gayatri projects limited - Edelweiss

GAYATRI PROJECTS LIMITEDBrief Financials(Rs. in Lakhs)Particulars 2003-04 2004-05 2005-06Sales 7764.74 7789.65 9021.58Other Income 6.11 4.56 24.98Profit After Tax (863.35) 391.24** 840.36**Equity Share Capital * 4298.47 4298.47 4298.53Reserves & Surplus (excluding revaluation reserves anddeferred tax reserve) Nil Nil NilEarning Per Share (Rs.) - 0.91 1.95Book Value/ Share (Rs.) 2.60 3.53 5.55Net Worth 1118.06 1516.79 2384.70* Excluding Calls in arrears of Rs 0.84 Lacs ** After deducting Dividend on Preference shares & Dividend TaxShare Price Data*Month & year High (Rs.) Low (Rs.)March 2006 17.90 13.55April 2006 19.25 15.85May 2006 18.70 13.00June 2006 13.50 8.59July 2006 11.29 8.21August 2006 13.92 9.65*Source: www.bseindia.comGayatri Sugars Limited is operating under CDR package for restructuring its debts as approved in August, 2003. Under theCDR, its term loans, Cumulative Redeemable Preference Shares and working capital limits have been restructured and IDBIhas been appointed as the monitoring agency for implementation of CDR package. In addition to restructuring, 20% of principalhas been converted into equity under CDR package. The brief details of the CDR package are as undera) The cut off date for the package was March 31, 2003b) The reliefs offered to the Company were as underInstitution (IDBI and IFCI)i) Conversion of overdue interest and liquidated damages as on cut off dateii) Funding of simple interest and defferd interest overdue as on cut off date.iii) Reduction in the rate of interest on Term Loan from 16.5% to prevailing MTLR.iv) Funding of simple Interst for the year 2003-04 which together with the funded interest at Sl. No. ii is to berepaid in 24 instalments from July 1, 2005 carring interest @ 0%.v) Conversion of 20% of the princial into Equity and reschdule the balance to be repalyable in 36 instalmentsfrom April 1, 2008.vi) To convert the existing CRPS carrying interest @ 13% accumulated dividend on the cut off date into freshCRPS carrying interest @ 6% which would be repayable after payment of term loan of IFCI and IDBI.80