finance - icra.in · there is net recovery in the pool. the peak cumulative cash collateral...

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ICRA RATING FEATURE

AUGUST 2010

ABS POOLS RATED BY ICRA

SUMMARY UPDATE ON PERFORMANCE TILL JUNE 2010

Analytical Contacts:

Mumbai

Kalpesh Gada Head–Structured Finance Products 91 22 30470013 [email protected]

Bangalore

Remika Agarwal Senior Analyst 91 80 43326418 [email protected]

Website: www.icra.in

mailto:[email protected]


http://www.icra.in/

ICRA Rating Feature ABS Pools‘ Performance

ICRA Rating Services www.icra.in

CONTENTS

Introduction ...................................................................................................... 4

Rating Actions .................................................................................................. 5

Users’ Guide ..................................................................................................... 9

Summary Performance Update .................................................................... 14

Annexure I: Key Performance Indicators of ABS Transactions .............. 57

Annexure II: ABS Pools rated by ICRA ..................................................... 61

Annexure III: ABS Instruments rated by ICRA ........................................ 64

Annexure IV: ICRA Rating Scale ................................................................ 68



1. Introduction

ICRA has rated 195 Asset Backed Securitisation (ABS)1 transactions till date across 22 Originators, with the rated

amounts totalling to around Rs. 463 billion. The receivables involved cover the asset classes of cars, commercial

vehicles (CVs), construction equipment (CE), three-wheelers, two-wheelers (TWL), gold, microfinance, medical

equipment and personal loans (PLs).

The ABS transactions rated by ICRA are closely monitored and regular surveillance is carried out for these

transactions. The key performance indicators that ICRA looks at are the collection efficiency ratios, ageing profiles

of securitised pools and the rates of foreclosure of contracts. In addition to these factors, during the surveillance of

the rated pools, ICRA takes into account factors such as maintenance of credit quality of the Originator and

performance of the overall portfolio of the Originator besides issues related to pool performance. An essential

component of the regular monitoring of ratings assigned to ABS issues is evaluation of the adequacy of the

available credit enhancement. Besides these factors, ICRA also takes into consideration the required break-even

collection efficiency ratio to meet future investor payouts in relation to the cumulative collection efficiency in the

pool till date.

ICRA publishes a synopsis of the performance of these ABS pools on a quarterly basis. ICRA releases two

versions of ABS Pool Performance Updates—a detailed performance report and a summary performance update

of the live ABS pools—each of which is available every alternate quarter. This report gives the key initial

characteristics and the summary performance, till June 2010, of the 83 ICRA-rated ABS pools that were live

between April 2010 and June 2010. The format of the summary and the definition/interpretation of the 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‘s analysis of pools across various Originators and asset classes reveals that loans given for acquiring CE

have had lower delinquency levels when compared to that for Car and CV loan pools. The prepayment rate has

also been very low in the case of CE pools when compared to Car and CV pools. Amongst CV pools, those of

recent vintages have shown a relatively better performance than that of loan pools assigned in Calendar Year

(CY) 2006 and CY2005. The performance of ICRA-rated Microfinance pools, a relatively new product when

compared to the traditional asset classes (Car, CV, CE, PL and soon), has been very good.

During the tenure of a pool, as delinquency builds up, the cash collateral utilisation keeps increasing. However, in

the case of secured loans, it has been observed that after a certain point, delinquency build up slows down and

there is net recovery in the pool. The peak cumulative cash collateral utilisation in highly amortised or matured

CV, Car and CE pools rated by ICRA has been around 30% on an average. For a few pools, where the

delinquency build-up was higher than expected, the peak cash collateral utilisation has been more than 60%.

1 For the purpose of this report, ―ABS‖ includes bilateral assignment of pool of retail loans, on a rated basis.



2. Rating Actions

New Ratings Assigned

Between 24 May 20102 and 17 August 2010, ICRA rated two pools belonging to two Originators. The list of fresh

ratings along with some of their initial features is presented in Table 1 below.

Table 1: New Ratings Assigned

Transaction identification

Commencement Month

Asset Class

Transaction Structure

Pool Receivables/ Principal

PTC Receivables / Principal

Rs. million Rs. million

Reliance Consumer Finance Private Limited

ILSS 3 Trust 2011 Jun-10 CV, Car, CE

& Medical Equipment

Par 3,010.4 3,010.4

Grama Vidiyal Microfinance Limited

GVMFL Microfinance Loan Pool D. A. Jul-10

Jul-10 Microfinance Par 558.3 478.2

Rating Revision

Between 24 May 2010 and 17 August 2010, ICRA revised upwards the ratings for Pass Through Certificates

(PTC)/ Assignee Payouts in three transactions originated by ICICI Bank Limited (ICICI). These transactions were

implemented between June 2006 and March 2007. The rating for the PTCs/ Assignee Payouts in these ICICI

pools had been downgraded in the past; the current rating upgrade reflects the improvement in performance and

the increase in credit enhancement cover for these pools.

Table 2: Rating upgrades between May 2010 and August 2010 (till date)

Transaction identification Instrument Description

Previous Rating

Revised Rating

ICICI Bank Limited

ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 III Assignee Payouts LA+(SO) LAA(SO)

Indian Retail ABS Trust Series 78 PTC Series A4 LAA+(SO) LAAA(SO)

ICICI Bank Ltd. CV Loan Pool D.A. Dec-06 Assignee Payouts LAA+(SO) LAAA(SO)

In this time period, ICRA has also revised upwards the ratings assigned to rated Second Loss Facility (SLF) or

rated part of first loss facility (FLF) provided under some transactions. The rating for some of these facilities have

been upgraded in the past while for some others, the ratings have now been presently upgraded from their initial

level. The current rating upgrade reflects the improvement in performance of the underlying pools and relatively

higher cover provided by the unrated FLF in these pools now as compared to earlier, thus reducing the probability

of usage of SLF or rated FLF.

Table 3: Rating upgrades for SLF and rated FLF between 24 May 2010 and 17 August 2010


Previous Rating

Revised Rating

ICICI Bank Limited

Indian Retail ABS Trust Series 67 SLF LA+(SO) LAA+(SO)

Indian Retail ABS Trust Series 70 Rated portion of FLF

LA+(SO) LAA+(SO)

Indian Retail ABS Trust Series 90 SLF LBBB(SO) LA-(SO)

Indian Retail ABS Trust Series 91 SLF LBBB(SO) LBBB+(SO)

Indian Retail ABS Trust Series 92 Rated portion of FLF

LBBB(SO) LA-(SO)

2 Release of ICRA‘s previous update note covering performance of pools till March 2010




Previous Rating

Revised Rating

Reliance Capital Limited

ILSS 6 Trust 2010 SLF LBBB(SO) LBBB+(SO)

ILSS 5 Trust 2010 SLF LBBB(SO) LBBB+(SO)

RCL CV, Car and CE Loan Pool D.A. Nov-09

SLF LBBB(SO) LBBB+(SO)

HDFC Bank Limited

Retail Trust Sep-06 SLF LA+(SO) LAA(SO)

Shriram Transport Finance Company Limited

Shriram Transport Finance Co. Ltd. CV Pool D.A. Feb-08

SLF LA(SO) LA+(SO)

In this time period, ICRA also revised downwards the ratings of PTCs in one transaction originated by ICICI Bank.

This transaction was implemented in June 2007. This transaction is backed by Personal Loan pool receivables.

The rating for the PTC series in this pool had been downgraded in the past also.

This pool reported higher-than-expected delinquency levels leading to significant utilisation of credit enhancement.

The rating revision was based on the performance of the pool as well as the expected performance over the

balance tenure and the credit enhancement available.

Table 4: Rating downgrades between 24 May 2010 and 17 August 2010


Previous Rating

Revised Rating

ICICI Bank Limited

Indian Retail ABS Trust Series 93 PTC Series A3 LA-(SO) LBBB(SO)

Ratings Reaffirmed

Between 24 May 2010 and 17 August 2010, ICRA also reaffirmed the ratings of the instruments provided under

the transactions enlisted in the table below.

Table 5: Rating reaffirmed between 24 May 2010 and 17 August 2010


Rating reaffirmed at

Cholamandalam Investment and Finance Company Limited

CIFCL Vehicle Loan Pool DA Sep-07 – I Purchaser Payouts LAAA(SO)

CIFCL Personal Loan Pool DA Oct-07 Purchaser Payouts LC(SO)

Indian Loan Securitization Series 6 Trust 2008 PTC Series A LC(SO)

HDFC Bank Limited

Retail Trust Sep-06 PTC Series A5 LAAA(SO)

Liquidity Facility LAAA(SO)

ICICI Bank Limited

ICICI Bank Ltd. (2005) ABS 14- D.A. Nov-05 Investor Payouts LAAA(SO)

ICICI Bank Ltd. (2005) ABS 11 (Indian Retail ABS Trust Series 46)

PTC Series A3 LAAA(SO)

PTC Series IO-A2 LAAA(SO)

ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 I Assignee Payouts LC(SO)

ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 II Assignee Payouts LC(SO)

ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 III Liquidity Facility LAAA(SO)

Indian Retail ABS Trust Series 58 PTC Series A1 LAAA(SO)



ICICI Bank Ltd. Car Loan Pool D.A. Dec-06 Assignee Payouts LAAA(SO)





Assignee Payouts LAAA(SO)

ICICI Bank Ltd. Car and Used Car Loan Pool D.A. Dec-06 Assignee Payouts LAAA(SO)


ICICI Bank Ltd. Car & CV Loan Pool D.A. Dec-06 Assignee Payouts LAA+(SO)


ICICI Bank Ltd. CV Loan Pool D.A. Dec-06 Liquidity Facility LAAA(SO)





Indian Retail ABS Trust Series 78 Liquidity Facility LAAA(SO)





Indian Retail ABS Trust Series 92 PTC Series 11X LAAA(SO)

PTC Series 11Y LAAA(SO)


Indian Retail ABS Trust Series 93 Liquidity Facility LAAA(SO)

Reliance Capital Limited

ILSS 1 Trust 2010 PTC Series A1 LAAA(SO)


ILSS 2 Trust 2010 PTC Series A1 A1+(SO)





ILSS 5 Trust 2010 PTC Series A12 A1+(SO)



RCL CV, Car and CE Loan Pool D.A. Nov-09 Purchaser Payouts LAAA(SO)

RCL CV, Car and CE Loan Pool D.A. Dec-09 Purchaser Payouts LAAA(SO)

Shriram Transport Finance Company Limited

Shriram Transport Finance Co. Ltd. CV Pool D.A. Feb-08 Purchaser Payouts LAAA(SO)

SREI Equipment Finance Private Limited

Indian Infrastructure Equipment Receivables Trust Mar-08 PTC Series A3 LAAA(SO)

Common Cash Collateral

LBBB(SO)

Construction Equipment Loan Pool D.A. Oct-08 II Purchaser Payouts LAAA(SO)

Construction Equipment Loan Pool D.A. Nov-08 Purchaser Payouts LAAA(SO)

Construction Equipment Loan Pool D.A. Feb-09 Purchaser Payouts LAAA(SO)

Sundaram Finance Limited

Sundaram Finance Ltd. 2007-1 Purchaser Payouts LAAA(SO)

Sundaram Finance Ltd. 2007-5 Purchaser Payouts LAAA(SO)

Sundaram Finance Ltd. CV Pool D.A. Sep-07 Purchaser Payouts LAAA(SO)

Sundaram Finance Ltd. CV Pool D.A. Dec-07 Purchaser Payouts LAAA(SO)

Sundaram Finance Ltd. CV Pool D.A. Jan-08 Purchaser Payouts LAAA(SO)!





Sundaram Finance Ltd. CV Pool D.A. Feb-08 Purchaser Payouts LAAA(SO)!

Sundaram Finance Ltd. CV Pool D.A. Mar-08 Purchaser Payouts LAAA(SO)!

Sundaram Finance Ltd. CV Pool D.A. Feb-09 Purchaser Payouts LAAA(SO)!

Sundaram Finance Ltd. CV Pool D.A. Feb-09 II Purchaser Payouts LAAA(SO)!

Sundaram Finance Ltd. CV Pool D.A. Mar-09 Purchaser Payouts LAAA(SO)!

Sundaram Finance Ltd. CV Pool D.A. Mar-09 II Purchaser Payouts LAAA(SO)!

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.



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) (Asset Class) D.A. (MMM-YY)] / (Name of Special Purpose Vehicle)

Trustee / Purchaser Representative:

Issue Details Pool Performance till “Month” “Year”

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) Liquidity Utilisation

1(g) Tenure of Receivables (Months) Prepayment Rate

Asset Class 2(g) Monthly Prepayment Rate

1(h) Avg. Seasoning (% of Original Tenure) 2(h) Cumulative Prepayment Rate

1(I) Average Loan to Value Loss-cum-Delinquency

Credit/Liquidity Support 2(I) 90+ dpd (% of Pool Principal)

1(j) Subordination (% of Pool Principal) 2(j) 180+ dpd (% of Pool Principal)

1(k) Cash Collateral (% of Pool Principal) 2(k) Cumulative Loss to Amortised Principal Ratio

1(l) Excess Interest Spread (% of Pool Principal) 2(l) Cumulative Loss Ratio

1(m) Liquidity (% of Pool Principal)

Details of Remaining Pool

3(a) Outstanding Pool Principal (Rs. mn) 3(f) Balance Tenure of Pool (Months)

3(b) Outstanding Senior PTC Principal (Rs. mn) Credit enhancement

3(c) Break-even Collection Efficiency 3(g) Subordination (% of Pool Principal)

3(d) Delinquency Rate (90+) 3(h) Cash Collateral (% of Pool Principal)

3(e) Delinquency Rate (180+) 3(I) Excess Interest Spread (% of Pool Principal)

ICRA Rating Feature ABS Pools Performance ________________________________________________________________________________________________


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 /

Assignee Payouts

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 (as %

of Original Tenure)

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) or

(% of Pool Cashflow)

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(l) Excess Interest Spread (%

of Pool Principal)

Excess Interest Spread EIS = (Pool Cash Flows – Senior PTC Cash

Flows – Subordination- Deferred Purchase Consideration )divided by

Pool Principal

In the case of PAC/Companion structures, the EIS has been calculated

assuming “zero” prepayments

1(m) 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

For this purpose, both the numerator and the denominator exclude

amount on account of prepayments



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) 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

2(g) Monthly Prepayment Rate 1-(1-yn) 1/ n

Where yn refers to cumulative prepayment till month n divided by the

opening pool principal

2(h) 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(i) 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(j) 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

n

m m

mm

SLC

SPSCU

1 )(

)(



2(k) Cumulative Loss to

Amortised Principal Ratio

(CLAP)

Cumulative loss booked till date divided by Amortised pool principal

2 (l) Cumulative Loss Ratio (CL) 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/ Assignee

Payouts (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) Break-even Collection

Efficiency

(Future billings + Liquidity Used – amount of cash collateral available –

amount of subordination-cum-EIS available) divided by Future billings

3(d) 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(e) 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(f) Balance Tenure of Pool

(months)

Number of months for which pool has cash flows outstanding as on the

pool performance date

3(g) Subordination (% of Pool

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 Principal) /

(% of Pool Cashflow)

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) Excess Interest Spread (%

of Pool Principal)

Excess Interest Spread EIS = (Balance pool cash flows – Balance

senior PTC cash flows – Subordination- Liquidity Utilised – Deferred

Purchase Consideration) divided by Balance pool principal



Abbreviations Used

3WL Three-Wheelers

CC Cash Collateral

CE Construction Equipment

CLAP Cumulative Loss to Amortised Principal

Coll. Collection

Cumu. Cumulative

CV Commercial Vehicle

D.A. Direct Assignment

Dpd Days Past Due

Delq. Delinquency

FLP First Loss Piece

HCVs Heavy Commercial Vehicles

ITCL IL&FS Trust Company Limited

ITSL IDBI Trusteeship Services Limited

LCVs Light Commercial Vehicles

ME Medical Equipment

MHCV Medium and Heavy Commercial Vehicles

Mn. Million

MUVs Multi-Utility Vehicles

N Cars New Cars

N CV New Commercial Vehicles

n.a. Not Available

N.A. Not Applicable

O/s Outstanding

Org Tnr Original Tenure

PL Personal Loans

PTC Pass-Through Certificate

Rs. Rupees

SLP Second Loss Piece

TWL Two-Wheelers

U Cars Used Cars

U CV Used Commercial Vehicles

WITECO Western India Trustee & Executor Company Limited



Summary Performance Update

ICRA Rating Feature ABS Pools Performance ____________________________________________________________________________________________________________


Originator Name: Cholamandalam Investment & Finance Company Ltd. Issue Name: CIFCL Vehicle Loan Pool D.A. Sep-07 I Purchaser Representative: N.A.

Issue Details Pool Performance till: April 2010

Commencement Month Oct 07 Months Post- Securitisation 30

Transaction Structure Premium Cumulative Collection Efficiency 96.49%

Staggering Nil Cumulative Collection / Cumulative Assignee Payouts 95.72%

Pool Cashflow (Rs. Mn) 1493.9 Cumulative Credit Enhancement Utilisation 17.86%

No of Contracts 4444 Cumulative Cash Collateral Utilisation 17.86%

Assignee Payouts (Rs. Mn) 1493.9 Liquidity Utilisation N.A.

Tenure of Cashflow (Months) 56 Prepayment Rate

Monthly Prepayment Rate 0.48%

Avg. Seasoning (% of Org Tnr) 11.37% Cumulative Prepayment Rate 13.45%

Average Loan to Value 83.24% Loss cum Delinquency

Credit / Liquidity Support 90+ dpd (% of Initial Pool Size) 1.16%

Subordination (%of Pool Cashflow) N.A. 180+dpd (% of Initial Pool Size) 0.67%

Cash Collateral (%of Pool Cashflow) 12.85% CLAP Ratio 0.26%

EIS (%of Pool Cashflow) N.A. Cumulative Loss Ratio 0.23%

Liquidity (%of Pool Cashflow) N.A.

Details of Remaining Pool (Matured Pool)#

O/s Pool Cashflow (Rs. Mn) - Balance Tenure of Pool (Months) -

O/s Assignee Payouts (Rs. Mn) - Credit enhancement

Break-even Collection Efficiency N.A. Subordination (% of Pool Cashflow) N.A.

Delinquency Rate (90+) N.A. Cash Collateral (% of Pool Cashflow) N.A.

Delinquency Rate (180+) N.A. EIS (% of Pool Cashflow) N.A.

Originator Name: Cholamandalam Investment & Finance Company Ltd. Issue Name: Indian Loan Securit isat ion Series 6 Trust 2008 Trustee: IDBI Trusteeship Services Ltd.

Issue Details Pool Performance till: June 2010

Commencement Month Nov 07 Months Post- Securitisation 32


Staggering Nil Cumulative Collection / Cumulative Senior PTC Payouts 76.68%



Senior PTC Payouts (Rs. Mn) 292.4 Liquidity Utilisation N.A.




Average Loan to Value N.A. Loss cum Delinquency



Cash Collateral (%of Pool Cashflow) 18.60% CLAP Ratio N.A.

EIS (%of Pool Cashflow) N.A. Cumulative Loss Ratio N.A.



O/s Pool Cashflow (Rs. Mn) 1.78 Balance Tenure of Pool (Months) 5

O/s Senior PTC Cashflow (Rs. Mn) 1.78 Credit enhancement

Break-even Collection Efficiency >100% Subordination (% of Pool Cashflow) N.A.

Delinquency Rate (90+) 45.90% Cash Collateral (% of Pool Cashflow) 0.00%

Delinquency Rate (180+) 40.37% EIS (% of Pool Cashflow) N.A.

Asset Composition N CV : U CV : 3WL

50% : 43% : 7%

Asset Composition PL

100%

Note (#) : Cleanup call option exercised in Apr-10 by Originator



Originator Name: GE Capital Services India Issue Name: GECSI CV Pool D.A. Oct -06 Purchaser Representative: IL&FS Trust Company Ltd.

Issue Details Pool Performance till: May 2010












Subordination (%of Pool Cashflow) N.A. 180+dpd (% of Initial Pool Size) n.a.

Cash Collateral (%of Pool Cashflow) 7.39% CLAP Ratio n.a.

EIS (%of Pool Cashflow) N.A. Cumulative Loss Ratio n.a.


Details of Remaining Pool (Matured Pool)






Originator Name: GE Capital Services India Issue Name: GECSI CV Pool D.A. Dec-06 Purchaser Representative: IL&FS Trust Company Ltd.


Commencement Month Jan 07 Months Post- Securitisation 42

















O/s Assignee Payouts (Rs. Mn) 8.6 Credit enhancement

Break-even Collection Efficiency 0.00% Subordination (% of Pool Cashflow) N.A.

Delinquency Rate (90+) 8.79% Cash Collateral (% of Pool Cashflow) >100%

Delinquency Rate (180+) n.a. EIS (% of Pool Cashflow) N.A.

Asset Composition MHCV : LCV

90% : 10%

Asset Composition HCV : LCV

97% : 3%



Originator Name: GE Capital Services India Issue Name: GECSI CV Pool D.A. Feb-07 Purchaser Representative: IL&FS Trust Company Ltd.


Commencement Month Mar 07 Months Post- Securitisation 40





















Originator Name: GE Capital Services India Issue Name: Loan Pool Securit isat ion Trust Series I Trustee: IL&FS Trust Company Ltd.


Commencement Month Apr 07 Months Post- Securitisation 39







CE CV Monthly Prepayment Rate 0.22%

Avg. Seasoning (% of Org Tnr) 19.38% 10.43% Cumulative Prepayment Rate 8.13%

Average Loan to Value 84.40% 92.72% Loss cum Delinquency













95% : 5%

Asset Composition MHCV : CE : LCV

83% : 13% : 4%



Originator Name: GE Capital Services India Issue Name: Loan Pool Securit isat ion Trust Mar-07 Trustee: IL&FS Trust Company Ltd.



















O/s Senior PTC Cashflow (Rs. Mn) - Credit enhancement




Originator Name: GE Capital Services India Issue Name: GECSI CV Pool D.A. Sep-07 I I Purchaser Representative: IL&FS Trust Company Ltd.
























98% : 2%


96% : 4%

Note (#) : Originator and Investor in the transaction have mutually terminated the transaction in Jun-10



Originator Name: GE Capital Services India Issue Name: Transportation Loan Trust Series 1 Trustee: IL&FS Trust Company Ltd.



















O/s Senior PTC Cashflow (Rs. Mn) - Credit enhancement




Originator Name: GE Capital Services India Issue Name: GECSI CV Pool D.A. Dec-07 I I Purchaser Representative: IL&FS Trust Company Ltd.























Asset Composition HCV : LCV

91% : 9%


97% : 3%

Note (#) : Originator and Investor in the transaction have mutually terminated the transaction in Jun-10



Originator Name: GE Capital Services India Issue Name: GECSI CV Pool D.A. Dec-07 I I I Purchaser Representative: IL&FS Trust Company Ltd.

















Details of Remaining Pool (matured Pool)#






Originator Name: Grama Vidiyal Microf inance Ltd. Issue Name: GVMFL Microf inance Loan Pool D.A. Mar -10 Purchaser Representative: N.A.



Transaction Structure Par Cumulative Collection Efficiency 100.00%

Staggering Nil Cumulative Collection / Cumulative Assignee Payouts n.a.

Pool Principal (Rs. Mn) 466.3 Cumulative Credit Enhancement Utilisation n.a.


Assignee Payouts (Rs. Mn) 411.5 Prepayment Rate

Tenure of Cashflow (Months) 12 Monthly Prepayment Rate 0.00%

Avg. Seasoning (% of Org Tnr) N.A. Cumulative Prepayment Rate 0.00%



Subordination (%of Pool Principal) 11.75% 900+dpd (% of Initial Pool Size) 0.00%

Cash Collateral (%of Pool Principal) 9.00% CLAP Ratio N.A.

EIS (%of Pool Principal) 7.08% Cumulative Loss Ratio N.A.


O/s Pool Principal (Rs. Mn) n.a. Balance Tenure of Pool (Months) 8

O/s Senior PTC Principal (Rs. Mn) n.a. Credit enhancement

Break-even Collection Efficiency n.a. Subordination (% of Pool Principal) n.a.

Delinquency Rate (90+) 0.00% Cash Collateral (% of Pool Principal) n.a.

Delinquency Rate (180+) 0.00% EIS (% of Pool Principal) n.a.


98% : 2%

Asset Composition Micro Finance

100%

Note (#) : Originator and Purchaser in the transaction have mutually terminated the transaction in Jul-10

Note: 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.



Originator Name: Grama Vidiyal Microf inance Ltd. Issue Name: GVMFL Microf inance Loan Pool D.A. Mar -10 I I Purchaser Representative: N.A.




Staggering Nil Cumulative Collection / Cumulative Assignee Payouts n.a.

Pool Principal (Rs. Mn) 277.3 Cumulative Credit Enhancement Utilisation n.a.









Cash Collateral (%of Pool Principal) 9.50% CLAP Ratio N.A.




O/s Senior PTC Principal (Rs. Mn) n.a. Credit enhancement

Break-even Collection Efficiency n.a. Subordination (% of Pool Principal) n.a.


Delinquency Rate (180+) 0.00% EIS (% of Pool Principal) n.a.

Originator Name: HDFC Bank Limited Issue Name: Retail Trust Sep-06 Trustee: IL&FS Trust Company Ltd.







Senior PTC Payouts (Rs. Mn) 3862.3 Liquidity Utilisation 0.00%

Tenure of Cashflow (Months) 45 Prepayment Rate TW Cars

TW Cars Monthly Prepayment Rate 0.19% 0.40%

Avg. Seasoning (% of Org Tnr) 24.68% 21.24% Cumulative Prepayment Rate 8.27% 16.66%


Credit / Liquidity Support 90+ dpd (% of Initial Pool Size) 3.66% 1.73%

Subordination (%of Pool Cashflow) N.A. 180+dpd (% of Initial Pool Size) 3.66% 1.62%

Cash Collateral (%of Pool Cashflow) 5.60% CLAP Ratio 0.97% 0.69%

EIS (%of Pool Cashflow) N.A. Cumulative Loss Ratio 0.97% 0.67%

Liquidity (%of Pool Cashflow) 0.65%


O/s Pool Cashflow (Rs. Mn) - 81.4 Balance Tenure of Pool (Months) 13



Delinquency Rate (90+) N.A. 5.31% Cash Collateral (% of Pool Cashflow) >100%

Delinquency Rate (180+) N.A. 3.99% EIS (% of Pool Cashflow) N.A.


100%

Asset Composition Car : TWL

76% : 24%

Note: 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



Originator Name: ICICI Bank Ltd. Issue Name: Indian Retail ABS Trust Series 46 Trustee: IDBI Trusteeship Services Ltd.





Pool Principal (Rs. Mn) 1016.0 Cumulative Credit Enhancement Utilisation 20.76%


Senior PTC Principal (Rs. Mn) 1116.3 Liquidity Utilisation 2.21%






Subordination (%of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 3.48%

Cash Collateral (%of PTC Principal) 7.46% CLAP Ratio 1.26%

EIS (%of Pool Principal) N.A. Cumulative Loss Ratio 1.26%

Liquidity (%of Pool Principal) 4.00%


O/s Pool Principal (Rs. Mn) - Balance Tenure of Pool (Months) -

O/s Senior PTC Principal (Rs. Mn) - Credit enhancement

Break-even Collection Efficiency N.A. Subordination (% of Pool Principal) N.A.

Delinquency Rate (90+) N.A. Cash Collateral (% of PTC Principal) N.A.

Delinquency Rate (180+) N.A. EIS (% of Pool Principal) N.A.

Originator Name: ICICI Bank Ltd. Issue Name: ICICI Bank Ltd. D.A. Nov-05 Purchaser Representative: N.A.


Commencement Month Dec 05 Months Post- Securitisation 55





Assignee Payouts (Rs. Mn) 2024.5 Liquidity Utilisation 6.16%







Cash Collateral (%of Pool Principal) 6.00% CLAP Ratio 0.89%

EIS (%of Pool Principal) 0.56% Cumulative Loss Ratio 0.89%




O/s Asignee Principal (Rs. Mn) - Credit enhancement


Delinquency Rate (90+) N.A. Cash Collateral (% of Pool Principal) N.A.


Asset Composition U Car

100%

Asset Composition Auto

100%



Originator Name: ICICI Bank Ltd. Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. Jun -06 I Purchaser Representative: N.A.


Commencement Month Jun 06 Months Post- Securitisation 49
















O/s Pool Principal (Rs. Mn) 183.8 Balance Tenure of Pool (Months) 8

O/s Asignee Principal (Rs. Mn) 183.8 Credit enhancement

Break-even Collection Efficiency 99.99% Subordination (% of Pool Principal) N.A.

Delinquency Rate (90+) 21.10% Cash Collateral (% of Pool Principal) 0.00%

Delinquency Rate (180+) 17.34% EIS (% of Pool Principal) 0.01%



Commencement Month Jul 06 Months Post- Securitisation 48












Cash Collateral (%of PTC Principal) 9.75% CLAP Ratio 5.82%





O/s Senior PTC Principal (Rs. Mn) 1.8 Credit enhancement


Delinquency Rate (90+) 16.73% Cash Collateral (% of PTC Principal) >100%

Delinquency Rate (180+) 10.22% EIS (% of Pool Principal) -7.64%


100%

Asset Composition HCV : LCV : MUV

12% : 62% 26%



Originator Name: ICICI Bank Ltd. Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. Jun -06 I I Purchaser Representative: N.A.




















Break-even Collection Efficiency >100% Subordination (% of Pool Principal) N.A.



Originator Name: ICICI Bank Ltd. Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. Jun -06 I I I Purchaser Representative: N.A.















EIS (%of Pool Principal) -1.18% Cumulative Loss Ratio 0.90%









100%


100%











Tenure of Cashflow (Months) 48 Prepayment Rate TW N Cars

TW N Cars Monthly Prepayment Rate 0.17% 0.30%




Subordination (%of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 6.59% 2.63%

Cash Collateral (%of PTC Principal) 6.30% CLAP Ratio 1.54% 0.44%

EIS (%of Pool Principal) 5.60% Cumulative Loss Ratio 1.54% 0.44%



O/s Pool Principal (Rs. Mn) - 15.9 Balance Tenure of Pool (Months) 3



Delinquency Rate (90+) N.A. 14.71% Cash Collateral (% of PTC Principal) >100%

Delinquency Rate (180+) N.A. 11.06% EIS (% of Pool Principal) -79.20%

Originator Name: ICICI Bank Ltd. Issue Name: ICICI Bank Ltd. CV & Car Loan Pool D.A. Dec -06 Purchaser Representative: N.A.








Tenure of Cashflow (Months) 56 Prepayment Rate CV N Cars

CV N Cars Monthly Prepayment Rate 0.33% 0.46%





Cash Collateral (%of Pool Principal) 8.52% CLAP Ratio 2.47% 1.02%




O/s Pool Principal (Rs. Mn) 19.2 136.4 Balance Tenure of Pool (Months) 14



Delinquency Rate (90+) 10.85% 16.82% Cash Collateral (% of Pool Principal) 32.58%

Delinquency Rate (180+) 7.07% 12.83% EIS (% of Pool Principal) -1.32%

Asset Composition TWL : Car

64% : 36%

Asset Composition Car : CV

71% : 29%



Originator Name: ICICI Bank Ltd. Issue Name: ICICI Bank Ltd. Car & Used Car Loan Pool D.A. Dec -06 Purchaser Representative: N.A.








Tenure of Cashflow (Months) 54 Prepayment Rate U Cars N Cars

U Cars N Cars Monthly Prepayment Rate 2.89% 1.25%





Cash Collateral (%of Pool Principal) 6.41% CLAP Ratio 1.60% 0.42%







Delinquency Rate (90+) 30.90% 10.17% Cash Collateral (% of Pool Principal) 55.48%

Delinquency Rate (180+) 24.67% 7.63% EIS (% of Pool Principal) -0.99%

Originator Name: ICICI Bank Ltd. Issue Name: ICICI Bank Ltd. Car Loan Pool D.A. Dec -06 Purchaser Representative: N.A.





















Delinquency Rate (90+) 18.09% Cash Collateral (% of Pool Principal) >100%


Asset Composition N Car : U Car

76% : 24%


100%


























Originator Name: ICICI Bank Ltd. Issue Name: ICICI Bank Ltd. CV Loan Pool D.A. Dec -06 Purchaser Representative: N.A.
























77% : 23%

Asset Composition MHCV : LCV : MUV

54% : 30% 16%
























Delinquency Rate (90+) 37.16% 66.53% Cash Collateral (% of PTC Principal) >100%

Delinquency Rate (180+) 32.12% 61.13% EIS (% of Pool Principal) 5.62%






















Delinquency Rate (90+) 40.86% 66.67% Cash Collateral (% of PTC Principal) >100%

Delinquency Rate (180+) 35.14% 56.51% EIS (% of Pool Principal) 10.43%


50% : 50%

Asset Composition U Car : N Car

52% : 48%











Tenure of Cashflow (Months) 44 Prepayment Rate STPL PL

STPL PL Monthly Prepayment Rate 0.77% 0.38%


Average Loan to Value N.A N.A. Loss cum Delinquency



Cash Collateral (%of PTC Principal) 20.50% CLAP Ratio N.A. N.A.

EIS (%of Pool Principal) 11.10% Cumulative Loss Ratio N.A. N.A.



O/s Pool Principal (Rs. Mn) 0 238.5 Balance Tenure of Pool (Months) 8




Delinquency Rate (180+) N.A. 34.24% EIS (% of Pool Principal) 4.64%

Originator Name: ICICI Bank Ltd. Issue Name: Indian Retail ABS Trust Series 91 Trustee: AXIS Bank Ltd.





















Delinquency Rate (90+) N.A. 15.16% Cash Collateral (% of PTC Principal) 46.88%


Asset Composition PL : STPL

78% : 22%

Asset Composition Auto : U car

60% : 40%











Tenure of Cashflow (Months) 43 Prepayment Rate STPL PL

STPL PL Monthly Prepayment Rate 0.71% 0.38%


Average Loan to Value N.A N.A. Loss cum Delinquency



Cash Collateral (%of PTC Principal) 20.60% CLAP Ratio N.A. N.A.

EIS (%of Pool Principal) 10.10% Cumulative Loss Ratio N.A. N.A.






Delinquency Rate (90+) 35.71% N.A. Cash Collateral (% of PTC Principal) >100%

Delinquency Rate (180+) 31.79% N.A. EIS (% of Pool Principal) 4.15%















Cash Collateral (%of PTC Principal) 18.60% CLAP Ratio N.A.







Delinquency Rate (90+) 35.32% Cash Collateral (% of PTC Principal) 31.84%


Asset Composition PL : STPL

81% : 19%

Asset Composition PL

100%



Originator Name: Rel iance Capital Ltd. Issue Name: ILSS 1 Trust 2010 Trustee: IDBI Trusteeship Services Ltd.


Commencement Month Aug 09 Months Post- Securitisation 11





Senior PTC Principal (Rs. Mn) 1739.9 Liquidity Utilisation N.A.









Liquidity (%of Pool Principal) N.A.









Commencement Month Sep 09 Months Post- Securitisation 10
















O/s Pool Principal (Rs. Mn) 1,174.7 Balance Tenure of Pool (Months) 20

O/s Senior PTC Principal (Rs. Mn) 1,174.7 Credit enhancement




Asset Composition N Car

100%

Asset Composition N Car

100%





















O/s Pool Principal (Rs. Mn) 1,585.4 Balance Tenure of Pool (Months) 38













Tenure of Cashflow (Months) 55 Prepayment Rate CE Car CV

CE Car CV Monthly Prepayment Rate 0.01% 0.55% 0.08%

Avg. Seasoning (% of Org Tnr) 41.78% 32.33% 37.83% Cumulative Prepayment Rate 0.11% 5.92% 0.88%

Average Loan to Value 89.12% 82.74% 93.17% Loss cum Delinquency

Credit / Liquidity Support 90+ dpd (% of Initial Pool Size) 0.00% 0.30% 0.03%

Subordination (%of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.00% 0.07% 0.03%

Cash Collateral (%of Pool Principal) 13.80% CLAP Ratio 0.00% 0.01% 0.00%

EIS (%of Pool Principal) 5.15% Cumulative Loss Ratio 0.00% 0.00% 0.00%



O/s Pool Principal (Rs. Mn) 544.4 2,148.8 689.0 Balance Tenure of Pool (Months) 46



Delinquency Rate (90+) 0.00% 0.33% 0.02% Cash Collateral (% of Pool Principal) 21.32%

Delinquency Rate (180+) 0.00% 0.06% 0.02% EIS (% of Pool Principal) 3.77%


78% : 22%

Asset Composition N CV:U CV:N Car:U Car:CE

19%: 2%: 55%: 5%: 19%
















Subordination (%of Pool Cashflow) N.A. 180+dpd (% of Initial Pool Size) 0.00% 0.14% 0.00%

Cash Collateral (%of Pool Cashflow) 14.00% CLAP Ratio 0.00% 0.01% 0.00%

EIS (%of Pool Cashflow) N.A. Cumulative Loss Ratio 0.00% 0.00% 0.00%



O/s Pool Cashflow (Rs. Mn) 344.3 1,891.2 392.9 Balance Tenure of Pool (Months) 47

O/s Senior PTC Cashflow (Rs. Mn) 2,628.4 Credit enhancement


Delinquency Rate (90+) 0.00% 0.38% 0.16% Cash Collateral (% of Pool Cashflow) 20.49%

Delinquency Rate (180+) 0.00% 0.14% 0.00% EIS (% of Pool Cashflow) N.A.

Originator Name: Rel iance Capital Ltd. Issue Name: RCL CV, Car and CE Loan Pool D.A. Dec -09 Purchaser Representative: IDBI Trusteeship Services Ltd.













Subordination (%of Pool Cashflow) N.A. 180+dpd (% of Initial Pool Size) 0.00% 0.02% 0.00%

Cash Collateral (%of Pool Cashflow) 13.50% CLAP Ratio 0.00% 0.00% 0.00%

EIS (%of Pool Cashflow) N.A. Cumulative Loss Ratio 0.00% 0.00% 0.00%



O/s Pool Cashflow (Rs. Mn) 265.8 1,038.6 316.4 Balance Tenure of Pool (Months) 47

O/s Asignee Payouts (Rs. Mn) 1,620.8 Credit enhancement


Delinquency Rate (90+) 0.00% 0.29% 0.00% Cash Collateral (% of Pool Cashflow) 18.96%

Delinquency Rate (180+) 0.00% 0.02% 0.00% EIS (% of Pool Cashflow) N.A.


16%: 1%: 63%: 2%: 18%


18%: 3%: 54%: 5%: 20%



Originator Name: Rel iance Consumer Finance Pvt. Ltd. Issue Name: ILSS 1 Trust 2011 Trustee: IDBI Trusteeship Services Ltd.


Commencement Month May 10 Months Post- Securitisation 3






Tenure of Cashflow (Months) 53 Prepayment Rate ME CE Car CV

ME CE Car CV Monthly Prepayment Rate 0.20% 0.09% 0.73% 0.09%

Avg. Seasoning (% of Org Tnr) 38.97% 30.88% 26.18% 25.68% Cumulative Prepayment Rate 0.61% 0.26% 2.17% 0.28%

Average Loan to Value 80.05% 80.75% 76.98% 88.89% Loss cum Delinquency

Credit / Liquidity Support 90+ dpd (% of Initial Pool Size) 0.00% 0.00% 0.00% 0.01%

Subordination (%of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.00% 0.00% 0.00% 0.00%

Cash Collateral (%of Pool Principal) 13.10% CLAP Ratio 0.00% 0.00% 0.00% 0.00%

EIS (%of Pool Principal) 5.64% Cumulative Loss Ratio 0.00% 0.00% 0.00% 0.00%



O/s Pool Principal (Rs. Mn) 86.2 773.7 1697.3 1508.8 Balance Tenure of Pool (Months) 50



Delinquency Rate (90+) 0.00% 0.00% 0.00% 0.01% Cash Collateral (% of Pool Principal) 15.06%

Delinquency Rate (180+) 0.00% 0.00% 0.00% 0.00% EIS (% of Pool Principal) 4.73%

Originator Name: Rel iance Consumer Finance Pvt. Ltd. Issue Name: ILSS 3 Trust 2011 Trustee: IDBI Trusteeship Services Ltd.








Tenure of Cashflow (Months) 54 Prepayment Rate ME CE Car CV

ME CE Car CV Monthly Prepayment Rate 1.00% 0.00% 0.37% 0.01%

Avg. Seasoning (% of Org Tnr) 25.43% 34.97% 30.66% 34.71% Cumulative Prepayment Rate 1.00% 0.00% 0.37% 0.01%

Average Loan to Value 80.38% 86.28% 81.05% 94.44% Loss cum Delinquency

Credit / Liquidity Support 90+ dpd (% of Initial Pool Size) 0.00% 0.00% 0.06% 0.00%

Subordination (%of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.00% 0.00% 0.06% 0.00%

Cash Collateral (%of Pool Principal) 12.60% CLAP Ratio 0.00% 0.00% 0.00% 0.00%

EIS (%of Pool Principal) 4.77% Cumulative Loss Ratio 0.00% 0.00% 0.00% 0.00%



O/s Pool Principal (Rs. Mn) 353.1 509.3 1257.4 755.4 Balance Tenure of Pool (Months) 53



Delinquency Rate (90+) 0.00% 0.00% 0.04% 0.00% Cash Collateral (% of Pool Principal) 13.20%

Delinquency Rate (180+) 0.00% 0.00% 0.04% 0.00% EIS (% of Pool Principal) 5.26%

Asset Composition N CV:U CV:N Car:U Car:CE:ME

33%: 3%: 35%: 7%: 20%: 2%

Asset Composition N CV:U CV:N Car:U Car:CE:ME

24%: 2%: 41%: 3%: 18%: 12%



Originator Name: Rel igare Finvest Ltd. Issue Name: RFL CV & CE Pool D.A. Mar-10 I Purchaser Representative: N.A.









CE U CV N CV Monthly Prepayment Rate 0.11%

Avg. Seasoning (% of Org Tnr) 9.24% 21.97% 11.02% Cumulative Prepayment Rate 0.44%

Average Loan to Value 0.7866 75.72% 87.15% Loss cum Delinquency








O/s Asignee Payouts (Rs. Mn) 433.1 Credit enhancement




Originator Name: Rel igare Finvest Ltd. Issue Name: RFL CV & CE Pool D.A. Mar-10 I I Purchaser Representative: N.A.









CE U CV N CV Monthly Prepayment Rate 0.28%

Avg. Seasoning (% of Org Tnr) 17.25% 20.51% 17.33% Cumulative Prepayment Rate 1.11%

Average Loan to Value 0.8575 77.05% 93.60% Loss cum Delinquency








O/s Asignee Payouts (Rs. Mn) 422.7 Credit enhancement




Asset Composition N CV:U CV:N CE:U CE

65%: 18%: 17%: 0%

Asset Composition N CV:U CV:N CE:U CE

76%: 16%: 6%: 1%



Originator Name: Share Microfin Ltd. Issue Name: Share Microf in Loan Pool D.A. Dec-09 Purchaser Representative: N.A.

















O/s Pool Principal (Rs. Mn) - Balance Tenure of Pool (Months) 6


Break-even Collection Efficiency N.A. Subordination (% of Pool Principal) 88.35%

Delinquency Rate (30+) N.A. Cash Collateral (% of Pool Principal) 30.78%

Delinquency Rate (90+) N.A. EIS (% of Pool Principal) 4.52%

Originator Name: Shriram Transport Finance Company Ltd. Issue Name: Shriram Transport Finance Co. Ltd. CV Pool D.A. Feb -08 Purchaser Representative: N.A.


Commencement Month Feb 08 Months Post- Securitisation 29






















100%


85% : 15%

Note: Credit enhancement utilisation in this pool is entirely 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. No credit enhancement has been utilized to meet potential investor shortfall



Originator Name: SKS Microf inance Ltd. Issue Name: SKS Microf inance Loan Pool D.A. Feb -10 Purchaser Representative: N.A.



















Break-even Collection Efficiency 20.90% Subordination (% of Pool Principal) 58.48%



Originator Name: SREI Equipment Finance Pvt. Ltd. Issue Name: Indian Infrastructure Equipment Recievables Trust Feb -08 Trustee: IDBI Trusteeship Services Ltd.

Issue Details Pool Performance till: April 2010



Staggering 80:20 Cumulative Collection / Cumulative Senior PTC Payouts 102.22%

















Delinquency Rate (90+) N.A. Cash Collateral (% of Pool Principal) N.A.



100%

Asset Composition CE : Others

75% : 25%

Note (#): Cleanup call option exercised in May-10 by Originator

Note: Credit enhancement utilisation in this pool is entirely 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. No credit enhancement has been utilized to meet potential investor shortfall.



Originator Name: SREI Equipment Finance Pvt. Ltd. Issue Name: Indian Infrastructure Equipment Recievables Trust Mar -08 Trustee: IDBI Trusteeship Services Ltd.























Originator Name: SREI Equipment Finance Pvt. Ltd. Issue Name: Construction Equipment Loan Pool D.A. Oct -08 I I Purchaser Representative: IDBI Trusteeship Services Ltd.























Asset Composition CE : CV

89% : 11%


80% : 20%



Originator Name: SREI Equipment Finance Pvt. Ltd. Issue Name: Construction Equipment Loan Pool D.A. Nov -08 Purchaser Representative: IDBI Trusteeship Services Ltd.















EIS (%of Pool Principal) -3.61% Cumulative Loss Ratio 0.18%








Originator Name: SREI Equipment Finance Pvt. Ltd. Issue Name: Construction Equipment Loan Pool D.A. Feb -09 Purchaser Representative: IDBI Trusteeship Services Ltd.
























75% : 25%


92% : 8%



Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. 2007-1 Purchaser Representative: N.A.




Staggering 80:20 Cumulative Collection / Cumulative Assignee Payouts 99.09%















Break-even Collection Efficiency n.a. Subordination (% of Pool Principal) N.A.

Delinquency Rate (90+) 1.44% Cash Collateral (% of Pool Principal)# 16.32%

Delinquency Rate (180+) 0.88% EIS (% of Pool Principal) N.A.

Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. 2007-5 Purchaser Representative: N.A.






















Asset Composition N CV : U CV : Others

91% : 4% : 5%

Asset Composition N CV : U CV

82% : 18%

Note ( # ) : Post Reset CC




Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Sep -07 Purchaser Representative: N.A.






















Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Dec -07 Purchaser Representative: N.A.























77% : 21% : 2%


95% : 5%





Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Jan -08 Purchaser Representative: N.A.






















Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Feb -08 Purchaser Representative: N.A.























58% : 42%


79% : 21%





Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Mar -08 Purchaser Representative: N.A.






















Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Feb -09 Purchaser Representative: N.A.























79% : 12% : 9%


92% : 8%





Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Feb -09 I I Purchaser Representative: N.A.






















Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Mar -09 Purchaser Representative: N.A.























71% : 28% : 1%


79% : 21%





Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance Ltd. CV Pool D.A. Mar -09 I I Purchaser Representative: N.A.






















Originator Name: Sundaram Finance Ltd. Issue Name: Sundaram Finance CV & Tractor Loan Pool D.A. Mar -10 Purchaser Representative: N.A.



Transaction Structure Premium Cumulative Collection Efficiency n.a.

Staggering 75:25 Cumulative Collection / Cumulative Assignee Payouts n.a.

Pool Cashflow (Rs. Mn) 3032.9 Cumulative Credit Enhancement Utilisation n.a.

No of Contracts 5105 Cumulative Cash Collateral Utilisation n.a.



Monthly Prepayment Rate n.a.

Avg. Seasoning (% of Org Tnr) 11.84% Cumulative Prepayment Rate n.a.


Credit / Liquidity Support 90+ dpd (% of Initial Pool Size) n.a.






O/s Assignee Payouts (Rs. Mn) n.a. Credit enhancement





80% : 14% : 6%

Asset Composition N CV : U CV : Tractor : Others

60% : 13% : 23% : 4%




Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. 2006 ABS 1 Trustee: IL&FS Trust Company Ltd.




Staggering 70:20:10 Cumulative Collection / Cumulative Senior PTC Payouts 101.30%



















Originator Name: Tata Motors Ltd. Issue Name: Tata Motors CV Pool D.A.Jun-06 Pool I Purchaser Representative: IL&FS Trust Company Ltd.























Asset Composition MHCV : LCV : Car/MUV

52% : 47% : 1%


41% : 59%



Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV Pool D.A. Jun-06 Pool I I Purchaser Representative: IL&FS Trust Company Ltd.























Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. Car Pool D.A. Aug-06 Purchaser Representative: IL&FS Trust Company Ltd.
























79% : 21%

Asset Composition Cars

100%



Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV Pool D.A. Nov -06 Purchaser Representative: IL&FS Trust Company Ltd.























Originator Name: Tata Motors Ltd. Issue Name: BHPC Auto Securit isation Trust Feb-07 I Trustee: IL&FS Trust Company Ltd.




Staggering 70:30 Cumulative Collection / Cumulative Contributions 97.00%



Contributions (Rs. Mn) 1795.6 Liquidity Utilisation N.A.












Outstanding Contributions (Rs. Mn) 31.2 Credit enhancement





73% : 23% : 4%


73% : 27%



Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV Pool D.A. Feb-07 Purchaser Representative: IL&FS Trust Company Ltd.























Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV Pool D.A. Mar -07 Purchaser Representative: IL&FS Trust Company Ltd.
























76% : 24%

Asset Composition MHCV : Ace

87% : 13%



Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV Pool D.A. Mar -07 I I Purchaser Representative: IL&FS Trust Company Ltd.























Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV Pool D.A. May-07 Purchaser Representative: IL&FS Trust Company Ltd.
























96% : 4%

Asset Composition MHCV : LCV : Ace

64% : 21% : 15%



Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. Finance Securit isation Trust Jun-07 I Trustee: IDBI Trusteeship Services Ltd.























Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV & Auto Pool D.A. Oct -08 I I Purchaser Representative: IL&FS Trust Company Ltd.









CV Auto Monthly Prepayment Rate 0.31%


Average Loan to Value 85.95% 73.75% Loss cum Delinquency CV Auto







O/s Pool Cashflow (Rs. Mn) 155.3 297.8 Balance Tenure of Pool (Months) 28



Delinquency Rate (90+) 8.31% 9.29% Cash Collateral (% of Pool Cashflow) 82.12%

Delinquency Rate (180+) 0.87% 3.11% EIS (% of Pool Cashflow) N.A.

Asset Composition MHCV : Car/MUV : CE

54% : 25% : 21%

Asset Composition Car/MUV : MHCV

67% : 33%



Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV & Auto Pool D.A. Nov -08 Purchaser Representative: IL&FS Trust Company Ltd.









Auto CV Monthly Prepayment Rate 0.46%


Average Loan to Value 71.66% 85.86% Loss cum Delinquency Auto CV












Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV & Auto Pool D.A. - Nov-08 I I Purchaser Representative: IL&FS Trust Company Ltd.
























41% : 33% : 26%


57% : 43%



Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV & Auto Pool D.A. Dec -08 Purchaser Representative: IL&FS Trust Company Ltd.























Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV & Auto Pool D.A. Dec -08 I I Purchaser Representative: IL&FS Trust Company Ltd.























Asset Composition LCV : MHCV : Car/MUV

50% : 33% : 17%

Asset Composition MHCV : Car/MUV

57% : 43%



Originator Name: Tata Motors Ltd. Issue Name: Tata Motors Ltd. CV & Auto Pool D.A. Jan -09 Purchaser Representative: IL&FS Trust Company Ltd.























Originator Name: Tata Motors Finance Ltd. Issue Name: Tata Motors Finance Ltd. Auto Securit isation Trust Feb -07 Trustee: IL&FS Trust Company Ltd.




Staggering 70:30 Cumulative Collection / Cumulative Contributions 95.31%



Contributions (Rs. Mn) 2105.9 Liquidity Utilisation N.A.












Outstanding Contributions (Rs. Mn) 81.3 Credit enhancement





47% : 29% : 24%


69% : 31%



Originator Name: Tata Motors Finance Ltd. Issue Name: Tata Motors Finance Ltd. Auto Secu rit isation Trust Feb-07 I I Trustee: IL&FS Trust Company Ltd.























Originator Name: Tata Motors Finance Ltd. Issue Name: Tata Motors Finance Ltd. CV Pool D.A. Mar -07 Purchaser Representative: IL&FS Trust Company Ltd.
























68% : 32%


80% : 20%



Originator Name: Tata Motors Finance Ltd. Issue Name: Tata Motors Finance Ltd. CV Pool D .A. May-07 Purchaser Representative: IL&FS Trust Company Ltd.


Commencement Month May 07 Months Post- Securitisation 38






















76% : 24%



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

―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 collateral3 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

3 For the current purpose, the terms “cash collateral” and

“corporate undertaking” have been used interchangeably.



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

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 transaction4 and the cumulative

subordinated payouts till that month5. 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.

4 For the purpose of this analysis, downward reset in cash

collateral has been ignored and the originally stipulated level considered as available. 5 cumulative subordinated payouts till that month include

the prepayment-related subordinate payouts as well.



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

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.

Cumulative Loss to Amortised Principal (CLAP) Ratio

CLAP ratio takes cumulative losses6 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)

6 Losses in CLAP analysis refer to crystallised losses and

not to loss-cum-delinquency or repossessed but not sold



3. Annexure II: ABS Pools rated by ICRA

Pools live as on July 31, 2010

No. Issue Name

Commencement

Month Structure


PTC Payouts/ Principal

Rs. Million Rs. Million

1 CIFCL Personal Loan Pool D.A. Oct-07 Oct-07 Premium 292.4 292.4

2 India Loan Securitisation Series 6 Trust 2008 Nov-07 Premium 292.4 292.4

3 GECSI CV Pool D.A. Dec-06 Jan-07 Premium 1282.1 1282.1

4 GECSI CV Pool D.A. Feb-07 Mar-07 Premium 1478.5 1478.5

5 Loan Pool Securitisation Trust Series I Apr-07 Premium 1052.0 1052.0

6 GECSI CV Pool D.A. Sep-07 II Oct-07 Premium 1427.0 1427.0

7 GECSI CV Pool D.A. Dec-07 II Jan-08 Premium 608.0 608.0

8 GVMFL Microfinance Loan Pool D.A. Mar-10 Mar-10 Par 466.3 411.5

9 GVMFL Microfinance Loan Pool D.A. Mar-10 II Apr-10 Par 277.3 243.5

10 GVMFL Microfinance Loan Pool D.A. Jul-10 Jul-10 Par 558.3 478.2

11 Retail Trust Sep-06 Oct-06 Premium 3862.3 3862.3

12 ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 I May-06 Par 2000.0 2000.0

13 Indian Retail ABS Trust Series 58 Jul-06 Par 804.9 804.9

14 ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 II Jun-06 Par 2460.0 2460.0

15 ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 III Jun-06 Par 2001.0 2001.0

16 Indian Retail ABS Trust Series 67 Oct-06 Par 8813.3 8813.3

17 ICICI Bank Ltd. CV and Car Loan Pool D.A. Dec-06 Jan-07 Par 1528.5 1528.5

18 ICICI Bank Ltd. Car and Used Car Loan Pool D.A. Dec-06 Jan-07 Par 2864.6 2864.6

19 ICICI Bank Ltd. Car Loan Pool D.A. Dec-06 Jan-07 Par 3000.3 3000.3

20 Indian Retail ABS Trust Series 70 Jan-07 Par 2896.9 2896.9

21 ICICI Bank Ltd. CV Loan Pool D.A. Dec-06 Jan-07 Par 1011.5 1011.5

22 Indian Retail ABS Trust Series 77 Apr-07 Par 745.7 745.7

23 Indian Retail ABS Trust Series 78 Apr-07 Par 711.5 711.5





28 ILSS 1 Trust 2010 Aug-09 Par 1739.9 1739.9

29 ILSS 2 Trust 2010 Sep-09 Par 2705.5 2705.5

30 ILSS 4 Trust 2010 Sep-09 Par 2819.9 2819.9

31 ILSS 6 Trust 2010 Oct-09 Par 5226.3 5226.3

32 RCL CV, Car and CE Pool D.A. Nov-09 Nov-09 Premium 3922.6 3922.6

33 ILSS 5 Trust 2010 Nov-09 Premium 3922.6 3922.6

34 RCL CV, Car and CE Pool D.A. Dec-09 Dec-09 Premium 2324.5 2324.5

35 ILSS 1 Trust 2011 May-10 Par 4672.9 4672.9

36 ILSS 3 Trust 2011 Jun-10 Par 3010.4 3010.4

37 RFL CV & CE Pool D.A. Mar-10 I Mar-10 Par 488.9 488.9

38 RFL CV & CE Pool D.A. Mar-10 II Mar-10 Par 478.0 478.0

39 Shriram Transport Finance Co. Ltd. CV Pool D.A. Feb-08 Feb-08 Premium 1408.0 1408.0

40 SKS Microfinance Loan Pool D.A. Feb-10 Jan-10 Par 1028.3 851.5



No. Issue Name

Commencement

Month Structure




41 Indian Infrastructure Equipment Receivables Trust Mar-08 Apr-08 Premium 2183.0 2183.0

42 Construction Equipment Loan Pool D.A. Oct-08 II Oct-08 Par 1459.2 1459.2

43 Construction Equipment Loan Pool D.A. Nov-08 Nov-08 Par 910.2 910.2

44 Construction Equipment Loan Pool D.A. Feb-09 Feb-09 Par 877.0 877.0

45 Sundaram Finance Ltd. 2007-1 Feb-07 Premium 1079.4 1079.4

46 Sundaram Finance Ltd. 2007-5 Apr-07 Premium 1457.1 1457.1

47 Sundaram Finance CV Pool D.A. Sep-07 Sep-07 Premium 2242.1 2242.1

48 Sundaram Finance CV Pool D.A. Dec-07 Jan-08 Premium 2891.9 2891.9

49 Sundaram Finance CV Pool D.A. Jan-08 Feb-08 Premium 1396.5 1396.5

50 Sundaram Finance CV Pool D.A. Feb-08 Mar-08 Premium 1158.3 1158.3

51 Sundaram Finance CV Pool D.A. Mar-08 Apr-08 Premium 1068.2 1068.2

52 Sundaram Finance CV Pool D.A. Feb-09 Mar-09 Premium 1073.4 1073.4

53 Sundaram Finance CV Pool D.A. Feb-09 II Mar-09 Premium 3325.2 3325.2

54 Sundaram Finance CV Pool D.A. Mar-09 Apr-09 Premium 2178.7 2178.7

55 Sundaram Finance CV Pool D.A. Mar-09 II Apr-09 Premium 1121.4 1121.4

56 Sundaram Finance CV & Tractor Loan Pool D.A. Mar-10 Apr-10 Premium 3032.9 3032.9

57 Tata Motors Ltd. 2006 ABS 1 Apr-06 Premium 7933.0 7933.0

58 Tata Motors Ltd. CV Pool D.A. Jun-06 Pool I Jul-06 Premium 1143.6 1143.6

59 Tata Motors Ltd. Car Pool D.A. Aug-06 Oct-06 Premium 1163.3 1163.3

60 Tata Motors Ltd. CV Pool D.A. Nov-06 Dec-06 Premium 3798.3 3798.3

61 BHPC Auto Securitisation Trust Feb-07 I Feb-07 Premium 1795.6 1795.6

62 Tata Motors Ltd. CV Pool D.A. Feb-07 Mar-07 Premium 1729.7 1729.7

63 Tata Motors Ltd. CV Pool D.A. Mar-07 Apr-07 Premium 1096.9 1096.9

64 Tata Motors Ltd. CV Pool D.A.Mar-07 II Apr-07 Premium 1910.1 1910.1

65 Tata Motors Ltd. CV Pool D.A. May-07 Jun-07 Premium 1197.0 1197.0

66 Tata Motors Finance Securitisation Trust Jun-07 I Jul-07 Par 1093.7 1093.7

67 Tata Motors Ltd. CV & Auto Pool D.A. Oct-08 II Nov-08 Premium 1253.8 1253.8

68 Tata Motors Ltd. CV & Auto Pool D.A. Nov-08 Dec-08 Premium 2551.0 2551.0

69 Tata Motors Ltd. CV Pool D.A. Nov-08 II Nov-08 Premium 3506.3 3506.3

70 Tata Motors Ltd. CV & Auto Pool D.A. Dec-08 Dec-08 Premium 1567.0 1567.0

71 Tata Motors Ltd. CV & Auto Pool D.A. Dec-08 II Jan-09 Premium 1502.1 1502.1

72 Tata Motors Ltd. CV & Auto Pool D.A. Jan-09 Feb-09 Premium 1208.8 1208.8

73 Tata Motors Finance Ltd. Auto Securitisation Trust Feb-07 Apr-07 Premium 2105.9 2105.9

74 Tata Motors Finance Ltd. CV Pool D.A. Feb-07 II Apr-07 Premium 2084.3 2084.3

75 Tata Motors Finance Ltd. CV Pool D.A. Mar-07 Apr-07 Premium 1097.8 1097.8

76 Tata Motors Finance Ltd. CV Pool D.A. May-07 May-07 Premium 1346.4 1346.4



Pools Matured between April 1, 2010 and June 30, 2010

No. Issue Name Comme-ncement

Month Structure




1 CIFCL Vehicle Loan Pool D.A. Sep-07 I Oct-07 Premium 1493.9 1493.9

2 GECSI CV Pool D.A. Oct-06 Nov-06 Premium 1409.2 1409.2

3 Loan Pool Securitisation Trust Mar-07 Apr-07 Premium 1497.7 1497.7

4 Transportation Loan Trust Series 1 Oct-07 Premium 631.1 631.1

5 GECSI CV Pool D.A. Dec-07 III Jan-08 Premium 1773.6 1773.6

6 ICICI Bank Ltd. (2005) ABS 11 (Indian Retail ABS Trust Series 46) Oct-05 Par 1016.0 1116.3

7 ICICI Bank Ltd. (2005) ABS 14 (D.A. Nov-05) Dec-05 Par 2024.5 2024.4

8 Share Microfin Loan Pool D.A. Dec-09 Dec-09 Par 700.2 568.9

9 Indian Infrastructure Equipment Receivables Trust Feb-08 Mar-08 Par 2170.9 2170.9

10 Tata Motors Ltd. CV Pool D.A. Jun-06 Pool II Jul-06 Premium 2090.1 2090.1



4. Annexure III: ABS Instruments rated by ICRA

Rated Instruments live as on July 31, 2010

No. Originator Name / Issue Name Instrument Initial Rating

Present7

Rating

Cholamandalam Investment & Finance Company Ltd.

1 CIFCL Personal Loan Pool D.A.Oct-07 Purchaser Payouts LAAA(SO)! LC(SO)

GE Capital Services India

2 GECSI CV Pool D.A. Dec-06 Purchaser Payouts LAAA(SO)! LAAA(SO)

3 GECSI CV Pool D.A. Feb-07 Purchaser Payouts LAAA(SO)! LAAA(SO)

4 Loan Pool Securitisation Trust Series I Contribution LAAA(SO)! LAAA(SO)

5 GECSI CV Pool D.A. Sep-07 II Purchaser Payouts LAAA(SO)! LAA+(SO)

6 GECSI CV Pool D.A. Dec-07 II Purchaser Payouts LAAA(SO)! LAAA(SO)

Grama Vidyal Microfinance Ltd.

7 GVMFL Microfinance Loan Pool D.A. Mar-10 Assignee Payouts A1(SO)! A1(SO)!

8 GVMFL Microfinance Loan Pool D.A. Mar-10 II Assignee Payouts A1(SO)! A1(SO)!

9 GVMFL Microfinance Loan Pool D.A. Jul-10 Assignee Payouts A1(SO)! A1(SO)!

HDFC Bank Ltd.

10 Retail Trust Sep-06 PTC Series A4 LAAA(SO)! LAAA(SO)

11 Retail Trust Sep-06 PTC Series A5 LAAA(SO)! LAAA(SO)

12 Retail Trust Sep-06 Liquidity Facility LAAA(SO)! LAAA(SO)

13 Retail Trust Sep-06 Second Loss Facility LBBB(SO)! LAA(SO)

ICICI Bank Ltd.

14 ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 I Assignee Payouts LAAA(SO)! LC(SO)

15 Indian Retail ABS Trust Series 58 PTC Series A1 LAAA(SO)! LAAA(SO)

16 Indian Retail ABS Trust Series 58 Liquidity Facility LAAA(SO)! LAAA(SO)

17 ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 II Assignee Payouts LAAA(SO)! LC(SO)

18 ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 III Assignee Payouts LAAA(SO)! LAA(SO)

19 ICICI Bank Ltd. Auto Loan Pool D.A. Jun-06 III Liquidity Facility LAAA(SO)! LAAA(SO)



22 Indian Retail ABS Trust Series 67 Second Loss Facility LBBB(SO)! LAA+(SO)

23 ICICI Bank Ltd. CV and Car Loan Pool D.A. Dec-06 Liquidity Facility LAAA(SO)! LAA+(SO)

24 ICICI Bank Ltd. CV and Car Loan Pool D.A. Dec-06 Assignee Payouts LAAA(SO)! LAAA(SO)

25 ICICI Bank Ltd. Car and Used Car Loan Pool D.A. Dec-06 Assignee Payouts LAAA(SO)! LAAA(SO)

26 ICICI Bank Ltd. Car and Used Car Loan Pool D.A. Dec-06 Liquidity Facility LAAA(SO)! LAAA(SO)

27 ICICI Bank Ltd. Car Loan Pool D.A. Dec-06 Assignee Payouts LAAA(SO)! LAAA(SO)

28 ICICI Bank Ltd. Car Loan Pool D.A. Dec-06 Liquidity Facility LAAA(SO)! LAAA(SO)



31 Indian Retail ABS Trust Series 70 Rated FLP LBBB(SO)! LAA+(SO)

32 ICICI Bank Ltd. CV Loan Pool D.A. Dec-06 Assignee Payouts LAAA(SO)! LAAA(SO)

33 ICICI Bank Ltd. CV Loan Pool D.A. Dec-06 Liquidity Facility LAAA(SO)! LAAA(SO)

34 Indian Retail ABS Trust 77 PTC Series A4 LAAA(SO)! LAAA(SO)

7 As on August 18, 2010

! Conditional Rating




Present7

Rating

35 Indian Retail ABS Trust 77 Liquidity Facility LAAA(SO)! LAAA(SO)





40 Indian Retail ABS Trust 90 Second Loss Facility LBBB(SO)! LA-(SO)



43 Indian Retail ABS Trust 91 Second Loss Facility LBBB(SO)! LBBB+(SO)!

44 Indian Retail ABS Trust 92 PTC Series A11X LAAA(SO)! LAAA(SO)

45 Indian Retail ABS Trust 92 PTC Series A11Y LAAA(SO)! LAAA(SO)


47 Indian Retail ABS Trust 92 Rated FLP LBBB(SO)! LA-(SO)

48 Indian Retail ABS Trust 93 PTC Series A3 LAAA(SO)! LBBB(SO)


Kotak Mahindra Bank Ltd. / Kotak Mahindra Prime Ltd.

50 India Loan Securitisation Series 6 Trust 2008 PTC Series A1 LAAA(SO)! LC(SO)

51 ILSS 5 Trust 2010 PTC Series A12 A1+(SO)! A1+(SO)

52 ILSS 5 Trust 2010 PTC Series A13 LAAA(SO!) LAAA(SO)

53 ILSS 5 Trust 2010 PTC Series A2 LAAA(SO)! LAAA(SO)

54 ILSS 5 Trust 2010 Second Loss Facility LBBB(SO)! LBBB+(SO)

Reliance Capital Ltd. / Reliance Consumer Finance Pvt. Ltd.



57 ILSS 2 Trust 2010 PTC Series A1 A1+(SO)! A1+(SO)

58 ILSS 2 Trust 2010 PTC Series A2 LAAA(SO!) LAAA(SO)




62 ILSS 6 Trust 2010 Second Loss Facility LBBB(SO)! LBBB+(SO)

63 RCL CV, Car & CE Loan Pool D.A. Nov-09 Purchaser Payouts LAAA(SO)! LAAA(SO)

64 RCL CV, Car & CE Loan Pool D.A. Nov-09 Second Loss Facility LBBB(SO)! LBBB+(SO)

65 RCL CV, Car & CE Loan Pool D.A. Dec-09 Purchaser Payouts LAAA(SO)! LAAA(SO)

66 ILSS 1 Trust 2011 PTC Series A1 A1+(SO)! A1+(SO)!

67 ILSS 1 Trust 2011 PTC Series A2 LAAA(SO)! LAAA(SO)!


69 ILSS 1 Trust 2011 Second Loss Facility LBBB(SO)! LBBB(SO)!


71 ILSS 3 Trust 2011 Second Loss Facility LBBB(SO)! LBBB(SO)!

Religare Finvest Ltd.

72 RFL CV and CE Loan Pool D.A. Mar-10 I Purchaser Payouts LAAA(SO)! LAAA(SO)!

73 RFL CV and CE Loan Pool D.A. Mar-10 II Purchaser Payouts LAAA(SO)! LAAA(SO)!

Shriram Transport Finance Company Ltd.




Present7

Rating

74 Shriram Transport Finance Co. Ltd. CV Pool D.A. Feb-08 Purchaser Payouts LAAA(SO)! LAAA(SO)

75 Shriram Transport Finance Co. Ltd. CV Pool D.A. Feb-08 Second Loss Facility LBBB(SO)! LA+(SO)

SKS Microfin Ltd.

76 SKS Microfinance Loan Pool D.A. Feb-10 Assignee Payouts A1+(SO)! A1+(SO)

SREI Equipment Finance Pvt. Ltd.

77 Indian Infrastructure Equipment Receivables Trust Mar-08 PTC Series A3 LAAA(SO)! LAAA(SO)

78 Indian Infrastructure Equipment Receivables Trust Mar-08 Common Cash Collateral LBBB(SO)! LBBB(SO)

79 Construction Equipment Loan Pool D.A. Nov-08 Purchaser Payouts LAAA(SO)! LAAA(SO)

80 Construction Equipment Loan Pool D.A. Oct-08 II Purchaser Payouts LAAA(SO)! LAAA(SO)

81 Construction Equipment Loan Pool D.A. Feb-09 Purchaser Payouts LAAA(SO)! LAAA(SO)

Sundaram Finance Ltd.

82 Sundaram Finance Limited 2007-1 Purchaser Payouts LAAA(SO)! LAAA(SO)

83 Sundaram Finance Limited 2007-5 Purchaser Payouts LAAA(SO)! LAAA(SO)

84 Sundaram Finance CV Pool D.A. Sep-07 Purchaser Payouts LAAA(SO)! LAAA(SO)

85 Sundaram Finance CV Pool D.A. Dec-07 Purchaser Payouts LAAA(SO)! LAAA(SO)

86 Sundaram Finance CV Pool D.A. Jan-08 Purchaser Payouts LAAA(SO)! LAAA(SO)!

87 Sundaram Finance CV Pool D.A. Feb-08 Purchaser Payouts LAAA(SO)! LAAA(SO)!

88 Sundaram Finance CV Pool D.A. Mar-08 Purchaser Payouts LAAA(SO)! LAAA(SO)!

89 Sundaram Finance CV Pool D.A. Feb-09 Purchaser Payouts LAAA(SO)! LAAA(SO)!

90 Sundaram Finance CV Pool D.A. Feb-09 II Purchaser Payouts LAAA(SO)! LAAA(SO)!

91 Sundaram Finance CV Pool D.A. Mar-09 Purchaser Payouts LAAA(SO)! LAAA(SO)!

92 Sundaram Finance CV Pool D.A. Mar-09 II Purchaser Payouts LAAA(SO)! LAAA(SO)!

93 Sundaram Finance CV & Tractor Loan Pool D.A. Mar-10 Purchaser Payouts LAAA(SO)! LAAA(SO)!

Tata Motors Ltd. / Tata Motors Finance Ltd.

94 Tata Motors Ltd (2006) ABS 1 Purchaser Payouts LAAA(SO)! LAAA(SO)

96 Tata Motors Ltd. CV Pool D.A. Jun-06 Pool I Purchaser Payouts LAAA(SO)! LAAA(SO)

97 Tata Motors Ltd. Car Pool D.A. Aug-06 Purchaser Payouts LAAA(SO)! LAAA(SO)

98 Tata Motors Ltd. CV Pool D.A. Nov-06 Purchaser Payouts LAAA(SO)! LAAA(SO)

99 BHPC Auto Securitisation Trust Feb-07 I Contribution LAAA(SO)! LAAA(SO)

100 Tata Motors Ltd. CV Pool D.A. Feb-07 Purchaser Payouts LAAA(SO)! LAAA(SO)

101 Tata Motors Ltd. CV Pool D.A. Mar-07 Purchaser Payouts LAAA(SO)! LAAA(SO)

102 Tata Motors Ltd. CV Pool D.A.Mar-07 II Purchaser Payouts LAAA(SO)! LAAA(SO)

103 Tata Motors Ltd. CV Pool D.A. May-07 Purchaser Payouts LAAA(SO)! LAAA(SO)

104 Tata Motors Finance Securitisation Trust Jun-07 I PTC Series A2 LAAA(SO)! LAAA(SO)

105 Tata Motors Ltd. CV & Auto Pool D.A. Oct-08 II Purchaser Payouts LAAA(SO)! LAAA(SO)!

106 Tata Motors Ltd. CV & Auto Pool D.A. Oct-08 II Second Loss Facility LBBB(SO)! LAA-(SO)!

107 Tata Motors Ltd. CV & Auto Pool D.A. Nov-08 Purchaser Payouts LAAA(SO)! LAAA(SO)!

108 Tata Motors Ltd. CV & Auto Pool D.A. Nov-08 Second Loss Facility LBBB(SO)! LAA-(SO)!

109 Tata Motors Ltd. CV Pool D.A. Nov-08 II Purchaser Payouts LAAA(SO) LAAA(SO)

110 Tata Motors Ltd. CV Pool D.A. Nov-08 II Second Loss Facility LBBB(SO) LAA-(SO)

111 Tata Motors Ltd. CV & Auto Pool D.A. Dec-08 Purchaser Payouts LAAA(SO)! LAAA(SO)!

112 Tata Motors Ltd. CV & Auto Pool D.A. Dec-08 Second Loss Piece LBBB(SO)! LAA-(SO)!

113 Tata Motors Ltd. CV & Auto Pool D.A. Dec-08 II Purchaser Payouts LAAA(SO)! LAAA(SO)!




Present7

Rating

114 Tata Motors Ltd. CV & Auto Pool D.A. Dec-08 II Second Loss Piece LBBB(SO)! LA+(SO)!

115 Tata Motors Ltd. CV & Auto Pool D.A. Jan-09 Purchaser Payouts LAAA(SO)! LAAA(SO)!

116 Tata Motors Ltd. CV & Auto Pool D.A. Jan-09 Second Loss piece LBBB(SO)! LA(SO)!

117 Tata Motors Finance Ltd. Auto Securitisation Trust Feb-07 Purchaser Payouts LAAA(SO)! LAAA(SO)

118 Tata Motors Finance Ltd. CV Pool D.A. Feb-07 II Purchaser Payouts LAAA(SO)! LAAA(SO)

119 Tata Motors Finance Ltd. CV Pool D.A. Mar-07 Assignee Payouts LAAA(SO)! LAAA(SO)

120 Tata Motors Finance Ltd. CV Pool D.A. May-07 Purchaser Payouts LAAA(SO)! LAAA(SO)



Annexure IV: 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.



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 An Associate of Moody’s Investors Service

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© Copyright, 2010, ICRA Limited. All Rights Reserved.

Contents may be used freely with due acknowledgement to ICRA.

ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are

subject to a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in) or contact any

ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by

ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the

information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular,

makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such

information. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable

for any losses incurred by users from any use of this publication or its contents.


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