AXI5 CAPITAL

NCDs I55UE

|or addltlona| lnformatlon S rlsk factors |ease refer to the Prosectus

5hrIram Transpnrt FInancc Cnmpany Ltd
Cnmpany PrnfI!c
Shiiian Tianspoil Iinance Conpany Lld (STIC) is one of lhe Iaigesl
assels financing NIC in India. The conpanys piinaiy focus is on
financing pie-ovned conneiciaI vehicIes (CV), They aIso piovide
financing foi passengei vehicIes, nuIli-uliIily vehicIes, 3 vheeIeis
and liaclois.
5a!Icnt fcaturcs nf thc NCD Issuc
The Issue is in lhe foin of sccurcd, rcdccmab!c, nnn-cnnvcrtIb!c
dcbcnturcs having oplions, suiling lhe needs of diffeienl calegoiies of
inveslois.
Ciedil ialing agency CARE has ialed lhe issue 'CARE AA+' and
CRI5IL has ialed lhe NCDs "CRI5IL AA/5tab!c" fnr an amnunt nf
uptn Rs. 750 Cr. Insliunenls vilh lhis ialing aie consideied lo have
hIgh dcgrcc nf safcty rcgardIng tImc!y scrvIcIng nf fInancIa!
nb!IgatInns. Such insliunenls caiiy vcry !nw crcdIt rIsk.
An AppIicanls has lhe oplion lo appIy foi NCDs in lhe physicaI foin oi
in lhe denaleiiaIised foin excepl foi lhe Seiies III NCDs vhich is
issued in DenaleiiaIised oplion onIy.
Alliaclive cnupnn nf 10.90% fnr 3 ycars and 11.15% fnr 5 ycars fnr
"IndIvIdua!" hn!dcrs nn rccnrd datc (IncIudes addilionaI incenlive on
coupon foi IndividuaI )
Theie is no Iul /CaII oplions foi lhe NCDs.
The piincipaI anounl of lhe NCDs logelhei vilh aII inleiesl due on lhe
NCDs shaII le secuied ly adequale assels lo ensuie 100% assct cnvcr
whIch sha!! bc frcc frnm any cncumbranccs. NCD hoIdeis shaII le
secuied ly vay of fiisl and excIusive chaige in favoi of lhe Delenluie
Tiuslee on an IdcntIfIcd Immnvab!c prnpcrty and spccIfIcd futurc
rcccIvab!cs nf thc Cnmpany as decided ly lhe Conpany & Delenluie
Tiuslee.
STIC shaII pay Intcrcst nn app!IcatInn mnncy on lhe anounl aIIolled lo
lhe appIicanl olhei lhan ASA AppIicanls, al lhe iale of 9.00%p.a. and
Intcrcst nn app!IcatInn mnncy whIch Is !Iab!c tn bc rcfundcd lo
appIicanls al lhe iale of 2.50%p.a., suljecl lo deduclion of incone lax
undei lhe piovisions of lhe Incone Tax Acl, 1961, as anended.
A!!ntmcnts shaII le nade nn a fIrst-cnmc fIrst scrvc basIs, lased on lhe
upIoad of each AppIicalion inlo lhe eIeclionic look of lhe Slock
Lxchange, in each Ioilion suljecl lo lhe AIIocalion Ralio.
The NCDs viII le Iisled on N5E & B5E and viII le avaiIalIe in Denal
foin faciIilaling liading of lhese NCDs.
As pei cIause (ix) of Seclion 193 of lhe I.T. Acl, NO TAX wI!! bc
dcductcd at snurcc frnm thc Intcrcst nn !Istcd NCDs heId in lhe
denaleiiaIized foin.
IndividuaI Inveslors (RelaiI & HNI ) hoIding lhe NCDs on any record
dale, shaII be eIigibIe lo addilionaI incenlive in lerms of inleresl in case
of Series I , II and III and redemlion remium amounl in case of Series
IV and V resecliveIy.

Issuc hIgh!Ights
Issuc sIzc: Rs.750 Crs
*Issue of Rs 375 cioies vilh an oplion
lo ielain ovei sulsciiplion uplo Rs.
375 cioies.
Facc va!uc: Rs 1,000
MInImum App!IcatInn: Rs 1O,OOO
oi 1O NCDs.
Issuc summary
Issuc npcns: 16
th
Ju!y 2013
Issuc c!nscs: 29
th
Ju!y 2013^
`Tnc |ssuc naq c|csc cn sucn car|icr da|c
cr cx|cndcd da|c as naq oc dccidcd oq |nc
ccnpanq.

Lcad managcrs: }M IinanciaI, AK
CapilaI Seivices Lld., and ICICI
Secuiilies, HDIC ank,
RcgIstrar: Inlegialed Lnleipiises
(India) Liniled.
Dcbcnturc Trustccs: IDI
Tiusleeship Seivices Liniled.


CrcdIt ratIng by CARE
RatIng Issuc Typc
CARE AA+
NCDs

CrcdIt ratIng by CRI5IL
RatIng Issuc Typc
CRI5IL AA /5tab!c
NCDs

The ialing of CARL and CRISIL
indicales high degiee of safely and
veiy Iov ciedil iisk. The ialings
piovided ly CARL and CRISIL nay
le suspended, vilhdiavn oi ievised
al any line ly lhe assigning ialing
agency and shouId le evaIualed
independenlIy of any olhei ialing.

|or addltlona| lnformatlon S rlsk factors |ease refer to the Prosectus
2

BusIncss OvcrvIcw
Thc busIncss Is brnad!y c!assIfIcd Intn thc fn!!nwIng twn busIncss p!atfnrms:
Iinancing pie-ovned conneiciaI vehicIes.
Iinancing foi passengei conneiciaI vehicIes, nuIli-uliIily vehicIes, 3 vheeIeis and liaclois.

As on Maich 31, 2O13, lhey had 539 lianches acioss India, incIuding nosl of lhe najoi conneiciaI vehicIe huls aIong vaiious
ioad lianspoilalion ioules in India. Conpany has aIso eslalIished piesence in 35O RuiaI Cenlies vilh a viev of deepei
penelialion in lhe used conneiciaI vehicIe naikel and ieaching oul lo ieIaliveIy a nevei cuslonei segnenl.

The Assels undei Managenenl has giovn ly CACR of 21.O4 fion Rs.23,354.24 Cioies as of 31
sl
Maich 2OO9 lo Rs.5O,119.87
Cioies as on 31
sl
Maich 2O13 on an unconsoIidaled lasis.

The TolaI Incone incieased fion Rs.3,737.63 Cioies in fiscaI yeai 2OO9 lo Rs.6,563.59 Cioies in fiscaI yeai 2O13 vhiIe Iiofil aflei
Tax incieased fion Rs.612.4O Cioies in fiscaI yeai 2OO9 lo Rs.1,36O.62 Cioies in fiscaI yeai 2O13 al a CACR of 22.O9.
5trcngths and cnmpctItIvc advantagcs
The Iaigesl assel financing NIC in India
Access lo a iange of cosl effeclive funding souices
Unique lusiness nodeI and a liack iecoid of sliong financiaI peifoinance
Sliong liand nane
Lxlensive expeiience and expeilise in ciedil appiaisaI and coIIeclion piocesses
Lxpeiienced senioi nanagenenl lean
5tratcgy gnIng fnrward
Iuilhei expand opeialions ly gioving lianch nelvoik and incieasing pailneiship and co-financing aiiangenenls
vilh piivale financieis.
Conlinue lo deveIop AulonaII lusiness lhiough vhoIIy-ovned sulsidiaiy Shiiian AulonaII India Liniled
ConsoIidale and expand consliuclion and equipnenl finance lusiness lhiough vhoIIy-ovned sulsidiaiy, Shiiian
Lquipnenl Iinance Conpany Liniled.
ConsoIidale pioducl poilfoIio
Conlinue lo inpIenenl advanced piocesses and syslens.

Key growth and efficiency indicators for the last three Fiscals

CcrtaIn Kcy OpcratInna! IndIcatnrs FIsca! 2011 FIsca! 2012 FIsca! 2013
Grnss NPAs (Rs. crnrcs) 528.58 693.79 1O25.37
Nct NPAs (Rs. crnrcs) 74.46 97.22 227.64
Tnta! Lnan Asscts (Rs. crnrcs) 19865.61 22O8O.48 31967.99
Nct Lnan Asscts (Rs. crnrcs) 19411.49 21484.42 3117O.26
% nf Grnss NPAs tn Tnta! Lnan Asscts 2.66 3.14 3.21
% nf Nct NPAs tn Tnta! Lnan Asscts O.38 O.45 O.73
Souice: Iiospeclus
BusIncss HIgh!Ights (Uncnnsn!Idatcd FInancIa!s) (Rs In Crs)
PartIcu!ars FY11 FY12 FY13
Tnta! Incnmc 5,4O1.O5 5,893.88 6,563.59
PAT 1,229.88 1,257.45 1,36O.62
5harc capIta! 226.18 226.32 226.89
Dcbt EquIty RatIn (numbcr nf tImcs) prInr tn thc Issuc =4.57

|or addltlona| lnformatlon S rlsk factors |ease refer to the Prosectus
3

Catcgnry nf Invcstnrs

PartIcu!ars
Catcgnry I Catcgnry II Catcgnry III Catcgnry IV
InstItutInna! Nnn InstItutInna! HNI RctaI!
RcscrvatInn
fnr cach
catcgnry
Up tn 10%
nf Issuc sIzc
Up tn 10%
nf Issuc sIzc
Up tn 30%
nf Issuc sIzc
Up tn 50%
nf Issuc sIzc
Rs.75 ci foi aIIolnenl
lo QI assuning Issue
size of Rs.75O ci
Rs.75 ci foi aIIolnenl lo Non
InslilulionaI Ioilion assuning
Issue size of Rs.75O ci
Rs.225 ci foi
aIIolnenl lo HNI
Ioilion assuning
Issue size of
Rs.75O ci
(Invcstnrs app!yIng
fnr an amt
aggrcgatIng tn
abnvc Rs 5 !akh)
Rs.375ci foi aIIolnenl
lo RelaiI Ioilion
assuning Issue size of
Rs.75O ci
(Invcstnrs app!yIng fnr
an amt aggrcgatIng
uptn and Inc!udIng Rs
5 !akh)
Whn can
App!y
Residenl IulIic
IinanciaI Inslilulions,
Slaluloiy Coipoialions,
ConneiciaI anks, Co-
opeialive anks,
RegionaI RuiaI anks
incoipoialed in India
and aulhoiized lo
invesl in lhe NCDs,
Indian Iiovidenl
Iunds, Iension Iunds,
Supeiannualion Iunds
and Cialuily Iunds,
aulhoiized lo invesl in
lhe NCDs,
Indian aIleinalive
Inveslnenl funds
iegisleied vilh SLI,
Indian Insuiance
Conpanies iegisleied
vilh lhe IRDA,
NalionaI Inveslnenl
Iund, and Indian
MuluaI Iunds
iegisleied vilh SLI
Conpanies, lodies coipoiale
and socielies iegisleied undei
lhe appIicalIe Iavs in India and
aulhoiized lo invesl in lhe
NCDs
Tiusls sellIed undei lhe Indian
Tiusls Acl, 1882, pulIic/
piivale chaiilalIe/ ieIigious
liusls sellIed and/oi iegisleied
in India undei appIicalIe Iavs,
vhich aie aulhoiized lo invesl
in lhe NCDs,
Residenl Indian scienlific
and/oi indusliiaI ieseaich
oiganizalions, aulhoiized lo
invesl in lhe NCDs,
Iailneiship fiins foined
undei appIicalIe Iavs in India
in lhe nane of lhe pailneis,
aulhoiized lo invesl in lhe
NCDs, and
Liniled IialiIily pailneiships
foined and iegisleied undei
lhe piovisions of lhe Liniled
LialiIily Iailneiship Acl, 2OO8
(No. 6 of 2OO9), aulhoiized lo
invesl in lhe NCDs
Residenl Indian
individuaIs vho
appIy foi NCDs
aggiegaling lo a
vaIue noie lhan Rs.
5 Lacs, acioss aII
Seiies of NCDs, and
Hindu Undivided
IaniIies lhiough lhe
Kaila vho appIy foi
NCDs aggiegaling lo
a vaIue noie lhan
Rs. 5 Lacs, acioss aII
Seiies of NCDs.
Residenl Indian
individuaIs vho appIy
foi NCDs aggiegaling lo
a vaIue nol noie lhan
Rs 5 Lacs, acioss aII
Seiies of NCDs and
Hindu Undivided
IaniIies lhiough lhe
Kaila vho appIy foi
NCDs aggiegaling lo a
vaIue nol noie lhan Rs.
5 Lacs, acioss aII Seiies
of NCDs.
Whn cannnt
app!y
Minois vilhoul a guaidian nane (guardian is competent to contract under Indian Contract Act, 1872), Ioieign
nalionaIs inlei-aIia incIuding any NRIs vho aie (i) lased in lhe USA, and/oi, (ii) doniciIed in lhe USA, and/oi, (iii)
iesidenls/cilizens of lhe USA, and/oi, (iv) suljecl lo any laxalion Iavs of lhe USA, Ieisons iesidenl oulside India,
Ioieign InslilulionaI Inveslois, QuaIified IinanciaI Inslilulions, Oveiseas Coipoiale odies and Ieisons ineIigilIe lo
conliacl undei appIicalIe slaluloiy/ ieguIaloiy iequiienenls aie nol eIigilIe lo invesl in lhe issue.

Nntc : AII calegoiies of peisons vho aie individuaIs oi naluiaI peisons (inc|uding HU| ac|ing |nrcugn |ncir Kar|a) incIuding
vilhoul Iinilalion HNI & RelaiI IndividuaI Inveslois vho aie eIigilIe undei appIicalIe Iavs lo hoId lhe NCDs aie
coIIecliveIy iefeiied lo as IndIvIdua!s.
AII calegoiies of enlilies, associalions, oiganizalions, socielies, liusls, funds, pailneiship fiins, Liniled LialiIily
Iailneiships, lodies coipoiale, slaluloiy and/oi ieguIaloiy lodies and aulhoiilies and olhei foins of IegaI enlilies vho
aie NOT individuaIs oi naluiaI peisons and aie eIigilIe undei appIicalIe Iavs lo hoId lhe NCDs incIuding vilhoul
Iinilalion InslilulionaI Inveslois and Non InslilulionaI Inveslois aie coIIecliveIy iefeiied lo as Nnn IndIvIdua!s.

|or addltlona| lnformatlon S rlsk factors |ease refer to the Prosectus
4

Investment Options:
Souice: Iiospeclus
OptInns 5crIcs I 5crIcs II 5crIcs III 5crIcs IV 5crIcs V
Intcrcst
Paymcnt
AnnuaI AnnuaI MonlhIy N.A. N.A.
Facc Va!uc nf
NCDs
Rs. 1000
Tcnnr 36 Mnnths 60 Mnnths 60 Mnnths 36 Mnnths 60 Mnnths
Put /Ca!!
OptInn
Theie is nn put/ca!! nptInn foi lhe NCDs
Cnupnn (%)
p.a.
9.65% 9.80% 9.40% N.A. N.A.
AddItInna!
InccntIvc nn
Cnupnn(%
p.a.)
IndividuaIs
Non
IndividuaIs
IndividuaIs
Non
IndividuaIs
IndividuaIs
Non
IndividuaIs
N.A. N.A.
1.25% NIL 1.35% NIL 1.23% NIL
Aggrcgatc
Cnupnn Ratc
(%)p.a.
IndividuaIs
Non
IndividuaIs
IndividuaIs
Non
IndividuaIs
IndividuaIs
Non
IndividuaIs
N.A. N.A.
1O.9O 9.65 11.15 9.8O 1O.63 9.4O
EffcctIvc
YIc!d (% p.a.)
IndividuaIs
Non
IndividuaIs
IndividuaIs
Non
IndividuaIs
IndividuaIs
Non
IndividuaIs
IndividuaIs
Non
individuaIs
IndividuaIs
Non
IndividuaIs
10.90% 9.65% 11.15% 9.80% 11.15% 9.80% 10.90% 9.65% 11.15% 9.80%
MInImum
App!IcatInn
Rs. 10,000/- (1O NCDs) (foi aII Seiies of NCDs,
naneIy Seiies I, Seiies II, Seiies III, Seiies IV and Seiies V eilhei laken individuaIIy oi coIIecliveIy)
In Mu!tIp!cs
nf
Rs. 1000 (1 NCD)
Intcrcst
Paymcnt Datc

The fiisl inleiesl paynenl viII le nade on 01 AprI!
2014 foi lhe peiiod connencing fion lhe Deened
Dale of AIIolnenl liII 31 March 2014.
The Iasl inleiesl paynenl viII le nade al lhe line of
iedenplion of lhe NCD on a pio iala lasis.
The fiisl inleiesl
paynenl viII le nade
on 01 5cptcmbcr 2013
foi lhe peiiod
connencing fion lhe
Deened Dale of
AIIolnenl uplo lhe
afoienenlioned dale.
The Iasl inleiesl
paynenl viII le nade
al lhe line of
iedenplion of lhe NCD
on a pio iala lasis
N.A. N.A.
RcdcmptInn
Amnunt

Iace VaIue
+ any acciued inleiesl al
lhe Redenplion Dale +
AddilionaI Incenlive as
nay le appIicalIe foi
IndividuaI NCD HoIdeis
50% nf Facc Va!uc at thc
cnd nf 48 Mnnths & 50%
nf Facc va!uc at thc cnd nf
60 Mnnths
+ any acciued inleiesl al lhe
Redenplion Dale +
AddilionaI Incenlive as nay
le appIicalIe foi IndividuaI
NCD HoIdeis
Iace VaIue
+ any acciued inleiesl al
lhe Redenplion Dale +
AddilionaI Incenlive as
nay le appIicalIe foi
IndividuaI NCD
HoIdeis
IndividuaIs
Non
IndividuaIs
IndividuaIs
Non
IndividuaIs

1364.33 pei
NCD
1318.67 pei
NCD
763.37 pei
NCD al lhe
end of 48
Monlhs
and
848.48 pei
NCD al lhe
end of 6O
Monlhs
726.93 pei
NCD al lhe
end of 48
Monlhs
and
798.17 pei
NCD al
lhe end of
6O Monlhs
5ccurIty
The piincipaI anounl of lhe NCDs lo le issued logelhei vilh aII inleiesl due on lhe NCDs, as veII as aII cosls, chaiges, aII fees,
ienuneialion of Delenluie Tiuslee and expenses payalIe in iespecl lheieof shaII le secuied ly vay of fiisl and excIusive chaige
in favoui of lhe Delenluie Tiuslee on an idenlified innovalIe piopeily and specified fuluie ieceivalIes of lhe Conpany as nay
le decided nuluaIIy ly lhe Conpany and lhe Delenluie Tiuslee. The Conpany viII cieale appiopiiale secuiily in favoui of lhe
Delenluie Tiuslee foi lhe NCD HoIdeis on lhe assels adequale lo ensuie 1OO assel covei foi lhe NCDs, vhich shaII le fiee fion
any encunliances.
5cnInrIty
Senioi, (lo cIaiify, lhe cIains of lhe NCD HoIdeis shaII le supeiioi lo lhe cIains of any unsecuied ciedilois, suljecl lo appIicalIe
slaluloiy and/oi ieguIaloiy iequiienenls). The NCDs vouId conslilule diiecl and secuied olIigalions of ouis and shaII iank paii
passu inlei se, and suljecl lo any olIigalions undei appIicalIe slaluloiy and/oi ieguIaloiy iequiienenls, shaII aIso, vilh iegaid
lo lhe anounl invesled, le secuied ly vay of fiisl and excIusive chaige on lhe idenlified innovalIe piopeily and lhe specified
fuluie Ioan ieceivalIes of lhe Conpany.

|or addltlona| lnformatlon S rlsk factors |ease refer to the Prosectus
5

AXI5 CAPITAL LIMITED
RcgIstcrcd nffIcc: Axis House, 8lh IIooi, Wadia InleinalionaI Cenlei, Ianduiang udhkai Maig, WoiIi, Munlai 4OO O25.
TeI: +91 22 4325 2525, Iax: +91 22 4325 3OOO
vvv.axiscapilaI.co.in

This document has been prepared by Axis Capital Limited. Affiliates of Axis Capital Limited may have issued other reports that are inconsistent with and reach different
conclusion from the information presented in this report. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates,
rating and target price of the Affiliates research report.

The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent.

This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe
for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is
suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their
own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of
independent judgment by any recipient.

Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies
referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment
discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options and other derivatives as well as non investment
grade securities - involve substantial risk and are not suitable for all investors.

Axis Capital Limited has not independently verified all the information given in this document. Accordingly, no representation or warranty, express or implied, is made as to the
accuracy, completeness or fairness of the information and opinions contained in this document.
The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views
expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as
may be required from time to time without any prior approval.
Axis Capital Limited, its affiliates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in
or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business
from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account
before interpreting the document.

This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of Axis Capital Limited. The views
expressed are those of the analyst and the Company may or may not subscribe to all the views expressed therein.

This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published,
copied, in whole or in part, for any purpose. Neither this document nor any copy of it may be taken or transmitted into the United State (to U.S. Persons), Canada, or Japan or
distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other
jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Axis Capital Limited to any registration or
licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in
whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including
lost revenue or lost profits that may arise from or in connection with the use of the information.

Copyright in this document vests exclusively with Axis Capital Limited.