Amal Ltd 2012-13

Amal Ltd | Annual Report 2012-13 Notes to financial statements 5. NON-CURRENTLIABILITES (a) Long-term borrowings ( in ‘ 000) Particulars As at March 31, 2013 As at March 31, 2012 Total 166,847 166,847 ` Secured : Loans and advances from related parties 112,889 112,889 (See Note 1 Below) Unsecured : Loans and advances from related parties 53,958 53,958 Note : 1 The Company had reached a OneTime 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 Ltd) to them.Byway 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 comprisedof allmovable and immovable properties that have been chargedby 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 Ltd) as Secured loans. 2 Terms of repayment of termloans :- a. Secured loan from Atul Ltd shall be repaid in three installments, first installment will be of 200.00 lacs in FY 2017-18,second installment will beof 300.00 lacs in FY 2018-19 and last third installment of 628.89 lacs will be repaid in FY 2019-20 as per the Draft Rehabilitation Scheme (DRS) submitted to BIFR.The scheme is subject toapproval of BIFR. b.Unsecured loan is repayable after March 31, 2014 upon terms and conditions which will be mutually decidedbetween theCompany and the lender subject to theprior approval of BIFR. ` ` ` (b) Other long-term liabilites ( in ‘ 000) Particulars As at March 31, 2013 As at March 31, 2012 Total 24,000 24,000 Note : ` ` ` Advance towards Share Capital (See note below) 24,000 24,000 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 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 beforeMarch31,2014.