EX-99.2 3 ex99-2.htm EX-99.2

Exhibit 99.2

Ming Shing Group Holdings Limited and its subsidiaries

Unaudited Interim Condensed Consolidated Balance Sheets

	September 30,			March 31,
	2025			2025
	US$			US$

Assets
Current assets
Cash and cash equivalents		590,918			249,923
Accounts receivable, net		1,878,096			4,222,982
Contract assets		1,546,303			5,304,061
Deposits, prepayments and other current assets		22,341			483,864
Total current assets		4,037,658			10,260,830

Non-current assets
Property and equipment, net		1,092,861			1,132,422
Right-of-use assets – finance lease		113,919			147,967
Life insurance policy, cash surrender value		167,224			167,224
Contract assets		2,288,277			1,636,414
Deferred tax assets		78,347			79,426
Total non-current assets		3,740,628			3,163,453

Total assets		7,778,286			13,424,283

Current liabilities
Accounts payable		2,654,302			3,964,976
Bank and other borrowings		2,554,654			4,761,434
Finance lease liabilities		63,460			66,150
Accrued expenses and other current liabilities		11,282			412,470
Income tax payable		321,445			321,445
Total current liabilities		5,605,143			9,526,475

Non-current liabilities
Bank and other borrowings		4,777,412			2,865,484
Finance lease liabilities		16,288			48,345
Total non-current liabilities		4,793,700			2,913,829

Total liabilities		10,398,843			12,440,304

Shareholders’ equity
Ordinary shares, 100,000,000 shares authorized; USD0.0005 par value, 12,975,000 and 12,975,000 shares issued and outstanding, as of September 30, 2025 and March 31, 2025, respectively		6,488			6,488
Additional paid in capital		6,819,954			6,819,954
Retained earnings		(9,447,001	)		(5,842,463	)
Total shareholders’ equity		(2,620,559	)		983,979

Total liabilities and shareholders’ equity		7,778,284			13,424,283

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,
	2025			2024
	US$			US$
	(unaudited)			(unaudited)

Revenue		8,431,393			17,408,116
Cost of revenue		(11,201,353	)		(15,009,261	)
Gross (loss) profit		(2,769,960	)		2,398,855

Operating expenses
General and administrative expenses		(975,020	)		(995,737	)
Total operating expenses		(975,020	)		(995,737	)

(Loss) Income from operations		(3,744,980	)		1,403,118

Other (expense) income
Interest expense, net		(175,854	)		(221,609	)
Other income		14,743			398
Total other (expense) income, net		(161,111	)		(221,211	)

(Loss) Income before tax expense		(3,906,091	)		1,181,907
Income tax benefit (expense)		301,553			(197,358	)
Net income and total comprehensive income		(3,604,538	)		984,549

Net income per share attributable to ordinary shareholders
Basic and diluted		(0.28	)		0.09

Weighted average number of ordinary shares used in computing net income per share
Basic and diluted		12,975,000			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, 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

	Ordinary Shares				Additional					Total
	Number of shares		Amount		paid in capital		Accumulated losses			Shareholders’ Equity
			US$		US$		US$			US$
Balance as of April 1, 2025		11,250,000		6,488		6,819,954		(5,842,463	)		983,979
Net loss for the period (unaudited)		-		-		-		(3,604,538	)		(3,604,538	)
Balance as of September 30, 2025 (unaudited)		11,250,000		6,488		6,819,954		(9,447,001	)		(2,620,559	)

Ming Shing Group Holdings Limited and its subsidiaries

Unaudited Interim Condensed Consolidated Statements of Cash Flows

	For the six months ended September 30,
	2025			2024
	US$			US$
	(unaudited)			(unaudited)

Operating activities:
Net (loss) income		(3,604,538	)		984,549
Adjustments:
Depreciation on equipment		39,562			41,543
Amortization of right-of-use assets – finance lease		34,049			29,718
Changes on cash value of life insurance policy		-			(4,853	)
Expected credit loss allowance		(29,802	)		321,548
Deferred Income taxes provision (benefits)		1,080			(58,828	)
Change in working capital items:
Change in accounts receivable		2,537,115			(244,954	)
Change in contract assets		2,942,461			(52,659	)
Change in deposits, prepayments and other current assets		462,531			(38,041	)
Change in accounts payable		(1,310,674	)		(324,299	)
Change in income tax payable		-			24,960
Change in accrued expenses and other current liabilities		(401,188	)		(126,791	)
Cash provided by operating activities		670,596			551,893

Financing activities:
Proceeds from new bank and other borrowings		5,838,834			5,525,641
Repayment of bank and other borrowings		(6,133,687	)		(4,440,790	)
Principal payments for finance lease liabilities		(34,748	)		(33,308	)
Advances to related parties		-			(1,108,692	)
Payment of deferred IPO costs		-			(317,718	)
Cash used in financing activities		(329,601	)		(374,867	)

Net change in cash and cash equivalents		340,995			177,026

Cash and cash equivalents as of beginning of the period		249,923			1,080,514

Cash and cash equivalents as of the end of the period		590,918			1,257,540