icra · icra rating feature abs pools’ performance update icra rating services page 1 contents...

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ICRA RATING FEATURE May 2009

ABS POOLS RATED BY ICRA

REPORT ON PERFORMANCE TILL MARCH 2009

Analytical Contacts:

Mumbai

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

Bangalore

Remika Agarwal Senior Analyst 91 80 25590008 [email protected]

Website: www.icra.in

mailto:[email protected]


http://www.icra.in/

ICRA Rating Feature ABS Pools’ Performance Update

ICRA Rating Services www.icra.in Page 1

CONTENTS

Introduction ...................................................................................................... 2

Summary of Pools’ Performance ................................................................... 3

Rating Actions .................................................................................................. 7

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

Asset Category-wise Index of Pools .............................................................. 14

Cholamandalam DBS Finance Limited ....................................................... 18

GE Capital Transportation Financial Services Limited ............................ 26

HDFC Bank Limited ..................................................................................... 36

ICICI Bank Limited ...................................................................................... 39

Manappuram General Finance and Leasing Limited ................................ 80

Sundaram Finance Ltd. ................................................................................. 82

SREI Infrastructure Finance Ltd. ................................................................ 97

Shriram Transport Finance Company Ltd. .............................................. 107

Share Microfin Ltd. ..................................................................................... 109

Tata Motors Ltd / TML Financial Services Ltd. ...................................... 111

Annexure II: ABS Pools rated by ICRA.................................................... 143

Annexure III: ICRA Rating Scale .............................................................. 147

ICRA Rating Feature ABS Pools’ Performance Update


1. Introduction

ICRA has rated 178 Asset Backed Securitisation (ABS)1 transactions till date, with the rated amounts

totalling around Rs. 430 billion. The receivables involved cover the asset classes of cars, commercial

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

and personal loans (PLs).

ICRA closely monitors the performance of the ABS transactions rated by it, focusing particularly on pool

performance and utilisation of the available credit enhancement. The key performance indicators are the

ageing profiles of the securitised pools, collection efficiency ratios, and the rates of foreclosure of

contracts. In addition to these pool performance-related issues, ICRA, during its surveillance of the rated

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

performance of the overall portfolio of the Originator. An essential component of the regular monitoring

of ratings assigned to ABS issues is evaluation of the adequacy of the available credit enhancement.

ICRA regularly publishes a synopsis of the performance of the ABS pools rated by it. This report

presents an update till March 2009 on the performance of 111 ICRA-rated ABS pools that were active

between October 2008 and March 2009. The format of the summary and the definition/interpretation of

key performance indicators are discussed in the ―Users’ Guide‖ section. The section titled ―Key

Performance Indicators of ABS Transactions‖ features a discussion on the various important indicators

monitored by ICRA.

ICRA has analysed pools, both live and matured, across various Originators and asset classes. We

have observed that CV loan pools assigned in the calendar year (CY) 2007 and CY2008 have

performed better as compared with loan pools assigned in CY2006 and CY2005. The better

performance of the more recent pools can be attributed largely to the relatively stricter lending policy

adopted by Originators. Other than the usual parameters we have also looked at the credit

enhancement cover available (i.e. credit enhancement available as a ratio of the unbilled amount of

delinquent contracts) over the balance tenure of the pools. This ratio along with the credit enhancement

utilisation is an important indicator of pool performance and of the appropriateness of the current rating

for the present performance of the pool.

The liquidity crunch in the financial system, particularly in Q3 of FY2008-09, has affected collections on

retail loan pools, although the impact was varied; depending on the asset class, stage in the tenure of

the loan, and so on. The loans given for acquiring CE continued to report comparatively better

performance while the credit quality of unsecured PLs, particularly small ticket personal loans (STPLs),

remains weak. Even among matured pools—those that have completed their entire scheduled tenure—

CE pools reported lower crystallised losses. An analysis of certain matured pools of CV, Car and CE

loans rated by ICRA indicated that delinquency levels typically peak at 22-27 months post-securitisation.

Sizeable recovery has been observed from the 90+ and 180+ days past due (dpd) buckets for the CV

and CE pools post-peaking of delinquencies, while the recovery from car loan pools’ delinquent

accounts has been low.

1 For the purpose of this report, „ABS‟ includes bilateral assignment of pool of retail loans, on rated basis

ICRA Rating Feature ABS Pools’ Performance


2. Summary of Pools’ Performance

Recently originated CV pools show improved performance

In this section, we have analysed the performance of ICRA-rated ABS CV pools securitised between

CY2004 and CY2008. In all, we have considered 72 CV pools2. The selected pools have adequate

representation from the domestic CV finance industry, with the Originators including ICICI Bank, Tata

Motors, GE Capital Transportation Financial Services, Citibank/Citicorp Finance India, Cholamandalam

DBS Finance, Sundaram Finance and Shriram Transport Finance3. The selected pools have been

grouped into five cohorts (2004, 2005, 2006, 2007 and 2008) on the basis of their securitisation dates.

For the purpose of this analysis, the initial seasoning across pools has been ignored, as the variance in

seasoning levels between pools is not substantial. Further, to lower Originator bias, it has been ensured

that each of these cohorts is represented by at least three out of the seven Originators selected for this

study.

Figure 1: Cumulative Collection Efficiency and Loss-cum-Delinquency of 180+ dpd for CV Pools Originated across Years

As Figure 1 shows, the pools securitised between CY2004 and CY2006 have shown progressively lower

collection efficiency and hence higher delinquency levels. In fact, among all the years, the pools

securitised in 2006 have shown the weakest performance (with the lowest collection efficiency) and also

high delinquency. However, the pools securitised in 2007 and 2008 show relatively better performance,

almost in line with the pools originated in 2004 or before. While it has been ensured that each cohort is

represented by at least three Originators, the inter se share of the Originators across different cohorts

could be different and this must be kept in mind while interpreting the above performance summary.

ICRA has also calculated the cumulative loss ratio for the CV pools that had completed at least 15

months of seasoning post-securitisation at the time of analysis. Only pools originated between January

2004 and December 2007 were considered for this purpose. ICRA analysed 52 CV pools for which

complete data was available at every point and generated cumulative loss curves for the same as

depicted in Figure 2.

The median loss for the pools in each cohort at every point of analysis has been taken. We can see that

the losses are low to moderate in absolute terms. The lines in Figure 2 indicate that the average

cumulative loss booked for CV Pools—till comparable points in the pools’ tenure—has been lower for

pools originated in CY2007 as compared with those originated in earlier periods. There are nine CV

2 In the case of mixed pools, the analysis was restricted to the CV portion of the pool. In the absence of

asset class-wise performance data, mixed pools with a substantially high proportion of CVs (more than 75%) were considered as CV pools and analysed as such. 3 Pool originated by Shriram Transport Finance is present only in CY 2008.

80%

84%

88%

92%

96%

100%

2004 2005 2006 2007 2008 2004 2005 2006 2007

Year of securitisation

Cu

mu

lati

ve C

oll

ecti

on

Eff

icie

ncy

0%

1%

2%

3%

4%

5%

6%

7%

Med

ian

Lo

ss-c

um

-

Deli

nq

uen

cy o

f 180+

dp

dCumu. Collection Efficiency Loss-cum-Delinquency of 180+ dpd

6 months post- securitisation 12 months post- securitisation



pools securitised in CY2008, and these have seasoned for duration between eight and 14 months post-

securitisation. None of these pools has had any crystallised loss yet.

Figure 2: Cumulative Loss for CV Pools Originated across Various Years

From Figures 1 and 2, it is seen that the CY2007 and CY2008 pools are clearly superior to the CY2005

and CY2006 pools. Given the relatively higher collection efficiency of the CY2007 and CY2008 pools,

their credit enhancement utilisation has also been low to moderate. However, given that the CY2008

pools have a significant balance tenure left, it is still early to make any definite comment on the eventual

loss levels in their case. Nevertheless, we have seen that barring some outliers, most pools securitised

in CY2007 have performed well. In 2007, some Originators stopped including in the securitised pools,

loans for certain CV models that had been underperforming in the past pools. Variation in the shares of

individual Originators as mentioned—among the set of pools considered for this analysis—is also a

reason for the observations made earlier.

Credit Enhancement cover for the balance payouts

Credit enhancement cover of less than 2 times for 90+ dpd contracts could cause concern

Credit Enhancement Cover (CEC), or the ratio of the total credit enhancement available to the

outstanding against 90+ dpd contracts in a pool, is an important indicator of the credit rating of the

payouts/ instruments backed by the pool. Evidently, the credit enhancement in a pool is required to meet

overdues; more so, those from the harder delinquency buckets. CEC is a quick measure of the

protection available to the senior investors in a pool against delinquency in the pool. In this ratio, while

the numerator incorporates different forms of credit enhancement (Cash Collateral, interest

subordination, principal subordination), the denominator consists of only the unmatured principal, or the

future cashflows from contracts (i.e. unbilled amounts) that are delinquent for more than 90 days. This

ratio does not consider past overdues (on the 90+ dpd contracts) in the denominator since the credit

enhancement has already been utilised to pay for the accumulated overdues and any further credit

enhancement utilisation will be done only to meet the unbilled principal or future cash flows. However,

this ratio should not be considered in isolation, but in combination with other important parameters of

each pool.

In this section, we have analysed the credit enhancement cover across 53 CV pools, 24 Car pools, 11

PL pools and 9 CE pools that were live as in March 2009. The Originators for these pools are ICICI

Bank, Tata Motors, GE Capital Transportation Financial Services, HDFC Bank, Cholamandalam DBS

Finance, SREI Infrastructure Finance, Shriram Finance and Sundaram Finance. We have tried to plot

the CEC ratio pattern across these pools, in the context of their completed tenure—months post

securitisation—as in March 2009. We have classified the various pools according to the number of

months-seasoned post-securitisation and also the CEC ratio observed in these pools. The same has

been illustrated in the form of a matrix in Table 1.

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

1 7 13 19 25 31

Months post-securitisation

CY2004 CY2005 CY2006 CY2007



Table 1: Credit Enhancement Cover ratio across pools

Months post securitisation

Credit Enhancement Cover

<12 12-17 18-23 24-29 30-35 >35

<0.5 1

0.5- 1 1 1

1-2 1 2+3 5

2-3 1 5+1 3+1 3 1

3-4 2 2 4 1 1

4-5 3 1 5

5-10 4 1 1 8 1 2

>10 5 4 6 5 12

The highlighted and italicised numbers in Table 1 indicate pools wherein the ratings underwent a

downgrade. We can see that pools with CEC ratio of more than 3 times did not face a rating

downgrade4. Most of the pools that have undergone a rating downgrade are those wherein the CEC

available was less than 2 times the unbilled amount for 90+ dpd contracts.

It should be noted that the CEC, though an important indicator of pool performance, is not the only

indicator. Various other factors like the delinquency profile of the residual pool, the pool amortisation

level and the balance tenure of the pool are also important indicators of pool performance. Further, the

asset category for a pool is also important, since for different asset categories the same CEC ratio would

indicate a different credit comfort level. In general, a low CEC ratio indicates weak pool performance.

We had done a similar analysis for credit enhancement utilisation in our previous note (Update on

Performance of ICRA Rated ABS Pools-December 2008), wherein we had established that pools with a

credit enhancement utilisation of more than 40% have a greater probability of downgrade. In the same

note, we had also observed that it may so happen that a pool has a high credit enhancement utilisation

but it is also highly amortised such that the credit enhancement then available is sufficient to service the

balance pool. So no rating action maybe taken against this pool, while another pool with similar

utilisation of credit enhancement but a lower amortisation level may be downgraded because of the

inadequacy of the available credit cover for the balance payouts.

Analysis of matured pools

Matured Car/ MUV pools report lower recoveries while crystallised loss is higher for matured CV pools

Figure 3: Proportion of Loss and Delinquency at End of Pool Tenure

We have analysed the eventual loss and overdue ageing level at the end of the pools’ tenure vis-à-vis

the initial securitised amount. We have observed that among the pools considered for this analysis, of

the total securitised amount at the beginning of the pool, the average crystallised loss was the highest in

4 Only one pool with a CEC ratio of 3 and 4 has seen a downgrade, but even in that case, the ratio was

1.04 at the time of downgrade, which later improved following better collections

0.38% 0.43%0.24%

1.09%

0.68% 1.02%

0.25%

0.18%

0.26%

0.21%

0.34%

0.27%

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

Cars and MUVs CV CE

As

% o

f in

itia

l p

oo

l p

rin

cip

al

Crystallised Loss 180+ dpd 91-180 dpd 0- 90 dpd



the case of CV pools and the lowest for CE pools. The total overdues at the end of the pools’ tenure

were however the lowest in the case of CV pools. This could imply that repossession and sale in the

case of CV loans are higher than that for other asset classes, on account of which while the crystallised

loss is higher for CV, the amount of overdues is lower. The overall loss and delinquency was however

the highest for Car pools.

A point to note is that the matured Car pools analysed here are inclusive of Cars and MUVs. Since data

on these two segments is not available separately for the older pools, we have clubbed them together as

cars. However, an analysis of some pools (mature as well as live) for which data on these two asset

classes were available separately has shown MUVs to be a much weaker asset category than cars as

well as CVs and CE in general. The weaker performance of the Car pools on certain parameters as

Figure 3 shows could primarily be on account of the presence of MUVs in them. Moreover, we have also

observed that among heavy commercial vehicles (HCVs) and light commercial vehicles (LCVs), it is the

LCV component in CV pools that makes their performance appear weaker.

Faster peaking and sizeable recovery observed from CE contracts

In this section, we have analysed the performance of 22 CV pools, 18 Car pools, and 11 CE pools that

matured by March 2009. The Originators of the CV pools considered here are Tata Motors, ICICI Bank,

Citibank/Citicorp Finance India and GE Capital Transportation Financial Services; the Originators for the

car pools are ICICI Bank, Tata Motors, HDFC Bank, and Sundaram Finance; the CE pools in this

sample were originated by Tata Motors5 and ICICI Bank. Using this data, we have made an attempt to

understand the ratio of peak loss-cum-dpd to eventual loss-cum-dpd and also estimate the time when

the delinquency levels tend to reach their peak. Our observations are summarised in the following

tables.

Table 2: Peaking of Delinquency and Recovery

Asset Class Peaking of Delinquency* (in months)

Eventual Loss-cum-DPD to Peak Loss-cum-DPD^

Loss-cum-delinquency (90+dpd)




Cars Mean 24.0 26.9 51.22% 66.27%

Median 22.0 25.0 54.69% 71.95%

Range 21-27 22-32 42%- 61% 53% -86%

CVs Mean 26.2 26.9 39.37% 53.74%

Median 26.7 27.4 36.53% 50.06%

Range 21-29 22-30 18%- 50% 27%- 63%

CE Mean 22.3 24.0 26.99% 42.31%

Median 22.3 24.0 18.60% 44.49%

Range 20-24 22-26 17%- 35% 32%-48%

* Refers to average pool seasoning at the time of securitisation + months post-securitisation ^ Refers to loss-cum-dpd at the end of the pool‟s scheduled tenure, expressed as a

percentage of the peak loss-cum-dpd during the pool‟s tenure

The foregoing analysis shows that delinquencies for the matured pools analysed here (both 90+ and

180+ dpd) peaked typically between 22 and 27 months for most asset classes. In retail asset backed

finance, owing to the periodic (mostly monthly) amortising nature of the loans, owner’s equity in the

underlying asset rises continuously, leading to a lower propensity to default as the contract matures.

Consequently, net recovery—from delinquent contracts—is expected in the latter period of a typical

pool’s life. An Originator-wise analysis done by ICRA shows that while losses in CE pools across

Originators have peaked at more or less the same time, in the case of CVs and Cars, there has been

greater variation across Originators. Peaking for CE pools is the fastest, while that for CV pools is more

gradual.

Also, as may be expected, the proportion of recoveries from CE pools post-peaking has been the

highest among the three asset classes analysed above, particularly for the 90+ dpd bucket where the

recovery for CE was in the range of 70-80%. For CVs the recovery has been only slightly lower than that

for CE. Car pools have shown the lowest rates of recovery from both the 90+ and 180+ dpd buckets.

5 In the case of pools of Tata Motors, „CE‟ refers primarily to Tippers



3. Rating Actions

New Ratings Assigned

Between December 2008 and April 2009, ICRA rated ten pools across various Originators. The list of

fresh ratings along with some of their initial features is presented in Table 3.

Table 3: New Ratings Assigned

Transaction identification Commencement Month

Asset Class

Transaction Structure

Pool Receivables/ Principal

PTC Receivables / Principal

Share Microfin Limited

Share Microfin Loan Pool D.A. Mar-09

Mar-09 Microfinance

Par 493.42 434.2

SREI Infrastructure Finance Ltd.

Construction Equipment Loan Pool D.A. Nov-08

Nov-08 CE Par 910.2 910.2

Construction Equipment loan Pool D.A. Feb-09

Feb-09 CE Par 877.0 877.0

Sundaram Finance Ltd.

Sundaram Finance CV Pool D.A. Feb-09 Mar-09

CV Premium 1073.4 1073.4

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

CV Premium 3325.2 3325.2

Sundaram Finance CV Pool D.A. Mar-09 Apr-09

CV Premium 2178.7 2178.7

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

CV Premium 1121.4 1121.4

Tata Motors Ltd.

Tata Motors CV & Auto pool D.A. Dec-08 Dec-08

Auto & CV Premium 1567.0 1567.0

Tata Motors CV & Auto pool D.A. Dec-08 II Jan-09


Tata Motors CV & Auto pool D.A. Jan-09 Feb-09


The pool of Share Microfin Limited (SML) is the first micro finance pool rated by ICRA. SML is amongst the largest Microfinance institution in India. The pool has been assigned a short-term rating since all loans in the pool have been given for tenure of less than 1 year.



Rating Revision

Between January 2009 and May 2009, ICRA has upgraded the rating of 1 ICICI Bank originated CV

pool. This pool was originated in CY2006. It had been downgraded in the past and based on improved

performance seen for this pool in recent months, the rating has now been upgraded.

Table 4: Rating upgrade between January 2009 and May 2009

Transaction identification Instrument Description

Months Post-Securitisation

Previous Rating

Revised Rating

ICICI Bank Limited

Indian Retail ABS Trust Series 58 PTC Series A1 33 LAA- (SO) LAA (SO)

In this time period, ICRA has also revised downwards the ratings for 6 securitisation transactions. These

transactions are backed by receivables against PLs and also receivables against loans given for the

purchase of CVs, Cars and MUVs. The downgraded pools were originated in second half of CY2006 or

in the first half of CY2007. Some rating action had been taken for most of these pools in the past also.

These pools have reported higher-than-expected delinquency levels leading to significant utilisation of

credit enhancement. The rating revision is based on the performance of the pools till date as well as the

expected performance over the balance tenure and the credit enhancement available.

Table 5: Rating downgrade between January 2009 and May 2009

Transaction identification Instrument Description

Months Post-Securitisation

Previous Rating

Revised Rating

ICICI Bank Limited

ICICI Bank Ltd. Auto Loan Pool Direct Assignment Jun-06 I

Assignee Payouts

33 LA (SO) LBBB+ (SO)

ICICI Bank Ltd. Auto Loan Pool Direct Assignment Jun-06 II

Assignee Payouts

33 LA+ (SO) LA- (SO)

ICICI Bank Ltd. Auto Loan Pool Direct Assignment Jun-06 III

Assignee Payouts

34 LAA+ (SO) LAA (SO)

ICICI Bank Ltd. CV Loan Pool Direct Assignment Dec-06

Assignee Payouts

27 LAA+ (SO) LAA (SO)

ICICI Bank Ltd. Car and CV Loan Pool Direct Assignment Dec-06

Assignee Payouts

27 LAAA (SO) LAA+ (SO)

Indian Retail ABS Trust Series 93 PTC Series A3 21 LAA+ (SO) LA+ (SO)

Between January 2009 and May 2009, ICRA has also reaffirmed the rating of 44 tranches across 23

pools assigned by ICICI Bank.

ICRA continuously monitors the performance of all transactions rated by it and takes rating actions as

and when required. Any rating action taken by ICRA is based on the performance of the pools and the

availability of credit enhancement relative to ICRA’s expectations



Users’ Guide

The standard format for presenting pool performance details is given below. This is followed by a list of

definitions of the key terms used in this report, and a discussion on the interpretation of the key

parameters analysed by ICRA to monitor the performance of ABS transactions.

Originator: XYZ Limited

Issue Name: Originator (Year) Product (Name of Special Purpose Vehicle)

Trustee:

Issue Details Pool Performance till March 2009

1(a) Commencement Month 2(a) Months Post-Securitisation

1(b) Transaction Structure 2(b) Cumulative Collection Efficiency

1(c) Staggering 2(c) Cumu. Collection to Cumu. Senior PTC Payouts

1(d) Pool Principal (Rs. million) 2(d) Cumulative Credit Enhancement Utilisation

1(e) No of Contracts 2(e) Cumulative Cash Collateral Utilisation

1(f) Senior PTC Payouts (Rs. million) 2(f) FLP6 Utilisation

1(g) Tenure of Receivables (months) 2(g) SLP7 Utilisation

1(h) Avg. Seasoning (% of Original Tenure) 2(h) Liquidity Utilisation

1(I) Average Loan to Value Prepayment Rate

Credit/Liquidity Support 2(I) Monthly Prepayment Rate

1(j) Subordination (% of Pool Principal) 2(j) Cumulative Prepayment Rate

1(k) Cash Collateral (% of Pool Principal) Loss-cum-Delinquency

1(l) FLP (% of Pool Principal) 2(k) 90+ dpd (% of Pool Principal)

1(m) SLP (% of Pool Principal) 2(l) 180+ dpd (% of Pool Principal)

1(n) Excess Interest Spread (% of Pool Principal) 2(m) Cumulative Loss to Amortised Principal Ratio

1(o) Liquidity (% of Pool Principal) 2(n) Cumulative Loss Ratio

Details of Remaining Pool

3(a) Outstanding Pool Principal (Rs. million) Credit enhancement

3(b) Outstanding Senior PTC Principal (Rs. million) 3(g) Subordination (% of Pool Principal)

3(c) Balance Tenure of Pool (months) 3(h) Cash Collateral (% of Pool Principal)

3(d) Break-even Collection Efficiency 3(I) FLP (% of Senior PTC Payouts)

3(e) Delinquency Rate (90+) 3(j) SLP (% of Senior PTC Payouts)

3(f) Delinquency Rate (180+) 3(k) Excess Interest Spread (% of Pool Principal)

Collection Efficiency Credit Enhancement Utilisation

CL and CLAP Loss-cum-Delinquency

6 FLP: First Loss Piece

7 SLP: Second Loss Piece

80%

85%

90%

95%

100%

1 2 3 4 5

Cumulative CE Current CE

0%

5%

10%

15%

20%

1 2 3 4 5

Cumulative Monthly

0.00%

0.50%

1.00%

1.50%

2.00%

1 2 3 4 5

CL CLAP

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

1 2 3 4 5

Loss+delq. 90+ Loss+delq. 180+

ICRA Rating Feature ABS Pools Performance ___________________________________________________________________________________


Definitions

1(a) Commencement Month The month from which the pool receivables have been transferred

1(b) Transaction Structure Whether the pool receivables were transferred at their par value or at a

premium

1(c) Staggering Lag in payouts in a particular proportion so as to improve liquidity

1(d) Pool Receivables/Principal The total initial pool size; in the case of ―premium‖ deals, this refers to

pool receivables, and for ―par‖ deals, it refers to the pool principal

1(e) No of Contracts Total number of loan contracts in the pool

1(f) Senior PTC Payouts/

Senior PTC Principal

The total scheduled cash flow for Senior investors in the transaction in

the case of a ―premium‖ transaction; in the case of a ―par‖ transaction,

this refers to the total scheduled principal for Senior investors

1(g) Tenure of Receivables

(months)

Number of months for which pool has cash flows outstanding, starting

from the commencement month

1(h) Average Seasoning

(months) OR

Average Seasoning (as %

of Original Tenure)

Weighted average seasoning of the pool as on the cut-off date

Weighted average of contract-wise seasoning as percentage of

respective original tenures; this is seen as a better measure of

seasoning as it also takes into account the original tenure of the

contracts

1(I) Average LTV Weighted average Loan to Value (LTV) of the pool as on the cut-off date

1(j) Subordination (% of Pool

Receivables or Principal)

Total amount of credit protection available to the Pass-Through

Certificate (PTC) holders in the form of subordinated receivables divided

by the initial pool receivables in the case of premium transactions, and

subordinated principal divided by the initial pool principal in the case of

par transactions

1(k) CC (% of Pool Principal) Cash Collateral (CC) is the total amount of credit protection available in

the form of cash or corporate undertaking divided by the pool

receivables (in the case of premium transactions) or pool principal (in

the case of par transactions)

1(n) Excess Interest Spread (%

of Pool Principal)

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

Flows – Subordination)divided by Pool Principal

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

assuming “zero” prepayments

1(l) First Loss Piece (FLP) as

% of Pool Principal

The portion of the total credit collateral that is to be utilised first in the

event of a shortfall in meeting Senior PTC payouts

1(m) Second Loss Piece (SLP)

as % of Pool Principal

The portion of the total credit collateral that is to be utilised for meeting

any shortfall in Senior PTC payouts after the FLP is fully utilised

1(o) Liquidity as % of Pool

Principal

Facility meant for meeting short-term delays in collections, i.e. for

meeting collection shortfalls in the pool pertaining to contracts that are

overdue by up to 90 days

2(a) Months Post-Securitisation Months elapsed after securitisation of the pool

2(b) Cumulative Collection

Efficiency

Ratio of cumulative collections to cumulative billings including opening

overdues



2(c) Cumu. Coll. To cumu.

Senior PTC Payouts

Total collections done on the pool starting from commencement month

to the month till which pool performance has been presented, divided by

total Senior PTC payouts

For this purpose, both the numerator and the denominator exclude

amount on account of prepayments

2(d) Cumulative Credit

Enhancement Utilisation

where

SCm : Shortfall on account of collection on live contracts in month m

SPm : Shortfall on account of prepayment/repossession in month m

C : Stipulated Cash Collateral at the beginning of the pool

L : Stipulated Liquidity Facility at the beginning of the pool

Sm : Subordination-cum-EIS available in month m

However in certain transactions, liquidity facility is used for making

investor payouts in advance (and not just for meeting shortfall due to

temporary collection delays); in the case of such transactions, we do not

factor in the liquidity facility in the credit enhancement available or

utilised

2(e) Cumulative CC Utilisation n

m

tilisationMonthlyCCu1

where

Monthly CC utilisation = CC at the beginning of the month less CC at the

end of the month

For the purpose, any reduction in the CC owing to reset by ICRA is to be

ignored

2(f) Cumulative First Loss

Piece Utilisation

(Opening FLP at the beginning of the transaction – Closing FLP balance

at the end of the period)/Original FLP balance at the beginning of the

transaction


ignored

2(g) Cumulative Second Loss

Piece utilisation

(Opening SLP at the beginning of the transaction – Closing SLP balance

at the end of the period)/ Original SLP balance at the beginning of the

transaction


ignored

2(h) Liquidity Utilisation Opening Liquidity balance at the beginning of the transaction – Closing

Liquidity balance at the end of the period divided by Original Liquidity

balance at the beginning of the transaction


ignored

n

m m

mm

SLC

SPSCU

1 )(

)(



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

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

opening pool principal

2(j) Cumulative Prepayment

Rate

Principal outstanding at the time of prepayment on contracts prepaid till

date divided by initial pool principal in the case of par transactions or net

present value of contracts prepaid till date divided by initial PTC principal

in the case of premium transactions

2(k) Loss-cum-Delinquency (90

+dpd )

(Principal outstanding on contracts that are more than 90 days past due

+ crystallised loss booked till date) divided by initial pool principal

2(l) Loss-cum-Delinquency

(180+ dpd )

(Principal outstanding on contracts that are more than 180 days past due

+ crystallised loss booked till date) divided by initial pool principal

2(m) Cumulative Loss to

Amortised Principal

(CLAP)

Cumulative loss booked till date divided by Original pool principal

3(a) Outstanding Pool Billings/

Principal (Rs. million)

Pool receivables for the balance tenure (in the case of premium

transactions) or Pool principal for the balance tenure (in the case of par

transactions)

3(b) Outstanding Senior PTC

Payouts/Principal (Rs.

million)

Amount scheduled to be paid out to Senior PTC holders over the

balance tenure in the case of premium transactions or principal

outstanding on Senior PTCs in the case of par transactions

3(c) Balance Tenure of Pool

(months)

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

pool performance date

3(d) Break-even Collection

Efficiency

(Future billings – amount of cash collateral available – amount of

subordination-cum-EIS available) divided by Future billings

3(e) Delinquency Rate (90+

dpd)

Principal outstanding on contracts that are more than 90 days past due

divided by total principal outstanding on pool contracts

3(f) Delinquency Rate (180+

dpd)

Principal outstanding on contracts that are more than 180 days past due

divided by total principal outstanding on pool contracts

3(g) Subordination (% of Pool

Receivables/Principal)

Total amount of credit protection available to the PTC holders in the form

of subordinated receivables divided by future pool receivables in the

case of premium transactions or subordinated principal divided by future

pool principal in the case of par transactions

3(h) CC (% of Pool

Receivables)

Total amount of credit protection available in the form of cash divided by

future pool receivables (in the case of premium transactions) or divided

by pool principal (in the case of par transactions)

3(I) First Loss Piece (% of Pool

Principal)

Closing amount of First Loss Piece of cash collateral

3(j) Second Loss Piece (% of

Pool Payouts/Principal)

Closing amount of Second Loss Piece of cash collateral

3(k) Excess Interest Spread (%

of Pool Principal)

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

PTC cash flows – Subordination- Liquidity Utilised) divided by Balance

pool principal



Abbreviations Used

3 W Three-Wheelers

CC Cash Collateral

CE Construction Equipment

CLAP Cumulative Loss to Amortised Principal

Coll. Collection

Cumu. Cumulative

CV Commercial Vehicle

DA Direct Assignment

Delq. Delinquency

Dpd days past due

FLP First Loss Piece

HCVs Heavy Commercial Vehicles

ITCL IL&FS Trust Company Limited

ITSL IDBI Trusteeship Services Limited

LCVs Light Commercial Vehicles

Mn. Million

MUVs Multi-Utility Vehicles

N Cars New Cars

n.a. not available

N.A. Not Applicable

O/s Outstanding

Org Tnr Original Tenure

PTC Pass-Through Certificate

Rs. Rupees

SLP Second Loss Piece

TW Two-Wheelers

U Cars Used Cars

WITECO Western India Trustee & Executor Company Limited



4. Asset Category-wise Index of Pools

Issue Name Asset category-wise share (%) Page

No. Used Cars

CV CE Car/ MUV

TW PL Others

Cholamandalam DBS Finance Ltd.

CDFL PL Pool D.A.-March 07 100 19

Indian Loan Securitisation Series 3 Trust 2008 79.8 20.2 20

CDFL Vehicle Loan Pool D.A. Sep-07 I 93 0.4 6.6 21

Indian Loan Securitisation Series 5 Trust 2008 76.9 17.5 5.6 22

Indian Loan Securitisation Series 6 Trust 2008 100 23

Indian Loan Securitisation Series 9 Trust 2008 74.4 15.5 10.2 24

CDFL Personal Loan Pool DA Dec-07 100 25

GE Capital Transportation Financial Services Ltd.

GETFSL CV Loan Pool D.A. October 2006 100 27

GETFSL CV D.A. December 2006 100 28

GETFSL CV Pool D.A. February 2007 100 29

Loan Pool Securitisation Trust Series I 87 13 30

Loan Pool Securitisation Trust March 2007 100 31

GETFSL CV Pool D.A. II September 2007 100 32

Transportation Loan Trust Series I 100 33

GETFSL CV Pool D.A. Dec-07 II 100 34

GETFSL CV Pool D.A. Dec-07 III 100 35

HDFC Bank Ltd.

HDFC Bank Ltd. (2005) ABS 1 82 18 37

Retail Trust September 2006 76 24 38

ICICI Bank Ltd.

Indian Retail ABS Trust Series XV 100 40

Indian Retail ABS Trust Series XVII 100 41

Indian Retail ABS Trust Series XIX 100 42

ICICI Bank Ltd (2005) ABS 1 (SBI D.A.) 100 43

Indian Retail ABS Trust Series XXXII 100 44

Indian Retail ABS Trust Series XXXVII 85 15 45

Indian Retail ABS Trust Series XXXVIII 100 46

Indian Retail ABS Trust Series XL 68 15 17 47

Indian Retail ABS Trust Series XLVI 100 48

Indian Retail ABS Trust Series 50 100 49

ICICI Bank Ltd. (2005) ABS 14 (D.A. Nov-05) 100 50


ICICI Bank Ltd. (2006) ABS 1( D.A. March 2006) 100 52

ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I 100 53

Indian Retail ABS Trust Series 58 85 15 54

ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 II

100 55

ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 III

100 56

Indian Retail ABS Trust Series 62 60 15 25 57






ICICI Bank Ltd. CV and Car Loan Pool D. A. Dec 2006

29 71 63



Issue Name Asset category-wise share (%) Page No. Used

Cars CV CE Car/

MUV TW PL Others


ICICI Bank Ltd. Car and Used Car Loan Pool D.A Dec 2006

24 76 65

ICICI Bank Ltd. Car Loan Pool D.A. Dec 2006 100 66


ICICI Bank Ltd. CV Loan Pool D.A. Dec 2006 83.6 16 0.40 68

ICICI Bank Ltd. Personal Loan Pool D.A. Dec 2006

100 69











Manappuram General Finance and Leasing Ltd.

RLP Trust Series 1 100 81


Sundaram Finance Ltd. (2006) ABS 1 86 14 83

Sundaram Finance Ltd. (2006) ABS 2 87.05 12.95 84



Sundaram Finance Ltd. D.A. 2007 (1) 95 5 87

Sundaram Finance Ltd. D.A. 2007 (2) 99 1 88

Sundaram Finance Ltd. D.A. 2007 (3) 100 89



Sundaram Finance CV Pool D.A. Sep-07 98 2 92

Sundaram Finance CV Pool D.A. Dec-07 99.8 0.2 93

Sundaram Finance CV Pool D.A. Jan-08 99.7 0.3 94

Sundaram Finance CV Pool D.A. Feb-08 100 95

Sundaram Finance CV Pool D.A. Mar-08 90.6 0.2 9.12 96

Srei Infrastructure Finance Ltd.

Indian Infrastructure Equipment Receivables Trust Oct 2005

41.2 58.1 0.70 98

CE Pool Trust June 2007 81 19 99

Indian Infrastructure Equipment Receivables Trust June 2007

71 29 100

SREI Finance Limited D.A. August 2007 76.6 23.4 101

Indian Infrastructure Equipment Receivables Trust February 2008

75 25 102

Indian Infrastructure Equipment Receivables Trust March 2008

11 89 103

Construction Equipment Loan Pool D.A. Oct-08 II

25 75 104

Construction Equipment Loan Pool D.A. Nov-08 20 80 105

Construction Equipment loan Pool D.A. Feb-09 8 92 106

Shriram Transportation Finance Ltd.

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

100 108



Issue Name Asset category-wise share (%) Page No. Used

Cars CV CE Car/

MUV TW PL Others

Share Microfin Ltd.

Share Microfin Loan Pool D.A. Mar-09 100 110

Tata Motors Ltd. / TML Financial Services Ltd.

BHPC Auto Securitisation Trust May 2005 II 94 6 112

BHPC Auto Securitisation Trust September 2005 90 10 113

TML Securitisation Trust Feb 2006 99 1 114

TML (2006) ABS 2 100 115

BHPC Auto Securitisation Trust May 2006 68 32 116

TML CV Pool D.A. - June 2006 Pool I 100 117

TML CV Pool D.A. - June 2006 Pool II 100 118

TML CV Pool D.A. - August 2006 100 119

TML CV Pool D.A.- Sep 2006 Pool II 100 120

BHPC Auto Securitisation Trust Sep 2006 100 121

TML CV Pool D.A. – November 2006 96 4 122

BHPC Auto Securitisation Trust Feb-07 I 100 123

TML CV Pool D.A. – February 2007 100 124

TML CV Pool D.A. – March 2007 100 125

TML CV Pool D.A. – March 2007 II 100 126

TML CV Pool D.A. - May 2007 100 127

TMF Securitisation Trust June 2007 I 54 21 25 128

TML CV & Auto D.A. – October 2008 II 33 67 129

TML CV & Auto D.A. – November 2008 74 26 130

TML CV D.A. – November 2008 II 100 131

TML CV & Auto D.A. – December 2008 83 17 132

TML CV & Auto D.A. – December 2008 II 53 47 133

TML CV & Auto D.A. – January 2009 76 24 134

TMLFSL. Auto Securitisation Trust Feb 2007 100 135

TMLFSL CV Pool D.A. Trust Feb 2007 II 100 136

TMLFSL CV Pool D.A. March 2007 100 137

TMLFSL CV Pool D.A. May 2007 100 138



Performance Summary



Cholamandalam DBS Finance Limited

7 pools



PL

100%Issue Name: Cholamandalam DBS Fin. Ltd. Personal Loan pool D.A. February 20078

Trustee: N.A.

Issue Details Pool Performance till: March 2009

Commencement Month Mar-07 Months Post- Securitisation 25

Transaction Structure Premium Cumulative Collection Efficiency n.a.

Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts n.a.

Pool cashflow (Rs. mn) 868.3 Cumu. Credit Enhancement Utilisation 47.49%

No of Contracts 8,476 Cumulative Cash Collateral Utilisation 47.49%

Senior PTC Payouts (Rs. mn) 868.3 FLP Utilisation N.A

Tenure of Cashflow (months) 44 SLP Utilisation N.A Asset Class PL

Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) n.a.

Average Loan to Value N.A. Prepayment Rate

Credit / Liquidity Support Monthly Prepayment Rate 0.21%

Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.68%

Cash Collateral (% of Pool Cashflow) 19.20% Loss cum Delinquency

FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 22.54%

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

EIS (% of Pool Cashflow) N.A CLAP Ratio N.A.

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


Outstanding Pool Cashflow (Rs. mn) 64.04 Credit enhancement

O/s Senior PTC Cashflow (Rs. mn) 64.04 Subordination (% of Pool Cashflow) N.A.

Balance Tenure of Pool (months) 19 Cash Collateral (% of Pool Cashflow) 68.15%

Break-even Collection Efficiency 31.85% FLP (% of pool cashflow) N.A

Delinquency Rate (90+) 34.84% SLP (% of pool cashflow) N.A

Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Cashflow) N.A

8 the pool commenced in Mar-07; however in Oct-07, around 51% of the outstanding pool was bought

back by the Originator, due to absence of documentary evidence for certain representations—relating to the employment status of certain borrowers in the pool—made by the Originator, under the assignment. Accordingly, the pool is effectively being viewed as commencing from Oct-07. The pool size (number and value) as well as the credit enhancement mentioned above are as on Oct-07, post the buyback.



PL

100%

Issue Name: Indian Loan Securit isat ion Series 3 Trust 2008 Trustee: IDBI Trusteeship Services Limited


Commencement Month Aug-07 Months Post- Securitisation 20

Transaction Structure Premium Cumulative Collection Efficiency 97.47%

Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.56%

Pool cashflow (Rs. mn) 2,116.93 Cumu. Credit Enhancement Utilisation 17.57%


Senior PTC Payouts (Rs. mn) 2,116.93 FLP Utilisation N.A

Tenure of Cashflow (months) 53 SLP Utilisation N.A Asset Class CV

Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 33.70%

Average Loan to Value 87.20% Prepayment Rate





SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.22%

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

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







Delinquency Rate (180+) 0.38% Excess Interest Spread (% of Pool Cashflow) N.A

Collection efficiency Credit enhancement utilisation

CL and CLAP

85%

90%

95%

100%

105%

1 4 7 10 13 16 19


0%

5%

10%

15%

20%

1 4 7 10 13 16 19

Cumulative Monthly

0%

1%

2%

3%

4%

1 4 7 10 13 16 19

CL CLAP



N Cv

50%

U Cv

43%

3WL

7%

Issue Name: Cholamandalam DBS Fin. Ltd. Vehicle Loan pool D.A.

September 2007 I Trustee:


Commencement Month Sep-07 Months Post- Securitisation 18














EIS (% of Pool Cashflow) N.A CLAP Ratio 0.24%

Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.15%









CL and CLAP

80%

85%

90%

95%

100%

1 4 7 10 13 16

Cumulative CE

0%

5%

10%

15%

20%

1 4 7 10 13 16

Cumulative Monthly

0.00%

0.07%

0.14%

0.21%

0.28%

1 4 7 10 13 16

CL CLAP



New

Cv

56% Used

Cv

15%TWL

8%

Car/M

UV

21%Issue Name: Indian Loan Securit isat ion Series 5 Trust 2008 Trustee: IDBI Trusteeship Services Limited


Commencement Month Oct-07 Months Post- Securitisation 18
























CL and CLAP

80%

85%

90%

95%

100%

1 4 7 10 13 16


0%

7%

14%

21%

28%

1 4 7 10 13 16

Cumulative Monthly

0.0%

0.1%

0.2%

0.3%

1 4 7 10 13 16

CL CLAP



PL



Commencement Month Nov-07 Months Post- Securitisation 17

Transaction Structure Premium Cumulative Collection Efficiency9 82.19%













EIS (% of Pool Cashflow) N.A CLAP Ratio N.A.

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








9 For this pool, in the initial 3 months we did not have the collection figure, so we have taken collection

to be the same as billings.



New

Cv

47%

Used

Cv

27%

3WL

10%

Car/M

UV







No of Contracts 3,435.0 Cumulative Cash Collateral Utilisation 31.19%




















CL and CLAP

80%

85%

90%

95%

100%

1 4 7 10 13 16

Cumulative CE

0.0%

0.1%

0.2%

0.3%

1 4 7 10 13 16

CL CLAP

0%

10%

20%

30%

40%

1 4 7 10 13 16

Cumulative Monthly



PL

100%Issue Name: Cholamandalam DBS Fin. Ltd. Personal Loan

pool D.A. December 2007 Trustee:


Commencement Month Dec-07 Months Post- Securitisation 15












FLP (% of Pool Cashflow) N.A. 90+ dpd (% of Initial Pool Size) 5.12%

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

EIS (% of Pool Cashflow) N.A. CLAP Ratio N.A.

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







Delinquency Rate (180+) n.a Excess Interest Spread (% of Pool Cashflow) N.A


CL and CLAP

80%

85%

90%

95%

100%

1 4 7 10 13

Cumulative CE

0%

7%

14%

21%

28%

1 4 7 10 13

Cumulative Monthly

0%

1%

2%

3%

4%

1 4 7 10 13

CL CLAP



GE Capital Transportation Financial Services Limited

9 pools



Asset CompositionLCV

10%

MHCV

90%

Issue Name: GETFSL CV Pool D.A. October 2006 Trustee: IL&FS Trust Company Limited








Tenure of Cashflow (months) 43 SLP Utilisation N.A Asset Class

















Collection efficiency Loss cum delinquency

20%

40%

60%

80%

100%

1 6 11 16 21 26


0.0%

0.5%

1.0%

1.5%

2.0%

1 6 11 16 21 26

Loss + delq. 90+



Asset Composition

HCV

97%

LCV

3%Issue Name: GETFSL CV Pool D.A. December 2006 Trustee: IL&FS Trust Company Limited

























Collection efficiency Loss cum Delinquency

60%

70%

80%

90%

100%

1 6 11 16 21 26


0.0%

0.5%

1.0%

1.5%

2.0%

1 6 11 16 21 26

Loss+delq.90+



Issue Name: GETFSL CV Pool D.A. February 2007 Trustee: IL&FS Trust Company Limited


Commencement Month Feb-07 Months Post- Securitisation 25
























Asset Composition

MHCV

95%

LCV

5%

0.0%

0.7%

1.4%

2.1%

2.8%

1 5 9 13 17 21 25

Loss+delq.90+

20%

40%

60%

80%

100%

1 5 9 13 17 21 25




Issue Name: Loan Pool Securitisation Trust Series I Trustee: IL&FS Trust Company Limited








Tenure of Cashflow (months) 47 SLP Utilisation N.A Asset Class CE CV

Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr) 19.38% 10.43%

Average Loan to Value 84.40% 92.72% Prepayment Rate
















Asset CompositionCE

13%LCV

4%

MHCV

83%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

1 5 9 13 17 21

Loss+delq.90+

20%

40%

60%

80%

100%

1 5 9 13 17 21




Issue Name: Loan Pool Securit isat ion Trust March 2007 Trustee: IL&FS Trust Company Limited


























Asset Composition

MHCV

98%

LCV

2%

0.0%

1.5%

3.0%

4.5%

6.0%

1 5 9 13 17 21

Loss+delq.90+

20%

40%

60%

80%

100%

1 5 9 13 17 21




Issue Name: GETFSL CV Pool D.A. II Sep 2007 Trustee: IL&FS Trust Company Limited






No of Contracts 614 Cumulative Cash Collateral Utilisation 25.62%



Liquidity Utilisation N.A Avg. Seasoning (In months) 1.36

















Asset Composition

M HC

V

96%

LCV

4%

0%

1%

2%

3%

4%

1 4 7 10 13 16

Loss-cum-90+

20%

40%

60%

80%

100%

1 4 7 10 13 16




Issue Name: Transportation Loan Trust Series 1 Trustee: IL&FS Trust Company Limited


























Asset Composition

HCV

91%

LCV

9%

0.0%

0.6%

1.2%

1.8%

2.4%

1 4 7 10 13 16

Loss-cum-90+

20%

40%

60%

80%

100%

1 4 7 10 13 16




Issue Name: GETFSL CV Pool D.A. Dec 2007 - II Trustee: IL&FS Trust Company Limited


Commencement Month Jan-08 Months Post- Securitisation 15
























Asset Composition

M HCV

97%

LCV

3%

0.0%

0.5%

1.0%

1.5%

2.0%

1 4 7 10 13

Loss-cum-90+

20%

40%

60%

80%

100%

1 4 7 10 13




Asset Composition

M HC

V

98%

LCV

2%

Issue Name: GETFSL CV Pool D.A. Dec 2007 - II I Trustee: IL&FS Trust Company Limited


























0.0%

0.8%

1.6%

2.4%

3.2%

1 4 7 10 13

Loss sum 90+

20%

40%

60%

80%

100%

1 4 7 10 13




HDFC Bank Limited

2 pools



Asset Composition

Cars &

MUVs

82%

TW

18%Issue Name: HDFC Bank Ltd. (2005) ABS 1 (Retail Trust Feb -05) Trustee: IL&FS Trust Company Limited



Transaction Structure Par Cumulative Collection Efficiency 99.47%


Pool Principal (Rs. mn) 12,987.7 Cumu. Credit Enhancement Utilisation 7.92%


Senior PTC Principal (Rs. mn) 12,987.7 FLP Utilisation N.A





Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 14.96%

Cash Collateral (% of Pool Principal) 7.20% Loss cum Delinquency

FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.64%

SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.58%

EIS (% of Pool Principal) 2.31% CLAP Ratio 0.27%

Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.26%


Outstanding Pool Principal (Rs. mn) 299.1 Credit enhancement

O/s Senior PTC Principal (Rs. mn) 213.1 Subordination (% of Pool Principal) N.A.

Balance Tenure of Pool (months) 9 Cash Collateral (% of Pool Principal) >100%

Break-even Collection Efficiency 0.00% FLP (% of pool principal) N.A

Delinquency Rate (90+) 57.18% SLP (% of pool principal) N.A

Delinquency Rate (180+) 27.92% Excess Interest Spread (% of Pool Principal) n.a.


CL and CLAP Loss cum Delinquency

0.0%

0.5%

1.0%

1.5%

2.0%

1 10 19 28 37 46


0%

3%

6%

9%

12%

1 10 19 28 37 46

Cumulative Monthly

0.0%

0.1%

0.2%

0.3%

0.4%

1 10 19 28 37 46

CLAP CL

70%

80%

90%

100%

110%

1 10 19 28 37 46




Issue Name: Retail Trust September 2006 Trustee: IL&FS Trust Company Limited


Commencement Month Sep-06 Months Post Securitisation 30





Senior PTC Payouts (Rs. mn) 3,862.3 FLP Utilisation 31.86%

Tenure of Cashflow (months) 58 SLP Utilisation 0.00% Asset Class TW Cars

Liquidity Utilisation 24.13% Avg. Seasoning (% of Org Tnr) 24.68% 21.24%

Average Loan to Value 71.68% 82.17% Prepayment Rate TW Cars

Credit / Liquidity Support Monthly Prepayment Rate 0.28% 0.51%

Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.10% 14.22%


FLP (% of Pool Cashflow) 2.24% 90+ dpd (% of Initial Pool Size) 7.10% 2.14%

SLP (% of Pool Cashflow) 3.36% 180+dpd (% of Initial Pool Size) 6.51% 1.84%

EIS (% of Pool Cashflow) N.A CLAP Ratio 0.86% 0.66%

Liquidity (% of Pool Cashflow) 0.65% Cumulative Loss Ratio 0.82% 0.53%





Break-even Collection Efficiency 65.96% FLP (% of pool cashflow) 10.63%

Delinquency Rate (90+) 84.93% 6.14% SLP (% of pool cashflow) 23.41%

Delinquency Rate (180+) 76.59% 4.86% Excess Interest Spread (% of Pool Cashflow) N.A



Asset Composition

Car

76%

TWL

24%

0%

4%

8%

12%

16%

1 6 11 16 21 26

Cumulative Monthly

0%

2%

4%

6%

8%

1 6 11 16 21 26

Auto Loss+dlq.180+ TWL Loss+dlq 180+

0.00%

0.25%

0.50%

0.75%

1.00%

1 6 11 16 21 26

Auto CLAP TWL CLAP

70%

80%

90%

100%

1 6 11 16 21 26




ICICI Bank Limited

40 pools



Asset Composition

Small

cars

56%

M edium

cars

27%

Premiu

m

vehicles

9%

Luxury

cars

8%Issue Name: Indian Retail ABS Trust Series XV Trustee: WITECO


Commencement Month Jul-04 Months Post- Securitisation 57






Tenure of Cashflow (months) 58 SLP Utilisation N.A

Asset Class New Cars Liquidity Utilisation N.A

Avg. Seasoning (In months) 7.89









Details of Remaining Pool- N.A. (Matured Pool)

Outstanding Pool Principal (Rs. mn) - Credit enhancement

O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.

Balance Tenure of Pool (months) 0 Cash Collateral (% of Pool Principal) N.A.

Break-even Collection Efficiency N.A. FLP (% of pool principal) N.A

Delinquency Rate (90+) N.A. SLP (% of pool principal) N.A

Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A.



80%

90%

100%

110%

1 9 17 25 33 41 49 57


0%

2%

4%

6%

1 9 17 25 33 41 49 57

Cumulative Monthly

0.0%

0.1%

0.2%

0.3%

0.4%

1 9 17 25 33 41 49 57

CL CLAP

0.0%

0.4%

0.8%

1.2%

1.6%

1 9 17 25 33 41 49 57




Mid-sized

cars

22%

Premium

cars

5%

Luxury cars

2%

Small cars

71%

Issue Name: Indian Retail ABS Trust Series XVII Trustee: WITECO








Tenure of Cashflow (months) 59 SLP Utilisation N.A Asset Class N Cars



















80%

90%

100%

110%

1 9 17 25 33 41 49


0%

2%

4%

6%

8%

1 9 17 25 33 41 49

Cumulative Monthly

0.0%

0.1%

0.2%

0.3%

0.4%

1 9 17 25 33 41 49

CL CLAP

0.0%

0.6%

1.2%

1.8%

1 9 17 25 33 41 49




Mid-sized

cars

26%

Premium cars

11%

Luxury cars

15%

Small cars

48%Issue Name: Indian Retail ABS Trust Series XIX Trustee: WITECO

Issue Details Pool Performance till: February 2009











Subordination (% of Pool Principal) 4.00% Cumulative Prepayment Rate 19.73%















85%

90%

95%

100%

105%

1 9 17 25 33 41 49


0%

1%

2%

3%

4%

1 9 17 25 33 41 49

Cumulative Monthly

0.0%

0.1%

0.2%

0.3%

1 9 17 25 33 41 49

CL CLAP

0.0%

0.3%

0.6%

0.9%

1.2%

1 9 17 25 33 41 49




Luxury

8%

Small

60%Medium

23%

Premium

9%Issue Name: ICICI Bank Ltd. (2005) ABS 1 (SBI D.A.) Trustee: WITECO

Issue Details Pool Performance till: November 2008




Pool Principal (Rs. mn) 986.7 Cumu. Credit Enhancement Utilisation 23.90%


Senior PTC Principal (Rs. mn) 986.7 FLP Utilisation N.A




















0%

9%

18%

27%

36%

1 8 15 22 29 36 43

Cumulative Monthly

0.0%

0.3%

0.6%

0.9%

1.2%

1 8 15 22 29 36 43

CL CLAP

0.0%

0.4%

0.8%

1.2%

1.6%

1 8 15 22 29 36 43


70%

80%

90%

100%

110%

1 8 15 22 29 36 43




Mid-sized

23%

Luxury

6%

Small

61%

Premium

10%Issue Name: Indian Retail ABS Trust Series XXXII Trustee: IDBI Trusteeship Services Limited




















O/s Senior PTC Principal (Rs. mn) 155.5 Subordination (% of Pool Principal) 98.32%







80%

85%

90%

95%

100%

1 9 17 25 33 41 49


0.0%

0.1%

0.2%

0.3%

1 9 17 25 33 41 49

CL CLAP

0.0%

0.3%

0.6%

0.9%

1.2%

1 9 17 25 33 41 49


0%

2%

4%

6%

1 9 17 25 33 41 49

Cumulative



Asset composition

LCV

37%

MUV &

Others

15%HCV

48%

Issue Name: Indian Retail ABS Trust Series XXXVII Trustee: IDBI Trusteeship Services Limited







Senior PTC Principal (Rs. mn) 4,453.8 FLP Utilisation 100.00%

Tenure of Cashflow (months) 44 SLP Utilisation 27.62% Asset Class CV

Liquidity Utilisation 1.96% Avg. Seasoning (% of Org Tnr) 21.10%





FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 4.25%

SLP (% of Pool Principal) 8.00% 180+dpd (% of Initial Pool Size) 4.15%

EIS (% of Pool Principal) N.A CLAP Ratio 2.09%

Liquidity (% of Pool Principal) 4.87% Cumulative Loss Ratio 2.09%




Balance Tenure of Pool (months) 0 Cash Collateral (% of PTC Principal) N.A.

Break-even Collection Efficiency N.A. FLP (% of ptc principal) N.A.

Delinquency Rate (90+) N.A. SLP (% of ptc principal) N.A.

Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Principal) N.A



0.0%

0.6%

1.2%

1.8%

2.4%

1 8 15 22 29 36 43

CL CLAP

40%

60%

80%

100%

1 8 15 22 29 36 43


0.0%

1.5%

3.0%

4.5%

6.0%

1 8 15 22 29 36 43


0%

10%

20%

30%

40%

1 8 15 22 29 36 43

Cumulative



Asset Composition

Used

Car

100%

Issue Name: Indian Retail ABS Trust Series XXXVIII Trustee: IDBI Trusteeship Services Limited








Tenure of Cashflow (months) 57 SLP Utilisation 22.52% Asset Class U Cars













Balance Tenure of Pool (months) 12 Cash Collateral (% of PTC Principal) >100%

Break-even Collection Efficiency 0.00% FLP (% of ptc principal) 0.00%

Delinquency Rate (90+) 17.91% SLP (% of ptc principal) >100%

Delinquency Rate (180+) 14.00% Excess Interest Spread (% of Pool Principal) N.A



0.0%

0.5%

1.0%

1.5%

1 8 15 22 29 36 43

CL CLAP

0%

1%

2%

3%

4%

5%

1 8 15 22 29 36 43


40%

60%

80%

100%

1 8 15 22 29 36 43


0%

10%

20%

30%

40%

1 8 15 22 29 36 43

Cumulative



Asset composition

LCV

28%

CE

15%

MUV

17% HCV

40%Issue Name: Indian Retail ABS Trust Series XL Trustee: IDBI Trusteeship Services Limited







Senior PTC Principal (Rs. mn) 214.4 FLP Utilisation 100.00%




















0.0%

1.5%

3.0%

4.5%

6.0%

1 8 15 22 29 36 43


0.0%

1.5%

3.0%

4.5%

6.0%

1 8 15 22 29 36 43

CL CLAP

0%

20%

40%

60%

80%

100%

1 8 15 22 29 36 43


0%

15%

30%

45%

60%

1 8 15 22 29 36 43

Cumulative



Asset composition

Used Cars

100%Issue Name: Indian Retail ABS Trust Series XLVI Trustee: IDBI Trusteeship Services Limited








Tenure of Cashflow (months) 57 SLP Utilisation 13.34% Asset Class U Cars



















0.0%

1.2%

2.4%

3.6%

4.8%

1 8 15 22 29 36


60%

70%

80%

90%

100%

1 8 15 22 29 36


0.0%

0.5%

1.0%

1.5%

1 8 15 22 29 36

CL CLAP

0%

7%

14%

21%

28%

35%

1 8 15 22 29 36 43

Cumulative



Asset composition

Personal

Loans

100%

Issue Name: Indian Retail ABS Trust Series 50 Trustee: IDBI Trusteeship Services Limited








Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class PL


Average Loan to Value N.A Prepayment Rate






EIS (% of Pool Principal) N.A CLAP Ratio N.A.

Liquidity (% of Pool Principal) 3.62% Cumulative Loss Ratio N.A.










0%

2%

4%

6%

8%

1 8 15 22 29 36


60%

70%

80%

90%

100%

1 8 15 22 29 36


0%

2%

4%

6%

8%

1 8 15 22 29 36

CL CLAP

0%

15%

30%

45%

60%

1 8 15 22 29 36

Cumulative



Asset Composition

Auto

100%

Issue Name: ICICI Bank Ltd. (2005) ABS 14 (D.A. November 2005) Trustee: N.A.








Tenure of Cashflow (months) 55 SLP Utilisation 0.51% Asset Class N Cars













Balance Tenure of Pool (months) 15 Cash Collateral (% of Pool Principal) 23.96%

Break-even Collection Efficiency 77.97% FLP (% of pool principal) 0.00%

Delinquency Rate (90+) 23.09% SLP (% of pool principal) 23.96%

Delinquency Rate (180+) 17.71% Excess Interest Spread (% of Pool Principal) -1.90%


CL and C LAP Loss cum Delinquency

0%

10%

20%

30%

40%

50%

1 7 13 19 25 31 37

Cumulative Monthly

0.0%

1.2%

2.4%

3.6%

4.8%

6.0%

1 7 13 19 25 31 37


60%

70%

80%

90%

100%

1 7 13 19 25 31 37


0.0%

0.3%

0.6%

0.9%

1.2%

1 7 13 19 25 31 37

CL CLAP



Asset Composition

Personal

Loan

100%

















EIS (% of Pool Principal) N.A CLAP Ratio N.A.











0%

3%

6%

9%

1 8 15 22 29 36


0%

2%

4%

6%

8%

1 8 15 22 29 36

CL CLAP

60%

70%

80%

90%

100%

1 8 15 22 29 36


0%

15%

30%

45%

60%

1 7 13 19 25 31 37

Cumulative



Asset Composition

TWL

100%

Issue Name: ICICI Bank Ltd. (2006) ABS 1 (D.A. March 2006) Trustee: N.A.








Tenure of Cashflow (months) 32 SLP Utilisation 0.00% Asset Class TW














Break-even Collection Efficiency N.A. FLP (% of pool principal) N.A.

Delinquency Rate (90+) N.A. SLP (% of pool principal) N.A.




0.0%

1.2%

2.4%

3.6%

4.8%

1 8 15 22 29


0.0%

0.3%

0.6%

0.9%

1.2%

1 8 15 22 29

CL CLAP

0%

6%

12%

18%

24%

1 8 15 22 29

Cumulative Monthly

50%

60%

70%

80%

90%

100%

1 8 15 22 29




Asset Composition

Auto

100%

Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I Trustee: N.A.

Issue Details Pool Performance till: February 2009

Commencement Month May-06 Months Post- Securitisation 33

























0.0%

2.5%

5.0%

7.5%

10.0%

1 5 9 13 17 21 25 29 33


0.0%

0.7%

1.4%

2.1%

2.8%

1 5 9 13 17 21 25 29 33

CL CLAP

50%

60%

70%

80%

90%

100%

1 5 9 13 17 21 25 29 33


0%

15%

30%

45%

60%

1 5 9 13 17 21 25 29 33

Cumulative Monthly



Asset Composition HCV

48%

Muv

&Others

15%

LCV

37%



Commencement Month Jun-06 Months Post- Securitisation 33



















Balance Tenure of Pool (months) 21 Cash Collateral (% of PTC Principal) 57.46%

Break-even Collection Efficiency 57.36% FLP (% of ptc principal) N.A

Delinquency Rate (90+) 21.68% SLP (% of ptc principal) N.A




0%

3%

6%

9%

12%

1 8 15 22 29


0%

2%

4%

6%

8%

1 8 15 22 29

CL CLAP

20%

40%

60%

80%

100%

1 8 15 22 29


0%

20%

40%

60%

80%

1 8 15 22 29

Cumulative Monthly



Asset Composition

Auto

100%

Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I I Trustee: N.A.



























0%

20%

40%

60%

80%

1 8 15 22 29

Cumulative Monthly

0%

2%

4%

6%

8%

1 8 15 22 29


0.0%

0.6%

1.2%

1.8%

2.4%

1 8 15 22 29

CL CLAP

60%

70%

80%

90%

100%

1 8 15 22 29




Asset Composition

Auto

100%

Issue Name: ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I I I Trustee: N.A.
















EIS (% of Pool Principal) -1.18% CLAP Ratio 1.05%











0%

10%

20%

30%

40%

50%

1 8 15 22 29

Cumulative Monthly

0%

2%

4%

6%

1 8 15 22 29


0.0%

0.3%

0.6%

0.9%

1.2%

1 8 15 22 29

CL CLAP

60%

70%

80%

90%

100%

1 8 15 22 29




A s s e t C o m p o s it io n TW L

2 5 %

Us e d Ca rs

6 0 %

Ne w Ca rs

1 5 %


Issue Details Pool Performance till: October 2008







Tenure of Cashflow (months) 29 SLP Utilisation 0.00% Asset Class U Cars TW N Cars

Liquidity Utilisation 0.00% Avg. Seasoning (% of Org Tnr) 18.50% 12.03% 57.09%

Average Loan to Value 75.28% 69.92% 71.36% Prepayment Rate U Cars TW N Cars

Credit / Liquidity Support Monthly Prepayment Rate 1.02% 0.21% 0.20%

Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 24.88% 5.63% 5.38%


FLP (% of Pool Principal) 1.84% 90+ dpd (% of Initial Pool Size) 4.01% 6.68% 0.37%

SLP (% of Pool Principal) 2.76% 180+dpd (% of Initial Pool Size) 3.60% 6.68% 0.37%

EIS (% of Pool Principal) 3.70% CLAP Ratio 0.65% 1.03% 0.00%

Liquidity (% of Pool Principal) 5.60% Cumulative Loss Ratio 0.64% 1.03% 0.00%






Delinquency Rate (90+) N.A. N.A. N.A. SLP (% of ptc principal) N.A.

Delinquency Rate (180+) N.A. N.A. N.A. Excess Interest Spread (% of Pool Principal) N.A.



0%

2%

4%

6%

8%

1 6 11 16 21 26

N Car loss + delq. 180+ U Car loss + delq. 180+TWL loss+ delq. 180+

0.0%

0.3%

0.6%

0.9%

1.2%

1 6 11 16 21 26

N Car CLAP U Car CLAPTWL CLAP

0%

10%

20%

30%

40%

1 6 11 16 21 26

Cumulative Monthly

60%

70%

80%

90%

100%

1 6 11 16 21 26




Asset Composition

New Cars

58%

Used Cars

42%Issue Name: Indian Retail ABS Trust Series 63 Trustee: IDBI Trusteeship Services Limited








Tenure of Cashflow (months) 28 SLP Utilisation 22.45% Asset Class U Cars N Cars


Average Loan to Value 72.41% 74.90% Prepayment Rate U Cars N Cars


Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 27.03% 10.52%


FLP (% of Pool Principal) 1.84% 90+ dpd (% of Initial Pool Size) 5.29% 1.98%

SLP (% of Pool Principal) 2.76% 180+dpd (% of Initial Pool Size) 4.76% 1.76%

EIS (% of Pool Principal) 1.76% CLAP Ratio 0.78% 0.22%

Liquidity (% of Pool Principal) 4.90% Cumulative Loss Ratio 0.77% 0.22%






Delinquency Rate (90+) N.A. N.A. SLP (% of ptc principal) N.A.

Delinquency Rate (180+) N.A. N.A. Excess Interest Spread (% of Pool Principal) N.A.



0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1 6 11 16 21 26

N Car CLAP U Car CLAP

60%

70%

80%

90%

100%

1 6 11 16 21 26


0%

10%

20%

30%

40%

1 6 11 16 21 26

Cumulative Monthly

0%

1%

2%

3%

4%

5%

1 6 11 16 21 26

N Car Loss+delq. 180+ U Car Loss+delq.180+



Asset Composition

New Car

70%

Used Car

























Delinquency Rate (180+) N.A. N.A. Excess Interest Spread (% of Pool Principal) N.A.



0.0%

1.5%

3.0%

4.5%

6.0%

1 5 9 13 17 21 25 29 33

Auto Loss+delq.180+ Used Car Loss+delq180+

0.0%

0.5%

1.0%

1.5%

1 5 9 13 17 21 25 29

Auto CLAP Used Car CLAP

0%

10%

20%

30%

40%

1 5 9 13 17 21 25 29

Cumulative Monthly

80%

85%

90%

95%

100%

1 5 9 13 17 21 25 29




Asset Composition

TWL

100%


Issue Details Pool Performance till: January 2009







Tenure of Cashflow (months) 29 SLP Utilisation 0.00% Asset Class TW















Delinquency Rate (90+) N.A. SLP (% of ptc principal) N.A.




0%

15%

30%

45%

60%

1 6 11 16 21 26

Cumulative Monthly

0%

2%

4%

6%

8%

1 6 11 16 21 26


0.0%

0.5%

1.0%

1.5%

2.0%

1 6 11 16 21 26

CL CLAP

20%

40%

60%

80%

100%

1 6 11 16 21 26




Asset Composition

TWL

64%

Car

36%

Issue Name: Ind ian Retail ABS Trust Series 67 Trustee: IDBI Trusteeship Services Limited








Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class TW N Cars


Average Loan to Value 73.23% 76.59% Prepayment Rate TW N Cars













Delinquency Rate (90+) 22.99% 9.20% SLP (% of ptc principal) 58.81%

Delinquency Rate (180+) 15.28% 6.09% Excess Interest Spread (% of Pool Principal) -6.45%



0%

10%

20%

30%

40%

50%

1 6 11 16 21 2 31

Cumulative Monthly

0.0%

0.5%

1.0%

1.5%

2.0%

1 6 11 16 21 26

Auto CLAP TWL CLAP

0%

2%

4%

6%

8%

1 6 11 16 21 26

Auto Loss+delq180+ TWL Loss+delq.180+

40%

60%

80%

100%

1 6 11 16 21 26




Asset CompositionCar

47%TWL

53%









Tenure of Cashflow (months) 31 SLP Utilisation 0.00% Asset Class TW N Cars


Average Loan to Value 73.52% 75.01% Prepayment Rate TW N Cars














Delinquency Rate (180+) N.A. N.A Excess Interest Spread (% of Pool Principal) N.A.



0%

6%

12%

18%

24%

30%

36%

1 6 11 16 21 26

Cumulative Monthly

0.0%

0.3%

0.6%

0.9%

1.2%

1 6 11 16 21 26

Auto CLAP TWL CLAP

20%

40%

60%

80%

100%

1 6 11 16 21 26


0.0%

1.5%

3.0%

4.5%

6.0%

1 6 11 16 21 26

Auto Loss+delq.180+ TWL Loss+delq.180+



Asset Composition

Car

71%

CV

29%Issue Name: ICICI Bank Ltd. CV and Car Loan Pool D.A December 2006 Trustee: N.A.








Tenure of Cashflow (months) 56 SLP Utilisation N.A Asset Class CV N Cars


Average Loan to Value 87.17% 76.51% Prepayment Rate CV N Cars




FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 7.57% 6.28%

SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 5.91% 4.76%








Delinquency Rate (90+) 10.70% 10.18% SLP (% of pool principal) N.A




0%

2%

4%

6%

8%

1 5 9 13 17 21 25

Auto Loss+dlq.180+ CV Loss+dlq 180+

0%

15%

30%

45%

60%

1 5 9 13 17 21 25

Cumulative Monthly

0%

1%

2%

3%

4%

1 5 9 13 17 21 25

Auto CLAP CV CLAP

60%

70%

80%

90%

100%

1 5 9 13 17 21 25




Asset Composition

New Car

100%

Issue Name: Indian Retail ABS Trust Series 71 Trustee: AXIS Bank Limited








Tenure of Cashflow (months) 29 Rated FLP Utilisation10

0.00% Asset Class N Cars














Break-even Collection Efficiency 0.00% FLP (% of ptc principal) >100%

Delinquency Rate (90+) 4.99% Rated FLP (% of ptc principal) >100%




10

This pool only had unrated FLP initially. Some part of the FLP was rated subsequently.

0.0%

0.6%

1.2%

1.8%

2.4%

1 5 9 13 17 21 25


80%

85%

90%

95%

100%

1 5 9 13 17 21 25


0.00%

0.06%

0.12%

0.18%

0.24%

1 5 9 13 17 21 25

CL CLAP

0%

6%

12%

18%

24%

1 5 9 13 17 21 25

Cumulative Monthly



Asset Composition

Car

76%

Used

Car

24%

Issue Name: ICICI Banlk Ltd. Car and Used Car Loan Pool D.A Dec 2006 Trustee: N.A.








Tenure of Cashflow (months) 54 SLP Utilisation N.A Asset Class U Cars N Cars















Delinquency Rate (90+) 21.07% 5.78% SLP (% of pool principal) N.A

Delinquency Rate (180+) 15.11% 3.30% Excess Interest Spread (% of Pool Principal) 0.20%



0.0%

1.8%

3.6%

5.4%

7.2%

1 5 9 13 17 21 25

Auto Loss+dlq.180+ CV Loss+dlq 180+

0.0%

0.4%

0.8%

1.2%

1.6%

1 5 9 13 17 21 25

Auto CLAP CV CLAP

0%

10%

20%

30%

40%

1 5 9 13 17 21 25

Cumulative Monthly

60%

70%

80%

90%

100%

1 5 9 13 17 21 25




Asset Composition

Auto

100%

Issue Name: ICICI Bank Ltd. Car Loan Pool D.A. December 2006 Trustee: N.A.



























0%

1%

2%

3%

4%

5%

1 6 11 16 21 26

Loss + Delq. 90+ Loss+delq. 180+

0.0%

0.2%

0.4%

0.6%

0.8%

1 6 11 16 21 26

CL CLAP

0%

10%

20%

30%

40%

50%

1 6 11 16 21 26

Cumulative Monthly

60%

70%

80%

90%

100%

1 6 11 16 21 26




Asset Composition

New

Car

77%

Used

Car










0.00% Asset Class U Cars N Cars















Delinquency Rate (90+) 14.10% 7.17% Rated FLP (% of ptc principal) 38.09%




11


0%

2%

4%

6%

1 5 9 13 17 21 25

AutoLoss+delq.180+ Used Car Loss+delq.180+

0.0%

0.3%

0.6%

0.9%

1.2%

1 5 9 13 17 21 25


70%

80%

90%

100%

1 5 9 13 17 21 25


0%

7%

14%

21%

28%

1 5 9 13 17 21 25

Cumulative Monthly



Asset Composition

MHCV

54% MUV

16%

LCV

30%

Issue Name: ICICI Bank Ltd. CV Loan Pool D.A December 2006 Trustee: N.A.



























0%

3%

6%

9%

12%

1 6 11 16 21 26

Loss + Delq. 90+ Loss+delq. 180+

0.0%

0.7%

1.4%

2.1%

2.8%

1 6 11 16 21 26

CL CLAP

0%

15%

30%

45%

60%

1 6 11 16 21 26

Cumulative Monthly

20%

40%

60%

80%

100%

1 6 11 16 21 26




Asset Composition

PL

100%

Issue Name: ICICI Bnak Ltd. Personal Loan Pool D.A December 2006 Trustee: N.A.









0.00% Asset Class PL

Liquidity Utilisation 15.22% Avg. Seasoning (% of Org Tnr) n.a.







EIS (% of Pool Principal) 5.08% CLAP Ratio N.A.






Break-even Collection Efficiency 0.00% FLP (% of pool principal) >100%

Delinquency Rate (90+) >100% Rated FLP (% of pool principal) >100%

Delinquency Rate (180+) >100% Excess Interest Spread (% of Pool Principal) -4.22%



12


0%

2%

4%

6%

8%

1 5 9 13 17 21 25

Loss + Delq. 90+ Loss + Delq. 180+

0%

1%

2%

3%

4%

1 5 9 13 17 21 25

CL CLAP

0%

15%

30%

45%

60%

1 5 9 13 17 21 25

Cumulative Monthly

60%

70%

80%

90%

100%

1 5 9 13 17 21 25




Asset Composition

New Car

100%

























Delinquency Rate (90+) 7.71% Rated FLP (% of ptc principal) 73.28%




13


0.0%

0.8%

1.6%

2.4%

3.2%

1 5 9 13 17 21 25


0.00%

0.06%

0.12%

0.18%

0.24%

1 5 9 13 17 21 25

CL CLAP

70%

80%

90%

100%

110%

1 5 9 13 17 21 25


0%

7%

14%

21%

28%

1 5 9 13 17 21 25

Cumulative Monthly



Asset Composition

New

Car

100%





























14


0%

1%

2%

3%

4%

1 5 9 13 17 21 25


70%

80%

90%

100%

110%

1 5 9 13 17 21 25


0.0%

0.1%

0.2%

0.3%

0.4%

1 5 9 13 17 21 25

CL CLAP

0%

7%

14%

21%

28%

1 5 9 13 17 21 25

Cumulative Monthly



Asset composition

New Car

55%Used

Car

45%

Issue Name: Indian Retail ABS T rust Series 74 Trustee: IDBI Trusteeship Services Limited









0.00% Asset Class U Cars N Cars



















15


0%

2%

4%

6%

1 5 9 13 17 21 25

AutoLoss+delq.180+ U Car Loss+delq.180+

0.0%

0.1%

0.2%

0.3%

0.4%

1 5 9 13 17 21 25


60%

70%

80%

90%

100%

1 5 9 13 17 21 25


0%

10%

20%

30%

40%

1 5 9 13 17 21 25

Cumulative Monthly



Asset CompositionNew Car

50%

Used

Car

50%
























Delinquency Rate (90+) 25.94% 7.66% SLP (% of ptc principal) N.A




0%

2%

4%

6%

8%

10%

1 5 9 13 17 21


0%

1%

2%

3%

4%

1 5 9 13 17 21

Auto CLAP U Car CLAP

60%

70%

80%

90%

100%

1 5 9 13 17 21


0%

15%

30%

45%

60%

1 5 9 13 17 21 25

Cumulative Monthly



Asset CompositionNew

Car

48%

Used

Car

52%
























Delinquency Rate (90+) 26.62% 6.91% SLP (% of ptc principal) N.A




0%

3%

6%

9%

12%

1 5 9 13 17 21


0%

1%

2%

3%

4%

5%

1 5 9 13 17 21


60%

70%

80%

90%

100%

1 5 9 13 17 21


0%

20%

40%

60%

80%

1 5 9 13 17 21 25

Cumulative Monthly



Asset Composition

PL

100%










0.00% Asset Class PL



















16


Chart Title

0%

2%

4%

6%

8%

10%

1 4 7 10 13 16 19 22

Loss-cum-90+ Loss-cum-180+

0%

10%

20%

30%

40%

1 4 7 10 13 16 19 22

CL CLAP

0%

20%

40%

60%

80%

100%

120%

1 4 7 10 13 16 19 22


0%

10%

20%

30%

40%

1 4 7 10 13 16 19 22 25

Cumulative Monthly



Asset Composition

PL

78%

STPL









Tenure of Cashflow (months) 44 SLP Utilisation 0.00% Asset Class STPL PL


Average Loan to Value N.A N.A Prepayment Rate STPL PL









Outstanding Pool Principal (Rs. mn) 2,047.7 Credit enhancement

O/s Senior PTC Principal (Rs. mn) 1,857.5 Subordination (% of Pool Principal) N.A.







0%

20%

40%

60%

80%

1 5 9 13 17 21

CL CLAP

60%

70%

80%

90%

100%

1 5 9 13 17 21


0%

6%

12%

18%

24%

30%

1 5 9 13 17 21

STPL 90+ PL 90+

0%

12%

24%

36%

48%

1 5 9 13 17 21

Cumulative Monthly



Asset Composition

Auto

60%

Used Car

40%




























0%

2%

4%

6%

8%

1 5 9 13 17 21

New Cars 180+ Used Cars 180+

70%

80%

90%

100%

1 5 9 13 17 21


0%

10%

20%

30%

40%

1 5 9 13 17 21

Cumulative Monthly

0.0%

0.3%

0.6%

0.9%

1 5 9 13 17 21




Asset Composition

PL

81%

STPL

19%Issue Name: Indian Retail ABS Trust Series 92 Trustee: AXIS Bank Limited









0.00% Asset Class STPL PL


Average Loan to Value N.A N.A Prepayment Rate STPL PL

















17


60%

70%

80%

90%

100%

1 5 9 13 17 21


0%

10%

20%

30%

40%

1 5 9 13 17 21

PL 90+ STPL 90+

0%

11%

22%

33%

44%

1 5 9 13 17 21

Cumulative Monthly

0%

1%

2%

3%

4%

1 5 9 13 17 21

CL CLAP



Asset Composition

PL

100%
























Delinquency Rate (90+) 24.21% SLP (% of ptc principal) 1.94%

Delinquency Rate (180+) 18.10% Excess Interest Spread (% of Pool Principal) 3.49%



0%

5%

10%

15%

20%

1 5 9 13 17 21


50%

60%

70%

80%

90%

100%

1 5 9 13 17 21


0%

1%

2%

3%

4%

1 5 9 13 17 21

CL CLAP

0%

11%

22%

33%

44%

55%

1 5 9 13 17 21

Cumulative Monthly



Manappuram General Finance and Leasing Limited

1 pool



Asset Composition

Gold

100%

Issue Name: RLP Trust Series 1 Trustee: AXIS Bank Limited



Transaction Structure Par Cumulative Collection Efficiency n.a.

Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts N.A.

Pool Principal (Rs. mn) 883.7 Cumu. Credit Enhancement Utilisation n.a.


Senior PTC Principal (Rs. mn) 706.9 FLP Utilisation N.A.

Tenure of Cashflow (months) 12 SLP Utilisation N.A. Asset Class Gold

Liquidity Utilisation N.A. Avg. Seasoning (% of Org Tnr) N.A.


Credit / Liquidity Support Monthly Prepayment Rate n.a.

Subordination (% of Pool Principal) 20.00% Cumulative Prepayment Rate n.a.


FLP (% of Pool Principal) N.A. 90+ dpd (% of Initial Pool Size) n.a.

SLP (% of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) n.a.

EIS (% of Pool Principal) n.a. CLAP Ratio n.a.

Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio n.a.





Break-even Collection Efficiency N.A. FLP (% of pool principal) N.A.

Delinquency Rate (90+) N.A. SLP (% of pool principal) N.A.





14 pools



Asset Composition

Others

15%

Used CV

22%New CV

63%Issue Name: Sundaram Finance Ltd. (2006) ABS 1 Trustee: N.A.




Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.38%



Senior PTC Payouts (Rs. mn) 906.7 FLP Utilisation 13.60%







FLP (% of Pool Cashflow) 2.03% 90+ dpd (% of Initial Pool Size) 0.95%

SLP (% of Pool Cashflow) 3.77% 180+dpd (% of Initial Pool Size) 0.81%





O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.


Break-even Collection Efficiency n.a. FLP (% of pool principal) 58.39%

Delinquency Rate (90+) 9.72% SLP (% of pool principal) >100%



CL Loss cum Delinquency

0.0%

0.2%

0.4%

0.6%

0.8%

1 8 15 22 29 36

CL

60%

80%

100%

120%

1 8 15 22 29 36


0%

3%

6%

9%

12%

15%

1 8 15 22 29 36

Cumulative Monthly

0.0%

0.7%

1.4%

2.1%

2.8%

1 8 15 22 29 36




Asset CompositionUsed

CV

26%

Others

13%

New

CV

61%

Issue Name: Sundaram Finance Ltd. (2006) ABS 2 Trustee: N.A.























Delinquency Rate (90+) 11.83% SLP (% of pool principal) >100%




0.0%

0.1%

0.2%

0.3%

0.4%

1 8 15 22 29 36

CL

0.0%

0.6%

1.2%

1.8%

1 8 15 22 29 36


0%

5%

10%

15%

20%

1 8 15 22 29 36

Cumulative Monthly

60%

80%

100%

120%

1 8 15 22 29 36




Asset Composition

Others

11%

UsedCV23%

New CV

66%








Senior PTC Payouts (Rs. mn) 819.9 FLP Utilisation 4.30%




















0.00%

0.08%

0.16%

0.24%

0.32%

1 8 15 22 29 36

CL

0%

5%

10%

15%

1 8 15 22 29 36

Cumulative Monthly

70%

80%

90%

100%

110%

1 8 15 22 29 36


0.0%

0.6%

1.2%

1.8%

2.4%

1 8 15 22 29 36




Asset CompositionNew

CV 72%

Others

7%

Used

CV 21%























Break-even Collection Efficiency n.a. FLP (% of pool principal) >100%





0.00%

0.03%

0.06%

0.09%

0.12%

1 8 15 22 29 36

CL

0%

2%

4%

6%

8%

1 8 15 22 29 36

Cumulative Monthly

60%

80%

100%

120%

1 8 15 22 29 36


0.0%

0.4%

0.8%

1.2%

1.6%

1 8 15 22 29 36




Asset Composition Used

CV 4%

Others

5%

New

CV 91%

Issue Name: Sundaram Finance Ltd. D.A. 2007 -1 Trustee: N.A.






















Break-even Collection Efficiency n.a. FLP (% of pool principal) N.A





0.00%

0.05%

0.10%

0.15%

0.20%

1 6 11 16 21 26

CL CLAP

60%

80%

100%

120%

1 6 11 16 21 26


0.0%

1.0%

2.0%

3.0%

4.0%

1 6 11 16 21 26


0%

5%

10%

15%

20%

1 6 11 16 21 26

Cumulative Monthly



Asset Composition

New CV

71%Used CV

29%

Issue Name: Sundaram Finance Ltd. D.A. 2007 -2 Trustee: N.A.



























0.00%

0.09%

0.18%

0.27%

1 5 9 13 17 21 25

CL CLAP

0%

1%

2%

3%

4%

1 5 9 13 17 21 25


0%

6%

12%

18%

24%

1 5 9 13 17 21 25

Cumulative Monthly

60%

80%

100%

120%

1 5 9 13 17 21 25




Asset CompositionUsed CV

11%

New CV

89%Issue Name: Sundaram Finance Limited D.A 2007 -3 Trustee: N.A.



























0.00%

0.06%

0.12%

0.18%

0.24%

1 5 9 13 17 21 25

CL CLAP

0%

1%

2%

3%

4%

1 5 9 13 17 21 25


0%

3%

6%

9%

12%

1 5 9 13 17

Cumulative Monthly

65%

75%

85%

95%

105%

1 5 9 13 17 21 25





CV 37%

New

CV 63%

Issue Name: Sundaram Finance Limited D.A 2007 -4 Trustee: N.A.



























0.00%

0.06%

0.12%

0.18%

0.24%

1 5 9 13 17 21

CL CLAP

0%

3%

6%

9%

12%

1 5 9 13 17 21

Cumulative Monthly

0%

1%

2%

3%

4%

1 5 9 13 17 21


65%

75%

85%

95%

105%

1 5 9 13 17 21





CV 18%

New

CV 82%

Issue Name: Sundaram Finance Limited D.A 2007 -5 Trustee: N.A.



























0.000%

0.005%

0.010%

0.015%

1 5 9 13 17 21

CL CLAP

0%

2%

4%

6%

8%

1 5 9 13 17 21


0%

10%

20%

30%

40%

50%

1 5 9 13 17 21

Cumulative Monthly

60%

70%

80%

90%

100%

1 5 9 13 17 21




A sset C o mpo sit io n

New CV

77%Used CV

21%

Other

2%Issue Name: Sundaram Finance Limited CV Pool D.A Sep 2007 Trustee: N.A.



























0%

1%

2%

3%

4%

1 5 9 13 17

CL CLAP

0.0%

1.5%

3.0%

4.5%

6.0%

1 5 9 13 17


70%

80%

90%

100%

110%

1 5 9 13 17


0%

6%

12%

18%

24%

1 5 9 13 17

Cumulative Monthly



A sset C o mpo sit io n

New CV

95%

Used CV

5%Issue Name: Sundaram Finance Limited CV Pool D.A Dec 2007 Trustee: N.A.












Subordination (% of Pool Cashflow) N.A Cumulative Prepayment Rate 6.33%















0.00%

0.02%

0.04%

0.06%

1 4 7 10 13

CL CLAP

70%

80%

90%

100%

110%

1 4 7 10 13


0%

2%

4%

6%

8%

1 4 7 10 13


0%

7%

14%

21%

28%

1 4 7 10 13

Cumulative Monthly



Asset Composition

New

CV

58%

Used

CV

42%

Other

0%Issue Name: Sundaram Finance Limited CV Pool D.A Jan 2008 Trustee: N.A.



























0%

1%

2%

3%

1 4 7 10 13

CL CLAP

0%

1%

2%

3%

4%

1 4 7 10 13


70%

80%

90%

100%

1 4 7 10 13


0%

3%

6%

9%

12%

1 4 7 10 13

Cumulative Monthly



Asset Composition

New

CV

79%

Used

CV

21%

Issue Name: Sundaram Finance Limited CV Pool D.A Feb 2008 Trustee: N.A.



























0%

1%

2%

3%

4%

1 4 7 10 13

CL CLAP

70%

80%

90%

100%

1 4 7 10 13


0%

2%

4%

6%

1 4 7 10 13


0%

5%

10%

15%

1 4 7 10 13

Cumulative Monthly



Asset Composition

New

CV

79%

Used

CV

12%

Other

9%

Issue Name: Sundaram Finance Limited CV Pool D.A Mar 2008 Trustee: N.A.


Commencement Month Apr-08 Months Post- Securitisation 12

























0%

1%

2%

3%

4%

1 4 7 10


0%

1%

2%

3%

4%

1 4 7 10

CL CLAP

70%

80%

90%

100%

1 4 7 10


0%

4%

8%

12%

1 4 7 10 13

Cumulative Monthly



SREI Infrastructure Finance Ltd.

9 pools



Asset Composition

CE

58%CVs

41%

Cars/

M UVs

1%

Issue Name: Indian Infrastructure Equipment Receivables Trust Oct 2005 Trustee: AXIS Bank Limited




















O/s Senior PTC Principal (Rs. mn) 15.6 Subordination (% of Pool Principal) n.a.



Delinquency Rate (90+) n.a. SLP (% of pool principal) N.A

Delinquency Rate (180+) n.a. Excess Interest Spread (% of Pool Principal) -5.58%



60%

70%

80%

90%

100%

110%

1 8 15 22 29 36

Cumulative CE

0.0%

0.1%

0.2%

0.3%

1 8 15 22 29 36

CL CLAP

0%

3%

6%

9%

12%

1 8 15 22 29 36

Cumulative Monthly

0.0%

0.6%

1.2%

1.8%

2.4%

3.0%

1 8 15 22 29 36

Loss cum delnq 90+ Loss cum delq 180+



Asset Composition

CE

100%

Issue Name: CE Pool Trust June 2007 Trustee: IL&FS Trust Company Limited





















Balance Tenure of Pool (months) 3 Cash Collateral (% of Pool Cashflow) >100%






92%

94%

96%

98%

100%

1 5 9 13 17 21

Cumulative CE

0.0%

0.2%

0.4%

0.6%

1 5 9 13 17 21

Loss cum 90+ Loss cum 180+

0%

1%

2%

3%

4%

1 5 9 13 17 21

CL CLAP

0%

2%

4%

6%

8%

10%

1 5 9 13 17 21

Cumulative Monthly



Asset Composition

CE

70%Other

30%

Issue Name: Indian Infrastructure Equipment Recievables Trust June 2007 Trustee: IDBI Trusteeship Services Limited



















Outstanding Pool Cashflow (Rs. mn) 1,085.4 Credit enhancement

O/s Senior PTC Cashflow (Rs. mn) 1,085.4 Subordination (% of Pool Cashflow) N.A.







92%

94%

96%

98%

100%

1 5 9 13 17 21

Cumulative

0%

1%

2%

3%

4%

1 5 9 13 17 21

Cumulative Monthly

0%

1%

2%

3%

4%

1 5 9 13 17 21

CL CLAP

0.0%

0.2%

0.4%

0.6%

0.8%

1 5 9 13 17 21




Asset compositionCE

77%

Other

23%Issue Name: CE Pool D.A. August 2007 Trustee: n.a.
















EIS (% of Pool Principal) 1.80% CLAP Ratio n.a.

Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio n.a.










96%

97%

98%

99%

100%

1 5 9 13 17

Cumulative CE

0.0%

0.2%

0.4%

0.6%

0.8%

1 5 9 13 17


0%

1%

2%

3%

4%

1 5 9 13 17

Cumulative Monthly

0%

1%

2%

3%

4%

1 5 9 13 17

CL CLAP



Other

25% CE

75%Issue Name: Indian Infrastructure Equipment Recievables Trust Feb 2008 Trustee: IDBI Trusteeship Services Limited














FLP (% of Pool Principal) N.A. 90+ dpd (% of Initial Pool Size) 0.45%

SLP (% of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.07%


Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio 0.00%










96%

98%

100%

102%

1 4 7 10 13

Cumulative

0.0%

0.3%

0.6%

0.9%

1 4 7 10 13


0%

1%

2%

3%

4%

1 4 7 10 13

CL CLAP

0%

1%

2%

3%

4%

1 4 7 10 13

Cumulative Monthly



CV

11%

CE

89%

Issue Name: Indian Infrastructure Equipment Recievables Trust Mar 2008 Trustee: IDBI Trusteeship Services Limited














FLP (% of Pool Cashflow) N.A. 90+ dpd (% of Initial Pool Size) 0.41%

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

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

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





Break-even Collection Efficiency 80.93% FLP (% of pool Cashflow) N.A.

Delinquency Rate (90+) 0.56% SLP (% of pool Cashflow) N.A.

Delinquency Rate (180+) 0.00% Excess Interest Spread (% of Pool Cashflow) N.A.



96%

97%

98%

99%

100%

1 4 7 10

Cumulative CE

0.0%

0.2%

0.4%

0.6%

0.8%

1 4 7 10


0%

1%

2%

3%

4%

1 4 7 10

CL CLAP

0%

1%

2%

3%

4%

1 4 7 10

Cumulative

Monthly



Asset composition

Other

20%CE

80%

Issue Name: Construction Equipment Loan Pool D.A. Oct 2008 I I Trustee: IDBI Trusteeship Services Limited









Liquidity Utilisation N.A Avg. Seasoning (% of Org Tnr.) 17.6%


















97%

98%

99%

100%

101%

1 2 3 4 5 6

Cumulative CE

0.0%

0.2%

0.4%

0.6%

1 2 3 4 5 6

Cumulative Monthly

0%

1%

2%

3%

1 2 3 4 5 6

CL CLAP

0%

1%

2%

3%

1 2 3 4 5 6




Asset composition

CE

75%

Other

25%

Issue Name: Construction Equipment Loan Pool D.A. Nov 2008 Trustee: IDBI Trusteeship Services Limited
















EIS (% of Pool Principal) -3.61% CLAP Ratio 0.00%











96%

97%

98%

99%

100%

1 2 3 4 5

Cumulative CE

0%

1%

2%

3%

4%

1 2 3 4 5

CL CLAP

0%

1%

2%

3%

4%

1 2 3 4 5


0%

2%

4%

6%

1 4

Cumulative Monthly



Asset composition

Other

8%CE

92%

Issue Name: Construction Equipment Loan Pool D.A. Feb 2009 Trustee: IDBI Trusteeship Services Limited



























96%

97%

98%

99%

100%

1 2

Cumulative CE

0%

1%

2%

3%

4%

1 2

CL CLAP

0.0%

0.2%

0.4%

0.6%

1 2

Cumulative Monthly

0%

1%

2%

3%

1 2




Shriram Transport Finance Company Ltd.

1 pool



Asset Composition

MHCV

85% LCV

15%

Issue Name: Shriram Transport Finance Company Limited

CV Pool D.A. Feb 2008 Trustee: n.a.









Liquidity Utilisation N.A. Avg. Seasoning (% of Org Tnr) 6.60%







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

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






Delinquency Rate (90+) 0.88% SLP (% of pool cashflow) 10.69%

Delinquency Rate (180+) 0.00% Excess Interest Spread (% of Pool Cashflow) N.A.



60%

80%

100%

120%

1 4 7 10 13


0%

2%

4%

6%

8%

10%

1 4 7 10 13

CL CLAP

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1 4 7 10 13


0.0%

2.0%

4.0%

6.0%

8.0%

1 4 7 10 13

Cumulative Monthly



Share Microfin Ltd.

1 pool



Asset composition

Microfinance100%

Issue Name: Share Microf in Loan Pool D.A. Mar -09 Trustee: N.A.

Issue Details Pool Performance till: April 2009



Staggering N.A. Cumu. Coll. to Cumu. Snr. PTC Payouts 108.90%

Pool Principal (Rs. mn) 493.4 Cumu. Credit Enhancement Utilisation18

32.65%


Senior PTC Principal (Rs. mn) 434.2 FLP Utilisation N.A.

Tenure of Cashflow (months) 12 SLP Utilisation N.A. Asset Class

Liquidity Utilisation N.A. Avg. Seasoning (% of Org Tnr.) 47.87%








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



O/s Senior PTC Principal (Rs. mn) 269.7 Subordination (% of Pool Principal) 18.09%


Break-even Collection Efficiency 63.47% FLP (% of pool principal) N.A.

Delinquency Rate (30+) 0.00% SLP (% of pool principal) N.A.


18

Credit enhancement utilisation in this pool is of the nature of excess collection in the pool being used to make accelerated payout to senior investor as per the structure of the transaction



Tata Motors Ltd / TML Financial Services Ltd.

27 pools



Asset CompositionCars/M

UVs

6%

LCVs

41%

MHCVs

53%

Issue Name: BHPC Auto Securit isation Trust May 2005 I I Trustee: IL&FS Trust Company Limited

Issue Details Pool Performance till: October 2008



Staggering19

70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 102.27%














Details of Remaining Pool- N.A. (Matured Senior/ Rated PTC)


O/s Senior PTC Cashflow (Rs. mn) 0 Subordination (% of Pool Cashflow) N.A.


Break-even Collection Efficiency N.A. FLP (% of pool cashflow) N.A





19

Till 12 months

0.0%

0.6%

1.2%

1.8%

2.4%

3.0%

1 8 15 22 29 36

CL CLAP

0%

3%

6%

9%

12%

15%

1 8 15 22 29 36


50%

60%

70%

80%

90%

100%

1 8 15 22 29 36

Cumulative

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1 8 15 22 29 36

Cumulative Monthly



Asset Composition

Cars/M

UVs

10%

LCVs

40%

MHCVs

50%

Issue Name: BHPC Auto Securit isation Trust Septemb er 2005 Trustee: IL&FS Trust Company Limited

Issue Details Pool Performance till: January 2009



Staggering20
















Outstanding Pool Cashflow (Rs. mn) - Credit enhancement

O/s Senior PTC Cashflow (Rs. mn) - Subordination (% of Pool Cashflow) N.A.

Balance Tenure of Pool (months) 0 Cash Collateral (% of Pool Cashflow) N.A.

Break-even Collection Efficiency N.A. FLP (% of pool cashflow) N.A

Delinquency Rate (90+) N.A. SLP (% of pool cashflow) N.A

Delinquency Rate (180+) N.A. Excess Interest Spread (% of Pool Cashflow) N.A



20

Till 12 months

0.0%

0.5%

1.0%

1.5%

2.0%

1 8 15 22 29 36

CL CLAP

0%

5%

10%

15%

1 8 15 22 29 36


50%

60%

70%

80%

90%

100%

1 8 15 22 29 36

Cumulative CE

0%

2%

4%

6%

8%

10%

1 8 15 22 29 36

Cumulative Monthly



Asset CompositionCars/M

UVs

1%

LCVs

47%

MHCVs

52%

Issue Name: Tata Motors Securit isation Trust Feb 2006 Trustee: IL&FS Trust Company Limited




Staggering21



















Break-even Collection Efficiency 0% FLP (% of pool cashflow) N.A





21

Till 12 months

0%

1%

2%

3%

4%

1 8 15 22 29 36

CL CLAP

0%

5%

10%

15%

20%

1 8 15 22 29 36


50%

60%

70%

80%

90%

100%

1 8 15 22 29 36

Cumulative CE

0%

10%

20%

30%

40%

1 8 15 22 29 36

Cumulative Monthly



Asset Composition

LCVs

39%

MHCVs

61%

Issue Name: Tata Motors Limited 2006 ABS 2 Trustee: IDBI Trusteeship Services Limited




Staggering22
























22

Till 12months

0%

1%

2%

3%

4%

1 8 15 22 29 36

CL CLAP

0%

5%

10%

15%

20%

1 8 15 22 29 36


20%

40%

60%

80%

100%

1 8 15 22 29 36

Cumulative CE

0%

15%

30%

45%

60%

1 8 15 22 29 36

Cumulative Monthly



Asset Composition

MHCVs

31%

Cars/MU

Vs

32%

LCVs

37%

Issue Name: BHPC Auto Securit isation Trust May 2006 Trustee: IL&FS Trust Company Limited




Staggering23

80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 96.55%























23

Till 11 months

0.0%

0.7%

1.4%

2.1%

2.8%

3.5%

1 8 15 22 29

CL CLAP

0%

6%

12%

18%

24%

1 8 15 22 29


20%

40%

60%

80%

100%

1 8 15 22 29

Cumulative CE

0%

20%

40%

60%

80%

1 8 15 22 29

Cumulative Monthly



Asset Composition

LCVs

59%

MHCVs

41%Issue Name: Tata Motors CV pool D.A. - June 2006 Pool I Trustee: IL&FS Trust Company Limited




Staggering24

80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 93.28%























24

Till 12 months

0%

2%

4%

6%

1 8 15 22 29

CL CLAP

0%

6%

12%

18%

24%

1 8 15 22 29


50%

60%

70%

80%

90%

100%

1 8 15 22 29

Cumulative CE

0.0%

20.0%

40.0%

60.0%

80.0%

1 8 15 22 29

Cumulative Monthly



Asset Composition

MHCVs

79%

LCVs

21%

Issue Name: Tata Motors CV pool D.A. - June 2006 Pool I I Trustee: IL&FS Trust Company Limited



























0.0%

0.5%

1.0%

1.5%

2.0%

1 8 15 22 29

CL CLAP

0%

4%

8%

12%

16%

1 8 15 22 29


70%

80%

90%

100%

110%

1 8 15 22 29

Cumulative CE

0%

9%

18%

27%

36%

45%

1 8 15 22 29

Cumulative Monthly



Asset Composition

Cars

100%

Issue Name: Tata Motors Car pool D.A. - August 2006 Trustee: IL&FS Trust Company Limited



























0%

1%

2%

3%

4%

1 7 13 19 25

CL CLAP

0%

5%

10%

15%

20%

1 7 13 19 25

Loss+delq. 90+ Loss+delq.180+

80%

85%

90%

95%

100%

1 7 13 19 25

Cumulative CE

0%

15%

30%

45%

60%

1 7 13 19 25

Cumulative Monthly



Asset Composition

MHCVs

88%

LCVs

12%

Issue Name: Tata Motors CV Pool D.A. - September 2006 PooI I I Trustee: IL&FS Trust Company Limited



























0.0%

0.4%

0.8%

1.2%

1.6%

1 7 13 19 25

CL CLAP

0%

3%

6%

9%

12%

1 7 13 19 25


80%

85%

90%

95%

100%

1 7 13 19 25

Cumulative CE

0%

10%

20%

30%

40%

1 7 13 19 25

Cumulative Monthly



Asset Composition

MHCV

s

79%

LCVs

21%Issue Name: BHPC Auto Securit isation Trust September 2006 Trustee: IL&FS Trust Company Limited



























0.0%

0.6%

1.2%

1.8%

2.4%

1 7 13 19 25

CL CLAP

0%

4%

8%

12%

16%

1 7 13 19 25


80%

85%

90%

95%

100%

1 7 13 19 25

Cumulative CE

0%

13%

26%

39%

52%

65%

1 7 13 19 25

Cumulative Monthly



Asset Composition

Cars/M

UVs

4%

LCVs

23%

MHCVs

73%

Issue Name: Tata Motors CV pool D.A - November 2006 Trustee: IL&FS Trust Company Limited



























0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1 6 11 16 21 26

CL CLAP

0%

3%

6%

9%

12%

1 6 11 16 21 26


60%

70%

80%

90%

100%

1 6 11 16 21 26

Cumulative CE

0%

5%

10%

15%

20%

1 6 11 16 21 26

Cumulative Monthly



Issue Name: BHPC Auto Securit isation Trust February 2007 I Trustee: IL&FS Trust Company Limited



























Asset Composition

MHCV

73%

LCV

27%

80%

90%

100%

110%

1 6 11 16 21

Cumulative CE

0%

2%

4%

6%

8%

1 6 11 16 21


0%

3%

6%

9%

12%

15%

1 6 11 16 21

Cumulative Monthly

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

1 6 11 16 21

CL CLAP



Issue Name: Tata Motors CV pool D.A. - February 2007 Trustee: IL&FS Trust Company Limited







Contributions (Rs. mn) 1,729.7 FLP Utilisation N.A













O/s Contributions Cashflow (Rs. mn) 551.5 Subordination (% of Pool Cashflow) N.A.







Asset Composition

LCV

24%

MHCV

76%

80%

90%

100%

110%

120%

1 6 11 16 21

Cumulative CE

0%

3%

6%

9%

12%

1 6 11 16 21


0%

3%

6%

9%

12%

1 6 11 16 21

Cumulative Monthly

0.0%

0.2%

0.4%

0.6%

1 6 11 16 21

CL CLAP



Asset Composition

MHCV

87%

Ace

13%Issue Name: Tata Motors CV pool D.A - March 2007 Trustee: IL&FS Trust Company Limited



























80%

85%

90%

95%

100%

1 6 11 16 21

Cumulative CE

0%

3%

6%

9%

12%

1 6 11 16 21


0.0%

0.2%

0.4%

0.6%

0.8%

1 6 11 16 21

CL CLAP

0%

6%

12%

18%

24%

1 6 11 16 21

Cumulative Monthly



Asset CompositionAce

4%

MHCV

96%

Issue Name: Tata Motors CV pool D.A - March 2007 Trustee: IL&FS Trust Company Limited








Tenure of Cashflow (months) 48 SLP Utilisation 0.00% Asset Class



















85%

90%

95%

100%

1 6 11 16 21

Cumulative CE

0.0%

1.5%

3.0%

4.5%

6.0%

7.5%

1 6 11 16 21


0%

3%

6%

9%

12%

1 6 11 16 21

Cumulative Monthly

0.00%

0.08%

0.16%

0.24%

0.32%

1 6 11 16 21

CL CLAP



Asset Composition

ACE

15%

LCV

21%MHCV

64%

Issue Name: Tata Motors CV pool D.A - May 2007 Trustee: IL&FS Trust Company Limited



























90%

92%

94%

96%

98%

100%

1 6 11 16 21

Cumulative CE

0%

2%

4%

6%

8%

10%

1 6 11 16 21


0%

4%

8%

12%

16%

1 6 11 16 21

Cumulative Monthly

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

1 6 11 16 21

CL CLAP



Issue Name: Tata Motors Finance Securit isation Trust June 2007 I Trustee: IDBI Trusteeship Services Limited



























Asset Composition

MHCV

54%

Cars&M

UV

25%

CE

21%

0.0%

0.1%

0.2%

0.3%

0.4%

1 6 11 16 21

CL CLAP

60%

80%

100%

120%

1 6 11 16 21

Cumulative CE

0%

2%

4%

6%

8%

10%

1 6 11 16 21


0%

10%

20%

30%

1 6 11 16 21

Cumulative Monthly



Asset Composition

MHCV

33%

Cars&MU

V

67%

Issue Name: Tata Motors CV & Auto Pool D.A - October 2008 I I Trustee: IL&FS Trust Company Limited




Staggering 70: 30 Cumu. Coll. to Cumu. Snr. PTC Payouts 103.54%























60%

70%

80%

90%

100%

1 2 3 4 5

Cumulative CE

0.0%

0.1%

0.2%

0.3%

1 2 3 4 5

CL CLAP

0%

1%

2%

3%

4%

1 2 3 4 5


0.0%

0.5%

1.0%

1.5%

2.0%

1 2 3 4 5

Cumulative Monthly



Asset Composition

MHCV

41%

Cars &M

UV

26%

L CV

33%Issue Name: Tata Motors CV & Auto Pool D.A – Novmber 2008 Trustee: IL&FS Trust Company Limited



























60%

70%

80%

90%

100%

1 2 3 4

Cumulative CE

0.0%

0.1%

0.2%

0.3%

0.4%

1 2 3 4

CL CLAP

0%

2%

4%

6%

1 2 3 4


0.0%

0.3%

0.6%

0.9%

1 2 3 4

Cumulative Monthly



Asset Composition

MHC V

57%

L C V

43%

Issue Name: Tata Motors CV Pool D.A - November 2008 I I Trustee: IL&FS Trust Company Limited



























60%

70%

80%

90%

100%

1 2 3 4 5

Cumulative CE

0.0%

0.1%

0.2%

0.3%

0.4%

1 2 3 4 5

CL CLAP

0%

2%

4%

6%

1 2 3 4 5


0.0%

0.2%

0.4%

0.6%

0.8%

1 2 3 4 5

Cumulative Monthly



Asset Composition

L CV

50%

Cars &MU

V

17%

MHCV

33%

Issue Name: Tata Motors CV & Auto Pool D.A - December 2008 Trustee: IL&FS Trust Company Limited




Staggering 70: 30 Cumu. Coll. to Cumu. Snr. PTC Payouts 104.17%























70%

80%

90%

100%

1 2 3 4

Cumulative CE

0.0%

0.1%

0.2%

0.3%

0.4%

1 2 3 4

CL CLAP

0%

2%

4%

6%

8%

1 2 3 4


0%

2%

4%

6%

8%

1 2 3 4

Cumulative Monthly



Asset Composition

MH C V

53%

C ar&MU

V

47%

Issue Name: Tata Motors CV & Auto Pool D.A - December 2008 I I Trustee: IL&FS Trust Company Limited



























40%

60%

80%

100%

1 2 3

Cumulative CE

0.0%

0.1%

0.2%

0.3%

1 2 3

CL CLAP

0%

2%

4%

6%

1 2 3


0.0%

0.3%

0.6%

0.9%

1 2 3

Cumulative Monthly



Asset Composition

Cars &MU

V

24%

MHCV

47%

L CV

29%

Issue Name: Tata Motors CV & Auto Pool D.A - January 2009 Trustee: IL&FS Trust Company Limited



























60%

70%

80%

90%

100%

1 2

Cumulative CE

0.0%

0.1%

0.2%

0.3%

1 2

CL CLAP

0%

1%

2%

3%

4%

1 2


0.0%

0.1%

0.2%

0.3%

0.4%

1 2

Cumulative Monthly



Asset Composition

LCV

31%MHCV

69%

Issue Name: TMLFSL Auto Securit isation Trust February 2007 Trustee: IL&FS Trust Company Limited



























80%

85%

90%

95%

100%

1 6 11 16 21

Cumulative CE

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1 6 11 16 21

CL CLAP

0%

3%

6%

9%

12%

1 6 11 16 21


0%

5%

10%

15%

20%

1 6 11 16 21

Cumulative Monthly



Asset Composition

MHCV

68%LCV

32%

Issue Name: TMLFSL CV Pool D.A. Trust February 2007 I I Trustee: IL&FS Trust Company Limited



























80%

85%

90%

95%

100%

1 6 11 16 21

Cumulative CE

0.0%

0.3%

0.6%

0.9%

1.2%

1 6 11 16 21

CL CLAP

0%

5%

10%

15%

1 6 11 16 21


0%

5%

10%

15%

20%

1 6 11 16 21

Cumulative Monthly



Asset Composition

MHCV

80%

ACE

20%Issue Name: TMLFSL CV Pool D.A. March 2007 Trustee: IL&FS Trust Company Limited



























80%

85%

90%

95%

100%

1 6 11 16 21

Cumulative CE

0.0%

0.3%

0.6%

0.9%

1.2%

1 6 11 16 21

CL CLAP

0%

4%

8%

12%

16%

1 6 11 16 21

Cumulative Monthly

0%

3%

6%

9%

12%

1 6 11 16 21




Asset Composition

LCV

24%

MHCV

76%

Issue Name: TMLFSL CV Pool D.A. May 2007 Trustee: IL&FS Trust Company Limited



























70%

90%

110%

130%

1 6 11 16 21

Cumulative CE

0.0%

0.4%

0.8%

1.2%

1.6%

1 6 11 16 21

CL CLAP

0%

5%

10%

15%

1 6 11 16 21


0%

6%

12%

18%

24%

1 6 11 16 21

Cumulative Monthly



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 collateral

25 utilisation ratio

compares the cumulative cash utilised in a

transaction till a certain month with the level of cash

collateral stipulated at the beginning of the

transaction. This ratio is a good indicator of the pool

performance if credit enhancement for the

transaction is only in the form of cash (or corporate

undertaking by the Originator, as is the case in

certain transactions). While EIS is the first layer of

credit enhancement (available only in a par issue),

subordination acts as the second, and cash

collateral as the third layer of credit enhancement

available in most transactions. The cash collateral is

used only in case the first two layers of credit

enhancement are not able to meet the payout

shortfall in a particular month. A limitation of the

cumulative cash collateral utilisation ratio is that it

cannot be used to compare performance of pools

with combination of credit enhancement sources. A

better ratio that can help compare the performance

of all pools without differentiating among the various

forms of credit enhancement is the cumulative credit

25

For the current purpose, the terms “cash collateral” and “corporate undertaking” have been used interchangeably.



enhancement utilisation ratio, as explained in the

following paragraphs.

Monthly credit enhancement utilisation Monthly credit enhancement utilisation indicates the

degree to which the available credit enhancement

was used during a particular month to pay the

senior investors in accordance with the terms of the

transaction. Typically, the primary cause for the

utilisation of credit enhancement is collection

shortfall in the pool; that is, the collections from

securitised contracts in a month (including

collections from overdues) are lower than the

billings for that month.

In a ―premium‖ transaction, the other reason for

shortfall in making senior PTC payouts for which

credit enhancement has to be tapped is the

premature termination of contracts, as discussed in

the section on Prepayment Rate.

The monthly credit enhancement utilisation ratio

compares the total shortfall (shortfall on account of

collection together with that on account of

foreclosures as discussed above) in a month with

the level of credit enhancement available in that

month. This includes the cash collateral at the

beginning of the month and the subordinated

payouts for that month (i.e., excess of pool

receivables over senior investor payouts). This ratio

indicates the comfort factor available to the investor.

A spike in the ratio could typically be caused by a

sudden dip in pool collections on account of certain

temporary factors, like seasonality in collection

pattern. However, a secular rise in the ratio could be

an indicator of worsening pool performance. The

ratio could even be negative in months in which the

net credit enhancement utilisation is negative; that

is, the cash collateral has been topped up from

excess recoveries primarily from arrears of past

month(s).

The subordinate PTCs’ share in prepayment-related

payouts is included in the credit enhancement

available. While calculating the credit enhancement

utilisation ratio, the numerator is the total shortfall in

collections in the month while the denominator has

the credit enhancement available. On prepayment

of a contract, the net present value of the future

cash flow on the contract in a ―premium‖ transaction

(or the principal outstanding on the contract, in the

case of a ―par‖ transaction) is paid to the PTC

holders, with the senior PTC holders being paid at a

priority over the subordinate PTC holders. Thus,

support from subordinate PTCs in meeting

shortfalls, if any, is available even in the case of

prepayments. Hence it is felt appropriate that the

subordinate PTCs’ share in prepayment-related

payouts be added to the credit enhancement

available in that month.

Cumulative credit enhancement utilisation While the monthly ratio indicates the month-on-

month variations in utilisation, another key indicator

is the cumulative utilisation of credit enhancement

till date. The cumulative credit enhancement

utilisation ratio compares the total cumulative

shortfall in a transaction (shortfall on account of

collection together with that on account of

foreclosures) till a certain month with the level of

credit enhancement available till that month. This

includes the total cash collateral stipulated at the

beginning of the transaction26

and the cumulative

subordinated payouts till that month27

. In the case of

―par‖ transactions, this also includes cumulative EIS

available till that month. A high utilisation ratio is a

sign of weak pool performance. However, so long

as the cumulative utilisation is lower than 100%, it

implies that the credit enhancement has been

adequate to support the payouts to senior investors.

In the case of certain ABS transactions, the total

credit collateral is split into a first loss piece and a

second loss piece. The first loss piece is a portion of

the credit collateral that provides the first line of

credit support to the investors. The second loss

piece is that portion of the credit collateral which

provides the second line of support to the investors

and is to be used only after the first loss piece is

fully exhausted. In such transactions, ICRA

monitors the utilisation of the FLP and SLP of the

credit collateral separately.

As the SLP is rated LBBB(SO), the FLP is sized

adequately to absorb the entire credit losses in the

pool.

Similarly, in certain transactions, a separate liquidity

facility—meant for meeting short-term delays in

collections—is provided. ICRA monitors the

utilisation of the liquidity facility separately. It may

be noted that the liquidity facility provides only

liquidity support to the transaction; it does not result

in any credit support as the credit losses in the pool

remain unchanged. Thus everything else remaining

the same, transactions without an explicit liquidity

facility will typically have a higher credit

enhancement level.

Liquidity facility is always positioned at the top of the

waterfall (i.e. it is always given priority over all other

payments).

Current credit enhancement level Generally, rating agencies cannot stipulate an

upward revision in the credit enhancement level in

an ABS transaction during the currency of the

26

For the purpose of this analysis, downward reset in cash collateral has been ignored and the originally stipulated level considered as available.



transaction. However, considering the pool

performance, ICRA could recommend a downward

revision of the level of cash collateral stipulated, if

the terms so permit. With the rated instruments

amortising on a monthly basis, in the case of pools

performing satisfactorily, the cash collateral may

initially rise as a proportion of the value outstanding

of the rated instruments. However, once the cash

collateral is reset, this proportion would decline.

ICRA recommends any downward reset of cash

collateral in a manner such that it provides the level

of protection consistent with the rating on the

instruments. Thus, the level of credit enhancement

currently available to support the future payouts

would be an important indicator for the investor.

However, with the Reserve Bank of India (RBI)

issuing guidelines on securitisation in February

2006, no portion of the credit enhancement can

since be released to the originator in the case of

fresh transactions. This means that the level of

credit enhancement available will keep rising as the

pool amortises over time. Because of this, during

the life of the transaction the credit enhancement

may reach a level that is not in line with the actual

risk involved in the transaction. This may even

result in the originator retaining all the risk during

the life of the transaction.

Break-even Collection Efficiency

In an ABS transaction, credit enhancement is

stipulated so that delays/defaults in pool collections

do not hamper the scheduled payouts to the senior

investor. The break-even collection efficiency is a

measure of the collection efficiency level required in

the balance tenure of the pool so as to meet the

investor payments, given the available credit

enhancement. This measure could be compared

with the CCE till date to estimate whether it is

achievable or not.

It may be noted that the above measure does not

factor in any collections from overdues in the pool at

the time of evaluation. In reality, a portion of the

overdues too would be realised, with recoverability

depending on the ageing status of the overdues.

Thus, the actual break-even collection efficiency

would typically be lower than the stated level.

Importantly, break-even collection efficiency factors

in the available credit enhancement; however, the

cash collateral in ABS transactions is subject to

downward reset on a quarterly basis. The break-

even collection efficiency level viewed just before

cash collateral reset is actually carried out may be

an underestimated figure.

27

cumulative subordinated payouts till that month include the prepayment-related subordinate payouts as well.

Cumulative Loss to Amortised Principal (CLAP) Ratio

CLAP ratio takes cumulative losses28

till date as the

numerator and the principal amortised till date as

the denominator. This ratio in conjunction with the

cumulative loss ratio serves as a benchmark for

comparing the loss levels in different static pools

and provides an indication of the final cumulative

losses of the pool.

Cumulative Loss and Cumulative Loss to Amortised Principal Analysis

Cumulative loss (CL) ratio is among the most used

measures of performance assessment of ABS

pools. CL represents the cumulative losses in the

pool upon the initial pool Principal Outstanding

(POS). It serves as a benchmark for comparing the

loss levels in different static pools and provides an

indication of the final cumulative losses of the pool.

The ratio is also used to estimate the loss build-up

curves that are useful in forecasting expected

losses on the pool.

Cumulative Loss Ratio = Cumulative Losses To

Date/Original POS

Cumulative Loss to Amortised Principal (CLAP)

ratio is a complementary measure to assess the

performance of a pool. It reflects cumulative losses

in the pool over the principal amortised till date

during the tenure of the pool. This measure

provides a meaningful performance benchmark

since the cumulative losses take place over the

principal amortised during the period and not over

the original principal of the pool.

Cumulative Loss to Amortised Principal Ratio =

Cumulative Losses To Date/(Original POS – POS

as on date)

28

Losses in CLAP analysis refer to crystallised losses and not to loss-cum-delinquency or repossessed but not sold



5. Annexure II: ABS Pools rated by ICRA

Pools live as on April 30, 2009

No. Issue Name Commencement

Month Structure


PTC Payouts/ Principal

Rs. Million Rs. Million

1 Cholamandalam DBS Fin. Personal Loan Pool D.A. Feb 2007 Mar-07 Premium 868.3 868.3

2 Cholamandalam DBS Fin. Vehicle Loan Pool D.A. Jul 2007 Jul-07 Premium 2116.9 2116.9

3 Indian Loan Securitisation Series 3 Trust 2008 Aug-07 Premium 2116.9 2116.9

4 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. Sep 2007I Sep-07 Premium 1493.9 1493.9

5 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. Sep 2007II Sep-07 Premium 1289.7 1289.7

6 India Loan Securitisation Series 5 Trust 2008 Oct-07 Premium 1185.3 1185.3

7 Cholamandalam DBS Fin. Ltd. Personal Loan Pool D.A. Oct 2007 Oct-07 Premium 292.4 292.4

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

9 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. Oct 2007 Oct-07 Premium 1009.0 1009.0

10 India Loan Securitisation Series 9 Trust 2008 Nov-07 Premium 1009.0 1009.0

11 Cholamandalam DBS Fin. Ltd. Personal Loan Pool D.A. Dec 2007 Dec-07 Premium 919.8 919.8

12 GETFSL CV Pool D.A. October 2006 Oct-06 Premium 1409.2 1409.2

13 GETFSL CV Pool D.A. December 2006 Dec-06 Premium 1282.1 1282.1

14 GETFSL CV Pool D.A. February 2007 Feb-07 Premium 1478.5 1478.5

15 Loan Pool Securitisation Trust Series I Feb-07 Premium 1052.0 1052.0

16 Loan Pool Securitisation Trust March 2007 Mar-07 Premium 1586.8 1586.8

17 Transportation Loan Trust Series I Oct-07 Premium 1427.0 1427.0

18 GETFSL CV Pool D.A. II Sep 2007 Oct-07 Premium 631.1 631.1

19 GETFSL CV Pool D.A. Dec 2007 II Jan-08 Premium 608.0 608.0

20 GETFSL CV Pool D.A. Dec 2007 III Jan-08 Premium 1773.6 1773.6

21 HDFC Bank Limited (2005) ABS 1 (Retail Trust February 2005) Apr-05 Par 12987.7 12987.7

22 Retail Trust September 2006 Sep-06 Premium 3862.3 3862.3

23 ICICI Bank Limited (2004) ABS 4 (Indian Retail ABS Trust Series XVII) Aug-04 Par 2500.0 2500.0

24 ICICI Bank Limited (2005) ABS 3 (Indian Retail ABS Trust Series XXXII) Mar-05 Par 10214.4 9805.9

25 ICICI Bank Ltd. (2005) ABS 6 (Indian Retail ABS Trust Series XXXVIII) Jul-05 Par 3686.2 4029.9

26 ICICI Bank Ltd. (2005) ABS 8 (Indian Retail ABS Trust Series XL) Sep-05 Par 207.0 214.4

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

28 ICICI Bank Ltd. (2005) ABS 13 (Indian Retail ABS Trust Series 50) Nov-05 Par 6305.0 7010.7

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

30 ICICI Bank Ltd. (2005) ABS 15 (Indian Retail ABS Trust Series 55) Dec-05 Par 5038.5 5664.5

31 ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 I May-06 Par 2000.0 2000.0

32 Indian Retail ABS Trust Series 58 Jun-06 Par 804.9 804.9

33 ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 II Jul-06 Par 2460.0 2460.0

34 ICICI Bank Ltd. Auto Loan Pool D.A. June 2006 III Jun-06 Par 2001.0 2001.0

35 Indian Retail ABS Trust Series 67 Oct-06 Par 8813.3 8689.8

36 ICICI Bank Ltd. CV and Car Loan Pool D.A. December 2006 Dec-06 Par 9517.0 9517.0

37 Indian Retail ABS Trust Series 71 Jan-07 Par 1428.5 1428.5

38 ICICI Bank Ltd. Car and Used Car Loan Pool D.A. December 2006 Jan-07 Par 1536.3 1536.3

39 ICICI Bank Ltd. Car Loan Pool D.A. December 2006 Jan-07 Par 2864.6 2864.6





Month Structure




41 ICICI Bank Ltd. CV Loan Pool D.A. December 2006 Jan-07 Par 2896.9 2896.9

42 ICICI Bank Ltd. Personal Loan Pool D.A. December 2006 Jan-07 Par 1011.5 1011.5



45 Indian Retail ABS Trust Series 74 Feb-07 Par 1167.4 1167.4

46 Indian Retail ABS Trust Series 77 Mar-07 Par 745.7 745.7







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

54 Sundaram Finance Ltd. (2006) ABS 1 Jan-06 Premium 906.7 906.7

55 Sundaram Finance Ltd. (2006) ABS 2 Feb-06 Premium 1082.7 1082.7

56 Sundaram Finance Ltd. (2006) ABS 3 Mar-06 Premium 819.9 819.9

57 Sundaram Finance Ltd. (2006) ABS 4 Mar-06 Premium 1115.2 1115.2

58 Sundaram Finance Ltd. D.A. 2007-1 Jan-07 Premium 1079.4 1079.4

59 Sundaram Finance Ltd. D.A. 2007-2 Feb-07 Premium 1978.1 1978.1

60 Sundaram Finance Ltd. D.A. 2007-3 Mar-07 Premium 1115.0 1113.0



63 Sundaram Finance CV Pool D.A. Sep-07 Oct-08 Premium 2242.0 2242.0

64 Sundaram Finance CV Pool D.A. Dec-07 Jan-08 Premium 2892.0 2892.0

65 Sundaram Finance CV Pool D.A. Jan-08 Feb-08 Premium 1397.0 1397.0

66 Sundaram Finance CV Pool D.A. Feb-08 Mar-08 Premium 1158.0 1158.0

67 Sundaram Finance CV Pool D.A. Mar-08 Apr-08 Premium 1068.0 1068.0

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

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

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

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

72 Indian Infrastructure Equipment Receivables Trust Oct 2005 Oct-05 Par 1038.6 990.6

73 Indian Infrastructure Equipment Receivables Trust May 2007 May-07 Premium 2154.4 2154.4

74 Indian Infrastructure Equipment Receivables Trust June 2007 Jul-07 Premium 3983.8 3983.8

75 CE Pool Trust June 2007 May-07 Premium 2154.4 2154.4

76 SREI Finance Limited D.A. Aug 2007 Aug-07 Par 934.3 934.3

77 Indian Infrastructure Equipment Receivables Trust Feb 2008 Mar-08 Par 2170.9 2170.9

78 Indian Infrastructure Equipment Receivables Trust Mar 2008 Apr-08 Premium 218.3 218.3

79 Construction Equipment Loan Pool D.A. October 2008 II Oct-08 Par 1459.2 1459.2

80 Construction Equipment Loan Pool D.A. November 2008 Nov-08 Par 910.2 910.2

81 Construction Equipment Loan Pool D.A. November 2008 II Feb-09 Par 877.0 877.0

82 Tata Motors Securitisation Trust ABS 1 (Feb 2006) Feb-06 Premium 7933.0 7933.0

83 Tata Motors Ltd. (2006) ABS 2 Feb-06 Premium 3370.0 3370.0




Month Structure




84 BHPC Auto Securitisation Trust May 2006 May-06 Premium 3327.4 3327.4

85 Tata Motors CV Pool D.A. – June 2006 Pool I Jun-06 Premium 1143.6 1143.6

86 Tata Motors CV Pool D.A. – June 2006 Pool II Jun-06 Premium 2090.1 2090.1

87 Tata Motors CV Pool D.A. – August 2006 Aug-06 Premium 1163.3 1163.3

88 Tata Motors CV Pool D.A. – September 2006 Pool II Sep-06 Premium 5030.0 5030.0

89 BHPC Auto Securitisation Trust Sep 2006 Sep-06 Premium 1493.6 1339.8

90 Tata Motors CV Pool D.A. – November 2006 Nov-06 Premium 3798.3 3798.3

91 BHPC Auto Securitisation Trust February 2007 I Jan-07 Premium 1795.6 1795.6

92 Tata Motors CV Pool D.A. – February 2007 Jan-07 Premium 1729.7 1729.7

93 Tata Motors CV Pool D.A. – March 2007 Mar-07 Premium 1096.9 1096.9

94 Tata Motors CV Pool D.A. – March 2007 II Mar-07 Premium 1910.1 1910.1

95 Tata Motors CV Pool D.A. – May 2007 May-07 Premium 1197.0 1197.0

96 Tata Motors Finance Securitisation Trust June 2007 I May-07 Par 1093.7 1093.7

97 Tata Motors CV & Auto Pool D.A. – October 2008 II Nov-08 Premium 1253.8 1253.8

98 Tata Motors CV & Auto Pool D.A. – November 2008 Dec-08 Premium 2551.0 2551.0

99 Tata Motors CV Pool D.A. – November 2008 II Nov-08 Premium 3506.3 3506.3

100 Tata Motors CV & Auto Pool D.A. December 2008 Dec-08 Premium 1567.0 1567.0

101 Tata Motors CV & Auto Pool D.A. December 2008 II Jan-09 Premium 1502.1 1502.1

102 Tata Motors CV & Auto Pool D.A. January 2009 Feb-09 Premium 1208.8 1208.8

103 TML Financial Services Ltd. Auto Securitisation Trust February 2007 Feb-07 Premium 2105.9 2105.9

104 TML Financial Services Ltd. CV Pool D.A. Trust February 2007 II Feb-07 Premium 2084.3 2084.3

105 TML Financial Services Ltd. CV Pool D.A. March 2007 Mar-07 Premium 1097.8 1097.8

106 TML Financial Services Ltd. CV Pool D.A. May 2007 May-07 Premium 1346.4 1346.4



Pools Matured between November 1, 2008 and March 31, 2009


Month Structure




1 ICICI Bank Limited (2004) ABS 3 (Indian Retail ABS Trust Series XV) Jul-04 Par 16328.4 16328.4

2 ICICI Bank Limited (2004) ABS 5 (Indian Retail ABS Trust Series XIX) Sep-04 Par 7014.9 6734.2

3 ICICI Bank Limited (2005) ABS 1 (SBI D.A.) Jan-05 Par 986.7 986.7

4 ICICI Bank Ltd. (2005) ABS 9 (Indian Retail ABS Trust Series XXXVII) Sep-05 Par 4336.3 4453.8

5 ICICI Bank Ltd. (2006) ABS 1(ICICI D.A. March 2006) Mar-06 Par 983.2 983.2


7 Indian Retail ABS Trust Series 63 Sep-06 Par 2071.1 2071.1

8 Indian Retail ABS Trust Series 64 Sep-06 Par 8491.6 8491.6



11 RLP Trust Series 1 Jun-08 Par 883.69 706.95

12 Tata Motors Ltd. (2005) ABS 2 (BHPC Auto Securitisation Trust May 2005 II) May-05 Premium 3105.2 2443.2

13 Tata Motors Ltd. (2005) ABS 3 (BHPC Auto Securitisation Trust Sep 2005) Sep-05 Premium 2127.3 2127.3



6. Annexure III: ICRA Rating Scale

Long-Term Rating Scale: for instruments with original maturity exceeding one year

Rating Symbols Definition

LAAA The highest-credit-quality rating assigned by ICRA. The rated instrument carries the

lowest credit risk.

LAA The high-credit-quality rating assigned by ICRA. The rated instrument carries low

credit risk.

LA The adequate-credit-quality rating assigned by ICRA. The rated instrument carries

average credit risk.

LBBB The moderate-credit-quality rating assigned by ICRA. The rated instrument carries

higher than average credit risk.

LBB The inadequate-credit-quality rating assigned by ICRA. The rated instrument carries

high credit risk.

LB The risk-prone-credit-quality rating assigned by ICRA. The rated instrument carries

very high credit risk.

LC The poor-credit-quality rating assigned by ICRA. The rated instrument has limited

prospect of recovery.

LD The lowest-credit-quality rating assigned by ICRA. The rated instrument has very low

prospect of recovery.

Short-Term Rating Scale: for instruments with original maturity within one year

Rating Symbols Definition

A1 The highest-credit-quality rating assigned by ICRA to short-term debt instruments.

Instruments rated in this category carry the lowest credit risk in the short term. Within

this category, certain instruments are assigned the rating of A1+ to reflect their

relatively stronger credit quality

A2 The above-average-credit-quality rating assigned by ICRA to short-term debt

instruments. However, instruments rated in this category carry higher credit risk than

instruments rated A1.

A3 The moderate-credit-quality rating assigned by ICRA to short-term debt instruments.

However, instruments rated in this category carry higher credit risk than instruments

rated A2 and A1.

A4 The risk-prone-credit-quality rating assigned by ICRA to short-term debt instruments.

Instruments rated in this category carry high credit risk.

A5 The lowest-credit-quality rating assigned by ICRA to short-term debt instruments.

Instruments rated in this category have very low prospect of recovery.



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, 2009, 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

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