Amal Ltd 2018-19

Amal Ltd | Annual Report 2018-2019 Notes : i) The Company had reached one time settlement with the secured creditors (comprising of 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 will be repaid in three instalments, first instalment of ` 200 lakhs in FY 2017-18 (paid in 2017-18), second instalment of ` 300 lakhs in FY 2018-19 (paid during the year) 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, 2019 also 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, 2019 As at March 31, 2018 Authorised 1,00,00,000 (March 31, 2018: 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 70,00,000 (March 31, 2018: 80,00,000) 0% Redeemable and Non-convertible preference shares of ` 10 each 70,000 80,000 vi) Details of the shareholders holding more than 5% shares in the Company preference share capital Name of the shareholder Nature of holding Preference shares As at March 31, 2019 As at March 31, 2018 Holding % Number of shares Holding % Number of shares Atul Ltd Promoter 100 70,00,000 100 80,00,000 Note: i) During the year, the Company has redeemed 10,00,000 0% Redeemable and non-convertible Preference shares of ` 10 each as per schedule of repayment in the approved modified sanctioned scheme MS-13. Notes to the Financial Statements