NOTE 11 – BANK OVERDRAFT FACILITY

Bank overdraft facility consisted of the following as of:

The HDFC Bank overdraft facility (OD1), amounting to $4,292,445, is availed against a lien on fixed deposits totaling $6,367,278 provided by the Company and the HDFC Bank LTD Overdraft (OD2) facility is secured by a charge over all current assets, plant, and machinery of the Company, as well as a lien on fixed deposits of $661,104 in favor of HDFC Bank. Additionally, both overdraft facilities are secured by personal guarantees provided both by Dr. Sudhir Prem Srivastava and Dr. Vishwajyoti P Srivastava. As of March 31, 2026, and December 31, 2025, the Company was in compliance with all financial and non-financial covenants under the bank overdraft facility agreements.

In October 2025, the Company converted its overdraft facility into a short-term working capital demand loan (“WCDL”) repayable on demand for a period of six months. The WCDL is secured against the lien on fixed deposits of $661,104 in favor of HDFC Bank.

The cash credit facility is sanctioned at an interest rate of 8.90% (linked with 1-month Repo rate + 3.4%) per annum on the working capital overdraft limit, with interest payable monthly on the first day of the subsequent month. Overdraft facility against fixed deposits is sanctioned with an interest rate of 1.25% over and above prevailing rate of interest on fixed deposits, payable at monthly intervals on the first day of the following month.

During the period ended March 31, 2026, the Company availed overdraft facilities from ICICI Bank, which are secured against a lien on fixed deposits aggregating to $543,347 maintained by the Company. In addition, the overdraft facilities are secured by a charge over all current assets and movable fixed assets of the Company and are further supported by the personal guarantees of Dr. Sudhir Prem Srivastava, Dr. Vishwajyoti P. Srivastava and Akshay Srivastava. The said overdraft facilities carry an interest rate linked to the Repo Rate plus 3.65% per annum, with interest payable on or before the 2nd day of each successive month.