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Dhir India Inv. plc (DHIR)

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Thursday 16 December, 2010

Dhir India Inv. plc

Half Yearly Report

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. 

 

 

Highlights:

 

Strong balance sheet with cash and cash equivalents of £5.7million (£6.3 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 £17.50 million with a total possible cost of the investments totalling £24.08m, 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 £19.60 million (£20.50 million 31 March 2010), excluding deferred tax provisions of £1.96 million (£2.05 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 £1.96 million, is 134p (143pat 31 March 2010).  The consolidated statement of comprehensive income shows loss attributable to shareholders of £0.4 million and a loss per share of 2.48p. Total consolidated cash balances at the period end were £5.7million (£6.3 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 

From 1 April 2010

to 

30 September 

2010 


Unaudited 

From 1 April 2009 

to 

30 September 

2009 


Audited 

From 1 April

 2009 

to 

31 March 2010 



£'000 


£'000


£'000 

Interest income on cash balances


 


 


 

42 

Dividend income


77 



107 

Excess provision written-off




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 

30 September 

2010 


Unaudited 

30 September 

2009 


Audited 

31 March 

2010 



£'000 


£'000 


£'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

 


Share

capital

 

 

Share

premium

 

Foreign 

Currency 

Translation 

reserve 

Fair value 

reserve 

Retained 

loss 

Total 

shareholders' 

funds 

Non-controlling 

Interest 

Total 

equity 


£'000

£'000

£'000 

£'000 

£'000 

£'000 

£'000 

£'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)

 


Share

capital

 

 

Share

premium

 

Foreign 

Currency 

Translation 

reserve 

Fair value 

reserve 

Retained 

loss 

 

Total 

shareholders' 

funds 

Non-controlling 

Interest 

Total equity 


£'000

£'000

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 









Balance as at 1 April 2009

1,667

21,355

855 

(640)

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)

(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)

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)

(1,218)

(149)

(1,367)










Transactions with owners recorded

directly in equity:









Contributions from non-controlling interest

 

-

 

-

 

 

 

 

 

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 

From 1 April 2010 

to 

30 September 

2010 


Unaudited 

From 1 April 2009 

to 

30 September 

2009 


Audited 

From 1 April 

2009 

to 

31 March 2010 



£'000 


£'000 


£'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)


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



-


111 

Net cash flow from financing activities


 


 


 

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 £204,646 (six months ended 30 September 2009: £240,148) and no fees were outstanding as at 30 September 2010 (31 March 2010: £nil).

 

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 

From 1 April 

2010 

to 

30 September 

2010 


Unaudited 

From 1 April 

2009 

to 

30 September 

2009 


Audited 

From 1 April 

2009 

to 

31 March 

 2010 

Loss attributable to equity holders of the Company (£'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:

 

Investments

Capital

invested

Fair value 

adjustment 

Foreign

exchange

rate effect

Fair value


£'000

£'000 

£'000

£'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 

From 1 April 

2010 

to 

30 September 

2010 

Unaudited 

From 1 April 

2009 

to 

30 September 

2009 

Audited 

From 1 April 

2009 

to 

31 March 

2010 


£'000 

£'000 

£'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



£'000

£'000

Ordinary shares of £0.10 each

16,666,667

1,667

21,355


16,666,667

1,667

21,355

 

The authorised share capital of the Company is £10,000,000, divided into 100,000,000 Ordinary Shares of £0.10 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

From 1 April

2010

to

30 September

2010

Unaudited

From 1 April

2009

to

30 September

2009

Audited

From 1 April 2009

to

31 March

2010


£'000

£'000

£'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

2010

30 September

2009

31 March

2010


£'000

£'000

£'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

£'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
 
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