EX-99.2 3 ex99-2.htm

Exhibit 99.2

Ming Shing Group Holdings Limited and its subsidiaries

Unaudited Interim Condensed Consolidated Balance Sheets

	September 30,			March 31,
	2024			2024
		US$			US$

Assets
Current assets
Cash and cash equivalents		1,257,540			1,080,514
Accounts receivable, net		1,755,696			1,643,568
Contract assets		6,207,838			6,098,497
Due from a related party		-			-
Deposits, prepayments and other current assets		58,966			20,925
Total current assets		9,280,040			8,843,504

Non-current assets
Property and equipment, net		1,181,558			1,223,100
Right-of-use assets – finance lease		186,347			216,065
Life insurance policy, cash surrender value		165,744			160,891
Contract assets		495,195			740,600
Deferred costs		1,022,286			704,568
Deferred tax assets		58,100			150
Total non-current assets		3,109,230			3,045,374

Total assets		12,389,270			11,888,878

Current liabilities
Accounts payable		2,841,878			3,166,177
Bank and other borrowings		5,047,454			3,818,453
Finance lease liabilities		68,811			67,372
Accrued expenses and other current liabilities		10,000			136,791
Income tax payable		577,631			552,670
Total current liabilities		8,545,774			7,741,463

Non-current liabilities
Bank borrowings		2,889,630			3,033,780
Finance lease liabilities		79,747			114,495
Deferred tax liabilities		-			878
Total non-current liabilities		2,969,377			3,149,153

Total liabilities		11,515,151			10,890,616

Shareholders’ equity
Ordinary shares, 100,000,000 shares authorized; USD0.0005 par value, 11,250,000 and 11,250,000 shares issued and outstanding, as of September 30, 2024 and March 31, 2024, respectively		5,625			5,625
Subscription receivable		(5,625	)		(5,625	)
Additional paid in capital		1,282			1,282
Retained earnings		872,837			996,980
Total shareholders’ equity		874,119			998,262

Total liabilities and shareholders’ equity		12,389,270			11,888,878

Ming Shing Group Holdings Limited and its subsidiaries

Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income

	For the six months ended September 30,
	2024			2023
	US$			US$
	(unaudited)			(unaudited)

Revenue		17,408,116			13,211,196
Cost of revenue		(15,009,261	)		(11,271,599	)
Gross profit		2,398,855			1,939,597

Operating expenses
General and administrative expenses		(995,737	)		(556,546	)
Total operating expenses		(995,737	)		(556,546	)

Income from operations		1,403,118			1,383,051

Other (expense) income
Interest expense, net		(221,609	)		(133,888	)
Other income		398			9,010
Total other (expense) income, net		(221,211	)		(124,878	)

Income before tax expense		1,181,907			1, 258,173
Income tax expense		(197,358	)		(246,276	)
Net income and total comprehensive income		984,549			1,011,897

Net income per share attributable to ordinary shareholders
Basic and diluted		0.09			0.09

Weighted average number of ordinary shares used in computing net income per share
Basic and diluted		11,250,000			11,250,000

Ming Shing Group Holdings Limited and its subsidiaries

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity

	Ordinary Shares							Additional					Total
	Number of shares		Amount		Subscription receivable			paid in capital		Retained Earnings			Shareholders’ Equity
			US$		US$			US$		US$			US$
Balance as of April 1, 2023		11,250,000		5,625		(5,625	)		1,282		381,608			382,890
Net profit for the period (unaudited)		-		-		-			-		1,011,897			1,011,897
Dividend declared (unaudited)		-		-		-			-		(1,116,737	)		(1,116,737	)
Balance as of September 30, 2023 (unaudited)		11,250,000		5,625		(5,625	)		1,282		276,768			278,050

	Ordinary Shares							Additional					Total
	Number of shares		Amount		Subscription receivable			paid in capital		Retained Earnings			Shareholders’ Equity
			US$		US$			US$		US$			US$
Balance as of April 1, 2024		11,250,000		5,625		(5,625	)		1,282		996,980			998,262
Net profit for the period (unaudited)		-		-		-			-		984,549			984,549
Dividend declared (unaudited)		-		-		-			-		(1,108,692	)		(1,108,692	)
Balance as of September 30, 2024 (unaudited)		11,250,000		5,625		(5,625	)		1,282		872,837			874,119

Ming Shing Group Holdings Limited and its subsidiaries

Unaudited Interim Condensed Consolidated Statements of Cash Flows

	For the six months ended September 30,
	2024			2023
	US$			US$
	(unaudited)			(unaudited)

Operating activities:
Net income		984,549			1,011,897
Adjustments:
Depreciation on equipment		41,543			5,331
Amortization of right-of-use assets – finance lease		29,718			45,472
Gain on disposals of right-of-use assets – finance lease		-			(3,686	)
Changes on cash value of life insurance policy		(4,853	)		(3,172	)
Expected credit loss allowance		321,548			10,623
Deferred Income taxes (benefits) provision		(58,828	)		6,799
Change in working capital items:
Change in accounts receivable		(244,954	)		(914,484	)
Change in contract assets		(52,659	)		1,243,338
Change in deposits, prepayments and other current assets		(38,041	)		1,862
Change in accounts payable		(324,299	)		(24,913	)
Change in income tax payable		24,960			159,774
Change in accrued expenses and other current liabilities		(126,791	)		(63,330	)
Cash provided by operating activities		551,893			1,475,511

Investing activities:
Purchase of equipment		-			(85,723	)
Deposit paid for acquisition of a property		-			(148,000	)
Sales proceeds from disposals of leased equipment		-			51,282
Cash used in investing activities		-			(182,441	)

Financing activities:
Proceeds from new bank borrowings		5,525,641			12,522,346
Repayment of bank borrowings		(4,440,790	)		(12,316,028	)
Principal payments for finance lease liabilities		(33,308	)		(86,809	)
Advances to related parties		(1,108,692	)		(1,038,382	)
Payment of deferred IPO costs		(317,718	)		(280,279	)
Cash used in financing activities		(374,867	)		(1,199,152	)

Net change in cash and cash equivalents		177,026			93,918

Cash and cash equivalents as of beginning of the period		1,080,514			323,958

Cash and cash equivalents as of the end of the period		1,257,540			417,876