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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Pass Through Certificates (PTCs) | 41.40 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 41.40 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long term rating on the Pass Through Certificates (PTCs) of Rs. 41.40 Cr. issued by NEW HORIZONS SPDE under a securitisation transaction originated by TRUST INVESTMENT ADVISORS PRIVATE LIMITED (The Originator). The PTCs are backed by STRIPS (Separate Trading of Registered Interest and Principal Securities) of Government Securities (G-Secs) issued by Government of India with a Face Value quantum of Rs. 41.40 Cr.
The transaction has been paid in full. It has also been redeemed and all the contractual obligations and pay-outs to the investors have been duly completed. Hence, the rating is being withdrawn. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating and pursuant to a request received from the company in this regard. |
| About the Originator |
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Mumbai based Trust Investment Advisors Private Limited (TIAPL) was incorporated in 2006. TIAPL is a Mumbai based merchant banking arm of trust group and is registered under SEBI as a category 1 merchant banker along with a portfolio manager effective from October 2016. The company obtained its permanent merchant banking certificate in March 2017. TIAPL is one of the sustained leading non-bank arrangers in commercial paper segment along with bond markets. The company has established its leadership and expertise in the segment by being an arranger to innovative transactions namely Commercial Mortgage backed securities, Climate and sustainable energy bonds, BASEL III bonds, credit enhanced state government bonds to name a few.
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| Assessment of the Pool |
| Not applicable |
| Credit Enhancements (CE) |
| Not applicable |
| Transaction Structure |
| Not applicable |
| Assessment of Adequacy of Credit Enhancement |
| Not Applicable |
| Legal Assessment |
| Not applicable |
| Key Risks |
| Counter Party Risks |
| Not applicable |
| Concentration Risks |
| Not applicable |
| Servicing Risks |
| Not applicable |
| Regulatory Risks |
| Not applicable |
| Prepayment Risks |
| Not applicable |
| Commingling Risk |
| Not applicable |
| Rating Sensitivity |
| Not applicable |
| All Covenants |
| Not applicable |
| Liquidity Position |
| Not applicable |
| Outlook |
| Not applicable |
| Key Financials - Originator | ||||||||||||||||||||||||||||||||||||||||
*Total income equals to Net Interest Income plus other income
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| Any Other Information |
| Not applicable |
| Status of disclosure of all relevant information about the Obligation being Rated |
| Not applicable |
| Note on Complexity Levels of the Rated Instrument |
| In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm |
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