gayatri projects limited - Edelweiss

GAYATRI PROJECTS LIMITEDIndian Clean Cash 2169.00 BPLR Pari passu charge by way of hypothecation of entireOverseas Credit presently current assets. Bank11.50% Pari passu charge on block of assets which are specificallycharged to any bank/ financial institutionCollateral Security1. Maheswari & Parameswari Theatre complex at Hyderabad in name of Gayatri Hotels & Theatres Pvt Ltd valued at Rs. 2102 lakhs2. House at 6-3-249/5/A, Road no 1, Banjara Hills belonging to Mr. T.Subbarami Reddy, valued at Rs. 1660 lakhs.3. House property at 8-2-331/12/A, Road No. 3, Banjara Hills, Hyderabad brelonging to Sh. T.V.Sandeep Kumar Reddy valued at Rs. 468lakhs.4. Ag Land & Building at Medchal village Ranga Reddy District S.No. 874.875, 880 & building no. 11-52 to 56 belonging to Mr. T.V.SandeepKumar Reddy valued at Rs. 524 lakhs.5. Commercial complex at 106/106/A (old) 1-7-1 (new) situated at SP road, Secundrabad belonging to Mr. T.Subbarami Reddy valued atRs. 3095 lakhs.6. Open land at Shanti Nagar, Fathekhan pet, Nellore district in the name of MR. G.Sivakumar Reddy valued at Rs. 117 lajhs7. Commercial property at 6-3-1090 TSR Towers, Rajbhawan Road, Hyderabad belonging to Deep Enterprises valued at Rs. 7851 lakhs.8. House property at Road no. 11, Banjara Hills, Hyderabadbelonging to Mrs. T.Saritha Reddy valued at Rs. 295 lakhs9. Guest house at TS 1011, Waltair Uplands Visakapatnam belonging to Gayatri Engineering Pvt. Ltd. valued at Rs. 246 lakhs10. 5 acres of land at S.No. 122/3 (patta No. 481) of Tunglam village, Sheela Nagar, Visakhapatnam standing in the name of M/s ShivaSankari Engineering Co valued at Rs. 605 lakhs.Guarantors1. Personal Guarantee of Smt. T Indira Reddy, Mr. T Subbarami Reddy, Sri J Brij Mohan Reddy Sri T V Sandeep Kumar Reddy, Sri G SivaKumar Reddy, Smt Sulochanamma.2. Guarantees of Gayatri Hotels & Theatres Pvt. Ltd., Deep Enterprises, Smt T.Sarita Reddy, Gayatri Eng Pvt. Ltd. and Shova ShankariEng CoUnit Trust Non-convertible 1500.00 12.00% Hypothecation of Construction equipments of book value ofOf India Debentures Rs. 3013 lakhs Joint and several Irrevocable guarantee of Sh T.V.Sandeep KumarReddy, Smt T. Indira Reddy, Sh. T. Subbarami Reddy.· Mortgage over immovable property bearing sub division No.5forming part of final Gat no. 249 of survey no. 120 villageDongergaon of taluka Mawal District Pune measuring 475 sq.yards.Previous Defaults / DelaysWe have issued 14% Secured Redeemable Non-Convertible Debentures of Rs. 100/- each of aggregate value of Rs. 1500lakhs on private placement basis to Unit Trust of India in May, 2001. We delayed payment of interest payment during 2001-02 and 2002-03 due to financial constraints. Consequently, UTI issued recall notice in January, 2003 and enforcement ofguarantee notice in February, 2004. UTI in the meantime also preferred an application for debt recovery before Debt RecoveryTribunal and claimed an amount of Rs. 1617.26 lakhs. We cleared all our interest dues to UTI in September, 2004 and arenow regularly paying interest instalments. Further, we have also paid on due date the instalment of Rs. 500 lakhs, which wasdue on July 03, 2006. The balance one instalment of Rs.500 lakhs is due on July 3, 2007. The matter is still to be withdrawnfrom the DRT and is adjourned since 2000.64