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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dhir India | LSE:DHIR | London | Ordinary Share | IM00B1YC5V43 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMDHIR
RNS Number : 6021E
Dhir India Investments plc
23 December 2009
22 December 2009
Dhir India Investments plc
("Dhir India", "DII", or the "Company")
Half Year Results to 30 September 2009
Dhir India (AIM: DHIR), the first UK quoted company established to invest in the
$50 billion Indian non-performing assets sector, announces half year results for
the six months to 30 September 2009. Comparative figures are taken from the
unaudited accounts for the six months to 20 September 2008 and the audited
accounts for the year to 31 March 2009.
Summary
* Strong balance sheet with cash and cash equivalents of GBP4.2 million (31 March
2009: GBP7.4 million) and no borrowings
* Adjusted (to exclude deferred tax provisions) net asset value per share 131p (31
March 2009: 144p)
* Realisation time frame extended as a result of current economic circumstances
but initiatives being undertaken to increase value
Charlie Hambro, Non-Executive Chairman of Dhir India, commented:
"Since my last report we have continued to review our investments and I am
pleased to report significant progress on a number of our investments since my
last report in July 2009.
As you will be aware your Company has six ongoing investments and we are now
sufficiently encouraged to the extent that we expect finalisation on two
investments within the next six months. We expect a third to be realisable
within a nine month timeframe. At present, the Board's view is that, of these
three projects, we are hopeful of realising a significant return on our initial
investment on two whilst the third should produce an adequate financial result.
As regards to the other three investments, whilst one may produce a
disappointing result, the other two have significant potential value, but the
realisation timeframe has been extended to one of 12 month plus.
In the light of the above, your Board has decided not to seek an updated
valuation at the interim stage but will revalue in the light of circumstances as
at 31 March 2010.
Given the above and the action taken by your Board six months ago, the overall
cash position of the Company remains satisfactory. However, your Board continues
to be aware of the importance of cash in the business and constantly keeps the
position under review".
Alok Dhir, Non-Executive Director of Dhir India, added:
"While the western world is in the throes of a financial meltdown with the
spectre of recession facing some of the developed economies, the long term India
growth story is somewhat less affected by these developments. On the other hand
the Indian economy has achieved a growth rate of nearly 8%. Nonetheless, as a
fall-out of the worldwide crisis, there is certainly a slowdown as investors
have adopted a "wait and watch" policy and have become more cautious in
committing to transactions.
As a strategy, we are planning to work assiduously on completing the workout of
the investments made by the Company and to seek exit options for existing
investments while keeping our options open on lucrative lower priced deals
coming into the market".
For further information, please visit www.dhirindia.com or contact:
+-------------------------+-------------------------+-------------------------+
| Shiva Consultants | Evolution Securities | Tavistock |
| | | Communications |
+-------------------------+-------------------------+-------------------------+
| Alok Dhir | Jeremy Ellis | Jeremy Carey |
+-------------------------+-------------------------+-------------------------+
| Shivi Agarwal | Chris Clarke | Simon Hudson |
+-------------------------+-------------------------+-------------------------+
| | | |
+-------------------------+-------------------------+-------------------------+
| Tel: + 91 11 6557 8855 | Tel: +44 (0) 20 7071 | Tel: + 44 (0) 207 920 |
| | 4300 | 3150 |
+-------------------------+-------------------------+-------------------------+
Chairman's Statement
Strategy
Dhir India aims to capitalise on the non-performing assets (NPAs) largely
created in the 1990s by the transformation of the Indian economy from a
centrally regulated one to a quasi-free market economy. The NPAs resulting from
this process, during a time of very high domestic interest rates in India, are
typically over-leveraged capital structures with insufficient liquidity and in
default of their obligations to creditors. However, many of the NPAs are
underpinned by high quality manufacturing or other assets whose value can be
unlocked through the resolution of the existing debt. The successful exit from
such NPA investments made by Dhir India should deliver expected profits,
providing shareholders with both income and capital growth.
As I have noted previously, the speed of any realisation is to a large extent
dependant on macro economic conditions specifically in India but indirectly on
the global situation. Over the last six months the global economic background
appears to have stabilised whilst the previously noted optimism with regard to
India has proved accurate.
As a result, since my last report we have continued to review our investments
and I am pleased to report significant progress on a number of our investments
since my last report in July 2009.
As you will be aware your Company has six ongoing investments and we are now
sufficiently encouraged to the extent that we expect finalisation on two
investments within the next six months. We expect a third to be realisable
within a nine month timeframe. At present, the Board's view is that, of these
three projects, we are hopeful of realising a significant return on our initial
investment on two whilst the third should produce an adequate financial result.
As regards the other three investments, whilst one may produce a disappointing
result, the other two have significant potential value, but the realisation
timeframe has been extended to one of a 12 month plus.
Your Board therefore expects the portfolio to change significantly over the next
few months and is hopeful that some pleasing overall results will be obtained.
In light of the above, your Board has decided not to seek an updated valuation
at the interim stage but will revalue in the light of circumstances as at 31
March 2010.
Results
The results produced a value for Dhir India's share of these investments of
GBP18.7 million (31 March 2009: GBP19.3 million), excluding deferred tax
provisions of GBP1.8 million (31 March 2009: GBP1.8 million). This represents an
uplift over the cost of investment to date of 1.6% and has resulted in a net
asset value per share for the Company at the half year end of 120p (31 March
2009: 133p).
The adjusted net asset value excluding the deferred tax provision, which the
Directors anticipate should not be payable, is 131p (31 March 2009: 144p).The
consolidated income statement shows a loss attributable to shareholders of
GBP0.6 million (period to 31 March 2009: loss of GBP1.0 million) and a loss per
share of 3.46p (period to 31 March 2009: loss per share of 6.01p). The Group had
cash balances of GBP4.2 (GBP7.4 million at 31 March 2009) and no borrowings.
Review
Dhir India has made six investments to date for a total potential cost of
GBP24.58 million (assuming maximum positions are taken), of which GBP18.39
million had been invested by the half year end. The portfolio of investments is
diversified by regions of India, by sector and by resolution strategy. The
Company and its Investment Manager, Shiva Consultants Private Limited have been
active in the process of cleaning up the encumbrances on the assets and have
also been in discussions relating to the resolution of certain of the existing
investments which are ongoing.
Summary of Investments
Project Turquoise
The investment relates to a company which was originally engaged in the
manufacture of electrical and electronic meters but ceased production in 1998
due to an inability to restructure the business and invest in plant and
machinery. The plant is located on a 41,000 sq m site in the centre of the State
Capital of a prominent state in North India. Investment to date totals GBP1.63
million.
Project Aquamarine
Project Aquamarine relates to a company which was originally engaged in the
manufacture of styrene butadiene rubber, nitrite rubber, styrenated phenol and
alcohol. It suspended work in July 1999 due to severe capital constraints,
labour and power supply issues. Its plant is located over 1,200 acres of land
which is situated in a tier II industrial city in Uttar Pradesh, in North India.
Investment to date totals GBP1.66 million.
Project Triton
The company was originally engaged in the manufacture of edible oil at its
refining unit in Western India. Its factory, which has a daily capacity of 250
MT per day is built on a 21,524 sq m site in a prominent city of Gujarat. The
unit has been closed since 2006. Investment to date totals GBP1.04 million.
Project Destination
The company to which this investment relates had proposed to set up a resort in
an internationally popular tourist destination in Western India. The land, with
its planning consent, is an attractive site with significant development
potential. Investment to date totals GBP2.34 million.
Project LCAL
LCAL manufactures caustic soda based products, supplying the paper, soap, dyes,
chemicals and plastic industries. It performed satisfactorily until 1997 when it
incurred significant losses as a result of lengthy power cuts and increases in
input production costs. Thereafter, from 2003, a new management team has
effected a recovery of the business. Investment to date totals GBP1.11 million.
The Bombay Stock Exchange (BSE) has approved listing of its shares. LCAL is now
in the process of dematerialising the shares to be held in electronic format
with the National Securities Depository Limited to enable trading to commence.
Project Cygnet
This investment relates to a company which has been engaged in the manufacture
of stainless steel at its plant located on a 51 acre prime site in North India
close to New Delhi. Investment to date totals GBP10.61 million.
Outlook
As I have reported in my main statement the Company has developed its
investments to a point where realisation on a number of projects, subject of
course to the normal caveats, is expected within the next few months. It is
always unwise to anticipate final results on these types of investments but your
Board is cautiously optimistic. In this vein your Board looks forward to
reporting once again on the progress of the Company in July 2010.
Charlie Hambro
22 December 2009
Independent Review Report to Dhir India Investments Plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly report for the six months ended 30 September 2009
which comprises the Condensed Consolidated Statement of Income, the Condensed
Consolidated Statement of Comprehensive Income, the Condensed Consolidated
Statement of Cash Flows, the Condensed Consolidated Statement of Changes in
Equity and the related explanatory notes. We have read the other information
contained in the half-yearly report and considered whether it contains any
apparent misstatements or material inconsistencies with the information in the
condensed set of financial statements.
This report is made solely to the Company in accordance with the terms of our
engagement. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company for our review work, for this
report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been approved by, the
Directors. The Directors are responsible for preparing the half-yearly report in
accordance with the AIM Rules.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with IFRS. The condensed set of financial statements
included in this half-yearly report has been prepared in accordance with IAS 34
Interim Financial Reporting.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly report for the
six months ended 30 September 2009 is not prepared, in all material respects, in
accordance with IAS 34 and the AIM Rules.
KPMG Audit LLC
Chartered Accountants
Heritage Court,
41 Athol Street
Douglas
Isle of Man, IM99 1HN
22 December 2009
DHIR INDIA INVESTMENTS PLC
CONDENSED CONSOLIDATED STATEMENT OF INCOME
FOR THE SIX MONTHS TO 30 SEPTEMBER 2009
+----------------------+------+----+----+----------+-------+---------+---------+---------+
| | Notes | Unaudited | Unaudited | Audited |
| | | From 1 April | From 1 April | From 1 April 2008 |
| | | 2009 | 2008 | to |
| | | to | to | 31 March 2009 |
| | | 30 September | 30 September | |
| | | 2009 | 2008 | |
+----------------------+-----------+---------------+-----------------+-------------------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| | | | | | | | |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Bank interest | | | 11 | | 189 | | 391 |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Administrative | | | (588) | | (587) | | (1,426) |
| expenses | | | | | | | |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Loss Before Taxation | | | (577) | | (408) | | (1,035) |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Taxation | | | - | | - | | - |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Loss After Taxation | | | (577) | | (408) | | (1,035) |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| | | | | | | | |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Attributable to: | | | | | | | |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Equity Shareholders | | | (569) | | (407) | | (1,002) |
| of the Company | | | | | | | |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Minority interest | | | (8) | | (1) | | (33) |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Total | | | (577) | | (408) | | (1,035) |
+----------------------+------+---------+----------+-------+---------+---------+---------+
| Basic and diluted | 7 | | (3.46p) | | (2.44p) | | (6.01p) |
| loss per Ordinary | | | | | | | |
| Share | | | | | | | |
+----------------------+------+----+----+----------+-------+---------+---------+---------+
DHIR INDIA INVESTMENTS PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 SEPTEMBER 2009
+----------------------+-------+---------+-+----------+---------+---------+---------+---------+
| | Notes | Unaudited | Unaudited | Audited |
| | | From 1 April 2009 | From 1 April 2008 | From 1 April 2008 |
| | | to | | to |
| | | 30 September 2009 | to | 31 March 2009 |
| | | | 30 September 2008 | |
+----------------------+-------+----------------------+-------------------+-------------------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+-------+-----------+----------+---------+---------+---------+---------+
| | | | | | | | |
+----------------------+-------+-----------+----------+---------+---------+---------+---------+
| Loss for the period | | | (577) | | (408) | | (1,035) |
+----------------------+-------+-----------+----------+---------+---------+---------+---------+
| | | | | | | | |
+----------------------+-------+-----------+----------+---------+---------+---------+---------+
| Fair value gains | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Unrealised change in | 8 | | (1,035) | | 54 | | (6,750) |
| fair value of | | | | | | | |
| available for sale | | | | | | | |
| financial assets | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Add/(Less): deferred | | | 34 | | (18) | | 840 |
| taxation | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Less : performance | 6 | | - | | (9) | | 1,088 |
| fee | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| | | | (1,001) | | 27 | | (4,822) |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Foreign currency | | | (796) | | (2,624) | | 853 |
| translation | | | | | | | |
| differences | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Other comprehensive | | | (1,797) | | (2,597) | | (3,969) |
| income for the | | | | | | | |
| period | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Total comprehensive | | | (2,374) | | (3,005) | | (5,004) |
| income for the | | | | | | | |
| period | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Attributable to: | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Equity Shareholders | | | (2,136) | | (3,166) | | (4,282) |
| of the Company | | | | | | | |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Minority interest | | | (238) | | 161 | | (722) |
+----------------------+-------+---------+------------+---------+---------+---------+---------+
| Total | | | (2,374) | | (3,005) | | (5,004) |
+----------------------+-------+---------+-+----------+---------+---------+---------+---------+
DHIR INDIA INVESTMENTS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS TO 30 SEPTEMBER 2009
+----------------------+-------+---------+----------+-------+----------+-------+-+---------+
| | Notes | Unaudited | Unaudited | Audited |
| | | From 1 April 2009 | From 1 April | From 1 April |
| | | to | 2008 | 2008 |
| | | 30 September 2009 | to | to |
| | | | 30 September | 31 March 2009 |
| | | | 2008 | |
+----------------------+-------+--------------------+------------------+-------------------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+-------+---------+----------+-------+----------+---------+---------+
| | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+---------+---------+
| Current assets | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Available for sale | 8 | | 18,681 | | 23,918 | | 19,296 |
| financial assets | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Trade and other | | | 41 | | 69 | | 152 |
| receivables | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Money market | | | 1,549 | | - | | - |
| investment | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Cash and cash | | | 4,163 | | 6,674 | | 7,408 |
| equivalents | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Total assets | | | 24,434 | | 30,661 | | 26,856 |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Equity | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Issued share capital | 9 | | 1,667 | | 1,667 | | 1,667 |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Share premium | | | 21,355 | | 21,355 | | 21,355 |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Unrealised | | | (1,509) | | 3,152 | | (640) |
| investment | | | | | | | |
| revaluation reserve | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Foreign currency | | | 157 | | (2,419) | | 855 |
| translation reserve | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Retained reserves | | | (1,646) | | 7 | | (1,077) |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Equity attributable | | | 20,024 | | 23,762 | | 22,160 |
| to equity holders | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Minority interest in | | | 2,436 | | 2,888 | | 2,674 |
| equity | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Total equity | | | 22,460 | | 26,650 | | 24,834 |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Non-current | | | | | | | |
| liabilities | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Deferred income tax | | | 1,828 | | 2,720 | | 1,862 |
| liabilities | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Provision for other | | | - | | 1,169 | | - |
| liabilities and | | | | | | | |
| charges | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Total non-current | | | 1,828 | | 3,889 | | 1,862 |
| liabilities | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Current liabilities | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Trade and other | | | 146 | | 122 | | 160 |
| payables | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Total current | | | 146 | | 122 | | 160 |
| liabilities | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Total liabilities | | | 1,974 | | 4,011 | | 2,022 |
+----------------------+-------+---------+----------+-------+----------+-------+-----------+
| Total equity and | | | 24,434 | | 30,661 | | 26,856 |
| liabilities | | | | | | | |
+----------------------+-------+---------+----------+-------+----------+-------+-+---------+
DHIR INDIA INVESTMENTS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 SEPTEMBER 2009
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Group | Share | Share | Foreign | Unrealised | Retained | Total | Minority | Total |
| | capital | premium | currency | investment | profit | | Interest | Equity |
| | | | translation | revaluation | | | | |
| | | | reserve | reserve | | | | |
| | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Balance | 1,667 | 21,355 | 205 | 3,290 | (75) | 26,442 | 2,727 | 29,169 |
| at | | | | | | | | |
| 31 | | | | | | | | |
| March | | | | | | | | |
| 2008 | | | | | | | | |
| (audited) | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Net | - | - | - | (3,930) | - | (3,930) | (892) | (4,822) |
| unrealised | | | | | | | | |
| change in | | | | | | | | |
| fair value | | | | | | | | |
| on | | | | | | | | |
| available | | | | | | | | |
| for sale | | | | | | | | |
| financial | | | | | | | | |
| assets | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Loss | - | - | - | - | (1002) | (1,002) | (33) | (1,035) |
| for | | | | | | | | |
| the | | | | | | | | |
| year | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Addition | - | - | - | - | - | - | 669 | 669 |
| of | | | | | | | | |
| minority | | | | | | | | |
| interest | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Foreign | - | - | 650 | - | - | 650 | 203 | 853 |
| currency | | | | | | | | |
| translation | | | | | | | | |
| differences | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Balance | 1,667 | 21,355 | 855 | (640) | (1,077) | 22,160 | 2,674 | 24,834 |
| at | | | | | | | | |
| 31 March | | | | | | | | |
| 2009 | | | | | | | | |
| (audited) | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Net | - | - | - | (869) | - | (869) | (132) | (1,001) |
| unrealised | | | | | | | | |
| change in | | | | | | | | |
| fair value | | | | | | | | |
| on | | | | | | | | |
| available | | | | | | | | |
| for sale | | | | | | | | |
| financial | | | | | | | | |
| assets | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Loss | - | - | - | - | (569) | (569) | (8) | (577) |
| for | | | | | | | | |
| the | | | | | | | | |
| period | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Foreign | - | - | (698) | - | - | (698) | (98) | (796) |
| currency | | | | | | | | |
| translation | | | | | | | | |
| differences | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
| Balance | 1,667 | 21,355 | 157 | (1,509) | (1,646) | 20,024 | 2,436 | 22,460 |
| at | | | | | | | | |
| 30 September | | | | | | | | |
| 2009 | | | | | | | | |
| (unaudited) | | | | | | | | |
+--------------+----------+----------+-------------+-------------+----------+----------+-----------+----------+
DHIR INDIA INVESTMENTS PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2009
+----------------------------+---------+---------+--------+---------+--------+---------+
| | Unaudited | Unaudited | Audited |
| | From 1 April 2009 | From 1 April | From 1 April |
| | to | 2008 | 2008 |
| | 30 September 2009 | to | to |
| | | 30 September | 31 March 2009 |
| | | 2008 | |
+----------------------------+-------------------+------------------+------------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------+---------+---------+--------+---------+--------+---------+
| | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Operating activites | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Loss for the period | | (577) | | (408) | | (1,035) |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Decrease/(increase) in | | 111 | | (5) | | (88) |
| trade and other | | | | | | |
| receivables | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| (Decrease)/increase in | | (14) | | 6 | | 39 |
| trade and other payables | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Cash used in operating | | (480) | | (407) | | (1,084) |
| activities | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Investing activities | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Investment in money market | | (1,549) | | - | | - |
| funds | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Acquisition of investments | | (1,035) | | (2,865) | | (3,954) |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Cash used in investing | | (2,584) | | (2,865) | | (3,954) |
| activities | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Financing activities | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Proceeds from minority | | - | | - | | 669 |
| interests | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Cash generated from | | - | | - | | 669 |
| financing activities | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Net decrease in cash and | | (3,064) | | (3,272) | | (4,369) |
| cash equivalents | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Effect of exchange rate | | (181) | | (1,286) | | 545 |
| fluctuations | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Cash and cash equivalents | | 7,408 | | 11,232 | | 11,232 |
| at start of period | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Cash and cash equivalents | | 4,163 | | 6,674 | | 7,408 |
| at 30 September 2009 | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Interest received in | | 11 | | 185 | | 308 |
| period | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
Notes to the Unaudited Interim Results
For the period ended 30 September 2009
1. The Company
Dhir India Investments plc (the "Company") was incorporated and registered in
the Isle of Man under the Isle of Man Companies Acts 1931 to 2004 on 20 June
2007 as a public company with registered number 120065C.
Following the close of placing on 12 July 2007, 16,666,665 shares were issued.
The Shares of the Company were admitted to trading on AIM on 12 July 2007 when
dealings also commenced.
The Company's agents and the Investment Manager perform all significant
functions. Accordingly, the Company itself has no employees.
2. Significant accounting policies
These unaudited interim results have been prepared in accordance with
International Accounting Standard 34 "Interim Financial Reporting". They do not
include all the information required for full consolidated financial statements
and should be read in conjunction with the consolidated financial statements for
the year ended 31 March 2009.
No IFRSs have been adopted early, however it is likely that any Standards issued
(but not yet effective) would only require changes in disclosure and not result
in changes to the accounting policies for recognition and measurement.
The accounting policies applied by the Group in these condensed consolidated
statements are the same as those applied by the Group in its consolidated
financial statements for the year ended 31 March 2009.
3. Taxation
The standard rate of income tax for companies in the Isle of Man is 0%. No
provision for taxation has therefore been made. As the Company is wholly owned
by non resident members and is listed on a recognised stock exchange, it meets
the definition of a "distributing company" and is therefore exempt from the
distributable profits charge in India.
4. Segmental reporting
The Group operates as one business and geographical segment, being investment in
distressed debt in India.
5. Related party transactions
Alok Dhir is the controlling shareholder of Shiva Consultants Private Limited
(the Investment Manager) and a Director of Dhir India Investments plc. During
the period the Company had the following related party transactions with the
Investment Manager. The management fee and performance fee arrangements are set
out in note 5.
6. Investment Manager
The Investment Manager is entitled to a management fee of 1.8 per cent per annum
of the Net Asset Value of the Group's investments ("NAV") which is payable
quarterly in advance in the first year and a management fee of 2 per cent per
annum of the NAV payable quarterly in advance thereafter, provided that any fee
for any commencing or terminating period shall be the pro-rated amount. The
Investment Manager fee for the period commencing on the day after the second
anniversary of Admission up to and including the third anniversary of the
Admission for which fees are payable is 1.5 per cent per annum.
The NAV calculation of each financial year is based on semi-annual
independent valuations of such investments in accordance with IFRS as at the end
of the relevant financial year and at the date which is six months after the
relevant financial year end. Throughout the relevant financial year, the
management fee paid on each quarter date is based on the latest NAV calculation.
The management fee payments are then adjusted retrospectively following the next
NAV calculation.
Fees paid to the Investment Manager: GBP240,148 (31 March 2009: GBP649,000).
Fees payable to the Investment Manager on the basis of NAV: GBPnil (31 March
2009: GBPnil).
Performance Fee
The Investment Manager is entitled to a performance fee, calculated as follows,
in respect of net proceeds received by the relevant member of the Group in
respect of an investment:
* the Net Investment Proceeds will first be allocated to the Group, until the
Group has received an amount equal to the Investment Outlay and an Investment
IRR of 12 per cent.
* any remaining balance of the Net Investment Proceeds will then be allocated to
the Investment Manager until the Investment Manager has received an amount equal
to 25 per cent of the return already allocated to the Group;
* any remaining balance of the Net Investment Proceeds will then be allocated
between the Group and the Investment Manager in the ratio 80:20 up to
an Investment IRR of 25 per cent; and
* any remaining balance of the Net Investment Proceeds will then be allocated
between the Group and the Investment Manager in the ratio 65:35.
A Performance fee contingent on realisation of GBPnil (31 March 2009:
GBPnil) has been provided on the net fair value increase in the investments.
7. Loss per Ordinary Share
Basic
The basic loss per Ordinary Share has been calculated by dividing the loss for
the period of GBP577,000 (31 March 2009: loss GBP1,035,000) by the average
number of Ordinary Shares of 16,666,677 in issue throughout the period.
Fully Diluted
The fully diluted and basic earnings per Ordinary Shares are the same, as based
on the exercise price of the Warrants, the Warrants are not dilutive.
8. Available for Sale - Financial Assets
+----------------------------+---------+---------+--------+---------+--------+---------+
| | Unaudited | Unaudited | Audited |
| | From 1 April 2009 | From 1 April | From 1 April |
| | to | 2008 | 2008 |
| | 30 September 2009 | to | to |
| | | 30 September | 31 March 2009 |
| | | 2008 | |
+----------------------------+-------------------+------------------+------------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------+---------+---------+--------+---------+--------+---------+
| | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Balance at beginning of | | 19,296 | | 21,779 | | 17,529 |
| period | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Additions | | 985 | | 2,865 | | - |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Advances | | 50 | | 1,000 | | - |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Movement in unrealised | | (1,035) | | 54 | | 1,330 |
| (depreciation) / | | | | | | |
| appreciation | | | | | | |
+----------------------------+---------+---------+--------+---------+--------+---------+
| Foreign exchange effects | | (615) | | (1,780) | | 437 |
+----------------------------+---------+---------+--------+---------+--------+---------+
| End of period | | 18,681 | | 23,918 | | 19,296 |
+----------------------------+---------+---------+--------+---------+--------+---------+
9. Share Capital
+----------------------+------+----+----+---------+--------+---------+--------+----------+
| | | Unaudited | Unaudited | Audited |
| | | From 1 April | From 1 April | From 1 April 2008 |
| | | 2009 | 2008 | to |
| | | to | to | 31 March 2009 |
| | | 30 September | 30 September | |
| | | 2009 | 2008 | |
+----------------------+-----------+--------------+------------------+-------------------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+------+---------+---------+--------+---------+--------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+--------+---------+--------+----------+
| Authorised | | | | | | | |
+----------------------+------+---------+---------+--------+---------+--------+----------+
| 100,000,000 Ordinary | | | 10,000 | | 10,000 | | 10,000 |
| shares of 10p | | | | | | | |
+----------------------+------+---------+---------+--------+---------+--------+----------+
| Allotted, called up | | | | | | | |
| and fully paid | | | | | | | |
| issued during the | | | | | | | |
| period | | | | | | | |
+----------------------+------+---------+---------+--------+---------+--------+----------+
| 16,666,677 Ordinary | | | 1,667 | | 1,667 | | 1,667 |
| shares of 10p | | | | | | | |
+----------------------+------+----+----+---------+--------+---------+--------+----------+
The Company issued 16,666,665 Ordinary Shares of 10p for cash at a placing
price of 1.50p per share on 12 July 2007.
10. Warrants
At the placing on 12 July 2007, for each Ordinary Share received the
subscriber also received one Warrant for every five Ordinary Shares.
+-----------+------------------+------------------+--------------------------------+
| | Allotted | Exercise Price | Subscription Period |
+-----------+------------------+------------------+--------------------------------+
| Warrants | 3,333,333 | GBP1.875 | 12 July 2008 - 12 July 2009 |
+-----------+------------------+------------------+--------------------------------+
11. Capital Commitments
The total potential cost of investment as on 30 September 2009 is GBP24.58
million (31 March 2009: GBP24.08 million). As far as committed funds are
concerned, there are no legal commitments pending at that date. However, as per
the original investment proposals, the maximum positions that could be taken in
the six investment opportunities total GBP24.42 million.
12. Financial instruments and risks
The Group's financial risk management objectives and risks are consistent with
those disclosed in the consolidated financial statements for the year ended
31 March 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZGMZZMZVGLZZ
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