Structured Finance - India Ratings...Structured Finance Structured Finance Performance Report - 3Q13...

Structured Finance

www.indiaratings.co.in 05 December 2013

ABS/RMBS

Structured Finance Performance Report - 3Q13 CV Loan Performance Continues to Deteriorate

Special Report

CV Loan Delinquencies Mounting: India Ratings & Research (Ind-Ra) says the performance

of commercial vehicle (CV) loans continues to be stressed due to the prevailing slowdown in

the economy. For the quarter ended September 2013 (3Q13), weighted average (WA) 90+

days past due (dpd) delinquencies stood at 3.0%, up 23% from 2Q13. In-Ra’s Early

Delinquency Index (EDI) has also shown a qoq rise of 165bps to 8.2% in 3Q13, indicating that

the asset quality deterioration into 90+dpd delinquency bucket has not yet bottomed out.

Recent CV Vintage Exhibit Stress: Stress in the economy is reflected in the transactions

originated in 2013 in which loans are defaulting faster than the earlier vintages. For 2013

vintage, within the first eight months, WA 90+dpd delinquency reached 3.2% at amortisation

level of around 27% (WA 90+dpd delinquency of 2.6% and 1.9% at similar amortisation for

2012 & 2011 vintage). These vintage performances are in contrast with the performance of

2009 and earlier vintages, where such delinquencies were recorded two to three years after

transaction closing.

Construction Equipment Delinquency Rising Rapidly: Ind-Ra observed rapid deterioration

in the performance of construction equipment loans, with WA 90+dpd delinquency rising

sharply to 3.4% in 3Q13 from 1.5% in 2Q13. Most of the deterioration was contributed by 2012

vintage loans. However, the current 90+dpd delinquencies remain within the agency’s long-

term expectations and no transaction has seen the usage of credit enhancement (CE) so far.

Tractor Loans Performance Stabilises: For 3Q13 in 2012 vintage, tractor loans showed

signs of resilience with a minor increase in 180+dpd delinquencies to 2.5% from the previous

quarter, continuing the stabilisation trend started in 2Q13 (WA 180+dpd delinquency: 2.4%).

Other than various government initiatives for the rural sector, increased minimum support

prices and higher than long-term average rainfall in 2013 are likely to cushion the tractor loan

delinquencies.

RMBS Performance Steady: The performance of RMBS transactions remained stable in

3Q13 with WA 90+dpd delinquency remaining flat at 0.4%. Ind-Ra’s Residential Mortgage

(IRM) Index, which tracks 90+dpd delinquencies as a percentage of initial principal outstanding

(POS) for transactions, seasoned over 12 months remained constant at 0.33 in Q313. Default

rates continued to be low and prepayment rate remained in line with the historical trend.

Transactions Continue to be Broadly Stable: Even though delinquencies are exceeding

previous peaks, they remain within Ind-Ra’s initial expectations in most of the transactions.

The step-up in the delinquencies has not resulted in any negative rating action due to the

commensurate assumptions of higher delinquencies, availability of excess interest spread,

sufficient CE levels and fully amortising nature of underlying loans.

Analysts

Neeta Laud +91 22 4000 1716 [email protected] Amit More +91 22 4000 1703 [email protected] Jatin Nanaware +91 22 4000 1761 [email protected] Saurabh Singh

Structured Finance

Structured Finance Performance Report - 3Q13

June 2013 2

Performance by Asset Class

CV Loan ABS

Figure 1

Delinquencies in transactions originated in 2012 and 2013 have shown a faster rate of default

as compared to previous vintages. This is due to moderate economic growth and the stress on

the operating margins of CV loan borrowers.

Figure 2

In-Ra’s EDI rose to 8.2% in 3Q13 from 6.5% in 2Q13, indicating the potential movement of

loans to 90+dpd delinquency bucket which would necessitate servicers’ continued struggle to

arrest short-term delinquencies.

Figure 3

0

1

2

3

4

5

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57

(Months since issuance)

2007 2008 2009 2010 2011 2012 2013(%)

CV Vintage – WA 90+dpd as % of Original POS

Source: Ind-Ra

0

2

4

6

8

10

Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13

(%)

Ind-Ra Early Delinquency Index - CV

Source: Ind-Ra

-6

-2

2

6

10

0

1

2

3

4

Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13

90+dpd (LHS) IIP YOY (RHS)(%)

IIP (yoy) and CV 90+dpd

Source: Ind-Ra, RBI, Bloomberg

(%)

Structured Finance


June 2013 3

Figure 4

Figure 5

Higher delinquencies were observed in Tamil Nadu, Andhra Pradesh, Karnataka, Maharashtra

and Gujarat, driven by increased contribution of loans having loan to value (LTV) over 80%.

Figure 6

It is observed that defaults (90+dpd) in new CV loans were higher than those in used CV loans.

Additionally, in the new CV segment, small commercial vehicles (SCV) and passenger vehicles

have seen higher than average defaults.

0

50

100

150

200

250

0

10

20

30

40

50

60

Sep 11 Jan 12 May 12 Sep 12 Jan 13 May 13 Sep 13

Diesel price (LHS) Freight rate (RHS)(INR)

Diesel Price and Freight Rate

Source: Bloomberg, Ind-Ra's analysis

(Base: May 08=100)

0

2

4

6

8

10

Andhra Pradesh Maharashtra Tamil Nadu Karnataka Gujarat

<=60 70-80 >80

State and LTV wise 90+dpd % of OPOS

(90+dpd)

Source: Ind-Ra

0

3

6

9

12

15

LCV Farm Equipment HCV Passenger SCV

New Used

Asset Class wise 90+dpd % of OPOS

(90+dpd)

Source: Ind-Ra

Structured Finance


June 2013 4

Construction Equipment Loan ABS

Figure 7

Figure 8

Figure 9

0

1

2

3

4

5

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


2008 2009 2010 2011 2012(%)

Vintage Wise WA 90+dpd as % of Original POS

Source: Ind-Ra

0

1

2

3

4

5

-10

-7

-4

-1

2

5

Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13 Sep 13

YOY change mining index (LHS) 90+dpd (RHS)(%)

YOY Mining Index and Construction Equipment 90+dpd

Source: Bloomberg, Ind-Ra

(%)

0

1

2

3

4

-4

-2

0

2

4

6

8

10

Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13 Sep 13

YOY change core infrastructure index (LHS) 90+dpd (RHS)

YOY Infrastructure Index and Construction Equipment 90+dpd

Source: Bloomberg, Ind-Ra

(%)(%)

Structured Finance


June 2013 5

Tractor Loan ABS

Figure 10

Figure 11

Figure 12

0

1

2

3

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47


2009 2010 2011 2012(%)

Tractor – WA 180+dpd as % of Original Receivables

Source: Ind-Ra

0

2

4

6

8

10

12


(%)

Ind-Ra Tractor EDI

Source: Ind-Ra

0.0

0.3

0.6

0.9

1.2

1.5

0

1

2

3

4

5


(Month)

Y-o-Y agricuture GDP change (LHS) 180+ dpd (RHS)(%)

Agriculture GDP Growth and 180+dpd

Source: Ind-Ra, RBI

(%)

Structured Finance


June 2013 6

RMBS

Figure 13

Figure 14

0.0

0.5

1.0

1.5

2.0

1 8 15 22 29 36 43 50 57 64 71 78 85 92 99 106


2003 2004 2005 2006 2009 2010 2011(%)

RMBS Vintage – WA 90+dpd as % of Original POS

Source: Ind-Ra

0.0

0.2

0.4

0.6

0.8

1.0


(Month)

IRM Index

Source: Ind-Ra

Structured Finance


June 2013 7

Rating Actions ABS in Q313

Figure 15 Rating Affirmation Transaction name Class Asset class Previous rating Current rating

DA Program Oct 09-I Purchaser Payout CV IND AAA(SO) IND AAA(SO) DA Program Oct 09-I SLCF CV IND AAA(SO) IND AAA(SO) MMFSL DA June 2010 - 1 Purchaser Payout Tractor IND AA+(SO) IND AA+(SO) MMFSL DA Sept 2009 - 1 Purchaser Payouts Tractor IND AA+(SO) IND AA+(SO) STFCL DA March 2012 - 03 Purchaser Payouts CV IND AAA(SO) IND AAA(SO) STFCL DA March 2012 - 03 SLCF CV IND BBB(SO) IND BBB(SO) STFCL's New CV - Dec 08 Assignment

Purchaser Payouts CV IND AAA(SO) IND AAA(SO)

CV: commercial vehicle Source: Ind-Ra

Structured Finance


June 2013 8

Rating Actions RMBS in Q313

Figure 16 Rating Affirmation

Transaction name Class Asset class Previous rating Current rating

HDFC DA June 10 - I - INR935.59cr Purchaser Payout RMBS IND AAA(SO) IND AAA(SO) HDFC DA June 10 - I - INR935.59cr SLCF RMBS IND BBB+(SO) IND

BBB+(SO) HDFC DA June 10 - II - INR210.82cr Purchaser Payout RMBS IND AAA(SO) IND AAA(SO) HDFC DA June 10 - II - INR210.82cr SLCF RMBS IND A+(SO) IND A+(SO) HDFC DA June 10 - III - INR109.60cr Purchaser Payout RMBS IND AAA(SO) IND AAA(SO) HDFC DA June 10 - III - INR109.60cr SLCF RMBS IND A(SO) IND A(SO) HDFC DA Non-PSL Nov 09 (INR333.59cr)

Purchaser Payout RMBS IND AAA(SO) IND AAA(SO)

HDFC DA Non-PSL Nov 09 (INR333.59cr)

SLCF RMBS IND AA-(SO) IND AA-(SO)

HDFC DA PSL Nov 09 (INR291.80cr) Purchaser Payout RMBS IND AAA(SO) IND AAA(SO) HDFC DA PSL Nov 09 (INR291.80cr) SLCF RMBS IND A+(SO) IND A+(SO) HDFC: MBS 2006 Series II Trust Class A1 RMBS IND AAA(SO) IND AAA(SO) HDFC: MBS 2006 Series II Trust Class A2 RMBS IND AAA(SO) IND AAA(SO)

Source: Ind-Ra

Structured Finance


June 2013 9

Initial Pool Details and Pool Performance

CV Loan ABS

Figure 17 CV Loan ABS Delinquency as % of original POS

Values at Issuance 90+dpd 180+dpd CE (INRm)

Transaction name Originator Type Asset type

WA orig. LTV (%)

WAS (Mo)

WA IRR (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%)

Curr. value

(%) Prev

Qt. (%) Prev.

yr. (%) CPPT

(%) Orig. Curr. CEU (%) CCE (%)

STFCL's New CV - Dec 08 Assignment

STFCL Par N: 100%, U: 0% 89.9 4 17.3 45 6.4 PIF PIF n.a. 0.93 1.93 n.a. 0.65 0.69 n.a. n.a. n.a. n.a. n.a.

DA Program-Sept 09-1

STFCL Premium N: 100%, U: 0% 82.0 2 20.4 50 3.9 PIF PIF n.a. 0.77 0.97 n.a. 0.25 0.38 n.a. n.a. n.a. n.a. n.a.

DA Program Oct 09-I

STFCL Par N: 100%, U: 0% 81.6 4 22.7 42 7.9 97.9 46 0.61 0.80 1.40 0.40 0.49 0.84 9.2 221.6 221.6 0.0 97.7

STFCL DA Program - Feb 10 - 1

STFCL Par N: 15%, U: 86% 63.1 3 28.7 48 3.4 92.1 44 1.05 1.24 2.01 0.68 0.57 0.71 16.5 158.1 158.1 0.0 97.1


STFCL Par N: 27%, U: 73% 64.7 2 27.3 42 4.0 PIF PIF n.a. 0.56 1.03 n.a. 0.38 0.40 n.a. n.a. n.a. n.a. n.a.


STFCL Par N: 42%, U: 58% 69.5 4 24.9 40 6.9 98.2 43 0.58 0.65 1.12 0.49 0.48 0.62 12.8 222.1 222.1 0.0 97.2

STFCL DA Program Feb 10-4

STFCL Par N: 4%, U: 96% 65.1 2 26.7 47 3.0 91.5 42 1.55 1.90 2.56 0.80 0.98 1.05 15.6 232.5 232.5 0.0 97.9

STFCL DA Program Feb10-5

STFCL Par N: 8%, U: 92% 64.0 2 27.2 44 3.0 93.9 42 1.33 1.56 2.65 0.85 0.83 1.00 16.9 133.0 133.0 0.0 98.1

STFCL DA Feb 2011- 02

STFCL Par N: 23%, U: 77% 64.1 4 26.5 40 7.4 84.7 32 1.44 1.77 2.39 0.67 0.62 0.62 21.3 261.1 261.1 0.0 92.1

Small Operators Trust 2011

STFCL Par N: 35%, U: 65% 66.3 15 27 27 35.2 PIF PIF n.a. 1.30 2.41 n.a. 0.94 1.33 n.a. n.a. n.a. n.a. n.a.

STFCL DA Mar 2011- 02

STFCL Par N: 29%, U: 71% 67.9 3 24.7 47 3.5 72.1 31 2.27 2.41 3.15 0.88 0.73 0.52 21.4 211.0 211.0 0.0 93.5


STFCL Par N: 25%, U: 75% 68.3 3 25.08 45 3.6 75.2 31 1.22 1.60 2.47 0.49 0.56 0.44 21.8 162.4 162.4 0.0 94.3


STFCL Premium N: 34%, U: 66% 67.0 2 24.5 45 3.3 74.6 31 2.11 2.31 2.85 0.72 0.49 0.59 19.2 215.3 186.6 13.3 93.6

Structured Finance


June 2013 10

CV Loan ABS (Cont.)

Delinquency as % of original POS



WA orig. LTV (%)

WAS (Mo)

WA IRR (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%)

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%) CPPT



STFCL Par N: 26%, U: 74% 65.9 4 25.3 42 6.8 79.7 30 2.29 2.52 3.50 1.01 0.77 0.53 22.3 257.8 257.8 0.0 92.6


STFCL Par N: 27%, U: 73% 66.0 4 25.14 42 7.1 79.3 31 2.30 2.54 3.44 0.82 0.85 0.68 21.5 111.9 111.9 0.0 93.1

STFCL DA June 2011 -01

STFCL Premium N: 32%, U: 68% 65.3 2 25.77 43 3.6 70.5 28 2.89 3.30 3.29 1.01 0.91 0.60 23.1 235.0 221.8 5.6 90.0

STFCL DA Sep 2011 -01

STFCL Par N: 27%, U: 73% 71.9 5 22.8 44 8.8 64.9 24 1.61 2.12 2.75 0.54 0.61 0.48 22.5 271.3 271.3 0.0 95.0


STFCL Par N: 39%, U: 61% 71.1 7 22.1 40 13.0 67.3 23 2.63 2.91 3.27 0.97 0.86 0.33 21.6 1359.2 1359.2 0.0 92.6

Aeon Trust 2012

SFL Par N: 84%, U: 16% 77.7 11 13 25 30.4 84.9 22 0.62 0.44 0.45 0.00 0.00 0.00 11.5 255.0 255.0 0.0 95.0

Platinum Trust 2012

CIFCL Par N: 92%, U: 8% 84.9 17 16.2 26 32.9 86.1 23 0.92 0.71 0.22 0.27 0.16 0.06 16.5 384.3 384.3 0.0 96.1

STFCL DA December 2011 -01

STFCL Par N: 25%, U: 75% 64.2 5 25.1 38 8.7 66.6 22 2.05 2.23 2.80 0.54 0.51 0.21 22.7 183.8 183.8 0.0 92.1

STFCL DA Operator Trust Dec 2011

STFCL Par N: 27%, U: 73% 65.1 4 24.2 40 7.6 63.1 22 2.95 3.04 3.00 0.95 0.76 0.24 20.9 247.9 247.9 0.0 92.7

Fullerton DA CV Dec 2011

FICCL Par N: 72%, U: 28% 81.3 9 15.9 33 17.7 65.9 22 5.27 4.12 1.75 2.97 2.48 0.39 7.6 156.0 156.0 0.0 94.9

Aeon Trust II 2012

SFL Par N: 68%, U: 32% 74.6 5 15 31 16.9 74.1 20 1.16 1.06 0.69 0.00 0.00 0.00 10.8 112.5 112.5 0.0 94.7

STFCL DA January 2012 -01

STFCL Par N: 37%, U: 63% 72.9 4 23.08 36 8.5 68.8 21 5.92 5.95 4.72 1.77 1.57 0.40 23.9 292.7 292.7 0.0 85.7

CV Loan Trust 2012

STFCL Par N: 47%, U: 53% 68.2 7 22.8 36 12.6 67.6 20 2.99 3.14 1.93 0.89 0.77 0.16 20.9 628.1 628.1 0.0 87.7


STFCL Par N: 35%, U: 65% 69.5 6 21.3 41 10.3 56.7 19 3.71 3.51 1.17 0.59 0.90 0.13 20.7 100.6 100.6 0.0 86.2

Novo XI Trust - Chassis

STFCL Par N: 15%, U: 85% 70.3 9 24.41 35 15.2 62.0 19 2.76 3.26 2.45 1.03 0.94 0.11 20.3 203.8 203.8 0.0 87.9

SRTO Trust 2012

STFCL Par N: 70%, U: 30% 76.9 5 21.23 39 9.3 58.8 19 3.59 3.45 2.07 0.84 0.81 0.06 14.7 100.4 100.4 0.0 91.5

Structured Finance


June 2013 11

CV Loan ABS (Cont.)




WA orig. LTV (%)

WAS (Mo)

WA IRR (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%)

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%) CPPT


STFCL DA March 2012 - 01

STFCL Par N: 26%, U: 74% 66.1 4 24.65 34 8.1 65.8 19 3.96 3.35 1.75 0.66 0.79 0.03 18.0 137.2 137.2 0.0 89.8


STFCL Par N: 22%, U: 78% 64.0 4 26.24 33 8.7 67.5 19 3.71 3.62 2.88 0.66 0.63 0.11 19.9 169.9 169.9 0.0 90.4


STFCL Par N: 30%, U: 70% 65.1 5 24.77 37 9.8 62.0 19 4.12 3.67 2.47 1.06 0.53 0.05 20.9 127.1 127.1 0.0 88.6

STFCL CV Trust 2012

STFCL Par N: 32%, U: 68% 70.7 4 23.46 35 7.7 61.5 19 6.45 5.58 2.53 0.96 0.70 0.12 14.7 175.0 175.0 0.0 92.0

India Vehicle Trust - March 2012

STFCL Par N: 56%, U: 44% 74.1 5 23.7 36 9.9 62.5 19 5.31 5.16 3.26 1.33 0.98 0.17 13.6 232.0 232.0 0.0 90.4

STFCL CV Trust Nov 12 - II

STFCL Par N: 20%, U: 80% 62.7 14 14.1 38 28.5 29.8 10 4.20 2.47 n.a. 0.25 0.04 n.a. 1.1 621.9 621.9 0.0 95.6


STFCL Par N: 22%, U: 78% 65.4 12 14.7 38 25.6 30.0 10 5.88 2.69 n.a. 0.47 0.22 n.a. 2.5 1015.0 1015.0 0.0 93.2

STFCL CV Trust Dec 12 - I

STFCL Par N: 37%, U: 63% 68.9 12 14.2 38 24.4 29.7 10 5.09 2.69 n.a. 0.21 0.17 n.a. 3.6 267.8 267.8 0.0 93.4

Platinum Trust 2013

CIFCL Par N: 100%, U: 0% 83.3 13 14.2 29 27.2 38.7 10 1.42 0.86 n.a. 0.24 0.07 n.a. 0.8 372.3 372.3 0.0 69.3

Small Operators Trust II 2013

STFCL Par N: 36.5%, U: 63.5% 64.4 11 14.6 37 22.9 24.9 8 3.28 1.94 n.a. 0.21 0.11 n.a. 2.6 396.5 396.5 0.0 95.0

STFCL CV Trust Feb 2013

STFCL Par N: 23.4%, U: 76.6% 65.5 12 14.2 39 24.8 24.9 8 2.49 1.37 n.a. 0.02 0.09 n.a. 2.4 588.8 588.8 0.0 96.5

Sansar Trust March 2013-I

STFCL Par N: 14.7%, U: 85% 61.4 17 14 35 33.7 24.3 7 1.16 0.22 n.a. 0.04 0.00 n.a. 1.0 386.0 386.0 0.0 98.9

Sansar Trust March 2013 III

STFCL Par N: 21.3%, U: 78.7% 63.9 17 14.4 31 35.0 24.1 6 1.95 0.37 n.a. 0.10 0.01 n.a. 2.1 302.9 302.9 0.0 95.0

Sansar CV Trust Mar 2013 IV

STFCL Par N: 10.7%, U: 89.3% 64.1 12 14.8 35 25.0 21.3 6 2.23 0.44 n.a. 0.21 0.00 n.a. 3.3 28.5 28.2 0.0 96.5

Structured Finance


June 2013 12

CV Loan ABS (Cont.)




WA orig. LTV (%)

WAS (Mo)

WA IRR (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%)

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%) CPPT


Platinum Trust - Feb 2013 - Tranche 2

CIFCL Par N: 100%, U: 0% 86.4 13 14.2 30 26.7 27.4 7 2.15 0.73 n.a. 0.13 0.00 n.a. 0.8 288.0 288.0 0.0 64.7

Platinum Trust March 2013

CIFCL Par N: 100%, U: 0% 86.4 13 14.3 30 26.0 26.6 7 0.90 0.16 n.a. 0.07 0.00 n.a. 0.7 166.7 166.7 0.0 75.4

Aeon Trust 2013

SFL Par N: 93.2%, U: 6.8% 88.3 15 13.3 26 36.4 38.3 8 2.04 1.61 n.a. 0.00 0.00 n.a. 6.0 198.0 198.0 0.0 88.8

JUPITER TRUST A JAN 13

MMFSL Par N: 100%, U: 0% 76.7 16 16.1 28 32.5 32.3 8 2.54 0.95 n.a. 0.21 0.04 n.a. 4.0 404.1 404.1 0.0 91.9

Indian Receivable Trust January 2013 B

TMFL Par N: 100%, U: 0% 91.0 10 14.6 33 22.7 22.5 8 4.33 1.25 n.a. 0.88 0.02 n.a. 0.9 299.7 299.7 0.0 94.1

Indian Receivable Trust January 2013 A

TMFL Par N: 100%, U: 0% 89.1 11 15.5 34 22.9 21.3 8 5.08 1.80 n.a. 1.04 0.09 n.a. 1.3 454.0 454.0 0.0 93.4

Indian Receivable Trust February 2013 A

TMFL Par N: 100%, U: 0% 89.6 9 15.1 34 20.6 18.0 7 5.63 1.77 n.a. 1.09 0.00 n.a. 0.7 435.8 435.8 0.0 92.3

STFCL CV Trust Aug 2013-I

STFCL Par N: 13.2%, U: 86.8% 70.0 10 14.9 36 21.4 6.1 2 0.00 n.a. n.a. 0.00 n.a. n.a. 0.1 410.1 410.1 0.0 95.4

Source: Ind-Ra

Structured Finance


June 2013 13

Figure 18 Construction Equipment Loan ABS Delinquency as % of original POS

Values at issuance 90+dpd 180+dpd CE (INRm)


WA orig. LTV (%)

WAS (Mo)

WA IRR (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%)

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%) CPPT


SREI - Direct Assignment March 11-IV

SEFPL Par N: 95%, U: 5% 81.1 7 12.2 30 19.1 PIF PIF n.a. 1.53 2.06 n.a. 1.12 1.19 n.a. n.a. n.a. n.a. n.a.

SREI DA August 2011


IRST 2011 Series - I


SEFPL Direct Assignment Sep 11 - III

SEFPL Par N: 96%, U: 4% 79.7 3 13.1 31 7.7 78.5 24 2.29 2.19 1.07 1.40 1.24 0.00 5.5 152.5 152.5 0.0 97.9

SEFPL Direct Assignment Sep 11 - VI

SEFPL Par N: 92%, U: 8% 81.4 3 13.4 34 7.4 71.9 24 4.04 3.22 2.46 2.37 2.05 1.28 6.7 132.5 132.5 0.0 97.5

SEFPL Direct Assignment Sep 11 - IV


ILSS 1 trust 2012 SEFPL Par N: 85%, U: 15% 87.7 15 11.2 24 36.0 PIF PIF n.a. 0.88 0.35 n.a. 0.56 0.00 n.a. n.a. n.a. n.a. n.a.

SREI - Direct Assignment - December 11 - I

SEFPL Par N: 98%, U: 2% 81.8 3 13.2 35 4.8 63.9 22 3.54 2.96 1.46 1.91 1.39 0.63 6.6 563.9 563.9 0.0 97.6

SREI- Direct Assignment - February 12 - I

SEFPL Par N: 90%, U: 10% 83.0 3 13.4 36 5.7 55.2 19 3.33 1.85 0.55 1.54 0.68 0.07 5.8 753.1 753.1 0.0 97.6

SEFPL DA March 12 - III

SEFPL Par N: 89%, U: 11% 83.7 2 13.2 35 4.9 53.3 18 3.93 2.88 0.27 0.25 0.25 0.00 5.7 155.0 155.0 0.0 95.9

Source: Ind-Ra

Structured Finance


June 2013 14

Figure 19 Tractor Loan ABS Delinquency as % of original POS



WA orig. LTV (%)

WAS (Mo)

WA IRR (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%)

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%) CPPT


MMFSL DA Sep 2009-1

MMFSL Premium N: 100%, U: 0% 68.1 9 22.0 32 16.1 PIF PIF n.a. 1.27 2.10 n.a. 1.14 1.42 n.a. n.a. n.a. n.a. n.a.

MMFSL DA Dec 2009-1

MMFSL Premium N: 100%, U: 0% 68.8 8 24.2 35 14.0 98.0 47 1.45 1.59 2.69 1.26 1.30 1.60 7.8 416.5 358.4 13.9 98.5

MMFSL DA Dec 2009-2

MMFSL Premium N: 100%, U: 0% 67.4 8 16.7 31 18.3 97.6 45 1.55 1.74 2.88 1.35 1.45 1.54 6.3 303.9 287.0 5.6 98.3

MMFSL DA March 2010 - 1

MMFSL Premium N: 100%, U: 0% 67.5 6 20.5 34 12.1 95.5 42 1.81 1.80 3.30 1.28 1.35 1.63 5.9 900.8 746.6 17.1 98.1

MMFSL DA June 2010 - 1

MMFSL Premium N: 100%, U: 0% 66.9 7 18.9 32 16.6 96.3 40 1.35 1.34 3.07 0.82 0.94 1.07 6.8 355.6 328.3 7.7 98.5

MMFSL DA Sept 2010 - 1

MMFSL Premium N: 100%, U: 0% 67.9 7 20.0 36 15.4 89.3 37 1.89 1.87 3.43 0.99 0.99 0.99 5.8 452.5 408.3 9.8 98.4

MMFSL DA Dec 2010 - 1

MMFSL Premium N: 100%, U: 0% 66.2 7 18.5 32 15.6 88.3 33 2.61 2.44 4.58 1.13 1.24 1.18 6.4 740.7 698.5 5.7 97.8

MMFSL DA Feb 2011-1

MMFSL Premium N: 100%, U: 0% 66.8 7 17.8 34 15.3 84.8 31 2.49 2.51 3.82 0.90 0.99 1.03 5.6 860.0 752.6 12.5 97.8

MMFSL DA Nov 2011

MMFSL Par N: 100%, U: 0% 62.8 10 17.1 31 20.1 70.9 23 2.73 2.51 2.86 0.74 0.81 0.49 5.5 331.9 331.9 0.0 97.9

MMFSL DA Dec 2011

MMFSL Par N: 100%, U: 0% 68.2 8 20.0 36 13.6 56.4 21 6.66 5.62 5.59 1.83 1.70 1.08 7.9 362.2 362.2 0.0 95.5

MMFSL DA March 2012

MMFSL Par N: 100%, U: 0% 69.6 6 20.7 39 8.1 42.6 18 8.28 7.43 4.58 2.51 2.41 0.61 5.8 288.5 288.5 0.0 94.3

Source: Ind-Ra

Structured Finance


June 2013 15

Figure 20

Small Business Loan ABS Delinquency as % of original POS


Transaction name Originator Type

WAS (Mo)

WA IRR (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI Curr.

value (%) Prev qt.

(%) Prev. yr.

(%)

Curr. value

(%) Prev qt.

(%) Prev. yr.

(%) CPPT


SCUF - DA Program Sept 2010- 01

SCUF Premium 15 32.3 36 21.3 96.8 39 0.00 0.00 0.00 0.00 0.00 0.00 30.2 170.9 170.9 0.0 100.0

SCUF DA Mar 2011- 01

SCUF Par 11 35.8 27 35.2 87.1 30 0.00 0.00 0.00 0.00 0.00 0.00 15.2 413.3 413.3 0.0 100.0

SCUF DA Sep 2011- 01

SCUF Par 5 28.0 25 13.6 81.2 25 0.00 0.00 0.00 0.00 0.00 0.00 4.2 637.5 637.5 0.0 100.0


SCUF Par 7 25.8 32 24.7 71.0 24 0.00 0.00 0.00 0.00 0.00 0.00 6.7 300.0 300.0 0.0 100.1

Small Business Trust 2012

SCUF Par 11 30.5 29 20.6 70.0 23 0.00 0.00 0.00 0.00 0.00 0.00 4.0 426.0 426.0 0.0 100.0

Small Business Trust II 2012

SCUF Par 9 38.0 15 29.6 PIF PIF n.a. 0.00 0.00 n.a. 0.00 0.00 n.a. n.a. n.a. n.a. n.a.

SCUF-UCO DA Dec 2011

SCUF Par 14 25.8 20 25.6 79.6 21 0.00 0.00 0.00 0.00 0.00 0.00 0.7 100.6 100.6 0.0 100.0

SCUF DA Mar 2012-01

SCUF Par 2 23.3 33 8.6 54.2 18 0.00 0.00 0.00 0.00 0.00 0.00 9.7 235.8 235.8 0.0 99.4

SCUF DA Mar 2012-02

SCUF Par 6 26.5 27 16.1 59.0 18 0.00 0.00 0.00 0.00 0.00 0.00 6.2 100.0 100.0 0.0 99.8

SCUF DA Mar 2012-03

SCUF Par 2 24.0 30 10.2 61.6 18 0.00 0.00 0.00 0.00 0.00 0.00 9.0 51.5 51.5 0.0 99.8

Privilege Trust Series I

SCUF Par 10 16.9 19 30.7 52.6 12 0.00 0.00 n.a. 0.00 0.00 n.a. 3.8 97.4 97.4 0.0 99.9

SCUF EF TRUST DEC'12 SERIES - I

SCUF Par 9 17.2 38 17.7 20.7 9 0.00 0.00 n.a. 0.00 0.00 n.a. 7.2 162.3 162.3 0.0 99.6


SCUF Par 8 17.4 21 32.3 31.0 7 0.00 0.00 n.a. 0.00 0.00 n.a. 1.8 271.8 271.8 0.0 98.4

Privilege Trust Series 2

SCUF Par 9 17.1 31 22.8 25.0 9 0.00 0.00 n.a. 0.00 0.00 n.a. 3.9 466.5 466.5 0.0 99.4


SCUF Par 11 16.7 57 10.4 8.0 6 0.00 0.00 n.a. 0.00 0.00 n.a. 7.8 57.9 57.9 0.0 99.7

Privilege Series Trust 5

SCUF Par 10 17.4 19 36.7 18.0 6 0.00 0.00 n.a. 0.00 0.00 n.a. 0.7 120.6 120.6 0.0 99.4

Source: Ind-Ra

Structured Finance


June 2013 16

Figure 21 RMBS Delinquency as % of original POS


Transaction name Originator Type Asset type WA orig. LTV (%)

WAS (Mo)

WA ROI (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%)

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%) CPPT


CitiBank: Royal Trust July 2004

Citi Bank Par Residential Mortgage

12 8.5 57.8 166 n.a. 90.8 110 0.51 0.50 0.25 0.31 0.22 0.14 64.9 79.6 64.5 18.97 99.82

CitiBank: Royal Trust May 2004


13 8.7 54.0 75 n.a. 96.1 112 0.04 0.27 0.20 0.00 0.23 0.12 62.7 17.4 13.9 20.24 99.88

CitiBank: Royal Trust June 2004


14 8.8 73.2 137 n.a. 94.8 111 0.14 0.16 0.23 0.10 0.10 0.01 68.7 29.1 26.9 7.50 99.85

ICICI Bank: Nivas Trust Sr II

ICICI Bank Par Residential Mortgage

12 9.0 71.9 126 n.a. 90.9 116 1.52 1.41 1.97 1.28 1.36 1.68 51.5 123.1 97.5 20.79 98.43

ICICI Bank: Indian RMBS Trust Sr VIII

ICICI Bank Par Residential Mortgage

12 8.1 73.2 160 n.a. 88.0 103 0.97 0.91 1.14 0.84 0.87 0.95 56.4 75.0 75.0 0.00 99.05

HDFC: MBS 2006 Series II Trust

HDFC Ltd. Par Residential Mortgage

27.0 8.7 76.0 78 11.5 81.3 91 0.32 0.28 0.44 0.19 0.19 0.19 50.5 283.8 283.8 0.00 99.86

HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9637.7m


4 11.3 73.4 208 1.7 54.8 55 0.90 0.68 0.95 0.39 0.38 0.41 35.1 915.6 915.6 0.00 99.58

HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9690m


22 11.4 65.6 170 13.3 63.2 55 0.50 0.41 0.59 0.20 0.19 0.23 38.9 775.2 768.0 0.93 99.68

HDFC DA PSL Nov09(INR 291.80 cr)


1 8.9 65.8 180 0.5 46.4 47 0.42 0.52 0.52 0.33 0.29 0.25 29.8 303.5 303.5 0.00 99.57

HDFC DA Non-PSL Nov09(INR 333.59 cr)


1 9.2 72.6 192 0.8 52.8 47 0.36 0.23 0.22 0.17 0.16 0.22 37.6 316.9 316.9 0.00 99.33

HDFC DA June 10- I - Rs. 935.59 crore


1 8.2 70.3 175 0.4 40.0 42 0.36 0.35 0.32 0.15 0.14 0.12 22.6 935.6 935.6 0.00 99.56

HDFC DA June 10 - II - Rs. 210.82 crore


0 8.2 72.9 190 0.2 50.0 42 0.19 0.19 0.33 0.00 0.00 0.00 35.8 231.9 231.9 0.00 99.29

HDFC DA June 10- III - Rs. 109.60 crore


21 9.7 44.8 131 10.8 48.6 42 0.27 0.38 0.33 0.26 0.03 0.04 32.2 101.4 101.4 0.00 99.68

HDFC DA December 2010 - I


1 8.2 74.0 190 0.9 30.2 36 0.34 0.25 0.34 0.08 0.08 0.13 19.1 598.4 598.4 0.00 99.59

HDFC DA December 2010 - II


11 9.4 73.4 197 3.2 29.2 36 0.25 0.34 0.51 0.25 0.24 0.24 21.8 123.1 123.1 0.00 99.65

Structured Finance


June 2013 17

RMBS (Cont.) Delinquency as % of original POS


Transaction name Originator Type Asset type WA orig. LTV (%)

WAS (Mo)

WA ROI (%)

WABT (Mo)

Amort (%)

Amort. (curr.)

(%) MSI

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%)

Curr. value

(%) Prev

qt. (%) Prev.

yr. (%) CPPT


HDFC DA December 2010 - III


8 8.3 73.6 193 3.6 39.5 36 0.18 0.00 0.00 0.00 0.00 0.00 28.7 121.2 121.2 0.00 99.83

HDFC DA July 2011 - I


16 10.8 63.4 142 12.4 40.5 30 0.39 0.38 0.44 0.11 0.12 0.06 25.2 975.7 975.7 0.00 99.43

HDFC DA July 2011 - II


5 9.5 67.9 183 3.6 38.7 30 0.19 0.21 0.00 0.00 0.00 0.00 29.1 77.6 77.2 0.49 99.13

HDFC DA July 2011 - III


5 9.5 72.4 184 2.3 28.5 30 0.55 0.32 0.49 0.33 0.24 0.20 18.9 155.0 155.0 0.00 99.29

Source: Ind-Ra

Structured Finance


June 2013 18

Appendix A: Glossary of Terms Used

Amort: Amortisation

CCE: Cumulative Collection Efficiency (Cumulative collections/cumulative billing)

CE: Credit Enhancement

Credit Enhancement Built-up: {credit enhancementt=T/POSt=T}/{credit enhancementt=0/POSt=0}

CEU: Credit enhancement utilisation

CIFCL: Cholamandalam Investment and Finance Company Limited

CPPT: Cumulative Prepayment Rate

Curr: Current

CV: Commercial Vehicle

EDI: Early Delinquency Index

EIS: Excess Interest Spread

FICCL: Fullerton India Credit Company Limited

LF: Liquidity Facility

MMFSL: Mahindra and Mahindra Financial Services Limited

MSI: Months Since Issuance

N: New (asset type)

Orig.: Original

POS: Principal Outstanding1

Prev: Previous

Qt.: Quarter

Receiv.: Receivables

SCUF: Shriram City Union Finance Limited

SEFPL: SREI Equipment Finance Private Limited

SFL: Sundaram Finance Limited

SLCF: Second loss credit facility

STFCL: Shriram Transport Finance Company Limited

U: Used (asset type)

WA IRR: Weighted Average Internal Rate of Return

WA Orig. LTV: Weighted Average Original Loan-to-Value

WABT: Weighted Average Balance Tenor

WAS: Weighted Average Seasoning

Yr.: Year

1 Original balance (Orig. Bal.), current balance (Curr. Bal.) and CEs are in INRm unless stated

otherwise

Structured Finance


June 2013 19

Appendix B: Ind-Ra’s Early Delinquency Index (EDI)

Ind-Ra’s EDI for CV and tractor loans provides an early warning signal of imminent default. The

index is constructed by including all transactions with a minimum seasoning since origination of

three months. It captures loans in the 30+dpd delinquency status as a per cent of the original

POS in the transaction and at an asset class portfolio level. The EDI is particularly useful in the

Indian market, where defaults in retail loans have been historically low, making it difficult to

detect, track and anticipate any directional change in delinquency trends. Short-term

delinquencies in the 30+dpd bucket often roll through to the 90+dpd bucket and their

relationship is explained in the table below.

Figure 22 Understanding Ind-Ra’s EDI 30+dpd delinquency

90+ delinquency/ 180+delinquency Sign Interpretation

Rising Flat Imminent deterioration

Indicates inability to arrest short-term delinquencies and imminent movement of loans to 90+dpd delinquency bucket

Rising Rising Asset deterioration in progress

Indicates inability to arrest short-term delinquencies and movement of loans to 90+dpd delinquency bucket

Falling Flat Recovery in progress

Indicates arrest of short-term delinquencies and recovery in progress, with loans no longer moving to deeper buckets

Falling Falling Recovery in progress

Indicates arrest of short-term delinquencies and imminent recovery, with loans moving to less delinquent buckets

Source: Ind-Ra

The movement of loans in different delinquency buckets across vintages is shown in the charts

below. Rising level of 30+dpd delinquencies is an early indicator of loans moving into the

90+dpd delinquency bucket. Similarly, a fall in 30+dpd rates suggests an easing of stress,

resulting in a fall or stabilisation in 90+dpd delinquencies.

Figure 23 Figure 24

0

2

4

6

8

10

1 7 13 19 25 31 37 43 49 55


30+dpd 60+dpd 90+dpd 180+dpd(%)

CV Delinquency % of Original POS– Vintage 2008

Source: Ind-Ra

0

2

4

6

8

10

1 6 11 16 21 26 31 36 41 46


30+dpd 60+dpd 90+dpd 180+dpd(%)


Source: Ind-Ra

Structured Finance


June 2013 20

Figure 25 Figure 26

Figure 27 Figure 28

0

2

4

6

8

10

1 6 11 16 21 26 31 36 41


30+dpd 60+dpd 90+dpd 180+dpd(%)


Source: Ind-Ra

0

2

4

6

8

10

1 5 9 13 17 21 25 29


30+dpd 60+dpd 90+dpd 180+dpd(%)


Source: Ind-Ra

0

3

6

9

12

1 3 5 7 9 11 13 15 17 19 21


30+dpd 60+dpd 90+dpd 180+dpd(%)


Source: Ind-Ra

0

3

6

9

12

15

1 2 3 4 5 6 7 8


30+dpd 60+dpd 90+dpd 180+dpd(%)


Source: Ind-Ra

Structured Finance


June 2013 21

Appendix C: IRM Index Trends

The IRM index tracks 90+dpd rates as a percentage of initial POS for the residential mortgage

loans in the RMBS transactions publicly rated by Ind-Ra. The index is designed to provide

investors with a benchmark to compare trends in credit performance across transactions over

time. IRM index captures transactions post 12 months seasoning.

There has been a drop in IRM index (Figure 15) to 0.33 from 0.43 since the last one year. This

also reflects that delinquencies are low and are well within Ind-Ra’s initial base case

assumptions.

Structured Finance a

STFCL's New CV - Dec 08 Assignment

Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook

Purchaser Payouts 1,999.3 - 401.0 - PIF -

Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Apr

-13

Aug

-13

Delinquency (% of Original POS)

90+ dpd 180+ dpdSource: Ind-Ra

0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Apr

-13

Aug

-13

Credit Enhancement Built-Up & Amortization

CE Built-up multiple (lhs) Amortisation(rhs)

Source: Ind-Ra

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Apr

-13

Aug

-13

Delinquency (% of Current POS)

90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra

0%

4%

8%

12%

16%

20%

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Apr

-13

Aug

-13

Delinquency Distribution (% of Original POS)

30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra

Indian ABS Performance Report Q3-2012

December 2012 22 a


DA Program-Sept09-1


Purchaser Payout 1,206.7 - 268.3 - PIF -

SLCF - - 268.3 - PIF -

IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

2%

4%

6%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



0%

4%

8%

12%

16%

20%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13




December 2012 23 a


DA Program Oct09-I


Purchaser Payout 999.8 15.8 221.6 221.6 IND AAA(SO) Stable

SLCF 108.0 108.0 113.7 113.7 IND AAA(SO) StableIND BBB(SO)

Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



Source: Ind-Ra

0.0%

10.0%

20.0%

30.0%

40.0%

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

4%

8%

12%

16%

20%

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13




December 2012 24 a




Purchaser Payout 1,266.4 83.7 158.1 158.1 IND AAA(SO) Stable

SLCF 107.5 107.5 50.6 50.6 IND A+(SO) Stable

Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

4%

8%

12%

16%

20%

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13




December 2012 25 a




Purchaser Payouts 696.0 - 84.3 - PIF -

SLCF - - 84.3 - PIF -

Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



0%

4%

8%

12%

16%

20%

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13




December 2012 26 a





SLCF 144.2 144.2 78.0 78.0 IND AAA(SO) Stable

Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



Source: Ind-Ra

0.0%

10.0%

20.0%

30.0%

40.0%

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13




December 2012 27 a


STFCL DA Program Feb 10-4



SLCF 155.0 155.0 77.5 77.5 IND A(SO) Stable

Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

20.0%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

4%

8%

12%

16%

20%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3




December 2012 28 a


STFCL DA Program Feb10-5



SLCF 84.5 84.5 48.5 48.5 IND AA-(SO) Stable

IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

2%

4%

6%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

4%

8%

12%

16%

20%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3




December 2012 29 a




Purchaser Payouts 1,924.7 279.4 261.1 261.1 IND AAA(SO) Stable

SLCF 164.8 164.8 96.3 96.3 IND AA-(SO) StableIND BBB(SO)

Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Feb-

11

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

11

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Feb-

11

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Feb-

11

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 30 a




Series A1 PTCs 3,305.8 - 330.6 - PIF -

Series A2 PTCs 664.4 - 330.6 - PIF -

SLCF - - 330.6 - PIF -IND BBB(SO)

Orig. Rating

IND AAA(SO)

IND AAA(SO)

0%

2%

4%

6%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

20.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13



0%

4%

8%

12%

16%

20%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13




December 2012 31 a





SLCF 126.6 126.6 84.4 84.4 IND AA(SO) Stable

Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 32 a






Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 33 a




Purchaser Payouts 1,002.3 209.4 215.3 186.6 IND AA(SO) Stable


Orig. Rating

IND AA(SO)

IND BBB+(SO)

0%

2%

4%

6%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 34 a






IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

2%

4%

6%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 35 a




Purchaser Payouts 800.4 157.3 111.9 111.9 IND AAA(SO) Stable


Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 36 a


STFCL DA June 2011 -01


Purchaser Payouts 1,040.7 259.8 235.0 221.8 IND AA(SO) Stable


Orig. Rating

IND AA(SO)

IND A(SO)

0%

2%

4%

6%

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 37 a


STFCL DA Sep 2011 -01




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 38 a




Series A1 PTCs 3,617.5 - 1,359.2 1,359.2 PIF -

Series A2 PTCs 6,524.9 3,213.1 1,359.2 1,359.2 IND AAA(SO) Stable

SLCF 1,014.3 1,014.3 344.9 344.9 IND BBB(SO) Stable

Orig. Rating

IND AAA(SO)

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 39 a


STFCL DA Operator Trust Dec 2011


Series A PTCs 2,083.0 750.0 247.9 247.9 IND AAA(SO) Stable

SLCF 185.4 185.4 62.5 62.5 IND A-(SO) Stable

Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 40 a






IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

2%

4%

6%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 41 a


STFCL DA January 2012 -01



SLCF 213.3 213.3 79.4 79.4 IND BBB(SO) StableIND BBB(SO)

Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

20.0%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 42 a






Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 43 a


CV Loan Trust 2012


Series A 7,742.0 2,276.6 628.1 628.1 IND AAA(SO) Stable


Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 44 a


Novo XI Trust - Chassis


Series A 1,567.6 578.9 203.8 203.8 IND AAA(SO) Stable


Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 45 a


SRTO Trust 2012


Series A PTCs 749.4 296.3 100.4 100.4 IND AAA(SO) Stable

SLCF 67.4 67.4 33.0 33.0 IND BBB(SO) Stable

Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 46 a






IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

2%

4%

6%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 47 a






Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 48 a






Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 49 a


STFCL CV Trust 2012




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

20.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 50 a


India Vehicle Trust - March 2012




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 51 a


STFCL CV Trust Nov 12 - II


Series A1 5,444.9 3,756.1 621.9 621.9 IND AAA(SO) Stable

Series A2 286.6 197.7 621.9 621.9 IND AAA(SO) Stable


Orig. Rating

IND AAA(SO)

IND AAA(SO)

IND A(SO)

0%

2%

4%

6%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 52 a




Series A1 3,292.9 909.5 1,015.0 1,015.0 IND AAA(SO) Stable

Series A2 2,302.0 2,302.0 1,015.0 1,015.0 IND AAA(SO) Stable

Series A3 1,920.4 1,920.4 1,015.0 1,015.0 IND AAA(SO) Stable


IND AAA(SO)

IND AAA(SO)

IND AAA(SO)

IND A+(SO)

Orig. Rating

0%

2%

4%

6%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 53 a


STFCL CV Trust Dec 12 - I


Series A1 PTCs 2,334.0 1,604.7 267.8 267.8 IND AAA(SO) Stable

Series A2 PTCs 122.8 84.5 267.8 267.8 IND AAA(SO) Stable

SLCF 145.0 145.0 122.8 122.8 IND AAA(SO) Stable

IND AAA(SO)

IND A(SO)

Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 54 a


Small Operators Trust II 2013


Series A1 1,149.2 370.6 396.5 396.5 IND AAA(SO) Stable




IND AAA(SO)

IND A(SO)

Orig. Rating

IND AAA(SO)

IND AAA(SO)

0%

2%

4%

6%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 55 a


STFCL CV Trust Feb 2013




Orig. Rating

IND AAA(SO)

IND A(SO)

0%

2%

4%

6%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 56 a


Sansar Trust March 2013-I





Orig. Rating

IND AAA(SO)

IND AAA(SO)

IND A(SO)

0%

2%

4%

6%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

2.0%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 57 a


Sansar Trust March 2013 III




Orig. Rating

IND AAA(SO)

IND A(SO)

0%

2%

4%

6%

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 58 a


Sansar CV Trust Mar 2013 IV


Series A1 935.2 726.4 28.2 28.2 IND BBB(SO) Stable

Series A2 72.6 56.4 28.2 28.2 IND BBB(SO) Stable

IND BBB(SO)

IND BBB(SO)

Orig. Rating

0%

2%

4%

6%

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 59 a


Platinum Trust 2012


series A 4,045.4 515.4 384.3 384.3 IND AAA(SO) Stable

SLCF 222.5 222.5 161.8 161.8 IND A(SO) StableIND BBB(SO)

Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

4%

8%

12%

16%

20%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 60 a


Platinum Trust 2013




Series A3 600.5 600.5 372.3 372.3 IND AAA(SO) StableIND AAA(SO)

Orig. Rating

IND AAA(SO)

IND AAA(SO)

0%

2%

4%

6%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 61 a


Platinum Trust - Feb 2013 - Tranche 2



Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 62 a


Platinum Trust March 2013



Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 63 a


Aeon Trust 2012




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 64 a


Aeon Trust II 2012




IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

2%

4%

6%

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 65 a


Aeon Trust 2013




Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 66 a


Fullerton DA CV Dec 2011




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

20.0%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

4%

8%

12%

16%

20%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 67 a


JUPITER TRUST A JAN 13


Series A PTC 4,366.9 2,864.1 404.1 404.1 IND AA+(SO) Stable


Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

2%

4%

6%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 68 a


Indian Receivable Trust January 2013 B






Orig. Rating

IND AAA(SO)

IND AAA(SO)

IND AAA(SO)

IND A(SO)

0%

2%

4%

6%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 69 a


Indian Receivable Trust January 2013 A




Orig. Rating

IND AAA(SO)

IND A(SO)

0%

2%

4%

6%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 70 a


Indian Receivable Trust February 2013 A




IND AAA(SO)

IND A(SO)

Orig. Rating

0%

2%

4%

6%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0%

4%

8%

12%

16%

20%

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13




December 2012 71 a


SREI - Direct Assignment March 11-IV


Purchaser Payouts 3,085.2 - 424.4 - PIF

Orig. Rating

IND AAA(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3


90+ dpd/Current Pos 180+ dpd/Current Pos

Source: In-Ra


December 2012 72 a


SREI DA August 2011


Purchaser Payouts 6,000.2 - 840.0 - PIF

SLCF 360.0 - 480.0 - PIF -

Orig. Rating

IND AAA(SO)

IND BBB(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 73 a


IRST 2011 Series - I


Series A1 PTC 734.1 - 840.0 840.0

Orig. Rating

IND A1+(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 74 a


SEFPL Direct Assignment Sep' 11 - VI



Orig. Rating

IND AAA(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: In-Ra


December 2012 75 a


SEFPL Direct Assignment Sep'11 - III



Orig. Rating

IND AAA(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: In-Ra


December 2012 76 a


SEFPL Direct Assignment Sep' 11 - IV


Purchaser Payouts 2,226.4 - 331.8 - PIFIND AAA(SO)

Orig. Rating

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3Delinquency Distribution (% of Original POS)

30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3



Source: In-Ra


December 2012 77 a


ILSS 1 trust 2012


Series B 1,488.1 - 331.8 - PIF

Orig. Rating

IND AAA(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3



Source: In-Ra


December 2012 78 a


SREI - Direct Assignment - December 11 - I


Purchaser Payouts 3,999.4 1,368.9 563.9 563.9 IND AAA(SO) Stable


Orig. Rating

IND AAA(SO)

IND BBB(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 79 a


SREI- Direct Assignment - February 12 - I



Orig. Rating

IND AAA(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: In-Ra


December 2012 80 a


SEFPL DA March 12 - III



Orig. Rating

IND AAA(SO)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13


30+ dpd 60+ dpd 90+ dpd 180+ dpd

Source: In-Ra

0%

5%

10%

15%

20%

25%

30%

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 81 a


MMFSL DA June 2010 - 1


Purchaser Payouts 1,464.0 36.7 355.6 328.3 IND AA+(SO) Stable

Orig. Rating

AA(SO)

0%

2%

4%

6%

8%

10%

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Delinquency (% of Original Receivables)


0%

20%

40%

60%

80%

100%

010203040506070

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13Delinquency Distribution (% of Orig. Receiv.)


0.0%

10.0%

20.0%

30.0%

40.0%

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Delinquency (% of Current Receivables)

90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra


December 2012 82 a


MMFSL DA March 2010 - 1


Purchaser Payouts 3,863.6 56.7 900.8 746.6 IND AA+(SO) StableAA(SO)

Orig. Rating

0%

2%

4%

6%

8%

10%

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Delinquency Distribution (% of Orig. Receiv.)


0.0%

10.0%

20.0%

30.0%

40.0%

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

2%

4%

6%

8%

10%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

010203040506070

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1



0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3




December 2012 83 a


MMFSL DA Sept 2010 - 1



Orig. Rating

AA(SO)

0%

2%

4%

6%

8%

10%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

010203040506070

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

2%

4%

6%

8%

10%

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-



0.0%

5.0%

10.0%

15.0%

20.0%

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13




December 2012 84 a


MMFSL DA Dec 2009-1



Orig. Rating

AA(SO)

0%

2%

4%

6%

8%

10%

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0.0%

5.0%

10.0%

15.0%

20.0%

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13



0%

2%

4%

6%

8%

10%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

20%

40%

60%

80%

100%

010203040506070

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0.0%

20.0%

40.0%

60.0%

80.0%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13




December 2012 85 a


MMFSL DA Dec 2009-2



Orig. Rating

AA(SO)

0%

2%

4%

6%

8%

10%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

20%

40%

60%

80%

100%

010203040506070

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0.0%

20.0%

40.0%

60.0%

80.0%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

2%

4%

6%

8%

10%

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

010203040506070

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1



0.0%

20.0%

40.0%

60.0%

80.0%

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3




December 2012 86 a


MMFSL DA Dec 2010 - 1



Orig. Rating

AA(SO)

0%

2%

4%

6%

8%

10%

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

010203040506070

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0.0%

20.0%

40.0%

60.0%

80.0%

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

2%

4%

6%

8%

10%

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-



0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 87 a


MMFSL DA Dec 2011


Purchaser Payouts 3,586.4 1,461.0 362.2 362.2 IND AA+(SO) Stable

Orig. Rating

AA+(SO)

0%

2%

4%

6%

8%

10%

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

2%

4%

6%

8%

10%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-



0.0%

5.0%

10.0%

15.0%

20.0%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 88 a


MMFSL DA Feb 2011-1


Purchaser Payouts 4,197.4 601.7 860.0 752.6 IND AA+(SO) StableAA(SO)

Orig. Rating

0%

2%

4%

6%

8%

10%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0.0%

5.0%

10.0%

15.0%

20.0%

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

2%

4%

6%

8%

10%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-



0.0%

5.0%

10.0%

15.0%

20.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 89 a


MMFSL DA March 2012


Purchaser Payouts 2,599.0 1,389.4 288.5 288.5 IND AA+(SO) Stable

Orig. Rating

AA+(SO)

0%

2%

4%

6%

8%

10%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0.0%

5.0%

10.0%

15.0%

20.0%

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

2%

4%

6%

8%

10%

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

010203040506070

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-



0.0%

5.0%

10.0%

15.0%

20.0%

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 90 a


MMFSL DA Nov 2011



Orig. Rating

AA+(SO)

0%

2%

4%

6%

8%

10%

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

010203040506070

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



0.0%

5.0%

10.0%

15.0%

20.0%

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

2%

4%

6%

8%

10%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-



0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13




December 2012 91 a


MMFSL DA Sep 2009-1


Purchaser Payouts 1,484.2 - 363.0 - PIF -

Orig. Rating

AA(SO)

0%

2%

4%

6%

8%

10%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

20%

40%

60%

80%

100%

010203040506070

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



0%

2%

4%

6%

8%

10%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



0%

20%

40%

60%

80%

100%

010203040506070

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-



0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13




December 2012 92 a


SCUF - DA Program Sept 2010- 01



Orig. Rating

IND AAA(SO)

0%

2%

4%

6%

8%

10%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



0%

20%

40%

60%

80%

100%

010203040506070

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



Source: Ind-Ra

0%

5%

10%

15%

20%

25%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13



0%

20%

40%

60%

80%

100%

0

10

20

30

40

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: In-Ra


December 2012 93 a


SCUF DA Mar 2011- 01



Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 94 a


SCUF DA Mar 2012-01


Purchaser Payouts 2,357.7 845.3 235.8 235.8 IND AAA(SO) StableIND AAA(SO)

Orig. Rating

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 95 a


SCUF DA Mar 2012-02



Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 96 a


SCUF DA Mar 2012-03



Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 97 a





Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: In-Ra


December 2012 98 a





Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 99 a


SCUF-UCO DA Dec 2011



Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: In-Ra


December 2012 100 a




Series A PTC 5,496.7 1,341.2 426.0 426.0 IND AAA(SO) Stable


IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13



Source: In-Ra


December 2012 101 a


Small Business Trust II 2012


Series A PTC 1,157.7 - 115.8 - PIF -

SLCF 78.1 - 37.7 - PIF -IND BBB(SO)

Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13



Source: In-Ra


December 2012 102 a


Privilege Trust Series I


Seies A PTC 912.7 313.8 97.4 97.4 IND AAA(SO) Stable

Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: In-Ra


December 2012 103 a


SCUF EF TRUST DEC'12 SERIES - I


Series A PTC 1,918.7 1,371.3 162.3 162.3 IND AAA(SO) Stable

Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: In-Ra


December 2012 104 a




Series A PTCs 4,056.1 2,544.9 466.5 466.5 IND AAA(SO) Stable

Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: In-Ra


December 2012 105 a




Series A1 PTC 1,290.2 356.6 271.8 271.8 IND AAA(SO) Stable

Series A2 PTC 546.4 546.4 271.8 271.8 IND AAA(SO) Stable



Orig. Rating

IND AAA(SO)

IND AAA(SO)

IND AAA(SO)

IND A-(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: In-Ra


December 2012 106 a







IND AAA(SO)

IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: In-Ra


December 2012 107 a


Privilege Series Trust 5


Series A1 PTC 1,308.8 850.2 120.6 120.6 IND AAA(SO) Stable



IND AAA(SO)

IND A(SO)

Orig. Rating

IND AAA(SO)

0%

20%

40%

60%

80%

100%

0

10

20

30

40

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep-

13



Source: In-Ra


December 2012 108 a


CitiBank: Royal Trust July 2004


Senior PTC 1,518.2 129.8 79.6 64.5 IND AAA(SO) Stable

Orig. Rating

IND AAA(SO)

0%

1%

2%

3%

4%

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

Feb-

12



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

Feb-

12



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

Feb-

12



0%

1%

2%

3%

4%

5%

6%

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

Feb-




December 2012 109 a


CitiBank: Royal Trust May 2004


Series A1 PTCs 349.2 - 17.4 13.9 PIF -


Orig. Rating

IND AAA(SO)

IND AAA(SO)

0%

1%

2%

3%

4%

Jun-

04

Dec

-04

Jun-

05

Dec

-05

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Jun-

04

Dec

-04

Jun-

05

Dec

-05

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Jun-

04

Dec

-04

Jun-

05

Dec

-05

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11



0%

1%

2%

3%

4%

5%

6%

Jun-

04

Dec

-04

Jun-

05

Dec

-05

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11




December 2012 110 a


CitiBank: Royal Trust June 2004


Senior PTC 1,003.4 45.2 29.1 26.9 IND AAA(SO) Stable

Orig. Rating

IND AAA(SO)

0%

1%

2%

3%

4%

Jul-0

4

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Jul-0

4

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12



Source: Ind-Ra

0.0%

1.0%

2.0%

3.0%

4.0%

Jul-0

4

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12



0%

1%

2%

3%

4%

5%

6%

Jul-0

4

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-




December 2012 111 a


ICICI Bank: Nivas Trust Sr II



Orig. Rating

IND AAA(SO)

0%

1%

2%

3%

4%

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11



Source: Ind-Ra

0.0%

5.0%

10.0%

15.0%

20.0%

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11



0%

1%

2%

3%

4%

5%

6%

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11




December 2012 112 a


ICICI Bank: Indian RMBS Trust Sr VIII


Series A 750.0 254.3 75.0 75.0 IND AAA(SO) StableIND AAA(SO)

Orig. Rating

0%

1%

2%

3%

4%

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12



Source: Ind-Ra

0.0%

2.0%

4.0%

6.0%

8.0%

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12



0%

1%

2%

3%

4%

5%

6%

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-




December 2012 113 a


HDFC: MBS 2006 Series II Trust


Class A1 3,503.2 650.1 283.8 283.8 IND AAA(SO) Stable


Orig. Rating

IND AAA(SO)

0%

1%

2%

3%

4%

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

Feb-

12

Aug

-12

Feb-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

Feb-

12

Aug

-12

Feb-

13

Aug

-13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

Feb-

12

Aug

-12

Feb-

13

Aug

-13



0%

1%

2%

3%

4%

5%

6%

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

Feb-

12

Aug

-12

Feb-

13

Aug

-13




December 2012 114 a


HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9637.7m


Purchaser Payout 9,637.7 4,332.9 915.6 915.6 IND AAA(SO) Stable

Orig. Rating

IND AAA(SO)

0%

1%

2%

3%

4%

Feb-

09

Jun-

09

Oct

-09

Feb-

10

Jun-

10

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-

13



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Feb-

09

Jun-

09

Oct

-09

Feb-

10

Jun-

10

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-

13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

Feb-

09

Jun-

09

Oct

-09

Feb-

10

Jun-

10

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-

13



0%

1%

2%

3%

4%

5%

6%

Feb-

09

Jun-

09

Oct

-09

Feb-

10

Jun-

10

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-




December 2012 115 a


HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9690m



Orig. Rating

IND AAA(SO)

0%

1%

2%

3%

4%

Feb-

09

Jun-

09

Oct

-09

Feb-

10

Jun-

10

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-

13



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Feb-

09

Jun-

09

Oct

-09

Feb-

10

Jun-

10

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-

13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

Feb-

09

Jun-

09

Oct

-09

Feb-

10

Jun-

10

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-

13



0%

1%

2%

3%

4%

5%

6%

Feb-

09

Jun-

09

Oct

-09

Feb-

10

Jun-

10

Oct

-10

Feb-

11

Jun-

11

Oct

-11

Feb-

12

Jun-

12

Oct

-12

Feb-

13

Jun-




December 2012 116 a


HDFC DA PSL Nov09(INR 291.80 cr)




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

1%

2%

3%

4%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

1%

2%

3%

4%

5%

6%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13




December 2012 117 a


HDFC DA Non-PSL Nov09(INR 333.59 cr)




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

1%

2%

3%

4%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



Source: Ind-Ra

0.0%

0.5%

1.0%

1.5%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13



0%

1%

2%

3%

4%

5%

6%

Nov

-09

Feb-

10

May

-10

Aug

-10

Nov

-10

Feb-

11

May

-11

Aug

-11

Nov

-11

Feb-

12

May

-12

Aug

-12

Nov

-12

Feb-

13

May

-13

Aug

-13




December 2012 118 a


HDFC DA June 10- I - Rs. 935.59 crore



SLCF 467.8 467.8 467.8 467.8 IND BBB+(SO) Stable

IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

1%

2%

3%

4%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

1%

2%

3%

4%

5%

6%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1




December 2012 119 a


HDFC DA June 10 - II - Rs. 210.82 crore




Orig. Rating

IND AAA(SO)

0%

1%

2%

3%

4%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

1%

2%

3%

4%

5%

6%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1




December 2012 120 a


HDFC DA June 10- III - Rs. 109.60 crore




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

1%

2%

3%

4%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

1%

2%

3%

4%

5%

6%

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1




December 2012 121 a


HDFC DA December 2010 - I




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

1%

2%

3%

4%

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

1%

2%

3%

4%

5%

6%

Oct

-10

Dec

-10

Feb-

11

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 122 a


HDFC DA December 2010 - II




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

1%

2%

3%

4%

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

1%

2%

3%

4%

5%

6%

Oct

-10

Dec

-10

Feb-

11

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 123 a


HDFC DA December 2010 - III




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

1%

2%

3%

4%

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



Source: Ind-Ra

0.0%

0.1%

0.2%

0.3%

0.4%

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3



0%

1%

2%

3%

4%

5%

6%

Oct

-10

Dec

-10

Feb-

11

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 124 a


HDFC DA July 2011 - I



SLCF 487.8 487.8 487.8 487.8 IND BBB+(SO) Stable

IND AAA(SO)

IND BBB(SO)

Orig. Rating

0%

1%

2%

3%

4%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

1%

2%

3%

4%

5%

6%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 125 a


HDFC DA July 2011 - II




Orig. Rating

IND AAA(SO)

0%

1%

2%

3%

4%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

1%

2%

3%

4%

5%

6%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 126 a


HDFC DA July 2011 - III




Orig. Rating

IND AAA(SO)

IND BBB(SO)

0%

1%

2%

3%

4%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

20%

40%

60%

80%

100%

0

4

8

12

16

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



Source: Ind-Ra

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13



0%

1%

2%

3%

4%

5%

6%

Apr

-11

Jun-

11

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13




December 2012 127 a

Structured Finance


June 2013 128

ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://WWW.INDIARATINGS.CO.IN/UNDERSTANDINGCREDITRATINGS.JSP IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.

Copyright © 2013 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY 10004.Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings, India Ratings & Research (India Ratings) relies on factual information it receives from issuers and underwriters and from other sources India Ratings believes to be credible. India Ratings conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of India Ratings factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of India Ratings’ ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information India Ratings relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to India Ratings and to the market in offering documents and other reports. In issuing its ratings India Ratings must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed.

The information in this report is provided "as is" without any representation or warranty of any kind. A rating provided by India Ratings is an opinion as to the creditworthiness of a security. This opinion is based on established criteria and methodologies that India Ratings is continuously evaluating and updating. Therefore, ratings are the collective work product of India Ratings and no individual, or group of individuals, is solely responsible for a rating. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. India Ratings is not engaged in the offer or sale of any security. All India Ratings reports have shared authorship. Individuals identified in a India ratings report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a rating by India Ratings is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of India Ratings. India Ratings does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. India Ratings receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. The assignment, publication, or dissemination of a rating by India Ratings shall not constitute a consent by India Ratings to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction including India. Due to the relative efficiency of electronic publishing and distribution, India Ratings research may be available to electronic subscribers up to three days earlier than to print subscribers.

The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.

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