Shriram Transport Finance Company Ltd.

Corporate Presentation

January 2010
Disclaimer

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2
Contents
Index

1 Company Overview

2 Business Analysis

3 Financial Performance

ONE OF INDIA’S LARGEST ASSET FINANCING NBFC

All figures in Rs. unless stated otherwise

3
1 Company Overview
One of the Leaders in High-Yield Pre-Owned CV Financing

Shriram Transport Finance Company Limited (STFC) is one of the

Operating Revenue Break Up
largest asset financing NBFC with approximately 20-25%(1) market
share in pre-owned and approximately 7-8%(2) market share in new
FY09 – Rs. 36.68 bn 9M FY10 – Rs. 32.48 bn
truck financing

Strategically present in high yield - pre-owned CV financing with
expertise in loan origination, valuation and collection 10.1%
8.6%

Expanded product portfolio to include financing of tractors, small 0.7%
0.1%
commercial vehicles, 3-wheelers, passenger commercial vehicles and
construction equipment 91.3% 89.2%

Large customer base in excess of 0.6 mn as of December 31, 2009

Employee strength of approximately 12,830 including 6,815
product/credit executives as of December 31, 2009

Listed on the National Stock Exchange and Bombay Stock
Exchange with a market capitalisation of over Rs. 10,900 Cr Fund Based Income from Securitisation Fee Based

Equity investment from reputed private equity and institutional

investors including TPG Newbridge(3)

Large Assets Under Management (as of December 31, 2009) Extensive Distribution Network

Total Assets Under Management (AUM) of Rs. 281.79 bn
Pan-India presence through a network of
● Pre-Owned CV: Approximately Rs. 209.20 bn ● 55 Strategic Business Units (SBUs)
● New CV: Approximately Rs. 72.59 bn ● 482 branch offices

Partnership with over 500 Private Financiers

(1) Estimated as total vehicles financed by STFC/total new vehicles sold in India over the last 5-12 year period. Undue reliance should not be placed on such market share data 5
(2) Estimated an basis of new vehicles sold . Undue reliance should not be placed on placed on such market share data
(3) TPG Newbridge investment is in t he holding company i.e. Shriram Holding Madras Pvt. Limited
Corporate History

Successfully placed Rs. 10 bn of NCD with domestic

investors
AUM: Rs. 281.79 bn 2009
Purchased hypothecation loan outstandings of
commercial vehicles and construction equipments of GE
As of December 31, 2009
Capital Services India and GE Capital Financial Services
(GE) aggregating to approximately Rs. 11 bn

Merger of Shriram Investment Ltd. and Shriram Overseas Finance

2005-06 Ltd. With STFC ; PAT crosses Rs. 1,000 mn (2006)

Investment from ChrysCapital and TPG Newbridge (2005)(1)

Preferential Allotment to Citicorp Finance (India) in 2002

2002-04

Preferential Allotment to Axis Bank and Reliance Capital in 2004

Tied up with Citicorp for CV financing under Portfolio Management Services (PMS)
AUM: Rs. 2.44 bn(2) 1999

The 1st securitization transaction by STFC

1984
Initial Public Offering

1979
STFC was established

(1) TPG Newbridge investment is in the holding company i.e. Shriram Holding Madras Pvt. Limited 6
(2) Prior to merger with Shriram Investment Limited and Shriram Overseas Finance Limited in FY 05
Unique Business Model

CV Financing Business Model

Pre Owned (5-

(5-12 Years Old CVs) New

Owned Funds Owned Funds

Average core lending business yields 18-24% Average core lending business yields 15-16%

Securitization
Average back-stop funding - Net spread: 5-6%

Small truck owners (less than 2-3 trucks) with

Target Segment
Existing customer base upgrading to new trucks
underdeveloped banking habits

Leadership position with a market share of 20-

Market Share
7-8%(2)
25%(1)

AUM of approximately Rs. 209.19bn at the end of
AUM of approximately Rs. 72.59 bn at the end of
Performance
Q3 FY10 Q3 FY10

FY04 FY05 FY06 FY07 FY08 FY09

Vehicles sold LCV 161,395 198,561 207,446 275,600 271,045 183,541

FY04-09(3)
during FY04- MHCV 98,719 119,877 143,237 247,040 250,361 200,581
Total 260,114 318,438 350,683 522,640 521,406 384,122

(1) Estimated as total vehicles financed by STFC/total new vehicles sold in India over the last 5-12 year period. Undue reliance should not be placed on such market share data 7
(2) Estimated an basis of new vehicles sold . Undue reliance should not be placed on placed on such market share data
(3) Source for vehicle sales: SIAM
Key Operating Metrics

Assets Under Management Total Income Net Profit

(Rs. bn) On books Off books (Rs. bn) 37.3 (Rs. bn)
6.1

53.6 25.1
44.0 3.9

14.2
36.6 1.9
179.2
151.0
83.9

FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09

Net Interest Income Net Interest Margin (NIM)(1) Overhead Cost/ Average Total Assets

(Rs. bn) 8.8%

14.0
3.0%
7.9%
7.2% 2.6%
10.3
2.2%

6.5

FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09

(1) Net interest Income /Average total interest bearing assets 8

2 Business Analysis
Strengths

1 Widespread Geographical Reach

2 Valuation Skills & Recovery/Collection Operation

3 Strong Balance Sheet

4 Strong Management Team

5 Organizational Structure: Credit Risk Focus

6 Strengthening Presence and Expanding Reach

10
 Widespread Geographical Reach:
1 Proximity to the Customer

Branch Locations Across India Pan--India Presence

Pan

55 SBUs
482 Branch Offices
Tie up with Over 500 Private Financiers

Regional Split of Branches

East
44
Central South East
54 138

North
72

South West
West 88
States with STFC Presence 86

As on December 31, 2009

11
 Valuation Skills & Recovery/Collection Operation:
2 Leveraging on Relationships

Valuation Skills: Knowledge driven valuation model

● Considerable expertise in valuation
of pre-owned trucks
● Valuation skills is critical to 60%-70% Loan
60%- Loan--to
to--Value
Ratio – Old CVs
succeed in this space given that Vehicle Assessment 75%--85% Loan to Value
75%
the amount of loan, EMI and a Ratio – New CVs
truck operator’s ability to repay
rests on the value of the truck

Recovery/Collection Operation: In
In--house Administered Loan Recovery
● Due to underdeveloped banking
habits of small truck operators, a
large part of monthly collections is Field Officers Vast Customer Base
in the form of cash
● Compulsory monthly visits to
borrowers by field officers help in
managing large cash collections
● Continuous monitoring of disbursed Knowledge & Relationship based Recovery Procedure
loans

Experience in credit appraisal & recovery/collection operations has lead STFC to

become one of the leading organized players in the sector

12
3 Healthy Asset Quality

Prudent Credit Norms NPA Levels

Substituted formal credit evaluation tools, such as IT 3.0%

returns and bank statements, with personal understanding

2.4%
of the customers’ proposed business model
2.5%

Client and truck-wise exposure limits 2.1%

2.0%

2.0%
Reasons for Low Delinquency 1.6%

Asset backed lending with adequate cover 1.5% 1.3%

Assets are easy to repossess with immediate liquidity

0.9%

Target segment generally operates on state highways and 1.0%
0.8% 0.7%
short distances, ferrying essential commodities

0.5%
Incentive Schemes

Well-defined incentive plan for field officers to ensure low

0.0%
default rates FY07 FY08 FY09 9M FY10

Field officers are responsible for recovery of loans they

Net NPA Gross NPA
originate

73% coverage between Gross/Net NPA

13
 3 Has Attracted Strong Interest from Quality Investors

Consistent track record and Current Shareholding

Key Shareholders* % age
high growth potential has (Mn Shares)
attracted reputed institutional
Shriram Holdings Madras Pvt. Limited(1) 93.37 43.88
and private equity investors to
infuse growth capital Genesis Indian Investment Company 13.38 6.29

Converted 8 mn optionally ICICI Prudential Life Insurance Company 12.22 5.75
convertible warrants at a price
of Rs 300 (US$ 6.5) per share in CS Holdings Pvt. Limited 2.30 1.08
June, 2009 issued through
preferential allotment in Fid. Funds (Mauritius) Limited 3.63 1.70
December, 2007 Reliance Life Insurance Company Limited 2.51 1.18

Allotted 11.658 mn equity
Columbia Acorn International 2.14 1.00
shares at Rs. 500.80 per share
to Qualified Institutional Buyers Norges Fund A/C Govt. Petroleum Fund 2.17 1.02
(QIB) for an aggregate sum of
Rs. 5.84 bn resulting in a Public & Others 81.05 38.10
dilution of around 5.20% to 45
Total 212.77 100.00
marquee global as well as
domestic funds and insurers,
*As on January 15, 2010
which included 22 existing
investors and the rest, new
investors on January 28, 2010

Capital Adequacy ratio as of

December 31, 2009: 16.99 %
Large Investments by major Institutional and Private Equity Investors

(1) TPG Newbridge has a stake in Shriram Holding Madras Pvt. Limited 14
3 Optimized Balance Sheet : Access to Low Cost Funds

Borrowings Improved Funding Mix as % of Overall Liabilities

Strategic mix of retail deposits and institutional funding

100%

Average cost of funds declined over the years with
increase in Bank/ Institutions liabilities
80%

Access to fixed rate long term loans of 3 - 5 years due to
strong relationships with public, private sector, foreign
banks and institutions 60% 78%
84% 84% 86%

40%
Securitization

Securitization of loan book at regular intervals to fund new

20%
originations and maintain growth momentum.
22%

Securitized assets portfolio stands at Rs. 66,262 mn at the 16% 16% 14%
end of Q3 FY10 0%
FY'07 FY'08 FY'09 9M FY10

Conservative recognition of income on account of
amortization of securitization income over the tenor of the Retail Banks/Institutions
agreements
Credit Ratings

Long term rating: AA+ from CARE & AA from FITCH Highest short term rating: F1+ from Fitch & P1+ from CRISIL

15
4 Strong Management Team

Over two decades of experience in financial services sector, especially in commercial vehicle financing

R. Sridhar
Joined Shriram Group in 1985 and is serving as the Managing Director since September 2000
Managing Director
Holds directorship in other Shriram Group companies

Fellow member of the Institute of Chartered Accountants of India

Umesh Revenkar
Joined as an Executive Trainee in 1987 and looks after operations of the CV finance business
Executive Director –
Operations
Holds a degree in MBA Finance

Over 17 years experience in finance industry

Parag Sharma
President – Finance
Joined in 1992 and now heads the Finance function, a qualified Cost Accountant

Over 26 years experience and 15 years of experience in finance industry

Vinay Kelkar
Executive Vice
Joined in 1995 and now heads the Compliance and Accounts function, a qualified Chartered Accountant & Cost
President
Accountant

Over 18 years experience in finance industry

S. Sunder
Senior Vice President
Joined in 1995 and now heads the Accounts and Administration function, a qualified Cost Accountant

Sanjay K Mundra

Over 18 years experience in the finance Industry
Vice President –
Investor and Media
Joined in 2007, a qualified Company Secretary
Relations

16
4 Board of Directors

Experienced International Corporate Business Advisor on financial strategy, M&A and capital raising

Held important positions in Bank of America during his 26 years’ tenure at various locations
Arun Duggal
Chairman
Presently, Director on board of Jubilant Energy Ltd., Patni Computers, Fidelity Fund Management, InfoEdge,
LNG Petronet, Dish TV India, Hertz (India), Shriram Properties, Shriram City Union Finance , Shriram EPC
Ltd. etc

Over two decades of experience in financial services sector, especially in commercial vehicle financing
R Sridhar
Joined Shriram Group in 1985 and is serving as the Managing Director since September 2000
Managing Director
Holds directorship in other Shriram Group companies

Fellow member of the Institute of Chartered Accountants of India

Currently Managing Director of IMA India and a Non-Executive Director on the Board of Sanmar Group,
Adit Jain International Assets Reconstruction Company and PR Pundit
Director

Holds degrees in Mechanical Engineering and Business Administration

Retired from the IAS. Served at senior positions in Finance Audit & Accounts departments of the government
S Venkatakrishnan and other public undertakings
Director
Has been serving an advisor to Shriram Transport Finance for over a decade and is also on the Board of
other Shriram Group companies

Mayashankar
Former Chairman of State Bank of India, with nearly five decades of experience in Indian financial sector
Verma
Director
Held various critical positions as Advisor to RBI, Chairman IDBI Bank and Chairman TRAI

17
4 Board of Directors

Mukund Manohar
Practicing Chartered Accountant. Former President of Institute of Chartered Accountants of India
Chitale
Serves as Director on the Boards of L&T Ltd, ASREC (India) Ltd, Ram Ratna Wires Ltd, ONGC, Mangalore
Director Petrochemicals Ltd. and Itz Cash Card Ltd

Partner of TPG Capital and country Head – India for TPG’s Asian Business
Puneet Bhatia

Former Chief executive of the Private Equity Group for GE Capital India
Director

Holds a degree in Commerce and an MBA from IIM, Calcutta

Subramanian
Member of Indian Administrative Services (IAS – retired)

Laksminarayanan
Additional Director
Served at senior positions in the Ministry of Home Affairs, Ministry of Communication & IT etc.

Senior Principal and Advisor to TPG Newbridge Capital

Ranvir Dewan

Fellow member of the Institute of Chartered Accountants in England & Wales and a member of the Canadian
Director
Institute of Chartered Accountants

Sumatiprasad M
Has extensive experience in the transportation business

Bafna
He currently serves on the board of directors of Seva Finance Ltd, Seva Transport Pvt. Ltd, Isuta
Director Electronics (India) Ltd, Bafna Motors (Ratnagiri) Pvt Ltd, Kishore Transport Services Pvt. Ltd.

18
5 Organizational Structure: Credit Risk Focus

National Product Heads Operations Head National Credit Risk Head Clearly Demarcated Responsibilities

Field Offices:

Credit Cell ● Direct contact with customers for

vehicle inspection & primary
valuation, sales-lead generation,
Regional Product Heads Regional Business Heads Regional Credit Risk Head
and collection & repossession in
the case of default

Credit Cell
Branch Officer (482 Branches) :

● Deciding the credit worthiness of

Product Managers Business Unit Heads Credit Risk Head individuals and arranging the
necessary documentation

● Each branch has ~15-20

Credit Cell
employees, 8-10 field officers, 6-8
support staff

SBU Head (55 SBUs):

Branch Heads
● Final deciding authority who
oversees 8-10 branches
Product Executives / Credit Executives

19
6 Strengthening Presence and Expanding Reach

Leverage the large pan-India network to enhance reach in North & East India, particularly in large
Core Business CV hubs

To increase market share in pre-owned CV market

Expanding the Pre-

Pre-
Owned CV
Introduce top-up products such as finance for tyres, working capital and engine replacement
Segment

Build partnership with private financiers in the unorganized market to leverage their local knowledge
Leveraging Private to enhance market share
Financiers

Partnered with more than 500 private financiers as of December 31, 2009

Axis Bank co-

co-
Tied up with Axis Bank to distribute credit cards to small truck owners
branded credit
cards
Distributed 65,000 credit cards as of December 31, 2009

20
6 Strengthening Presence and Expanding Reach (Contd.)

Freight Bill

Estimated market size of Rs. 60-70 bn(1) with higher yields than the existing CV financing business.
Discounting

Passenger
Estimated market size of Rs. 70 bn(1) for FY 09 backed by growth in population and an improving
Commercial
Vehicle Financing road infrastructure

Market experiencing growth with increasing policy thrust on agricultural mechanization.

Tractor Financing

The used tractor financing market is estimated at Rs. 192 bn(1) in FY09

Market expected to grow at an annual rate of 30% to reach over Rs. 300 bn(2) in 2010 driven by
Construction huge infrastructure spending during the 11th 5-Year Plan estimated at approximately Rs. 20 tn
Equipment
Financing
This business would be through our 100% subsidiary Shriram Equipment Finance Pvt Ltd under an
independent management which would focus on end-to-end equipment financing

Platform to facilitate buyers and sellers to meet for sale of pre-owned CVs, where STFC can earn
commission fees through its advisory services and also provide financing to the buyer
Truck Bazaar

STFC is creating a market for pre-owned trucks and such Bazaars are held in every branch once a
month

(1) Company estimates 21

(2) Industry estimate
 Innovative Marketing:
6 AutoMalls & Electronic Touch Screen Kiosks

Pre-owned commercial vehicle hubs across India for sale of:

AutoMalls
● Pre-owned vehicles
● New & refurbished pre-owned CVs manufactured by various manufacturers (“Shriram
New Look”)
● Repossessed vehicles with various financing companies

AutoMalls would be a one-stop shop for all CV owners needs with facilities like workshops
etc.

STFC intends to provide electronic advertising and trading infrastructure at these AutoMalls

The initiative would help STFC market its financial products and develop new customers
STFC intends to open its first AutoMall by Q4 FY10 and gradually expand to 50-60 AutoMalls
over 12-15 months

Touch Screen Kiosks

Physical Truck Bazaars shall be replaced by electronic Touch Screen Kiosks

Kiosks are to be installed at branches and AutoMalls

All data pertaining to vehicles including photographs shall be available at these kiosks

These initiatives would help STFC establish a presence at the “Entry Point” for sale of pre-owned CV s

22
3 Financial Performance
Key Operating Metrics

Assets Under Management Total Income Net Profit

On books Off books (Rs. bn) (Rs, bn)

32.5 6.1
(Rs. bn)

66.3
41.3
4.6
27.3
215.5
186.7

9M FY09 9M FY10 9M FY09 9M FY10 9M FY09 9M FY10

Net Interest Income Net Interest Margin (NIM) (1) Overhead Cost/ Average Total Assets

(Rs. bn) 2.7%

12.5 7.4%

2.1%

10.5 6.9%

9M FY09 9M FY10 9M FY09 9M FY10 9M FY09 9M FY10

(1) Net interest Income/Average total interest bearing assets 24

 Profit and Loss Statement
Rs mn
Profit & Loss Statement Q3 FY'09 Q1 FY'10 Q2 FY'10 Q3 FY'10 9M FY'09 9M FY'10 YoY % QoQ % FY'09
Income from Financing operations
- Fund Based 8,890.7 9,134.2 9,499.9 10,326.7 24,610.7 28,961.0 16.2% 8.7% 33,487.5
- Income from Securitisation 844.2 1,036.9 1,044.4 1,208.2 2,463.5 3,289.5 43.1% 15.7% 3,169.5
- Fees for trading 0.0 62.0 86.0 75.7 0.0 223.6 0.0% -12.0%
- Fee based 5.5 1.7 0.3 0.1 19.0 2.1 -98.7% -77.1% 21.9
Other Operating Income
Operating Income 9,740.4 10,234.8 10,630.6 11,610.7 27,093.2 32,476.2 19.2% 9.2% 36,678.9
Interest expended 5,411.1 5,384.3 5,248.3 5,708.0 14,218.3 16,340.6 5.5% 8.8% 19,279.4
Operating expenditure 1,361.9 1,454.8 1,229.7 1,318.8 4,035.7 4,003.3 -3.2% 7.3% 5,548.0
Core Operating Profit (before
Provisions & Contingencies) 2,967.4 3,395.7 4,152.6 4,583.9 8,839.2 12,132.3 54.5% 10.4% 11,851.5
Other Income 109.9 22.6 31.9 16.9 254.3 71.4 -84.6% -47.0% 412.3
Operating Profit 3,077.3 3,418.3 4,184.5 4,600.8 9,093.4 12,203.7 49.5% 9.9% 12,263.8
Provisions for Bad Debts 808.2 949.2 1,121.6 1,013.5 2,237.7 3,084.3 25.4% -9.6% 3,057.5
PBT 2,269.1 2,469.1 3,062.9 3,587.3 6,855.7 9,119.4 58.1% 17.1% 9,206.3
Tax 776.0 825.0 988.4 1,219.2 2,270.3 3,032.6 57.1% 23.4% 3,082.3
PAT 1,493.1 1,644.1 2,074.5 2,368.1 4,585.4 6,086.8 58.6% 14.2% 6,124.0
EPS (Rs) 7.34 8.01 9.80 11.16 22.55 29.02 52.0% 13.9% 30.11
Book Value (Rs) 110.88 127.54 137.20 145.44 110.88 145.44 31.2% 6.0% 113.82

Key Ratios (%) Q3 FY'09 Q1 FY'10 Q2 FY'10 Q3 FY'10 9M FY'09 9M FY'10 FY'09
Yield on Interest earning assets 17.75% 15.64% 15.80% 16.38% 17.48% 15.95% 17.15%
Yield on Truck receivables 18.72% 18.71% 18.43% 19.00% 18.65% 18.72% 18.66%
Cost of interest bearing Liabilities 12.08% 10.24% 9.69% 9.99% 11.36% 9.97% 11.08%
Net Interest Margin 6.95% 6.42% 7.07% 7.33% 7.38% 6.95% 7.28%
Return on Avg. Net Worth 27.23% 26.23% 29.62% 31.58% 29.93% 29.30% 29.11%
Return on Avg. Assets 2.84% 2.65% 3.22% 3.45% 3.11% 3.12% 2.99%
Fee-Income % of Total income 0.22% 0.07% 0.01% 0.00% 0.09% 0.01% 0.06%
Interest Coverage Ratio 182.04% 190.51% 203.16% 203.71% 192.34% 199.18% 192.39%
25
 Balance Sheet
Rs mn
Balance Sheet Q3 FY'09 Q1 FY'10 Q2 FY'10 Q3 FY'10 9M FY'09 9M FY'10 YoY % QoQ % FY'09
Liabilities
Shareholder Funds
Equity Capital 2,035.4 2,115.7 2,116.7 2,128.0 2,035.4 2,128.0 4.6% 0.5% 2,035.4
Reserves 20,532.1 24,868.9 26,924.1 28,822.2 20,532.1 28,822.2 40.4% 7.0% 21,131.0
Preference Capital
Loans
Secured 138,846.4 170,365.8 185,209.7 191,497.5 138,846.4 191,497.5 37.9% 3.4% 167,745.9
Unsecured 33,571.3 31,293.2 28,249.4 34,063.7 33,571.3 34,063.7 1.5% 20.6% 33,467.2
Current Liabilities 17,116.0 22,039.3 22,771.4 26,845.1 17,116.0 26,845.1 56.8% 17.9% 21,586.4
Deferred Tax Liability 183.8 0.0 0.0 0.0 183.8 0.0 -100.0% 0.0% 0.0
Total 212,285.0 250,682.9 265,271.3 283,356.5 212,285.0 283,356.5 33.5% 6.8% 245,965.9

Assets
Fixed Assets 1,401.3 1,279.0 783.9 489.9 1,401.3 489.9 -65.0% -37.5% 1,342.7
Loans & Advances 748.9 773.5 934.2 769.2 748.9 769.2 2.7% -17.7% 690.9
Cash & Bank balances 19,891.1 37,610.4 44,796.4 47,054.1 19,891.1 47,054.1 136.6% 5.0% 53,649.9
Investments 381.7 13,243.9 10,410.4 12,556.5 381.7 12,556.5 3189.6% 20.6% 6,547.6
Truck receivables 186,665.8 193,346.2 203,567.9 215,519.8 186,665.8 215,519.8 15.5% 5.9% 179,215.7
Deferred Tax Asset 0.0 263.9 263.9 263.9 0.0 263.9 0.0% 0.0% 263.9
Current Assets 3,196.2 4,166.0 4,514.6 6,703.1 3,196.2 6,703.1 109.7% 48.5% 4,255.2
Total 212,285.0 250,682.9 265,271.3 283,356.5 212,285.0 283,356.5 33.5% 6.8% 245,965.9

Spread Analysis Q3 FY'09 Q1 FY'10 Q2 FY'10 Q3 FY'10 9M FY'09 9M FY'10 FY'09

Total Income/ Avg. total assets 18.72% 16.52% 16.53% 16.96% 18.52% 16.68% 18.10%
Interest cost/ Avg. total assets 10.28% 8.67% 8.14% 8.32% 9.63% 8.37% 9.12%
Gross Spread 8.44% 7.85% 8.39% 8.64% 8.89% 8.31% 8.98%
NPA provisioning/ Avg. total assets 1.54% 1.53% 1.74% 1.48% 1.52% 1.58% 1.49%
Overhead Cost/ Avg. total assets 2.59% 2.34% 1.91% 1.92% 2.73% 2.05% 3.00%
Net Spread 4.31% 3.98% 4.74% 5.24% 4.64% 4.68% 4.49%

26
Thank You