Mmela Mobility Finance (RF) Ltd

Transcription

1 Mmela Mobility Finance (RF) Ltd Investor Report Payment Date 15 December 2017 Determina,on Date 30 November 2017 Priority of Payment applicable Frequency of Repor,ng Pre-Enforcement Priority of Payments Quarterly Administrator: Redinkcapital (Pty) Ltd Administrator Contact Details: Tel: Mmela Mobility Finance (RF) Ltd

2 Table of Contents Issuer Details... 1 TransacHon DescripHon... 2 TransacHon Counterparty InformaHon... 3 Trigger Events... 4 Other... 4 Asset Data... 5 Asset Analysis... 6 Liability Data AllocaHon of Funds Book Movement Cash s Performance Data Mmela Mobility Finance (RF) Ltd! 2

3 Issuer Details Introduction The Issuer: Mmela Mobility Finance (RF) Limited (registrahon number 2015/231615/06) Directors David Towers Clarissa Wilson Mohobi Ramatsitsi Phumelele Madala Secretary and registered office Secretary: Quadridge Trust Services Proprietary Limited, situated at 1st Floor, 32 Fricker Road, Illovo, 2196 Registered office: 1st Floor, 32 Fricker Road, Illovo, 2196 Auditor The auditor of the Issuer is KPMG Inc. Activitites The achvihes of the Issuer are restricted by the Programme Documents and are limited to the issue of Notes, the purchase of ParHcipaHng Assets which have been originated by the Originator pursuant to the Subsidised Motor Transport Scheme in accordance with the OriginaHon Agreement, and the exercise of related rights and powers and other achvihes referred to in the Programme Documents or reasonably incidental to such achvihes. The achvihes of the Issuer shall be confined to those contemplated in this Programme Memorandum. The Issuer is an insolvency remote enhty operahng in accordance with the TransacHon Documents, with no employees and no administrahve infrastructure of its own having contracted these funchons to third party service providers. Mmela Mobility Finance (RF) Ltd! 1

4 TransacHon DescripHon General Descrip,on of Programme Descrip,on of Transac,on Mmela Mobility Finance (RF) Limited (the "Issuer") may from Hme to Hme issue limited recourse secured registered notes denominated in South African Rand, under its Asset-Backed Note Programme, on the terms and condihons contained in the Programme Memorandum. TradiHonal SecuriHsaHon (ABS type), Revolving. AcquisiHon by the Issuer from the Originator (or Approved Seller) of ParHcipaHng Assets which consists of all right, Htle and interest in and to - a) an Instalment Sale Agreement which has been originated by the Originator under the Subsidised Motor Transport Scheme (the State sponsored scheme under the RT Contract and the RT Contract, through which the State assists Customers employed by the State to acquire vehicles as amended from Hme to Hme); and b) the Vehicle to which such Instalment Sale Agreement relates; and c) the Related Security in respect of such Instalment Sale Agreement (if any). Incep,on Date of Programme 28 June 2017 Programme Size ZAR Ra,ng Agency Programme Ra,ng GCR N/A! 2

5 TransacHon Counterparty InformaHon Transac,on Par,cipants Issuer Arranger & Manager Servicer Seller Back-up Servicer Security SPV Trustees (Owner Trust) Trustee (Security SPV Owner Trust) Account Bank Administrator Safe Custody & SeOlement Agent Transfer Secretary Paying & Calcula,on Agent Transac,on Accounts Provider PermiOed Investment(s) Auditors Liquidity Facility Provider Credit Enhancement Hedge counterparty Other Facili,es Mmela Mobility Finance (RF) Ltd Redinkcapital (Pty) Ltd CSS Credit SoluHons Services Proprietary Limited Mmela Motor Scheme (RF) Limited N/A Mmela Mobility Finance Security SPV (RF) Proprietary Limited Quadridge Trust Services (Pty) Ltd Quadridge Trust Services (Pty) Ltd Nedbank Limited Redinkcapital (Pty) Ltd Nedbank Limited achng through its division Nedbank Investor Services Quadridge Trust Services (Pty) Ltd Redinkcapital (Pty) Ltd Nedbank Limited Nedbank Limited KPMG Inc N/A N/A N/A N/A! 3

6 Trigger Events 1 Period 5 DeterminaHon Date: Start 31 Oct 2017 DeterminaHon Date: End 30 Nov 2017 Interest Payment Date 15 Dec 2017 Test Level Actual Breach Arrears Reserve Trigger Event R R No Default Trigger Event > 2,00% 0,13% No Excess Spread Trigger Event (R mil) < R0,000 R0,893 No Stop Purchase Event - - No AmorHsaHonon Event 31 Dec Dec 2017 No Event of Default - - No Servicer Default - - Yes Other Liquidity Facility Available Credit Enhancement Available Hedge Counterparty Other FaciliHes No No N/A No 1 The Security SPV served a Servicer Default notice to the Servicer, MFS, on 1 December 2017, as a result the Servicer has been replaced with the Back-up Servicer.! 4

7 Asset Data Period 5 DeterminaHon Date: Start 31 Oct 2017 DeterminaHon Date: End 30 Nov 2017 Interest Payment Date 15 Dec 2017 Type of Underlying Assets Instalment Sale Agreements IniHal number of asset 4461 IniHal value of assets R Number of assets outstanding 4627 Total value of assets outstanding R IniHal weighted average Hme to maturity Weighted average Hme to maturity Average Hme to maturity Maximum maturity 1,62 years 1,41 years 1,01 years 4,00 years Weighted average coupon rate 9,340% Maturity Analysis of Pool N/A Largest asset value R Average asset value R Weighted average interest rate of Asset Pool 9,15% Average interest rate of Asset Pool 9,15% Mmela Mobility Finance (RF) Ltd! 5

8 Maturity Analysis of Asset Pool Maturity Analysis of Asset Pool Millions R400 R350 R300 R250 R200 R150 R100 R50 R- Pool Cut-off Date Report Date Asset Analysis Seasoning distribuhon of Asset Pool AS AT POOL CUT-OFF DATE Seasoning (years) Count of Outstanding % Count of Outstanding Outstanding 1 1 0,02% R ,71 0,05% ,82% R ,00 64,13% ,16% R ,50 35,82% Grand Total ,00% R ,21 100,00% AS AT REPOT DATE Seasoning (years) Count of Outstanding % Count of Outstanding Sum of Outstanding % of Sum of Outstanding ,90% R ,69 9,15% 1,00 6 0,13% R ,23 0,46% 2, ,41% R ,09 19,91% 3, ,67% R ,55 64,73% 4, ,90% R ,44 5,75% Grand Total ,00% R ,99 100,00% Mmela Mobility Finance (RF) Ltd! 6

9 Remaining Term distribuhon of Asset Pool AS AT POOL CUT-OFF DATE Remaining Term Count of Outstanding % Count of (years) Outstanding Outstanding ,59% R ,24 0,36% ,50% R ,95 38,04% ,88% R ,30 61,56% 3 1 0,02% R ,71 0,05% Grand Total ,00% R ,21 100,00% AS AT REPOT DATE Remaining Term Count of Outstanding % Count of (years) Outstanding Outstanding ,85% R ,32 5,41% 1, ,17% R ,91 62,24% 2, ,00% R ,37 22,84% 3, ,30% R ,43 1,14% 4, ,68% R ,96 8,37% Grand Total ,00% R ,99 100,00% Contract Term distribuhon of Asset Pool AS AT POOL CUT-OFF DATE Contract Term (years) Count of Outstanding % Count of Outstanding Outstanding 2, ,40% R ,69 0,16% 3, ,08% R ,77 1,08% 3, ,38% R ,07 1,69% 4, ,14% R ,68 97,07% Grand Total ,00% R ,21 100,00% AS AT REPOT DATE Contract Term (years) Count of Outstanding % Count of Outstanding Sum of Outstanding % of Sum of Outstanding 2, ,39% R ,83 0,17% 3, ,92% R ,51 0,84% 3, ,38% R ,02 1,63% Mmela Mobility Finance (RF) Ltd! 7

10 Contract Term (years) Count of Outstanding % Count of Outstanding Outstanding 4, ,31% R ,63 97,36% Grand Total ,00% R ,99 100,00% Monthly Instalment distribuhon of Asset Pool AS AT POOL CUT-OFF DATE Finance Instalment Count of Outstanding Bracket % Count of Outstanding Sum of Outstanding % of Sum of Outstanding <=R4, ,49% R ,36 3,07% >R4,000 to R5, ,97% R ,31 9,65% >R5,000 to R6, ,59% R ,54 21,92% >R6,000 to R7, ,48% R ,74 24,76% >R7,000 to R8, ,56% R ,38 26,03% >=R8, ,91% R ,88 14,57% Grand Total ,00% R ,21 100,00% AS AT REPOT DATE Finance Instalment Count of Outstanding % Count of Bracket Outstanding Outstanding <=R4, ,04% ,92 2,33% >R4,000 to R5, ,06% ,12 9,14% >R5,000 to R6, ,30% ,12 20,92% >R6,000 to R7, ,21% ,36 23,06% >R7,000 to R8, ,07% ,71 24,49% >=R8, ,32% ,76 20,05% Grand Total % ,99 100% Vehicle Manufacturer distribuhon of Asset Pool AS AT POOL CUT-OFF DATE Vehicle Manufacturer Count of Outstanding % Count of Outstanding Outstanding AUDI 387 8,68% R ,80 9,06% BMW 18 0,40% R ,87 0,74% CHERRY 5 0,11% R ,17 0,10% CHEVROLET 237 5,31% R ,53 4,36% Mmela Mobility Finance (RF) Ltd! 8

11 Vehicle Manufacturer Count of Outstanding % Count of Outstanding Outstanding FORD ,58% R ,42 26,09% GWM 1 0,02% R ,75 0,02% HYUNDAI 63 1,41% R ,32 1,19% ISUZU ,21% R ,68 15,45% JEEP 250 5,60% R ,22 6,71% KIA 71 1,59% R ,56 1,51% MAHINDRA 11 0,25% R ,81 0,21% MAZDA 25 0,56% R ,34 0,33% MITSUBISHI 12 0,27% R ,33 0,36% NISSAN 279 6,25% R ,45 4,65% OPEL 10 0,22% R ,72 0,20% RENAULT 82 1,84% R ,39 1,48% SSANGYONG 1 0,02% R79 674,62 0,02% TATA 1 0,02% R48 596,49 0,01% TOYOTA ,24% R ,94 17,65% VW ,40% R ,81 9,87% Grand Total ,00% R ,21 100,00% AS AT REPOT DATE Vehicle Manufacturer Count of Outstanding % Count of Outstanding Sum of Outstanding % of Sum of Outstanding AUDI AUDI 390 8,43% R ,30 BMW BMW 23 0,50% R ,70 CHERRY CHERRY 4 0,09% R ,36 CHERY CHERY 1 0,02% R90 712,80 CHEVROLET CHEVROLET 238 5,14% R ,11 CHEVROLET-WH CHEVROLET-WH 1 0,02% R49 422,25 FORD FORD ,42% R ,24 GWM GWM 1 0,02% R79 979,09 HONDA HONDA 1 0,02% R ,92 HYUNDAI HYUNDAI 71 1,53% R ,00 Mmela Mobility Finance (RF) Ltd! 9

12 Vehicle Manufacturer Count of Outstanding % Count of Outstanding Outstanding ISUZU ISUZU ,76% R ,36 JEEP JEEP 250 5,40% R ,40 KIA KIA 73 1,58% R ,80 MAHINDRA MAHINDRA 11 0,24% R ,30 MAZDA MAZDA 25 0,54% R ,47 MITSUBISHI MITSUBISHI 1200% 0,26% R ,42 NISSAN NISSAN 317 6,85% R ,82 OPEL OPEL 11 0,24% R ,36 RENAULT RENAULT 84 1,82% R ,31 SSANGYONG SSANGYONG 1 0,02% R51 839,31 SUZUKI SUZUKI 1 0,02% R ,75 TATA TATA 1 0,02% R24 705,55 TOYOTA TOYOTA ,91% R ,15 VOLKSWAGEN ,16% R ,22 Grand Total ,00% R ,99 Geographical distribuhon of Asset Pool AS AT POOL CUT-OFF DATE Province Count of Outstanding % Count of Outstanding Outstanding Defence ,23% R ,63 15,17% Eastern Cape 404 9,06% R ,55 10,75% Free State ,30% R ,18 9,82% Gauteng ,79% R ,73 25,15% KwaZulu-Natal ,91% R ,43 11,97% Limpopo 345 7,73% R ,04 7,49% Mpumalanga 421 9,44% R ,47 9,49% National 119 2,67% R ,19 2,36% North West 116 2,60% R ,64 2,15% Northern Cape 184 4,12% R ,05 3,40% Mmela Mobility Finance (RF) Ltd! 10

13 Province Count of Outstanding % Count of Outstanding Outstanding Western Cape 96 2,15% R ,30 2,25% Grand Total ,00% R ,21 100,00% AS AT REPOT DATE Province Count of Outstanding % Count of Outstanding Sum of Outstanding % of Sum of Outstanding Defence 104 2,25% ,90 2,38% Eastern Cape ,12% ,87 14,80% Free State 192 4,15% ,70 3,33% Gauteng 367 7,93% ,53 7,59% KwaZulu-Natal ,39% ,42 9,56% Limpopo 442 9,55% ,44 12,45% Mpumalanga ,44% ,27 24,20% National ,54% ,51 11,13% North West 435 9,40% ,31 9,49% Northern Cape 125 2,70% ,29 2,47% Western Cape 117 2,53% ,74 2,59% Total ,00% ,99 100,00% Mmela Mobility Finance (RF) Ltd! 11

14 Liability Data Period DeterminaHon Date: Start 15 Sep Sep Sep Sep 2017 DeterminaHon Date: End 15 Dec Dec Dec Dec 2017 Interest Payment Date 15 Dec Dec Dec Dec 2017 Status and Class of the Notes Secured Class A notes Secured Class B notes Secured Class C notes Secured Class D notes Tranche number Series number Stock Code MMF101 MMF201 MMF301 MMF401 ISIN nr ZAG ZAG ZAG ZAG Financial Exchange JSE Interest Rate Market JSE Interest Rate Market JSE Interest Rate Market JSE Interest Rate Market IniHal Nominal Amount R R R R Total principal repaid during reporhng period R0 R0 R0 R0 Notes outstanding as at reporhng period R R R R Interest Payment R R R R Interest not paid R0 R0 R0 R0 Interest Rate 9,033% 9,783% 12,533% 12,533% RaHng Agency GCR GCR GCR GCR Credit RaHng AAA(za) (sf) A-(za) (sf) BB-(za) (sf) Unrated Issue Date 14-Jul Jul Jul Jul-17 Revolving period end date 15-Dec Dec Dec Dec-20 Final RedempHon Date 15-Dec Dec Dec Dec-24 Step-up margin 0,40% 0,55% 1,10% 1,10% Step-up call date 15-Dec Dec Dec Dec-20 Credit enhancement (%) n/a n/a n/a n/a Mmela Mobility Finance (RF) Ltd! 12

15 AllocaHon of Funds Pre-Enforcement Capital Priority of Payments Period 5 Payment Date 15-Dec-17 Available Funds R ,51 POP Item Descrip,on Amount payable / provided for Excluded Items R0,00 1 Pre-Enforcement Interest Priority of Payment: Items 1-4 R0,00 2 AcquisiHon of ParHcipaHng Assets R ,51 3 Class A Noteholders R0,00 4 Class B Noteholders R0,00 5 Class C Noteholders R0,00 6 Class D Noteholders R0,00 7 Preference Shares R0,00 Available Cash - Mmela Mobility Finance (RF) Ltd! 13

16 Pre-Enforcement Interest Priority of Payments Period 5 Payment Date 15-Dec-17 Available Funds R ,95 POP Item Descrip,on Amount payable / provided for Excluded Items R0,00 1 Taxes R ,37 2 Corporate Existence Payment R ,64 3 Servicing Agreement - Snr Fees R ,00 3 Back-up Servicing Agreement - Snr Fees R60 000,00 4 Redraw Facility: Commit Fees R0,00 4 Redraw Facility: Interest R0,00 4 Redraw Facility: Other. R0,00 4 Class A1 Cumm Quaterly Bond Interest R ,33 5 Class B1 Cumm Quaterly Bond Interest R ,64 6 Class C1 Cumm Quaterly Bond Interest R ,49 7 Class D1 Cumm Quaterly Bond Interest R ,26 8 Arrears Reserve Fund: Amount paid R ,21 9 Subordinated Senior Expenses R0,00 10 Preference Shares R0,00 Available Cash - Mmela Mobility Finance (RF) Ltd! 14

17 Book Movement Period 2 5 DeterminaHon Date: Start 31 Jul Oct 2017 DeterminaHon Date: End 31 Aug Nov 2017 Interest Payment Date 15 Sep Dec 2017 Opening R0 R Adjustments R3 148 R Assets Purchased R R CollecHons -R R Interest & Fee Income CollecHons -R R Mmela Fee & Admin Fee: Raised R R Finance charges raised R R Other R R Closing R R Cash s Period 2 5 DeterminaHon Date: Start 31 Jul Oct 2017 DeterminaHon Date: End 31 Aug Nov 2017 Interest Payment Date 15 Sep Dec 2017 Monies received during the period R R Proceeds Note Issuance R R0 Interest Received R0 R CollecHon Receipts R R Mmela Mobility Finance (RF) Ltd! 15

18 Period 2 5 DeterminaHon Date: Start 31 Jul Oct 2017 DeterminaHon Date: End 31 Aug Nov 2017 Interest Payment Date 15 Sep Dec 2017 Monies allocated during the period (R ) (R ) Senior Expenses (R ) (R ) Interest Expenses: Notes in issue R0 (R ) Asset Purchases (R ) (R ) Refunds R0 (R72 712) Total Cash s R ,02 R ,42 Timing difference: agent collechon accounts (R ,80) R ,28 Total Available Cash R ,82 R ,14 Performance Data Non-performing Loans Period 2 5 DeterminaHon Date: Start 31 Jul Oct 2017 DeterminaHon Date: End 31 Aug Nov 2017 Interest Payment Date 15 Sep Dec 2017 Non-Performing Loans and Write-offs CumulaHve Non Performing Loans R0 R CumulaHve recoveries R0 - CumulaHve net Non- Performing Loans R0 R Non-Performing Loans and Write-offs Number of Non-Performing Loans during the period 0 7 Number of Non- Performing Loans as % of number of loans at Issue Date 0,00% 0,16% Value of Non-Performing Loans during the period R0 R Mmela Mobility Finance (RF) Ltd! 16

19 Period 2 5 DeterminaHon Date: Start 31 Jul Oct 2017 DeterminaHon Date: End 31 Aug Nov 2017 Interest Payment Date 15 Sep Dec 2017 Value of Non-Performing Loans as % of Value of loans at Issue Date 0,00% 0,13% Number of Loans Wriqen-off during the Period 0 - Number of Wriqen-off Loans as % of number of loans at Issue Date 0,00% 0,00% Value of Loans Wriqen- off during the Period R0 R0 Value of Wriqen-off Loans as % of Value of loans at Issue Date 0,00% 0,00% Value of Write-offs Recovered during the period R0 R0 Recoveries for the period as a % of Write-offs to date 0,00% 0,00% Arrears Period 2 5 DeterminaHon Date: Start 31 Jul Oct 2017 DeterminaHon Date: End 31 Aug Nov 2017 Interest Payment Date 15 Sep Dec 2017 ArrearsCurrent R R0 Arrears30Days R R Arrears60Days R R < Arrears90Days - R8 885 Total Arrears R R Total Book R R % arreas of Total Book 1,23% 2,69% Mmela Mobility Finance (RF) Ltd! 17

20 Period 2 5 DeterminaHon Date: Start 31 Jul Oct 2017 DeterminaHon Date: End 31 Aug Nov 2017 Interest Payment Date 15 Sep Dec 2017 ArrearsCurrent 0,02% 0,00% Arrears30Days 0,32% 1,72% Arrears60Days 0,89% 0,97% < Arrears90Days 0,00% 0,00% Total Arrears % 1,23% 2,69% Mmela Mobility Finance (RF) Ltd! 18