Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1095

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 2
Chunk 1095
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The Company determines the incremental borrowing
rate by adjusting the benchmark reference rates, with appropriate financing spreads applicable to the respective geographies where the
leases were entered and lease specific adjustments for the effects of collateral.

    March 31, 2025 
  
    Maturities of lease liabilities as of March 31 are as follows: 
    Operating Leases  
    Finance Leases 
  
    2026 
     337,044  
     4,285,354 
  
    2027 
     353,429  
     - 
  
    2028 
     370,634  
     - 
  
    2029 
     388,699  
     - 
  
    2030 
     -  
     - 
  
    Total Lease Payments 
    $1,449,806  
    $4,285,354 
  
    Less : Imputed Interest 
     331,069  
     318,392 
  
    Total Lease Liabilities 
    $1,118,737  
    $3,966,962 

During the year ended March 31, 2025, the Company entered into re-structuring
agreements with Orix Leasing and Financial Services India Limited (Orix) and recorded a gain on modification of lease amounting to $760
in the Consolidated Statement of Operations. 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 March 31, 2025, the
Company has fulfilled all payment obligations under the restructured terms. Refer Note 26.

As at March 31, 2025, the Company continues to
default on equated monthly installments (EMI) payments owed to Leaseplan India Private Limited (Lender). In adherence to the agreement,
the Company has accumulated penal interest at a simple interest rate of 1% per month on the overdue EMIs, amounting to $225,142 for the
year ended March 31, 2025.

As per the terms of the agreement, an additional simple interest of