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140
Sixty-Seventh Annual Report 2011-2012
NOTES FORMING PART OF FINANCIAL STATEMENTS
Information regarding long-term borrowings
(i)
Nature of security (on loans including interest accrued thereon) :
(a) Rated, Listed, Secured, Credit Enhanced, 2% Coupon, Premium Redemption Non-Convertible Debentures amounting to
`
3,400 crores (including current maturities of long term debts) are secured by a second charge in favour of Vijaya Bank ,
Debenture Trustee and first ranking
pari passu
charge in favour of State Bank of India as security trustee on behalf of the
guarantors, by way of English mortgage of the Company’s lands, freehold and leasehold, together with all buildings,
constructions and immovable and movable properties situated at Chinchwad, Pimpri, Chikhali and Maval in Pune District and
plant and machinery and other movable assets situated at Pantnagar in the State of Uttarakhand and at Jamshedpur in the
State of Jharkhand.
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350 crores are classified as current liabilities being maturing before March 31, 2013.
(b) Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to
`
200 crores and 10.25% Coupon, Non-
Convertible Debentures amounting to
`
500 crores are secured by a
pari passu
charge by way of an English mortgage of the
Company’s freehold land together with immovable properties, plant and machinery and other movable assets (excluding
stock and book debts) situated at Sanand in the State of Gujarat.
(c) Buyers line of credit from banks are secured by hypothecation of existing current assets of the Company viz. stock of raw
materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and
spares), bills receivable and book debts including receivable from hire purchase / leasing and all other movable current
assets except cash and bank balances, loans and advances of the Company both present and future.
(ii)
Schedule of repayment and redemption for Non-Convertible Debentures :
(
`
in crores)
Non-Convertible Debentures (NCD’s)
Redeemable on
Principal
Premium
Total
(a) Secured :
10.25% Non-Convertible Debentures (2025) #
April 30, 2025
150.00
-
150.00
10.25% Non-Convertible Debentures (2024) #
April 30, 2024
150.00
-
150.00
10.25% Non-Convertible Debentures (2023) #
April 30, 2023
100.00
-
100.00
10.25% Non-Convertible Debentures (2022) #
April 30, 2022
100.00
-
100.00
9.95% Non-Convertible Debentures (2020)
March 2, 2020
200.00
-
200.00
2% Non-Convertible Debentures (2016)
March 31, 2016
1,250.00
919.23
2,169.23
2% Non-Convertible Debentures (2014)
March 31, 2014
1,800.00
658.05
2,458.05
# The Company has a call option to redeem, either in part or full, at the end of 8th year from the date of allotment i.e. April 30, 2018.
(b) Unsecured :
9.70% Non-Convertible Debentures (2020)
June 18, 2020
150.00
-
150.00
9.75% Non-Convertible Debentures (2020)
May 24, 2020
100.00
-
100.00
9.90% Non-Convertible Debentures (2020)
May 7, 2020
150.00
-
150.00
(iii) The buyers line of credit from banks is repayable within a maximum period of three years from the drawdown dates. All the
repayments are due from 2012-13 to 2014-15.