Found this on the internets - looks like Khushru Jijina was a director of this company some years back - 
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About the Issuer
Karelides Traders Private Limited (KTPL/ Issuer) is a shell entity and till FY2015, did not have any significant operations of its own. In FY2016, the company commenced trading in gold and silver, generating an income of Rs. 42.3 crore in that fiscal. KTPL is owned by two individuals ā Mr. Chandrakant Khetan and Mr. Kamal Tibrewal who are not related to the promoters of the Piramal Group.
Above snippet from the icra report. The company having an income of 42 cr raises NCD for 1000cr and gets top rating from ICRA. Also the NCD is backed fully by PELās subsidiary. I am sure i do not know enough about the transaction as there would be lot of things which are not in public domain.
This seems like an in iceberg to me - you see very little with your open eyes but a lot is hidden underneath.
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Came across article. Not saying Piramal or anyone doing it as the article does not say so. As it is related to NBFC, so I thought it is relevant here.
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Numbers look quite good considering the current environment. At segment level, Healthcare analytics has been surprisingly good with profits growing 4 fold.
Any thoughts from other senior boarders on the result?
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Whatās the level of NPA? Couldnāt find in resultsā¦ Can any one update on NPA as well as stressed assets?
Only half picture is being shown on social mediaā¦ anything fishy?
same as last qtr 0.9% Gross npa.
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Surprised to see such good numbers from Piramal. Not expected as market has punished it very badly
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Only took for Indian companies
Alphabet holds number one spot though
Indiaās Best Employers 2019:
- Larsen & Toubro
- Piramal Enterprises
- Bajaj Finserv
- HDFC
- Mahindra & Mahindra
- Grasim Industries
- Hindalco Industries
- ITC
- HDFC Bank
- Sun Pharma Industries
FY20Q2 Earnings Call Notes
Chairmanās Opening Remarks & Response During Q&A:
- Board meeting to be held this Friday, 10/25/19, to discuss what instrument of new equity issuance size of $750mn. This new fund raise is not to bring down debt, but to take advantage of the opportunity to grow inorganically and be ready with fire-power and grab opportunities. New capital is for growing the business. Many inorganic opportunities available in todayās market.
- Cost of funds has increased to 11%. Should come back to normal costs level in near future as book gets more granular. Foresee higher NIMs in future.
- Hoping to schedule Investorās Day Meeting post Diwali in November. Will share detailed growth guidance during upcoming Investorās Day meeting.
- Debt that can be raised on Retail assets is much higher than Wholesale assets. Risk adjusted return on retail assets is much higher compared to wholesale.
- This turbulent environment in NBFC space will not last forever.
- Growth Guidance:
- FS ā Donāt see growth for rest of FY20. Focus on liquidity. Consolidation time until March 2020. Enough growth opportunity will be there since competition is reducing in this tough environment.
- Pharma ā expect 15% growth in topline. EBITDA margin 24% will remain.
- DRG will grow by 10% on topline and significantly by bottom-line.
Q&A
- Out of all 18 deals under question, 4 have been resolved. Size of all deals in question is less than 600cr.
- Break-up of Yields:
- Structured Deals ā 16%+
- Construction Finance ā 14%+
- CFG (Non RE) Structured ā 16-18%, 13-14% senior debt
- Housing ā 9%
- Planning to do consumer lending in future which will be not through credit card route.
- Debt in Pharma around 4100cr.
- Latest Securitization Details:
- Assets included mix of wholesale RE and non-RE
- Pool rated AA+ by CRISIL
- Pool size of 3300cr with 20% cash credit enhancement. Raised 2372 at 10.5% coupon. 10% of the pool already been pre-paid.
- Almost 50% of housing loans are funded from RE funded projects. MMR region is 45% and rest from other big cities. Can scale up to 700-1000cr per month given current infrastructure for housing loans.
Lodha Exposure:
- Current exposure is 3100cr. This will come down by 400-450cr in coming months.
- Less than 5000cr is under moratorium period. Less than 10% of the book. 18% of the residential RE book is under moratorium
Omkar Exposure:
- No exposure to Omkar 1973 by loan or inventory.
- Exposure through projects: run by L&T Realty (Parel) and run by Piramal Realty (Mahalaxmi). Had given 1100cr as receivable funding. 40% of sales come to Escrow which is 100% swept by PEL. Both are safe projects and structured to be IBC proof.
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Even I attended the conference call. Just a clarification. The Fund raise of 750 Mln $ deal is confirmed. Itās just the type of instrument which needs to be decide ?
Combination of pref allottment (around $250M from CDPQ) and rights issueā¦ CNBC newsbreakā¦Promoter will participate in rights issue
concall transcripts
https://finance.yahoo.com/news/edited-transcript-pel-nse-earnings-024355384.html
disclosure:holding
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PEL raising funds and here is an announcement today.
Presentation
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Some are really betting against thisā¦even though they post fantastic results quarter after quarter and one of the best GNPA figures
What if it goes up 50% from here? Twitter is full of so called āforecastersā who will tell so and so stock will go up or down by x % as they donāt have to be accountable for what happens in reality. Itās better to avoid quoting them on this forum. I wish this guy provides his thesis supported by assumptions and figures rather than āthukkaā forecast. No offence pleaseā¦
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I believe PEL was down on the news of rights issueā¦ right ?
But the ratio for the rights issue hasnt been declared yet, how then have the market participants ācorrectedā the price ?
OR
Is rights issue seen as a last source of funding and that is why market takes iy negetively ?
I also do feel that PEL will come out stronger at the end of this liquidity crisis. There will be short term jitters but I feel the worst is behind. Over the years. Ajay Piramal did steer the company with admirable capital allocation.