gayatri projects limited - Edelweiss

GAYATRI PROJECTS LIMITEDSr. No. Name of the Shareholder No. of Equity Shares heldNon Promoters Holding1. Mutual Funds 62,1002. UTI 10,00,0003 SHCIL A/c SBI Mutual Fund 4,52,2004. FIIs 5,0005. Private Bodies Corporate 86,8006. Indian Public 38,05,2107. NRIs / OCBs 9,88,700Total 1,45,00,000Board of Directors1. Mr. T.V.Sandeep Kumar Reddy2. Mr. P.Maruthi Babu3. Mr. T. G. PandyaBrief Financials(Rs. in Lakhs)Particulars 2003-04 2004-05 2005-06Sales 1618.55 1534.53 2790.58Other Income 10.54 9.72 13.61Profit After Tax (1057.35) (929.33) 2116.96**Equity Share Capital * 1450.00 1450.00 1450.00Reserves & Surplus (excl revaluation reserves and deferred tax reserve) - - -Earning Per Share (Rs.) - - 14.60**Book Value/ Share (Rs.) (46.18) (52.55) (37.90)Net Worth (6695.45) (7618.97) (5496.21)* does not include share Application Money** after adding Extraordinary Items representing the amount written off towards IDBI and GIC residual term loanliability under the OTS scheme sanctioned by the institutions.Gaayrti Starchkem Ltd incurred losses of Rs. 2672 lakhs as on March 31, 2000 completely wiping out the networthof Rs. 1450 lakhs of the company. On reference being made to BIFR, the company was declared a sick companyunder section 3(1) of the SICA by BIFR on November 15, 2000. IDBI was appointed as an Operating agency (OA)to examine the viability of the company and formulate a rehabiliation scheme for its revival.BIFR in its hearing dated September 30, 2002, directed IDBI to issue advertisement for change of management butno response from the prospective investor was received. As an alternative the existing promoters agreed to settlethe dues of the secured creditors by payment of 50% of principal. IDBI and GIC agreed to the proposal and thecompany had already cleared their dues. Canara Bank and Corporation Bank had given their consent for OTS inrespect of term loans, however, their decision in terms of working capital is still pending. The other lenders viz. IIBI,LIC, United India Insurance and Oriental Insurance have still not conveyed their decision. The details are as under:82