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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 |
From May 2019 to May 2024
TIDMDHIR
RNS Number : 0509Y
Dhir India Investments plc
16 December 2010
16 December 2010
Dhir India Investments plc
("Dhir India", "DII", or the "Company")
Half year results to 30 September 2010
Dhir India (AIM: DHIR), the first UK quoted company established to invest in the US$50 billion Indian non-performing assets sector, announces half year results for the six months ended 30 September 2010. Comparative figures are taken from the unaudited accounts for the six months ended 30 September 2009 and the audited accounts for the year ended 31 March 2010.
Hot Features
Premium
Highlights:
-- Strong balance sheet with cash and cash equivalents of GBP5.7million
(GBP6.3 million at 31 March 2010)
-- Headline net asset value per share, including deferred tax provisions,
for Dhir India at the period end was 122p (130p at 31 March 2010)
-- Progress made on exit strategy: At least one major realisation
expected in the next six months
Charlie Hambro, Chairman of Dhir India, commented:
"Despite encountering further delays in our realisation strategy as a result of market conditions and the inherent delays in the realisation of distressed assets, at least one major realisation is expected in the next six months and the board continues to examine new investments as a result of the significant opportunities available in the Indian non performing asset market."
Alok Dhir, Non-Executive Director of Dhir India, added:
"We remain focused on the exit of a number of our investments and anticipate reporting significant progress in the near future. Strict control of our operating costs has been maintained and we look forward to the continued above average growth of the Indian economy into 2011."
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 4300 Tel: + 44 (0) 207 920
3150
Chairman's Statement
I am able to report that Dhir India Investments plc ("the Company") has made progress for the six months ended 30 September 2010, but that this progress continues to be slower than had been hoped. Despite the above, your Board is encouraged by the completed part realisation of one of the investments and vigorous efforts are being made to harvest the other investments made by the Company. As a result, we continue to expect completion of at least one major realisation over the next six months.
Given this background, your Board remains confident that the overall valuation of the portfolio remains conservative as per the valuations reported in the Annual Report to March 2010 that are repeated in these half yearly figures.
As I mentioned in my last report, your Board continues to be aware of the importance of controlling operating costs and preserving the satisfactory cash position of the Company. Our Investment Manager, Shiva Consultants Private Limited, has extended its agreement to reduce its Management Fee for a further year and the Board is once again grateful for their flexibility in this matter.
Results
The portfolio continues to comprise interests in five projects and one quoted business on the Bombay Stock Exchange. The total cost to date of the investments is GBP17.50 million with a total possible cost of the investments totalling GBP24.08m, assuming maximum positions are taken.
During the reporting period, the rupee has depreciated against sterling by some 5% and consequently, the fair value of our share of these underlying investments at the balance sheet date was GBP19.60 million (GBP20.50 million 31 March 2010), excluding deferred tax provisions of GBP1.96 million (GBP2.05 million at 31 March 2010), which the directors anticipate should not be payable.
Headline net asset value per share, including deferred tax provisions, for the Company at the period end was 122p (130p at 31 March 2010). The adjusted net asset value per share, excluding the deferred tax provision of GBP1.96 million, is 134p (143pat 31 March 2010). The consolidated statement of comprehensive income shows loss attributable to shareholders of GBP0.4 million and a loss per share of 2.48p. Total consolidated cash balances at the period end were GBP5.7million (GBP6.3 million at 31 March 2010). The Company has no borrowings.
The Investments
The investment portfolio is diversified both by regional geography and realisationstrategy. The appropriate exit strategies for each investment continue to be reviewed by the Investment Manager on an ongoing basis and range from the turnaround and resale of operating businesses to the break-up and sale of underlying assets.
Outlook
The Indian economy continues to grow at above average trend on a gross basis and this has been reflected in the progress made by the Indian capital markets. However, the more difficult circumstances facing the Western European and North American countries would signal a note of caution. Despite this, macro fundamentals in India remain very encouraging and therefore the Indian economy should provide satisfactory if I suspect uneven, returns over the medium term.
Your Board continues to be hopeful that at least one major realisation could be achieved by the time we next report. If this happens, your Board expects to make further selective investments in new projects as the Company continues to see significant opportunities in the Indian non-performing asset market, subject to taking into consideration the need to conserve cash in the current environment.
Charlie Hambro
15 December 2010
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 2010 which comprises Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Statement of Financial Position, Condensed Consolidated Statement of Changes in Equity, Condensed Consolidated Statement of Cash Flows 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 IFRSs. 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 2010 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
15 December 2010
Dhir India Investments plc
Condensed consolidated statement of comprehensive income
For the six months ended 30 September 2010
Unaudited
Unaudited From 1 April Audited
From 1 April 2009 From 1 April
2010 to 30 to 2009
September 30 September to
2010 2009 31 March 2010
GBP'000 GBP'000 GBP'000
Interest income on
cash balances 4 9 42
Dividend income 77 2 107
Excess provision
written-off - - 2
-------------------------- ------------- ------------- --------------
Net investment income 81 11 151
-------------------------- ------------- ------------- --------------
Investment management
fees (205) (240) (445)
Administration expenses (296) (348) (683)
-------------------------- ------------- ------------- --------------
Total expenses (501) (588) (1,128)
-------------------------- ------------- ------------- --------------
Loss before taxation (420) (577) (977)
Taxation - - (48)
Loss for the period (420) (577) (1,025)
========================== ============= ============= ==============
Other comprehensive (loss)/income
Unrealised change in fair
value of
available-for-sale
financial assets (121) (1,035) (1,273)
Add/(less) deferred
taxation 92 34 (190)
Foreign currency
translation differences
for foreign operations (918) (796) 2,185
-------------------------- ------------- ------------- --------------
Other comprehensive
(loss)/income for
the period (947) (1,797) 722
-------------------------- ------------- ------------- --------------
Total comprehensive
loss for the period (1,367) (2,374) (303)
========================== ============= ============= ==============
Loss attributable
to:
Equity holders of
the Company (414) (569) (1,003)
Non-controlling interest (6) (8) (22)
-------------------------- ------------- ------------- --------------
Loss for the period (420) (577) (1,025)
========================== ============= ============= ==============
Total comprehensive loss
attributable to:
Equity holders of
the Company (1,218) (2,136) (537)
Non-controlling interest (149) (238) 234
-------------------------- ------------- ------------- --------------
Total comprehensive
loss for the period (1,367) (2,374) (303)
========================== ============= ============= ==============
Basic and diluted
loss per share (pence) 9 (2.48) (3.46) (6.02)
========================== ============= ============= ==============
The Directors consider that all results derive from continuing activities.
Dhir India Investments plc
Condensed consolidated statement of financial position
As at 30 September 2010
Unaudited Unaudited Audited
30 September 30 September 31 March
2010 2009 2010
GBP'000 GBP'000 GBP'000
------------------------------ --- ------------- ------------- ---------
Current assets
Available-for-sale
financial
assets 10 19,608 18,681 20,502
Trade and other receivables 56 41 56
Cash and cash equivalents 5,740 5,712 6,304
Total assets 25,404 24,434 26,862
============================== === ============= ============= =========
Equity
Share capital 11 1,667 1,667 1,667
Share premium 21,355 21,355 21,355
Fair value reserve (2,129) (1,509) (2,112)
Foreign currency translation
reserve 2,006 157 2,793
Retained loss (2,494) (1,646) (2,080)
------------------------------ --- ------------- ------------- ---------
Total equity attributable
to equity
holders of the Company 20,405 20,024 21,623
Non-controlling interest 2,875 2,436 3,019
------------------------------ --- ------------- ------------- ---------
Total equity 23,280 22,460 24,642
============================== === ============= ============= =========
Non-current liabilities
Deferred tax liabilities 1,960 1,828 2,052
Total non-current
liabilities 1,960 1,828 2,052
Current liabilities
Trade and other payables 164 146 168
------------------------------ --- ------------- ------------- ---------
Total current liabilities 164 146 168
------------------------------ --- ------------- ------------- ---------
Total liabilities 2,124 1,974 2,220
------------------------------ --- ------------- ------------- ---------
Total equity and liabilities 25,404 24,434 26,862
============================== === ============= ============= =========
Dhir India Investments plc
Condensed consolidated statement of changes in equity
For the six months ended 30 September 2010
Foreign
Currency Fair Total
Share Share Translation value Retained shareholders' Non-controlling Total
capital premium reserve reserve loss funds Interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at
1 April 2009 1,667 21,355 855 (640) (1,077) 22,160 2,674 24,834
--------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Total
comprehensive
loss for the
year:
Loss for the
period - - - - (569) (569) (8) (577)
Other
comprehensive
income (698) (869) - (1,567) (230) (1,797)
--------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Total
comprehensive
loss - - (698) (869) (569) (2,136) (238) (2,374)
--------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Balance at 30
September
2009
(unaudited) 1,667 21,355 157 (1,509) (1,646) 20,024 2,436 22,460
--------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Dhir India Investments plc
Condensed consolidated statement of changes in equity
For the six months ended 30 September 2010 (continued)
Foreign
Currency Fair Total
Share Share Translation value Retained shareholders' Non-controlling Total
capital premium reserve reserve loss funds Interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1
April 2009 1,667 21,355 855 (640) (1,077) 22,160 2,674 24,834
----------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Total comprehensive loss
for the year:
Loss for the
year - - - - (1,003) (1,003) (22) (1,025)
Other
comprehensive
income 1,938 (1,472) - 466 256 722
----------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Total
comprehensive
loss - - 1,938 (1,472) (1,003) (537) 234 (303)
----------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Transactions
with owners
recorded
directly in
equity:
Contributions
from
non-controlling
interest - - - - - - 111 111
Balance at 31
March 2010
(audited) 1,667 21,355 2,793 (2,112) (2,080) 21,623 3,019 24,642
----------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Balance at 1
April 2010 1,667 21,355 2,793 (2,112) (2,080) 21,623 3,019 24,642
----------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Total comprehensive loss
for the period:
Loss for the
period - - - - (414) (414) (6) (420)
Other
comprehensive
loss (787) (17) - (804) (143) (947)
----------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Total
comprehensive
loss - - (787) (17) (414) (1,218) (149) (1,367)
----------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Transactions
with owners
recorded
directly in
equity:
Contributions
from
non-controlling
interest - - - - - - 5 5
----------------- -------- -------- ------------ -------- --------- -------------- ---------------- --------
Balance at 30
September 2010
(unaudited) 1,667 21,355 2,006 (2,129) (2,494) 20,405 2,875 23,280
================= ======== ======== ============ ======== ========= ============== ================ ========
Dhir India Investments plc
Condensed consolidated statement of cash flows
For the six months ended 30 September 2010
Unaudited Unaudited
From 1 April From 1 April Audited
2010 2009 From 1 April
to to 2009
30 September 30 September to
2010 2009 31 March 2010
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- --------------
Cash flows from operating activities
Loss for the period/year (420) (577) (1,025)
Adjustments for:
Interest income on
cash balances (4) (9) (42)
Dividend income (77) (2) (107)
------------------------------- ------------- ------------- --------------
(501) (588) (1,174)
Decrease/(increase)
in trade and other
receivables - 111 (19)
(Decrease)/increase
in trade and other
payables (4) (14) 8
Interest and dividends
received 81 11 264
------------------------------- ------------- ------------- --------------
Net cash used in operating
activities (424) (480) (921)
------------------------------- ------------- ------------- --------------
Cash flows from investing activities
Receipt of refund
from asset reconstruction
company - - 628
Acquisition of investments (120) (1,035) (1,251)
------------------------------- ------------- ------------- --------------
Net cash used in investing
activities (120) (1,035) (623)
------------------------------- ------------- ------------- --------------
Cash flows from financing activities
Proceeds from non-controlling
interests 5 - 111
------------------------------- ------------- ------------- --------------
Net cash flow from
financing activities 5 - 111
------------------------------- ------------- ------------- --------------
Net decrease in cash
and cash equivalents (539) (1,515) (1,433)
Cash and cash equivalents
at start of period/year 6,304 7,408 7,408
Effect of foreign
exchange rate changes
on cash balances (25) (181) 329
------------------------------- ------------- ------------- --------------
Cash and cash equivalents
at end of period/year 5,740 5,712 6,304
=============================== ============= ============= ==============
Dhir India Investments plc
Notes to the unaudited interim results
For the six months to 30 September 2010
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.
The Company was established as the holding company of the investment company Agate India Investments Limited (incorporated in Mauritius), which invests in distressed assets and distressed companies in India. The investments in distressed assets and distressed companies are made through Indian Special Purpose Vehicles ("SPVs") incorporated by Agate India Investments Limited.
The shares of the Company were admitted to trading on the Alternative Investment Market of the London Stock Exchange ("AIM") on 12 July 2007 when dealings also commenced. Following the close of the placing on 12 July 2007, 16,666,665 shares were issued.
The Company's agents and the investment manager perform all significant functions. Accordingly, the Company itself has no employees.
The interim consolidated financial statements of Dhir India Investments plc as at and for the six months ended 30 September 2010 comprise the Company and its subsidiaries (together referred to as the "Group").
The consolidated financial statements of the Group as at and for the year ended 31 March 2010 are available upon request from the Company's registered office at Top Floor, 14 Athol Street, Douglas, Isle of Man IM1 1JA or at www.dhirindia.com.
2 Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 March 2010.
These condensed consolidated interim financial statements were approved by the Board of Directors on 15 December 2010.
3 Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 31 March 2010.
No International Financial Reporting Standards (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.
4 Estimates
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these interim consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2010 (see note 10).
5 Financial risk management policies
The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 March 2010.
6 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 "non-relevant company" and is therefore exempt from the distributable profits charge in India.
7 Segmental reporting
The Group operates in one business and geographical segment, being investment in distressed debt in India.
8 Management and performance fees
Management fee
Shiva Consultants Private Limited (the "Investment Manager") was entitled to a management fee of 1.8 per cent per annum of the NAV (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 agreed to reduce the management fee for the year from 2% to 1.5%.
The NAV calculation of each financial year is based on 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.
Annual management fees charged during the period ended 30 September 2010 amounted to GBP204,646 (six months ended 30 September 2009: GBP240,148) and no fees were outstanding as at 30 September 2010 (31 March 2010: 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.
Due to decrease in the fair value of investments, relative to their cost no performance fee has been provided in the financial statements or those for the year ended 31 March 2010.
9 Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
Unaudited Unaudited Audited
From 1 April From 1 April From 1 April
2010 2009 2009
to to to
30 September 30 September 31 March
2010 2009 2010
Loss attributable to equity
holders of the Company
(GBP'000) (414) (569) (1,003)
Number of ordinary shares
in issue 16,666,667 16,666,667 16,666,667
Basic loss per share (pence) (2.48) (3.46) (6.02)
=============================== ============== ============== =============
There is no dilutive earnings per share number shown as there are no share options in issue and the warrants have expired.
10 Available-for-sale financial assets
Investments in unquoted Indian incorporated investee companies are designated as available-for-sale financial assets and are carried at fair value in the statement of financial position. The Group has invested in the debt of identified distressed companies (secured by way of charges on the assets) with the intention of acquiring the assets of these companies.
The Group's investments in the underlying investee companies are as follows as at 30 September 2010:
Foreign
Capital Fair value exchange
Investments invested adjustment rate effect Fair value
GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ---------- ----------- ------------- -----------
Indirect investments
Turquoise Metals and
Electricals Private
Limited 1,630 3,687 135 5,452
Aquamarine Synthetics
and Chemicals Private.
Limited 1,619 2,128 193 3,940
Triton Projects India
Private Limited 1,018 (579) 109 548
Destination India
Projects Private
Limited 1,592 (857) 266 1,001
Cygnet Projects Private
Limited 10,530 (3,663) 1,312 8,179
Direct investments
Lords Choloro Alkali
Limited 1,108 (780) 160 488
------------------------- ---------- ----------- ------------- -----------
17,497 (64) 2,175 19,608
========================= ========== =========== ============= ===========
The movements in the fair value of the financial assets held by the above investee companies are as follows:
Unaudited Unaudited Audited
From 1 April From 1 April From 1 April
2010 2009 2009
to to to
30 September 30 September 31 March
2010 2009 2010
GBP'000 GBP'000 GBP'000
Fair value brought forward 20,502 19,296 19,296
Additional investment 120 1,035 1,251
Refund from asset reconstruction
company - - (628)
Movement in fair value (121) (1,035) (1,273)
Effect of foreign exchange
fluctuations (893) (615) 1,856
--------------------------------- ------------- ------------- -------------
Fair value at end of the period 19,608 18,681 20,502
================================= ============= ============= =============
Valuation methodology
The value of the Group's interest in the assets of the underlying investee companies had been determined by the Directors with the advice of an independent valuer. The value of the assets of the distressed companies is based on the Directors' best estimate of a fair value basis in a forced sale scenario. Physical assets of the distressed companies, against which the debts are secured, are valued by independent valuers and the fair value is discounted at appropriate rates taking into account costs to dispose the assets and time of realisationof the assets. Statutory liabilities which have a preference over secured debt, and resolution costs of between 1% and 10% (based on the valuer's opinion of the asset) of realisable value are deducted from the realisablevalue.Discounts are also applied based on the level of aggregation of debt achieved.
The investment in Lords Choloro Alkali Limited has been valued based on the lowest mid-market share price quoted in the period from 31 March 2010 to the date of agreement of the valuations by the Directors on 26 July 2010.The lowest mid-market share price during the period was INR23.1 per share on 11 June 2010.
The valuations used in these interim financial statements reflect the valuations used in the year end financial statements, as at 31 March 2010, adjusted for any movement in foreign exchange rates. This is consistent with the policy used in the interim financial statements for the period ended 30 September 2009.
11 Share capital
No. of shares Share capital Share premium
GBP'000 GBP'000
Ordinary shares of GBP0.10
each 16,666,667 1,667 21,355
16,666,667 1,667 21,355
============== ============== ==============
The authorised share capital of the Company is GBP10,000,000, divided into 100,000,000 Ordinary Shares of GBP0.10 each. The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's assets.
Warrants originally issued expired on 12 July 2009.
12 Exchange rates
The following exchange rates were used to translate assets and liabilities into the reporting currency at 30 September 2010:
UK Sterling: Indian Rupee Closing rate Average rate ---------------------------------------- ------------- ------------- For the period from 1 April 2010 to 30 September 2010 70.9659 70.26219 For the period from 1 April 2009 to 30 September 2009 76.9661 78.14481 For the period from 1 April 2009 to 31 March 2010 67.8685 76.19825 ---------------------------------------- ------------- -------------
13 Related parties
Management arrangement
Alok Dhir and his associates are the significant shareholders of Shiva Consultants Private Limited (the Investment Manager) and a Director of Dhir India Investments plc. The management fee and performance fee arrangements are set out in note 8.
Legal services
Alok Dhir is also one of the partners of Dhir & Dhir Associates, the Company's lawyers in India. During the period the Company used the legal services of Dhir & Dhir Associates and incurred the following charges:
Unaudited Unaudited Audited
From 1 April From 1 April From 1 April
2010 2009 2009
to to to
30 September 30 September 31 March
2010 2009 2010
GBP'000 GBP'000 GBP'000
------------------------------ -------------- -------------- --------------
Legal and professional fees 12 17 23
Balance outstanding at
period/year end 21 1 21
------------------------------ -------------- -------------- --------------
Amounts were billed based on normal market rates for such services and were due and payable under normal payment terms.
Save as disclosed above, none of the Directors had any interest during the period in any material contract for the provision of services which was significant to the business of the Company.
Alchemist Asset Reconstruction Company Limited (formerly Dhir & Dhir Asset Reconstruction and Securitisation Company Limited)
One of the Directors of the Company, Alok Dhir, is also a director of Alchemist Asset Reconstruction Company Limited ("AARCL"). The SPVs have entered into transactions with AARCL for acquisition of various assets/units in respect of the companies in which investments have been made. The details of outstanding balance of advances made by the SPVs to AARCL are as below:
30 September 30 September 31 March
2010 2009 2010
GBP'000 GBP'000 GBP'000
--------------------------------- ------------- ------------- ---------
Turquoise Metals and Electrical
Private Limited 1,765 1,627 1,846
Aquamarine Synthetics and
Chemicals Private Limited 409 377 427
Triton Projects India Private
Limited 68 64 71
Destination India Projects
Private Limited - 622 -
Cygnet Projects Private Limited 2,769 2,521 2,873
--------------------------------- ------------- ------------- ---------
Total 5,011 5,211 5,217
================================= ============= ============= =========
Co-investment
During the period to 30 September 2010, Alok Dhir has in terms of the co-investment commitments along with Turnaround Consultants Private Limited and Sopan Securities Private Limited, which are some of his connected persons, co-invested with the Group's subsidiary Agate India Investments Limited in the following Group SPVs subsidiaries:
Equity Holding Investment
(%) GBP'000
Turquoise Metals and Electrical Private
Limited 25% 488.49
Aquamarine Synthetics and Chemicals
Private Limited 25% 547.45
Triton Projects India Private Limited 5% 61.47
Destination India Projects Private
Limited 5% 108.16
Cygnet Projects Private Limited 10% 1,016.76
----------------------------------------- --------------- -----------
Lords Chloro Alkali Limited
Alok Dhir is also a shareholder in Lords Chloro Alkali Limited. As at 30 September 2010, the Group has subscribed for 1.5 million equity shares at INR 60 per share in Lords Chloro Alkali Limited (see note 10).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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