Structured Finance www.indiaratings.co.in 18 April 2013 ABS/RMBS Structured Finance Performance Report - Q412 Special Report 2012 Vintage CV Loans Stressed: For the quarter ended December 2012, except for CV loans in 2012 ABS vintage, all earlier vintages had shown stabilisation in delinquencies. Weighted average (WA) 90+dpd delinquency and amortisation for 2012 vintage stood at 3.38% and 34%, respectively, at end-Q412 (2011 vintage: 2.15% and 63%) . CV loans of 2011 and earlier ABS vintages are unlikely to see stresses that would result in significant negative rating action in India Ratings & Research’s (Ind-Ra) rated portfolio. Ind-Ra’s Early Delinquency Index (EDI) inched up marginally to 5.98% in Q412 from 5.69% in Q312 largely because of 2012 vintage pools in the index. Loans in 2012 ABS vintage have witnessed some stress but continue to perform within the agency’s expectation of life -time defaults. CV Loan ABS Sees Rating Upgrades: Ind-Ra continues to build commensurate assumptions of higher delinquencies in its ABS analysis typical for ‘IND AAA(SO)’ ratings of senior pay-outs, keeping in mind the current slowdown in the Indian economy (see 2013 Outlook: Indian Structured Finance, published on 31 January 2013). The rating level assumptions coupled with the servicing efforts of non-banking financial companies (NBFCs) resulted in five second loss credit facilities (SLCFs) of CV loan ABS being upgraded in Q412. No CV ABS saw negative rating actions in 2012. Construction Equipment Loans Largely Stable: The construction equipment loans of 2011 ABS vintage remained stressed in Q412, while earlier vintages showed signs of stabilisation in 90+dpd delinquencies. WA 90+dpd delinquency and amortisation for 2011 vintage stood at 2.28% and 77%, respectively, at end-December 2012 (2010 vintage: 1.33% and 87%) . In 2011 vintage, except for one transaction, all other transactions have amortisation level between 50%-65% which provides headroom for higher future defaults if such a scenario were to unfold. The current 90+dpd delinquencies remain within the agency’s long-term expectations and no transaction has seen the usage of credit enhancement so far. Tractor Loans Performance Robust: In Q412, the tractor loans of 2012 vintage ABS transactions showed a slackening of pace in movement of loans into the 180+dpd bucket delinquencies after maintaining a steeper upward trajectory than all other vintages till Q312. Ind-Ra’s tractor Loan EDI dropped to 8.03 in Q412 from 8.08 in Q312, which suggests that overall, fewer loans are moving into the 30+dpd delinquency bucket. This provides less room for 90+dpd and 180+dpd delinquencies to build up significantly in the coming quarter. All transactions except one have significantly amortised and it is unlikely that future defaults would reach levels that would result in any significant negative rating actions. Residential Mortgages Strong: The performance of RMBS transactions remained stable in Q412. Default rates continue to be low and prepayment rates remained in line with the long- term trend. Ind-Ra’s Residential Mortgage (IRM) Index, which tracks 90+dpd delinquencies as a percentage of initial principal outstanding (POS) for the transactions seasoned over 12 months, shows a drop to 0.43 from 0.55 from the last year. The positive rating actions on three SLCFs in Q412 reflect the stable performance of residential mortgages and RMBS transactions. Analysts Neeta Laud +91 22 4000 1716 [email protected] Mithilendu Jha +91 22 4000 1744 [email protected] Jatin Nanaware +91 22 4000 1761 [email protected]
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Structured Finance
www.indiaratings.co.in 18 April 2013
ABS/RMBS
Structured Finance Performance Report - Q412 Special Report
2012 Vintage CV Loans Stressed: For the quarter ended December 2012, except for CV
loans in 2012 ABS vintage, all earlier vintages had shown stabilisation in delinquencies.
Weighted average (WA) 90+dpd delinquency and amortisation for 2012 vintage stood at 3.38%
and 34%, respectively, at end-Q412 (2011 vintage: 2.15% and 63%) . CV loans of 2011 and
earlier ABS vintages are unlikely to see stresses that would result in significant negative rating
action in India Ratings & Research’s (Ind-Ra) rated portfolio.
Ind-Ra’s Early Delinquency Index (EDI) inched up marginally to 5.98% in Q412 from 5.69% in
Q312 largely because of 2012 vintage pools in the index. Loans in 2012 ABS vintage have
witnessed some stress but continue to perform within the agency’s expectation of life-time
defaults.
CV Loan ABS Sees Rating Upgrades: Ind-Ra continues to build commensurate assumptions
of higher delinquencies in its ABS analysis typical for ‘IND AAA(SO)’ ratings of senior pay-outs,
keeping in mind the current slowdown in the Indian economy (see 2013 Outlook: Indian
Structured Finance, published on 31 January 2013). The rating level assumptions coupled with
the servicing efforts of non-banking financial companies (NBFCs) resulted in five second loss
credit facilities (SLCFs) of CV loan ABS being upgraded in Q412. No CV ABS saw negative
rating actions in 2012.
Construction Equipment Loans Largely Stable: The construction equipment loans of 2011
ABS vintage remained stressed in Q412, while earlier vintages showed signs of stabilisation in
90+dpd delinquencies. WA 90+dpd delinquency and amortisation for 2011 vintage stood at
2.28% and 77%, respectively, at end-December 2012 (2010 vintage: 1.33% and 87%) . In 2011
vintage, except for one transaction, all other transactions have amortisation level between
50%-65% which provides headroom for higher future defaults if such a scenario were to unfold.
The current 90+dpd delinquencies remain within the agency’s long-term expectations and no
transaction has seen the usage of credit enhancement so far.
Tractor Loans Performance Robust: In Q412, the tractor loans of 2012 vintage ABS
transactions showed a slackening of pace in movement of loans into the 180+dpd bucket
delinquencies after maintaining a steeper upward trajectory than all other vintages till Q312.
Ind-Ra’s tractor Loan EDI dropped to 8.03 in Q412 from 8.08 in Q312, which suggests that
overall, fewer loans are moving into the 30+dpd delinquency bucket. This provides less room
for 90+dpd and 180+dpd delinquencies to build up significantly in the coming quarter. All
transactions except one have significantly amortised and it is unlikely that future defaults would
reach levels that would result in any significant negative rating actions.
Residential Mortgages Strong: The performance of RMBS transactions remained stable in
Q412. Default rates continue to be low and prepayment rates remained in line with the long-
term trend. Ind-Ra’s Residential Mortgage (IRM) Index, which tracks 90+dpd delinquencies as
a percentage of initial principal outstanding (POS) for the transactions seasoned over 12
months, shows a drop to 0.43 from 0.55 from the last year. The positive rating actions on three
SLCFs in Q412 reflect the stable performance of residential mortgages and RMBS
transactions.
Analysts
Neeta Laud +91 22 4000 1716 [email protected]
Mithilendu Jha +91 22 4000 1744 [email protected] Jatin Nanaware
+91 22 4000 1761
Structured Finance
Structured Finance Performance Report - Q412
April 2013 2
Performance by Asset Class
Commercial Vehicle Loan ABS
Figure 1
Figure 2
0%
2%
4%
6%
8%
Mar-09 Dec-09 Sep-10 Jun-11 Mar-12 Dec-12
India Ratings Early Delinquency Index - CV
Source: Ind-Ra
Figure 3
-6%
-3%
0%
3%
6%
9%
12%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
90+dpd (LHS) IIP YOY (RHS)
YOY IIP and CV 90+dpd
Source: Ind-Ra, RBI, Bloomberg
Structured Finance
Structured Finance Performance Report - Q412
April 2013 3
Construction Equipment Loan ABS
Figure 4
Figure 5
0.0%
0.5%
1.0%
1.5%
2.0%
-10%
-5%
0%
5%
10%
15%
Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
YOY change mining index (LHS) 90+dpd (RHS)
YOY Mining Index and Construction Equipment 90+dpd
Source: Bloomberg, Ind-Ra
Figure 6
0.0%
0.5%
1.0%
1.5%
2.0%
0.0
2.5
5.0
7.5
10.0
12.5
Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
YOY change core infrastructure index (LHS) 90+dpd (RHS)
YOY Infrastructure Index and Construction Equipment 90+dpd
Source: Bloomberg, Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 4
Tractor Loan ABS
Figure 7
Figure 8
0
4
8
12
16
20
Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12
(%)
India Ratings Tractor EDI
Source: Ind-Ra
Figure 9
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
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
(Month)
Y-o-Y Agricuture GDP Change (lhs) 180+ dpd (rhs)
(%)
Agriculture GDP growth and 180+dpd
Source: Ind-Ra, RBI
(%)
Structured Finance
Structured Finance Performance Report - Q412
April 2013 5
Small Business Loan ABS
Figure 10
0
20
40
60
80
100
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
(Months since issuance)
2010 2011 2012(%)
Amortisation
Source: Ind-Ra
Figure 11
0.0
4.0
8.0
12.0
16.0
20.0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
(Months since issuance)
2010 2011 2012(Times)
Credit Enhancement Build-up
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 6
RMBS Figure 12
Figure 13
0.20
0.35
0.50
0.65
0.80
0.95
1.10
Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
(Month)
IRM Index
Source: Ind-Ra
(%)
Structured Finance
Structured Finance Performance Report - Q412
April 2013 7
Rating Actions ABS in Q312
Figure 14
Rating Upgrades
Transaction name Class Asset class Previous rating Current rating
DA Program-Sept09-1 SLCF CV IND AA(SO) IND AAA(SO)
Novo IX Trust-Chassis SLCF CV IND A(SO) IND AAA(SO)
Platinum Trust 2012 SLCF CV IND BBB(SO) IND A(SO)
Small Business Trust 2012 SLCF SBL IND BBB(SO) IND AA(SO)
STFCL DA June 2011-01 SLCF CV IND A(SO) IND AA-(SO)
STFCL DA Program-Dec09-2 SLCF CV IND AA(SO) IND AAA(SO)
Source: Ind-Ra
Figure 15
Rating Affirmation
Transaction name Class Asset class Previous rating Current rating
DA Program-Sept09-1 Purchaser payouts CV IND AAA(SO) IND AAA(SO)
DA Program-Sept09-2 Purchaser payouts CV IND AAA(SO) IND AAA(SO)
DA Program-Sept09-2 SLCF CV IND AAA(SO) IND AAA(SO)
MMFSL DA Sept 2010-1 Purchaser payouts Tractor IND AA+(SO) IND AA+(SO)
Novo IX Trust-Chassis Liquidity facility CV IND AAA(SO) IND AAA(SO)
Novo IX Trust-Chassis Series A CV IND AAA(SO) IND AAA(SO)
Platinum Trust 2012 Series A CV IND AAA(SO) IND AAA(SO)
SEFPL Direct Assignment Sep 11 - III
Purchaser payouts CE IND AAA(SO) IND AAA(SO)
SEFPL Direct Assignment Sep 11- VI
Purchaser payouts CE IND AAA(SO) IND AAA(SO)
Small Business Trust 2012 Series A PTCs SBL IND AAA(SO) IND AAA(SO)
STFCL DA June 2011-01 Liquidity Facility CV IND AA(SO) IND AA(SO)
STFCL DA June 2011-01 Purchaser payouts CV IND AA(SO) IND AA(SO)
STFCL DA Program-Dec09-2 Liquidity facility CV IND AAA(SO) IND AAA(SO)
STFCL DA Program-Dec09-2 Purchaser payouts CV IND AAA(SO) IND AAA(SO)
Source: Ind-Ra
New ABS Ratings in Q312
Figure 16
Transaction name Class Asset class Previous rating
STFCL CV Trust Nov 12 - II Series A1 PTCs CV IND AAA(SO)
STFCL CV Trust Nov 12 - II Series A2 PTCs CV IND AAA(SO)
STFCL CV Trust Nov 12 – II SLCF CV IND A(SO)
Privilege Trust Series I Series A PTCs SBL IND AAA(SO)
Platinum Trust 2013 Series A1 PTCs CV IND AAA(SO)
Platinum Trust 2013 Series A2 PTCs CV IND AAA(SO)
Platinum Trust 2013 Series A3 PTCs CV IND AAA(SO)
Small Operators Trust 2013 Series A1 PTCs CV IND AAA(SO)
Small Operators Trust 2013 Series A2 PTCs CV IND AAA(SO)
Small Operators Trust 2013 Series A3 PTCs CV IND AAA(SO)
Small Operators Trust 2013 SLCF CV IND A+(SO)
SCUF EF TRUST DEC'12 SERIES - I Series A PTCs SBL IND AAA(SO)
STFCL CV Trust Dec 12 - I Series A1 PTCs CV IND AAA(SO)
STFCL CV Trust Dec 12 - I Series A2 PTCs CV IND AAA(SO)
STFCL CV Trust Dec 12 - I SLCF CV IND A(SO)
Aeon Trust 2013 Series A1 PTCs CV IND AAA(SO)
Aeon Trust 2013 Series A2 PTCs CV IND AAA(SO)
Platinum Trust - Feb 2013 - Tranche 2 Series A PTCs CV IND AAA(SO)
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 8
Rating Actions RMBS in Q312
Figure 17
Rating Upgrades
Transaction name Class Asset class Previous rating Current rating
HDFC DA July 2011 - I SLCF RMBS IND BBB(SO) IND BBB+(SO)
HDFC DA Non-PSL Nov09 (INR 333.59 cr)
SLCF RMBS IND BBB(SO) IND AA-(SO)
HDFC DA PSL Nov09 (INR 291.80 cr)
SLCF RMBS IND BBB(SO) IND A+(SO)
Source: Ind-Ra
Figure 18
Rating Affirmation
Transaction name Class Asset class Previous rating Current rating
HDFC DA July 2011 - I Purchaser payouts RMBS IND AAA(SO) IND AAA(SO)
HDFC DA July 2011 - II Purchaser payouts RMBS IND AAA(SO) IND AAA(SO)
HDFC DA July 2011 - II SLCF RMBS IND BBB(SO) IND BBB(SO)
HDFC DA July 2011 - III Purchaser payouts RMBS IND AAA(SO) IND AAA(SO)
HDFC DA July 2011 - III SLCF RMBS IND BBB(SO) IND BBB(SO)
HDFC DA Non-PSL Nov09 (INR 333.59 cr)
Purchaser payouts RMBS IND AAA(SO) IND AAA(SO)
HDFC DA PSL Nov09 (INR 291.80 cr)
Purchaser payouts RMBS IND AAA(SO) IND AAA(SO)
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 9
Initial Pool Details and Pool Performance
Commercial Vehicle Loan ABS
Figure 19 Commercial Vehicle 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 97.0 48 1.45 1.93 2.82 0.77 0.69 0.21 8.15 401.0 399.8 0.29 99.19
DA Program-Sept09-1
STFCL Premium N: 100%, U: 0% 82.0 2 20.4 50 3.9 75.4 39 0.99 0.97 1.40 0.28 0.38 0.44 5.31 268.3 265.9 0.90 98.27
DA Program-Sept09-2
STFCL Premium N: 5%, U: 95% 62.9 7 27.4 34 18.4 93.1 39 0.41 0.45 0.98 0.34 0.33 0.46 4.85 331.8 319.6 3.66 99.04
DA Program-Sept09-3
STFCL Premium N: 18%, U: 82% 65.6 7 26.3 35 19.3 NA 38 NA 0.71 1.17 NA 0.45 0.62 NA NA NA NA NA
STFCL DA Program-Dec09-2
STFCL Par N: 100%, U: 0% 86.4 5 20.6 44 10.1 80.3 37 1.07 1.18 1.80 0.58 0.61 0.77 5.64 158.5 158.5 0.00 97.10
STFCL - DA Program - Dec 09 - 1
STFCL Premium N: 16%, U: 84% 65.3 5 26.3 40 12.8 84.6 36 0.90 1.03 1.52 0.50 0.53 0.69 7.42 243.2 238.9 1.77 98.37
DA Program Oct09-I
STFCL Par N: 100%, U: 0% 81.6 4 22.7 42 7.9 84.6 36 1.07 1.40 2.17 0.72 0.84 0.99 3.99 221.6 221.6 0.00 97.51
Novo IX Trust-Chassis
STFCL Par N: 4%, U: 96% 63.2 5 27.4 39 9.2 85.7 35 0.96 1.13 1.68 0.61 0.63 0.81 8.53 737.7 737.7 0.00 98.48
STFCL DA Program - Feb 10 - 1
STFCL Par N: 15%, U: 86% 63.1 3 28.7 48 3.4 71.2 34 1.65 2.01 2.44 0.69 0.71 0.84 11.15 158.1 158.1 0.00 96.84
STFCL DA Program - Feb 10 - 2
STFCL Par N: 27%, U: 73% 64.7 2 27.3 42 4 83.5 34 0.83 1.03 1.10 0.34 0.40 0.39 10.19 84.3 84.3 0.00 97.84
STFCL DA Program - Feb 10 - 3
STFCL Par N: 42%, U: 58% 69.5 4 24.9 40 6.9 83.8 34 0.99 1.12 1.50 0.60 0.62 0.73 9.33 222.1 222.1 0.00 96.97
STFCL DA Program Feb 10-4
STFCL Par N: 4%, U: 96% 65.1 2 26.7 47 3 70.7 34 2.19 2.56 3.32 1.01 1.05 1.47 10.13 232.5 232.5 0.00 97.74
STFCL DA Program Feb10-5
STFCL Par N: 8%, U: 92% 64.0 2 27.2 44 3 75.2 34 2.30 2.65 3.63 1.09 1.00 1.48 12.05 133.0 133.0 0.00 97.54
Structured Finance
Structured Finance Performance Report - Q412
April 2013 10
Commercial Vehicle Loan ABS (cont.)
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 DA Feb 2011- 02
STFCL Par N: 23%, U: 77% 64.1 4 26.5 40 7.4 59.8 22 2.22 2.39 2.00 0.58 0.62 0.39 11.75 261.1 261.1 0.00 91.40
Small Operators Trust 2011
STFCL Par N: 35%, U: 65% 66.3 15 27.0 27 35.2 81.6 22 2.00 2.41 3.36 1.18 1.33 0.66 8.70 330.6 329.6 0.30 91.49
Small Operators Trust II 2011
STFCL Par N: 19%, U: 81% 54.2 18 24.3 18 47.3 NA 22 NA 0.76 0.88 NA 0.38 0.05 NA NA NA NA NA
STFCL DA Mar 2011- 02
STFCL Par N: 29%, U: 71% 67.9 3 24.7 47 3.5 46.4 22 3.03 3.15 2.52 0.68 0.52 0.22 10.28 211.0 211.0 0.00 93.25
STFCL DA Mar 2011- 01
STFCL Par N: 25%, U: 75% 68.3 3 25.1 45 3.6 49.6 21 2.24 2.47 2.04 0.65 0.44 0.24 11.02 162.4 162.4 0.00 94.13
STFCL DA Feb 2011- 04
STFCL Premium N: 34%, U: 66% 67.0 2 24.5 45 3.3 46.3 21 2.80 2.85 2.00 0.63 0.59 0.12 7.10 215.3 207.7 3.51 93.26
STFCL DA Mar 2011- 03
STFCL Par N: 26%, U: 74% 65.9 4 25.3 42 6.8 53.7 21 3.28 3.50 2.69 0.65 0.53 0.38 11.87 257.8 257.8 0.00 92.19
STFCL DA Mar 2011- 04
STFCL Par N: 27%, U: 73% 66.0 4 25.1 42 7.1 53.2 21 3.40 3.44 2.40 0.90 0.68 0.16 10.88 111.9 111.9 0.00 92.47
STFCL DA June 2011 -01
STFCL Premium N: 32%, U: 68% 65.3 2 25.8 43 3.6 43.9 18 3.55 3.29 2.61 0.65 0.60 0.26 10.49 235.0 230.8 1.81 90.12
STFCL DA Sep 2011 -01
STFCL Par N: 27%, U: 73% 71.9 5 22.8 44 8.8 36.2 15 2.57 2.75 1.32 0.66 0.48 0.00 9.49 271.3 271.3 0.00 94.79
Small Operators Trust 2012
STFCL Par N: 39%, U: 61% 71.1 7 22.1 40 13 36.8 13 3.45 3.27 0.07 0.61 0.33 0.00 7.88 1,359.2 1,359.2 0.00 92.40
Aeon Trust 2012
SFL Par N: 84%, U: 16% 77.7 11 13.0 25 30.4 60.1 13 0.60 0.45 0.27 0.00 0.00 0.27 7.62 255.0 255.0 0.00 96.66
Platinum Trust 2012
CIFCL Par N: 92%, U: 8% 84.9 17 16.2 26 32.9 60.0 13 0.42 0.22 0.00 0.12 0.06 0.00 11.30 384.3 384.3 0.00 96.51
STFCL DA December 2011 -01
STFCL Par N: 25%, U: 75% 64.2 5 25.1 38 8.7 35.4 12 2.72 2.80 0.00 0.28 0.21 0.00 8.90 183.8 183.8 0.00 91.91
STFCL DA Operator Trust Dec 2011
STFCL Par N: 27%, U: 73% 65.1 4 24.2 40 7.6 32.7 12 2.95 3.00 0.00 0.40 0.24 0.00 7.47 247.9 247.9 0.00 91.86
Fullerton DA CV Dec 2011
FICCL Par N: 72%, U: 28% 81.3 9 15.9 33 17.7 41.3 12 2.73 1.75 0.00 0.98 0.39 0.00 3.77 156.0 156.0 0.00 95.34
Aeon Trust II 2012
SFL Par N: 68%, U: 32% 74.6 5 15.0 31 16.9 43.8 11 1.10 0.69 NA 0.00 0.00 NA 5.13 112.5 112.5 0.00 95.06
Structured Finance
Structured Finance Performance Report - Q412
April 2013 11
Commercial Vehicle Loan ABS (cont.)
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 DA January 2012 -01
STFCL Par N: 37%, U: 63% 72.9 4 23.0 36 8.5 36.8 11 5.65 4.72 NA 0.78 0.40 NA 9.72 292.7 292.7 0.00 85.59
CV Loan Trust 2012
STFCL Par N: 47%, U: 53% 68.2 7 22.8 36 12.5 33.6 11 2.58 1.93 NA 0.31 0.16 NA 6.53 628.1 628.1 0.00 86.46
STFCL DA December 2011 -03
STFCL Par N: 35%, U: 65% 69.5 6 21.3 41 10.3 24.4 10 2.46 1.17 NA 0.00 0.13 NA 5.22 100.6 100.6 0.00 84.14
Novo XI Trust - Chassis
STFCL Par N: 15%, U: 85% 70.3 9 24.4 35 15.2 32.4 10 2.83 2.45 NA 0.34 0.11 NA 9.87 203.8 203.8 0.00 87.02
SRTO Trust 2012
STFCL Par N: 70%, U: 30% 76.9 5 21.2 39 9.3 26.6 9 2.98 2.07 NA 0.20 0.06 NA 3.54 100.4 100.4 0.00 89.85
STFCL DA March 2012 - 01
STFCL Par N: 26%, U: 74% 66.1 4 24.6 34 8.1 30.6 9 2.87 1.75 NA 0.20 0.03 NA 4.72 137.2 137.2 0.00 89.17
STFCL DA March 2012 - 02
STFCL Par N: 22%, U: 78% 64.0 4 26.2 33 8.7 32.1 9 3.81 2.88 NA 0.25 0.11 NA 6.30 169.9 169.9 0.00 88.94
STFCL DA March 2012 - 03
STFCL Par N: 30%, U: 70% 65.1 5 24.7 37 9.8 29.0 9 3.30 2.47 NA 0.18 0.05 NA 6.88 127.1 127.1 0.00 87.54
STFCL CV Trust 2012
STFCL Par N: 32%, U: 68% 70.7 4 23.5 35 7.7 29.3 9 3.97 2.53 NA 0.26 0.12 NA 4.71 175.0 175.0 0.00 90.46
India Vehicle Trust - March 2012
STFCL Par N: 56%, U: 44% 74.1 5 23.7 36 9.8 30.9 9 4.01 3.26 NA 0.27 0.17 NA 3.71 232.0 232.0 0.00 89.54
STFCL CV Trust Nov 12 - II
STFCL Par N: 20%, U: 80% 62.7 14 14.1 38 28.5 2.8 1 0.00 NA NA 0.00 NA NA 0.00 619.0 619.0 0.00 92.14
Small Operators Trust 2013
STFCL Par N: 22%, U: 78% 65.4 12 14.7 38 25.6 2.8 1 0.00 NA NA 0.00 NA NA 0.00 1,015.
0 1,015.0 0.00 92.35
STFCL CV Trust Dec 12 - I
STFCL Par N: 37%, U: 63% 68.9 12 14.2 38 24.4 2.7 1 0.00 NA NA 0.00 NA NA 0.00 267.8 267.8 0.00 93.27
Platinum Trust 2013
CIFCL Par N: 100%, U: 0% 83.3 13 14.2 29 27.2 3.4 1 0.00 NA NA 0.00 NA NA 0.45 372.3 372.3 0.00 97.58
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 12
Figure 20 Construction Equipment 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 (%)
SREI - Direct Assignment Dec 10-I
SEFPL Par N: 99%, U: 1% 80.8 6 12.1 29 15.6 82.7 22 2.39 2.21 0.61 1.06 0.86 0.24 2.82 156.6 156.6 0.0 98.25
SREI - Direct Assignment Dec 10-II
SEFPL Par N: 95%, U: 5% 80.6 4 11.8 31 9.5 78.7 22 2.13 1.84 1.52 1.06 0.85 0.75 2.05 332.0 332.0 0.0 98.23
SREI - Direct Assignment March 11-IV
SEFPL Par N: 95%, U: 5% 81.1 7 12.2 30 19.1 73.9 18 2.37 2.06 1.25 1.26 1.19 0.20 1.38 424.4 424.4 0.0 97.99
Indian Infrastructure Equipment Receivables Trust July 2011
SEFPL Par N: 91%, U: 9% 84.2 16 12.3 19 53.2 NA 15 NA 0.80 0.63 NA 0.62 0.00 NA NA NA NA NA
SREI DA August 2011
SEFPL Par N: 95%, U: 5% 85.0 11 11.5 26 25.9 64.7 13 0.93 0.51 0.05 0.47 0.46 0.00 0.47 840.0 840.0 0.0 98.73
IRST 2011 Series - I
SEFPL Par N: 95%, U: 5% 85.0 11 11.5 26 25.9 64.7 13 0.93 0.51 0.05 0.47 0.46 0.00 0.47 840.0 840.0 0.0 98.64
SEFPL Direct Assignment Sep'11 - III
SEFPL Par N: 96%, U: 4% 79.7 3 13.1 31 7.7 51.1 12 2.64 1.07 0.00 0.24 0.00 0.00 2.36 152.5 152.5 0.0 98.21
SEFPL Direct Assignment Sep' 11 - VI
SEFPL Par N: 92%, U: 8% 81.4 3 13.4 34 7.4 47.7 12 2.73 2.46 0.58 1.12 1.28 0.00 3.91 132.5 132.5 0.0 97.32
SEFPL Direct Assignment Sep' 11 - IV
SEFPL Par N: 85%, U: 15% 87.7 15 11.2 24 36.0 67.1 12 2.34 0.35 0.04 0.20 0.00 0.00 0.51 331.8 331.8 0.0 98.83
ILSS 1 trust 2012
SEFPL Par N: 85%, U: 15% 87.7 15 11.2 24 36.0 67.1 12 2.34 0.35 0.04 0.20 0.00 0.00 0.51 331.8 331.8 0.0 98.31
SREI - Direct Assignment - December 11 - I
SEFPL Par N: 98%, U: 2% 81.8 3 13.2 35 4.8 34.9 10 2.03 1.46 0.00 0.93 0.63 0.00 1.38 563.9 563.9 0.0 97.83
SREI- Direct Assignment - February 12 - I
SEFPL Par N: 90%, U: 10% 83.0 3 13.4 36 5.7 26.2 7 0.88 0.55 NA 0.18 0.07 NA 0.40 753.1 753.1 0.0 98.51
SEFPL DA March 12 - III
SEFPL Par N: 89%, U: 11% 83.7 2 13.2 35 4.9 24.3 6 0.38 0.27 NA 0.08 0.00 NA 0.13 155.0 155.0 0.0 98.04
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 13
Figure 21 Tractor 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 (%)
MMFSL DA Sep 2009-1
MMFSL Premium N: 100%, U: 0% 68.1 9 22.0 32 16.1 96.0 39 1.79 2.10 3.93 1.34 1.42 1.79 7.24 363.0 312.4 14.0 97.98
MMFSL DA Dec 2009-1
MMFSL Premium N: 100%, U: 0% 68.8 8 24.2 35 14.0 93.3 37 2.22 2.69 3.87 1.57 1.60 1.79 7.42 416.5 351.3 15.6 97.51
MMFSL DA Dec 2009-2
MMFSL Premium N: 100%, U: 0% 67.4 8 16.7 31 18.3 92.8 36 2.29 2.88 4.43 1.58 1.54 1.88 5.98 303.9 274.0 9.8 97.61
MMFS DA March 2010 - 1
MMFSL Premium N: 100%, U: 0% 67.5 6 20.5 34 12.1 88.3 33 2.55 3.30 4.98 1.61 1.63 1.88 5.29 900.8 861.2 4.4 97.46
MMFS DA June 2010 - 1
MMFSL Premium N: 100%, U: 0% 66.9 7 18.9 32 16.6 89.4 30 2.13 3.07 4.10 1.25 1.07 1.53 6.08 355.6 318.0 10.6 97.62
MMFS DA Sept 2010 - 1
MMFSL Premium N: 100%, U: 0% 67.9 7 20.0 36 15.4 77.6 27 2.62 3.43 3.97 1.20 0.99 1.13 4.80 452.5 397.1 12.3 97.39
MMFSL DA Dec 2010 - 1
MMFSL Premium N: 100%, U: 0% 66.2 7 18.5 32 15.6 73.6 24 3.28 4.58 4.49 1.41 1.18 1.35 5.12 740.7 740.7 0.0 96.46
MMFSL DA Feb 2011-1
MMFSL Premium N: 100%, U: 0% 66.8 7 17.8 34 15.3 67.3 22 3.17 3.82 3.36 1.15 1.03 0.57 4.03 860.0 748.2 13.0 96.93
MMFSL DA Nov 2011
MMFSL Par N: 100%, U: 0% 62.8 10 17.1 31 20.1 48.4 13 2.63 2.86 0.00 0.89 0.49 0.00 3.21 331.9 331.9 0.0 97.38
MMFSL DA Dec 2011
MMFSL Par N: 100%, U: 0% 68.2 8 20.0 36 13.6 32.7 13 5.50 5.59 NA 1.55 1.08 NA 4.90 362.2 362.2 0.0 94.57
MMFSL DA March 2012
MMFSL Par N: 100%, U: 0% 69.6 6 20.7 39 8.1 19.4 9 6.55 4.58 NA 1.67 0.61 NA 2.39 288.5 288.5 0.0 93.09
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 14
Figure 22 Small Business Loan ABS
Delinquency as % of original POS
Values at issuance 90+dpd 180+dpd CE (INRm)
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
(%) Orig. Curr. CEU (%) CCE (%)
SCUF - DA Program Sept 2010- 01
SCUF Premium 15 32.3 36 21.3 93.7 30 0.00 0.00 0.00 0.00 0.00 0.00 30.24 170.9 170.9 0.00 100.00
SCUF DA Mar 2011- 01
SCUF Par 11 35.8 27 35.2 75.4 21 0.00 0.00 0.00 0.00 0.00 0.00 10.53 413.3 413.3 0.00 100.00
SCUF DA Sep 2011- 01
SCUF Par 5 28.0 25 13.6 60.8 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 637.5 637.5 0.00 100.00
SCUF DA Sep 2011- 02
SCUF Par 7 25.8 32 24.7 50.8 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 300.0 300.0 0.00 100.00
Small Business Trust 2012
SCUF Par 11 30.5 29 20.6 53.0 13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 426.0 426.0 0.00 100.00
Small Business Trust II 2012
SCUF Par 9 38.0 15 29.6 77.0 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 115.8 115.8 0.00 100.00
SCUF-UCO DA Dec 2011
SCUF Par 14 25.8 20 25.6 56.8 12 0.00 0.00 NA 0.00 0.00 NA 0.00 100.6 100.6 0.00 100.00
SCUF DA Mar 2012-01
SCUF Par 2 23.3 33 8.6 28.4 10 0.00 0.00 NA 0.00 0.00 NA 0.43 235.8 235.8 0.00 100.00
SCUF DA Mar 2012-02
SCUF Par 6 26.5 27 16.1 32.9 9 0.00 0.00 NA 0.00 0.00 NA 0.00 100.0 100.0 0.00 100.00
SCUF DA Mar 2012-03
SCUF Par 2 24.0 30 10.2 33.8 9 0.00 0.00 NA 0.00 0.00 NA 2.42 51.5 51.5 0.00 100.00
Privilege Trust Series I
SCUF Par 10 16.9 19 30.7 16.2 3 0.00 NA NA 0.00 NA NA 0.00 97.4 97.4 0.00 100.00
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 15
Figure 23 RMBS
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 ROI (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
CitiBank: Royal Trust July 2004
Citi Bank Par Residential Mortgage
57.8 12 8.5 166 NA 88.7 101 0.33 0.25 0.44 0.15 0.14 0.17 63.48 79.6 64.5 19.03 99.84
CitiBank: Royal Trust May 2004
Citi Bank Par Residential Mortgage
54.0 13 8.7 75 NA 94.4 103 0.38 0.20 0.29 0.15 0.12 0.15 62.07 17.4 16.5 5.47 99.84
CitiBank: Royal Trust June 2004
Citi Bank Par Residential Mortgage
73.2 14 8.8 137 NA 93.2 102 0.22 0.23 0.20 0.10 0.01 0.12 67.96 29.1 27.0 7.18 99.88
ICICI Bank: Nivas Trust Sr II
ICICI Bank Par Residential Mortgage
71.9 12 9.0 126 NA 88.6 105 1.89 1.97 2.26 1.63 1.68 1.93 50.22 123.1 98.7 19.79 98.20
ICICI Bank: Indian RMBS Trust Sr VIII
ICICI Bank Par Residential Mortgage
73.2 12 8.1 160 NA 84.8 93 1.08 1.14 1.34 0.92 0.95 1.12 54.25 75.0 75.0 0.00 99.04
HDFC: MBS 2006 Series II Trust
HDFC Ltd. Par Residential Mortgage
76.0 27 8.7 78 11.5 77.4 82 0.47 0.55 0.27 0.03 0.03 0.03 48.70 283.8 283.8 0.00 99.84
HDFC: MBS 2006 Series III Trust
HDFC Ltd. Par Residential Mortgage
73.5 32 9.1 55 19.8 88.9 81 0.28 0.31 0.35 0.21 0.19 0.22 45.36 264.4 264.4 0.00 99.43
HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9637.7m
HDFC Ltd. Par Residential Mortgage
73.4 4 11.3 208 1.7 48.2 45 0.80 0.82 0.83 0.37 0.39 0.39 31.17 915.6 915.6 0.00 99.51
HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9690m
HDFC Ltd. Par Residential Mortgage
65.6 22 11.4 170 13.3 56.7 45 0.58 0.49 0.53 0.26 0.24 0.32 35.37 775.2 768.0 0.93 99.59
HDFC DA PSL Nov09(INR 291.80 cr)
HDFC Ltd. Par Residential Mortgage
65.8 1 8.9 180 0.5 37.5 38 0.44 0.52 0.33 0.20 0.25 0.09 24.02 303.5 303.5 0.00 99.50
HDFC DA Non-PSL Nov09(INR 333.59 cr)
HDFC Ltd. Par Residential Mortgage
72.6 1 9.2 192 0.8 43.0 38 0.51 0.22 0.36 0.31 0.22 0.17 30.94 316.9 316.9 0.00 99.16
HDFC DA June 10- I - Rs. 935.59 crore
HDFC Ltd. Par Residential Mortgage
70.3 1 8.2 175 0.4 31.3 30 0.37 0.32 0.18 0.13 0.12 0.09 17.27 935.6 935.6 0.00 99.42
HDFC DA June 10 - II - Rs. 210.82 crore
HDFC Ltd. Par Residential Mortgage
72.9 0 8.2 190 0.2 37.3 30 0.11 0.33 0.12 0.00 0.00 0.00 25.96 231.9 231.9 0.00 98.95
HDFC DA June 10- III - Rs. 109.60 crore
HDFC Ltd. Par Residential Mortgage
44.8 21 9.7 131 10.8 40.2 30 0.29 0.33 0.06 0.04 0.04 0.00 27.18 101.4 101.4 0.00 99.61
HDFC DA December 2010 - I
HDFC Ltd. Par Residential Mortgage
74.0 1 8.2 190 0.9 21.2 24 0.34 0.34 0.15 0.13 0.13 0.00 12.92 598.4 598.4 0.00 99.47
Structured Finance
Structured Finance Performance Report - Q412
April 2013 16
RMBS (contd)
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 ROI (%)
WABT (Mo)
Amort (%)
Amort. (curr.)
(%) MSI
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%)
Curr. value
(%) Prev
qt. (%) Prev.
yr. (%) CPPT
(%) Orig. Curr. CEU (%) CCE (%)
HDFC DA December 2010 - II
HDFC Ltd. Par Residential Mortgage
73.4 11 9.4 197 3.2 21.5 24 0.36 0.51 0.00 0.24 0.24 0.00 16.50 123.1 123.1 0.00 99.60
HDFC DA December 2010 - III
HDFC Ltd. Par Residential Mortgage
73.6 8 8.3 193 3.6 27.3 24 0.00 0.00 0.00 0.00 0.00 0.00 19.16 121.2 121.2 0.00 99.78
HDFC DA July 2011 - I
HDFC Ltd. Par Residential Mortgage
63.4 16 10.8 142 12.4 29.6 17 0.55 0.44 0.32 0.13 0.06 0.01 18.99 975.7 975.7 0.00 99.08
HDFC DA July 2011 - II
HDFC Ltd. Par Residential Mortgage
67.9 5 9.5 183 3.6 25.9 17 0.00 0.00 0.30 0.00 0.00 0.00 19.37 77.6 77.2 0.49 98.77
HDFC DA July 2011 - III
HDFC Ltd. Par Residential Mortgage
72.4 5 9.5 184 2.3 19.0 17 0.41 0.49 0.33 0.24 0.20 0.13 12.47 155.0 155.0 0.00 99.19
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 17
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
Structured Finance Performance Report - Q412
April 2013 18
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 30+dpd delinquency status as a per cent of the original
principal outstanding 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 24 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 25 Figure 26
Figure 27 Figure 28
Structured Finance
Structured Finance Performance Report - Q412
April 2013 19
Figure 29
0%
3%
6%
9%
12%
15%
1 3 5 7 9 11
(Months since issuance)
30+dpd 60+dpd 90+dpd 180+dpd
CV Delinquency % of Original POS - Vintage 2012
Source: Ind-Ra
Structured Finance
Structured Finance Performance Report - Q412
April 2013 20
Appendix C: IRM Index Trends
The IRM index tracks 90+dpd rates as a percentage of initial POS for the residential mortgage
loans in 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 13) to 0.43 from 0.55 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 35.0 401.0 399.8 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Dec
-08
Mar
-09
Jun-
09
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16D
ec-0
8
Apr
-09
Aug
-09
Dec
-09
Apr
-10
Aug
-10
Dec
-10
Apr
-11
Aug
-11
Dec
-11
Apr
-12
Aug
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Dec
-08
Mar
-09
Jun-
09
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Dec
-08
Mar
-09
Jun-
09
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 21 a
Structured Finance a
DA Program-Sept09-1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,206.7 244.9 268.3 265.9 IND AAA(SO) Stable
SLCF 127.2 127.2 141.1 138.7 IND AAA(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Se
p-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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: 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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 22 a
Structured Finance a
DA Program-Sept09-2
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,548.3 84.5 331.8 319.6 IND AAA(SO) Stable
SLCF 159.9 159.9 171.9 159.8 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Se
p-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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: 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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 23 a
Structured Finance a
DA Program-Sept09-3
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,552.7 105.7 354.1 337.7 IND AAA(SO) Stable
SLCF 167.5 167.5 186.7 170.2 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Oct
-09
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16O
ct-0
9
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Oct
-09
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Oct
-09
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 24 a
Structured Finance a
DA Program Oct09-I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 999.8 143.0 221.6 221.6 IND AAA(SO) Stable
SLCF 108.0 108.0 113.7 113.7 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16D
ec-0
9
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 25 a
Structured Finance a
STFCL - DA Program - Dec 09 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser payout 1,145.1 138.6 243.2 238.9 IND AAA(SO) Stable
SLCF 113.8 113.8 129.4 125.1 IND AA+(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16D
ec-0
9
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 26 a
Structured Finance a
STFCL DA Program-Dec09-2
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,000.0 184.3 158.5 158.5 IND AAA(SO) Stable
SLCF 57.6 57.6 100.9 100.9 IND AAA(SO) Stable
LF 28.8 28.8 158.5 158.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16D
ec-0
9
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 27 a
Structured Finance a
Novo IX Trust-Chassis
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 7,499.6 1,008.6 737.7 737.7 IND AAA(SO) Stable
SLCF 362.7 362.7 375.0 375.0 IND AAA(SO) Stable
LF 56.7 56.7 737.7 737.7 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
IND AAA(SO)
0%
2%
4%
6%
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Ja
n-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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 28 a
Structured Finance a
STFCL DA Program - Feb 10 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,266.4 346.2 158.1 158.1 IND AAA(SO) Stable
SLCF 107.5 107.5 50.6 50.6 IND A+(SO) Stable
LF 10.5 10.5 158.1 158.1 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
IND AAA(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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Fe
b-10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Feb-
10
Apr
-10
Jun-
10
Aug
-10
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 29 a
Structured Finance a
STFCL DA Program - Feb 10 - 2
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 696.0 107.5 84.3 84.3 IND AAA(SO) Stable
SLCF 49.5 49.5 34.8 34.8 IND A+(SO) Stable
LF 5.3 5.3 84.3 84.3 IND AAA(SO) StableIND AAA(SO)
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-1
0
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 30 a
Structured Finance a
STFCL DA Program - Feb 10 - 3
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,963.3 293.6 222.1 222.1 IND AAA(SO) Stable
SLCF 144.2 144.2 78.0 78.0 IND AA+(SO) Stable
LF 14.3 14.3 222.1 222.1 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
IND AAA(SO)
0%
2%
4%
6%
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-1
0
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 31 a
Structured Finance a
STFCL DA Program Feb 10-4
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,942.4 548.9 232.5 232.5 IND AAA(SO) Stable
SLCF 155.0 155.0 77.5 77.5 IND A(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
0
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 32 a
Structured Finance a
STFCL DA Program Feb10-5
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 970.1 227.5 133.0 133.0 IND AAA(SO) Stable
SLCF 84.5 84.5 48.5 48.5 IND A+(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
0
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 33 a
Structured Finance a
STFCL DA Feb 2011- 02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,924.7 755.5 261.1 261.1 IND AAA(SO) Stable
SLCF 164.8 164.8 96.3 96.3 IND A+(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Fe
b-11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Feb-
11
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 34 a
Structured Finance a
Small Operators Trust 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTCs 3,305.8 107.7 330.6 329.6 IND AAA(SO) Stable
Series A2 PTCs 664.4 555.5 330.6 329.6 IND AAA(SO) Stable
SLCF 209.9 209.9 120.7 119.7 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-1
1
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: 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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 35 a
Structured Finance a
Small Operators Trust II 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTCs 3,212.8 0.0 362.0 362.0 IND AAA(SO) Stable
SLCF 155.7 155.7 206.3 206.3 IND AA(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-1
1
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: 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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 36 a
Structured Finance a
STFCL DA Mar 2011- 02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,499.9 790.6 211.0 211.0 IND AAA(SO) Stable
SLCF 126.6 126.6 84.4 84.4 IND A+(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-1
1
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: 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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 37 a
Structured Finance a
STFCL DA Mar 2011- 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,188.4 592.7 162.4 162.4 IND AAA(SO) Stable
SLCF 107.0 107.0 55.4 55.4 IND A(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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-1
1
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: 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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 38 a
Structured Finance a
STFCL DA Feb 2011- 04
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,002.3 471.3 215.3 207.7 IND AA(SO) Stable
SLCF 59.0 59.0 156.3 148.7 IND A+(SO) Stable
LF 32.5 26.5 215.3 207.7 IND AA(SO) Stable
IND BBB+(SO)
IND AA(SO)
Orig. Rating
IND AA(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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-1
1
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: 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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 39 a
Structured Finance a
STFCL DA Mar 2011- 03
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,964.0 891.6 257.8 257.8 IND AAA(SO) Stable
SLCF 162.0 162.0 95.8 95.8 IND A+(SO) Stable
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
1
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 40 a
Structured Finance a
STFCL DA Mar 2011- 04
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 800.4 366.1 111.9 111.9 IND AAA(SO) Stable
SLCF 67.7 67.7 44.2 44.2 IND A+(SO) StableIND BBB(SO)
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-1
1
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: 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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 41 a
Structured Finance a
STFCL DA June 2011 -01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,040.7 523.5 235.0 230.8 IND AA(SO) Stable
SLCF 62.7 62.7 172.3 168.1 IND AA-(SO) Stable
LF 34.9 16.4 235.0 230.8 IND AA(SO) Stable
Orig. Rating
IND AA(SO)
IND A(SO)
IND AA(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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Ju
n-11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 42 a
Structured Finance a
STFCL DA Sep 2011 -01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,973.2 1,247.7 271.3 271.3 IND AAA(SO) Stable
SLCF 157.9 157.9 113.5 113.5 IND BBB(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 43 a
Structured Finance a
Small Operators Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTCs 3,617.5 432.0 1,359.2 1,359.2 IND AAA(SO) Stable
Series A2 PTCs 6,524.9 5,875.8 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
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 44 a
Structured Finance a
STFCL DA Operator Trust Dec 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 2,083.0 1,384.3 247.9 247.9 IND AAA(SO) Stable
SLCF 185.4 185.4 62.5 62.5 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 45 a
Structured Finance a
STFCL DA December 2011 -01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,500.0 955.8 183.8 183.8 IND AAA(SO) Stable
SLCF 135.0 135.0 48.8 48.8 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 46 a
Structured Finance a
STFCL DA January 2012 -01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,269.1 1,394.0 292.7 292.7 IND AAA(SO) Stable
SLCF 213.3 213.3 79.4 79.4 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 47 a
Structured Finance a
STFCL DA December 2011 -03
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 708.3 530.5 100.6 100.6 IND AAA(SO) Stable
SLCF 70.8 70.8 29.7 29.7 IND BBB(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 48 a
Structured Finance a
CV Loan Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 7,742.0 4,991.9 628.1 628.1 IND AAA(SO) Stable
SLCF 413.0 413.0 215.1 215.1 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 49 a
Structured Finance a
Novo XI Trust - Chassis
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 1,567.6 1,045.2 203.8 203.8 IND AAA(SO) Stable
SLCF 125.4 125.4 78.4 78.4 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 50 a
Structured Finance a
SRTO Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 749.4 540.6 100.4 100.4 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
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 51 a
Structured Finance a
STFCL DA March 2012 - 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 987.1 674.1 137.2 137.2 IND AAA(SO) Stable
SLCF 87.9 87.9 49.4 49.4 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 52 a
Structured Finance a
STFCL DA March 2012 - 02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,358.8 903.8 169.9 169.9 IND AAA(SO) Stable
SLCF 122.3 122.3 47.6 47.6 IND BBB(SO) Stable
IND AAA(SO)
Orig. Rating
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 53 a
Structured Finance a
STFCL DA March 2012 - 03
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,037.8 726.9 127.1 127.1 IND AAA(SO) Stable
SLCF 93.4 93.4 33.7 33.7 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 54 a
Structured Finance a
STFCL CV Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 1,319.8 909.0 175.0 175.0 IND AAA(SO) Stable
SLCF 109.0 109.0 66.0 66.0 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 55 a
Structured Finance a
India Vehicle Trust - March 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 1,750.8 1,179.2 232.0 232.0 IND AAA(SO) Stable
SLCF 144.5 144.5 87.5 87.5 IND BBB(SO) Stable
IND AAA(SO)
IND BBB(SO)
Orig. Rating
0%
2%
4%
6%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 56 a
Structured Finance a
Platinum Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
series A 4,045.4 1,584.9 384.3 384.3 IND AAA(SO) Stable
SLCF 222.5 222.5 161.8 161.8 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 57 a
Structured Finance a
Aeon Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 2,500.0 1,029.7 255.0 255.0 IND AAA(SO) Stable
SLCF 105.0 105.0 150.0 150.0 IND BBB(SO) StableIND BBB(SO)
Orig. Rating
IND AAA(SO)
0%
2%
4%
6%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 58 a
Structured Finance a
Aeon Trust II 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 1,250.0 720.1 112.5 112.5 IND AAA(SO) Stable
SLCF 50.0 50.0 62.5 62.5 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 59 a
Structured Finance a
Fullerton DA CV Dec 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,000.0 568.8 156.0 156.0 IND AAA(SO) Stable
SLCF 100.0 100.0 56.0 56.0 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
2%
4%
6%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
5%
10%
15%
20%
25%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 60 a
Structured Finance a
SREI - Direct Assignment Dec 10-I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,000.0 127.3 156.6 156.6 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5D
ec-1
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 61 a
Structured Finance a
SREI - Direct Assignment Dec 10-II
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,002.5 336.5 332.0 332.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5D
ec-1
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 62 a
Structured Finance a
SREI - Direct Assignment March 11-IV
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,085.2 652.1 424.4 424.4 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5M
ar-1
1
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 63 a
Structured Finance a
SREI DA August 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 6,000.2 1,863.9 840.0 840.0 IND AAA(SO) Stable
SLCF 360.0 360.0 480.0 480.0 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Aug
-11
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5A
ug-1
1
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Aug
-11
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Aug
-11
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 64 a
Structured Finance a
IRST 2011 Series - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A2 PTC 531.9 283.2 840.0 840.0 IND AAA(SO) Stable
Series A3 PTC 234.0 232.0 840.0 840.0 IND AAA(SO) Stable
Series A6 PTC 370.1 367.6 840.0 840.0 IND AAA(SO) Stable
Series A7 PTC 149.2 147.6 840.0 840.0 IND AAA(SO) Stable
Series A9 PTC 659.6 343.8 840.0 840.0 IND AAA(SO) Stable
Series A10 PTC 2,000.0 686.7 840.0 840.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
IND AAA(SO)
IND AAA(SO)
IND AAA(SO)
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Aug
-11
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Aug
-11
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Aug
-11
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 65 a
Structured Finance a
SEFPL Direct Assignment Sep' 11 - VI
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,000.0 480.7 132.5 132.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5Se
p-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 66 a
Structured Finance a
SEFPL Direct Assignment Sep'11 - III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 999.9 445.9 152.5 152.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5Se
p-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 67 a
Structured Finance a
SEFPL Direct Assignment Sep' 11 - IV
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,226.4 669.0 331.8 331.8 IND AAA(SO) StableIND AAA(SO)
Orig. Rating
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5Se
p-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 68 a
Structured Finance a
ILSS 1 trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series B 1,488.1 591.3 331.8 331.8 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5Se
p-11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 69 a
Structured Finance a
SREI - Direct Assignment - December 11 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,999.4 2,453.0 563.9 563.9 IND AAA(SO) Stable
SLCF 324.0 324.0 240.0 240.0 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5D
ec-1
1
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 70 a
Structured Finance a
SREI- Direct Assignment - February 12 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 5,682.7 4,004.5 753.1 753.1 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5M
ar-1
2
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 71 a
Structured Finance a
SEFPL DA March 12 - III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 998.8 722.0 155.0 155.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
1
2
3
4
5A
pr-1
2
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpd
Source: In-Ra
0%2%4%6%8%
10%12%14%
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current Pos
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 72 a
Structured Finance a
MMFSL DA June 2010 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,464.0 131.2 355.6 318.0 IND AA+(SO) Stable
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Jun-
10
Aug
-10
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
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
Jun-
10
Aug
-10
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jun-
10
Aug
-10
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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Jun-
10
Aug
-10
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
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 73 a
Structured Finance a
MMFSL DA March 2010 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,863.6 453.2 900.8 861.2 IND AA+(SO) Stable
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 74 a
Structured Finance a
MMFSL DA Sept 2010 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,981.7 423.8 452.5 397.1 IND AA+(SO) Stable
Orig. Rating
AA(SO)
0%
2%
4%
6%
8%
10%
Sep-
10
Nov
-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
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
Sep-
10
Nov
-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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Sep-
10
Nov
-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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
Sep-
10
Nov
-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
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 75 a
Structured Finance a
MMFSL DA Dec 2009-1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,739.8 89.8 416.5 351.3 IND AA+(SO) Stable
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
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
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
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 76 a
Structured Finance a
MMFSL DA Dec 2009-2
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,286.0 54.2 303.9 274.0 IND AA+(SO) Stable
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
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
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
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 77 a
Structured Finance a
MMFSL DA Dec 2010 - 1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,250.1 897.9 740.7 740.7 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
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
20.0%
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
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 78 a
Structured Finance a
MMFSL DA Dec 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,586.4 2,337.5 362.2 362.2 IND AA+(SO) Stable
Orig. Rating
AA+(SO)
0%
2%
4%
6%
8%
10%
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 79 a
Structured Finance a
MMFSL DA Feb 2011-1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 4,197.4 1,357.4 860.0 748.2 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
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
5.0%
10.0%
15.0%
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 80 a
Structured Finance a
MMFSL DA March 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,599.0 2,037.6 288.5 288.5 IND AA+(SO) Stable
Orig. Rating
AA+(SO)
0%
2%
4%
6%
8%
10%
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 81 a
Structured Finance a
MMFSL DA Nov 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,045.2 1,511.6 331.9 331.9 IND AA+(SO) Stable
Orig. Rating
AA+(SO)
0%
2%
4%
6%
8%
10%
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0%
5%
10%
15%
20%
25%
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
2.0%
4.0%
6.0%
8.0%
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 82 a
Structured Finance a
MMFSL DA Sep 2009-1
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,484.2 37.7 363.0 312.4 IND AA+(SO) Stable
Orig. Rating
AA(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
Delinquency (% of Original Receivables)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
02468
101214
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency Distribution (% of Orig. Receiv.)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
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
Delinquency (% of Current Receivables)
90+ dpd/Current Pos180+ dpd/Current PosSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 83 a
Structured Finance a
SCUF - DA Program Sept 2010- 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,007.1 55.9 170.9 170.9 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Jul-1
0
Sep-
10
Nov
-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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 84 a
Structured Finance a
SCUF DA Mar 2011- 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 5,166.6 1,269.6 413.3 413.3 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Apr
-11
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 85 a
Structured Finance a
SCUF DA Mar 2012-01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,357.7 1,659.2 235.8 235.8 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 86 a
Structured Finance a
SCUF DA Mar 2012-02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 1,000.0 670.7 100.0 100.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 87 a
Structured Finance a
SCUF DA Mar 2012-03
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 502.2 326.5 51.5 51.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 88 a
Structured Finance a
SCUF DA Sep 2011- 01
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 5,000.0 1,960.3 637.5 637.5 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 89 a
Structured Finance a
SCUF DA Sep 2011- 02
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 3,000.0 1,476.7 300.0 300.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 90 a
Structured Finance a
SCUF-UCO DA Dec 2011
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,150.0 496.7 100.6 100.6 IND AAA(SO) StableIND AAA(SO)
Orig. Rating
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 91 a
Structured Finance a
Small Business Trust 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 5,496.7 2,585.0 426.0 426.0 IND AAA(SO) Stable
SLCF 206.1 206.1 219.9 219.9 IND AA(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 92 a
Structured Finance a
Small Business Trust II 2012
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A PTCs 1,157.7 265.9 115.8 115.8 IND AAA(SO) Stable
SLCF 78.1 78.1 37.7 37.7 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
20%
40%
60%
80%
100%
0
3
6
9
12
15
18
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr
-12
May
-12
Jun-
12
Jul-1
2
Aug
-12
Sep-
12
Oct
-12
Nov
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: In-Ra
Structured Finance Performance Report - Q412
April 2013 93 a
Structured Finance a
CitiBank: Royal Trust July 2004
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Senior PTC 1,518.2 165.9 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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
ug-0
4
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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-
12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 94 a
Structured Finance a
CitiBank: Royal Trust May 2004
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A1 PTCs 349.2 - 17.4 16.5 PIF -
Series A2 242.0 30.2 17.4 16.5 IND AAA(SO) Stable
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Ju
n-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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 95 a
Structured Finance a
CitiBank: Royal Trust June 2004
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Senior PTC 1,003.4 63.5 29.1 27.0 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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Ju
l-04
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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-
12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 96 a
Structured Finance a
ICICI Bank: Nivas Trust Sr II
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 2,000.9 161.9 123.1 98.7 IND AAA(SO) Stable
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Fe
b-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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 97 a
Structured Finance a
ICICI Bank: Indian RMBS Trust Sr VIII
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Series A 1,000.0 323.4 75.0 75.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-0
5
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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-
12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 98 a
Structured Finance a
HDFC: MBS 2006 Series II Trust
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Class A1 3,503.2 788.5 283.8 283.8 IND AAA(SO) Stable
Class A2 0.7 0.7 283.8 283.8 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
0%
1%
2%
3%
4%
Feb-
06
Jul-0
6
Dec
-06
May
-07
Oct
-07
Mar
-08
Aug
-08
Jan-
09
Jun-
09
Nov
-09
Apr
-10
Sep-
10
Feb-
11
Jul-1
1
Dec
-11
May
-12
Oct
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Fe
b-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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Feb-
06
Jul-0
6
Dec
-06
May
-07
Oct
-07
Mar
-08
Aug
-08
Jan-
09
Jun-
09
Nov
-09
Apr
-10
Sep-
10
Feb-
11
Jul-1
1
Dec
-11
May
-12
Oct
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Feb-
06
Jul-0
6
Dec
-06
May
-07
Oct
-07
Mar
-08
Aug
-08
Jan-
09
Jun-
09
Nov
-09
Apr
-10
Sep-
10
Feb-
11
Jul-1
1
Dec
-11
May
-12
Oct
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 99 a
Structured Finance a
HDFC: MBS 2006 Series III Trust
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Class A1 3,501.6 382.8 264.4 264.4 IND AAA(SO) Stable
Class A2 0.1 0.1 264.4 264.4 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
IND AAA(SO)
0%
1%
2%
3%
4%
Mar
-06
Aug
-06
Jan-
07
Jun-
07
Nov
-07
Apr
-08
Sep-
08
Feb-
09
Jul-0
9
Dec
-09
May
-10
Oct
-10
Mar
-11
Aug
-11
Jan-
12
Jun-
12
Nov
-12
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16M
ar-0
6
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Mar
-06
Aug
-06
Jan-
07
Jun-
07
Nov
-07
Apr
-08
Sep-
08
Feb-
09
Jul-0
9
Dec
-09
May
-10
Oct
-10
Mar
-11
Aug
-11
Jan-
12
Jun-
12
Nov
-12
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Mar
-06
Aug
-06
Jan-
07
Jun-
07
Nov
-07
Apr
-08
Sep-
08
Feb-
09
Jul-0
9
Dec
-09
May
-10
Oct
-10
Mar
-11
Aug
-11
Jan-
12
Jun-
12
Nov
-12
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 100 a
Structured Finance a
HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9637.7m
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 9,637.7 4,968.7 915.6 915.6 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Feb-
09
May
-09
Aug
-09
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Fe
b-09
May
-09
Aug
-09
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
2.0%
Feb-
09
May
-09
Aug
-09
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Feb-
09
May
-09
Aug
-09
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 101 a
Structured Finance a
HDFC Ltd - Direct Assignment Residential Mortgages - March 09 - INR9690m
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 9,690.0 4,169.8 775.2 768.0 IND AAA(SO) Stable
Orig. Rating
IND AAA(SO)
0%
1%
2%
3%
4%
Feb-
09
May
-09
Aug
-09
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16Fe
b-09
May
-09
Aug
-09
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.5%
1.0%
1.5%
Feb-
09
May
-09
Aug
-09
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Feb-
09
May
-09
Aug
-09
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 102 a
Structured Finance a
HDFC DA PSL Nov09(INR 291.80 cr)
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 2,918.0 1,817.7 303.5 303.5 IND AAA(SO) Stable
SLCF 145.9 145.9 157.6 157.6 IND A+(SO) Stable
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16N
ov-0
9
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 103 a
Structured Finance a
HDFC DA Non-PSL Nov09(INR 333.59 cr)
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 3,335.9 1,888.7 316.9 316.9 IND AAA(SO) Stable
SLCF 143.4 143.4 173.5 173.5 IND AA-(SO) Stable
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16N
ov-0
9
Feb-
10
May
-10
Aug
-10
Nov
-10
Feb-
11
May
-11
Aug
-11
Nov
-11
Feb-
12
May
-12
Aug
-12
Nov
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 104 a
Structured Finance a
HDFC DA June 10- I - Rs. 935.59 crore
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 9,355.9 6,405.4 935.6 935.6 IND AAA(SO) Stable
SLCF 467.8 467.8 467.8 467.8 IND BBB+(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
0
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 105 a
Structured Finance a
HDFC DA June 10 - II - Rs. 210.82 crore
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 2,108.2 1,315.1 231.9 231.9 IND AAA(SO) Stable
SLCF 94.9 94.9 137.0 137.0 IND A+(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
0
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 106 a
Structured Finance a
HDFC DA June 10- III - Rs. 109.60 crore
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,096.0 652.8 101.4 101.4 IND AAA(SO) Stable
SLCF 46.6 46.6 54.8 54.8 IND A(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
0
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
Apr
-12
Jul-1
2
Oct
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
0%
1%
2%
3%
4%
5%
6%
Apr
-10
Jun-
10
Aug
-10
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 107 a
Structured Finance a
HDFC DA December 2010 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payouts 5,619.1 4,421.0 598.4 598.4 IND AAA(SO) Stable
SLCF 281.0 281.0 317.5 317.5 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16O
ct-1
0
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 108 a
Structured Finance a
HDFC DA December 2010 - II
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,183.2 926.9 123.1 123.1 IND AAA(SO) Stable
SLCF 59.2 59.2 63.9 63.9 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16O
ct-1
0
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
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
Source: Ind-Ra
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 109 a
Structured Finance a
HDFC DA December 2010 - III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,154.6 838.7 121.2 121.2 IND AAA(SO) Stable
SLCF 57.7 57.7 63.5 63.5 IND BBB(SO) Stable
Orig. Rating
IND AAA(SO)
IND BBB(SO)
0%
1%
2%
3%
4%
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16O
ct-1
0
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
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%
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 110 a
Structured Finance a
HDFC DA July 2011 - I
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 10,270.2 7,195.2 975.7 975.7 IND AAA(SO) Stable
SLCF 487.8 487.8 487.8 487.8 IND BBB+(SO) Stable
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
1
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 111 a
Structured Finance a
HDFC DA July 2011 - II
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 756.9 558.5 77.6 77.2 IND AAA(SO) Stable
SLCF 35.6 35.6 42.0 41.6 IND BBB(SO) Stable
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
1
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 112 a
Structured Finance a
HDFC DA July 2011 - III
Class Orig. Bal. Curr. Bal. Orig. CE Curr CE Curr. Rating Curr. Outlook
Purchaser Payout 1,631.9 1,317.3 155.0 155.0 IND AAA(SO) Stable
SLCF 73.4 73.4 81.6 81.6 IND BBB(SO) Stable
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
Delinquency (% of Original POS)
90+ dpd 180+ dpdSource: Ind-Ra
0%
20%
40%
60%
80%
100%
0
4
8
12
16A
pr-1
1
Jun-
11
Aug
-11
Oct
-11
Dec
-11
Feb-
12
Apr
-12
Jun-
12
Aug
-12
Oct
-12
Dec
-12
Credit Enhancement Built-Up & Amortization
CE Built-up multiple (lhs) Amortisation(rhs)
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
Delinquency (% of Current POS)
90+ dpd/Current Pos 180+ dpd/Current PosSource: Ind-Ra
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
Delinquency Distribution (% of Original POS)
30+ dpd 60+ dpd 90+ dpd 180+ dpdSource: Ind-Ra
Structured Finance Performance Report - Q412
April 2013 113 a
Structured Finance
Structured Finance Performance Report - Q412
April 2013 114
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