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Deccan Gold Mines Limited

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Deccan Gold Mines Limited Draft Letter of Offer March 27, 2015 For Eligible Equity Shareholders only Deccan Gold Mines Limited (Our Company was originally incorporated as Wimper Trading Limited on November 29, 1984 under the Companies Act, 1956 with the Registrar of Companies, Mumbai, Maharashtra. The name of our Company was changed to Deccan Gold Mines Limited and fresh Certificate of Incorporation was issued by the Registrar of Companies, Mumbai on March 19, 2003. The Corporate Identification Number of our Company is L51900MH1984PLC034662) Registered Office: Parinee Crescenzo, C38-C39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Tel No: +91 22 3304 0797; Fax No: +91 22 3304 0779 Corporate Office: No. 5, 19th Main Road, 4th Sector, HSR Layout, Bengaluru - 560 102 Tel. No.: +91 80 6715 5700; Fax No.: +91 80 6715 5701 Compliance Officer: Mr. S. Subramaniam, Company Secretary E-mail: [email protected]; Website: www.deccangoldmines.com FOR PRIVATE CIRCULATION TO THE ELIGIBLE EQUITY SHAREHOLDERS OF DECCAN GOLD MINES LIMITED ONLY DRAFT LETTER OF OFFER ISSUE OF 29,609,125 EQUITY SHARES* OF FACE VALUE OF ` 1 EACH (“EQUITY SHARES”) OF DECCAN GOLD MINES LIMITED (“DECCAN” OR THE “COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF ` 15 (INCLUDING SHARE PREMIUM OF ` 14) PER EQUITY SHARE (“ISSUE PRICE”) FOR AN AGGREGATE AMOUNT OF ` 444.14 MILLIONS TO THE ELIGIBLE EQUITY SHAREHOLDERS ON RIGHTS BASIS IN THE RATIO OF 1 EQUITY SHARE FOR EVERY 2 EQUITY SHARES HELD BY THE ELIGIBLE EQUITY SHAREHOLDERS ON THE RECORD DATE, I.E. [●] (THE “ISSUE”). THE ISSUE PRICE IS 15 TIMES THE FACE VALUE OF THE EQUITY SHARES. * If any option is exercised under the “Deccan Gold Mines Limited Employees Stock Option Scheme 2014” before the Record Date, the number of Equity Shares to be issued under the Rights Issue will increase proportionately in the Rights Entitlement ratio. For details refer to the section titled “Capital Structure” on page 29 of the Draft Letter of Offer. GENERAL RISKS Investments in equity and equity related securities involve a degree of risk and investors should not invest any funds in this Issue unless they can afford to take the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in relation to this Issue. For taking an investment decision, investors must rely on their own examination of the Company and the Issue including the risks involved. The securities being offered in the issue have not been recommended or approved by the Securities and Exchange Board of India, (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the Draft Letter of Offer. Investors are advised to refer to the section titled “Risk Factors” given on page 8 before making an investment in this Issue. ISSUER’S ABSOLUTE RESPONSIBILITY The Issuer, having made all reasonable inquiries, accepts responsibility for and confirms that the Draft Letter of Offer contains all information with regard to the Issuer and the Issue, which is material in the context of this Issue, that the information contained in the Draft Letter of Offer is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes the Draft Letter of Offer as a whole or any such information or the expression of any such opinions or intentions misleading in any material respect. LISTING The existing Equity Shares of our Company are listed on BSE Limited (BSE). We have received “in-principle” approval from BSE for listing the Equity Shares to be allotted in the Issue vide its letter dated [●]. For the purpose of this Issue, the Designated Stock Exchange is BSE. LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE SPA Capital Advisors Limited Link Intime India Private Limited SEBI Reg. No.: INM 000010825 SEBI Regn. No.: INR000004058 25, C - Block Community Centre, C-13, Pannalal Silk Mills Compound, Janak Puri, New Delhi - 110 058 LBC Marg, Bhandup (West), Mumbai - 400 078 Tel.: +91 11 4567 5500, 2551 7371 Tel.: +91 22 6171 5400 Fax: +91 11 2553 2644 Fax: +91 22 2596 0329 E-mail: [email protected] E-mail: [email protected] Investor Grievance e-mail id: Investor Grievance e-mail id: [email protected] [email protected] Website: www.spacapital.com Website: www.linkintime.co.in Contact Person: NitiN Somani Contact Person: Dinesh Yadav ISSUE PROGRAMME ISSUE OPENS ON LAST DATE FOR REQUEST FOR SPLIT ISSUE CLOSES ON APPLICATION FORMS [●] [●] [●] TABLE OF CONTENTS TITLE PAGE NO. DEFINITION AND ABBREVIATIONS…………………………………………………………………….. 1 CURRENCY OF FINANCIAL REPRESENTATION AND USE OF MARKET DATA…………………... 6 FORWARD LOOKING STATEMENT……………………………………………………………………… 7 RISK FACTORS……………………………………………………………………………………………… 8 THE ISSUE…………………………………………………………………………………………………… 19 SUMMARY OF FINANCIAL INFORMATION…………………………………………………………….. 20 GENERAL INFORMATION………………………………………………………………………………… 26 CAPITAL STRUCTURE……………………………………………………………………………………... 29 OBJECTS OF THE ISSUE…………………………………………………………………………………… 33 STATEMENT OF TAX BENEFITS…………………………………………………………………………. 37 OUR INDUSTRY……………………………………………………………………………………………. 41 SUMMARY OF OUR BUSINESS…………………………………………………………………………… 45 HISTORY AND CERTAIN CORPORATE MATTERS…………………………………………………….. 50 OUR MANAGEMENT. ……………………………………………………………………………………… 54 OUR PROMOTER…………………………………………………………………………………………... 58 FINANCIAL STATEMENTS………………………………………………………………………………... 59 CAPITALIZATION STATEMENT………………………………………………………………………….. 90 STATEMENT OF ACCOUNTING RATIOS………………………………………………………………... 91 CERTAIN OTHER FINANCIAL INFORMATION (WORKING RESULTS)……………………………... 92 STOCK MARKET DATA……………………………………………………………………………………. 93 OUTSTANDING LITIGATIONS……………………………………………………………………………. 94 GOVERNMENT AND OTHER APPROVALS……………………………………………………………… 97 OTHER REGULATORY AND STATUTORY INFORMATION…………………………………………... 107 OFFERING INFORMATION…………..……………………………………………………………………. 115 MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION…………………………………….. 140 DECLARATION……………………………………………………………………………………………… 141 ANNEXURE I: EXPERT REPORT..………………………………………………………………………… 142 ii DEFINITIONS AND ABBREVIATIONS In this Draft Letter of Offer, unless the context otherwise requires, the terms defined and abbreviations expanded below shall have the same meaning as stated in this section. References to statutes, rules, regulations, guidelines and policies will be deemed to include all amendments and modifications notified thereto. Company Related Terms Term Description “Deccan” / “Company” / Unless the context otherwise requires, refers to, Deccan Gold Mines Limited, a “Issuer” / we / us / our public limited company under the Companies Act, 2013 and will include our Subsidiary Articles of Association The Articles of Association of our Company, as amended from time to time Statutory Auditors / The Statutory Auditors of our Company, M/s. V.K. Beswal & Associates, Chartered Auditors Accountants (Firm Registration No. 101083W) Board of Directors / The Board of Directors of our Company, unless specified otherwise Board Directors / our Directors The Director(s) on the Board of our Company, unless otherwise specified Equity Shares Equity share of our Company of face value ` 1 each GMSI Geomysore Services (India) Private Limited Memorandum of The Memorandum of Association of our Company, as amended from time to time Association Promoter The promoter of our Company namely, Rama Mines (Mauritius) Limited Registered Office Registered Office of our Company situated at Parinee Crescenzo, C38-C39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Subsidiary Company / The subsidiary company of our Company, namely Deccan Exploration Services DESPL Private Limited Issue Related Terms Term Description Abridged Letter of Offer The Abridged Letter of Offer sent to Eligible Equity Shareholders of our Company with respect to this Issue in accordance with the provisions of the SEBI ICDR Regulations and the Companies Act. Allotment / Allotted Unless the context otherwise requires, the allotment of Equity Shares pursuant to the Issue Allottee(s) Persons to whom our Equity Shares will be issued pursuant to the Issue Applicant(s) / Investor(s) Eligible Equity Shareholders and / or Renouncees who are entitled to apply or have applied for Equity Shares under the Issue, as the case may be ASBA / Application The application (whether physical or electronic) used by an ASBA Investor to make Supported by Blocked an application authorizing the SCSB to block the amount payable on application in Amount the ASBA Account. ASBA Account Account maintained with an SCSB and specified in the CAF or plain paper application, as the case may be, for blocking the amount mentioned in the CAF, or the plain paper application, as the case may be. ASBA Investor(s) Eligible Equity Shareholders proposing to subscribe to the Issue through ASBA process and who (i) are holding our Equity Shares in dematerialized form as on the Record Date and have applied for their Rights Entitlements and / or additional Equity Shares in dematerialized form; (ii) have not renounced their Rights Entitlements in full or in part; (iii) are not Renouncees; and (iv) are applying through blocking of funds in a bank account maintained with SCSBs. All QIBs, Non-Institutional Investors and other Investors whose application value exceeds ` 2,00,000 complying with the above conditions must participate in this Issue through the ASBA Process only. 1 Term Description Banker(s) to the
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