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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