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Structured Finance
www.indiaratings.co.in 05 December 2013
ABS/RMBS
Structured Finance Performance Report - 3Q13 CV Loan Performance Continues to Deteriorate
Special Report
CV Loan Delinquencies Mounting: India Ratings & Research (Ind-Ra) says the performance
of commercial vehicle (CV) loans continues to be stressed due to the prevailing slowdown in
the economy. For the quarter ended September 2013 (3Q13), weighted average (WA) 90+
days past due (dpd) delinquencies stood at 3.0%, up 23% from 2Q13. In-Ra’s Early
Delinquency Index (EDI) has also shown a qoq rise of 165bps to 8.2% in 3Q13, indicating that
the asset quality deterioration into 90+dpd delinquency bucket has not yet bottomed out.
Recent CV Vintage Exhibit Stress: Stress in the economy is reflected in the transactions
originated in 2013 in which loans are defaulting faster than the earlier vintages. For 2013
vintage, within the first eight months, WA 90+dpd delinquency reached 3.2% at amortisation
level of around 27% (WA 90+dpd delinquency of 2.6% and 1.9% at similar amortisation for
2012 & 2011 vintage). These vintage performances are in contrast with the performance of
2009 and earlier vintages, where such delinquencies were recorded two to three years after
transaction closing.
Construction Equipment Delinquency Rising Rapidly: Ind-Ra observed rapid deterioration
in the performance of construction equipment loans, with WA 90+dpd delinquency rising
sharply to 3.4% in 3Q13 from 1.5% in 2Q13. Most of the deterioration was contributed by 2012
vintage loans. However, the current 90+dpd delinquencies remain within the agency’s long-
term expectations and no transaction has seen the usage of credit enhancement (CE) so far.
Tractor Loans Performance Stabilises: For 3Q13 in 2012 vintage, tractor loans showed
signs of resilience with a minor increase in 180+dpd delinquencies to 2.5% from the previous
quarter, continuing the stabilisation trend started in 2Q13 (WA 180+dpd delinquency: 2.4%).
Other than various government initiatives for the rural sector, increased minimum support
prices and higher than long-term average rainfall in 2013 are likely to cushion the tractor loan
delinquencies.
RMBS Performance Steady: The performance of RMBS transactions remained stable in
3Q13 with WA 90+dpd delinquency remaining flat at 0.4%. Ind-Ra’s Residential Mortgage
(IRM) Index, which tracks 90+dpd delinquencies as a percentage of initial principal outstanding
(POS) for transactions, seasoned over 12 months remained constant at 0.33 in Q313. Default
rates continued to be low and prepayment rate remained in line with the historical trend.
Transactions Continue to be Broadly Stable: Even though delinquencies are exceeding
previous peaks, they remain within Ind-Ra’s initial expectations in most of the transactions.
The step-up in the delinquencies has not resulted in any negative rating action due to the
commensurate assumptions of higher delinquencies, availability of excess interest spread,
sufficient CE levels and fully amortising nature of underlying loans.
Analysts
Neeta Laud +91 22 4000 1716 [email protected] Amit More +91 22 4000 1703 [email protected] Jatin Nanaware +91 22 4000 1761 [email protected] Saurabh Singh
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 2
Performance by Asset Class
CV Loan ABS
Figure 1
Delinquencies in transactions originated in 2012 and 2013 have shown a faster rate of default
as compared to previous vintages. This is due to moderate economic growth and the stress on
the operating margins of CV loan borrowers.
Figure 2
In-Ra’s EDI rose to 8.2% in 3Q13 from 6.5% in 2Q13, indicating the potential movement of
loans to 90+dpd delinquency bucket which would necessitate servicers’ continued struggle to
arrest short-term delinquencies.
Figure 3
0
1
2
3
4
5
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57
(Months since issuance)
2007 2008 2009 2010 2011 2012 2013(%)
CV Vintage – WA 90+dpd as % of Original POS
Source: Ind-Ra
0
2
4
6
8
10
Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13
(%)
Ind-Ra Early Delinquency Index - CV
Source: Ind-Ra
-6
-2
2
6
10
0
1
2
3
4
Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13
90+dpd (LHS) IIP YOY (RHS)(%)
IIP (yoy) and CV 90+dpd
Source: Ind-Ra, RBI, Bloomberg
(%)
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 3
Figure 4
Figure 5
Higher delinquencies were observed in Tamil Nadu, Andhra Pradesh, Karnataka, Maharashtra
and Gujarat, driven by increased contribution of loans having loan to value (LTV) over 80%.
Figure 6
It is observed that defaults (90+dpd) in new CV loans were higher than those in used CV loans.
Additionally, in the new CV segment, small commercial vehicles (SCV) and passenger vehicles
have seen higher than average defaults.
0
50
100
150
200
250
0
10
20
30
40
50
60
Sep 11 Jan 12 May 12 Sep 12 Jan 13 May 13 Sep 13
Diesel price (LHS) Freight rate (RHS)(INR)
Diesel Price and Freight Rate
Source: Bloomberg, Ind-Ra's analysis
(Base: May 08=100)
0
2
4
6
8
10
Andhra Pradesh Maharashtra Tamil Nadu Karnataka Gujarat
<=60 70-80 >80
State and LTV wise 90+dpd % of OPOS
(90+dpd)
Source: Ind-Ra
0
3
6
9
12
15
LCV Farm Equipment HCV Passenger SCV
New Used
Asset Class wise 90+dpd % of OPOS
(90+dpd)
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 4
Construction Equipment Loan ABS
Figure 7
Figure 8
Figure 9
0
1
2
3
4
5
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29
(Months since issuance)
2008 2009 2010 2011 2012(%)
Vintage Wise WA 90+dpd as % of Original POS
Source: Ind-Ra
0
1
2
3
4
5
-10
-7
-4
-1
2
5
Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13 Sep 13
YOY change mining index (LHS) 90+dpd (RHS)(%)
YOY Mining Index and Construction Equipment 90+dpd
Source: Bloomberg, Ind-Ra
(%)
0
1
2
3
4
-4
-2
0
2
4
6
8
10
Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13 Sep 13
YOY change core infrastructure index (LHS) 90+dpd (RHS)
YOY Infrastructure Index and Construction Equipment 90+dpd
Source: Bloomberg, Ind-Ra
(%)(%)
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 5
Tractor Loan ABS
Figure 10
Figure 11
Figure 12
0
1
2
3
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47
(Months since issuance)
2009 2010 2011 2012(%)
Tractor – WA 180+dpd as % of Original Receivables
Source: Ind-Ra
0
2
4
6
8
10
12
Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13
(%)
Ind-Ra Tractor EDI
Source: Ind-Ra
0.0
0.3
0.6
0.9
1.2
1.5
0
1
2
3
4
5
Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13
(Month)
Y-o-Y agricuture GDP change (LHS) 180+ dpd (RHS)(%)
Agriculture GDP Growth and 180+dpd
Source: Ind-Ra, RBI
(%)
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 6
RMBS
Figure 13
Figure 14
0.0
0.5
1.0
1.5
2.0
1 8 15 22 29 36 43 50 57 64 71 78 85 92 99 106
(Months since issuance)
2003 2004 2005 2006 2009 2010 2011(%)
RMBS Vintage – WA 90+dpd as % of Original POS
Source: Ind-Ra
0.0
0.2
0.4
0.6
0.8
1.0
Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13
(Month)
IRM Index
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 7
Rating Actions ABS in Q313
Figure 15 Rating Affirmation Transaction name Class Asset class Previous rating Current rating
DA Program Oct 09-I Purchaser Payout CV IND AAA(SO) IND AAA(SO) DA Program Oct 09-I SLCF CV IND AAA(SO) IND AAA(SO) MMFSL DA June 2010 - 1 Purchaser Payout Tractor IND AA+(SO) IND AA+(SO) MMFSL DA Sept 2009 - 1 Purchaser Payouts Tractor IND AA+(SO) IND AA+(SO) STFCL DA March 2012 - 03 Purchaser Payouts CV IND AAA(SO) IND AAA(SO) STFCL DA March 2012 - 03 SLCF CV IND BBB(SO) IND BBB(SO) STFCL's New CV - Dec 08 Assignment
Purchaser Payouts CV IND AAA(SO) IND AAA(SO)
CV: commercial vehicle Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 8
Rating Actions RMBS in Q313
Figure 16 Rating Affirmation
Transaction name Class Asset class Previous rating Current rating
HDFC DA June 10 - I - INR935.59cr Purchaser Payout RMBS IND AAA(SO) IND AAA(SO) HDFC DA June 10 - I - INR935.59cr SLCF RMBS IND BBB+(SO) IND
BBB+(SO) HDFC DA June 10 - II - INR210.82cr Purchaser Payout RMBS IND AAA(SO) IND AAA(SO) HDFC DA June 10 - II - INR210.82cr SLCF RMBS IND A+(SO) IND A+(SO) HDFC DA June 10 - III - INR109.60cr Purchaser Payout RMBS IND AAA(SO) IND AAA(SO) HDFC DA June 10 - III - INR109.60cr SLCF RMBS IND A(SO) IND A(SO) HDFC DA Non-PSL Nov 09 (INR333.59cr)
Purchaser Payout RMBS IND AAA(SO) IND AAA(SO)
HDFC DA Non-PSL Nov 09 (INR333.59cr)
SLCF RMBS IND AA-(SO) IND AA-(SO)
HDFC DA PSL Nov 09 (INR291.80cr) Purchaser Payout RMBS IND AAA(SO) IND AAA(SO) HDFC DA PSL Nov 09 (INR291.80cr) SLCF RMBS IND A+(SO) IND A+(SO) HDFC: MBS 2006 Series II Trust Class A1 RMBS IND AAA(SO) IND AAA(SO) HDFC: MBS 2006 Series II Trust Class A2 RMBS IND AAA(SO) IND AAA(SO)
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 9
Initial Pool Details and Pool Performance
CV Loan ABS
Figure 17 CV Loan ABS Delinquency as % of original POS
Values at Issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type Asset type
WA orig. LTV (%)
WAS (Mo)
WA IRR (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
Qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
STFCL's New CV - Dec 08 Assignment
STFCL Par N: 100%, U: 0% 89.9 4 17.3 45 6.4 PIF PIF n.a. 0.93 1.93 n.a. 0.65 0.69 n.a. n.a. n.a. n.a. n.a.
DA Program-Sept 09-1
STFCL Premium N: 100%, U: 0% 82.0 2 20.4 50 3.9 PIF PIF n.a. 0.77 0.97 n.a. 0.25 0.38 n.a. n.a. n.a. n.a. n.a.
DA Program Oct 09-I
STFCL Par N: 100%, U: 0% 81.6 4 22.7 42 7.9 97.9 46 0.61 0.80 1.40 0.40 0.49 0.84 9.2 221.6 221.6 0.0 97.7
STFCL DA Program - Feb 10 - 1
STFCL Par N: 15%, U: 86% 63.1 3 28.7 48 3.4 92.1 44 1.05 1.24 2.01 0.68 0.57 0.71 16.5 158.1 158.1 0.0 97.1
STFCL DA Program - Feb 10 - 2
STFCL Par N: 27%, U: 73% 64.7 2 27.3 42 4.0 PIF PIF n.a. 0.56 1.03 n.a. 0.38 0.40 n.a. n.a. n.a. n.a. n.a.
STFCL DA Program - Feb 10 - 3
STFCL Par N: 42%, U: 58% 69.5 4 24.9 40 6.9 98.2 43 0.58 0.65 1.12 0.49 0.48 0.62 12.8 222.1 222.1 0.0 97.2
STFCL DA Program Feb 10-4
STFCL Par N: 4%, U: 96% 65.1 2 26.7 47 3.0 91.5 42 1.55 1.90 2.56 0.80 0.98 1.05 15.6 232.5 232.5 0.0 97.9
STFCL DA Program Feb10-5
STFCL Par N: 8%, U: 92% 64.0 2 27.2 44 3.0 93.9 42 1.33 1.56 2.65 0.85 0.83 1.00 16.9 133.0 133.0 0.0 98.1
STFCL DA Feb 2011- 02
STFCL Par N: 23%, U: 77% 64.1 4 26.5 40 7.4 84.7 32 1.44 1.77 2.39 0.67 0.62 0.62 21.3 261.1 261.1 0.0 92.1
Small Operators Trust 2011
STFCL Par N: 35%, U: 65% 66.3 15 27 27 35.2 PIF PIF n.a. 1.30 2.41 n.a. 0.94 1.33 n.a. n.a. n.a. n.a. n.a.
STFCL DA Mar 2011- 02
STFCL Par N: 29%, U: 71% 67.9 3 24.7 47 3.5 72.1 31 2.27 2.41 3.15 0.88 0.73 0.52 21.4 211.0 211.0 0.0 93.5
STFCL DA Mar 2011- 01
STFCL Par N: 25%, U: 75% 68.3 3 25.08 45 3.6 75.2 31 1.22 1.60 2.47 0.49 0.56 0.44 21.8 162.4 162.4 0.0 94.3
STFCL DA Feb 2011- 04
STFCL Premium N: 34%, U: 66% 67.0 2 24.5 45 3.3 74.6 31 2.11 2.31 2.85 0.72 0.49 0.59 19.2 215.3 186.6 13.3 93.6
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 10
CV Loan ABS (Cont.)
Delinquency as % of original POS
Values at Issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type Asset type
WA orig. LTV (%)
WAS (Mo)
WA IRR (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
STFCL DA Mar 2011- 03
STFCL Par N: 26%, U: 74% 65.9 4 25.3 42 6.8 79.7 30 2.29 2.52 3.50 1.01 0.77 0.53 22.3 257.8 257.8 0.0 92.6
STFCL DA Mar 2011- 04
STFCL Par N: 27%, U: 73% 66.0 4 25.14 42 7.1 79.3 31 2.30 2.54 3.44 0.82 0.85 0.68 21.5 111.9 111.9 0.0 93.1
STFCL DA June 2011 -01
STFCL Premium N: 32%, U: 68% 65.3 2 25.77 43 3.6 70.5 28 2.89 3.30 3.29 1.01 0.91 0.60 23.1 235.0 221.8 5.6 90.0
STFCL DA Sep 2011 -01
STFCL Par N: 27%, U: 73% 71.9 5 22.8 44 8.8 64.9 24 1.61 2.12 2.75 0.54 0.61 0.48 22.5 271.3 271.3 0.0 95.0
Small Operators Trust 2012
STFCL Par N: 39%, U: 61% 71.1 7 22.1 40 13.0 67.3 23 2.63 2.91 3.27 0.97 0.86 0.33 21.6 1359.2 1359.2 0.0 92.6
Aeon Trust 2012
SFL Par N: 84%, U: 16% 77.7 11 13 25 30.4 84.9 22 0.62 0.44 0.45 0.00 0.00 0.00 11.5 255.0 255.0 0.0 95.0
Platinum Trust 2012
CIFCL Par N: 92%, U: 8% 84.9 17 16.2 26 32.9 86.1 23 0.92 0.71 0.22 0.27 0.16 0.06 16.5 384.3 384.3 0.0 96.1
STFCL DA December 2011 -01
STFCL Par N: 25%, U: 75% 64.2 5 25.1 38 8.7 66.6 22 2.05 2.23 2.80 0.54 0.51 0.21 22.7 183.8 183.8 0.0 92.1
STFCL DA Operator Trust Dec 2011
STFCL Par N: 27%, U: 73% 65.1 4 24.2 40 7.6 63.1 22 2.95 3.04 3.00 0.95 0.76 0.24 20.9 247.9 247.9 0.0 92.7
Fullerton DA CV Dec 2011
FICCL Par N: 72%, U: 28% 81.3 9 15.9 33 17.7 65.9 22 5.27 4.12 1.75 2.97 2.48 0.39 7.6 156.0 156.0 0.0 94.9
Aeon Trust II 2012
SFL Par N: 68%, U: 32% 74.6 5 15 31 16.9 74.1 20 1.16 1.06 0.69 0.00 0.00 0.00 10.8 112.5 112.5 0.0 94.7
STFCL DA January 2012 -01
STFCL Par N: 37%, U: 63% 72.9 4 23.08 36 8.5 68.8 21 5.92 5.95 4.72 1.77 1.57 0.40 23.9 292.7 292.7 0.0 85.7
CV Loan Trust 2012
STFCL Par N: 47%, U: 53% 68.2 7 22.8 36 12.6 67.6 20 2.99 3.14 1.93 0.89 0.77 0.16 20.9 628.1 628.1 0.0 87.7
STFCL DA December 2011 -03
STFCL Par N: 35%, U: 65% 69.5 6 21.3 41 10.3 56.7 19 3.71 3.51 1.17 0.59 0.90 0.13 20.7 100.6 100.6 0.0 86.2
Novo XI Trust - Chassis
STFCL Par N: 15%, U: 85% 70.3 9 24.41 35 15.2 62.0 19 2.76 3.26 2.45 1.03 0.94 0.11 20.3 203.8 203.8 0.0 87.9
SRTO Trust 2012
STFCL Par N: 70%, U: 30% 76.9 5 21.23 39 9.3 58.8 19 3.59 3.45 2.07 0.84 0.81 0.06 14.7 100.4 100.4 0.0 91.5
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 11
CV Loan ABS (Cont.)
Delinquency as % of original POS
Values at Issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type Asset type
WA orig. LTV (%)
WAS (Mo)
WA IRR (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
STFCL DA March 2012 - 01
STFCL Par N: 26%, U: 74% 66.1 4 24.65 34 8.1 65.8 19 3.96 3.35 1.75 0.66 0.79 0.03 18.0 137.2 137.2 0.0 89.8
STFCL DA March 2012 - 02
STFCL Par N: 22%, U: 78% 64.0 4 26.24 33 8.7 67.5 19 3.71 3.62 2.88 0.66 0.63 0.11 19.9 169.9 169.9 0.0 90.4
STFCL DA March 2012 - 03
STFCL Par N: 30%, U: 70% 65.1 5 24.77 37 9.8 62.0 19 4.12 3.67 2.47 1.06 0.53 0.05 20.9 127.1 127.1 0.0 88.6
STFCL CV Trust 2012
STFCL Par N: 32%, U: 68% 70.7 4 23.46 35 7.7 61.5 19 6.45 5.58 2.53 0.96 0.70 0.12 14.7 175.0 175.0 0.0 92.0
India Vehicle Trust - March 2012
STFCL Par N: 56%, U: 44% 74.1 5 23.7 36 9.9 62.5 19 5.31 5.16 3.26 1.33 0.98 0.17 13.6 232.0 232.0 0.0 90.4
STFCL CV Trust Nov 12 - II
STFCL Par N: 20%, U: 80% 62.7 14 14.1 38 28.5 29.8 10 4.20 2.47 n.a. 0.25 0.04 n.a. 1.1 621.9 621.9 0.0 95.6
Small Operators Trust 2013
STFCL Par N: 22%, U: 78% 65.4 12 14.7 38 25.6 30.0 10 5.88 2.69 n.a. 0.47 0.22 n.a. 2.5 1015.0 1015.0 0.0 93.2
STFCL CV Trust Dec 12 - I
STFCL Par N: 37%, U: 63% 68.9 12 14.2 38 24.4 29.7 10 5.09 2.69 n.a. 0.21 0.17 n.a. 3.6 267.8 267.8 0.0 93.4
Platinum Trust 2013
CIFCL Par N: 100%, U: 0% 83.3 13 14.2 29 27.2 38.7 10 1.42 0.86 n.a. 0.24 0.07 n.a. 0.8 372.3 372.3 0.0 69.3
Small Operators Trust II 2013
STFCL Par N: 36.5%, U: 63.5% 64.4 11 14.6 37 22.9 24.9 8 3.28 1.94 n.a. 0.21 0.11 n.a. 2.6 396.5 396.5 0.0 95.0
STFCL CV Trust Feb 2013
STFCL Par N: 23.4%, U: 76.6% 65.5 12 14.2 39 24.8 24.9 8 2.49 1.37 n.a. 0.02 0.09 n.a. 2.4 588.8 588.8 0.0 96.5
Sansar Trust March 2013-I
STFCL Par N: 14.7%, U: 85% 61.4 17 14 35 33.7 24.3 7 1.16 0.22 n.a. 0.04 0.00 n.a. 1.0 386.0 386.0 0.0 98.9
Sansar Trust March 2013 III
STFCL Par N: 21.3%, U: 78.7% 63.9 17 14.4 31 35.0 24.1 6 1.95 0.37 n.a. 0.10 0.01 n.a. 2.1 302.9 302.9 0.0 95.0
Sansar CV Trust Mar 2013 IV
STFCL Par N: 10.7%, U: 89.3% 64.1 12 14.8 35 25.0 21.3 6 2.23 0.44 n.a. 0.21 0.00 n.a. 3.3 28.5 28.2 0.0 96.5
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 12
CV Loan ABS (Cont.)
Delinquency as % of original POS
Values at Issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type Asset type
WA orig. LTV (%)
WAS (Mo)
WA IRR (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
Platinum Trust - Feb 2013 - Tranche 2
CIFCL Par N: 100%, U: 0% 86.4 13 14.2 30 26.7 27.4 7 2.15 0.73 n.a. 0.13 0.00 n.a. 0.8 288.0 288.0 0.0 64.7
Platinum Trust March 2013
CIFCL Par N: 100%, U: 0% 86.4 13 14.3 30 26.0 26.6 7 0.90 0.16 n.a. 0.07 0.00 n.a. 0.7 166.7 166.7 0.0 75.4
Aeon Trust 2013
SFL Par N: 93.2%, U: 6.8% 88.3 15 13.3 26 36.4 38.3 8 2.04 1.61 n.a. 0.00 0.00 n.a. 6.0 198.0 198.0 0.0 88.8
JUPITER TRUST A JAN 13
MMFSL Par N: 100%, U: 0% 76.7 16 16.1 28 32.5 32.3 8 2.54 0.95 n.a. 0.21 0.04 n.a. 4.0 404.1 404.1 0.0 91.9
Indian Receivable Trust January 2013 B
TMFL Par N: 100%, U: 0% 91.0 10 14.6 33 22.7 22.5 8 4.33 1.25 n.a. 0.88 0.02 n.a. 0.9 299.7 299.7 0.0 94.1
Indian Receivable Trust January 2013 A
TMFL Par N: 100%, U: 0% 89.1 11 15.5 34 22.9 21.3 8 5.08 1.80 n.a. 1.04 0.09 n.a. 1.3 454.0 454.0 0.0 93.4
Indian Receivable Trust February 2013 A
TMFL Par N: 100%, U: 0% 89.6 9 15.1 34 20.6 18.0 7 5.63 1.77 n.a. 1.09 0.00 n.a. 0.7 435.8 435.8 0.0 92.3
STFCL CV Trust Aug 2013-I
STFCL Par N: 13.2%, U: 86.8% 70.0 10 14.9 36 21.4 6.1 2 0.00 n.a. n.a. 0.00 n.a. n.a. 0.1 410.1 410.1 0.0 95.4
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 13
Figure 18 Construction Equipment Loan ABS Delinquency as % of original POS
Values at issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type Asset type
WA orig. LTV (%)
WAS (Mo)
WA IRR (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
SREI - Direct Assignment March 11-IV
SEFPL Par N: 95%, U: 5% 81.1 7 12.2 30 19.1 PIF PIF n.a. 1.53 2.06 n.a. 1.12 1.19 n.a. n.a. n.a. n.a. n.a.
SREI DA August 2011
SEFPL Par N: 95%, U: 5% 85.0 11 11.5 26 25.9 PIF PIF n.a. 0.80 0.51 n.a. 0.28 0.46 n.a. n.a. n.a. n.a. n.a.
IRST 2011 Series - I
SEFPL Par N: 95%, U: 5% 85.0 11 11.5 26 25.9 PIF PIF n.a. 0.80 0.51 n.a. 0.28 0.46 n.a. n.a. n.a. n.a. n.a.
SEFPL Direct Assignment Sep 11 - III
SEFPL Par N: 96%, U: 4% 79.7 3 13.1 31 7.7 78.5 24 2.29 2.19 1.07 1.40 1.24 0.00 5.5 152.5 152.5 0.0 97.9
SEFPL Direct Assignment Sep 11 - VI
SEFPL Par N: 92%, U: 8% 81.4 3 13.4 34 7.4 71.9 24 4.04 3.22 2.46 2.37 2.05 1.28 6.7 132.5 132.5 0.0 97.5
SEFPL Direct Assignment Sep 11 - IV
SEFPL Par N: 85%, U: 15% 87.7 15 11.2 24 36.0 PIF PIF n.a. 0.88 0.35 n.a. 0.56 0.00 n.a. n.a. n.a. n.a. n.a.
ILSS 1 trust 2012 SEFPL Par N: 85%, U: 15% 87.7 15 11.2 24 36.0 PIF PIF n.a. 0.88 0.35 n.a. 0.56 0.00 n.a. n.a. n.a. n.a. n.a.
SREI - Direct Assignment - December 11 - I
SEFPL Par N: 98%, U: 2% 81.8 3 13.2 35 4.8 63.9 22 3.54 2.96 1.46 1.91 1.39 0.63 6.6 563.9 563.9 0.0 97.6
SREI- Direct Assignment - February 12 - I
SEFPL Par N: 90%, U: 10% 83.0 3 13.4 36 5.7 55.2 19 3.33 1.85 0.55 1.54 0.68 0.07 5.8 753.1 753.1 0.0 97.6
SEFPL DA March 12 - III
SEFPL Par N: 89%, U: 11% 83.7 2 13.2 35 4.9 53.3 18 3.93 2.88 0.27 0.25 0.25 0.00 5.7 155.0 155.0 0.0 95.9
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 14
Figure 19 Tractor Loan ABS Delinquency as % of original POS
Values at issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type Asset type
WA orig. LTV (%)
WAS (Mo)
WA IRR (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
MMFSL DA Sep 2009-1
MMFSL Premium N: 100%, U: 0% 68.1 9 22.0 32 16.1 PIF PIF n.a. 1.27 2.10 n.a. 1.14 1.42 n.a. n.a. n.a. n.a. n.a.
MMFSL DA Dec 2009-1
MMFSL Premium N: 100%, U: 0% 68.8 8 24.2 35 14.0 98.0 47 1.45 1.59 2.69 1.26 1.30 1.60 7.8 416.5 358.4 13.9 98.5
MMFSL DA Dec 2009-2
MMFSL Premium N: 100%, U: 0% 67.4 8 16.7 31 18.3 97.6 45 1.55 1.74 2.88 1.35 1.45 1.54 6.3 303.9 287.0 5.6 98.3
MMFSL DA March 2010 - 1
MMFSL Premium N: 100%, U: 0% 67.5 6 20.5 34 12.1 95.5 42 1.81 1.80 3.30 1.28 1.35 1.63 5.9 900.8 746.6 17.1 98.1
MMFSL DA June 2010 - 1
MMFSL Premium N: 100%, U: 0% 66.9 7 18.9 32 16.6 96.3 40 1.35 1.34 3.07 0.82 0.94 1.07 6.8 355.6 328.3 7.7 98.5
MMFSL DA Sept 2010 - 1
MMFSL Premium N: 100%, U: 0% 67.9 7 20.0 36 15.4 89.3 37 1.89 1.87 3.43 0.99 0.99 0.99 5.8 452.5 408.3 9.8 98.4
MMFSL DA Dec 2010 - 1
MMFSL Premium N: 100%, U: 0% 66.2 7 18.5 32 15.6 88.3 33 2.61 2.44 4.58 1.13 1.24 1.18 6.4 740.7 698.5 5.7 97.8
MMFSL DA Feb 2011-1
MMFSL Premium N: 100%, U: 0% 66.8 7 17.8 34 15.3 84.8 31 2.49 2.51 3.82 0.90 0.99 1.03 5.6 860.0 752.6 12.5 97.8
MMFSL DA Nov 2011
MMFSL Par N: 100%, U: 0% 62.8 10 17.1 31 20.1 70.9 23 2.73 2.51 2.86 0.74 0.81 0.49 5.5 331.9 331.9 0.0 97.9
MMFSL DA Dec 2011
MMFSL Par N: 100%, U: 0% 68.2 8 20.0 36 13.6 56.4 21 6.66 5.62 5.59 1.83 1.70 1.08 7.9 362.2 362.2 0.0 95.5
MMFSL DA March 2012
MMFSL Par N: 100%, U: 0% 69.6 6 20.7 39 8.1 42.6 18 8.28 7.43 4.58 2.51 2.41 0.61 5.8 288.5 288.5 0.0 94.3
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 15
Figure 20
Small Business Loan ABS Delinquency as % of original POS
Values at issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type
WAS (Mo)
WA IRR (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI Curr.
value (%) Prev qt.
(%) Prev. yr.
(%)
Curr. value
(%) Prev qt.
(%) Prev. yr.
(%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
SCUF - DA Program Sept 2010- 01
SCUF Premium 15 32.3 36 21.3 96.8 39 0.00 0.00 0.00 0.00 0.00 0.00 30.2 170.9 170.9 0.0 100.0
SCUF DA Mar 2011- 01
SCUF Par 11 35.8 27 35.2 87.1 30 0.00 0.00 0.00 0.00 0.00 0.00 15.2 413.3 413.3 0.0 100.0
SCUF DA Sep 2011- 01
SCUF Par 5 28.0 25 13.6 81.2 25 0.00 0.00 0.00 0.00 0.00 0.00 4.2 637.5 637.5 0.0 100.0
SCUF DA Sep 2011- 02
SCUF Par 7 25.8 32 24.7 71.0 24 0.00 0.00 0.00 0.00 0.00 0.00 6.7 300.0 300.0 0.0 100.1
Small Business Trust 2012
SCUF Par 11 30.5 29 20.6 70.0 23 0.00 0.00 0.00 0.00 0.00 0.00 4.0 426.0 426.0 0.0 100.0
Small Business Trust II 2012
SCUF Par 9 38.0 15 29.6 PIF PIF n.a. 0.00 0.00 n.a. 0.00 0.00 n.a. n.a. n.a. n.a. n.a.
SCUF-UCO DA Dec 2011
SCUF Par 14 25.8 20 25.6 79.6 21 0.00 0.00 0.00 0.00 0.00 0.00 0.7 100.6 100.6 0.0 100.0
SCUF DA Mar 2012-01
SCUF Par 2 23.3 33 8.6 54.2 18 0.00 0.00 0.00 0.00 0.00 0.00 9.7 235.8 235.8 0.0 99.4
SCUF DA Mar 2012-02
SCUF Par 6 26.5 27 16.1 59.0 18 0.00 0.00 0.00 0.00 0.00 0.00 6.2 100.0 100.0 0.0 99.8
SCUF DA Mar 2012-03
SCUF Par 2 24.0 30 10.2 61.6 18 0.00 0.00 0.00 0.00 0.00 0.00 9.0 51.5 51.5 0.0 99.8
Privilege Trust Series I
SCUF Par 10 16.9 19 30.7 52.6 12 0.00 0.00 n.a. 0.00 0.00 n.a. 3.8 97.4 97.4 0.0 99.9
SCUF EF TRUST DEC'12 SERIES - I
SCUF Par 9 17.2 38 17.7 20.7 9 0.00 0.00 n.a. 0.00 0.00 n.a. 7.2 162.3 162.3 0.0 99.6
Small Business Trust 2013
SCUF Par 8 17.4 21 32.3 31.0 7 0.00 0.00 n.a. 0.00 0.00 n.a. 1.8 271.8 271.8 0.0 98.4
Privilege Trust Series 2
SCUF Par 9 17.1 31 22.8 25.0 9 0.00 0.00 n.a. 0.00 0.00 n.a. 3.9 466.5 466.5 0.0 99.4
Privilege Trust Series 4
SCUF Par 11 16.7 57 10.4 8.0 6 0.00 0.00 n.a. 0.00 0.00 n.a. 7.8 57.9 57.9 0.0 99.7
Privilege Series Trust 5
SCUF Par 10 17.4 19 36.7 18.0 6 0.00 0.00 n.a. 0.00 0.00 n.a. 0.7 120.6 120.6 0.0 99.4
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 16
Figure 21 RMBS Delinquency as % of original POS
Values at Issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type Asset type WA orig. LTV (%)
WAS (Mo)
WA ROI (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
CitiBank: Royal Trust July 2004
Citi Bank Par Residential Mortgage
12 8.5 57.8 166 n.a. 90.8 110 0.51 0.50 0.25 0.31 0.22 0.14 64.9 79.6 64.5 18.97 99.82
CitiBank: Royal Trust May 2004
Citi Bank Par Residential Mortgage
13 8.7 54.0 75 n.a. 96.1 112 0.04 0.27 0.20 0.00 0.23 0.12 62.7 17.4 13.9 20.24 99.88
CitiBank: Royal Trust June 2004
Citi Bank Par Residential Mortgage
14 8.8 73.2 137 n.a. 94.8 111 0.14 0.16 0.23 0.10 0.10 0.01 68.7 29.1 26.9 7.50 99.85
ICICI Bank: Nivas Trust Sr II
ICICI Bank Par Residential Mortgage
12 9.0 71.9 126 n.a. 90.9 116 1.52 1.41 1.97 1.28 1.36 1.68 51.5 123.1 97.5 20.79 98.43
ICICI Bank: Indian RMBS Trust Sr VIII
ICICI Bank Par Residential Mortgage
12 8.1 73.2 160 n.a. 88.0 103 0.97 0.91 1.14 0.84 0.87 0.95 56.4 75.0 75.0 0.00 99.05
HDFC: MBS 2006 Series II Trust
HDFC Ltd. Par Residential Mortgage
27.0 8.7 76.0 78 11.5 81.3 91 0.32 0.28 0.44 0.19 0.19 0.19 50.5 283.8 283.8 0.00 99.86
HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9637.7m
HDFC Ltd. Par Residential Mortgage
4 11.3 73.4 208 1.7 54.8 55 0.90 0.68 0.95 0.39 0.38 0.41 35.1 915.6 915.6 0.00 99.58
HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9690m
HDFC Ltd. Par Residential Mortgage
22 11.4 65.6 170 13.3 63.2 55 0.50 0.41 0.59 0.20 0.19 0.23 38.9 775.2 768.0 0.93 99.68
HDFC DA PSL Nov09(INR 291.80 cr)
HDFC Ltd. Par Residential Mortgage
1 8.9 65.8 180 0.5 46.4 47 0.42 0.52 0.52 0.33 0.29 0.25 29.8 303.5 303.5 0.00 99.57
HDFC DA Non-PSL Nov09(INR 333.59 cr)
HDFC Ltd. Par Residential Mortgage
1 9.2 72.6 192 0.8 52.8 47 0.36 0.23 0.22 0.17 0.16 0.22 37.6 316.9 316.9 0.00 99.33
HDFC DA June 10- I - Rs. 935.59 crore
HDFC Ltd. Par Residential Mortgage
1 8.2 70.3 175 0.4 40.0 42 0.36 0.35 0.32 0.15 0.14 0.12 22.6 935.6 935.6 0.00 99.56
HDFC DA June 10 - II - Rs. 210.82 crore
HDFC Ltd. Par Residential Mortgage
0 8.2 72.9 190 0.2 50.0 42 0.19 0.19 0.33 0.00 0.00 0.00 35.8 231.9 231.9 0.00 99.29
HDFC DA June 10- III - Rs. 109.60 crore
HDFC Ltd. Par Residential Mortgage
21 9.7 44.8 131 10.8 48.6 42 0.27 0.38 0.33 0.26 0.03 0.04 32.2 101.4 101.4 0.00 99.68
HDFC DA December 2010 - I
HDFC Ltd. Par Residential Mortgage
1 8.2 74.0 190 0.9 30.2 36 0.34 0.25 0.34 0.08 0.08 0.13 19.1 598.4 598.4 0.00 99.59
HDFC DA December 2010 - II
HDFC Ltd. Par Residential Mortgage
11 9.4 73.4 197 3.2 29.2 36 0.25 0.34 0.51 0.25 0.24 0.24 21.8 123.1 123.1 0.00 99.65
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 17
RMBS (Cont.) Delinquency as % of original POS
Values at Issuance 90+dpd 180+dpd CE (INRm)
Transaction name Originator Type Asset type WA orig. LTV (%)
WAS (Mo)
WA ROI (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
HDFC DA December 2010 - III
HDFC Ltd. Par Residential Mortgage
8 8.3 73.6 193 3.6 39.5 36 0.18 0.00 0.00 0.00 0.00 0.00 28.7 121.2 121.2 0.00 99.83
HDFC DA July 2011 - I
HDFC Ltd. Par Residential Mortgage
16 10.8 63.4 142 12.4 40.5 30 0.39 0.38 0.44 0.11 0.12 0.06 25.2 975.7 975.7 0.00 99.43
HDFC DA July 2011 - II
HDFC Ltd. Par Residential Mortgage
5 9.5 67.9 183 3.6 38.7 30 0.19 0.21 0.00 0.00 0.00 0.00 29.1 77.6 77.2 0.49 99.13
HDFC DA July 2011 - III
HDFC Ltd. Par Residential Mortgage
5 9.5 72.4 184 2.3 28.5 30 0.55 0.32 0.49 0.33 0.24 0.20 18.9 155.0 155.0 0.00 99.29
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 18
Appendix A: Glossary of Terms Used
Amort: Amortisation
CCE: Cumulative Collection Efficiency (Cumulative collections/cumulative billing)
CE: Credit Enhancement
Credit Enhancement Built-up: {credit enhancementt=T/POSt=T}/{credit enhancementt=0/POSt=0}
CEU: Credit enhancement utilisation
CIFCL: Cholamandalam Investment and Finance Company Limited
CPPT: Cumulative Prepayment Rate
Curr: Current
CV: Commercial Vehicle
EDI: Early Delinquency Index
EIS: Excess Interest Spread
FICCL: Fullerton India Credit Company Limited
LF: Liquidity Facility
MMFSL: Mahindra and Mahindra Financial Services Limited
MSI: Months Since Issuance
N: New (asset type)
Orig.: Original
POS: Principal Outstanding1
Prev: Previous
Qt.: Quarter
Receiv.: Receivables
SCUF: Shriram City Union Finance Limited
SEFPL: SREI Equipment Finance Private Limited
SFL: Sundaram Finance Limited
SLCF: Second loss credit facility
STFCL: Shriram Transport Finance Company Limited
U: Used (asset type)
WA IRR: Weighted Average Internal Rate of Return
WA Orig. LTV: Weighted Average Original Loan-to-Value
WABT: Weighted Average Balance Tenor
WAS: Weighted Average Seasoning
Yr.: Year
1 Original balance (Orig. Bal.), current balance (Curr. Bal.) and CEs are in INRm unless stated
otherwise
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 19
Appendix B: Ind-Ra’s Early Delinquency Index (EDI)
Ind-Ra’s EDI for CV and tractor loans provides an early warning signal of imminent default. The
index is constructed by including all transactions with a minimum seasoning since origination of
three months. It captures loans in the 30+dpd delinquency status as a per cent of the original
POS in the transaction and at an asset class portfolio level. The EDI is particularly useful in the
Indian market, where defaults in retail loans have been historically low, making it difficult to
detect, track and anticipate any directional change in delinquency trends. Short-term
delinquencies in the 30+dpd bucket often roll through to the 90+dpd bucket and their
relationship is explained in the table below.
Figure 22 Understanding Ind-Ra’s EDI 30+dpd delinquency
90+ delinquency/ 180+delinquency Sign Interpretation
Rising Flat Imminent deterioration
Indicates inability to arrest short-term delinquencies and imminent movement of loans to 90+dpd delinquency bucket
Rising Rising Asset deterioration in progress
Indicates inability to arrest short-term delinquencies and movement of loans to 90+dpd delinquency bucket
Falling Flat Recovery in progress
Indicates arrest of short-term delinquencies and recovery in progress, with loans no longer moving to deeper buckets
Falling Falling Recovery in progress
Indicates arrest of short-term delinquencies and imminent recovery, with loans moving to less delinquent buckets
Source: Ind-Ra
The movement of loans in different delinquency buckets across vintages is shown in the charts
below. Rising level of 30+dpd delinquencies is an early indicator of loans moving into the
90+dpd delinquency bucket. Similarly, a fall in 30+dpd rates suggests an easing of stress,
resulting in a fall or stabilisation in 90+dpd delinquencies.
Figure 23 Figure 24
0
2
4
6
8
10
1 7 13 19 25 31 37 43 49 55
(Months since issuance)
30+dpd 60+dpd 90+dpd 180+dpd(%)
CV Delinquency % of Original POS– Vintage 2008
Source: Ind-Ra
0
2
4
6
8
10
1 6 11 16 21 26 31 36 41 46
(Months since issuance)
30+dpd 60+dpd 90+dpd 180+dpd(%)
CV Delinquency % of Original POS– Vintage 2009
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 20
Figure 25 Figure 26
Figure 27 Figure 28
0
2
4
6
8
10
1 6 11 16 21 26 31 36 41
(Months since issuance)
30+dpd 60+dpd 90+dpd 180+dpd(%)
CV Delinquency % of Original POS– Vintage 2010
Source: Ind-Ra
0
2
4
6
8
10
1 5 9 13 17 21 25 29
(Months since issuance)
30+dpd 60+dpd 90+dpd 180+dpd(%)
CV Delinquency % of Original POS– Vintage 2011
Source: Ind-Ra
0
3
6
9
12
1 3 5 7 9 11 13 15 17 19 21
(Months since issuance)
30+dpd 60+dpd 90+dpd 180+dpd(%)
CV Delinquency % of Original POS– Vintage 2012
Source: Ind-Ra
0
3
6
9
12
15
1 2 3 4 5 6 7 8
(Months since issuance)
30+dpd 60+dpd 90+dpd 180+dpd(%)
CV Delinquency % of Original POS– Vintage 2013
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 21
Appendix C: IRM Index Trends
The IRM index tracks 90+dpd rates as a percentage of initial POS for the residential mortgage
loans in the RMBS transactions publicly rated by Ind-Ra. The index is designed to provide
investors with a benchmark to compare trends in credit performance across transactions over
time. IRM index captures transactions post 12 months seasoning.
There has been a drop in IRM index (Figure 15) to 0.33 from 0.43 since the last one year. This
also reflects that delinquencies are low and are well within Ind-Ra’s initial base case
assumptions.
Structured Finance a
STFCL's New CV - Dec 08 Assignment
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,999.3 - 401.0 - PIF -
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Dec
-08
Apr
-09
Aug
-09
Dec
-09
Apr
-10
Aug
-10
Dec
-10
Apr
-11
Aug
-11
Dec
-11
Apr
-12
Aug
-12
Dec
-12
Apr
-13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-08
Apr
-09
Aug
-09
Dec
-09
Apr
-10
Aug
-10
Dec
-10
Apr
-11
Aug
-11
Dec
-11
Apr
-12
Aug
-12
Dec
-12
Apr
-13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
Dec
-08
Apr
-09
Aug
-09
Dec
-09
Apr
-10
Aug
-10
Dec
-10
Apr
-11
Aug
-11
Dec
-11
Apr
-12
Aug
-12
Dec
-12
Apr
-13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-08
Apr
-09
Aug
-09
Dec
-09
Apr
-10
Aug
-10
Dec
-10
Apr
-11
Aug
-11
Dec
-11
Apr
-12
Aug
-12
Dec
-12
Apr
-13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 22 a
Structured Finance a
DA Program-Sept09-1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,206.7 - 268.3 - PIF -
SLCF - - 268.3 - PIF -
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 23 a
Structured Finance a
DA Program Oct09-I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 999.8 15.8 221.6 221.6 IND AAA(SO) Stable
SLCF 108.0 108.0 113.7 113.7 IND AAA(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 24 a
Structured Finance a
STFCL DA Program - Feb 10 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,266.4 83.7 158.1 158.1 IND AAA(SO) Stable
SLCF 107.5 107.5 50.6 50.6 IND A+(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 25 a
Structured Finance a
STFCL DA Program - Feb 10 - 2
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 696.0 - 84.3 - PIF -
SLCF - - 84.3 - PIF -
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 26 a
Structured Finance a
STFCL DA Program - Feb 10 - 3
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,963.3 22.2 222.1 222.1 IND AAA(SO) Stable
SLCF 144.2 144.2 78.0 78.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 27 a
Structured Finance a
STFCL DA Program Feb 10-4
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,942.4 144.8 232.5 232.5 IND AAA(SO) Stable
SLCF 155.0 155.0 77.5 77.5 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 28 a
Structured Finance a
STFCL DA Program Feb10-5
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 970.1 48.5 133.0 133.0 IND AAA(SO) Stable
SLCF 84.5 84.5 48.5 48.5 IND AA-(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 29 a
Structured Finance a
STFCL DA Feb 2011- 02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,924.7 279.4 261.1 261.1 IND AAA(SO) Stable
SLCF 164.8 164.8 96.3 96.3 IND AA-(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Feb-
11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Feb-
11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 30 a
Structured Finance a
Small Operators Trust 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTCs 3,305.8 - 330.6 - PIF -
Series A2 PTCs 664.4 - 330.6 - PIF -
SLCF - - 330.6 - PIF -IND BBB(SO)
Orig. Rating
IND AAA(SO)
IND AAA(SO)
0%
2%
4%
6%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 31 a
Structured Finance a
STFCL DA Mar 2011- 02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,499.9 403.8 211.0 211.0 IND AAA(SO) Stable
SLCF 126.6 126.6 84.4 84.4 IND AA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 32 a
Structured Finance a
STFCL DA Mar 2011- 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,188.4 288.8 162.4 162.4 IND AAA(SO) Stable
SLCF 107.0 107.0 55.4 55.4 IND AA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 33 a
Structured Finance a
STFCL DA Feb 2011- 04
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,002.3 209.4 215.3 186.6 IND AA(SO) Stable
SLCF 59.0 59.0 156.3 127.6 IND AA(SO) Stable
Orig. Rating
IND AA(SO)
IND BBB+(SO)
0%
2%
4%
6%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 34 a
Structured Finance a
STFCL DA Mar 2011- 03
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,964.0 379.4 257.8 257.8 IND AAA(SO) Stable
SLCF 162.0 162.0 95.8 95.8 IND AA-(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 35 a
Structured Finance a
STFCL DA Mar 2011- 04
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 800.4 157.3 111.9 111.9 IND AAA(SO) Stable
SLCF 67.7 67.7 44.2 44.2 IND AA-(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 36 a
Structured Finance a
STFCL DA June 2011 -01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,040.7 259.8 235.0 221.8 IND AA(SO) Stable
SLCF 62.7 62.7 172.3 159.1 IND AA(SO) Stable
Orig. Rating
IND AA(SO)
IND A(SO)
0%
2%
4%
6%
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 37 a
Structured Finance a
STFCL DA Sep 2011 -01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,973.2 682.5 271.3 271.3 IND AAA(SO) Stable
SLCF 157.9 157.9 113.5 113.5 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 38 a
Structured Finance a
Small Operators Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTCs 3,617.5 - 1,359.2 1,359.2 PIF -
Series A2 PTCs 6,524.9 3,213.1 1,359.2 1,359.2 IND AAA(SO) Stable
SLCF 1,014.3 1,014.3 344.9 344.9 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 39 a
Structured Finance a
STFCL DA Operator Trust Dec 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 2,083.0 750.0 247.9 247.9 IND AAA(SO) Stable
SLCF 185.4 185.4 62.5 62.5 IND A-(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 40 a
Structured Finance a
STFCL DA December 2011 -01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,500.0 488.8 183.8 183.8 IND AAA(SO) Stable
SLCF 135.0 135.0 48.8 48.8 IND A-(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 41 a
Structured Finance a
STFCL DA January 2012 -01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,269.1 656.1 292.7 292.7 IND AAA(SO) Stable
SLCF 213.3 213.3 79.4 79.4 IND BBB(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 42 a
Structured Finance a
STFCL DA December 2011 -03
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 708.3 300.2 100.6 100.6 IND AAA(SO) Stable
SLCF 70.8 70.8 29.7 29.7 IND A-(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 43 a
Structured Finance a
CV Loan Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 7,742.0 2,276.6 628.1 628.1 IND AAA(SO) Stable
SLCF 413.0 413.0 215.1 215.1 IND A+(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 44 a
Structured Finance a
Novo XI Trust - Chassis
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 1,567.6 578.9 203.8 203.8 IND AAA(SO) Stable
SLCF 125.4 125.4 78.4 78.4 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 45 a
Structured Finance a
SRTO Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 749.4 296.3 100.4 100.4 IND AAA(SO) Stable
SLCF 67.4 67.4 33.0 33.0 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 46 a
Structured Finance a
STFCL DA March 2012 - 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 987.1 323.5 137.2 137.2 IND AAA(SO) Stable
SLCF 87.9 87.9 49.4 49.4 IND BBB(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 47 a
Structured Finance a
STFCL DA March 2012 - 02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,358.8 420.7 169.9 169.9 IND AAA(SO) Stable
SLCF 122.3 122.3 47.6 47.6 IND BBB(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 48 a
Structured Finance a
STFCL DA March 2012 - 03
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,037.8 380.0 127.1 127.1 IND AAA(SO) Stable
SLCF 93.4 93.4 33.7 33.7 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 49 a
Structured Finance a
STFCL CV Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 1,319.8 475.2 175.0 175.0 IND AAA(SO) Stable
SLCF 109.0 109.0 66.0 66.0 IND A-(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 50 a
Structured Finance a
India Vehicle Trust - March 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 1,750.8 618.9 232.0 232.0 IND AAA(SO) Stable
SLCF 144.5 144.5 87.5 87.5 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 51 a
Structured Finance a
STFCL CV Trust Nov 12 - II
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 5,444.9 3,756.1 621.9 621.9 IND AAA(SO) Stable
Series A2 286.6 197.7 621.9 621.9 IND AAA(SO) Stable
SLCF 332.4 332.4 289.4 289.4 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
IND A(SO)
0%
2%
4%
6%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 52 a
Structured Finance a
Small Operators Trust 2013
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 3,292.9 909.5 1,015.0 1,015.0 IND AAA(SO) Stable
Series A2 2,302.0 2,302.0 1,015.0 1,015.0 IND AAA(SO) Stable
Series A3 1,920.4 1,920.4 1,015.0 1,015.0 IND AAA(SO) Stable
SLCF 616.0 616.0 399.0 399.0 IND A+(SO) Stable
IND AAA(SO)
IND AAA(SO)
IND AAA(SO)
IND A+(SO)
Orig. Rating
0%
2%
4%
6%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 53 a
Structured Finance a
STFCL CV Trust Dec 12 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTCs 2,334.0 1,604.7 267.8 267.8 IND AAA(SO) Stable
Series A2 PTCs 122.8 84.5 267.8 267.8 IND AAA(SO) Stable
SLCF 145.0 145.0 122.8 122.8 IND AAA(SO) Stable
IND AAA(SO)
IND A(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 54 a
Structured Finance a
Small Operators Trust II 2013
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 1,149.2 370.6 396.5 396.5 IND AAA(SO) Stable
Series A2 955.6 955.6 396.5 396.5 IND AAA(SO) Stable
Series A3 898.5 898.5 396.5 396.5 IND AAA(SO) Stable
SLCF 245.5 245.5 151.0 151.0 IND A(SO) Stable
IND AAA(SO)
IND A(SO)
Orig. Rating
IND AAA(SO)
IND AAA(SO)
0%
2%
4%
6%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 55 a
Structured Finance a
STFCL CV Trust Feb 2013
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 4,460.5 3,309.1 588.8 588.8 IND AAA(SO) Stable
SLCF 365.8 365.8 223.0 223.0 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND A(SO)
0%
2%
4%
6%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 56 a
Structured Finance a
Sansar Trust March 2013-I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 3,577.3 2,683.0 386.0 386.0 IND AAA(SO) Stable
Series A2 188.3 141.2 386.0 386.0 IND AAA(SO) Stable
SLCF 197.7 197.7 188.3 188.3 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
IND A(SO)
0%
2%
4%
6%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 57 a
Structured Finance a
Sansar Trust March 2013 III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 2,293.9 1,718.5 302.9 302.9 IND AAA(SO) Stable
SLCF 188.2 188.2 114.7 114.7 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND A(SO)
0%
2%
4%
6%
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 58 a
Structured Finance a
Sansar CV Trust Mar 2013 IV
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 935.2 726.4 28.2 28.2 IND BBB(SO) Stable
Series A2 72.6 56.4 28.2 28.2 IND BBB(SO) Stable
IND BBB(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 59 a
Structured Finance a
Platinum Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
series A 4,045.4 515.4 384.3 384.3 IND AAA(SO) Stable
SLCF 222.5 222.5 161.8 161.8 IND A(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 60 a
Structured Finance a
Platinum Trust 2013
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 2,067.6 453.1 372.3 372.3 IND AAA(SO) Stable
Series A2 1,335.4 1,335.4 372.3 372.3 IND AAA(SO) Stable
Series A3 600.5 600.5 372.3 372.3 IND AAA(SO) StableIND AAA(SO)
Orig. Rating
IND AAA(SO)
IND AAA(SO)
0%
2%
4%
6%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 61 a
Structured Finance a
Platinum Trust - Feb 2013 - Tranche 2
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 3,097.0 2,181.1 288.0 288.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 62 a
Structured Finance a
Platinum Trust March 2013
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 1,792.5 1,292.0 166.7 166.7 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 63 a
Structured Finance a
Aeon Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 2,500.0 373.7 255.0 255.0 IND AAA(SO) Stable
SLCF 105.0 105.0 150.0 150.0 IND AA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 64 a
Structured Finance a
Aeon Trust II 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 1,250.0 324.1 112.5 112.5 IND AAA(SO) Stable
SLCF 50.0 50.0 62.5 62.5 IND A(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 65 a
Structured Finance a
Aeon Trust 2013
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 1,120.1 354.5 198.0 198.0 IND AAA(SO) Stable
Series A2 879.9 879.9 198.0 198.0 IND AAA(SO) StableIND AAA(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 66 a
Structured Finance a
Fullerton DA CV Dec 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,000.0 312.7 156.0 156.0 IND AAA(SO) Stable
SLCF 100.0 100.0 56.0 56.0 IND A+(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 67 a
Structured Finance a
JUPITER TRUST A JAN 13
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTC 4,366.9 2,864.1 404.1 404.1 IND AA+(SO) Stable
SLCF 185.6 185.6 218.5 218.5 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 68 a
Structured Finance a
Indian Receivable Trust January 2013 B
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 837.2 318.6 299.7 299.7 IND AAA(SO) Stable
Series A2 763.0 763.0 299.7 299.7 IND AAA(SO) Stable
Series A3 495.3 495.3 299.7 299.7 IND AAA(SO) Stable
SLCF 194.9 194.9 104.8 104.8 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
IND AAA(SO)
IND A(SO)
0%
2%
4%
6%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 69 a
Structured Finance a
Indian Receivable Trust January 2013 A
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 3,046.7 2,330.8 454.0 454.0 IND AAA(SO) Stable
SLCF 301.3 301.3 152.6 152.6 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND A(SO)
0%
2%
4%
6%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 70 a
Structured Finance a
Indian Receivable Trust February 2013 A
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 2,984.8 2,375.1 435.8 435.8 IND AAA(SO) Stable
SLCF 286.2 286.2 149.5 149.5 IND A(SO) Stable
IND AAA(SO)
IND A(SO)
Orig. Rating
0%
2%
4%
6%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
5
10
15
20
25
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
4%
8%
12%
16%
20%
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 71 a
Structured Finance a
SREI - Direct Assignment March 11-IV
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,085.2 - 424.4 - PIF
Orig. Rating
IND AAA(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 72 a
Structured Finance a
SREI DA August 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 6,000.2 - 840.0 - PIF
SLCF 360.0 - 480.0 - PIF -
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 73 a
Structured Finance a
IRST 2011 Series - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTC 734.1 - 840.0 840.0
Orig. Rating
IND A1+(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 74 a
Structured Finance a
SEFPL Direct Assignment Sep' 11 - VI
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,000.0 257.0 132.5 132.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 75 a
Structured Finance a
SEFPL Direct Assignment Sep'11 - III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 999.9 195.5 152.5 152.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 76 a
Structured Finance a
SEFPL Direct Assignment Sep' 11 - IV
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,226.4 - 331.8 - PIFIND AAA(SO)
Orig. Rating
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 77 a
Structured Finance a
ILSS 1 trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series B 1,488.1 - 331.8 - PIF
Orig. Rating
IND AAA(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 78 a
Structured Finance a
SREI - Direct Assignment - December 11 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,999.4 1,368.9 563.9 563.9 IND AAA(SO) Stable
SLCF 324.0 324.0 240.0 240.0 IND A-(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 79 a
Structured Finance a
SREI- Direct Assignment - February 12 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 5,682.7 2,455.8 753.1 753.1 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 80 a
Structured Finance a
SEFPL DA March 12 - III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 998.8 449.2 155.0 155.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
2
4
6
8
10
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%
5%
10%
15%
20%
25%
30%
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 81 a
Structured Finance a
MMFSL DA June 2010 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,464.0 36.7 355.6 328.3 IND AA+(SO) Stable
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 82 a
Structured Finance a
MMFSL DA March 2010 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,863.6 56.7 900.8 746.6 IND AA+(SO) StableAA(SO)
Orig. Rating
0%
2%
4%
6%
8%
10%
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 83 a
Structured Finance a
MMFSL DA Sept 2010 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,981.7 198.3 452.5 408.3 IND AA+(SO) Stable
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 84 a
Structured Finance a
MMFSL DA Dec 2009-1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,739.8 13.1 416.5 358.4 IND AA+(SO) Stable
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
20.0%
40.0%
60.0%
80.0%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 85 a
Structured Finance a
MMFSL DA Dec 2009-2
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,286.0 3.3 303.9 287.0 IND AA+(SO) Stable
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
20.0%
40.0%
60.0%
80.0%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
20.0%
40.0%
60.0%
80.0%
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 86 a
Structured Finance a
MMFSL DA Dec 2010 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,250.1 353.0 740.7 698.5 IND AA+(SO) Stable
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
20.0%
40.0%
60.0%
80.0%
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 87 a
Structured Finance a
MMFSL DA Dec 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,586.4 1,461.0 362.2 362.2 IND AA+(SO) Stable
Orig. Rating
AA+(SO)
0%
2%
4%
6%
8%
10%
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 88 a
Structured Finance a
MMFSL DA Feb 2011-1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 4,197.4 601.7 860.0 752.6 IND AA+(SO) StableAA(SO)
Orig. Rating
0%
2%
4%
6%
8%
10%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 89 a
Structured Finance a
MMFSL DA March 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,599.0 1,389.4 288.5 288.5 IND AA+(SO) Stable
Orig. Rating
AA+(SO)
0%
2%
4%
6%
8%
10%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 90 a
Structured Finance a
MMFSL DA Nov 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,045.2 828.8 331.9 331.9 IND AA+(SO) Stable
Orig. Rating
AA+(SO)
0%
2%
4%
6%
8%
10%
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 91 a
Structured Finance a
MMFSL DA Sep 2009-1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,484.2 - 363.0 - PIF -
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
2%
4%
6%
8%
10%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 92 a
Structured Finance a
SCUF - DA Program Sept 2010- 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,007.1 17.6 170.9 170.9 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
8%
10%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
010203040506070
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 93 a
Structured Finance a
SCUF DA Mar 2011- 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 5,166.6 454.9 413.3 413.3 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 94 a
Structured Finance a
SCUF DA Mar 2012-01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,357.7 845.3 235.8 235.8 IND AAA(SO) StableIND AAA(SO)
Orig. Rating
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 95 a
Structured Finance a
SCUF DA Mar 2012-02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,000.0 318.0 100.0 100.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 96 a
Structured Finance a
SCUF DA Mar 2012-03
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 502.2 143.2 51.5 51.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 97 a
Structured Finance a
SCUF DA Sep 2011- 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 5,000.0 652.1 637.5 637.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 98 a
Structured Finance a
SCUF DA Sep 2011- 02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,000.0 710.8 300.0 300.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 99 a
Structured Finance a
SCUF-UCO DA Dec 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,150.0 168.3 100.6 100.6 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 100 a
Structured Finance a
Small Business Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTC 5,496.7 1,341.2 426.0 426.0 IND AAA(SO) Stable
SLCF 206.1 206.1 219.9 219.9 IND AA(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 101 a
Structured Finance a
Small Business Trust II 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTC 1,157.7 - 115.8 - PIF -
SLCF 78.1 - 37.7 - PIF -IND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 102 a
Structured Finance a
Privilege Trust Series I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Seies A PTC 912.7 313.8 97.4 97.4 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Oct
-12
Nov
-12
Dec
-12
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 103 a
Structured Finance a
SCUF EF TRUST DEC'12 SERIES - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTC 1,918.7 1,371.3 162.3 162.3 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 104 a
Structured Finance a
Privilege Trust Series 2
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 4,056.1 2,544.9 466.5 466.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Jan-
13
Feb-
13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 105 a
Structured Finance a
Small Business Trust 2013
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTC 1,290.2 356.6 271.8 271.8 IND AAA(SO) Stable
Series A2 PTC 546.4 546.4 271.8 271.8 IND AAA(SO) Stable
Series A3 PTC 206.8 206.8 271.8 271.8 IND AAA(SO) Stable
SLCF 148.8 148.8 123.0 123.0 IND A-(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
IND AAA(SO)
IND A-(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 106 a
Structured Finance a
Privilege Trust Series 4
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTC 504.9 425.6 57.9 57.9 IND AAA(SO) Stable
Series A2 PTC 26.6 22.4 57.9 57.9 IND AAA(SO) Stable
SLCF 31.4 31.4 26.6 26.6 IND BBB(SO) Stable
IND AAA(SO)
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 107 a
Structured Finance a
Privilege Series Trust 5
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTC 1,308.8 850.2 120.6 120.6 IND AAA(SO) Stable
Series A2 PTC 68.9 44.8 120.6 120.6 IND AAA(SO) Stable
SLCF 51.7 51.7 68.9 68.9 IND A(SO) Stable
IND AAA(SO)
IND A(SO)
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
10
20
30
40
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Indian ABS Performance Report Q3-2012
December 2012 108 a
Structured Finance a
CitiBank: Royal Trust July 2004
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Senior PTC 1,518.2 129.8 79.6 64.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Aug
-04
Feb-
05
Aug
-05
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Feb-
12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Aug
-04
Feb-
05
Aug
-05
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Feb-
12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Aug
-04
Feb-
05
Aug
-05
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Feb-
12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Aug
-04
Feb-
05
Aug
-05
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Feb-
12Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 109 a
Structured Finance a
CitiBank: Royal Trust May 2004
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTCs 349.2 - 17.4 13.9 PIF -
Series A2 242.0 19.7 17.4 13.9 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
0%
1%
2%
3%
4%
Jun-
04
Dec
-04
Jun-
05
Dec
-05
Jun-
06
Dec
-06
Jun-
07
Dec
-07
Jun-
08
Dec
-08
Jun-
09
Dec
-09
Jun-
10
Dec
-10
Jun-
11
Dec
-11
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Jun-
04
Dec
-04
Jun-
05
Dec
-05
Jun-
06
Dec
-06
Jun-
07
Dec
-07
Jun-
08
Dec
-08
Jun-
09
Dec
-09
Jun-
10
Dec
-10
Jun-
11
Dec
-11
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Jun-
04
Dec
-04
Jun-
05
Dec
-05
Jun-
06
Dec
-06
Jun-
07
Dec
-07
Jun-
08
Dec
-08
Jun-
09
Dec
-09
Jun-
10
Dec
-10
Jun-
11
Dec
-11
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Jun-
04
Dec
-04
Jun-
05
Dec
-05
Jun-
06
Dec
-06
Jun-
07
Dec
-07
Jun-
08
Dec
-08
Jun-
09
Dec
-09
Jun-
10
Dec
-10
Jun-
11
Dec
-11
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 110 a
Structured Finance a
CitiBank: Royal Trust June 2004
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Senior PTC 1,003.4 45.2 29.1 26.9 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Jul-0
4
Jan-
05
Jul-0
5
Jan-
06
Jul-0
6
Jan-
07
Jul-0
7
Jan-
08
Jul-0
8
Jan-
09
Jul-0
9
Jan-
10
Jul-1
0
Jan-
11
Jul-1
1
Jan-
12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Jul-0
4
Jan-
05
Jul-0
5
Jan-
06
Jul-0
6
Jan-
07
Jul-0
7
Jan-
08
Jul-0
8
Jan-
09
Jul-0
9
Jan-
10
Jul-1
0
Jan-
11
Jul-1
1
Jan-
12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
Jul-0
4
Jan-
05
Jul-0
5
Jan-
06
Jul-0
6
Jan-
07
Jul-0
7
Jan-
08
Jul-0
8
Jan-
09
Jul-0
9
Jan-
10
Jul-1
0
Jan-
11
Jul-1
1
Jan-
12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Jul-0
4
Jan-
05
Jul-0
5
Jan-
06
Jul-0
6
Jan-
07
Jul-0
7
Jan-
08
Jul-0
8
Jan-
09
Jul-0
9
Jan-
10
Jul-1
0
Jan-
11
Jul-1
1
Jan-
12Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 111 a
Structured Finance a
ICICI Bank: Nivas Trust Sr II
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 2,000.9 117.4 123.1 97.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Feb-
04
Aug
-04
Feb-
05
Aug
-05
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Feb-
04
Aug
-04
Feb-
05
Aug
-05
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
Feb-
04
Aug
-04
Feb-
05
Aug
-05
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Feb-
04
Aug
-04
Feb-
05
Aug
-05
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 112 a
Structured Finance a
ICICI Bank: Indian RMBS Trust Sr VIII
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 750.0 254.3 75.0 75.0 IND AAA(SO) StableIND AAA(SO)
Orig. Rating
0%
1%
2%
3%
4%
Mar
-05
Sep-
05
Mar
-06
Sep-
06
Mar
-07
Sep-
07
Mar
-08
Sep-
08
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-05
Sep-
05
Mar
-06
Sep-
06
Mar
-07
Sep-
07
Mar
-08
Sep-
08
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Mar
-05
Sep-
05
Mar
-06
Sep-
06
Mar
-07
Sep-
07
Mar
-08
Sep-
08
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Mar
-05
Sep-
05
Mar
-06
Sep-
06
Mar
-07
Sep-
07
Mar
-08
Sep-
08
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 113 a
Structured Finance a
HDFC: MBS 2006 Series II Trust
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Class A1 3,503.2 650.1 283.8 283.8 IND AAA(SO) Stable
Series A2 0.7 0.7 283.8 283.8 IND AAA(SO) StableIND AAA(SO)
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Feb-
12
Aug
-12
Feb-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Feb-
12
Aug
-12
Feb-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Feb-
12
Aug
-12
Feb-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Feb-
06
Aug
-06
Feb-
07
Aug
-07
Feb-
08
Aug
-08
Feb-
09
Aug
-09
Feb-
10
Aug
-10
Feb-
11
Aug
-11
Feb-
12
Aug
-12
Feb-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 114 a
Structured Finance a
HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9637.7m
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 9,637.7 4,332.9 915.6 915.6 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Feb-
09
Jun-
09
Oct
-09
Feb-
10
Jun-
10
Oct
-10
Feb-
11
Jun-
11
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Feb-
09
Jun-
09
Oct
-09
Feb-
10
Jun-
10
Oct
-10
Feb-
11
Jun-
11
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Feb-
09
Jun-
09
Oct
-09
Feb-
10
Jun-
10
Oct
-10
Feb-
11
Jun-
11
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Feb-
09
Jun-
09
Oct
-09
Feb-
10
Jun-
10
Oct
-10
Feb-
11
Jun-
11
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 115 a
Structured Finance a
HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9690m
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 9,690.0 3,546.6 775.2 768.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Feb-
09
Jun-
09
Oct
-09
Feb-
10
Jun-
10
Oct
-10
Feb-
11
Jun-
11
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Feb-
09
Jun-
09
Oct
-09
Feb-
10
Jun-
10
Oct
-10
Feb-
11
Jun-
11
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
Feb-
09
Jun-
09
Oct
-09
Feb-
10
Jun-
10
Oct
-10
Feb-
11
Jun-
11
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Feb-
09
Jun-
09
Oct
-09
Feb-
10
Jun-
10
Oct
-10
Feb-
11
Jun-
11
Oct
-11
Feb-
12
Jun-
12
Oct
-12
Feb-
13
Jun-
13Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 116 a
Structured Finance a
HDFC DA PSL Nov09(INR 291.80 cr)
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,918.0 1,558.3 303.5 303.5 IND AAA(SO) Stable
SLCF 145.9 145.9 157.6 157.6 IND A+(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 117 a
Structured Finance a
HDFC DA Non-PSL Nov09(INR 333.59 cr)
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 3,335.9 1,562.9 316.9 316.9 IND AAA(SO) Stable
SLCF 143.4 143.4 173.5 173.5 IND AA-(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Nov
-09
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Feb-
13
May
-13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 118 a
Structured Finance a
HDFC DA June 10- I - Rs. 935.59 crore
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 9,355.9 5,597.5 935.6 935.6 IND AAA(SO) Stable
SLCF 467.8 467.8 467.8 467.8 IND BBB+(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
1%
2%
3%
4%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 119 a
Structured Finance a
HDFC DA June 10 - II - Rs. 210.82 crore
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 2,108.2 1,048.4 231.9 231.9 IND AAA(SO) Stable
SLCF 94.9 94.9 137.0 137.0 IND AA-(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 120 a
Structured Finance a
HDFC DA June 10- III - Rs. 109.60 crore
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,096.0 561.5 101.4 101.4 IND AAA(SO) Stable
SLCF 46.6 46.6 54.8 54.8 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 121 a
Structured Finance a
HDFC DA December 2010 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 5,619.1 3,912.1 598.4 598.4 IND AAA(SO) Stable
SLCF 281.0 281.0 317.5 317.5 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Oct
-10
Dec
-10
Feb-
11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 122 a
Structured Finance a
HDFC DA December 2010 - II
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,183.2 835.8 123.1 123.1 IND AAA(SO) Stable
SLCF 59.2 59.2 63.9 63.9 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Oct
-10
Dec
-10
Feb-
11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 123 a
Structured Finance a
HDFC DA December 2010 - III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,154.6 697.0 121.2 121.2 IND AAA(SO) Stable
SLCF 57.7 57.7 63.5 63.5 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.1%
0.2%
0.3%
0.4%
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Jan-
13
Apr
-13
Jul-1
3
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Oct
-10
Dec
-10
Feb-
11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 124 a
Structured Finance a
HDFC DA July 2011 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 10,270.2 6,083.0 975.7 975.7 IND AAA(SO) Stable
SLCF 487.8 487.8 487.8 487.8 IND BBB+(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
1%
2%
3%
4%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 125 a
Structured Finance a
HDFC DA July 2011 - II
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 756.9 462.1 77.6 77.2 IND AAA(SO) Stable
SLCF 35.6 35.6 42.0 41.6 IND BBB(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 126 a
Structured Finance a
HDFC DA July 2011 - III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,631.9 1,162.5 155.0 155.0 IND AAA(SO) Stable
SLCF 73.4 73.4 81.6 81.6 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Feb-
13
Apr
-13
Jun-
13
Aug
-13
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Indian ABS Performance Report Q3-2012
December 2012 127 a
Structured Finance
Structured Finance Performance Report - 3Q13
June 2013 128
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