Amal Ltd 2015-16

Amal Ltd | Annual Report 2015-16 Notes to the Financial Statements 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) Security: The secured loan from related party is secured by the whole immovable & movable properties including machinery, machinery spares, tools and accessories, inventory & other movables both present & future. (iii) 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 lakhs in FY 2017-18, second installment will be of ` 300.00 lakhs in FY 2018-19 and third installment will be of ` 628.89 lakhs 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, 2017 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) As at March 31, 2016 As at March 31, 2015 (b) Long-term provisions Provision for leave encashment (unfunded) - Refer note 33 133 200 133 200 ( ` 000) Note 6 Current liabilities As at March 31, 2016 As at March 31, 2015 (a) Trade payables Total outstanding dues of micro enterprises and small enterprises - Refer note 32 - - Total outstanding dues of creditors other than micro enterprises and small enterprises 25,747 24,881 25,747 24,881 (b) Other current liabilities Advance received from customers | others 2,722 42,315 Employee benefit payable 346 - Statutory dues 785 524 Provision for expenses 4,516 4,634 8,369 47,473 (c) Short-term provisions Provision for leave encashment (unfunded) - Refer note 33 19 18 Provision for wealth tax - 86 19 104