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

STR

UC

TUR

ED

FINA

NC

E

STR

UC

TUR

ED

FINA

NC

E

ICRA RATING FEATUREJune 2008

ABS POOLS RATED BY ICRA

REPORT ON PERFORMANCE TILL MARCH 2008

Analytical Contacts: Mumbai Kalpesh Gada Head-Structured Finance Products 91 22 30470013 [email protected] Bangalore Remika Agarwal Analyst 91 80 25327803 [email protected] Website: www.icra.in www.icraratings.com

ICRA Rating Feature ABS Pools’ Performance Update

ICRA Rating Services www.icraratings.com Page 1

CONTENTS

1. Introduction ........................................................................................... 2

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

3. Rating Actions ........................................................................................ 6

4. Users’ Guide ........................................................................................... 8

5. Asset Category-wise Index of Pools ................................................... 13

6. Citibank N.A./Citicorp Finance (I) Limited ..................................... 17

7. Cholamandalam DBS Finance Ltd. ................................................... 20

8. GE Capital Transportation Financial Services Ltd. ........................ 28

9. HDFC Bank Ltd. ................................................................................. 39

10. ICICI Bank Ltd. .................................................................................. 42

11. Sundaram Finance Ltd. ...................................................................... 94

12. SREI Infrastructure Finance Ltd. ................................................... 108

13. Shriram Transport Finance Company Ltd. ................................... 114

14. Tata Motors Ltd / TML Financial Services Ltd. ............................ 116

15. Annexure II: ABS Pools rated by ICRA ......................................... 144

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

ICRA Rating Feature ABS Pools’ Performance Update


1. Introduction

ICRA has rated 167 Asset Backed Securitisation (ABS)1 transactions till date, with the rated amounts totalling around Rs. 411 billion. The receivables involved cover the asset classes of cars, commercial vehicles (CVs), construction equipment (CE), three-wheelers, two-wheelers 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. The present report provides an update till March 2008 on the performance of 114 ICRA-rated ABS pools that were active between September 2007 and March 2008. 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 across various originators and asset classes. Our analysis reveals that at the present juncture, loans given for acquiring CE are among the better performing asset classes while the performance of PLs in general has been on the weaker side. In the case of CV loans, pools securitised in the calendar year (CY) 2007 have lower delinquency levels compared with those securitised in CY2006. Analysis of certain matured pools indicates that delinquency levels typically peak at around 22-24 months post-origination for CV, car and CE pools. Sizeable recovery was observed from the 90+ and 180+ days past due (dpd) buckets, both for the CE and CV pools post-peaking of delinquencies, though not for cars. Among the matured pools, losses and overdues at the end of the pools’ life were around 2% in the case of the car/multi-utility vehicle (MUV) pools, 1.7% for the CV pools, and 1.8% for the CE pools.

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 the calendar years 2003 and 2007. In all, we have considered 50 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, and Sundaram Finance. The selected pools have been grouped into five cohorts (2003, 2004, 2005, 2006 and 2007) 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 five Originators selected for this study.

We have analysed the cumulative collection efficiency, loss-cum-delinquency and Cumulative Credit enhancement utilisation ratio of these cohorts at the end of 3, 6, 9, 12, and 18 months post-securitisation. The results of this analysis are summarised in Table 1.

Table 1: Cumulative Collection Efficiency, Loss-cum-Delinquency and Credit Enhancement Utilisation for CV Pools

Months Post-

Securitisation

Year of

Origination

Originator-wise Number of Pools

Considered

Cumulative Collection Efficiency

Loss-cum-Delinquency (180+)

Cumulative Credit Enhancement

Utilisation IBL,TML, GETFS*,

Citi, SFL^ Mean Median Mean Median Mean Median

3 2003 3,1,2,0,0 89.86% 89.83% 0.48% 0.19% 11.70% 7.27%2004 5,3,1,0,0 90.21% 92.35% 0.14% 0.11% 3.53% 3.41%2005 3,3,1,2,0 79.51% 81.67% 0.57% 0.16% 20.37% 20.59%2006 3,8,2,0,4 83.45% 83.83% 0.92% 0.68% 3.96% 3.07%2007 0,10,7,0,7 95.15% 94.74% 0.01% 0.00% 4.80% 2.89%

6 2003 3,1,2,0,0 94.19% 95.43% 1.30% 1.34% 13.52% 12.49%

2004 5,3,1,0,0 93.68% 95.40% 0.69% 0.70% 5.92% 6.02%2005 3,3,1,2,0 88.44% 89.70% 1.52% 1.62% 18.55% 10.79%2006 3,8,2,0,4 86.59% 87.71% 2.17% 1.57% 8.57% 8.58%2007 0,10,5,0,6 94.55% 94.88% 0.73% 0.42% 6.76% 2.74%

9 2003 3,1,2,0,0 96.09% 97.17% 1.36% 1.12% 12.74% 11.62%

2004 5,3,1,0,0 94.96% 96.58% 1.20% 0.95% 9.03% 8.82%2005 3,3,1,2,0 90.75% 92.62% 2.45% 2.77% 22.45% 19.92%2006 3,8,2,0,4 87.89% 89.35% 4.02% 4.51% 14.67% 14.07%2007 0,10,3,0,6 94.16% 93.91% 2.27% 2.14% 11.16% 4.67%

12 2003 3,1,2,0,0 96.55% 97.19% 2.10% 1.80% 14.59% 13.33%

2004 5,3,1,0,0 95.48% 96.78% 1.76% 1.92% 8.72% 8.01%2005 3,3,1,2,0 92.22% 93.17% 3.06% 4.10% 25.82% 23.38%2006 1,8,1,0,4 89.11% 90.78% 4.92% 5.98% 22.87% 24.66%2007 0,9,2,0,5 94.49% 94.08% 2.53% 2.76% 18.01% 8.73%

18 2003 3,1,2,0,0 97.13% 98.01% 2.28% 2.40% 12.91% 8.55%

2004 5,3,1,0,0 96.05% 97.13% 2.06% 1.84% 10.64% 8.40%2005 3,3,1,2,0 93.53% 93.82% 3.55% 4.10% 17.67% 20.74%2006 0,2,4,0,2 90.31% 90.04% n.a.3 n.a. 27.60% 30.52%

* GETFS’ pools have been included for calculating the Cumulative Collection Efficiency and Credit Enhancement Utlisation but not for Loss-cum-Delinquency ^For 2007, pools of Sundaram have been included only for calculating Cumulative Collection Efficiency and Loss-Cum-Delinquency at 6 and 12 months post-securitisation

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 Inadequate data; data available only for two pools



Though the pools securitised between 2003 and 2006 have shown progressively higher delinquency levels, this trend appears to have been reversed in the case of pools securitised in 2007. 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.

To further analyse the performance of the recently originated pools, ICRA has also calculated the cumulative loss ratio for the CV pools that had completed at least 10 months of seasoning post-securitisation at the time of analysis. As in our earlier analysis, only pools originated between April 2003 and December 2007 were considered. ICRA analysed 50 CV pools for which complete data was available at every point and generated cumulative loss curves for the same as depicted in Figure 1.

Figure 1: Cumulative Loss for CV Pools Originated across Various Years

The median loss for the pools in each cohort at every point of analysis has been taken. The lines in the figure above indicate that the average cumulative loss booked for CV Pools—till comparable points in the pools’ tenure—has been lower for those pools originated in CY2007 as compared with those originated in CY2006 and CY2005.

For CY2007 originated pools, the rise in both the cumulative loss ratio (Figure 1) and the loss-cum-delinquency ratio (Table 1) has been moderate and gradual. While the average credit enhancement utilisation for these pools has been higher than expected (given the low delinquency build-up), the median credit enhancement utilisation has been low. This implies that only some pools in 2007 have shown weak performance while the performance of most of them has been good. Those pools that have shown comparatively weak performance amongst the 2007 pools have been originated in the first quarter of the year. This better performance in the case of 2007 pools, relative to that of pools of earlier years, could be partly attributed to tighter pool selection criteria. For instance, in 2007, some originators stopped including in the securitised pools, loans for certain CV models that had shown weaker performance. Variation in the shares of individual Originators as mentioned earlier—among the set of pools considered for this analysis—is also part of the reason for the observation.

Analysis of matured pools Faster peaking and sizeable recovery observed from CE contracts

In this section, we have analysed the performance of 15 CV pools, 16 Car pools, and 11 CE pools that matured by March 2008. The originators of the CV pools considered here are Tata Motors, ICICI Bank, 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 Motors4 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 understand when the losses reach their peak. Our observations are summarised in the tables below.

Table 2: Peaking of Delinquency and Recovery 4 In the case of pools of Tata Motors, ‘CE’ refers primarily to Tippers

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1 4 7 10 13 16 19 22 25 28 31CY 2003 CY 2004 CY 2005CY 2006 CY 2007



Asset Class Peaking of delinquency* (in months)

Eventual Loss-cum-dpd to peak loss-cum-dpd^

Loss-cum-delinquency (90+)




Cars Mean 23.0 25.3 54.81% 71.82%Median 22.0 25.0 56.66% 75.30%Range 20-25 21-28 48%- 61% 61% -86%

CVs Mean 25.3 25.7 39.30% 49.12%Median 22.0 26.3 38.87% 44.86%Range 21-27 22-29 20%- 54% 27%- 65%

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 above analysis shows that delinquencies (both 90+ and 180+ dpd) peak typically between 20 and 25 months for most asset classes. In retail asset backed finance, thanks 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 us shows that while losses in CE pools across originators peak at more or less the same time, in the case of CVs, there is greater variation across originators.

Also, as can be expected, the proportion of recoveries from CE pools post-peaking is highest among the three asset classes analysed above, particularly for the 90+ dpd bucket where the recovery for CE is in the range of 65-75%. For the 180+ delinquency bucket, the recovery rate at 55-60% is similar for CE and CV pools. Car pools have shown the lowest rates of recovery from both the 90+ and 180+ delinquency buckets.

High eventual loss in matured Car/MUV pools vis-à-vis matured CV and CE pools

Table 3: Proportion of Loss and Delinquency at end of Pool

Asset Class Total Estimated Eventual Loss/ Initial Pool Size*

Bucket-wise Split of Total Estimated Eventual Loss Crystallised losses

180+ dpd 91-180 dpd 0-90 dpd

Cars and MUVs

2.12% 0.39% 1.22% 0.28% 0.23%

CVs 1.66% 0.30% 0.79% 0.22% 0.35% CE 1.79% 0.24% 1.02% 0.26% 0.27%

*Calculated as [(cumulative crystallised losses + all overdues at the end of the pool’s scheduled tenure)/Loss outstanding at the time of securitisation] We have analysed the eventual loss and dpd 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 the case of car pools and the lowest for CE pools. The total overdues at the end of the pools’ tenure were also the highest in the case of car pools. However, the total overdues for CE were higher than those for CVs.

A point to note is that the mature 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 Table 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 commvercial vehicles (LCVs), it is the LCV component in CV pools that makes their performance appear weaker.



3. Rating Actions New Ratings Assigned

Between September 2007 and March 2008, ICRA rated 22 pools across various originators. The list of fresh ratings along with some of their initial features is listed in the table below.

Table 4: New Ratings Assigned

Transaction identification Commencement Month

Asset Class

Transaction Structure

Pool Receivables/ Principal

PTC Receivables/ Principal

Cholamandalam DBS Finance Ltd. Cholamandalam DBS Fin. Ltd. Vehicle Loan pool D.A. Sep 2007

Sep-07 CV Premium 1,493.9 1,493.9

Cholamandalam DBS Fin. Ltd. Vehicle Loan pool D.A. II Sep 2007

Sep-07 CV Premium 1,289.7 1,289.7

India Loan Securitisation Series 5 Trust 2008

Oct-07 CV & Car

Premium 1,185.3 1,185.3

Cholamandalam DBS Fin. Ltd. Personal Loan Pool D.A. October 2007

Oct-07 PL & STPL

Premium 292.4 292.4


Nov-07 PL & STPL

Premium 292.4 292.4

Cholamandalam DBS Fin. Ltd. Vehicle Loan pool D.A. October 2007

Oct-07 CV Premium 1,009.0 1,009.0


Nov-07 CV & Car

Premium 1,009.0 1,009.0

Cholamandalam DBS Fin. Ltd. Personal Loan Pool D.A. December 2007

Dec-07 PL Premium 919.8 919.8

GE Capital Transportation Financial Service Ltd. (GECTFSL) Transportation Loan Trust Series I Oct-07 CV Premium 1,427.0 1,427.0

CV Pool D.A. II September 2007 Oct-07 CV Premium 631.1 631.1

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

CV Pool D.A. Dec-07 III Jan-08 CV Premium 1,773.6 1,773.6

Shriram Transport Finance Co. Ltd. Shriram Transport Finance CV Pool Feb-08 Mar-08 CV Premium 1,408.0 1,408.0

Sundaram Finance Ltd. Sundaram Finance CV Pool D.A. Sep-07 Oct-07 CV Premium 2,242.0 2,242.0

Sundaram Finance CV Pool D.A. Dec-07 Jan-08 CV Premium 2,892.0 2,892.0

Sundaram Finance CV Pool D.A. Jan-08 Feb-08 CV Premium 1,397.0 1,397.0

Sundaram Finance CV Pool D.A. Feb-08 Mar-08 CV Premium 1,158.0 1,158.0

Sundaram Finance CV Pool D.A. Mar-08 Apr-08 CV Premium 1,068.0 1,068.0

SREI Infrastructure Finance Ltd. Indian Infrastructure Equipment Receivables Trust February 2008

Mar-08 CE Par 2,170.9 2,170.9

Indian Infrastructure Equipment Receivables Trust March 2008

Apr-08 CE Premium 2,183.0

2,183.0



Ratings Revised

During the first quarter of FY2009, ICRA revised downwards the ratings in respect of one securitisation transaction originated by ICICI Bank Limited (IBL) and four securitisation transactions originated by Tata Motors Limited (TML). These transactions were backed by receivables against loans given for the purchase of CVs, Cars and MUVs. These pools have reported higher-than-expected delinquency levels leading to significant utilization of credit enhancement. The rating revision was based on the past performance of the pools as well as the expected performance over the balance tenure and the credit enhancement available.

The revised ratings (as shown in Table 5) indicate that the credit quality of the Pass Through Certificates (PTCs)/purchaser payouts is high. (Please refer Annexure III for ICRA’s Rating Scale.)

Table 5: Rating Revision during Review Period

Transaction identification Instrument Description

Months Post-Securitisation

Previous Rating

Revised Rating

ICICI Bank Limited Indian Retail ABS Trust Series 58

PTCs 21 LAAA(SO) LAA(SO)

Tata Motors Limited TML CV Pool Direct Assignment June 2006

Purchaser payouts

21 LAA+(SO)* LAA(SO)

TML Car Pool Direct Assignment August 2006

Purchaser payouts

18 LAAA(SO) LAA+(SO)

TML CV Pool Direct Assignment September 2006

Purchaser payouts


BHPC Auto Securitisation Trust September 2006- I

PTC Series A1


* the LAAA(SO) rating assigned at the transaction initiation was revised to LAA+(SO) in October 2007

Ratings Withdraw

Between September 2007 and March 2008, ratings have been withdrawn for five pools that have completed their tenure.

Table 6: Ratings Withdrawn

Transaction identification Month of withdrawal ICICI Bank Ltd. (2004) ABS 7 (Indian Retail ABS Trust Series XXIII) Oct-07ICICI Bank Ltd. (2004) ABS 9 (Indian Retail ABS Trust Series XXVII) Mar-08Indian Retail ABS Trust Series 60 Dec-07Tata Motors Ltd. (2004) ABS 3 (BHPC Auto Securitisation Trust Sept 2004) Dec-07Tata Motors Ltd. (2005) ABS 1 (BHPC Auto Securitisation Trust May 2005) Oct-07



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 2008 1(a) Commencement Month 2(a) Months Post-Securitisation 1(b) Transaction Structure 2(b) Cumulative Collection Efficiency

1© Staggering 2© 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) FLP5 Utilisation 1(g) Tenure of Receivables (months) 2(g) SLP6 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© 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

5 FLP: First Loss Piece 6 SLP: Second Loss Piece

80%85%90%95%

100%

1 2 3 4 5Cumulative CE Current CE

0%5%

10%15%20%

1 2 3 4 5Cumulative Monthly

0.00%0.50%1.00%1.50%2.00%

1 2 3 4 5CL 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. Total collections done on the pool starting from commencement month



Senior PTC Payouts 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

mtilisationMonthlyCCu

1

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


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


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


∑= ++

+=

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

Citibank N.A./Citicorp Finance (I) Ltd. Citicorp Fin. (India) Ltd. (2005) ABS 1 100 18Citicorp Fin. (India) Ltd. (2005) ABS 2 71.5 28.5 19Cholamandalam DBS Finance Ltd.

CDFL PL Pool D.A.-March 07 100 21CDFL Vehicle Loan Pool Assignment Sep-07 93 0.4 6.6 22Indian Loan Securitisation Series 3 Trust 2008. 79.8 20.2 23Indian Loan Securitisation Series 5 Trust 2008 76.9 17.5 5.6 24Indian Loan Securitisation Series 6 Trust 2008 100 25Indian Loan Securitisation Series 9 Trust 2008 74.4 15.5 10.2 26CDFL Personal Loan Pool DA Dec-07 100 27GE Capital Transportation Financial Services Ltd.

GETFSL (2005) ABS 1 100 29GETFSL CV Pool D.A.October 2006 100 30GETFSL CV Pool D.A. December 2006 100 31GETFSL CV Pool D.A. February 2007 100 32Loan Pool Securitisation Trust Series I 87 13 33Loan Pool Securitisation Trust March 2007 100 34CV Pool D.A. II September 2007 100 35Transportation Loan Trust Series I 100 36CV Pool D.A. Dec-07 II 100 37CV Pool D.A. Dec-07 III 100 38HDFC Bank Ltd.

HDFC Bank Ltd. (2005) ABS 1 82 18 40Retail Trust September 2006 76 24 41ICICI Bank Ltd.

Indian Retail ABS Trust Series XV 100 43Indian Retail ABS Trust Series XVII 100 44Indian Retail ABS Trust Series XIX 100 45Indian Retail ABS Trust Series XX 90 10 46Indian Retail ABS Trust Series XXIII 89 11 47Indian Retail ABS Trust Series XXVII 86 7 7 48ICICI SBI D.A. January 2005 100 49Indian Retail ABS Trust Series XXX 91 6 3 50Indian Retail ABS Trust Series XXXII 100 51Indian Retail ABS Trust Series XXXV 68 15 17 52Indian Retail ABS Trust Series XXXVII 85 15 53Indian Retail ABS Trust Series XXXVIII 100 54Indian Retail ABS Trust Series XXXIX 100 55Indian Retail ABS Trust Series XL 68 15 17 56Indian Retail ABS Trust Series XLVI 100 57Indian Retail ABS Trust Series 47 100 58Indian Retail ABS Trust Series 50 100 59ICICI D.A. November 2005 100 60Indian Retail ABS Trust Series 55 100 61ICICI D.A. March 2006 100 62Indian Retail ABS Trust Series 52 41 59 63Indian Retail ABS Trust Series 54 41 59 64




Cars CV CE Car/

MUV TW PL Others

ICICI Auto Loan Pool D.A. June 2006 100 65Indian Retail ABS Trust Series 60 100 66Indian Retail ABS Trust Series 58 85 15 67ICICI Auto Loan Pool D.A. June 2006 II 100 68ICICI Auto Loan Pool D.A. June 2006 III 100 69Indian Retail ABS Trust Series 61 81 19 70Indian Retail ABS Trust Series 62 60 15 25 71Indian Retail ABS Trust Series 63 63 58 72Indian Retail ABS Trust Series 64 30 70 73Indian Retail ABS Trust Series 66 100 74Indian Retail ABS Trust Series 67 36 64 75Indian Retail ABS Trust Series 68 47 53 76ICICI CV and Car Loan Pool D. A. Dec 2006 29 71 77Indian Retail ABS Trust Series 71 100 78ICICI New Car and Used Car Loan Pool D.A Dec 2006

24 76 79

ICICI New Car Loan Pool D.A. Dec 2006 100 80Indian Retail ABS Trust Series 70 23 77 81ICICI New CV Loan Pool D.A. Dec 2006 83.6 16 0.40 82ICICI Personal Loan Pool D.A. Dec 2006 100 83Indian Retail ABS Trust Series 72 100 84Indian Retail ABS Trust Series 73 100 85Indian Retail ABS Trust Series 74 45 55 86Indian Retail ABS Trust Series 77 50 50 87Indian Retail ABS Trust Series 78 52 48 88Indian Retail ABS Trust Series 89 100 89Indian Retail ABS Trust Series 90 100 90Indian Retail ABS Trust Series 91 40 60 91Indian Retail ABS Trust Series 92 100 92Indian Retail ABS Trust Series 93 100 93Sundaram Finance Ltd.

Sundaram Finance Ltd. (2006) ABS 1 86 14 95Sundaram Finance Ltd. (2006) ABS 2 87.05 12.95 96Sundaram Finance Ltd. (2006) ABS 3 89.5 10.5 97Sundaram Finance Ltd. (2006) ABS 4 93.2 6.8 98Sundaram Finance Ltd. D.A. 2007 (1) 95 5 99Sundaram Finance Ltd. D.A. 2007 (2) 99 1 100Sundaram Finance Ltd. D.A. 2007 (3) 100 101Sundaram Finance Ltd. D.A. 2007 (4) 100 102Sundaram Finance Ltd. D.A. 2007 (5) 100 103Sundaram Finance CV Pool D.A. Sep-07 98 2 104Sundaram Finance CV Pool D.A. Dec-07 99.8 0.2 105Sundaram Finance CV Pool D.A. Jan-08 99.7 0.3 106Sundaram Finance CV Pool D.A. Feb-08 100 107Srei Infrastructure Finance Ltd.

Indian Infrastructure Equipment Receivables Trust Oct 2005

41.2 58.1 0.70 109

CE Pool Trust June 2007 81 19 110Indian Infrastructure Equipment Receivables Trust June 2007

71 29 111

SREI Finance Limited D.A. August 2007 76.6 23.4 112




Cars CV CE Car/

MUV TW PL Others

Indian Infrastructure Equipment Receivables Trust February 2008

75 25 113

Shriram Transporation Finance Ltd. Shriram Transport Finance CV Pool Feb-08 100 115Tata Motors Ltd. / TML Financial Services Ltd.

BHPC Auto Securitisation Trust September 2004 94 6 117BHPC Auto Securitisation Trust May 2005 93 7 118BHPC Auto Securitisation Trust May 2005 II 94 6 119BHPC Auto Securitisation Trust September 2005 90 10 120TML Securitisation Trust Feb 2006 99 1 121TML (2006) ABS 2 100 122BHPC Auto Securitisation Trust May 2006 68 32 123TML CV pool D.A. - June 2006 Pool I 100 124TML CV pool D.A. - June 2006 Pool II 100 125TML CV pool D.A. - August 2006 100 126TML CV pool D.A. – September 2006 100 127TML CV pool D.A. – September 2006 II 100 128TML CV pool D.A. – November 2006 96 4 129BHPC Auto Securitisation Trust January 2007 I 100 130TML CV pool D.A. – February 2007 100 131TML CV pool D.A. – March 2007 100 132TML CV pool D.A. – March 2007 100 133TML CV pool D.A. - May 2007 100 134TML Securitisation Trust June 2007 I 54 21 25 135TMLFSL. Auto Securitisation Trust Feb 2007 100 136TMLFSL Auto Securitisation Trust Feb 2007 II 100 137TMLFSL CV Pool D.A. March 2007 100 138TMLFSL CV Pool D.A. May 2007 100 139



Performance Summary



Citibank N.A./Citicorp Finance (I) Limited

2 pools



MCV46%

HCV15%LCV

39%Issue Name: Citicorp Fin. ( India) Ltd. (2005) ABS 1 Trustee: IDBI Trusteeship Services Limited

Issue Details Pool Performance till: March 2008

Commencement Month Feb-05 Months Post- Securitisation 38Transaction Structure Premium Cumulative Collection Efficiency 98.42%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.67%Pool cashflow (Rs. mn) 795.2 Cumu. Credit Enhancement Utilisation 1.37%No of Contracts 1,638 Cumulative Cash Collateral Utilisation 1.37%Senior PTC Payouts (Rs. mn) 795.2 FLP Utilisation N.ATenure of Cashflow (months) 46 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 11.95%Average Loan to Value 84.10% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.33% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 11.92% Cash Collateral (% of Pool Cashflow) 9.36% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.75% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 2.35% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.77% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.74%

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 23.3 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 23.3 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 8 Cash Collateral (% of Pool Cashflow) >100%Break-even Collection Efficiency 0.00% FLP (% of pool cashflow) N.ADelinquency Rate (90+) 21.85% SLP (% of pool cashflow) N.A

Delinquency Rate (180+) 17.09% Excess Interest Spread (% of Pool Cashflow) N.A

Collection efficiency Credit enhancement utilisation

CL and CLAP Loss cum Delinquency

0.00%0.40%

0.80%

1.20%

1.60%

1 4 7 10 13 16 19 22 25 28 31 34 37

CL

20%

40%

60%

80%

100%

120%

1 4 7 10 13 16 19 22 25 28 31 34 37Cumulative CE Current CE

0%

15%

30%

45%

60%

1 4 7 10 13 16 19 22 25 28 31 34 37

Cumulative Monthly

0.00%

3.00%

6.00%

9.00%

12.00%

1 4 7 10 13 16 19 22 25 28 31 34 37Loss+delq. 90+ Loss+delq. 180+



Asset composition

Used CE12%

New CE17%

Used CV17%

New CV54%

Issue Name: Citicorp Fin. (India) Ltd. (2005) ABS 2 Trustee: IL&FS Trust Company Limited


Commencement Month Apr-05 Months Post- Securitisation 36Transaction Structure Premium Cumulative Collection Efficiency 99.23%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.79%Pool cashflow (Rs. mn) 936.5 Cumu. Credit Enhancement Utilisation 10.94%No of Contracts 1,905 Cumulative Cash Collateral Utilisation 10.94%Senior PTC Payouts (Rs. mn) 936.5 FLP Utilisation N.ATenure of Cashflow (months) 36 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 19.84%Average Loan to Value 86.99% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.32% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.80% Cash Collateral (% of Pool Cashflow) 4.85% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.14% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 1.01% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.58% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.58%

Details of Remaining Pool – N.A. (Matured Pool) Outstanding Pool Cashflow (Rs. mn) - Credit enhancement O/s Senior PTC Cashflow (Rs. mn) - Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) - Cash Collateral (% of Pool Cashflow) N.A.Break-even Collection Efficiency N.A. FLP (% of pool cashflow) N.ADelinquency Rate (90+) N.A. SLP (% of pool cashflow) N.A

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



0%

10%

20%

30%

40%

50%

1 4 7 10 13 16 19 22 25 28 31 34

Cumulative Monthly

0.00%

0.25%

0.50%

0.75%

1.00%

1 4 7 10 13 16 19 22 25 28 31 34

CL

20%

40%

60%

80%

100%

120%

1 4 7 10 13 16 19 22 25 28 31 34

Cumulative CE Current CE

0.00%

0.50%

1.00%

1.50%

2.00%

1 4 7 10 13 16 19 22 25 28 31 34




Cholamandalam DBS Finance Ltd.

7 pool



PL100%Issue Name: Cholamandalam DBS Fin. Ltd. Personal Loan pool D.A. February 20077


Commencement Month Nov-07 Months Post- Securitisation 13Transaction Structure Premium Cumulative Collection Efficiency N.AStaggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts N.APool cashflow (Rs. mn) 298.0 Cumu. Credit Enhancement Utilisation N.ANo of Contracts 3,699 Cumulative Cash Collateral Utilisation N.ASenior PTC Payouts (Rs. mn) 298.0 FLP Utilisation N.ATenure of Cashflow (months) 37 SLP Utilisation N.AAsset Class PL Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) n.a.Average Loan to Value N.A. Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate N.A Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate N.A Cash Collateral (% of Pool Cashflow) 27.90% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) N.A SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) N.A EIS (% of Pool Cashflow) N.A CLAP Ratio N.A Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio N.A

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) N.A Credit enhancement O/s Senior PTC Cashflow (Rs. mn) N.A Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) N.A Cash Collateral (% of Pool Cashflow) N.ABreak-even Collection Efficiency N.A FLP (% of pool cashflow) N.ADelinquency Rate (90+) N.A SLP (% of pool cashflow) N.A

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

7 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.



New Cv47%

Used Cv

29%

Others24%Issue Name: Indian Loan Securitisation Series 3 Trust 2008

Trustee: IDBI Trusteeship Services Limited


Commencement Month Aug-07 Months Post- Securitisation 8Transaction Structure Premium Cumulative Collection Efficiency 97.29%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.18%Pool cashflow (Rs. mn) 2,116.93 Cumu. Credit Enhancement Utilisation 7.02%No of Contracts 8,172 Cumulative Cash Collateral Utilisation 7.02%Senior PTC Payouts (Rs. mn) 2,116.93 FLP Utilisation N.ATenure of Cashflow (months) 53 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 33.70%Average Loan to Value 87.20% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 1.03% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 7.92% Cash Collateral (% of Pool Cashflow) 11.70% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) n.a. SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a. EIS (% of Pool Cashflow) N.A CLAP Ratio n.a. Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 1,187.8 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 1,187.8 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 45 Cash Collateral (% of Pool Cashflow) 17.57%Break-even Collection Efficiency 82.43% FLP (% of pool cashflow) N.ADelinquency Rate (90+) n.a. SLP (% of pool cashflow) N.A

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


80%

85%

90%

95%

100%

1 2 3 4 5 6 7 8


0.0%

2.0%

4.0%6.0%

8.0%

10.0%

1 2 3 4 5 6 7 8Cumulative Monthly



N Cv50%

U Cv43%

3WL7%

Issue Name: Cholamandalam DBS Fin. Ltd. Vehicle Loan pool D.A. September 2007 Trustee:


Commencement Month Sep-07 Months Post- Securitisation 7Transaction Structure Premium Cumulative Collection Efficiency 96.56%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.64%Pool cashflow (Rs. mn) 1,493.9 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 4,444 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,493.9 FLP Utilisation N.ATenure of Cashflow (months) 56 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 11.37%Average Loan to Value 83.24% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.57% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.36% Cash Collateral (% of Pool Cashflow) 12.85% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) n.a SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a EIS (% of Pool Cashflow) N.A CLAP Ratio 0.08% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.02%

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 1,145.0 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 1,145.0 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 49 Cash Collateral (% of Pool Cashflow) 16.83%Break-even Collection Efficiency 83.17% FLP (% of pool cashflow) N.ADelinquency Rate (90+) N.A SLP (% of pool cashflow) N.A

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


CL and CLAP

80%

85%

90%

95%

100%

1 2 3 4 5 6Cumulat ive CE

0.0%20.0%40.0%

60.0%80.0%

100.0%

1 2 3 4 5 6Cumulat ive M onthly

0.00%

0.02%0.04%

0.06%0.08%

0.10%

1 2 3 4 5 6CL CLAP



New Cv

56% Used Cv

15%TWL8%

Car/MUV

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


Commencement Month Oct-07 Months Post- Securitisation 6Transaction Structure Premium Cumulative Collection Efficiency 94.24%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.81%Pool cashflow (Rs. mn) 1,185.3 Cumu. Credit Enhancement Utilisation 9.64%No of Contracts 3,995 Cumulative Cash Collateral Utilisation 9.64%Senior PTC Payouts (Rs. mn) 1,185.3 FLP Utilisation N.ATenure of Cashflow (months) 55 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 20.92%Average Loan to Value 83.43% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.70% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 4.11% Cash Collateral (% of Pool Cashflow) 12.94% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) n.a. SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a. EIS (% of Pool Cashflow) N.A CLAP Ratio n.a. Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 982.1 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 982.1 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 49 Cash Collateral (% of Pool Cashflow) 14.12%Break-even Collection Efficiency 85.88% FLP (% of pool cashflow) N.ADelinquency Rate (90+) n.a. SLP (% of pool cashflow) N.A



0%

20%

40%

60%

80%

100%

1 2 3 4 5 6Cumulative CE Current CE

0.0%

2.5%

5.0%

7.5%

10.0%

12.5%

1 2 3 4 5 6Cumulative Monthly



PL100%

Issue Name: Indian Loan Securitisation Series 6 Trust 2008 Trustee: IDBI Trusteeship Services Limited


Commencement Month Nov-07 Months Post- Securitisation 5Transaction Structure Premium Cumulative Collection Efficiency 96.28%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.26%Pool cashflow (Rs. mn) 292.4 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 3,466 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 292.4 FLP Utilisation N.ATenure of Cashflow (months) 37 SLP Utilisation N.AAsset Class PL Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 12.4Average Loan to Value N.A. Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 1.04% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 5.10% Cash Collateral (% of Pool Cashflow) 18.60% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) n.a. 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.




60%70%80%90%

100%110%

1 2 3 4 5Cumulative CE Current CE

0.0%20.0%40.0%60.0%80.0%

100.0%

1 2 3 4 5Cumulative M onthly



New Cv47%

Used Cv

27%

3WL10%

Car/MUV16%Issue Name: Indian Loan Securitisation Series 9 Trust 2008



Commencement Month Nov-07 Months Post- Securitisation 5Transaction Structure Premium Cumulative Collection Efficiency 93.37%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 93.50%Pool cashflow (Rs. mn) 1,009.0 Cumu. Credit Enhancement Utilisation 10.32%No of Contracts 3,435.0 Cumulative Cash Collateral Utilisation 10.32%Senior PTC Payouts (Rs. mn) 1,009.0 FLP Utilisation N.ATenure of Cashflow (months) 55 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 19.39%Average Loan to Value 90.35% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.92% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 4.49% Cash Collateral (% of Pool Cashflow) 13.40% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) n.a. 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.




80%

85%

90%

95%

100%

1 2 3 4 5Cumulative CE

0.0%

3.0%

6.0%

9.0%

12.0%

1 2 3 4 5

Cumulative Monthly



PL100%Issue Name: Cholamandalam DBS Fin. Ltd. Personal Loan

pool D.A. December 2007


Commencement Month Dec-07 Months Post- Securitisation 3Transaction Structure Premium Cumulative Collection Efficiency n.aStaggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts n.aPool cashflow (Rs. mn) 919.8 Cumu. Credit Enhancement Utilisation n.aNo of Contracts 3,328 Cumulative Cash Collateral Utilisation N.ASenior PTC Payouts (Rs. mn) 919.8 FLP Utilisation N.ATenure of Cashflow (months) 37 SLP Utilisation N.AAsset Class PL Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 12.7Average Loan to Value N.A. Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate n.a Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate n.a Cash Collateral (% of Pool Cashflow) 13.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A. 90+ dpd (% of Initial Pool Size) n.a SLP (% of Pool Cashflow) N.A. 180+dpd (% of Initial Pool Size) n.a EIS (% of Pool Cashflow) N.A. CLAP Ratio n.a Liquidity (% of Pool Cashflow) N.A. Cumulative Loss Ratio n.a

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) n.a Credit enhancement O/s Senior PTC Cashflow (Rs. mn) n.a Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) n.a Cash Collateral (% of Pool Cashflow) n.aBreak-even Collection Efficiency n.a FLP (% of pool cashflow) N.ADelinquency Rate (90+) n.a SLP (% of pool cashflow) N.A

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



GE Capital Transportation Financial Services Ltd.

10 pools



Asset composition

CV100%

Issue Name: GETFSL (2005) ABS 1 Trustee: IL&FS Trust Company Limited


Commencement Month Apr-05 Months Post- Securitisation 36Transaction Structure Premium Cumulative Collection Efficiency 98.89%Staggering 60:20:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 101.08%Pool cashflow (Rs. mn) 495.9 Cumu. Credit Enhancement Utilisation8 31.16%No of Contracts 1,333 Cumulative Cash Collateral Utilisation 31.16%Senior PTC Payouts (Rs. mn) 495.9 FLP Utilisation N.ATenure of Cashflow (months) 37 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 14.7Average Loan to Value n.a Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.40% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 13.43% Cash Collateral (% of Pool Cashflow) 4.98% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.04% 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.




Loss cum Delinquency

8 there has been over-utilisation of cr. enh due to a reporting issue, which is now getting rectified

0%

10%

20%

30%

40%

1 4 7 10 13 16 19 22 25 28 31 34

Cumulative Monthly

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1 4 7 10 13 16 19 22 25 28 31 34

Loss+delq. 90+

10%

30%

50%

70%

90%

110%

1 4 7 10 13 16 19 22 25 28 31 34

Cumulative Current CE



Asset composition

CV100%

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


Commencement Month Oct-06 Months Post- Securitisation 17Transaction Structure Premium Cumulative Collection Efficiency 91.43%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 91.43%Pool cashflow (Rs. mn) 1,409.2 Cumu. Credit Enhancement Utilisation9 66.40%No of Contracts 3,504 Cumulative Cash Collateral Utilisation 66.40%Senior PTC Payouts (Rs. mn) 1,409.2 FLP Utilisation N.ATenure of Cashflow (months) 43 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 23.04%Average Loan to Value 90.05% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.65% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.46% Cash Collateral (% of Pool Cashflow) 7.39% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.76% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a. EIS (% of Pool Cashflow) N.A CLAP Ratio n.a. Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 436.9 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 436.9 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 26 Cash Collateral (% of Pool Cashflow) 7.84%Break-even Collection Efficiency 92.16% FLP (% of pool cashflow) N.ADelinquency Rate (90+) 3.44% SLP (% of pool cashflow) N.A





0.00%

0.50%

1.00%

1.50%

2.00%

1 3 5 7 9 11 13 15 17"Loss + delq. 90+"

0%

20%

40%

60%

80%

1 3 5 7 9 11 13 15 17

Cumulative Monthly

0%20%

40%

60%

80%

100%

1 3 5 7 9 11 13 15 17Cumulative CE Current CE



Asset Composition

HCV97%

LCV3%

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


Commencement Month Dec-06 Months Post- Securitisation 15Transaction Structure Premium Cumulative Collection Efficiency 94.76%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.76%Pool cashflow (Rs. mn) 1,282.1 Cumu. Credit Enhancement Utilisation10 43.17%No of Contracts 1,855 Cumulative Cash Collateral Utilisation 43.17%Senior PTC Payouts (Rs. mn) 1,282.1 FLP Utilisation N.ATenure of Cashflow (months) 44 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 12.27%Average Loan to Value 93.65% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.34% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 4.92% Cash Collateral (% of Pool Cashflow) 7.90% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.37% 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.






0.00%

0.50%

1.00%

1.50%

2.00%

1 3 5 7 9 11 13 15

Loss+delq.90+

70%

78%

85%

93%

100%

1 3 5 7 9 11 13 15Cumulative CE Current CE

0%10%20%30%40%50%




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


Commencement Month Feb-07 Months Post- Securitisation 13Transaction Structure Premium Cumulative Collection Efficiency 91.21%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 91.21%Pool cashflow (Rs. mn) 1,478.5 Cumu. Credit Enhancement Utilisation11 62.19%No of Contracts 1,994 Cumulative Cash Collateral Utilisation 62.19%Senior PTC Payouts (Rs. mn) 1,478.5 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 10.58%Average Loan to Value 93.59% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.50% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 6.30% Cash Collateral (% of Pool Cashflow) 8.10% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.72% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a. EIS (% of Pool Cashflow) N.A CLAP Ratio n.a. Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.






0%

15%

30%

45%

60%

75%

1 2 3 4 5 6 7 8 9 10 11 12 13Cumulative Monthly

Asset Composition

MHCV95%

LCV5%

0.00%

0.50%

1.00%

1.50%

2.00%2.50%

1 2 3 4 5 6 7 8 9 10 11 12 13Loss+delq.90+

0%

20%

40%

60%

80%

100%

1 2 3 4 5 6 7 8 9 10 11 12 13




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


Commencement Month Feb-07 Months Post- Securitisation 12Transaction Structure Premium Cumulative Collection Efficiency 94.09%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.09%Pool cashflow (Rs. mn) 1,052.0 Cumu. Credit Enhancement Utilisation12 29.72%No of Contracts 1,454 Cumulative Cash Collateral Utilisation 29.72%Senior PTC Payouts (Rs. mn) 1,052.0 FLP Utilisation N.ATenure of Cashflow (months) 47 SLP Utilisation N.AAsset Class CE CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 19.38% 10.43%Average Loan to Value 84.40% 92.72% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.27% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.21% Cash Collateral (% of Pool Cashflow) 8.00% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.27% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a. EIS (% of Pool Cashflow) N.A CLAP Ratio n.a. Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.






0%5%

10%15%20%25%30%35%

1 2 3 4 5 6 7 8 9 10 11 12Cumulative Monthly

0.00%0.20%0.40%0.60%0.80%1.00%1.20%1.40%

1 2 3 4 5 6 7 8 9 10 11 12

Loss+delq.90+

Asset CompositionCE13%

LCV4%

MHCV83%

0%

20%

40%

60%

80%

100%

1 2 3 4 5 6 7 8 9 10 11 12

Cumulative Current CE



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


Commencement Month Mar-07 Months Post- Securitisation 12Transaction Structure Premium Cumulative Collection Efficiency 92.81%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 92.81%Pool cashflow (Rs. mn) 1,586.8 Cumu. Credit Enhancement Utilisation13 57.88%No of Contracts 1,658 Cumulative Cash Collateral Utilisation 57.88%Senior PTC Payouts (Rs. mn) 1,586.8 FLP Utilisation N.ATenure of Cashflow (months) 58 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 8.33%Average Loan to Value 95.13% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.36% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 4.21% Cash Collateral (% of Pool Cashflow) 9.10% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 2.86% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) n.a. EIS (% of Pool Cashflow) N.A CLAP Ratio n.a. Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 1,023.5 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 1,023.5 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 46 Cash Collateral (% of Pool Cashflow) 5.61%Break-even Collection Efficiency 94.39% FLP (% of pool cashflow) N.ADelinquency Rate (90+) 3.53% SLP (% of pool cashflow) N.A





30%40%50%60%70%80%90%

100%

1 2 3 4 5 6 7 8 9 10 11 12Cumulative CE Current CE

0.00%0.60%1.20%1.80%2.40%3.00%3.60%

1 2 3 4 5 6 7 8 9 10 11 12Loss+delq.90+

Asset Composition

MHCV98%

LCV2%

0%10%20%30%40%50%60%70%

1 2 3 4 5 6 7 8 9 10 11 12

Cumulative Monthly



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


Commencement Month Oct-07 Months Post- Securitisation 6Transaction Structure Premium Cumulative Collection Efficiency 95.42%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.42%Pool cashflow (Rs. mn) 631.1 Cumu. Credit Enhancement Utilisation14 18.78%No of Contracts 614 Cumulative Cash Collateral Utilisation 18.78%Senior PTC Payouts (Rs. mn) 631.1 FLP Utilisation N.ATenure of Cashflow (months) 58 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 1.36Average Loan to Value 93.38% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.27% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.61% Cash Collateral (% of Pool Cashflow) 10.25% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.56% 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.






0.00%0.10%0.20%0.30%0.40%0.50%0.60%0.70%0.80%

1 2 3 4 5 6Loss-cum-90+

0%

4%

8%

12%

16%

20%


Asset Composition

M HCV

96%

LCV4%

30%40%50%60%70%80%90%

100%

1 2 3 4 5 6Cumulative Current CE



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


Commencement Month Oct-07 Months Post- Securitisation 6Transaction Structure Premium Cumulative Collection Efficiency 97.49%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.49%Pool cashflow (Rs. mn) 1,427.0 Cumu. Credit Enhancement Utilisation 9.01%No of Contracts 2,148 Cumulative Cash Collateral Utilisation 9.01%Senior PTC Payouts (Rs. mn) 1,427.0 FLP Utilisation N.ATenure of Cashflow (months) 44 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 4.6Average Loan to Value 91.10% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.19% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.14% Cash Collateral (% of Pool Cashflow) 10.25% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.21% 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.





30%40%50%60%70%80%90%

100%


0%

2%

5%

7%

10%

12%


Asset Composition

HCV91%

LCV9%

0.00%0.20%0.40%0.60%0.80%1.00%1.20%1.40%

1 2 3 4 5 6

Loss-cum-90+



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


Commencement Month Jan-08 Months Post- Securitisation 3Transaction Structure Premium Cumulative Collection Efficiency 95.67%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.67%Pool cashflow (Rs. mn) 608.0 Cumu. Credit Enhancement Utilisation 12.47%No of Contracts 569 Cumulative Cash Collateral Utilisation 12.47%Senior PTC Payouts (Rs. mn) 608.0 FLP Utilisation N.ATenure of Cashflow (months) 55 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 1.83Average Loan to Value 94.30% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.50% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.50% Cash Collateral (% of Pool Cashflow) 10.95% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.34% 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.





0.000%

0.006%

0.012%

0.018%

0.024%

0.030%

1 2 3Loss-cum-90+

Asset Composition

M HCV97%

LCV3%

0%2%4%6%8%

10%12%14%

1 2 3Cumulative Monthly

30%40%50%60%70%80%90%

100%

1 2 3Cumulative CE Current CE



Asset Composition

M HCV

98%

LCV2%

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


Commencement Month Jan-08 Months Post- Securitisation 3Transaction Structure Premium Cumulative Collection Efficiency 95.02%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.02%Pool cashflow (Rs. mn) 1,773.6 Cumu. Credit Enhancement Utilisation 5.98%No of Contracts 1,850 Cumulative Cash Collateral Utilisation 5.98%Senior PTC Payouts (Rs. mn) 1,773.6 FLP Utilisation N.ATenure of Cashflow (months) 56 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 5.95Average Loan to Value 94.50% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.13% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.40% Cash Collateral (% of Pool Cashflow) 8.60% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.00% 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.





0%1%2%3%4%5%6%7%


0.000%

0.001%

0.002%

0.002%

0.003%

0.004%

1 2 3Loss sum 90+

30%40%50%60%70%80%90%

100%

1 2 3Cumulative CE Current CE



HDFC Bank Ltd.

2 pools



Asset Composition

Cars & MUVs82%

TW18%Issue Name: Retai l Trust February 2005

Trustee: IL&FS Trust Company Limited


Commencement Month Feb-05 Months Post- Securitisation 36Transaction Structure Par Cumulative Collection Efficiency 99.52%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 106.08%Pool Principal (Rs. mn) 12,987.7 Cumu. Credit Enhancement Utilisation 6.03%No of Contracts 212,300 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 12,987.7 FLP Utilisation N.ATenure of Cashflow (months) 57 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 37.7Average Loan to Value 85.00% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.43% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 14.31% Cash Collateral (% of Pool Principal) 7.20% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.68% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.55% EIS (% of Pool Principal) 2.31% CLAP Ratio 0.28% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.26%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 1,097.5 Credit enhancement O/s Senior PTC Principal (Rs. mn) 1,011.9 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 21 Cash Collateral (% of Pool Principal) 85.20%Break-even Collection Efficiency n.a. FLP (% of pool principal) N.ADelinquency Rate (90+) 15.30% SLP (% of pool principal) N.A

Delinquency Rate (180+) 8.05% Excess Interest Spread (% of Pool Principal) n.a.



0%

5%

10%

15%

20%

1 4 7 10 13 16 19 22 25 28 31 34

Cumulative Monthly

0.00%

0.10%

0.20%

0.30%

0.40%

1 4 7 10 13 16 19 22 25 28 31 34

CL CLAP

80%85%90%95%

100%105%110%

1 5 9 13 17 21 25 29 33


0.00%

0.40%

0.80%

1.20%

1.60%

1 5 9 13 17 21 25 29 33

Loss+delq. 90+ Loss+delq.180



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


Commencement Month Sep-06 Months Post- Securitisation 18Transaction Structure Premium Cumulative Collection Efficiency 98.96%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.96%Pool cashflow (Rs. mn) 3,862.3 Cumu. Credit Enhancement Utilisation 13.23%No of Contracts 42,166 Cumulative Cash Collateral Utilisation 8.51%Senior PTC Payouts (Rs. mn) 3,862.3 FLP Utilisation 21.27%Tenure of Cashflow (months) 58 SLP Utilisation 0.00%Asset Class TW Cars Liquidity Utilisation 53.92%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 0.40% 0.61% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 6.92% 10.42% Cash Collateral (% of Pool Cashflow) 5.60% Loss cum Delinquency FLP (% of Pool Cashflow) 2.24% 90+ dpd (% of Initial Pool Size) 6.29% 1.59% SLP (% of Pool Cashflow) 3.36% 180+dpd (% of Initial Pool Size) 4.83% 1.20% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.79% 0.63% Liquidity (% of Pool Cashflow) 0.65% Cumulative Loss Ratio 0.63% 0.34%

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 1,431.2 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 1,431.2 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 40 Cash Collateral (% of Pool Cashflow) 13.83%Break-even Collection Efficiency 87.12% FLP (% of pool cashflow) 4.76%Delinquency Rate (90+) 18.83% 2.48% SLP (% of pool cashflow) 9.07%

Delinquency Rate (180+) 13.48% 1.63% Excess Interest Spread (% of Pool Cashflow) N.A



0.00%0.20%0.40%0.60%0.80%1.00%

1 3 5 7 9 11 13 15 17

Auto CLAP TWL CLAP

0%2%4%6%8%

10%12%14%

1 3 5 7 9 11 13 15 17

Cumulative Monthly

0.00%0.75%1.50%2.25%3.00%3.75%4.50%5.25%

1 3 5 7 9 11 13 15 17

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

60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15 17


Asset Composition

Car76%

TWL24%



ICICI Bank Ltd.

51 pools



Asset Composition

Small cars56%

M edium cars27%

Premium

vehicles9%

Luxury cars8%Issue Name: Indian Retail ABS Trust Series XV

Trustee: WITECO


Commencement Month Jul-04 Months Post- Securitisation 45Transaction Structure Par Cumulative Collection Efficiency 98.34%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.81%Pool Principal (Rs. mn) 16,328.4 Cumu. Credit Enhancement Utilisation 4.68%No of Contracts 60,351 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 16,328.4 FLP Utilisation N.ATenure of Cashflow (months) 58 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation N.AAvg. Seasoning (In months) 7.89Average Loan to Value 77.90% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.56% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 22.33% Cash Collateral (% of Pool Principal) 4.75% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.13% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.99% EIS (% of Pool Principal) 7.73% CLAP Ratio 0.30% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.28%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 746.2 Credit enhancement O/s Senior PTC Principal (Rs. mn) 715.8 Subordination (% of Pool Principal) 2.93%Balance Tenure of Pool (months) 13 Cash Collateral (% of Pool Principal) 86.93%Break-even Collection Efficiency 11.03% FLP (% of pool principal) N.ADelinquency Rate (90+) 16.05% SLP (% of pool principal) N.A

Delinquency Rate (180+) 13.36% Excess Interest Spread (% of Pool Principal) 0.88%



0%1%2%3%4%5%

1 6 11 16 21 26 31 36 41

Cumulative Monthly

0.00%

0.40%

0.80%

1.20%

1.60%

1 6 11 16 21 26 31 36 41


60%

72%

84%

96%

108%

1 6 11 16 21 26 31 36 41


0.00%

0.10%

0.20%

0.30%

0.40%

1 6 11 16 21 26 31 36 41CL CLAP



Mid-sized cars22%

Premium cars5%

Luxury cars2%

Small cars71%

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


Commencement Month Aug-04 Months Post- Securitisation 44Transaction Structure Par Cumulative Collection Efficiency 97.94%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.76%Pool Principal (Rs. mn) 2,500.0 Cumu. Credit Enhancement Utilisation 7.41%No of Contracts 10,955 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 2,500.0 FLP Utilisation N.ATenure of Cashflow (months) 59 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation N.AAvg. Seasoning (In months) 7.66Average Loan to Value 75.60% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.53% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 20.85% Cash Collateral (% of Pool Principal) 4.25% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.44% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.25% EIS (% of Pool Principal) 5.99% CLAP Ratio 0.35% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.33%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 102.9 Credit enhancement O/s Senior PTC Principal (Rs. mn) 96.7 Subordination (% of Pool Principal) 4.27%Balance Tenure of Pool (months) 15 Cash Collateral (% of Pool Principal) >100%Break-even Collection Efficiency 34.96% FLP (% of pool principal) N.ADelinquency Rate (90+) 7.76% SLP (% of pool principal) N.A




0%

3%

5%

8%

10%

1 6 11 16 21 26 31 36 41

Cumulative Monthly

60%

72%

84%

96%

108%

1 6 11 16 21 26 31 36 41


0.00%

0.12%

0.24%

0.36%

0.48%

1 6 11 16 21 26 31 36 41CL CLAP

0.00%

0.50%

1.00%

1.50%

2.00%

1 6 11 16 21 26 31 36 41




Mid-sized cars26%

Premium cars11%

Luxury cars15%

Small cars48%Issue Name: Indian Retail ABS Trust Series XIX

Trustee: WITECO


Commencement Month Sep-04 Months Post- Securitisation 43Transaction Structure Par Cumulative Collection Efficiency 98.76%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 107.05%Pool Principal (Rs. mn) 7,014.9 Cumu. Credit Enhancement Utilisation 2.90%No of Contracts 23,417 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 6,734.3 FLP Utilisation N.ATenure of Cashflow (months) 55 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 18.33%Average Loan to Value 81.40% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.49% Subordination (% of Pool Principal) 4.00% Cumulative Prepayment Rate 19.15% Cash Collateral (% of Pool Principal) 3.63% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.99% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.80% EIS (% of Pool Principal) 5.15% CLAP Ratio 0.24% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.22%





0%1%2%3%4%

1 6 11 16 21 26 31 36 41

Cumulative Monthly

95%

97%

98%

100%

101%

1 6 11 16 21 26 31 36 41


0.00%

0.30%

0.60%

0.90%

1.20%

1 6 11 16 21 26 31 36 41


0.00%

0.08%

0.16%

0.24%

0.32%

1 6 11 16 21 26 31 36 41

CL CLAP



LCV30%

Others10%

HCV60%

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


Commencement Month Dec-04 Months Post- Securitisation 40Transaction Structure Par Cumulative Collection Efficiency 96.80%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.94%Pool Principal (Rs. mn) 1,083.3 Cumu. Credit Enhancement Utilisation 18.25%No of Contracts 2,288 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 1,083.3 FLP Utilisation N.ATenure of Cashflow (months) 46 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 18.10%Average Loan to Value 88.80% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.41% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 15.18% Cash Collateral (% of Pool Principal) 7.41% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 2.00% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.89% EIS (% of Pool Principal) 3.79% CLAP Ratio 0.96% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.96%





0%

5%

10%

15%

20%

1 6 11 16 21 26 31 36

Cumulative Monthly

60%

75%

90%

105%

1 6 11 16 21 26 31 36


0.00%

0.30%

0.60%

0.90%

1.20%

1 6 11 16 21 26 31 36CL CLAP

0.00%

1.00%

2.00%

3.00%

4.00%

1 6 11 16 21 26 31 36Loss+delq. 90+ Loss+delq. 180+



LC V34%

O the rs11%

H C V55%

Issue Name: Indian Retail ABS Trust Series XXII I Trustee: WITECO

Issue Details Pool Performance till: October 2007

Commencement Month Nov-04 Months Post- Securitisation 36Transaction Structure Par Cumulative Collection Efficiency 97.78%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 107.09%Pool Principal (Rs. mn) 3,028.4 Cumu. Credit Enhancement Utilisation 4.22%No of Contracts 7,493 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 3,028.4 FLP Utilisation N.ATenure of Cashflow (months) 59 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 33.70%Average Loan to Value 87.70% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.32% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.91% Cash Collateral (% of Pool Principal) 7.00% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.12% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.96% EIS (% of Pool Principal) 3.63% CLAP Ratio 0.55% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.54%

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.ABreak-even Collection Efficiency N.A FLP (% of pool principal) N.ADelinquency Rate (90+) N.A SLP (% of pool principal) N.A

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



0%2%4%6%8%

10%


60%

72%

84%

96%

108%

1 6 11 16 21 26 31 36Cumulative CE Current CE

0.00%

0.50%

1.00%

1.50%

2.00%

1 6 11 16 21 26 31 36


0.00%

0.20%

0.40%

0.60%

0.80%

1 6 11 16 21 26 31 36

CL CLAP



LCV29%

CE7%

Others7%

HCV57%

Issue Name: Indian Retai l ABS Trust Series XXVII Trustee: WITECO


Commencement Month Dec-04 Months Post- Securitisation 40Transaction Structure Par Cumulative Collection Efficiency 98.46%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 101.68%Pool Principal (Rs. mn) 1,004.9 Cumu. Credit Enhancement Utilisation 12.72%No of Contracts 2,362 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 1,004.9 FLP Utilisation N.ATenure of Cashflow (months) 40 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 31.40%Average Loan to Value 82.40% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.25% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 9.52% Cash Collateral (% of Pool Principal) 6.70% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.72% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.72% EIS (% of Pool Principal) 3.10% CLAP Ratio 0.31% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.31%

Details of Remaining Pool - N.A. (Matured Pool) Outstanding Pool Principal (Rs. mn) - Credit enhancement O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) - Cash Collateral (% of Pool Principal) N.ABreak-even Collection Efficiency N.A. FLP (% of pool principal) N.ADelinquency Rate (90+) N.A SLP (% of pool principal) N.A

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



0%

5%

10%

15%

20%


60%69%

78%87%

96%

1 6 11 16 21 26 31 36


0.00%

0.50%

1.00%

1.50%

2.00%


0.00%

0.10%

0.20%

0.30%

0.40%

1 6 11 16 21 26 31 36CL CLAP



Luxury8%

Small60%Medium

23%

Premium9%Issue Name: SBI Direct Assignement

Trustee: WITECO


Commencement Month Jan-05 Months Post- Securitisation 38Transaction Structure Par Cumulative Collection Efficiency 98.21%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.14%Pool Principal (Rs. mn) 986.7 Cumu. Credit Enhancement Utilisation 24.66%No of Contracts 3,685 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 986.7 FLP Utilisation N.ATenure of Cashflow (months) 47 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 14.20%Average Loan to Value 77.60% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.46% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 16.01% Cash Collateral (% of Pool Principal) 6.90% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.05% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.03% EIS (% of Pool Principal) 1.32% CLAP Ratio 0.47% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.46%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 12.0 Credit enhancement O/s Senior PTC Principal (Rs. mn) 12.0 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.ADelinquency Rate (90+) 2.90% SLP (% of pool principal) N.A

Delinquency Rate (180+) 1.74% Excess Interest Spread (% of Pool Principal) -8.29%



0%

9%

18%

27%

36%

1 6 11 16 21 26 31 36

Cumulative Monthly

60%

72%

84%

96%

108%

1 6 11 16 21 26 31 36


0.20%

0.50%

0.80%

1.10%

1.40%

1 6 11 16 21 26 31 36


0.00%

0.30%

0.60%

0.90%

1.20%

1 6 11 16 21 26 31 36

CL CLAP



Others3%

Buses5%

CE6%

LCV26%

HCV60%

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


Commencement Month Feb-05 Months Post- Securitisation 38Transaction Structure Par Cumulative Collection Efficiency 96.86%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 107.81%Pool Principal (Rs. mn) 1,062.2 Cumu. Credit Enhancement Utilisation 9.85%No of Contracts 2,615 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 1,062.2 FLP Utilisation N.ATenure of Cashflow (months) 45 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 31.40%Average Loan to Value 88.40% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.29% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.51% Cash Collateral (% of Pool Principal) 7.25% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 1.87% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.77% EIS (% of Pool Principal) 2.67% CLAP Ratio 1.05% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 1.03%





0%

3%

6%

9%

12%

1 4 7 10 13 16 19 22 25 28 31 34 37

Cumulative Monthly

60%

70%

80%

90%

100%

1 5 9 13 17 21 25 29 33 37


0.00%

0.90%

1.80%

2.70%

3.60%

1 5 9 13 17 21 25 29 33 37


0.00%

0.30%

0.60%

0.90%

1.20%

1 5 9 13 17 21 25 29 33 37

CL CLAP



Mid-sized23%

Luxury6%

Small61%

Premium10%Issue Name: Indian Retai l ABS Trust Series XXXII



Commencement Month Feb-05 Months Post- Securitisation 38Transaction Structure Par Cumulative Collection Efficiency 98.93%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 121.10%Pool Principal (Rs. mn) 10,214.4 Cumu. Credit Enhancement Utilisation 3.55%No of Contracts 36,360 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 9,805.9 FLP Utilisation N.ATenure of Cashflow (months) 58 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 21.40%Average Loan to Value 78.20% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.43% Subordination (% of Pool Principal) 4.00% Cumulative Prepayment Rate 15.09% Cash Collateral (% of Pool Principal) 2.81% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.95% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.78% EIS (% of Pool Principal) 3.26% CLAP Ratio 0.22% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.21%





60%

72%

84%

96%

108%

1 6 11 16 21 26 31 36


0.00%

0.07%

0.14%

0.21%

0.28%

1 6 11 16 21 26 31 36

CL CLAP

0.00%

0.30%

0.60%

0.90%

1.20%

1 6 11 16 21 26 31 36


0%

1%

2%

3%

4%

1 6 11 16 21 26 31 36Cumulative



Asset composition

CV22%

3W21%

CE57%

Issue Name: Indian Retai l ABS Trust Series XXXV Trustee: IDBI Trusteeship Services Limited


Commencement Month Jul-05 Months Post- Securitisation 34Transaction Structure Par Cumulative Collection Efficiency 96.24%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.92%Pool Principal (Rs. mn) 3,242.2 Cumu. Credit Enhancement Utilisation 10.45%No of Contracts 16,160 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 3,373.1 FLP Utilisation 0.00%Tenure of Cashflow (months) 38 SLP Utilisation 0.00%Asset Class CV Liquidity Utilisation 0.00%Avg. Seasoning (% of Org Tnr) 43.90%Average Loan to Value 74.40% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.33% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 10.77% Cash Collateral (% of Pool Principal) 5.60% Loss cum Delinquency FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 2.48% SLP (% of Pool Principal) 5.10% 180+dpd (% of Initial Pool Size) 2.43% EIS (% of Pool Principal) N.A CLAP Ratio 1.04% Liquidity (% of Pool Principal) 8.50% Cumulative Loss Ratio 1.03%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 1.0 Credit enhancement O/s Senior PTC Principal (Rs. mn) 0.7 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 4 Cash Collateral (% of Pool Principal) >100%Break-even Collection Efficiency 0.00% FLP (% of pool principal) >100%Delinquency Rate (90+) 5.42% SLP (% of pool principal) >100%

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



20%36%52%68%84%

100%

1 4 7 10 13 16 19 22 25 28 31


0.00%

1.20%

2.40%

3.60%

4.80%

1 4 7 10 13 16 19 22 25 28 31 34


0.00%

0.30%

0.60%

0.90%

1.20%

1 4 7 10 13 16 19 22 25 28 31 34

CL CLA P

0%

3%

6%

9%

12%

1 4 7 10 13 16 19 22 25 28 31

Cumulative



Asset composition

LCV 37%

MUV & Others15%

HCV48%

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


Commencement Month Sep-05 Months Post- Securitisation 31Transaction Structure Par Cumulative Collection Efficiency 94.10%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.44%Pool Principal (Rs. mn) 4,336.3 Cumu. Credit Enhancement Utilisation 22.76%No of Contracts 12,456 Cumulative Cash Collateral Utilisation 31.46%Senior PTC Principal (Rs. mn) 4,453.8 FLP Utilisation 100.00%Tenure of Cashflow (months) 44 SLP Utilisation 27.18%Asset Class CV Liquidity Utilisation 26.70%Avg. Seasoning (% of Org Tnr) 21.10%Average Loan to Value 81.40% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.47% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 13.69% Cash Collateral (% of Pool Principal) 8.50% Loss cum Delinquency FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 4.84% SLP (% of Pool Principal) 8.00% 180+dpd (% of Initial Pool Size) 4.36% EIS (% of Pool Principal) N.A CLAP Ratio 2.04% Liquidity (% of Pool Principal) 4.87% Cumulative Loss Ratio 1.90%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 261.5 Credit enhancement O/s Senior PTC Principal (Rs. mn) 229.6 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 13 Cash Collateral (% of Pool Principal) >100%Break-even Collection Efficiency 12.96% FLP (% of pool principal) 0.00%Delinquency Rate (90+) 12.61% SLP (% of pool principal) >100%




60%

70%

80%

90%

100%

1 4 7 10 13 16 19 22 25 28 31Cumulative CE Current CE

0.00%

0.60%

1.20%

1.80%

2.40%

1 4 7 10 13 16 19 22 25 28 31CL CLAP

0.00%

1.50%

3.00%

4.50%

6.00%

1 4 7 10 13 16 19 22 25 28 31Loss+delq. 90+ Loss+delq. 180+

0%

6%

12%

18%

24%

1 4 7 10 13 16 19 22 25 28 31Cumulative



Asset Composition

Used Car

100%

Issue Name: Indian Retai l ABS Trust Series XXXVII I Trustee: IDBI Trusteeship Services Limited


Commencement Month Jul-05 Months Post- Securitisation 33Transaction Structure Par Cumulative Collection Efficiency 93.97%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.72%Pool Principal (Rs. mn) 3,686.2 Cumu. Credit Enhancement Utilisation 17.78%No of Contracts 22,109 Cumulative Cash Collateral Utilisation 27.72%Senior PTC Principal (Rs. mn) 4,029.9 FLP Utilisation 100.00%Tenure of Cashflow (months) 57 SLP Utilisation 22.56%Asset Class U Cars Liquidity Utilisation 14.27%Avg. Seasoning (% of Org Tnr) 8.40%Average Loan to Value 74.30% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 1.30% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 35.00% Cash Collateral (% of Pool Principal) 7.50% Loss cum Delinquency FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 4.01% SLP (% of Pool Principal) 7.00% 180+dpd (% of Initial Pool Size) 3.59% EIS (% of Pool Principal) N.A CLAP Ratio 0.93% Liquidity (% of Pool Principal) 4.25% Cumulative Loss Ratio 0.88%





0%

5%

10%

15%

20%

1 4 7 10 13 16 19 22 25 28 31

Cumulative

60%

70%

80%

90%

100%

1 4 7 10 13 16 19 22 25 28 31


0.00%0.20%0.40%0.60%0.80%1.00%

1 4 7 10 13 16 19 22 25 28 31 34CL CLAP

0.00%1.00%2.00%3.00%4.00%5.00%

1 4 7 10 13 16 19 22 25 28 31 34




Asset Composition

TWL100%

Issue Name: Indian Retai l ABS Trust Series XXXIX Trustee: IDBI Trusteeship Services Limited


Commencement Month Sep-05 Months Post- Securitisation 31Transaction Structure Par Cumulative Collection Efficiency 93.87%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.44%Pool Principal (Rs. mn) 2,821.1 Cumu. Credit Enhancement Utilisation 21.01%No of Contracts 108,146 Cumulative Cash Collateral Utilisation 43.23%Senior PTC Principal (Rs. mn) 3,132.1 FLP Utilisation 100.00%Tenure of Cashflow (months) 33 SLP Utilisation 39.86%Asset Class TW Liquidity Utilisation 15.23%Avg. Seasoning (% of Org Tnr) 9.68%Average Loan to Value 72.30% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.27% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 8.13% Cash Collateral (% of Pool Principal) 8.90% Loss cum Delinquency FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 4.46% SLP (% of Pool Principal) 8.40% 180+dpd (% of Initial Pool Size) 4.16% EIS (% of Pool Principal) N.A CLAP Ratio 0.72% Liquidity (% of Pool Principal) 6.30% Cumulative Loss Ratio 0.71%





0%

6%

12%

18%

24%

1 4 7 10 13 16 19 22 25 28 31Cumulative

60%

70%

80%

90%

100%

1 4 7 10 13 16 19 22 25 28 31


0.00%1.00%2.00%

3.00%4.00%5.00%


0.00%

0.20%0.40%

0.60%0.80%

1.00%

1 4 7 10 13 16 19 22 25 28 31CL CLAP



Asset composition

LCV28%

CE15%

MUV17% HCV

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


Commencement Month Sep-05 Months Post- Securitisation 31Transaction Structure Par Cumulative Collection Efficiency 94.33%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.45%Pool Principal (Rs. mn) 207.0 Cumu. Credit Enhancement Utilisation 31.48%No of Contracts 539 Cumulative Cash Collateral Utilisation 48.11%Senior PTC Principal (Rs. mn) 214.4 FLP Utilisation 100.00%Tenure of Cashflow (months) 51 SLP Utilisation 43.95%Asset Class CV Liquidity Utilisation 24.46%Avg. Seasoning (% of Org Tnr) 19.85%Average Loan to Value 79.50% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.56% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 16.00% Cash Collateral (% of Pool Principal) 6.70% Loss cum Delinquency FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 5.12% SLP (% of Pool Principal) 6.20% 180+dpd (% of Initial Pool Size) 4.50% EIS (% of Pool Principal) N.A CLAP Ratio 2.62% Liquidity (% of Pool Principal) 5.25% Cumulative Loss Ratio 2.45%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 13.8 Credit enhancement O/s Senior PTC Principal (Rs. mn) 12.4 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 20 Cash Collateral (% of Pool Principal) 55.56%Break-even Collection Efficiency 56.43% FLP (% of pool principal) 0.00%Delinquency Rate (90+) 11.86% SLP (% of pool principal) 55.56%




0%

10%

20%

30%

40%

1 4 7 10 13 16 19 22 25 28 31Cumulative

0%

30%60%

90%

120%


0.00%

1.50%

3.00%

4.50%

6.00%

1 4 7 10 13 16 19 22 25 28 31CL CLAP

0.00%

1.50%

3.00%

4.50%

6.00%

1 4 7 10 13 16 19 22 25 28 31




Asset composition

Used Cars100%Issue Name: Indian Retail ABS Trust Series XLVI



Commencement Month Oct-05 Months Post- Securitisation 30Transaction Structure Par Cumulative Collection Efficiency 94.42%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.01%Pool Principal (Rs. mn) 1,016.0 Cumu. Credit Enhancement Utilisation 18.40%No of Contracts 5,646 Cumulative Cash Collateral Utilisation 27.00%Senior PTC Principal (Rs. mn) 1,116.3 FLP Utilisation 100.00%Tenure of Cashflow (months) 57 SLP Utilisation 9.30%Asset Class U Cars Liquidity Utilisation 33.82%Avg. Seasoning (% of Org Tnr) 6.00%Average Loan to Value 74.60% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 1.27% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 31.83% Cash Collateral (% of Pool Principal) 8.20% Loss cum Delinquency FLP (% of Pool Principal) 1.60% 90+ dpd (% of Initial Pool Size) 4.20% SLP (% of Pool Principal) 6.60% 180+dpd (% of Initial Pool Size) 3.73% EIS (% of Pool Principal) N.A CLAP Ratio 1.22% Liquidity (% of Pool Principal) 4.00% Cumulative Loss Ratio 1.12%





60%

70%

80%

90%

100%

1 4 7 10 13 16 19 22 25 28Cumulative CE Current CE

0%

5%

10%

15%

20%

1 4 7 10 13 16 19 22 25 28Cumulative

0.00%

0.35%

0.70%

1.05%

1.40%

1 4 7 10 13 16 19 22 25 28CL CLAP

0.00%

1.20%

2.40%

3.60%

4.80%

1 4 7 10 13 16 19 22 25 28Loss+delq. 90+ Loss+delq. 180+



Asset Composition

TWL100%

Issue Name: Indian Retail ABS Trust Series 47 Trustee: IDBI Trusteeship Services Limited


Commencement Month Oct-05 Months Post- Securitisation 31Transaction Structure Par Cumulative Collection Efficiency 94.76%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.10%Pool Principal (Rs. mn) 1,077.4 Cumu. Credit Enhancement Utilisation 19.90%No of Contracts 41,812 Cumulative Cash Collateral Utilisation 40.86%Senior PTC Principal (Rs. mn) 1,195.9 FLP Utilisation 100.00%Tenure of Cashflow (months) 33 SLP Utilisation 36.86%Asset Class TW Liquidity Utilisation 18.21%Avg. Seasoning (% of Org Tnr) 7.90%Average Loan to Value 71.40% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.24% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 7.05% Cash Collateral (% of Pool Principal) 7.90% Loss cum Delinquency FLP (% of Pool Principal) 0.50% 90+ dpd (% of Initial Pool Size) 3.85% SLP (% of Pool Principal) 7.40% 180+dpd (% of Initial Pool Size) 3.44% EIS (% of Pool Principal) N.A CLAP Ratio 0.51% Liquidity (% of Pool Principal) 6.17% Cumulative Loss Ratio 0.50%





60%

70%

80%

90%

100%

1 5 9 13 17 21 25 29


0%5%

10%15%20%25%

1 5 9 13 17 21 25 29

Cumulative

0.00%

0.15%

0.30%

0.45%

0.60%

1 5 9 13 17 21 25 29CL CLAP

0.00%1.00%2.00%3.00%4.00%5.00%

1 5 9 13 17 21 25 29




Asset composition

Personal Loans100%



Commencement Month Nov-05 Months Post- Securitisation 29Transaction Structure Par Cumulative Collection Efficiency 93.33%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 93.80%Pool Principal (Rs. mn) 6,305.0 Cumu. Credit Enhancement Utilisation 26.94%No of Contracts 53,149 Cumulative Cash Collateral Utilisation 32.85%Senior PTC Principal (Rs. mn) 7,010.7 FLP Utilisation 64.06%Tenure of Cashflow (months) 48 SLP Utilisation 0.00%Asset Class PL Liquidity Utilisation 65.42%Avg. Seasoning (% of Org Tnr) 8.43%Average Loan to Value N.A Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.61% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 16.37% Cash Collateral (% of Pool Principal) 13.87% Loss cum Delinquency FLP (% of Pool Principal) 7.11% 90+ dpd (% of Initial Pool Size) 15.41% SLP (% of Pool Principal) 6.76% 180+dpd (% of Initial Pool Size) 11.46% EIS (% of Pool Principal) N.A CLAP Ratio N.A. Liquidity (% of Pool Principal) 3.62% Cumulative Loss Ratio N.A.

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 1,167.8 Credit enhancement O/s Senior PTC Principal (Rs. mn) 1,077.4 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 19 Cash Collateral (% of Pool Principal) 52.59%Break-even Collection Efficiency 54.92% FLP (% of pool principal) 13.04%Delinquency Rate (90+) 15.41% SLP (% of pool principal) 39.55%




0%6%

12%18%24%30%

1 4 7 10 13 16 19 22 25 28

Cumulative

60%

70%

80%

90%

100%


0.00%20.00%40.00%60.00%80.00%

100.00%

1 4 7 10 13 16 19 22 25 28

CL CLAP

0.00%2.00%4.00%6.00%8.00%

1 4 7 10 13 16 19 22 25 28




Asset Composition

Auto100%

Issue Name: ICICI D.A. November 2005 Trustee: N.A.


Commencement Month Nov-05 Months Post- Securitisation 28Transaction Structure Par Cumulative Collection Efficiency 96.02%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 101.40%Pool Principal (Rs. mn) 2,024.5 Cumu. Credit Enhancement Utilisation 25.33%No of Contracts 7,575 Cumulative Cash Collateral Utilisation 21.63%Senior PTC Principal (Rs. mn) 2,024.5 FLP Utilisation 54.09%Tenure of Cashflow (months) 55 SLP Utilisation 0.00%Asset Class N Cars Liquidity Utilisation 36.24%Avg. Seasoning (% of Org Tnr) 10.10%Average Loan to Value 79.50% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.62% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 15.88% Cash Collateral (% of Pool Principal) 6.00% Loss cum Delinquency FLP (% of Pool Principal) 2.40% 90+ dpd (% of Initial Pool Size) 4.09% SLP (% of Pool Principal) 3.60% 180+dpd (% of Initial Pool Size) 3.24% EIS (% of Pool Principal) 0.56% CLAP Ratio 0.94% Liquidity (% of Pool Principal) 1.00% Cumulative Loss Ratio 0.61%



Collection efficiency Credit enh ancement utilisation

CL and C LAP Loss cum Delinquency

60%

69%

78%

87%

96%

105%

1 3 5 7 9 11 13 15 17 19 21 23 25 27


0%

8%

16%

24%

32%

1 4 7 10 13 16 19 22 25 28

Cumulative Monthly

0.00%

0.30%

0.60%

0.90%

1.20%

1 3 5 7 9 11 13 15 17 19 21 23 25 27

CL CLAP

0.00%

1.20%

2.40%

3.60%

4.80%

1 3 5 7 9 11 13 15 17 19 21 23 25 27




Asset Composition

Personal Loan100%



Commencement Month Dec-05 Months Post- Securitisation 27Transaction Structure Par Cumulative Collection Efficiency 93.49%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 93.97%Pool Principal (Rs. mn) 5,038.5 Cumu. Credit Enhancement Utilisation 26.89%No of Contracts 43,103 Cumulative Cash Collateral Utilisation 32.47%Senior PTC Principal (Rs. mn) 5,664.5 FLP Utilisation 72.52%Tenure of Cashflow (months) 44 SLP Utilisation 0.00%Asset Class PL Liquidity Utilisation 70.69%Avg. Seasoning (% of Org Tnr) 8.31%Average Loan to Value N.A Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.53% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 13.28% Cash Collateral (% of Pool Principal) 13.40% Loss cum Delinquency FLP (% of Pool Principal) 6.00% 90+ dpd (% of Initial Pool Size) 7.56% SLP (% of Pool Principal) 7.40% 180+dpd (% of Initial Pool Size) 6.13% EIS (% of Pool Principal) N.A CLAP Ratio N.A. Liquidity (% of Pool Principal) 3.70% Cumulative Loss Ratio N.A.





0%

30%

60%

90%

120%

1 4 7 10 13 16 19 22 25


0%5%

10%15%20%25%30%

1 4 7 10 13 16 19 22 25Cumulative

0.00%

25.00%

50.00%

75.00%

100.00%

1 4 7 10 13 16 19 22 25CL CLAP

0.00%1.50%3.00%4.50%6.00%7.50%9.00%

1 4 7 10 13 16 19 22 25Loss+delq. 90+ Loss+delq. 180+



Asset Composition

TWL100%

Issue Name: ICICI D.A. March 2006 Trustee: N.A.


Commencement Month Mar-06 Months Post- Securitisation 24Transaction Structure Par Cumulative Collection Efficiency 95.05%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.96%Pool Principal (Rs. mn) 983.2 Cumu. Credit Enhancement Utilisation 20.15%No of Contracts 38,994 Cumulative Cash Collateral Utilisation 30.57%Senior PTC Principal (Rs. mn) 983.2 FLP Utilisation 47.09%Tenure of Cashflow (months) 32 SLP Utilisation 0.00%Asset Class TW Liquidity Utilisation 52.97%Avg. Seasoning (% of Org Tnr) 8.91%Average Loan to Value 73.30% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.29% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.82% Cash Collateral (% of Pool Principal) 8.55% Loss cum Delinquency FLP (% of Pool Principal) 5.55% 90+ dpd (% of Initial Pool Size) 4.28% SLP (% of Pool Principal) 3.00% 180+dpd (% of Initial Pool Size) 3.55% EIS (% of Pool Principal) 0.75% CLAP Ratio 0.78% Liquidity (% of Pool Principal) 1.00% Cumulative Loss Ratio 0.69%





60%

70%

80%

90%

100%

1 4 7 10 13 16 19 22


0%

7%

14%

21%

28%


0.00%

0.30%

0.60%

0.90%

1.20%

1 4 7 10 13 16 19 22

CL CLAP

0.00%

1.20%

2.40%

3.60%

4.80%

1 4 7 10 13 16 19 22




Asset Composition

Used Car41%

TWL59%



Commencement Month Apr-06 Months Post- Securitisation 24Transaction Structure Par Cumulative Collection Efficiency 93.85%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.95%Pool Principal (Rs. mn) 1,221.6 Cumu. Credit Enhancement Utilisation 17.77%No of Contracts 35,860 Cumulative Cash Collateral Utilisation 46.96%Senior PTC Principal (Rs. mn) 1,243.2 FLP Utilisation N.ATenure of Cashflow (months) 27 SLP Utilisation N.AAsset Class U Cars TW Liquidity Utilisation 5.11%Avg. Seasoning (% of Org Tnr) 20.00% 15.21%Average Loan to Value 68.91% 70.70% Prepayment Rate U Cars TW Credit / Liquidity Support Monthly Prepayment Rate 0.31% 0.87% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 7.28% 18.89% Cash Collateral (% of Pool Principal) 9.25% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 17.70% 2.86% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 5.32% 2.74% EIS (% of Pool Principal) N.A CLAP Ratio 0.30% 0.52% Liquidity (% of Pool Principal) 7.56% Cumulative Loss Ratio 0.52% 0.30%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 6.1 Credit enhancement O/s Senior PTC Principal (Rs. mn) 3.3 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 3 Cash Collateral (% of Pool Principal) >100%Break-even Collection Efficiency 0.00% FLP (% of pool principal) N.ADelinquency Rate (90+) 17.70% N.A. SLP (% of pool principal) N.A

Delinquency Rate (180+) 11.44% N.A. Excess Interest Spread (% of Pool Principal) N.A



40%

55%

70%

85%

100%


0%

5%

10%

15%

20%

1 3 5 7 9 11 13 15 17 19 21 23

Cumulative

0.00%

0.21%

0.42%

0.63%

1 3 5 7 9 11 13 15 17 19 21 23

CLAP Used Car CLAP TWL

0.00%

2.00%

4.00%

6.00%

1 3 5 7 9 11 13 15 17 19 21 23

Used Car Loss+delq. 180+TWL Loss+delq.180+



Asset Composition

Used Car41%

TWL59%



Commencement Month Mar-06 Months Post- Securitisation 24Transaction Structure Par Cumulative Collection Efficiency 93.71%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.87%Pool Principal (Rs. mn) 1,196.6 Cumu. Credit Enhancement Utilisation 19.27%No of Contracts 35,859 Cumulative Cash Collateral Utilisation 50.08%Senior PTC Principal (Rs. mn) 1,217.8 FLP Utilisation N.ATenure of Cashflow (months) 27 SLP Utilisation N.AAsset Class U Cars TW Liquidity Utilisation 5.30%Avg. Seasoning (% of Org Tnr) 20.43% 15.23%Average Loan to Value 68.61% 70.66% Prepayment Rate U Cars TW Credit / Liquidity Support Monthly Prepayment Rate 0.17% 0.81% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 4.11% 17.67% Cash Collateral (% of Pool Principal) 9.20% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 17.42% 3.25% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 5.40% 3.09% EIS (% of Pool Principal) N.A CLAP Ratio 0.43% 0.49% Liquidity (% of Pool Principal) 7.61% Cumulative Loss Ratio 0.43% 0.49%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 6.2 Credit enhancement O/s Senior PTC Principal (Rs. mn) 3.4 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 3 Cash Collateral (% of Pool Principal) >100%Break-even Collection Efficiency 0.00% FLP (% of pool principal) N.ADelinquency Rate (90+) 17.42% N.A. SLP (% of pool principal) N.A

Delinquency Rate (180+) 11.44% N.A. Excess Interest Spread (% of Pool Principal) N.A



50%60%70%80%90%

100%


0%5%

10%15%20%25%

1 3 5 7 9 11 13 15 17 19 21 23Cumulative

0.00%

0.20%

0.40%

0.60%

1 3 5 7 9 11 13 15 17 19 21 23CLAP Used Car CLAP TWL

0.00%

1.50%

3.00%

4.50%

6.00%

1 3 5 7 9 11 13 15 17 19 21 23

Used Car Loss+delq.180+TWL Loss+delq.180+



Asset Composition

Auto100%

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

Issue Details Pool Performance till: February 2008

Commencement Month May-06 Months Post- Securitisation 21Transaction Structure Par Cumulative Collection Efficiency 94.20%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.37%Pool Principal (Rs. mn) 2,000.0 Cumu. Credit Enhancement Utilisation 50.58%No of Contracts 7,000 Cumulative Cash Collateral Utilisation 34.64%Senior PTC Principal (Rs. mn) 2,000.0 FLP Utilisation 0.04%Tenure of Cashflow (months) 57 SLP Utilisation 6.56%Asset Class N Cars Liquidity Utilisation 68.43%Avg. Seasoning (% of Org Tnr) 4.88%Average Loan to Value 82.01% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.50% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 9.95% Cash Collateral (% of Pool Principal) 6.00% Loss cum Delinquency FLP (% of Pool Principal) 2.10% 90+ dpd (% of Initial Pool Size) 6.92% SLP (% of Pool Principal) 3.90% 180+dpd (% of Initial Pool Size) 5.06% EIS (% of Pool Principal) 0.59% CLAP Ratio 2.12% Liquidity (% of Pool Principal) 6.00% Cumulative Loss Ratio 0.86%





0.00%2.00%4.00%6.00%8.00%

1 4 7 10 13 16 19 22


0.00%0.70%1.40%2.10%2.80%

1 4 7 10 13 16 19 22

CL CLAP

60%70%80%90%

100%

1 4 7 10 13 16 19 22


0%15%30%45%60%

1 4 7 10 13 16 19 22

Cumulative Monthly



Asset Composition

TWL100%


Issue Details Pool Performance till: November 2007

Commencement Month Jun-06 Months Post- Securitisation 17Transaction Structure Par Cumulative Collection Efficiency 92.43%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.56%Pool Principal (Rs. mn) 3,206.3 Cumu. Credit Enhancement Utilisation 36.65%No of Contracts 172,923 Cumulative Cash Collateral Utilisation 14.32%Senior PTC Principal (Rs. mn) 3,206.3 FLP Utilisation 31.80%Tenure of Cashflow (months) 18 SLP Utilisation 0.00%Asset Class TW Liquidity Utilisation 24.58%Avg. Seasoning (% of Org Tnr) 21.34%Average Loan to Value 68.70% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.27% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 4.46% Cash Collateral (% of Pool Principal) 4.75% Loss cum Delinquency FLP (% of Pool Principal) 2.14% 90+ dpd (% of Initial Pool Size) 5.27% SLP (% of Pool Principal) 2.61% 180+dpd (% of Initial Pool Size) 4.38% EIS (% of Pool Principal) 5.85% CLAP Ratio 0.23% Liquidity (% of Pool Principal) 9.00% Cumulative Loss Ratio 0.22%

Details of Remaining Pool - N.A. (Matured Pool) Outstanding Pool Principal (Rs. mn) - Credit enhancement O/s Senior PTC Principal (Rs. mn) - Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) - 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.



60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15 17


0%

10%

20%

30%

40%

1 3 5 7 9 11 13 15 17

Cumulative

0.00%

0.06%

0.12%0.18%

0.24%

0.30%

1 3 5 7 9 11 13 15 17CL CLAP

0.00%

1.50%

3.00%

4.50%

6.00%




Asset Composition HCV48%

Muv &Others

15%

LCV37%



Commencement Month Jun-06 Months Post- Securitisation 21Transaction Structure Par Cumulative Collection Efficiency 88.54%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 96.08%Pool Principal (Rs. mn) 804.9 Cumu. Credit Enhancement Utilisation 51.39%No of Contracts 3,383 Cumulative Cash Collateral Utilisation 41.92%Senior PTC Principal (Rs. mn) 804.9 FLP Utilisation N.ATenure of Cashflow (months) 54 SLP Utilisation N.AAsset Class CV Liquidity Utilisation 100.00%Avg. Seasoning (% of Org Tnr) 12.70%Average Loan to Value 80.90% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.83% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 16.10% Cash Collateral (% of Pool Principal) 9.75% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 10.73% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 8.61% EIS (% of Pool Principal) 1.73% CLAP Ratio 5.81% Liquidity (% of Pool Principal) 3.50% Cumulative Loss Ratio 3.99%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 253.1 Credit enhancement O/s Senior PTC Principal (Rs. mn) 234.3 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 33 Cash Collateral (% of Pool Principal) 19.30%Break-even Collection Efficiency 84.53% FLP (% of pool principal) N.ADelinquency Rate (90+) 13.30% SLP (% of pool principal) N.A




0%

20%40%

60%80%

100%

1 3 5 7 9 11 13 15 17 19 21


0%

15%

30%

45%

60%

1 3 5 7 9 11 13 15 17 19 21Cumulative

0.00%

2.00%

4.00%

6.00%

8.00%

1 3 5 7 9 11 13 15 17 19 21CL CLAP

0.00%2.50%5.00%7.50%

10.00%12.50%




Asset Composition

Auto100%

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


Commencement Month Jun-06 Months Post- Securitisation 21Transaction Structure Par Cumulative Collection Efficiency 94.88%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.49%Pool Principal (Rs. mn) 2,460.0 Cumu. Credit Enhancement Utilisation 40.93%No of Contracts 10,143 Cumulative Cash Collateral Utilisation 39.83%Senior PTC Principal (Rs. mn) 2,460.0 FLP Utilisation 61.28%Tenure of Cashflow (months) 56 SLP Utilisation 0.00%Asset Class N Cars Liquidity Utilisation 71.07%Avg. Seasoning (% of Org Tnr) 10.95%Average Loan to Value 80.63% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.65% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 12.72% Cash Collateral (% of Pool Principal) 5.20% Loss cum Delinquency FLP (% of Pool Principal) 3.38% 90+ dpd (% of Initial Pool Size) 5.71% SLP (% of Pool Principal) 1.82% 180+dpd (% of Initial Pool Size) 4.35% EIS (% of Pool Principal) 0.44% CLAP Ratio 1.51% Liquidity (% of Pool Principal) 0.60% Cumulative Loss Ratio 0.78%





60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15 17 19 21


0%

12%

24%

36%

48%

1 3 5 7 9 11 13 15 17 19 21

Cumulative Monthly

0.00%

0.50%

1.00%

1.50%

2.00%

1 3 5 7 9 11 13 15 17 19 21

CL CLAP

0.00%

2.00%

4.00%

6.00%

1 3 5 7 9 11 13 15 17 19 21




Asset Composition

Auto100%

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


Commencement Month Jun-06 Months Post- Securitisation 22Transaction Structure Par Cumulative Collection Efficiency 96.49%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.81%Pool Principal (Rs. mn) 2,001.0 Cumu. Credit Enhancement Utilisation 21.64%No of Contracts 7,930 Cumulative Cash Collateral Utilisation 15.87%Senior PTC Principal (Rs. mn) 2,001.0 FLP Utilisation 24.43%Tenure of Cashflow (months) 55 SLP Utilisation 0.00%Asset Class N Cars Liquidity Utilisation 60.17%Avg. Seasoning (% of Org Tnr) 12.41%Average Loan to Value 79.82% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.63% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 13.08% Cash Collateral (% of Pool Principal) 5.45% Loss cum Delinquency FLP (% of Pool Principal) 3.54% 90+ dpd (% of Initial Pool Size) 4.24% SLP (% of Pool Principal) 1.91% 180+dpd (% of Initial Pool Size) 2.62% EIS (% of Pool Principal) -1.18% CLAP Ratio 0.93% Liquidity (% of Pool Principal) 6.00% Cumulative Loss Ratio 0.45%



Collection efficiency Credit enha ncement utilisation


60%

70%

80%

90%

100%

1 4 7 10 13 16 19 22


0%

5%

10%

15%

20%

25%

1 4 7 10 13 16 19 22

Cumulative Monthly

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

1 4 7 10 13 16 19 22

CL CLAP

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

1 4 7 10 13 16 19 22




Asset Composition New Cars19%

Used Cars81%



Commencement Month Jun-06 Months Post- Securitisation 21Transaction Structure Par Cumulative Collection Efficiency 94.86%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 101.30%Pool Principal (Rs. mn) 3,559.0 Cumu. Credit Enhancement Utilisation 23.98%No of Contracts 27,067 Cumulative Cash Collateral Utilisation 16.04%Senior PTC Principal (Rs. mn) 3,559.0 FLP Utilisation 40.11%Tenure of Cashflow (months) 28 SLP Utilisation 0.00%Asset Class U Cars N Cars Liquidity Utilisation 32.35%Avg. Seasoning (% of Org Tnr) 20.88% 59.70%Average Loan to Value 70.28% 73.74% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 1.20% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 22.46% Cash Collateral (% of Pool Principal) 3.30% Loss cum Delinquency FLP (% of Pool Principal) 1.32% 90+ dpd (% of Initial Pool Size) 3.69% SLP (% of Pool Principal) 1.98% 180+dpd (% of Initial Pool Size) 3.03% EIS (% of Pool Principal) 5.46% CLAP Ratio 0.50% Liquidity (% of Pool Principal) 6.24% Cumulative Loss Ratio 0.46%





60%

70%

80%

90%

100%

1 4 7 10 13 16 19Cumulative CE Current CE

0%

7%

14%

21%

28%

1 4 7 10 13 16 19

Cumulative

0.00%

0.21%

0.42%

0.63%

1 4 7 10 13 16 19

CL CLAP

0.00%

1.00%

2.00%

3.00%

4.00%

1 4 7 10 13 16 19




Asset Composition TWL25%

Used Cars60%

New Cars15%



Commencement Month Jun-06 Months Post- Securitisation 21Transaction Structure Par Cumulative Collection Efficiency 94.07%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.06%Pool Principal (Rs. mn) 1,586.3 Cumu. Credit Enhancement Utilisation 31.95%No of Contracts 24,253 Cumulative Cash Collateral Utilisation 19.17%Senior PTC Principal (Rs. mn) 1,586.3 FLP Utilisation 31.95%Tenure of Cashflow (months) 29 SLP Utilisation 0.00%Asset Class U Cars TW N Cars Liquidity Utilisation 34.50%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 CarsCredit / Liquidity Support Monthly Prepayment Rate 1.29% 0.27% 0.26% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 23.85% 5.60% 5.38% Cash Collateral (% of Pool Principal) 4.60% Loss cum Delinquency FLP (% of Pool Principal) 1.84% 90+ dpd (% of Initial Pool Size) 4.21% 7.55% 0.41% SLP (% of Pool Principal) 2.76% 180+dpd (% of Initial Pool Size) 3.38% 6.52% 0.41% EIS (% of Pool Principal) 3.70% CLAP Ratio 0.58% 0.95% 0.00% Liquidity (% of Pool Principal) 5.60% Cumulative Loss Ratio 0.50% 0.95% 0.00%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 135.5 Credit enhancement O/s Senior PTC Principal (Rs. mn) 116.8 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 8 Cash Collateral (% of Pool Principal) 49.61%Break-even Collection Efficiency 73.89% FLP (% of pool principal) 24.61%Delinquency Rate (90+) 17.37% N.A. N.A. SLP (% of pool principal) 25.00%

Delinquency Rate (180+) 10.92% N.A. N.A. Excess Interest Spread (% of Pool Principal) -20.99%



60%

70%

80%

90%

100%


0%

10%

20%

30%

40%

1 3 5 7 9 11 13 15 17 19 21

Cumulative

0.00%0.25%0.50%0.75%1.00%1.25%

1 3 5 7 9 11 13 15 17 19 21New Car CLAP Used Car CLAP

TWL CLAP

0.00%2.00%4.00%

6.00%8.00%

1 3 5 7 9 11 13 15 17 19 21

New Car loss + delq. 180+ Used Car loss + delq. 180+

TWL loss+ delq. 180+



Asset Composition

New Cars58%

Used Cars42%



Commencement Month Jul-06 Months Post- Securitisation 19Transaction Structure Par Cumulative Collection Efficiency 95.53%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.58%Pool Principal (Rs. mn) 2,071.1 Cumu. Credit Enhancement Utilisation 23.85%No of Contracts 10,916 Cumulative Cash Collateral Utilisation 17.26%Senior PTC Principal (Rs. mn) 2,071.1 FLP Utilisation 43.16%Tenure of Cashflow (months) 28 SLP Utilisation 0.00%Asset Class U Cars N Cars Liquidity Utilisation 72.89%Avg. Seasoning (% of Org Tnr) 13.77% 21.91%Average Loan to Value 72.41% 74.90% Prepayment Rate U Cars N CarsCredit / Liquidity Support Monthly Prepayment Rate 1.55% 0.54% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 25.71% 9.84% Cash Collateral (% of Pool Principal) 4.60% Loss cum Delinquency FLP (% of Pool Principal) 1.84% 90+ dpd (% of Initial Pool Size) 12.53% 2.25% SLP (% of Pool Principal) 2.76% 180+dpd (% of Initial Pool Size) 4.39% 1.60% EIS (% of Pool Principal) 1.76% CLAP Ratio 0.66% 0.24% Liquidity (% of Pool Principal) 4.90% Cumulative Loss Ratio 0.55% 0.19%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 408.3 Credit enhancement O/s Senior PTC Principal (Rs. mn) 346.1 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 8 Cash Collateral (% of Pool Principal) 21.92%Break-even Collection Efficiency 85.58% FLP (% of pool principal) 5.39%Delinquency Rate (90+) 12.53% 3.96% SLP (% of pool principal) 16.53%

Delinquency Rate (180+) 8.53% 2.25% Excess Interest Spread (% of Pool Principal) -4.83%



60%

70%

80%

90%

100%


0%8%

16%

24%32%

1 3 5 7 9 11 13 15 17 19

Cumulative

0.00%0.20%

0.40%0.60%

0.80%

1 3 5 7 9 11 13 15 17 19New Car CLAP Used Car CLAP

0.00%1.00%2.00%3.00%4.00%5.00%

1 3 5 7 9 11 13 15 17 19New Car Loss+delq. 180+Used Car Loss+delq.180+



Asset Composition

New Car70%

Used Car30%Issue Name: Indian Retail ABS Trust Series 64



Commencement Month Jul-06 Months Post- Securitisation 19Transaction Structure Par Cumulative Collection Efficiency 97.02%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.90%Pool Principal (Rs. mn) 8,491.6 Cumu. Credit Enhancement Utilisation 16.15%No of Contracts 44,295 Cumulative Cash Collateral Utilisation 4.54%Senior PTC Principal (Rs. mn) 8,491.6 FLP Utilisation 11.34%Tenure of Cashflow (months) 32 SLP Utilisation 0.00%Asset Class U Cars N Cars Liquidity Utilisation 49.86%Avg. Seasoning (% of Org Tnr) 11.84% 23.04%Average Loan to Value 74.48% 74.63% Prepayment Rate U Cars N CarsCredit / Liquidity Support Monthly Prepayment Rate 1.34% 0.41% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 22.67% 7.45% Cash Collateral (% of Pool Principal) 4.75% Loss cum Delinquency FLP (% of Pool Principal) 1.90% 90+ dpd (% of Initial Pool Size) 11.74% 1.24% SLP (% of Pool Principal) 2.85% 180+dpd (% of Initial Pool Size) 4.74% 0.84% EIS (% of Pool Principal) 3.08% CLAP Ratio 1.20% 0.07% Liquidity (% of Pool Principal) 5.62% Cumulative Loss Ratio 0.89% 0.05%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 2,051.2 Credit enhancement O/s Senior PTC Principal (Rs. mn) 1,862.8 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 13 Cash Collateral (% of Pool Principal) 20.52%Break-even Collection Efficiency 82.46% FLP (% of pool principal) 7.52%Delinquency Rate (90+) 11.74% 2.44% SLP (% of pool principal) 12.99%




60%68%76%84%92%

100%

1 3 5 7 9 11 13 15 17 19


0%

5%

10%

15%

20%

1 4 7 10 13 16 19

Cumulative

0.00%

0.40%

0.80%

1.20%

1.60%

1 3 5 7 9 11 13 15 17 19

Auto CLAP Used Car CLAP

0.00%1.00%2.00%3.00%4.00%5.00%

1 4 7 10 13 16 19Auto Loss+delq.180+Used Car Loss+delq180+



Asset Composition

TWL100%



Commencement Month Jul-06 Months Post- Securitisation 18Transaction Structure Par Cumulative Collection Efficiency 91.56%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.59%Pool Principal (Rs. mn) 3,882.3 Cumu. Credit Enhancement Utilisation 40.94%No of Contracts 161,636 Cumulative Cash Collateral Utilisation 19.28%Senior PTC Principal (Rs. mn) 3,987.7 FLP Utilisation 32.13%Tenure of Cashflow (months) 29 SLP Utilisation 0.00%Asset Class TW Liquidity Utilisation 69.02%Avg. Seasoning (% of Org Tnr) 19.66%Average Loan to Value 75.56% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.44% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 7.58% Cash Collateral (% of Pool Principal) 5.60% Loss cum Delinquency FLP (% of Pool Principal) 3.36% 90+ dpd (% of Initial Pool Size) 7.23% SLP (% of Pool Principal) 2.24% 180+dpd (% of Initial Pool Size) 5.62% EIS (% of Pool Principal) 6.68% CLAP Ratio 1.44% Liquidity (% of Pool Principal) 5.92% Cumulative Loss Ratio 1.17%





60%

70%

80%

90%

100%


0%

12%

24%

36%

48%

1 3 5 7 9 11 13 15 17Cumulative

0.00%

0.50%

1.00%

1.50%

2.00%

1 3 5 7 9 11 13 15 17

CL CLAP

0.00%

2.00%

4.00%

6.00%

8.00%




Asset Composition

TWL64%

Car36%



Commencement Month Jul-06 Months Post- Securitisation 18Transaction Structure Par Cumulative Collection Efficiency 92.82%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.90%Pool Principal (Rs. mn) 8,678.2 Cumu. Credit Enhancement Utilisation 28.24%No of Contracts 228,226 Cumulative Cash Collateral Utilisation 7.36%Senior PTC Principal (Rs. mn) 8,813.4 FLP Utilisation 18.40%Tenure of Cashflow (months) 48 SLP Utilisation 0.00%Asset Class TW N Cars Liquidity Utilisation 80.78%Avg. Seasoning (% of Org Tnr) 15.21% 10.15%Average Loan to Value 73.23% 76.59% Prepayment Rate TW N CarsCredit / Liquidity Support Monthly Prepayment Rate 0.38% 0.47% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.57% 8.19% Cash Collateral (% of Pool Principal) 6.40% Loss cum Delinquency FLP (% of Pool Principal) 2.56% 90+ dpd (% of Initial Pool Size) 12.19% 2.79% SLP (% of Pool Principal) 3.84% 180+dpd (% of Initial Pool Size) 6.02% 1.78% EIS (% of Pool Principal) 5.60% CLAP Ratio 0.34% 1.34% Liquidity (% of Pool Principal) 4.61% Cumulative Loss Ratio 1.10% 0.18%





60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15 17


0.00%

7.00%

14.00%

21.00%

28.00%

35.00%

1 3 5 7 9 11 13 15 17Cumulative

0.00%

0.50%

1.00%

1.50%

2.00%

1 3 5 7 9 11 13 15 17

Auto CLAP TWL CLAP

0.00%

2.00%

4.00%

6.00%

8.00%

1 3 5 7 9 11 13 15 17Auto Loss+delq180+ TWL Loss+delq.180+



Asset Composition Car47%

TWL53%



Commencement Month Oct-06 Months Post- Securitisation 18Transaction Structure Par Cumulative Collection Efficiency 95.86%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 101.10%Pool Principal (Rs. mn) 3,032.9 Cumu. Credit Enhancement Utilisation 23.93%No of Contracts 72,101 Cumulative Cash Collateral Utilisation 11.77%Senior PTC Principal (Rs. mn) 3,032.9 FLP Utilisation 29.41%Tenure of Cashflow (months) 31 SLP Utilisation 0.00%Asset Class TW N Cars Liquidity Utilisation 58.22%Avg. Seasoning (% of Org Tnr) 15.85% 44.41%Average Loan to Value 73.52% 75.01% Prepayment Rate TW N CarsCredit / Liquidity Support Monthly Prepayment Rate 0.35% 0.47% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.12% 8.15% Cash Collateral (% of Pool Principal) 4.40% Loss cum Delinquency FLP (% of Pool Principal) 1.76% 90+ dpd (% of Initial Pool Size) 11.04% 0.83% SLP (% of Pool Principal) 2.64% 180+dpd (% of Initial Pool Size) 4.57% 0.56% EIS (% of Pool Principal) 4.79% CLAP Ratio 0.94% 0.01% Liquidity (% of Pool Principal) 5.76% Cumulative Loss Ratio 0.76% 0.01%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 356.0 Credit enhancement O/s Senior PTC Principal (Rs. mn) 288.8 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 13 Cash Collateral (% of Pool Principal) 39.92%Break-even Collection Efficiency 71.45% FLP (% of pool principal) 12.20%Delinquency Rate (90+) 11.04% 2.85% SLP (% of pool principal) 27.73%




60%

70%

80%

90%

100%


0%

7%

14%

21%

28%

1 3 5 7 9 11 13 15 17

Cumulative

0.00%

0.30%

0.60%

0.90%

1.20%

1 3 5 7 9 11 13 15 17

Auto CLAP TWL CLAP

0.00%

1.50%

3.00%

4.50%

6.00%

1 3 5 7 9 11 13 15 17Auto Loss+delq.180+ TWL Loss+delq.180+



Asset Composition

Car71%

CV29%Issue Name: ICICI CV and Car Loan Pool D.A December 2006

Trustee: N.A.


Commencement Month Dec-06 Months Post- Securitisation 15Transaction Structure Par Cumulative Collection Efficiency 94.77%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.75%Pool Principal (Rs. mn) 1,525.9 Cumu. Credit Enhancement Utilisation 24.79%No of Contracts 4,870 Cumulative Cash Collateral Utilisation 18.70%Senior PTC Principal (Rs. mn) 1,525.9 FLP Utilisation N.ATenure of Cashflow (months) 56 SLP Utilisation N.AAsset Class CV N Cars Liquidity Utilisation 78.93%Avg. Seasoning (% of Org Tnr) 9.16% 6.79%Average Loan to Value 87.17% 76.51% Prepayment Rate CV N CarsCredit / Liquidity Support Monthly Prepayment Rate 0.84% 1.24% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 5.74% 8.37% Cash Collateral (% of Pool Principal) 8.52% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 6.45% 4.39% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 4.26% 2.71% EIS (% of Pool Principal) 1.43% CLAP Ratio 3.22% 0.63% Liquidity (% of Pool Principal) 0.80% Cumulative Loss Ratio 1.23% 0.22%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 972.3 Credit enhancement O/s Senior PTC Principal (Rs. mn) 972.3 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 41 Cash Collateral (% of Pool Principal) 10.87%Break-even Collection Efficiency 90.13% FLP (% of pool principal) N.ADelinquency Rate (90+) 6.45% 5.36% SLP (% of pool principal) N.A

Delinquency Rate (180+) 3.64% 3.05% Excess Interest Spread (% of Pool Principal) 0.69%

Coll ection efficiency Credit enhancement utilisation


60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15


0%

8%

16%

24%

32%

1 3 5 7 9 11 13 15

Cumulative Monthly

0.00%

0.80%

1.60%

2.40%

3.20%

4.00%

1 3 5 7 9 11 13 15Auto CLAP CV CLAP

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

1 3 5 7 9 11 13 15

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



Asset Composition

New Car100%

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


Commencement Month Dec-06 Months Post- Securitisation 15Transaction Structure Par Cumulative Collection Efficiency 97.97%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 102.46%Pool Principal (Rs. mn) 1,536.3 Cumu. Credit Enhancement Utilisation 6.12%No of Contracts 5,683 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 1,536.3 FLP Utilisation N.ATenure of Cashflow (months) 29 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation 68.82%Avg. Seasoning (% of Org Tnr) 13.28%Average Loan to Value 74.57% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.53% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 7.62% Cash Collateral (% of Pool Principal) 5.50% 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) 1.06% EIS (% of Pool Principal) 2.76% CLAP Ratio 0.10% Liquidity (% of Pool Principal) 5.76% Cumulative Loss Ratio 0.05%





90%

92%94%

96%98%

100%

1 3 5 7 9 11 13 15


0%1%

2%3%

4%5%

1 3 5 7 9 11 13 15

Cumulative

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

1 3 5 7 9 11 13 15CL CLAP

0.00%

0.40%

0.80%

1.20%

1.60%

2.00%




Asset Composition

Car76%

Used Car24%

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


Commencement Month Dec-06 Months Post- Securitisation 15Transaction Structure Par Cumulative Collection Efficiency 96.16%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 102.00%Pool Principal (Rs. mn) 2,859.2 Cumu. Credit Enhancement Utilisation 17.15%No of Contracts 10,589 Cumulative Cash Collateral Utilisation 6.67%Senior PTC Principal (Rs. mn) 2,859.2 FLP Utilisation N.ATenure of Cashflow (months) 54 SLP Utilisation N.AAsset Class U Cars N Cars Liquidity Utilisation 77.51%Avg. Seasoning (% of Org Tnr) 11.02% 10.87%Average Loan to Value 71.09% 79.86% Prepayment Rate U Cars N CarsCredit / Liquidity Support Monthly Prepayment Rate 4.23% 1.20% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 26.10% 8.10% Cash Collateral (% of Pool Principal) 6.41% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 11.10% 2.12% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 4.66% 1.26% EIS (% of Pool Principal) 2.14% CLAP Ratio 1.05% 0.32% Liquidity (% of Pool Principal) 0.50% Cumulative Loss Ratio 0.62% 0.12%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 1,626.5 Credit enhancement O/s Senior PTC Principal (Rs. mn) 1,626.5 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 39 Cash Collateral (% of Pool Principal) 10.95%Break-even Collection Efficiency 89.52% FLP (% of pool principal) N.ADelinquency Rate (90+) 11.10% 2.66% SLP (% of pool principal) N.A


Collec tion efficiency Credit enhancement utilisation


60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15


0%

5%

10%

15%

20%

1 3 5 7 9 11 13 15

Cumulative Monthly

0.00%

0.30%

0.60%

0.90%

1.20%

1 3 5 7 9 11 13 15

Auto CLAP CV CLAP

0.00%

1.20%

2.40%

3.60%

4.80%

6.00%

1 3 5 7 9 11 13 15

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



Asset Composition

Auto100%

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


Commencement Month Dec-06 Months Post- Securitisation 15Transaction Structure Par Cumulative Collection Efficiency 96.51%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.14%Pool Principal (Rs. mn) 3,000.3 Cumu. Credit Enhancement Utilisation 21.69%No of Contracts 9,870 Cumulative Cash Collateral Utilisation 13.60%Senior PTC Principal (Rs. mn) 3,000.3 FLP Utilisation N.ATenure of Cashflow (months) 52 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation 84.33%Avg. Seasoning (% of Org Tnr) 10.83%Average Loan to Value 77.04% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 1.01% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.84% Cash Collateral (% of Pool Principal) 6.50% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 3.77% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 2.33% EIS (% of Pool Principal) 1.05% CLAP Ratio 0.37% Liquidity (% of Pool Principal) 0.50% Cumulative Loss Ratio 0.16%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 1,698.5 Credit enhancement O/s Senior PTC Principal (Rs. mn) 1,698.5 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 37 Cash Collateral (% of Pool Principal) 9.92%Break-even Collection Efficiency 90.43% FLP (% of pool principal) N.ADelinquency Rate (90+) 4.98% SLP (% of pool principal) N.A




60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15


0%

5%

10%

15%

20%

25%

1 3 5 7 9 11 13 15

Cumulative Monthly

0.00%

0.10%

0.20%

0.30%

0.40%

1 3 5 7 9 11 13 15

CL CLAP

0.00%

1.00%

2.00%

3.00%

4.00%

1 3 5 7 9 11 13 15Loss + Delq. 90+ Loss+delq. 180+



Asset Composition

New Car77%

Used Car23%Issue Name: Indian Retail ABS Trust Series 70



Commencement Month Dec-06 Months Post- Securitisation 15Transaction Structure Par Cumulative Collection Efficiency 96.92%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.31%Pool Principal (Rs. mn) 2,896.9 Cumu. Credit Enhancement Utilisation 8.23%No of Contracts 10,574 Cumulative Cash Collateral Utilisation 2.20%Senior PTC Principal (Rs. mn) 2,896.9 FLP Utilisation N.ATenure of Cashflow (months) 43 SLP Utilisation N.AAsset Class U Cars N Cars Liquidity Utilisation 87.56%Avg. Seasoning (% of Org Tnr) 13.28% 12.92%Average Loan to Value 73.91% 76.31% Prepayment Rate U Cars N CarsCredit / Liquidity Support Monthly Prepayment Rate 1.58% 0.46% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 21.28% 6.62% Cash Collateral (% of Pool Principal) 6.80% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 7.24% 2.18% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 3.31% 1.27% EIS (% of Pool Principal) 3.85% CLAP Ratio 0.96% 0.18% Liquidity (% of Pool Principal) 4.00% Cumulative Loss Ratio 0.55% 0.09%





60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15


0%

2%

4%

6%

8%

10%

1 3 5 7 9 11 13 15Cumulative

0.00%

0.30%

0.60%

0.90%

1.20%

1 3 5 7 9 11 13 15


0.00%

1.00%

2.00%

3.00%

4.00%

1 3 5 7 9 11 13 15AutoLoss+delq.180+Used Car Loss+delq.180+



Asset Composition

MHCV54% MUV

16%

LCV30%

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


Commencement Month Dec-06 Months Post- Securitisation 15Transaction Structure Par Cumulative Collection Efficiency 90.66%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.72%Pool Principal (Rs. mn) 1,011.5 Cumu. Credit Enhancement Utilisation 38.43%No of Contracts 2,893 Cumulative Cash Collateral Utilisation 21.28%Senior PTC Principal (Rs. mn) 1,011.5 FLP Utilisation N.ATenure of Cashflow (months) 56 SLP Utilisation N.AAsset Class CV Liquidity Utilisation 100.00%Avg. Seasoning (% of Org Tnr) 22.37%Average Loan to Value 85.32% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.79% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 5.40% Cash Collateral (% of Pool Principal) 12.15% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 8.45% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 5.98% EIS (% of Pool Principal) 0.80% CLAP Ratio 2.25% Liquidity (% of Pool Principal) 1.10% Cumulative Loss Ratio 1.11%





40%

55%

70%

85%

100%

1 3 5 7 9 11 13 15


0%

10%

20%

30%

40%

50%


0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

1 3 5 7 9 11 13 15CL CLAP

0.00%

2.50%

5.00%

7.50%

10.00%

1 3 5 7 9 11 13 15Loss + Delq. 90+ Loss+delq. 180+



Asset Composition

PL100%

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


Commencement Month Dec-06 Months Post- Securitisation 16Transaction Structure Par Cumulative Collection Efficiency 93.70%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.31%Pool Principal (Rs. mn) 9,517.0 Cumu. Credit Enhancement Utilisation 26.16%No of Contracts 95,591 Cumulative Cash Collateral Utilisation 14.36%Senior PTC Principal (Rs. mn) 9,517.0 FLP Utilisation N.ATenure of Cashflow (months) 38 SLP Utilisation N.AAsset Class PL Liquidity Utilisation 40.53%Avg. Seasoning (% of Org Tnr) n.a.Average Loan to Value N.A Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 1.47% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 9.87% Cash Collateral (% of Pool Principal) 14.25% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 6.54% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 4.65% EIS (% of Pool Principal) 5.08% CLAP Ratio N.A. Liquidity (% of Pool Principal) 1.50% Cumulative Loss Ratio N.A.



Collection eff iciency Credit enhancement utilisation


60%

70%

80%

90%

100%

1 3 5 7 9 11 13 15


0%

9%

18%

27%

36%

1 3 5 7 9 11 13 15

Cumulative Monthly

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

1 3 5 7 9 11 13 15

CL CLAPLoss + Delq. 90+

0.00%

2.00%

4.00%

6.00%

8.00%

1 3 5 7 9 11 13 15



Asset Composition

New Car100%



Commencement Month Jan-07 Months Post- Securitisation 15Transaction Structure Par Cumulative Collection Efficiency 97.40%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.29%Pool Principal (Rs. mn) 872.0 Cumu. Credit Enhancement Utilisation 6.77%No of Contracts 3,338 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 872.0 FLP Utilisation N.ATenure of Cashflow (months) 31 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation 89.13%Avg. Seasoning (% of Org Tnr) 11.97%Average Loan to Value 73.47% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.50% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 7.28% Cash Collateral (% of Pool Principal) 5.70% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 2.46% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.54% EIS (% of Pool Principal) 3.53% CLAP Ratio 0.13% Liquidity (% of Pool Principal) 4.30% Cumulative Loss Ratio 0.07%





80%

86%

92%

98%

1 3 5 7 9 11 13 15


-0.02%

0.06%

0.14%

0.22%

0.30%

1 3 5 7 9 11 13 15CL CLAP

0%

2%

4%

6%

8%

1 3 5 7 9 11 13 15

Cumulative

0.00%

0.80%

1.60%

2.40%

3.20%

1 3 5 7 9 11 13 15




Asset Composition

New Car

100%



Commencement Month Jan-07 Months Post- Securitisation 15Transaction Structure Par Cumulative Collection Efficiency 97.20%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.48%Pool Principal (Rs. mn) 875.4 Cumu. Credit Enhancement Utilisation 9.39%No of Contracts 3,338 Cumulative Cash Collateral Utilisation 1.08%Senior PTC Principal (Rs. mn) 875.4 FLP Utilisation N.ATenure of Cashflow (months) 31 SLP Utilisation N.AAsset Class N Cars Liquidity Utilisation 87.91%Avg. Seasoning (% of Org Tnr) 11.94%Average Loan to Value 73.84% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.48% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 7.02% Cash Collateral (% of Pool Principal) 5.60% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 2.47% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 1.70% EIS (% of Pool Principal) 3.45% CLAP Ratio 0.26% Liquidity (% of Pool Principal) 4.30% Cumulative Loss Ratio 0.14%





80%

85%

90%95%

100%

1 3 5 7 9 11 13 15


0%

3%

6%

9%

12%

1 3 5 7 9 11 13 15

Cumulative

0.00%

0.10%

0.20%

0.30%

0.40%

1 3 5 7 9 11 13 15

CL CLAP

0.00%

1.00%

2.00%

3.00%




Asset compositionNew Car

55%Used Car45%



Commencement Month Jan-07 Months Post- Securitisation 14Transaction Structure Par Cumulative Collection Efficiency 96.02%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 103.46%Pool Principal (Rs. mn) 1,167.4 Cumu. Credit Enhancement Utilisation 12.27%No of Contracts 5,384 Cumulative Cash Collateral Utilisation 3.71%Senior PTC Principal (Rs. mn) 1,167.4 FLP Utilisation N.ATenure of Cashflow (months) 37 SLP Utilisation N.AAsset Class U Cars N Cars Liquidity Utilisation 79.17%Avg. Seasoning (% of Org Tnr) 11.66% 16.15%Average Loan to Value 72.65% 75.98% Prepayment Rate U Cars N CarsCredit / Liquidity Support Monthly Prepayment Rate 1.54% 0.47% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 19.57% 6.41% Cash Collateral (% of Pool Principal) 6.25% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 9.86% 1.19% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 4.25% 0.69% EIS (% of Pool Principal) 4.90% CLAP Ratio 0.29% 0.06% Liquidity (% of Pool Principal) 4.58% Cumulative Loss Ratio 0.17% 0.04%





80%

85%

90%

95%

100%

1 3 5 7 9 11 13Cumulative CE Current CE

0%

5%

10%

15%

1 3 5 7 9 11 13Cumulative

0.00%

0.10%

0.20%

0.30%

0.40%

1 3 5 7 9 11 13


0.00%

1.50%

3.00%

4.50%

1 3 5 7 9 11 13

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



Asset CompositionNew Car

50%

Used Car50%



Commencement Month Mar-07 Months Post- Securitisation 12Transaction Structure Par Cumulative Collection Efficiency 91.10%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.39%Pool Principal (Rs. mn) 745.7 Cumu. Credit Enhancement Utilisation 26.31%No of Contracts 3,558 Cumulative Cash Collateral Utilisation 10.28%Senior PTC Principal (Rs. mn) 745.7 FLP Utilisation N.ATenure of Cashflow (months) 42 SLP Utilisation N.AAsset Class U Cars N Cars Liquidity Utilisation 66.80%Avg. Seasoning (% of Org Tnr) 13.11% 9.64%Average Loan to Value 73.09% 73.35% Prepayment Rate U Cars N CarsCredit / Liquidity Support Monthly Prepayment Rate 2.21% 0.50% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 23.53% 5.89% Cash Collateral (% of Pool Principal) 7.20% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 14.97% 3.81% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 7.74% 2.62% EIS (% of Pool Principal) 4.99% CLAP Ratio 0.85% 0.24% Liquidity (% of Pool Principal) 5.20% Cumulative Loss Ratio 0.43% 0.10%





60%

69%

78%

87%

96%


0%

8%

16%

24%

32%

1 3 5 7 9 11Cumulative

0.00%

0.50%

1.00%

1.50%

2.00%

1 3 5 7 9 11


0.00%

2.50%

5.00%

7.50%

10.00%

1 3 5 7 9 11




Asset CompositionNew Car48%

Used Car52%



Commencement Month Mar-07 Months Post- Securitisation 12Transaction Structure Par Cumulative Collection Efficiency 90.32%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.27%Pool Principal (Rs. mn) 711.5 Cumu. Credit Enhancement Utilisation 32.91%No of Contracts 3,457 Cumulative Cash Collateral Utilisation 17.12%Senior PTC Principal (Rs. mn) 711.5 FLP Utilisation N.ATenure of Cashflow (months) 42 SLP Utilisation N.AAsset Class U Cars N Cars Liquidity Utilisation 72.78%Avg. Seasoning (% of Org Tnr) 12.82% 34.08%Average Loan to Value 73.14% 73.19% Prepayment Rate U Cars N CarsCredit / Liquidity Support Monthly Prepayment Rate 2.07% 0.38% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 22.22% 4.52% Cash Collateral (% of Pool Principal) 7.15% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 16.56% 3.64% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 10.33% 2.25% EIS (% of Pool Principal) 5.13% CLAP Ratio 1.38% 0.51% Liquidity (% of Pool Principal) 4.90% Cumulative Loss Ratio 0.69% 0.22%





60%

70%

80%

90%

100%


0%

10%

20%

30%

40%

1 3 5 7 9 11Cumulative

0.00%

0.60%

1.20%

1.80%

2.40%

1 3 5 7 9 11


0.00%2.40%4.80%7.20%9.60%

12.00%

1 3 5 7 9 11




Asset Composition

PL100%



Commencement Month Mar-07 Months Post- Securitisation 12Transaction Structure Par Cumulative Collection Efficiency 94.19%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 104.19%Pool Principal (Rs. mn) 3,622.0 Cumu. Credit Enhancement Utilisation 9.67%No of Contracts 23,691 Cumulative Cash Collateral Utilisation 2.99%Senior PTC Principal (Rs. mn) 3,622.0 FLP Utilisation N.ATenure of Cashflow (months) 36 SLP Utilisation N.AAsset Class PL Liquidity Utilisation 85.38%Avg. Seasoning (% of Org Tnr) 23.12%Average Loan to Value N.A Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.59% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.81% Cash Collateral (% of Pool Principal) 16.90% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 5.60% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 3.39% EIS (% of Pool Principal) 6.34% CLAP Ratio N.A. Liquidity (% of Pool Principal) 5.20% Cumulative Loss Ratio N.A.





80%

84%

88%

92%

96%

100%


0%

3%

6%

9%

12%

1 3 5 7 9 11

Cumulative

0.00%

30.00%

60.00%

90.00%

120.00%

1 3 5 7 9 11

CL CLAP Chart Title

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

1 3 5 7 9 11Loss-cum-90+ Loss-cum-180+



Asset Composition

PL78%

STPL22%



Commencement Month Jun-07 Months Post- Securitisation 9Transaction Structure Par Cumulative Collection Efficiency 88.52%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 110.73%Pool Principal (Rs. mn) 7,861.4 Cumu. Credit Enhancement Utilisation 11.63%No of Contracts 114,235 Cumulative Cash Collateral Utilisation 1.13%Senior PTC Principal (Rs. mn) 7,861.4 FLP Utilisation 2.82%Tenure of Cashflow (months) 44 SLP Utilisation 0.00%Asset Class STPL PL Liquidity Utilisation 89.72%Avg. Seasoning (% of Org Tnr) 22.70% 16.19%Average Loan to Value N.A N.A Prepayment Rate STPL PL Credit / Liquidity Support Monthly Prepayment Rate 0.72% 2.46% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.26% 20.10% Cash Collateral (% of Pool Principal) 20.50% Loss cum Delinquency FLP (% of Pool Principal) 8.20% 90+ dpd (% of Initial Pool Size) 6.23% 21.27% SLP (% of Pool Principal) 12.30% 180+dpd (% of Initial Pool Size) 2.74% 12.52% EIS (% of Pool Principal) 11.10% CLAP Ratio N.A. Liquidity (% of Pool Principal) 5.25% Cumulative Loss Ratio N.A.



Collection eficiency Credit enhancement utilisation


64%

72%

80%

88%

96%

1 2 3 4 5 6 7 8 9


0%

7%

14%

21%

28%

1 2 3 4 5 6 7 8 9

Cumulative Monthly

0.00%

30.00%

60.00%

90.00%

120.00%

1 2 3 4 5 6 7 8 9CL CLAP

0.00%

6.00%

12.00%

18.00%

24.00%

1 2 3 4 5 6 7 8 9

STPL 90+ PL 90+



Asset Composition

Auto60%

Used Car40%



Commencement Month Jun-07 Months Post- Securitisation 9Transaction Structure Par Cumulative Collection Efficiency 93.50%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 102.07%Pool Principal (Rs. mn) 4,289.0 Cumu. Credit Enhancement Utilisation 9.18%No of Contracts 18,413 Cumulative Cash Collateral Utilisation 2.42%Senior PTC Principal (Rs. mn) 4,289.0 FLP Utilisation 6.94%Tenure of Cashflow (months) 55 SLP Utilisation 0.00%Asset Class U Cars N Cars Liquidity Utilisation 78.18%Avg. Seasoning (% of Org Tnr) 11.93% 7.98%Average Loan to Value 71.56% 79.34% Prepayment Rate U Cars N CarsCredit / Liquidity Support Monthly Prepayment Rate 1.90% 0.49% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 15.85% 4.30% Cash Collateral (% of Pool Principal) 9.35% Loss cum Delinquency FLP (% of Pool Principal) 3.27% 90+ dpd (% of Initial Pool Size) 8.14% 3.10% SLP (% of Pool Principal) 6.08% 180+dpd (% of Initial Pool Size) 3.87% 1.54% EIS (% of Pool Principal) 3.74% CLAP Ratio 0.27% 0.44% Liquidity (% of Pool Principal) 4.50% Cumulative Loss Ratio 0.11% 0.09%





75%

80%

85%

90%

95%


0%

8%

16%

24%

32%

1 2 3 4 5 6 7 8 9

Cumulative Monthly

0.00%

0.15%

0.30%

0.45%

0.60%

1 2 3 4 5 6 7 8 9


0.00%

1.20%

2.40%

3.60%

4.80%

1 2 3 4 5 6 7 8 9

New Cars 180+ Used Cars 180+



Asset Composition

PL81%

STPL19%Issue Name: Indian Retail ABS Trust Series 92

Trustee: AXIS Bank Limited


Commencement Month Jun-07 Months Post- Securitisation 9Transaction Structure Par Cumulative Collection Efficiency 88.53%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 109.00%Pool Principal (Rs. mn) 18,551.6 Cumu. Credit Enhancement Utilisation 11.78%No of Contracts 258,987 Cumulative Cash Collateral Utilisation 1.46%Senior PTC Principal (Rs. mn) 18,551.6 FLP Utilisation N.ATenure of Cashflow (months) 43 SLP Utilisation N.AAsset Class STPL PL Liquidity Utilisation 88.33%Avg. Seasoning (% of Org Tnr) 24.28% 15.56%Average Loan to Value N.A N.A Prepayment Rate STPL PL Credit / Liquidity Support Monthly Prepayment Rate 0.72% 2.26% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.26% 18.58% Cash Collateral (% of Pool Principal) 20.60% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 6.16% 22.99% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 2.64% 13.88% EIS (% of Pool Principal) 10.10% CLAP Ratio N.A. Liquidity (% of Pool Principal) 5.25% Cumulative Loss Ratio N.A.





63%

72%

81%

90%

99%

1 2 3 4 5 6 7 8 9


0%5%

10%15%20%25%

1 2 3 4 5 6 7 8 9Cumulative Monthly

0.00%

25.00%

50.00%

75.00%

100.00%

1 2 3 4 5 6 7 8 9CL CLAP

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

1 2 3 4 5 6 7 8 9

PL 90+ STPL 90+



Asset Composition

PL100%



Commencement Month Jun-07 Months Post- Securitisation 9Transaction Structure Par Cumulative Collection Efficiency 88.63%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 113.41%Pool Principal (Rs. mn) 7,891.0 Cumu. Credit Enhancement Utilisation 12.04%No of Contracts 61,755 Cumulative Cash Collateral Utilisation 0.94%Senior PTC Principal (Rs. mn) 7,891.0 FLP Utilisation 2.34%Tenure of Cashflow (months) 45 SLP Utilisation 0.00%Asset Class PL Liquidity Utilisation 84.54%Avg. Seasoning (% of Org Tnr) 11.42%Average Loan to Value N.A Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.62% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 5.45% Cash Collateral (% of Pool Principal) 18.60% Loss cum Delinquency FLP (% of Pool Principal) 7.44% 90+ dpd (% of Initial Pool Size) 9.32% SLP (% of Pool Principal) 11.16% 180+dpd (% of Initial Pool Size) 4.99% EIS (% of Pool Principal) 14.62% CLAP Ratio N.A. Liquidity (% of Pool Principal) 5.10% Cumulative Loss Ratio N.A.





60%

70%

80%

90%

100%

1 2 3 4 5 6 7 8 9


0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

1 2 3 4 5 6 7 8 9

Cumulative Monthly

0.00%

30.00%

60.00%

90.00%

120.00%

1 2 3 4 5 6 7 8 9

CL CLAP

0.00%

3.00%

6.00%

9.00%

12.00%

1 2 3 4 5 6 7 8 9 10




Sundaram Finance Ltd.

14 pool



Asset Composition

New CVOthers

Used CVIssue Name: Sundaram Finance Ltd. (2006) ABS 1 Trustee: N.A.


Commencement Month Jan-06 Months Post- Securitisation 27Transaction Structure Premium Cumulative Collection Efficiency 99.76%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.56%Pool cashflow (Rs. mn) 906.7 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 2,539 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 906.7 FLP Utilisation 0.00%Tenure of Cashflow (months) 57 SLP Utilisation 0.00%Asset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 19.33%Average Loan to Value 80.83% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.60% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 14.94% Cash Collateral (% of Pool Cashflow) 5.80% Loss cum Delinquency FLP (% of Pool Cashflow) 2.03% 90+ dpd (% of Initial Pool Size) 1.21% SLP (% of Pool Cashflow) 3.77% 180+dpd (% of Initial Pool Size) 0.98% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.57% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.48%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 119.5 Credit enhancement O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 30 Cash Collateral (% of Pool Principal) 44.02%Break-even Collection Efficiency n.a. FLP (% of pool principal) 15.41%Delinquency Rate (90+) 2.61% SLP (% of pool principal) 28.61%



CL

0%

1%

2%

3%

4%

5%


0%20%40%60%80%

100%120%


0.00%0.20%0.40%0.60%0.80%1.00%

1 3 5 7 9 11 13 15 17 19 21 23 25CL



Asset CompositionUsed CV26%

Others13%

New CV61%

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


Commencement Month Feb-06 Months Post- Securitisation 27Transaction Structure Premium Cumulative Collection Efficiency 99.39%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.29%Pool cashflow (Rs. mn) 1,082.7 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 2,538 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,082.7 FLP Utilisation 0.00%Tenure of Cashflow (months) 48 SLP Utilisation 0.00%Asset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 15.55%Average Loan to Value 78.92% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.56% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 14.12% Cash Collateral (% of Pool Cashflow) 6.40% Loss cum Delinquency FLP (% of Pool Cashflow) 2.24% 90+ dpd (% of Initial Pool Size) 0.82% SLP (% of Pool Cashflow) 4.16% 180+dpd (% of Initial Pool Size) 0.52% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.36% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.31%




CL 0.00%

0.07%0.14%0.21%0.28%0.35%

1 3 5 7 9 11 13 15 17 19 21 23 25CL

0%

1%

2%

3%

4%


0%20%40%60%80%

100%120%




Asset Composition

Others11%

UsedCV23%

New CV66%



Commencement Month Mar-06 Months Post- Securitisation 25Transaction Structure Premium Cumulative Collection Efficiency 98.76%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.68%Pool cashflow (Rs. mn) 819.9 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 1,994 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 819.9 FLP Utilisation 0.00%Tenure of Cashflow (months) 57 SLP Utilisation 0.00%Asset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 19.58%Average Loan to Value 81.59% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.55% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 12.83% Cash Collateral (% of Pool Cashflow) 6.20% Loss cum Delinquency FLP (% of Pool Cashflow) 2.17% 90+ dpd (% of Initial Pool Size) 1.27% SLP (% of Pool Cashflow) 4.03% 180+dpd (% of Initial Pool Size) 0.52% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.31% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.26%




CL 0.00%

0.06%0.12%0.18%0.24%0.30%

1 3 5 7 9 11 13 15 17 19 21 23 25CL

0%20%40%60%80%

100%


60%70%80%90%

100%110%




Asset CompositionNew

CV 72%Others

7%UsedCV 21%



Commencement Month Mar-06 Months Post- Securitisation 26Transaction Structure Premium Cumulative Collection Efficiency 98.73%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.27%Pool cashflow (Rs. mn) 1,115.2 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 3,309 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,115.2 FLP Utilisation 0.00%Tenure of Cashflow (months) 59 SLP Utilisation 0.00%Asset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 29.18%Average Loan to Value 83.36% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.61% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 14.81% Cash Collateral (% of Pool Cashflow) 6.00% Loss cum Delinquency FLP (% of Pool Cashflow) 2.10% 90+ dpd (% of Initial Pool Size) 0.62% SLP (% of Pool Cashflow) 3.90% 180+dpd (% of Initial Pool Size) 0.41% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.10% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.09%




CL

0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 3 5 7 9 11 13 15 17 19 21 23 25CL

75%80%85%90%95%

100%

1 3 5 7 9 11 13 15 17 19 21 23 25


0%

20%

40%

60%

80%

1 3 5 7 9 11 13 15 17 19 21 23 25

Cumulative Monthly



Asset Composition UsedCV 4%

Others5%

NewCV 91%

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


Commencement Month Jan-07 Months Post- Securitisation 14Transaction Structure Premium Cumulative Collection Efficiency 99.50%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 101.78%Pool cashflow (Rs. mn) 1,079.4 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 1,767 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,079.4 FLP Utilisation N.ATenure of Cashflow (months) 57 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 14.14%Average Loan to Value 90.05% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.32% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 4.43% Cash Collateral (% of Pool Cashflow) 6.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.49% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.30% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.18% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.08%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 511.1 Credit enhancement O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 43 Cash Collateral (% of Pool Principal) 13.74%Break-even Collection Efficiency n.a. FLP (% of pool principal) N.ADelinquency Rate (90+) 0.48% SLP (% of pool principal) N.A



CL

75%80%85%90%95%

100%105%

1 3 5 7 9 11 13


0.00%0.02%0.04%0.06%0.08%0.10%

1 3 5 7 9 11 13CL

0%1%2%3%4%5%

1 3 5 7 9 11 13

Cumulative Monthly



Asset Composition

New CV

Used CV

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


Commencement Month Feb-07 Months Post- Securitisation 13Transaction Structure Premium Cumulative Collection Efficiency 99.07%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.70%Pool cashflow (Rs. mn) 1,978.1 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 3,576 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,978.1 FLP Utilisation N.ATenure of Cashflow (months) 58 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 18.04%Average Loan to Value 83.83% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.56% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 7.07% Cash Collateral (% of Pool Cashflow) 6.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.93% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.48% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.07% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.03%




CL

80%

85%

90%

95%

100%

1 2 3 4 5 6 7 8 9 10 11 12 13


0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 3 5 7 9 11 13CL

0%

5%

10%

15%

20%




Asset CompositionUsed CV

11%New CV

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


Commencement Month Mar-07 Months Post- Securitisation 13Transaction Structure Premium Cumulative Collection Efficiency 99.49%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.82%Pool cashflow (Rs. mn) 1,115.0 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 2,405 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,113.0 FLP Utilisation N.ATenure of Cashflow (months) 58 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 31.22%Average Loan to Value 88.80% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.91% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 11.25% Cash Collateral (% of Pool Cashflow) 7.00% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.68% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.21% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.22% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.12%




CL

60%

70%

80%

90%

100%


0.00%

0.03%0.06%

0.09%0.12%

0.15%

1 2 3 4 5 6 7 8 9 10 11 12 13CL

0.00%0.02%0.04%0.06%0.08%0.10%

1 3 5 7 9 11 13Cumulative Monthly



Asset CompositionUsedCV 37%

NewCV 63%

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






CL

0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 2 3 4 5 6 7 8 9 10 11 12CL

80%

85%

90%

95%

100%


0%2%4%6%8%

10%

1 2 3 4 5 6 7 8 9 10 11 12

Cumulative Monthly



Asset CompositionUsedCV 18%

NewCV 82%

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






CL

0.000%

0.001%

0.002%0.002%

0.003%

0.004%

1 2 3 4 5 6 7 8 9 10 11 12CL

0%

0%

0%1%

1%

1%

1 2 3 4 5 6 7 8 9 10 11 12

Cumulative Monthly

75%

80%

85%

90%

95%

100%




Asset CompositionOther

2%Used CV21% New

CV77%

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


Commencement Month Oct-07 Months Post- Securitisation 7Transaction Structure Premium Cumulative Collection Efficiency 99.52%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 106.05%Pool cashflow (Rs. mn) 2,242.0 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 4,379 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 2,242.0 FLP Utilisation N.ATenure of Cashflow (months) 60 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 19.77%Average Loan to Value 83.28% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.47% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.26% Cash Collateral (% of Pool Cashflow) 7.35% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.42% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.18% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 1,426.5 Credit enhancement O/s Senior PTC Principal (Rs. mn) n.a. Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 53 Cash Collateral (% of Pool Principal) 11.97%Break-even Collection Efficiency n.a. FLP (% of pool principal) N.ADelinquency Rate (90+) 0.46% SLP (% of pool principal) N.A



CL

0%

2%

4%6%

8%

10%

1 2 3 4 5 6 7Cumulative Monthly

0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 2 3 4 5 6 7CL

85%

90%

95%

100%

105%

1 2 3 4 5 6




Asset CompositionOther

0%Used CV5% New

CV95%

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


Commencement Month Jan-08 Months Post- Securitisation 3Transaction Structure Premium Cumulative Collection Efficiency 98.94%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 110.26%Pool cashflow (Rs. mn) 2,892.0 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 3,802 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 2,892.0 FLP Utilisation N.ATenure of Cashflow (months) 60 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 11.90%Average Loan to Value 89.90% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.22% Subordination (% of Pool Cashflow) N.A Cumulative Prepayment Rate 0.65% Cash Collateral (% of Pool Cashflow) 7.35% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.21% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.03% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.00% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.00%




CL

0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 2 3CL

0%

2%

4%6%

8%

10%


88%90%92%94%96%98%

100%

1 2 3




Asset Composition

New CV58%

Used CV42%

Other0%Issue Name: Sundaram Finance Limited CV Pool D.A Jan 2008

Trustee: N.A.


Commencement Month Feb-08 Months Post- Securitisation 2Transaction Structure Premium Cumulative Collection Efficiency 98.39%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 111.32%Pool cashflow (Rs. mn) 1,397.0 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 2,569 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,397.0 FLP Utilisation N.ATenure of Cashflow (months) 60 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 9.80%Average Loan to Value 76.70% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.36% Subordination (% of Pool Cashflow) N.A Cumulative Prepayment Rate 0.73% Cash Collateral (% of Pool Cashflow) 7.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.00% 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%




CL 0.00%

0.04%0.08%0.12%0.16%0.20%0.24%

1 2CL

0%

2%

4%6%

8%

10%

1 2Cumulative Monthly

90%

92%

94%

96%

98%

100%

1 2Cumulative CE Current CE



Asset Composition

New CV79%

Used CV21%

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


Commencement Month Mar-08 Months Post- Securitisation 1Transaction Structure Premium Cumulative Collection Efficiency 100.31%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 136.17%Pool cashflow (Rs. mn) 1,158.0 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 1,853 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,158.0 FLP Utilisation N.ATenure of Cashflow (months) 60 SLP Utilisation N.AAsset Class CV Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 9.60%Average Loan to Value 83.80% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.25% Subordination (% of Pool Cashflow) N.A Cumulative Prepayment Rate 0.49% Cash Collateral (% of Pool Cashflow) 7.45% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.00% 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%





SREI Infrastructure Finance Ltd.

5 pool



Asset Composition

CE58%

CVs41%

Cars/ M UVs

1%

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


Commencement Month Oct-05 Months Post- Securitisation 30Transaction Structure Par Cumulative Collection Efficiency 98.56%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 110.83%Pool Principal (Rs. mn) 1,038.6 Cumu. Credit Enhancement Utilisation 0.11%No of Contracts 582 Cumulative Cash Collateral Utilisation 0.24%Senior PTC Principal (Rs. mn) 990.6 FLP Utilisation N.ATenure of Cashflow (months) 56 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 16.45%Average Loan to Value 87.80% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.04% Subordination (% of Pool Principal) 4.62% Cumulative Prepayment Rate 1.11% Cash Collateral (% of Pool Principal) 5.96% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.36% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.08% EIS (% of Pool Principal) 4.77% CLAP Ratio n.a. Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio n.a.

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 89.6 Credit enhancement O/s Senior PTC Principal (Rs. mn) 89.6 Subordination (% of Pool Principal) n.a.Balance Tenure of Pool (months) 26 Cash Collateral (% of Pool Principal) 41.20%Break-even Collection Efficiency n.a. FLP (% of pool principal) N.ADelinquency Rate (90+) 1.39% SLP (% of pool principal) N.A




60%70%80%

90%100%110%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29

Cumulative CE

0.00%

0.60%

1.20%

1.80%

2.40%

3.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29

Loss cum delnq 90+ Loss cum delq 180+

0.00%

0.10%

0.20%

0.30%

1 4 7 10 13 16 19 22 25 28Cumulative



Asset Composition

CE100%

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


Commencement Month May-07 Months Post- Securitisation 10Transaction Structure Premium Cumulative Collection Efficiency 98.83%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.10%Pool cashflow (Rs. mn) 2,154.4 Cumu. Credit Enhancement Utilisation 4.69%No of Contracts 1,081 Cumulative Cash Collateral Utilisation 4.69%Senior PTC Payouts (Rs. mn) 2,154.4 FLP Utilisation N.ATenure of Cashflow (months) 25 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 33.95%Average Loan to Value 87.62% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.00% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.00% Cash Collateral (% of Pool Cashflow) 9.10% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.20% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.00% EIS (% of Pool Cashflow) N.A CLAP Ratio n.a. Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.





80%

85%

90%

95%

100%

1 2 3 4 5 6 7 8 9 10Cumulative CE

0%

1%

2%3%

4%

5%

1 2 3 4 5 6 7 8 9 10Cumulative Monthly

0.00%0.04%0.08%0.12%0.16%0.20%

1 2 3 4 5 6 7 8 9 10

Loss cum 90+ Loss cum 180+



Asset Composition

CE70%

Other 30%

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


Commencement Month Jul-07 Months Post- Securitisation 9Transaction Structure Premium Cumulative Collection Efficiency 98.76%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 102.31%Pool cashflow (Rs. mn) 3,983.8 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 621 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 3,983.8 FLP Utilisation N.ATenure of Cashflow (months) 47 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 17.94%Average Loan to Value 87.22% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.00% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.00% Cash Collateral (% of Pool Cashflow) 11.00% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 0.40% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 0.04% EIS (% of Pool Cashflow) N.A CLAP Ratio n.a. Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio n.a.

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 2,671.1 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 2,671.1 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 38 Cash Collateral (% of Pool Cashflow) 14.01%Break-even Collection Efficiency n.a. FLP (% of pool cashflow) N.ADelinquency Rate (90+) 0.49% SLP (% of pool cashflow) N.A




0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 2 3 4 5 6 7 8 9

Cumulative Monthly

90%92%94%96%98%

100%

1 2 3 4 5 6 7 8 9Cumulative

0.00%0.10%0.20%0.30%0.40%0.50%




Asset Composition

CE100%

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


Commencement Month Aug-07 Months Post- Securitisation 7Transaction Structure Par Cumulative Collection Efficiency 99.88%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 100.55%Pool Principal (Rs. mn) 934.3 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 227 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 934.3 FLP Utilisation N.ATenure of Cashflow (months) 46 SLP Utilisation N.AAsset Class CE Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 25.19%Average Loan to Value 88.78% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.00% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 0.00% Cash Collateral (% of Pool Principal) 9.00% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 0.21% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 0.00% EIS (% of Pool Principal) 1.80% CLAP Ratio n.a. Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio n.a.

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 653.6 Credit enhancement O/s Senior PTC Principal (Rs. mn) 653.6 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 39 Cash Collateral (% of Pool Principal) 13.97%Break-even Collection Efficiency n.a. FLP (% of pool principal) N.ADelinquency Rate (90+) 0.27% SLP (% of pool principal) N.A




0.0%

0.1%0.3%

0.4%0.6%

0.7%

1 2 3 4 5 6 7Loss+delq. 90+ Loss+delq. 180+

0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 2 3 4 5 6 7

Cumulative Monthly

95%96%97%98%99%

100%

1 2 3 4 5 6 7Cumulative



Other 25% CE

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


Commencement Month Mar-08 Months Post- Securitisation 1Transaction Structure Par Cumulative Collection Efficiency 98.93%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 107.42%Pool Principal (Rs. mn) 2,170.9 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 356 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Principal (Rs. mn) 2,170.9 FLP Utilisation N.ATenure of Cashflow (months) 39 SLP Utilisation N.AAsset Class CE Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 18.90%Average Loan to Value 87.50% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.00% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 0.00% Cash Collateral (% of Pool Principal) 8.75% Loss cum Delinquency FLP (% of Pool Principal) N.A. 90+ dpd (% of Initial Pool Size) 0.00% SLP (% of Pool Principal) N.A. 180+dpd (% of Initial Pool Size) 0.00% EIS (% of Pool Principal) 2.40% CLAP Ratio n.a. Liquidity (% of Pool Principal) N.A. Cumulative Loss Ratio n.a.

Details of Remaining Pool Outstanding Pool Principal (Rs. mn) 2,107.6 Credit enhancement O/s Senior PTC Principal (Rs. mn) 2,107.6 Subordination (% of Pool Principal) N.A.Balance Tenure of Pool (months) 38 Cash Collateral (% of Pool Principal) 10.40%Break-even Collection Efficiency n.a. FLP (% of pool principal) N.ADelinquency Rate (90+) 0.00% SLP (% of pool principal) N.A




Shriram Transport Finance Company Ltd.

1 pool



Asset Composition

MHCV85% LCV

15%

Issue Name: Shriram Transport Finance Company Limited CV Pool D.A. Feb 2008 Trustee: n.a.


Commencement Month Mar-08 Months Post- Securitisation 2Transaction Structure Premium Cumulative Collection Efficiency 97.12%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 98.57%Pool cashflow (Rs. mn) 1,408.0 Cumu. Credit Enhancement Utilisation 0.53%No of Contracts 1,111 Cumulative Cash Collateral Utilisation 0.53%Senior PTC Payouts (Rs. mn) 1,408.0 FLP Utilisation 1.32%Tenure of Cashflow (months) 31 SLP Utilisation 0.00%Asset Class CV Liquidity Utilisation N.A.Avg. Seasoning (% of Org Tnr) 6.60%Average Loan to Value 93.00% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.00% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.00% Cash Collateral (% of Pool Cashflow) 12.20% Loss cum Delinquency FLP (% of Pool Cashflow) 4.88% 90+ dpd (% of Initial Pool Size) 0.00% SLP (% of Pool Cashflow) 7.32% 180+dpd (% of Initial Pool Size) 0.00% EIS (% of Pool Cashflow) N.A. CLAP Ratio 0.00% Liquidity (% of Pool Cashflow) N.A. Cumulative Loss Ratio 0.00%

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 1,344.4 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 1,344.4 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 29 Cash Collateral (% of Pool Cashflow) 12.71%Break-even Collection Efficiency 87.29% FLP (% of pool cashflow) 5.04%Delinquency Rate (90+) 0.00% SLP (% of pool cashflow) 7.67%

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



92%93%94%95%96%97%98%

1 2Cumulative CE Current CE

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

1 2Loss+delq. 90+ Loss+delq. 180+

0.0%

0.1%

0.2%0.4%

0.5%

0.6%

1 2Cumulative Monthly

0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 2

CL CLAP



Tata Motors Ltd / TML Financial Services Ltd.

23 pools



Asset Composition

LCVs45%

Cars/MUVs6%

MHCVs49%

Issue Name: BHPC Auto Securit isation Trust September 2004 Trustee: AXIS Bank Limited

Issue Details Pool Performance till: December 2008

Commencement Month Sep-04 Months Post- Securitisation 40Transaction Structure Premium Cumulative Collection Efficiency 96.77%Staggering 70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 102.24%Pool cashflow (Rs. mn) 1,786.8 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 4,071 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 1,786.8 FLP Utilisation N.ATenure of Cashflow (months) 40 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (In months) 8.3Average Loan to Value 86.00% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.21% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 8.20% Cash Collateral (% of Pool Cashflow) 12.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 3.14% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 2.95% EIS (% of Pool Cashflow) N.A CLAP Ratio 1.54% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 1.54%

Details of Remaining Pool – N.A. (Matured Pool) Outstanding Pool Cashflow (Rs. mn) - Credit enhancement O/s Senior PTC Cashflow (Rs. mn) - Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) - Cash Collateral (% of Pool Cashflow) N.A.Break-even Collection Efficiency N.A. FLP (% of pool cashflow) N.ADelinquency Rate (90+) N.A. SLP (% of pool cashflow) N.A




0%20%40%60%80%

100%120%

1 4 7 10 13 16 19 22 25 28 31 34 37 40

Cumulative

0.00%0.32%0.64%

0.96%1.28%1.60%

1 4 7 10 13 16 19 22 25 28 31 34 37 40

CL CLAP

0.0%2.0%4.0%6.0%8.0%

10.0%

1 4 7 10 13 16 19 22 25 28 31 34 37 40

Cumulative Monthly

0.0%2.0%4.0%6.0%8.0%

10.0%

1 5 9 13 17 21 25 29 33 37




Asset CompositionCars/MU

Vs7%

LCVs40%

MHCVs53%

Issue Name: BHPC Auto Securit isation Trust May 2005 Trustee: AXIS Bank Limited


Commencement Month May-05 Months Post- Securitisation 35Transaction Structure Premium Cumulative Collection Efficiency 96.55%Staggering 70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.09%Pool cashflow (Rs. mn) 3,410.2 Cumu. Credit Enhancement Utilisation 3.19%No of Contracts 9,702 Cumulative Cash Collateral Utilisation 3.19%Senior PTC Payouts (Rs. mn) 3,308.0 FLP Utilisation N.ATenure of Cashflow (months) 38 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 30.00%Average Loan to Value 81.50% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.23% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 7.90% Cash Collateral (% of Pool Cashflow) 8.25% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 1.94% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 1.82% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.64% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.64%

Details of Remaining Pool15 - N.A. (Matured Pool) Outstanding Pool Cashflow (Rs. mn) - Credit enhancement O/s Senior PTC Cashflow (Rs. mn) - Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) - Cash Collateral (% of Pool Cashflow) N.A.Break-even Collection Efficiency N.A. FLP (% of pool cashflow) N.ADelinquency Rate (90+) N.A. SLP (% of pool cashflow) N.A




15 Rated PTCs have completed their tenure.

0.0%1.0%2.0%3.0%4.0%5.0%6.0%

1 4 7 10 13 16 19 22 25 28 31 34


0%20%40%60%80%

100%120%

1 4 7 10 13 16 19 22 25 28 31 34

Cumulative

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1 4 7 10 13 16 19 22 25 28 31 34

CL CLAP

0.0%6.0%

12.0%18.0%24.0%30.0%

1 4 7 10 13 16 19 22 25 28 31 34

Cumulative Monthly



Asset CompositionCars/M

UVs6%

LCVs41%

MHCVs53%

Issue Name: BHPC Auto Securit isation Trust May 2005 I I Trustee: AXIS Bank Limited


Commencement Month May-05 Months Post- Securitisation 34Transaction Structure Premium Cumulative Collection Efficiency 96.45%Staggering 70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 103.72%Pool cashflow (Rs. mn) 3,105.2 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 6,590 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 2,443.2 FLP Utilisation N.ATenure of Cashflow (months) 54 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 14.70%Average Loan to Value 100.00% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.31% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.12% Cash Collateral (% of Pool Cashflow) 9.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 6.14% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 5.62% EIS (% of Pool Cashflow) N.A CLAP Ratio 2.64% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.47%




CL and CLAP Loss cum Delinquency 0.0%

5.0%

10.0%

15.0%

1 4 7 10 13 16 19 22 25 28 31 34


0%20%40%60%80%

100%120%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33Cumulative

0.0%4.0%8.0%

12.0%16.0%20.0%

1 4 7 10 13 16 19 22 25 28 31 34

Cumulative Monthly

0.00%0.56%1.12%1.68%2.24%2.80%

1 4 7 10 13 16 19 22 25 28 31 34

CL CLAP




UVs10%

LCVs40%

MHCVs50%

Issue Name: BHPC Auto Securit isation Trust September 2005 Trustee: AXIS Bank Limited


Commencement Month Sep-05 Months Post- Securitisation 30Transaction Structure Premium Cumulative Collection Efficiency 95.20%Staggering 70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 103.95%Pool cashflow (Rs. mn) 2,127.3 Cumu. Credit Enhancement Utilisation 0.00%No of Contracts 4,953 Cumulative Cash Collateral Utilisation 0.00%Senior PTC Payouts (Rs. mn) 2,127.3 FLP Utilisation N.ATenure of Cashflow (months) 40 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 19.58%Average Loan to Value 83.60% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.27% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 7.87% Cash Collateral (% of Pool Cashflow) 9.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 6.67% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 5.60% EIS (% of Pool Cashflow) N.A CLAP Ratio 1.72% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 1.60%





0.00%

0.40%

0.80%1.20%

1.60%

2.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29

CL CLAP

0%

20%

40%

60%

80%

100%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29Cumulative

0.0%2.0%4.0%6.0%8.0%

10.0%

1 4 7 10 13 16 19 22 25 28

Cumulative Monthly

0.0%

5.0%

10.0%

15.0%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29Loss+delq. 90+ Loss+delq. 180+




UVs1%

LCVs47%

MHCVs52%

Issue Name: Tata Motors Securitisation Trust Feb 2006 Trustee: AXIS Bank Limited


Commencement Month Feb-06 Months Post- Securitisation 24Transaction Structure Premium Cumulative Collection Efficiency 93.98%Staggering 70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 101.64%Pool cashflow (Rs. mn) 7,933.0 Cumu. Credit Enhancement Utilisation 23.46%No of Contracts 16,768 Cumulative Cash Collateral Utilisation 23.46%Senior PTC Payouts (Rs. mn) 7,933.0 FLP Utilisation N.ATenure of Cashflow (months) 55 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 17.41%Average Loan to Value 85.84% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.33% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 7.60% Cash Collateral (% of Pool Cashflow) 8.80% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 11.84% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 11.14% EIS (% of Pool Cashflow) N.A CLAP Ratio 3.03% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.36%





0.0%

5.0%

10.0%

15.0%

20.0%

1 3 5 7 9 11 13 15 17 19 21 23


0%

20%

40%

60%

80%

100%

1 3 5 7 9 11 13 15 17 19 21 23Cumulative

0.0%8.0%

16.0%24.0%32.0%40.0%

1 3 5 7 9 11 13 15 17 19 21 23

Cumulative Monthly

0.00%0.70%1.40%2.10%2.80%3.50%

1 3 5 7 9 11 13 15 17 19 21 23

CL CLAP



Asset CompositionLCVs39%

MHCVs61%

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


Commencement Month Feb-06 Months Post- Securitisation 24Transaction Structure Premium Cumulative Collection Efficiency 87.75%Staggering 70:20:10 Cumu. Coll. to Cumu. Snr. PTC Payouts 91.21%Pool cashflow (Rs. mn) 3,370.0 Cumu. Credit Enhancement Utilisation 46.41%No of Contracts 6,866 Cumulative Cash Collateral Utilisation 46.41%Senior PTC Payouts (Rs. mn) 3,370.0 FLP Utilisation N.ATenure of Cashflow (months) 55 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 14.19%Average Loan to Value 87.18% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.47% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.70% Cash Collateral (% of Pool Cashflow) 8.00% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 10.60% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 8.31% EIS (% of Pool Cashflow) N.A CLAP Ratio 3.33% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.52%




CL and CLAP Loss cum Delinquency 0.00%

0.80%

1.60%

2.40%

3.20%

4.00%

1 3 5 7 9 11 13 15 17 19 21 23

CL CLAP

0%

20%

40%

60%

80%

100%

1 3 5 7 9 11 13 15 17 19 21 23Cumulative

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%


0.00%

5.00%

10.00%

15.00%

20.00%

1 3 5 7 9 11 13 15 17 19 21 23




Asset Composition

MHCVs31%

Cars/MUVs

32%

LCVs37%

Issue Name: BHPC Auto Securit isation Trust May 2006 Trustee: AXIS Bank Limited


Commencement Month Apr-06 Months Post- Securitisation 23Transaction Structure Premium Cumulative Collection Efficiency 86.75%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 97.50%Pool cashflow (Rs. mn) 3,327.4 Cumu. Credit Enhancement Utilisation 45.14%No of Contracts 8,739 Cumulative Cash Collateral Utilisation 45.14%Senior PTC Payouts (Rs. mn) 3,327.4 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 16.45%Average Loan to Value 80.14% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.31% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 6.81% Cash Collateral (% of Pool Cashflow) 10.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 24.33% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 15.46% EIS (% of Pool Cashflow) N.A CLAP Ratio 3.22% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 2.60%





0.0%

10.0%

20.0%30.0%

40.0%

50.0%


0.0%5.0%

10.0%15.0%

20.0%25.0%

1 3 5 7 9 11 13 15 17 19 21 23


0.00%

0.70%1.40%

2.10%2.80%

3.50%

1 3 5 7 9 11 13 15 17 19 21 23

CL CLAP

0%20%40%60%80%

100%

1 3 5 7 9 11 13 15 17 19 21 23

Cumulative



Asset Composition

LCVs59%

MHCVs41%Issue Name: Tata Motors CV pool D.A. - June 2006 Pool I



Commencement Month Jun-06 Months Post- Securitisation 21Transaction Structure Premium Cumulative Collection Efficiency 88.48%Staggering 80:20 Cumu. Coll. to Cumu. Snr. PTC Payouts 95.01%Pool cashflow (Rs. mn) 1,143.6 Cumu. Credit Enhancement Utilisation 47.01%No of Contracts 2,986 Cumulative Cash Collateral Utilisation 47.01%Senior PTC Payouts (Rs. mn) 1,143. FLP Utilisation N.ATenure of Cashflow (months) 54 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 11.91%Average Loan to Value 85.39% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.54% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 10.68% Cash Collateral (% of Pool Cashflow) 9.70% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 16.81% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 13.03% EIS (% of Pool Cashflow) N.A CLAP Ratio 4.65% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 3.08%





0%

20%

40%60%

80%

100%

1 3 5 7 9 11 13 15 17 19 21Cumulative

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

1 3 5 7 9 11 13 15 17 19 21


0.00%

1.00%2.00%

3.00%4.00%

5.00%

1 3 5 7 9 11 13 15 17 19 21

CL CLAP

0.0%12.0%

24.0%36.0%

48.0%60.0%

1 3 5 7 9 11 13 15 17 19 21Cumulative Monthly



Asset Composition

MHCVs79%

LCVs21%

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


Commencement Month Jun-06 Months Post- Securitisation 21Transaction Structure Premium Cumulative Collection Efficiency 92.10%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.93%Pool cashflow (Rs. mn) 2,090.1 Cumu. Credit Enhancement Utilisation 27.36%No of Contracts 3,238 Cumulative Cash Collateral Utilisation 27.36%Senior PTC Payouts (Rs. mn) 2,090.1 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 11.50%Average Loan to Value 91.61% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.30% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 6.02% Cash Collateral (% of Pool Cashflow) 10.00% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 10.07% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 7.60% EIS (% of Pool Cashflow) N.A CLAP Ratio 1.60% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 1.00%





0.0%

6.0%

12.0%

18.0%

24.0%

30.0%


0.00%

0.40%

0.80%

1.20%

1.60%

2.00%

1 3 5 7 9 11 13 15 17 19 21CL CLAP

0.0%

4.0%

8.0%

12.0%

16.0%


70%

75%

80%

85%

90%

95%

1 3 5 7 9 11 13 15 17 19 21

Cumulative



Asset Composition

Cars100%

Issue Name: Tata Motors Car pool D.A. - August 2006 Trustee: AXIS Bank Limited


Commencement Month Aug-06 Months Post- Securitisation 18Transaction Structure Premium Cumulative Collection Efficiency 93.63%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 95.53%Pool cashflow (Rs. mn) 1,163.3 Cumu. Credit Enhancement Utilisation 32.67%No of Contracts 3,488 Cumulative Cash Collateral Utilisation 32.67%Senior PTC Payouts (Rs. mn) 1,163.3 FLP Utilisation N.ATenure of Cashflow (months) 55 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 10.24%Average Loan to Value 77.51% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.46% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 7.92% Cash Collateral (% of Pool Cashflow) 12.60% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 13.95% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 10.11% EIS (% of Pool Cashflow) N.A CLAP Ratio 2.99% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 1.70%





0.0%

7.0%

14.0%

21.0%

28.0%

35.0%


0.00%

0.60%

1.20%

1.80%

2.40%

3.00%

1 3 5 7 9 11 13 15 17CL CLAP

0.0%

5.0%

10.0%

15.0%

20.0%

1 3 5 7 9 11 13 15 17Loss+delq. 90+ Loss+delq.180+

88%90%92%94%96%98%

100%

1 3 5 7 9 11 13 15 17Cumulative



Asset Composition

MHCVs88%

LCVs12%

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


Commencement Month Sep-06 Months Post- Securitisation 18Transaction Structure Premium Cumulative Collection Efficiency 94.92%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 97.00%Pool cashflow (Rs. mn) 5,030.0 Cumu. Credit Enhancement Utilisation 22.83%No of Contracts 6,716 Cumulative Cash Collateral Utilisation 22.83%Senior PTC Payouts (Rs. mn) 4,538.6 FLP Utilisation N.ATenure of Cashflow (months) 36 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 14.31%Average Loan to Value 94.69% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 1.97% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 30.04% Cash Collateral (% of Pool Cashflow) 9.05% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 7.12% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 4.91% EIS (% of Pool Cashflow) N.A CLAP Ratio 1.10% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.57%





90%

92%

94%

96%

98%

100%

1 3 5 7 9 11 13 15 17Cumulative

0.0%

3.0%

6.0%

9.0%

12.0%


0.0%

0.2%0.5%

0.7%1.0%

1.2%

1 3 5 7 9 11 13 15 17CL CLAP

0.0%5.0%

10.0%15.0%20.0%25.0%




Asset Composition

MHCVs

79%

LCVs21%

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


Commencement Month Sep-06 Months Post- Securitisation 18Transaction Structure Premium Cumulative Collection Efficiency 92.84%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 94.68%Pool cashflow (Rs. mn) 1,493.6 Cumu. Credit Enhancement Utilisation 39.66%No of Contracts 2,370 Cumulative Cash Collateral Utilisation 39.66%Senior PTC Payouts (Rs. mn) 1,339.8 FLP Utilisation N.ATenure of Cashflow (months) 56 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 11.73%Average Loan to Value 91.81% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.30% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 5.30% Cash Collateral (% of Pool Cashflow) 9.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 11.55% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 7.60% EIS (% of Pool Cashflow) N.A CLAP Ratio 1.75% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.94%





85%

90%

95%

100%

1 3 5 7 9 11 13 15 17

Cumulative

0.0%

4.0%

8.0%

12.0%

16.0%

1 3 5 7 9 11 13 15 17


2

0.0%8.0%

16.0%24.0%32.0%40.0%


0.0%0.4%0.8%1.2%1.6%2.0%

1 3 5 7 9 11 13 15 17

CL CLAP



Asset Composition

Cars/MUVs4%

LCVs23%

MHCVs73%

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


Commencement Month Nov-06 Months Post- Securitisation 16Transaction Structure Premium Cumulative Collection Efficiency 90.70%Staggering Nil Cumu. Coll. to Cumu. Snr. PTC Payouts 99.30%Pool cashflow (Rs. mn) 3,798.3 Cumu. Credit Enhancement Utilisation 7.70%No of Contracts 5,821 Cumulative Cash Collateral Utilisation 7.70%Senior PTC Payouts (Rs. mn) 3,798.3 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 13.15%Average Loan to Value 88.55% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.21% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.31% Cash Collateral (% of Pool Cashflow) 15.50% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 7.56% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 4.52% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.83% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.42%





0.0%

2.0%

4.0%

6.0%

8.0%

10.0%


0%

20%40%

60%80%

100%

1 3 5 7 9 11 13 15

Cumulative

0.00%

0.18%0.36%

0.54%0.72%

0.90%

1 3 5 7 9 11 13 15

CL CLAP

0.0%

3.0%

6.0%

9.0%

12.0%

1 3 5 7 9 11 13 15




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


Commencement Month Jan-07 Months Post- Securitisation 14Transaction Structure Premium Cumulative Collection Efficiency 95.17%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.39%Pool cashflow (Rs. mn) 1,795.6 Cumu. Credit Enhancement Utilisation 4.62%No of Contracts 2,525 Cumulative Cash Collateral Utilisation 4.62%Senior PTC Payouts (Rs. mn) 1,795.6 FLP Utilisation N.ATenure of Cashflow (months) 45 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 6.74%Average Loan to Value 88.77% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.11% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.52% Cash Collateral (% of Pool Cashflow) 20.70% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 3.95% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 2.22% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.42% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.17%





90%92%94%96%98%

100%102%

1 2 3 4 5 6 7 8 9 10 11 12 13Cumulative CE

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

1 2 3 4 5 6 7 8 9 10 11 12 13CL CLAP

0.00%

2.00%

4.00%

6.00%

8.00%

1 2 3 4 5 6 7 8 9 10 11 12 13


0.0%

1.2%

2.4%

3.6%

4.8%

6.0%

1 2 3 4 5 6 7 8 9 10 11 12 13

Cumulative Monthly

Asset Composition

MHCV73%

LCV27%



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


Commencement Month Jan-07 Months Post- Securitisation 13Transaction Structure Premium Cumulative Collection Efficiency 94.79%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.95%Pool cashflow (Rs. mn) 1,729.7 Cumu. Credit Enhancement Utilisation 1.36%No of Contracts 2,398 Cumulative Cash Collateral Utilisation 1.36%Senior PTC Payouts (Rs. mn) 1,729.7 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 6.96%Average Loan to Value 88.63% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.10% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.30% Cash Collateral (% of Pool Cashflow) 19.90% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 6.36% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 3.57% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.30% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.12%





85%90%95%

100%105%110%115%

1 2 3 4 5 6 7 8 9 10 11 12 13

Cumulative

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

1 2 3 4 5 6 7 8 9 10 11 12 13Loss+delq. 90+ Loss+delq. 180+

Asset Composition

LCV24%

MHCV76%

0.0%

0.6%

1.2%

1.8%

2.4%

3.0%

1 2 3 4 5 6 7 8 9 10 11 12 13

Cumulative Monthly

0.00%

0.08%

0.16%

0.24%

0.32%

0.40%

1 2 3 4 5 6 7 8 9 10 11 12 13

CL CLAP



Asset Composition

MHCV87%

Ace13%Issue Name: Tata Motors CV pool D.A - March 2007



Commencement Month Mar-07 Months Post- Securitisation 12Transaction Structure Premium Cumulative Collection Efficiency 91.50%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 96.75%Pool cashflow (Rs. mn) 1,096.9 Cumu. Credit Enhancement Utilisation 8.73%No of Contracts 1,787 Cumulative Cash Collateral Utilisation 8.73%Senior PTC Payouts (Rs. mn) 1,096.9 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 14.32%Average Loan to Value 92.37% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.19% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 2.31% Cash Collateral (% of Pool Cashflow) 19.75% Loss cum Delinquency FLP (% of Pool Cashflow) 8.89% 90+ dpd (% of Initial Pool Size) 5.63% SLP (% of Pool Cashflow) 10.86% 180+dpd (% of Initial Pool Size) 3.21% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.38% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.13%

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 714.8 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 714.8 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 36 Cash Collateral (% of Pool Cashflow) 27.68%Break-even Collection Efficiency 73.25% FLP (% of pool cashflow) 10.99%Delinquency Rate (90+) 6.44% SLP (% of pool cashflow) 16.68%




82%

84%

86%

88%

90%

92%

1 2 3 4 5 6 7 8 9 10 11 12Cumulative CE

0.00%

0.08%0.16%

0.24%0.32%

0.40%

1 2 3 4 5 6 7 8 9 10 11 12

CL CLAP

0.00%

2.00%

4.00%

6.00%

8.00%

1 2 3 4 5 6 7 8 9 10 11 12


0.0%2.0%4.0%6.0%8.0%

10.0%




Asset CompositionAce4%

MHCV96%

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


Commencement Month Mar-07 Months Post- Securitisation 12Transaction Structure Premium Cumulative Collection Efficiency 94.08%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 100.79%Pool cashflow (Rs. mn) 1,910.1 Cumu. Credit Enhancement Utilisation 3.60%No of Contracts 2,857 Cumulative Cash Collateral Utilisation 3.60%Senior PTC Payouts (Rs. mn) 1,910.1 FLP Utilisation 6.08%Tenure of Cashflow (months) 48 SLP Utilisation 0.00%Asset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 11.27%Average Loan to Value 90.03% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 4.39% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 0.37% Cash Collateral (% of Pool Cashflow) 19.95% Loss cum Delinquency FLP (% of Pool Cashflow) 9.98% 90+ dpd (% of Initial Pool Size) 3.04% SLP (% of Pool Cashflow) 9.97% 180+dpd (% of Initial Pool Size) 1.37% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.02% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.01%

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 1,208.8 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 1,208.8 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 36 Cash Collateral (% of Pool Cashflow) 30.39%Break-even Collection Efficiency 71.13% FLP (% of pool cashflow) 14.82%Delinquency Rate (90+) 3.74% SLP (% of pool cashflow) 15.75%




0.0%

0.8%

1.6%

2.4%

3.2%

4.0%

1 2 3 4 5 6 7 8 9 10 11 12

Cumulative Monthly

0.00%

0.01%0.02%

0.02%0.03%

0.04%

1 2 3 4 5 6 7 8 9 10 11 12

CL CLAP

85%

90%

95%

100%

1 2 3 4 5 6 7 8 9 10 11 12CumulativeCE

0.00%1.00%2.00%3.00%4.00%5.00%

1 2 3 4 5 6 7 8 9 10 11 12Loss+delq. 90+ Loss+delq. 180+



Asset CompositionACE15%

LCV21% MHCV

64%

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


Commencement Month May-07 Months Post- Securitisation 10Transaction Structure Premium Cumulative Collection Efficiency 94.08%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 102.96%Pool cashflow (Rs. mn) 1,197.0 Cumu. Credit Enhancement Utilisation 2.68%No of Contracts 2,555 Cumulative Cash Collateral Utilisation 2.68%Senior PTC Payouts (Rs. mn) 1,197.0 FLP Utilisation 5.37%Tenure of Cashflow (months) 48 SLP Utilisation 0.00%Asset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 12.23%Average Loan to Value 84.02% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.32% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 3.18% Cash Collateral (% of Pool Cashflow) 19.75% Loss cum Delinquency FLP (% of Pool Cashflow) 9.87% 90+ dpd (% of Initial Pool Size) 4.91% SLP (% of Pool Cashflow) 9.88% 180+dpd (% of Initial Pool Size) 2.05% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.16% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.05%

Details of Remaining Pool Outstanding Pool Cashflow (Rs. mn) 818.1 Credit enhancement O/s Senior PTC Cashflow (Rs. mn) 818.1 Subordination (% of Pool Cashflow) N.A.Balance Tenure of Pool (months) 38 Cash Collateral (% of Pool Cashflow) 28.12%Break-even Collection Efficiency 74.30% FLP (% of pool cashflow) 13.67%Delinquency Rate (90+) 5.64% SLP (% of pool cashflow) 14.46%




90%

92%

94%

96%

98%

100%

1 2 3 4 5 6 7 8 9 10

Cumulative CE

0.00%

2.00%

4.00%

6.00%

8.00%

1 2 3 4 5 6 7 8 9 10Loss+delq. 90+ Loss+delq. 180+

0.0%

1.0%

2.0%3.0%

4.0%

5.0%

1 2 3 4 5 6 7 8 9 10Cumulative Monthly

0.00%0.04%0.08%0.12%0.16%0.20%0.24%

1 2 3 4 5 6 7 8 9 10

CL CLAP



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


Commencement Month May-07 Months Post- Securitisation 9Transaction Structure Par Cumulative Collection Efficiency 91.64%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 101.26%Pool Principal (Rs. mn) 1,093.7 Cumu. Credit Enhancement Utilisation 1.37%No of Contracts 1,218 Cumulative Cash Collateral Utilisation 1.37%Senior PTC Principal (Rs. mn) 1,093.7 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 15.13%Average Loan to Value 85.72% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.78% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.81% Cash Collateral (% of Pool Principal) 17.50% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 5.24% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 2.16% EIS (% of Pool Principal) 0.60% CLAP Ratio 0.15% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.05%





25%

45%

65%

85%

105%

125%

1 2 3 4 5 6 7 8 9Cumulative CE

0.0%

0.1%

0.1%

0.2%

0.2%

1 2 3 4 5 6 7 8 9CL CLAP

0.0%0.3%

0.6%0.9%

1.2%1.5%


Asset Composition

MHCV54%

Cars&MUV

25%

CE21%

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%




Asset Composition

LCV31%

MHCV69%

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


Commencement Month Feb-07 Months Post- Securitisation 12Transaction Structure Premium Cumulative Collection Efficiency 91.92%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 97.01%Pool cashflow (Rs. mn) 2,105.9 Cumu. Credit Enhancement Utilisation 7.44%No of Contracts 3,455 Cumulative Cash Collateral Utilisation 7.44%Senior PTC Payouts (Rs. mn) 2,105.9 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 6.44%Average Loan to Value 89.87% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.14% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.72% Cash Collateral (% of Pool Cashflow) 19.90% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 6.98% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 3.41% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.50% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.16%





0.0%

2.0%

4.0%

6.0%

8.0%

10.0%


0.00%

0.15%

0.30%

0.45%

0.60%

1 2 3 4 5 6 7 8 9 10 11 12

CL CLAP

0.00%2.00%

4.00%6.00%

8.00%10.00%

1 2 3 4 5 6 7 8 9 10 11 12


88%90%92%94%96%98%

1 2 3 4 5 6 7 8 9 10 11 12Cumulative CE



Asset Composition

MHCV68%

LCV32%

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


Commencement Month Feb-07 Months Post- Securitisation 12Transaction Structure Premium Cumulative Collection Efficiency 92.34%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 97.37%Pool cashflow (Rs. mn) 2,084.3 Cumu. Credit Enhancement Utilisation 7.07%No of Contracts 3,455 Cumulative Cash Collateral Utilisation 7.07%Senior PTC Payouts (Rs. mn) 2,084.3 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 6.45%Average Loan to Value 89.88% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.15% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.74% Cash Collateral (% of Pool Cashflow) 19.90% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 7.48% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 3.53% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.48% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.16%





88%

90%

92%

94%

96%

1 2 3 4 5 6 7 8 9 10 11 12Cumulative CE

0.00%

0.20%

0.40%

0.60%

0.80%

1 2 3 4 5 6 7 8 9 10 11 12

CL CLAP

0.00%2.00%

4.00%6.00%

8.00%10.00%

1 2 3 4 5 6 7 8 9 10 11 12


0.0%

2.0%

4.0%

6.0%

8.0%




Asset Composition

MHCV80%

ACE20%Issue Name: TMLFSL CV Pool D.A. March 2007



Commencement Month Mar-07 Months Post- Securitisation 12Transaction Structure Premium Cumulative Collection Efficiency 91.86%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 97.03%Pool cashflow (Rs. mn) 1,097.8 Cumu. Credit Enhancement Utilisation 9.35%No of Contracts 1,785 Cumulative Cash Collateral Utilisation 9.35%Senior PTC Payouts (Rs. mn) 1,097.8 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 5.55%Average Loan to Value 90.40% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.10% Subordination (% of Pool Cashflow) N.A. Cumulative Prepayment Rate 1.22% Cash Collateral (% of Pool Cashflow) 19.90% Loss cum Delinquency FLP (% of Pool Cashflow) N.A 90+ dpd (% of Initial Pool Size) 7.98% SLP (% of Pool Cashflow) N.A 180+dpd (% of Initial Pool Size) 4.10% EIS (% of Pool Cashflow) N.A CLAP Ratio 0.08% Liquidity (% of Pool Cashflow) N.A Cumulative Loss Ratio 0.02%





86%

88%90%

92%94%

96%

1 2 3 4 5 6 7 8 9 10 11 12Cumulative CE

0.00%

0.02%0.05%

0.07%0.10%

0.12%

1 2 3 4 5 6 7 8 9 10 11 12

CL CLAP

0.00%2.40%

4.80%7.20%

9.60%12.00%

1 2 3 4 5 6 7 8 9 10 11 12


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%




Asset Composition

LCV24%

MHCV76%

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


Commencement Month May-07 Months Post- Securitisation 11Transaction Structure Par Cumulative Collection Efficiency 95.78%Staggering 70:30 Cumu. Coll. to Cumu. Snr. PTC Payouts 99.94%Pool Principal (Rs. mn) 1,346.4 Cumu. Credit Enhancement Utilisation n.a.No of Contracts 3,025 Cumulative Cash Collateral Utilisation 9.28%Senior PTC Principal (Rs. mn) 1,346.4 FLP Utilisation N.ATenure of Cashflow (months) 48 SLP Utilisation N.AAsset Class Liquidity Utilisation N.AAvg. Seasoning (% of Org Tnr) 9.08%Average Loan to Value 85.07% Prepayment Rate Credit / Liquidity Support Monthly Prepayment Rate 0.61% Subordination (% of Pool Principal) N.A. Cumulative Prepayment Rate 6.52% Cash Collateral (% of Pool Principal) 17.50% Loss cum Delinquency FLP (% of Pool Principal) N.A 90+ dpd (% of Initial Pool Size) 10.01% SLP (% of Pool Principal) N.A 180+dpd (% of Initial Pool Size) 6.13% EIS (% of Pool Principal) 2.25% CLAP Ratio 0.32% Liquidity (% of Pool Principal) N.A Cumulative Loss Ratio 0.12%





0.0%

2.0%

4.0%

6.0%

8.0%

10.0%


0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

1 2 3 4 5 6 7 8 9 10 11CL CLAP

80%

90%

100%

110%

120%

130%

1 2 3 4 5 6 7 8 9 10 11Cumulative CE

0.00%2.00%4.00%6.00%8.00%

10.00%12.00%14.00%




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 collateral16 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 enhancement utilisation ratio, as explained in the following paragraphs.

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



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 transaction17 and the cumulative subordinated payouts till that month18. 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 transaction. However, considering the pool performance, ICRA could recommend a downward revision of the level of cash collateral stipulated, if

17 For the purpose of this analysis, downward reset in cash collateral has been ignored and the originally stipulated level considered as available. 18 cumulative subordinated payouts till that month include the prepayment-related subordinate payouts as well.



the terms so permit. With the rated instruments amortising on a monthly basis, in the case of pools performing satisfactorily, the cash collateral may initially rise as a proportion of the value outstanding of the rated instruments. However, once the cash collateral is reset, this proportion would decline. ICRA recommends any downward reset of cash collateral in a manner such that it provides the level of protection consistent with the rating on the instruments. Thus, the level of credit enhancement currently available to support the future payouts would be an important indicator for the investor. However, with the Reserve Bank of India (RBI) issuing guidelines on securitisation in February 2006, no portion of the credit enhancement can since be released to the originator in the case of fresh transactions. This means that the level of credit enhancement available will keep rising as the pool amortises over time. Because of this, during the life of the transaction the credit enhancement may reach a level that is not in line with the actual risk involved in the transaction. This may even result in the originator retaining all the risk during the life of the transaction. Break-even Collection Efficiency In an ABS transaction, credit enhancement is stipulated so that delays/defaults in pool collections do not hamper the scheduled payouts to the senior investor. The break-even collection efficiency is a measure of the collection efficiency level required in the balance tenure of the pool so as to meet the investor payments, given the available credit enhancement. This measure could be compared with the CCE till date to estimate whether it is achievable or not.

It may be noted that the above measure does not factor in any collections from overdues in the pool at the time of evaluation. In reality, a portion of the overdues too would be realised, with recoverability depending on the ageing status of the overdues. Thus, the actual break-even collection efficiency would typically be lower than the stated level. Importantly, break-even collection efficiency factors in the available credit enhancement; however, the cash collateral in ABS transactions is subject to downward reset on a quarterly basis. The break-even collection efficiency level viewed just before cash collateral reset is actually carried out may be an underestimated figure.

Cumulative Loss to Amortised Principal (CLAP) Ratio

CLAP ratio takes cumulative losses19 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)

19 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 May 31, 2008

No. Issue Name Commencement Month

Structure Pool

Receivables/ Principal

PTC Payouts/ Principal

Rs. Million Rs. Million

1 Citicorp Fin. (India) Limited (2005) ABS 1 Feb-05 Premium 795.2 795.2

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

3 Cholamandalam DBS Fin. Vehicle Loan Pool D.A. Jul 2007 Jul-07 Premium 2,116.9 2,116.9

4 Indian Loan Securitisation Series 3 Trust 2008 Aug-07 Premium 2,116.9 2,116.9

5 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. Sep 2007 Sep-07 Premium 1,493.9 1,493.9

6 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. II Sep 2007 Sep-07 Premium 1,289.7 1,289.7

7 India Loan Securitisation Series 5 Trust 2008 Oct-07 Premium 1,185.3 1,185.3

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

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

10 Cholamandalam DBS Fin. Ltd. Vehicle Loan Pool D.A. Oct 2007 Oct-07 Premium 1,009.0 1,009.0

11 India Loan Securitisation Series 9 Trust 2008 Nov-07 Premium 1,009.0 1,009.0

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

13 GETFSL CV Pool D.A. October 2006 Oct-06 Premium 1,409.2 1,409.2

14 GETFSL CV Pool D.A. December 2006 Dec-06 Premium 1,282.1 1,282.1

15 GETFSL CV Pool D.A. February 2007 Feb-07 Premium 1,478.5 1,478.5

16 Loan Series Securitisation Trust Series I Feb-07 Premium 1,052.0 1,052.0

17 Loan Series Securitisation Trust March 2007 Mar-07 Premium 1,586.8 1,586.8

18 Transportation Loan Trust Series I Oct-07 Premium 1,427.0 1,427.0

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

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

21 CV Pool D.A. Dec 2007 III Jan-08 Premium 1,773.6 1,773.6

22 HDFC Bank Limited (2005) ABS 1 (Retail Trust February 2005) Apr-05 Par 12,987.7 12,987.7

23 Retail Trust September 2006 Sep-06 Premium 3,862.3 3,862.3

24 ICICI Bank Limited (2004) ABS 3 (Indian Retail ABS Trust Series XV) Jul-04 Par 16,328.4 16,328.4

25 ICICI Bank Limited (2004) ABS 4 (Indian Retail ABS Trust Series XVII) Aug-04 Par 2,500.0 2,500.0

26 ICICI Bank Limited (2004) ABS 5 (Indian Retail ABS Trust Series XIX) Sep-04 Par 7,014.9 6,734.2

27 ICICI Bank Limited (2004) ABS 6(Indian Retail ABS Trust Series XX) Dec-04 Par 1,083.3 1,083.3

28 ICICI Bank Limited (2005) ABS 1 (SBI D.A.) Jan-05 Par 986.7 986.7

29 ICICI Bank Limited (2005) ABS 4 (Indian Retail ABS Trust Series XXX) Feb-05 Par 1,062.2 1,062.2

30 ICICI Bank Limited (2005) ABS 3 (Indian Retail ABS Trust Series XXXII) Mar-05 Par 10,214.4 9,805.9

31 ICICI Bank Ltd. (2005) ABS 5 (Indian Retail ABS Trust Series XXXV) Jul-05 Par 3,143.2 3,373.1

32 ICICI Bank Ltd. (2005) ABS 9 (Indian Retail ABS Trust Series XXXVII) Sep-05 Par 4,336.3 4,453.8

33 ICICI Bank Ltd. (2005) ABS 6 (Indian Retail ABS Trust Series XXXVIII) Jul-05 Par 3,686.2 4,029.9

34 ICICI Bank Ltd. (2005) ABS 10 (Indian Retail ABS Trust Series XXXIX) Sep-05 Par 2,821.1 3,132.1

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

36 ICICI Bank Ltd. (2005) ABS 11 (Indian Retail ABS Trust Series XLVI) Oct-05 Par 1,016.0 1,116.3

37 ICICI Bank Ltd. (2005) ABS 12 (Indian Retail ABS Trust Series 47) Oct-05 Par 1,077.4 1,195.9

38 ICICI Bank Ltd. (2005) ABS 13 (Indian Retail ABS Trust Series 50) Nov-05 Par 6,305.0 7,010.7

39 ICICI Bank Ltd. (2005) ABS 14 (D.A.) Dec-05 Par 2,024.5 2,024.5

40 ICICI Bank Ltd. (2005) ABS 15 (Indian Retail ABS Trust Series 55) Dec-05 Par 5,038.5 5,664.5




Structure Pool




41 ICICI Bank Ltd. (2006) ABS 1(ICICI D.A. March 2006) Mar-06 Par 983.2 983.2

42 ICICI Bank Ltd. (2006) ABS 1 (Indian Retail ABS Trust Series 52) Apr-06 Par 1,221.6 1,243.2

43 ICICI Bank Ltd. (2006) ABS 3 (Indian Retail ABS Trust Series 54) Mar-06 Par 1,196.6 1,217.8

44 ICICI Auto Loan Pool D.A. June 2006 May-06 Par 2,000.0 2,000.0

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

46 ICICI Bank Auto Loan Pool D.A. June 2006 II Jul-06 Par 2,460.0 2,460.0

47 ICICI Auto Loan Pool D.A. June 2006 III Jun-06 Par 2,001.0 2,001.0

48 Indian Retail ABS Trust Series 61 Jul-06 Par 3,559.4 3,559.4

49 Indian Retail ABS Trust Series 62 Jun-06 Par 1,586.3 1,586.3

50 Indian Retail ABS Trust Series 63 Sep-06 Par 2,071.0 2,071.0

51 Indian Retail ABS Trust Series 64 Sep-06 Par 8,491.6 8,491.6

52 Indian Retail ABS Trust Series 66 Oct-06 Par 3,954.5 3,987.7



55 ICICI CV and Car Loan Pool D.A. December 2006 Dec-06 Par 9,517.0 9,517.0

56 Indian Retail ABS Trust Series 71 Jan-07 Par 1,428.5 1,428.5

57 ICICI New Car and Used Car Loan Pool D.A. December 2006 Jan-07 Par 1,536.3 1,536.3

58 ICICI New Car Loan Pool D.A. December 2006 Jan-07 Par 2,864.6 2,864.6

59 Indian Retail ABS Trust Series 70 Jan-07 Par 3,000.3 3,000.3

60 ICICI New CV Loan Pool D.A. December 2006 Jan-07 Par 2,896.9 2,896.9

61 ICICI Personal Loan Pool D.A. December 2006 Jan-07 Par 1,011.5 1,011.5

62 Indian Retail ABS Trust Series 72 Jan-07 Par 872.0 872.0

63 Indian Retail ABS Trust Series 73 Jan-07 Par 875.0 875.0

64 Indian Retail ABS Trust Series 74 Feb-07 Par 1,167.0 1,167.0

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

66 Indian Retail ABS Trust Series 78 Mar-07 Par 711.5 711.5

67 Indian Retail ABS Trust Series 89 Mar-07 Par 3,622.0 3,622.0





72 Shriram Transport Finance CV Pool Feb-08 Mar-08 Premium 1,408.0 1,408.0

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

74 Sundaram Finance Ltd. (2006) ABS 2 Feb-06 Premium 1,082.7 1,082.7

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

75 Sundaram Finance Ltd. (2006) ABS 4 Mar-06 Premium 1,115.2 1,115.2

77 Sundaram Finance Ltd. D.A. 2007-1 Jan-07 Premium 1,079.4 1,079.4

78 Sundaram Finance Ltd. D.A. 2007-2 Feb-07 Premium 1,978.1 1,978.1

79 Sundaram Finance Ltd. D.A. 2007-3 Mar-07 Premium 1,115.0 1,113.0



82 Sundaram Finance CV Pool D.A. Sep-07 Oct-08 Premium 2,242.0 2,242.0

83 Sundaram Finance CV Pool D.A. Dec-07 Jan-08 Premium 2,892.0 2,892.0




Structure Pool




84 Sundaram Finance CV Pool D.A. Jan-08 Feb-08 Premium 1,397.0 1,397.0

85 Sundaram Finance CV Pool D.A. Feb-08 Mar-08 Premium 1,158.0 1,158.0

86 Sundaram Finance CV Pool D.A. Mar-08 Apr-08 Premium 1,068.0 1,068.0

87 Indian Infrastructure Equipment Receivables Trust Oct 2005 Oct-05 Par 1,038.6 990.6

88 Indian Infrastructure Equipment Receivables Trust May 2007 May-07 Premium 2,154.4 2,154.4

89 Indian Infrastructure Equipment Receivables Trust June 2007 Jul-07 Premium 3,983.8 3,983.8

90 CE Pool Trust June 2007 May-07 Premium 2,154.4 2,154.4

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

92 Indian Infrastructure Equipment Receivables Trust Feb 2008 Mar-08 Par 2,170.9 2,170.9

93 Indian Infrastructure Equipment Receivables Trust Mar 2008 Apr-08 Premium 2,183.0 2,183.0

94 Tata Motors Ltd. (2005) ABS 2 (BHPC Auto Securitisation Trust May 2005 II) May-05 Premium 3,105.2 2,443.2

95 Tata Motors Ltd. (2005) ABS 3 (BHPC Auto Securitisation Trust Sep 2005) Sep-05 Premium 2,127.3 2,127.3 96 Tata Motors Securitisation Trust ABS 1 (Feb 2006) Feb-06 Premium 7,933.0 7,933.0

97 Tata Motors Ltd. (2006) ABS 2 Feb-06 Premium 3,370.0 3,370.098 BHPC Auto Securitisation Trust May 2006 May-06 Premium 3,327.4 3,327.4

99 Tata Motors CV pool D.A. – June 2006 Pool I Jun-06 Premium 1,143.6 1,143.6100 Tata Motors CV pool D.A. – June 2006 Pool II Jun-06 Premium 2,090.1 2,090.1

101 Tata Motors CV pool D.A. – August 2006 Aug-06 Premium 1,163.3 1,163.3

102 Tata Motors CV pool D.A. – September 2006 Sep-06 Premium 5,030.0 5,030.0

103 Tata Motors CV pool D.A. – September 2006 II Sep-06 Premium 1,493.6 1,339.8

104 Tata Motors CV pool D.A. – November 2006 Nov-06 Premium 3,798.3 3,798.3

105 BHPC Auto Securitisation Trust January 2007 I Jan-07 Premium 1,795.6 1,795.6

106 Tata Motors CV pool D.A. – February 2007 Jan-07 Premium 1,729.7 1,729.7

107 Tata Motors CV pool D.A. – March 2007 Mar-07 Premium 1,096.9 1,096.9

108 Tata Motors CV pool D.A. – March 2007 Mar-07 Premium 1,910.1 1,910.1

109 Tata Motors CV pool D.A. – May 2007 May-07 Premium 1,197.0 1,197.0

110 Tata Motors Securitisation Trust June 2007 I May-07 Par 1,093.7 1,093.7

111 TML Financial Services Ltd. Auto Securitisation Trust February 2007 Feb-07 Premium 2,105.9 2,105.9

112 TML Financial Services Ltd. Auto Securitisation Trust February 2007 II Feb-07 Premium 2,084.3 2,084.3

113 TML Financial Services Ltd. CV Pool D.A. March 2007 Mar-07 Premium 1,097.8 1,097.8

114 TML Financial Services Ltd. CV Pool D.A. May 2007 May-07 Par 1,346.4 1,346.4 Pools Matured between November 30, 2007 and May 31, 2008

No. Issue Name Maturity Month

Structure Pool Receivables/ Principal

PTC Payout/ Principal


1 Citicorp Fin. (India) Limited (2005) ABS 2 Mar-08 Premium 936.5 936.5

2 GE Capital Trans Fin Serv. Ltd (2005) ABS 1 Apr-08 Premium 495.5 495.5

3 ICICI Bank Limited (2004) ABS 7 (Indian Retail ABS Trust Series XXIII) Oct-07 Par 3,028.4 3,028.4

4 ICICI Bank Limited (2004) ABS 9 (Indian Retail ABS Series XXVII) Mar-08 Par 1,004.9 1,004.9

5 Indian Retail ABS Trust Series 60 Dec-07 Par 3,206.3 3,206.3

6 Tata Motors Limited (2004) ABS 3 (BHPC Auto Securitisation Trust Sep 2004) Dec-07 Premium 1,786.8 1,786.8

7 Tata Motors Limited (2004) ABS 1 (BHPC Auto Securitisation Trust May 2005) Oct-07 Premium 3,410.2 3,308



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

CORPORATE OFFICE

Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon 122 002 Tel: +91 124 4545300 Fax: +91 124 4545350

Email: [email protected], Website: www.icraratings.com, www.icra.in

REGISTERED OFFICE 1105, Kailash Building, 11th Floor, 26 Kasturba Gandhi Marg, New Delhi 110001

Tel: +91 11 23357940-50 Fax: +91 11 23357014

Branches: Mumbai: Tel.: + (91 22) 24331046/53/62/74/86/87, Fax: + (91 22) 2433 1390 ο Chennai: Tel + (91 44) 2434 0043/9659/8080, 2433 0724/ 3293/3294, Fax + (91 44) 2434 3663 ο Kolkata: Tel + (91 33) 2287 0450, 2240 6617/8839, 2280 0008, Fax + (91 33) 247 0728 ο Bangalore: Tel + (91 80) 2559 7401/4049 Fax + (91 80) 2559 4065 ο Ahmedabad: Tel + (91 79) 2658 4924/5049/2008, Fax + (91 79) 2658 4924 ο Hyderabad: Tel +(91 40) 2373 5061/7251, Fax + (91 40) 2373 5152 ο Pune: Tel + (91 20) 2552 0194/95/96, Fax + (91 20) 2553 9231 © Copyright, 2008, 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/www.icraratings.com) or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

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

Documents