Senmiao Technology Ltd Debt Disclosure
11. BORROWINGS FROM A FINANCIAL INSTITUTION
| Interest | March 31, | March 31, | ||||||||||||
| Bank name | Maturity date | rate | 2024 | 2023 | ||||||||||
| WeBank* | 09/11/2025 | 12.24 | % | $ | 213,684 | $ | ||||||||
| SDIC Taikang Trust Co. Ltd | Fully Repaid on August 31, 2023 | 13.04 | % | 8,813 | ||||||||||
| Total | $ | 213,684 | $ | 8,813 | ||||||||||
| Borrowing from a financial institution, current | $ | 142,456 | $ | 8,813 | ||||||||||
| Borrowing from a financial institution, non-current | $ | 71,228 | $ | |||||||||||
| * | On September 11, 2023, the Company entered into a loan agreement (the “Loan Agreement”) with WeBank for a total amount of $249,297. Pursuant to the Loan Agreement, the borrowing bears an interest rate of 12.24% per annum with monthly repayments consist of principal and interest for two years. As of March 31, 2024, the current portion of the loan principal balance to be repaid within the next twelve months was amounted to $142,456, while the noncurrent portion of the loan principal to be repaid after March 31, 2025, was amounted to $71,228. |
The total interest expense for the years ended March 31, 2024 and 2023 was $17,630 and , respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Jun 27, 2024 | Showing above |
| 2023 | Jul 13, 2023 | |
| 2022 | Jul 15, 2022 | |
| 2021 | Jul 8, 2021 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.