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ICRA RATING FEATURE May 2009
ABS POOLS RATED BY ICRA
REPORT ON PERFORMANCE TILL MARCH 2009
Analytical Contacts:
Mumbai
Kalpesh Gada Head–Structured Finance Products 91 22 30470013 [email protected]
Bangalore
Remika Agarwal Senior Analyst 91 80 25590008 [email protected]
Website: www.icra.in
ICRA Rating Feature ABS Pools’ Performance Update
ICRA Rating Services www.icra.in Page 1
CONTENTS
Introduction ...................................................................................................... 2
Summary of Pools’ Performance ................................................................... 3
Rating Actions .................................................................................................. 7
Users’ Guide ..................................................................................................... 9
Asset Category-wise Index of Pools .............................................................. 14
Cholamandalam DBS Finance Limited ....................................................... 18
GE Capital Transportation Financial Services Limited ............................ 26
HDFC Bank Limited ..................................................................................... 36
ICICI Bank Limited ...................................................................................... 39
Manappuram General Finance and Leasing Limited ................................ 80
Sundaram Finance Ltd. ................................................................................. 82
SREI Infrastructure Finance Ltd. ................................................................ 97
Shriram Transport Finance Company Ltd. .............................................. 107
Share Microfin Ltd. ..................................................................................... 109
Tata Motors Ltd / TML Financial Services Ltd. ...................................... 111
Annexure II: ABS Pools rated by ICRA.................................................... 143
Annexure III: ICRA Rating Scale .............................................................. 147
ICRA Rating Feature ABS Pools’ Performance Update
ICRA Rating Services www.icra.in Page 2
1. Introduction
ICRA has rated 178 Asset Backed Securitisation (ABS)1 transactions till date, with the rated amounts
totalling around Rs. 430 billion. The receivables involved cover the asset classes of cars, commercial
vehicles (CVs), construction equipment (CE), three-wheelers, two-wheelers (TWL), gold, microfinance
and personal loans (PLs).
ICRA closely monitors the performance of the ABS transactions rated by it, focusing particularly on pool
performance and utilisation of the available credit enhancement. The key performance indicators are the
ageing profiles of the securitised pools, collection efficiency ratios, and the rates of foreclosure of
contracts. In addition to these pool performance-related issues, ICRA, during its surveillance of the rated
pools, takes into account factors such as maintenance of credit quality of the Originator and
performance of the overall portfolio of the Originator. An essential component of the regular monitoring
of ratings assigned to ABS issues is evaluation of the adequacy of the available credit enhancement.
ICRA regularly publishes a synopsis of the performance of the ABS pools rated by it. This report
presents an update till March 2009 on the performance of 111 ICRA-rated ABS pools that were active
between October 2008 and March 2009. The format of the summary and the definition/interpretation of
key performance indicators are discussed in the ―Users’ Guide‖ section. The section titled ―Key
Performance Indicators of ABS Transactions‖ features a discussion on the various important indicators
monitored by ICRA.
ICRA has analysed pools, both live and matured, across various Originators and asset classes. We
have observed that CV loan pools assigned in the calendar year (CY) 2007 and CY2008 have
performed better as compared with loan pools assigned in CY2006 and CY2005. The better
performance of the more recent pools can be attributed largely to the relatively stricter lending policy
adopted by Originators. Other than the usual parameters we have also looked at the credit
enhancement cover available (i.e. credit enhancement available as a ratio of the unbilled amount of
delinquent contracts) over the balance tenure of the pools. This ratio along with the credit enhancement
utilisation is an important indicator of pool performance and of the appropriateness of the current rating
for the present performance of the pool.
The liquidity crunch in the financial system, particularly in Q3 of FY2008-09, has affected collections on
retail loan pools, although the impact was varied; depending on the asset class, stage in the tenure of
the loan, and so on. The loans given for acquiring CE continued to report comparatively better
performance while the credit quality of unsecured PLs, particularly small ticket personal loans (STPLs),
remains weak. Even among matured pools—those that have completed their entire scheduled tenure—
CE pools reported lower crystallised losses. An analysis of certain matured pools of CV, Car and CE
loans rated by ICRA indicated that delinquency levels typically peak at 22-27 months post-securitisation.
Sizeable recovery has been observed from the 90+ and 180+ days past due (dpd) buckets for the CV
and CE pools post-peaking of delinquencies, while the recovery from car loan pools’ delinquent
accounts has been low.
1 For the purpose of this report, „ABS‟ includes bilateral assignment of pool of retail loans, on rated basis
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 3
2. Summary of Pools’ Performance
Recently originated CV pools show improved performance
In this section, we have analysed the performance of ICRA-rated ABS CV pools securitised between
CY2004 and CY2008. In all, we have considered 72 CV pools2. The selected pools have adequate
representation from the domestic CV finance industry, with the Originators including ICICI Bank, Tata
Motors, GE Capital Transportation Financial Services, Citibank/Citicorp Finance India, Cholamandalam
DBS Finance, Sundaram Finance and Shriram Transport Finance3. The selected pools have been
grouped into five cohorts (2004, 2005, 2006, 2007 and 2008) on the basis of their securitisation dates.
For the purpose of this analysis, the initial seasoning across pools has been ignored, as the variance in
seasoning levels between pools is not substantial. Further, to lower Originator bias, it has been ensured
that each of these cohorts is represented by at least three out of the seven Originators selected for this
study.
Figure 1: Cumulative Collection Efficiency and Loss-cum-Delinquency of 180+ dpd for CV Pools Originated across Years
As Figure 1 shows, the pools securitised between CY2004 and CY2006 have shown progressively lower
collection efficiency and hence higher delinquency levels. In fact, among all the years, the pools
securitised in 2006 have shown the weakest performance (with the lowest collection efficiency) and also
high delinquency. However, the pools securitised in 2007 and 2008 show relatively better performance,
almost in line with the pools originated in 2004 or before. While it has been ensured that each cohort is
represented by at least three Originators, the inter se share of the Originators across different cohorts
could be different and this must be kept in mind while interpreting the above performance summary.
ICRA has also calculated the cumulative loss ratio for the CV pools that had completed at least 15
months of seasoning post-securitisation at the time of analysis. Only pools originated between January
2004 and December 2007 were considered for this purpose. ICRA analysed 52 CV pools for which
complete data was available at every point and generated cumulative loss curves for the same as
depicted in Figure 2.
The median loss for the pools in each cohort at every point of analysis has been taken. We can see that
the losses are low to moderate in absolute terms. The lines in Figure 2 indicate that the average
cumulative loss booked for CV Pools—till comparable points in the pools’ tenure—has been lower for
pools originated in CY2007 as compared with those originated in earlier periods. There are nine CV
2 In the case of mixed pools, the analysis was restricted to the CV portion of the pool. In the absence of
asset class-wise performance data, mixed pools with a substantially high proportion of CVs (more than 75%) were considered as CV pools and analysed as such. 3 Pool originated by Shriram Transport Finance is present only in CY 2008.
80%
84%
88%
92%
96%
100%
2004 2005 2006 2007 2008 2004 2005 2006 2007
Year of securitisation
Cu
mu
lati
ve C
oll
ecti
on
Eff
icie
ncy
0%
1%
2%
3%
4%
5%
6%
7%
Med
ian
Lo
ss-c
um
-
Deli
nq
uen
cy o
f 180+
dp
dCumu. Collection Efficiency Loss-cum-Delinquency of 180+ dpd
6 months post- securitisation 12 months post- securitisation
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 4
pools securitised in CY2008, and these have seasoned for duration between eight and 14 months post-
securitisation. None of these pools has had any crystallised loss yet.
Figure 2: Cumulative Loss for CV Pools Originated across Various Years
From Figures 1 and 2, it is seen that the CY2007 and CY2008 pools are clearly superior to the CY2005
and CY2006 pools. Given the relatively higher collection efficiency of the CY2007 and CY2008 pools,
their credit enhancement utilisation has also been low to moderate. However, given that the CY2008
pools have a significant balance tenure left, it is still early to make any definite comment on the eventual
loss levels in their case. Nevertheless, we have seen that barring some outliers, most pools securitised
in CY2007 have performed well. In 2007, some Originators stopped including in the securitised pools,
loans for certain CV models that had been underperforming in the past pools. Variation in the shares of
individual Originators as mentioned—among the set of pools considered for this analysis—is also a
reason for the observations made earlier.
Credit Enhancement cover for the balance payouts
Credit enhancement cover of less than 2 times for 90+ dpd contracts could cause concern
Credit Enhancement Cover (CEC), or the ratio of the total credit enhancement available to the
outstanding against 90+ dpd contracts in a pool, is an important indicator of the credit rating of the
payouts/ instruments backed by the pool. Evidently, the credit enhancement in a pool is required to meet
overdues; more so, those from the harder delinquency buckets. CEC is a quick measure of the
protection available to the senior investors in a pool against delinquency in the pool. In this ratio, while
the numerator incorporates different forms of credit enhancement (Cash Collateral, interest
subordination, principal subordination), the denominator consists of only the unmatured principal, or the
future cashflows from contracts (i.e. unbilled amounts) that are delinquent for more than 90 days. This
ratio does not consider past overdues (on the 90+ dpd contracts) in the denominator since the credit
enhancement has already been utilised to pay for the accumulated overdues and any further credit
enhancement utilisation will be done only to meet the unbilled principal or future cash flows. However,
this ratio should not be considered in isolation, but in combination with other important parameters of
each pool.
In this section, we have analysed the credit enhancement cover across 53 CV pools, 24 Car pools, 11
PL pools and 9 CE pools that were live as in March 2009. The Originators for these pools are ICICI
Bank, Tata Motors, GE Capital Transportation Financial Services, HDFC Bank, Cholamandalam DBS
Finance, SREI Infrastructure Finance, Shriram Finance and Sundaram Finance. We have tried to plot
the CEC ratio pattern across these pools, in the context of their completed tenure—months post
securitisation—as in March 2009. We have classified the various pools according to the number of
months-seasoned post-securitisation and also the CEC ratio observed in these pools. The same has
been illustrated in the form of a matrix in Table 1.
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
1 7 13 19 25 31
Months post-securitisation
CY2004 CY2005 CY2006 CY2007
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 5
Table 1: Credit Enhancement Cover ratio across pools
Months post securitisation
Credit Enhancement Cover
<12 12-17 18-23 24-29 30-35 >35
<0.5 1
0.5- 1 1 1
1-2 1 2+3 5
2-3 1 5+1 3+1 3 1
3-4 2 2 4 1 1
4-5 3 1 5
5-10 4 1 1 8 1 2
>10 5 4 6 5 12
The highlighted and italicised numbers in Table 1 indicate pools wherein the ratings underwent a
downgrade. We can see that pools with CEC ratio of more than 3 times did not face a rating
downgrade4. Most of the pools that have undergone a rating downgrade are those wherein the CEC
available was less than 2 times the unbilled amount for 90+ dpd contracts.
It should be noted that the CEC, though an important indicator of pool performance, is not the only
indicator. Various other factors like the delinquency profile of the residual pool, the pool amortisation
level and the balance tenure of the pool are also important indicators of pool performance. Further, the
asset category for a pool is also important, since for different asset categories the same CEC ratio would
indicate a different credit comfort level. In general, a low CEC ratio indicates weak pool performance.
We had done a similar analysis for credit enhancement utilisation in our previous note (Update on
Performance of ICRA Rated ABS Pools-December 2008), wherein we had established that pools with a
credit enhancement utilisation of more than 40% have a greater probability of downgrade. In the same
note, we had also observed that it may so happen that a pool has a high credit enhancement utilisation
but it is also highly amortised such that the credit enhancement then available is sufficient to service the
balance pool. So no rating action maybe taken against this pool, while another pool with similar
utilisation of credit enhancement but a lower amortisation level may be downgraded because of the
inadequacy of the available credit cover for the balance payouts.
Analysis of matured pools
Matured Car/ MUV pools report lower recoveries while crystallised loss is higher for matured CV pools
Figure 3: Proportion of Loss and Delinquency at End of Pool Tenure
We have analysed the eventual loss and overdue ageing level at the end of the pools’ tenure vis-à-vis
the initial securitised amount. We have observed that among the pools considered for this analysis, of
the total securitised amount at the beginning of the pool, the average crystallised loss was the highest in
4 Only one pool with a CEC ratio of 3 and 4 has seen a downgrade, but even in that case, the ratio was
1.04 at the time of downgrade, which later improved following better collections
0.38% 0.43%0.24%
1.09%
0.68% 1.02%
0.25%
0.18%
0.26%
0.21%
0.34%
0.27%
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
Cars and MUVs CV CE
As
% o
f in
itia
l p
oo
l p
rin
cip
al
Crystallised Loss 180+ dpd 91-180 dpd 0- 90 dpd
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 6
the case of CV pools and the lowest for CE pools. The total overdues at the end of the pools’ tenure
were however the lowest in the case of CV pools. This could imply that repossession and sale in the
case of CV loans are higher than that for other asset classes, on account of which while the crystallised
loss is higher for CV, the amount of overdues is lower. The overall loss and delinquency was however
the highest for Car pools.
A point to note is that the matured Car pools analysed here are inclusive of Cars and MUVs. Since data
on these two segments is not available separately for the older pools, we have clubbed them together as
cars. However, an analysis of some pools (mature as well as live) for which data on these two asset
classes were available separately has shown MUVs to be a much weaker asset category than cars as
well as CVs and CE in general. The weaker performance of the Car pools on certain parameters as
Figure 3 shows could primarily be on account of the presence of MUVs in them. Moreover, we have also
observed that among heavy commercial vehicles (HCVs) and light commercial vehicles (LCVs), it is the
LCV component in CV pools that makes their performance appear weaker.
Faster peaking and sizeable recovery observed from CE contracts
In this section, we have analysed the performance of 22 CV pools, 18 Car pools, and 11 CE pools that
matured by March 2009. The Originators of the CV pools considered here are Tata Motors, ICICI Bank,
Citibank/Citicorp Finance India and GE Capital Transportation Financial Services; the Originators for the
car pools are ICICI Bank, Tata Motors, HDFC Bank, and Sundaram Finance; the CE pools in this
sample were originated by Tata Motors5 and ICICI Bank. Using this data, we have made an attempt to
understand the ratio of peak loss-cum-dpd to eventual loss-cum-dpd and also estimate the time when
the delinquency levels tend to reach their peak. Our observations are summarised in the following
tables.
Table 2: Peaking of Delinquency and Recovery
Asset Class Peaking of Delinquency* (in months)
Eventual Loss-cum-DPD to Peak Loss-cum-DPD^
Loss-cum-delinquency (90+dpd)
Loss-cum-delinquency (180+dpd)
Loss-cum-delinquency (90+dpd)
Loss-cum-delinquency (180+dpd)
Cars Mean 24.0 26.9 51.22% 66.27%
Median 22.0 25.0 54.69% 71.95%
Range 21-27 22-32 42%- 61% 53% -86%
CVs Mean 26.2 26.9 39.37% 53.74%
Median 26.7 27.4 36.53% 50.06%
Range 21-29 22-30 18%- 50% 27%- 63%
CE Mean 22.3 24.0 26.99% 42.31%
Median 22.3 24.0 18.60% 44.49%
Range 20-24 22-26 17%- 35% 32%-48%
* Refers to average pool seasoning at the time of securitisation + months post-securitisation ^ Refers to loss-cum-dpd at the end of the pool‟s scheduled tenure, expressed as a
percentage of the peak loss-cum-dpd during the pool‟s tenure
The foregoing analysis shows that delinquencies for the matured pools analysed here (both 90+ and
180+ dpd) peaked typically between 22 and 27 months for most asset classes. In retail asset backed
finance, owing to the periodic (mostly monthly) amortising nature of the loans, owner’s equity in the
underlying asset rises continuously, leading to a lower propensity to default as the contract matures.
Consequently, net recovery—from delinquent contracts—is expected in the latter period of a typical
pool’s life. An Originator-wise analysis done by ICRA shows that while losses in CE pools across
Originators have peaked at more or less the same time, in the case of CVs and Cars, there has been
greater variation across Originators. Peaking for CE pools is the fastest, while that for CV pools is more
gradual.
Also, as may be expected, the proportion of recoveries from CE pools post-peaking has been the
highest among the three asset classes analysed above, particularly for the 90+ dpd bucket where the
recovery for CE was in the range of 70-80%. For CVs the recovery has been only slightly lower than that
for CE. Car pools have shown the lowest rates of recovery from both the 90+ and 180+ dpd buckets.
5 In the case of pools of Tata Motors, „CE‟ refers primarily to Tippers
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 7
3. Rating Actions
New Ratings Assigned
Between December 2008 and April 2009, ICRA rated ten pools across various Originators. The list of
fresh ratings along with some of their initial features is presented in Table 3.
Table 3: New Ratings Assigned
Transaction identification Commencement Month
Asset Class
Transaction Structure
Pool Receivables/ Principal
PTC Receivables / Principal
Share Microfin Limited
Share Microfin Loan Pool D.A. Mar-09
Mar-09 Microfinance
Par 493.42 434.2
SREI Infrastructure Finance Ltd.
Construction Equipment Loan Pool D.A. Nov-08
Nov-08 CE Par 910.2 910.2
Construction Equipment loan Pool D.A. Feb-09
Feb-09 CE Par 877.0 877.0
Sundaram Finance Ltd.
Sundaram Finance CV Pool D.A. Feb-09 Mar-09
CV Premium 1073.4 1073.4
Sundaram Finance CV Pool D.A. Feb-09 II Mar-09
CV Premium 3325.2 3325.2
Sundaram Finance CV Pool D.A. Mar-09 Apr-09
CV Premium 2178.7 2178.7
Sundaram Finance CV Pool D.A. Mar-09 II Apr-09
CV Premium 1121.4 1121.4
Tata Motors Ltd.
Tata Motors CV & Auto pool D.A. Dec-08 Dec-08
Auto & CV Premium 1567.0 1567.0
Tata Motors CV & Auto pool D.A. Dec-08 II Jan-09
Auto & CV Premium 1502.1 1502.1
Tata Motors CV & Auto pool D.A. Jan-09 Feb-09
Auto & CV Premium 1208.8 1208.8
The pool of Share Microfin Limited (SML) is the first micro finance pool rated by ICRA. SML is amongst the largest Microfinance institution in India. The pool has been assigned a short-term rating since all loans in the pool have been given for tenure of less than 1 year.
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 8
Rating Revision
Between January 2009 and May 2009, ICRA has upgraded the rating of 1 ICICI Bank originated CV
pool. This pool was originated in CY2006. It had been downgraded in the past and based on improved
performance seen for this pool in recent months, the rating has now been upgraded.
Table 4: Rating upgrade between January 2009 and May 2009
Transaction identification Instrument Description
Months Post-Securitisation
Previous Rating
Revised Rating
ICICI Bank Limited
Indian Retail ABS Trust Series 58 PTC Series A1 33 LAA- (SO) LAA (SO)
In this time period, ICRA has also revised downwards the ratings for 6 securitisation transactions. These
transactions are backed by receivables against PLs and also receivables against loans given for the
purchase of CVs, Cars and MUVs. The downgraded pools were originated in second half of CY2006 or
in the first half of CY2007. Some rating action had been taken for most of these pools in the past also.
These pools have reported higher-than-expected delinquency levels leading to significant utilisation of
credit enhancement. The rating revision is based on the performance of the pools till date as well as the
expected performance over the balance tenure and the credit enhancement available.
Table 5: Rating downgrade between January 2009 and May 2009
Transaction identification Instrument Description
Months Post-Securitisation
Previous Rating
Revised Rating
ICICI Bank Limited
ICICI Bank Ltd. Auto Loan Pool Direct Assignment Jun-06 I
Assignee Payouts
33 LA (SO) LBBB+ (SO)
ICICI Bank Ltd. Auto Loan Pool Direct Assignment Jun-06 II
Assignee Payouts
33 LA+ (SO) LA- (SO)
ICICI Bank Ltd. Auto Loan Pool Direct Assignment Jun-06 III
Assignee Payouts
34 LAA+ (SO) LAA (SO)
ICICI Bank Ltd. CV Loan Pool Direct Assignment Dec-06
Assignee Payouts
27 LAA+ (SO) LAA (SO)
ICICI Bank Ltd. Car and CV Loan Pool Direct Assignment Dec-06
Assignee Payouts
27 LAAA (SO) LAA+ (SO)
Indian Retail ABS Trust Series 93 PTC Series A3 21 LAA+ (SO) LA+ (SO)
Between January 2009 and May 2009, ICRA has also reaffirmed the rating of 44 tranches across 23
pools assigned by ICICI Bank.
ICRA continuously monitors the performance of all transactions rated by it and takes rating actions as
and when required. Any rating action taken by ICRA is based on the performance of the pools and the
availability of credit enhancement relative to ICRA’s expectations
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 9
Users’ Guide
The standard format for presenting pool performance details is given below. This is followed by a list of
definitions of the key terms used in this report, and a discussion on the interpretation of the key
parameters analysed by ICRA to monitor the performance of ABS transactions.
Originator: XYZ Limited
Issue Name: Originator (Year) Product (Name of Special Purpose Vehicle)
Trustee:
Issue Details Pool Performance till March 2009
1(a) Commencement Month 2(a) Months Post-Securitisation
1(b) Transaction Structure 2(b) Cumulative Collection Efficiency
1(c) Staggering 2(c) Cumu. Collection to Cumu. Senior PTC Payouts
1(d) Pool Principal (Rs. million) 2(d) Cumulative Credit Enhancement Utilisation
1(e) No of Contracts 2(e) Cumulative Cash Collateral Utilisation
1(f) Senior PTC Payouts (Rs. million) 2(f) FLP6 Utilisation
1(g) Tenure of Receivables (months) 2(g) SLP7 Utilisation
1(h) Avg. Seasoning (% of Original Tenure) 2(h) Liquidity Utilisation
1(I) Average Loan to Value Prepayment Rate
Credit/Liquidity Support 2(I) Monthly Prepayment Rate
1(j) Subordination (% of Pool Principal) 2(j) Cumulative Prepayment Rate
1(k) Cash Collateral (% of Pool Principal) Loss-cum-Delinquency
1(l) FLP (% of Pool Principal) 2(k) 90+ dpd (% of Pool Principal)
1(m) SLP (% of Pool Principal) 2(l) 180+ dpd (% of Pool Principal)
1(n) Excess Interest Spread (% of Pool Principal) 2(m) Cumulative Loss to Amortised Principal Ratio
1(o) Liquidity (% of Pool Principal) 2(n) Cumulative Loss Ratio
Details of Remaining Pool
3(a) Outstanding Pool Principal (Rs. million) Credit enhancement
3(b) Outstanding Senior PTC Principal (Rs. million) 3(g) Subordination (% of Pool Principal)
3(c) Balance Tenure of Pool (months) 3(h) Cash Collateral (% of Pool Principal)
3(d) Break-even Collection Efficiency 3(I) FLP (% of Senior PTC Payouts)
3(e) Delinquency Rate (90+) 3(j) SLP (% of Senior PTC Payouts)
3(f) Delinquency Rate (180+) 3(k) Excess Interest Spread (% of Pool Principal)
Collection Efficiency Credit Enhancement Utilisation
CL and CLAP Loss-cum-Delinquency
6 FLP: First Loss Piece
7 SLP: Second Loss Piece
80%
85%
90%
95%
100%
1 2 3 4 5
Cumulative CE Current CE
0%
5%
10%
15%
20%
1 2 3 4 5
Cumulative Monthly
0.00%
0.50%
1.00%
1.50%
2.00%
1 2 3 4 5
CL CLAP
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
1 2 3 4 5
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 10
Definitions
1(a) Commencement Month The month from which the pool receivables have been transferred
1(b) Transaction Structure Whether the pool receivables were transferred at their par value or at a
premium
1(c) Staggering Lag in payouts in a particular proportion so as to improve liquidity
1(d) Pool Receivables/Principal The total initial pool size; in the case of ―premium‖ deals, this refers to
pool receivables, and for ―par‖ deals, it refers to the pool principal
1(e) No of Contracts Total number of loan contracts in the pool
1(f) Senior PTC Payouts/
Senior PTC Principal
The total scheduled cash flow for Senior investors in the transaction in
the case of a ―premium‖ transaction; in the case of a ―par‖ transaction,
this refers to the total scheduled principal for Senior investors
1(g) Tenure of Receivables
(months)
Number of months for which pool has cash flows outstanding, starting
from the commencement month
1(h) Average Seasoning
(months) OR
Average Seasoning (as %
of Original Tenure)
Weighted average seasoning of the pool as on the cut-off date
Weighted average of contract-wise seasoning as percentage of
respective original tenures; this is seen as a better measure of
seasoning as it also takes into account the original tenure of the
contracts
1(I) Average LTV Weighted average Loan to Value (LTV) of the pool as on the cut-off date
1(j) Subordination (% of Pool
Receivables or Principal)
Total amount of credit protection available to the Pass-Through
Certificate (PTC) holders in the form of subordinated receivables divided
by the initial pool receivables in the case of premium transactions, and
subordinated principal divided by the initial pool principal in the case of
par transactions
1(k) CC (% of Pool Principal) Cash Collateral (CC) is the total amount of credit protection available in
the form of cash or corporate undertaking divided by the pool
receivables (in the case of premium transactions) or pool principal (in
the case of par transactions)
1(n) Excess Interest Spread (%
of Pool Principal)
Excess Interest Spread EIS = (Pool Cash Flows – Senior PTC Cash
Flows – Subordination)divided by Pool Principal
In the case of PAC/Companion structures, the EIS has been calculated
assuming “zero” prepayments
1(l) First Loss Piece (FLP) as
% of Pool Principal
The portion of the total credit collateral that is to be utilised first in the
event of a shortfall in meeting Senior PTC payouts
1(m) Second Loss Piece (SLP)
as % of Pool Principal
The portion of the total credit collateral that is to be utilised for meeting
any shortfall in Senior PTC payouts after the FLP is fully utilised
1(o) Liquidity as % of Pool
Principal
Facility meant for meeting short-term delays in collections, i.e. for
meeting collection shortfalls in the pool pertaining to contracts that are
overdue by up to 90 days
2(a) Months Post-Securitisation Months elapsed after securitisation of the pool
2(b) Cumulative Collection
Efficiency
Ratio of cumulative collections to cumulative billings including opening
overdues
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 11
2(c) Cumu. Coll. To cumu.
Senior PTC Payouts
Total collections done on the pool starting from commencement month
to the month till which pool performance has been presented, divided by
total Senior PTC payouts
For this purpose, both the numerator and the denominator exclude
amount on account of prepayments
2(d) Cumulative Credit
Enhancement Utilisation
where
SCm : Shortfall on account of collection on live contracts in month m
SPm : Shortfall on account of prepayment/repossession in month m
C : Stipulated Cash Collateral at the beginning of the pool
L : Stipulated Liquidity Facility at the beginning of the pool
Sm : Subordination-cum-EIS available in month m
However in certain transactions, liquidity facility is used for making
investor payouts in advance (and not just for meeting shortfall due to
temporary collection delays); in the case of such transactions, we do not
factor in the liquidity facility in the credit enhancement available or
utilised
2(e) Cumulative CC Utilisation n
m
tilisationMonthlyCCu1
where
Monthly CC utilisation = CC at the beginning of the month less CC at the
end of the month
For the purpose, any reduction in the CC owing to reset by ICRA is to be
ignored
2(f) Cumulative First Loss
Piece Utilisation
(Opening FLP at the beginning of the transaction – Closing FLP balance
at the end of the period)/Original FLP balance at the beginning of the
transaction
For the purpose, any reduction in the CC owing to reset by ICRA is to be
ignored
2(g) Cumulative Second Loss
Piece utilisation
(Opening SLP at the beginning of the transaction – Closing SLP balance
at the end of the period)/ Original SLP balance at the beginning of the
transaction
For the purpose, any reduction in the CC owing to reset by ICRA is to be
ignored
2(h) Liquidity Utilisation Opening Liquidity balance at the beginning of the transaction – Closing
Liquidity balance at the end of the period divided by Original Liquidity
balance at the beginning of the transaction
For the purpose, any reduction in the CC owing to reset by ICRA is to be
ignored
n
m m
mm
SLC
SPSCU
1 )(
)(
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 12
2(I) Monthly Prepayment Rate 1-(1-yn) 1/ n
Where yn refers to cumulative prepayment till month n divided by the
opening pool principal
2(j) Cumulative Prepayment
Rate
Principal outstanding at the time of prepayment on contracts prepaid till
date divided by initial pool principal in the case of par transactions or net
present value of contracts prepaid till date divided by initial PTC principal
in the case of premium transactions
2(k) Loss-cum-Delinquency (90
+dpd )
(Principal outstanding on contracts that are more than 90 days past due
+ crystallised loss booked till date) divided by initial pool principal
2(l) Loss-cum-Delinquency
(180+ dpd )
(Principal outstanding on contracts that are more than 180 days past due
+ crystallised loss booked till date) divided by initial pool principal
2(m) Cumulative Loss to
Amortised Principal
(CLAP)
Cumulative loss booked till date divided by Original pool principal
3(a) Outstanding Pool Billings/
Principal (Rs. million)
Pool receivables for the balance tenure (in the case of premium
transactions) or Pool principal for the balance tenure (in the case of par
transactions)
3(b) Outstanding Senior PTC
Payouts/Principal (Rs.
million)
Amount scheduled to be paid out to Senior PTC holders over the
balance tenure in the case of premium transactions or principal
outstanding on Senior PTCs in the case of par transactions
3(c) Balance Tenure of Pool
(months)
Number of months for which pool has cash flows outstanding as on the
pool performance date
3(d) Break-even Collection
Efficiency
(Future billings – amount of cash collateral available – amount of
subordination-cum-EIS available) divided by Future billings
3(e) Delinquency Rate (90+
dpd)
Principal outstanding on contracts that are more than 90 days past due
divided by total principal outstanding on pool contracts
3(f) Delinquency Rate (180+
dpd)
Principal outstanding on contracts that are more than 180 days past due
divided by total principal outstanding on pool contracts
3(g) Subordination (% of Pool
Receivables/Principal)
Total amount of credit protection available to the PTC holders in the form
of subordinated receivables divided by future pool receivables in the
case of premium transactions or subordinated principal divided by future
pool principal in the case of par transactions
3(h) CC (% of Pool
Receivables)
Total amount of credit protection available in the form of cash divided by
future pool receivables (in the case of premium transactions) or divided
by pool principal (in the case of par transactions)
3(I) First Loss Piece (% of Pool
Principal)
Closing amount of First Loss Piece of cash collateral
3(j) Second Loss Piece (% of
Pool Payouts/Principal)
Closing amount of Second Loss Piece of cash collateral
3(k) Excess Interest Spread (%
of Pool Principal)
Excess Interest Spread EIS = (Balance pool cash flows – Balance senior
PTC cash flows – Subordination- Liquidity Utilised) divided by Balance
pool principal
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 13
Abbreviations Used
3 W Three-Wheelers
CC Cash Collateral
CE Construction Equipment
CLAP Cumulative Loss to Amortised Principal
Coll. Collection
Cumu. Cumulative
CV Commercial Vehicle
DA Direct Assignment
Delq. Delinquency
Dpd days past due
FLP First Loss Piece
HCVs Heavy Commercial Vehicles
ITCL IL&FS Trust Company Limited
ITSL IDBI Trusteeship Services Limited
LCVs Light Commercial Vehicles
Mn. Million
MUVs Multi-Utility Vehicles
N Cars New Cars
n.a. not available
N.A. Not Applicable
O/s Outstanding
Org Tnr Original Tenure
PTC Pass-Through Certificate
Rs. Rupees
SLP Second Loss Piece
TW Two-Wheelers
U Cars Used Cars
WITECO Western India Trustee & Executor Company Limited
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 14
4. Asset Category-wise Index of Pools
Issue Name Asset category-wise share (%) Page
No. Used Cars
CV CE Car/ MUV
TW PL Others
Cholamandalam DBS Finance Ltd.
CDFL PL Pool D.A.-March 07 100 19
Indian Loan Securitisation Series 3 Trust 2008 79.8 20.2 20
CDFL Vehicle Loan Pool D.A. Sep-07 I 93 0.4 6.6 21
Indian Loan Securitisation Series 5 Trust 2008 76.9 17.5 5.6 22
Indian Loan Securitisation Series 6 Trust 2008 100 23
Indian Loan Securitisation Series 9 Trust 2008 74.4 15.5 10.2 24
CDFL Personal Loan Pool DA Dec-07 100 25
GE Capital Transportation Financial Services Ltd.
GETFSL CV Loan Pool D.A. October 2006 100 27
GETFSL CV D.A. December 2006 100 28
GETFSL CV Pool D.A. February 2007 100 29
Loan Pool Securitisation Trust Series I 87 13 30
Loan Pool Securitisation Trust March 2007 100 31
GETFSL CV Pool D.A. II September 2007 100 32
Transportation Loan Trust Series I 100 33
GETFSL CV Pool D.A. Dec-07 II 100 34
GETFSL CV Pool D.A. Dec-07 III 100 35
HDFC Bank Ltd.
HDFC Bank Ltd. (2005) ABS 1 82 18 37
Retail Trust September 2006 76 24 38
ICICI Bank Ltd.
Indian Retail ABS Trust Series XV 100 40
Indian Retail ABS Trust Series XVII 100 41
Indian Retail ABS Trust Series XIX 100 42
ICICI Bank Ltd (2005) ABS 1 (SBI D.A.) 100 43
Indian Retail ABS Trust Series XXXII 100 44
Indian Retail ABS Trust Series XXXVII 85 15 45
Indian Retail ABS Trust Series XXXVIII 100 46
Indian Retail ABS Trust Series XL 68 15 17 47
Indian Retail ABS Trust Series XLVI 100 48
Indian Retail ABS Trust Series 50 100 49
ICICI Bank Ltd. (2005) ABS 14 (D.A. Nov-05) 100 50
Indian Retail ABS Trust Series 55 100 51
ICICI Bank Ltd. (2006) ABS 1( D.A. March 2006) 100 52
ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I 100 53
Indian Retail ABS Trust Series 58 85 15 54
ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 II
100 55
ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 III
100 56
Indian Retail ABS Trust Series 62 60 15 25 57
Indian Retail ABS Trust Series 63 63 58 58
Indian Retail ABS Trust Series 64 30 70 59
Indian Retail ABS Trust Series 66 100 60
Indian Retail ABS Trust Series 67 36 64 61
Indian Retail ABS Trust Series 68 47 53 62
ICICI Bank Ltd. CV and Car Loan Pool D. A. Dec 2006
29 71 63
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 15
Issue Name Asset category-wise share (%) Page No. Used
Cars CV CE Car/
MUV TW PL Others
Indian Retail ABS Trust Series 71 100 64
ICICI Bank Ltd. Car and Used Car Loan Pool D.A Dec 2006
24 76 65
ICICI Bank Ltd. Car Loan Pool D.A. Dec 2006 100 66
Indian Retail ABS Trust Series 70 23 77 67
ICICI Bank Ltd. CV Loan Pool D.A. Dec 2006 83.6 16 0.40 68
ICICI Bank Ltd. Personal Loan Pool D.A. Dec 2006
100 69
Indian Retail ABS Trust Series 72 100 70
Indian Retail ABS Trust Series 73 100 71
Indian Retail ABS Trust Series 74 45 55 72
Indian Retail ABS Trust Series 77 50 50 73
Indian Retail ABS Trust Series 78 52 48 74
Indian Retail ABS Trust Series 89 100 75
Indian Retail ABS Trust Series 90 100 76
Indian Retail ABS Trust Series 91 40 60 77
Indian Retail ABS Trust Series 92 100 78
Indian Retail ABS Trust Series 93 100 79
Manappuram General Finance and Leasing Ltd.
RLP Trust Series 1 100 81
Sundaram Finance Ltd.
Sundaram Finance Ltd. (2006) ABS 1 86 14 83
Sundaram Finance Ltd. (2006) ABS 2 87.05 12.95 84
Sundaram Finance Ltd. (2006) ABS 3 89.5 10.5 85
Sundaram Finance Ltd. (2006) ABS 4 93.2 6.8 86
Sundaram Finance Ltd. D.A. 2007 (1) 95 5 87
Sundaram Finance Ltd. D.A. 2007 (2) 99 1 88
Sundaram Finance Ltd. D.A. 2007 (3) 100 89
Sundaram Finance Ltd. D.A. 2007 (4) 100 90
Sundaram Finance Ltd. D.A. 2007 (5) 100 91
Sundaram Finance CV Pool D.A. Sep-07 98 2 92
Sundaram Finance CV Pool D.A. Dec-07 99.8 0.2 93
Sundaram Finance CV Pool D.A. Jan-08 99.7 0.3 94
Sundaram Finance CV Pool D.A. Feb-08 100 95
Sundaram Finance CV Pool D.A. Mar-08 90.6 0.2 9.12 96
Srei Infrastructure Finance Ltd.
Indian Infrastructure Equipment Receivables Trust Oct 2005
41.2 58.1 0.70 98
CE Pool Trust June 2007 81 19 99
Indian Infrastructure Equipment Receivables Trust June 2007
71 29 100
SREI Finance Limited D.A. August 2007 76.6 23.4 101
Indian Infrastructure Equipment Receivables Trust February 2008
75 25 102
Indian Infrastructure Equipment Receivables Trust March 2008
11 89 103
Construction Equipment Loan Pool D.A. Oct-08 II
25 75 104
Construction Equipment Loan Pool D.A. Nov-08 20 80 105
Construction Equipment loan Pool D.A. Feb-09 8 92 106
Shriram Transportation Finance Ltd.
Shriram Transport Finance Co. Ltd. CV Pool D.A.Feb-08
100 108
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 16
Issue Name Asset category-wise share (%) Page No. Used
Cars CV CE Car/
MUV TW PL Others
Share Microfin Ltd.
Share Microfin Loan Pool D.A. Mar-09 100 110
Tata Motors Ltd. / TML Financial Services Ltd.
BHPC Auto Securitisation Trust May 2005 II 94 6 112
BHPC Auto Securitisation Trust September 2005 90 10 113
TML Securitisation Trust Feb 2006 99 1 114
TML (2006) ABS 2 100 115
BHPC Auto Securitisation Trust May 2006 68 32 116
TML CV Pool D.A. - June 2006 Pool I 100 117
TML CV Pool D.A. - June 2006 Pool II 100 118
TML CV Pool D.A. - August 2006 100 119
TML CV Pool D.A.- Sep 2006 Pool II 100 120
BHPC Auto Securitisation Trust Sep 2006 100 121
TML CV Pool D.A. – November 2006 96 4 122
BHPC Auto Securitisation Trust Feb-07 I 100 123
TML CV Pool D.A. – February 2007 100 124
TML CV Pool D.A. – March 2007 100 125
TML CV Pool D.A. – March 2007 II 100 126
TML CV Pool D.A. - May 2007 100 127
TMF Securitisation Trust June 2007 I 54 21 25 128
TML CV & Auto D.A. – October 2008 II 33 67 129
TML CV & Auto D.A. – November 2008 74 26 130
TML CV D.A. – November 2008 II 100 131
TML CV & Auto D.A. – December 2008 83 17 132
TML CV & Auto D.A. – December 2008 II 53 47 133
TML CV & Auto D.A. – January 2009 76 24 134
TMLFSL. Auto Securitisation Trust Feb 2007 100 135
TMLFSL CV Pool D.A. Trust Feb 2007 II 100 136
TMLFSL CV Pool D.A. March 2007 100 137
TMLFSL CV Pool D.A. May 2007 100 138
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 17
Performance Summary
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 18
Cholamandalam DBS Finance Limited
7 pools
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 19
PL
100%Issue Name: Cholamandalam DBS Fin. Ltd. Personal Loan pool D.A. February 20078
Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 25
Transaction Structure Premium Cumulative Collection Efficiency n.a.
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts n.a.
Pool cashflow (Rs. mn) 868.3 Cumu. Credit Enhancement Utilisation 47.49%
No of Contracts 8,476 Cumulative Cash Collateral Utilisation 47.49%
Senior PTC Payouts (Rs. mn) 868.3 FLP Utilisation N.A
Tenure of Cashflow (months) 44 SLP Utilisation N.A Asset Class PL
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) n.a.
Average Loan to Value N.A. Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.21%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.68%
Cash Collateral (% of Pool Cashflow) 19.20% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 22.54%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio N.A.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 64.04 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 64.04 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 19 Cash Collateral (% of Pool Cashflow) 68.15%
Break-even Collection Efficiency 31.85% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 34.84% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
8 the pool commenced in Mar-07; however in Oct-07, around 51% of the outstanding pool was bought
back by the Originator, due to absence of documentary evidence for certain representations—relating to the employment status of certain borrowers in the pool—made by the Originator, under the assignment. Accordingly, the pool is effectively being viewed as commencing from Oct-07. The pool size (number and value) as well as the credit enhancement mentioned above are as on Oct-07, post the buyback.
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 20
PL
100%
Issue Name: Indian Loan Securit isat ion Series 3 Trust 2008 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Aug-07 Months Post- Securitisation 20
Transaction Structure Premium Cumulative Collection Efficiency 97.47%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.56%
Pool cashflow (Rs. mn) 2,116.93 Cumu. Credit Enhancement Utilisation 17.57%
No of Contracts 8,172 Cumulative Cash Collateral Utilisation 17.57%
Senior PTC Payouts (Rs. mn) 2,116.93 FLP Utilisation N.A
Tenure of Cashflow (months) 53 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 33.70%
Average Loan to Value 87.20% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.68%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 12.77%
Cash Collateral (% of Pool Cashflow) 11.70% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.99%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.22%
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 352.90 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 352.90 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 33 Cash Collateral (% of Pool Cashflow) 52.42%
Break-even Collection Efficiency 47.58% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 3.12% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 0.38% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP
85%
90%
95%
100%
105%
1 4 7 10 13 16 19
Cumulative CE Current CE
0%
5%
10%
15%
20%
1 4 7 10 13 16 19
Cumulative Monthly
0%
1%
2%
3%
4%
1 4 7 10 13 16 19
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 21
N Cv
50%
U Cv
43%
3WL
7%
Issue Name: Cholamandalam DBS Fin. Ltd. Vehicle Loan pool D.A.
September 2007 I Trustee:
Issue Details Pool Performance till: March 2009
Commencement Month Sep-07 Months Post- Securitisation 18
Transaction Structure Premium Cumulative Collection Efficiency 96.19%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.37%
Pool cashflow (Rs. mn) 1,493.9 Cumu. Credit Enhancement Utilisation 15.36%
No of Contracts 4,444 Cumulative Cash Collateral Utilisation 15.36%
Senior PTC Payouts (Rs. mn) 1,493.9 FLP Utilisation N.A
Tenure of Cashflow (months) 56 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 11.37%
Average Loan to Value 83.24% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.54%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 9.32%
Cash Collateral (% of Pool Cashflow) 12.85% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.94%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.31%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.24%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.15%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 541.38 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 541.38 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 38 Cash Collateral (% of Pool Cashflow) 30.13%
Break-even Collection Efficiency 69.87% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 3.29% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 0.23% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP
80%
85%
90%
95%
100%
1 4 7 10 13 16
Cumulative CE
0%
5%
10%
15%
20%
1 4 7 10 13 16
Cumulative Monthly
0.00%
0.07%
0.14%
0.21%
0.28%
1 4 7 10 13 16
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 22
New
Cv
56% Used
Cv
15%TWL
8%
Car/M
UV
21%Issue Name: Indian Loan Securit isat ion Series 5 Trust 2008 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-07 Months Post- Securitisation 18
Transaction Structure Premium Cumulative Collection Efficiency 94.86%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.67%
Pool cashflow (Rs. mn) 1,185.3 Cumu. Credit Enhancement Utilisation 23.61%
No of Contracts 3,995 Cumulative Cash Collateral Utilisation 23.61%
Senior PTC Payouts (Rs. mn) 1,185.3 FLP Utilisation N.A
Tenure of Cashflow (months) 55 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 20.92%
Average Loan to Value 83.43% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.56%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 9.61%
Cash Collateral (% of Pool Cashflow) 12.94% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.67%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.40%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.27%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.17%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 449.74 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 460.98 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 37 Cash Collateral (% of Pool Cashflow) 25.44%
Break-even Collection Efficiency 74.56% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 2.69% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 0.31% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP
80%
85%
90%
95%
100%
1 4 7 10 13 16
Cumulative CE Current CE
0%
7%
14%
21%
28%
1 4 7 10 13 16
Cumulative Monthly
0.0%
0.1%
0.2%
0.3%
1 4 7 10 13 16
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 23
PL
100%Issue Name: Indian Loan Securit isat ion Series 6 Trust 2008 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Nov-07 Months Post- Securitisation 17
Transaction Structure Premium Cumulative Collection Efficiency9 82.19%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 82.05%
Pool cashflow (Rs. mn) 292.4 Cumu. Credit Enhancement Utilisation 64.87%
No of Contracts 3,466 Cumulative Cash Collateral Utilisation 64.87%
Senior PTC Payouts (Rs. mn) 292.4 FLP Utilisation N.A
Tenure of Cashflow (months) 37 SLP Utilisation N.A Asset Class PL
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 12.4%
Average Loan to Value N.A. Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.66%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.60%
Cash Collateral (% of Pool Cashflow) 18.60% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 16.09%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio N.A.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 63.54 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 63.54 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 20 Cash Collateral (% of Pool Cashflow) 30.08%
Break-even Collection Efficiency 69.92% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 36.35% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
9 For this pool, in the initial 3 months we did not have the collection figure, so we have taken collection
to be the same as billings.
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 24
New
Cv
47%
Used
Cv
27%
3WL
10%
Car/M
UV
16%Issue Name: Indian Loan Securit isat ion Series 9 Trust 2008 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Nov-07 Months Post- Securitisation 17
Transaction Structure Premium Cumulative Collection Efficiency 93.80%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 93.24%
Pool cashflow (Rs. mn) 1,009.0 Cumu. Credit Enhancement Utilisation 31.19%
No of Contracts 3,435.0 Cumulative Cash Collateral Utilisation 31.19%
Senior PTC Payouts (Rs. mn) 1,009.0 FLP Utilisation N.A
Tenure of Cashflow (months) 55 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 19.39%
Average Loan to Value 90.35% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.63%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.14%
Cash Collateral (% of Pool Cashflow) 13.40% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.25%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.69%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.27%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.17%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 359.04 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 359.04 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 38 Cash Collateral (% of Pool Cashflow) 31.61%
Break-even Collection Efficiency 68.39% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 3.53% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 0.59% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP
80%
85%
90%
95%
100%
1 4 7 10 13 16
Cumulative CE
0.0%
0.1%
0.2%
0.3%
1 4 7 10 13 16
CL CLAP
0%
10%
20%
30%
40%
1 4 7 10 13 16
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 25
PL
100%Issue Name: Cholamandalam DBS Fin. Ltd. Personal Loan
pool D.A. December 2007 Trustee:
Issue Details Pool Performance till: March 2009
Commencement Month Dec-07 Months Post- Securitisation 15
Transaction Structure Premium Cumulative Collection Efficiency 95.41%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.51%
Pool cashflow (Rs. mn) 919.8 Cumu. Credit Enhancement Utilisation 23.84%
No of Contracts 3,328 Cumulative Cash Collateral Utilisation 23.84%
Senior PTC Payouts (Rs. mn) 919.8 FLP Utilisation N.A
Tenure of Cashflow (months) 37 SLP Utilisation N.A Asset Class PL
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 12.7%
Average Loan to Value N.A. Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.57%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.16%
Cash Collateral (% of Pool Cashflow) 13.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A. 90+ dpd (% of Initial Pool Size) 5.12%
SLP (% of Pool Cashflow) N.A. 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A. CLAP Ratio N.A.
Liquidity (% of Pool Cashflow) N.A. Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 232.66 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 232.66 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 22 Cash Collateral (% of Pool Cashflow) 40.65%
Break-even Collection Efficiency 59.35% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 9.75% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP
80%
85%
90%
95%
100%
1 4 7 10 13
Cumulative CE
0%
7%
14%
21%
28%
1 4 7 10 13
Cumulative Monthly
0%
1%
2%
3%
4%
1 4 7 10 13
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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GE Capital Transportation Financial Services Limited
9 pools
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset CompositionLCV
10%
MHCV
90%
Issue Name: GETFSL CV Pool D.A. October 2006 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-06 Months Post- Securitisation 29
Transaction Structure Premium Cumulative Collection Efficiency 92.65%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.18%
Pool cashflow (Rs. mn) 1,409.2 Cumu. Credit Enhancement Utilisation 3.43%
No of Contracts 3,504 Cumulative Cash Collateral Utilisation 3.43%
Senior PTC Payouts (Rs. mn) 1,409.2 FLP Utilisation N.A
Tenure of Cashflow (months) 43 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 23.04%
Average Loan to Value 90.05% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.48%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 13.09%
Cash Collateral (% of Pool Cashflow) 7.39% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.35%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 129.9 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 129.9 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 14 Cash Collateral (% of Pool Cashflow) 75.80%
Break-even Collection Efficiency 24.20% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 4.46% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum delinquency
20%
40%
60%
80%
100%
1 6 11 16 21 26
Cumulative CE Current CE
0.0%
0.5%
1.0%
1.5%
2.0%
1 6 11 16 21 26
Loss + delq. 90+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
HCV
97%
LCV
3%Issue Name: GETFSL CV Pool D.A. December 2006 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Dec-06 Months Post- Securitisation 27
Transaction Structure Premium Cumulative Collection Efficiency 95.30%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.83%
Pool cashflow (Rs. mn) 1,282.1 Cumu. Credit Enhancement Utilisation 18.77%
No of Contracts 1,855 Cumulative Cash Collateral Utilisation 18.77%
Senior PTC Payouts (Rs. mn) 1,282.1 FLP Utilisation N.A
Tenure of Cashflow (months) 44 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 12.27%
Average Loan to Value 93.65% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.33%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.54%
Cash Collateral (% of Pool Cashflow) 7.90% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.62%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 259.8 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 259.8 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 17 Cash Collateral (% of Pool Cashflow) 30.16%
Break-even Collection Efficiency 69.84% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 4.27% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum Delinquency
60%
70%
80%
90%
100%
1 6 11 16 21 26
Cumulative CE Current CE
0.0%
0.5%
1.0%
1.5%
2.0%
1 6 11 16 21 26
Loss+delq.90+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Issue Name: GETFSL CV Pool D.A. February 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-07 Months Post- Securitisation 25
Transaction Structure Premium Cumulative Collection Efficiency 89.14%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 91.44%
Pool cashflow (Rs. mn) 1,478.5 Cumu. Credit Enhancement Utilisation 27.65%
No of Contracts 1,994 Cumulative Cash Collateral Utilisation 27.65%
Senior PTC Payouts (Rs. mn) 1,478.5 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 10.58%
Average Loan to Value 93.59% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.45%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.72%
Cash Collateral (% of Pool Cashflow) 8.10% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.99%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 366.3 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 366.3 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 23 Cash Collateral (% of Pool Cashflow) 22.11%
Break-even Collection Efficiency 77.89% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 4.20% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum Delinquency
Asset Composition
MHCV
95%
LCV
5%
0.0%
0.7%
1.4%
2.1%
2.8%
1 5 9 13 17 21 25
Loss+delq.90+
20%
40%
60%
80%
100%
1 5 9 13 17 21 25
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Issue Name: Loan Pool Securitisation Trust Series I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 91.92%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.12%
Pool cashflow (Rs. mn) 1,052.0 Cumu. Credit Enhancement Utilisation 28.65%
No of Contracts 1,454 Cumulative Cash Collateral Utilisation 28.65%
Senior PTC Payouts (Rs. mn) 1,052.0 FLP Utilisation N.A
Tenure of Cashflow (months) 47 SLP Utilisation N.A Asset Class CE CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 19.38% 10.43%
Average Loan to Value 84.40% 92.72% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.29%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 6.66%
Cash Collateral (% of Pool Cashflow) 8.00% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.27%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 288.0 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 288.0 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 23 Cash Collateral (% of Pool Cashflow) 20.85%
Break-even Collection Efficiency 79.15% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 4.56% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum Delinquency
Asset CompositionCE
13%LCV
4%
MHCV
83%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
1 5 9 13 17 21
Loss+delq.90+
20%
40%
60%
80%
100%
1 5 9 13 17 21
Cumulative CE Current CE
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Issue Name: Loan Pool Securit isat ion Trust March 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 90.31%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 92.59%
Pool cashflow (Rs. mn) 1,586.8 Cumu. Credit Enhancement Utilisation 37.77%
No of Contracts 1,658 Cumulative Cash Collateral Utilisation 37.77%
Senior PTC Payouts (Rs. mn) 1,586.8 FLP Utilisation N.A
Tenure of Cashflow (months) 58 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 8.33%
Average Loan to Value 95.13% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.35%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.08%
Cash Collateral (% of Pool Cashflow) 9.10% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 4.85%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 609.8 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 609.8 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 36 Cash Collateral (% of Pool Cashflow) 13.91%
Break-even Collection Efficiency 86.09% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 8.38% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum Delinquency
Asset Composition
MHCV
98%
LCV
2%
0.0%
1.5%
3.0%
4.5%
6.0%
1 5 9 13 17 21
Loss+delq.90+
20%
40%
60%
80%
100%
1 5 9 13 17 21
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Issue Name: GETFSL CV Pool D.A. II Sep 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-07 Months Post- Securitisation 18
Transaction Structure Premium Cumulative Collection Efficiency 91.53%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.10%
Pool cashflow (Rs. mn) 631.1 Cumu. Credit Enhancement Utilisation 25.62%
No of Contracts 614 Cumulative Cash Collateral Utilisation 25.62%
Senior PTC Payouts (Rs. mn) 631.1 FLP Utilisation N.A
Tenure of Cashflow (months) 58 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (In months) 1.36
Average Loan to Value 93.38% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.30%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 5.25%
Cash Collateral (% of Pool Cashflow) 10.25% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 3.49%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 328.1 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 328.1 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 40 Cash Collateral (% of Pool Cashflow) 14.66%
Break-even Collection Efficiency 85.34% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 4.92% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum Delinquency
Asset Composition
M HC
V
96%
LCV
4%
0%
1%
2%
3%
4%
1 4 7 10 13 16
Loss-cum-90+
20%
40%
60%
80%
100%
1 4 7 10 13 16
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Issue Name: Transportation Loan Trust Series 1 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-07 Months Post- Securitisation 18
Transaction Structure Premium Cumulative Collection Efficiency 92.79%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.24%
Pool cashflow (Rs. mn) 1,427.0 Cumu. Credit Enhancement Utilisation 18.46%
No of Contracts 2,148 Cumulative Cash Collateral Utilisation 18.46%
Senior PTC Payouts (Rs. mn) 1,427.0 FLP Utilisation N.A
Tenure of Cashflow (months) 44 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (In months) 4.6
Average Loan to Value 91.10% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.36%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 6.31%
Cash Collateral (% of Pool Cashflow) 10.25% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.27%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 552.4 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 552.4 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 26 Cash Collateral (% of Pool Cashflow) 21.60%
Break-even Collection Efficiency 78.40% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 4.03% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum Delinquency
Asset Composition
HCV
91%
LCV
9%
0.0%
0.6%
1.2%
1.8%
2.4%
1 4 7 10 13 16
Loss-cum-90+
20%
40%
60%
80%
100%
1 4 7 10 13 16
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Issue Name: GETFSL CV Pool D.A. Dec 2007 - II Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jan-08 Months Post- Securitisation 15
Transaction Structure Premium Cumulative Collection Efficiency 93.81%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 108.89%
Pool cashflow (Rs. mn) 608.0 Cumu. Credit Enhancement Utilisation 16.88%
No of Contracts 569 Cumulative Cash Collateral Utilisation 16.88%
Senior PTC Payouts (Rs. mn) 608.0 FLP Utilisation N.A
Tenure of Cashflow (months) 55 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (In months) 1.83
Average Loan to Value 94.30% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.28%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 4.07%
Cash Collateral (% of Pool Cashflow) 10.95% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.93%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 370.2 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 370.2 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 40 Cash Collateral (% of Pool Cashflow) 14.95%
Break-even Collection Efficiency 85.05% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 1.16% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum Delinquency
Asset Composition
M HCV
97%
LCV
3%
0.0%
0.5%
1.0%
1.5%
2.0%
1 4 7 10 13
Loss-cum-90+
20%
40%
60%
80%
100%
1 4 7 10 13
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
M HC
V
98%
LCV
2%
Issue Name: GETFSL CV Pool D.A. Dec 2007 - II I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jan-08 Months Post- Securitisation 15
Transaction Structure Premium Cumulative Collection Efficiency 92.47%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.28%
Pool cashflow (Rs. mn) 1,773.6 Cumu. Credit Enhancement Utilisation 23.09%
No of Contracts 1,850 Cumulative Cash Collateral Utilisation 23.09%
Senior PTC Payouts (Rs. mn) 1,773.6 FLP Utilisation N.A
Tenure of Cashflow (months) 56 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (In months) 5.95
Average Loan to Value 94.50% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.23%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.41%
Cash Collateral (% of Pool Cashflow) 8.60% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.85%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Cashflow) N.A CLAP Ratio n.a.
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 991.4 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 991.4 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 41 Cash Collateral (% of Pool Cashflow) 11.83%
Break-even Collection Efficiency 88.17% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 3.79% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Loss cum Delinquency
0.0%
0.8%
1.6%
2.4%
3.2%
1 4 7 10 13
Loss sum 90+
20%
40%
60%
80%
100%
1 4 7 10 13
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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HDFC Bank Limited
2 pools
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
Cars &
MUVs
82%
TW
18%Issue Name: HDFC Bank Ltd. (2005) ABS 1 (Retail Trust Feb -05) Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-05 Months Post- Securitisation 48
Transaction Structure Par Cumulative Collection Efficiency 99.47%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 105.64%
Pool Principal (Rs. mn) 12,987.7 Cumu. Credit Enhancement Utilisation 7.92%
No of Contracts 212,300 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 12,987.7 FLP Utilisation N.A
Tenure of Cashflow (months) 57 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 37.7%
Average Loan to Value 85.00% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.34%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 14.96%
Cash Collateral (% of Pool Principal) 7.20% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.64%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.58%
EIS (% of Pool Principal) 2.31% CLAP Ratio 0.27%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.26%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 299.1 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 213.1 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 9 Cash Collateral (% of Pool Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of pool principal) N.A
Delinquency Rate (90+) 57.18% SLP (% of pool principal) N.A
Delinquency Rate (180+) 27.92% Excess Interest Spread (% of Pool Principal) n.a.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
0.5%
1.0%
1.5%
2.0%
1 10 19 28 37 46
Loss+delq. 90+ Loss+delq. 180+
0%
3%
6%
9%
12%
1 10 19 28 37 46
Cumulative Monthly
0.0%
0.1%
0.2%
0.3%
0.4%
1 10 19 28 37 46
CLAP CL
70%
80%
90%
100%
110%
1 10 19 28 37 46
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Issue Name: Retail Trust September 2006 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Sep-06 Months Post Securitisation 30
Transaction Structure Premium Cumulative Collection Efficiency 100.26%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.40%
Pool cashflow (Rs. mn) 3,862.3 Cumu. Credit Enhancement Utilisation 13.93%
No of Contracts 42,166 Cumulative Cash Collateral Utilisation 12.74%
Senior PTC Payouts (Rs. mn) 3,862.3 FLP Utilisation 31.86%
Tenure of Cashflow (months) 58 SLP Utilisation 0.00% Asset Class TW Cars
Liquidity Utilisation 24.13% Avg. Seasoning (% of Org Tnr) 24.68% 21.24%
Average Loan to Value 71.68% 82.17% Prepayment Rate TW Cars
Credit / Liquidity Support Monthly Prepayment Rate 0.28% 0.51%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.10% 14.22%
Cash Collateral (% of Pool Cashflow) 5.60% Loss cum Delinquency
FLP (% of Pool Cashflow) 2.24% 90+ dpd (% of Initial Pool Size) 7.10% 2.14%
SLP (% of Pool Cashflow) 3.36% 180+dpd (% of Initial Pool Size) 6.51% 1.84%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.86% 0.66%
Liquidity (% of Pool Cashflow) 0.65% Cumulative Loss Ratio 0.82% 0.53%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 543.0 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 543.0 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 28 Cash Collateral (% of Pool Cashflow) 34.04%
Break-even Collection Efficiency 65.96% FLP (% of pool cashflow) 10.63%
Delinquency Rate (90+) 84.93% 6.14% SLP (% of pool cashflow) 23.41%
Delinquency Rate (180+) 76.59% 4.86% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
Asset Composition
Car
76%
TWL
24%
0%
4%
8%
12%
16%
1 6 11 16 21 26
Cumulative Monthly
0%
2%
4%
6%
8%
1 6 11 16 21 26
Auto Loss+dlq.180+ TWL Loss+dlq 180+
0.00%
0.25%
0.50%
0.75%
1.00%
1 6 11 16 21 26
Auto CLAP TWL CLAP
70%
80%
90%
100%
1 6 11 16 21 26
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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ICICI Bank Limited
40 pools
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
Small
cars
56%
M edium
cars
27%
Premiu
m
vehicles
9%
Luxury
cars
8%Issue Name: Indian Retail ABS Trust Series XV Trustee: WITECO
Issue Details Pool Performance till: March 2009
Commencement Month Jul-04 Months Post- Securitisation 57
Transaction Structure Par Cumulative Collection Efficiency 98.45%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.86%
Pool Principal (Rs. mn) 16,328.4 Cumu. Credit Enhancement Utilisation 4.79%
No of Contracts 60,351 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 16,328.4 FLP Utilisation N.A
Tenure of Cashflow (months) 58 SLP Utilisation N.A
Asset Class New Cars Liquidity Utilisation N.A
Avg. Seasoning (In months) 7.89
Average Loan to Value 77.90% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.45%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 22.52%
Cash Collateral (% of Pool Principal) 4.75% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.00%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.98%
EIS (% of Pool Principal) 7.73% CLAP Ratio 0.31%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.31%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of Pool Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of pool principal) N.A
Delinquency Rate (90+) N.A. SLP (% of pool principal) N.A
Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
80%
90%
100%
110%
1 9 17 25 33 41 49 57
Cumulative CE Current CE
0%
2%
4%
6%
1 9 17 25 33 41 49 57
Cumulative Monthly
0.0%
0.1%
0.2%
0.3%
0.4%
1 9 17 25 33 41 49 57
CL CLAP
0.0%
0.4%
0.8%
1.2%
1.6%
1 9 17 25 33 41 49 57
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 41
Mid-sized
cars
22%
Premium
cars
5%
Luxury cars
2%
Small cars
71%
Issue Name: Indian Retail ABS Trust Series XVII Trustee: WITECO
Issue Details Pool Performance till: March 2009
Commencement Month Aug-04 Months Post- Securitisation 56
Transaction Structure Par Cumulative Collection Efficiency 98.06%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.91%
Pool Principal (Rs. mn) 2,500.0 Cumu. Credit Enhancement Utilisation 7.26%
No of Contracts 10,955 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 2,500.0 FLP Utilisation N.A
Tenure of Cashflow (months) 59 SLP Utilisation N.A Asset Class N Cars
Liquidity Utilisation N.A Avg. Seasoning (In months) 7.66
Average Loan to Value 75.60% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.42%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 21.05%
Cash Collateral (% of Pool Principal) 4.25% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.24%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.24%
EIS (% of Pool Principal) 5.99% CLAP Ratio 0.35%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.35%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 1.97 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 1.97 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 3 Cash Collateral (% of Pool Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of pool principal) N.A
Delinquency Rate (90+) 6.48% SLP (% of pool principal) N.A
Delinquency Rate (180+) 6.48% Excess Interest Spread (% of Pool Principal) n.a.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
80%
90%
100%
110%
1 9 17 25 33 41 49
Cumulative CE Current CE
0%
2%
4%
6%
8%
1 9 17 25 33 41 49
Cumulative Monthly
0.0%
0.1%
0.2%
0.3%
0.4%
1 9 17 25 33 41 49
CL CLAP
0.0%
0.6%
1.2%
1.8%
1 9 17 25 33 41 49
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 42
Mid-sized
cars
26%
Premium cars
11%
Luxury cars
15%
Small cars
48%Issue Name: Indian Retail ABS Trust Series XIX Trustee: WITECO
Issue Details Pool Performance till: February 2009
Commencement Month Sep-04 Months Post- Securitisation 54
Transaction Structure Par Cumulative Collection Efficiency 98.66%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 106.98%
Pool Principal (Rs. mn) 7,014.9 Cumu. Credit Enhancement Utilisation 3.75%
No of Contracts 23,417 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 6,734.3 FLP Utilisation N.A
Tenure of Cashflow (months) 55 SLP Utilisation N.A Asset Class N Cars
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 18.33%
Average Loan to Value 81.40% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.41%
Subordination (% of Pool Principal) 4.00% Cumulative Prepayment Rate 19.73%
Cash Collateral (% of Pool Principal) 3.63% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.96%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.89%
EIS (% of Pool Principal) 5.15% CLAP Ratio 0.23%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.23%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of Pool Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of pool principal) N.A
Delinquency Rate (90+) N.A. SLP (% of pool principal) N.A
Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
85%
90%
95%
100%
105%
1 9 17 25 33 41 49
Cumulative CE Current CE
0%
1%
2%
3%
4%
1 9 17 25 33 41 49
Cumulative Monthly
0.0%
0.1%
0.2%
0.3%
1 9 17 25 33 41 49
CL CLAP
0.0%
0.3%
0.6%
0.9%
1.2%
1 9 17 25 33 41 49
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 43
Luxury
8%
Small
60%Medium
23%
Premium
9%Issue Name: ICICI Bank Ltd. (2005) ABS 1 (SBI D.A.) Trustee: WITECO
Issue Details Pool Performance till: November 2008
Commencement Month Jan-05 Months Post- Securitisation 46
Transaction Structure Par Cumulative Collection Efficiency 98.30%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.20%
Pool Principal (Rs. mn) 986.7 Cumu. Credit Enhancement Utilisation 23.90%
No of Contracts 3,685 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 986.7 FLP Utilisation N.A
Tenure of Cashflow (months) 47 SLP Utilisation N.A Asset Class N Cars
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 14.20%
Average Loan to Value 77.60% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.39%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 16.05%
Cash Collateral (% of Pool Principal) 6.90% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.96%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.95%
EIS (% of Pool Principal) 1.32% CLAP Ratio 0.46%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.46%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of Pool Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of pool principal) N.A
Delinquency Rate (90+) N.A. SLP (% of pool principal) N.A
Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
9%
18%
27%
36%
1 8 15 22 29 36 43
Cumulative Monthly
0.0%
0.3%
0.6%
0.9%
1.2%
1 8 15 22 29 36 43
CL CLAP
0.0%
0.4%
0.8%
1.2%
1.6%
1 8 15 22 29 36 43
Loss+delq. 90+ Loss+delq. 180+
70%
80%
90%
100%
110%
1 8 15 22 29 36 43
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 44
Mid-sized
23%
Luxury
6%
Small
61%
Premium
10%Issue Name: Indian Retail ABS Trust Series XXXII Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-05 Months Post- Securitisation 50
Transaction Structure Par Cumulative Collection Efficiency 98.79%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 120.71%
Pool Principal (Rs. mn) 10,214.4 Cumu. Credit Enhancement Utilisation 5.26%
No of Contracts 36,360 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 9,805.9 FLP Utilisation N.A
Tenure of Cashflow (months) 58 SLP Utilisation N.A Asset Class N Cars
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 21.40%
Average Loan to Value 78.20% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.34%
Subordination (% of Pool Principal) 4.00% Cumulative Prepayment Rate 15.74%
Cash Collateral (% of Pool Principal) 2.81% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.83%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.83%
EIS (% of Pool Principal) 3.26% CLAP Ratio 0.22%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.22%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 171.2 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 155.5 Subordination (% of Pool Principal) 98.32%
Balance Tenure of Pool (months) 8 Cash Collateral (% of Pool Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of pool principal) N.A
Delinquency Rate (90+) 5.16% SLP (% of pool principal) N.A
Delinquency Rate (180+) 5.16% Excess Interest Spread (% of Pool Principal) n.a.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
80%
85%
90%
95%
100%
1 9 17 25 33 41 49
Cumulative CE Current CE
0.0%
0.1%
0.2%
0.3%
1 9 17 25 33 41 49
CL CLAP
0.0%
0.3%
0.6%
0.9%
1.2%
1 9 17 25 33 41 49
Loss+delq. 90+ Loss+delq. 180+
0%
2%
4%
6%
1 9 17 25 33 41 49
Cumulative
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 45
Asset composition
LCV
37%
MUV &
Others
15%HCV
48%
Issue Name: Indian Retail ABS Trust Series XXXVII Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Sep-05 Months Post- Securitisation 43
Transaction Structure Par Cumulative Collection Efficiency 94.51%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.66%
Pool Principal (Rs. mn) 4,336.3 Cumu. Credit Enhancement Utilisation 31.96%
No of Contracts 12,456 Cumulative Cash Collateral Utilisation 31.96%
Senior PTC Principal (Rs. mn) 4,453.8 FLP Utilisation 100.00%
Tenure of Cashflow (months) 44 SLP Utilisation 27.62% Asset Class CV
Liquidity Utilisation 1.96% Avg. Seasoning (% of Org Tnr) 21.10%
Average Loan to Value 81.40% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.35%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 14.10%
Cash Collateral (% of Pool Principal) 8.50% Loss cum Delinquency
FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 4.25%
SLP (% of Pool Principal) 8.00% 180+dpd (% of Initial Pool Size) 4.15%
EIS (% of Pool Principal) N.A CLAP Ratio 2.09%
Liquidity (% of Pool Principal) 4.87% Cumulative Loss Ratio 2.09%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) 0.28 Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of PTC Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of ptc principal) N.A.
Delinquency Rate (90+) N.A. SLP (% of ptc principal) N.A.
Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
0.6%
1.2%
1.8%
2.4%
1 8 15 22 29 36 43
CL CLAP
40%
60%
80%
100%
1 8 15 22 29 36 43
Cumulative CE Current CE
0.0%
1.5%
3.0%
4.5%
6.0%
1 8 15 22 29 36 43
Loss+delq. 90+ Loss+delq. 180+
0%
10%
20%
30%
40%
1 8 15 22 29 36 43
Cumulative
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 46
Asset Composition
Used
Car
100%
Issue Name: Indian Retail ABS Trust Series XXXVIII Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jul-05 Months Post- Securitisation 45
Transaction Structure Par Cumulative Collection Efficiency 94.11%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.75%
Pool Principal (Rs. mn) 3,686.2 Cumu. Credit Enhancement Utilisation 27.69%
No of Contracts 22,109 Cumulative Cash Collateral Utilisation 27.69%
Senior PTC Principal (Rs. mn) 4,029.9 FLP Utilisation 100.00%
Tenure of Cashflow (months) 57 SLP Utilisation 22.52% Asset Class U Cars
Liquidity Utilisation 3.25% Avg. Seasoning (% of Org Tnr) 8.40%
Average Loan to Value 74.30% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.97%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 35.54%
Cash Collateral (% of Pool Principal) 7.50% Loss cum Delinquency
FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 3.61%
SLP (% of Pool Principal) 7.00% 180+dpd (% of Initial Pool Size) 3.51%
EIS (% of Pool Principal) N.A CLAP Ratio 1.05%
Liquidity (% of Pool Principal) 4.25% Cumulative Loss Ratio 1.04%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 40.8 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 37.5 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 12 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of ptc principal) 0.00%
Delinquency Rate (90+) 17.91% SLP (% of ptc principal) >100%
Delinquency Rate (180+) 14.00% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
0.5%
1.0%
1.5%
1 8 15 22 29 36 43
CL CLAP
0%
1%
2%
3%
4%
5%
1 8 15 22 29 36 43
Loss+delq. 90+ Loss+delq. 180+
40%
60%
80%
100%
1 8 15 22 29 36 43
Cumulative CE Current CE
0%
10%
20%
30%
40%
1 8 15 22 29 36 43
Cumulative
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 47
Asset composition
LCV
28%
CE
15%
MUV
17% HCV
40%Issue Name: Indian Retail ABS Trust Series XL Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Sep-05 Months Post- Securitisation 43
Transaction Structure Par Cumulative Collection Efficiency 95.14%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.00%
Pool Principal (Rs. mn) 207.0 Cumu. Credit Enhancement Utilisation 43.14%
No of Contracts 539 Cumulative Cash Collateral Utilisation 43.14%
Senior PTC Principal (Rs. mn) 214.4 FLP Utilisation 100.00%
Tenure of Cashflow (months) 51 SLP Utilisation 38.58% Asset Class CV
Liquidity Utilisation 1.12% Avg. Seasoning (% of Org Tnr) 19.85%
Average Loan to Value 79.50% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.42%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 16.65%
Cash Collateral (% of Pool Principal) 6.70% Loss cum Delinquency
FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 4.08%
SLP (% of Pool Principal) 6.20% 180+dpd (% of Initial Pool Size) 4.00%
EIS (% of Pool Principal) N.A CLAP Ratio 2.85%
Liquidity (% of Pool Principal) 5.25% Cumulative Loss Ratio 2.85%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 0.3 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 0.3 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 8 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of ptc principal) 0.00%
Delinquency Rate (90+) 9.59% SLP (% of ptc principal) >100%
Delinquency Rate (180+) 9.59% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
1.5%
3.0%
4.5%
6.0%
1 8 15 22 29 36 43
Loss+delq. 90+ Loss+delq. 180+
0.0%
1.5%
3.0%
4.5%
6.0%
1 8 15 22 29 36 43
CL CLAP
0%
20%
40%
60%
80%
100%
1 8 15 22 29 36 43
Cumulative CE Current CE
0%
15%
30%
45%
60%
1 8 15 22 29 36 43
Cumulative
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 48
Asset composition
Used Cars
100%Issue Name: Indian Retail ABS Trust Series XLVI Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-05 Months Post- Securitisation 42
Transaction Structure Par Cumulative Collection Efficiency 94.60%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.06%
Pool Principal (Rs. mn) 1,016.0 Cumu. Credit Enhancement Utilisation 30.25%
No of Contracts 5,646 Cumulative Cash Collateral Utilisation 30.25%
Senior PTC Principal (Rs. mn) 1,116.3 FLP Utilisation 100.00%
Tenure of Cashflow (months) 57 SLP Utilisation 13.34% Asset Class U Cars
Liquidity Utilisation 7.21% Avg. Seasoning (% of Org Tnr) 6.00%
Average Loan to Value 74.60% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.94%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 32.82%
Cash Collateral (% of Pool Principal) 8.20% Loss cum Delinquency
FLP (% of Pool Principal) 1.60% 90+ dpd (% of Initial Pool Size) 3.87%
SLP (% of Pool Principal) 6.60% 180+dpd (% of Initial Pool Size) 3.72%
EIS (% of Pool Principal) N.A CLAP Ratio 1.27%
Liquidity (% of Pool Principal) 4.00% Cumulative Loss Ratio 1.24%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 21.3 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 19.3 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 15 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of ptc principal) 0.00%
Delinquency Rate (90+) 15.88% SLP (% of ptc principal) >100%
Delinquency Rate (180+) 11.30% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
1.2%
2.4%
3.6%
4.8%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
60%
70%
80%
90%
100%
1 8 15 22 29 36
Cumulative CE Current CE
0.0%
0.5%
1.0%
1.5%
1 8 15 22 29 36
CL CLAP
0%
7%
14%
21%
28%
35%
1 8 15 22 29 36 43
Cumulative
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 49
Asset composition
Personal
Loans
100%
Issue Name: Indian Retail ABS Trust Series 50 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Nov-05 Months Post- Securitisation 41
Transaction Structure Par Cumulative Collection Efficiency 92.60%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 92.84%
Pool Principal (Rs. mn) 6,305.0 Cumu. Credit Enhancement Utilisation 50.04%
No of Contracts 53,149 Cumulative Cash Collateral Utilisation 50.04%
Senior PTC Principal (Rs. mn) 7,010.7 FLP Utilisation 97.58%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class PL
Liquidity Utilisation 21.64% Avg. Seasoning (% of Org Tnr) 8.43%
Average Loan to Value N.A Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.47%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 17.41%
Cash Collateral (% of Pool Principal) 13.87% Loss cum Delinquency
FLP (% of Pool Principal) 7.11% 90+ dpd (% of Initial Pool Size) 6.71%
SLP (% of Pool Principal) 6.76% 180+dpd (% of Initial Pool Size) 6.42%
EIS (% of Pool Principal) N.A CLAP Ratio N.A.
Liquidity (% of Pool Principal) 3.62% Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 160.5 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 111.8 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 7 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of ptc principal) 9.70%
Delinquency Rate (90+) 22.42% SLP (% of ptc principal) >100%
Delinquency Rate (180+) 17.95% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
2%
4%
6%
8%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
60%
70%
80%
90%
100%
1 8 15 22 29 36
Cumulative CE Current CE
0%
2%
4%
6%
8%
1 8 15 22 29 36
CL CLAP
0%
15%
30%
45%
60%
1 8 15 22 29 36
Cumulative
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 50
Asset Composition
Auto
100%
Issue Name: ICICI Bank Ltd. (2005) ABS 14 (D.A. November 2005) Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Nov-05 Months Post- Securitisation 40
Transaction Structure Par Cumulative Collection Efficiency 95.47%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.22%
Pool Principal (Rs. mn) 2,024.5 Cumu. Credit Enhancement Utilisation 40.96%
No of Contracts 7,575 Cumulative Cash Collateral Utilisation 40.30%
Senior PTC Principal (Rs. mn) 2,024.5 FLP Utilisation 100.00%
Tenure of Cashflow (months) 55 SLP Utilisation 0.51% Asset Class N Cars
Liquidity Utilisation 28.80% Avg. Seasoning (% of Org Tnr) 10.10%
Average Loan to Value 79.50% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.52%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 18.83%
Cash Collateral (% of Pool Principal) 6.00% Loss cum Delinquency
FLP (% of Pool Principal) 2.40% 90+ dpd (% of Initial Pool Size) 4.50%
SLP (% of Pool Principal) 3.60% 180+dpd (% of Initial Pool Size) 3.69%
EIS (% of Pool Principal) 0.56% CLAP Ratio 0.90%
Liquidity (% of Pool Principal) 1.00% Cumulative Loss Ratio 0.77%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 302.6 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 302.6 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 15 Cash Collateral (% of Pool Principal) 23.96%
Break-even Collection Efficiency 77.97% FLP (% of pool principal) 0.00%
Delinquency Rate (90+) 23.09% SLP (% of pool principal) 23.96%
Delinquency Rate (180+) 17.71% Excess Interest Spread (% of Pool Principal) -1.90%
Collection efficiency Credit enhancement utilisation
CL and C LAP Loss cum Delinquency
0%
10%
20%
30%
40%
50%
1 7 13 19 25 31 37
Cumulative Monthly
0.0%
1.2%
2.4%
3.6%
4.8%
6.0%
1 7 13 19 25 31 37
Loss+delq. 90+ Loss+delq. 180+
60%
70%
80%
90%
100%
1 7 13 19 25 31 37
Cumulative CE Current CE
0.0%
0.3%
0.6%
0.9%
1.2%
1 7 13 19 25 31 37
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 51
Asset Composition
Personal
Loan
100%
Issue Name: Indian Retail ABS Trust Series 55 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Dec-05 Months Post- Securitisation 39
Transaction Structure Par Cumulative Collection Efficiency 92.39%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 92.55%
Pool Principal (Rs. mn) 5,038.5 Cumu. Credit Enhancement Utilisation 52.53%
No of Contracts 43,103 Cumulative Cash Collateral Utilisation 52.53%
Senior PTC Principal (Rs. mn) 5,664.5 FLP Utilisation 93.91%
Tenure of Cashflow (months) 44 SLP Utilisation 17.28% Asset Class PL
Liquidity Utilisation 32.72% Avg. Seasoning (% of Org Tnr) 8.31%
Average Loan to Value N.A Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.40%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 14.42%
Cash Collateral (% of Pool Principal) 13.40% Loss cum Delinquency
FLP (% of Pool Principal) 6.00% 90+ dpd (% of Initial Pool Size) 7.56%
SLP (% of Pool Principal) 7.40% 180+dpd (% of Initial Pool Size) 7.14%
EIS (% of Pool Principal) N.A CLAP Ratio N.A.
Liquidity (% of Pool Principal) 3.70% Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 229.9 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 192.9 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 5 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of ptc principal) 9.54%
Delinquency Rate (90+) 25.08% SLP (% of ptc principal) >100%
Delinquency Rate (180+) 20.22% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
3%
6%
9%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
0%
2%
4%
6%
8%
1 8 15 22 29 36
CL CLAP
60%
70%
80%
90%
100%
1 8 15 22 29 36
Cumulative CE Current CE
0%
15%
30%
45%
60%
1 7 13 19 25 31 37
Cumulative
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 52
Asset Composition
TWL
100%
Issue Name: ICICI Bank Ltd. (2006) ABS 1 (D.A. March 2006) Trustee: N.A.
Issue Details Pool Performance till: November 2008
Commencement Month Mar-06 Months Post- Securitisation 32
Transaction Structure Par Cumulative Collection Efficiency 94.89%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.05%
Pool Principal (Rs. mn) 983.2 Cumu. Credit Enhancement Utilisation 21.86%
No of Contracts 38,994 Cumulative Cash Collateral Utilisation 40.32%
Senior PTC Principal (Rs. mn) 983.2 FLP Utilisation 62.11%
Tenure of Cashflow (months) 32 SLP Utilisation 0.00% Asset Class TW
Liquidity Utilisation 0.00% Avg. Seasoning (% of Org Tnr) 8.91%
Average Loan to Value 73.30% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.23%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 7.15%
Cash Collateral (% of Pool Principal) 8.55% Loss cum Delinquency
FLP (% of Pool Principal) 5.55% 90+ dpd (% of Initial Pool Size) 4.26%
SLP (% of Pool Principal) 3.00% 180+dpd (% of Initial Pool Size) 3.89%
EIS (% of Pool Principal) 0.75% CLAP Ratio 0.75%
Liquidity (% of Pool Principal) 1.00% Cumulative Loss Ratio 0.75%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of Pool Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of pool principal) N.A.
Delinquency Rate (90+) N.A. SLP (% of pool principal) N.A.
Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
1.2%
2.4%
3.6%
4.8%
1 8 15 22 29
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.3%
0.6%
0.9%
1.2%
1 8 15 22 29
CL CLAP
0%
6%
12%
18%
24%
1 8 15 22 29
Cumulative Monthly
50%
60%
70%
80%
90%
100%
1 8 15 22 29
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 53
Asset Composition
Auto
100%
Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I Trustee: N.A.
Issue Details Pool Performance till: February 2009
Commencement Month May-06 Months Post- Securitisation 33
Transaction Structure Par Cumulative Collection Efficiency 92.81%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.42%
Pool Principal (Rs. mn) 2,000.0 Cumu. Credit Enhancement Utilisation 44.83%
No of Contracts 7,000 Cumulative Cash Collateral Utilisation 71.60%
Senior PTC Principal (Rs. mn) 2,000.0 FLP Utilisation 100.00%
Tenure of Cashflow (months) 57 SLP Utilisation 56.30% Asset Class N Cars
Liquidity Utilisation 64.73% Avg. Seasoning (% of Org Tnr) 4.88%
Average Loan to Value 82.01% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.49%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 15.03%
Cash Collateral (% of Pool Principal) 6.00% Loss cum Delinquency
FLP (% of Pool Principal) 2.10% 90+ dpd (% of Initial Pool Size) 9.12%
SLP (% of Pool Principal) 3.90% 180+dpd (% of Initial Pool Size) 7.50%
EIS (% of Pool Principal) 0.59% CLAP Ratio 2.13%
Liquidity (% of Pool Principal) 0.60% Cumulative Loss Ratio 1.35%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 731.5 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 731.5 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 24 Cash Collateral (% of Pool Principal) 4.66%
Break-even Collection Efficiency 95.24% FLP (% of pool principal) 0.00%
Delinquency Rate (90+) 13.68% SLP (% of pool principal) 4.66%
Delinquency Rate (180+) 9.97% Excess Interest Spread (% of Pool Principal) -0.90%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
2.5%
5.0%
7.5%
10.0%
1 5 9 13 17 21 25 29 33
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.7%
1.4%
2.1%
2.8%
1 5 9 13 17 21 25 29 33
CL CLAP
50%
60%
70%
80%
90%
100%
1 5 9 13 17 21 25 29 33
Cumulative CE Current CE
0%
15%
30%
45%
60%
1 5 9 13 17 21 25 29 33
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 54
Asset Composition HCV
48%
Muv
&Others
15%
LCV
37%
Issue Name: Indian Retail ABS Trust Series 58 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jun-06 Months Post- Securitisation 33
Transaction Structure Par Cumulative Collection Efficiency 89.06%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.65%
Pool Principal (Rs. mn) 804.9 Cumu. Credit Enhancement Utilisation 64.54%
No of Contracts 3,383 Cumulative Cash Collateral Utilisation 59.39%
Senior PTC Principal (Rs. mn) 804.9 FLP Utilisation N.A
Tenure of Cashflow (months) 54 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation 45.07% Avg. Seasoning (% of Org Tnr) 12.70%
Average Loan to Value 80.90% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.63%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 18.82%
Cash Collateral (% of Pool Principal) 9.75% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 10.80%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 9.51%
EIS (% of Pool Principal) 1.73% CLAP Ratio 5.82%
Liquidity (% of Pool Principal) 3.50% Cumulative Loss Ratio 5.36%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 63.4 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 55.5 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 21 Cash Collateral (% of PTC Principal) 57.46%
Break-even Collection Efficiency 57.36% FLP (% of ptc principal) N.A
Delinquency Rate (90+) 21.68% SLP (% of ptc principal) N.A
Delinquency Rate (180+) 13.10% Excess Interest Spread (% of Pool Principal) -5.52%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
3%
6%
9%
12%
1 8 15 22 29
Loss+delq. 90+ Loss+delq. 180+
0%
2%
4%
6%
8%
1 8 15 22 29
CL CLAP
20%
40%
60%
80%
100%
1 8 15 22 29
Cumulative CE Current CE
0%
20%
40%
60%
80%
1 8 15 22 29
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 55
Asset Composition
Auto
100%
Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I I Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Jun-06 Months Post- Securitisation 33
Transaction Structure Par Cumulative Collection Efficiency 94.21%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.48%
Pool Principal (Rs. mn) 2,460.0 Cumu. Credit Enhancement Utilisation 68.52%
No of Contracts 10,143 Cumulative Cash Collateral Utilisation 69.22%
Senior PTC Principal (Rs. mn) 2,460.0 FLP Utilisation 100.00%
Tenure of Cashflow (months) 56 SLP Utilisation 12.04% Asset Class N Cars
Liquidity Utilisation 56.06% Avg. Seasoning (% of Org Tnr) 10.95%
Average Loan to Value 80.63% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.57%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 17.11%
Cash Collateral (% of Pool Principal) 5.20% Loss cum Delinquency
FLP (% of Pool Principal) 3.38% 90+ dpd (% of Initial Pool Size) 6.64%
SLP (% of Pool Principal) 1.82% 180+dpd (% of Initial Pool Size) 5.55%
EIS (% of Pool Principal) 0.44% CLAP Ratio 2.04%
Liquidity (% of Pool Principal) 0.60% Cumulative Loss Ratio 1.54%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 604.9 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 604.9 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 23 Cash Collateral (% of Pool Principal) 6.51%
Break-even Collection Efficiency 94.11% FLP (% of pool principal) 0.00%
Delinquency Rate (90+) 11.00% SLP (% of pool principal) 6.51%
Delinquency Rate (180+) 7.63% Excess Interest Spread (% of Pool Principal) -1.32%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
20%
40%
60%
80%
1 8 15 22 29
Cumulative Monthly
0%
2%
4%
6%
8%
1 8 15 22 29
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.6%
1.2%
1.8%
2.4%
1 8 15 22 29
CL CLAP
60%
70%
80%
90%
100%
1 8 15 22 29
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 56
Asset Composition
Auto
100%
Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I I I Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Jun-06 Months Post- Securitisation 34
Transaction Structure Par Cumulative Collection Efficiency 95.67%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.85%
Pool Principal (Rs. mn) 2,001.0 Cumu. Credit Enhancement Utilisation 46.07%
No of Contracts 7,930 Cumulative Cash Collateral Utilisation 39.92%
Senior PTC Principal (Rs. mn) 2,001.0 FLP Utilisation 61.47%
Tenure of Cashflow (months) 55 SLP Utilisation 0.00% Asset Class N Cars
Liquidity Utilisation 54.61% Avg. Seasoning (% of Org Tnr) 12.41%
Average Loan to Value 79.82% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.55%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 17.04%
Cash Collateral (% of Pool Principal) 5.45% Loss cum Delinquency
FLP (% of Pool Principal) 3.54% 90+ dpd (% of Initial Pool Size) 5.44%
SLP (% of Pool Principal) 1.91% 180+dpd (% of Initial Pool Size) 4.09%
EIS (% of Pool Principal) -1.18% CLAP Ratio 1.05%
Liquidity (% of Pool Principal) 0.60% Cumulative Loss Ratio 0.76%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 558.2 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 558.2 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 21 Cash Collateral (% of Pool Principal) 10.74%
Break-even Collection Efficiency 89.43% FLP (% of pool principal) 4.89%
Delinquency Rate (90+) 10.43% SLP (% of pool principal) 6.85%
Delinquency Rate (180+) 6.59% Excess Interest Spread (% of Pool Principal) -1.75%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
10%
20%
30%
40%
50%
1 8 15 22 29
Cumulative Monthly
0%
2%
4%
6%
1 8 15 22 29
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.3%
0.6%
0.9%
1.2%
1 8 15 22 29
CL CLAP
60%
70%
80%
90%
100%
1 8 15 22 29
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 57
A s s e t C o m p o s it io n TW L
2 5 %
Us e d Ca rs
6 0 %
Ne w Ca rs
1 5 %
Issue Name: Indian Retail ABS Trust Series 62 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: October 2008
Commencement Month Jun-06 Months Post- Securitisation 28
Transaction Structure Par Cumulative Collection Efficiency 94.16%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.61%
Pool Principal (Rs. mn) 1,586.3 Cumu. Credit Enhancement Utilisation 46.23%
No of Contracts 24,253 Cumulative Cash Collateral Utilisation 42.94%
Senior PTC Principal (Rs. mn) 1,586.3 FLP Utilisation 71.56%
Tenure of Cashflow (months) 29 SLP Utilisation 0.00% Asset Class U Cars TW N Cars
Liquidity Utilisation 0.00% Avg. Seasoning (% of Org Tnr) 18.50% 12.03% 57.09%
Average Loan to Value 75.28% 69.92% 71.36% Prepayment Rate U Cars TW N Cars
Credit / Liquidity Support Monthly Prepayment Rate 1.02% 0.21% 0.20%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 24.88% 5.63% 5.38%
Cash Collateral (% of Pool Principal) 4.60% Loss cum Delinquency
FLP (% of Pool Principal) 1.84% 90+ dpd (% of Initial Pool Size) 4.01% 6.68% 0.37%
SLP (% of Pool Principal) 2.76% 180+dpd (% of Initial Pool Size) 3.60% 6.68% 0.37%
EIS (% of Pool Principal) 3.70% CLAP Ratio 0.65% 1.03% 0.00%
Liquidity (% of Pool Principal) 5.60% Cumulative Loss Ratio 0.64% 1.03% 0.00%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of PTC Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of ptc principal) N.A.
Delinquency Rate (90+) N.A. N.A. N.A. SLP (% of ptc principal) N.A.
Delinquency Rate (180+) N.A. N.A. N.A. Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
2%
4%
6%
8%
1 6 11 16 21 26
N Car loss + delq. 180+ U Car loss + delq. 180+TWL loss+ delq. 180+
0.0%
0.3%
0.6%
0.9%
1.2%
1 6 11 16 21 26
N Car CLAP U Car CLAPTWL CLAP
0%
10%
20%
30%
40%
1 6 11 16 21 26
Cumulative Monthly
60%
70%
80%
90%
100%
1 6 11 16 21 26
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 58
Asset Composition
New Cars
58%
Used Cars
42%Issue Name: Indian Retail ABS Trust Series 63 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: November 2008
Commencement Month Jul-06 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 95.41%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.54%
Pool Principal (Rs. mn) 2,071.1 Cumu. Credit Enhancement Utilisation 57.54%
No of Contracts 10,916 Cumulative Cash Collateral Utilisation 53.45%
Senior PTC Principal (Rs. mn) 2,071.1 FLP Utilisation 100.00%
Tenure of Cashflow (months) 28 SLP Utilisation 22.45% Asset Class U Cars N Cars
Liquidity Utilisation 0.00% Avg. Seasoning (% of Org Tnr) 13.77% 21.91%
Average Loan to Value 72.41% 74.90% Prepayment Rate U Cars N Cars
Credit / Liquidity Support Monthly Prepayment Rate 1.16% 0.41%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 27.03% 10.52%
Cash Collateral (% of Pool Principal) 4.60% Loss cum Delinquency
FLP (% of Pool Principal) 1.84% 90+ dpd (% of Initial Pool Size) 5.29% 1.98%
SLP (% of Pool Principal) 2.76% 180+dpd (% of Initial Pool Size) 4.76% 1.76%
EIS (% of Pool Principal) 1.76% CLAP Ratio 0.78% 0.22%
Liquidity (% of Pool Principal) 4.90% Cumulative Loss Ratio 0.77% 0.22%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of PTC Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of ptc principal) N.A.
Delinquency Rate (90+) N.A. N.A. SLP (% of ptc principal) N.A.
Delinquency Rate (180+) N.A. N.A. Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1 6 11 16 21 26
N Car CLAP U Car CLAP
60%
70%
80%
90%
100%
1 6 11 16 21 26
Cumulative CE Current CE
0%
10%
20%
30%
40%
1 6 11 16 21 26
Cumulative Monthly
0%
1%
2%
3%
4%
5%
1 6 11 16 21 26
N Car Loss+delq. 180+ U Car Loss+delq.180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 59
Asset Composition
New Car
70%
Used Car
30%Issue Name: Indian Retail ABS Trust Series 64 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jul-06 Months Post- Securitisation 31
Transaction Structure Par Cumulative Collection Efficiency 96.61%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.50%
Pool Principal (Rs. mn) 8,491.6 Cumu. Credit Enhancement Utilisation 28.29%
No of Contracts 44,295 Cumulative Cash Collateral Utilisation 24.47%
Senior PTC Principal (Rs. mn) 8,491.6 FLP Utilisation 61.16%
Tenure of Cashflow (months) 32 SLP Utilisation 0.00% Asset Class U Cars N Cars
Liquidity Utilisation 1.85% Avg. Seasoning (% of Org Tnr) 11.84% 23.04%
Average Loan to Value 74.48% 74.63% Prepayment Rate U Cars N Cars
Credit / Liquidity Support Monthly Prepayment Rate 0.96% 0.30%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 25.23% 8.48%
Cash Collateral (% of Pool Principal) 4.75% Loss cum Delinquency
FLP (% of Pool Principal) 1.90% 90+ dpd (% of Initial Pool Size) 5.90% 1.14%
SLP (% of Pool Principal) 2.85% 180+dpd (% of Initial Pool Size) 5.33% 0.96%
EIS (% of Pool Principal) 3.08% CLAP Ratio 1.31% 0.08%
Liquidity (% of Pool Principal) 5.62% Cumulative Loss Ratio 1.30% 0.08%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of PTC Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of ptc principal) N.A.
Delinquency Rate (90+) N.A. N.A. SLP (% of ptc principal) N.A.
Delinquency Rate (180+) N.A. N.A. Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
1.5%
3.0%
4.5%
6.0%
1 5 9 13 17 21 25 29 33
Auto Loss+delq.180+ Used Car Loss+delq180+
0.0%
0.5%
1.0%
1.5%
1 5 9 13 17 21 25 29
Auto CLAP Used Car CLAP
0%
10%
20%
30%
40%
1 5 9 13 17 21 25 29
Cumulative Monthly
80%
85%
90%
95%
100%
1 5 9 13 17 21 25 29
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 60
Asset Composition
TWL
100%
Issue Name: Indian Retail ABS Trust Series 66 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: January 2009
Commencement Month Jul-06 Months Post- Securitisation 28
Transaction Structure Par Cumulative Collection Efficiency 91.35%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.26%
Pool Principal (Rs. mn) 3,882.3 Cumu. Credit Enhancement Utilisation 56.25%
No of Contracts 161,636 Cumulative Cash Collateral Utilisation 41.19%
Senior PTC Principal (Rs. mn) 3,987.7 FLP Utilisation 43.00%
Tenure of Cashflow (months) 29 SLP Utilisation 0.00% Asset Class TW
Liquidity Utilisation 15.11% Avg. Seasoning (% of Org Tnr) 19.66%
Average Loan to Value 75.56% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.30%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 8.19%
Cash Collateral (% of Pool Principal) 5.60% Loss cum Delinquency
FLP (% of Pool Principal) 3.36% 90+ dpd (% of Initial Pool Size) 7.28%
SLP (% of Pool Principal) 2.24% 180+dpd (% of Initial Pool Size) 6.72%
EIS (% of Pool Principal) 6.68% CLAP Ratio 1.38%
Liquidity (% of Pool Principal) 5.92% Cumulative Loss Ratio 1.38%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of PTC Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of ptc principal) N.A.
Delinquency Rate (90+) N.A. SLP (% of ptc principal) N.A.
Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
15%
30%
45%
60%
1 6 11 16 21 26
Cumulative Monthly
0%
2%
4%
6%
8%
1 6 11 16 21 26
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.5%
1.0%
1.5%
2.0%
1 6 11 16 21 26
CL CLAP
20%
40%
60%
80%
100%
1 6 11 16 21 26
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 61
Asset Composition
TWL
64%
Car
36%
Issue Name: Ind ian Retail ABS Trust Series 67 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jul-06 Months Post- Securitisation 30
Transaction Structure Par Cumulative Collection Efficiency 92.85%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.71%
Pool Principal (Rs. mn) 8,678.2 Cumu. Credit Enhancement Utilisation 37.55%
No of Contracts 228,226 Cumulative Cash Collateral Utilisation 22.88%
Senior PTC Principal (Rs. mn) 8,813.4 FLP Utilisation 41.58%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class TW N Cars
Liquidity Utilisation 28.85% Avg. Seasoning (% of Org Tnr) 15.21% 10.15%
Average Loan to Value 73.23% 76.59% Prepayment Rate TW N Cars
Credit / Liquidity Support Monthly Prepayment Rate 0.25% 0.41%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 7.36% 11.65%
Cash Collateral (% of Pool Principal) 6.40% Loss cum Delinquency
FLP (% of Pool Principal) 2.56% 90+ dpd (% of Initial Pool Size) 7.29% 3.38%
SLP (% of Pool Principal) 3.84% 180+dpd (% of Initial Pool Size) 6.90% 2.67%
EIS (% of Pool Principal) 5.60% CLAP Ratio 1.42% 0.34%
Liquidity (% of Pool Principal) 4.61% Cumulative Loss Ratio 1.41% 0.30%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 458.0 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 374.2 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 18 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 19.34% FLP (% of ptc principal) 52.35%
Delinquency Rate (90+) 22.99% 9.20% SLP (% of ptc principal) 58.81%
Delinquency Rate (180+) 15.28% 6.09% Excess Interest Spread (% of Pool Principal) -6.45%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
10%
20%
30%
40%
50%
1 6 11 16 21 2 31
Cumulative Monthly
0.0%
0.5%
1.0%
1.5%
2.0%
1 6 11 16 21 26
Auto CLAP TWL CLAP
0%
2%
4%
6%
8%
1 6 11 16 21 26
Auto Loss+delq180+ TWL Loss+delq.180+
40%
60%
80%
100%
1 6 11 16 21 26
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset CompositionCar
47%TWL
53%
Issue Name: Indian Retail ABS Trust Series 68 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-06 Months Post- Securitisation 30
Transaction Structure Par Cumulative Collection Efficiency 95.68%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.60%
Pool Principal (Rs. mn) 3,032.9 Cumu. Credit Enhancement Utilisation 34.40%
No of Contracts 72,101 Cumulative Cash Collateral Utilisation 23.22%
Senior PTC Principal (Rs. mn) 3,032.9 FLP Utilisation 58.04%
Tenure of Cashflow (months) 31 SLP Utilisation 0.00% Asset Class TW N Cars
Liquidity Utilisation 0.00% Avg. Seasoning (% of Org Tnr) 15.85% 44.41%
Average Loan to Value 73.52% 75.01% Prepayment Rate TW N Cars
Credit / Liquidity Support Monthly Prepayment Rate 0.24% 0.28%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.84% 8.19%
Cash Collateral (% of Pool Principal) 4.40% Loss cum Delinquency
FLP (% of Pool Principal) 1.76% 90+ dpd (% of Initial Pool Size) 5.83% 0.51%
SLP (% of Pool Principal) 2.64% 180+dpd (% of Initial Pool Size) 5.43% 0.51%
EIS (% of Pool Principal) 4.79% CLAP Ratio 0.97% 0.03%
Liquidity (% of Pool Principal) 5.76% Cumulative Loss Ratio 0.97% 0.03%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of PTC Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of ptc principal) N.A.
Delinquency Rate (90+) N.A. N.A. SLP (% of ptc principal) N.A.
Delinquency Rate (180+) N.A. N.A Excess Interest Spread (% of Pool Principal) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
6%
12%
18%
24%
30%
36%
1 6 11 16 21 26
Cumulative Monthly
0.0%
0.3%
0.6%
0.9%
1.2%
1 6 11 16 21 26
Auto CLAP TWL CLAP
20%
40%
60%
80%
100%
1 6 11 16 21 26
Cumulative CE Current CE
0.0%
1.5%
3.0%
4.5%
6.0%
1 6 11 16 21 26
Auto Loss+delq.180+ TWL Loss+delq.180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 63
Asset Composition
Car
71%
CV
29%Issue Name: ICICI Bank Ltd. CV and Car Loan Pool D.A December 2006 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Dec-06 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 94.16%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.98%
Pool Principal (Rs. mn) 1,525.9 Cumu. Credit Enhancement Utilisation 48.21%
No of Contracts 4,870 Cumulative Cash Collateral Utilisation 38.16%
Senior PTC Principal (Rs. mn) 1,525.9 FLP Utilisation N.A
Tenure of Cashflow (months) 56 SLP Utilisation N.A Asset Class CV N Cars
Liquidity Utilisation 79.64% Avg. Seasoning (% of Org Tnr) 9.16% 6.79%
Average Loan to Value 87.17% 76.51% Prepayment Rate CV N Cars
Credit / Liquidity Support Monthly Prepayment Rate 0.40% 0.54%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.37% 13.67%
Cash Collateral (% of Pool Principal) 8.52% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 7.57% 6.28%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 5.91% 4.76%
EIS (% of Pool Principal) 1.43% CLAP Ratio 2.93% 0.92%
Liquidity (% of Pool Principal) 0.80% Cumulative Loss Ratio 2.04% 0.58%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 536.2 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 536.2 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 29 Cash Collateral (% of Pool Principal) 14.96%
Break-even Collection Efficiency 85.66% FLP (% of pool principal) N.A
Delinquency Rate (90+) 10.70% 10.18% SLP (% of pool principal) N.A
Delinquency Rate (180+) 6.68% 6.76% Excess Interest Spread (% of Pool Principal) -0.13%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
2%
4%
6%
8%
1 5 9 13 17 21 25
Auto Loss+dlq.180+ CV Loss+dlq 180+
0%
15%
30%
45%
60%
1 5 9 13 17 21 25
Cumulative Monthly
0%
1%
2%
3%
4%
1 5 9 13 17 21 25
Auto CLAP CV CLAP
60%
70%
80%
90%
100%
1 5 9 13 17 21 25
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 64
Asset Composition
New Car
100%
Issue Name: Indian Retail ABS Trust Series 71 Trustee: AXIS Bank Limited
Issue Details Pool Performance till: March 2009
Commencement Month Dec-06 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 97.47%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.26%
Pool Principal (Rs. mn) 1,536.3 Cumu. Credit Enhancement Utilisation 21.31%
No of Contracts 5,683 Cumulative Cash Collateral Utilisation 16.46%
Senior PTC Principal (Rs. mn) 1,536.3 FLP Utilisation 53.15%
Tenure of Cashflow (months) 29 Rated FLP Utilisation10
0.00% Asset Class N Cars
Liquidity Utilisation 55.25% Avg. Seasoning (% of Org Tnr) 13.28%
Average Loan to Value 74.57% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.40%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.32%
Cash Collateral (% of Pool Principal) 5.50% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.82%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.49%
EIS (% of Pool Principal) 2.76% CLAP Ratio 0.11%
Liquidity (% of Pool Principal) 5.76% Cumulative Loss Ratio 0.10%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 52.3 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 7.6 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 2 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of ptc principal) >100%
Delinquency Rate (90+) 4.99% Rated FLP (% of ptc principal) >100%
Delinquency Rate (180+) 3.06% Excess Interest Spread (% of Pool Principal) -21.75%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
10
This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.
0.0%
0.6%
1.2%
1.8%
2.4%
1 5 9 13 17 21 25
Loss+delq. 90+ Loss+delq. 180+
80%
85%
90%
95%
100%
1 5 9 13 17 21 25
Cumulative CE Current CE
0.00%
0.06%
0.12%
0.18%
0.24%
1 5 9 13 17 21 25
CL CLAP
0%
6%
12%
18%
24%
1 5 9 13 17 21 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 65
Asset Composition
Car
76%
Used
Car
24%
Issue Name: ICICI Banlk Ltd. Car and Used Car Loan Pool D.A Dec 2006 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Dec-06 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 95.42%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.39%
Pool Principal (Rs. mn) 2,859.2 Cumu. Credit Enhancement Utilisation 37.63%
No of Contracts 10,589 Cumulative Cash Collateral Utilisation 22.88%
Senior PTC Principal (Rs. mn) 2,859.2 FLP Utilisation N.A
Tenure of Cashflow (months) 54 SLP Utilisation N.A Asset Class U Cars N Cars
Liquidity Utilisation 71.79% Avg. Seasoning (% of Org Tnr) 11.02% 10.87%
Average Loan to Value 71.09% 79.86% Prepayment Rate U Cars N Cars
Credit / Liquidity Support Monthly Prepayment Rate 1.44% 0.50%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 32.47% 12.72%
Cash Collateral (% of Pool Principal) 6.41% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 10.20% 2.45%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 6.63% 2.17%
EIS (% of Pool Principal) 2.14% CLAP Ratio 1.53% 0.46%
Liquidity (% of Pool Principal) 0.50% Cumulative Loss Ratio 1.35% 0.31%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 799.0 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 799.0 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 27 Cash Collateral (% of Pool Principal) 18.42%
Break-even Collection Efficiency 82.94% FLP (% of pool principal) N.A
Delinquency Rate (90+) 21.07% 5.78% SLP (% of pool principal) N.A
Delinquency Rate (180+) 15.11% 3.30% Excess Interest Spread (% of Pool Principal) 0.20%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
1.8%
3.6%
5.4%
7.2%
1 5 9 13 17 21 25
Auto Loss+dlq.180+ CV Loss+dlq 180+
0.0%
0.4%
0.8%
1.2%
1.6%
1 5 9 13 17 21 25
Auto CLAP CV CLAP
0%
10%
20%
30%
40%
1 5 9 13 17 21 25
Cumulative Monthly
60%
70%
80%
90%
100%
1 5 9 13 17 21 25
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 66
Asset Composition
Auto
100%
Issue Name: ICICI Bank Ltd. Car Loan Pool D.A. December 2006 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Dec-06 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 95.99%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.21%
Pool Principal (Rs. mn) 3,000.3 Cumu. Credit Enhancement Utilisation 43.66%
No of Contracts 9,870 Cumulative Cash Collateral Utilisation 31.61%
Senior PTC Principal (Rs. mn) 3,000.3 FLP Utilisation N.A
Tenure of Cashflow (months) 52 SLP Utilisation N.A Asset Class N Cars
Liquidity Utilisation 85.76% Avg. Seasoning (% of Org Tnr) 10.83%
Average Loan to Value 77.04% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.44%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 11.18%
Cash Collateral (% of Pool Principal) 6.50% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 4.55%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 3.43%
EIS (% of Pool Principal) 1.05% CLAP Ratio 0.54%
Liquidity (% of Pool Principal) 0.50% Cumulative Loss Ratio 0.41%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 695.1 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 695.1 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 25 Cash Collateral (% of Pool Principal) 19.19%
Break-even Collection Efficiency 82.35% FLP (% of pool principal) N.A
Delinquency Rate (90+) 9.74% SLP (% of pool principal) N.A
Delinquency Rate (180+) 6.29% Excess Interest Spread (% of Pool Principal) -0.39%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
1%
2%
3%
4%
5%
1 6 11 16 21 26
Loss + Delq. 90+ Loss+delq. 180+
0.0%
0.2%
0.4%
0.6%
0.8%
1 6 11 16 21 26
CL CLAP
0%
10%
20%
30%
40%
50%
1 6 11 16 21 26
Cumulative Monthly
60%
70%
80%
90%
100%
1 6 11 16 21 26
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 67
Asset Composition
New
Car
77%
Used
Car
23%Issue Name: Indian Retail ABS Trust Series 70 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Dec-06 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 96.28%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.51%
Pool Principal (Rs. mn) 2,896.9 Cumu. Credit Enhancement Utilisation 24.29%
No of Contracts 10,574 Cumulative Cash Collateral Utilisation 17.62%
Senior PTC Principal (Rs. mn) 2,896.9 FLP Utilisation 47.19%
Tenure of Cashflow (months) 43 Rated FLP Utilisation11
0.00% Asset Class U Cars N Cars
Liquidity Utilisation 70.61% Avg. Seasoning (% of Org Tnr) 13.28% 12.92%
Average Loan to Value 73.91% 76.31% Prepayment Rate U Cars N Cars
Credit / Liquidity Support Monthly Prepayment Rate 1.18% 0.39%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 27.44% 9.97%
Cash Collateral (% of Pool Principal) 6.80% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 5.79% 2.75%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 4.79% 2.16%
EIS (% of Pool Principal) 3.85% CLAP Ratio 1.08% 0.23%
Liquidity (% of Pool Principal) 4.00% Cumulative Loss Ratio 0.95% 0.20%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 395.6 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 324.1 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 16 Cash Collateral (% of PTC Principal) 50.08%
Break-even Collection Efficiency 61.59% FLP (% of ptc principal) 11.98%
Delinquency Rate (90+) 14.10% 7.17% Rated FLP (% of ptc principal) 38.09%
Delinquency Rate (180+) 9.43% 4.73% Excess Interest Spread (% of Pool Principal) -1.14%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
11
This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.
0%
2%
4%
6%
1 5 9 13 17 21 25
AutoLoss+delq.180+ Used Car Loss+delq.180+
0.0%
0.3%
0.6%
0.9%
1.2%
1 5 9 13 17 21 25
Auto CLAP Used Car CLAP
70%
80%
90%
100%
1 5 9 13 17 21 25
Cumulative CE Current CE
0%
7%
14%
21%
28%
1 5 9 13 17 21 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
MHCV
54% MUV
16%
LCV
30%
Issue Name: ICICI Bank Ltd. CV Loan Pool D.A December 2006 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Dec-06 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 90.24%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.31%
Pool Principal (Rs. mn) 1,011.5 Cumu. Credit Enhancement Utilisation 56.68%
No of Contracts 2,893 Cumulative Cash Collateral Utilisation 45.10%
Senior PTC Principal (Rs. mn) 1,011.5 FLP Utilisation N.A
Tenure of Cashflow (months) 56 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation 100.00% Avg. Seasoning (% of Org Tnr) 22.37%
Average Loan to Value 85.32% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.32%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 8.32%
Cash Collateral (% of Pool Principal) 12.15% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 10.40%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 8.45%
EIS (% of Pool Principal) 0.80% CLAP Ratio 2.65%
Liquidity (% of Pool Principal) 1.10% Cumulative Loss Ratio 2.07%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 220.2 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 220.2 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 29 Cash Collateral (% of Pool Principal) 30.63%
Break-even Collection Efficiency 74.29% FLP (% of pool principal) N.A
Delinquency Rate (90+) 18.67% SLP (% of pool principal) N.A
Delinquency Rate (180+) 12.76% Excess Interest Spread (% of Pool Principal) -3.84%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
3%
6%
9%
12%
1 6 11 16 21 26
Loss + Delq. 90+ Loss+delq. 180+
0.0%
0.7%
1.4%
2.1%
2.8%
1 6 11 16 21 26
CL CLAP
0%
15%
30%
45%
60%
1 6 11 16 21 26
Cumulative Monthly
20%
40%
60%
80%
100%
1 6 11 16 21 26
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 69
Asset Composition
PL
100%
Issue Name: ICICI Bnak Ltd. Personal Loan Pool D.A December 2006 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Dec-06 Months Post- Securitisation 29
Transaction Structure Par Cumulative Collection Efficiency 92.18%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.09%
Pool Principal (Rs. mn) 9,517.0 Cumu. Credit Enhancement Utilisation 47.28%
No of Contracts 95,591 Cumulative Cash Collateral Utilisation 38.58%
Senior PTC Principal (Rs. mn) 9,517.0 FLP Utilisation 62.47%
Tenure of Cashflow (months) 38 Rated FLP Utilisation12
0.00% Asset Class PL
Liquidity Utilisation 15.22% Avg. Seasoning (% of Org Tnr) n.a.
Average Loan to Value N.A Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.43%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 11.46%
Cash Collateral (% of Pool Principal) 14.25% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 7.38%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 6.74%
EIS (% of Pool Principal) 5.08% CLAP Ratio N.A.
Liquidity (% of Pool Principal) 1.50% Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 314.6 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 314.6 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 10 Cash Collateral (% of Pool Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of pool principal) >100%
Delinquency Rate (90+) >100% Rated FLP (% of pool principal) >100%
Delinquency Rate (180+) >100% Excess Interest Spread (% of Pool Principal) -4.22%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
12
This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.
0%
2%
4%
6%
8%
1 5 9 13 17 21 25
Loss + Delq. 90+ Loss + Delq. 180+
0%
1%
2%
3%
4%
1 5 9 13 17 21 25
CL CLAP
0%
15%
30%
45%
60%
1 5 9 13 17 21 25
Cumulative Monthly
60%
70%
80%
90%
100%
1 5 9 13 17 21 25
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
New Car
100%
Issue Name: Indian Retail ABS Trust Series 72 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jan-07 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 96.64%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.75%
Pool Principal (Rs. mn) 872.0 Cumu. Credit Enhancement Utilisation 24.54%
No of Contracts 3,338 Cumulative Cash Collateral Utilisation 18.68%
Senior PTC Principal (Rs. mn) 872.0 FLP Utilisation 47.70%
Tenure of Cashflow (months) 31 Rated FLP Utilisation13
0.00% Asset Class N Cars
Liquidity Utilisation 67.24% Avg. Seasoning (% of Org Tnr) 11.97%
Average Loan to Value 73.47% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.41%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.62%
Cash Collateral (% of Pool Principal) 5.70% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 2.74%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 2.17%
EIS (% of Pool Principal) 3.53% CLAP Ratio 0.21%
Liquidity (% of Pool Principal) 4.30% Cumulative Loss Ratio 0.19%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 63.6 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 41.1 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 4 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 40.80% FLP (% of ptc principal) 26.96%
Delinquency Rate (90+) 7.71% Rated FLP (% of ptc principal) 73.28%
Delinquency Rate (180+) 4.71% Excess Interest Spread (% of Pool Principal) -15.40%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
13
This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.
0.0%
0.8%
1.6%
2.4%
3.2%
1 5 9 13 17 21 25
Loss+delq. 90+ Loss+delq. 180+
0.00%
0.06%
0.12%
0.18%
0.24%
1 5 9 13 17 21 25
CL CLAP
70%
80%
90%
100%
110%
1 5 9 13 17 21 25
Cumulative CE Current CE
0%
7%
14%
21%
28%
1 5 9 13 17 21 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 71
Asset Composition
New
Car
100%
Issue Name: Indian Retail ABS Trust Series 73 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jan-07 Months Post- Securitisation 27
Transaction Structure Par Cumulative Collection Efficiency 96.63%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.51%
Pool Principal (Rs. mn) 875.4 Cumu. Credit Enhancement Utilisation 27.23%
No of Contracts 3,338 Cumulative Cash Collateral Utilisation 21.04%
Senior PTC Principal (Rs. mn) 875.4 FLP Utilisation 49.96%
Tenure of Cashflow (months) 31 Rated FLP Utilisation14
0.00% Asset Class N Cars
Liquidity Utilisation 64.54% Avg. Seasoning (% of Org Tnr) 11.94%
Average Loan to Value 73.84% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.40%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.23%
Cash Collateral (% of Pool Principal) 5.60% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 2.85%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 2.26%
EIS (% of Pool Principal) 3.45% CLAP Ratio 0.36%
Liquidity (% of Pool Principal) 4.30% Cumulative Loss Ratio 0.34%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 62.8 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 40.3 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 4 Cash Collateral (% of PTC Principal) 99.29%
Break-even Collection Efficiency 40.41% FLP (% of ptc principal) 26.51%
Delinquency Rate (90+) 7.69% Rated FLP (% of ptc principal) 72.79%
Delinquency Rate (180+) 4.60% Excess Interest Spread (% of Pool Principal) -13.03%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
14
This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.
0%
1%
2%
3%
4%
1 5 9 13 17 21 25
Loss+delq. 90+ Loss+delq. 180+
70%
80%
90%
100%
110%
1 5 9 13 17 21 25
Cumulative CE Current CE
0.0%
0.1%
0.2%
0.3%
0.4%
1 5 9 13 17 21 25
CL CLAP
0%
7%
14%
21%
28%
1 5 9 13 17 21 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset composition
New Car
55%Used
Car
45%
Issue Name: Indian Retail ABS T rust Series 74 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jan-07 Months Post- Securitisation 26
Transaction Structure Par Cumulative Collection Efficiency 95.33%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.32%
Pool Principal (Rs. mn) 1,167.4 Cumu. Credit Enhancement Utilisation 31.53%
No of Contracts 5,384 Cumulative Cash Collateral Utilisation 22.71%
Senior PTC Principal (Rs. mn) 1,167.4 FLP Utilisation 54.21%
Tenure of Cashflow (months) 37 Rated FLP Utilisation15
0.00% Asset Class U Cars N Cars
Liquidity Utilisation 46.70% Avg. Seasoning (% of Org Tnr) 11.66% 16.15%
Average Loan to Value 72.65% 75.98% Prepayment Rate U Cars N Cars
Credit / Liquidity Support Monthly Prepayment Rate 1.13% 0.37%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 25.65% 9.24%
Cash Collateral (% of Pool Principal) 6.25% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 6.41% 1.54%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 5.32% 1.12%
EIS (% of Pool Principal) 4.90% CLAP Ratio 0.20% 0.16%
Liquidity (% of Pool Principal) 4.58% Cumulative Loss Ratio 0.18% 0.15%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 93.7 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 70.6 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 11 Cash Collateral (% of PTC Principal) 84.13%
Break-even Collection Efficiency 39.91% FLP (% of ptc principal) 21.91%
Delinquency Rate (90+) 19.64% 6.05% Rated FLP (% of ptc principal) 62.22%
Delinquency Rate (180+) 13.58% 3.09% Excess Interest Spread (% of Pool Principal) -1.71%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
15
This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.
0%
2%
4%
6%
1 5 9 13 17 21 25
AutoLoss+delq.180+ U Car Loss+delq.180+
0.0%
0.1%
0.2%
0.3%
0.4%
1 5 9 13 17 21 25
Auto CLAP Used Car CLAP
60%
70%
80%
90%
100%
1 5 9 13 17 21 25
Cumulative CE Current CE
0%
10%
20%
30%
40%
1 5 9 13 17 21 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset CompositionNew Car
50%
Used
Car
50%
Issue Name: Indian Retail ABS Trust Series 77 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Par Cumulative Collection Efficiency 91.09%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.77%
Pool Principal (Rs. mn) 745.7 Cumu. Credit Enhancement Utilisation 53.12%
No of Contracts 3,558 Cumulative Cash Collateral Utilisation 37.79%
Senior PTC Principal (Rs. mn) 745.7 FLP Utilisation N.A
Tenure of Cashflow (months) 42 SLP Utilisation N.A Asset Class U Cars N Cars
Liquidity Utilisation 47.42% Avg. Seasoning (% of Org Tnr) 13.11% 9.64%
Average Loan to Value 73.09% 73.35% Prepayment Rate U Cars N Cars
Credit / Liquidity Support Monthly Prepayment Rate 1.57% 0.44%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 31.57% 9.94%
Cash Collateral (% of Pool Principal) 7.20% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 10.35% 3.41%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 8.37% 2.72%
EIS (% of Pool Principal) 4.99% CLAP Ratio 2.99% 0.31%
Liquidity (% of Pool Principal) 5.20% Cumulative Loss Ratio 2.49% 0.26%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 129.1 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 112.7 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 18 Cash Collateral (% of PTC Principal) 31.35%
Break-even Collection Efficiency 73.96% FLP (% of ptc principal) N.A
Delinquency Rate (90+) 25.94% 7.66% SLP (% of ptc principal) N.A
Delinquency Rate (180+) 17.83% 5.34% Excess Interest Spread (% of Pool Principal) -0.19%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
2%
4%
6%
8%
10%
1 5 9 13 17 21
AutoLoss+delq.180+ U Car Loss+delq.180+
0%
1%
2%
3%
4%
1 5 9 13 17 21
Auto CLAP U Car CLAP
60%
70%
80%
90%
100%
1 5 9 13 17 21
Cumulative CE Current CE
0%
15%
30%
45%
60%
1 5 9 13 17 21 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 74
Asset CompositionNew
Car
48%
Used
Car
52%
Issue Name: Indian Retail ABS Trust Series 78 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Par Cumulative Collection Efficiency 90.08%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.91%
Pool Principal (Rs. mn) 711.5 Cumu. Credit Enhancement Utilisation 65.84%
No of Contracts 3,457 Cumulative Cash Collateral Utilisation 53.17%
Senior PTC Principal (Rs. mn) 711.5 FLP Utilisation N.A
Tenure of Cashflow (months) 42 SLP Utilisation N.A Asset Class U Cars N Cars
Liquidity Utilisation 49.26% Avg. Seasoning (% of Org Tnr) 12.82% 34.08%
Average Loan to Value 73.14% 73.19% Prepayment Rate U Cars N Cars
Credit / Liquidity Support Monthly Prepayment Rate 1.51% 0.37%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 30.52% 8.53%
Cash Collateral (% of Pool Principal) 7.15% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 11.92% 3.48%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 11.53% 2.70%
EIS (% of Pool Principal) 5.13% CLAP Ratio 2.99% 0.61%
Liquidity (% of Pool Principal) 4.90% Cumulative Loss Ratio 0.79% 0.50%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 123.0 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 107.0 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 18 Cash Collateral (% of PTC Principal) 23.54%
Break-even Collection Efficiency 79.74% FLP (% of ptc principal) N.A
Delinquency Rate (90+) 26.62% 6.91% SLP (% of ptc principal) N.A
Delinquency Rate (180+) 19.81% 4.31% Excess Interest Spread (% of Pool Principal) 0.62%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
3%
6%
9%
12%
1 5 9 13 17 21
AutoLoss+delq.180+ U Car Loss+delq.180+
0%
1%
2%
3%
4%
5%
1 5 9 13 17 21
Auto CLAP Used Car CLAP
60%
70%
80%
90%
100%
1 5 9 13 17 21
Cumulative CE Current CE
0%
20%
40%
60%
80%
1 5 9 13 17 21 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 75
Asset Composition
PL
100%
Issue Name: Indian Retail ABS Trust Series 89 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Par Cumulative Collection Efficiency 91.12%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.25%
Pool Principal (Rs. mn) 3,622.0 Cumu. Credit Enhancement Utilisation 36.47%
No of Contracts 23,691 Cumulative Cash Collateral Utilisation 30.29%
Senior PTC Principal (Rs. mn) 3,622.0 FLP Utilisation 65.54%
Tenure of Cashflow (months) 36 Rated FLP Utilisation16
0.00% Asset Class PL
Liquidity Utilisation 62.65% Avg. Seasoning (% of Org Tnr) 23.12%
Average Loan to Value N.A Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.43%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 9.81%
Cash Collateral (% of Pool Principal) 16.90% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 9.20%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 7.82%
EIS (% of Pool Principal) 6.34% CLAP Ratio N.A.
Liquidity (% of Pool Principal) 5.20% Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 456.5 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 365.6 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 12 Cash Collateral (% of PTC Principal) >100%
Break-even Collection Efficiency 12.17% FLP (% of ptc principal) 30.78%
Delinquency Rate (90+) 19.17% Rated FLP (% of ptc principal) 83.27%
Delinquency Rate (180+) 13.81% Excess Interest Spread (% of Pool Principal) -0.14%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
16
This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.
Chart Title
0%
2%
4%
6%
8%
10%
1 4 7 10 13 16 19 22
Loss-cum-90+ Loss-cum-180+
0%
10%
20%
30%
40%
1 4 7 10 13 16 19 22
CL CLAP
0%
20%
40%
60%
80%
100%
120%
1 4 7 10 13 16 19 22
Cumulative CE Current CE
0%
10%
20%
30%
40%
1 4 7 10 13 16 19 22 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 76
Asset Composition
PL
78%
STPL
22%Issue Name: Indian Retail ABS Trust Series 90 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jun-07 Months Post- Securitisation 21
Transaction Structure Par Cumulative Collection Efficiency 84.61%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.59%
Pool Principal (Rs. mn) 7,861.4 Cumu. Credit Enhancement Utilisation 45.03%
No of Contracts 114,235 Cumulative Cash Collateral Utilisation 33.98%
Senior PTC Principal (Rs. mn) 7,861.4 FLP Utilisation 43.87%
Tenure of Cashflow (months) 44 SLP Utilisation 0.00% Asset Class STPL PL
Liquidity Utilisation 52.23% Avg. Seasoning (% of Org Tnr) 22.70% 16.19%
Average Loan to Value N.A N.A Prepayment Rate STPL PL
Credit / Liquidity Support Monthly Prepayment Rate 1.28% 0.58%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 23.78% 11.57%
Cash Collateral (% of Pool Principal) 20.50% Loss cum Delinquency
FLP (% of Pool Principal) 8.20% 90+ dpd (% of Initial Pool Size) 26.90% 11.71%
SLP (% of Pool Principal) 12.30% 180+dpd (% of Initial Pool Size) 25.21% 9.30%
EIS (% of Pool Principal) 11.10% CLAP Ratio N.A.
Liquidity (% of Pool Principal) 5.25% Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 2,047.7 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 1,857.5 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 23 Cash Collateral (% of PTC Principal) 57.28%
Break-even Collection Efficiency 49.79% FLP (% of ptc principal) 37.72%
Delinquency Rate (90+) 59.96% 20.32% SLP (% of ptc principal) 19.56%
Delinquency Rate (180+) 53.22% 14.60% Excess Interest Spread (% of Pool Principal) 3.84%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
20%
40%
60%
80%
1 5 9 13 17 21
CL CLAP
60%
70%
80%
90%
100%
1 5 9 13 17 21
Cumulative CE Current CE
0%
6%
12%
18%
24%
30%
1 5 9 13 17 21
STPL 90+ PL 90+
0%
12%
24%
36%
48%
1 5 9 13 17 21
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
Auto
60%
Used Car
40%
Issue Name: Indian Retail ABS Trust Series 91 Trustee: AXIS Bank Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jun-07 Months Post- Securitisation 21
Transaction Structure Par Cumulative Collection Efficiency 92.59%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.77%
Pool Principal (Rs. mn) 4,289.0 Cumu. Credit Enhancement Utilisation 33.67%
No of Contracts 18,413 Cumulative Cash Collateral Utilisation 23.84%
Senior PTC Principal (Rs. mn) 4,289.0 FLP Utilisation 35.60%
Tenure of Cashflow (months) 55 SLP Utilisation 0.00% Asset Class U Cars N Cars
Liquidity Utilisation 60.59% Avg. Seasoning (% of Org Tnr) 11.93% 7.98%
Average Loan to Value 71.56% 79.34% Prepayment Rate U Cars N Cars
Credit / Liquidity Support Monthly Prepayment Rate 1.32% 0.49%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 24.37% 9.86%
Cash Collateral (% of Pool Principal) 9.35% Loss cum Delinquency
FLP (% of Pool Principal) 3.27% 90+ dpd (% of Initial Pool Size) 7.53% 5.88%
SLP (% of Pool Principal) 6.08% 180+dpd (% of Initial Pool Size) 5.93% 4.19%
EIS (% of Pool Principal) 3.74% CLAP Ratio 0.16% 0.77%
Liquidity (% of Pool Principal) 4.50% Cumulative Loss Ratio 0.13% 0.39%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 15,82.8 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 1,495.1 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 34 Cash Collateral (% of PTC Principal) 20.43%
Break-even Collection Efficiency 82.61% FLP (% of ptc principal) 11.57%
Delinquency Rate (90+) 17.15% 8.25% SLP (% of ptc principal) 8.86%
Delinquency Rate (180+) 11.76% 5.32% Excess Interest Spread (% of Pool Principal) -0.26%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
2%
4%
6%
8%
1 5 9 13 17 21
New Cars 180+ Used Cars 180+
70%
80%
90%
100%
1 5 9 13 17 21
Cumulative CE Current CE
0%
10%
20%
30%
40%
1 5 9 13 17 21
Cumulative Monthly
0.0%
0.3%
0.6%
0.9%
1 5 9 13 17 21
Auto CLAP Used Car CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
PL
81%
STPL
19%Issue Name: Indian Retail ABS Trust Series 92 Trustee: AXIS Bank Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jun-07 Months Post- Securitisation 21
Transaction Structure Par Cumulative Collection Efficiency 84.96%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.79%
Pool Principal (Rs. mn) 18,551.6 Cumu. Credit Enhancement Utilisation 42.82%
No of Contracts 258,987 Cumulative Cash Collateral Utilisation 31.07%
Senior PTC Principal (Rs. mn) 18,551.6 FLP Utilisation 42.59%
Tenure of Cashflow (months) 43 Rated FLP Utilisation17
0.00% Asset Class STPL PL
Liquidity Utilisation 57.85% Avg. Seasoning (% of Org Tnr) 24.28% 15.56%
Average Loan to Value N.A N.A Prepayment Rate STPL PL
Credit / Liquidity Support Monthly Prepayment Rate 1.18% 0.58%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 22.09% 11.55%
Cash Collateral (% of Pool Principal) 20.60% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 27.74% 11.66%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 26.21% 9.10%
EIS (% of Pool Principal) 10.10% CLAP Ratio N.A.
Liquidity (% of Pool Principal) 5.25% Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 4,971.0 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 4,530.7 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 23 Cash Collateral (% of PTC Principal) 56.82%
Break-even Collection Efficiency 50.49% FLP (% of ptc principal) 33.99%
Delinquency Rate (90+) 60.85% 19.90% Rated FLP (% of ptc principal) 22.83%
Delinquency Rate (180+) 54.21% 13.92% Excess Interest Spread (% of Pool Principal) 2.85%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
17
This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.
60%
70%
80%
90%
100%
1 5 9 13 17 21
Cumulative CE Current CE
0%
10%
20%
30%
40%
1 5 9 13 17 21
PL 90+ STPL 90+
0%
11%
22%
33%
44%
1 5 9 13 17 21
Cumulative Monthly
0%
1%
2%
3%
4%
1 5 9 13 17 21
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
PL
100%
Issue Name: Indian Retail ABS Trust Series 93 Trustee: AXIS Bank Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jun-07 Months Post- Securitisation 21
Transaction Structure Par Cumulative Collection Efficiency 82.80%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.82%
Pool Principal (Rs. mn) 7,891.0 Cumu. Credit Enhancement Utilisation 48.90%
No of Contracts 61,755 Cumulative Cash Collateral Utilisation 36.95%
Senior PTC Principal (Rs. mn) 7,891.0 FLP Utilisation 38.34%
Tenure of Cashflow (months) 45 SLP Utilisation 0.00% Asset Class PL
Liquidity Utilisation 53.73% Avg. Seasoning (% of Org Tnr) 11.42%
Average Loan to Value N.A Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.55%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.96%
Cash Collateral (% of Pool Principal) 18.60% Loss cum Delinquency
FLP (% of Pool Principal) 7.44% 90+ dpd (% of Initial Pool Size) 17.84%
SLP (% of Pool Principal) 11.16% 180+dpd (% of Initial Pool Size) 14.75%
EIS (% of Pool Principal) 14.62% CLAP Ratio N.A.
Liquidity (% of Pool Principal) 5.10% Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 2,927.5 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 2,742.8 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 24 Cash Collateral (% of PTC Principal) 33.75%
Break-even Collection Efficiency 67.43% FLP (% of ptc principal) 31.80%
Delinquency Rate (90+) 24.21% SLP (% of ptc principal) 1.94%
Delinquency Rate (180+) 18.10% Excess Interest Spread (% of Pool Principal) 3.49%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
5%
10%
15%
20%
1 5 9 13 17 21
Loss+delq. 90+ Loss+delq. 180+
50%
60%
70%
80%
90%
100%
1 5 9 13 17 21
Cumulative CE Current CE
0%
1%
2%
3%
4%
1 5 9 13 17 21
CL CLAP
0%
11%
22%
33%
44%
55%
1 5 9 13 17 21
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Manappuram General Finance and Leasing Limited
1 pool
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
Gold
100%
Issue Name: RLP Trust Series 1 Trustee: AXIS Bank Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jun-08 Months Post- Securitisation 10
Transaction Structure Par Cumulative Collection Efficiency n.a.
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts N.A.
Pool Principal (Rs. mn) 883.7 Cumu. Credit Enhancement Utilisation n.a.
No of Contracts 52,496 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 706.9 FLP Utilisation N.A.
Tenure of Cashflow (months) 12 SLP Utilisation N.A. Asset Class Gold
Liquidity Utilisation N.A. Avg. Seasoning (% of Org Tnr) N.A.
Average Loan to Value 83.24% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate n.a.
Subordination (% of Pool Principal) 20.00% Cumulative Prepayment Rate n.a.
Cash Collateral (% of Pool Principal) 4.90% Loss cum Delinquency
FLP (% of Pool Principal) N.A. 90+ dpd (% of Initial Pool Size) n.a.
SLP (% of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) n.a.
EIS (% of Pool Principal) n.a. CLAP Ratio n.a.
Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio n.a.
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Principal (Rs. mn) - Credit enhancement
O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of Pool Principal) N.A.
Break-even Collection Efficiency N.A. FLP (% of pool principal) N.A.
Delinquency Rate (90+) N.A. SLP (% of pool principal) N.A.
Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A.
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Sundaram Finance Ltd.
14 pools
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 83
Asset Composition
Others
15%
Used CV
22%New CV
63%Issue Name: Sundaram Finance Ltd. (2006) ABS 1 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Jan-06 Months Post- Securitisation 39
Transaction Structure Premium Cumulative Collection Efficiency 100.42%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.38%
Pool cashflow (Rs. mn) 906.7 Cumu. Credit Enhancement Utilisation 7.20%
No of Contracts 2,539 Cumulative Cash Collateral Utilisation 7.20%
Senior PTC Payouts (Rs. mn) 906.7 FLP Utilisation 13.60%
Tenure of Cashflow (months) 57 SLP Utilisation 0.00% Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 19.33%
Average Loan to Value 80.83% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.48%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 16.99%
Cash Collateral (% of Pool Cashflow) 5.80% Loss cum Delinquency
FLP (% of Pool Cashflow) 2.03% 90+ dpd (% of Initial Pool Size) 0.95%
SLP (% of Pool Cashflow) 3.77% 180+dpd (% of Initial Pool Size) 0.81%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.52%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.50%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 20.9 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 18 Cash Collateral (% of Pool Principal) >100%
Break-even Collection Efficiency n.a. FLP (% of pool principal) 58.39%
Delinquency Rate (90+) 9.72% SLP (% of pool principal) >100%
Delinquency Rate (180+) 6.52% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL Loss cum Delinquency
0.0%
0.2%
0.4%
0.6%
0.8%
1 8 15 22 29 36
CL
60%
80%
100%
120%
1 8 15 22 29 36
Cumulative CE Current CE
0%
3%
6%
9%
12%
15%
1 8 15 22 29 36
Cumulative Monthly
0.0%
0.7%
1.4%
2.1%
2.8%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 84
Asset CompositionUsed
CV
26%
Others
13%
New
CV
61%
Issue Name: Sundaram Finance Ltd. (2006) ABS 2 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Feb-06 Months Post- Securitisation 39
Transaction Structure Premium Cumulative Collection Efficiency 100.24%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.26%
Pool cashflow (Rs. mn) 1,082.7 Cumu. Credit Enhancement Utilisation 16.13%
No of Contracts 2,538 Cumulative Cash Collateral Utilisation 16.13%
Senior PTC Payouts (Rs. mn) 1,082.7 FLP Utilisation 23.67%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 15.55%
Average Loan to Value 78.92% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.45%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 16.08%
Cash Collateral (% of Pool Cashflow) 6.40% Loss cum Delinquency
FLP (% of Pool Cashflow) 2.24% 90+ dpd (% of Initial Pool Size) 0.75%
SLP (% of Pool Cashflow) 4.16% 180+dpd (% of Initial Pool Size) 0.64%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.32%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.31%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 20.4 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 9 Cash Collateral (% of Pool Principal) >100%
Break-even Collection Efficiency n.a. FLP (% of pool principal) 61.01%
Delinquency Rate (90+) 11.83% SLP (% of pool principal) >100%
Delinquency Rate (180+) 8.43% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL Loss cum Delinquency
0.0%
0.1%
0.2%
0.3%
0.4%
1 8 15 22 29 36
CL
0.0%
0.6%
1.2%
1.8%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
0%
5%
10%
15%
20%
1 8 15 22 29 36
Cumulative Monthly
60%
80%
100%
120%
1 8 15 22 29 36
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 85
Asset Composition
Others
11%
UsedCV23%
New CV
66%
Issue Name: Sundaram Finance Ltd. (2006) ABS 3 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Mar-06 Months Post- Securitisation 37
Transaction Structure Premium Cumulative Collection Efficiency 99.34%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.90%
Pool cashflow (Rs. mn) 819.9 Cumu. Credit Enhancement Utilisation 3.25%
No of Contracts 1,994 Cumulative Cash Collateral Utilisation 3.25%
Senior PTC Payouts (Rs. mn) 819.9 FLP Utilisation 4.30%
Tenure of Cashflow (months) 57 SLP Utilisation 0.00% Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 19.58%
Average Loan to Value 81.59% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.45%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 15.52%
Cash Collateral (% of Pool Cashflow) 6.20% Loss cum Delinquency
FLP (% of Pool Cashflow) 2.17% 90+ dpd (% of Initial Pool Size) 0.77%
SLP (% of Pool Cashflow) 4.03% 180+dpd (% of Initial Pool Size) 0.61%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.32%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.31%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 24.9 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 20 Cash Collateral (% of Pool Principal) 91.39%
Break-even Collection Efficiency n.a. FLP (% of pool principal) 38.02%
Delinquency Rate (90+) 7.25% SLP (% of pool principal) 53.37%
Delinquency Rate (180+) 4.68% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL Loss cum Delinquency
0.00%
0.08%
0.16%
0.24%
0.32%
1 8 15 22 29 36
CL
0%
5%
10%
15%
1 8 15 22 29 36
Cumulative Monthly
70%
80%
90%
100%
110%
1 8 15 22 29 36
Cumulative CE Current CE
0.0%
0.6%
1.2%
1.8%
2.4%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 86
Asset CompositionNew
CV 72%
Others
7%
Used
CV 21%
Issue Name: Sundaram Finance Ltd. (2006) ABS 4 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Mar-06 Months Post- Securitisation 38
Transaction Structure Premium Cumulative Collection Efficiency 99.61%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.40%
Pool cashflow (Rs. mn) 1,115.2 Cumu. Credit Enhancement Utilisation 2.89%
No of Contracts 3,309 Cumulative Cash Collateral Utilisation 2.89%
Senior PTC Payouts (Rs. mn) 1,115.2 FLP Utilisation 3.75%
Tenure of Cashflow (months) 59 SLP Utilisation 0.00% Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 29.18%
Average Loan to Value 83.36% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.47%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 16.52%
Cash Collateral (% of Pool Cashflow) 6.00% Loss cum Delinquency
FLP (% of Pool Cashflow) 2.10% 90+ dpd (% of Initial Pool Size) 0.47%
SLP (% of Pool Cashflow) 3.90% 180+dpd (% of Initial Pool Size) 0.38%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.09%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.09%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 17.7 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 21 Cash Collateral (% of Pool Principal) >100%
Break-even Collection Efficiency n.a. FLP (% of pool principal) >100%
Delinquency Rate (90+) 11.70% SLP (% of pool principal) 44.33%
Delinquency Rate (180+) 7.99% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL Loss cum Delinquency
0.00%
0.03%
0.06%
0.09%
0.12%
1 8 15 22 29 36
CL
0%
2%
4%
6%
8%
1 8 15 22 29 36
Cumulative Monthly
60%
80%
100%
120%
1 8 15 22 29 36
Cumulative CE Current CE
0.0%
0.4%
0.8%
1.2%
1.6%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 87
Asset Composition Used
CV 4%
Others
5%
New
CV 91%
Issue Name: Sundaram Finance Ltd. D.A. 2007 -1 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Jan-07 Months Post- Securitisation 26
Transaction Structure Premium Cumulative Collection Efficiency 99.56%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.38%
Pool cashflow (Rs. mn) 1,079.4 Cumu. Credit Enhancement Utilisation 7.78%
No of Contracts 1,767 Cumulative Cash Collateral Utilisation 7.78%
Senior PTC Payouts (Rs. mn) 1,079.4 FLP Utilisation N.A
Tenure of Cashflow (months) 57 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 14.14%
Average Loan to Value 90.05% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.38%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 9.43%
Cash Collateral (% of Pool Cashflow) 6.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.72%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.90%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.12%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.09%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 236.5 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 31 Cash Collateral (% of Pool Principal) 25.62%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 4.47% SLP (% of pool principal) N.A
Delinquency Rate (180+) 1.97% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.00%
0.05%
0.10%
0.15%
0.20%
1 6 11 16 21 26
CL CLAP
60%
80%
100%
120%
1 6 11 16 21 26
Cumulative CE Current CE
0.0%
1.0%
2.0%
3.0%
4.0%
1 6 11 16 21 26
Loss+delq. 90+ Loss+delq. 180+
0%
5%
10%
15%
20%
1 6 11 16 21 26
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 88
Asset Composition
New CV
71%Used CV
29%
Issue Name: Sundaram Finance Ltd. D.A. 2007 -2 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Feb-07 Months Post- Securitisation 25
Transaction Structure Premium Cumulative Collection Efficiency 99.77%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 98.78%
Pool cashflow (Rs. mn) 1,978.1 Cumu. Credit Enhancement Utilisation 14.96%
No of Contracts 3,576 Cumulative Cash Collateral Utilisation 14.96%
Senior PTC Payouts (Rs. mn) 1,978.1 FLP Utilisation N.A
Tenure of Cashflow (months) 58 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 18.04%
Average Loan to Value 83.83% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.55%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 12.91%
Cash Collateral (% of Pool Cashflow) 6.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.71%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 1.35%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.19%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.15%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 368.7 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 33 Cash Collateral (% of Pool Principal) 29.65%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 8.28% SLP (% of pool principal) N.A
Delinquency Rate (180+) 3.47% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.00%
0.09%
0.18%
0.27%
1 5 9 13 17 21 25
CL CLAP
0%
1%
2%
3%
4%
1 5 9 13 17 21 25
Loss+delq. 90+ Loss+delq. 180+
0%
6%
12%
18%
24%
1 5 9 13 17 21 25
Cumulative Monthly
60%
80%
100%
120%
1 5 9 13 17 21 25
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 89
Asset CompositionUsed CV
11%
New CV
89%Issue Name: Sundaram Finance Limited D.A 2007 -3 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 25
Transaction Structure Premium Cumulative Collection Efficiency 100.65%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.92%
Pool cashflow (Rs. mn) 1,113.0 Cumu. Credit Enhancement Utilisation 0.98%
No of Contracts 2,405 Cumulative Cash Collateral Utilisation 0.98%
Senior PTC Payouts (Rs. mn) 1,113.0 FLP Utilisation N.A
Tenure of Cashflow (months) 58 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 31.22%
Average Loan to Value 88.80% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.73%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 16.68%
Cash Collateral (% of Pool Cashflow) 7.00% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.91%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.43%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.15%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.13%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 143.9 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 33 Cash Collateral (% of Pool Principal) 53.58%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 3.53% SLP (% of pool principal) N.A
Delinquency Rate (180+) 1.09% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.00%
0.06%
0.12%
0.18%
0.24%
1 5 9 13 17 21 25
CL CLAP
0%
1%
2%
3%
4%
1 5 9 13 17 21 25
Loss+delq. 90+ Loss+delq. 180+
0%
3%
6%
9%
12%
1 5 9 13 17
Cumulative Monthly
65%
75%
85%
95%
105%
1 5 9 13 17 21 25
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 90
Asset CompositionUsed
CV 37%
New
CV 63%
Issue Name: Sundaram Finance Limited D.A 2007 -4 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 99.93%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.16%
Pool cashflow (Rs. mn) 1,314.0 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 3,754 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 1,314.0 FLP Utilisation N.A
Tenure of Cashflow (months) 56 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 23.81%
Average Loan to Value 77.98% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.71%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 15.70%
Cash Collateral (% of Pool Cashflow) 7.00% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.17%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.49%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.15%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.13%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 168.7 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 32 Cash Collateral (% of Pool Principal) 53.31%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 4.76% SLP (% of pool principal) N.A
Delinquency Rate (180+) 1.36% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.00%
0.06%
0.12%
0.18%
0.24%
1 5 9 13 17 21
CL CLAP
0%
3%
6%
9%
12%
1 5 9 13 17 21
Cumulative Monthly
0%
1%
2%
3%
4%
1 5 9 13 17 21
Loss+delq. 90+ Loss+delq. 180+
65%
75%
85%
95%
105%
1 5 9 13 17 21
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 91
Asset CompositionUsed
CV 18%
New
CV 82%
Issue Name: Sundaram Finance Limited D.A 2007 -5 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 98.66%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 97.09%
Pool cashflow (Rs. mn) 1,457.0 Cumu. Credit Enhancement Utilisation 35.87%
No of Contracts 1,812 Cumulative Cash Collateral Utilisation 35.87%
Senior PTC Payouts (Rs. mn) 1,457.0 FLP Utilisation N.A
Tenure of Cashflow (months) 57 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 34.36%
Average Loan to Value 88.82% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.44%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.03%
Cash Collateral (% of Pool Cashflow) 6.00% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 4.91%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 3.20%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.01%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 378.1 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 33 Cash Collateral (% of Pool Principal) 14.82%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 11.48% SLP (% of pool principal) N.A
Delinquency Rate (180+) 7.09% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.000%
0.005%
0.010%
0.015%
1 5 9 13 17 21
CL CLAP
0%
2%
4%
6%
8%
1 5 9 13 17 21
Loss+delq. 90+ Loss+delq. 180+
0%
10%
20%
30%
40%
50%
1 5 9 13 17 21
Cumulative Monthly
60%
70%
80%
90%
100%
1 5 9 13 17 21
Cumulative CE Current CE
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 92
A sset C o mpo sit io n
New CV
77%Used CV
21%
Other
2%Issue Name: Sundaram Finance Limited CV Pool D.A Sep 2007 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Oct-07 Months Post- Securitisation 19
Transaction Structure Premium Cumulative Collection Efficiency 100.24%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.00%
Pool cashflow (Rs. mn) 2,242.0 Cumu. Credit Enhancement Utilisation 9.20%
No of Contracts 4,379 Cumulative Cash Collateral Utilisation 9.20%
Senior PTC Payouts (Rs. mn) 2,242.0 FLP Utilisation N.A
Tenure of Cashflow (months) 60 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 19.77%
Average Loan to Value 83.28% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.54%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 9.75%
Cash Collateral (% of Pool Cashflow) 7.35% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.88%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 1.31%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 677.7 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 41 Cash Collateral (% of Pool Principal) 22.41%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 6.01% SLP (% of pool principal) N.A
Delinquency Rate (180+) 2.38% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
1%
2%
3%
4%
1 5 9 13 17
CL CLAP
0.0%
1.5%
3.0%
4.5%
6.0%
1 5 9 13 17
Loss+delq. 90+ Loss+delq. 180+
70%
80%
90%
100%
110%
1 5 9 13 17
Cumulative CE Current CE
0%
6%
12%
18%
24%
1 5 9 13 17
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 93
A sset C o mpo sit io n
New CV
95%
Used CV
5%Issue Name: Sundaram Finance Limited CV Pool D.A Dec 2007 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Jan-08 Months Post- Securitisation 15
Transaction Structure Premium Cumulative Collection Efficiency 98.74%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 98.04%
Pool cashflow (Rs. mn) 2,892.0 Cumu. Credit Enhancement Utilisation 13.13%
No of Contracts 3,802 Cumulative Cash Collateral Utilisation 13.13%
Senior PTC Payouts (Rs. mn) 2,892.0 FLP Utilisation N.A
Tenure of Cashflow (months) 60 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 11.90%
Average Loan to Value 89.90% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.44%
Subordination (% of Pool Cashflow) N.A Cumulative Prepayment Rate 6.33%
Cash Collateral (% of Pool Cashflow) 7.35% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.91%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.82%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.02%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.01%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 1,292.9 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 45 Cash Collateral (% of Pool Principal) 14.28%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 4.34% SLP (% of pool principal) N.A
Delinquency Rate (180+) 1.09% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.00%
0.02%
0.04%
0.06%
1 4 7 10 13
CL CLAP
70%
80%
90%
100%
110%
1 4 7 10 13
Cumulative CE Current CE
0%
2%
4%
6%
8%
1 4 7 10 13
Loss+delq. 90+ Loss+delq. 180+
0%
7%
14%
21%
28%
1 4 7 10 13
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 94
Asset Composition
New
CV
58%
Used
CV
42%
Other
0%Issue Name: Sundaram Finance Limited CV Pool D.A Jan 2008 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Feb-08 Months Post- Securitisation 14
Transaction Structure Premium Cumulative Collection Efficiency 98.91%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.73%
Pool cashflow (Rs. mn) 1,397.0 Cumu. Credit Enhancement Utilisation 1.85%
No of Contracts 2,569 Cumulative Cash Collateral Utilisation 1.85%
Senior PTC Payouts (Rs. mn) 1,397.0 FLP Utilisation N.A
Tenure of Cashflow (months) 60 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 9.80%
Average Loan to Value 76.70% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.48%
Subordination (% of Pool Cashflow) N.A Cumulative Prepayment Rate 6.48%
Cash Collateral (% of Pool Cashflow) 7.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.30%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.50%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 602.1 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 46 Cash Collateral (% of Pool Principal) 17.07%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 3.57% SLP (% of pool principal) N.A
Delinquency Rate (180+) 0.69% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
1%
2%
3%
1 4 7 10 13
CL CLAP
0%
1%
2%
3%
4%
1 4 7 10 13
Loss+delq. 90+ Loss+delq. 180+
70%
80%
90%
100%
1 4 7 10 13
Cumulative CE Current CE
0%
3%
6%
9%
12%
1 4 7 10 13
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
New
CV
79%
Used
CV
21%
Issue Name: Sundaram Finance Limited CV Pool D.A Feb 2008 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Mar-08 Months Post- Securitisation 13
Transaction Structure Premium Cumulative Collection Efficiency 98.42%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 98.43%
Pool cashflow (Rs. mn) 1,158.0 Cumu. Credit Enhancement Utilisation 9.07%
No of Contracts 1,853 Cumulative Cash Collateral Utilisation 9.07%
Senior PTC Payouts (Rs. mn) 1,158.0 FLP Utilisation N.A
Tenure of Cashflow (months) 60 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 9.60%
Average Loan to Value 83.80% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.49%
Subordination (% of Pool Cashflow) N.A Cumulative Prepayment Rate 6.14%
Cash Collateral (% of Pool Cashflow) 7.45% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.60%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.77%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 576.9 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 47 Cash Collateral (% of Pool Principal) 13.60%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 3.51% SLP (% of pool principal) N.A
Delinquency Rate (180+) 0.90% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
1%
2%
3%
4%
1 4 7 10 13
CL CLAP
70%
80%
90%
100%
1 4 7 10 13
Cumulative CE Current CE
0%
2%
4%
6%
1 4 7 10 13
Loss+delq. 90+ Loss+delq. 180+
0%
5%
10%
15%
1 4 7 10 13
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
New
CV
79%
Used
CV
12%
Other
9%
Issue Name: Sundaram Finance Limited CV Pool D.A Mar 2008 Trustee: N.A.
Issue Details Pool Performance till: March 2009
Commencement Month Apr-08 Months Post- Securitisation 12
Transaction Structure Premium Cumulative Collection Efficiency 98.03%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.43%
Pool cashflow (Rs. mn) 1,068.0 Cumu. Credit Enhancement Utilisation 2.58%
No of Contracts 1,648 Cumulative Cash Collateral Utilisation 2.58%
Senior PTC Payouts (Rs. mn) 1,068.0 FLP Utilisation N.A
Tenure of Cashflow (months) 60 SLP Utilisation N.A Asset Class CV
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 4.80%
Average Loan to Value 84.80% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.29%
Subordination (% of Pool Cashflow) N.A Cumulative Prepayment Rate 3.48%
Cash Collateral (% of Pool Cashflow) 7.95% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.58%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.50%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 589.5 Credit enhancement
O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 48 Cash Collateral (% of Pool Principal) 14.03%
Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A
Delinquency Rate (90+) 3.15% SLP (% of pool principal) N.A
Delinquency Rate (180+) 0.54% Excess Interest Spread (% of Pool Principal) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
1%
2%
3%
4%
1 4 7 10
Loss+delq. 90+ Loss+delq. 180+
0%
1%
2%
3%
4%
1 4 7 10
CL CLAP
70%
80%
90%
100%
1 4 7 10
Cumulative CE Current CE
0%
4%
8%
12%
1 4 7 10 13
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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SREI Infrastructure Finance Ltd.
9 pools
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
CE
58%CVs
41%
Cars/
M UVs
1%
Issue Name: Indian Infrastructure Equipment Receivables Trust Oct 2005 Trustee: AXIS Bank Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-05 Months Post- Securitisation 42
Transaction Structure Par Cumulative Collection Efficiency 99.85%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 111.35%
Pool Principal (Rs. mn) 1,038.6 Cumu. Credit Enhancement Utilisation 9.81%
No of Contracts 582 Cumulative Cash Collateral Utilisation 0.24%
Senior PTC Principal (Rs. mn) 990.6 FLP Utilisation N.A
Tenure of Cashflow (months) 56 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 16.45%
Average Loan to Value 87.80% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.03%
Subordination (% of Pool Principal) 4.62% Cumulative Prepayment Rate 1.11%
Cash Collateral (% of Pool Principal) 5.96% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.25%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.25%
EIS (% of Pool Principal) 4.77% CLAP Ratio 0.20%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.19%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 14.8 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 15.6 Subordination (% of Pool Principal) n.a.
Balance Tenure of Pool (months) 14 Cash Collateral (% of Pool Principal) >100%
Break-even Collection Efficiency 0.00% FLP (% of pool principal) N.A
Delinquency Rate (90+) n.a. SLP (% of pool principal) N.A
Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Principal) -5.58%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
60%
70%
80%
90%
100%
110%
1 8 15 22 29 36
Cumulative CE
0.0%
0.1%
0.2%
0.3%
1 8 15 22 29 36
CL CLAP
0%
3%
6%
9%
12%
1 8 15 22 29 36
Cumulative Monthly
0.0%
0.6%
1.2%
1.8%
2.4%
3.0%
1 8 15 22 29 36
Loss cum delnq 90+ Loss cum delq 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
CE
100%
Issue Name: CE Pool Trust June 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month May-07 Months Post- Securitisation 22
Transaction Structure Premium Cumulative Collection Efficiency 99.00%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.22%
Pool cashflow (Rs. mn) 2,154.4 Cumu. Credit Enhancement Utilisation 7.87%
No of Contracts 1,081 Cumulative Cash Collateral Utilisation 7.87%
Senior PTC Payouts (Rs. mn) 2,154.4 FLP Utilisation N.A
Tenure of Cashflow (months) 25 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 33.95%
Average Loan to Value 87.62% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.01%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.20%
Cash Collateral (% of Pool Cashflow) 9.10% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.38%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.12%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 177.6 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 177.6 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 3 Cash Collateral (% of Pool Cashflow) >100%
Break-even Collection Efficiency 0.00% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 1.39% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 0.35% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
92%
94%
96%
98%
100%
1 5 9 13 17 21
Cumulative CE
0.0%
0.2%
0.4%
0.6%
1 5 9 13 17 21
Loss cum 90+ Loss cum 180+
0%
1%
2%
3%
4%
1 5 9 13 17 21
CL CLAP
0%
2%
4%
6%
8%
10%
1 5 9 13 17 21
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
CE
70%Other
30%
Issue Name: Indian Infrastructure Equipment Recievables Trust June 2007 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jul-07 Months Post- Securitisation 21
Transaction Structure Premium Cumulative Collection Efficiency 99.14%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.38%
Pool cashflow (Rs. mn) 3,983.8 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 621 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 3,983.8 FLP Utilisation N.A
Tenure of Cashflow (months) 47 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 17.94%
Average Loan to Value 87.22% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.01%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.15%
Cash Collateral (% of Pool Cashflow) 11.00% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.33%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.10%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 1,085.4 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 1,085.4 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 26 Cash Collateral (% of Pool Cashflow) 34.48%
Break-even Collection Efficiency 64.50% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 0.70% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 0.23% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
92%
94%
96%
98%
100%
1 5 9 13 17 21
Cumulative
0%
1%
2%
3%
4%
1 5 9 13 17 21
Cumulative Monthly
0%
1%
2%
3%
4%
1 5 9 13 17 21
CL CLAP
0.0%
0.2%
0.4%
0.6%
0.8%
1 5 9 13 17 21
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset compositionCE
77%
Other
23%Issue Name: CE Pool D.A. August 2007 Trustee: n.a.
Issue Details Pool Performance till: March 2009
Commencement Month Aug-07 Months Post- Securitisation 19
Transaction Structure Par Cumulative Collection Efficiency 99.53%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.10%
Pool Principal (Rs. mn) 934.3 Cumu. Credit Enhancement Utilisation 3.12%
No of Contracts 227 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 934.3 FLP Utilisation N.A
Tenure of Cashflow (months) 46 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 25.19%
Average Loan to Value 88.78% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.00%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 0.00%
Cash Collateral (% of Pool Principal) 9.00% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.46%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.11%
EIS (% of Pool Principal) 1.80% CLAP Ratio n.a.
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio n.a.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 269.6 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 269.6 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 27 Cash Collateral (% of Pool Principal) 29.22%
Break-even Collection Efficiency 72.29% FLP (% of pool principal) N.A
Delinquency Rate (90+) 1.14% SLP (% of pool principal) N.A
Delinquency Rate (180+) 0.26% Excess Interest Spread (% of Pool Principal) n.a.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
96%
97%
98%
99%
100%
1 5 9 13 17
Cumulative CE
0.0%
0.2%
0.4%
0.6%
0.8%
1 5 9 13 17
Loss+delq. 90+ Loss+delq. 180+
0%
1%
2%
3%
4%
1 5 9 13 17
Cumulative Monthly
0%
1%
2%
3%
4%
1 5 9 13 17
CL CLAP
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Other
25% CE
75%Issue Name: Indian Infrastructure Equipment Recievables Trust Feb 2008 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Mar-08 Months Post- Securitisation 13
Transaction Structure Par Cumulative Collection Efficiency 99.78%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.61%
Pool Principal (Rs. mn) 2,170.9 Cumu. Credit Enhancement Utilisation 3.57%
No of Contracts 356 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 2,170.9 FLP Utilisation N.A
Tenure of Cashflow (months) 39 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 18.90%
Average Loan to Value 87.50% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.00%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 0.00%
Cash Collateral (% of Pool Principal) 8.75% Loss cum Delinquency
FLP (% of Pool Principal) N.A. 90+ dpd (% of Initial Pool Size) 0.45%
SLP (% of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.07%
EIS (% of Pool Principal) 2.40% CLAP Ratio 0.00%
Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 1,136.4 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 1,136.4 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 26 Cash Collateral (% of Pool Principal) 19.28%
Break-even Collection Efficiency 79.66% FLP (% of pool principal) N.A
Delinquency Rate (90+) 1.18% SLP (% of pool principal) N.A
Delinquency Rate (180+) 0.18% Excess Interest Spread (% of Pool Principal) n.a.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
96%
98%
100%
102%
1 4 7 10 13
Cumulative
0.0%
0.3%
0.6%
0.9%
1 4 7 10 13
Loss+delq. 90+ Loss+delq. 180+
0%
1%
2%
3%
4%
1 4 7 10 13
CL CLAP
0%
1%
2%
3%
4%
1 4 7 10 13
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 103
CV
11%
CE
89%
Issue Name: Indian Infrastructure Equipment Recievables Trust Mar 2008 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Apr-08 Months Post- Securitisation 12
Transaction Structure Premium Cumulative Collection Efficiency 99.12%
Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.73%
Pool cashflow (Rs. mn) 2,183.0 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 444 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 2,183.0 FLP Utilisation N.A
Tenure of Cashflow (months) 45 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 15.20%
Average Loan to Value 68.80% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.00%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.00%
Cash Collateral (% of Pool Cashflow) 11.45% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A. 90+ dpd (% of Initial Pool Size) 0.41%
SLP (% of Pool Cashflow) N.A. 180+dpd (% of Initial Pool Size) 0.00%
EIS (% of Pool Cashflow) N.A. CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A. Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 1,267.8 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 1,282.4 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 33 Cash Collateral (% of Pool Cashflow) 19.48%
Break-even Collection Efficiency 80.93% FLP (% of pool Cashflow) N.A.
Delinquency Rate (90+) 0.56% SLP (% of pool Cashflow) N.A.
Delinquency Rate (180+) 0.00% Excess Interest Spread (% of Pool Cashflow) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
96%
97%
98%
99%
100%
1 4 7 10
Cumulative CE
0.0%
0.2%
0.4%
0.6%
0.8%
1 4 7 10
Loss+delq. 90+ Loss+delq. 180+
0%
1%
2%
3%
4%
1 4 7 10
CL CLAP
0%
1%
2%
3%
4%
1 4 7 10
Cumulative
Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset composition
Other
20%CE
80%
Issue Name: Construction Equipment Loan Pool D.A. Oct 2008 I I Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-08 Months Post- Securitisation 6
Transaction Structure Par Cumulative Collection Efficiency 100.39%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.88%
Pool Principal (Rs. mn) 1,459.2 Cumu. Credit Enhancement Utilisation 0.41%
No of Contracts 836 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 1,459.2 FLP Utilisation N.A
Tenure of Cashflow (months) 47 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr.) 17.6%
Average Loan to Value 84.1% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.00%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 0.00%
Cash Collateral (% of Pool Principal) 11.0% Loss cum Delinquency
FLP (% of Pool Principal) N.A. 90+ dpd (% of Initial Pool Size) 0.00%
SLP (% of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.00%
EIS (% of Pool Principal) 0.93% CLAP Ratio 0.00%
Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 1,209.8 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 1,209.8 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 41 Cash Collateral (% of Pool Principal) 15.95%
Break-even Collection Efficiency 86.13% FLP (% of pool principal) N.A
Delinquency Rate (90+) 0.00% SLP (% of pool principal) N.A
Delinquency Rate (180+) 0.00% Excess Interest Spread (% of Pool Principal) 1.13%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
97%
98%
99%
100%
101%
1 2 3 4 5 6
Cumulative CE
0.0%
0.2%
0.4%
0.6%
1 2 3 4 5 6
Cumulative Monthly
0%
1%
2%
3%
1 2 3 4 5 6
CL CLAP
0%
1%
2%
3%
1 2 3 4 5 6
Loss+delq. 90+ Loss+delq. 180+
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Asset composition
CE
75%
Other
25%
Issue Name: Construction Equipment Loan Pool D.A. Nov 2008 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Oct-08 Months Post- Securitisation 5
Transaction Structure Par Cumulative Collection Efficiency 99.64%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.37%
Pool Principal (Rs. mn) 910.2 Cumu. Credit Enhancement Utilisation 4.66%
No of Contracts 238 Cumulative Cash Collateral Utilisation 4.29%
Senior PTC Principal (Rs. mn) 910.2 FLP Utilisation N.A
Tenure of Cashflow (months) 42 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 36.91%
Average Loan to Value 86.43% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.00%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 0.00%
Cash Collateral (% of Pool Principal) 15.83% Loss cum Delinquency
FLP (% of Pool Principal) N.A. 90+ dpd (% of Initial Pool Size) 0.00%
SLP (% of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.00%
EIS (% of Pool Principal) -3.61% CLAP Ratio 0.00%
Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 751.1 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 751.1 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 37 Cash Collateral (% of Pool Principal) 16.24%
Break-even Collection Efficiency 85.59% FLP (% of pool principal) N.A
Delinquency Rate (90+) 0.00% SLP (% of pool principal) N.A
Delinquency Rate (180+) 0.00% Excess Interest Spread (% of Pool Principal) -2.73%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
96%
97%
98%
99%
100%
1 2 3 4 5
Cumulative CE
0%
1%
2%
3%
4%
1 2 3 4 5
CL CLAP
0%
1%
2%
3%
4%
1 2 3 4 5
Loss+delq. 90+ Loss+delq. 180+
0%
2%
4%
6%
1 4
Cumulative Monthly
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Asset composition
Other
8%CE
92%
Issue Name: Construction Equipment Loan Pool D.A. Feb 2009 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-09 Months Post- Securitisation 2
Transaction Structure Par Cumulative Collection Efficiency 99.41%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 112.20%
Pool Principal (Rs. mn) 877.0 Cumu. Credit Enhancement Utilisation 0.32%
No of Contracts 587 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 877.0 FLP Utilisation N.A
Tenure of Cashflow (months) 39 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 26.1%
Average Loan to Value 87.2% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.00%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 0.00%
Cash Collateral (% of Pool Principal) 15.13% Loss cum Delinquency
FLP (% of Pool Principal) N.A. 90+ dpd (% of Initial Pool Size) 0.00%
SLP (% of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.00%
EIS (% of Pool Principal) 4.33% CLAP Ratio 0.00%
Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 818.6 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 818.6 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 37 Cash Collateral (% of Pool Principal) 16.21%
Break-even Collection Efficiency 85.17% FLP (% of pool principal) N.A
Delinquency Rate (90+) 0.00% SLP (% of pool principal) N.A
Delinquency Rate (180+) 0.00% Excess Interest Spread (% of Pool Principal) 3.84%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
96%
97%
98%
99%
100%
1 2
Cumulative CE
0%
1%
2%
3%
4%
1 2
CL CLAP
0.0%
0.2%
0.4%
0.6%
1 2
Cumulative Monthly
0%
1%
2%
3%
1 2
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Shriram Transport Finance Company Ltd.
1 pool
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
MHCV
85% LCV
15%
Issue Name: Shriram Transport Finance Company Limited
CV Pool D.A. Feb 2008 Trustee: n.a.
Issue Details Pool Performance till: March 2009
Commencement Month Mar-08 Months Post- Securitisation 14
Transaction Structure Premium Cumulative Collection Efficiency 97.29%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.50%
Pool cashflow (Rs. mn) 1,408.0 Cumu. Credit Enhancement Utilisation 6.58%
No of Contracts 1,111 Cumulative Cash Collateral Utilisation 6.58%
Senior PTC Payouts (Rs. mn) 1,408.0 FLP Utilisation 16.00%
Tenure of Cashflow (months) 31 SLP Utilisation 0.00% Asset Class CV
Liquidity Utilisation N.A. Avg. Seasoning (% of Org Tnr) 6.60%
Average Loan to Value 93.00% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.02%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.31%
Cash Collateral (% of Pool Cashflow) 12.20% Loss cum Delinquency
FLP (% of Pool Cashflow) 4.88% 90+ dpd (% of Initial Pool Size) 0.72%
SLP (% of Pool Cashflow) 7.32% 180+dpd (% of Initial Pool Size) 0.00%
EIS (% of Pool Cashflow) N.A. CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A. Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 963.7 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 963.7 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 17 Cash Collateral (% of Pool Cashflow) 16.65%
Break-even Collection Efficiency 83.35% FLP (% of pool cashflow) 5.99%
Delinquency Rate (90+) 0.88% SLP (% of pool cashflow) 10.69%
Delinquency Rate (180+) 0.00% Excess Interest Spread (% of Pool Cashflow) N.A.
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
60%
80%
100%
120%
1 4 7 10 13
Cumulative CE Current CE
0%
2%
4%
6%
8%
10%
1 4 7 10 13
CL CLAP
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1 4 7 10 13
Loss+delq. 90+ Loss+delq. 180+
0.0%
2.0%
4.0%
6.0%
8.0%
1 4 7 10 13
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Share Microfin Ltd.
1 pool
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 110
Asset composition
Microfinance100%
Issue Name: Share Microf in Loan Pool D.A. Mar -09 Trustee: N.A.
Issue Details Pool Performance till: April 2009
Commencement Month Mar-09 Months Post- Securitisation 2
Transaction Structure Par Cumulative Collection Efficiency 100.00%
Staggering N.A. Cumu. Coll. to Cumu. Snr. PTC Payouts 108.90%
Pool Principal (Rs. mn) 493.4 Cumu. Credit Enhancement Utilisation18
32.65%
No of Contracts 104,544 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Principal (Rs. mn) 434.2 FLP Utilisation N.A.
Tenure of Cashflow (months) 12 SLP Utilisation N.A. Asset Class
Liquidity Utilisation N.A. Avg. Seasoning (% of Org Tnr.) 47.87%
Average Loan to Value N.A. Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.43%
Subordination (% of Pool Principal) 12.00% Cumulative Prepayment Rate 0.86%
Cash Collateral (% of Pool Principal) 8.50% Loss cum Delinquency
FLP (% of Pool Principal) N.A. 30+ dpd (% of Initial Pool Size) 0.00%
SLP (% of Pool Principal) N.A. 90+dpd (% of Initial Pool Size) 0.00%
EIS (% of Pool Principal) 9.60% CLAP Ratio N.A.
Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio N.A.
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 329.2 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 269.7 Subordination (% of Pool Principal) 18.09%
Balance Tenure of Pool (months) 10 Cash Collateral (% of Pool Principal) 12.74%
Break-even Collection Efficiency 63.47% FLP (% of pool principal) N.A.
Delinquency Rate (30+) 0.00% SLP (% of pool principal) N.A.
Delinquency Rate (90+) 0.00% Excess Interest Spread (% of Pool Principal) 10.26%
18
Credit enhancement utilisation in this pool is of the nature of excess collection in the pool being used to make accelerated payout to senior investor as per the structure of the transaction
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Tata Motors Ltd / TML Financial Services Ltd.
27 pools
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 112
Asset CompositionCars/M
UVs
6%
LCVs
41%
MHCVs
53%
Issue Name: BHPC Auto Securit isation Trust May 2005 I I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: October 2008
Commencement Month May-05 Months Post- Securitisation 41
Transaction Structure Premium Cumulative Collection Efficiency 95.14%
Staggering19
70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 102.27%
Pool cashflow (Rs. mn) 3,105.2 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 6,590 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 2,443.2 FLP Utilisation N.A
Tenure of Cashflow (months) 54 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 14.70%
Average Loan to Value 84.90% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.27%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.49%
Cash Collateral (% of Pool Cashflow) 9.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 5.27%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 4.87%
EIS (% of Pool Cashflow) N.A CLAP Ratio 2.63%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.63%
Details of Remaining Pool- N.A. (Matured Senior/ Rated PTC)
Outstanding Pool Cashflow (Rs. mn) 38.0 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 0 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 8 Cash Collateral (% of Pool Cashflow) >100%
Break-even Collection Efficiency N.A. FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 33.49% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 21.35% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
19
Till 12 months
0.0%
0.6%
1.2%
1.8%
2.4%
3.0%
1 8 15 22 29 36
CL CLAP
0%
3%
6%
9%
12%
15%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
50%
60%
70%
80%
90%
100%
1 8 15 22 29 36
Cumulative
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
1 8 15 22 29 36
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 113
Asset Composition
Cars/M
UVs
10%
LCVs
40%
MHCVs
50%
Issue Name: BHPC Auto Securit isation Trust Septemb er 2005 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: January 2009
Commencement Month Sep-05 Months Post- Securitisation 40
Transaction Structure Premium Cumulative Collection Efficiency 98.29%
Staggering20
70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 104.92%
Pool cashflow (Rs. mn) 2,127.3 Cumu. Credit Enhancement Utilisation 2.26%
No of Contracts 4,953 Cumulative Cash Collateral Utilisation 2.26%
Senior PTC Payouts (Rs. mn) 2,127.3 FLP Utilisation N.A
Tenure of Cashflow (months) 40 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 19.58%
Average Loan to Value 83.60% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.21%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.13%
Cash Collateral (% of Pool Cashflow) 9.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 4.41%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 4.21%
EIS (% of Pool Cashflow) N.A CLAP Ratio 1.78%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 1.78%
Details of Remaining Pool- N.A. (Matured Pool)
Outstanding Pool Cashflow (Rs. mn) - Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) - Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 0 Cash Collateral (% of Pool Cashflow) N.A.
Break-even Collection Efficiency N.A. FLP (% of pool cashflow) N.A
Delinquency Rate (90+) N.A. SLP (% of pool cashflow) N.A
Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
20
Till 12 months
0.0%
0.5%
1.0%
1.5%
2.0%
1 8 15 22 29 36
CL CLAP
0%
5%
10%
15%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
50%
60%
70%
80%
90%
100%
1 8 15 22 29 36
Cumulative CE
0%
2%
4%
6%
8%
10%
1 8 15 22 29 36
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset CompositionCars/M
UVs
1%
LCVs
47%
MHCVs
52%
Issue Name: Tata Motors Securit isation Trust Feb 2006 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-06 Months Post- Securitisation 36
Transaction Structure Premium Cumulative Collection Efficiency 94.07%
Staggering21
70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.63%
Pool cashflow (Rs. mn) 7,933.0 Cumu. Credit Enhancement Utilisation 32.76%
No of Contracts 16,768 Cumulative Cash Collateral Utilisation 32.76%
Senior PTC Payouts (Rs. mn) 7,933.0 FLP Utilisation N.A
Tenure of Cashflow (months) 55 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 17.41%
Average Loan to Value 85.84% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.28%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 9.56%
Cash Collateral (% of Pool Cashflow) 8.80% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 7.50%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 6.57%
EIS (% of Pool Cashflow) N.A CLAP Ratio 3.04%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.92%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 324.5 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 337.7 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 19 Cash Collateral (% of Pool Cashflow) >100%
Break-even Collection Efficiency 0% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 27.32% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 16.01% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
21
Till 12 months
0%
1%
2%
3%
4%
1 8 15 22 29 36
CL CLAP
0%
5%
10%
15%
20%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
50%
60%
70%
80%
90%
100%
1 8 15 22 29 36
Cumulative CE
0%
10%
20%
30%
40%
1 8 15 22 29 36
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
LCVs
39%
MHCVs
61%
Issue Name: Tata Motors Limited 2006 ABS 2 Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-06 Months Post- Securitisation 36
Transaction Structure Premium Cumulative Collection Efficiency 89.21%
Staggering22
70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 91.85%
Pool cashflow (Rs. mn) 3,370.0 Cumu. Credit Enhancement Utilisation 53.17%
No of Contracts 6,866 Cumulative Cash Collateral Utilisation 53.17%
Senior PTC Payouts (Rs. mn) 3,370.0 FLP Utilisation N.A
Tenure of Cashflow (months) 55 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 14.19%
Average Loan to Value 87.18% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.38%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 12.77%
Cash Collateral (% of Pool Cashflow) 8.00% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 8.57%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 7.81%
EIS (% of Pool Cashflow) N.A CLAP Ratio 3.55%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 3.38%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 164.5 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 167.6 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 19 Cash Collateral (% of Pool Cashflow) 75.50%
Break-even Collection Efficiency 23.07% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 23.04% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 15.32% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
22
Till 12months
0%
1%
2%
3%
4%
1 8 15 22 29 36
CL CLAP
0%
5%
10%
15%
20%
1 8 15 22 29 36
Loss+delq. 90+ Loss+delq. 180+
20%
40%
60%
80%
100%
1 8 15 22 29 36
Cumulative CE
0%
15%
30%
45%
60%
1 8 15 22 29 36
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
MHCVs
31%
Cars/MU
Vs
32%
LCVs
37%
Issue Name: BHPC Auto Securit isation Trust May 2006 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Apr-06 Months Post- Securitisation 35
Transaction Structure Premium Cumulative Collection Efficiency 87.64%
Staggering23
80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 96.55%
Pool cashflow (Rs. mn) 3,327.4 Cumu. Credit Enhancement Utilisation 59.88%
No of Contracts 8,739 Cumulative Cash Collateral Utilisation 59.88%
Senior PTC Payouts (Rs. mn) 3,327.4 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 16.45%
Average Loan to Value 80.14% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.26%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.77%
Cash Collateral (% of Pool Cashflow) 10.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 8.74%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 7.63%
EIS (% of Pool Cashflow) N.A CLAP Ratio 3.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.84%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 175.9 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 186.6 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 13 Cash Collateral (% of Pool Cashflow) 75.11%
Break-even Collection Efficiency 20.31% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 28.61% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 17.49% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
23
Till 11 months
0.0%
0.7%
1.4%
2.1%
2.8%
3.5%
1 8 15 22 29
CL CLAP
0%
6%
12%
18%
24%
1 8 15 22 29
Loss+delq. 90+ Loss+delq. 180+
20%
40%
60%
80%
100%
1 8 15 22 29
Cumulative CE
0%
20%
40%
60%
80%
1 8 15 22 29
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
LCVs
59%
MHCVs
41%Issue Name: Tata Motors CV pool D.A. - June 2006 Pool I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jun-06 Months Post- Securitisation 33
Transaction Structure Premium Cumulative Collection Efficiency 88.53%
Staggering24
80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 93.28%
Pool cashflow (Rs. mn) 1,143.6 Cumu. Credit Enhancement Utilisation 63.13%
No of Contracts 2,986 Cumulative Cash Collateral Utilisation 63.13%
Senior PTC Payouts (Rs. mn) 1,143.6 FLP Utilisation N.A
Tenure of Cashflow (months) 54 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 11.91%
Average Loan to Value 85.39% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.46%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 14.10%
Cash Collateral (% of Pool Cashflow) 9.70% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 14.37%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 12.65%
EIS (% of Pool Cashflow) N.A CLAP Ratio 5.51%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 4.95%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 114.5 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 121.9 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 21 Cash Collateral (% of Pool Cashflow) 31.73%
Break-even Collection Efficiency 66.23% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 31.11% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 21.18% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
24
Till 12 months
0%
2%
4%
6%
1 8 15 22 29
CL CLAP
0%
6%
12%
18%
24%
1 8 15 22 29
Loss+delq. 90+ Loss+delq. 180+
50%
60%
70%
80%
90%
100%
1 8 15 22 29
Cumulative CE
0.0%
20.0%
40.0%
60.0%
80.0%
1 8 15 22 29
Cumulative Monthly
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Asset Composition
MHCVs
79%
LCVs
21%
Issue Name: Tata Motors CV pool D.A. - June 2006 Pool I I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jun-06 Months Post- Securitisation 33
Transaction Structure Premium Cumulative Collection Efficiency 92.19%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.33%
Pool cashflow (Rs. mn) 2,090.1 Cumu. Credit Enhancement Utilisation 38.36%
No of Contracts 3,238 Cumulative Cash Collateral Utilisation 38.36%
Senior PTC Payouts (Rs. mn) 2,090.1 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 11.50%
Average Loan to Value 91.61% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.30%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 9.43%
Cash Collateral (% of Pool Cashflow) 10.00% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 8.25%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 6.85%
EIS (% of Pool Cashflow) N.A CLAP Ratio 1.85%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 1.64%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 232.7 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 243.1 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 15 Cash Collateral (% of Pool Cashflow) 53.00%
Break-even Collection Efficiency 44.64% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 19.09% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 11.52% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
0.5%
1.0%
1.5%
2.0%
1 8 15 22 29
CL CLAP
0%
4%
8%
12%
16%
1 8 15 22 29
Loss+delq. 90+ Loss+delq. 180+
70%
80%
90%
100%
110%
1 8 15 22 29
Cumulative CE
0%
9%
18%
27%
36%
45%
1 8 15 22 29
Cumulative Monthly
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Asset Composition
Cars
100%
Issue Name: Tata Motors Car pool D.A. - August 2006 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Aug-06 Months Post- Securitisation 30
Transaction Structure Premium Cumulative Collection Efficiency 92.07%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 93.54%
Pool cashflow (Rs. mn) 1,163.3 Cumu. Credit Enhancement Utilisation 52.75%
No of Contracts 3,488 Cumulative Cash Collateral Utilisation 52.75%
Senior PTC Payouts (Rs. mn) 1,163.3 FLP Utilisation N.A
Tenure of Cashflow (months) 55 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 10.24%
Average Loan to Value 77.51% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.40%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 11.42%
Cash Collateral (% of Pool Cashflow) 12.60% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 12.48%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 10.48%
EIS (% of Pool Cashflow) N.A CLAP Ratio 3.52%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.98%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 169.7 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 184.4 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 25 Cash Collateral (% of Pool Cashflow) 37.47%
Break-even Collection Efficiency 59.30% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 26.43% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 17.16% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0%
1%
2%
3%
4%
1 7 13 19 25
CL CLAP
0%
5%
10%
15%
20%
1 7 13 19 25
Loss+delq. 90+ Loss+delq.180+
80%
85%
90%
95%
100%
1 7 13 19 25
Cumulative CE
0%
15%
30%
45%
60%
1 7 13 19 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 120
Asset Composition
MHCVs
88%
LCVs
12%
Issue Name: Tata Motors CV Pool D.A. - September 2006 PooI I I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Sep-06 Months Post- Securitisation 30
Transaction Structure Premium Cumulative Collection Efficiency 94.04%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.92%
Pool cashflow (Rs. mn) 5,030.0 Cumu. Credit Enhancement Utilisation 33.27%
No of Contracts 6,716 Cumulative Cash Collateral Utilisation 33.27%
Senior PTC Payouts (Rs. mn) 4,538.6 FLP Utilisation N.A
Tenure of Cashflow (months) 36 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 14.31%
Average Loan to Value 94.69% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.19%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 5.65%
Cash Collateral (% of Pool Cashflow) 9.05% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 7.46%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 5.38%
EIS (% of Pool Cashflow) N.A CLAP Ratio 1.26%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 1.02%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 890.0 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 500.7 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 6 Cash Collateral (% of Pool Cashflow) 31.48%
Break-even Collection Efficiency 68.52% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 17.59% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 9.33% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
0.4%
0.8%
1.2%
1.6%
1 7 13 19 25
CL CLAP
0%
3%
6%
9%
12%
1 7 13 19 25
Loss+delq. 90+ Loss+delq. 180+
80%
85%
90%
95%
100%
1 7 13 19 25
Cumulative CE
0%
10%
20%
30%
40%
1 7 13 19 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 121
Asset Composition
MHCV
s
79%
LCVs
21%Issue Name: BHPC Auto Securit isation Trust September 2006 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Sep-06 Months Post- Securitisation 30
Transaction Structure Premium Cumulative Collection Efficiency 93.04%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 93.82%
Pool cashflow (Rs. mn) 1,493.6 Cumu. Credit Enhancement Utilisation 57.68%
No of Contracts 2,370 Cumulative Cash Collateral Utilisation 57.68%
Senior PTC Payouts (Rs. mn) 1,339.8 FLP Utilisation N.A
Tenure of Cashflow (months) 56 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 11.73%
Average Loan to Value 91.81% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.31%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.80%
Cash Collateral (% of Pool Cashflow) 9.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 9.55%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 7.48%
EIS (% of Pool Cashflow) N.A CLAP Ratio 2.05%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.05%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 243.9 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 132.3 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 26 Cash Collateral (% of Pool Cashflow) 24.62%
Break-even Collection Efficiency 75.38% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 19.38% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 10.69% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
0.6%
1.2%
1.8%
2.4%
1 7 13 19 25
CL CLAP
0%
4%
8%
12%
16%
1 7 13 19 25
Loss+delq. 90+ Loss+delq. 180+
80%
85%
90%
95%
100%
1 7 13 19 25
Cumulative CE
0%
13%
26%
39%
52%
65%
1 7 13 19 25
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 122
Asset Composition
Cars/M
UVs
4%
LCVs
23%
MHCVs
73%
Issue Name: Tata Motors CV pool D.A - November 2006 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Nov-06 Months Post- Securitisation 28
Transaction Structure Premium Cumulative Collection Efficiency 91.28%
Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.13%
Pool cashflow (Rs. mn) 3,798.3 Cumu. Credit Enhancement Utilisation 15.04%
No of Contracts 5,821 Cumulative Cash Collateral Utilisation 15.04%
Senior PTC Payouts (Rs. mn) 3,798.3 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 13.15%
Average Loan to Value 88.55% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.23%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 6.20%
Cash Collateral (% of Pool Cashflow) 15.50% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 5.93%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 3.57%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.83%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.67%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 700.6 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 737.2 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 20 Cash Collateral (% of Pool Cashflow) 71.40%
Break-even Collection Efficiency 28.60% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 15.37% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 6.46% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1 6 11 16 21 26
CL CLAP
0%
3%
6%
9%
12%
1 6 11 16 21 26
Loss+delq. 90+ Loss+delq. 180+
60%
70%
80%
90%
100%
1 6 11 16 21 26
Cumulative CE
0%
5%
10%
15%
20%
1 6 11 16 21 26
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Issue Name: BHPC Auto Securit isation Trust February 2007 I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jan-07 Months Post- Securitisation 26
Transaction Structure Premium Cumulative Collection Efficiency 93.22%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 97.33%
Pool cashflow (Rs. mn) 1,795.6 Cumu. Credit Enhancement Utilisation 11.21%
No of Contracts 2,525 Cumulative Cash Collateral Utilisation 11.21%
Senior PTC Payouts (Rs. mn) 1,795.6 FLP Utilisation N.A
Tenure of Cashflow (months) 45 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 6.74%
Average Loan to Value 88.77% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.11%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 2.93%
Cash Collateral (% of Pool Cashflow) 20.70% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 5.92%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 3.66%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.44%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.32%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 512.8 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 513.2 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 19 Cash Collateral (% of Pool Cashflow) 64.36%
Break-even Collection Efficiency 35.64% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 11.88% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 6.01% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
Asset Composition
MHCV
73%
LCV
27%
80%
90%
100%
110%
1 6 11 16 21
Cumulative CE
0%
2%
4%
6%
8%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0%
3%
6%
9%
12%
15%
1 6 11 16 21
Cumulative Monthly
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
1 6 11 16 21
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Issue Name: Tata Motors CV pool D.A. - February 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jan-07 Months Post- Securitisation 25
Transaction Structure Premium Cumulative Collection Efficiency 92.53%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 101.05%
Pool cashflow (Rs. mn) 1,729.7 Cumu. Credit Enhancement Utilisation 1.85%
No of Contracts 2,398 Cumulative Cash Collateral Utilisation 1.85%
Contributions (Rs. mn) 1,729.7 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 6.96%
Average Loan to Value 88.63% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.12%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.05%
Cash Collateral (% of Pool Cashflow) 19.90% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 7.91%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 5.02%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.50%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.35%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 533.6 Credit enhancement
O/s Contributions Cashflow (Rs. mn) 551.5 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 23 Cash Collateral (% of Pool Cashflow) 63.15%
Break-even Collection Efficiency 36.85% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 15.80% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 8.47% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
Asset Composition
LCV
24%
MHCV
76%
80%
90%
100%
110%
120%
1 6 11 16 21
Cumulative CE
0%
3%
6%
9%
12%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0%
3%
6%
9%
12%
1 6 11 16 21
Cumulative Monthly
0.0%
0.2%
0.4%
0.6%
1 6 11 16 21
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
MHCV
87%
Ace
13%Issue Name: Tata Motors CV pool D.A - March 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 91.27%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 95.09%
Pool cashflow (Rs. mn) 1,096.9 Cumu. Credit Enhancement Utilisation 19.64%
No of Contracts 1,787 Cumulative Cash Collateral Utilisation 19.64%
Senior PTC Payouts (Rs. mn) 1,096.9 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 14.32%
Average Loan to Value 92.37% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.23%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 5.42%
Cash Collateral (% of Pool Cashflow) 19.75% Loss cum Delinquency
FLP (% of Pool Cashflow) 8.89% 90+ dpd (% of Initial Pool Size) 8.80%
SLP (% of Pool Cashflow) 10.86% 180+dpd (% of Initial Pool Size) 5.41%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.73%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.50%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 334.9 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 342.5 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 24 Cash Collateral (% of Pool Cashflow) 52.02%
Break-even Collection Efficiency 50.25% FLP (% of pool cashflow) 16.43%
Delinquency Rate (90+) 15.91% SLP (% of pool cashflow) 35.59%
Delinquency Rate (180+) 7.80% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
80%
85%
90%
95%
100%
1 6 11 16 21
Cumulative CE
0%
3%
6%
9%
12%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.2%
0.4%
0.6%
0.8%
1 6 11 16 21
CL CLAP
0%
6%
12%
18%
24%
1 6 11 16 21
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 126
Asset CompositionAce
4%
MHCV
96%
Issue Name: Tata Motors CV pool D.A - March 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 93.14%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 98.46%
Pool cashflow (Rs. mn) 1,910.1 Cumu. Credit Enhancement Utilisation 10.98%
No of Contracts 2,857 Cumulative Cash Collateral Utilisation 10.98%
Senior PTC Payouts (Rs. mn) 1,910.1 FLP Utilisation 19.01%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 11.27%
Average Loan to Value 90.03% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.27%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 6.30%
Cash Collateral (% of Pool Cashflow) 19.95% Loss cum Delinquency
FLP (% of Pool Cashflow) 9.98% 90+ dpd (% of Initial Pool Size) 4.70%
SLP (% of Pool Cashflow) 9.97% 180+dpd (% of Initial Pool Size) 2.53%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.30%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.21%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 578.9 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 591.9 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 24 Cash Collateral (% of Pool Cashflow) 58.60%
Break-even Collection Efficiency 40.39% FLP (% of pool cashflow) 26.68%
Delinquency Rate (90+) 9.23% SLP (% of pool cashflow) 32.88%
Delinquency Rate (180+) 4.00% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
85%
90%
95%
100%
1 6 11 16 21
Cumulative CE
0.0%
1.5%
3.0%
4.5%
6.0%
7.5%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0%
3%
6%
9%
12%
1 6 11 16 21
Cumulative Monthly
0.00%
0.08%
0.16%
0.24%
0.32%
1 6 11 16 21
CL CLAP
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
ACE
15%
LCV
21%MHCV
64%
Issue Name: Tata Motors CV pool D.A - May 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month May-07 Months Post- Securitisation 22
Transaction Structure Premium Cumulative Collection Efficiency 92.07%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 97.57%
Pool cashflow (Rs. mn) 1,197.0 Cumu. Credit Enhancement Utilisation 11.61%
No of Contracts 2,555 Cumulative Cash Collateral Utilisation 11.61%
Senior PTC Payouts (Rs. mn) 1,197.0 FLP Utilisation 30.80%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 12.23%
Average Loan to Value 84.02% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.23%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 4.95%
Cash Collateral (% of Pool Cashflow) 19.75% Loss cum Delinquency
FLP (% of Pool Cashflow) 9.87% 90+ dpd (% of Initial Pool Size) 7.70%
SLP (% of Pool Cashflow) 9.88% 180+dpd (% of Initial Pool Size) 3.95%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.42%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.28%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 391.6 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 404.0 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 26 Cash Collateral (% of Pool Cashflow) 53.37%
Break-even Collection Efficiency 49.81% FLP (% of pool cashflow) 20.88%
Delinquency Rate (90+) 13.75% SLP (% of pool cashflow) 30.20%
Delinquency Rate (180+) 5.45% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
90%
92%
94%
96%
98%
100%
1 6 11 16 21
Cumulative CE
0%
2%
4%
6%
8%
10%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0%
4%
8%
12%
16%
1 6 11 16 21
Cumulative Monthly
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
1 6 11 16 21
CL CLAP
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Issue Name: Tata Motors Finance Securit isation Trust June 2007 I Trustee: IDBI Trusteeship Services Limited
Issue Details Pool Performance till: March 2009
Commencement Month May-07 Months Post- Securitisation 21
Transaction Structure Par Cumulative Collection Efficiency 91.84%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.02%
Pool Principal (Rs. mn) 1,093.7 Cumu. Credit Enhancement Utilisation 22.47%
No of Contracts 1,218 Cumulative Cash Collateral Utilisation 5.48%
Senior PTC Principal (Rs. mn) 1,093.7 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 15.13%
Average Loan to Value 85.72% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.45%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 9.10%
Cash Collateral (% of Pool Principal) 17.50% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 6.40%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 3.55%
EIS (% of Pool Principal) 0.60% CLAP Ratio 0.37%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.27%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 324.9 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 326.7 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 27 Cash Collateral (% of Pool Principal) 64.45%
Break-even Collection Efficiency 40.58% FLP (% of pool principal) N.A
Delinquency Rate (90+) 12.49% SLP (% of pool principal) N.A
Delinquency Rate (180+) 5.63% Excess Interest Spread (% of Pool Principal) -0.43%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
Asset Composition
MHCV
54%
Cars&M
UV
25%
CE
21%
0.0%
0.1%
0.2%
0.3%
0.4%
1 6 11 16 21
CL CLAP
60%
80%
100%
120%
1 6 11 16 21
Cumulative CE
0%
2%
4%
6%
8%
10%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0%
10%
20%
30%
1 6 11 16 21
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 129
Asset Composition
MHCV
33%
Cars&MU
V
67%
Issue Name: Tata Motors CV & Auto Pool D.A - October 2008 I I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Nov-08 Months Post- Securitisation 5
Transaction Structure Premium Cumulative Collection Efficiency 91.95%
Staggering 70: 30 Cumu. Coll. to Cumu. Snr. PTC Payouts 103.54%
Pool cashflow (Rs. mn) 1,253.8 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 3,382 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 1,253.8 FLP Utilisation 0.00%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 17.55%
Average Loan to Value 76.83% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.22%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.11%
Cash Collateral (% of Pool Cashflow) 30.75% Loss cum Delinquency
FLP (% of Pool Cashflow) 18.45% 90+ dpd (% of Initial Pool Size) 2.87%
SLP (% of Pool Cashflow) 12.30% 180+dpd (% of Initial Pool Size) 0.57%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 1,046.1 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 1,057.6 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 43 Cash Collateral (% of Pool Cashflow) 36.85%
Break-even Collection Efficiency 62.50% FLP (% of pool cashflow) 21.11%
Delinquency Rate (90+) 2.89% SLP (% of pool cashflow) 14.74%
Delinquency Rate (180+) 0.50% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
60%
70%
80%
90%
100%
1 2 3 4 5
Cumulative CE
0.0%
0.1%
0.2%
0.3%
1 2 3 4 5
CL CLAP
0%
1%
2%
3%
4%
1 2 3 4 5
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.5%
1.0%
1.5%
2.0%
1 2 3 4 5
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
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Asset Composition
MHCV
41%
Cars &M
UV
26%
L CV
33%Issue Name: Tata Motors CV & Auto Pool D.A – Novmber 2008 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Dec-08 Months Post- Securitisation 4
Transaction Structure Premium Cumulative Collection Efficiency 87.14%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 103.87%
Pool cashflow (Rs. mn) 2,551.0 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 5,801 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 2,551.0 FLP Utilisation 0.00%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 14.12%
Average Loan to Value 83.13% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.14%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.58%
Cash Collateral (% of Pool Cashflow) 34.80% Loss cum Delinquency
FLP (% of Pool Cashflow) 20.88% 90+ dpd (% of Initial Pool Size) 5.17%
SLP (% of Pool Cashflow) 13.92% 180+dpd (% of Initial Pool Size) 0.72%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 2,224.7 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 2,247.7 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 44 Cash Collateral (% of Pool Cashflow) 39.90%
Break-even Collection Efficiency 59.58% FLP (% of pool cashflow) 23.94%
Delinquency Rate (90+) 5.12% SLP (% of pool cashflow) 15.96%
Delinquency Rate (180+) 0.61% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
60%
70%
80%
90%
100%
1 2 3 4
Cumulative CE
0.0%
0.1%
0.2%
0.3%
0.4%
1 2 3 4
CL CLAP
0%
2%
4%
6%
1 2 3 4
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.3%
0.6%
0.9%
1 2 3 4
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 131
Asset Composition
MHC V
57%
L C V
43%
Issue Name: Tata Motors CV Pool D.A - November 2008 I I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Nov-08 Months Post- Securitisation 5
Transaction Structure Premium Cumulative Collection Efficiency 91.21%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 103.16%
Pool cashflow (Rs. mn) 3,506.3 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 6,542 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 3,506.3 FLP Utilisation 0.00%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 16.40%
Average Loan to Value 85.60% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.06%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.31%
Cash Collateral (% of Pool Cashflow) 32.00% Loss cum Delinquency
FLP (% of Pool Cashflow) 19.20% 90+ dpd (% of Initial Pool Size) 3.73%
SLP (% of Pool Cashflow) 12.80% 180+dpd (% of Initial Pool Size) 0.47%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 2,939.6 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 2,971.8 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 43 Cash Collateral (% of Pool Cashflow) 38.17%
Break-even Collection Efficiency 46.92% FLP (% of pool cashflow) 22.90%
Delinquency Rate (90+) 3.91% SLP (% of pool cashflow) 15.27%
Delinquency Rate (180+) 0.45% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
60%
70%
80%
90%
100%
1 2 3 4 5
Cumulative CE
0.0%
0.1%
0.2%
0.3%
0.4%
1 2 3 4 5
CL CLAP
0%
2%
4%
6%
1 2 3 4 5
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.2%
0.4%
0.6%
0.8%
1 2 3 4 5
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 132
Asset Composition
L CV
50%
Cars &MU
V
17%
MHCV
33%
Issue Name: Tata Motors CV & Auto Pool D.A - December 2008 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Dec-08 Months Post- Securitisation 4
Transaction Structure Premium Cumulative Collection Efficiency 96.68%
Staggering 70: 30 Cumu. Coll. to Cumu. Snr. PTC Payouts 104.17%
Pool cashflow (Rs. mn) 1,567.0 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 4,947 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 1,567.0 FLP Utilisation 0.00%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 20.41%
Average Loan to Value 79.70% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.09%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.34%
Cash Collateral (% of Pool Cashflow) 35.00% Loss cum Delinquency
FLP (% of Pool Cashflow) 22.75% 90+ dpd (% of Initial Pool Size) 4.86%
SLP (% of Pool Cashflow) 12.25% 180+dpd (% of Initial Pool Size) 0.49%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 1,339.4 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 1,355.9 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 44 Cash Collateral (% of Pool Cashflow) 40.95%
Break-even Collection Efficiency 58.41% FLP (% of pool cashflow) 26.62%
Delinquency Rate (90+) 4.84% SLP (% of pool cashflow) 14.34%
Delinquency Rate (180+) 0.46% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
70%
80%
90%
100%
1 2 3 4
Cumulative CE
0.0%
0.1%
0.2%
0.3%
0.4%
1 2 3 4
CL CLAP
0%
2%
4%
6%
8%
1 2 3 4
Loss+delq. 90+ Loss+delq. 180+
0%
2%
4%
6%
8%
1 2 3 4
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 133
Asset Composition
MH C V
53%
C ar&MU
V
47%
Issue Name: Tata Motors CV & Auto Pool D.A - December 2008 I I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Jan-09 Months Post- Securitisation 3
Transaction Structure Premium Cumulative Collection Efficiency 83.46%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 110.84%
Pool cashflow (Rs. mn) 1,502.1 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 3,657 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 1,502.1 FLP Utilisation 0.00%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 23.24%
Average Loan to Value 76.62% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.07%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.22%
Cash Collateral (% of Pool Cashflow) 34.70% Loss cum Delinquency
FLP (% of Pool Cashflow) 19.09% 90+ dpd (% of Initial Pool Size) 4.11%
SLP (% of Pool Cashflow) 15.61% 180+dpd (% of Initial Pool Size) 0.48%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 1,347.2 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 1,362.0 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 45 Cash Collateral (% of Pool Cashflow) 38.69%
Break-even Collection Efficiency 60.24% FLP (% of pool cashflow) 21.28%
Delinquency Rate (90+) 3.93% SLP (% of pool cashflow) 17.41%
Delinquency Rate (180+) 0.43% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
40%
60%
80%
100%
1 2 3
Cumulative CE
0.0%
0.1%
0.2%
0.3%
1 2 3
CL CLAP
0%
2%
4%
6%
1 2 3
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.3%
0.6%
0.9%
1 2 3
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 134
Asset Composition
Cars &MU
V
24%
MHCV
47%
L CV
29%
Issue Name: Tata Motors CV & Auto Pool D.A - January 2009 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-09 Months Post- Securitisation 2
Transaction Structure Premium Cumulative Collection Efficiency 81.85%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 112.85%
Pool cashflow (Rs. mn) 1,208.8 Cumu. Credit Enhancement Utilisation 0.00%
No of Contracts 2,475 Cumulative Cash Collateral Utilisation 0.00%
Senior PTC Payouts (Rs. mn) 1,208.8 FLP Utilisation 0.00%
Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 7.70%
Average Loan to Value 81.40% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.08%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.16%
Cash Collateral (% of Pool Cashflow) 31.25% Loss cum Delinquency
FLP (% of Pool Cashflow) 21.88% 90+ dpd (% of Initial Pool Size) 3.20%
SLP (% of Pool Cashflow) 9.37% 180+dpd (% of Initial Pool Size) 0.22%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 1,138.4 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 1,148.9 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 46 Cash Collateral (% of Pool Cashflow) 33.18%
Break-even Collection Efficiency 66.16% FLP (% of pool cashflow) 23.22%
Delinquency Rate (90+) 2.94% SLP (% of pool cashflow) 9.95%
Delinquency Rate (180+) 0.12% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
60%
70%
80%
90%
100%
1 2
Cumulative CE
0.0%
0.1%
0.2%
0.3%
1 2
CL CLAP
0%
1%
2%
3%
4%
1 2
Loss+delq. 90+ Loss+delq. 180+
0.0%
0.1%
0.2%
0.3%
0.4%
1 2
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 135
Asset Composition
LCV
31%MHCV
69%
Issue Name: TMLFSL Auto Securit isation Trust February 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 92.42%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 95.95%
Pool cashflow (Rs. mn) 2,105.9 Cumu. Credit Enhancement Utilisation 16.80%
No of Contracts 3,455 Cumulative Cash Collateral Utilisation 16.80%
Senior PTC Payouts (Rs. mn) 2,105.9 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 6.44%
Average Loan to Value 89.87% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.22%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 5.26%
Cash Collateral (% of Pool Cashflow) 19.90% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 8.30%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 4.90%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.81%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.53%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 709.4 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 724.3 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 24 Cash Collateral (% of Pool Cashflow) 49.15%
Break-even Collection Efficiency 50.85% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 14.39% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 6.78% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
80%
85%
90%
95%
100%
1 6 11 16 21
Cumulative CE
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1 6 11 16 21
CL CLAP
0%
3%
6%
9%
12%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0%
5%
10%
15%
20%
1 6 11 16 21
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 136
Asset Composition
MHCV
68%LCV
32%
Issue Name: TMLFSL CV Pool D.A. Trust February 2007 I I Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Feb-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 92.37%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 95.73%
Pool cashflow (Rs. mn) 2,084.3 Cumu. Credit Enhancement Utilisation 17.59%
No of Contracts 3,455 Cumulative Cash Collateral Utilisation 17.59%
Senior PTC Payouts (Rs. mn) 2,084.3 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 6.45%
Average Loan to Value 89.88% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.21%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 5.02%
Cash Collateral (% of Pool Cashflow) 19.90% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 8.67%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 5.29%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.97%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.64%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 693.3 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 709.5 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 24 Cash Collateral (% of Pool Cashflow) 49.31%
Break-even Collection Efficiency 50.69% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 15.29% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 7.52% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
80%
85%
90%
95%
100%
1 6 11 16 21
Cumulative CE
0.0%
0.3%
0.6%
0.9%
1.2%
1 6 11 16 21
CL CLAP
0%
5%
10%
15%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0%
5%
10%
15%
20%
1 6 11 16 21
Cumulative Monthly
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 137
Asset Composition
MHCV
80%
ACE
20%Issue Name: TMLFSL CV Pool D.A. March 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month Mar-07 Months Post- Securitisation 24
Transaction Structure Premium Cumulative Collection Efficiency 92.17%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 95.83%
Pool cashflow (Rs. mn) 1,097.8 Cumu. Credit Enhancement Utilisation 14.09%
No of Contracts 1,785 Cumulative Cash Collateral Utilisation 14.09%
Senior PTC Payouts (Rs. mn) 1,097.8 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 5.55%
Average Loan to Value 90.40% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.18%
Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 4.18%
Cash Collateral (% of Pool Cashflow) 19.90% Loss cum Delinquency
FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 8.86%
SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 5.10%
EIS (% of Pool Cashflow) N.A CLAP Ratio 0.94%
Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.60%
Details of Remaining Pool
Outstanding Pool Cashflow (Rs. mn) 393.4 Credit enhancement
O/s Senior PTC Cashflow (Rs. mn) 401.2 Subordination (% of Pool Cashflow) N.A.
Balance Tenure of Pool (months) 30 Cash Collateral (% of Pool Cashflow) 47.72%
Break-even Collection Efficiency 54.27% FLP (% of pool cashflow) N.A
Delinquency Rate (90+) 14.48% SLP (% of pool cashflow) N.A
Delinquency Rate (180+) 6.48% Excess Interest Spread (% of Pool Cashflow) N.A
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
80%
85%
90%
95%
100%
1 6 11 16 21
Cumulative CE
0.0%
0.3%
0.6%
0.9%
1.2%
1 6 11 16 21
CL CLAP
0%
4%
8%
12%
16%
1 6 11 16 21
Cumulative Monthly
0%
3%
6%
9%
12%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________
ICRA Rating Services www.icra.in Page 138
Asset Composition
LCV
24%
MHCV
76%
Issue Name: TMLFSL CV Pool D.A. May 2007 Trustee: IL&FS Trust Company Limited
Issue Details Pool Performance till: March 2009
Commencement Month May-07 Months Post- Securitisation 23
Transaction Structure Par Cumulative Collection Efficiency 94.18%
Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 97.56%
Pool Principal (Rs. mn) 1,346.4 Cumu. Credit Enhancement Utilisation 21.87%
No of Contracts 3,025 Cumulative Cash Collateral Utilisation 11.53%
Senior PTC Principal (Rs. mn) 1,346.4 FLP Utilisation N.A
Tenure of Cashflow (months) 48 SLP Utilisation N.A Asset Class
Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 9.08%
Average Loan to Value 85.07% Prepayment Rate
Credit / Liquidity Support Monthly Prepayment Rate 0.51%
Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.99%
Cash Collateral (% of Pool Principal) 17.50% Loss cum Delinquency
FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 10.00%
SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 6.54%
EIS (% of Pool Principal) 2.25% CLAP Ratio 1.22%
Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.85%
Details of Remaining Pool
Outstanding Pool Principal (Rs. mn) 440.6 Credit enhancement
O/s Senior PTC Principal (Rs. mn) 451.8 Subordination (% of Pool Principal) N.A.
Balance Tenure of Pool (months) 25 Cash Collateral (% of Pool Principal) 57.74%
Break-even Collection Efficiency 48.42% FLP (% of pool principal) N.A
Delinquency Rate (90+) 17.95% SLP (% of pool principal) N.A
Delinquency Rate (180+) 9.31% Excess Interest Spread (% of Pool Principal) -1.96%
Collection efficiency Credit enhancement utilisation
CL and CLAP Loss cum Delinquency
70%
90%
110%
130%
1 6 11 16 21
Cumulative CE
0.0%
0.4%
0.8%
1.2%
1.6%
1 6 11 16 21
CL CLAP
0%
5%
10%
15%
1 6 11 16 21
Loss+delq. 90+ Loss+delq. 180+
0%
6%
12%
18%
24%
1 6 11 16 21
Cumulative Monthly
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 139
Annexure I: Key Performance
Indicators of ABS Transactions
Current Collection Efficiency
The current collection efficiency refers to the ratio of
collections arising from the current month’s billings
to the current month’s billings. The ratio reflects how
much of a particular month’s billings are collected
the same month. Low current collection efficiency in
a particular month may be on account of the
seasonality factor. For instance, in the case of a CV
pool, collections in the month of April are often low.
This may also be on account of a temporary
situation; again in the case of a CV pool, external
factors such as a truckers’ strike could affect
truckers’ earnings in that month and consequently
their ability to repay the loans. This is however likely
to be corrected over time. On the other hand, a
secular decline in current collections may be a
warning on declining pool quality. Consistently high
current collection efficiency would indicate good and
stable pool quality.
Arrears Collection Efficiency
The arrears collection efficiency is the ratio of
collections in a month from overdues at the
beginning of the month to the total overdues at the
beginning of the month. A low current collection
efficiency ratio, together with a reasonably high
arrears collection efficiency, would indicate that the
borrower’s dues are being collected, albeit with a
lag. However, the calculation of current and arrears
collection efficiency is often constrained by the lack
of availability of information on collection from
current billings and arrears separately. The CCE
factors in both the current as well as the arrears
collection efficiency, and is a more stable indicator
of pool performance. Further, ICRA also calculates
Total Monthly Collection Efficiency, which is the
ratio of total collections (including both current and
overdue collections) made in a month to the billings
of that month. Since the denominator contains only
the current month’s billings, while the numerator
includes collections from overdues as well, a high
Total Monthly Collection Efficiency indicates high
collection of overdues.
Cumulative Collection Efficiency
A basic measure of pool performance is its
collection efficiency. The cumulative collection
efficiency (CCE) refers to the ratio of total
collections to total billings on the pool till date. In
most ABS issues, the realisation from opening
overdues (overdues on the pool contracts at the
time of securitisation) is available for meeting
investor payouts and the Originator’s claim on its
subordinate. Thus, in the calculation of CCE, the
total opening overdues are included in the
denominator and the amounts actually realised from
opening overdues are also included in the
numerator. For instance, if the opening overdues on
a pool are Rs. 10 million, the total billings till date
(excluding opening overdues) are Rs. 590 million,
and the total collections (including collections of Rs.
7 million from opening overdues) are Rs. 540
million, the CCE works out to 540/600, i.e., 90%.
However, since the collections from opening
overdues are included while calculating CCE, ICRA
considers it appropriate to include the amount of
opening overdues in the figure of total billings till
date. Further, different transactions may have
varying levels of opening overdues and hence the
inclusion of opening overdues in total collections
(numerator) and total billings (denominator) makes
the CCE of different deals directly comparable. It
may be noted that in the past, for the calculation of
this ratio, ICRA had not been including opening
overdues in the denominator. The definition of CCE
has thus been modified—as explained in the
previous paragraph—beginning with the present
note.
Cumulative Collections to Payout Ratio
This ratio compares the cumulative collections in a
pool to the cumulative payouts to against Senior
Pass-Through Certificates (PTCs) till date. Both the
numerator and the denominator exclude
prepayments. Thus, the ratio denotes the cash flow
coverage available to the senior investors in the
transaction. In a ―premium‖ transaction with cash
collateral as the only form of credit enhancement,
this ratio will be the same as the CCE. However, in
a senior-subordinate structure, the cumulative
collections to payout ratio would be higher than the
CCE.
In a staggered structure, in the initial period of the
pool, the scheduled payments to the senior investor
would be lower than the scheduled billings in the
pool. In case the actual collections in a month are
higher than the scheduled investor payout
pertaining to that month, the excess would be
retained by the Servicer and would be available
while making the payments pertaining to the
subsequent month. In such cases, the cumulative
collections to payout ratio would be higher, denoting
better liquidity in the structure.
Prepayment Rate
Prepayment rate refers to the rate at which pre-
terminations (including contracts Post-repossession
and sale of the underlying vehicle) have occurred in
the pool till date. In a par transaction, prepayments
result in compression of the excess interest spread
(EIS) available in the structure since the higher yield
vis-à-vis the yield on senior PTCs would no longer
be available as credit enhancement for the senior
PTCs in respect of the foreclosed contracts. In a
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 140
―premium‖ transaction, in the case of premature
termination of contracts, the discounted value of the
originally scheduled future cash flow (discounted at
the investor yield) on the foreclosed contracts is
paid out to the investors and their future cash flow is
revised downwards accordingly. On account of the
discounting rate on the PTCs being typically lower
than the interest rate on the foreclosed contracts,
the amount collected falls short of the amount to be
paid to the senior investors (although part of this
shortfall is met out of the premium collected on
prepayments from borrowers). This shortfall then
needs to be met out of the credit enhancement.
Thus, in either case (―par‖ or ―premium‖
transaction), prepayments affect the level of credit
enhancement. Also, since prepayments are passed
on to investors, they result in re-investment risk for
the investors. While ICRA does not comment on the
reinvestment risk in its ratings, it is an important
factor for the investors.
In certain transactions, prepayments are
preferentially paid off to the senior investors. In ―par‖
transactions, this reduces the residual credit risk for
the senior investors as the effective subordination
level for the balance pool period increases. Thus,
the exact impact of prepayments on the senior
investors depends on the transaction structure.
Ageing Analysis
While CCE is a useful indicator of collection pattern,
it does not distinguish between delinquent and
sticky contracts. Failure to pay one or two equated
monthly instalments (EMIs) may be caused by
temporary cash flow strains on the borrower, but
default on three to four EMIs would be viewed with
serious concern, and hard recovery measures may
be required on such contracts. This vital information
is provided by the ageing status on the pool. The
Loss-cum-delinquency ratio is calculated as:
[(outstanding principal on contracts overdue for over
90 days + cumulative loss booked on pre-
terminated contracts)/initial pool principal]. In the
calculation of the serious delinquency ratio,
contracts that are 180 days past due (dpd) are
considered (in lieu of 90 dpd contracts). In certain
cases, the ageing status of overdues where the
underlying vehicle has been repossessed is not
available. In such cases, the principal outstanding
on the stock of repossessed vehicles is added to
the numerator for the calculation of ageing at both
the 90 dpd and 180 dpd level.
The delinquency ratios are important indicators of
asset quality and are used as a proxy for ultimate
credit losses. However, it must be noted that actual
credit losses on the pool may be lower on account
of subsequent recoveries from such accounts. The
delinquency ratios have a constant denominator in
the form of the initial pool principal. On the other
hand, the numerator increases with the passage of
time as more contracts turn delinquent, and the
ratios rise initially. In the event of subsequent
recoveries on account of repossession or otherwise,
the delinquency ratios show a decline.
Delinquency Rate
The delinquency rate measures the proportion of
account balances for which a monthly payment is
contractually late. It is calculated as the principal
outstanding (POS) on delinquent contracts divided
by the total POS. Delinquency rate is a leading
indicator of net loss performance because contracts
that are delinquent have a greater likelihood of
going into default.
Delinquent balances have been divided into two
buckets, over 90 dpd and over 180 dpd, depending
on how far behind the obligor is in making a
payment.
Credit Enhancement: Utilisation till Date and Current Available Level
The asset quality of the securitised pool and the
level of credit enhancement available in the
transaction are the two principal factors that drive
the rating for any instrument issued under an ABS
transaction. Thus, together with collateral analysis,
it is equally important to study the monthly/
cumulative utilisation of the credit enhancement till
date and the level of credit enhancement available
over the balance maturity period for supporting the
payments to Senior investors.
Cumulative cash collateral utilisation The cumulative cash collateral
25 utilisation ratio
compares the cumulative cash utilised in a
transaction till a certain month with the level of cash
collateral stipulated at the beginning of the
transaction. This ratio is a good indicator of the pool
performance if credit enhancement for the
transaction is only in the form of cash (or corporate
undertaking by the Originator, as is the case in
certain transactions). While EIS is the first layer of
credit enhancement (available only in a par issue),
subordination acts as the second, and cash
collateral as the third layer of credit enhancement
available in most transactions. The cash collateral is
used only in case the first two layers of credit
enhancement are not able to meet the payout
shortfall in a particular month. A limitation of the
cumulative cash collateral utilisation ratio is that it
cannot be used to compare performance of pools
with combination of credit enhancement sources. A
better ratio that can help compare the performance
of all pools without differentiating among the various
forms of credit enhancement is the cumulative credit
25
For the current purpose, the terms “cash collateral” and “corporate undertaking” have been used interchangeably.
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 141
enhancement utilisation ratio, as explained in the
following paragraphs.
Monthly credit enhancement utilisation Monthly credit enhancement utilisation indicates the
degree to which the available credit enhancement
was used during a particular month to pay the
senior investors in accordance with the terms of the
transaction. Typically, the primary cause for the
utilisation of credit enhancement is collection
shortfall in the pool; that is, the collections from
securitised contracts in a month (including
collections from overdues) are lower than the
billings for that month.
In a ―premium‖ transaction, the other reason for
shortfall in making senior PTC payouts for which
credit enhancement has to be tapped is the
premature termination of contracts, as discussed in
the section on Prepayment Rate.
The monthly credit enhancement utilisation ratio
compares the total shortfall (shortfall on account of
collection together with that on account of
foreclosures as discussed above) in a month with
the level of credit enhancement available in that
month. This includes the cash collateral at the
beginning of the month and the subordinated
payouts for that month (i.e., excess of pool
receivables over senior investor payouts). This ratio
indicates the comfort factor available to the investor.
A spike in the ratio could typically be caused by a
sudden dip in pool collections on account of certain
temporary factors, like seasonality in collection
pattern. However, a secular rise in the ratio could be
an indicator of worsening pool performance. The
ratio could even be negative in months in which the
net credit enhancement utilisation is negative; that
is, the cash collateral has been topped up from
excess recoveries primarily from arrears of past
month(s).
The subordinate PTCs’ share in prepayment-related
payouts is included in the credit enhancement
available. While calculating the credit enhancement
utilisation ratio, the numerator is the total shortfall in
collections in the month while the denominator has
the credit enhancement available. On prepayment
of a contract, the net present value of the future
cash flow on the contract in a ―premium‖ transaction
(or the principal outstanding on the contract, in the
case of a ―par‖ transaction) is paid to the PTC
holders, with the senior PTC holders being paid at a
priority over the subordinate PTC holders. Thus,
support from subordinate PTCs in meeting
shortfalls, if any, is available even in the case of
prepayments. Hence it is felt appropriate that the
subordinate PTCs’ share in prepayment-related
payouts be added to the credit enhancement
available in that month.
Cumulative credit enhancement utilisation While the monthly ratio indicates the month-on-
month variations in utilisation, another key indicator
is the cumulative utilisation of credit enhancement
till date. The cumulative credit enhancement
utilisation ratio compares the total cumulative
shortfall in a transaction (shortfall on account of
collection together with that on account of
foreclosures) till a certain month with the level of
credit enhancement available till that month. This
includes the total cash collateral stipulated at the
beginning of the transaction26
and the cumulative
subordinated payouts till that month27
. In the case of
―par‖ transactions, this also includes cumulative EIS
available till that month. A high utilisation ratio is a
sign of weak pool performance. However, so long
as the cumulative utilisation is lower than 100%, it
implies that the credit enhancement has been
adequate to support the payouts to senior investors.
In the case of certain ABS transactions, the total
credit collateral is split into a first loss piece and a
second loss piece. The first loss piece is a portion of
the credit collateral that provides the first line of
credit support to the investors. The second loss
piece is that portion of the credit collateral which
provides the second line of support to the investors
and is to be used only after the first loss piece is
fully exhausted. In such transactions, ICRA
monitors the utilisation of the FLP and SLP of the
credit collateral separately.
As the SLP is rated LBBB(SO), the FLP is sized
adequately to absorb the entire credit losses in the
pool.
Similarly, in certain transactions, a separate liquidity
facility—meant for meeting short-term delays in
collections—is provided. ICRA monitors the
utilisation of the liquidity facility separately. It may
be noted that the liquidity facility provides only
liquidity support to the transaction; it does not result
in any credit support as the credit losses in the pool
remain unchanged. Thus everything else remaining
the same, transactions without an explicit liquidity
facility will typically have a higher credit
enhancement level.
Liquidity facility is always positioned at the top of the
waterfall (i.e. it is always given priority over all other
payments).
Current credit enhancement level Generally, rating agencies cannot stipulate an
upward revision in the credit enhancement level in
an ABS transaction during the currency of the
26
For the purpose of this analysis, downward reset in cash collateral has been ignored and the originally stipulated level considered as available.
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 142
transaction. However, considering the pool
performance, ICRA could recommend a downward
revision of the level of cash collateral stipulated, if
the terms so permit. With the rated instruments
amortising on a monthly basis, in the case of pools
performing satisfactorily, the cash collateral may
initially rise as a proportion of the value outstanding
of the rated instruments. However, once the cash
collateral is reset, this proportion would decline.
ICRA recommends any downward reset of cash
collateral in a manner such that it provides the level
of protection consistent with the rating on the
instruments. Thus, the level of credit enhancement
currently available to support the future payouts
would be an important indicator for the investor.
However, with the Reserve Bank of India (RBI)
issuing guidelines on securitisation in February
2006, no portion of the credit enhancement can
since be released to the originator in the case of
fresh transactions. This means that the level of
credit enhancement available will keep rising as the
pool amortises over time. Because of this, during
the life of the transaction the credit enhancement
may reach a level that is not in line with the actual
risk involved in the transaction. This may even
result in the originator retaining all the risk during
the life of the transaction.
Break-even Collection Efficiency
In an ABS transaction, credit enhancement is
stipulated so that delays/defaults in pool collections
do not hamper the scheduled payouts to the senior
investor. The break-even collection efficiency is a
measure of the collection efficiency level required in
the balance tenure of the pool so as to meet the
investor payments, given the available credit
enhancement. This measure could be compared
with the CCE till date to estimate whether it is
achievable or not.
It may be noted that the above measure does not
factor in any collections from overdues in the pool at
the time of evaluation. In reality, a portion of the
overdues too would be realised, with recoverability
depending on the ageing status of the overdues.
Thus, the actual break-even collection efficiency
would typically be lower than the stated level.
Importantly, break-even collection efficiency factors
in the available credit enhancement; however, the
cash collateral in ABS transactions is subject to
downward reset on a quarterly basis. The break-
even collection efficiency level viewed just before
cash collateral reset is actually carried out may be
an underestimated figure.
27
cumulative subordinated payouts till that month include the prepayment-related subordinate payouts as well.
Cumulative Loss to Amortised Principal (CLAP) Ratio
CLAP ratio takes cumulative losses28
till date as the
numerator and the principal amortised till date as
the denominator. This ratio in conjunction with the
cumulative loss ratio serves as a benchmark for
comparing the loss levels in different static pools
and provides an indication of the final cumulative
losses of the pool.
Cumulative Loss and Cumulative Loss to Amortised Principal Analysis
Cumulative loss (CL) ratio is among the most used
measures of performance assessment of ABS
pools. CL represents the cumulative losses in the
pool upon the initial pool Principal Outstanding
(POS). It serves as a benchmark for comparing the
loss levels in different static pools and provides an
indication of the final cumulative losses of the pool.
The ratio is also used to estimate the loss build-up
curves that are useful in forecasting expected
losses on the pool.
Cumulative Loss Ratio = Cumulative Losses To
Date/Original POS
Cumulative Loss to Amortised Principal (CLAP)
ratio is a complementary measure to assess the
performance of a pool. It reflects cumulative losses
in the pool over the principal amortised till date
during the tenure of the pool. This measure
provides a meaningful performance benchmark
since the cumulative losses take place over the
principal amortised during the period and not over
the original principal of the pool.
Cumulative Loss to Amortised Principal Ratio =
Cumulative Losses To Date/(Original POS – POS
as on date)
28
Losses in CLAP analysis refer to crystallised losses and not to loss-cum-delinquency or repossessed but not sold
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 143
5. Annexure II: ABS Pools rated by ICRA
Pools live as on April 30, 2009
No. Issue Name Commencement
Month Structure
Pool Receivables/ Principal
PTC Payouts/ Principal
Rs. Million Rs. Million
1 Cholamandalam DBS Fin. Personal Loan Pool D.A. Feb 2007 Mar-07 Premium 868.3 868.3
2 Cholamandalam DBS Fin. Vehicle Loan Pool D.A. Jul 2007 Jul-07 Premium 2116.9 2116.9
3 Indian Loan Securitisation Series 3 Trust 2008 Aug-07 Premium 2116.9 2116.9
4 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. Sep 2007I Sep-07 Premium 1493.9 1493.9
5 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. Sep 2007II Sep-07 Premium 1289.7 1289.7
6 India Loan Securitisation Series 5 Trust 2008 Oct-07 Premium 1185.3 1185.3
7 Cholamandalam DBS Fin. Ltd. Personal Loan Pool D.A. Oct 2007 Oct-07 Premium 292.4 292.4
8 India Loan Securitisation Series 6 Trust 2008 Nov-07 Premium 292.4 292.4
9 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. Oct 2007 Oct-07 Premium 1009.0 1009.0
10 India Loan Securitisation Series 9 Trust 2008 Nov-07 Premium 1009.0 1009.0
11 Cholamandalam DBS Fin. Ltd. Personal Loan Pool D.A. Dec 2007 Dec-07 Premium 919.8 919.8
12 GETFSL CV Pool D.A. October 2006 Oct-06 Premium 1409.2 1409.2
13 GETFSL CV Pool D.A. December 2006 Dec-06 Premium 1282.1 1282.1
14 GETFSL CV Pool D.A. February 2007 Feb-07 Premium 1478.5 1478.5
15 Loan Pool Securitisation Trust Series I Feb-07 Premium 1052.0 1052.0
16 Loan Pool Securitisation Trust March 2007 Mar-07 Premium 1586.8 1586.8
17 Transportation Loan Trust Series I Oct-07 Premium 1427.0 1427.0
18 GETFSL CV Pool D.A. II Sep 2007 Oct-07 Premium 631.1 631.1
19 GETFSL CV Pool D.A. Dec 2007 II Jan-08 Premium 608.0 608.0
20 GETFSL CV Pool D.A. Dec 2007 III Jan-08 Premium 1773.6 1773.6
21 HDFC Bank Limited (2005) ABS 1 (Retail Trust February 2005) Apr-05 Par 12987.7 12987.7
22 Retail Trust September 2006 Sep-06 Premium 3862.3 3862.3
23 ICICI Bank Limited (2004) ABS 4 (Indian Retail ABS Trust Series XVII) Aug-04 Par 2500.0 2500.0
24 ICICI Bank Limited (2005) ABS 3 (Indian Retail ABS Trust Series XXXII) Mar-05 Par 10214.4 9805.9
25 ICICI Bank Ltd. (2005) ABS 6 (Indian Retail ABS Trust Series XXXVIII) Jul-05 Par 3686.2 4029.9
26 ICICI Bank Ltd. (2005) ABS 8 (Indian Retail ABS Trust Series XL) Sep-05 Par 207.0 214.4
27 ICICI Bank Ltd. (2005) ABS 11 (Indian Retail ABS Trust Series XLVI) Oct-05 Par 1016.0 1116.3
28 ICICI Bank Ltd. (2005) ABS 13 (Indian Retail ABS Trust Series 50) Nov-05 Par 6305.0 7010.7
29 ICICI Bank Ltd. (2005) ABS 14 (D.A. November 2005) Nov-05 Par 2024.5 2024.4
30 ICICI Bank Ltd. (2005) ABS 15 (Indian Retail ABS Trust Series 55) Dec-05 Par 5038.5 5664.5
31 ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I May-06 Par 2000.0 2000.0
32 Indian Retail ABS Trust Series 58 Jun-06 Par 804.9 804.9
33 ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 II Jul-06 Par 2460.0 2460.0
34 ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 III Jun-06 Par 2001.0 2001.0
35 Indian Retail ABS Trust Series 67 Oct-06 Par 8813.3 8689.8
36 ICICI Bank Ltd. CV and Car Loan Pool D.A. December 2006 Dec-06 Par 9517.0 9517.0
37 Indian Retail ABS Trust Series 71 Jan-07 Par 1428.5 1428.5
38 ICICI Bank Ltd. Car and Used Car Loan Pool D.A. December 2006 Jan-07 Par 1536.3 1536.3
39 ICICI Bank Ltd. Car Loan Pool D.A. December 2006 Jan-07 Par 2864.6 2864.6
40 Indian Retail ABS Trust Series 70 Jan-07 Par 3000.3 3000.3
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 144
No. Issue Name Commencement
Month Structure
Pool Receivables/ Principal
PTC Payouts/ Principal
Rs. Million Rs. Million
41 ICICI Bank Ltd. CV Loan Pool D.A. December 2006 Jan-07 Par 2896.9 2896.9
42 ICICI Bank Ltd. Personal Loan Pool D.A. December 2006 Jan-07 Par 1011.5 1011.5
43 Indian Retail ABS Trust Series 72 Jan-07 Par 872.0 872.0
44 Indian Retail ABS Trust Series 73 Jan-07 Par 875.4 875.4
45 Indian Retail ABS Trust Series 74 Feb-07 Par 1167.4 1167.4
46 Indian Retail ABS Trust Series 77 Mar-07 Par 745.7 745.7
47 Indian Retail ABS Trust Series 78 Mar-07 Par 711.5 711.5
48 Indian Retail ABS Trust Series 89 Mar-07 Par 3622.0 3622.0
49 Indian Retail ABS Trust Series 90 Jun-07 Par 7861.4 7861.4
50 Indian Retail ABS Trust Series 91 Jun-07 Par 4289.0 4289.0
51 Indian Retail ABS Trust Series 92 Jun-07 Par 18551.6 18551.6
52 Indian Retail ABS Trust Series 93 Jun-07 Par 7891.0 7891.0
53 Shriram Transport Finance Co. Ltd. CV Pool D.A. Feb-08 Mar-08 Premium 1408.0 1408.0
54 Sundaram Finance Ltd. (2006) ABS 1 Jan-06 Premium 906.7 906.7
55 Sundaram Finance Ltd. (2006) ABS 2 Feb-06 Premium 1082.7 1082.7
56 Sundaram Finance Ltd. (2006) ABS 3 Mar-06 Premium 819.9 819.9
57 Sundaram Finance Ltd. (2006) ABS 4 Mar-06 Premium 1115.2 1115.2
58 Sundaram Finance Ltd. D.A. 2007-1 Jan-07 Premium 1079.4 1079.4
59 Sundaram Finance Ltd. D.A. 2007-2 Feb-07 Premium 1978.1 1978.1
60 Sundaram Finance Ltd. D.A. 2007-3 Mar-07 Premium 1115.0 1113.0
61 Sundaram Finance Ltd. D.A. 2007-4 Mar-07 Premium 1314.0 1314.0
62 Sundaram Finance Ltd. D.A. 2007-5 Mar-07 Premium 1457.0 1457.0
63 Sundaram Finance CV Pool D.A. Sep-07 Oct-08 Premium 2242.0 2242.0
64 Sundaram Finance CV Pool D.A. Dec-07 Jan-08 Premium 2892.0 2892.0
65 Sundaram Finance CV Pool D.A. Jan-08 Feb-08 Premium 1397.0 1397.0
66 Sundaram Finance CV Pool D.A. Feb-08 Mar-08 Premium 1158.0 1158.0
67 Sundaram Finance CV Pool D.A. Mar-08 Apr-08 Premium 1068.0 1068.0
68 Sundaram Finance CV Pool D.A. Feb-09 Mar-09 Premium 1073.4 1073.4
69 Sundaram Finance CV Pool D.A. Feb-09 II Mar-09 Premium 3325.2 3325.2
70 Sundaram Finance CV Pool D.A. Mar-09 Apr-09 Premium 2178.7 2178.7
71 Sundaram Finance CV Pool D.A. Mar-09 II Apr-09 Premium 1121.4 1121.4
72 Indian Infrastructure Equipment Receivables Trust Oct 2005 Oct-05 Par 1038.6 990.6
73 Indian Infrastructure Equipment Receivables Trust May 2007 May-07 Premium 2154.4 2154.4
74 Indian Infrastructure Equipment Receivables Trust June 2007 Jul-07 Premium 3983.8 3983.8
75 CE Pool Trust June 2007 May-07 Premium 2154.4 2154.4
76 SREI Finance Limited D.A. Aug 2007 Aug-07 Par 934.3 934.3
77 Indian Infrastructure Equipment Receivables Trust Feb 2008 Mar-08 Par 2170.9 2170.9
78 Indian Infrastructure Equipment Receivables Trust Mar 2008 Apr-08 Premium 218.3 218.3
79 Construction Equipment Loan Pool D.A. October 2008 II Oct-08 Par 1459.2 1459.2
80 Construction Equipment Loan Pool D.A. November 2008 Nov-08 Par 910.2 910.2
81 Construction Equipment Loan Pool D.A. November 2008 II Feb-09 Par 877.0 877.0
82 Tata Motors Securitisation Trust ABS 1 (Feb 2006) Feb-06 Premium 7933.0 7933.0
83 Tata Motors Ltd. (2006) ABS 2 Feb-06 Premium 3370.0 3370.0
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 145
No. Issue Name Commencement
Month Structure
Pool Receivables/ Principal
PTC Payouts/ Principal
Rs. Million Rs. Million
84 BHPC Auto Securitisation Trust May 2006 May-06 Premium 3327.4 3327.4
85 Tata Motors CV Pool D.A. – June 2006 Pool I Jun-06 Premium 1143.6 1143.6
86 Tata Motors CV Pool D.A. – June 2006 Pool II Jun-06 Premium 2090.1 2090.1
87 Tata Motors CV Pool D.A. – August 2006 Aug-06 Premium 1163.3 1163.3
88 Tata Motors CV Pool D.A. – September 2006 Pool II Sep-06 Premium 5030.0 5030.0
89 BHPC Auto Securitisation Trust Sep 2006 Sep-06 Premium 1493.6 1339.8
90 Tata Motors CV Pool D.A. – November 2006 Nov-06 Premium 3798.3 3798.3
91 BHPC Auto Securitisation Trust February 2007 I Jan-07 Premium 1795.6 1795.6
92 Tata Motors CV Pool D.A. – February 2007 Jan-07 Premium 1729.7 1729.7
93 Tata Motors CV Pool D.A. – March 2007 Mar-07 Premium 1096.9 1096.9
94 Tata Motors CV Pool D.A. – March 2007 II Mar-07 Premium 1910.1 1910.1
95 Tata Motors CV Pool D.A. – May 2007 May-07 Premium 1197.0 1197.0
96 Tata Motors Finance Securitisation Trust June 2007 I May-07 Par 1093.7 1093.7
97 Tata Motors CV & Auto Pool D.A. – October 2008 II Nov-08 Premium 1253.8 1253.8
98 Tata Motors CV & Auto Pool D.A. – November 2008 Dec-08 Premium 2551.0 2551.0
99 Tata Motors CV Pool D.A. – November 2008 II Nov-08 Premium 3506.3 3506.3
100 Tata Motors CV & Auto Pool D.A. December 2008 Dec-08 Premium 1567.0 1567.0
101 Tata Motors CV & Auto Pool D.A. December 2008 II Jan-09 Premium 1502.1 1502.1
102 Tata Motors CV & Auto Pool D.A. January 2009 Feb-09 Premium 1208.8 1208.8
103 TML Financial Services Ltd. Auto Securitisation Trust February 2007 Feb-07 Premium 2105.9 2105.9
104 TML Financial Services Ltd. CV Pool D.A. Trust February 2007 II Feb-07 Premium 2084.3 2084.3
105 TML Financial Services Ltd. CV Pool D.A. March 2007 Mar-07 Premium 1097.8 1097.8
106 TML Financial Services Ltd. CV Pool D.A. May 2007 May-07 Premium 1346.4 1346.4
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 146
Pools Matured between November 1, 2008 and March 31, 2009
No. Issue Name Commencement
Month Structure
Pool Receivables/ Principal
PTC Payouts/ Principal
Rs. Million Rs. Million
1 ICICI Bank Limited (2004) ABS 3 (Indian Retail ABS Trust Series XV) Jul-04 Par 16328.4 16328.4
2 ICICI Bank Limited (2004) ABS 5 (Indian Retail ABS Trust Series XIX) Sep-04 Par 7014.9 6734.2
3 ICICI Bank Limited (2005) ABS 1 (SBI D.A.) Jan-05 Par 986.7 986.7
4 ICICI Bank Ltd. (2005) ABS 9 (Indian Retail ABS Trust Series XXXVII) Sep-05 Par 4336.3 4453.8
5 ICICI Bank Ltd. (2006) ABS 1(ICICI D.A. March 2006) Mar-06 Par 983.2 983.2
6 Indian Retail ABS Trust Series 62 Jun-06 Par 1586.3 1586.3
7 Indian Retail ABS Trust Series 63 Sep-06 Par 2071.1 2071.1
8 Indian Retail ABS Trust Series 64 Sep-06 Par 8491.6 8491.6
9 Indian Retail ABS Trust Series 66 Oct-06 Par 3954.5 3987.7
10 Indian Retail ABS Trust Series 68 Oct-06 Par 3032.9 3032.9
11 RLP Trust Series 1 Jun-08 Par 883.69 706.95
12 Tata Motors Ltd. (2005) ABS 2 (BHPC Auto Securitisation Trust May 2005 II) May-05 Premium 3105.2 2443.2
13 Tata Motors Ltd. (2005) ABS 3 (BHPC Auto Securitisation Trust Sep 2005) Sep-05 Premium 2127.3 2127.3
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 147
6. Annexure III: ICRA Rating Scale
Long-Term Rating Scale: for instruments with original maturity exceeding one year
Rating Symbols Definition
LAAA The highest-credit-quality rating assigned by ICRA. The rated instrument carries the
lowest credit risk.
LAA The high-credit-quality rating assigned by ICRA. The rated instrument carries low
credit risk.
LA The adequate-credit-quality rating assigned by ICRA. The rated instrument carries
average credit risk.
LBBB The moderate-credit-quality rating assigned by ICRA. The rated instrument carries
higher than average credit risk.
LBB The inadequate-credit-quality rating assigned by ICRA. The rated instrument carries
high credit risk.
LB The risk-prone-credit-quality rating assigned by ICRA. The rated instrument carries
very high credit risk.
LC The poor-credit-quality rating assigned by ICRA. The rated instrument has limited
prospect of recovery.
LD The lowest-credit-quality rating assigned by ICRA. The rated instrument has very low
prospect of recovery.
Short-Term Rating Scale: for instruments with original maturity within one year
Rating Symbols Definition
A1 The highest-credit-quality rating assigned by ICRA to short-term debt instruments.
Instruments rated in this category carry the lowest credit risk in the short term. Within
this category, certain instruments are assigned the rating of A1+ to reflect their
relatively stronger credit quality
A2 The above-average-credit-quality rating assigned by ICRA to short-term debt
instruments. However, instruments rated in this category carry higher credit risk than
instruments rated A1.
A3 The moderate-credit-quality rating assigned by ICRA to short-term debt instruments.
However, instruments rated in this category carry higher credit risk than instruments
rated A2 and A1.
A4 The risk-prone-credit-quality rating assigned by ICRA to short-term debt instruments.
Instruments rated in this category carry high credit risk.
A5 The lowest-credit-quality rating assigned by ICRA to short-term debt instruments.
Instruments rated in this category have very low prospect of recovery.
ICRA Rating Feature ABS Pools’ Performance
ICRA Rating Services www.icra.in Page 148
Special Symbols
* Rating on Notice for withdrawal
# Under rating watch
## Rating Not Accepted
@ Under rating watch with negative implications
& Under rating watch with developing implications
% Under rating watch with positive implications
S Supported by stand by/ Letter of Support
^ Rating Suspended
fc Compulsorily Fully Convertible Bonds/Debentures
SO Structured Obligation
(P) The Letter 'P' in parenthesis after the rating symbol indicates that the debt instrument
is being issued to raise resources by a new company for financing a new project and
the rating assumes successful completion of the project
! Conditional Rating
Note: For the rating categories LAA through to LC the sign of + (plus) or - (minus) may be appended to
the rating symbols to indicate their relative position within the rating categories concerned. Thus, the
rating of LAA+ is one notch higher than LAA, while LAA- is one notch lower than LAA.
For the rating categories MAA through to MC the sign of + (plus) or - (minus) may be appended to the
rating symbols to indicate their relative position within the rating categories concerned. Thus, the rating
of MAA+ is one notch higher than MAA, while MAA- is one notch lower than MAA.
For the short-term ratings of A1 through to A4, the sign of + (plus) may be appended to the rating
symbols to indicate their relatively stronger position within the rating categories concerned. Thus, the
rating of A2+ is one notch higher than A2.
(SO): The letters SO in parenthesis suffixed to a rating symbol stand for Structured Obligation. An SO
rating is specific to the rated issue, its terms, and its structure. SO ratings do not represent ICRA's
opinion on the general credit quality of the issuers concerned.
ICRA Limited
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