi Originator Transaction - 4
(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
30-06-2014
(3m, P)
148.39
Profit After Tax (in Rs. Cr)
1.22
18.06
50.63
14.49
Net worth (in Rs. Cr)
95.59
190.70
513.96
528.46
Gross NPA (%)
0.70
0.08
0.37
0.48
Capital Adequacy Ratio (CAR)
24.85
19.43
28.19
25.13
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 14.49 Cr during Q1FY15.
 JFSPL has been able to maintain asset quality at comfortable levels. As on June 30, 2014,
GNPA% stood at 0.48%.
 JFSPL continues to have comfortable capital adequacy ratio (CAR) at 25.13% as on June 30,
2014.
ABS & MBS Pool Performance Update- Sep 14
101
Structured Finance
Issue Name IMLRT March 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
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
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
5.0%
Dec-14
21
Sep-14 *
Jun-14 *
18
3
94.34%
0.41%
0.22%
4.12%
2.16%
0.21%
203.19%
231.88%
100.00%
99.80%
99.30%
0.00%
>30
>30
4.81%
15
6
76.2%
0.2%
0.1%
0.7%
0.4%
0.1%
48.3%
51.4%
100.0%
99.9%
100.0%
46.1%
>30
>30
2.5%
* JFSPL pool performance, # Rating withdrawn
Note - After November 2013 payout, SKSML has paid all the contractual obligations and payouts to the investors.
30+ dpd
Overdue
Delinquency
1.0%
90+ dpd
CCE
MCE
Collection Efficiency
100.0%
0.8%
80.0%
0.6%
60.0%
0.4%
40.0%
0.2%
20.0%
BCE
0.0%
0.0%
M1
M4
M7
M10
M13
M16
M1
ABS & MBS Pool Performance Update- Sep 14
M4
M7
M10
M13
M16
102
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%
5.0%
Sep-15
21
Pool Performance
Sep-14 $
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
10
11
51.27%
1.53%
0.80%
2.37%
1.13%
0.42%
18.47%
19.66%
100.00%
99.36%
98.83%
72.82%
>30
>30
1.84%
7
14
75.4%
0.1%
0.1%
0.3%
0.2%
0.1%
29.3%
30.9%
100.0%
99.9%
100.0%
64.7%
>30
>30
0.9%
$ JFSPL pool performance, * SKSML and JFSPL combined pool performance
Note - After August 2014 payout, SKSML has paid all the contractual obligations and payouts to the investors.
Delinquency
2.5%
30+ dpd
Overdue
90+ dpd
Collection Efficiency
100.0%
2.0%
80.0%
1.5%
60.0%
1.0%
40.0%
0.5%
20.0%
0.0%
0.0%
M1
M3
M5
M7
M9
M1
ABS & MBS Pool Performance Update- Sep 14
M3
M5
CCE
MCE
M7
BCE
M9
103
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%
5.0%
Oct-15
20
Pool Performance
Sep-14 $
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
7
13
81.97%
0.26%
0.16%
0.76%
0.41%
0.14%
40.89%
43.13%
100.00%
99.85%
99.76%
53.83%
>30
>30
1.21%
4
16
45.2%
0.1%
0.0%
0.2%
0.1%
0.0%
13.4%
14.2%
100.0%
99.9%
99.9%
79.8%
>30
>30
0.4%
$ SKSML and JFSPL combined pool performance
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
M2
M3
M4
M5
CCE
MCE
Collection Efficiency
M6
M7
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
BCE
M6
104
M7
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%
5.0%
Oct-15
18
Pool Performance
Sep-14 $
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
6
12
59.39%
0.19%
0.09%
0.25%
0.10%
0.09%
18.11%
19.07%
100.00%
99.86%
99.82%
75.83%
>30
>30
0.55%
3
15
25.0%
0.1%
0.0%
0.1%
0.0%
0.0%
9.8%
10.3%
100.0%
99.9%
99.9%
82.6%
>30
NA
0.2%
$ SKSML and JFSPL combined pool performance
Collection Efficiency
100.0%
CCE
MCE
BCE
30+ dpd
Overdue
Delinquency
1.0%
80.0%
0.8%
60.0%
0.6%
40.0%
0.4%
20.0%
0.2%
0.0%
90+ dpd
0.0%
M1
M2
M3
M4
M5
M6
M1
ABS & MBS Pool Performance Update- Sep 14
M2
M3
M4
M5
M6
105
Structured Finance
Shriram City Union finance ltd
(SCUFL – 1 Pool)
Key Financial Indicators

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
1.86
1.55
2.19
2.67
20.80
17.40
18.95
25.77
Total AUM (in Rs. Cr)
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR)
(%)
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- Sep 14
106
Structured Finance
Issue Name Small Business Loan Trust – March 2014
Originator Shriram City Union Finance Limited (SCUF)
Rating
Series A1 PTCs - CARE AA (SO) ,Series A2 PTCs - CARE A (SO)
Asset Class SME Loans Receivables
Issue Details
Transaction Month
Mar-14
Transaction Structure
Par
Pool Principal (Rs Cr)
202.9
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
254.9
3,587
16.9
8.6
100.0%, 0.0%
CC as % of initial POS
6.4%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
14.0%
5.0%
Sep-18
Maturity (months)
54
Pool Per for mance
Sep-14
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
5
49
22.5%
0.0%
0.0%
0.0%
0.0%
0.1%
8.3%
NA
NA
100.0%
NA
NA
99.3%
100.4%
87.8%
NA
NA
NA
NA
NA
4.1%
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%
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
3.0%
90.0%
2.0%
80.0%
1.0%
70.0%
60.0%
0.0%
M1
M1
M2
M3
M4
M2
M3
M4
M5
ABS & MBS Pool Performance Update- Sep 14
107
M5
Structured Finance
Shriram Transport Finance Company
Ltd (STFCL) – 19 (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
30/09/2014
(6m, P)
4,127
609
8,577
3.80
21.96
P= Provisional, A= Audited.

In H1FY15, STFCL earned PAT of Rs.609 crore on the total income of Rs.4,127 crore as
against Rs.1,358 crore on the total income of Rs.8,480 crore in FY14, respectively.
STFCL’s profitability remains comfortable as compared to other players in the industry.

The CV industry continues to remain under stress which is reflected in GNPA ratio of
STFC which was at 3.83% as on Sep 30, 2014. However, STFC has constantly maintains
high provision coverage ratio which provides comfort.

STFCL has maintained capital adequacy above the regulatory minimum of 15% for
deposit taking NBFCs. On a standalone basis, capital adequacy remains at comfortable
level with Tier 1 of 17.09% and total CAR of 21.96%
ABS & MBS Pool Performance Update- Sep 14
108
Structured Finance
Issue Name STFCL’s Assignment of Receivables Mar' 10-VII
Originator
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Rating*
Second Loss Facility - CARE BBB (SO)
Asset Class 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
Aug-14
53
8
99.1%
0.9%
0.7%
21.9%
14.2%
0.7%
1571.7%
392.4%
NA
100.0%
100.0%
NA
100.5%
91.7%
0.0%
0.0%
> 30
> 30
17.1
26.37
18.5%
14.0%
3.5%
10.5%
NA
41.5%
NA
Mar-15
61
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%
* Credit opinions withdrawn
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
Collection Efficiency
120.0%
3.0%
90.0%
2.0%
60.0%
1.0%
30.0%
0.0%
CCE
MCE
BCE
0.0%
M1
M8
M15
M22
M29
M36
M43
M50
M1
M8
ABS & MBS Pool Performance Update- Sep 14
M15 M22 M29 M36 M43 M50
109
Structured Finance
Issue Name
Originator
Rating
Asset Class
STFCL Direct Assignment Feb' 11-II
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(65.04%) & New CV(34.96%)
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
Delinquency
3.5%
90+ dpd
Overdue
180+ dpd
Sep-14
42
5
99.7%
1.0%
0.9%
33.3%
20.7%
1.0%
3407.6%
620.1%
NA
100.0%
100.0%
NA
103.1%
83.6%
0.0%
0.0%
>30
>30
18.0
29.0
29.1%
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
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%
CCE
MCE
BCE
0.0%
M1
M6 M11 M16 M21 M26 M31 M36 M41
M1
M6 M11 M16 M21 M26 M31 M36 M41
ABS & MBS Pool Performance Update- Sep 14
110
Structured Finance
Issue Name
Originator
STFCL Direct Assignment Mar' 11-III
Shriram Transport Finance Company Ltd
Rating*
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO)
Equivalent
Asset Class
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
Sep-14
41
31
90.4%
2.3%
1.8%
10.9%
7.4%
1.3%
94.6%
22.1%
NA
96.1%
85.0%
NA
101.9%
100.5%
11.3%
74.1%
8.1
11.96
2.4
3.50
31.4%
9.5%
2.5%
7.0%
NA
28.8%
NA
Mar-17
72
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%
* Credit opinions withdrawn
Delinquency
4.5%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
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 M41
M1
M6 M11 M16 M21 M26 M31 M36 M41
ABS & MBS Pool Performance Update- Sep 14
111
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
Sep-14
42
30
91.2%
1.2%
0.9%
6.7%
4.2%
0.8%
105.0%
24.1%
NA
96.1%
84.8%
NA
102.2%
102.7%
2.9%
73.7%
14.5
23.39
3.9
6.32
31.8%
Collection Efficiency
150.0%
9.6%
2.5%
7.1%
NA
25.5%
NA
Mar-17
72
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
14.88
3.4
4.70
30.5%
CCE
MCE
BCE
125.0%
2.8%
100.0%
2.1%
75.0%
1.4%
50.0%
0.7%
25.0%
0.0%
0.0%
M1
M6 M11 M16 M21 M26 M31 M36 M41
M1
M6 M11 M16 M21 M26 M31 M36 M41
ABS & MBS Pool Performance Update- Sep 14
112
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
Sep-14
42
30
96.1%
1.5%
1.3%
13.0%
9.3%
1.0%
399.4%
119.3%
NA
94.9%
84.9%
NA
102.9%
95.1%
0.0%
0.0%
27.1
>30
8.5
11.9
37.4%
Collection Efficiency
120.0%
16.3%
5.5%
10.8%
NA
36.9%
NA
Mar-17
72
Jun-14
39
33
93.2%
1.5%
1.3%
9.4%
7.6%
0.9%
238.4%
78.3%
NA
99.2%
97.5%
NA
103.0%
106.7%
0.0%
24.7%
22.9
28.2
8.1
9.9
35.6%
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 M41
M1
M6 M11 M16 M21 M26 M31 M36 M41
ABS & MBS Pool Performance Update- Sep 14
113
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
CC as % of initial POS
12.0%
Transaction Structure
Par
Pool Principal (Rs Cr)
125.7
Future Receivables (Rs Cr)
No of Contracts
178.1
3,028
LF as % of initial POS
EIS
NA
19.8%
Average Maturity (Months)
Average Seasoning' (Months)
22.5
3.9
OC/Subordination
Pool Maturity
NA
Dec-16
100%, 0.0%
Maturity (months)
60
Overdue Composition
First Loss Credit Facility
3.7%
Second Loss Credit Facility
8.3%
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
3.0%
2.0%
1.0%
0.0%
M1
M5
M9
M13 M17 M21 M25 M29 M33
Sep-14
33
27
87.0%
0.7%
0.3%
3.0%
1.1%
0.4%
87.8%
23.7%
NA
94.8%
83.1%
NA
101.7%
100.5%
18.6%
74.6%
27.5
>30
8.6
22.1
33.2%
Collection Efficiency
140.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1
M5
ABS & MBS Pool Performance Update- Sep 14
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%
CCE
MCE
BCE
M9 M13 M17 M21 M25 M29 M33
114
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
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
12.0%
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
Maturity (months)
68
Pool Performance
Sep-14
Jun-14
Months Post Securitisation
30
27
Balance Tenure (Months)
38
41
Amortisation
87.4%
82.8%
90+ Delinquency (% of Initial POS)
3.0%
4.1%
180+ Delinquency (% of Initial POS)
1.6%
1.7%
90+ Delinquency (% of Balance POS)
12.3%
14.5%
180+ Delinquency (% of Balance POS)
5.4%
5.1%
Overdue Amt (% of Initial POS)
1.7%
2.0%
CC as % of Balance POS
54.9%
69.8%
FLF as % of Balance POS
17.6%
17.4%
LF as % of Balance POS
NA
NA
Balance CC (unutilized)
99.0%
100.0%
Balance FLF (unutilized)
97.0%
100.0%
Balance LF (unutilized)
NA
NA
CCE
98.9%
98.7%
MCE (3 month average)
104.5%
103.3%
Break even Collection Efficiency
46.5%
33.6%
Break even Collection Efficiency(FLF)
78.8%
78.5%
Overall enhancement coverage (90+ DPD)
4.3
4.6
Overall enhancement coverage (180+ DPD)
10.0
13.1
FL enhancement Coverage (90+ DPD)
1.7
1.5
FL enhancement Coverage (180+ DPD)
4.0
4.2
Cumulative Prepayment
28.1%
26.7%
Note STFCL reset the credit ehancement after july 14 payout. The reset rating rationale is available at
www.careratings.com.
Delinquency
8.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
6.0%
80.0%
4.0%
60.0%
40.0%
2.0%
20.0%
0.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M29
M1
ABS & MBS Pool Performance Update- Sep 14
M5
M9
M13 M17 M21 M25 M29
115
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
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Par
200.0
278.5
4,521
23.1
10.9
89.89%, 10.11%
Overdue Composition
CC as % of initial POS
12.0%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
3.0%
9.0%
NA
16.9%
NA
Mar-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
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
90+ dpd
Overdue
180+ dpd
Sep-14
30
30
83.0%
3.1%
1.7%
10.4%
4.6%
1.4%
70.7%
17.7%
NA
100.0%
100.0%
NA
103.0%
135.7%
34.1%
79.9%
6.3
14.3
1.9
4.4
35.9%
Jun-14
27
33
77.3%
4.1%
2.6%
11.4%
6.5%
1.6%
52.8%
13.2%
NA
100.0%
100.0%
NA
101.4%
110.7%
49.7%
83.4%
4.4
7.7
1.5
2.5
32.9%
Collection Efficiency
150.0%
60
CCE
MCE
BCE
125.0%
100.0%
75.0%
50.0%
25.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M29
M1
ABS & MBS Pool Performance Update- Sep 14
M5
M9
M13 M17 M21 M25 M29
116
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
Mar-12
Transaction Structure
Pool Principal (Rs Cr)
Par
100.0
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
139.0
4,168
18.3
4.6
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
94.59%, 5.41%
Overdue Composition
15.0%
5.0%
10.0%
NA
22.2%
NA
Mar-17
Maturity (months)
60
Pool Per for mance
Sep-14
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
30
30
91.7%
1.9%
1.0%
9.9%
3.1%
1.4%
177.3%
56.7%
NA
98.0%
94.1%
NA
98.5%
102.7%
0.0%
44.5%
16.3
>30
5.6
17.9
32.3%
27
33
88.2%
2.6%
1.2%
11.1%
3.9%
1.5%
127.6%
42.5%
NA
100.0%
100.0%
NA
98.3%
110.1%
0.0%
56.6%
10.5
>30
3.9
11.2
31.1%
Delinquency
8.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
6.0%
80.0%
4.0%
60.0%
40.0%
2.0%
20.0%
0.0%
0.0%
M1
M5
M9
M13
M17
M21
M25
M29
M1
ABS & MBS Pool Performance Update- Sep 14
M5
M9
M13 M17 M21 M25 M29
117
Structured Finance
Issue Name
Originator
STFCL Sansar Trust Sep 2012-IV
Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA
(SO) & Second Loss Facility - CARE BBB (SO)
Used CV(8.46%) & New CV(91.54%)
Rating
Asset Class
Issue Details
Transaction Month
Sep-12
CC as % of initial POS
12.0%
Transaction Structure
Par
First Loss Credit Facility
5.0%
Pool Principal (Rs Cr)
98.1
Second Loss Credit Facility
7.0%
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
122.7
1,990
17.5
8.2
90.44%, 9.56%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
11.2%
NA
Mar-17
Maturity (months)
54
Pool Per for mance
Sep-14
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
24
30
77.5%
3.7%
1.2%
10.3%
2.6%
1.9%
51.7%
20.7%
NA
97.1%
93.0%
NA
98.1%
100.1%
48.9%
76.5%
4.9
19.69
2.3
9.0
17.8%
21
33
70.9%
4.1%
1.1%
9.7%
2.2%
1.8%
41.3%
17.2%
NA
100.0%
100.0%
NA
97.9%
99.4%
58.1%
79.2%
4.3
18.99
2.1
9.4
16.1%
Delinquency
5.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
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
M4
M7
M10 M13 M16 M19 M22
M1
M4
ABS & MBS Pool Performance Update- Sep 14
M7
M10 M13 M16 M19 M22
118
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)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
615.2
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
EIS
OC/Subordination
Pool Maturity
NA
9.4%
NA
May-17
Maturity (months)
54
Pool Performance
Sep-14
Jun-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
22
32
67.9%
1.3%
0.4%
2.7%
0.7%
1.4%
33.6%
15.6%
NA
100.0%
100.0%
NA
98.2%
98.7%
65.8%
82.0%
12.9
> 30
6.8
25.5
6.9%
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%
Delinquency
3.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
2.0%
80.0%
60.0%
1.0%
40.0%
20.0%
0.0%
0.0%
M1
M4
M7
M10
M13
M16
M19
M22
M1
ABS & MBS Pool Performance Update- Sep 14
M4
M7
M10 M13 M16 M19 M22
119
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
10.2%
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%
NA
EIS
OC/Subordination
Pool Maturity
9.5%
NA
May-17
Maturity (months)
54
Pool Per for mance
Sep-14
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
22
32
67.9%
1.3%
0.4%
2.7%
0.7%
1.4%
33.6%
15.6%
NA
100.0%
100.0%
NA
98.2%
98.7%
65.8%
82.0%
12.9
>30
6.8
25.5
6.9%
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%
Delinquency
3.0%
90+ dpd
Overdue
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
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
M22
M1
ABS & MBS Pool Performance Update- Sep 14
M4
M7
M10
M13
M16
M19
120
M22
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
5,286
17.5
12.0
90.38%, 9.62%
CC as % of initial POS
10.9%
First Loss Credit Facility
5.0%
Second Loss Credit Facility
5.9%
LF as % of initial POS
NA
EIS
OC/Subordination
Pool Maturity
9.7%
NA
May-17
Maturity (months)
53
Pool Per for mance
Sep-14
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
21
32
68.2%
5.3%
2.3%
9.7%
3.3%
3.3%
34.3%
15.7%
NA
100.0%
100.0%
NA
95.4%
98.3%
64.6%
81.3%
3.7
10.6
1.9
5.6
11.1%
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%
90+ dpd
Overdue
Delinquency
10.0%
180+ dpd
Collection Efficiency
100.0%
8.0%
80.0%
6.0%
60.0%
4.0%
40.0%
2.0%
20.0%
0.0%
CCE
MCE
BCE
0.0%
M1
M4
M7
M10
M13
M16
M19
M1
ABS & MBS Pool Performance Update- Sep 14
M4
M7
M10
M13
M16
121
M19
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)
No of Contracts
Par
547.8
668.3
16,066
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
5.0%
3.9%
NA
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
Sep-14
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
18
36
66.0%
2.9%
1.4%
5.0%
2.0%
2.3%
25.5%
14.1%
NA
97.6%
95.6%
NA
96.9%
93.3%
72.3%
82.5%
5.5
13.6
3.5
8.6
11.4%
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%
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 M15 M17
M1
M3
ABS & MBS Pool Performance Update- Sep 14
M5
M7
M9 M11 M13 M15 M17
122
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
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
9.3%
Par
First Loss Credit Facility
5.0%
206.4
250.4
Second Loss Credit Facility
LF as % of initial POS
4.3%
NA
6,090
16.8
13.2
92.59%, 7.41%
EIS
OC/Subordination
Pool Maturity
10.5%
NA
Oct-17
Maturity (months)
54
Pool Per for mance
Sep-14
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
17
37
60.7%
3.0%
1.1%
4.9%
1.6%
2.0%
23.7%
12.7%
NA
100.0%
100.0%
NA
97.2%
97.5%
73.6%
83.3%
5.4
16.6
3.4
10.5
8.5%
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%
90+ dpd
Overdue
Delinquency
5.0%
180+ dpd
Collection Efficiency
120.0%
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
M3
M5
M7
M9 M11 M13 M15 M17
M1
M3
ABS & MBS Pool Performance Update- Sep 14
M5
M7
M9 M11 M13 M15 M17
123
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
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Par
124.7
153.5
4,059
Average Maturity (Months)
18.4
Average Seasoning' (Months)
9.9
88.25%, 11.75%
Overdue Composition
CC as % of initial POS
12.9%
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
5.0%
7.9%
NA
12.6%
OC/Subordination
Pool Maturity
Maturity (months)
NA
Aug-17
53
Pool Per for mance
Sep-14
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
18
35
55.8%
3.1%
0.9%
5.0%
1.2%
1.9%
29.2%
11.3%
NA
100.0%
100.0%
NA
97.6%
96.9%
69.6%
85.3%
6.1
24.7
3.0
11.9
6.9%
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%
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
M4
M7
M10
M13
M16
M1
ABS & MBS Pool Performance Update- Sep 14
M4
M7
M10
M13
M16
124
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)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
244.2
5,421
17.1
12.3
90.11%, 9.89%
9.3%
First Loss Credit Facility
5.0%
Second Loss Credit Facility
4.3%
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
10.6%
NA
Oct-17
Maturity (months)
54
Pool Per for mance
Sep-14
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
17
37
58.8%
3.2%
1.7%
4.8%
2.1%
2.1%
22.5%
12.1%
NA
100.0%
100.0%
NA
97.8%
96.1%
74.6%
83.8%
5.2
12.0
3.3
7.6
11.8%
14
40
47.6%
3.1%
1.3%
4.0%
1.5%
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%
90+ dpd
Overdue
Delinquency
5.0%
180+ dpd
Collection Efficiency
120.0%
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
M3
M5
M7
M9 M11 M13 M15 M17
M1
ABS & MBS Pool Performance Update- Sep 14
M3
M5
M7
M9 M11 M13 M15 M17
125
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
Sep-14
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
15
33
60.1%
5.7%
1.1%
9.9%
1.6%
3.2%
25.8%
9.8%
NA
98.9%
97.1%
NA
94.9%
98.8%
72.6%
87.0%
2.8
17.2
1.3
8.1
11.2%
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%
Delinquency
8.0%
90+ dpd
Overdue
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
M13
M15
M1
ABS & MBS Pool Performance Update- Sep 14
M3
M5
M7
M9
M11
M13
126
M15
Structured Finance
Issue Name
Originator
Rating
Asset Class
Sansar Trust Feb 2014 –IV
Shriram Transport Finance Company Ltd
Series A PTCs - CARE AA (SO) & Second Loss
Facility - CARE A- (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
Sep-14
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
6
48
23.1%
0.4%
0.0%
0.5%
0.0%
1.3%
12.0%
6.5%
NA
100.0%
100.0%
NA
97.5%
94.4%
82.2%
86.8%
>30
>30
28.4
>30
3.2%
3
51
10.7%
0.0%
0.0%
0.0%
0.0%
0.5%
10.3%
5.6%
NA
100.0%
100.0%
NA
100.5%
100.5%
83.0%
86.9%
NA
NA
NA
NA
0.6%
Delinquency
4.0%
90+ dpd
Overdue
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
M2
M3
M4
M5
M6
ABS & MBS Pool Performance Update- Sep 14
M1
M2
M3
M4
M5
127
M6
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- Sep 14
128
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
Par
Pool Principal (Rs Cr)
107.1
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
130.3
498
18.4
1.2
Overdue Composition
100%, 0.0%
CC as % of initial POS
14.8%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
EIS
OC/Subordination
Pool Maturity
NA
4.3%
NA
Mar-16
Maturity (months)
47
Pool Per for mance
Sep-14
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
29
18
81.1%
5.3%
2.4%
16.6%
6.4%
3.3%
78.1%
NA
NA
100.0%
NA
NA
96.5%
91.6%
25.7%
NA
4.5
11.6
NA
NA
6.90%
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%
90+ dpd
Overdue
Delinquency
6%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
5%
100.0%
4%
80.0%
60.0%
40.0%
20.0%
0.0%
3%
2%
1%
0%
M1
M5
M9
M13
M17
M21
M25
M29
M1
M5
ABS & MBS Pool Performance Update- Sep 14
M9
M13
M17
M21
BCE
M25
129
M29
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
13.3%
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)
57
Pool Per for mance
Sep-14
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
29
28
84.4%
4.4%
1.5%
17.8%
4.1%
2.5%
85.2%
NA
NA
100.0%
NA
NA
97.3%
94.8%
21.3%
NA
4.4
19.2
NA
NA
13.41%
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%
90+ dpd
Overdue
Delinquency
5%
180+ dpd
CCE
MCE
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
4%
3%
2%
1%
0%
M1
M5
M9
M13
M17
M21
M25
M29
M1
M5
ABS & MBS Pool Performance Update- Sep 14
M9
M13
M17
M21
BCE
M25
130
M29
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)
65.8
Second Loss Credit Facility
NA
Future Receivables (Rs Cr)
No of Contracts
78.5
342
LF as % of initial POS
EIS
Average Maturity (Months)
Average Seasoning' (Months)
16.7
7.0
OC/Subordination
Pool Maturity
NA
Dec-15
100%, 0.0%
Maturity (months)
46
Overdue Composition
NA
7.5%
Pool Per for mance
Sep-14
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
18
28
57.1%
7.3%
4.4%
10.8%
5.5%
0.0%
23.3%
NA
NA
100.0%
NA
NA
94.7%
94.6%
75.2%
NA
2.3
4.5
NA
NA
4.01%
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%
90+ dpd
Overdue
Delinquency
10%
180+ dpd
Collection Efficiency
110.0%
8%
CCE
MCE
BCE
100.0%
6%
90.0%
4%
80.0%
2%
70.0%
0%
M1
M3
M5
M7
M9 M11 M13 M15 M17
M1
M3
ABS & MBS Pool Performance Update- Sep 14
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M7
M9 M11 M13 M15 M17
131
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
CC as % of initial POS
10.0%
Transaction Structure
Par
Pool Principal (Rs Cr)
100.0
Future Receivables (Rs Cr)
No of Contracts
117.2
507
LF as % of initial POS
EIS
Average Maturity (Months)
Average Seasoning' (Months)
16.1
7.7
OC/Subordination
Pool Maturity
NA
Sep-17
100%, 0.0%
Maturity (months)
54
Overdue Composition
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
NA
6.4%
Pool Per for mance
Sep-14
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
18
36
60.5%
3.5%
1.1%
5.7%
1.5%
2.4%
25.3%
NA
NA
100.0%
NA
NA
96.4%
96.9%
73.5%
NA
4.6
17.7
NA
NA
2.79%
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%
90+ dpd
Overdue
Delinquency
4%
180+ dpd
Collection Efficiency
110.0%
3%
100.0%
2%
90.0%
CCE
MCE
BCE
80.0%
1%
70.0%
0%
M1
M3
M5
M7
M9 M11 M13 M15 M17
M1
M3
ABS & MBS Pool Performance Update- Sep 14
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M7
M9 M11 M13 M15 M17
132
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- Sep 14
133