Mumbai
^As after November 2014 payouts
#Indicates door-to-door tenure, between date of placement and final maturity; actual tenure will depend on the level of prepayments in the pool and the extent of shortfalls &Series A PTC holders are entitled to receive interest and principal on fortnightly basis. There is an indicative schedule for principal repayments for Series A PTCs; however, the structure allows for principal payments to be made by maturity date of PTCs (timely interest and ultimate principal payment structure) *Additionally, scheduled cash flow subordination, assuming no prepayment and foreclosures, of Rs.52.4 million being available as credit support to Series A1 PTCs $ Additionally, scheduled cash flow subordination, assuming no prepayment and foreclosures, of Rs.25.4 million being available as credit support to Series A1 PTCs CRISIL has upgraded its ratings on Series A PTCs under the transactions “Orchid JFSIBL February 2014” and “Orchid JFSIBL March 2014”. The rating on Series A PTCs under these transactions has been upgraded to ‘CRISIL AA+ (SO)’ from ‘CRISIL A+ (SO)’. These transactions are backed by microfinance loan receivables originated by Janalakshmi Financial Services Private Limited (JFSPL; rated ‘CRISIL BBB+/Stable/CRISIL A2+’). These transactions are structured at ‘Par with turbo amortisation’. The upgrade in these transactions is driven by the strong collection performance of the pool (refer to the pool performance summary) which has led to an increase in the cover available from the outstanding credit collateral in each of these transactions. Pool Performance Summary (as after November 2014 Payouts)
@CCR = {Total collections in the pool/(total billings + opening overdues at the time of securitisation)}
#Total overdues = (Total overdues in the pool expressed as a percentage of initial pool principal)
About the Originator Janalakshmi disbursed loans aggregating Rs.23.8 billion in 2013-14. It operates in 16 states, with Karnataka and Tamil Nadu together accounting for around 44 per cent of its total loans outstanding as on March 31, 2014 (53 per cent as on March 31, 2013). Janalakshmi reported a profit after tax (PAT), on a provisional basis, of Rs.506 million on total income Rs.4.1 billion for 2013-14, against net profit of Rs.181 million on total income Rs.1.7 billion for 2012-13. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Note: This rating rationale transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its rationales for consideration or otherwise through any media including websites, portals etc. |
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