| Schedule of Long Term and Short Term Debt |
The components of long term and short term debt were as
follows:
(In USD)
As at | | Effective
interest rates | | Original
Maturities* | | December 31,
2024 | | | March 31,
2024 | | | Current | | | | | | | | | | | | Non-convertible debentures | | | | | | | | | | | | - 7.7% Debentures | | - | | November 15, 2024 | | $ | - | | | $ | 335,549 | | | - from non-banking financial companies (NBFCs) | | | | | | | | | | | | | | - from others (NBFCs) | | | | | | | | | | | | | | - Mahindra & Mahindra Financial Services Limited | | - | | February 28, 2025 | | | 538,695 | | | | 873,924 | | | - TATA Motors Finance Limited | | 12.77 | % | May 31, 2027 | | | 1,921,963 | | | | 2,187,128 | | | - Kotak Mahindra Financial Services Limited | | 1.00 | % | February 28, 2025 | | | 342,417 | | | | 348,599 | | | - Jain and Sons Services Limited | | - | | December 31, 2024 | | | - | | | | 47,992 | | | - Mercury Car Rentals Private Limited | | - | | November 30, 2024 | | | - | | | | 249,560 | | | - Orix Leasing and Financial Services India LTD | | 12.00 | % | December 31, 2025 | | | 83,327 | | | | 156,370 | | | - Clix Finance India Private Limited | | 4.11 | % | July 2, 2025 | | | 86,790 | | | | 124,931 | | | Financing arrangement with- | | | | | | | | | | | | | | - AON Premium Finance LLC | | - | | September 28, 2024 | | | - | | | | 725,430 | | | | | | | | | $ | 2,973,192 | | | $ | 5,049,483 | |
| * | Maturities have been stated as per the respective agreements
with the financiers. For Tata Motors Finance Limited, due to non-payment of scheduled EMIs, the loan is immediately payable and is classified
as current. The debts are not associated with any restrictive covenants. |
|
The
components of long term and short term debt were as follows: | As
at | | Effective
interest
rates | | | Maturities* | | March 31,
2024 | | | March 31,
2023 | | | Current | | | | | | | | | | | | | Non-convertible debentures | | | | | | | | | | | | | - 7.7% Debentures | | | - | | | June 30, 2024 | | $ | 335,549 | | | $ | 454,969 | | | Term loans | | | | | | | | | | | | | | | | - from related parties (NBFCs) | | | | | | | | | | | | | | | | - Mahindra & Mahindra Financial Services Limited** | | | - | | | June 30, 2024 | | | - | | | | 1,054,887 | | | - from others (NBFCs) | | | | | | | | | | | | | | | | - Mahindra & Mahindra Financial Services Limited** | | | | | | June 30, 2024 | | | 873,924 | | | | - | | | - Cholamandalam Investment and Finance | | | - | | | - | | | - | | | | 14,075 | | | - TATA Motors Finance Limited | | | 13.05 | % | | May 31, 2027 | | | 2,187,128 | | | | 13,884 | | | - Kotak Mahindra Financial Services Limited | | | 1.00 | % | | February 28, 2025 | | | 348,599 | | | | 360,897 | | | - Nissan Renault Financial Services India Private Limited | | | - | | | - | | | - | | | | 13,658 | | | - Jain and Sons Services Limited | | | - | | | December 31, 2024 | | | 47,992 | | | | 29,228 | | | - Mercury Car Rentals Private Limited | | | - | | | June 30, 2024 | | | 249,560 | | | | 243,567 | | | - Orix Leasing and Financial Services India LTD | | | 13.41 | % | | March 31, 2025 | | | 156,370 | | | | 85,850 | | | - Clix Finance India Unlimited | | | 6.32 | % | | July 2, 2025 | | | 124,931 | | | | 199,732 | | | Financing arrangement with- | | | | | | | | | | | | | | | | - AON Premium Finance LLC | | | 7.74 | % | | September 28, 2024 | | | 725,430 | | | | - | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,049,483 | | | | 2,470,748 | | | | | | | | | | | | | | | | | | | Non current | | | | | | | | | | | | | | | | Term loans | | | | | | | | | | | | | | | | - from non-banking financial companies (NBFCs) | | | | | | | | | | | | | | | | - Cholamandalam Investment and Finance | | | - | | | - | | | - | | | | 3,916 | | | - TATA Motors Finance Limited | | | 13.05 | % | | May 31, 2027 | | | - | | | | 2,551,521 | | | - Kotak Mahindra Financial Services Limited | | | 1.00 | % | | February 28, 2025 | | | - | | | | 222,676 | | | - Jain and Sons Services Limited | | | - | | | December 31, 2024 | | | - | | | | 38,971 | | | - Orix Leasing and Financial Services India LTD | | | 13.41 | % | | March 31, 2025 | | | - | | | | 116,709 | | | - Clix Finance India Unlimited | | | 6.32 | % | | July 2, 2025 | | | - | | | | 105,407 | | | | | | | | | | | | | | | | | | | | | | | | | | | | - | | | | 3,039,200 | |
| * | Maturities have been stated as per the respective agreements
with the financers. However, except for AON Premium Finance LLC, due to non-payment of scheduled EMIs, the loans are immediately payable
and are classified as current. These debts are not associated with any restrictive covenants. |
| ** | Mahindra & Mahindra Financial Services Limited is a related
party till December 28, 2023, accordingly the outstanding balances as on March 31, 2024 with this related party has been disclosed under
Term loan from NBFC - Others. Further, fixed deposits amounting to $259,992 are marked as lien against the loan which is recognized under
'Short term investments' in the Consolidated Balance Sheet. |
|
| Schedule of Total Maturity |
| Total maturity as of December 31, 2024 | |
| |
| Year ending March 31, | |
| |
| 2025 (January 1, 2025 till March 31, 2025) | |
$ | 2,909,457 | |
| 2026 | |
| 63,735 | |
| 2027 | |
| - | |
| 2028 | |
| - | |
| 2029 | |
| - | |
| Thereafter | |
| - | |
| | |
$ | 2,973,192 | |
|
| Total
maturity for the year ending on March 31, | |
| | | |
| |
| | | |
| | |
| 2025 | |
| | | |
| |
| | | |
| 5,049,483 | |
| 2026 | |
| | | |
| |
| | | |
| - | |
| 2027 | |
| | | |
| |
| | | |
| - | |
| 2028 | |
| | | |
| |
| | | |
| - | |
| 2029 | |
| | | |
| |
| | | |
| - | |
| Thereafter | |
| | | |
| |
| | | |
| - | |
| | |
| | | |
| |
| | | |
$ | 5,049,483 | |
| * | Maturities have been stated as per the respective agreements
with the financers. However, except for AON Premium Finance LLC, due to non-payment of scheduled EMIs, the loans are immediately payable
and are classified as current. These debts are not associated with any restrictive covenants. |
| ** | Mahindra & Mahindra Financial Services Limited is a related
party till December 28, 2023, accordingly the outstanding balances as on March 31, 2024 with this related party has been disclosed under
Term loan from NBFC - Others. Further, fixed deposits amounting to $259,992 are marked as lien against the loan which is recognized under
'Short term investments' in the Consolidated Balance Sheet. |
|