Amal Ltd 2013-14

Amal Ltd | Annual Report 2013-14 NOTE 5 NON-CURRENT LIABILITIES ( ` ‘000) (a) Long-Term Borrowings As at March 31, 2014 As at March 31, 2013 Secured: Loan and advances from related parties - See note (i) 112,889 112,889 Unsecured: Loans and advacnes from related parties 53,958 53,958 166,847 166,847 Note : (i) The Company had reached 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 Ltd) 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 all 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 Ltd) as Secured loans. (ii) Terms of repayment of term loans :- a. Secured loan from Atul Ltd does not carry any interest and shall be repaid in three installments, first installment will be of ` 200.00 lacs in FY 2017-18, second installment will be of ` 300.00 lacs in FY 2018-19 and third installment will be of ` 628.89 lacs in FY 2019-20 as per the approved modified sanctioned scheme (MS - 13). b. Unsecured loan which does not carry any interest is repayable after March 31, 2015 upon terms and conditions which will be mutually decided between the Company and the lender company (Atul Ltd) subject to the prior approval of the BIFR. ( ` ‘000 ) (b) Long-Term Provisions As at March 31, 2014 As at March 31, 2013 Provision for leave entitlement (unfunded) - See note 35 146 118 146 118 Notes to the Financial Statements