December 26, 2013
CRISIL assigns ‘CRISIL AAA (SO)’ on PTCs issued by Indian Receivable Trust 12

Transaction Name Details Structure Yield Terms Amount (Rs. Million) Tenure (months) # Rating Credit-cum-Liquidity Support (Rs. Million)^
Indian Receivable Trust 12 Series A PTCs Par Floating$ 1,582.3 248 CRISIL AAA (SO) 216.8

$Linked to the base rate of investor
#Indicates door-to-door tenure; actual tenure will depend on level of prepayments in the pool and exercise of the clean-up call option
^Additionally scheduled excess interest spread (EIS), amounting to Rs.545.2 million (assuming zero prepayments), also provides credit support to Series A PTCs

CRISIL has assigned its ‘CRISIL AAA (SO)’ rating to the pass-through-certificates (PTCs) issued by Indian Receivable Trust 12. The PTCs are backed by loan against property receivables originated by Reliance Capital Ltd (RCL; rated CRISIL A1+).

The rating is based on the credit quality of the pool cash flows, RCL’s origination and servicing capabilities, the transaction’s credit enhancement and payment mechanism, and the soundness of the transaction’s legal structure.

The receivables arise from a pool of loan against property contracts originated by RCL. The transaction has a ‘par’ structure. RCL will assign the pool to Indian Receivable Trust 12, managed by IDBI Trusteeship Services Ltd, which will issue PTCs to investors.

About the Pool
The pool is geographically diversified, with the top three states together accounting for 45.3 per cent of the principal outstanding. The pool has a good seasoning profile (weighted average net seasoning of 26.3 months); all receivables in the pool are from contracts that are current on payment as on the pool cut-off date. The pool has a low proportion of long-tenure contracts: the weighted average original tenure is 12.6 years. The pool has an average ticket size of Rs.3.7 million and the top 10 borrowers constitute 12.6 per cent of the pool principal.

Rated Pools
CRISIL has outstanding credit opinions/ratings on three assignment/securitisation transactions backed by home loans and loan against property receivables originated by RCL and Reliance Home Finance Pvt Ltd (RHFPL, a wholly owned subsidiary of RCL) as on date. The performance of the rated pools is in line with CRISIL’s expectations.

About the Originator
Established in 1986, RCL is a systemically important non-deposit taking non-banking financial company (NBFC-ND-SI). RCL is a part of the Reliance group, and is currently the holding and operating company for group entities which provide financial services. RCL, along with its subsidiaries and associates, has interests across the financial services spectrum, including asset management, mortgage and commercial finance, capital markets, and general insurance and life insurance.

RCL reported a total income and a profit after tax (PAT) of Rs.74.7 billion and Rs.7.0 billion, respectively, for 2012-13 (refers to financial year, April 1 to March 31), vis-à-vis Rs.65.8 billion and Rs.3.3 billion, respectively, for 2011-12.

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December 26, 2013