Page 227 - Tata_Chemicals_yearly-reports-2017-18

During the previous year ended 31 March, 2017, the entire loan amounting to ` 181.57 crore has been disclosed in note 19 within
the heading current maturities of non-current borrowings under Other financial liabilities (current).
(iv) Debt owed by Rallis India Limited:
Loan of ` 15 crore is repayable in 20 quarterly instalments. The repayment begins after a moratorium of 24 months from February
2018. The first repayment of ` 0.75 crore falls due in May 2018. Rate of interest for this borrowing is 8.35%. The balance outstanding
is ` 15 crore of which ` 3 crore has been grouped under Other financial liabilities (current).
(v) Debt owed by Tata Chemicals Magadi Limited (‘TCML’):
The outstanding loan as at the year end is ` 384.53 crore (USD 59 million) (2017: ` 382.61 crore (USD 59 million)). The loan is
repayable in instalments commencing July 2018 and ending July 2020. Interest on this loan is payable based on USD LIBOR plus a
margin of 1.80% per annum. Out of the same amount of ` 153.82 crore (USD 23.60 million) (2017: ` Nil), has been disclosed in note
19 within current maturities of non-current borrowings under Other financial liabilities (current).
(vi) Tata Chemicals International Pte. Limited (‘TCIPL’) loan of USD 200 million was refinanced during the year. The outstanding amount
as on 31st March, 2018 is ` 1,303.50 crore (USD 200 million). As on 31 March, 2017, loan amount ` 1,297.00 crore (USD 200 million),
has been disclosed in note 19 within the heading current maturity of long term debt under other financial liabilities (current). The Integrated Report
loan bear an effective interest rate of 2.97%. The loan is repayable in full on 12 December, 2022.
(e) Debt owed by Metahelix:
Term loan from Council of Scientific and Industrial Research: The balance payable as on 31 March, 2018 is ` 0.33 crore (2017: ` 0.42 crore)
of which an amount of ` 0.08 crore (2017: ` Nil) has been disclosed in note 19 within the heading current maturity of long term debt
under other financial liabilities (current). The same is repayable alongwith interest in 7 annual installments. The loan bears interest of 3%
per annum.
(f) Debt owed by Rallis India Limited:
Sales Tax Deferral Scheme: The loan is repayable in annual installments which range from a maximum of ` 1.13 crore to a minimum of
` 0.08 crore over the period stretching from 1 April, 2016 to 31 March, 2027. The amount outstanding is free of interest. The balance
outstanding as at 31 March, 2018 is ` 5.78 crore (2017: ` 5.88 crore), out of which ` 0.08 crore (2017 : ` 0.10 crore) has been disclosed in
note 19 within the heading current maturity of long term debt under other financial liabilities (current).
(g) Loans from banks on Cash Credit carry an interest ranging from 8.30% p.a. to 9.00% p.a. and are secured by way of hypothecation of stocks
of raw materials, finished products, stores and work-in-process as well as book debts. Statutory Reports
(h) (i) Debt owed by TCML:
Outstanding loan of ` 9.78 crore (2017: ` 12.97 crore) (2018: USD 1.50 million and 2017: USD 2 million). It is a secured overdraft
facility against dues receivable from Kenyan Revenue Authority.
(ii) Debt owed by Rallis India Limited:
Loan of ` 0.15 crore (2017: ` 2.49 crore) is secured by first paripassu charge on stock (including raw material, finished goods and
work-in-progress) and book debts and carries a weighted average interest of 8.47% per annum.
(i) Suppliers’ credit:
As at 31 March, 2018: Unsecured Supplier’s credit repayable on demand bears interest ranging from 1.70% to 1.90% per annum.
As at 31 March, 2017: Supplier’s credit due for payment within 180 days bears interest of LIBOR plus spread of 1.31% per annum secured
against current assets.
(j) (i) Debt owed by TCIPL:
` 73.54 crore (2017: ` 146.37 crore)(2018: USD 11.28 million and 2017: USD 22.57 million) is towards unsecured working capital
facility and is repayable within 90 days. Interest is charged at 2.60% to 3.03% (2017: 1.20% to 1.35%) per annum over US$ LIBOR. Financial Statements
(ii) Unsecured term loan includes ` Nil (2017: ` 10 crore) owed by Metahelix Life Sciences Limited repaid in May, 2017.
(iii) Unsecured working capital demand loan of ` Nil (2017: ` 50 crore) was availed by TCL (repaid in May 2017). The loan bears interest
of one month T-bill plus 0.05% per annum.
(k) For the previous year ended 31 March, 2017, The Department of Fertilizers, Government of India, has notified ‘Special Banking Arrangement’
scheme to address the concern of delay in subsidy disbursement. This arrangement has been made by the Government with the State
Bank of India Consortium (SBI Consortium). Loans under this scheme are secured by hypothecation of subsidy receivables.
Fixed interest rate of 8.00% per annum out of which 6.25% per annum shall be borne by the government and repaid in April 2017. The
remaining 1.75% per annum shall be borne by the Company and will be recovered upfront for 60 days from the Company at the time of
disbursement of the facility.

Consolidated Financial Statements 225