Amal Ltd 2014-15

Amal Ltd | Annual Report 2014-15 NOTE 5 NON-CURRENT LIABILITIES (` 000) a) Long-term borrowings As at March 31, 2015 As at March 31, 2014 Secured Loans from related parties - Refer note (i) and (ii) below and also Refer note 28 1,12,889 1,12,889 Unsecured Loans from related parties - Refer note (ii) below and also Refer note 28 53,958 53,958 1,66,847 1,66,847 Note i) 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 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 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 2017-18, second installment will be of ` 300.00 lacs in 2018-19 and third installment will be of ` 628.89 lacs in 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, 2016 upon terms and conditions which will be mutually decided between the Company and the lender company (Atul Ltd) subject to prior approval of the BIFR. (` 000) b) Long-term provisions As at March 31, 2015 As at March 31, 2014 Provision for leave encashment (unfunded) - Refer note 33 200 146 200 146 NOTE 6 CURRENT LIABILITIES (` 000) a) Trade payables As at March 31, 2015 As at March 31, 2014 Trade payables - Refer note 32 24,881 23,388 24,881 23,388 Notes to the Financial Statements