Amal Ltd 2014-15

71 Notes to the Financial Statements NOTE 29 EARNING PER SHARE Earning per share (EPS) - The numerators and denominators used to calculate basic and diluted Earning per share: Particulars Unit 2014-15 2013-14 Profit | (Loss) for the year attributable to the Equity Shareholders (` 000) (5,768) 29,168 Weighted average number of Equity shares outstanding for Basic earning per share Number 70,25,000 70,25,000 Basic Earning per Equity share ` (0.82) 4.15 Weighted average number of Equity shares outstanding Number 70,25,000 70,25,000 Add: Potential Equity shares due to Share application money pending allotment Number 24,00,000 24,00,000 Weighted average number of Equity shares outstanding during the year Number 94,25,000 94,25,000 Weighted average number of Equity shares outstanding for diluted earning per share Number 70,25,000 94,25,000 Diluted Earning per Equity share ` (0.82) 3.09 Nominal value of Equity share ` 10 10 NOTE 30 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 31 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 carried 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 BIFR, reviewed the Draft Rehabilitation Scheme (DRS) prepared by the Company and submitted it to BIFR on February 16, 2012. The Company revised the DRS with cut-off date as March 31, 2013 and the same was approved by 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 which is approved subject to certain conditions specified in CBDT order. Due to adverse market condition and because of the change in regulatory norms in USA, the Company has proposed to shelve the plan of setting-up pMPAA project as stated in MS-13. However, in order to turnaround, the Management has contemplated other alternatives and considered the Merger with its parent company; Atul Ltd.