Amal Ltd 2017-18

75 ( ` 000) Note 9 Borrowings As at March 31, 2018 As at March 31, 2017 Non-current Current 1 Non-current Current 1 Secured loans from Related Parties {refer Note (i),(ii),(iii) and (vi) below and also refer Note 24} 44,752 25,313 59,119 16,875 Unsecured loans from Related Parties {refer Note (iii) and (vi) below and also refer Note 24} 14,967 - 12,503 - 80,00,000 (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} 40,756 8,618 43,934 17,236 1,00,475 33,931 1,15,556 34,111 1 Current maturities of long term debt disclosed under other financial liabilities {refer Note 11(b)} Notes: i) The Company had reached 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) Security: The secured loan from Related Party is secured by the whole immovable and movable properties including machinery, machinery spares, tools and accessories, inventory and other movable assets both present and 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 instalments, first instalment of ` 200 lakhs in FY 2017-18 (paid during the year), second instalment will be of ` 300 lakhs in FY 2018-19 and third instalment will be of ` 628.89 lakhs in FY 2019-20 as per the approved modified sanctioned scheme MS - 13. b. Unsecured loan as on March 31, 2018 which does not carry any interest is repayable after March 31, 2019 upon terms and conditions which will be mutually decided between the Company and the lender Company (Atul Ltd). iv) Terms | rights attached to preference shares: The Company has only one class of 0% Redeemable preference shares having a par value of ` 10 per share. These shares are redeemable at par over a period of 7 years, starting ` 100 lakhs every year from financial year 2016-17 to 2019-20 and ` 200 lakhs every year from financial year 2020-21 to 2022-23. v) Preference share capital ( ` 000) (a) Details of Preference share capital : As at March 31, 2018 As at March 31, 2017 Authorised 1,00,00,000 (March 31, 2017: 1,00,00,000) 0% Redeemable and Non-convertible preference shares of ` 10 each 1,00,000 1,00,000 Issued, subscribed and fully paid up 80,00,000 (March 31, 2017: 1,00,00,000) 0% Redeemable and Non-convertible preference shares of ` 10 each 80,000 1,00,000 Notes to the Financial Statements