The Recent Ratings Update clarifies the AIF exposure:

Further, investment by REs in the subordinated units of any AIF scheme with a ‘priority distribution model’ shall be subject to full deduction from the RE’s capital funds.
In this regard, ICRA notes that currently, Indiabulls Housing Finance Limited (IBHFL) has investments in such subordinated units of AIF, at a consolidated level, aggregating to about Rs. 1,000 crore. Accordingly, the company’s tier-1 capital is expected to contract by this amount.

The report is actually a good read for anyone looking to invest in the Company. The past problems and the current headwinds in Implementing the Co-lending model are also explained.

Growth for financials is always easy, e.g. Yes bank. One can grow at any rate if underwriting and risk management is poor as there are always takers for cheap loans.

@harsh.beria93 Sir mein investing ke bare mein thoda bahut hi janta hu lekin mein Jo bhi company study karta hu concall padhta hu vo company mujhe acchi hi lagti he ya to fir really company is good or I am not able to find red flag in company so please share how to find red flag in company and also share what you make convince that yes company is good and worth to invest.
Recently I study about Gujarat themis,AGI greenpac and tega industries and I find this company is good for investment sir please guide.

From recent 2023 annual report, 4 red flags –

1. Significant reduction in profits due to high material cost

2. Seems CRISIL has decreased their rating:

CREDIT RATING
Your company’s domestic credit rating by CRISIL is ‘CRISIL BB+ /Stable (Downgraded from ‘CRISIL BBB-/Negative’)’for
long-term debt facilities and a ‘CRISIL A4+ (Downgraded from ‘CRISIL A3’)’ for the short-term debt facilities.

3. They still have 9.81 Crore income-tax case going on from AY 2008-09.

4. There is chances that Statutory Auditors they hired have relationship with promoters

Statutory Auditors
In terms of the provisions of the Section 139 of the Companies Act, 2013, the shareholders have appointed M/s
Kothari Kuldeep and Co., Chartered Accountants as Statutory Auditor of the Company for a term of five years from the
conclusion of 32nd Annual General Meeting till the conclusion of 37th Annual General Meeting of the Company to be
held in the year 2027.
The notes on accounts are self-explanatory with regards to auditors’ observations. There was no qualification, reservation
or adverse remark made by the Auditors for the year under review.

PS: Not invested. Not thinking too at current valuation.