CRISIL Performance Report

Transcription

1 Ratings 0.97 cm 0.97 cm 4.0 cm CRISIL Performance Report 9.0 cm.0 cm.0 cm 4.0 cm March 7 ABS & MBS s

2 0.78 cm CRISIL Performance Report d Finance Ratings Krishnan Sitaraman Senior Director Tel: kishnan.sitaraman@crisil.com Ajit Velonie Director Tel: ajit.velonie@crisil.com Apurva Sharma Rating Analyst apurva.sharma@crisil.com Business Development Gurpreet Chhatwal President Tel: gurpreet.chhatwal@crisil.com Atal Agarwal Rohit Chugh Senior Director Director Tel: Tel: atal.agarwal@crisil.com rohit.chugh@crisil.com Suman Chowdhury Director Tel: suman.chowdhury@crisil.com Rajendra Lodd Director Tel: rajendra.lodd@crisil.com Viral Malia Director Tel: viral.malia@crisil.com Ashish Jha Associate Director ashish.jha@crisil.com Arihant Dudhodia Associate Director arihant.dudhodia@crisil.com Anand Agarwal Associate Director anand.agarwal@crisil.com Bhawmik Mehta Associate Director bhawmik.mehta@crisil.com Hemant Bilay Associate Director hemant.bilay@crisil.com Jasmine Chaney Associate Director jasmine.chaney@crisil.com Kruti Rawal Associate Director kruti.rawal@crisil.com Pallavi Mitra Senior Business Development Manager pallavi.mitra@crisil.com Rakesh Kumar Seal Senior Business Development Manager rakesh.seal@crisil.com Hoshil Thapar Senior Business Development Manager hoshil.thapar@crisil.com Bharadwaja Panchagnula Reema Doshi Regional Manager Regional Manager bharadwaja.panchagnula@crisil.com reema.doshi@crisil.com Shailendra Biyani Regional Manager shailendra.biyani@crisil.com Dolly Parmar Regional Manager dolly.parmar@crisil.com Ruchita Pandya Regional Manager ruchita.pandya@crisil.com Amit Khare Regional Manager amit.khare@crisil.com Subhasree Mitra Regional Manager subhasree.mitra@crisil.com Pankaj Sharma Regional Manager pankaj.sharma@crisil.com Sunanda Agarwal Regional Manager sunanda.agarwal@crisil.com V Rajesh N Rao Regional Manager rajesh.rao@crisil.com Sanyukta Nagesh Bandekar Regional manager sanyukta.bandekar@crisil.com Rajesh Basanna Regional manager rajesh.basanna@crisil.com

3 Index Contents Page Review of CRISIL-rated ABS and MBS s 04 Rating Actions 3 Commercial Mortgage-backed Securities (CMBS) Ratings 3 4 Glossary of Terms Used 4 5 ABS s (Initial Details & Performance, as of December 6 ) 7 6 MBS s (Initial Details & Performance, as of December 6 ) 39 7 CRISIL Rating Scales 5

4 CRISIL Performance Report List of ABS originators covered in this publication Originator Name Page Au Financiers (India) Limited 8 Equitas Small Finance Bank Limited 9 3 ESAF and Investments Private Limited 4 HDB Financial Services Limited 5 Indiabulls Infrastruture Limited 3 6 Janalakshmi Financial Services Limited 4 7 Magma Fincorp Limited 7 8 Magma ITL Finance Limited 8 9 Mahindra & Mahindra Financial Services Limited 9 0 Multi Originator 30 Muthoot Capital Services Limited 3 Muthoot Microfin Limited 3 3 Shriram Transport Finance Company Limited 34 4 SREI Equipment Finance Limited 36 5 Tata Motors Finance Limited 37 6 Ujjivan Financial Services Limited 38 List of MBS originators covered in this publication Name of originator Page Dewan Housing Finance Corporation Limited 4 Housing Development Finance Corporation Limited 4 4 ICICI Bank Limited 43 3 Indiabulls Housing Finance Limited 45 5 LIC Housing Finance Limited 46 6 Reliance Capital Limited 47 7 Reliance Home Finance Private Limited 48 8 Standard Chartered Bank 49 9 Sundaram BNP Paribas Home Finance Limited 50

5 DISCLAIMER The ratings/credit opinions are t a recommendation to purchase, sell or hold the /facilities in as much as the opinions do t comment on the market price of the /facilities or its suitability for a particular investor. CRISIL reserves the right to suspend, withdraw or revise the credit opinions assigned to the /facilities at any time on the basis of new information, or unavailability of information or other circumstances, which CRISIL believes, may have an impact on the opinions. The performance update presented in this publication is based on made till December 6. The ratings/credit opinions mentioned in this publication are outstanding as on February 8, 7. CRISIL has taken due care and caution in preparing this report. Information has been obtained by CRISIL from sources which considers reliable. However, CRISIL does t guarantee the accuracy, adequacy or completeness of any information, and is t responsible for any errors in transmission, and especially states that it has financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this report. No part of this report may be reproduced in any form or any means without permission of the publisher. Contents may be used by news media with due credit to CRISIL. CRISIL. All rights reserved. CRISIL COMPLEXITY LEVELS CRISIL assigns complexity levels to various types of financial instruments on a voluntary basis. This is a pro-bo exercise aimed at strengthening Indian capital markets through greater transparency. CRISIL Complexity Levels reflect the ease of understanding and analysing the risk elements in these instruments and allow investors to gauge the level of sophistication and due diligence required before investing in any financial product. Instruments are classified into three categories: simple, complex, and highly complex. This is done using four parameters: ease of calculation of payout and returns, clarity on timing of cash flows, number of counterparties involved in the transaction, and familiarity of market participants with the instrument. Complexity is distinct from risk: saying that an instrument is simple is t to say that it is less risky, but the risk will be easier to understand in a simple instrument than in a complex one. Accordingly, the complexity level applicable to PTC instrument / direct assignment indicated in the above report is Highly Complex. Investors can refer to for more details and a comprehensive list of CRISIL Complexity Levels or call the Customer Service Helpdesk Toll free number:

6 CRISIL Performance Report Demonetisation impact on securitised s reflects V-shaped recovery Across a number of asset classes, demonetisation s impact on CRISIL rated securitised s reflects a V-shaped recovery. The anuncement of the demonetisation process on November 8, 6 impacted loan repayments in various retail asset classes in November 6. Unavailability of legal tender due to withdrawal restrictions severely hampered collections for most n-bank lenders. Borrowers preferred prioritising the use of cash for personal needs, rather than to service debt. Loan waiver rumours linked to the Reserve Bank of India s (RBI s) tification on deferral of asset classification rms added to the woes of financiers. Asset classes where collections were predominantly in the form of cash witnessed a sharp drop in collection efficiencies. The impact of demonetisation was t restricted to any specific geography, and was a pan-india phemen. However, come December 6 and collections began to recover across loan segments. Most financiers had helped educate borrowers by then regarding the benefits of using bank facilities and aided them in opening bank accounts. In some regions, such as the south, return to rmalcy was early, due to the higher penetration of banking channels in these states. CRISIL s rated securitisation portfolio comprises transactions backed by several asset classes, such as commercial vehicles (CVs), cars, construction equipment (CE), two-wheelers (TW), tractors, microfinance, housing loans, loans against property (LAP) and secured business loans. This article covers the performance of 84 asset-backed securities (ABS), 38 mortgage-backed securities (MBS), and commercial mortgage-backed securities (CMBS) transactions aggregating Rs 80 billion in rated amount. Collection efficiency for vehicle s dropped to 9% in the December 6 (pertaining to collections in November 6), with instances of credit (CC) in some s. As of January 7, however, the situation improved and CC was topped up for most s. In microfinance s, collection ratios in the January 7 that is for collections in December 6 recovered significantly barring a few geographies where socio-political issues continued to influence borrowers repayment behaviour. Collections were hit in tractor s immediately post demonetisation primarily because its implementation date coincided with the typical collections period. In housing loans, however, the impact on collections was minimal, largely because most collections were t cash-based. Increasing availability of currency in the banking system and the recent lifting of curbs on cash withdrawals have largely mitigated the challenges of cash availability for trade. Additionally, the Union Budget has anunced rural- and infrastructure-focused measures along with income tax incentives which should start providing impetus to consumption spending over the near to medium term. CRISIL has been closely monitoring the performance of s for the impact of demonetisation. Here are the trends observed in each asset class: Vehicle s: In the weeks following the anuncement of demonetisation, collection efficiencies moderated for CRISIL-rated vehicle s, comprising CV loans, other automobile loans and construction equipment loans. The impact was more prounced in CV loans where collections are largely cash-based than in other automobile or construction equipment loans. Freight movement was hit by demonetisation as truckers faced a shortage of funds, although tolls were waived and old bank tes could be used for purchase of diesel for some time. Also, lack of funds with the general public resulted in consumption demand and freight movement reducing across the country. These factors, in turn, constrained truckers earnings capabilities and debt servicing ability, particularly in November 6. The median of 3 months average monthly collection ratio (MCR) in CRISIL-rated CV s dropped to 94.5%--the lowest in four years in the December 6 from 96.4% in the through September 6. The drop in collections in CRISIL-rated s resulted in fresh slippages and an increase in portfolio at risk (PAR) in the early delinquency (or -30 days) bucket of Rs.75 billion from the previous month. 4

7 Chart : Three months average MCR for CV s Dec-0 Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar-3 Jun-3 Sep-3 Dec-3 Mar-4 Jun-4 Sep-4 Dec-4 Mar-5 Jun-5 Sep-5 Dec-5 Mar-6 Jun-6 Sep-6 Dec-6 3-month average MCR The current collections for medium and heavy CVs (MHCVs) dropped to around 75%, although with arrears and advance collections included, the collections were at 85.8%. For s backed by new CVs, the impact was higher than in used CV s, largely because the EMIs are higher for new vehicle loans. Currency availability improved for borrowers by mid-december, with increase in cash withdrawal limits. The median MCR for CV s, therefore, increased to 9.5% after December s collections from 88. after the November collections. Collection ratios for CV s should recover to the pre-demonetisation levels by the through March 7. There were instances when CC was utilised in a few s post demonetisation, although the quantum of has been low at under % of the stipulated CC. Tractor s: Collection efficiencies were low in tractor s in the two years through fiscal 6, because of deficient rainfall and low agricultural production. Collection ratios had, however, begun to recover in the first half of fiscal 7, and were expected to remain steady thereafter, given the good monsoon and improved crop output. However, collection ratios for this asset class went down in November 6, post demonetisation. 5

8 CRISIL Performance Report Chart : Collection efficiency in tractor s FY 4-5 H FY 4-5 H FY 5-6 H FY 5-6 H FY 6-7 H Oct-6 Nov-6 Dec-6 0. Collection efficiency 90+ dpd (RHS) *For payout months While the MCR was 94.4% for tractor s in the through December 6, the median specifically for the December was 78.%. Demonetisation coincided with the sale of kharif produce by farmers. Such sales are typically cash-based transactions, and with unavailability of adequate currency in the system, the farmers faced challenges in offloading the harvest. This impacted their incomes and debt servicing ability. Most tractor financiers structure loan repayments based on the half-yearly crop cycle to help agriculture-dependent borrowers service their loans. However, the EMIs are, therefore, chunkier. Moreover, the EMIs for October and November coincided with the demonetisation anuncement, adding to the pressure on the borrowers debt repayment ability. The collection ratios of CRISIL-rated tractor s, however, recovered to 89.7% in January 7, from 78.% in December 6. s: The impact of demonetisation was most prounced in the microfinance industry, given the cash-intensive nature of its transactions. Most MFIs tend to operate largely in the rural areas where financial inclusion is low and the ecomy is largely cash dependent. The productivity of collection agents reduced significantly as much of their time was spent in helping borrowers exchange old currency tes for new ones, rather than on the field. Furthermore, misinterpretation of the RBI tification to extend the period for recognising NPAs for financiers led to loan waiver rumours for microfinance loans in parts of the country. States such as Uttar Pradesh, Uttarakhand and Maharashtra also faced local socio-political issues, particularly on account of the upcoming elections in February 7, compelling borrowers in these states to default on their MFI loans. Collections dipped to -3 nationwide, in the wake of demonetisation, from 99% earlier. Financiers faced challenges in making collections in new currency tes. As per data available with CRISIL, collections began to improve by end-november. Recoveries were far higher in the south, than in the rest of the country. Collections in certain parts of Uttar Pradesh, Maharashtra, Madhya Pradesh, Chhattisgarh and Uttarakhand were, however, low even two months after demonetisation. Additionally, there were fresh collection challenges in parts of Karnataka. 6

9 05. Chart 3: Monthly collection efficiency for MFI s Mar-6 Apr-6 May-6 Jun-6 Jul-6 Aug-6 Sep-6 Oct-6 Nov-6 Dec-6 TIUP (7 s) TITP (4 s) SFB (9 s) In the weeks following demonetisation, the collection efficiency in CRISIL-rated MFI s declined in line with that in the industry. Although collections dropped to around 7 in November 6, CC was reported in only one transaction, because most s have a timely interest and ultimate (TIUP) structure wherein lenders are promised only interest payments on time, while may be serviced even at the end of the transaction. For transactions with a timely interest and timely (TITP) structure, on the other hand, the CC was utilised to ensure both and interest were serviced. Small finance bank (SFB) MFIs retained collection performance despite the demonetisation, with an MCR of around 99% for November 6. However, for the December 6 collections, the MCR moderated to 96.4% owing to local level socio-political issues plaguing the industry (refer to Chart 3). Overall, the median collections have improved significantly for all CRISIL-rated MFI s to around 95%. Mortgage s: In MBS s, the impact of demonetisation was negligible for those backed by housing loan receivables because the general mode of repayment for this asset class is by post-dated cheque (PDC) or electronic clearing service (ECS). Collection efficiency stood unhindered at around 99% for the December 6. While there was immediate impact on collection ratios in LAP s for November 6 when the MCR was 00.8%--the ratio moderated to 95.5% for the December 6 collections. LAP loans are generally extended to self-employed borrowers, whose businesses faced decline in cash flows post demonetisation. Collections are likely to remain low for LAP s till the underlying ecomic activities return to rmalcy. Other asset classes: Secured business loan s maintained stable collection performance as these loans are generally originated by SFBs. Twowheeler loan s, however, reported a temporary drop in collections post demonetisation, only to recover soon thereafter. CRISIL also has ratings outstanding on two CMBS transactions, both of which have maintained Interest Service Coverage Ratio (ISCR) at levels commensurate with their outstanding ratings. 7

10 CRISIL Performance Report Outlook: The impact of demonetisation on collection ratios has varied across asset classes. The degree of variance was a direct outcome of the dependence on cash for loan repayments. While collection ratios for some asset classes declined sharply as of November 6, financiers have reported considerable recovery from the arrear contracts as of December 6. CRISIL believes the trend of recoveries will continue over the next few months. 0. Chart 4: Median collection efficiency across asset classes Collection efficiency Oct'6 Collection efficiency Nov'6 Collection efficiency Dec'6 Vehicle Tractor TW Small and High Ticket Size LAP Most asset classes have recovered quickly, while collection ratios in others seem to recover gradually post demonetisation. It is crucial that financiers avoid large slippages in contracts from the -30 delinquency buckets into higher delinquency buckets. Ability to maintain asset quality will, therefore, remain a key monitorable for financiers. Most financiers were already focused on the early delinquency buckets, even prior to demonetisation, keeping in mind RBI s tification regarding NPA recognition at + by March 7 and 90+ by March 8. The measures put in place by the financiers will be tested in coming months. CRISIL will continue to closely monitor the performance of all rated s until investor are made in full. 8

11 Performance Update Commercial Vehicle s Chart 5 Chart 6 0 Comparison of CCR across vintages - CV s 8% Total overdues across vintages - CV s 95% 9 85% 8 75% Month Post Securitisation 08 (3 s) 09 (4 s) 0 ( s) (5 s) (3 s) 3 (4 s) 4 (9 s) 5 (3 s) 6 ( s) 6% 4% % Month Post Securitisation 08 (3 s) 09 (4 s) 0 ( s) (5 s) (3 s) 3 (4 s) 4 (9 s) 5 (3 s) 6 ( s) Chart 7 0 Amortisation based ly movement of Median MCR - CV s 97% 94% 9% 88% 85% Dec-Mar-Jun- Sep-Dec-Mar-3Jun-3 Sep-3Dec-3Mar-4Jun-4 Sep-4Dec-4Mar-5Jun-5 Sep-5Dec-5Mar-6Jun-6 Sep-6Dec-6 Performance month -5 amortised s 5-8 amortised s Chart 8 0 CRISIL CCR Index - CV s 97% 94% 9% 88% 85% Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-0 Sep- Sep- Sep-3 Sep-4 Sep-5 Sep-6 Performance month

12 CRISIL Performance Report Performance Update Car s Chart 9 Chart 0 Comparison of CCR across vintages - Car s 8% Total overdues across vintages - Car s 95% 6% 85% 4% % 75% Month Post Securitisation 06 (4 s) 07 (8 s) 08 (4 s) 09 (5 s) 0 (4 s) ( ) 3 ( ) 4 ( s) Month Post Securitisation 06 (4 s) 07 (8 s) 08 (4 s) 09 (5 s) 0 (4 s) ( ) 3 ( ) 4 ( s) Performance Update MBS s Chart Chart 0 Comparison of CCR across vintages - MBS s. Total overdues across vintages - MBS s 96% 0.8% 9% 0.6% 88% 0.4% 84% 0.% Month Post Securitisation 04 (3 s) 05 (4 s) 07 (6 s) 08 ( ) 09 ( ) (4 s) 3 (5 s) 4 (6 s) 5 ( ) Month Post Securitisation 04 (3 s) 05 (4 s) 07 (6 s) 08 ( ) 09 ( ) (4 s) 3 (5 s) 4 (6 s) 5 ( ) Chart Comparison of prepayments across vintages - MBS s Months Post Securitisation 04 (3 s) 05 (4 s) 07 (6 s) 08 ( ) 09 ( ) 0

13 Rating Actions New transactions Table provides the details of 3 new s that were securitised between December, 6 and February 8, 7. Table : New s rated during the period Originator/ Seller Asset class Instrument details Door-to-door tenure # Rated amount (Rs. Million) Rating/ Opinion assigned Shriram Transport Finance Company Limited Sansar Trust December 6 II CV & CE Series A PTCs Second loss Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent Muthoot Capital Services Limited Starling CV IFMR Capital 6 TW Series A PTCs Provisional CRISIL A- (SO) Provisional CRISIL BBB Series A PTCs 4. (SO) 3 Indiabulls Housing Finance Limited Invation Trust XV Dec 6 LAP Series A PTCs Provisional CRISIL AAA (SO) # Indicates door-to-door tenure. Actual tenure will depend on the level of prepayments in the s and the exercise of clean-up call option (if available) in the underlying transactions. Rating withdrawals Table provides the details of 4 s whose ratings were withdrawn between December, 6 and February 8, 7. Table : s that were redeemed Originator/Seller Shriram Transport Finance Company Limited Sansar Trust Feb 4 - II Janalakshmi Financial Services Private Limited JFS Trust September 5 3 Janalakshmi Financial Services Private Limited JFS Trust- September 5 4 Mahindra and Mahindra Financial Services Limited MMFSL Assignment of Receivables February

14 CRISIL Performance Report Rating conversions Table 3 provides the details of s that have witnessed rating conversions between December, 6 and February 8, 7. Table 3: s that have witnessed rating conversions Originator/ Seller Asset class Instrument details Equitas Finance Limited SME - Series V - August 6 SME Series A PTCs IFMR Capital Finance Private Limited Indiabulls Housing 3 Finance Limited Muthoot Capital Services 4 Limited. 5 Muthoot Microfin Limited 6 Muthoot Microfin Limited 7 Muthoot Microfin Limited IFMR Capital Mosec Azeroth 6 Series A PTCs Invation Trust XXIV Sept 6 LAP Series A PTCs Series A PTCs Sanada CV IFMR TW Capital 6 Series A PTCs Series A PTCs Targaryen IFMR Capital 6 Series A PTCs Skylark IFMR Capital 6 Series A PTCs Series A PTCs Kinglet IFMR Capital 6 Series A PTCs 8 Muthoot Microfin Limited Jaithra Trust 6 Series A PTCs Series A PTCs 9 Shriram Transport Sansar Trust September Series A PTCs Finance Company CV, PV, THW & CE 6 Limited Second loss Shriram Transport Series A PTCs 0 Finance Company Sansar Trust Sep 6 II CV, CE & PV Limited Second loss Series A PTCs Shriram Transport Sansar Trust September CV, Tractor, PV and Finance Company 6 III CE Limited Second loss Series A PTCs Tata Motors Finance Indian Receivable Trust CV Limited September 6 A Second loss Rating/ Opinion Provisional CRISIL A (SO) Provisional CRISIL A- (SO) Provisional CRISIL AAA (SO) Provisional CRISIL A- (SO) Provisional CRISIL BB+ (SO) Provisional CRISIL A- (SO) Provisional CRISIL BB- (SO) Provisional CRISIL A- (SO) Provisional CRISIL A- (SO) Provisional CRISIL BB (SO) Provisional CRISIL A- (SO) Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent Revised Rating/ Opinion CRISIL A (SO) CRISIL A-(SO) Provisional CRISIL AAA (SO) CRISIL A- (SO) CRISIL BB+ (SO) CRISIL A- (SO) CRISIL BB- (SO) CRISIL A- (SO) CRISIL A- (SO) CRISIL BB (SO) CRISIL A- (SO) CRISIL AAA (SO) CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent

15 Commercial Mortgage-backed Securities (CMBS) Ratings CRISIL has outstanding ratings on two transactions under CMBS as per the table below. As of December 6, the payout confirmation for both transactions has been received. Issuer Amount (Rs. Million) Instrument details Rating/ Opinion DLF Emporio Limited NCDs CRISIL AA (SO)/Stable DLF Promenade Limited NCDs CRISIL AA (SO)/Stable 3

16 CRISIL Performance Report Glossary of Terms Used Originator: The bank or finance company that has originated the of receivables. : The sum of outstanding for all loans present in the at the time of securitisation. : The sum of and interest outstanding for all loans present in the at the time of securitisation. Investor : The sum of expected and interest obligations towards the PTC holders or the acquirer at the time of securitisation. : of a transaction can either be at par or at a premium, depending on whether the is sold at par or at a premium to investors. Other structural features present in the transaction are appropriately mentioned, for example par with turbo amortisation, par with Excess interest spread (), par with trapped, par with interest only (IO) strips, etc. Asset class: The asset(s) that back the securitised receivables. Asset type: The proportion of new and used assets in the at the time of securitisation. duration: The weighted average balance maturity of in months. are taken as weights for the purpose of calculating the average. In Mortgage-backed securities (MBS) transactions, amounts are used as weights. Weighted average seasoning (WAS): Indicates the weighted average seasoning (in months) of the at the time of securitisation. Weighted average loan-to-value ratio (WAL): The weighted average loan to value (LTV) ratio of the at the time of securitisation. Weighted average yield (WAY): The yield at the time of securitisation. Average yield: The current yield, calculated as the internal rate of return (IRR) of the cash flows. Overdue composition: Indicates the proportion of pertaining to current contracts, one-month overdue contracts and so on at the time of securitisation. Weighted average residual maturity (WAM): The weighted average balance maturity of the instrument in months. Monthly to investors are taken as weights for the purpose of calculating the average. : The credit stipulated at the time of securitisation as a percentage of future. In case of MBS transactions, the credit is expressed as a percentage of. First loss as : The first loss credit facilty stipulated at the time of securitisation as a percentage of total. In case of MBS transactions, the first loss credit is expressed as a percentage of. Second loss as : The second loss credit facilty stipulated at the time of securitisation as a percentage of total. In case of MBS transactions, the second loss credit is expressed as a percentage of. as : Indicates the liquidity support available to the transaction, expressed as a percentage of. Some transactions also have an advance payment mechanism, wherein monthly are funded by the liquidity, which will be reflected in a high level of of liquidity. In case of MBS transactions, the liquidity is expressed as a percentage of. Scheduled Initial : The embedded cushion available in a transaction on account of the differential between the yield and pass-through rate. This is only available in par structures and is expressed as a percentage of the. However, in a few structures, this cushion is diluted as the spread is utilised to make certain like charge-offs, 4

17 servicing fees, fees to liquidity provider etc. In such cases the actual cushion available to investors due to may be lower than the amount stated herein. In case of MBS transactions, the is expressed as a percentage of. Subordinated as : In certain transactions, the initial cash flows are higher than the total promised to the investors. This could be on account of either over-isation (initial being higher than the promised to the investors) or ( yield being higher than the investor yield). The subordinated cash flows are computed as the difference between the initial cash flows and the total promised to the investors expressed as a percentage of initial cash flows. In case of transactions structured at par with (either flow-back or trapped), the credit support available in the form of subordinated is reported under Scheduled. However, in case of transactions having over and in case of transactions structured at par with turbo amortisation (wherein excess cash flows from the are used to prepay the investor s ), the credit support available in the form of subordinated cash flows is reported in this section. rating/credit opinion: The current rating assigned by CRISIL to pass-through certificates (PTCs) issued by the SPV, or the opinion provided by CRISIL on the credit profile of the acquirer in transactions under the assignment of receivables programme. The ratings/credit opinions mentioned represent CRISIL s view on the transactions as on February 8, 7. Months post securitisation (MPS): The number of elapsed since securitisation amortisation: The amortised, as a percentage of at the time of securitisation. Cumulative collection ratio (CCR): The ratio of total collections till date to total billings till date. These billings include initial overdues in the at the time of securitisation except in cases where these overdues are t subordinated. In such cases, the CCR will be understated to that extent in comparison with other s. 3 month average monthly collection ratio (MCR): The average of the ratio of monthly collections to monthly billings for the last 3 months. These billings and collections do t include prepayments. Total Collection Efficiency (TCE): The ratio of monthly collections to monthly billings inclusive of overdue billings. These billings and collections do t include prepayments. Cumulative prepayments: The ratio of cumulative prepayments (including partial prepayments, wherever available) in a to the at the time of securitisation. 90+ delinquencies: The unamortised plus the overdues on contracts delinquent for more than 90 days plus loss on sale of repossessed assets (wherever available) as a percentage of at the time of securitisation. 80+ delinquencies: The unamortised plus the overdues on contracts delinquent for more than 80 days plus loss on sale of repossessed assets (wherever available) as a percentage of at the time of securitisation. + overdues: The total overdues in the plus loss on sale of repossessed assets (wherever available) as a percentage of at the time of securitisation. 90+ overdues: The overdues on contracts delinquent for more than 90 days plus loss on sale of repossessed assets (wherever available) as a percentage of at the time of securitisation. Loss on repossession and sale: Cumulative loss/profit on sale of repossessed asset expressed as a percentage of at the time of securitisation. : The cumulative credit utilised as a percentage of credit stipulated at the time of initial rating. In case of transactions that have witnessed reset of credit, the is expressed as a percentage of credit available in the transaction subsequent to reset. 5

18 CRISIL Performance Report credit % of future : The credit outstanding outstanding as a percentage of future investor. In case of MBS transactions, the credit is expressed as a percentage of. future : The outstanding as a percentage of future investor. In case of MBS transactions, the credit is expressed as a percentage of. Threshold collection ratio (TCR): The minimum cumulative collection ratio required on a s future cash flows, to be able to service the investor on time. The lower the TCR, the lesser will be the degree of credit risk in the. Threshold credit coverage (TCC): TCC represents the ratio of threshold credit loss in a (-TCR) to the actual credit loss as on date, as indicated by the number of contracts/ outstanding in respect of contracts overdue for more than 80 days (excluding charged off contracts). Abbreviations used Acronym Description CE Construction equipment CV Commercial vehicle HCV Heavy commercial vehicle IO Interest only strip LCV Light commercial vehicle MHCV Medium and heavy commercial vehicle MPS Months post securitisation MSME Micro, small & medium enterprise MUV Multi-utility vehicle N.A available PV Passenger vehicle SCV Small commercial vehicle THW Three wheeler TW Two wheeler UV Utility vehicle - applicable 6

19 Asset backed Securities 7

20 Au Financiers' (India) Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as Second loss as as Scheduled Subordinated as Rating/ Opinion India Standard Loan Trust IX Auto (63%) & CV (37%) 99%, % % 5.7% 9%, 8%, 8.4% % - 9.5% - CRISIL AAA (SO) - Series A PTCs CRISIL A (SO) Equivalent - Second loss India Standard Loan Trust X Auto (55%) & CV (45%) 8%, 8% % 6.3% 9,, 5.9% 3.%.8% - 9.% - CRISIL AA (SO) - Series A PTCs CRISIL A- (SO) Equivalent - Second loss 3 India Standard Loan Trust XI Auto (56%) & CV (44%) 73%, 7% % 6.3% 9,, 5.9% 3.9% CRISIL A (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - Second loss 4 India Standard Loan Trust XII Auto (55%) & CV (45%) 9%, 9% % 6.% 0,, 6.5% 4.%.4% - 9.8% - CRISIL A+ (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss Au Financiers' (India) Limited- Performance Initial details Delinquencies Overdues 3 4 India Standard Loan Trust IX India Standard Loan Trust X India Standard Loan Trust XI India Standard Loan Trust XII Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future Auto & CV 8.4% % 98.5% 00.7% 0.% 3.3%.4% 0.6%.% 0.8%.8% 0.9%.8% 0.8% 0.% % 3.8% 8.8% Auto & CV 5.9% 3 94.% 98.3% 97.% 04.4% 3.3%.% 0.7%.% 0.6%.5% 0.3%.4% 0.% 0.%.4% % 3.8%.5% Auto & CV 5.9% 3 9.4% 98.% 0.% 0.6%.8%.5% 0.8%.4% 0.8%.6% 0.3%.7% 0.3% 0.% 0.8% % 4.% 8.4% Auto & CV 6.5% % 98.% 98.% %. 0.5% 0.8% 0.5%.3% 0.5%.% 0.4% 0.% 0.% % 5.7% 6. as % of future TCR TCC 8

21 Equitas Small Finance Bank Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as Second loss as Scheduled Subordinated Rating/ Opinion SME - Series II - October Secured business loans % 0,, 3.% % 6.3% CRISIL A- (SO) - Series A PTCs SME - III - February Secured business loans % 4. 0,,.9% % 7.5% CRISIL A- (SO) - Series A PTCs 3 SME - Series IV- March Secured business loans % 3.8% 0,, 3.% % 7.8% CRISIL A- (SO) - Series A PTCs 4 SME - Series V- August Secured business loans % 3.8% 0,, 6.8% % - CRISIL A (SO) - Series A PTCs 5 EMF Microloans - Series I - March % 0,, 7.8% % - CRISIL AAA (SO) - Series A PTCs 6 EMF Microloans - Series III - March % 0,, 7.8% % - CRISIL AAA (SO) - Series A PTCs 7 EMF Micro Loans - Series IV - December ,, 7.7% % - CRISIL AA- (SO) - Series A PTCs 8 EMF Microloans - Series V - January % 0,, 7.% % - CRISIL A (SO) - Series A PTCs 9 EMF Microloans Series VI February % 0,, % - CRISIL A (SO) - Series A PTCs 0 EMF Microloans Series VII February % 0,, 4.7% % - CRISIL A- (SO) - Series A PTCs EMF Microloans - Series VIII - March % 0,, 0.9% % - CRISIL A+ (SO) - Series A PTCs EMF Microloans - Series IX - March % 0,, 7.5% % - CRISIL A- (SO) - Series A PTCs 3 EMF Microloans - Series XI - July % 0,, 8.9% % - CRISIL A (SO) - Series A PTCs 4 EMF Microloans - Series XII - August % 0,, 6.3% % - CRISIL A+ (SO) - Series A PTCs 5 EMF Microloans - Series XIII - August % 0,, 4.8% % - CRISIL A (SO) - Series A Includes scheduled 9

22 Equitas Small Finance Bank Limited- Performance Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future as % of future TCR TCC SME - Series II - October Secured business loans 3.% 4 6.7% 99.% 98.% 99.3% 7.7%. 0.7% 0.7% 0.5% 0.4% 0.3% 0.% 0.% N.A % 3.4% 69.9% SME - III - February Secured business loans.9% 0 7.6% 99.6% 99.% 99.7% 4.9% 0.3% 0.% 0.% 0. 0.% N.A % 35.5% 7.3% 3 SME - Series IV- March Secured business loans 3.% 9 4.9% 99.4% 98.6% 99.7% 4.% 0.3% 0.% 0.% 0. 0.% 0.% N.A % 6.8% 69.5% 4 SME - Series V- August Secured business loans 6.8% 4 6.8% 99.5% 99.3% 99.9%.5% N.A % 4.3% EMF Microloans - Series I - March % % 99.8% 99.8% 99.8% 9.5% 0.% 0.% 0.% 0.% 0.% 0.% 0.% 0.% Fully covered.9% 0. 6 EMF Microloans - Series III - March % 9 9.% 99.8% 99.6% 99.9% 8.7% 0.3% 0.3% 0.3% 0.% 0.% 0.% 0.% 0.% Fully covered.% 0. 7 EMF Micro Loans - Series IV - December % 53.7% 99.9% 99.6% 99.9%. 0.% % % 5.9% 75.9% 8 EMF Microloans - Series V - January % 46.6% 99.9% 99.6% 99.9% 0.7% % % 6.6% 79.% 9 EMF Microloans Series VI February % 99.9% 99.9% 99.9% 9.8% 0.% % % % 0 EMF Microloans Series VII February % % 99.8% 99.6% 99.9% 4.% 0.% % % 6.% 8.9% EMF Microloans - Series VIII - March % 9 6.% % 00..7% % 4.6% 65.3% EMF Microloans - Series IX - March % % 99.9% 99.8% % 3 EMF Microloans - Series XI - July % 5 9.6% 99.9% 99.8% 00..3% % 8.5% 79.% 4 EMF Microloans - Series XII - August % 4.8% 99.8% 99.7% % % % 83.6% 5 EMF Microloans - Series XIII - August % 4.6% 99.7% 99.7% 99.9% 0.8% % % 8.7% 85.6% Data as of November'6 Data as of October'6

23 ESAF and Investments Private Limited- Initial Details Characteristics Support Cedar MFI Trust 3 Investor Asset class Asset type (New, Used) duration WAS WAL WAY % Overdue composition (0,, ) 0,, First loss as % of Second loss as Scheduled as % of Subordinated Rating/ Opinion 4.4% %.8% CRISIL BBB (SO) - Series A PTCs Cedar MFI Trust % 0,, 4.3% % 3.4% CRISIL BBB+ (SO) - Series A PTCs 3 Cedar MFI Trust % 0,, 4.3% % 3.4% CRISIL BBB (SO) [Watch developing]- Series A PTCs 4 Cedar MFI Trust % 0,, 3.7% %.8% CRISIL BBB (SO) - Series A PTCs 5 Cedar MFI Trust ,, 3.9% %.3% CRISIL BBB (SO) - Series A Includes scheduled ESAF and Investments Private Limited- Performance Initial details Delinquencies Overdues Cedar MFI Trust 3 Cedar MFI Trust 4 Cedar MFI Trust 7 Cedar MFI Trust 8 Cedar MFI Trust Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future 4.4% 0 7.6% 98.9% 94.4% % 0.% 0.% 0.% 0.% 0.7% 0.% 0.% % 5.6% 60.% 4.3% 73.6% 99.% 94.5% % 0.% 0.% 0.% % % 6.% 59.8% 4.3% 7 5.3% % % 0.% % % 8.8% 76.% 3.7% % % 4.5% 0.% % % 8.7% % % 97.7% 94.6% % 0.% % % 77.3% as % of future TCR TCC

24 HDB Financial Services Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion Venus Trust December CV (9%) & CE (9%) 5, % 4.% 95%, 5%, 4.7% % - CRISIL AA (SO) - Series A PTCs Venus Trust March CV (88%) & CE (%) 59%, 4% % 3.9% 95%, 5%, 5.3% CRISIL AA (SO) - Series A PTCs HDB Financial Services Limited- Performance Initial details Delinquencies Overdues Venus Trust December 5 Venus Trust March Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future CV & CE 4.7% 50.6% 96.5% 94.7% 96.6% 7.%.4% 0.4% 0.7% 0.%.4% 0.4%. 0.% N.A % 4.7% 85.3% CV & CE 5.3% 9 3.7% 95.4% 94.% 96.4% 4.%. 0.3% 0.7% 0.%.4% 0.4% 0.9% 0.% N.A % 5.7% 86.3% as % of future TCR TCC

25 Indiabulls Infrastructure Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion Invation Trust XXI Mar CV 85%, 5% 7 9% 3.5% 85%, 5%, % - CRISIL AA+ (SO) - Series A PTCs Indiabulls Infrastructure Limited- Performance Initial details Delinquencies Overdues Invation Trust XXI Mar 4 $ Data as of May flowback Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale $ credit % of future CV % 96.5% % 8.3% 4.5% 3.5% 5.% 3.9% 4.% % 3.4%.3% %.4% 3.% 5. as % of future TCR TCC 3

26 Janalakshmi Financial Services Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % of Second loss as Scheduled Subordinated Rating/ Opinion JFS Trust September ,, 6.5% % 3.7% Rating withdrawn JFS Trust- September % 0,, 5.% % 5.9% Rating withdrawn 3 Libertas IFMR Capital % 0,,.7% % - Series A PTCs;.4% - Series A PTCs CRISIL A (SO) - Series A PTCs, CRISIL BBB (SO) - Series A PTCs 4 Aergia IFMR Capital % 0,, % 6.9% - Series A PTCs; 5.9% - Series A PTCs CRISIL A+ (SO) - Series A PTCs, CRISIL BBB+ (SO) - Series A PTCs 5 Morpheus IFMR Capital % 0,, 4.% % 8.7% - Series A PTCs; 5.7% - Series A PTCs CRISIL AA- (SO) - Series A PTCs, CRISIL A (SO) - Series A PTCs 6 Zion IFMR Capital ,,.8% % 6.6%- Series A PTCs; 3.4% - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BBB- (SO) - Series A PTCs 7 Emerald Trust February trapped ,, 4.% % 9.5% CRISIL A+ (SO) - Series A PTCs 8 Sentinel IFMR Capital ,,.5% % 6.5% - Series A PTCs; 5.5% - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BBB+ (SO) - Series A PTCs 9 Architect IFMR Capital ,,.8% %.3% - Series A PTCs; 8.% - Series A PTCs CRISIL A (SO) - Series A PTCs, CRISIL BBB+ (SO) - Series A PTCs 0 Oracle IFMR Capital ,,.8% % 6.9% - Series A PTCs; 3.9% - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BBB (SO) - Series A PTCs Cypher IFMR Capital ,,.8% % 8.5% - Series A PTCs; 6.5% - Series A PTCs CRISIL A (SO) - Series A PTCs, CRISIL A- (SO) - Series A PTCs 4

27 Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % of Second loss as Scheduled Subordinated Rating/ Opinion Niobe IFMR Capital ,, 4.% % 9.5% - Series A PTCs; 6.4% - Series A PTCs CRISIL A+ (SO) - Series A PTCs, CRISIL A (SO) - Series A PTCs 3 Mjolnir IFMR Capital ,, % 4.5% - Series A PTCs; 7.6% - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BBB (SO) - Series A PTCs 4 Icharus IFMR Capital ,, % 4.8% - Series A PTCs;.8% - Series A PTCs CRISIL BBB+ (SO) - Series A PTCs, CRISIL BB+ (SO) - Series A PTCs 5 Frey IFMR Capital ,,.% % 6.5% - Series A PTCs; 3.5% - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BBB+ (SO) - Series A Includes scheduled 5

28 Janalakshmi Financial Services Limited- Performance Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future as % of future TCR TCC JFS Trust September % % 99.7% 00.8% 99.5% 6.% 0.4% 0.% 0.7% 0.4% 0.% 0.% 0.3% 0.3% % % JFS Trust- September % % 99.8% 00.3% 99.4% 6.4% 0.3% 0.% 0.5% 0.3% 0.% 0.% 0.3% 0.% % 3.7%.7% 3 Libertas IFMR Capital % % 98.7% 9.6% 99.5% 5.4% 0.5% 0.% 0.6% 0.3%.% 0.% 0.% 0.% % 6.9% 64.9% 4 Aergia IFMR Capital % 99.% 93.% 99.% 3.6% 0.4% 0.% 0.5% 0.3% 0.9% 0.% 0.% 0.% % 3.5%.8% 5 Morpheus IFMR Capital % 68.9% 98.7% 9.8% 99.3% 3.7% 0.5% 0.% 0.4% 0.%.% 0.% 0.% 0.% % 7.4% 60.5% 6 Zion IFMR Capital % 66.3% 97.9% 90.9% 99.% 3.6% 0.7% 0.% 0.4% 0.%.6% 0.% 0.% 0.% % 6.5% 7.4% 7 Emerald Trust February trapped 4.% % 97.7% %.9% 0.6% 0.% 0.3% 0.%.5% 0.% 0.% 0.% % % 8 Sentinel IFMR Capital % % 97.3% 9.9% 99.4% % 0.% 0.% 0..7% 0.% 0.3% 0.% % 7.5% Architect IFMR Capital % 9 46.% 97.% 9.3% 99.5%.3% 0.6% 0.% 0.% 0..7% 0.% 0.% % 8.8% 73.7% 0 Oracle IFMR Capital % % 9.9% 99.7%.3% 0.5% 0.% 0.% 0..6% 0.% 0.% 0.% % 7.4% 79. Cypher IFMR Capital % 8 55.% 99.5% 99.% 99.6% 3.7% 0.5% 0.% 0.% % 0.% 0.% % 8.6% 69.6% Niobe IFMR Capital % 9 46.% % 99.3%.% 0.7% 0.% 0.3% 0..8% 0.% 0.% 0.% % 74.8% 3 Mjolnir IFMR Capital % 9.% 99.4% 3.8% 0.7% 0.% 0.% 0..6% 0.% 0.% 0.% % % 4 Icharus IFMR Capital % 97.4% 9.3% 99.4% 3.7% 0.5% 0.% 0.% 0..6% 0.% 0.% 0.% % 7.% 79.4% 5 Frey IFMR Capital % % % % 0.% 0.% % 0.% % 73.9% Data as of November'6 6

29 Magma Fincorp Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % of Second loss as Scheduled as % of Subordinated as Rating/ Opinion MFL Securitisation Trust XXIV Tractor 0, ,, 9.4% 3.7% 5.7%.% 3.9% - CRISIL AAA (SO) Equivalent - CRISIL AA (SO) - Series A PTCs, Series A PTCs CRISIL BBB (SO) Equivalent - Second loss MFL Securitisation Trust XXV Tractor (5), Car (3%) & CV (9%) 0, 8 73% 8.4% 0,, 7.6%.8% 4.8% - 3.7% - CRISIL AA (SO) - Series A PTCs, Series A PTCs CRISIL BBB (SO) Equivalent - Second loss 3 MFL Securitisation Trust XXVI Tractor (49%), CV, (9%), Car (8%) & CE (4%) 94%, 6% % 6.% 0,,.4% 4.7% 6.7%.6%.6% - CRISIL AAA (SO) Equivalent - CRISIL AA (SO) - Series A PTCs, Series A PTCs CRISIL BBB- (SO) Equivalent - Second loss 4 MFL Securitisation Trust XXVII Tractor (5), CE (%), CV (7%) & Car (%) 9%, 8% 0 77% 5.7% 94%, 6%,.4% %.6%.4% - CRISIL AAA (SO) Equivalent - CRISIL AA (SO) - Series A PTCs, Series A PTCs CRISIL BBB- (SO) Equivalent - Second loss 5 MFL Securitisation Trust XXIX Tractor (75%) & CV (5%) 99%, % 3 76% 6.% 9%, 9%, 3.9% 5.4% 8.5%.7% 3.5% - CRISIL AAA (SO) Equivalent - CRISIL AA (SO) - Series A PTCs, Series A PTCs CRISIL BBB- (SO) Equivalent - Second loss Magma Fincorp Limited- Performance Initial details Delinquencies Overdues MFL Securitisation Trust XXIV MFL Securitisation Trust XXV MFL Securitisation Trust XXVI MFL Securitisation Trust XXVII MFL Securitisation Trust XXIX Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future Tractor 9.4% % 93.4% 6.8% 0. 9.% 6.6% 4.5% 7.% 4.7% 6.% % 5.% 0.9% 9.% 0. Fully covered Tractor, Car & CV Tractor, CV, Car & CE Tractor, CE, CV & Car Tractor & CV 7.6% % 94.7% 0.9% 03.5% 9.9% 8.% 5.6% 7.% 5.4% 6.4% 5.4% 6.3% 4.9%.9% % 7.3% 9.% 8.0.4% % 94.3% 95.% 93.% 6.5% 4.8%.% 4.7%. 4.8%.6% 4.5%.% 0.8% % 6.8% 4.5%.4% 7 7.4% 93.6% 9.4% 97.% 6.% 8.5% 5.6% 8.% 4.4% 5.8% 4. 5.% 3.4% 0.8% 0.% 89.% % 4.9% % 4 6.% 90.7% 95.4% 03.% 5.8% 9.9% 6.5% 9.8% 5.9% 7.8% 4.8% 7.4% 4.5%.% % 9.3% 50.% 8.0 as % of future TCR TCC 7

30 Magma ITL Finance Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion MIFL Securitisation Trust IV Tractor 0, % 8.6% 0,, 7.% 3.% 4.% - 4.8% - CRISIL AA- (SO) - Series A PTCs, Series A PTCs CRISIL BBB (SO) Equivalent - Second loss MIFL Securitisation Trust VI Tractor 0, % 0,,.6% 4.8% 6.8%.8% 3.6% - CRISIL AAA (SO) Equivalent - CRISIL AA (SO) - Series A PTCs, Series A PTCs CRISIL BBB- (SO) Equivalent - Second loss Magma ITL Finance Limited- Performance Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future as % of future TCR TCC MIFL Securitisation Trust IV 03.3 Tractor 7.% % 9.3% 08.% 94.8% 6.% 9.4% 5.5% 9.% % % 5.9% 0.9% % 7.% 7. MIFL Securitisation Trust VI 53.6 Tractor.6% 7 7.6% 9.8% 6.6% 93.8% 6.9% 7.4% 3.3% 7.%.9% 6.% 3.8% 6.4% 3.3%.4% % 5.5% 7.6% 44.% 6. 8