Annual Report for the year 2012

(5) Long-term borrowings
Particulars
As at
st
31 March
2012
(AMOUNT IN `)
As at
st
31 March
2011
Secured :
Term Loans
From Banks 621,230,028
571,119,868
Less: Current Maturities of above loans disclosed under the Head "Other
Current Liabilites" (Note no. 8 )
141,838,330 31,216,975
TOTAL 479,391,698 539,902,893
(5a) Nature of security and terms of repayment for secured loan availed from Banks
(i)
Canara Bank FCNR Loan $12779460, the loan is secured by a first charge over the Vessel M.V.Oel Trust and M.V.Oel Shreyas
and collateral charge over M.V.Oel Unity. The loan is repaid in 58 structured monthly installments with the first repayment
starting from Jan 2012 i.e. $229190. Foreign currency loan carries interest @ Libor (6months) +450bps.
(ii) Axis Bank Car loan of ` 33,87,872, the loan is secured by hypothecation of car, carrying interest @10.06%, (on a monthly
reducing basis) . The Loan is repayable in 36 equal monthly instalment of ` 1,12,000 starting from July 2011.
(iii) ICICI Bank Car loan of ` 25,31,600 ,the loan is secured by hypothecation of car, carrying interest @9.60%. The Loan is
repayable in 36 equal monthly instalment of ` 54,000. The Loan has been repaid during the year.
(5b) There has been no defaults in repayment of any of the loans or interest thereon as at the end of the year.
(6) Long term provisions
(AMOUNT IN `)
Particulars
As at
As at
st
st
31 March 31 March
2012
2011
Provision for employee benefits
(a) Provision for Gratuity - -
(b) Provision for Compensated Absence 3,315,700 3,146,434
TOTAL 3,315,700 3,146,434
Disclosures required as per AS15 on "Employees Benefits" has been made in Note no. 27
(7) Trade payables
(AMOUNT IN `)
Particulars
As at
As at
st
st
31 March 31 March
2012
2011
(i) Sundry Creditors for Trade
Due to Micro and Small Enterprises (excluding Interest ) - -
Due to Others 124,741,136 109,606,186
TOTAL 124,741,136 109,606,186
24th Annual Report 2011-12
33