LOANS AND OTHER LIABILITIES

12 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

LOANS AND OTHER LIABILITIES

NOTE 10 – LOANS AND OTHER LIABILITIES

Short-term loans:

As of March 31, 2024, the Company has the following loans:

a)

Working capital loan and overdraft loan facility of USD 1.22 million with Hongkong and Shanghai Banking Corporation Limited (as renewed from time to time, the “HSBC Facility”). The current balance as of march 31, 2024, under the HSBC Facility is approximately USD 20 thousand (Debit). These loans are repayable on demand. The HSBC Facility carries interest rates set using the MCLR/3M T-Bill standards or any other external benchmark determined by the bank annually. Interest is calculated daily on the outstanding balances. The HSBC Facility is secured by SVM’s current assets.

b)

Loan from the related Party is taken from the Managing Director of the Company. These loans are unsecured and are repayable on demand.