(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Platinum Trust - November 2013 http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=743715 HONG KONG/MUMBAI/NEW DELHI, March 28 (Fitch) Fitch Ratings has assigned a rating to Platinum Trust - November 2013's pass-through certificates (PTC) as follows: INR4,034.6m Series A PTC due December 2017: 'BBB-sf'; Stable Outlook The rating addresses timely payment of interest and principal in accordance with the scheduled payout in the transaction document. The distribution tax will be deducted from the scheduled payout before the income is distributed by the trust to the PTC holders. The transaction document has specified that the variation in the scheduled payouts on account of deductions for the distribution tax shall not amount to any PTC event of default. The transaction is a static securitisation of Indian rupee-denominated commercial vehicle loans originated by Cholamandalam Investment and Finance Company Limited (CIFCL), which is also the servicer. KEY RATING DRIVERS The rating and outlook reflect adequate external credit enhancement (CE) of 9.5% of the initial principal balance, CIFCL's origination practices, servicing experience, and expertise in collection and recovery of commercial-vehicle loans in India. The transaction is supported by a sound legal and financial structure. The CE is cash collateral in the form of fixed deposits - with Axis Bank and Canara Bank, both rated at 'BBB-' and 'F3' by Fitch - in the name of the originator with a lien marked in favour of the trustee. The credit enhancement is deemed sufficient to cover the commingling risk of the servicer and the liquidity for the timely payment of PTCs. India's economic situation has been factored into Fitch's analysis. The 2012 vintage showed more delinquencies at 90 days past due than earlier and subsequent vintages as a result of unfavourable economic conditions in 2012. The agency has considered the heightened economic risks in India in its base-case default-rate assumptions. The default rate, recovery rate and time to recovery, together with the portfolio's weighted-average yield, were stressed in Fitch's Asia-Pacific ABS cash flow model to assess the sufficiency of cash flow for timely payment at the current rating level. Fitch has received the latest servicer report dated March 2014, and finds that the delinquencies at 90 days past due have performed in line with other CIFCL's transactions rated by Fitch, at the same level of seasoning. No interest-rate or foreign-currency risks exist in the transaction, as both the assets and the PTCs are fixed-rate and denominated in rupees. The collateral pool to be assigned to the trust at par had an aggregate outstanding principal balance of INR4,035m and consisted of 15,587 loans as of 31 October 2013. The collateral pool had a weighted average (WA) loan-to-value ratio of 82.9%, a WA seasoning of 14 months and a WA yield of 14.9%. Loans for new commercial vehicles accounted for about 92% of the pool with the rest being loans for used commercial vehicles. Loans that were 1-30 days past due accounted for 10.3% of the pool, and 9.7% of the pool had overdue amounts valued at over 5% of the monthly instalment. RATING SENSITIVITIES Based on Fitch's sensitivity analysis, the base-case default rate would need to increase by at least 15% from the current rate, or the base-case recovery rate to decline by at least by 26%, before a rating downgrade to BB+ would be considered. The sensitivity analysis assumes that the CE and other factors remain constant. The rating could be upgraded if the ratings of both banks holding the cash collateral are upgraded to above 'BBB-' and the portfolio performance remains sound, with adequate CE that can withstand stress under a rating scenario of above 'BBB-sf'. CIFCL has assign commercial vehicles loans to the trust, which in turn issued the PTCs. The PTC proceeds were used to fund the purchase of the underlying loans. An appendix to the press release, describing the representations, warranties, and enforcement mechanisms, has been published today. Contacts: Primary Analyst April Chen Director +852 2263 9936 Fitch (Hong Kong) Limited 2801, Tower Two, Lippo Centre 89 Queensway Hong Kong Secondary Analyst Jackerin Jeeradit Associate Director +662 108 0163 Committee Chairperson Helen Wong Senior Director +852 2263 9934 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: [email protected]. Additional information is available at www.fitchratings.com. The source of information used to assess the rating was CIFCL as the originator and servicer. The information provided by the originator to support Fitch's asset analysis included CIFCL's static and dynamic portfolio data from April 2004 to December 2013 and the securitised pool loan-by-loan data as of 31 October 2013. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. Applicable criteria 'APAC Consumer ABS Rating Criteria', dated 24 July 2013, 'Global Structured Finance Rating Criteria', dated 24 May 2013, 'Counterparty Criteria for Structured Finance and Covered Bonds', dated 13 May 2013, and 'Criteria for Rating Securitizations in Emerging Markets', dated 27 Jun 2013, are available at www.fitchratings.com. Related Research: 'Platinum Trust - November 2013 Representations & Warranties Appendix', dated 28 March 2014, 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions', dated 17 April 2012 Applicable Criteria and Related Research: Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions -- Amended http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496 APAC Consumer ABS Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711196 Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661 Counterparty Criteria for Structured Finance and Covered Bonds http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155 Criteria for Rating Securitizations in Emerging Markets http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711605 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=825452 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.