Amal Ltd 2016-17

Notes to the Financial Statements Amal Ltd | Annual Report 2016-17 Note a) Advance towards Share Capital amounting to ` 240 lakhs refers to the amount received from the Promoter Company towards Share Capital during the year 1996-97. The Company to issue 24 lakhs equity shares of ` 10/- each to the Promoter Company at par as per the Modified Sanctioned Scheme (MS - 13) approved by the BIFR on July 01, 2013. The Company has applied for in-principle approval from BSE and SEBI which is pending. Considering the above, the advance has been shown as Share application money pending allotment. b) Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013. c) As per Modified Sanctioned Scheme (MS-10 and MS-13) approved by the Board for Industrial and Financial Reconstruction (BIFR), the Company had issued 0% redeemable Preference shares of ` 10 crore to Atul Ltd (Promoter) and received interest free secured loan of ` 11.29 crore and interest free unsecured loan of ` 5.39 crore from Atul Ltd. These financial liabilities are measured at amortised cost and the Day 1 fair value difference is recognised as Deemed Capital contribution from Atul Ltd. ( ` 000) Note 9 Financial liabilities As at March 31, 2017 As at March 31, 2016 As at April 01, 2015 Non- current Current* Non- current Current* Non- current Current* a) Borrowings a) Secured Loans from related parties refer note (i), (ii), (iii) and (vi) below and also refer note 24 59,119 16,875 64,121 - 54,077 - b) Unsecured Loans from related parties refer note (iii) and (vi) below and also refer note 24 12,503 - 37,581 - 31,378 - 1,00,00,000 (1,00,00,000) 0% Redeemable and Non Convertible Preference shares of ` 10 each refer note (iv),(v) and (vi) below and also refer note 24 43,934 17,236 44,100 8,617 45,417 1,15,556 34,111 1,45,802 8,617 1,30,872 - * Current maturities of long term debt disclosed under other financial liabilities (refer note 11(b)) 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.