Amal Ltd 2019-20

Amal Ltd | Annual Report 2019-2020 ( ` lakhs ) Note 11 Borrowings As at March 31, 2020 As at March 31, 2019 Current 1 Non-current Current 1 Non-current a) 0% Secured loans from a related party {refer Note (i),(ii),(iii) and (vi) below and also refer Note 26.3} - - 530.39 - b) 0% Unsecured loans from a related party {refer Note (iii) and (vi) below and also refer Note 26.3} - - 179.17 - c) 60,00,000 (March 31, 2019: 70,00,000) 0% redeemable and non-convertible preference shares of ` 10 each {refer Note (iv),(v) and (vi) below and also refer Note 26.3} 128.02 320.92 23.96 448.94 128.02 320.92 733.52 448.94 1 Current maturities of long-term debt grouped under other financial liabilities {refer Note 12(d)} 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 comprising 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 andmovable 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 did not carry any interest and has been repaid in three installments, first installment of ` 200 lakhs in FY 2017-18 (paid in 2017-18), second installment of ` 300 lakhs in FY 2018-19 (paid in 2018-19) and third installment of ` 628.89 lakhs in FY 2019-20 (paid in current financial year) as per the approved modified sanctioned scheme MS-13. b) Unsecured loan also did not carry any interest and is paid in current financial year. Notes to the Financial Statements