Rating Rationale
June 12, 2023 | Mumbai

Sansar Trust Sep 2021 II

(Originator: Shriram Finance Limited)

Ratings withdrawn on Series A1(a) PTCs, Series A1(b) PTCs, Series A1(c) PTCs, Series A1(d) PTCs and Series A1(e) PTCs; ‘CRISIL AAA (SO)’ reaffirmed on Series A1(f) PTCs, rating on series A2 PTCs upgraded to ‘CRISIL AA- (SO)’ and credit opinion on second loss facility upgraded to ‘CRISIL A (SO) Equivalent’

 

Rating action:

Trust Name

Instrument details

Amount Rated (Rs Cr)

Outstanding Rated Amount $

(Rs Cr)

Original Tenure#

(Months)

Residual Tenure# (Months)

Credit Collateral

(Rs Cr)

Ratings/ Credit Opinions&

Rating Action

SANSAR TRUST SEP 2021 II

Series A1(a) PTCs

25.57

--

3

--

--

CRISIL A1+ (SO)

Withdrawn

Series A1(b) PTCs

26.57

--

6

--

--

CRISIL A1+ (SO)

Withdrawn

Series A1(c) PTCs

27.81

--

9

--

--

CRISIL A1+ (SO)

Withdrawn

Series A1(d) PTCs

28.63

--

12

--

--

CRISIL A1+ (SO)

Withdrawn

Series A1(e) PTCs

59.95

--

18

--

--

CRISIL AAA (SO)

Withdrawn

Series A1(f) PTCs

89.23

44.12

48

28

25.5

CRISIL AAA (SO)

Ratings Reaffirmed

Series A2 PTCs

13.57

9.98

48

28

CRISIL AA- (SO)

Upgraded from ‘CRISIL A (SO)’

Second Loss Facility

11.94

11.94

48

28

13.57

CRISIL A (SO) Equivalent

Upgraded from ‘CRISIL BBB+ (SO) Equivalent’

Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.

1 crore = 10 million

Refer to annexure for Details of Instruments & Bank Facilities

$ After May 2023 payout

# Indicates door to door tenure; actual tenure will depend on the level of prepayments in the pool and exercise of the clean-up call option

&Interest payouts to all tranches of Series A1 PTC are promised on a monthly basis, while Series A2 PTC holders will receive residual yield. Principal repayment to Series A1 PTC tranches will be made in order of precedence as per transaction structure and to Series A2 PTC holders only by final maturity date of the pool i.e., promised on ultimate basis.

Detailed Rationale

CRISIL Ratings has withdrawn the ratings assigned to Series A1 (a), Series A1(b) PTCs, Series A1(c) PTCs, Series A1(d) PTCs and Series A1(e) PTCs issued under the above transaction as the promised payouts have been made in full to the investors as per the terms of issue. A letter confirming the same has been received from the trustee. The rating action is in line with CRISIL Ratings’ policy for withdrawal of ratings.

 

CRISIL Ratings has reaffirmed its ‘CRISIL AAA (SO)’ rating on Series A1 (f) pass-through certificates (PTCs) and upgraded its rating to ‘CRISIL AA-(SO)’ from ‘CRISIL A (SO)’ on Series A2 PTCs issued by ‘SANSAR TRUST SEP 2021 II’ and upgraded its credit opinion to ‘CRISIL A (SO) Equivalent’ from CRISIL BBB+ (SO) Equivalent for the second loss facility. This securitisation transaction is backed by receivables from vehicle loans including new and used passenger vehicle (PV), heavy commercial vehicles (HCV), light commercial vehicles (LCV), and construction equipment (CE) originated by Shriram Finance Limited (SFL; rated ‘CRISIL AA+/CRISIL PPMLD AA+/Stable/CRISIL A1+’). The rating/ credit opinion is based on the credit support available to the PTCs, credit quality of underlying receivables, SFL’s origination and servicing capabilities, the payment mechanism, and soundness of the transaction’s legal structure.

 

The pool has exhibited good collection performance as seen by strong collections ratios. The cumulative collection ratio for the pool is robust at 99.5%. This has led to minimal delinquencies in the pool as reflected in 0+ overdue of 0.4%. The healthy collection performance coupled with amortisation of around 76.4% has led to an increase in the credit cover available to future PTC payouts from the cash collateral.

Key Rating Drivers & Detailed Description

Supporting factors:

  • Credit support available in the structure
    • As after May 2023 payout, credit collateral of Rs 25.50 crore (covering 48.6% of future Series A1 (f) PTC payouts) provides credit support to the rating of the PTCs. The PTCs also benefit from scheduled EIS, approximating Rs 22.70 crore (28.8% of the future Series A1 (f) PTC payouts) provides sufficient cushion to service future investor payouts
  • Healthy Collection Metrics
    • As of May 2023 payout, the CCR of the transaction is 99.5%. The 3-month average monthly collection efficiency is 103.1%.

 

Constraining factors:

  • Potential effect of macro-economic headwinds
  • Borrowers in the underlying pool could come under pressure due to a challenging macroeconomic environment. Headwinds such as increased fuel costs, an increasing interest rate scenario, and moderation in demand on account of inflation and geo-political uncertainties. These factors may hamper pool collection ratios. 

Liquidity: Strong

Liquidity position is strong given that the credit enhancement (internal and external combined) in the structure is above 1.5 times the estimated base shortfalls on the residual pool cash flows.

Rating Sensitivity factors

Upward factors:

  • For Series A1 (f) PTC: None
  • For Series A2 PTC: Credit enhancement (both internal and external combined) available in the structure exceeding 2.1 times the estimated base shortfalls on the residual pool cash flows of the pool.
  • For Second Loss Facility: Credit enhancement (both internal and external combined) available in the structure exceeding 1.5 times the estimated base shortfalls on the residual pool cash flows of the pool.

 

Downward factors:

  • For Series A1 (f) PTC: Credit enhancement (based on both internal and external combined) falling below 2.3 times the estimated base shortfalls on the residual pool cash flows.
  • For Series A2 PTC: Credit enhancement (based on both internal and external combined) falling below 1.8 times the estimated base shortfalls on the residual pool cash flows.
  • For Second Loss Facility: Credit enhancement (based on both internal and external combined) falling below 1.3 times the estimated base shortfalls on the residual pool cash flows.
  • A sharp down grade in the ratings of the servicer/originator
  • Non-adherence to the key transaction terms envisaged at the time of the rating

 

These aspects have been factored by CRISIL in its rating analysis.

About the Pool

The securitisation transaction is backed by a pool of  vehicles including vehicle loans including new and used passenger vehicle (PV), heavy commercial vehicles (HCV), light commercial vehicles (LCV), and construction equipment (CE) loans originated by Shriram Finance Limited. The pool has amortised 76.4% over the past 20 payouts. The top 3 states (Karnataka, Tamil Nadu, and BIhar) account for 37.9% of the pool principal. The average ticket size of pool loans is Rs 5.8 lakh, and the weighted average interest rate and LTV (at disbursement) for pool loans was 14.2% and 69.6% respectively.

 

Pool Performance Summary (as after May 2023 payouts)

Parameters

SANSAR TRUST SEP 2021 II

Asset Class

New and used PV, HCV, LCV, and CE loan receivables

Months Post Securitisation

20

Balance Tenure (Months)

28

Principal Amortisation

76.5%

Cumulative Collection Ratio (%)

99.5%

Average Monthly Collection Ratio over Past 3 Months

103.1%

Credit collateral (% of scheduled Series A1 PTC future payouts)

48.6%

90+ Delinquency (% of initial POS)

0.3%

180+ Delinquency (% of initial POS)

0.2%

Credit collateral utilisation

0.0%

 

Rating Assumptions

To assess the base case shortfalls for the transaction, CRISIL Ratings has analysed the static pool information (with information on 90+DPD) on new and used vehicles portfolio of SFL for originations in the period FY2013 to FY2023 (with performance data until Dec 2022). CRISIL Ratings has also analysed performance of rated securitisation transactions, and the performance of SFL’s portfolio. As of Dec 2022, 90+dpd for the used and new portfolio are 2.8% and 5.7%, respectively.

 

CRISIL Ratings has also factored in pool-specific characteristics and estimated the base case peak shortfalls in the pool in the range of 4.0-6.0% of pool cash flows. The base shortfall estimate is for the current contracts in the pool. CRISIL Ratings has additionally factored in overdues in the pool, and applied stresses commensurate with the rating level to arrive at the rating of the transaction.

 

  • CRISIL Ratings has assumed a stressed monthly prepayment rate of 0.3 to 1.3% in its analysis.
  • CRISIL Ratings does not envisage any risk arising on account of commingling of cash flows since CRISIL Ratings' short term rating on the servicer is 'CRISIL A1+'
  • CRISIL Ratings has adequately factored in the risks arising on account of counterparties (refer to counterparty details below)
  • CRISIL Ratings has run sensitivities based on various shortfall curves (front-ended, back-ended, and normal) and has adequately factored the same in its analysis.

 

Counterparty details

Capacity

Counterparty Name

Counterparty Rating/ Track record

Effect on credit ratings in case of non-performance

Originator and seller

SFL

Rated ‘CRISIL AA+/CRISIL PP-MLD AA+/CRISIL A1+’

No effect.

Servicer

SFL

Rated ‘CRISIL AA+/CRISIL PP-MLD AA+/CRISIL A1+’

Significant effect, because of change in servicing quality and replacement cost of servicer (not factored in by CRISIL Ratings, given its rating on servicer). However, CRISIL Ratings does not envisage the requirement for replacement.

Collection & Payout Account

ICICI Bank

Rated 'CRISIL AAA/CRISIL AA+/Stable'

Negligible effect. Account bank can be changed without impacting the rating.

Second loss facility in the form of Fixed Deposit

ICICI Bank

Rated 'CRISIL AAA/CRISIL AA+/Stable'

Negligible effect. Bank with whom the fixed deposit is maintained can be changed without impacting the rating.

First loss facility in the form of Fixed Deposit

ICICI Bank

Rated 'CRISIL AAA/CRISIL AA+/Stable'

Negligible effect. Bank with whom the fixed deposit is maintained can be changed without impacting the rating.

Trustee

IDBI Trusteeship Services Limited

Adequate track record

Negligible effect. Can be replaced at minimal cost.

 

About the Originator

Following the consummation of the merger of Shriram City Union Finance (SCUF) and demerged undertaking of Shriram Capital Limited with Shriram Transport Finance Company Ltd. (STFCL), the company has been renamed to Shriram Finance Ltd (SFL). Shriram Housing Finance Ltd (SHFL) continues to operate as a subsidiary of SFL which holds around 85.02% stake in the same. Pursuant to the consummation of the transaction, Shriram Capital and Shriram City Union Finance Ltd (SCUF) cease to exist.

 

STFCL, incorporated in 1979, was registered with RBI as a deposit-taking, asset-financing non-banking financial company. STFCL provides financing for vehicles such as CVs (both pre-owned and new), tractors, and passenger vehicles.

 

SCUF, was incorporated in 1986 and predominantly operates in the retail financing segment with a focus on small enterprise loans, two-wheeler financing, gold loans, housing loans and others (auto and personal loans).

 

Past rated pools

CRISIL Ratings has ratings outstanding on 23 securitisation transactions originated by SFL. CRISIL is receiving monthly performance reports pertaining to these transactions.

 

Key Financial Indicators – SFL consolidated (CRISIL Ratings estimates)

Particulars (for the period ending)

Unit

Sep 2022

2021

Total assets

Rs. Cr.

2,03,353

NA

Total income (net of interest expenses)

Rs. Cr.

8,027

NA

Profit after tax

Rs. Cr

2,771

NA

Gross NPA

%

6.5

NA

Adjusted Gearing

Times

4.3

NA

Return on managed assets

%

2.8

NA

 

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Type of

Instrument

Rated

Amount

(Rs Cr)

Date of

Allotment

Maturity Date*

Coupon Rate

(%) (p.a.p.m)

Complexity level

Outstanding

Ratings/

credit opinions

Credit collateral (Rs Cr)^
INE0J4L15018

Series A1(a) PTCs

25.57

16-Sep-21

22-Dec-21

5.00

Highly complex

Withdrawn

25.50@
INE0J4L15026

Series A1(b) PTCs

26.57

22-Mar-22

5.25

Withdrawn
INE0J4L15034

Series A1(c) PTCs

27.81

22-Jun-22

5.50

Withdrawn
INE0J4L15042

Series A1(d) PTCs

28.63

22-Sep-22

5.75

Withdrawn
INE0J4L15059

Series A1(e) PTCs

59.95

22-Mar-23

6.00

Withdrawn
INE0J4L15067

Series A1(f) PTCs

89.23

22-Sep-25

6.50

CRISIL AAA (SO)
INE0J4L15075

Series A2 PTCs

13.57

22-Sep-25

Variable

CRISIL AA- (SO)
Not Applicable

Second Loss Facility

11.94

22-Sep-25

Not Applicable

CRISIL A (SO) Equivalent

13.57

1 crore = 10 million

*Indicates door to door tenure. Actual tenure will depend on the level of prepayments in the pool and exercise of the clean-up call option.

# Additionally, Internal credit support in the form of scheduled EIS assuming zero prepayments aggregating Rs 15.14 crore for Series A1 PTCs

@ Includes a second loss facility of Rs. 11.94 crore

&Interest payouts to all tranches of Series A1 PTC are promised on a monthly basis, while Series A2 PTC holders will receive residual yield. Principal repayment to Series A1 PTC tranches will be made in order of precedence as per transaction structure and to Series A2 PTC holders only by final maturity date of the pool i.e., promised on ultimate basis.

Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Series A1(a) ST 25.57 Withdrawn 15-03-23 CRISIL A1+ (SO) 13-12-22 CRISIL A1+ (SO) 31-12-21 CRISIL A1+ (SO)   -- --
      --   -- 17-06-22 CRISIL A1+ (SO) 21-09-21 CRISIL A1+ (SO)   -- --
      --   --   -- 16-09-21 Provisional CRISIL A1+ (SO)   -- --
Series A1(b) ST 26.57 Withdrawn 15-03-23 CRISIL A1+ (SO) 13-12-22 CRISIL A1+ (SO) 31-12-21 CRISIL A1+ (SO)   -- --
      --   -- 17-06-22 CRISIL A1+ (SO) 21-09-21 CRISIL A1+ (SO)   -- --
      --   --   -- 16-09-21 Provisional CRISIL A1+ (SO)   -- --
Series A1(c) ST 27.81 Withdrawn 15-03-23 CRISIL A1+ (SO) 13-12-22 CRISIL A1+ (SO) 31-12-21 CRISIL A1+ (SO)   -- --
      --   -- 17-06-22 CRISIL A1+ (SO) 21-09-21 CRISIL A1+ (SO)   -- --
      --   --   -- 16-09-21 Provisional CRISIL A1+ (SO)   -- --
Series A1(d) ST 28.63 Withdrawn 15-03-23 CRISIL A1+ (SO) 13-12-22 CRISIL A1+ (SO) 31-12-21 CRISIL A1+ (SO)   -- --
      --   -- 17-06-22 CRISIL A1+ (SO) 21-09-21 CRISIL A1+ (SO)   -- --
      --   --   -- 16-09-21 Provisional CRISIL A1+ (SO)   -- --
Series A1(e) LT 59.95 Withdrawn 15-03-23 CRISIL AAA (SO) 13-12-22 CRISIL AAA (SO) 31-12-21 CRISIL AAA (SO)   -- --
      --   -- 17-06-22 CRISIL AAA (SO) 21-09-21 CRISIL AAA (SO)   -- --
      --   --   -- 16-09-21 Provisional CRISIL AAA (SO)   -- --
Series A1(f) LT 44.12 CRISIL AAA (SO) 15-03-23 CRISIL AAA (SO) 13-12-22 CRISIL AAA (SO) 31-12-21 CRISIL AAA (SO)   -- --
      --   -- 17-06-22 CRISIL AAA (SO) 21-09-21 CRISIL AAA (SO)   -- --
      --   --   -- 16-09-21 Provisional CRISIL AAA (SO)   -- --
Series A2 LT 9.98 CRISIL AA- (SO) 15-03-23 CRISIL A (SO) 13-12-22 CRISIL A (SO) 31-12-21 CRISIL A (SO)   -- --
      --   -- 17-06-22 CRISIL A (SO) 21-09-21 CRISIL A (SO)   -- --
      --   --   -- 16-09-21 Provisional CRISIL A (SO)   -- --
Second loss facility LT 11.94 CRISIL A (SO) Equivalent 15-03-23 CRISIL BBB+ (SO) Equivalent 13-12-22 CRISIL BBB+ (SO) Equivalent 31-12-21 CRISIL BBB+ (SO) Equivalent   -- --
      --   -- 17-06-22 CRISIL BBB+ (SO) Equivalent 21-09-21 CRISIL BBB+ (SO) Equivalent   -- --
      --   --   -- 16-09-21 Provisional CRISIL BBB+ (SO) Equivalent   -- --
All amounts are in Rs.Cr.
Criteria Details
Links to related criteria
CRISILs rating methodology for ABS transactions
Evaluating risks in securitisation transactions - A primer
Legal analysis in structured finance transactions
CRISILs Criteria for rating short term debt

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