Amal Ltd 2013-14

Amal Ltd | Annual Report 2013-14 NOTE 31 EARNING PER SHARE Earning per Share (EPS) - The numerators and denominators used to calculate basic and diluted Earning per Share: Particulars 2013-14 2012-13 Profit for the year attributable to the Equity Shareholders ` ‘000 29,168 131 Weighted average number of Equity Shares outstanding for Basic earning per share Number 7,025,000 7,025,000 Basic Earning per Equity Share ` 4.15 0.02 Weighted average number of Equity Shares outstanding Number 7,025,000 7,025,000 Add : Potential Equity Shares due to Share application money pending allotment* Number 2,400,000 - Weighted average number of Equity Shares outstanding during the year Number 9,425,000 7,025,000 Diluted Earning per Equity Share ` 3.09 0.02 Nominal value of Equity Share ` 10 10 * The share application money pending allotment of ` 240 lacs has been considered as dilutive item from April 01, 2013 consequent to approval of Scheme. NOTE 32 LEASE The Company has taken land on cancellable lease at Atul from Atul Ltd for 97 years from February 03, 1996 on annual lease rent of ` 8,000/-. NOTE 33 GOING CONCERN The Company was declared sick by the Board for Industrial and Financial Reconstruction (BIFR) on July 20, 2006 and the BIFR, vide its order dated July 16, 2009, sanctioned the revival scheme for the Company which was further modified in June 2010. Relevant adjustments as required by the scheme including recasting of creditors had been caried out in the books of account. Subsequently, the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) vide its order dated March 22, 2011 allowed the appeal filed by one of the unsecured creditors and remanded the case back to the BIFR for considering revival scheme through Operating Agency (OA). IDBI Bank Ltd (IDBI), appointed as OA by the BIFR, reviewed the Draft Rehabilitation Scheme (DRS) prepared by the Company and submitted it to the BIFR on February 16, 2012. The Company revised the DRS with cut-off date as March 31, 2013 and the same was approved by the BIFR in its meeting held on July 01, 2013 as modified sanctioned scheme (MS - 13). The salient features of MS - 13 include implementation of project, settlement of unsecured creditors at 30% of principal dues (as approved under earlier scheme) and issue of shares to promoter company towards advance received against share application money. Further, the Company has applied to Central Board of Direct Taxes for carry forward of business losses beyond eight years. MS - 13 envisages revival plan which is a multi faceted approach for improving the operational and financial strength of the Company. The Management believes that MS - 13 will further facilitate the revival and will have no adverse effects on the state of affairs of the Company. Further, necessary steps for revival as envisaged under the Scheme are being taken. In view of above, the books of account have been prepared on going concern basis. Notes to the Financial Statements