For March 2015 Payout
Abstract
CARE has rated more than 234 Asset Backed Securitisation (ABS) / Mortgage Backed Securitisation
(MBS) pools across 29 Originators and pools aggregating to around Rs. 51,600 crore covering
various asset classes, which include - Auto Loans, Commercial Vehicle loans, Construction
Equipment loans, Two Wheeler loans, Personal Loans, Microfinance loans and Mortgage Loans.
This report analyses the performance of all rated transactions live as on recent date. It covers the
characteristics of pools at the time of origination and their key performance indicators. Key
performance indicators include 90+ DPD levels, 180+ DPD levels, Cumulative Collection Efficiency
Ratio, Prepayments etc. CARE also calculates the Break-even Collection Efficiency ratio to
determine the minimum collection efficiency required on pools future cash flow to be able to
serve the payouts on time. It also covers the Credit Enhancement Utilization and Coverage at 90+
DPD levels & 180+ DPD levels. Detailed performance report and interpretation of each term are
briefed in the later sections.
All the securitisation pools rated by CARE have either maintained the initial rating assigned to
them or have been upgraded. All the pools so far continue to be comfortably placed in terms of
low utilization of credit enhancements. Break-even Collection Efficiency and Enhancement
coverage for all the rated pool shows that they are comfortably placed.
1
Contents
Index
S.No
I
Terminologies
II Acronym
III 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
Page No
3
6
9
14
17
21
31
39
41
45
47
57
60
76
78
84
94
99
101
106
110
112
126
2
Terminologies
Commencement Month: Date from which pool receivables have been transferred.
Transaction Structure: Whether the pool receivables were transferred at their par value or at a
premium. If there is some new structure, then it is suitably mentioned.
Pool Principal: The pool principal outstanding at the time of securitisation.
Future Payout: Total obligation towards PTC holders or the acquirer at the time of securitisation.
Future Receivables: Total cash flows arising from the assigned pool.
No of Contracts: The total number of contracts in a pool.
Average Maturity: It is calculated as weighted average maturity of all future cash flow.
∑ (No. of Month * Monthly Pool Cash Flow)
Sum of Pool Cash Flow
Average Seasoning: Weighted average seasoning of the pool as on cut off date.
Overdue Composition: Principal outstanding of all those loans in a pool which are in overdue category.
It is expressed as % of initial pool principal outstanding. It is presented sequentially as current, one
month overdue and two months overdue. For example, if the Pool has 98% current contracts, 1% one
month overdue and 1% two month overdue. The Overdue Composition will appear as 98%, 1%, 1%.
Cash Collateral: Cash Collateral (CC) is the total amount of credit protection available in the form of cash
or corporate undertaking divided by the pool receivables (in the case of premium transactions) or pool
principal (in the case of par transactions). Cash collateral is further divided into first loss and second loss
(wherever applicable).
Liquidity Facility: This facility is used for meeting temporary shortfall in the collection. This facility can
be used only for the overdue pertaining to all the contracts which are due for 90 days or less (less than
90 dpd).
Excess Interest Spread: It is difference between scheduled interest cash flow from underlying obligors
and schedule interest payout to investor / acquirer. It is calculated as a % of initial principal outstanding.
Pool Interest Cash Flow – Investor Interest Payout
Initial Principal Outstanding
Pool Maturity: Last payout date to the investor or the date on which last payment to the investor is to
be made.
Months Post Securitisation: Months elapsed after the securitisation.
Balance Tenure: Number of months for which investor / acquirer payout is outstanding in the
transaction.
Amortisation: Amount of pool got amortised as a percentage of original assigned pool.
3
30+/ 90+/ 180+ Delinquency (% of Initial POS / FP): It is a ratio of sum of pool principal outstanding
(POS) or future receivables (FR) of all those contracts which are more than 30/90/180 days past dues
(dpd) and overdue amount pertaining to those contracts and loss from repossessed assets (wherever
available) to the initial POS / future payouts (FP).
Future POS / FR (30+/ 90+/ 180+dpd) + Overdue Amount (30+/ 90+/ 180+dpd) + Repo Loss
Initial POS / FP
30+/ 90+/ 180+ Delinquency (% of Balance POS / FP): It is a ratio of future POS / FR of all those
contracts which are more than 30/90/180dpd to the balance pool POS / FP.
Future POS / FR (30+/ 90+/ 180+dpd)
Balance POS/ FP
Overdue as a % of Initial POS / FP: It is a ratio of overdue amount of all the contracts overdue as on
date to initial POS / FP.
Overdue Amount
Initial POS / FP
Cash Collateral as % of Balance POS: It is ratio of outstanding cash collateral as on date as a % of
principal outstanding as on date.
Outstandingcash collateral
Balance POS
Liquidity Facility as % of Balance POS: It is ratio of outstanding liquidity facility as on date as a % of
principal outstanding as on date.
Outstandingliquidity facility
Balance POS
Balance cash collateral: Outstanding cash collateral as a % of initial cash collateral.
Outstanding Cash Collateral
Initial cash collateral
Break Even Collection Efficiency: Minimum collection efficiency required from future billings (excluding
overdues) to serve the investors.
Future Payouts – Available cash collateral
Future Billing
Break Even Collection Efficiency (First Loss Facility): Minimum collection efficiency required from
future billings (excluding overdues) to serve the investor keeping second loss facility unutilised at the
end of the transaction.
Future Payouts – Available first loss facility (cash collateral)
Future Billing
Overall Credit Enhancement coverage at 30+/ 90+/ 180+dpd: This ratio explains the credit
enhancement coverage available to the future receivables of above 30/90/180dpd contracts.
4
1- Break even collection efficiency
30+/ 90+/ 180+dpd (% of Balance POS)
First Loss Enhancement coverage at 90+/ 180+dpd: This ratio explains the first loss enhancement
coverage available to the future receivables of above 90/180dpd contracts.
1- Break even collection efficiency (First Loss Facility)
90+/180+dpd (% of Balance POS)
Cumulative Prepayment: This ratio explains the cumulative prepayment in the pool.
Cumulative Prepayment
Initial POS / FP
Cumulative Collection Efficiency (CCE): This ratio explains the cumulative collection in the pool.
Cumulative Collection till date (exclusive of prepayments)
Cumulative Monthly Billing
Monthly Collection Efficiency (MCE): This ratio explains the monthly collection in the pool.
Total Monthly Collections (exclusive of prepayments)
Monthly Billing
Fortnightly Collection Efficiency (FCE): This ratio explains the fortnightly collection in the pool.
Total Fortnightly Collections (exclusive of prepayments)
Fortnightly Billing
5
Acronym
ABS
Asset Backed Securities
Amt
Amount
AP
Assignee Payout
BCE
Break-even Collection Efficiency
CC
Cash Collateral/ Credit Collateral
CCE
Cumulative Collection Efficiency
DPD
Days Past Due
EIS
Excess Interest Spread
FLF
First Loss Facility
FL
First Loss
FP
Future Payouts
FR
Future Receivables
LF
Liquidity Facility
MBS
Mortgage Backed Securities
MCE
Monthly Collection Efficiency
FCE
Fortnightly Collection Efficiency
OC
Over Collateralization
PTC
Pass through Certificate
POS
Principal Outstanding
SLF
Second Loss Facility
6
Rating Withdrawal:
Originator
Transaction Name
Facilities /
Instrument
Month of
Withdrawal
Rating/Credit
opinion
1
Srei Equipment
Finance Pvt. Ltd.
SEFPL DA March’12V
AP
Jan-15
CARE AAA (SO)
2
Shriram Transport
Finance Ltd.
STFCL DA Feb ’11 – II
3
Shriram Transport
Finance Ltd.
STFCL DA Mar’11-V
4
Srei Equipment
Finance Pvt. Ltd.
SEFPL DA Mar’12- II
AP
Feb-15
CARE AAA (SO)
5
Bandhan Finance
BanLoan Receivables
March 2014
Series A PTC
Feb-15
CARE A (SO)
6
Bandhan Finance
BanLoan Receivables
Feb 2014
Series A PTC
Mar-15
CARE A (SO)
7
Janalakshmi Financial
Services Pvt Ltd
IMLRT Dec 2013 B
A1 PTCs
May-15
CARE A+ (SO)
8
Shriram Transport
Finance Ltd.
STFCL Sansar Trust
Sep-2012 IV
No
AP
SLF
AP
SLF
Jan-15
Jan-15
A1 PTCs
A2 PTCs
SLF
CARE AAA (SO)
CARE BBB (SO)
CARE AAA (SO)
CARE BBB (SO)
CARE AAA (SO)
May-15
CARE AAA (SO)
CARE BBB (SO)
Rating Upgrades:
No
Originator
1
Equitas Microfinance
2
Equitas Microfinance
Transaction
Name
Chatvaari
March 2014
Chatvaari
March 2014
Facilities /
Instrument
Previous
Rating
Current
Rating
Month of
Upgrade
Series A PTC
CARE BBB
Jan-15
Series A PTC
CARE A+(SO)
CARE A+(SO)
CARE
AA(SO)
March-15
7
Provisional Rating:
List of provisional rating cases assigned by CARE which are yet to convert to final rating
provided below. The rating shall be confirmed, once the final documents received. The
executed documents should confirm to the structure/conditions as provided at the time of the
initial rating.
Rating
assigned
month
No
Originator
Transaction
1
Dewan
Housing
Finance Ltd
Nirmaan
RMBS Trust
- Series II –
2015
Mar-15
IKF Finance
Limited
Artemis CV
IFMR Capital
2015
Mar-15
2
Instrument
Series A1
PTCs
Series A2
PTCs
Series A1
PTCs
Series A2
PTCs
Amount
(Rs Crs)
Ratings
assigned
Documents
pending
303.1
Provisional
CARE AAA (SO)
Executed
Documents,
Legal
Opinion
9.37
33.24
1.96
Provisional
CARE AA (SO)
Provisional
CARE A- (SO)
Provisional
CARE BB+ (SO)
Due
Diligence
Report
These transactions are not covered in detail in the current surveillance report as the payout of
the above mentioned transactions begins from April-2015.
8
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
FY15
(6m, P)
336
52
699
2.01
22.55
P*=Provisional, A=Audited

Total income stood at Rs. 619 Crore in FY14 and 336 crore as on H1FY15. This increase was
on account of strong AUM growth.

Economic slowdown over the past years has lead to an increase in delinquencies. The Gross
NPA ratio increased from 1.50% as on March 31, 2014 to 2.01% as on September 30th 2014.

AUFL reported regulatory CAR of 22.55% as on September 2014.
9
Issue Name
Originator
Rating/Credit Opinion
Asset Class
AUFPL Direct Assignment Mar ’12 I
Au Finaciers (India) Pvt. Limited
Assignee Payout - CARE A+ (SO) Equivalent
CV(79%), MUV (12%)& TWH (8%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Premium
22.2
29.5
821
19.2
1.8
100%,0%
CC as % of initial FR
10.2%
First Loss Credit
NA
Second Loss Credit
NA
LF as % of initial POS
NA
EIS
NA
OC
NA
Pool Maturity
Feb-16
Maturity (months)
47
Pool Performance
Mar-15
36
11
92.7%
1.9%
1.2%
8.9%
3.6%
2.2%
108.9%
NA
NA
78.2%
NA
NA
97.0%
122.6%
0.0%
NA
NA
NA
NA
NA
12.5%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial FR)
180+ Delinquency (% of Initial FR)
90+ Delinquency (% of Balancel FR)
180+ Delinquency(% of Balance FR)
Overdue Amt (% of Initial FR)
CC as % of Balance FR
FLF as % of Balance FR
LF as % of Balance FR
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
4.0%
Collection Efficiency
Dec-14
33
14
89.0%
3.0%
1.8%
10.7%
5.2%
3.0%
65.2%
NA
NA
70.8%
NA
NA
95.9%
98.6%
34.8%
NA
NA
NA
NA
NA
12.0%
CCE
MCE
BCE
150.0%
3.0%
100.0%
2.0%
50.0%
1.0%
0.0%
0.0%
M1
M7
M13 M19 M25 M31
M1
M7 M13 M19 M25 M31
10
Issue Name
Originator
Rating/Credit Opinion
Asset Class
AUFPL Direct Assignment Mar ’12 II
Au Finaciers (India) Pvt. Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Secured SME (60%) & HL(40%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
50.0
80.1
1193
32.1
6.2
100%, 0%
CC as % of initial POS
First Loss Credit
Second Loss Credit
LF as % of initial POS
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
36
47
68.8%
2.3%
1.4%
4.8%
2.6%
1.6%
87.9%
100%
NA
100.0%
100.0%
NA
97.9%
96.8%
22.5%
66.2%
16.0
29.4
7.0
12.8
28.7%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
3.0%
Collection Efficiency
15.0%
5.0%
10.0%
NA
24.9%
NA
Feb-19
83
Dec-14
33
50
63.9%
2.5%
0.7%
5.0%
1.3%
1.5%
75.8%
100%
NA
100.0%
100.0%
NA
97.9%
100.1%
32.2%
69.4%
13.5
>30
6.1
23.9
26.9%
CCE
MCE
BCE
120.0%
100.0%
2.0%
80.0%
60.0%
1.0%
40.0%
20.0%
0.0%
M1
M7
M13 M19 M25 M31
M1
M7 M13 M19 M25 M31
11
Issue Name
Originator
Rating/Credit Opinion
Asset Class
AUFPL Direct Assignment Mar ’12 III
Au Finaciers (India) Pvt. Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
MUV (39%),HCV (27%), SCV(20%),Car (9%),LCV (4%) & Others (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-12
Par
64.2
83.6
1881
19.0
2.1
100%,0%
CC as % of initial POS
First Loss Credit
Second Loss Credit
LF as % of initial POS
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
36
11
90.7%
3.0%
2.2%
10.2%
5.2%
3.2%
171.9%
53.7%
NA
100.0%
100.0%
NA
96.6%
112.6%
0.0%
48.4%
NA
NA
5.1
9.2
12.8%
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
5.0%
Collection Efficiency
16.0%
5.0%
11.0%
NA
11.0%
NA
Mar-16
47
Dec-14
33
14
86.0%
3.5%
2.2%
9.6%
4.7%
3.7%
114.2%
35.7%
NA
100.0%
100.0%
NA
95.9%
99.9%
0.0%
64.3%
NA
NA
3.7
13.6
12.1%
CCE
MCE
BCE
150.0%
4.0%
3.0%
100.0%
2.0%
50.0%
1.0%
0.0%
0.0%
M1
M7
M13 M19 M25 M31
M1
M7 M13 M19 M25 M31
12
Issue Name
Originator
Rating/Credit Opinion
Asset Class
India Standard Loan Trust - III
Au Finaciers (India) Pvt. Limited
Series A PTCs and Series B PTC - CARE AA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
MUV (52.51%), SCV (27.38%), LCV (10.50%),
HCV (8.38%) and Others (1.23%).
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
74.9
94.9
2084
19.0
8.0
100%,0%
CC as % of initial POS 9.5%
First Loss Credit
3.0%
Second Loss Credit
6.5%
LF as % of initial POS
NA
EIS
12.1%
OC
NA
Pool Maturity
Jan-17
Maturity (months)
47
Pool Performance
Mar-15
24
23
70.5%
4.0%
2.4%
7.5%
4.0%
4.2%
32.2%
11.4%
NA
100.0%
100.0%
NA
94.8%
100.1%
66.2%
85.0%
4.5
8.5
2.0
21.4
9.9%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
Collection Efficiency
6.0%
120.0%
4.0%
100.0%
2.0%
80.0%
0.0%
60.0%
M1
M6
M11
M16
M21
Dec-14
21
26
62.3%
4.1%
2.5%
6.8%
3.8%
4.2%
25.2%
8.9%
NA
100.0%
100.0%
NA
94.5%
99.3%
72.1%
86.6%
4.1
7.4
2.0
23.0
8.7%
M1
M6
M11
CCE
MCE
M16
BCE
M21
13
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
2015
(6m, P)
772.5
183.9
1,311.2
23.04
0.11
P*=Provisional, A=Audited

In H1FY15, BFSPL earned PAT (after deferred tax) of Rs.183.9 crore on the total income of
Rs.772.5 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 23.04% as on September 30, 2014.

BFSPL has been able to maintain asset quality at comfortable levels. As on September 30,
2014, gross NPA stood at 0.11%.
Note: Shri Vijay Kumar Chopra, who is a Director on the board Bandhan Financial Services
Private limited, is a member of the Rating Committee in CARE. Shri Vijay Kumar Chopra did not
participate in the rating process or in the meeting of the Rating Committee when the rating of
BFSPL was discussed.
14
Issue Name
Originator
Rating/Credit Opinion
Asset Class
BanLoan Receivable Feb’ 14
Bandhan Financial Services Pvt. Ltd.
Withdrawn
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Feb-14
Par
110.9
105.4
128.8
72,758
37.2
18.9
100%,0.0%
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
PTC Principal 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
Overdue
30+ dpd
0.5%
0.4%
0.3%
0.2%
0.1%
0.0%
90+ dpd
6.5%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
8.9%
5.0%
Jan-16
23
Mar-15
Dec-14
13
10
83.2%
95.1%
0.0%
0.0%
0.0%
0.0%
0.0%
NA
NA
100.0%
100.0%
100.0%
0.0%
NA
NA
0.00%
10
13
69.1%
79.3%
0.0%
0.0%
0.0%
0.0%
0.0%
21.0%
33.0%
100.0%
100.0%
100.0%
32.5%
NA
NA
0.00%
Overdue
CCE
BCE
MCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M1
M3
M5
M7
M9
M11
M13
M1
M3
M5
M7
M9 M11 M13
15
Issue Name
Originator
Rating/Credit Opinion
Asset Class
BanLoan Receivable Mar’ 14
Bandhan Financial Services Pvt. Ltd.
Withdrawn
Microfinance Loans
Issue Details
Mar-14
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Par
50.0
47.5
57.7
33,429
35.9
12.6
100%,0.0%
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
PTC Principal 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
0.5%
0.4%
0.3%
0.2%
0.1%
0.0%
M1
M3
Overdue
30+ dpd
M5
M7
90+ dpd
6.5%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
8.9%
5.0%
Jan-16
22
Feb-14
Dec-14
11
11
93.1%
100.0%
0.0%
0.0%
NA
NA
0.0%
NA
NA
100.0%
100.0%
100.0%
0.0%
NA
NA
2.61%
9
13
83.9%
92.9%
0.0%
0.0%
0.0%
0.0%
0.0%
40.5%
96.9%
100.0%
100.0%
100.0%
0.6%
NA
NA
2.61%
Overdue
CCE
BCE
MCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
M9
M11
M1
M3
M5
M7
M9
M11
16
Cholamandalam Investment Finance
Company Ltd. (CIFCL – 3 Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR)
2011
(12m, A)
1,202
62
941
3.17
16.67
2012
(12m, A)
1,788
173
1,417
0.95
18.08
2013
(12m, A)
2,556
307
1,965
1.20
19.04
2014
(12m, A)
3263
364
2,295
1.85
17.24
2015
(12m, A)
3,691
435
3,172
3.10
21.24
P*=Provisional, A=Audited

During FY15, CIFCL reported an operating income of Rs. 3,691 crore (growth of 13% yoy)

Provisions continued to increase in FY15 as well, primarily due to increased NPA levels in
the vehicle finance segment which is in-line with the industry trend.

The overall asset quality of CIFCL had seen deterioration over the years. The gross NPA
has increased from 1.85% in FY14 to 3.10% in FY15.

The CAR improved to 21.24% as on March 31, 2015 as against 17.24% as on
March 31, 2014.
17
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Platinum Trust Dec 13 - Tranche 3
Cholamandalam Investment and Finance Company Ltd. (CIFCL)
Series A PTCs - CARE AAA (SO)
LCV(60.38%), HCV(28.24%) and Others(11.38%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
344.1
414.9
7,649
16.5
12.8
94.9%, 5.1%
CC as % of initial POS
8.6%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
9.8%
OC
NA
Pool Maturity
Nov-18
Maturity (months)
59
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
15
44
49.7%
2.0%
0.5%
2.9%
0.6%
1.6%
17.1%
NA
NA
100.0%
NA
NA
97.6%
99.9%
78.4%
NA
7.5
>30
NA
NA
6.0%
12
47
39.7%
2.1%
0.6%
2.6%
0.6%
1.6%
14.3%
NA
NA
100.0%
NA
NA
97.1%
97.0%
80.8%
NA
7.4
29.7
NA
NA
4.5%
Collection Efficiency
110.0%
3.0%
CCE
MCE
BCE
100.0%
2.0%
90.0%
1.0%
80.0%
70.0%
0.0%
M1
M4
M7
M10
M13
M1
M4
M7
M10
M13
18
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Platinum Trust Jan -14
Cholamandalam Investment and Finance Company Ltd. (CIFCL)
Series A PTCs - CARE AAA (SO)
Loan Against property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Jan-14
Par
250.0
469.9
413
62.8
15.0
100%, 0%
CC as % of initial POS
10.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
40.3%
OC
NA
Pool Maturity
Dec-27
Maturity (months)
168
Pool Performance
Mar-15
Dec-14
14
36.0%
4.2%
2.7%
5.8%
3.6%
0.6%
16.4%
NA
NA
100.0%
NA
NA
96.6%
95.3%
71.0%
NA
5.0
7.96
NA
NA
30.3%
11
32.7%
3.6%
1.5%
4.8%
2.0%
0.5%
15.6%
NA
NA
100.0%
NA
NA
96.9%
NA
71.2%
NA
6.0
14.63
NA
NA
28.1%
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
5.0%
110.0%
4.0%
100.0%
3.0%
CCE
MCE
Collection Efficiency
BCE
90.0%
2.0%
80.0%
1.0%
70.0%
0.0%
M1
M4
M7
M10
M13
M1
M4
M7
M10
M13
19
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Platinum Trust March -14 - Tranche III
Cholamandalam Investment and Finance Company Ltd. (CIFCL)
Series A PTCs - CARE AAA (SO)
New CV(33.81%) and Tractor (66.19%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
125.4
151.2
5,547
14.1
13.1
100%,0%
CC as % of initial POS
10.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
11.3%
OC
NA
Pool Maturity
Jun-18
Maturity (months)
52
Pool Performance
Mar-15
Dec-14
12
40
50.8%
1.3%
0.3%
1.7%
0.5%
1.5%
21.3%
NA
NA
100.0%
NA
NA
96.5%
99.4%
73.8%
NA
15.2
>30
NA
NA
3.2%
9
43
36.4%
0.8%
0.2%
1.0%
0.2%
1.2%
16.5%
NA
NA
100.0%
NA
NA
96.0%
95.8%
77.1%
NA
24.1
>30
NA
NA
2.3%
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
Delenquency
180+ dpd
Collection Efficiency
2.0%
110.00%
1.5%
100.00%
1.0%
90.00%
0.5%
80.00%
CCE
MCE
BCE
70.00%
0.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
20
Dewan Housing Finance Limited
(DHFL –10 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
(12m, A)
4,141
452
3,235
0.71
16.52
2014
(12m, A)
4,970
529
3,575
0.78
16.42
2015
(12m, A)
5,982
621
4,636
0.8
16.5
P*=Provisional, A=Audited

DHFL reported PAT of Rs. 621 crore on total income of Rs. 5,982 crore during FY15 as
compared to PAT of Rs. 529 crore on total income of Rs. 4,970 crore during FY14.

DHFL reported Gross NPA ratio of 0.8% at the end of FY15, at the same level as at the
end of FY14. Over the years DHFL has developed the expertise in lending in the lowmiddle income group segment while maintaining stable asset quality parameters.

DHFL reported the CAR of 16.50% as on March 31, 2015, as compared to 17.2% as on
March 31, 2014.
Note: Shri Vijay Kumar Chopra, who is a Director on the board Dewan Housing Finance Limited,
is a member of the Rating Committee in CARE. Shri Vijay Kumar Chopra did not participate in
the rating process or in the meeting of the Rating Committee when the rating of DHFL was
discussed.
21
22
Issue Name
Originator
Rating/Credit Opinion
Asset Class
DHFL Direct Assignment Mar'12 II
Dewan Housing Finance Limited
Assignee Payout - CARE AAA (SO) Equivalent
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
266.7
575.4
3,874
92.4
16.6
100%, 0%
CC as % of initial POS
13.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
20.9%
OC
NA
Pool Maturity
Mar-37
Maturity (months)
300
Pool Performance
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
0.5%
Mar-15
Dec-14
36
41.8%
0.4%
0.2%
0.6%
0.2%
0.1%
22.3%
NA
NA
100.0%
NA
NA
99.5%
99.7%
80.2%
NA
>30
>30
NA
NA
30.6%
33
39.2%
0.3%
0.2%
0.5%
0.2%
0.1%
21.4%
NA
NA
100.0%
NA
NA
99.4%
100.2%
80.6%
NA
>30
>30
NA
NA
28.9%
Collection Efficiency
CCE
MCE
BCE
110.00%
0.4%
100.00%
0.3%
90.00%
0.2%
80.00%
0.1%
70.00%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
23
Issue Name
Originator
Rating/Credit Opinion
Asset Class
DHFL Direct Assignment Mar'12 III
Dewan Housing Finance Limited
Assignee Payout - CARE AAA (SO) Equivalent
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
110.0
234.1
1,444
90.5
17.1
100%, 0%
CC as % of initial POS
14.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
12.5%
OC
NA
Pool Maturity
Mar-32
Maturity (months)
240
Pool Performance
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
Mar-15
Dec-14
36
43.3%
0.3%
0.2%
0.5%
0.3%
0.2%
24.7%
NA
NA
100.0%
NA
NA
99.5%
99.8%
79.4%
NA
>30
>30
NA
NA
32.2%
33
40.8%
0.4%
0.2%
0.5%
0.3%
0.1%
23.6%
NA
NA
100.0%
NA
NA
99.5%
100.8%
79.9%
NA
>30
>30
NA
NA
30.6%
Collection Efficiency
0.8%
110.00%
0.6%
100.00%
0.4%
90.00%
0.2%
80.00%
CCE
MCE
BCE
70.00%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
24
Issue Name
Originator
Rating/Credit opinion
Asset Class
Nirmaan RMBS Trust - Series II - 2013
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA- (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Jun-13
Par
299.9
287.9
Future Receivables (Rs Cr)
689.0
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
2,110
104.5
17.9
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
110.0%
0.3%
100.0%
0.2%
90.0%
0.1%
80.0%
0.0%
70.0%
M1
M6
M11
M16
M21
12.0
33.6%
NA
Jun-38
300
Mar-15
Dec-14
21
32.0%
32.0%
0.4%
0.0%
0.5%
0.0%
0.1%
11.8%
NA
NA
100.0%
NA
NA
98.9%
100.0%
81.5%
NA
>30
>30
NA
NA
27.1%
18
28.9%
28.9%
0.1%
0.1%
0.2%
0.1%
0.1%
11.3%
NA
NA
100.0%
NA
NA
98.8%
95.3%
79.6%
NA
>30
>30
NA
NA
24.7%
CCE
MCE
Collection Efficiency
0.4%
8.0%
NA
NA
NA
M1
M6
M11
M16
BCE
M21
25
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series III - 2013
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Aug-13
Par
413.9
397.3
Future Receivables (Rs Cr)
890.1
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
2,791
98.6
33.4
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance 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
0.2%
8.4%
NA
NA
NA
16.6
23.2%
NA
May-38
299
Mar-15
Dec-14
19
32.8%
32.8%
0.2%
0.1%
0.2%
0.1%
0.1%
11.9%
NA
NA
100.0%
NA
NA
99.7%
99.5%
83.5%
NA
>30
>30
NA
NA
26.4%
16
29.0%
29.0%
0.1%
0.1%
0.1%
0.1%
0.0%
11.3%
NA
NA
100.0%
NA
NA
99.7%
99.8%
83.5%
NA
>30
>30
NA
NA
23.6%
CCE
MCE
Collection Efficiency
BCE
110.0%
100.0%
0.1%
90.0%
80.0%
0.0%
M1
M5
M9
M13
M17
M1
M5
M9
M13
M17
26
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series IV - 2013
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Nov-13
Par
195.3
187.5
Future Receivables (Rs Cr)
450.5
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
2,135
107.0
37.2
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance 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
0.2%
8.0%
NA
NA
NA
7.8
29.5%
NA
Oct-43
360
Mar-15
Dec-14
16
26.5%
26.5%
0.1%
0.1%
0.2%
0.1%
0.1%
10.9%
NA
NA
100.0%
NA
NA
99.6%
99.6%
81.8%
NA
>30
>30
NA
NA
21.0%
13
22.4%
22.4%
0.1%
0.0%
0.1%
0.0%
0.1%
10.3%
NA
NA
100.0%
NA
NA
99.7%
99.9%
81.3%
NA
>30
NA
NA
NA
17.9%
Collection Efficiency
CCE
MCE
BCE
M11
M16
110.0%
100.0%
0.1%
90.0%
80.0%
70.0%
0.0%
M1
M4
M7
M10
M13
M16
M1
M6
27
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series I - 2014
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Loan Against Property (LAP)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Feb-14
Par
80.2
77.0
Future Receivables (Rs Cr)
180.0
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
173
83.5
30.1
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance 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
3.0%
14.5%
NA
NA
NA
3.2
42.0%
NA
Apr-36
266
Mar-15
Dec-14
13
40.9%
40.9%
0.0%
0.0%
0.0%
0.0%
0.2%
24.5%
NA
NA
100.0%
NA
NA
99.0%
99.6%
70.6%
NA
NA
NA
NA
NA
37.1%
10
27.5%
27.5%
0.0%
0.0%
0.0%
0.0%
0.2%
20.0%
NA
NA
100.0%
NA
NA
98.8%
100.9%
71.3%
NA
NA
NA
NA
NA
24.5%
CCE
MCE
Collection Efficiency
BCE
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
2.0%
1.0%
0.0%
M1
M3
M5
M7
M9
M11
M13
M1
M3
M5
M7
M9
M11 M13
28
Issue Name
Originator
Rating/Credit opinion
Asset Class
Nirmaan RMBS Trust - Series III - 2014
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 PTC Principal (Rs Cr)
Mar-14
Par
92.2
88.5
Future Receivables (Rs Cr)
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
220.3
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
748
108.7
22.8
100%, 0%
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance 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
0.5%
8.8%
NA
NA
NA
3.7
34.7%
NA
Feb-39
299
Mar-15
Dec-14
12
14.9%
14.9%
0.4%
0.1%
0.4%
0.1%
0.1%
10.3%
NA
NA
100.0%
NA
NA
99.4%
99.6%
82.5%
NA
>30
>30
NA
NA
12.1%
9
11.1%
11.1%
0.4%
0.0%
0.4%
0.0%
0.1%
9.8%
NA
NA
100.0%
NA
NA
99.3%
99.3%
82.1%
NA
>30
NA
NA
NA
9.0%
CCE
MCE
Collection Efficiency
BCE
110.0%
0.4%
100.0%
0.3%
90.0%
0.2%
0.1%
80.0%
0.0%
70.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
29
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series IV - 2014
Dewan Housing Finance Limited
Series A PTCs - CARE AAA(SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
37.8
87.4
288
105.0
21.1
100%, 0%
CC as % of initial POS
7.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
32.7%
Mortgage Guarantee by IMGC 10.0%
Pool Maturity
Dec-38
Maturity (months)
297
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
1.0%
Mar-15
Dec-14
12
20.4%
0.0%
0.0%
0.0%
0.0%
0.1%
9.6%
NA
NA
100.0%
NA
NA
99.5%
98.5%
82.6%
NA
NA
NA
NA
NA
16.7%
9
15.9%
0.0%
0.0%
0.0%
0.0%
0.0%
9.1%
NA
NA
100.0%
NA
NA
99.9%
100.2%
82.7%
NA
NA
NA
NA
NA
13.1%
CCE
MCE
Collection Efficiency
BCE
110.0%
100.0%
0.5%
90.0%
80.0%
70.0%
0.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
30
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Nirmaan RMBS Trust - Series I - 2015
Dewan Housing Finance Limited
Series A1 PTCs - CARE AAA(SO) & Series A2 PTC - CARE AA (SO)
Housing Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 PTC Principal (Rs Cr)
Feb-15
Par
215.4
209.0
Future Receivables (Rs Cr)
487.3
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Pool Performance
Months Post Securitisation
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance 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
1,596
106.1
22.5
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Mar-15
1
1.0%
1.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
NA
NA
NA
NA
NA
97.5%
0.0%
87.3%
NA
NA
NA
NA
NA
0.8%
10.5%
NA
NA
NA
6.4
29.1%
NA
Feb-40
300
Dec-14
-
31
ESAF Microfinance and Investments Pvt. Ltd.
(EMFIPL – 6 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)
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
2015
(3m, P)
40
5
135
1.12
21.13
P*=Provisional, A=Audited

Income of EMFIPL has increased by 49% Y-o-Y to Rs 121 crore backed by growth in AUM during the
above period.

Capital adequacy stood at healthy 25.20% comprising totally of Tier-I capital as on March 31, 2014.
EMFIPL raised Rs 56 crore through compulsory convertible preferential shares in FY14.

Gross NPA ratio stood at 1.28% as on March 31, 2014.
32
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 15
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Dec-14
Par
45.0
41.9
51.8
37,883
31.0
20.2
100%,0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
8.0%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
8.2%
7.0%
Sep-16
21
Mar-15
Jan-15
3
18
25.4%
25.4%
0.0%
0.0%
0.0%
0.0%
0.0%
10.7%
11.5%
100.0%
100.0%
100.0%
75.8%
NA
NA
0.0%
1
20
9.6%
9.6%
0.0%
0.0%
0.0%
0.0%
0.0%
8.8%
9.5%
100.0%
100.0%
NA
77.9%
NA
NA
0.0%
33
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 16
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Dec-14
Par
20.0
18.8
23.5
13,892
34.7
20.6
100%,0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
8.0%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
9.2%
6.0%
Sep-16
21
Mar-15
Jan-15
3
18
22.3%
22.3%
0.0%
0.0%
0.0%
0.0%
0.0%
10.3%
11.0%
100.0%
100.0%
100.0%
81.6%
NA
NA
0.0%
1
20
9.1%
9.1%
0.0%
0.0%
0.0%
0.0%
0.0%
8.8%
9.4%
100.0%
100.0%
NA
82.6%
NA
NA
0.0%
34
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 17
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Jan-15
Par
25.0
23.5
29.5
16,492
35.4
13.8
100%,0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
7.8%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
9.1%
6.0%
Oct-16
21
Mar-15
Feb-15
2
19
12.6%
12.6%
0.0%
0.0%
0.0%
0.0%
0.0%
8.9%
9.5%
100.0%
100.0%
NA
83.3%
NA
NA
0.0%
1
20
6.5%
6.5%
0.0%
0.0%
0.0%
0.0%
0.0%
8.3%
8.9%
100.0%
100.0%
NA
83.8%
NA
NA
0.0%
35
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 18
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE BBB (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Feb-15
Par
85.1
80.0
99.8
55,828
37.4
15.2
100%,0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
5.0%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
10.1%
6.0%
Jan-17
23
Mar-15
1
22
8.3%
8.8%
0.0%
0.0%
0.0%
0.0%
0.0%
5.5%
5.8%
100.0%
100.0%
NA
80.3%
NA
NA
0.0%
36
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 19
ESAF Microfinance & Investments (P) Ltd
Series A PTC - CARE A- (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Feb-15
Par
32.5
29.9
36.8
22,780
26.4
54.3
100%,0.0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
6.0%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
8.2%
8.0%
May-16
15
Mar-15
1
14
6.0%
7.5%
0.0%
0.0%
0.0%
0.0%
0.0%
6.4%
7.1%
100.0%
100.0%
NA
77.7%
NA
NA
0.0%
37
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Cedar MFI Trust 20
ESAF Microfinance & Investments (P) Ltd
Series A1 PTC - CARE A- (SO) & Series A2 PTC - CARE B (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortised
Series A1 PTC Amortised
Series A2 PTC Amortised
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
Cummulative Collection Efficiency
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Feb-15
Par
64.6
60.0
74.2
54,538
29.0
44.4
100%,0.0%
CC as % of initial POS
8.2%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
Series A2 Principal
4.60
(Subordinated to A1)
EIS
8.3%
OC
NA
Pool Maturity
Nov-16
Maturity (months)
21
Mar-15
1
20
6.5%
8.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
8.8%
8.9%
100.0%
100.0%
NA
82.5%
NA
NA
0.0%
38
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
(12m, A)
438
69
327
0.08
21.15
P*=Provisional, A=Audited

The gross NPA level was 0.10% as of 31st March, 2014 and 0.08% as of 31st March 2015.

The reported PAT in FY14 was Rs. 57crores, while in FY15 it was Rs.69 crores.

In FY14 the reported Total Income for the company was Rs. 342crores, while in FY15 it
was Rs. 438crores.
39
Issue Name
Originator
Rating/Credit Opinion
Asset Class
EMF Microloans Pool - Chatvaari - March 2014
Equitas Micro Finance Private Limited
Series A1 PTC - CARE AA (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
67,739
33.5
36.5
100%,0%
CC as % of initial POS
5.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
11.0%
OC
5.0%
Pool Maturity
Jan-16
Maturity (months)
22
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
PTC Principal 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
0.10%
Mar-15
Dec-14
12
10
72.8%
76.6%
0.0%
0.0%
0.0%
0.0%
0.0%
20.2%
24.8%
100.0%
99.7%
99.9%
58.9%
>30
>30
5.6%
9
13
59.2%
62.3%
0.0%
0.0%
0.0%
0.0%
0.0%
13.5%
15.3%
100.0%
99.6%
99.9%
70.2%
>30
>30
4.4%
CCE
MCE
Collection Efficiency
110.00%
BCE
90.00%
0.05%
70.00%
0.00%
M1
M3
M5
M7
M9
M11
50.00%
M1
M3
M5
M7
M9
M11
40
HDB Financial Services Limited
(HFSL – 3 Pools)
Key financial indicators
For the year ended as on 31st
March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Total Assets (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2012
(12m, A)
432
51
757
4,054
0.10
19.94
2013
(12m, A)
963
102
841
8,379
0.44
18.34
2014
(12m, A)
1688
209
1,568
13,630
0.81
18.40
2015
(12m, A)
2527
350
3,044
19,762
0.84
23.02
P*=Provisional, A=Audited

Total income increased by 49.7% in FY15 to Rs.2,527 crore.

PAT increased by 67% to Rs.350 crore for FY15.

Gross NPA stood stable at 0.84% as on March 31, 2015

Total CAR also stood comfortably at 23.02% as on March 31, 2015 (FY14: 18.40%)
41
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HFSL Direct Assignment Mar’12 I
HDB Financial Services Limited
Assignee Payout - CARE AAA (SO) Equivalent
Vehicle Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
28.4
35.0
261
19.6
3.6
100%, 0%
CC as % of initial POS
16.0%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
5.8%
OC
NA
Pool Maturity
Nov-16
Maturity (months)
56
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
4.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
36
20
90.5%
2.8%
2.3%
15.4%
11.9%
2.3%
168.4%
NA
NA
100.0%
NA
NA
97.7%
100.1%
0.0%
NA
NA
NA
NA
NA
8.80%
33
23
85.9%
2.8%
2.0%
11.5%
7.7%
2.4%
113.5%
NA
NA
100.0%
NA
NA
97.6%
96.4%
0.0%
NA
NA
NA
NA
NA
8.37%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
3.0%
2.0%
1.0%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1
M6 M11 M16 M21 M26 M31 M36
42
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Venus Trust March 2013
HDB Financial Services Limited
Series A PTCs - CARE A (SO)
Vehicle 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-13
Par
28.3
34.1
436
16.8
9.5
96.6%, 3.4%
CC as % of initial POS
7.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
8.8%
OC
NA
Pool Maturity
Mar-17
Maturity (months)
48
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Mar-15
Dec-14
24
24
77.1%
3.2%
2.3%
7.7%
5.2%
2.4%
34.9%
NA
NA
100.0%
NA
NA
98.4%
101.6%
64.3%
NA
4.7
6.9
NA
NA
10.04%
21
27
68.8%
4.1%
2.5%
8.0%
4.4%
2.7%
25.6%
NA
NA
100.0%
NA
NA
98.1%
95.1%
72.7%
NA
3.4
6.2
NA
NA
8.89%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
43
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Venus Trust March 2014
HDB Financial Services Limited
Series A PTCs - CARE AA (SO)
Vehicle 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-14
Par
145.9
172.6
2,916
15.2
13.1
100%, 0.0%
CC as % of initial POS
9.5%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
EIS
8.0%
OC
NA
Pool Maturity
Feb-18
Maturity (months)
48
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
1.5%
Mar-15
Dec-14
12
36
44.1%
1.3%
0.4%
1.7%
0.5%
0.9%
17.0%
NA
NA
100.0%
NA
NA
97.3%
98.7%
79.8%
NA
11.6
>30
NA
NA
3.63%
9
39
33.2%
1.0%
0.2%
1.2%
0.2%
0.9%
14.2%
NA
NA
100.0%
NA
NA
96.9%
97.2%
81.9%
NA
14.5
>30
NA
NA
2.59%
Collection Efficiency
CCE
MCE
110.0%
BCE
100.0%
1.0%
90.0%
0.5%
80.0%
0.0%
70.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
44
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)
33,658
5,167
28,476
1.01
16.52
2013
(12m, A)
41,918
6,726
34,309
0.97
16.80
2014
(12m, A)
49,055
8,478
41,619
0.98
16.10
2015
(12m, A)
57,466
10,216
NA
0.86
23.10
P*=Provisional, A=Audited

During FY15, total income grew by 15% 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 FY15, the bank’s advances grew at 20.6%
while its net profit is up by 20.6%.

The bank reported Gross NPA ratio of 0.86% as of 31st March, 2015.

The bank’s capital adequacy was comfortable with CAR at 23.10%.
45
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC Bank's Assignment of Receivables of Mar' 09
HDFC Bank Limited
Assignee Payout- CARE AAA (SO) Equivalent
Car (69.9%), CV (30.1%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-09
Par
560.1
650.0
27695
16.4
21.4
100%, 0.0%
CC as % of initial POS 12.1%
First Loss Credit
NA
Second Loss Credit
NA
LF as % of initial POS
NA
EIS
2.4%
OC
Nil
Pool Maturity
Jun-15
Maturity (months)
74
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
1.0%
90+ dpd
Overdue
180+ dpd
0.0%
M1 M11 M21 M31 M41 M51 M61 M71
Dec-14
71
3
99.998%
0.3%
0.3%
0.0%
0.0%
0.3%
NA
NA
NA
100.0%
NA
NA
99.9%
177.0%
0.0%
NA
NA
NA
NA
NA
12.7%
68
6
99.988%
0.4%
0.4%
2.2%
2.2%
0.4%
NA
NA
NA
100.0%
NA
NA
99.9%
131.5%
0.0%
NA
NA
NA
NA
NA
12.7%
Collection Efficiency
300.00%
250.00%
200.00%
150.00%
100.00%
50.00%
0.00%
0.5%
Mar-15
CCE
BCE
MCE
M1 M11 M21 M31 M41 M51 M61 M71
46
HDFC Ltd – 9 (Pools)
Key Financial Indicators
For the year ended as on 31st March
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA (%)
Capital Adequacy Ratio (CAR)
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)
24,143
5,440
27,325
0.69
14.6
2015
(12m, A)
27,401
5,990
30,655
0.67
16.0
P*=Provisional, A=Audited

HDFC reported 15% growth in the PAT y-o-y at Rs. 5,990crores as on 31st March 2015.

As on 31st March 2015 the Total Income was Rs. 27,401crores.

HDFC reported Gross NPA ratio of 0.67% as on March 31, 2015.

HDFC reported Capital Adequacy Ratio (CAR) of 16.0% (Tier I CAR: 12.3%) as on March
31, 2015.
47
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of Mar' 09
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - 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
Mar-09
Par
1032.0
2105.5
14,764
94.0
19.2
83.6%, 16.4%
CC as % of initial POS
7.5%
First Loss Credit Facility
2.5%
Second Loss Credit Facility 5.0%
LF as % of initial POS
NA
EIS
25.9%
OC
Nil
Pool Maturity
Feb-34
Maturity (months)
299
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
Mar-15
Dec-14
72
73.6%
0.4%
0.2%
1.2%
0.5%
0.2%
28.4%
9.5%
NA
100.0%
100.0%
NA
99.7%
100.3%
74.1%
85.7%
21.2
>30
11.6
29.1
44.2%
69
72.1%
0.4%
0.2%
1.2%
0.5%
0.2%
26.9%
9.0%
NA
100.0%
100.0%
NA
99.7%
99.5%
75.1%
86.0%
21.0
>30
11.8
30.0
43.5%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1 M10 M20 M29 M38 M47 M56 M65
M1 M10 M20 M29 M38 M47 M56 M65
48
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of May' 09-I
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - 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%
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
12.0%
First Loss Credit Facility
5.5%
Second Loss Credit Facility 6.5%
LF as % of initial POS
NA
EIS
11.2%
OC
Nil
Pool Maturity
Jan-30
Maturity (months)
248
Mar-15
Dec-14
70
63.0%
1.0%
0.4%
2.2%
0.7%
0.3%
32.5%
14.9%
NA
100.0%
100.0%
NA
99.5%
99.6%
77.0%
86.8%
10.5
>30
6.0
18.3
36.5%
67
60.7%
0.7%
0.4%
1.5%
0.7%
0.3%
30.6%
14.0%
NA
100.0%
100.0%
NA
99.5%
100.4%
78.3%
87.3%
14.1
>30
8.2
18.1
35.2%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
60.0%
0.0%
M1 M10 M19 M28 M37 M46 M55 M64
M1 M10 M19 M28 M37 M46 M55 M64
49
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of May' 09-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - 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%
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
10.0%
First Loss Credit Facility
4.3%
Second Loss Credit Facility 5.8%
LF as % of initial POS
NA
EIS
12.4%
OC
Nil
Pool Maturity
Nov-33
Maturity (months)
294
Mar-15
Dec-14
70
71.4%
0.5%
0.2%
1.6%
0.6%
0.3%
35.0%
14.9%
NA
100.0%
100.0%
NA
99.6%
99.9%
74.5%
86.6%
16.4
>30
8.6
23.1
48.3%
67
69.8%
0.5%
0.2%
1.5%
0.5%
0.3%
33.2%
14.1%
NA
100.0%
100.0%
NA
99.6%
100.4%
75.8%
87.1%
15.7
>30
8.4
24.9
47.5%
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
0.5%
80.0%
60.0%
0.0%
M1 M10 M19 M28 M37 M46 M55 M64
M1 M10 M19 M28 M37 M46 M55 M64
50
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of Dec' 09-I
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - 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
12.9%
First Loss Credit Facility
5.7%
Second Loss Credit Facility 7.2%
LF as % of initial POS
NA
EIS
9.8%
OC
Nil
Pool Maturity
Sep-29
Maturity (months)
240
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
64
62.0%
0.6%
0.3%
1.4%
0.6%
0.2%
33.9%
15.1%
NA
100.0%
100.0%
NA
99.9%
100.7%
76.8%
87.5%
16.7
>30
9.0
19.8
36.6%
61
59.8%
0.8%
0.3%
1.8%
0.5%
0.3%
32.1%
14.3%
NA
100.0%
100.0%
NA
99.9%
99.1%
78.0%
88.1%
12.4
>30
6.7
22.1
35.4%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1
M10 M19 M28 M37 M46 M55 M64
M1 M10 M19 M28 M37 M46 M55 M64
51
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC's Assignment of Receivables of Dec' 09-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - 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
9.8%
First Loss Credit Facility
3.7%
Second Loss Credit Facility 6.1%
LF as % of initial POS
NA
EIS
14.5%
OC
Nil
Pool Maturity
Aug-30
Maturity (months)
251
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
64
70.6%
0.4%
0.1%
1.3%
0.3%
0.2%
33.2%
12.8%
NA
100.0%
100.0%
NA
99.7%
100.7%
73.7%
86.4%
19.5
>30
10.1
>30
40.9%
61
68.8%
0.5%
0.2%
1.3%
0.4%
0.2%
31.3%
12.0%
NA
100.0%
100.0%
NA
99.7%
100.1%
75.1%
86.9%
18.9
>30
10.0
>30
40.1%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1
M10 M19 M28 M37 M46 M55 M64
M1 M10 M19 M28 M37 M46 M55 M64
52
Issue Name
Originator
HDFC Direct Assignment Oct' 10-I
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Rating/Credit Opinion
Second Loss Facility - BBB (SO) Equivalent
Asset Class
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Nov-10
Par
316.3
572.1
2,982
97.7
2.3
91.7%, 8.2%, 0.1%
CC as % of initial POS
10.5%
First Loss Credit Facility
4.2%
Second Loss Credit Facility 6.3%
LF as % of initial POS
NA
EIS
12.0%
OC
Nil
Pool Maturity
Aug-30
Maturity (months)
238
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
1.0%
180+ dpd
Mar-15
Dec-14
53
42.6%
0.4%
0.1%
0.6%
0.2%
0.2%
18.3%
7.3%
NA
100.0%
100.0%
NA
99.8%
99.6%
84.7%
90.9%
25.5
>30
15.3
>30
26.2%
50
40.4%
0.4%
0.1%
0.6%
0.1%
0.2%
17.6%
7.0%
NA
100.0%
100.0%
NA
99.8%
100.7%
85.2%
91.0%
23.0
>30
14.0
>30
25.1%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1
M9
M17
M25
M33
M41
M49
M1
M9 M17 M25 M33 M41 M49
53
Issue Name
Originator
Rating/Credit Opinion
Asset Class
HDFC Direct Assignment Oct' 10-II
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - BBB (SO) Equivalent
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Nov-10
Par
1042.4
1850.5
9,974
95.4
1.1
91.4%, 8.6%
CC as % of initial POS
10.5%
First Loss Credit Facility
4.2%
Second Loss Credit Facility 6.3%
LF as % of initial POS
NA
EIS
12.0%
OC
Nil
Pool Maturity
Aug-30
Maturity (months)
238
Pool Performance
Mar-15
Dec-14
53
49.5%
0.6%
0.3%
1.0%
0.4%
0.2%
20.8%
8.3%
NA
100.0%
100.0%
NA
99.8%
100.2%
83.4%
90.4%
17.4
>30
10.1
>30
29.9%
50
47.1%
0.7%
0.2%
1.2%
0.4%
0.2%
19.8%
7.9%
NA
100.0%
100.0%
NA
99.7%
99.6%
84.0%
90.6%
13.6
>30
8.0
>30
28.5%
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
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
0.0%
80.0%
M1
M9
M17
M25
M33
M41
M49
M1
M9 M17 M25 M33 M41 M49
54
Issue Name
Originator
HDFC Direct Assignment Sep' 11
HDFC Limited
Assignee Payout - CARE AAA (SO) Equivalent
Rating/Credit Opinion
Second Loss Facility - BBB (SO) Equivalent
Asset Class
Housing Loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-11
Par
600.0
1270.4
4,191
102.1
11.0
94.72%,5.13%, 0.15%
CC as % of initial POS
9.3%
First Loss Credit Facility
4.1%
Second Loss Credit Facility 5.2%
LF as % of initial POS
NA
EIS
7.6%
OC
Nil
Pool Maturity
Dec-34
Maturity (months)
278
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
Mar-15
Dec-14
42
40.3%
0.5%
0.2%
0.8%
0.3%
0.2%
15.6%
6.9%
NA
100.0%
100.0%
NA
99.8%
99.8%
88.6%
93.3%
14.6
>30
8.6
25.6
26.6%
39
37.9%
0.5%
0.2%
0.7%
0.2%
0.2%
15.0%
6.6%
NA
100.0%
100.0%
NA
99.8%
100.8%
89.0%
93.4%
14.9
>30
8.9
27.2
25.2%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
0.5%
90.0%
80.0%
0.0%
M1
M8
M15
M22
M29
M36
M1
M8
M15 M22 M29 M36
55
56
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
P*=Provisional, A=Audited

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.
57
Issue Name
Originator
HLF CV Trust September 2013
Hinduja Leyland Finance Ltd.
Rating/Credit Opinion
Asset Class
Series A PTCs - CARE AA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
MHCV (50.88%), SCV (23.55%),CE (12.48),Buses (6.55%) & LCV (6.54%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Sep-13
Par
213.9
256.2
3,615
16.5
9.8
96.44%, 3.56%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
18
35
59.2%
5.0%
2.3%
8.0%
3.5%
2.9%
39.2%
24.5%
NA
100.0%
100.0%
NA
93.6%
95.1%
59.8%
72.7%
5.0
11.6
3.4
7.9
4.8%
15
38
49.9%
4.4%
1.6%
6.2%
2.1%
2.8%
31.9%
20.0%
NA
100.0%
100.0%
NA
93.4%
91.9%
66.9%
77.5%
5.4
15.9
3.6
10.9
4.0%
CCE
MCE
Collection Efficiency
6.00%
110.0%
4.00%
90.0%
2.00%
70.0%
0.00%
CC as % of initial POS
16.0%
First Loss Credit Facility
10.0%
Second Loss Credit Facility 6.0%
LF as % of initial POS
NA
EIS
7.6%
OC
NA
Pool Maturity
Feb-18
Maturity (months)
53
BCE
50.0%
M1
M5
M9
M13
M17
M1
M5
M9
M13
M17
58
Issue Name
Originator
Rating/Credit Opinion
Aeries CV Trust March 2014
Hinduja Leyland Finance Ltd.
Series A PTCs - CARE AA (SO)
MHCV (34.13%), SCV (18.48%),MUV (15.60%),CPC (10.86%) CE (7.03%),
Buses (5.42%), LCV (4.44%), Tractor (3.93%), and Three Wheeler (0.10%)
Asset Class
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Mar-14
Par
283.6
338.3
7,074
15.8
11.0
93.31%, 6.69%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
13.8%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
8.2%
OC
NA
Pool Maturity
Sep-18
Maturity (months)
54
Mar-15
Dec-14
12
42
43.0%
1.9%
0.5%
2.5%
0.6%
1.4%
24.1%
NA
NA
100.0%
NA
NA
95.4%
97.7%
72.7%
NA
10.8
>30
NA
NA
3.2%
9
45
32.5%
0.9%
0.2%
1.0%
0.2%
1.2%
20.4%
NA
NA
100.0%
NA
NA
94.7%
96.7%
76.4%
NA
22.9
>30
NA
NA
2.5%
CCE
MCE
Collection Efficiency
110.00%
2.00%
BCE
90.00%
1.00%
70.00%
0.00%
50.00%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
59
Indiabulls Housing Finance Company Ltd – 15
(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)
3,846
1,006
4,793
0.86
18.86
2013
(12m, A)
4,778
1,266
5,003
0.88
18.47
2014
(12m, A)
5,961
1,569
5,452
0.96
19.14
2015
(12m, A)
7,270
1,901
5,723
0.85
18.36%
P*=Provisional, A=Audited

Net profit (PAT) for the FY15 period stood at Rs.1,901 crore on a total income of
Rs.7,270 crore.

Asset quality has remained stable during the FY15 period with Gross and Net NPA at
0.85% and 0.36% as on March 31, 2015.

The entity has a comfortable capital adequacy ratio with Total CAR at 18.36% with Tier-I
CAR at 15.25% as on March 31, 2015.
60
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment Mar ’12 - I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
HCV (92.42%), LCV (5.31%) and Others (2.27%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
193.8
242.1
2,218
19.4
7.7
85.49%,14.51%
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
3.0%
90+ dpd
Overdue
180+ dpd
1.0%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
Mar-15
Dec-14
36
23
91.39%
1.0%
0.6%
6.4%
3.8%
1.1%
162.6%
NA
NA
100.0%
NA
NA
97.0%
97.3%
0.0%
NA
NA
NA
NA
NA
13.8%
33
26
87.5%
1.1%
0.2%
6.2%
1.1%
1.1%
111.8%
NA
NA
100.0%
NA
NA
97.0%
95.9%
0.0%
NA
NA
NA
NA
NA
13.3%
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
2.0%
CC as % of initial POS
14.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.7%
OC
NA
Pool Maturity
Jan-17
Maturity (months)
59
CCE
MCE
BCE
M1 M6 M11 M16 M21 M26 M31 M36
61
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment Mar ’12 - III
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
HCV (88.99%), LCV(7.93%) and Others (3.08%)
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
Mar-12
Par
118.3
149.3
1,283
20.3
3.8
88.45%,11.55%
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
3.0%
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
14.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.7%
OC
NA
Pool Maturity
Jan-17
Maturity (months)
59
Mar-15
Dec-14
36
23
91.1%
1.3%
0.8%
7.6%
4.2%
1.2%
151.9%
NA
NA
100.0%
NA
NA
96.6%
99.2%
0.0%
NA
NA
NA
NA
NA
20.8%
33
26
88.0%
1.3%
0.8%
6.7%
3.7%
1.2%
112.3%
NA
NA
100.0%
NA
NA
96.5%
93.2%
0.0%
NA
NA
NA
NA
NA
20.7%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
2.0%
1.0%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
62
Issue Name
Originator
Rating/Credit Opinion
Asset Class
INNOVATION TRUST-IV SEP 12
Indiabulls Housing Finance Ltd.
Series A1 PTC - CARE AA+ (SO)
HCV (79.85%), Bus (17.64%) and LCV (2.51%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-12
Par
176.6
208.4
2,037
16.9
11.2
100%,0%
CC as % of initial POS
15.8%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
1.1%
OC
NA
Pool Maturity
Jan-17
Maturity (months)
54
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
1.5%
180+ dpd
Mar-15
Dec-14
30
24
90.47%
0.2%
0.1%
1.5%
0.8%
0.3%
201.5%
NA
NA
100.0%
NA
NA
97.4%
97.6%
0.0%
NA
NA
NA
NA
NA
17.1%
27
27
85.91%
0.3%
0.1%
1.8%
0.7%
0.2%
136.2%
NA
NA
100.0%
NA
NA
97.4%
95.8%
0.0%
NA
NA
NA
NA
NA
16.4%
Collection Efficiency
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
1.0%
0.5%
0.0%
M1
M6
M11
M16
M21
M26
M1
M6
CCE
MCE
BCE
M11 M16 M21 M26
63
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment – Dec ’11 I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Secured SME / Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-11
Par
250.3
496.8
383
65.9
7.4
100.0%, 0.0%
CC as % of initial POS
20.9%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
24.8%
OC
NA
Pool Maturity
Jun-28
Maturity (months)
199
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
39
70.1%
0.4%
0.1%
1.0%
0.2%
0.3%
69.9%
NA
NA
100.0%
NA
NA
99.4%
97.9%
45.8%
NA
>30
>30
NA
NA
54.7%
36
66.4%
0.1%
0.0%
0.2%
0.0%
0.2%
62.1%
NA
NA
100.0%
NA
NA
99.5%
99.3%
50.9%
NA
>30
NA
NA
NA
51.7%
Collection Efficiency
CCE
BCE
MCE
120.0%
100.0%
0.5%
80.0%
60.0%
40.0%
0.0%
M1
M6 M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
64
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment- Feb ’12 I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Secured SME / Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
222.3
492.2
454
76.0
12.1
100.0%, 0.0%
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
180+ dpd
Overdue
1.00%
CC as % of initial POS
20.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
38.3%
OC
NA
Pool Maturity
Dec-31
Maturity (months)
239
Mar-15
Dec-14
36
72.4%
0.0%
0.0%
0.1%
0.1%
0.3%
72.4%
NA
NA
100.0%
NA
NA
99.2%
96.9%
45.5%
NA
>30
>30
NA
NA
61.6%
33
69.1%
0.1%
0.0%
0.2%
0.1%
0.2%
64.7%
NA
NA
100.0%
NA
NA
99.3%
99.7%
49.4%
NA
>30
>30
NA
NA
58.9%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.50%
80.0%
60.0%
40.0%
0.00%
M1
M6 M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
65
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment- Sep ’11 I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Secured SME / Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-11
Par
335.5
707.8
600
67.8
13.2
100.0%, 0.0%
CC as % of initial POS
19.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
34.6%
OC
NA
Pool Maturity
Jan-26
Maturity (months)
173
Pool Performance
Mar-15
Dec-14
42
76.5%
0.0%
0.0%
0.0%
0.0%
0.2%
82.9%
NA
NA
100.0%
NA
NA
98.2%
99.9%
38.6%
NA
NA
NA
NA
NA
64.9%
39
74.7%
0.0%
0.0%
0.0%
0.0%
0.2%
77.1%
NA
NA
100.0%
NA
NA
98.1%
97.8%
41.8%
NA
NA
NA
NA
NA
63.7%
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
0.6%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
110.0%
CCE
MCE
BCE
90.0%
0.4%
70.0%
0.2%
50.0%
30.0%
0.0%
M1
M7
M13 M19 M25 M31 M37
M1
M7 M13 M19 M25 M31 M37
66
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBFSL Direct Assignment- Mar ’12 II
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO)Equivalent,
Second Loss Facility - CARE BBB (SO) Equivalent
Secured SME / Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
259.6
486.6
374
59.7
12.1
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
0.3%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
36
69.9%
0.0%
0.0%
0.1%
0.0%
0.2%
27.5%
26.5%
NA
100.0%
100.0%
NA
99.5%
102.1%
82.0%
73.6%
>30
NA
>30
NA
53.1%
33
66.3%
0.0%
0.0%
0.0%
0.0%
0.2%
26.6%
23.7%
NA
100.0%
100.0%
NA
99.3%
99.9%
82.9%
75.0%
NA
NA
NA
NA
50.5%
Collection Efficiency
120.0%
19.9%
8.0%
11.9%
NA
23.8%
NA
Dec-26
177
CCE
MCE
BCE
100.0%
0.2%
80.0%
0.1%
60.0%
0.0%
40.0%
M7
M12 M17 M22 M27 M32 M37 M42
M7 M12 M17 M22 M27 M32 M37 M42
67
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-VIII Mar 13
Indiabulls Housing Finance Ltd.
Series A1 PTC - CARE AA+ (SO)
Secured SME / Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
102.4
181.9
187
58.3
15.5
100%, 0%
CC as % of initial POS
13.3%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
32.4%
OC
NA
Pool Maturity
Apr-30
Maturity (months)
205
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
2.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
24
56.7%
0.0%
0.0%
0.0%
0.0%
0.1%
30.6%
0.0%
NA
100.0%
NA
NA
99.6%
102.8%
63.4%
NA
NA
NA
NA
NA
44.5%
21
51.7%
0.0%
0.0%
0.0%
0.0%
0.1%
27.4%
0.0%
NA
100.0%
NA
NA
99.3%
97.0%
65.1%
NA
NA
NA
NA
NA
41.6%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
1.0%
80.0%
0.0%
60.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
68
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-XI Mar 13
Indiabulls Housing Finance Ltd.
Series A1 PTC - CARE AA- (SO)
Secured SME / Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
493.2
932.3
581
66.5
20.9
100%, 0%
CC as % of initial POS
10.8%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
25.1%
OC
NA
Pool Maturity
Aug-45
Maturity (months)
389
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
24
58.6%
0.0%
0.0%
0.0%
0.0%
0.1%
29.0%
NA
NA
100.0%
NA
NA
99.1%
99.0%
70.7%
NA
NA
NA
NA
NA
44.7%
21
54.9%
0.0%
0.0%
0.0%
0.0%
0.1%
26.6%
NA
NA
100.0%
NA
NA
99.1%
98.9%
71.9%
NA
NA
NA
NA
NA
42.6%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.5%
80.0%
0.0%
60.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
69
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-XV Dec 13
Indiabulls Housing Finance Ltd.
Series A PTC - CARE AA (SO)
Secured SME / Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
98.6
184.4
124
58.7
19.0
100%, 0%
CC as % of initial POS
14.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
39.3%
OC
NA
Pool Maturity
Aug-33
Maturity (months)
236
Pool Performance
Mar-15
Dec-14
15
48.6%
0.0%
0.0%
0.0%
0.0%
0.3%
28.2%
NA
NA
100.0%
NA
NA
94.0%
98.1%
64.6%
NA
NA
NA
NA
NA
42.1%
12
41.7%
0.0%
0.0%
0.0%
0.0%
0.2%
24.9%
NA
NA
100.0%
NA
NA
93.3%
85.4%
66.1%
NA
NA
NA
NA
NA
36.4%
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.00%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
0.50%
80.0%
60.0%
0.00%
M1
M4
M7
M10
M13
M1
M4
M7
M10
M13
70
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-XIX Mar' 14
Indiabulls Housing Finance Ltd.
Series A PTC - CARE AA (SO)
Secured SME / Loan against Property
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
385.0
713.7
575
58.3
19.5
100%, 0%
CC as % of initial POS
9.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
36.5%
OC
NA
Pool Maturity
Dec-33
Maturity (months)
237
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.00%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
15
33.3%
0.0%
0.0%
0.0%
0.0%
0.1%
13.5%
NA
NA
100.0%
NA
NA
99.3%
101.4%
75.1%
NA
NA
NA
NA
NA
26.7%
12
25.5%
0.3%
0.0%
0.4%
0.0%
0.2%
12.1%
NA
NA
100.0%
NA
NA
98.7%
99.0%
75.5%
NA
NA
NA
NA
NA
20.4%
CCE
MCE
Collection Efficiency
120.00%
BCE
100.00%
0.50%
80.00%
0.00%
60.00%
M1
M6
M11
M1
M6
M11
71
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBHFL Direct Assignment – Mar ’12 I
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Housing loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
158.7
347.0
1,272
93.5
11.9
100%,0%
CC as % of initial POS
12.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
15.8%
OC
NA
Pool Maturity
Feb-32
Maturity (months)
240
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
36
51.2%
0.1%
0.0%
0.1%
0.0%
0.0%
24.6%
NA
NA
100.0%
NA
NA
99.9%
100.4%
81.7%
NA
>30
NA
NA
NA
42.2%
33
48.6%
0.0%
0.0%
0.0%
0.0%
0.0%
23.4%
NA
NA
100.0%
NA
NA
99.9%
99.7%
82.1%
NA
NA
NA
NA
NA
40.3%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
0.0%
80.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
72
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBHFL Direct Assignment – Mar ’12 II
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Housing loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
137.2
277.1
987
88.3
6.9
100%,0%
CC as % of initial POS
12.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.3%
OC
NA
Pool Maturity
Dec-31
Maturity (months)
238
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
36
55.4%
0.1%
0.0%
0.2%
0.0%
0.0%
27.5%
NA
NA
100.0%
NA
NA
99.9%
99.8%
82.0%
NA
>30
NA
NA
NA
43.0%
33
53.0%
0.0%
0.0%
0.0%
0.0%
0.0%
26.6%
NA
NA
100.0%
NA
NA
99.9%
99.7%
82.9%
NA
NA
NA
NA
NA
42.0%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
0.5%
90.0%
0.0%
80.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
73
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IBHFL Direct Assignment – Mar ’12 III
Indiabulls Housing Finance Ltd.
Assignee Payout - CARE AA+ (SO) Equivalent
Housing loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
102.7
239.5
731
114.6
6.2
100%,0%
CC as % of initial POS
12.8%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.2%
OC
NA
Pool Maturity
Aug-36
Maturity (months)
294
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
36
66.2%
0.0%
0.0%
0.0%
0.0%
0.0%
37.8%
NA
NA
100.0%
100.0%
NA
101.4%
NA
80.6%
NA
NA
NA
NA
NA
57.9%
33
63.3%
0.0%
0.0%
0.0%
0.0%
0.0%
34.7%
NA
NA
100.0%
100.0%
NA
99.9%
NA
81.6%
NA
NA
NA
NA
NA
56.3%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
0.5%
90.0%
80.0%
0.0%
M1
M6
M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
74
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Innovation Trust-I Sep12
Indiabulls Housing Finance Ltd.
Series A1 PTC - CARE AA+ (SO)
Housing loan
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-12
Par
54.9
117.0
458
8.1
20.6
100%,0%
CC as % of initial POS
11.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
9.5%
OC
NA
Pool Maturity
Apr-36
Maturity (months)
283
Pool Performance
Months Post Securitisation
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
0.10%
180+ dpd
Mar-15
Dec-14
30
52.9%
0.0%
0.0%
0.0%
0.0%
0.0%
24.4%
NA
NA
100.0%
100.0%
NA
100.0%
99.7%
84.8%
NA
NA
NA
NA
NA
44.2%
27
50.5%
0.0%
0.0%
0.0%
0.0%
0.0%
23.2%
NA
NA
100.0%
100.0%
NA
100.0%
100.0%
85.3%
NA
NA
NA
NA
NA
42.6%
Collection Efficiency
110.0%
CCE
MCE
BCE
100.0%
0.05%
90.0%
80.0%
0.00%
M1
M6
M11
M16
M21
M26
M1
M6
M11 M16 M21 M26
75
India Infoline Finance Limited
(IIFL – 1 Pool)
Key Financial Indicators
For the year ended as on 31st March
Total Loan Portfolio (in Rs. Cr)
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Net worth (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2011
(12m, A)
3,289
519
92
1,333
0.36
29.95
2012
2013
2014
2015
(12m, A) (12m, A) (12m, A) (9m, P)
6,745
9,375
10,890
13,795
954
1737
1970
1817.5
105
189
210
221
1,431
1,533
1,620
1,899
0.55
0.49
0.86
0.41
17.90
21.60
17.67
16.8
P*=Provisional, A=Audited

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 Gross NPA level has increased from 0.33% in FY14 to 0.41% in 9MFY15 in line with
the industry.

The CAR has declined in 9MFY15 and stood at 16.80% as against 17.67% in FY14.
However the CAR is very well above the regulatory requirement of 15%.
Note: Shri Vijay Kumar Chopra, who is a Director on the board India Infoline Finance Limited, is a
member of the Rating Committee in CARE. Shri Vijay Kumar Chopra did not participate in the
rating process or in the meeting of the Rating Committee when the rating of IIFL was discussed.
76
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IIFL CV Trust December 2013 I
India Infoline Finance Limited
Series A1 PTCs - CARE AA (SO)
HCV (52.60%), SCV (24.21%), LCV (18.05%) and Others (5.14%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
66.8
83.4
1,210
18.0
7.7
100%,0%
CC as % of initial POS
13.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
10.8%
OC
NA
Pool Maturity
Nov-17
Maturity (months)
48
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
4.0%
90+ dpd
Overdue
180+ dpd
Mar-15
Dec-14
15
33
44.6%
2.0%
0.5%
2.7%
0.5%
1.3%
24.4%
NA
NA
100.0%
NA
NA
96.2%
96.9%
73.0%
NA
10.1
>30
NA
NA
4.3%
12
36
34.9%
3.2%
0.4%
4.0%
0.4%
1.9%
20.7%
NA
NA
100.0%
NA
NA
96.1%
96.1%
75.8%
NA
6.0
>30
NA
NA
2.8%
Collection Efficiency
CCE
MCE
BCE
120.0%
3.0%
100.0%
2.0%
80.0%
1.0%
0.0%
60.0%
M1
M4
M7
M10
M13
M1
M4
M7
M10
M13
77
IKF Finance Limited – 5 (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) (9m, P)
114.97 190.29
248.17
331.91
365.06
15.62
26.76
42.79
59.60
60.24
3.3
3.89
7.06
11.62
12.21
22.51
34.68
52.55
66.68
78.70
0.31
0.43
0.51%
0.43%
0.55%
26.25
24.86
20.68% 19.70*%
18.24%
P*=Provisional, A=Audited

During 9MFY15, total assets stood at 365.06 crores as of 31st December 2014 as against
331.91 crores as of 31st March 2014.

The Net NPA level increased to 0.55% as of 31st December, 2014 as against 0.43% as of
31st March 2014.

The CAR remained comfortable at the level of 18.24% as of 31 st December, 2014 as
against 19.70% at the end of 31st March, 2014. It is above the regulatory requirement of
15%.
78
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Alpha Trust March 2013 - I
IKF Finance Limited
Series A PTC - CARE A+ (SO)
MUV (36%), HCV (33%), LCV (20%), SCV (4%)and Others (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-13
Par
24.7
29.4
716
12.5
11.0
100.0%, 0.0%
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
2.0%
90+ dpd
Overdue
180+ dpd
CC as % of initial POS
20.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.8%
OC/Subordination
NA
Pool Maturity
Apr-16
Maturity (months)
38
Mar-15
Dec-14
24
14
90.1%
0.0%
0.0%
0.0%
0.0%
0.1%
199.2%
NA
NA
98.4%
NA
NA
101.4%
131.7%
0.0%
NA
NA
NA
NA
NA
0.0%
21
17
83.9%
0.0%
0.0%
0.0%
0.0%
1.8%
122.3%
NA
NA
98.4%
NA
NA
99.7%
97.5%
0.0%
NA
NA
NA
NA
NA
0.0%
Collection Efficiency
CCE
MCE
BCE
250.0%
200.0%
150.0%
100.0%
50.0%
0.0%
1.5%
1.0%
0.5%
0.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
79
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Auxesia CV IFMR Capital 2013
IKF Finance Limited
Series A1 PTC - CARE A- (SO) , Series A2 PTC - CARE BB+ (SO)
MCV (48%), HCV (31%), Car (20%) and LCV(0.86%).
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Nov-13
Par
24.7
21.5
Future Receivables (Rs Cr)
28.9
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(Subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
824
11.2
11.7
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
Mar-15
Dec-14
15
31
74.8%
0.0%
0.0%
0.0%
0.0%
1.9%
59.1%
NA
NA
100.0%
NA
NA
98.0%
98.2%
30.8%
NA
NA
NA
NA
NA
0.04%
12
34
62.5%
0.0%
0.0%
0.0%
0.0%
1.7%
29.4%
NA
NA
100.0%
NA
NA
97.9%
98.1%
51.9%
NA
NA
NA
NA
NA
0.04%
Collection Efficiency
CCE
MCE
7.2%
NA
NA
NA
0.74
8.2%
10.0%
Sep-17
46
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
1.0%
0.0%
M1
M6
M11
M16
M3
M8
M13
80
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Kallone CV IFMR Capital 2014
IKF Finance Limited
Series A1 PTC - CARE A (SO) , Series A2 PTC - CARE BB+ (SO)
HCV (41.75%), MUV (29.96%), LCV (11.21%), Car(8.26%),
CE (5.00%) and Others (3.83%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Jan-14
Par
20.8
18.7
Future Receivables (Rs Cr)
24.5
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
0.83
(Subordinated to A1) (Rs Cr)
EIS
8.4%
OC
6.0%
Pool Maturity
Jun-17
Maturity (months)
41
748
11.8
12.4
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
2.0%
180+ dpd
11.0%
NA
NA
Mar-15
Dec-14
14
27
65.7%
0.0%
0.0%
0.0%
0.0%
1.5%
32.1%
NA
NA
100.0%
NA
NA
97.3%
98.6%
49.3%
NA
NA
NA
NA
NA
0.0%
11
30
53.4%
0.0%
0.0%
0.0%
0.0%
1.8%
23.7%
NA
NA
100.0%
NA
NA
96.9%
61.1%
61.1%
NA
NA
NA
NA
NA
0.0%
CCE
MCE
Collection Efficiency
BCE
120.0%
1.5%
100.0%
1.0%
80.0%
0.5%
60.0%
0.0%
40.0%
M1
M3
M5
M7
M9
M11
M13
M1
M3
M5
M7
M9 M11 M13
81
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Hesperis CV IFMR Capital 2014
IKF Finance Limited
Series A1 PTC - CARE A- (SO) , Series A2 PTC - CARE BB+ (SO)
HCV (33.05%), Three Wheeler (14.32%), LCV (8.12%),
Car(41.37%), SCV (2.04%) and Tractor (1.10%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Mar-14
Par
15.2
13.3
Future Receivables (Rs Cr)
18.2
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
9.4%
First Loss Credit Facility
NA
Second Loss Credit Facility
NA
LF as % of initial POS
NA
Series A2 Principal
1.07
(Subordinated to A1) (Rs Cr)
EIS
9.2%
OC
6.0%
Pool Maturity
Jul-17
Maturity (months)
40
618
13.1
7.7
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
3.0%
180+ dpd
Mar-15
Dec-14
12
28
49.3%
0.0%
0.0%
0.0%
0.0%
2.6%
18.5%
NA
NA
100.0%
NA
NA
95.8%
95.4%
67.3%
NA
NA
NA
NA
NA
0.0%
9
31
37.4%
0.0%
0.0%
0.0%
0.0%
2.0%
15.0%
NA
NA
100.0%
NA
NA
95.9%
96.6%
72.2%
NA
NA
NA
NA
NA
0.0%
CCE
MCE
Collection Efficiency
BCE
120.00%
2.0%
100.00%
1.0%
80.00%
0.0%
60.00%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
82
Issue Name
Originator
Pontus CV IFMR Capital 2015
IKF Finance Limited
Series A1 PTC - Provisional CARE BBB+ (SO) ,
Rating/Credit Opinion
Series A2 PTC - Provisional CARE B- (SO)
Car (44.96%), CV (36.21%), LCV (9.35%),
Asset Class
Three Wheeler (4.72%), Other (4.76%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Feb-15
Par
9.4
8.4
Future Receivables (Rs Cr)
11.8
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
329
12.4
8.7
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
PTC Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
LF (Unutilized)
Cummulative Collection Efficiency
Moving Average (3 months) Collection Efficiency
Break even Collection Efficiency
Break even Collection Efficiency (FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FLF enhancement coverage (90+ DPD)
FLF enhancement coverage (180+ DPD)
Cumulative Prepayment
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(Subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Mar-15
NA
0
0
0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0
0.0
0.0%
0.0
0
0
0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0
0.0
0.0%
0.0
3.0%
NA
NA
NA
0.28
13.7%
7.0%
Apr-18
38
83
Magma Fincorp Ltd (MFL – 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 ratio (%)
Capital Adequacy Ratio (CAR) %)
2011
(12m, A)
847.3
114.4
613.5
0.0
18.2
2012
(12m, A)
1,016.0
63.2
1,081.3
0.0
21.2
2013
(12m, A)
1,606.2
122.8
1,173.6
1.6
16.8
2014
2015
(12m, A) (12m, A)
1876
2,045
136
150
1,076
1,177
4.2
6.1
16.6
16.3
P*=Provisional, A=Audited

During FY15, total income was Rs. 2,045 crores, as compared to the total Income of Rs.
1,876crores in FY14.

Gross NPA (180 dpd) stood at 6.1% as on March 31, 2015 as compared to that of 4.2% as
on March 31, 2014.

The CAR remained comfortable at the level of 16.3% as of 31st March, 2015 as against
16.6% at the end of 31st March, 2014. It is above the regulatory requirement of 15%.
84
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MFL Direct Assignment Mar12 I
Magma Fincorp Ltd
Assignee Payout - CARE AA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
CE (42.24%),CV (38.54%), Car (19.22%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
111.0
135.9
1,453
17.8
4.6
95.73%, 4.27%
CC as % of initial POS
10.0%
First Loss Credit Facility
4.0%
Second Loss Credit Facility 6.0%
LF as % of initial POS
NA
EIS
6.0%
OC
NA
Pool Maturity
Nov-16
Maturity (months)
56
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
8.0%
180+ dpd
Mar-15
Dec-14
36
20
93.4%
4.0%
3.0%
16.1%
9.5%
3.6%
150.4%
60.2%
NA
100.0%
100.0%
NA
96.1%
100.2%
0.0%
42.0%
NA
NA
3.6
6.1
7.2%
33
23
89.9%
4.3%
2.9%
15.5%
8.7%
3.6%
99.1%
39.6%
NA
100.0%
100.0%
NA
96.0%
100.8%
6.0%
61.3%
6.1
10.8
2.5
4.5
6.9%
Collection Efficiency
CCE
MCE
BCE
120%
100%
6.0%
80%
4.0%
60%
40%
2.0%
20%
0.0%
0%
M1
M6
M11
M16
M21
M26
M31
M36
M1
M6
M11 M16 M21 M26 M31 M36
85
Issue Name
Originator
Rating/Credit Opinion
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) Equivalent & Liquidity Facility - CARE AAA (SO) Equivalent
CV (46.55%), Car (24.20%), CE(23.21%) and Tractor (6.05%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
379.2
352.7
461.3
5,459
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
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
9.0%
90+ dpd
Overdue
180+ dpd
7.5%
3.0%
4.5%
0.8%
26.5
9.6%
NA
Sep-17
54
Mar-15
Dec-14
24
30
74.2%
74.2%
6.6%
3.9%
13.0%
6.1%
4.8%
29.0%
11.6%
0.0%
100.0%
100.0%
0.0%
94.2%
95.2%
72.4%
88.2%
2.1
4.5
0.9
1.9
6.2%
21
33
65.8%
65.8%
6.9%
3.6%
12.0%
5.4%
4.4%
22.0%
8.8%
0.0%
100.0%
100.0%
0.0%
94.1%
96.4%
77.9%
89.7%
1.8
4.1
0.9
1.9
5.3%
Collection Efficiency
CCE
MCE
BCE
110%
100%
6.0%
90%
3.0%
80%
70%
0.0%
M1
M4
M7
M10 M13 M16 M19 M22
M1
M4
M7 M10 M13 M16 M19 M22
86
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MFL Securitisation Trust IX
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
CV (46.40%), Car (28.45%), CE(19.14%) and Tractor (6.01%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
218.9
203.6
269.2
3,124
17.9
8.5
80.05%,9.07%,10.88%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
10%
6%
90%
4%
80%
2%
70%
0%
M5
M9
M13
Dec-14
23
31
69.4%
69.4%
9.8%
6.1%
17.7%
8.9%
6.0%
25.8%
9.8%
NA
100.0%
100.0%
NA
92.5%
97.2%
71.3%
85.6%
1.6
3.2
0.8
1.6
0.1
20
34
61.1%
61.1%
9.8%
5.6%
15.3%
7.4%
5.7%
20.3%
7.7%
NA
99.8%
99.5%
NA
91.9%
90.8%
75.9%
87.1%
1.6
3.3
0.8
1.7
0.1
110%
100%
M1
Mar-15
Collection Efficiency
8%
M17
M21
7.9%
3.0%
4.9%
NA
15.3
11.9%
NA
Sep-17
54
CCE
MCE
BCE
60%
M1
M5
M9
M13
M17
M21
87
Issue Name
Originator
Rating/Credit Opinion
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) Equivalent & Liquidity Facility - CARE AAA (SO) Equivalent
Tractor (34.78%), CV (33.36%), CE(19.02%) and Car (12.84%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
173.9
160.5
220.0
3,531
18.9
7.8
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
Dec-14
23
31
65.2%
65.2%
9.6%
5.7%
16.2%
8.2%
5.2%
28.1%
6.6%
0.0%
100.0%
100.0%
0.0%
92.7%
91.3%
69.3%
86.8%
1.9
3.7
0.9
1.8
4.4%
20
34
56.2%
56.2%
8.9%
4.6%
13.3%
5.7%
4.5%
22.4%
5.3%
0.0%
100.0%
100.0%
0.0%
92.9%
90.8%
72.9%
87.6%
2.0
4.8
0.9
2.2
3.7%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Delinquency
180+ dpd
Overdue
10.00%
9.8%
2.3%
7.5%
0.6%
13.4
14.8%
NA
Oct-17
54
CCE
MCE
Collection Efficiency
BCE
110.00%
8.00%
100.00%
6.00%
90.00%
4.00%
80.00%
2.00%
70.00%
0.00%
60.00%
M1
M5
M9
M13
M17
M21
M1
M5
M9
M13
M17
M21
88
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MFL Securitisation Trust XIII
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO) & Second Loss Facility CARE BBB (SO) Eqivalent & Liquidity Facility - CARE AAA (SO) Equivalent
CV (51.84%), CE (31.12%), Tractor (10.31%) and Car (6.73%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Jun-13
Par
200.2
186.2
240.0
2,613
15.9
11.8
86.53%, 13.47%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
21
33
71.6%
71.6%
7.3%
3.9%
14.9%
6.8%
4.6%
31.7%
10.5%
0.0%
99.9%
99.6%
0.0%
95.1%
95.5%
69.3%
85.6%
2.1
4.5
1.0
2.1
6.7%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
180+ dpd
Overdue
10.00%
9.0%
3.0%
6.0%
0.8%
14.0
9.0%
NA
Dec-17
54
Dec-14
18
36
64.3%
64.3%
7.2%
3.5%
12.7%
5.3%
4.2%
25.2%
8.4%
NA
100.0%
100.0%
NA
95.0%
92.4%
72.3%
87.2%
2.2
5.2
1.0
2.4
6.1%
CCE
MCE
Collection Efficiency
BCE
110.00%
8.00%
100.00%
6.00%
90.00%
4.00%
80.00%
2.00%
70.00%
60.00%
0.00%
M1
M5
M9
M13
M17
M21
M1
M5
M9
M13
M17
M21
89
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MFL Securitisation Trust XIV
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO), Second Loss Facility -CARE
BBB (SO) Equivalent & Liquidity Facility - CARE AAA (SO) Equivalent
CE (47.25%), CV (44.21%) and Tractor (8.54%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Aug-13
Par
331.0
312.8
402.3
3,786
17.3
9.1
86.03%, 13.97%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
19
35
59.8%
59.8%
8.5%
4.5%
13.4%
6.3%
4.9%
30.5%
11.2%
0.0%
100.0%
100.0%
0.0%
93.5%
93.8%
69.9%
85.2%
2.2
4.8
1.1
2.4
4.2%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
10.0%
180+ dpd
12.3%
4.5%
7.8%
0.9%
18.2
9.6%
NA
Feb-18
54
Dec-14
16
38
50.7%
50.7%
8.6%
4.1%
12.2%
5.3%
4.3%
24.8%
9.1%
0.0%
100.0%
100.0%
0.0%
93.4%
93.3%
74.3%
86.6%
2.1
4.8
1.1
2.5
3.3%
Collection Efficiency
CCE
MCE
BCE
110%
8.0%
100%
6.0%
90%
4.0%
80%
2.0%
70%
60%
0.0%
M1
M4
M7
M10
M13
M16
M19
M1
M4
M7
M10
M13
M16
M19
90
Issue Name
Originator
MFL Securitisation Trust XIX
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO), Second Loss Facility CARE BBB (SO) Equivalent & Liquidity Facility - CARE AAA (SO) Equivalent
CE (12.66%), CV (48.26%) and Tractor (39.08%)
Rating/Credit Opinion
Asset Class
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
113.2
105.8
140.0
2,414
17.7
11.5
86.96%, 13.04%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
15
39
48.5%
48.5%
4.4%
2.0%
6.1%
2.4%
2.7%
22.9%
6.8%
0.0%
100.0%
100.0%
0.0%
93.4%
95.8%
73.6%
86.3%
4.3
11.0
2.2
5.7
3.0%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
5.0%
180+ dpd
11.8%
3.5%
8.3%
0.7%
7.4
12.7%
NA
Jun-18
54
Dec-14
12
42
40.2%
40.2%
3.7%
1.8%
4.8%
2.1%
2.3%
19.7%
5.9%
0.0%
100.0%
100.0%
0.0%
93.0%
88.6%
76.0%
86.8%
5.0
11.4
2.7
6.2
2.5%
CCE
MCE
Collection Efficiency
BCE
110%
4.0%
100%
3.0%
90%
2.0%
80%
1.0%
70%
60%
0.0%
M1
M4
M7
M10
M13
M1
M4
M7
M10
M13
`
91
Issue Name
Originator
Rating/Credit Opinion
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) Equivalent & Liquidity Facility - CARE AAA (SO) Equivalent
CE (41.92%), CV (29.70%) and Tractor (28.38%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
175.1
164.2
215.3
3,157
17.5
8.0
91.14%, 8.86%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
11
43
35.9%
35.9%
3.5%
1.2%
4.4%
1.3%
2.3%
18.7%
5.9%
0.0%
100.0%
100.0%
0.0%
94.7%
96.4%
77.8%
87.7%
5.1
16.9
2.8
9.3
2.1%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
4.0%
180+ dpd
12.0%
3.8%
8.2%
0.7%
10.9
11.6%
NA
Oct-18
54
Dec-14
8
46
25.6%
25.6%
2.7%
0.4%
2.8%
0.5%
1.9%
16.1%
5.1%
0.0%
100.0%
100.0%
0.0%
93.9%
94.2%
79.5%
88.0%
7.2
>30
4.2
26.4
1.6%
CCE
MCE
Collection Efficiency
BCE
110%
3.0%
100%
2.0%
90%
1.0%
80%
70%
0.0%
M1
M4
M7
M10
M1
M4
M7
M10
92
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MFL Securitisation Trust XXVIII
Magma Fincorp Ltd
Series A1 PTC and Series A2 PTC - CARE AA (SO), Second Loss Facility - CARE
BBB- (SO) Equivalent & Liquidity Facility - CARE AAA (SO) Equivalent
Tractor (100%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-14
Par
111.3
105.7
142.1
3,760
17.7
10.2
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
3
51
11.2%
11.2%
0.0%
0.0%
0.0%
0.0%
0.9%
16.1%
5.6%
0.3%
100.0%
100.0%
77.8%
90.6%
90.8%
75.6%
83.9%
NA
NA
NA
NA
0.4%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
1.0%
90+ dpd
Overdue
180+ dpd
14.3%
5.0%
9.3%
1.3%
5.6
16.8%
NA
Jun-19
54
Dec-14
-
Collection Efficiency
CCE
MCE
BCE
110%
0.8%
100%
0.6%
90%
0.4%
80%
0.2%
70%
60%
0.0%
M1
M2
M3
M1
M2
M3
93
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
94.76
1.56
18.37
2014
(12m, A)
145.63
30.78
124.19
6.62
18.82
2015
(12m, A)
146.40
25.38
146.56
12.15
20.11
P*=Provisional, A=Audited

The gross NPA level has increased from 6.62% as of 31st March, 2014 to 12.15% as of
31st March 2015.

Tangible Net worth for the MIFL was reported at Rs. 146.56 crores as on 31st March,
2015.

MIFL reported CAR as 20.11% at the end of FY15.
94
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MIFL Securitisation Trust I
Magma ITL Finance Ltd
Series A1 PTC & Series A2 PTC - CARE AA+ (SO), Liquidity Facility -CARE AAA
(SO) Equivalent & Second Loss Facility - CARE BBB (SO) Equivalent
Tractor
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
70.0
64.8
89.5
2,636
18.5
11.6
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
Dec-14
23
31
66.4%
66.4%
6.4%
3.7%
10.8%
5.2%
3.9%
29.1%
7.4%
0.0%
100.0%
100.0%
0.0%
93.8%
93.9%
68.2%
84.7%
3.1
6.6
1.4
2.9
4.7%
20
34
57.1%
57.1%
6.1%
3.4%
8.9%
4.0%
3.5%
22.4%
5.4%
NA
98.3%
93.3%
NA
94.1%
94.8%
71.4%
86.1%
3.2
7.2
1.6
3.5
4.2%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
9.8%
2.5%
7.3%
0.9%
5.2
18.0%
NA
Sep-17
54
CCE
MCE
Collection Efficiency
BCE
120.0%
100.0%
80.0%
60.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
95
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MIFL Securitisation Trust II
Magma ITL Finance Ltd
Series A1 PTC & Series A2 PTC - CARE AA (SO), Liquidity Facility - CARE AAA
(SO) Equivalent & Second Loss Facility - CARE BBB (SO) Equivalent
Tractor
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
40.6
37.7
55.6
1,161
23.1
11.1
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Mar-15
Dec-14
23
31
50.4%
50.4%
8.1%
4.4%
11.5%
5.4%
3.7%
21.8%
5.7%
0.1%
100.0%
100.0%
5.1%
95.1%
92.6%
74.9%
86.2%
2.4
5.0
1.2
2.6
4.0%
20
34
41.7%
41.7%
7.0%
4.2%
8.8%
4.7%
2.8%
18.5%
4.8%
NA
100.0%
100.0%
NA
95.7%
102.8%
75.1%
86.4%
2.8
5.3
1.5
2.9
3.3%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
10.8%
2.8%
8.0%
1.3%
2.9
19.2%
NA
Sep-17
54
CCE
MCE
Collection Efficiency
BCE
140.0%
120.0%
100.0%
80.0%
60.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
96
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MIFL Securitisation Trust III
Magma ITL Finance Ltd
Series A1 PTC & Series A2 PTC - CARE AA (SO), Liquidity Facility - CARE AAA
(SO) Equivalent & Second Loss Facility - CARE BBB (SO) Equivalent
Tractor
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Sep-13
Par
18.1
17.2
23.5
744
19.3
13.4
99.47.%, 0.53%
Pool Performance
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Mar-15
Dec-14
18
36
52.5%
52.5%
7.6%
5.2%
10.1%
6.5%
3.8%
28.4%
10.5%
0.9%
100.0%
100.0%
29.9%
94.7%
88.2%
68.9%
81.8%
3.1
4.8
1.8
2.8
2.7%
15
39
43.5%
43.5%
7.0%
3.9%
8.8%
4.3%
3.1%
23.9%
8.8%
NA
100.0%
100.0%
NA
95.9%
97.4%
70.5%
82.8%
3.3
6.8
1.9
4.0
2.4%
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
8.0%
13.5%
5.0%
8.5%
1.5%
0.9
16.3%
NA
Mar-18
54
CCE
MCE
Collection Efficiency
BCE
120.0%
6.0%
100.0%
4.0%
80.0%
2.0%
0.0%
60.0%
M1
M4
M7
M10
M13
M16
M1
M4
M7
M10
M13
M16
97
Issue Name
Originator
Rating/Credit Opinion
Asset Class
MIFL Securitisation Trust V
Magma ITL Finance Ltd
Series A1 PTC & Series A2 PTC - CARE AA (SO), Liquidity Facility - CARE
AAA (SO) Equivalent & Second Loss Facility - CARE BBB (SO) Equivalent
Tractor
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
105.8
100.0
139.8
3,600
19.8
12.5
100%, 0%
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation (Series A1 Principal)
Amortisation (Series A2 Principal)
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
12.0%
4.5%
7.5%
1.0%
5.8
19.6%
NA
Sep-18
54
Mar-15
Dec-14
12
42.0
33.1%
33.1%
4.0%
1.6%
4.5%
1.5%
2.2%
17.9%
6.7%
0.0%
100.0%
100.0%
0.0%
93.8%
93.5%
75.0%
82.8%
5.6
16.4
3.8
11.3
2.3%
9
45.0
21.4%
21.4%
3.3%
0.6%
3.4%
0.6%
1.4%
15.3%
5.7%
NA
100.0%
100.0%
NA
94.7%
96.9%
75.7%
83.3%
7.2
>30
4.9
28.1
1.6%
CCE
MCE
Collection Efficiency
BCE
120.0%
100.0%
80.0%
60.0%
M1
M3
M5
M7
M9
M11
M1
M3
M5
M7
M9
M11
98
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)
1,971
229
6932
1.36
17.82
2012
(12m, A)
3,317
519
10906
1.75
20.21
2013
(12m, A)
3,868
662
11345
2.14
16.99
2014
(12m, A)
7,455
747
11458
1.88
16.31
2015
(12m, A)
8,787
1,001
13550
2.20
23.90
P*=Provisional, A=Audited

Total income for the company as on 31st March 2015 was Rs. 8,787 crores.

The Gross NPA ratio increased to 2.20% as of March 31, 2015. The increase in the NPA
was mainly due to the stress in the CV assets.

RCL reported CAR of 23.90% as of March 31, 2015.
Note: Shri Vijay Kumar Chopra, who is a Director on the board Reliance Capital Pension Fund
Limited (which is a part of Reliance Capital Group), is a member of the Rating Committee in
CARE. Shri Vijay Kumar Chopra did not participate in the rating process or in the meeting of the
Rating Committee when the rating of RCL was discussed.
99
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Receivables Trust 13
Reliance Capital Limited (RCL)
Series A PTCs - CARE AAA (SO)
New CV (71.79%) and Used CV (28.21%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Dec-13
Par
81.3
96.7
1,715
15.1
9.0
100%,0%
CC as % of initial POS
13.2%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.1%
OC
NA
Pool Maturity
Jun-18
Maturity (months)
54
Pool Performance
Mar-15
Dec-14
15
39
59.0%
3.6%
2.0%
6.0%
3.0%
2.1%
32.2%
NA
NA
100.0%
NA
NA
96.1%
95.6%
64.1%
NA
5.9
12.1
NA
NA
6.6%
12
42
48.8%
3.3%
1.0%
4.7%
1.3%
1.7%
25.8%
NA
NA
100.0%
NA
NA
96.2%
96.9%
69.3%
NA
6.5
23.6
NA
NA
5.1%
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
Collection Efficiency
CCE
MCE
BCE
110.0%
4.0%
100.0%
3.0%
90.0%
2.0%
80.0%
1.0%
70.0%
60.0%
0.0%
M1
M4
M7
M10
M13
M1
M4
M7
M10
M13
100
SKS Microfinance Ltd
(SKSML– 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/Gross Advances(%)
Capital Adequacy Ratio (CAR)
2012
(12m, A)
472
(1361)
430
5.5
35.4
2013
(12m, A)
353
(297)
388
0.5
33.9
2014
(12m, A)
545
70
455
0.1
27.2
2015
(12m, A)
803
188
1,046
0.1
31.7
P*=Provisional, A=Audited

Total income for the FY15 increased by 47% to Rs. 803 crores from Rs. 492 crores in
FY14. SKSML has registered net profit of Rs 188 crores during FY15.

Asset quality remains stable with Gross NPA (excluding Andhra Pradesh) stood at 0.1%
at the end of FY15.

SKSMFL continues to have comfortable capital adequacy ratio (CAR) at 31.7% comprising
totally of Tier-I capital as on Mar 31, 2015.
101
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Microfinance Loan Receivables Trust October 2014
SKS Microfinance Ltd
Series A PTC - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Oct-14
Par
316.3
297.3
344.9
353,846
19.1
16.6
100%, 0%
CC as % of initial POS
8.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
5.3%
Principal Subordination as
% of Pool Principal
6.0%
Pool Maturity
Aug-16
Maturity (months)
22
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
30+ dpd
Overdue
Delinquency
90+ dpd
1.0%
Mar-15
Dec-14
5
17
61.1%
61.1%
0.2%
0.1%
0.2%
0.10%
0.1%
15.4%
16.4%
100.0%
100.8%
101.0%
77.1%
>30
>30
0.6%
2
20
23.1%
23.1%
0.1%
0.0%
0.1%
0.0%
0.0%
7.8%
8.3%
100.0%
100.5%
NA
83.5%
>30
>30
0.1%
CCE
MCE
Collection Efficiency
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
0.5%
0.0%
M1
M2
M3
M4
M5
M1
M2
M3
M4
M5
102
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Microfinance Loan Receivables Trust December 2014 A
SKS Microfinance Ltd
Series A PTC - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Dec-14
Par
75.0
70.5
80.9
93,450
31.5
18.7
100%, 0%
CC as % of initial POS
7.9%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
4.8%
Principal Subordination as
a % of Pool Principal
6.0%
Pool Maturity
Aug-16
Maturity (months)
20
Mar-15
Dec-14
3
19
40.0%
40.0%
0.1%
0.0%
0.2%
0.0%
0.1%
10.0%
10.6%
100.0%
100.8%
100.8%
82.3%
>30
NA
0.4%
-
103
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Microfinance Loan Receivables Trust January 2015 A
SKS Microfinance Ltd
Series A PTC - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Jan-15
Par
300.6
282.5
329.8
326,142
38.8
16.0
100%, 0%
CC as % of initial POS
7.8%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
5.6%
Principal Subordination as
a % of Pool Principal
6.0%
Pool Maturity
Oct-16
Maturity (months)
21
Mar-15
Dec-14
2
19
28.7%
28.7%
0.1%
0.0%
0.1%
0.0%
0.0%
10.9%
11.6%
100.0%
99.9%
99.9%
80.2%
>30
NA
0.2%
-
104
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Indian Microfinance Loan Receivables Trust February 2015 B
SKS Microfinance Ltd
Series A PTC - CARE AA (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Series A Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
Series A PTC Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Feb-15
Par
243.2
218.9
262.9
332,077
32.7
22.3
100%, 0%
CC as % of initial POS
5.5%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
4.8%
Principal Subordination as
a % of Pool Principal
10.0%
Pool Maturity
Sep-16
Maturity (months)
19
Mar-15
Dec-14
1
18
7.0%
7.0%
0.0%
0.0%
0.0%
0.0%
0.0%
10.8%
11.9%
100.0%
100.7%
NA
76.4%
NA
NA
0.1%
-
105
Multi Originator Transaction - 3
(SKS Microfinance Limited & Janalakshmi
Financial Services Private Limited)
Key Financial Indicators for Janalakshmi Financial Services Private Limited and refer page
number 101 for SKS Microfinance Ltd.
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)
71.09
1.22
95.59
0.70
24.85
2013
(12m, A)
169.47
18.06
190.70
0.08
19.43
2014
(12m, A)
408.99
50.63
513.96
0.37
28.19
2015
(6m, P)
320.54
32.14
546.11
0.50
22.67
P*=Provisional, A=Audited
 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 32.14 Cr during H1FY15.
 JFSPL has been able to maintain asset quality at comfortable levels. As on Sep 30, 2014, GNPA%
stood at 0.50%.
 JFSPL continues to have comfortable capital adequacy ratio (CAR) at 22.67% as on September
30, 2014.
106
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IMLRT December 2013 B
SKS Microfinance Limited
& Janalakshmi Financial Services Private Limited
Withdrawn
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Dec-13
Par
240.9
228.8
264.9
268,193
23.2
16.4
100%,0.0%
Pool Performance
30+ dpd
Overdue
7.2%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
5.1%
5.0%
Sep-15
21
Mar-15
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
PTC Principal Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
Dec-14
16
5
85.2%
86.8%
2.8%
2.7%
10.8%
10.3%
1.3%
60.7%
71.5%
100.0%
98.8%
97.4%
27.0%
6.74
7.06
4.3%
90+ dpd
3.00%
13
8
69.7%
70.8%
2.3%
1.9%
5.1%
4.1%
0.8%
29.7%
32.4%
100.0%
99.0%
98.0%
62.1%
7.41
9.17
3.1%
Collection Efficiency
CCE
BCE
MCE
120.0%
100.0%
2.00%
80.0%
60.0%
1.00%
40.0%
0.00%
20.0%
M1
M4
M7
M10
M13
M16
M1
M4
M7
M10
M13
M16
107
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IMLRT February 2014 C
SKS Microfinance Limited
& Janalakshmi Financial Services Private Limited
Series A1 PTCs - CARE A+ (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Feb-14
Par
176.5
167.7
193.6
197,051
20.1
16.1
100%,0.0%
Pool Performance
30+ dpd
Overdue
7.4%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
5.2%
5.0%
Oct-15
20
Mar-15
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
PTC Principal Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
Dec-14
13
7
73.0%
74.5%
2.9%
2.9%
6.5%
6.3%
1.3%
32.4%
36.2%
100.0%
98.4%
97.7%
58.8%
6.31
6.52
3.8%
90+ dpd
4.00%
10
10
55.0%
55.9%
2.6%
2.1%
3.9%
3.2%
0.8%
19.4%
20.9%
100.0%
98.6%
97.5%
71.8%
7.21
8.93
2.2%
CCE
Collection Efficiency
BCE
MCE
110.0%
3.00%
90.0%
2.00%
70.0%
1.00%
0.00%
50.0%
M1
M4
M7
M10
M13
M1
M4
M7
M10
M13
108
Issue Name
Originator
Rating/Credit Opinion
Asset Class
IMLRT March 2014 E
SKS Microfinance Limited
& Janalakshmi Financial Services Private Limited
Series A1 PTCs - CARE A+ (SO)
Microfinance Loans
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
PTC Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Weeks)
Average Seasoning' (Weeks)
Overdue Composition
Mar-14
Par
170.0
161.5
186.5
177,910
22.5
14.7
100%,0.0%
Pool Performance
30+ dpd
Overdue
90+ dpd
7.4%
NA
NA
LF as % of initial POS
NA
EIS
OC
Pool Maturity
Maturity (months)
Mar-15
Months Post Securitisation
Balance Tenure (Months)
Pool Amortisation
PTC Principal Amortisation
30+ Delinquency (% of Initial POS)
90+ Delinquency (% of Initial POS)
30+ Delinquency (% of Balance POS)
90+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
CC as % of Balance PTC Principal
Balance CC (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Overall enhancement coverage (30+ DPD)
Overall enhancement coverage (90+ DPD)
Cumulative Prepayment
Delinquency
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
Dec-14
11
7
71.7%
72.3%
0.9%
0.9%
2.1%
1.9%
0.4%
31.8%
34.2%
100.0%
99.5%
99.1%
60.2%
18.94
20.52
4.4%
Collection Efficiency
5.0%
5.0%
Oct-15
18
8
10
50.6%
50.9%
0.7%
0.5%
1.0%
0.7%
0.2%
18.2%
19.3%
100.0%
99.7%
99.5%
73.0%
26.04
>30
2.3%
CCE
BCE
MCE
110.0%
1.00%
90.0%
0.50%
70.0%
0.00%
50.0%
M1
M4
M7
M10
M1
M4
M7
M10
109
Shriram City Union Finance ltd
(SCUFL – 1 Pool)
For the year ended as on 31st
March
Total AUM (in Rs. Cr)
Total Income (in Rs. Cr)
Profit After Tax (in Rs. Cr)
Gross NPA ratio (%)
Capital Adequacy Ratio (CAR) (%)
2012
(12m, A)
13,431
2,056
343
1.6
17.40
2013
(12m, A)
15,828
3,083
450
2.9
18.95
2014
(12m, A)
14,668
3,239
521
2.7
25.77
2015
(12m, A)
16,717
3,532
558
3.1
29.50
P*=Provisional, A=Audited

Total income for the FY15 increased by 9% to Rs. 3,532 crores from Rs. 3,239 crores in
FY14. SCUF has registered net profit of Rs 558 crores during FY15.

Asset quality deteriorated with Gross NPA increasing to 3.1% at the end of FY15 from
2.7% in FY14.

SCUF continues to have comfortable capital adequacy ratio (CAR) at 29.5% as on Mar
31, 2015.
Note: Mr. P. P. Pattanayak, who is a Director on the board of Shriram City Union Finance Ltd. is
a member of the Rating Committee in CARE. Mr Pattanayak did not participate in the rating
process or in the meeting of the Rating Committee when the rating of STFCL was discussed.
110
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Small Business Loan Trust - March 2014
Shriram City Union Finance (SCUF)
Series A1 PTC - CARE AA (SO), Series A2 PTC - CARE A (SO)
SME Loans Receivables
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Series A1 Principal (Rs Cr)
Mar-14
Par
202.9
192.8
Future Receivables (Rs Cr)
254.9
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
CC as % of initial POS
First Loss Credit Facility
Second Loss Credit Facility
LF as % of initial POS
Series A2 Principal
(Subordinated to A1) (Rs Cr)
EIS
OC
Pool Maturity
Maturity (months)
3,594
16.9
8.6
100%, 0%
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Series A1 PTC Amortisation
Series A2 PTC Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
1.0%
6.4%
NA
NA
NA
10.1
14.0%
5.0%
Sep-18
54
Mar-15
Dec-14
11
43
43.5%
43.5%
0.0%
0.0%
0.0%
0.0%
0.3%
11.3%
NA
NA
100.0%
NA
NA
99.3%
98.3%
81.6%
NA
NA
NA
NA
NA
7.4%
8
46
32.3%
32.3%
0.0%
0.0%
0.0%
0.0%
0.1%
9.5%
NA
NA
100.0%
NA
NA
99.7%
99.8%
82.8%
NA
NA
NA
NA
NA
5.7%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
0.5%
90.0%
0.0%
80.0%
M1
M4
M7
M10
M1
M4
M7
M10
111
Shriram Transport Finance Company
Ltd (STFCL) – 13 (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
2015
(12m, A)
9,180
1,028
8,510
3.79
20.56
P*=Provisional, A=Audited

STFCL reported PAT of Rs. 1,028 crore on total income of Rs. 9,180 crore during FY15 as
compared to PAT of Rs. 1,358 crore on total income of Rs. 8,480 crore during FY14.

It reported Gross NPA ratio of 3.79% at the end of FY15, slightly higher than 3.75% at
the end of FY14.

STFCL reported the CAR of 20.56% as on March 31, 2015, as compared to 23.37% as on
March 31, 2014.
Note: Mr. P. P. Pattanayak, who is a Director on the board of Shriram City Union Finance Ltd.
(which is part of the Shriram Group), is a member of the Rating Committee in CARE. Mr
Pattanayak did not participate in the rating process or in the meeting of the Rating Committee
when the rating of STFCL was discussed.
112
Issue Name
Originator
STFCL Direct Assignment Feb' 11-II
Shriram Transport Finance Company Ltd
Rating/Credit Opinion
Asset Class
Withdrawn
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
7182
23.0
3.5
92.9%, 7.1%
CC as % of initial POS 8.8%
First Loss Credit
1.6%
Second Loss Credit
7.2%
LF as % of initial POS
NA
EIS
26.6%
OC
NA
Pool Maturity
Feb-15
Maturity (months)
47
Pool Performance
Jan-15
45
2
99.97%
1.0%
1.0%
20.2%
20.2%
1.0%
25831.3%
758.7%
NA
84.3%
13.6%
NA
103.0%
74.9%
0.0%
0.0%
NA
NA
NA
NA
29.1%
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
4.0%
Collection Efficiency
Dec-14
44
3
99.94%
1.0%
0.9%
29.5%
19.1%
1.0%
12724.5%
384.8%
NA
84.4%
14.0%
NA
103.0%
80.1%
0.0%
0.0%
NA
NA
NA
NA
29.1%
CCE
BCE
MCE
150.0%
3.0%
100.0%
2.0%
50.0%
1.0%
0.0%
0.0%
M1
M9
M17
M25
M33
M41
M1
M9 M17 M25 M33 M41
113
Issue Name
Originator
STFCL Direct Assignment Mar' 11-V
Shriram Transport Finance Company Ltd
Rating/Credit Opinion
Asset Class
Withdrawn
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
2027
24.2
0.0
100.0%, 0.0%
CC as % of initial POS
First Loss Credit
Second Loss Credit
LF as % of initial POS
EIS
OC
Pool Maturity
Maturity (months)
Pool Performance
Jan-15
45
27
97.7%
1.3%
1.2%
13.3%
11.7%
1.1%
656.7%
189.0%
NA
93.5%
80.5%
NA
102.9%
103.6%
0.0%
0.0%
NA
NA
NA
NA
38.2%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
Collection Efficiency
6.0%
150.0%
4.0%
100.0%
2.0%
50.0%
16.3%
5.5%
10.8%
NA
36.9%
NA
Mar-17
72
Dec-14
44
28
97.2%
1.4%
1.3%
12.8%
11.4%
1.1%
548.8%
159.6%
NA
93.9%
81.7%
NA
102.9%
97.9%
0.0%
0.0%
NA
NA
NA
NA
38.0%
CCE
BCE
MCE
0.0%
0.0%
M1
M9
M17
M25
M33
M41
M1
M9 M17 M25 M33 M41
114
Issue Name
Originator
Rating/Credit Opinion
Asset Class
STFCL Direct Assignment March ’12 II
Shriram Transport Finance Company Ltd
Assignee Payout - CARE AAA (SO) Equivalent
Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(30.54%) & New CV(69.46%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
200.0
278.5
4521
23.1
10.9
89.89%, 10.11%
CC as % of initial POS 12.0%
First Loss Credit
3.0%
Second Loss Credit
9.0%
LF as % of initial POS
NA
EIS
16.9%
OC
NA
Pool Maturity
Mar-17
Maturity (months)
60
Pool Performance
Mar-15
36
24
91.5%
2.4%
2.1%
13.9%
10.9%
1.4%
128.0%
21.8%
NA
90.4%
61.5%
NA
101.6%
97.2%
0.0%
76.8%
NA
NA
1.7
2.1
40.0%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
8.0%
Collection Efficiency
Dec-14
33
27
87.5%
2.8%
1.9%
11.2%
6.6%
1.6%
86.6%
14.7%
NA
90.4%
61.5%
NA
101.7%
92.5%
19.8%
82.8%
7.2
12.2
1.5
2.6
37.9%
CCE
BCE
MCE
150.0%
6.0%
100.0%
4.0%
50.0%
2.0%
0.0%
0.0%
M1
M6 M11 M16 M21 M26 M31 M36
M1 M6 M11 M16 M21 M26 M31 M36
115
Issue Name
Originator
STFCL Sansar Trust Sep 2012-IV
Shriram Transport Finance Company Ltd
Rating/Credit Opinion
Asset Class
Withdrawn
Used CV(8.46%) & New CV(91.54%)
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
Sep-12
Par
98.1
122.7
1,990
17.5
8.2
90.44%, 9.56%
CC as % of initial POS 12.0%
First Loss Credit
5.0%
Second Loss Credit
7.0%
LF as % of initial POS
NA
EIS
11.2%
OC
NA
Pool Maturity
Mar-17
Maturity (months)
54
Pool Performance
Mar-15
30
24
88.6%
2.7%
2.3%
11.0%
8.6%
2.0%
70.8%
40.7%
NA
95.7%
92.7%
NA
98.0%
98.5%
31.4%
59.0%
6.2
8.01
3.7
4.8
20.7%
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
Collection Efficiency
5.0%
130.0%
4.0%
110.0%
3.0%
90.0%
2.0%
70.0%
1.0%
50.0%
0.0%
Dec-14
27
27
83.2%
3.7%
1.9%
12.4%
5.3%
2.0%
47.9%
27.5%
NA
95.7%
92.7%
NA
98.0%
96.2%
52.3%
70.7%
3.8
9.03
2.4
5.6
19.0%
CCE
MCE
BCE
30.0%
M1
M6
M11 M16 M21 M26
M1
M6 M11 M16 M21 M26
116
Issue Name
Originator
Rating/Credit Opinion
Asset Class
STFCL CV Trust Nov 2012-I
Shriram Transport Finance Company Ltd
Series A1 PTC and Series A2 PTC - CARE AAA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
Used CV (76.83%) & New CV (23.17%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Nov-12
Par
500.1
615.2
14,418
17.9
13.3
91.31%, 8.69%
CC as % of initial POS 10.8%
First Loss Credit
5.0%
Second Loss Credit
5.8%
LF as % of initial POS
NA
EIS
9.4%
OC
NA
Pool Maturity
May-17
Maturity (months)
54
Pool Performance
Mar-15
28
26
83.1%
1.7%
0.8%
5.4%
2.0%
1.7%
48.2%
18.0%
NA
98.5%
96.1%
NA
98.0%
97.9%
52.6%
80.3%
8.8
23.26
3.7
9.7
11.1%
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
Collection Efficiency
2.0%
130.0%
1.5%
110.0%
1.0%
90.0%
0.5%
70.0%
0.0%
50.0%
M1
M6
M11
M16
M21
M26
Dec-14
25
29
77.1%
1.4%
0.5%
3.4%
1.1%
1.6%
35.5%
13.2%
NA
98.5%
96.1%
NA
98.0%
95.1%
64.2%
84.3%
10.4
>30
4.6
14.7
9.8%
M1
M6
CCE
MCE
BCE
M11 M16 M21 M26
117
Issue Name
Originator
Rating/Credit Opinion
Asset Class
STFCL CV Trust Nov 2012-III
Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AA+ (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(82.69%) & New CV(17.31%)
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-12
Par
372.8
458.2
10,703
18.1
13.9
92.64%, 7.36%
CC as % of initial POS 10.2%
First Loss Credit
5.0%
Second Loss Credit
5.2%
LF as % of initial POS
NA
EIS
9.5%
OC
NA
Pool Maturity
May-17
Maturity (months)
54
Pool Performance
Mar-15
28
26
83.3%
1.2%
0.5%
4.3%
1.6%
1.2%
44.4%
16.4%
NA
97.9%
94.4%
NA
98.7%
104.4%
56.2%
81.8%
10.1
27.1
4.2
11.2
12.1%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
Dec-14
25
29
77.2%
1.2%
0.5%
3.4%
1.1%
1.3%
32.6%
12.0%
NA
97.9%
94.4%
NA
98.4%
94.4%
66.9%
85.5%
9.7
28.9
4.2
12.7
10.7%
Collection Efficiency
2.0%
130.0%
1.5%
110.0%
1.0%
90.0%
0.5%
70.0%
CCE
MCE
BCE
50.0%
0.0%
M1
M6
M11
M16
M21
M26
M1
M6
M11 M16 M21 M26
118
Issue Name
Originator
Rating/Credit Opinion
Asset Class
STFCL CV Trust Dec 2012-II
Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
Used CV (72.91%) & New CV (27.09%)
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-12
Par
220.4
270.6
5,286
17.5
12.0
90.38%, 9.62%
CC as % of initial POS 10.9%
First Loss Credit
5.0%
Second Loss Credit
5.9%
LF as % of initial POS
NA
EIS
9.7%
OC
NA
Pool Maturity
May-17
Maturity (months)
53
Pool Performance
Mar-15
27
26
84.1%
3.7%
2.3%
10.2%
5.1%
2.8%
67.5%
30.4%
NA
98.4%
96.6%
NA
96.2%
105.7%
34.5%
68.5%
6.4
13.0
3.1
6.2
16.1%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
90+ dpd
Overdue
180+ dpd
Dec-14
24
29
77.8%
4.8%
2.2%
11.2%
3.9%
3.1%
48.3%
21.8%
NA
98.4%
96.6%
NA
95.6%
97.3%
52.1%
76.2%
4.3
12.4
2.1
6.2
14.6%
Collection Efficiency
10.0%
130.0%
8.0%
110.0%
6.0%
90.0%
4.0%
70.0%
2.0%
50.0%
CCE
MCE
BCE
30.0%
0.0%
M1
M6
M11
M16
M21
M26
M1
M6
M11 M16 M21 M26
119
Issue Name
Originator
Rating/Credit Opinion
Asset Class
STFCL CV Trust Mar 2013-II
Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(82.52%) & New CV(17.48%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
547.8
668.3
16,066
16.6
14.0
86.78%, 13.22%
Pool Performance
Mar-15
24
30
81.0%
3.0%
1.7%
8.4%
4.1%
2.3%
44.1%
23.5%
NA
93.9%
89.1%
NA
96.8%
99.8%
56.0%
74.5%
5.2
10.7
3.0
6.2
15.2%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
4.0%
CC as % of initial POS 8.9%
First Loss Credit
5.0%
Second Loss Credit
3.9%
LF as % of initial POS
NA
EIS
10.7%
OC
NA
Pool Maturity
Sep-17
Maturity (months)
54
Dec-14
21
33
75.0%
2.9%
1.8%
6.3%
3.4%
2.6%
33.4%
17.8%
NA
93.9%
89.1%
NA
96.6%
93.0%
65.5%
79.4%
5.5
10.2
3.3
6.1
14.0%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
3.0%
2.0%
1.0%
0.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
120
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Commercial Vehicle Trust March 2013 II
Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA (SO)
& Second Loss Facility - CARE A- (SO) Equivalent
Used CV(85.47%) & New CV(14.53%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
206.4
250.4
6,090
16.8
13.2
92.59%, 7.41%
CC as % of initial POS 9.3%
First Loss Credit
5.0%
Second Loss Credit
4.3%
LF as % of initial POS
NA
EIS
10.5%
OC
NA
Pool Maturity
Oct-17
Maturity (months)
54
Pool Performance
Mar-15
23
31
78.4%
3.0%
2.1%
7.8%
4.7%
2.4%
41.9%
22.0%
NA
97.3%
95.0%
NA
97.4%
103.1%
57.6%
75.6%
5.5
9.0
3.2
5.2
14.2%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
Dec-14
20
34
71.9%
3.1%
1.5%
6.4%
2.7%
2.2%
32.2%
16.9%
NA
97.3%
95.0%
NA
96.9%
93.9%
66.2%
79.9%
5.2
12.7
3.1
7.5
12.8%
Collection Efficiency
4.0%
130.0%
3.0%
110.0%
2.0%
90.0%
1.0%
70.0%
CCE
MCE
BCE
50.0%
0.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
121
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Sansar Vehicle Trust Mar 2013-VI
Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AAA (SO)
& Second Loss Facility - CARE BBB+ (SO) Equivalent
Used CV(70.24%) & New CV(29.76%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
124.7
153.5
4,059
18.4
9.9
88.25%, 11.75%
Pool Performance
Mar-15
24
29
73.3%
3.8%
1.5%
8.6%
3.0%
2.5%
47.3%
17.7%
NA
97.8%
94.4%
NA
97.2%
98.9%
53.5%
80.2%
5.4
15.5
2.3
6.6
11.3%
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
4.0%
CC as % of initial POS 12.9%
First Loss Credit
5.0%
Second Loss Credit
7.9%
LF as % of initial POS
NA
EIS
12.6%
OC
NA
Pool Maturity
Aug-17
Maturity (months)
53
Dec-14
21
32
65.7%
3.8%
1.2%
7.4%
1.9%
2.4%
36.8%
13.8%
NA
97.8%
94.4%
NA
97.0%
92.5%
62.9%
83.5%
5.0
19.4
2.2
8.6
9.8%
Collection Efficiency
CCE
MCE
BCE
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
3.0%
2.0%
1.0%
0.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
122
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Sansar Trust Mar 2013-VII
Shriram Transport Finance Company Ltd
Series A1 PTCs and Series A2 PTC - CARE AA (SO)
& Second Loss Facility - CARE A- (SO) Equivalent
Used CV(86.71%) & New CV(13.29%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
200.7
244.2
5,421
17.1
12.3
90.11%, 9.89%
CC as % of initial POS 9.3%
First Loss Credit
5.0%
Second Loss Credit
4.3%
LF as % of initial POS
NA
EIS
10.6%
OC
NA
Pool Maturity
Oct-17
Maturity (months)
54
Pool Performance
Mar-15
23
31
76.7%
2.7%
1.7%
6.6%
3.6%
2.1%
38.5%
20.1%
NA
96.4%
93.4%
NA
97.2%
96.3%
60.7%
77.3%
6.0
11.0
3.5
6.3
17.6%
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
4.0%
Dec-14
20
34
69.7%
3.3%
1.9%
6.1%
2.8%
2.4%
29.6%
15.4%
NA
96.4%
93.4%
NA
97.3%
93.5%
68.5%
81.2%
5.2
11.1
3.1
6.7
15.9%
Collection Efficiency
CCE
MCE
BCE
110.0%
3.0%
90.0%
2.0%
70.0%
1.0%
0.0%
50.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
123
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Grand Development Trust June 2013 I
Shriram Transport Finance Company Ltd
Series A PTCs - CARE AA (SO)
& Second Loss Facility - CARE BBB (SO) Equivalent
Used CV(62.86%) & New CV(37.14%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Jun-13
Par
320.7
383.5
6,782
14.9
6.7
86.74%, 13.26%
Pool Performance
Mar-15
21
27
79.0%
6.8%
2.1%
20.0%
4.8%
3.3%
46.7%
16.2%
NA
94.2%
84.8%
NA
94.9%
98.8%
53.8%
82.0%
2.3
9.6
0.9
3.8
14.4%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
CC as % of initial POS 10.4%
First Loss Credit
4.0%
Second Loss Credit
6.4%
LF as % of initial POS
NA
EIS
9.0%
OC
NA
Pool Maturity
Jun-17
Maturity (months)
48
180+ dpd
10.0%
Dec-14
18
30
70.3%
7.8%
2.1%
16.6%
3.6%
3.7%
32.9%
11.4%
NA
94.2%
84.8%
NA
94.5%
91.6%
66.3%
86.0%
2.0
9.4
0.8
3.9
12.9%
CCE
MCE
Collection Efficiency
BCE
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
8.0%
6.0%
4.0%
2.0%
0.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
124
Issue Name
Originator
Rating/Credit Opinion
Asset Class
Sansar Trust Feb 2014 –IV
Shriram Transport Finance Company Ltd
Series A PTCs - CARE AA (SO)
& Second Loss Facility - CARE A- (SO) Equivalent
Used CV(92.87%) & New CV(7.13%)
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-14
Par
549.8
672.8
14,311
16.4
9.4
86.0%, 14.0%
CC as % of initial POS 9.2%
First Loss Credit
5.0%
Second Loss Credit
4.2%
LF as % of initial POS
NA
EIS
11.0%
OC
NA
Pool Maturity
Jun-17
Maturity (months)
54
Pool Performance
Mar-15
12
42
44.6%
2.2%
0.4%
2.8%
0.4%
3.0%
16.3%
8.7%
NA
97.9%
96.1%
NA
94.4%
95.7%
79.4%
85.9%
7.4
>30
5.0
>30
6.4%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
180+ dpd
110.0%
3.0%
100.0%
2.0%
90.0%
1.0%
80.0%
0.0%
70.0%
M3
M5
M7
M9
M11
CCE
MCE
Collection Efficiency
4.0%
M1
Dec-14
9
45
34.4%
1.4%
0.1%
1.6%
0.1%
2.4%
13.7%
7.3%
NA
97.9%
96.1%
NA
94.0%
91.0%
81.1%
86.6%
11.6
>30
8.3
>30
5.2%
M1
M3
M5
M7
BCE
M9 M11
125
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
2015
(12m, A)
2,320
153
4.70
17.10
P*=Provisional, A=Audited

As per the results for FY15, SEFPL earned a Income from finance activities of Rs.2,320
crore.

Gross NPA ratio stood at 4.70% and Net NPA of 3.60 as on March 31, 2015

CAR for SEFPL stood at 17.1% as on FY15.
126
Issue Name
Originator
Rating/Credit Opinion
Asset Class
SEFPL Direct Assignment Mar’ 12-II
Srei Equipment Finance Private Limited
Withdrawn
Construction Equipment
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
107.1
130.3
498
18.4
1.2
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
NA
EIS
4.3%
OC
NA
Pool Maturity
Mar-16
Maturity (months)
47
Pool Performance
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
90+ dpd
Overdue
Delinquency
8.0%
180+ dpd
Feb-15
Dec-14
34
13
91.3%
5.6%
3.6%
26.0%
14.1%
3.9%
110.9%
NA
NA
100.0%
NA
NA
96.3%
97.3%
0.0%
NA
NA
NA
NA
NA
6.90%
32
15
87.8%
5.5%
3.4%
21.1%
11.8%
3.9%
79.0%
NA
NA
100.0%
NA
NA
96.2%
91.7%
24.6%
NA
3.6
6.4
NA
NA
6.90%
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
6.0%
4.0%
2.0%
0.0%
M1
M6
M11
M16
M21
M26
M31
M1
M6 M11 M16 M21 M26 M31
127
Issue Name
Originator
Rating/Credit Opinion
Asset Class
SEFPL Direct Assignment Mar’ 12-V
Srei Equipment Finance Private Limited
Withdrawn
Construction Equipment
Issue Details
Transaction Month
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-12
Par
293.8
357.2
406
18.5
6.0
100%, 0.0%
CC as % of initial POS
13.3%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
3.2%
OC
NA
Pool Maturity
Dec-16
Maturity (months)
57
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
6.0%
180+ dpd
Jan-15
Dec-14
33
24
90.0%
4.0%
2.3%
22.5%
10.7%
2.6%
133.5%
NA
NA
100.0%
NA
NA
98.1%
122.1%
0.0%
NA
NA
NA
NA
NA
14.16%
32
25
88.4%
5.5%
2.3%
29.5%
9.9%
2.6%
114.4%
NA
NA
100.0%
NA
NA
97.3%
98.1%
0.0%
NA
NA
NA
NA
NA
13.41%
Collection Efficiency
CCE
MCE
BCE
200.0%
150.0%
4.0%
100.0%
2.0%
50.0%
0.0%
0.0%
M1
M6
M11
M16
M21
M26
M31
M1
M6 M11 M16 M21 M26 M31
128
Issue Name
Originator
Rating/Credit Opinion
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
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
100.0
117.2
507
16.1
7.7
100%, 0.0%
CC as % of initial POS
10.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
6.4%
OC
NA
Pool Maturity
Sep-17
Maturity (months)
54
Pool Performance
Mar-15
Dec-14
24
30
79.3%
3.6%
2.0%
8.3%
3.7%
2.5%
48.4%
NA
NA
100.0%
NA
NA
96.6%
97.2%
52.2%
NA
5.8
13.0
NA
NA
3.96%
21
33
69.7%
4.4%
1.8%
8.3%
2.9%
2.7%
33.0%
NA
NA
100.0%
NA
NA
96.5%
97.5%
66.5%
NA
4.0
11.7
NA
NA
2.79%
Months Post Securitisation
Balance Tenure (Months)
Amortisation
90+ Delinquency (% of Initial POS)
180+ Delinquency (% of Initial POS)
90+ Delinquency (% of Balance POS)
180+ Delinquency (% of Balance POS)
Overdue Amt (% of Initial POS)
CC as % of Balance POS
FLF as % of Balance POS
LF as % of Balance POS
Balance CC (unutilized)
Balance FLF (unutilized)
Balance LF (unutilized)
CCE
MCE (3 month average)
Break even Collection Efficiency
Break even Collection Efficiency(FLF)
Overall enhancement coverage (90+ DPD)
Overall enhancement coverage (180+ DPD)
FL enhancement Coverage (90+ DPD)
FL enhancement Coverage (180+ DPD)
Cumulative Prepayment
Delinquency
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
CCE
MCE
BCE
120.0%
100.0%
80.0%
60.0%
40.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
129
Issue Name
Originator
Rating/Credit Opinion
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
Transaction Structure
Pool Principal (Rs Cr)
Future Receivables (Rs Cr)
No of Contracts
Average Maturity (Months)
Average Seasoning' (Months)
Overdue Composition
Mar-13
Par
65.8
78.5
342
16.7
7.0
100%, 0.0%
CC as % of initial POS
10.0%
First Loss Credit Facility
NA
Second Loss Credit Facility NA
LF as % of initial POS
NA
EIS
7.5%
OC
NA
Pool Maturity
Dec-15
Maturity (months)
46
Pool Performance
Mar-15
Dec-14
24
22
76.4%
6.2%
5.7%
11.2%
9.7%
4.27%
42.3%
NA
NA
100.0%
NA
NA
95.1%
97.4%
57.9%
NA
3.7
4.3
NA
NA
6.20%
21
25
66.9%
8.4%
5.4%
14.8%
7.8%
4.02%
30.2%
NA
NA
100.0%
NA
NA
94.8%
95.7%
69.1%
NA
2.1
3.9
NA
NA
5.02%
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
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
90+ dpd
Overdue
180+ dpd
Collection Efficiency
120.0%
CCE
MCE
BCE
100.0%
80.0%
60.0%
40.0%
M1
M6
M11
M16
M21
M1
M6
M11
M16
M21
130
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
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