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CRISIL Ratings - Rating Action : Yes Bank Limited

September 05, 2008
Mumbai

CRISIL ‘P1+(so)’ for PTCs issued by ICLST 2008 – Series 37 under YES BANK’s securitisation programme

Series A1 PTCs with Cash Flows of Rs.1000.00 Million Backed by Loan Receivables from Shapoorji Pallonji & Company Ltd	P1+(so)
Series A2 PTCs with Cash Flows of Rs.120.00 Million Backed by Loan Receivables from Shapoorji Pallonji & Company Ltd	P1+(so)

CRISIL has assigned a rating of ‘P1+(so)’ to Series A1 and A2 pass-through certificates (PTCs) issued by Indian Corporate Loan Securitisation Trust (ICLST) 2008 – Series 37. The PTCs are backed by loan receivables from Shapoorji Pallonji & Company Ltd (SPCL). The receivables arise from a loan of Rs.1000 million disbursed to SPCL by YES Bank Ltd (YBL). The ‘P1+(so)’ rating indicates that the degree of safety regarding the timely payment on the instrument is ‘very strong’.

The rating is based on the credit quality of the underlying loan receivables from SPCL, the payment mechanism and transaction structure that are designed to ensure timely payment of obligations on the PTCs, and the soundness of the transaction’s legal structure.

The terms of the loan include a bullet repayment of the principal by SPCL at the end of 365 days from the date of disbursement, and monthly interest at a fixed rate. YBL assigned the loan to ICLST 2008 – Series 37, which, in turn, has issued the PTCs. The PTCs have tenure of 365 days. Series A1 PTCs is a principal-only strip; its investors are entitled to the bullet principal repayment. Series A2 PTCs is an interest-only strip; its investors are entitled to receive the monthly interest payments. The transaction is based on a ‘premium’ structure, where the trust pays an amount equal to the discounted value of the loan receivables to the seller. IL&FS Trust Co Ltd is the trustee to the transaction.

About SPCL
The Shapoorji Pallonji group has been in the construction business for the past 140 years. It is the oldest operating construction group in India and has an established presence in various segments of the construction industry. SPCL is the flagship company of the group and accounts for a significant proportion of the group's turnover.

Over the past four years, SPCL's topline has registered a compounded annual growth rate (CAGR) of approximately 45 per cent, with its future growth supported by a strong order book. The company reported an operating income of Rs.22.83 billion and a net profit of Rs.1.27 billion in 2007-08 (refers to financial year, April 1 to March 31).

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