Applied 7.4V between GND and RST pin.

Thank you for the help Arduino lovers... anyhow i vl not be able to participate in the competition. =(
@Nick Gammon :You might need to replace the processor chip
&
@Grumpy_Mike :Most likely blown everything appart from the red LED
only the SMD atmega328 or other electronics too...??

@CrossRoads : FTDI Cable or FTDI Basic would not connect to reset directly, but thru the on board DTR cap.
i am using this board for programming arduino promini.. http://www.bhashatech.com/23-freeduino-usb-adapter.html

@Volta500: the reset pin can be something different as the 16u2 or FTDI chip is (to my knowlegde) also is also connected to reset for the auto reset functionality. It is possible that that also got damaged by the overvoltage on the reset pin.
the usb programmer was not initially connected when the cross-connection took place... do u still think the FTDI chip is affected...??