Amal Ltd 2011-12

35 5. NON-CURRENT LIABILITIES ( ` in ‘000) Long-term Borrowings As at March 31, 2012 As at March 31, 2011 Secured Loans and advances from related parties 112,889 112,889 See Note 1 below 112,889 112,889 Unsecured Loans and advances from related parties 53,958 53,958 (of the above, ` NIL is guaranteed by Directors and | or others) 53,958 53,958 Total 166,847 166,847 Note 1. The Company had reached a One Time Settlement with the secured creditors comprising of Corporate | Term loans availed from the banks and financial institutions under which the payments were made directly by the lender Company (Atul Limited) to them. By way of execution of deed of Assignment of debts owed by the Company, the lender Company has now acquired from these banks and financial institutions the debts and rights, title and interest in encumbrances, facility and underlying securities including inter alia comprised of movable and immovable properties that have been charged by the Company in favour of these banks and financial institutions pursuant to the original deed of hypothecation entered into by the Company. The entire dues | debts against the banks and financial institutions have been fully satisfied for which "No dues | debts certificates” have been obtained from them and the charges have been modified and stands in favour of the lender Company (Atul Limited) as Secured loans. 2. Terms of repayment of term loans: a. Secured loan from Atul Limited shall be repaid in six yearly installments, five installments will be of ` 200.00 lacs w.e.f FY 2016-17 and last sixth installment will be of ` 128.89 lacs will be repaid in the FY 2021-22 as per the Draft Rehabilitation Scheme (DRS) submitted to BIFR. The scheme is subject to approval of BIFR. b. Unsecured loan is repayable after March 31, 2013 upon terms and conditions which will be mutually decided between the Company and the lender. ( ` in ‘000) Other Long-term Liabilities As at March 31, 2012 As at March 31, 2011 Advance towards Share Capital (See note below) 24,000 24,000 Total 24,000 24,000 Note Advance towards share capital amount to ` 240 lacs refers to the amount received from the promoter company towards share capital during the year 1996-97 which has not been refunded. The Company has proposed to issue the equity shares of ` 10/- each to the promoter company at par in the scheme submitted to BIFR. The Company has sufficient authorised capital for the same. In the event that BIFR approval is not received the above amount is not repayable before March 31, 2013. ( ` in ‘000) Long-term Provisions As at March 31, 2012 As at March 31, 2011 Provision for employee benefits Leave Encashment (unfunded) 82 113 Total 82 113 Notes to financial statements for the year ended March 31, 2012