Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 360

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 360
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 per the restructuring agreement, in case of default on payment by the Company, the outstanding loan balance becomes payable immediately with interest charge of 36% pa.

The Company has defaulted on EMI for the months of February and March 2024 owed to Clix Finance India Unlimited for an amount of $ 14,516. As per the restructuring agreement, in case of default on payment by the Company, the outstanding loan becomes payable immediately.

The outstanding amounts for the above loans are classified under current liabilities in the Consolidated Balance Sheet.

The Company has defaulted on EMI for the months of December 2023, January, February and March 2024 owed to Orix Leasing and Financial Services India Limited for an amount of $ 45,638. As per the restructuring agreement, in case of default on payment, interest charge of 15% p.a. on the outstanding amount shall be levied by Orix Leasing and Financial Services India Limited. The Company has defaulted on EMI for the months of December 2023 and March 2024 due to Jain and Sons Services Limited amounting to $ 19,197.

The Company has defaulted on the lumpsum payment due in the month of January 2024 owed to Mahindra & Mahindra Financial Services Limited and Mercury Car Rentals Private Limited for an amount of $ 873,924and $ 239,962respectively. The Company received a notice of “Invocation of Arbitration” from Mercury Car Rentals Private Limited. As per the notice, the case shall be transferred to arbitrator for dispute resolution on non payment of dues by the Company by May 15, 2024. As of date, these outstanding dues remain unpaid.

The Company has recorded a penal interest expense amounting to $ 29,757for the year ended March 31, 2024.

(This space has been left intentionally blank) F- 89 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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AON Insurance Limited The Company has entered into a contract with AON Premium Finance LLC (‘AON’) in order to refinance its D&O insurance with Allied world insurance company, Axis insurance company, National union fire insurance company, XL specialty insurance company and Berkshire hathway specialty. The loan amount of $ 1,078,050is required to be paid in 9equal monthly installment amounting to $ 123,679, commencing from January 28,