gayatri projects limited - Edelweiss

ii. 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. The actualperformance achieved by the Company against the projections mentioned in the Offer Document are asunder :(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 7198} } }Gross Profit 943 86.32 1432 1434 1869 1724Interest on Working Capital 53 210 202 1089 254 1364Interest on Term Loans 355 710 665Depreciation 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 off preliminaryexpenses 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 to start Project completed on time in November,(project for manufacture of White commercial production from 1997. However, there have been certainCrystal Sugar with an installed November, 1997. teething problems and minor breakdownscapacity of 2500 TCD) of Rs. 5800of plant during the initial period and thelakhs including margin money forcompany could overcome these problems.working capital. The project wasUltimately, the company could commenceappraised by IDBI. the commercial crushing from January 1,1998.Outstanding Debentures, Bonds, Redeemable Preference Shares or other InstrumentsThe Company has not issued any Redeemable Preference shares and debentures, bonds or other instruments except forissue of 14% Non-Convertible Debentures of face value of Rs. 100 each aggregating to Rs. 1500 lakhs on private placementbasis to Unit Trust of India. The amount outstanding on these NCDs is Rs. 1000 lakhs.173