Atul Ltd 2017-18

Atul Ltd | Annual Report 2017-18 ( ` cr) Note 15 Borrowings Maturity Terms of repayment Effective interest rate p.a. As at March 31, 2018 As at March 31, 2017 Current Non- current Current Non- current a) Secured i) Rupee term loan from a foreign financial institution (refer Note a) January, 2018 15 equal half yearly installments 6.99% – 7.46% – – – 10.42 ii) Foreign currency term loans from banks (refer Note b and c) September, 2017 12 equal quarterly installments 3 months LIBOR + 2.90% – – – 10.81 iii) Working capital loans from banks (refer Note d) 1-6 months Repayable on demand 2.43% – 10.40% – – 8.17 – b) Unsecured i) Loan from banks including foreign banks 1-6 months 1-6 months 1.10% – – 51.87 – ii) Commercial papers 1-3 months 1-3 months 6.50% – – 73.95 – iii) Deposit from the Directors 1-12 months 1-12 months 6.50% 1 0.01 – 0.01 – 0.01 – 134.00 21.23 Amount of current maturities of long-term debt disclosed under the head 'Other financial liabilities' (refer Note 16) – – – (21.23) 0.01 – 134.00 – 1 9.00% p.a. during the previous year . a) Rupee term loan from a foreign financial institution was secured by first pari passu charge by way of hypothecation of all movable property, plant and equipment and mortgage of immovable properties of the Company, present and future, excluding specific assets with first pari passu charge with other lenders and second charge on entire current assets of the Company, both present and future. b) Foreign currency term loan from a foreign bank was secured by first pari passu charge by way of hypothecation of all movable property, plant and equipment and mortgage of immovable properties of the Company, present and future, excluding specific assets with first pari passu charge and second charge on entire current assets of the Company, both present and future. c) Foreign currency term loan from a bank was secured by first pari passu charge on the entire movable and immovable property, plant and equipment of the Company, both present and future. d) Security details: Working capital loans repayable on demand from banks is secured by hypothecation of tangible current assets, namely, inventories and book debts of the Company as a whole and also secured by second and subservient charge on immovable and movable assets of the Company to the extent of individual bank limit as mentioned in joint consortium documents. This also extends to guarantees and letters of credit given by the bankers aggregating to ` 88.30 cr (March 31, 2017: ` 83.24 cr). e) The carrying amount of assets hypothecated | mortgaged as security for current and non-current borrowings is: ( ` cr) Particulars As at March 31, 2018 As at March 31, 2017 First charge for current and second charge for non-current borrowings i) Inventories 378.95 367.89 ii) Trade receivables 717.68 507.06 iii) Current assets other than inventories and trade receivables 181.79 153.83 1,278.42 1,028.78 First charge for non-current and second charge for current borrowings Property, plant and equipment excluding leasehold land 900.21 908.98 Total assets as security 2,178.63 1,937.76 f) Net debt reconciliation: ( ` cr) Particulars Liabilities from financing activities Current borrowings Non-current borrowings Total Net debt as at March 31, 2017 155.23 – 155.23 Repayments (155.22) – (155.22) Interest expense 6.38 – 6.38 Interest paid (6.38) – (6.38) Net debt as at March 31, 2018 0.01 – 0.01 Notes to the Financial Statements