Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 265

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 265
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 with Orix Leasing and Financial Services India Limited (Orix). Under the restructured terms with Orix, the Company
was to pay 50% of the outstanding liability by November 25, 2024, with the remaining 50% due in 12 monthly installments at 12% interest,
starting January 15, 2025. If the Company defaults, the entire liability, plus 18% annual compounded interest, will be due after a 15-day
grace period. As of December 31, 2024, the Company has fulfilled all payment obligations under the restructured terms.

In adherence to the agreement, the
Company has accumulated penal interest at a simple interest rate of 1% per month on the overdue EMIs after adjustment of amounts paid
during the three months ended December 31, 2024, amounting to $226,093.

As per the terms of the agreement, an additional simple interest of
1.5% per month is levied on the overdue amount as it is still unpaid after 60 days from date of default.

27

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

13Investments

The components of investments were as follows:

    (In USD)
As at 
    December 31,
 2024  
    March 31,
 2024 
  
    Long term investments 

    Investments in certificate of deposits* 
    $25,295  
    $91,947 

    $25,295  
    $91,947 

*Investments includes certificate of deposits and interest
accrued on the same.

14Other
non-current assets

The components of other non-current assets were as follows:

    (In USD)
                                                  As at
     
    December 31,
                                                                                2024

    March 31,
                                                                                2024

    Security deposits
     
    $
    554,993

    $
    350,149

    Restricted cash*

    200,000

    -

    Receivables from car sale

    446,619

    458,590

    Other non-current assets 
     
    $
    1,001,612

    $
    808,739

*Restricted cash represents amount held as an indemnification
escrow fund with the placement agent for all indemnification liabilities and expenses payable by the Company as