CRISIL Performance Report

Transcription

1 September 07 CRISIL Performance Report ABS & MBS s

2 CRISIL Performance Report d Finance Ratings Krishnan Sitaraman Senior Director Tel: kishnan.sitaraman@crisil.com Ajit Velonie Director Tel: ajit.velonie@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 Management Trainee Tel: shanu.kumar@crisil.com Thara Varghese Management Trainee Tel: thara.varghese@crisil.com Hitesh Lingwal CCAP Associate Tel: hitesh.lingwal@crisil.com Vikram Raj Iyer CCAP Associate Tel: 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 pools 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 ) 44 7 CRISIL Rating Scales 56

4 CRISIL Performance Report List of ABS originators covered in this publication Originator Name Page AU Small Finance Bank Limited Cholamandalam Investment & Finance Company Limited 3 3 Equitas Small Finance Bank Limited 4 4 ESAF Microfinance and Investments Private Limited 6 5 HDB Financial Services 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 4 6 Ujjivan Financial Services Limited 43 List of MBS originators covered in this publication Name of originator Page Dewan Housing Finance Corporation Limited 46 Housing Development Finance Corporation Limited 47 4 ICICI Bank Limited 48 3 Indiabulls Housing Finance Limited 50 5 Reliance Capital Limited 5 6 Reliance Home Finance Private Limited 53 7 Standard Chartered Bank 54 8 Sundaram BNP Paribas Home Finance Limited 55

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 June 07. The ratings/credit opinions mentioned in this publication are outstanding as on September 30, 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 8 asset-backed securities (ABS), 37 mortgage backed securities (MBS) and commercial mortgage backed securities (CMBS), across 8 originators in the securitsation market. The transactions are backed by commercial vehicles (CV), cars, tractors, construction equipment (CE), secured business loans, two wheeler loans (TW), microfinance (MFI) loans, home loans (HL) and loan against property (LAP). CRISIL has analysed the performance of the pools at the asset class level. Key observations after the June 07 are as below: Collection performance of CV pools remain resilient In spite of increased fleet availability and slower ecomic growth, truck rentals remained resilient between March 07 and May 07 supported by the healthy movement of agricultural produce given the near-record rabi output. Consequently, collections in CV pools were healthy during the first of fiscal 08. Performance of newer vintage pools is superior to that of the pools belonging to earlier vintages. Median 3-month average monthly collection ratio (MCR) for the ended June 30, 07 was at ~97%. Performance of microfinance pools vary based on geographic exposure; a few pools undergoing severe collection stress Collection efficiencies in microfinance pools, which have limited exposure to poorly performing geographies of Uttar Pradesh, Maharashtra, Madhya Pradesh and Karnataka, have bounced back from the lows posted in the immediate aftermath of demonetization. However, pools originated by certain NBFC-MFIs remain under severe collection stress, even several months post-demonetisation. MCR of these pools have remained persistently low at 7-75%. Prepayments on an up-trend in mortgage pools Higher levels of prepayments were observed in mortgage pools in the first of fiscal 08 compared to earlier periods. Overdues remain negligible. Other asset-backed pools show stable performance Collections across other asset backed pools like small business loans, car, CE and tractor remain stable. CMBS transactions continue to enjoy healthy interest coverage ratio So far in fiscal 08, CRISIL has upgraded ratings on instruments issued under securitisation transactions due to improving credit cover with higher amortization. Ratings on 5 instruments backed by microfinance loan receivables have been downgraded / placed on watch, because of weak asset quality and stressed performance. 4

7 Commercial Vehicles (CV) Table : Overdues in CV pools exhibit an improving trend Vintage 3 MPS 6 MPS MPS 4 MPS 03 (4 pools) 0.9%.4%.% (9 pools) 0.8%.%.%.9% 05 (3 pools).%.5%.8%^.4% 06 (3 pools).3%..% - 07 (6 pools) 0.5% ^Adjusted for the volatility from low number s in the vintage Despite pre-buying in March on account of Bharat Stage-IV regulations and slower ecomic growth, truck rentals remained resilient between March 07 and May 07. The rentals were supported by the healthy movement of agricultural produce given the near-record rabi output. Consequently, performance of CRISIL rated CV pools exhibited a favorable trend in the first of fiscal 08 ( pertaining to April 07 to June 07 or collections pertaining to March 07 to May 07). Delinquencies in pools originated in 05 continued to fall during the and stood at.3% at 6 months post securitisation (MPS). Incremental overdues between 6 MPS and MPS for 06 vintage pools, which had seen a jump in overdues postdemonetisation, are significantly lower than that observed in pools from earlier vintages. Additionally, the early performance of pools from 07 vintage is far superior to the pools evaluated since 03 and comparable to the initial delinquencies of vintages. The distinctly better performance of 07 vintage pools is because of two reasons: () Higher proportion of loans backed by new vehicles in the underlying pools four of the six pools evaluated in the year and having performance during the were predominantly new vehicle financing pools, compared to just three pools out of thirteen evaluated in 06. () Lower proportion of overdue contracts in underlying pools at the time of securitisation percentage of delinquent contracts in 07 pools (median) was 3.5%, while the figure for 06 vintage was 8%. Microfinance Performance remains varied across originators Collection performance of microfinance pools, which were in a very narrow band close to 0 for several years before the demonitisation, w vary widely depending on the originator and geographic spread of the underlying contracts. Table : Monthly collection ratios (MCRs) across microfinance pools Payout month Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Max. MCR 0.3% 03.7% 05.9%.8% 04.% 0.3% Min. MCR % 66.% 7.8% 74.4% 7.9% A few pools with limited exposure to vulnerable states, such as Uttar Pradesh, Maharashtra, Madhya Pradesh and Karnataka, continued to post near 0 MCRs. However, MCRs s originated by certain NBFC-MFIs remain persistently weak at less than 75% collection efficiency. CRISIL analysed in detail the performance pools from across originators under surveillance (bottom ~33 percentile of the pools were kept out of the scope of this study as these were t representative of the industry). Based on the analysis, the median collection performance of the industry is currently stabilising around a new rmal, well below the 99.9% collection efficiency of the industry in the pre-demonetisation era. 5

8 CRISIL Performance Report 0% Chart : Median MCR: MFI pools* % 99.9% 99.7% 98% 96% 95.% 96.% 95.4% 97.% 96.% 95.4% 94% 9% 9 Oct-6 Nov-6 Dec-6 Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Pyaout months * Adjusted for the n-representative pools Mortgages Performance of mortgage-backed securities (MBS) remains robust; prepayments on an up-trend Collections in CRISIL-rated MBS transactions are healthy. The median MCR for the current was above 99% and overdues are negligible. However, prepayments rose sharply in the recent months for mortgage pools from 05, 06 and 07 vintages given the falling interest rate environment and increasing competitive pressure from banks. 45% 4 35% 3 5% 5% 5% Chart : Cumulative prepayments across recent vintages Months post securitisation 03 (5 pools) 04 (6 pools) 05 ( pool) 06 ( pools) 07 ( pool) Other asset class Performance in line with expectations Collections across other pools backed by small business loans, car loans, CE loans and tractor loans are on expected lines. For CMBS instruments issued by DLF Emporio Limited and DLF Promenade Limited, the healthy operating profits and interest coverage, comfortable loan-to-value ratio and structural features of the transactions provide support to the ratings. 6

9 Conclusion Healthy cover for CRISIL-rated transactions, with the exception of certain microfinance transactions CRISIL-rated securitisation transactions backed by all asset classes, except microfinance loans, have healthy credit covers commensurate with the outstanding ratings. Median threshold collection ratios (TCR; defined as the minimum cumulative collection ratio required on a pool s future cash flows to be able to service investor on time) after June 07 are low and below median MCRs. The relatively high TCR for car pools detes the low amortisation of the pools and t a weakness in performance. 0 95% 97% Chart 3: MCR and TCR across asset class 93% 95% 0 99% 98% % 47% 3% 8% 58% 63% 7 68% 8% 79% 4% 83% 4% 7% CV CE Tractor Car MBS Two wheeler SME Median amortisation (RHS) Median MCR Median TCR cover available to certain microfinance-backed transactions rated by CRISIL is, weak as indicated by successive downgrades in ratings of PTCs issued under these transactions. PTCs issued under three of the transactions backed by microfinance loan receivables are currently rated CRISIL C (SO) or CRISIL D (SO) signifying a very high risk of default on the instrument or CRISIL s expectation of default on the instrument, respectively. Outlook The monsoon, while only 5% deficient compared to the long period average, was uneven in spatial and temporal distribution and resulted in loss of crops in several parts of the country. Consequently, production of kharif crops is estimated to be lower than that in the previous year. The estimated lower crop output could have a bearing on the near-term collection performance of agriculture and rural ecomy dependent asset classes such as tractors and CVs involved in transportation of agricultural produce. In addition to the kharif output, the level of industrial activity in the ecomy is a key determinant of performance s backed by CV loans. Truck rentals, which are in turn dependent on industrial output, rmalization of stock movement post GST rollout, agricultural output and fuel prices, will be a key monitorable. With respect to microfinance loan pools, performance of a few of the vulnerable states and districts, which were severely impacted by socio-political issues after the demonetisation, have started showing improvement in the past few months. Even so, CRISIL does t expect the collection performance of the industry to reach the pre-demonetisation levels in the near-term. Additionally, CRISIL believes that the difference in performance across originators will persist and will be governed by the relative strengths of their ground-level operating processes, including group formation policies and repayment frequency. Given successive downward revisions in repo rate and the recent regulatory push with regard to housing loans through rationalisation in risk-weights, balance-transfers will remain high in the mortgages segment. Consequently, prepayments on mortgage-backed pools will continue to be elevated. GST impact would be a key monitorable in the medium term as asset quality 7

10 CRISIL Performance Report challenges could arise in the LAP segment as Small & Medium Enterprises (SMEs) align their business processes to conform to the GST regime. CRISIL closely monitors the performance of all the rated pools until investor are made in full, and 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 September 30, 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 Performance Update Commercial Vehicle s 5% 05% 95% 85% 75% Chart 4 Comparison of MCR across vintages - CV s Month Post Securitisation 008 (3 pools) 009 (4 pools) 00 (0 pools) 0 (5 pools) 0 (3 pools) 03 (4 pools) 04 (9 pools) 05 (3 pools) 06 (3 pools) 07 (6 pools) 8% 6% 4% % Chart 5 Total overdues across vintages - CV s Month Post Securitisation 008 (3 pools) 009 (4 pools) 00 (0 pools) 0 (5 pools) 0 (3 pools) 03 (4 pools) 04 (9 pools) 05 (3 pools) 06 (3 pools) 07 (6 pools) Chart 6 0 Amortisation based ly movement of Median MCR - CV s 97% 94% 9% 88% 85% Performance month -5 amortised pools 5-8 amortised pools Chart 7 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 8 Chart 9 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.% 8 Month Post Securitisation 004 (3 pools) 005 (4 pools) 007 (6 pools) 008 ( pool) 009 ( pool) 0 (4 pools) 03 (5 pools) 04 (6 pools) 05 ( pool) 06 ( pools) 07 ( pool) Month Post Securitisation 004 (3 pools) 005 (4 pools) 007 (6 pools) 008 ( pool) 009 ( pool) 0 (4 pools) 03 (5 pools) 04 (6 pools) 05 ( pool) 06 ( pool) 07 ( pool) Chart 0 0. Comparison of prepayments across vintages - MBS s Months Post Securitisation 004 (3 pools) 005 (4 pools) 007 (6 pools) 008 ( pool) 009 ( pool) 0 (4 pools) 03 (5 pools) 04 (6 pools) 05 ( pool) 06 ( pools) 07 ( pool) 0

13 Rating Actions New transactions Table provides the details of 0 new pools that were securitised between July 0, 07 and September 30, 07. Table : New pools rated during the period Originator/ Seller Asset class Magma Fincorp Limited Magma Fincorp Limited SREI Equipment Finance Pvt Ltd Cholamandalam Investment and Finance Company Limited Shriram Transport Finance Company Limited Shriram Transport Finance Company Limited Home India Finance Pvt Ltd SREI Equipment Finance Pvt Ltd 9 Magma Fincorp Limited 0 Shriram Transport Finance Company Limited MFL Securitisation Trust LI MFL Securitisation Trust LII Car Car Instrument details Series A PTCs Series A PTCs Series A PTCs Series A PTCs Door-todoor tenure# Rated amount (Rs. Million) IIERT June 07 CE and Tractor Series A PTCs 54,3.7 Platinum Trust June 07 Tranche III Sansar Trust June 07 III Sansar Trust June 07 V Tulmul IFMR Capital 07 IIERT August 07 MFL Securitisation Trust LVII Sansar Trust Sep 07 VI CV CV, THW, CE & Tractors CV, THW & CE TW CE & Healthcare Equipment Car CV, PV, THW & CE Series A PTCs Series A PTCs Series A PTCs Series A PTCs Series A PTCs , , , Series A PTCs 54,50.0 Series A PTCs Series A PTCs Facility Second Loss Facility Series A PTCs Rating/ Opinion assigned Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Equivalent Provisional CRISIL BBB+ (SO) Equivalent Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Equivalent Provisional CRISIL BBB+ (SO) Equivalent Provisional CRISIL AA (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 A- (SO) Provisional CRISIL BB+ (SO) Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Equivalent Provisional CRISIL BBB+ (SO) Equivalent Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent # Indicates door-to-door tenure. Actual tenure will depend on the level of prepayments in the pools 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 4 transactions whose ratings / credit opinions were withdrawn between July 0, 07 and September 30, 07. Table : s where ratings / credit opinions were withdrawn Originator/Seller Mahindra & Mahindra Financial Services Limited MM Trust Mar 3 II Mahindra & Mahindra Financial Services Limited MM Trust Mar 3 IV 3 Mahindra & Mahindra Financial Services Limited MM Trust Mar 4 II 4 Mahindra & Mahindra Financial Services Limited MM Trust Mar 4 III 5 Mahindra & Mahindra Financial Services Limited MM Trust Mar 4 I 6 Equitas Small Finance Bank EMF Microloans - Series VI - February 06 7 Janalakshmi Financial Services Private Limited Morpheus IFMR Capital 05 8 Equitas Small Finance Bank EMF Micro Loans - Series IV -December 05 9 AU Small Finance Bank Limited India Standard Loan Trust XII 0 Janalakshmi Financial Services Private Limited Zion IFMR Capital 06 Janalakshmi Financial Services Private Limited Cypher IFMR Capital 06 # Muthoot Microfin Limited Meditrina IFMR Capital 06 3 Muthoot Microfin Limited Brutus IFMR Capital 06 # 4 Ujjivan Financial Services Limited Martell IFMR Capital 06 # Partial withdrawal - rating on Series A PTCs has been withdrawn.

15 Rating conversions Table 3 provides the details of 9 pools that have witnessed rating conversions between July 0, 07 and September 30, 07. Table 3: s that have witnessed rating conversions Originator/ Seller Asset class Instrument details Rating/ Opinion assigned Revised rating/ Opinion assigned Muthoot Capital Services Ltd. Firefinch CV IFMR Capital 06 TW Series A PTCs Series A PTCs Provisional CRISIL A- (SO) Provisional CRISIL BBB (SO) CRISIL A- (SO) CRISIL BBB (SO) Cholamandalam Investment and Finance Company Limited Platinum Trust March 07 Tranche III CV Series A PTCs Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent 3 Cholamandalam Investment and Finance Company Limited Platinum Trust March 07 Tranche IV CV Series A PTCs Series A PTCs Series A3 PTCs Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) CRISIL AAA (SO) CRISIL AAA (SO) CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent CRISIL BBB+ (SO) Equivalent 4 HDB Financial Services Ltd. Venus Trust March 07 CV & CE Series A PTCs Provisional CRISIL AAA (SO) CRISIL AAA (SO) 5 Shriram Transport Finance Company Limited Sansar Trust March 07 II CV, PV & THW Series A PTCs Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent 6 Indiabulls Housing Finance Limited Invation Trust XXVII Mar 07 Loan against property & Housing loans Series A PTCs Provisional CRISIL AAA (SO) CRISIL AAA (SO) 7 Shriram Transport Finance Company Limited Sansar Trust March 07 V CV, PV & THW Series A PTCs Provisional CRISIL AAA (SO) Provisional CRISIL BBB+ (SO) Equivalent CRISIL AAA (SO) CRISIL BBB+ (SO) Equivalent Provisional CRISIL AAA (SO) Equivalent CRISIL AAA (SO) Equivalent 8 Magma Fincorp Limited MFL Securitisation Trust XLIX Car, CV & CE Series A PTCs Series A PTCs Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) CRISIL AAA (SO) CRISIL AAA (SO) Provisional CRISIL BBB- (SO) Equivalent CRISIL BBB- (SO) Equivalent 9 HDB Financial Services Ltd. Venus Trust February 07 CV Series A PTCs Series A PTCs Provisional CRISIL AAA (SO) Provisional CRISIL AAA (SO) CRISIL AAA (SO) CRISIL AAA (SO) 3

16 CRISIL Performance Report Rating transition - Table 4 provides the details of 6 pools that have witnessed rating transition between July 0, 07 and September 30, 07. Table 4: s that have witnessed rating transition Originator/ Seller Asset class Instrument details Rating/ Opinion assigned Revised rating/ Opinion assigned Series A PTCs CRISIL AA (SO) CRISIL AAA (SO) Series A PTCs CRISIL AA (SO) CRISIL AAA (SO) Magma Fincorp Limited MFL Securitisation Trust XXVI Tractor, Car, CE & CV CRISIL AAA (SO) Equivalent CRISIL AAA (SO) Equivalent Second Loss Facility CRISIL BBB- (SO) Equivalent CRISIL A- (SO) Equivalent Series A PTCs CRISIL AA (SO) CRISIL AAA (SO) Series A PTCs CRISIL AA (SO) CRISIL AAA (SO) Magma Fincorp Limited MFL Securitisation Trust XXVII Tractor, Car, CE & CV CRISIL AAA (SO) Equivalent CRISIL AAA (SO) Equivalent Second Loss Facility CRISIL BBB- (SO) Equivalent CRISIL A- (SO) Equivalent CRISIL AAA (SO) Equivalent CRISIL AAA (SO) Equivalent 3 Magma Fincorp Limited MFL Securitisation Trust XXIX Tractor & CV Series A PTCs CRISIL AA (SO) CRISIL AA+ (SO) Series A PTCs CRISIL AA (SO) CRISIL AA+ (SO) Second Loss Facility CRISIL BBB- (SO) Equivalent CRISIL AAA (SO) Equivalent CRISIL BBB (SO) Equivalent CRISIL AAA (SO) Equivalent 4 Magma ITL Finance Limited MIFL Securitisation Trust VI Tractor Series A PTCs CRISIL AA (SO) CRISIL AA+ (SO) Series A PTCs CRISIL AA (SO) CRISIL AA+ (SO) Second Loss Facility CRISIL BBB- (SO) Equivalent CRISIL BBB (SO) Equivalent 5 Indiabulls Housing Finance Limited Invation Trust III December Housing loans Series A PTCs CRISIL AA+ (SO) CRISIL AAA (SO) 6 Indiabulls Housing Finance Limited Invation Trust VII March 3 Housing loans Series A PTCs CRISIL AA+ (SO) CRISIL AAA (SO) 7 Janalakshmi Financial Services Limited Oracle IFMR Capital 06 Microfinance Series A PTCs Series A PTCs CRISIL BBB- (SO) / Watch Negative CRISIL BB- (SO) / Watch Negative CRISIL BB+ (SO) / Watch Negative CRISIL C (SO) / Watch Negative 8 Janalakshmi Financial Services Limited Niobe IFMR Capital 06 Microfinance Series A PTCs CRISIL BBB- (SO) / Watch Negative CRISIL B+ (SO) / Watch Negative 9 Janalakshmi Financial Services Limited Mjolnir IFMR Capital 06 Microfinance Series A PTCs Series A PTCs CRISIL BBB (SO) / Watch Negative CRISIL BB- (SO) / Watch Negative CRISIL BB+ (SO) / Watch Negative CRISIL C (SO) / Watch Negative 4

17 Originator/ Seller Asset class Instrument details Rating/ Opinion assigned Revised rating/ Opinion assigned 0 Janalakshmi Financial Services Limited Icharus IFMR Capital 06 Microfinance Series A PTCs Series A PTCs CRISIL BB (SO) / Watch Negative CRISIL B (SO) / Watch Negative CRISIL B- (SO) / Watch Negative CRISIL D (SO) Janalakshmi Financial Services Limited Architect IFMR Capital 06 Microfinance Series A PTCs CRISIL BBB- (SO) / Watch Negative CRISIL BB (SO) / Watch Negative Janalakshmi Financial Services Limited Frey IFMR Capital 06 Microfinance Series A PTCs Series A PTCs CRISIL A- (SO)/Watch negative CRISIL BBB (SO)/ Watch negative CRISIL A- (SO) CRISIL BBB (SO) 3 Janalakshmi Financial Services Limited Sentinel IFMR Capital 06 Microfinance Series A PTCs Series A PTCs CRISIL BBB+ (SO)/ Watch negative CRISIL BBB (SO)/ Watch negative CRISIL BBB+ (SO) CRISIL BBB (SO) 4 Equitas Finance Ltd. SME - II - October 05 Secured business loans Series A PTCs CRISIL A- (SO) CRISIL A(SO) 5 Equitas Finance Ltd. SME - III - February 06 Secured business loans Series A PTCs CRISIL A- (SO) CRISIL A(SO) 6 Equitas Finance Ltd. SME - Series IV - March 06 Secured business loans Series A PTCs CRISIL A- (SO) CRISIL A(SO) Rating transition - Table 5 provides the details of pools where credit has been reset between July 0, 07 and September 30, 07. Table 5: s that have witnessed reset of credit Originator/ Seller Asset class Instrument details Indiabulls Housing Invation Trust III Dec Housing Finance Ltd loans Series A PTCs Indiabulls Housing Invation Trust III Dec Housing Finance Ltd loans Series A PTCs Rating/ Opinion CRISIL AAA (SO) CRISIL AAA (SO) 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 June 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 pool of receivables. : The sum of outstanding for all loans present in the pool at the time of securitisation. : The sum of and interest outstanding for all loans present in the pool 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 pool 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 pool 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 pool at the time of securitisation. Weighted average loan-to-value ratio (WAL): The weighted average loan to value (LTV) ratio of the pool at the time of securitisation. Weighted average yield (WAY): The pool yield at the time of securitisation. Average yield: The current pool yield, calculated as the internal rate of return (IRR) of the pool 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 pool. In case of MBS transactions, the credit is expressed as a percentage. First loss as : The first loss credit facilty stipulated at the time of securitisation as a percentage of total pool. In case of MBS transactions, the first loss credit is expressed as a percentage. as : The second loss credit facilty stipulated at the time of securitisation as a percentage of total pool. In case of MBS transactions, the second loss credit is expressed as a percentage. as : Indicates the liquidity support available to the transaction, expressed as a percentage of pool. 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. Scheduled as % of Initial pool : The embedded cushion available in a transaction on account of the differential between the pool yield and pass-through rate. This is only available in par structures and is expressed as a percentage of the pool. However, in a few structures, this cushion is diluted as the spread is utilised to make certain like charge-offs, servicing 7

20 CRISIL Performance Report 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. Subordinated as : In certain transactions, the initial pool cash flows are higher than the total promised to the investors. This could be on account of either over-isation (initial pool being higher than the promised to the investors) or (pool yield being higher than the investor yield). The subordinated cash flows are computed as the difference between the initial pool cash flows and the total promised to the investors expressed as a percentage of initial pool 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 pool 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, 07. Months post securitisation (MPS): The number of elapsed since securitisation amortisation: The amortised pool, as a percentage 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 pool 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 pools. 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 pool to the pool 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 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 at the time of securitisation. + overdues: The total overdues in the pool plus loss on sale of repossessed assets (wherever available) as a percentage 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 at the time of securitisation. Loss on repossession and sale: Cumulative loss/profit on sale of repossessed asset expressed as a percentage 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 % of future : The credit outstanding outstanding as a percentage of future investor. In case of MBS transactions, the credit is expressed as a percentage. as % of future : The outstanding as a percentage of future investor. In case of MBS transactions, the credit is expressed as a percentage. Threshold collection ratio (TCR): The minimum cumulative collection ratio required on a pool 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 pool. Threshold credit coverage (TCC): TCC represents the ratio of threshold credit loss in a pool (-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

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24 AU 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 % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion India Standard Loan Trust XII,449.,60.8,794.5 Auto (55%) & CV (45%) 9%, 9% % 6.% 0,, 6.5% 4.%.4% - 9.8% - Rating withdrawn AU Small Finance Bank Limited- Performance Initial pool 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 India Standard Loan Trust XII,449. Auto & CV 6.5% % 98.7% 0.8% 03.9%.3% 0.9% 0.6% 0.8% 0.6%.4% 0.5%.5% 0.5% 0.% % 4.4% 6.7% Above 0

25 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 % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion Platinum Trust March 07 - Tranche III 3,9.9 3, ,86. CV 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 9%,9% 36 89% 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 Cholamandalam Investment & Finance Company Limited- Performance Initial pool 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 Platinum Trust March 07 - Tranche III 3,9.9 CV 7.3% 3 9.% 96.% 96.% - 0.4% % % 8.6% 83.9% Not relevant Platinum Trust March 07 - Tranche IV,57.6 CV 7.8% % 95.6% - 0.7% % % 9.4% 8.7% Not relevant 3

26 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 % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion SME II October ,3.4 Secured business loans % 0,, 3.% % 6.3% CRISIL A (SO) - Series A PTCs SME III February 06,6.4,069.4,855.4 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 06,78.9,.8,800.0 Secured business loans % 3.8% 0,, 6.8% % - CRISIL A (SO) - Series A PTCs 5 EMF Micro Loans Series IV December ,04.8,78.9 Microfinance ,, 7.7% % - Rating withdrawn 6 EMF Microloans Series V January 06,08.7,03.3,47.3 Microfinance % 0,, 7.% % - CRISIL A (SO) - Series A PTCs 7 EMF Microloans Series VI February Microfinance % 0,, 4.4% % - Rating withdrawn 8 EMF Microloans Series VII February 06,398.9,484.8,65. Microfinance % 0,, 4.7% % - CRISIL A- (SO) - Series A PTCs 9 EMF Microloans Series VIII March Microfinance % 0,, 0.9% % - CRISIL A+ (SO) - Series A PTCs 0 EMF Microloans Series IX March ,054.8,85.3 Microfinance % 0,, 7.5% % - CRISIL A- (SO) - Series A PTCs EMF Microloans - Series XI - July 06,85.3,99.0,36.5 Microfinance % 0,, 8.9% % - CRISIL A (SO) - Series A PTCs EMF Microloans - Series XII - August 06,498.5,60.0,784.6 Microfinance % 0,, 6.3% % - CRISIL A+ (SO) - Series A PTCs 3 EMF Microloans - Series XIII - August 06,699.0,806.3,005.9 Microfinance % 0,, 4.8% % - CRISIL A (SO) - Series A PTCs 4

27 Equitas Small Finance Bank Limited- Performance SME II October 05 SME III February 06 SME - Series IV - March 06 SME - Series V- August 06 EMF Micro Loans Series IV December 05 EMF Microloans Series V January 06 EMF Microloans Series VI February 06 EMF Microloans Series VII - February 06 EMF Microloans Series VIII - March 06 EMF Microloans Series IX - March 06 EMF Microloans - Series XI - July 06 EMF Microloans - Series XII - August 06 EMF Microloans - Series XIII - August , , , , ,85.3,498.5,699.0 Data as of May 07 Initial pool details Delinquencies Overdues Asset class Secured business loans Secured business loans Secured business loans Secured business loans MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future 3.% 0 39.% 98.9% 97.6% 97.8% 0.9%.7%.8%.8%.% 0.8% 0.7% 0.6% 0.5% % 35.% 67.7%.9% 6 8.7% 99.6% 99.% 99.% 7.%.6% 0.9%. 0.3% 0.4% 0.3% 0.3% 0.% % 34.4% 7.4% 3.% 5 5.6% 99.% 98.4% 98.5% 6.8%.4%..% 0.3% 0.5% 0.5% 0.3% 0.% % % 6.8% 0 5.% 99.5% 99.4% 99.6% 4.5%.% 0.4% 0.5% % 0.% 0.% 0.% % 9.5% 74.7% Microfinance 7.7% % 9.6% 93.9%.5% 3.% 0.6% 0.5% 0.%.5%.%.% 0.% - 4.6% %.% 3.8% Microfinance 7.% % 99.% 96.3% 99.%.3%.5% 0.4% 0.4% 0.%.6%.4% 0.8% 0.% % 3.3% 6.7% Microfinance 4.4% % 99.4% 97.7% 98.4%.3% 0.6% 0.% 0.% 0.% 0.6% 0.5% 0.3% 0.% %.4% 4.4% Microfinance 4.7% % 97.8% 9.7% 9.8% 6.%.3% 0.5% 0.5% 0.%.%.9%.% 0.3% -.5% - 3.5% 3.5% 65.% Microfinance 0.9% % % 8.8% 0.% % 0.% 0.% Fully covered as % of future TCR 3.7% 0. Microfinance 7.5% % % 4..5% 0.3% 0.3% % 0.8% 0.5% 0.% % 4.3% 58. Microfinance 8.9% 6.9% 98.9% 97.4% 98.% 3.4%.6% 0.3% 0.3% % 0.5% 0.% % 5.5% 69.5% Microfinance 6.3% 0 5.7% 97.3% 93.9% 97..4% 3.8% 0.8% 0.7% 0...6% 0.9% 0.% % Microfinance 4.8% % 96.7% 93.8% 94.9%.% 3.9% 0.9% 0.7% 0..%.9%.% 0.% % 5.6% 83.% TCC Above 0 Above 0 Above 0 Above 0 Above 0 Above 0 Above 0 Above 0 Not relevant Above 0 Above 0 Above 0 Above 0 5

28 ESAF Microfinance and Investments Private Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % as % as Scheduled as % of pool Subordinated as Rating/ Opinion Cedar MFI Trust Microfinance % 0,, 4.4% %.8% Rating withdrawn Cedar MFI Trust Microfinance % 0,, 4.3% % 3.4% Rating withdrawn 3 Cedar MFI Trust ,38.8 Microfinance % 0,, 4.3% % 3.4% CRISIL BBB (SO) - Series A PTCs 4 Cedar MFI Trust Microfinance % 0,, 3.7% %.8% CRISIL BBB (SO) - Series A PTCs 5 Cedar MFI Trust Microfinance ,, 3.9% %.3% CRISIL BBB (SO) - Series A PTCs ESAF Microfinance and Investments Private Limited- Performance Initial pool 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 Cedar MFI Trust Microfinance 4.4% % 89.5% %.4% 0.% 0.9% 0.%.4% 0.6%.% 0.4% Not relevant Cedar MFI Trust Microfinance 4.3% % 96.7% 97.5% 8.6%.% 0.% 0.7% 0.%.% 0.5%.% 0.8% Not relevant 3 Cedar MFI Trust Microfinance 4.3% % 95.8% 95.3% 95.6% 5.4% 3.7%..6% 0.%.6%.4%.% 0.5% % 58.% Above 0 4 Cedar MFI Trust Microfinance 3.7% 3 7.8% % 96.% 3.7% 4.5%.3%. 0.%.8%.6%.% 0.6% % 8.% 53.3% Above 0 5 Cedar MFI Trust Microfinance 3.9% 75.9% 96.6% 94.9% 94.6%.7% 5.%.5%.4% 0.%..9%.6% 0.5% % 9.4% 48.4% Above 0 Data as of April 07 6

29 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 % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion Venus Trust December 05 7, ,63.5 8,73.0 CV (9%) & CE (9%) 5, % 4.% 95%, 5%, 5.5% % - CRISIL AA (SO) - Series A PTCs Venus Trust March 06, ,064. 3,96.0 CV (88%) & CE (%) 59%, 4% % 3.9% 0,, 6.3% CRISIL AA (SO) - Series A PTCs 3 Venus Trust February 07 9, ,304.0,58.3 CV 76%, 4% 30 87% 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 pool 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 Venus Trust December 05 7,459.0 CV & CE 5.5% 8 7.4% % 97.% 0.5%.9%.%.8% 0.7%.4% 0.7%.5% 0.6% N.A % 3.8% 78.% 9.9 Venus Trust March 06,773.0 CV & CE 6.3% % 96.3% % 7.7%.7%.%.3% 0.8%.7% 0.7%.7% 0.5% N.A % 4.6% 8.8% Venus Trust February 07 9,440.0 CV % 98.4% 98.4%.% % N.A % 7.% 86.% Not relevant 4 Venus Trust March 07 4,974.0 CV & CE 5.8% 3 0.4% 95.4% 95.4% - 0.7% % N.A % 86.9% 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,, ) First loss as % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion Morpheus IFMR Capital 05,6.7,4.8,507.9 Microfinance % 0,, 4.% % 8.7% - Series A PTCs; 5.7% - Series A PTCs Ratings Withdrawn Zion IFMR Capital 06,37.5,66.5,503. Microfinance ,,.8% % 6.6% - Series A PTCs; 3.4% - Series A PTCs Ratings Withdrawn 3 Emerald Trust February 06,05.6,07.4,57.5 Microfinance ,, 4.% % 9.5% CRISIL A+ (SO) - Series A PTCs 4 Sentinel IFMR Capital 06,873.7,865.4,06.4 Microfinance ,,.5% % 6.5% - Series A PTCs; 5.5% - Series A PTCs CRISIL BBB+ (SO) - Series A PTCs, CRISIL BBB (SO) - Series A PTCs 5 Architect IFMR Capital 06,408.3,388.0,697.8 Microfinance ,,.8% % 0.3% - Series A PTCs; 8.% - Series A PTCs CRISIL BBB+ (SO)/Watch negative - Series A PTCs, CRISIL BB (SO)/Watch negative - Series A PTCs 6 Oracle IFMR Capital 06,88.0,95.5,67.3 Microfinance ,,.8% % 6.9% - Series A PTCs; 3.9% - Series A PTCs CRISIL BB+ (SO)/Watch negative - Series A PTCs, CRISIL C (SO)/Watch negative - Series A PTCs 7 Cypher IFMR Capital 06,57.6,46.3,948.5 Microfinance ,,.8% % 8.5% - Series A PTCs; 6.5% - Series A PTCs Ratings Withdrawn - Series A PTCs, CRISIL A- (SO) - Series A PTCs 8 Niobe IFMR Capital 06,95.,.5,646.7 Microfinance ,, 4.% % 9.5% - Series A PTCs; 6.4% - Series A PTCs CRISIL A- (SO)/Watch negative - Series A PTCs, CRISIL B+ (SO)/Watch negative - Series A PTCs 9 Mjolnir IFMR Capital Microfinance ,,.5% % 7.6% - Series A PTCs; 4.5% - Series A PTCs CRISIL BB+ (SO)/Watch negative - Series A PTCs, CRISIL C (SO)/Watch negative - Series A PTCs 0 Icharus IFMR Capital Microfinance ,,.5% % 4.8% - Series A PTCs;.8% - Series A PTCs CRISIL B- (SO)/Watch negative - Series A PTCs, CRISIL D (SO) - Series A PTCs Frey IFMR Capital Microfinance ,,.% % 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 pool 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 Morpheus IFMR Capital 05,6.7 Microfinance 4.% 8 94.% 93.4% % 6.3% 4.% 4.8% 5.3% 0.% 6.6% 5.4% 4.4%.5% Fully covered Zion IFMR Capital 06,37.5 Microfinance.8% % 9.6% 84.4% % 5.% 5.8% 6.7% 0.% 7.3% % Fully covered Emerald Trust February 06,05.6 Microfinance 4.% 5 86.% 90.6% 78.7% 7.6% 5.6% 9.5% 6.3% 7. 0.% 8.3% 6.7% 5.%.7% % 3.4% 49.6% 3. 4 Sentinel IFMR Capital 06,873.7 Microfinance.5% % % % 6.8% 7.5% 0.% 8.7% 7.% 5.6%.9% %.7% 68.6%.7 5 Architect IFMR Capital 06,408.3 Microfinance.8% 5 80.% 89.5% 79.4% 73.% 5.8%.8% 7. 8.% 0.% 8.6% 6.9% 5.5%.9% % 3.3% Oracle IFMR Capital 06,88.0 Microfinance.8% % 89.8% 80.% 73.7% 6.7%. 6.6% 7.5% 0.% 8.3% 6.6% 5.3%.7% %.9% 76.%.7 7 Cypher IFMR Capital 06,57.6 Microfinance.8% % 9.9% 80.6% 74.4% 6.7%.4% 0.7%. 0.% % 4.% 0.3% % % Above 0 8 Niobe IFMR Capital 06,95. Microfinance 4.% % 89.3% 79.% 73.% 5.9%.% 7.3% 8.5% 0.3% 8.8% % %.9% 69.5%.9 9 Mjolnir IFMR Capital Microfinance.5% % 76.3% 70.8% 8.% 3.7% 7.% 7.9% 0.3% 9.4% 7.7% 5.8%.9% %. 73.4%.7 0 Icharus IFMR Capital Microfinance.5% 5 8.7% 88.8% 76.% 7.% % 7.% 7.7% 0.% 9.4% 7.6% 5.7%.9% %.4% 83.. Frey IFMR Capital Microfinance.% 4 90.% 90.6% 8.5% 7.7% 8.5% 9.% 6.9% 8.% 0.3% 8.5% 7.% 6.%.3% % 0.4% 58.7%.9 9

32 Magma Fincorp Limited- Initial Details MFL Securitisation Trust XXVI Investor,460.4,65.6,86.5 Asset class Car (8%), CV (9%), CE (4%) & Tractor (49%) Asset type (New, Used) Characteristics duration WAS WAL WAY 94%, 6% % 6.% Overdue composition (0,, ) 0,, First loss as % Support as % as Scheduled as % of pool Subordinated as %.4% 4.7% 6.7%.6%.6% - Rating/ Opinion CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) Equivalent - Facility CRISIL A- (SO) Equivalent - 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% - CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) Equivalent - Facility CRISIL A- (SO) Equivalent - 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) Equivalent - Facility CRISIL AA+ (SO) - Series A PTCs, CRISIL AA+ (SO) - Series A PTCs, CRISIL BBB (SO) Equivalent - 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 PTCs, CRISIL AAA (SO) - Series A PTCs, CRISIL AAA (SO) Equivalent - Facility CRISIL BBB- (SO) Equivalent - Second loss 5 MFL Securitisation Trust LI Car (0) 9%,9% % 6. 0,, 8.5%.8% 5.7%.% 8.3% - Provisional CRISIL AAA (SO) - Series A PTCs Provisional CRISIL AAA (SO) - Series A PTCs Provisional CRISIL AAA (SO) Equivalent - Provisional CRISIL BBB+ (SO) Equivalent - 6 MFL Securitisation Trust LII,00.,5.8,34.9 Car (0) 88%.% % 6. 0,, 8.%.8% 5.4%.% 8.6% - Provisional CRISIL AAA (SO) - Series A PTCs Provisional CRISIL AAA (SO) - Series A PTCs Provisional CRISIL AAA (SO) Equivalent - Provisional CRISIL BBB+ (SO) Equivalent - 30

33 Magma Fincorp Limited- Performance Initial pool 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 MFL Securitisation Trust XXVI,460.4 Car, CV, CE & Tractor.4% % 94.6% 99.9% % 6.% % 5.3% 3.8% 5.3% 3.% 0.9%.9% 7.8% % 3.8%.6 MFL Securitisation Trust XXVII,89.0 Car, CV, CE & Tractor.4% % 94.6% 4.8% 93.8% 7.5% 7.6% 5.6% 7.7% 5.3% 5.8% 4.7% 6.5% 4.5%.% % 93.7% 5.8% 5.9% MFL Securitisation Trust XXIX CV & Tractor 3.9% % 9.5% 98.6% 00.7% % 8.% 0.6% 7.% 8.9% 6.7% 8.6% 6.%.8% % 69.% 7.7% 8.5% MFL Securitisation Trust XLIX,784.7 Car, CV & CE 9.5% 9.6% 97.5% 97.5% -.4% % %.6% 8.9% 8.% Not relevant 5 MFL Securitisation Trust LI Car 8.5% % % % 9.8% 9.4% 8.4% Not relevant 6 MFL Securitisation Trust LII,00. Car 8.% 4.3% 9.4% 9.4% - 0.9% % % 9.5% 9.5% 8.7% Not relevant 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 % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion MIFL Securitisation Trust VI Tractor (0) 0, % 0,,.6% 4.8% 6.8%.8% 3.6% - CRISIL AAA (SO) Equivalent - CRISIL AA+ (SO) - Series A PTCs CRISIL AA+ (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - Magma ITL Finance Limited- Performance Initial pool 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 VI 53.6 Tractor.6% % 8.8% 88.5% 86.9% 7.9% 8.5% 4.7% 7.% 3.3% 6.6% % 4.3%.4%.8% 68.4% 86.7% 6..5%. 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 % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion MM Trust Mar 3 II, ,9.5 3,53. trapped CV (5%), UV (45%) & CE (3%) 0, % 5.9% 73%, 7%, 7.5% % - Rating withdrawn MM Trust Mar 3 IV trapped Tractor (0) 0, 4 63% 6.6% 96%, 4%, 7.9% % - Rating withdrawn 3 MM Trust March 4 I 6, , trapped CV (64%) & UV (36%) 0, % 85%, 5%, 8.3% % - Rating withdrawn 4 MM Trust March 4 II 4,0.4 4, ,47.7 trapped Tractor (0) 0, % 7.9% 94%, 6%, 7.5% % - Rating withdrawn 5 MM Trust March 4 III,965.,086.0,455. trapped Tractor (0) 0, % 7. 96%, 4%, 7.5% % - Rating withdrawn 6 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 MM Trust Mar 3 II MM Trust Mar 3 IV MM Trust March 4 I MM Trust March 4 II MM Trust March 4 III MM Trust September 04, , ,0.4,965. 3,94.5 trapped trapped trapped trapped trapped trapped Initial pool details Delinquencies Overdues Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future CV 7.5% % % 8.8% N.A. N.A...9% N.A. N.A...9% Tractor 7.9% % 643.6% 36.6% 6.6% N.A. N.A..%.% N.A. N.A..4%.% CV & UV 8.3% % 66.%.% 7.3% N.A. N.A. 3.5%.7% N.A. N.A. 3.4% 3.% Tractor 7.5% % % 6.4% N.A. N.A. 4.6% 3.6% N.A. N.A. 4.6% 3.5% Tractor 7.5% % 30.6% % N.A. N.A..7%.% N.A. N.A..6% Tractor % 96.6% % 6.8% 5.4% 3.6% 6.6% 4.6% 4. 3.% 5.% 3.7% % Data as of May 07. May 07 being last payout month, delinquencies and overdue data t available. as % of future TCR TCC Not relevant Not relevant Not relevant Not relevant 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 % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion IFMR Capital Mosec Azeroth Premium Microfinance % 0,, 9.4% CRISIL BBB (SO) / Watch Negative - Series A PTCs Multi Originator- Performance Initial pool 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 IFMR Capital Mosec Azeroth Premium Microfinance 9.4% % 93.9% 8.% 95.5% 0. N.A. N.A. N.A. N.A. 5.% N.A..8% N.A % - 5.8% Above 0 34

37 Muthoot Capital Services Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion Sanada CV IFMR Capital 06,3.9,09.7,9.4 TW 0, 8 76%.7% 0,, 5.7% % Series A - 8.% Series A - 4.% CRISIL A- (SO) - Series A PTCs CRISIL BB+ (SO) - Series A PTCs 3 Starling CV IFMR Capital 06 Firefinch CV IFMR Capital 07,07.,090.6, TW 0, %. TW 0, % 0.6% 0,, 0,, 8.5% % 6.5% % Series A - 8.3% Series A - 6.3% Series A 0. Series A 8. CRISIL A- (SO) - Series A PTCs CRISIL BBB (SO) - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BBB (SO) - Series A PTCs Muthoot Capital Services Limited- Performance Initial pool details Delinquencies Overdues Sanada CV IFMR Capital 06,3.9 Asset class MPS Amortisation CCR 3 month average MCR Cumulative prepayments Loss on repossession and sale credit % of future TW 5.7% 0 67.% 98.% 97.8% 99..6% 0.6% 0.% 0.6% %. 0.% % 9.6% 54. as % of future TCR TCC Above 0 Starling CV IFMR Capital 06,07. TW 8.5% % % 97.7%.5% 0.3% % 0.% 0.6% %.3% 63.3% Not relevant 3 Firefinch CV IFMR Capital TW 6.5% 3 9.8% 95.% 95.% - 0.5% % %.9% 7.5% 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,, ) First loss as % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion Meditrina IFMR Capital Microfinance ,, 3.% % Series A PTCs - 9.8% Series A PTCs - 4.7% Rating withdrawn 3 4 Brutus IFMR Capital 06 Kuichi IFMR Capital 06 Methe IFMR Capital Microfinance % Microfinance % Microfinance % 0,, 0,, 0,, 4.% %.8% %.7% % Series A PTCs - 0.5% Series A PTCs - 6.4% Series A PTCs - 9. Series A PTCs -.7% Series A PTCs - 8.3% Series A PTCs - 4.% Rating withdrawn - Series A PTCs, CRISIL A (SO) - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BBB+ (SO) - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BBB+ (SO) - Series A PTCs 5 Medon IFMR Capital Microfinance % 0,, 4.4% 5.% 9.3% - 9.5% - CRISIL A- (SO) - Series A PTCs 6 Jatasya Microfinance % 0,, 4.% % - CRISIL AA- (SO) - Series A PTCs 7 8 Pelican IFMR Capital 06 Targaryen IFMR Capital Microfinance % Microfinance % 0,, 0,,.5% % 3.% % Series A PTCs - 8.8% Series A PTCs -.6% Series A PTCs - 5.5% Series A PTCs -.4% CRISIL A+ (SO) - Series A PTCs, CRISIL BBB (SO) - Series A PTCs CRISIL A- (SO) - Series A PTCs, CRISIL BB- (SO) - Series A PTCs 9 Skylark IFMR Capital Microfinance % 0,,.6% 5.7% 6.9% - 9.8% - CRISIL A- (SO) - Series A PTCs 0 Kinglet IFMR Capital Microfinance % 0,, % Series A PTCs - 5.9% Series A PTCs -.7% CRISIL A- (SO) - Series A PTCs, CRISIL BB (SO) - Series A PTCs Jaithra Trust Microfinance % 0,,.8% % 3.8% CRISIL A- (SO) - Series A PTCs 36

39 Muthoot Microfin Limited- Performance Initial pool 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 Meditrina IFMR Capital Microfinance 3.% 7 9.6% 99.7% 97.% 97.9%.5%.5% 0.6% 0.7% 0.3%.% 0.7% 0.8% 0.3% Fully covered Fully covered 0. Not relevant Brutus IFMR Capital Microfinance 4.% % 99.4% 98.5% 98.7% 6.%. 0.3% 0.5% 0.3% 0.7% 0.4% 0.5% 0.% %.9% Above 0 3 Kuichi IFMR Capital Microfinance.8% % % 0.7% 0.9%.% 0.4% 0.7% 0.% 0.7% 0.4% 0.5% 0.% %.4% 69.% Above 0 4 Methe IFMR Capital Microfinance.7% 4 7.5% % 0.7% 0.3%.% 0.3% 0.7% 0.3% 0.7% 0.4%.% 0.3% % 39.9% 60.7% Above 0 5 Medon IFMR Capital Microfinance 4.4% 3 7.8% % 0.9%..% 0.3% 0.6% 0.% 0.7% 0.4% 0.5% 0.% % 9.9% 34.9% Above 0 6 Jatasya Microfinance 4.% 66.6% % 00.4% 9.4%.% 0.3% 0.7% 0.% 0.7% 0.4% 0.7% 0.3% %.% 68.% Above 0 7 Pelican IFMR Capital Microfinance.5% % 00.7% 8.9% 0.8% 0.% 0.3% % 0.% 0.6% 0.% % 6.6% 77.% Above 0 8 Targaryen IFMR Capital Microfinance 3.% 6.8% % 99.7% 9.%.% 0.4% 0.7% 0..% 0.6% 0.8% 0.% % 4.9% 77.8% Above 0 9 Skylark IFMR Capital Microfinance.6% 59.4% 98.8% % 7.4% 3.5% 0.7% 0.9% 0.%.6%.. 0.% % % Above 0 0 Kinglet IFMR Capital Microfinance % % 99.4% 8.6% 3.% 0.5% 0.7% 0..5% 0.9% 0.8% 0.% % 6.3% 8.6% Above 0 Jaithra Trust Microfinance.8% % 99.% 97.8% 00.6% 8.%.5% 0.% 0.% 0..4% 0.8% 0.6% 0.% % 6.9% 79.7% Above 0 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,, ) First loss as % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion STFCL Trust March 05,064.8, ,38. CV (86%), PV (7%) & others (7%) 7%, 93% 6 66% 6.3% 93%, 7%, CRISIL AAA (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - Sansar Trust March 05 III CV (86%), PV (8%) & others (6%) 6%, 94% 6 66% 6.% 89%, %, 8.8% 4.% 4.7% - 9.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - 3 Sansar Trust Mar 05 IV 4, , ,07.5 CV (89%), PV (9%) & others (5%) 5%, 95% 6 65% 6.6% 9,, 8.3% % - 9.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - 4 Sansar Trust December 05 II 4, ,78.3 5,34.3 CV (55%), PV (8%) & others (7%) 9%, 9% % 6.5% 98%, %, 0.8% 4.% 6.6% - 8.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB (SO) Equivalent - 5 Sansar Trust March 06 IV, ,0.7 3,484.3 CV (79%) & PV (%) 3%, 97% 4 4 6% 6.6% 0,, 8.3% 4.% 4.% CRISIL AAA (SO) - Series A PTCs CRISIL A- (SO) Equivalent - 6 Sansar Trust June 06 II 4,00.0 4,5.0 4,956. CV (9.5%) & others (7.5%) 4%, 76% 7 7% 6.6% 9%, 8%, 8.3% % - 9.7% - CRISIL AAA (SO) - Series A PTCs CRISIL A- (SO) Equivalent - 7 Sansar Trust September 06 3,47.4 3, ,85.6 CV (79%) & Others (%) 7%, 93% 3 68%.% 96%, 4%, 8.9% % -.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%), PV (7%) & others () 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 (78%) & others (%) 6%, 74% 7 7% 5.6% 9%, 9%, 8.9% % - 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 (86%) & others (4%) 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 CV (9%), PV (6) & others (%) 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 3 4 Sansar Trust October 06 II Sansar Trust December 06 II Sansar Trust March 07 V,56.4, , ,00.4 4, , , ,44.7 0, CV (66%), PV (6%) & Others (8%) CV (8%), PV (5%) & Others (4%) CV (84%), PV (7%) & Others (9%), % 9.9% 9%, 8%, 8.4% 4.% 4.% - 8.9% - 3%, 77% % 4%, 96% % 5.7% 9,, 89%, %, 9.6% % -.7% - 8.% 4. 4.% - 9.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 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,, ) First loss as % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion 5 Sansar Trust March 07 II 3,40.9 3, ,55. CV (66%), PV (5%) & Others (9%) %, 99% % 6.% 9%, 9%, 8.9% 4.% 4.8% - 9.4% - CRISIL AAA (SO) - Series A PTCs CRISIL BBB+ (SO) Equivalent - Second loss 39

42 Shriram Transport Finance Company Limited- Performance Initial pool 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 STFCL Trust March 05 0,64.8 CV, PV & others % 96.8%! 0.3% 00.7% 9.%.7%.9% 3.%.7%.3%.7%.5%.7% N.A % 6.% 47.5% 7.9 Sansar Trust March 05 III CV, PV & others 8.8% 7 83.% 97.%! 0.7% 93.% 9.9%.%.6%.7%.4%.8%.3%.9%.4% N.A % 6.% 37.3% Sansar Trust Mar 05 IV 4,860.7 CV, PV & others 8.3% %! 00.3% 99.% 9.9% 3.%.3% 3.5%.%.5%.%.6%.% N.A % 6.3% 43.% Sansar Trust December 05 II 4,375.6 CV, PV & others 0.8% 7 70.% 96.4% 96.8% 97.6% 7.4% 3.4%.6% 3.3%.6%.5%.7%.6%.6% N.A % 6.9% 55.4% Above 0 5 Sansar Trust March 06 IV,894.8 CV & PV 8.3% 3 55.% % 97.6% 4.5% 3.7%.% 3.%.4%.8%.%.3%.5% N.A % 7.3% 73.8% Sansar Trust June 06 II 4,00.0 CV & others 8.3% 39.5% 9.! 93.9% % 4.3%.4% 3.% 0.8% 3.4%.%.8% 0.7% N.A % 7.9% 78.% Sansar Trust September 06 3,47.4 CV & others 8.9% % 9.5% 94.4% 95.7%.3% 6.%.3% 3.5% 0.% 3.5%.%.7% 0.9% N.A % Sansar Trust Sep 06 II,909.6 CV, PV & others 9.% 8.% 93.7% %.5%.% 0.8%.4% 0.%.% 0.5%.8% 0.4% N.A % 4.9% 8.6% Above 0 9 Sansar Trust September 06 III 4,700.6 CV & others 8.9% 8 30.% 94.4% 93.7% 99.9% 4.7%.7% 0.7%.8% 0.%.% 0.8%.3% 0.4% N.A % 9.% 78.4% Above 0 0 Sansar Trust September 06 V 4,00.5 CV & others 9.8% % 88.8%! % 6. 8.%.% 4.9% 0.% 4.4%.9% 3..3% N.A % 8.8% 7.9%.5 Sansar Trust September 06 VI 5,008. CV, PV & others 9.% 9 46.% 85.! 9.% % 8.8%.% 5.% 0.% 4.%.7% 3.%.3% N.A % 3.% 70.5%.4 Sansar Trust October 06 II,56.4 CV, PV & others 8.4% % 94.4% 93.9% 95.6% 8.3% 4.%.%. 0..5%.6%.6% 0.5% N.A % 8.7% 75.9% Above 0 3 Sansar Trust December 06 II 4,00.4 CV, PV & others. 5 7.% 94.% 9.5% 00.7% 3.3%.6% % 0.4% 0.4% 0. N.A % 0.7% 78.4% Not relevant 4 Sansar Trust March 07 II 3,40.0 CV, PV & others 8.9% 9.6% 94.5% % % N.A % 80.5% Not relevant 5 Sansar Trust March 07 V 8,497. CV, PV & others 8.% 7.9% 9.5% 97.6% -.7% % N.A % 8.5% Not relevant! Due to data limitation, billings and collections for a few months are as per payout reports and t adjusted for advance collection. 40

43 SREI Equipment Finance Limited- Initial Details Investor Asset class Asset type (New, Used) Characteristics duration WAS WAL WAY Overdue composition (0,, ) as First loss as Support Second loss as as Scheduled as % Subordinated as Rating/ Opinion IIERT March 05,036.8,40.9,36.0 CE (0) 9, % 0,, 8.9% % - CRISIL AA (SO) - Series A PTCs SREI Equipment Finance Limited- Performance Initial pool 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 IIERT March 05,036.8 CE 8.9% % 97.6% 98.3% 96.8%.9% 3.4%.6% 3.5%.4%.4%.9%.%.8% %.9% 45.5%. 4

44 Tata Motors Finance Limited- Initial Details Characteristics Support Investor Asset class Asset type (New, Used) duration WAS WAL WAY Overdue composition (0,, ) First loss as % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion Indian Receivable Trust September 06 - A 7,47 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 pool 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 Indian Receivable Trust September 06 - A 7,47.4 CV % 95.8% % 4.% 0.8% 0.% 0.8% 0..% 0.%.% 0.% % % Above 0 4

45 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 % as % as Scheduled as % of pool Subordinated as % Rating/ Opinion Martell IFMR Capital 06,68. 9,86. 8,94. Microfinance ,, % 8.3% Ratings withdrawn Ujjivan Financial Services Limited- Performance Initial pool 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 Martell IFMR Capital 06,68. 9 Microfinance. 89.3% 98.% 0.5% 94.% 5.% 3.7%.4%.6% 0.%.7%.6%.9% 0.7% Fully covered Fully covered 0. Not relevant 43

46 Mortgage backed Securities 44

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48 Dewan Housing Finance Corporation Limited- Initial Details Asset class duration WAS WAL WAY as First loss as as % of pool 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 as % of pool MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit % of outstanding Available as % of outstanding TCR Nirmaan RMBS Trust - Series II - 04, % % 87.% % 39.% 0.4% 0.4% 0.4% 0.4% 0.% 0.% 0.% 0.% % 0.5% 80.4% Nirmaan RMBS Trust - Series V 04, % % 47.% 98.8% % 93.5% 37.3% 0.% 0. 0.% 0. 0.% %.7% 79.6% 46

49 Housing Development Finance Corporation Limited- Initial Details Asset class duration WAS WAL WAY as First loss as as % of pool 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 - 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 as % of pool MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit % of outstanding Available as % of outstanding TCR HDFC Assignment of Receivables March 009, % 83.4% 99.% 0.% 00.8% 7.5% 48.9% 0.5% 0.% 0.6% 0.3% 0.% 0.% 0.% 0.% % 6.7% 53.% HDFC Assignment of Receivables January 0 8, % % 58.9% 98.3% 00.5% 00.3% 7.5% 8.3% 0.8% 0.3% 0.8% 0.4% 0.% 0.% 0.% 0.% % 4.% 88.4% 3 HDFC Trust 04 5, % 45.8% 99.6% 00.6% 00.7% 8.3%. 0.7% 0.3% 0.7% 0.% 0.3% 0.% 0.3% 0.% 0..%.8%

50 ICICI Bank Limited- Initial Details Asset class duration WAS WAL WAY as First loss as as % of pool 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%.9% CRISIL AAA (SO) - Series A PTCs 3 Indian RMBS Trust Series V Housing loans % 8.4%.9% % CRISIL AAA (SO) - Series A PTCs 4 Indian RMBS Trust Series VIII Housing loans, % 8.4% 3.8% % CRISIL AAA (SO) - Series A PTCs 5 Indian RMBS Trust Series IX Housing loans, % 8.3%.6% % CRISIL AAA (SO) - Series A PTCs 6 Indian RMBS Trust Series X Housing loans 4, % 8.%.6% - -.9% CRISIL AAA (SO) - Series A PTCs 7 Nivas Trust Series V Housing loans 6, % 8.3%.% % 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, % % CRISIL AAA (SO) - Series A PTCs 0 Nivas Trust Series VII Housing loans IO Strip % % 4.9% 4.8% - CRISIL AAA (SO) - Series A PTCs, Series IO PTCs CRISIL AAA (SO) Equivalent - Mortgage Repack Trust Series I Housing loans IO Strip 6, % % - CRISIL AAA (SO) Equivalent - Series IO- A PTCs, Aawas Trust Series VI Housing loans IO Strip 3, % 8.6% 5.3% 5.7% 9.6% - CRISIL AAA (SO) Equivalent - Series A PTCs, Series A3 PTCs, Series B PTCs, 3 Aawas Trust Series III Housing loans IO Strip, % 8.4%.8% 4.9% 7.9% - CRISIL AAA (SO) Equivalent - Series A PTCs, Series A PTCs, 48 48

51 ICICI Bank Limited- Performance Indian Residential MBS Trust Series XI 3,59.3 Initial Details 3 month average MCR Delinquencies Overdues as % of pool MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit % of outstanding Available as % of outstanding % 97.9% 99.7% 98.5% 98.% 0.3% 55.% 0.3% 0.3% 0.3% 0.3% 0.% 0.% 0.% 0.% 0. Fully covered 53.8% 0. TCR Indian RMBS Trust Series IV 4, % % 9.6% 99.4% 96.8% 96.3% 0.9% 55.% 0.9% 0.9% 0.9% 0.9% 0.5% 0.5% 0.5% 0.5% 0. 5.% 7.% 78.% 3 Indian RMBS Trust Series V % % 90.7% 98.6% 03.5% 93.% 9.4% 74.6%.6%.5%.6%.5%.5%.5%.5%.5% 0.5% 9.8% 9.4% 8.8% 4 Indian RMBS Trust Series VIII, % % 93.6% % 94.8% 9.6% 73.7%.8%.8%.8%.8%.%.%.%.% % 8.4% 64.5% 5 Indian RMBS Trust Series IX, % % 93.7% 99.4% 00.5% 97.% 9.3% 60.9% 0.9% 0.9% 0.9% 0.9% 0.5% 0.5% 0.5% 0.5% % 8.3% 78.7% 6 Indian RMBS Trust Series X 4, % % 94.% 98.9% 99.9% 93.3%.7% 74.9%.4%.3%.4%.4% 0.8% 0.8% 0.8% 0.8% % 8.8% Nivas Trust Series V 6, % % 94.3% 98.4% 93.% 9.4% 7.8% 67.8%.9%.8%.8%.8%.%.%.%.% % 9.3% 7.7% 8 Griha Trust Series II, % 95.3% 99.5% 95.6% 97.6% 7.9% 70.% 0.6% 0.6% 0.6% 0.5% 0.4% 0.4% 0.4% 0.3% % 7.5% 66.9% 9 Nivas Trust Series VI 4, % % % 94.9% 94.7% 7.4% 7.8%.7%.7%.7%.7%.%.%.% % 7.9% 70.% 0 Nivas Trust Series VII IO Strip 5.4% % 90.7% 99.3%.7% 0.4%.5% 69.7%.3%.3%.5%.4% 0.8% 0.8% 0.9% 0.9% 0. Fully covered 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% % 93.6% % 95.%.4% -.4%.4%.4%.3% 0.8% 0.8% 0.8% 0.8% 0. Fully covered 46.3% 0. 3 Aawas Trust Series III,564.7 IO Strip % 98.% 99.4% 94.4% 94.5% 0.% 66.4% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.5% 0. Fully covered 30.%

52 Indiabulls Housing Finance Limited- Initial Details Asset class duration WAS WAL WAY as First loss as as % of pool 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 AA+ (SO) - Series A PTCs 5 Invation Trust XVI Dec 3 Housing loans %.4% 8.4% % CRISIL AA (SO) - Series A PTCs 6 Invation Trust XXII Feb 05 Housing loans, % 0.7% 9.8% % CRISIL AA+ (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 50 50

53 Indiabulls Housing Finance Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues as % of pool MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit % of outstanding Available as % of outstanding TCR Invation Trust III Dec,86..5% % 64.3% 99.9% 00.3% 99.8% 96.7% 47.4% % # 9.% 7.7% Invation Trust IX Jan 3 9, % % % 00.5% 00.9% 9.6% 69.5% % 0.5% 37.6% 3 Invation Trust VII Mar 3,070.9.% % 56.8% % % 38.% $ Invation Trust XIV Sep 3, % % 58.3% 99.9% 00.% % 40.3% % % 5 Invation Trust XVI Dec % % % % 37.7% % 8.3% 77.5% 6 Invation Trust XXII Feb 05, % % 39.8% % % 5.5% % 4.8% 8.4% 7 Invation Trust XXIV Sept 06, % % 5.9% 99.5% 99.3% 99.5% 95.7% 0.9% % 8.8% 75.% 8 Invation Trust XV Dec 06 5,6.9 3.% % 0.% 99.8% 99.8% 99.8% 99.% 7.6% % 5.8% 78.3% 9 Invation Trust XXVII Mar 07,93.5.5% 9 0.8% 4.9% % % 7.% 79.% # Reset of credit was done in September 07. pre and post reset are Rs.36.4 million and 8.4 million respectively. $ Reset of credit was done in September 07. pre and post reset are Rs.9.6 million and 89.6 million respectively. 5 5

54 Reliance Capital Limited- Initial Details Asset class duration WAS WAL WAY as First loss as as % of pool 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 (0) Loan against property (0) 0, % 4.5%.5% % CRISIL AAA (SO) - Series A PTCs, % 3.9% 3.7% % CRISIL AAA (SO) - Series A PTCs, %.6% % CRISIL AAA (SO) - Series A PTCs Reliance Capital Limited- Performance Initial Details 3 month average MCR Delinquencies Overdues as % of pool MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit % of outstanding Available as % of outstanding TCR Indian Receivable Trust - 3 0, % % 85.5% 97.6% 97.5% 88.6% 4.8% 69.4% 3..9% 3.%.9%.% % 7.4% 4.6% Indian Receivable Trust -, % % % 39.6% 57.3% 4.% 3.8% 4.% 3.9% 0.8% 0.8% 0.8% 0.8% % 4.6% 5.% 3 Indian Receivable Trust - 4, % % % 03.7% 95.5% 65.9% 57.%.6%.%.7%.7% 0.4% 0.3% 0.4% 0.3% % 4.6% 48.9% 5 5

55 Reliance Home Finance Private Limited- Initial Details Asset class duration WAS WAL WAY as First loss as as % of pool 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 RHFPL Assignment of Receivables March 0 RHFPL Assignment of Receivables March 0 II,8.3,03.5 Initial Details as % of pool MPS WAM Average yield Amortisation CCR 3 month average MCR TCE Cumulative prepayments Delinquencies Overdues credit % of outstanding Available as % of outstanding 3.9% % 8.6% % 99.5% 64.7% %.7% 46.4% % 83.% 99.7% 99.8% 0.8% 95.% % 0. 0.% 0.% % 0.9% 49.3% TCR 53 53

56 Standard Chartered Bank- Initial Details Asset class duration WAS WAL WAY as First loss as as % of pool Scheduled as Rating/ Opinion Mortgage Loan March III Housing loans % 9.8% 7.% 3.4% 3.8% 0.% Mortgage Loan June IV Housing loans %.6% 0.6% 5.% 5.5%.4% 3 Mortgage Loan June V Housing loans %.6% 6.% 4..%.4% 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 CRISIL AAA (SO) Equivalent - Acquirer CRISIL BBB (SO) Equivalent - Second loss CRISIL AAA (SO) Equivalent - Acquirer CRISIL BBB (SO) Equivalent - Second loss CRISIL AAA (SO) Equivalent - Acquirer CRISIL BBB (SO) Equivalent - Second loss Standard Chartered Bank- Performance Mortgage Loan March III Mortgage Loan June IV Initial Details as % of pool MPS WAM Average yield Amortisation CCR 3 month average MCR TCE Cumulative prepayments Delinquencies Overdues credit % of outstanding Available as % of outstanding 7.% 59.% 90.4% 98.6% 06.9% 94.5% 45.% 69.7% 0.5% 0.5% 0.7% 0.7% 0.3% 0.% 0.3% 0.3%.8% Fully covered % % 98.5% 98.5% 96.9% 43.% 69.% 0.7% 0.4% 0.7% 0.5% 0.% 0.% 0.% 0.%. Fully covered TCR 3 Mortgage Loan June V % % 9.4% 97.5% 9.7% 97.9% %.%..%. 0.9% 0.9% 0.9% 0.9% 3.3% Fully covered % 4 Mortgage Loan July VI % % 9.8% 98.6% 99.5% % 68.9% 0.6% 0.6% 0.6% 0.6% 0.3% 0.% 0.3% 0.%.5% Fully covered

57 Sundaram BNP Paribas Home Finance Limited- Initial Details Asset class duration WAS WAL WAY as First loss as as % of pool 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 as % of pool MPS WAM Average yield Amortisation CCR TCE Cumulative prepayments credit % of outstanding Available as % of outstanding TCR Santhanam Trust Series I, % 47.8% 99.4% 99.6% 00.6% 90.5% % 0.% 0.6% 0.% 0.% 0. 0.% % 0.%

58 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. 3. 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. 4. 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. 5. 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. 6. 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 56

59 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. 7. 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. 57

60 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) Note: 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.. 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. 58

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