CRISIL Performance Report

Transcription

1 December 07 CRISIL Performance Report ABS & MBS s

2 CRISIL Performance Report d Finance Ratings Krishnan Sitaraman Senior Director Tel: kishnan.sitaraman@crisil.com Rohit Inamdar Senior Director Tel: rohit.inamdar@crisil.com Divya Chandran K Associate Director Tel: divya.chandran@crisil.com Shruti Bodhankar Manager Tel: shruti.bodhankar@crisil.com Apurva Sharma Senior Rating Analyst Tel: apurva.sharma@crisil.com Deepanshu Singla Rating Analyst Tel: deepanshu.singla@crisil.com Shanu Kumar Rating Analyst Tel: shanu.kumar@crisil.com Thara Varghese Rating Analyst Tel: thara.varghese@crisil.com Hitesh Lingwal Vikram Raj Iyer CCAP Associate CCAP Associate Tel: Tel: hitesh.lingwal@crisil.com vikram.iyer@crisil.com Business Development Atal Agarwal Senior Director Tel: atal.agarwal@crisil.com Rohit Chugh Director Tel: rohit.chugh@crisil.com Anand Agarwal Director Tel: anand.agarwal@crisil.com Viral Malia Director Tel: viral.malia@crisil.com Dolly Parmar Associate Director dolly.parmar@crisil.com Hemant J Bilay Associate Director hemant.bilay@crisil.com Jasmine Arish Chaney Associate Director jasmine.chaney@crisil.com Kruti Kaushik Rawal Associate Director kruti.rawal@crisil.com Ruchita Pandya Associate Director ruchita.pandya@crisil.com Bhawmik Mehta Associate Director bhawmik.mehta@crisil.com Arihant A Dudhodia Associate Director arihant.dudhodia@crisil.com Rakesh Kumar Seal Senior Business Development Manager rakesh.seal@crisil.com Hoshil Thapar Senior Business Development Manager hoshil.thapar@crisil.com Abhishek Tandon Business Development Manager abhishek.tandon@crisil.com Rupali Pipil Business Development Officer/Retainer rupali.pipil@crisil.com Pankaj Sharma Regional Manager pankaj.sharma@crisil.com Pallavi Mitra Regional Manager pallavi.mittra@crisil.com Subhasree Mitra Regional Manager subhasree.mitra@crisil.com Sunanda Agarwal Regional Manager sunanda.agarwal@crisil.com Sanyukta Nagesh Bandekar Regional Manager sanyukta.bandekar@crisil.com Amit Khare Regional Manager amit.khare@crisil.com Reema Doshi Regional Manager reema.doshi@crisil.com Bharadwaja Panchagnula Regional Manager bharadwaja.panchagnula@crisil.com V Rajesh N Rao Regional Manager rajesh.rao@crisil.com

3 Index Contents Page Review of CRISIL-rated ABS and MBS s 04 Rating Actions 3 Commercial Mortage-backed Securities (CMBS) Ratings 6 4 Glossary of Terms Used 7 5 ABS s (Initial Details & Performance, as of September 07 ) 0 6 MBS s (Initial Details & Performance, as of September 07 ) 45 7 CRISIL Rating Scales 57

4 CRISIL Performance Report List of ABS originators covered in this publication Originator Name Page Cholamandalam Investment & Finance Company Limited Equitas Small Finance Bank Limited 3 3 ESAF and Investments Private Limited 5 4 HDB Financial Services Limited 6 5 Home India Finance Private Limited 7 6 Janalakshmi Financial Services Limited 8 7 Magma Fincorp Limited 30 8 Magma ITL Finance Limited 3 9 Mahindra & Mahindra Financial Services Limited 33 0 Multi Originator 34 Muthoot Capital Services Limited 35 Muthoot Microfin Limited 36 3 Shriram Transport Finance Company Limited 38 4 SREI Equipment Finance Limited 4 5 Tata Motors Finance Limited 43 6 Ujjivan Financial Services Limited 44 List of MBS originators covered in this publication Name of originator Page Dewan Housing Finance Corporation Limited 47 Housing Development Finance Corporation Limited 48 4 ICICI Bank Limited 49 3 Indiabulls Housing Finance Limited 5 5 Reliance Capital Limited 53 6 Reliance Home Finance Private Limited 54 7 Standard Chartered Bank 55 8 Sundaram BNP Paribas Home Finance Limited 56

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 September 07. The ratings/credit opinions mentioned in this publication are outstanding as on December 3, 07. 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 Review of CRISIL-rated securitisation transactions Executive Summary CRISIL has analysed the collection performance of 75 asset-backed securities (ABS), 38 mortgage backed securities (MBS) and commercial mortgage backed securities (CMBS), across 4 originators in the securitsation market. The ABS transactions are backed by commercial vehicle loans (CV), car loans, tractor loans, construction equipment (CE) loans, loans extended to small & medium enterprises (SME), two wheeler loans (TW), microfinance (MFI) loans, home loans (HL) and loans against property (LAP). Key observations as after September 07 are as below: Stable monthly collection ratio of commercial vehicle s. Recent vintages show better performance Monthly collection ratio (MCR) of CRISIL-rated CV s remained stable during the ended September 07 in spite of the rolling out of Goods and Services Tax (GST) early in the. The median collection ratio was in the range of 96-97%. Performance of 07 vintage s is superior compared to s of other vintages. 3 month average collection efficiency posted by 07 vintage s is in the range of 95-98% compared to 90-96% and 93-96% for 05 and 06 vintage respectively. Collection ratio of microfinance s stabilizing at a new rmal. With the exception of a few originators, collection ratio of CRISIL-rated microfinance s with limited exposure to vulnerable states of Uttar Pradesh, Maharashtra, Madhya Pradesh and Karnataka is stabilizing in the range of 96% to 98%. s originated by certain MFIs continued to be under severe collection stress and subsequently defaulted in meeting investor. Prepayments in mortgage s on a uptrend following bank base rate reductions With decline in interest rates and growing balance transfers, the prepayments in mortgage s continued their uptrend. Overall collection performance of mortgage s remain stable. Other asset-backed s exhibit stable performance Collections across other s backed by receivables from asset classes such as SME, cars, CE, two wheelers and tractors remain stable in the range of 97-98%. CMBS transactions continue to enjoy healthy interest coverage ratio For the two CMBS s, DLF Emporio Limited and DLF Promenade Limited, CRISIL has received payout confirmations as of September 07. The operating earnings before interest, depreciation, tax and amortization for both the transactions provide adequate cover to the rating category. So far (till December 3, 07) in fiscal 08, CRISIL has upgraded ratings on 3 instruments issued under securitisation transactions due to improving credit cover on account robust collection performance and amortization. Ratings on instruments baked by microfinance loan receivables have been either downgraded and/or placed on watch because of weak asset quality. Ratings on 5 instruments under 9 securitisation transactions that were earlier paced on negative watch (in March/June 07) were removed from the watch due to further deterioration in their performance and significant amortization resulting in improved cover for future investor. Ratings on 4 instruments backed by microfinance loan receivables were downgraded to CRISIL D (SO) as collection from underlying contracts along with the credit enhancement was insufficient to meet investor on due date. 4

7 Commercial Vehicles (CV) Minimal impact on performance due to GST roll out Roll out of GST in July 07 resulted in a transient dip in performance in the month of June (median MCR of 94.9%) that resulted from destocking and disrupted stock movement in anticipation of GST roll out. The collection performance of s backed by CVs remained largely stable. As the stock movement rmalized post-july 07, the collection ratios rebounded and remained firmly above 96% in the subsequent months Chart : Median MCR - CV s Monthly collection ratio (MCR) 04% 0 96% 9% 88% 96.7% 0.% 0.3% 99.% 9.8% Demonetisation 98.8% 98.% 96.5% 96.5% 97.4% 94.9% 97.4% 96.% GST roll out 84% Sep-6 Dec-6 Mar-7 Jun-7 Sep-7 Pyaout month Performance of 07 vitage s superior to that of the s of earlier vintages Vintage analysis of CRISIL-rated CV s reveals the consistently better collection performance of s rated in 07 compared to s of earlier vintages. CRISIL-rated securitisation transactions pertaining to 05 and 06 vintages were backed by s with larger proportion of used assets, greater share of overdue contracts at the time of securitisation and n-priority sector loans. Whereas 07 vintage s have higher proportion of new assets and lower proportion of overdue contracts at the time of securitisation. These distinct characteristics in 07 vintage has resulted in the superior performance of the s. Chart : Vintage-wise performance - CV s 3 month average MCR 0 96% 9% 88% 95.9% 95.7% 93.8% 96.5% 96.7% 96.9% % 95.5% 9.6% 9.9% 90.4% 97.4% 96.9% 97.9% 95.3% 95.5% 95.6% 95.% 95.4% 93.% 84% (3 s) 06 (3 s) 07 (9 s) 5

8 CRISIL Performance Report CRISIL has also analysed the overdue pattern for the s on which rating was withdrawn during the half year ended September 07. The observed median peak overdues was around 4.5% and final median overdues was around.8%, indicating some recovery of overdues from their peak levels by the end of loan tenure. Observed recoveries were in the range of 5% to-6 for the matured s. Given the low level of ODs by the end of PTC tenure, the available credit enhancement for these s remained unutilized by the end of their PTC tenure. Collection ratio at new rmal even as performance of certain s continue to lag CRISIL-rated microfinance s (excluding weak performing s) had a median MCR of 96.7% as of Sept 07 (Aug 07 collections). Based on the analysis of CRSIL rated s, the collection ratio has been in the range of 96% - 98% during May 07 to September 07, indicating stabilization in the collection ratio at a new rmal compared to collection ratio in the range of 99%- 0 in pre-demonetisation years. The performance of the asset class is t uniform across geographies. States of Bihar, Odisha and the North-Eastern states continue to post collection efficiencies in the range of 94-. Collections in states such as Utter Pradesh and Madhya Pradesh, which were severely impacted post-demonetisation with collection efficiency less than 8, have rebounded sharply posting collection efficiency above 9. However, parts of Karnataka and the Vidarbha region in Maharashtra remain laggards even ten months post the demonetization anuncement, collection efficiency in these regions has been still below 8. Chart 3: Median MCR and amortisation - MFI s Collection ratio 05% 0 95% 9 85% % % 98.3% 98.8% 97.5% 97.9% 96.5% 97.% 96.7% 99.8% % 96.9% 97.% 94.7% 93.5% 94.% 93.9% 93.6% 4.% 47.4% 54.8% 59.% 63.5% 65.8% 69.5% 7.5% 75.8% 77.3% 8.5% 85% 8 75% 7 65% 6 55% 5 45% 4 Nov-6 Dec-6 Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Amortisation Payout month Amort Excluding weak performing s All CRISIL-rated MFI s CRISIL-rated microfinance s on which rating was withdrawn during the half year ended September 07, showed final median overdues of around.%. CRISIL-rated s are under continuous surveillance. Four CRISIL-rated instruments backed by microfinance s were downgraded to CRISIL D (SO) in the recent months as collection from underlying assets and available credit enhancement was insufficient to cover future investor. Mortgages Negligible overdues; prepayments on an uptrend Performance of mortgage backed securities remained stable during the -ended September 07 with median 3 month average MCR at 98.8%. The overdue remain negligible. With the fall in the bank base rate, prepayments have been on an uptrend over the last one year. As the average base rate of the five large commercial banks fell by 9 bps between April and September, the ly prepayments in CRISIL rated MBS s (with 6

9 amortization less than 8, excluding s with very high levels of amortization) further accelerated. In the falling interest rate scenario, balance transfer is one of the key reasons for prepayment. Chart 4: Base rate, ly prepayment - MBS s* Change in average base rate of five largest commercial banks % % %.3% 0. 0.% 0.% 0.% Dec-6 Mar-7 Jun-7 Sep-7 Payout 4% 3% % % Median ly prepayment % of initial Reduction base rate (LHS) Quarterly prepayment (RHS) * Excludes s with very high amortisation (>8 as of Sep-06 ) Source: RBI database and CRISIL Ratings Other asset class Performance of other asset classes in line with expectations CRISIL-rated PTCs backed by car, two wheeler, construction equipment and small business loan s are performing in line with expectations with collection ratio above 95%. Supported by near-rmal monsoons, performance of CRISIL-rated tractor s has been robust with 6 month average collection performance steadily at or about 0 over the last six months. Analysis of tractor s, on which rating was withdrawn during the half year ended September 07, shows overdue recovery in the range of 30-6 by the end of PTC tenure from their median peak overdues of 3.4%. The recovery is in line with the expectations and as per cyclical nature of the industry. Chart 5: Asset classes other than CV, MFI and Mortgage Median MCR 05% 0 95% 9 85% 98.3% 98.% 97.6% 97.% % 97.5% 97.5% 97.5% 97.4% 97.3% 97.4% % 97.4% 98.3% 94.9% 95.9% 96.% 98.3% 03.8% 0.6% 0.9% % Sep-6 Oct-6 Nov-6 Dec-6 Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Payout month Tractor (6 month average) Others* (3 month average) 7

10 CRISIL Performance Report Conclusion CRISIL-rated CV s are expected to continue the stable performance in medium term given the government s sharp focus on investment-led growth and operational ease post GST. Fuel prices and demand for freight services will be key monitorable in near term. Performance of microfinance s will be determined by twin factors (i) the strength of policies and processes of originators including the extent/frequency of their connect with borrowers/employees and (ii) the regional socio-political environment in districts/geographies the s are exposed to. CRISIL will be closely monitoring the political ise in states where assembly elections are slated to happen in the coming months. CRISIL expects the performance of the s backed by home loan receivables to be stable and prepayments to remain elevated. CRISIL believes the credit cover available in the outstanding mortgage s is sufficient to withstand any emerging industry-wide stress in LAP asset class. All rated s are kept under surveillance by CRISIL until investor are made in full. CRISIL disseminates the ratings/credit opinions through its ly publications and press releases in a timely manner. The ratings/credit opinions represent CRISIL s view on the transactions as on December 3, 07. 8

11 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 Mar-7 Jun-7 Sep-7 Performance Update Commercial Vehicle s Chart 6 Chart 7 05% Comparison of CCR across vintages - CV s 8% Total overdues across vintages - CV s 95% 6% 4% 85% % 75% Month Post Securitisation 008 (3 s) 009 (4 s) 00 (0 s) 0 (5 s) 0 (3 s) 03 (4 s) 04 (9 s) 05 (3 s) 06 (3 s) 07 (9 s) Month Post Securitisation 008 (3 s) 009 (4 s) 00 (0 s) 0 (5 s) 0 (3 s) 03 (4 s) 04 (9 s) 05 (3 s) 06 (3 s) 07 (9 s) Chart 8 0 Amortisation based ly movement of Median MCR - CV s 97% 94% 9% 88% 85% Performance month -5 amortised s 5-8 amortised s Chart 9 0 CRISIL CCR Index - CV s 97% 94% 9% 88% 85% Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-0 Mar- Mar- Mar-3 Mar-4 Mar-5 Mar-6 Mar-7 Performance month 7- MPS 3-8 MPS 9-4 MPS 9

12 CRISIL Performance Report Performance Update MBS s Chart 0 Chart 05% 0 95% 9 Comparison of CCR across vintages - MBS s Month Post Securitisation 004 (3 s) 005 (4 s) 007 (6 s) 008 ( ) 009 ( ) 0 (4 s) 03 (5 s) 04 (6 s) 05 ( ) 06 ( s) 07 ( ). 0.8% 0.6% 0.4% 0.% 0. Total overdues across vintages - MBS s Month Post Securitisation 004 (3 s) 005 (4 s) 007 (6 s) 008 ( ) 009 ( ) 0 (4 s) 03 (5 s) 04 (6 s) 05 ( ) 06 ( s) 07 ( ) Chart 5. Comparison of prepayments across vintages - MBS s Months Post Securitisation 004 (3 s) 005 (4 s) 007 (6 s) 008 ( ) 009 ( ) 0 (4 s) 03 (5 s) 04 (6 s) 05 ( ) 06 ( s) 07 ( ) 0

13 Rating Actions New transactions - Table provides the details of 4 new s that were securitised between October 0, 07 and December 3, 07. Table : New s rated during the period Originator/ Seller Asset class Instrument details Door-to-door tenure # Rated amount (Rs. Million) Rating/ Opinion assigned Home India Finance Pvt Ltd Tvarita IFMR Capital 07 TW Series A PTCs Series A PTCs Provisional CRISIL A- (SO) Provisional CRISIL BB+ (SO) Shriram Transport Finance Company Limited Sansar Trust Sep 07 CV, PV, THW, CE &Tractors Series A PTCs Second loss Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent 3 Shriram Transport Finance Company Limited Sansar Trust Sep 07 IV CV, PV, THW & CE Series A PTCs Second loss Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent 4 Samasta Limited Coral MFI Trust Dec 07 Series A PTCs Provisional CRISIL A (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.

14 CRISIL Performance Report Rating withdrawals Table provides the details of 3 transactions whose ratings / credit opinions were withdrawn between October 0, 07 and December 3, 07. Table : s where ratings / credit opinions were withdrawn Originator/Seller Equitas Small Finance bank Limited EMF Microloans - Series VIII - March 06 Janalakshmi Financial Services Private Limited Cypher IFMR Capital 06 3 Janalakshmi Financial Services Private Limited Sentinel IFMR Capital 06 4 Janalakshmi Financial Services Private Limited Emerald Trust Feb 06 5 Housing Development Finance Corporation Limited Assignment of Mortgage Receivables - March Equitas Small Finance bank Limited EMF Microloans - Series V - January 06 7 Equitas Small Finance bank Limited EMF Microloans - Series VII - February 06 8 Magma Fincorp Limited MFL Securitisation Trust XXVI 9 Magma Fincorp Limited MFL Securitisation Trust XXVII 0 Magma Fincorp Limited MIFL Securitisation Trust VI Muthoot Microfin ltd Brutus IFMR capital 06 Equitas Small Finance bank Limited EMF Microloans - Series IX - March 06 3 ICICI Bank Limited Aawas Trust Series VI* * Partial withdrawal - rating on Series A PTCs has been withdrawn.

15 Rating conversions - Table 3 provides the details of 6 s that have witnessed rating conversions between October 0, 07 and December 3, 07. Table 3: s that have witnessed rating conversions Originator/ Seller Asset class Instrument details Rating/ Opinion assigned Revised rating/ Opinion assigned SREI Equipment Finance Limited IIERT June 07 CV & Tractor Series A PTCs Provisional CRISIL AA (SO) CRISIL AA (SO) Shriram Transport Finance Company Limited Sansar Trust June 07 III CV, CE, Tractor & PV Series A PTCs Second loss Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent 3 Shriram Transport Finance Company Limited Sansar Trust June 07 V CV, CE & PV Series A PTCs Second loss Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent 4 Cholamandalam Investment and Finance company limited Platinum Trust June 07 Tranche III CV Series A PTCs Second loss Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent 5 Home India Finance Pvt Ltd Tulmul IFMR Capital 07 TW Series A PTCs Series A PTCs Provisional CRISIL A- (SO) Provisional CRISIL BB+(SO) CRISIL A- (SO) CRISIL BB+ (SO) 6 SREI Equipment Finance Limited IIERT August 07 CE & healthcare equipment Series A PTCs Provisional CRISIL AAA (SO) CRISIL AAA (SO) 3

16 CRISIL Performance Report Rating transition - Table 4 provides the details of s that have witnessed rating transition between October 0, 07 and December 3, 07. Table 4: s that have witnessed rating transition Originator/ Seller Asset class Instrument details Rating/ Opinion assigned Revised rating/ Opinion assigned Indiabulls Housing Finance Limited Invation Trust XVI Dec 3 Housing loans Series A PTCs CRISIL AA (SO) CRISIL AAA (SO) Indiabulls Housing Finance Limited Invation Trust XIV Sep 3 Housing loans Series A PTCs CRISIL AA+ (SO) CRISIL AAA (SO) 3 Indiabulls Housing Finance Limited Invation Trust XXII Feb 05 Housing loans Series A PTCs CRISIL AA+ (SO) CRISIL AAA(SO) Series A PTCs CRISIL BBB+(SO)/ Watch Negative CRISIL BBB+(SO) 4 Janalakshmi Financial Services Limited Architect IFMR Capital 06 Series A PTCs CRISIL BB(SO)/ Watch Negative CRISIL BB(SO) 7 Janalakshmi Financial Services Limited Oracle IFMR Capital 06 Series A PTCs Series A PTCs CRISIL BB+ (SO) / Watch Negative CRISIL C (SO) / Watch Negative CRISIL BB+ (SO) CRISIL D (SO) 8 Janalakshmi Financial Services Limited Niobe IFMR Capital 06 Series A PTCs CRISIL B+ (SO) / Watch Negative CRISIL B+ (SO) 9 Janalakshmi Financial Services Limited Mjolnir IFMR Capital 06 Series A PTCs Series A PTCs CRISIL BB+ (SO) / Watch Negative CRISIL C (SO) / Watch Negative CRISIL BB+ (SO) CRISIL D (SO) 0 Janalakshmi Financial Services Limited Icharus IFMR Capital 06 CRISIL B- (SO) Series A PTCs / Watch Negative CRISIL D (SO) Series A PTCs CRISIL D (SO) CRISIL D (SO) Multi-originator IFMR Capital Mosec Azeroth 06 Series A PTCs CRISIL BBB (SO)/ Watch Negative CRISIL BBB (SO) CRISIL AAA (SO) Equivalent CRISIL AAA (SO) Equivalent Magma Fincorp Limited MFL Securitisation Trust XXIX Tractor & CV Series A PTCs CRISIL AA+ (SO) CRISIL AAA (SO) Series A PTCs CRISIL AA+ (SO) CRISIL AAA (SO) Second loss CRISIL BBB (SO) Equivalent CRISIL A (SO) Equivalent 4

17 Rating transition - Table 5 provides the details of where credit has been reset between October 0, 07 and December 3, 07. Table 5: s that have witnessed reset of credit Originator/ Seller Asset class Instrument details Series A3 PTCs Rating/ Opinion CRISIL AAA (SO) Equivalent ICICI Bank Limited Aawas Trust Series VI Housing loans Series B PTCs Second Loss Facility CRISIL AAA (SO) Equivalent CRISIL AAA (SO) Equivalent 5

18 CRISIL Performance Report Commercial Mortgage-backed Securities (CMBS) Ratings CRISIL has outstanding ratings on two transactions under CMBS as per the table below. As of September 07, 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 6

19 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. as : 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, 7

20 CRISIL Performance Report 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 December 3, 07. 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. 8

21 credit 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 Not available PV Passenger vehicle SCV Small commercial vehicle THW Three wheeler TW Two wheeler UV Utility vehicle - Not applicable 9

22 CRISIL Performance Report Asset backed Securities 0

23 This page has been intentionally left blank

24 Cholamandalam Investment & Finance Company 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 as % of Subordinated as Rating/ Opinion Platinum Trust March 07 - Tranche III 3,93.0 3, ,86. CV (0) 0, % 3.3% 0,, 7.3% 4.% 3.% - 8.3% - CRISIL AAA(SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second Loss Facility Platinum Trust March 07 - Tranche IV,57.6, ,048.7 CV (0) 9%,9% % 3.8% 0,, 7.8% 4.% 3.7% - 8.8% - CRISIL AAA (SO)- Series A PTCs, CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) - Series A3 PTCs, CRISIL BBB+ (SO) Equivalent - Second Loss Facility 3 Platinum Trust June 07 - Tranche III 4, , ,9.8 CV (0) 89%,% % 93%, 7%, 6.6% 4.%.5% - 9.3% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second Loss Facility Cholamandalam Investment & Finance Company Limited- Performance Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit future as % of future TCR TCC Platinum Trust March 07 - Tranche III 3,93.0 CV 7.3% 6 9.% 97.% 98.3% 96.%.5% 0.% % % % 7.9% 83.3% Not relevant Platinum Trust March 07 - Tranche IV,57.6 CV 7.8% 6 8.5% 96.6% 97.6% 95.6%.7% 0.% % % % 8.7% 8.% Not relevant 3 Platinum Trust June 07 - Tranche III 4,898.4 CV 6.6% 3 9.3% 93.5% 95.5% - 0.6% 0.% % % 9.9% 83.6% Not relevant

25 Equitas Small Finance Bank Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion SME - Series II - October ,3.4 Secured business loans (0) % 0,, 3.% % 6.3% CRISIL A (SO) - Series A PTCs SME - III - February 06,6.4,340.7,855.4 Secured business loans (0) % 4. 0,,.9% % 7.5% CRISIL A (SO) - Series A PTCs 3 SME - Series IV- March Secured business loans (0) % 3.8% 0,, 3.% % 7.8% CRISIL A (SO) - Series A PTCs 4 SME - Series V- August 06,78.9,.8,800.0 Secured business loans (0) % 3.8% 0,, 6.8% % - CRISIL A (SO) - Series A PTCs 5 EMF Micro Loans - Series IV - December ,04.8,78.9 (0) ,, 7.7% % - CRISIL AA- (SO) - Series A PTCs 6 EMF Microloans - Series V - January 06,08.6,03.3,47. (0) % 0,, 7.% % - Rating withdrawn 7 EMF Microloans Series VII February 06,398.9,484.8,65. (0) % 0,, 4.7% % - Rating withdrawn 8 EMF Microloans - Series IX - March ,054.8,85.3 (0) % 0,, 7.5% % - Rating withdrawn 9 EMF Microloans - Series XI - July 06,85.3,99.0,36.5 (0) % 0,, 8.9% % - CRISIL A (SO) - Series A PTCs 0 EMF Microloans - Series XII - August 06,498.5,60.0,784. (0) % 0,, 6.3% % - CRISIL A+ (SO) - Series A PTCs EMF Microloans - Series XIII - August 06,699.0,806.3,005.9 (0) % 0,, 4.8% % - CRISIL A (SO) - Series A PTCs 3

26 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 future as % of future TCR TCC SME - Series II - October Secured business loans 3.% % %.7% 3.%.6%.7%.8%.%. 0.8% 0.7% % 39.7% 64.5%.9 SME - III - February 06,6.4 Secured business loans.9% % 99.4% 98.3% 99.% 8.9%..5%.6% 0.9% 0.6% 0.5% 0.4% 0.3% % 34.% 7.% SME - Series IV- March Secured business loans 3.% % 98.8% 96.6% 98.4% 8.5% 3..%.4%. 0.8% 0.7% 0.5% 0.5% % 36.6% 67.8% SME - Series V- August 06,78.9 Secured business loans 6.8% 3.8% 99.4% 99.3% 99.4% 6.5%.6%..% 0.4% 0.4% 0.4% 0.3% 0.% % 9.7% 73.6% Above 0 times 5 EMF Micro Loans - Series IV - December % % 90.9% 9.6% 3.6% 3.%.% 3.% 0.6% 3..7%.5%.% - 8.3% - Fully covered.6% 0. Above 0 times 6 EMF Microloans - Series V -January 06, % % 98.% 93.6% 96.3% 3.%.9%.5%.5% 0.4%.7%.5%.6%.4% - 5.% - Fully covered.6% 0. Above 0 times 7 EMF Microloans Series VII February 06, % 9 93.% 97.6% 96.% 9.7% 7..6%.3%.3% 0.5%.4%.4%.%.9% -.8% %.% 0. Above 0 times 8 EMF Microloans - Series IX - March % % 98.9% %.7%.5%.5% 0.3%.3%.3% 0.9% 0.8% %.7%.7% Above 0 times 9 EMF Microloans - Series XI - July 06, % % 98.6% 97.% 97.4% 3.8%..7%.6% 0.3%.4%.3%. 0.8% % 3.8% 55.7% EMF Microloans - Series XII - August 06, % % 96.4% 9.6% 93.9%.7% 5.% % 0.8% 3.%.8%..6% - 0.% -.7% 4.4% EMF Microloans - Series XIII - August 06, % % 9.8% 93.8%.6% 5.% 4.% 3.9% 0.9% 3.4% 3.%.%.9% - 0.4% - 8.3% % 4. Data as of July 07 4

27 ESAF and Investments Private Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion Cedar MFI Trust ,38.8 (0) % 0,, 4.3% % 3.4% CRISIL BBB (SO) - Series A PTCs Cedar MFI Trust (0) % 0,, 3.7% %.8% CRISIL BBB (SO) - Series A PTCs 3 Cedar MFI Trust (0) ,, 3.9% %.3% CRISIL BBB (SO) - Series A PTCs ESAF and Investments Private Limited- Performance Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit future as % of future TCR TCC Cedar MFI Trust % 6 85.% 95.6% 94.% 95.3% 7.% 4.6% 3.8% 3.7%..%..6%.4% % 5.6 Cedar MFI Trust % % 96.8% 95.6% 94.% 5.7% 5.9% 5.% 4.5%.3%.6%.5%.8%.6% % Fully covered 6.3% Cedar MFI Trust % % 96.5% % 3.6% 5.9% 5.% 5.%.5%.6%.5%..9% % Fully covered 3.%

28 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 Second loss as as Scheduled as % of Subordinated as Rating/ Opinion Venus Trust December 05 7, ,63.5 8,73.0 CV (9%) & CE (9%) 5, % 4.% 95%, 5%, 4.7% % - CRISIL AA (SO) - Series A PTCs Venus Trust March 06, ,064. 3,95.9 CV (88%) & CE (%) 59%, 4% % 3.9% 95%, 5%, 5.3% CRISIL AA (SO) - Series A PTCs 3 Venus Trust February 07 9, ,303.9,58.3 CV (0) 76%, 4% % 3.% 0,, % - CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) - Series A PTCs 4 Venus Trust March 07 4, ,40.4 5,84. CV (76%) & CE (4%) 89%, % %.7% 0,, 5.8% % - CRISIL AAA (SO) - Series A PTCs HDB 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 as % of future as % of future TCR TCC Venus Trust December 05 7,459.0 CV & CE 4.7% 80.4% % 99.6%.8%..3%.9%.%.5% 0.8%.4% 0.7% % 3.4% 70.9% 8.9 Venus Trust March 06,773.0 CV & CE 5.3% % % % 3.3%.8%.7%.%.%..7% 0.7% % 4.% 79.3% Venus Trust February 07 9,440.0 CV % %.4% 0.% % 0. 0.% % 6.7% 85.5% Above 0 times 4 Venus Trust March 07 4,974.0 CV & CE 5.8% 6.6% 95.8% 96.% 95.4%.9% 0.4% % 0.% 0.5% % 6.4% 86.4% Not relevant 6

29 Home India Finance Private 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 as % of Subordinated as Rating/ Opinion Tulmul IFMR Capital TW (0) 0, % 40.4% 0,, 9.% 3.3% 5.8% - -. CRISIL A- (SO) - Series A, CRISIL BB+ (SO) - Series A Home India Finance Private Limited- Performance Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit future as % of future TCR TCC Tulmul IFMR Capital TW 9.%.% 98.% 98.% - 0.8% % % 6.% 68.4% Not Relevant 7

30 Janalakshmi Financial Services Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as % of Rating/ Opinion Morpheus IFMR Capital 05,6.7,4.8,507.8 (0) % 0,, 4.% % 8.7% - Series A PTCs; 5.7% - Series A PTCs Rating withdrawn Zion IFMR Capital 06,37.5,66.5,503. (0) ,,.8% % 6.6% - Series A PTCs; 3.4% - Series A PTCs Rating withdrawn 3 Emerald Trust February 06,05.6,07.4,57.5 (0) ,, 4.% % 9.5% Rating withdrawn 4 Sentinel IFMR Capital 06,873.7,865.4,06.4 (0) ,,.5% % 6.5% - Series A PTCs; 5.5% - Series A PTCs Rating withdrawn 5 Architect IFMR Capital 06,408.3,388.0,697.8 (0) ,,.8% % 0.3% - Series A PTCs; 8.% - Series A PTCs CRISIL BBB+ (SO) - Series A PTCs, CRISIL BB (SO) - Series A PTCs 6 Oracle IFMR Capital 06,88.0,95.5,67.3 (0) ,,.8% % 6.9% - Series A PTCs; 3.9% - Series A PTCs CRISIL BB+ (SO)- Series A PTCs, CRISIL D (SO)- Series A PTCs 7 Cypher IFMR Capital 06,57.6,46.3,948.5 (0) ,,.8% % 8.5% - Series A PTCs; 6.5% - Series A PTCs Rating withdrawn 8 Niobe IFMR Capital 06,95.,.5,646.7 (0) ,, 4.% % 9.5% - Series A PTCs; 6.4% - Series A PTCs CRISIL A- (SO)-Series A PTCs, CRISIL B+ (SO)- Series A PTCs 9 Mjolnir IFMR Capital (0) ,,.5% % 7.6% - Series A PTCs; 4.5% - Series A PTCs CRISIL BB+ (SO)- Series A PTCs, CRISIL D (SO)- Series A PTCs 0 Icharus IFMR Capital (0) ,,.5% % 4.8% - Series A PTCs;.8% - Series A PTCs CRISIL D (SO)-Series A PTCs, CRISIL D (SO)-Series A PTCs Frey IFMR Capital (0) ,,.% % 6.5% - Series A PTCs; 3.5% - Series A PTCs CRISIL A-(SO)-Series A PTCs, CRISIL BBB(SO)- Series A PTCs 8

31 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 future as % of future TCR TCC Morpheus IFMR Capital 05,6.7 4.% % 67.7% % 6..6% 4.% 4.8% 7.4% 6.9% 6.6% 5.4% Fully covered N.A 0. Not Relevant Zion IFMR Capital 06,37.5.8% % % 6.8% 6.9% 3.9% 5.% 5.8% 7.8% 7.3% 7.3% Not Relevant 3 Emerald Trust February 06, % % 88.6% 7.5% 78.7% 6.% 3.% 8.7% 9.5% 6.3% 0.8% 0.% 8.3% 6.7% Fully covered.% Sentinel IFMR Capital 06, % % 7.% 79.3% 7.4% 3.5% 9.5% 9.9% 6.8% 0.7% 0.% 8.7% 7.% Not Relevant 5 Architect IFMR Capital 06, % % 87.% 7.6% 79.4% 6.4% 6.% 0.9%.8% % 0.% 8.6% 6.9% % % Oracle IFMR Capital 06,88.0.8% % 7.9% 80.% 7.4% %. 6.6% 0.3% 9.6% 8.3% 6.6% % % Cypher IFMR Capital 06,57.6.8% % 88.% % 7.7% 9..8%.4% 0.7% 8.7% 7.6% % Fully covered Niobe IFMR Capital 06,95. 4.% % 79.% 6.4% 6.6%.3%.% 7.3%. 0.3% 8.8% % % Mjolnir IFMR Capital % % 68.9% 76.3% 8.6% 8.% % 7.%.8%.% 9.4% 7.7% % 0..9% Icharus IFMR Capital 06 Frey IFMR Capital Date as of August 07.5% % 68.9% 76.% 8.5% 8..8% 3.5% 7.%.8%.% 9.4% 7.6% % % 0.0.% % 89.3% 75.6% 8.5% 8.9%.4% 7.9% 9.% 6.9% 9.4% % 7.% Fully covered 0.4%

32 Magma Fincorp Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion MFL Securitisation Trust XXVI,460.4,65.6,86.5 Car (8%), CV (9%), CE (4%) & Tractor (49%) 94%, 6% % 6.% 0,,.4% 4.7% 6.7%.6%.6% - Ratings Withdrawn MFL Securitisation Trust XXVII,89.0,456.8,650.6 Car (%), CV (7%), CE (%) & Tractor (5) 9%, 8% % 5.7% 94%, 6%,.4% %.6%.4% - Ratings Withdrawn 3 MFL Securitisation Trust XXIX ,033.0 CV (5%) & Tractor (75%) 99%, % % 6.% 9%, 9%, 3.9% 5.4% 8.5%.7% 3.5% - CRISIL AAA (SO) - Series A, CRISIL AAA (SO) - Series A, CRISIL AAA (SO) Equivalent Facility, CRISIL A (SO) Equivalent Second Loss Facility 4 MFL Securitisation Trust XLIX,784.7,984.6,7.6 Car (88%), CV (7%), CE (5%) 76%,4% % 6.9% 0,, 9.5%.8% 6.7%.% 8.4% - CRISIL AAA (SO) - Series A, CRISIL AAA (SO) - Series A, CRISIL AAA (SO) Equivalent Facility, CRISIL BBB- (SO) Equivalent Second Loss Facility 5 MFL Securitisation Trust LI Car (0) 9%,9% % 6. 0,, 8.5%.8% 5.7%.% 8.3% - CRISIL AAA (SO) - Series A, CRISIL AAA (SO) - Series A, CRISIL AAA (SO) Equivalent Facility, CRISIL BBB+ (SO) Equivalent Second Loss Facility 6 MFL Securitisation Trust LII,00.,5.8,34.9 Car (0) 88%.% % 6. 0,, 8.%.8% 5.4%.% 8.6% - CRISIL AAA (SO) - Series A, CRISIL AAA (SO) - Series A, CRISIL AAA (SO) Equivalent Facility, CRISIL BBB+ (SO) Equivalent Second Loss Facility 7 MFL Securitisation Trust LVII 94.4,07.,9.5 Car (0) 75%, 5% % 6.5% 0,, 8.%.9% 5.3%.3% 8.8% - Provisional CRISIL AAA (SO) - Series A, Provisional CRISIL AAA (SO) - Series A, Provisional CRISIL AAA (SO) Equivalent Facility, Provisional CRISIL BBB+ (SO) Equivalent Second Loss Facility 30

33 Magma Fincorp Limited- Performance Initial details Delinquencies Overdues Asset class as MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit future as % of future TCC MFL Securitisation Trust XXVI,460.4 Car, CV, CE & Tractor.4% 36 9.% 85.5% 88.% 9.% 8.% 5.4% 4.% 5.9% 3.8% 5.3% 4. 5.% 3.6% 0.8% 3.4% 64.% Fully covered 5.5% 0. Not relevant MFL Securitisation Trust XXVII,89.0 Car, CV, CE & Tractor.4% % 85.% 88.7% 7.% 7.9% 6.6% 5.% 7.% 5.% 5.9% 4.6% 5.4% 4.3% 0.8%.% 6.% Fully covered 5.5% 0. Not relevant 3 MFL Securitisation Trust XXIX CV & Tractor 3.9% 33 8.% 80.9% 85.3% 90.9% 7.7% 0.8% 8.4% 0.% 7.5% 0.% 7.7% 8.% 6.%.% 3.7% % 7.3% 0.6% 9. 4 MFL Securitisation Trust XLIX,784.7 Car, CV & CE 9.5% 5 3.8% 87.7% 87.8% 88.8% 3.7% 0.% % % % 3.8% 8.3% 79.6% Not relevant 5 MFL Securitisation Trust LI Car 8.5% 4 6.4% 87.7% % % %.3% % Not relevant 6 MFL Securitisation Trust LII,00. Car 8.% 4 6.3% 85.% % 0.6% % 0.% % 0.9% 8.9% 8.8% Not relevant 7 MFL Securitisation Trust LVII 94.4 Car 8.% 5.% 94.4% 94.4% -.% % % 9.5% 9.3% 8.8% Not Including liquidity replenishment 3

34 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 Second loss as as Scheduled as % of Subordinated as Rating/ Opinion MIFL Securitisation Trust VI Tractor (0) 0, % 0,,.6% 4.8% 6.8%.8% 3.6% - Rating withdrawn 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 future as % of future TCR TCC MIFL Securitisation Trust VI 53.6 Tractor.6% % 8.4% % 8.3% 7.6% 5.9% 8.5% 4.7% 7.5% 5.7% 6.6% 5..4% 6.% 76.4% Fully covered Not relevant 3

35 Mahindra & Mahindra Financial Services 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 as % of Subordinated as Rating/ Opinion MM Trust September 04 3,94.5 3,488. 4,8.5 trapped Tractor (0) 0, 7 69% 7.6% 0,, % - CRISIL AA+ (SO) - Series A PTCs Mahindra & Mahindra 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 future as % of future TCR TCC MM Trust September 04 3,94.5 trapped Tractor % 96.4% 4.3% % 3.7% 5.4% 3.6% 4.% 3.3% 4. 3.% Fully covered 0.4% 0. Not relevant 33

36 Multi Originator- 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 as % of Subordinated as Rating/ Opinion IFMR Capital Mosec Azeroth Premium (0) % 0,, 9.4% CRISIL BBB (SO) - Series A PTCs Multi Originator- Performance Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit future as % of future TCR TCC IFMR Capital Mosec Azeroth Premium 9.4% % % 8.% % 0. 5.% % -.% Not relevant 34

37 Muthoot Capital Services Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion Sanada CV IFMR Capital 06,3.9,09.7,9.4 TW (0) 0, 8 76%.7% 0,, 5.7% % Series A - 8.% Series A - 4.% CRISIL A- (SO) - Series A, CRISIL BB+ (SO) - Series A Starling CV IFMR Capital 06,07.,090.6,300.3 TW (0) 0, %. 0,, 8.5% % Series A - 8.3% Series A - 6.3% CRISIL A- (SO) - Series A, CRISIL BBB (SO) - Series A 3 Firefinch CV IFMR Capital TW (0) 0, % 0.6% 0,, 6.5% % Series A - 0. Series A - 8. CRISIL A-(SO) - Series A, CRISIL BBB (SO) - Series A Muthoot Capital Services Limited- Performance Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit future as % of future TCR TCC Sanada CV IFMR Capital 06,3.9 TW 5.7% 3 8.8% 98.4% 99.4% 97.8% 3.3% 0.5% 0.% 0.5% 0.%.% 0.4%. 0.% % 3.7%.5% Above 0 times Starling CV IFMR Capital 06,07. TW 8.5% 9 56.% 98.3% %.% 0.5% 0.% 0.3% 0..% 0.%. 0.% %.% 53.% Above 0 times 3 Firefinch CV IFMR Capital TW 6.5% % 99.3% 05.9% 95.%.% 0.7% % 0.%.% % 66.7% Not Relevant 35

38 Muthoot Microfin Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated Rating/ Opinion Meditrina IFMR Capital (0) ,, 3.% % Series A PTCs - 9.8% Series A PTCs - 4.7% Rating Withdrawn Brutus IFMR Capital (0) % 0,, 4.% % Series A PTCs - 0.5% Series A PTCs - 6.4% Rating withdrawn 3 Kuichi IFMR Capital (0) % 0,,.8% % Series A PTCs - 9. Series A PTCs -.7% CRISIL A- (SO) - Series A PTCs, CRISIL BBB+ (SO) - Series A PTCs 4 Methe IFMR Capital (0) % 0,,.7% % Series A PTCs - 8.3% Series A PTCs - 4.% CRISIL A- (SO) - Series A PTCs, CRISIL BBB+ (SO) - Series A PTCs 5 Medon IFMR Capital (0) % 0,, 4.4% 5.% 9.3% - 9.5% - CRISIL A- (SO) - Series A PTCs 6 Jatasya (0) % 0,, 4.% % - CRISIL AA- (SO) - Series A PTCs 7 Pelican IFMR Capital (0) % 0,,.5% % Series A PTCs - 8.8% Series A PTCs -.6% CRISIL A+ (SO) - Series A PTCs, CRISIL BBB (SO) - Series A PTCs 8 Targaryen IFMR Capital (0) % 0,, 3.% % Series A PTCs - 5.5% Series A PTCs -.4% CRISIL A- (SO) - Series A PTCs, CRISIL BB- (SO) - Series A PTCs 9 Skylark IFMR Capital (0) % 0,,.6% 5.7% 6.9% - 9.8% - CRISIL A- (SO) - Series A PTCs 0 Kinglet IFMR Capital (0) % 0,, % Series A PTCs - 5.9% Series A PTCs -.7% CRISIL A- (SO) - Series A PTCs, CRISIL BB (SO) - Series A PTCs Jaithra Trust (0) % 0,,.8% % 3.8% CRISIL A- (SO) - Series A PTCs 36

39 Muthoot Microfin Limited- Performance Meditrina IFMR Capital Initial details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale 3.% % 00.% 97.%.7% % 0.6% % 0.7% credit future as % of future TCR TCC Not Relevant Brutus IFMR Capital % % 98.% 98.5% 7.4%.4% 0.6%. 0.3% 0.9% 0.6% 0.7% 0.4% Not Relevant 3 Kuichi IFMR Capital % % 0.4% 3.3%.7% 0.9%.% 0.4%. 0.7% 0.7% 0.4% % Methe IFMR Capital % % % 99.9% 3.3%.9% 0..% 0.3%.% 0.7% 0.7% 0.4% % 6.3% 34.7% Above 0 times 5 Medon IFMR Capital % 6 83.% % 0.4% 4.%.9% 0..% 0.3%. 0.7% 0.7% 0.4% Fully covered 4.4% 0. Above 0 times 6 Jatasya % % % 03.5%.3%.6% 0.9%.% 0.3% 0.9% 0.6% 0.7% 0.4% % 4.7% 54.6% 8. 7 Pelican IFMR Capital % % % 0.7% 0.4%.7% 0.6% 0.8% 0.%. 0.6% 0.7% 0.% % 4.% 65.8% Targaryen IFMR Capital % % 99.8% 98.% 00.%.% 3.%.8%.% 0.4%.5%.%.% 0.6% % 4.6% 67.6% 7. 9 Skylark IFMR Capital % % 95.% % % 0.7%.3%.7%.6% % 4.9% 40.8% Not relevant 0 Kinglet IFMR Capital % 99.8% 97.8% 97.9%.5% 4.3%.9% 3.% 0.5%..4L%.5% 0.9% % 6.% 75.6% 7.0 Jaithra Trust % 6.8% 99.% % 0.8% 3.6%.4%.5% 0.%.8%.%.4% 0.8% % 6.8% 75.% 0.6 Data as of July 07 37

40 Shriram Transport Finance Company Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion STFCL Trust March 05 0,64.8, ,38. CV (9%), PV (8%) 7%, 93% 6 66% 6.3% 93%, 7%, CRISIL AAA (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - Second loss Sansar Trust March 05 III CV (9), PV () 6%, 94% 6 66% 6.% 89%, %, 8.8% 4.% 4.7% - 9.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - Second loss 3 Sansar Trust Mar 05 IV 4, , ,07.5 CV (9), PV () 5%, 95% 6 65% 6.6% 9,, 8.3% % - 9.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - Second loss 4 Sansar Trust December 05 II 4, ,78.3 5,34.3 CV (6), Tractor (8%) and PV (%) 9%, 9% % 6.5% 98%, %, 0.8% 4.% 6.6% - 8.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - Second loss 5 Sansar Trust March 06 IV, ,0.7 3,484.3 CV (79%), PV (%) 3%, 97% 4 4 6% 6.6% 88%, %, 8.3% 4.% 4.% CRISIL AAA (SO) Series A PTCs CRISIL A- (SO) Equivalent Second loss 6 Sansar Trust June 06 II 4,00.4 4,46.8 4,956. CV (85%), PV (8%), CE (6%) & Tractor (%) 4%, 76% 7 7% 5.5% 9%, 8%, 8.3% % - 9.7% - CRISIL AAA (SO) - Series A PTCs CRISIL A- (SO) Equivalent - Second loss 7 Sansar Trust September 06 3,47.4 3, ,85.6 CV (78%), PV (%), THW (8%) & CE (%) 7%, 93% 3 68%.% 96%, 4%, 8.9% 4.% 4.9% -.3% - CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 8 Sansar Trust Sep 06 II, ,90.6 3,6.6 CV (83%), CE () & PV (7%) 4%, 58% % 4.% 88%, %, 9.% 4. 5.% - 8.9% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 9 Sansar Trust September 06 III 4, ,36.4 5,785.9 CV (69%), Tractor (4%), PV (9%) & CE (8%) 6%, 74% 7 7% 5.6% 9%, 9%, 8.9% 4.% 4.9% - 9.% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 0 Sansar Trust September 06 V 4,00.5 4, ,89. CV (66%), THW (4%), CE (8%) & PV (%) 5%, 75% 6 69%.3% 99%, %, 9.8% 4.% 5.7% - 0.8% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss Sansar Trust September 06 VI 5,008. 5, ,464.5 PV (6), CV (3), THW (8%) & CE (%) 5%, 95% %.% 95%, 5%, 9.% 3.9% 5.3% - 4.% - CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) - Series A3 PTCs CRISIL BBB+ (SO) Equivalent - Second loss Sansar Trust October 06 II,56.4, ,070.3 CV (66%), PV (6%) & Others (8%), % 9.9% 9%, 8%, 8.4% 4.% 4.% - 8.9% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 3 Sansar Trust December 06 II 4,00.4 4, ,006.3 CV (8%), PV (5%) & Others (4%) 3%, 77% % 9,, 9.6% % -.7% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 4 Sansar Trust March 07 II 3,40.9 3, ,55. CV (66%), PV (5%) & Others (9%) %, 99% % 6.% 0,, 8.9% 4.% 4.8% - 9.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 38

41 Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion 5 Sansar Trust March 07 V 8,497. 9,44.7 0,444.7 CV (84%), PV (7%) & Others (9%) 4%, 96% % 5.7% 0,, 8.% 4.% 4.% - 9.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 6 Sansar Trust June 07 III 3,68.4 4, ,566.8 CE (9%), THW (4%), Tractor (9%), LCV (5%), HCV (49%) & PV (5%) 4%, 86% 9 68% 5.7% 0,, 9.% 4. 5.% - 3.8% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 7 Sansar Trust June 07 V 4, , ,88.3 CE (9%), THW (4%), LCV (4%), HCV (56%) & PV (8%) 4%, 96% 9 68% 5.% 0,, 7.9% % - 3.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 39

42 Shriram Transport Finance Company Limited- Performance Initial details Delinquencies Overdues Asset class as MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit future as % of future TCR TCC STFCL Trust March 05 0,64.8 CV & Tractor % 97.% % 9.3% 5.% 4.6% 5. 4.% 4.8% 4.3% 4.7% % 5.5% 33.9% Sansar Trust March 05 III Sansar Trust Mar 05 IV CV 8.8% % 97.9% % 0.3% 4.7% 4.3% 4.5% % 4.% 4.% 3.7% % 5.6% 8.6% 9.0 4,860.7 CV 8.3% % 96.8% 99.6% 00.3% 0.% 5.8% 5.3% 5.7% 4.8% 5.% 5. 5.% 4.7% % 5.6% 7.9% Sansar Trust December 05 II 4,375.6 CV, Tractor, LCV, New CV, Used CV, HCV & PV 0.8% % 98.5% 96.8% 8.% 5.6% 3.7% 5.% 3.% 4.4% 3.8% 4.% 3.3% % 6.4% 44.% Sansar Trust March 06 IV Sansar Trust June 06 II,894.8 CV & PV 8.3% % 95.4% 98.3% 95.5% 5.4% 5.6% 3.8% 5.% 3.6% 4.6% 4.% 4.% 3.4% % 6.7% 69.% 8. 4,00.0 CV 8.3% % 93.% % 6.9% 5.9%.7% 4.6%.7% 4.3%.% 3.7%.5% % 7.% 75.4% 9. 7 Sansar Trust September 06 3,47.4 CV, CE, THW & PV 8.9% 65.5% % 94.4% 5.4% %.% 4.7% 3.6% 4.4% 3.% % %.8 8 Sansar Trust Sep 06 II,909.6 CV, CE & PV 9.% 30.9% 93.8% 94.4% %.4%.3% 0.9%.8%.%.% 0.6% % 8.% 78.4% Sansar Trust September 06 III 4,700.6 CV, CE, Tractor & PV 8.9% % 93.5% 93.7% 6.7% 5.7%.7% 3.%. 3.%.%.4%.% % 8.5% 76.3% 4. 0 Sansar Trust September 06 V 4,00.5 CV, CE, THW & PV 9.8% 6.4% 9.4% 95.6% 9. 8.% 9.%.8% % 4.4% 5.% 3.7% % 7.8% 64.8%.7 Sansar Trust September 06 VI 5,008. CV, CE, THW & PV 9.% 59.5% 90.8% 9.3% 9.% 4.6% 0.6% % % 4.6% 5.% 3.6% %.4% Sansar Trust October 06 II Sansar Trust December 06 II,56.4 CV & PV 8.4% 0 6.3% 95.3% 98.5% 93.9%.4% 5.6%.7% 5.%. 3.9% 3.3% 3.4%.5% % 8.% 69.8%. 4,00.4 CV 9.6% 8 7.% 93.9% 93.5% 9.5% 5.4% 4.5% 0.9%.7% 0.%.%.4%.4% 0.6% % % Sansar Trust March 07 II 3,40.9 Used CV 8.9% 5 3.% 94.8% 95.% %.6% 0.% % 0.5% 0.5% % 79.3%

43 Initial details Delinquencies Overdues Asset class as MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit future as % of future TCR TCC 5 Sansar Trust March 07 V 8,497. Used CV 8.% 5 9.9% 93.4% % 4.%.9% 0.% % 0.4% 0.6% % 9.7% 80.6% Sansar Trust June 07 III 3,68.4 CE, THW, Tractor, LCV, HCV & PV 9.% 9.5% 86.% 89.9% - 4.% 0.% 0.% - -.% 0.% %.5% 78.8% Sansar Trust June 07 V 4,978.9 CE, THW, LCV, HCV & PV 7.9% 6.4% 9.8% 95.9% -.8% % %.% 80.7%

44 SREI Equipment Finance Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion Indian Infrastructure Equipment Receivables Trust March 05,036.8,40.9,36.0 CE (0) 9, % 0,, 8.9% % - CRISIL AA (SO) - Series A PTCs Indian Infrastructure Equipment Receivables Trust June 07,3.7,357.6,53.6 CE (89%) & Tractor (%) 98%, % 8 78%.9% 0,, 0.4% % - CRISIL AA (SO)- Series A PTCs 3 Indian Infrastructure Equipment Receivables Trust August 07,50.0,493.0,587.0 CE (96%) & Health care (4%) 95%, 5% %.8% 0,, 5.% % - CRISIL AAA(SO)- Series A PTCs SREI Equipment Finance Limited- Performance Initial details Delinquencies Overdues Asset class as MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit as % of future as % of future TCR TCC Indian Infrastructure Equipment Receivables Trust March 05,036.8 CE 8.9% % 97.6% 97.8% 98.3%.9% 3.%.4% 3.4%.6%.5%..4%.9% % 0.3% 5.5% 4.4 Indian Infrastructure Equipment Receivables Trust June 07,3.7 CE & Tractor 0.4% 3 8.% 97.7% 97.7% % % % Not Relevant 3 Indian Infrastructure Equipment Receivables Trust August 07,50 CE & Health care equipment 5.% 3.9% 98.6% 98.6% % % 79.4% Not Relevant 4

45 Tata Motors Finance Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) as First loss as % of Second loss as Scheduled Subordinated as Rating/ Opinion Indian Receivable Trust September 06 - A 7,47.4 8,.3 8,56.6 CV 0, 3 94% 3. 0,, % 5.6% - 4.9% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss Tata Motors Finance Limited- Performance Initial details Delinquencies Overdues Asset class as MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit as % of future as % of future TCR TCC Indian Receivable Trust September 06 A 7,47.4 CV % 95.7% 95.% 96.5% 6.7%. 0.5% 0.8% 0.%.4% 0.3%.% 0.% % 3.7% 73.4% Above 0 times 43

46 Ujjivan Financial Services 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 as % of Subordinated as Rating/ Opinion Martell IFMR Capital 06,68.9,86.5,94. (0) ,, % 3. Rating withdrawn Ujjivan Financial Services Limited- Performance Initial details Delinquencies Overdues Asset class as MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit as % of future as % of future TCR TCC Martell IFMR Capital 06, % 97.9% % 5.4% 3.7%.5%.6% 0.%.8%.7%.9% 0.7% Fully covered 6.% 0. Not relevant Data as of July' 07 44

47 Mortgage backed Securities 45

48 This page has been intentionally left blank

49 Dewan Housing Finance Corporation Limited- Initial Details Asset class duration WAS WAL WAY as First loss as Second loss Scheduled as Rating/ Opinion Nirmaan RMBS Trust - Series II - 04 Housing loans, %.8% % Nirmaan RMBS Trust - Series V - 04 Housing loans, %.8% 7.7% % CRISIL AAA (SO) - Series A PTCs CRISIL AA (SO) - Series A PTCs CRISIL AAA (SO) - Series A PTCs CRISIL AA (SO) - Series A PTCs Dewan Housing Finance Corporation Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit as % of outstanding Available outstanding TCR Nirmaan RMBS Trust - Series II - 04, % 55.7% 99.6% % 8.3% 4.9% 0.4% 0.4% 0.4% 0.4% 0.% 0.% 0.% 0.% % 9.8% 79.8% Nirmaan RMBS Trust - Series V - 04, % 4 75.% % 99.8% 99.7% 9.6% 39.3% % 0. 0.% 0. 0.% % 0.% 79.6% 47

50 Housing Development Finance Corporation Limited- Initial Details Asset class duration WAS WAL WAY as First loss as Second loss Scheduled as Rating/ Opinion HDFC Assignment of Receivables March 009 Housing loans, %.4% 0..8% 7.%. CRISIL AAA (SO) Equivalent -Acquirer HDFC Assignment of Receivables January 0 Housing loans 8, % 0.6% 5.5%.5% % CRISIL AAA (SO) Equivalent -Acquirer CRISIL BBB (SO) Equivalent -Second loss 3 HDFC Trust 04 Housing loans 5, % 0.7% % CRISIL AAA (SO) - Series A PTCs Housing Development Finance Corporation Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit as % of outstanding Available outstanding TCR HDFC Assignment of Receivables March 009, % 84.6% 99.8% 00.% 00.% % 0.5% 0.% 0.5% 0.% 0.% 0.% 0.% 0.% % 6.9% 5.8% HDFC Assignment of Receivables January 0 8, % % % 0.5% 99.4% 85.8% 9.% 0.5% 0.4% 0.7% 0.4% 0.% 0.% 0.% 0.% 0. 4.% 4.6% 87.6% 3 HDFC Trust 04 5, % 48.7% 99.6% 99.7% 00.6% 80.7% 3.% 0.7% 0.3% 0.7% 0.3% 0.3% 0.% 0.3% 0.% 0..7%.6% 83.7% 48 48

51 ICICI Bank Limited- Initial Details Asset class duration WAS WAL WAY as First loss as Second loss Scheduled as Rating/ Opinion Indian Residential MBS Trust Series XI Housing loans 3, % 9.7% % CRISIL AAA (SO) - Series A PTCs Indian RMBS Trust Series IV Housing loans 4, % 7.6% 3.7% CRISIL AAA (SO) - Series A PTCs 3 Indian RMBS Trust Series V Housing loans % 8.4% 3.7% % CRISIL AAA (SO) - Series A PTCs 4 Indian RMBS Trust Series VIII Housing loans, % 8.4% 7.5% % CRISIL AAA (SO) - Series A PTCs 5 Indian RMBS Trust Series IX Housing loans, % 8.3% 3.% % CRISIL AAA (SO) - Series A PTCs 6 Indian RMBS Trust Series X Housing loans 4, % 8.% 3.3% - -.9% CRISIL AAA (SO) - Series A PTCs 7 Nivas Trust Series V Housing loans 6, % 8.3% 4.3% % CRISIL AAA (SO) - Series A PTCs 8 Griha Trust Series II Housing loans, % % CRISIL AAA (SO) - Series A PTCs 9 Nivas Trust Series VI Housing loans 4, % 9. 4.% % CRISIL AAA (SO) - Series A PTCs 0 Nivas Trust Series VII Housing loans IO Strip % % 4.9% 4.8% - CRISIL AAA (SO) Equivalent - Series A PTCs, Series IO PTCs CRISIL AAA (SO) Equivalent - Second loss Mortgage Repack Trust Series I Housing loans IO Strip 6, % % - Aawas Trust Series VI Housing loans IO Strip 3, % 8.6% 5.3% 5.7% 9.6% - 3 Aawas Trust Series III Housing loans IO Strip, % 8.4%.8% 4.9% 7.9% - CRISIL AAA (SO) Equivalent - Series IO- A PTCs, Second loss CRISIL AAA (SO) Equivalent - Series A3 PTCs, Series B PTCs, Second loss CRISIL AAA (SO) Equivalent - Series A PTCs, Series A PTCs, Second loss 49 49

52 ICICI Bank Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit as % of outstanding Available outstanding TCR Indian Residential MBS Trust Series XI 3, % 98.% 99.7% 96.8% 0.% 7.5% 55.3% 0.3% 0.3% 0.3% 0.3% 0.% 0.% 0.% 0.% 0. Fully covered 5.3% 0. Indian RMBS Trust Series IV 4, % % % 96.6% 96.8% 9.4% 74.7% 0.7% 0.6% 0.6% 0.6% 0.4% 0.4% 0.4% 0.4% % 6.3% 77.% 3 Indian RMBS Trust Series V % % 9.% 98.5% 93.6% 03.5% 9.3% 74..8%.8%.8%.8%.%.%.. 0..% 8.6% 8.% 4 Indian RMBS Trust Series VIII, % % 93.9% % 95.6% 8.3% 6..%.%.%.% 0.8% 0.8% 0.8% 0.8% % 66.8% 39.6% 5 Indian RMBS Trust Series IX, % % 94.% 99.4% 6.8% 95.6% 8.9% % 0.7% 0.9% 0.9% 0.5% 0.4% 0.5% 0.5% % 7.5% 78.5% 6 Indian RMBS Trust Series X 4, % % 94.6% 98.9% 94.6% 99.9% 0.4% 68..4%.4%.4%.3% 0.8% 0.8% 0.8% 0.8% % 75.9% 7 Nivas Trust Series V 6, % % 94.6% 98.4% 93.8% 93.% 7.% 70.3%.9%.8%.9%.8%.%.%.%.% % 8.3% 7.4% 8 Griha Trust Series II, % 95.5% 99.5% 98.% 95.6% 7.8% 7.9% 0.6% 0.6% 0.6% 0.6% 0.4% 0.4% 0.4% 0.4% % 6.4% Nivas Trust Series VI 4, % % 95.3% 98.6% 93.% 94.9% 7.% 70..7%.7%.7%.7%.%.%.%.% 0.% 43.3% 4.8% 69.% 0 Nivas Trust Series VII IO Strip 5.4% % 9.3% 99.3% 98.6%.7% 6.9% 70.4%. 0.9% 0.9% 0.9% 0.6% 0.6% 0.6% 0.5% 0. Fully covered 6.3% 0. Mortgage Repack Trust Series I 6,935.3 IO Strip 7.9% Fully covered - 0. Aawas Trust Series VI 3,446.0 IO Strip 9.6% % 94.% % 94.6%.4% 66.6%.5%.4%.4%.4% 0.9% 0.8% 0.8% 0.8% 0. Fully 43.% 4.6% 3 Aawas Trust Series III,564.7 IO Strip % 98.3% 99.4% 94.% 94.4% 8.6% 54.6% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% 0. Fully covered 8.6% Reset of credit was done in December 07. pre and post reset are Rs million and Rs 03.7 million respectively

53 Indiabulls Housing Finance Limited- Initial Details Asset class duration WAS WAL WAY as First loss as Second loss Scheduled as Rating/ Opinion Invation Trust III Dec Housing loans, %.6%.5% % CRISIL AAA (SO) - Series A PTCs Invation Trust IX Jan 3 Housing loans 9, %.% 6.7% % CRISIL AAA (SO) - Series A PTCs 3 Invation Trust VII Mar 3 Housing loans, %..% % CRISIL AAA (SO) - Series A PTCs 4 Invation Trust XIV Sep 3 Housing loans (8%) & loan against property (8%), %.8% 0.5% % CRISIL AAA (SO) - Series A PTCs 5 Invation Trust XVI Dec 3 Housing loans %.4% 8.4% % CRISIL AAA (SO) - Series A PTCs 6 Invation Trust XXII Feb 05 Housing loans, % 0.7% 9.8% % CRISIL AAA (SO) - Series A PTCs 7 Invation Trust XXIV Sept 06 8 Invation Trust XV Dec 06 9 Invation Trust XXVII Mar 07 Loan against property Loan against property (68%), Housing Loans (3%) Housing Loans (46%), Loan against property (54%), %.4%.9% % CRISIL AAA (SO) - Series A PTCs 5, %.% 3.% % CRISIL AAA (SO) - Series A PTCs, % 0.5%.5% % CRISIL AAA (SO) - Series A PTCs 5 5

54 Indiabulls Housing Finance Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit as % of outstanding Available outstanding TCR Invation Trust III Dec,86..5% % 68.4% 99.9% 99.% 00.3% 93.9% 50.6% % 8.4% 78.5% Invation Trust IX Jan 3 9, % % 89.8% 99.8% 99.3% 00.5% 85.8% 7.7% Fully Covered Invation Trust VII Mar 3,070.9.% % 59.5% % 00.3% 99.3% 39.7% % 0.8% 8.6% 4 Invation Trust XIV Sep 3, % % 6.4% 99.9% 99.8% 00.% 96.% 4.% % Invation Trust XVI Dec % % % 99.9% 97.4% 40.4% % 76.8% 6 Invation Trust XXII Feb 05, % % 47.% % 00.% 99.% 3.6% % 4.5% 8. 7 Invation Trust XXIV Sept 06, % % 99.5% 99.3% 99.3% 93.3% % % 7.4% 74.3% 8 Invation Trust XV Dec 06 5,6.9 3.% 8 8.% 5.8% 99.7% 99.4% 99.8% 97.6%.4% % 4.% 78.3% 9 Invation Trust XXVII Mar 07,93.5.5% % 9.9% 99.8% 99.8% % 7.5% % 5.5% 79.3% 5 5

55 Reliance Capital Limited- Initial Details Asset class duration WAS WAL WAY as First loss as Second loss Scheduled as Rating/ Opinion Indian Receivable Trust - 3 Indian Receivable Trust - 3 Indian Receivable Trust - 4 Loan against property (73%) & Housing loans (7%) Loan against property Loan against property 0, % 4.5%.5% % CRISIL AAA (SO) - Series A PTCs, % 3.9% 3.7% % CRISIL AAA (SO) - Series A PTCs, %.6% 3.% % CRISIL AAA (SO) - Series A PTCs Reliance Capital Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit as % of outstanding Available outstanding TCR Indian Receivable Trust 3 0, % % 89.6% 97.5% 90.6% 97.5% 6.8% 73.% 3.3% %.%.%.%. 0. Fully Covered 5.8% 0. Indian Receivable Trust, % % 79.5% 97.7% 90.6% % 6.9% 4.4% 4.3% 4.% 3.8%.. 0.8% 0.8% %.3% 4.8% 3 Indian Receivable Trust 4, % % 79.% % 03.7% 53.9% 59.7%.%.%.6%.% 0.4% 0.4% 0.4% 0.3% % 53 53

56 Reliance Home Finance Private Limited- Initial Details Asset class duration WAS WAL WAY as First loss as Second loss Scheduled as Rating/ Opinion RHFPL Assignment of Receivables March 0 Housing Loans, % 3.% 3.9% % CRISIL AA+ (SO) Equivalent - Acquirer RHFPL Assignment of Receivables March 0 II Housing Loans, %.6% % CRISIL AA (SO) Equivalent - Acquirer Reliance Home Finance Private Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit as % of outstanding Available outstanding TCR RHFPL Assignment of Receivables March 0, % % 87.6% % % 70.4% Fully Covered 5.4% 0. RHFPL Assignment of Receivables March 0 II, % % 99.9% 99.8% 93.3% 73.4% 0.% 0. 0.% Fully Covered.5%

57 Standard Chartered Bank- Initial Details Asset class duration WAS WAL WAY as First loss as Second loss Scheduled as Rating/ Opinion Mortgage Loan March III Housing loans, % 9.8% 7.% 3.4% 3.8% 0.% CRISIL AAA (SO) Equivalent - Acquirer CRISIL BBB (SO) Equivalent - Second loss Mortgage Loan June IV Housing loans, %.6% 0.6% 5.% 5.5%.4% CRISIL AAA (SO) Equivalent - Acquirer CRISIL BBB (SO) Equivalent - Second loss 3 Mortgage Loan June V Housing loans, %.6% 6.% 4..%.4% CRISIL AAA (SO) Equivalent - Acquirer CRISIL BBB (SO) Equivalent - Second loss 4 Mortgage Loan July VI Housing loans, %.6% 0.7% 5.% 5.6%.5% CRISIL AAA (SO) Equivalent - Acquirer CRISIL BBB (SO) Equivalent - Second loss Standard Chartered Bank- Performance Initial Details 3 month average MCR Delinquencies Overdues MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit as % of outstanding Available outstanding TCR Mortgage Loan March III,49. 7.% % 90.9% 98.6% 98.6% 06.9% 38.% 69.9% 0.5% 0.5% 0.5% 0.5% 0.3% 0.3% 0.3% 0.% 3.% Fully Covered Mortgage Loan June IV, % 54.6% 9.4% 98.5% 98.6% 98.5% 38.7% 69.% 0.7% 0.7% 0.7% 0.4% 0.% 0.% 0.% 0.%.% Fully Covered Mortgage Loan June V,3.6 6.% % 97.4% 9.8% 9.7%. 7.8%.%.%.% % 0.9% 3.7% Fully Covered Mortgage Loan July VI, % 56.5% 93.3% 98.6% 9.8% 99.8% 9.4% 69.% 0.6% 0.6% 0.6% 0.6% 0.3% 0.3% 0.3% 0.%.8% Fully Covered

58 Sundaram BNP Paribas Home Finance Limited- Initial Details Asset class duration WAS WAL WAY as First loss as Second loss Scheduled as Rating/ Opinion Santhanam Trust Series I Housing loan receivables, %.4% % CRISIL AAA (SO) - Series A PTCs Sundaram BNP Paribas Home Finance Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit as % of outstanding Available outstanding TCR Santhanam Trust Series I, % 50.8% 99.4% 00.% 99.6% 90.3% 9.9% 0.3% 0.% 0.4% 0.% 0.% 0. 0.% % 0.8% 78.6% 56 56

59 CRISIL Rating Scale for Long-term d Finance Instruments CRISIL AAA (SO) (Highest Safety) CRISIL AA (SO) (High Safety) CRISIL A (SO) (Adequate Safety) CRISIL BBB (SO) (Moderate Safety) CRISIL BB (SO) (Moderate Risk) CRISIL B (SO) (High Risk) CRISIL C (SO) (Very High Risk) CRISIL D (SO) (Default) Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk. Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk. Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations. Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations. Instruments with this rating are considered to have very high likelihood of default regarding timely payment of financial obligations. Instruments with this rating are in default or are expected to be in default soon. Note:. CRISIL may apply '+' (plus) or '-' (minus) signs for ratings from 'CRISIL AA (SO)' to 'CRISIL C (SO)' to reflect comparative standing within the category.. CRISIL may assign rating outlooks for ratings from 'CRISIL AAA (SO)' to 'CRISIL B (SO)'. Ratings on Rating Watch will t carry outlooks. A rating outlook indicates the direction in which a rating may move over a medium-term horizon of one to two years. A rating outlook can be 'Positive', 'Stable', or 'Negative'. A 'Positive' or 'Negative' rating outlook is t necessarily a precursor of a rating change. CRISIL may place an outstanding rating on Rating Watch if the issuer anunces a merger or acquisition, or de-merger of some business that may impact the credit profile of the rated debt instrument. Ratings may also be placed on watch if the issuer's credit profile is impacted on account of an action by regulators, or when the impact of specific events on the credit profile cant be accurately assessed at the point when they occur, and additional information may be necessary for CRISIL to fully ascertain the creditworthiness of the rated instrument. CRISIL may place a rating on watch, with positive, negative or developing implications. A listing under rating watch does t imply that a rating will necessarily change, r is it a prerequisite for rating change. 3. A suffix of 'r' indicates investments carrying n-credit risk. The 'r' suffix indicates that payments on the rated instrument have significant risks other than credit risk. The terms of the instrument specify that the payments to investors will t be fixed, and could be linked to one or more external variables such as commodity prices, equity indices, or foreign exchange rates. This could result in variability in payments, including possible material loss of, because of adverse movement in value of the external variables. The risk of such adverse movement in price/value is t addressed by the rating. 4. CRISIL may assign a rating of 'NM' (Not Meaningful) to instruments that have factors present in them, which render the outstanding rating meaningless. These include reorganisation or liquidation of the issuer, the obligation being under dispute in a court of law or before a statutory authority. 5. A prefix of 'PP-MLD' indicates that the instrument is a -protected market-linked debenture. The terms of such instruments indicate that while the issuer promises to pay back the face value/ of the instrument, the coupon rates of 57

60 CRISIL Performance Report these instruments will t be fixed, and could be linked to one or more external variables such as commodity prices, equity share prices, indices, or foreign exchange rates. 6. A prefix of 'Provisional' indicates that the rating centrally factors in the completion of certain critical steps/documentation by the issuer for the instrument, without these the rating would either have been different or t assigned ab initio. 58

61 CRISIL Performance Report CRISIL Rating Scale for Short-term d Finance Instruments CRISIL A (SO) CRISIL A (SO) CRISIL A3 (SO) CRISIL A4 (SO) CRISIL D (SO) Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligation. Such instruments carry the lowest credit risk. Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligation. Such instruments carry low credit risk. Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligation. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories. Instruments with this rating are considered to have minimal degree of safety regarding timely payment of financial obligation. Such instruments carry very high credit risk and are susceptible to default. Instruments with this rating are in default or expected to be in default on maturity. Note:. CRISIL may apply '+' (plus) sign for ratings from 'CRISIL A (SO)' to 'CRISIL A4 (SO)' to reflect comparative standing within the category.. A suffix of 'r' indicates investments carrying n-credit risk. The 'r' suffix indicates that payments on the rated instrument have significant risks other than credit risk. The terms of the instrument specify that the payments to investors will t be fixed, and could be linked to one or more external variables such as commodity prices, equity indices, or foreign exchange rates. This could result in variability in payments, including possible material loss of, because of adverse movements in value of the external variables. The risk of such adverse movements in price/value is t addressed by the rating. 3. CRISIL may assign a rating of 'NM' (Not Meaningful) to instruments that have factors present in them, which render the outstanding rating meaningless. These include reorganisation or liquidation of the issuer, the obligation being under dispute in a court of law or before a statutory authority. 4. A prefix of 'PP-MLD' indicates that the instrument is a -protected market-linked debenture. The terms of such instruments indicate that while the issuer promises to pay back the face value/ of the instrument, the coupon rates of these instruments will t be fixed, and could be linked to one or more external variables such as commodity prices, equity share prices, indices, or foreign exchange rates. 5. A prefix of 'Provisional' indicates that the rating centrally factors in the completion of certain critical steps/documentation by the issuer for the instrument, without these the rating would either have been different or t assigned ab initio. 59

62

63 About CRISIL Limited CRISIL is a global, agile and invative analytics company driven by its mission of making markets function better. We are India s foremost provider of ratings, data, research, analytics and solutions. A strong track record of growth, culture of invation and global footprint sets us apart. We have delivered independent opinions, actionable insights, and efficient solutions to over 00,000 customers. We are majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. About Ratings CRISIL Ratings is part of CRISIL Limited ( CRISIL ). We pioneered the concept of credit rating in India in 987. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India ( SEBI ). With a tradition of independence, analytical rigour and invation, CRISIL sets the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, n-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 4,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several invations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. Over 95,000 MSMEs have been rated by us CRISIL Privacy Notice CRISIL respects your privacy. We use your contact information, such as your, address, and id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of S&P Global Inc. and its subsidiaries (collectively, the Company ) you may find of interest. For further information, or to let us kw your preferences with respect to receiving marketing materials, please visit You can view the Company's Customer Privacy at Last updated: April 06 Argentina China Hong Kong India Poland Singapore UK USA CRISIL Limited: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai India Phone: Fax: