gayatri projects limited - Edelweiss

GAYATRI PROJECTS LIMITEDMain Object of Issue Promise in respect of Performance and remarksimplementationTo part finance the cost of project The project was expected to start Commercial production of Sorbitol Unitfor manufature of 8550 TPA of commercial production from commenced from February, 1996Sorbitol. The project was appraised December, 1994. after delay of 13 months mainlyby IDBI.on account of delayed receiptof imported equipments.b) Gayatri Sugars Limited (erstwhile NCS Gayatri Sugars Limited) came out with a public issue of 62,50,000equity shares of Rs. 10/- each for cash at par aggregating to Rs. 625 lakhs in November, 1997. Theactual performance achieved by the Company against the projections mentioned in the Offer Documentare as under :(Rs.in lakhs)1997-98 1998-99 1999-2000Projected Actual Projected Actual Projected ActualCane Crushed (lakh MT) 2.25 1.00 3.40 3.27 4.28 4.64Total Income 2657 1432 4138 5098 5281 7198Gross Profit 943 86.32 1432 1434 1869 1724Interest on Working Capital 53 210 202 1089 254 1364Interest on Term Loans 355 } 710 } 665 }Depreciation 223 68 267 280 267 292Preliminary expenses written off 7 2 7 7 7 7Profit before Tax 305 10 246 32 676 12Tax 32 1 26 3 71 1Profit after Tax 273 9 220 29 605 11Equity Share Capital 2500 2500 2500 2500 2500 2500Free Reserves (net offpreliminary expenses not written off) 210 9 437 38 674 49Net Worth 2710 2371 2937 2353 3174 2419EPS (Rs.) 1.09 0.05 0.88 0.11 2.42 0.05Book Value (Rs.) 10.84 9.48 11.75 9.41 12.70 9.68Dividend and its percentage 0 - 0 - 375(15%) -Main Object of Issue Promise in respect of Performance and remarksimplementationTo part finance the project cost The project was expected Project completed on time in(project for manufacture of White to start commercial production November, 1997. However, thereCrystal Sugar with an installed from November, 1997. have been certain teething problemscapacity of 2500 TCD) of Rs. 5800and minor breakdowns of plantlakhs including margin money forduring the initial period and theworking capital. The project wasappraised by IDBI.company could overcome theseproblems. Ultimately, the companycould commence the commercialcrushing from January 1, 1998.viii