| SCHEDULE OF BORROWINGS |
SCHEDULE OF BORROWINGS
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As
of March 31, | |
| | |
| |
2025 | | |
2026 | |
| | |
Note | |
RMB | | |
RMB | |
| Short-term
borrowings | |
| |
| | | |
| | |
| China
Resources Bank of Zhuhai Co., Ltd. Loan 3 | |
(a) | |
| 22,000 | | |
| 19,000 | |
| ICBC
Loan 3 | |
(b) | |
| 7,600 | | |
| 6,900 | |
| Bank
of Beijing Loan 1 | |
(c) | |
| 5,000 | | |
| 5,000 | |
| Bank
of Beijing Loan 2 | |
(d) | |
| 5,000 | | |
| 5,000 | |
| China
Resources SZITIC Trust Company Limited Loan 2 | |
(e) | |
| 5,000 | | |
| 4,000 | |
| Shenzhenwan
Branch of Shanghai Pudong Development Bank | |
(f) | |
| 8,000 | | |
| 8,000 | |
| China
Post Savings Bank Meilin Branch | |
(g) | |
| 5,000 | | |
| 5,000 | |
| Bank
of China, Wenjin Plaza Sub-branch 1 | |
(h) | |
| - | | |
| 4,960 | |
| | |
| |
| 57,600 | | |
| 57,860 | |
| | |
| |
| | | |
| | |
| Guangxi
Beibu Gulf Bank Loan 1 | |
(i) | |
| 5,000 | | |
| 5,000 | |
| Guangxi
Beibu Gulf Bank Loan 2 | |
(j) | |
| 1,000 | | |
| 400 | |
| Bank
of China, Wenjin Plaza Sub-branch 2 | |
(k) | |
| - | | |
| 4,980 | |
| | |
| |
| 6,000 | | |
| 10,380 | |
| Representing
by: | |
| |
| | | |
| | |
| Current
portion of long-term borrowings | |
| |
| - | | |
| 5,400 | |
| Non-current
portion of long-term borrowings | |
| |
| 6,000 | | |
| 4,980 | |
| (a) |
On
November 10, 2023, UTime SZ entered into a working capital loan agreement with China Resources Bank of Zhuhai Co., Ltd., to borrow
RMB22 million as working capital at an annual effective interest rate of 3.55%. The loan was rollover in Nov 2024 and 2025. The loan
will be due in November 2026 with interest rate of 4.0%. The Company mortgaged the office owned by UTime SZ. |
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|
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The loan agreement contains certain financial and
operational covenants, including but not limited to the following:
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● |
Collateral
maintenance covenant: The appraised value of the mortgaged property securing the loan shall be maintained at no less than
RMB 15.04 million at all times during the term of the loan; and |
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● |
Cash
flow covenant: The direct sales proceeds collected by the Lender from the Company’s operations shall be no less than RMB 5.0
million during the loan period. |
| (b) |
On
December 18, 2025, UTime SZ entered into a loan agreement with ICBC, to borrow RMB6.9 million as working capital at an annual effective
interest rate of 3.20%. The loan will be due in Nov 2026. |
UTIME
LIMITED
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts
in thousands, except share data and per share data, or otherwise noted)
NOTE
8 — BORROWINGS (cont.)
| (c) |
On
January 2, 2024, UTime SZ entered into a credit agreement with Bank of Beijing, according to which Bank of Beijing agreed to provide
UTime SZ with a credit facility of up to RMB10 million with a three-year term from January 2, 2024 to January 2, 2027. On January
2, 2024, UTime SZ entered into a loan agreement with Bank of Beijing, to borrow RMB 5 million as working capital at an annual effective
interest rate of 4.5%. The loan is guaranteed by Mr. Bao and his spouse. The loan was repayment on January 2, 2025 and 2026, and
the bank re-extended the loan to the Company on January 7, 2026, with interest rate of 3.45% and unchanged guarantor, with the loan now due on January 2, 2027. |
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|
| (d) |
On
February 27, 2024, UTime SZ entered into a loan agreement with Bank of Beijing, to borrow RMB5
million as working capital at an annual effective interest rate of 4.5%.
The loan is guaranteed by Mr. Bao and his spouse. The loan was repayment on January 15, 2025 and January 2026,.The
bank re-extended the loan to the Company on January 12, 2026 to January 2, 2027, with interest rate of 3.45%
and unchanged guarantor. |
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|
| (e) |
On
March 28, 2026, UTime SZ entered into a working capital loan agreement with CITIC Bank – Shenzhen Branch, to
borrow RMB4
million as working capital at an annual effective interest rate of 3.60%.
The loan is guaranteed by Mr. Bao. The loan will be due in March 2027. |
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|
| (f) |
In
May 2024, UTime SZ entered into a credit agreement with Shanghai Pudong Development Bank to borrow RMB8
million for a term of 1
year. The loan is guaranteed by Mr. Bao. The bank re-extended the loan to the Company on April 21, 2026 to April 8, 2026, with interest rate of 4.32%
and unchanged guarantor. |
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|
| (g) |
In
Feb 2025, UTime SZ entered into a credit agreement with Postal Savings Bank of China Bank to borrow RMB5
million for a term of 1
years. Mr. Bao is a co-borrower for this loan. The bank re-extended the loan to the Company on February 2, 2026 to February 9, 2027, with interest rate
of 3.11%. |
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|
| (h) |
In
April 2025, UTime SZ entered into a credit
agreement with Bank of China to borrow RMB4.96
million for a term of one (1) year with the interest rate of 3.10%. The loan was repaid in full on April 28,
2026. |
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|
| (i)
|
On
January 25, 2024, UTime Guangxi entered into a working capital loan agreement with Guangxi Beibu Gulf Bank to borrow RMB5 million
as working capital at an annual effective interest rate of 3.35%. The loan is guaranteed by Mr. Bao and his spouse, Mr. He Bo, the
legal representative of UTime Guangxi, UTime SZ and Nanning Nanfang Financing Guarantee Co., Ltd, a third party. The loan was rolled
over in January 2025 and, as a result, the loan will be due in January 2027 with interest rate of 4.5%. . |
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|
| (j) |
On
January 26, 2024, UTime Guangxi entered into a working capital loan agreement with Guangxi Beibu Gulf Bank, to borrow RMB1 million
as working capital at an annual effective interest rate of 3.35%. The loan is guaranteed by Mr. Bao and his spouse, Mrs. He Bo, the
legal representative of UTime Guangxi, UTime SZ and Nanning Nanfang Financing Guarantee Co., Ltd, a third party. The loan was rolled
over in January 2025 and, as a result, the loan will be due in January 2027 with interest rate of 4.5%. |
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| (k) |
In
Oct 2025, UTime SZ entered into a credit agreement with Bank of China to borrow RMB4.98
million for a term of two (2) years with the interest rate of 3.35%. The loan will come due in October 2027. |
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