FINANCIAL INDEBTEDNESS

Our Company and our Subsidiaries avail loans in the ordinary course of business and for general corporate
purposes. Additionally, our Company had issued the Listed NCDs and used the proceeds of such Listed NCDs
to subscribe to the VEPL CCPS. For details of borrowing powers of the Board, see “Our Management
Borrowing Powers of the Board” on page 200. Except as disclosed below, our Company and our Subsidiaries do
not have any outstanding borrowings as of October 31, 2021.

A brief summary of the financial indebtedness of our Company and our Subsidiaries as of October 31, 2021 is
disclosed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nature of Borrowing Amount Sanctioned (% in Million) Saati eee easy oe

‘Our Company
Secured Borrowings (Fund Based)

Term Loans 8,894.00" 4,233.78"

Listed NCDs 5,500.00 5,689.00

Working Capital 3,619.45 1,226.71
Sub Total (A) 18,013.45 11,149.49
Our Subsidiaries
‘SVIL
Secured Borrowings (Fund Based)

Term Loans 236.08 208.57

Working capital 86.35 85.18

Vehicle loans 1,423.65 801.24
Sub Total (B) 1,746.08 1,094.99
ITSL
‘Secured Borrowings

Overdraft 42.00 40.30
Unsecured Borrowings

Overdraft 350,00 0.00
Sub Total (C) 392.00 40.30
‘Novus Lanka
Secured Borrowings

Term Loans 409.20" 141.24"
Sub Total (Dy 409.20 141.24
‘Novus SGP.
Unsecured Borrowings

Loan from director 90.36" 90.36
Sub Total (E) 90.36 90.36
Total (A) + (B) + (©) +) +E) 20,651.09 12,556.68

 

 

 

 

As certified by Ankush Gupta & Associates, Chartered Accountants, pursuant to their certificate dated January 11, 2022.

(1) Includes interest accrued but not due, as of October 31, 2021. Transaction costs in relation to term loan borrowings have been
adjusted.

“The term loans availed by Novus Lanka are denominated in LKR. The sanctioned amount and the outstanding amounts for such term loans

as at October 31, 2021 has been converted into INR using the exchange rate of LKR1 = INRO.3720 (source of exchange rate:

www.oanda.com).

+ Unsecured loan availed by Novus SGP is denominated in SGD. The outstanding amounts for such loan as at October 31, 2021 has been

converted into INR using the exchange rate of SGD1 = INR 55.5771 (source of exchange rate: www.oanda.com).

* This amount includes external commercial borrowing availed by our Company which are denominated in USD. The sanctioned amount of

USD 8 million has been converted into INR using the exchange rate of USD 1= INR 73.45 (swap reference rate at the time of disbursement

dated September 16, 2020) and the balance sanctioned amount of USD 17 million has been converted into INR using the exchange rate of

USD 1=INR 74.20 (swap reference rate at the time of disbursement dated April 26, 2021).

Other than as disclosed in “Financial Statements” on page 217, there are no outstanding unsecured loans availed
by our Company or availed by our Subsidiaries, Promoters or Group Companies from our Company.

We are currently involved in discussions with certain of our existing lenders and other prospective lenders for
availing additional funding to meet ongoing working capital requirements. Subsequent to October 31, 2021, our
Subsidiary, SVIL, has availed two term loans under the Emergency Credit Line Guarantee Scheme notified by
the Ministry of Finance, Government of India (as extended) of 221 million and 216.7 million from two of our
existing lenders.

Principal terms of the borrowings availed by our Company and our Subsidiaries are disclosed below.

1. Interest: The interest rate applicable to our borrowing facilities is typically tied to the respective
lender’s base rate/ MCLR/ LIBOR/ AWPLR prevailing at the time. The typical spread applicable to our

315
