SHARE CAPITAL (Tables)

12 Months Ended

Mar. 31, 2025

													Share capital
													net of capital
		Share capital					Share		Capital		Warrant		reserve and warrant
	Notes	Shares		Amount			premium		reserve		reserve		reserve
				USD			USD		USD				USD
Balance at 1 April 2022 and 31 March 2023 – pre-recapitalization			11,582		3,725,301			-		-		-		3,725,301
Recapitalization of DSL (1:410 exchange ratio)	(b)		4,737,038		(3,724,826	)		-		3,724,826		-		-
Sub-total			4,748,620		475			-		3,724,826		-		3,725,301
Share Subdivision	(c)		4,748,620		-			-		-		-		-
Balance at 31 March 2023 – recapitalized			9,497,240		475			-		3,724,826		-		3,725,301

Balance at 1 April 2023 – pre-recapitalization			11,582		3,725,301			-		-		-		3,725,301
Exercise of share option awards	(a)		44		27,368			-		-		-		27,368
Balance at 31 March 2024 – pre-recapitalization			11,626		3,752,669			-		-		-		3,752,669
Recapitalization of DSL (1:410 exchange ratio)	(b)		4,755,034		(3,752,192	)		-		3,752,192		-		-
Sub-total			4,766,660		477			-		3,752,192		-		3,752,669
Founding share of the Company			1		-			-		-		-		-
Sub-total			4,766,661		477			-		3,752,192		-		3,752,669
Share Subdivision	(c)		4,766,661		-			-		-		-		-
Balance at 31 March 2024 – recapitalized			9,533,322		477			-		3,752,192		-		3,752,669

Balance at 1 April 2024 – pre-recapitalization			11,626		3,752,669			-		-		-		3,752,669
Pre-capitalized balance			11,626		3,752,669			-		-		-		3,752,669
Exercise of share option awards (pre-recapitalization)	(d)		44		27,368			-		-		-		27,368
Capital Raise	(e)		5,086		1,346,800			-		-		6,653,200		8,000,000
Pre-recapitalized balance			16,756		5,126,837			-		-		6,653,200		11,780,037
Recapitalization of DSL (1:410 exchange ratio)	(b)		6,853,204		(5,126,150	)		-		5,126,150				-
Sub-total			6,869,960		687			-		5,126,150		6,653,200		11,780,037
Pre capitalized sub-total			6,869,960		687			-		5,126,150		6,653,200		11,780,037
Founding share of the Company			1		-			-		-				-
Sub-total			6,869,961		687			-		5,126,150		6,653,200		11,780,037
Post capitalized sub-total			6,869,961		687			-		5,126,150		6,653,200		11,780,037
Share Subdivision	(c)		6,869,961		-			-		-				-
Recapitalized balance			13,739,922		687			-		5,126,150		6,653,200		11,780,037
Exercise of share option awards (post-recapitalization)	(f)		1,003,680		50			1,768,661		-		-		1,768,711
Conversion of Preferred Shares	(g)		2,583,820		129			5,610,871		-		-		5,611,000
Conversion of convertible loan notes	(g)		2,347,134		117			6,133,664		-		-		6,133,781
Capitalization of loan from immediate holding company	(h)		731,707		37			2,999,963		-		-		3,000,000
IPO and Exercise of overallotment option	(i)		2,587,500		130			9,176,277		-		-		9,176,407
Issuance of IPO Warrants	(j)		-		-			-		-		72,610,000		72,610,000
Balance at 31 March 2025			22,993,763		1,150			25,689,436		5,126,150		79,263,200		110,079,936
Recapitalized balance			22,993,763		1,150			25,689,436		5,126,150		79,263,200		110,079,936

(a)	In October 2023, DSL issued 44 ordinary shares to an employee via the exercising of vested employee share options. These shares rank pari passu with the existing ordinary shares of DSL in all respects. These shares equate to 36,080 shares post the Recapitalization.

(b)

On 15 July 2024, the Company completed a Share Exchange Transaction (the “Transaction”) with DSL and each of the shareholders of DSL. Prior to the Transaction, the Company had issued one founding share with a par value of USD 0.0001 and was a newly incorporated entity without material business activities, while DSL was the parent of the DSL Group. The Transaction resulted in the Company becoming the immediate holding company of DSL and DSL became a wholly owned subsidiary of the Company. The Transaction resulted in one share in DSL being exchanged for four hundred and ten (410) Ordinary Shares.

(c)

On 26 July 2024, the authorized share capital of the Company changed to USD50,000 divided into 960,000,000 Ordinary Shares of USD0.00005 par value each and 40,000,000 Preferred Shares of USD0.00005 par value each (the “Share Subdivision”). The Share Subdivision resulted in the shareholding of each Company shareholder increasing by a multiple of two.

(d)	In April 2024, DSL issued 44 shares to an employee via the exercising of vested employee share options. These shares rank pari passu with the existing ordinary shares of DSL in all respects. These shares equate to 36,080 shares post the Recapitalization.

(e)

On May 27, 2024, DSL Group completed the Capital Raise and DSL allotted 5,086 ordinary shares and 10,172 warrants to Rhino Ventures. The warrants have a fair value of $6,653,200 and $1,346,800 being allocated to share capital with a total value recognized in reserves of $8,000,000. These shares equate to 4,170,520 shares post the Recapitalization.

(f)	In August 2024, the Company issued 1,003,680 shares to certain employees via the exercising of vested employee share options. These shares rank pari passu with the Ordinary Shares in all respects.

(g)

On December 20, 2024, the Company’s registration statement Form F-1 being declared effective by the SEC. This resulted in outstanding Preferred Shares converting into 2,583,820 Ordinary Shares on a 1:1 basis. All the outstanding convertible loan notes with an aggregate face value of $4,350,000 and accrued interest of $751,781, totaling $5,101,781, also converted into Ordinary Shares at a conversion price of $2.17 resulting in the issuance of 2,347,134 Ordinary Shares.

(h)	Pursuant to a triparty loan agreement dated September 30, 2024, $3.0 million loan from Rhino Ventures was capitalized through the issuance of 731,707 Ordinary Shares.

(i)

On January 23, 2025, the Company closed on its IPO of 2,250,000 ordinary shares, par value $0.00005 per share, at a public offering price of $4.10 per ordinary share, for total gross proceeds of $9,225,000, before deducting underwriting discounts, commissions, and other related expenses. The net proceeds amounted to $7,747,756.

On January 27, 2025, the Company also closed on the underwriter’s exercise of the Over-Allotment Option to purchase 337,500 Ordinary Shares pursuant to the Underwriting Agreement. Pursuant to the Over-Allotment Option, the underwriters purchased an additional 337,500 Ordinary Shares at the public offering price of $4.10 per share, resulting in additional gross proceeds of $1.38 million, before deducting underwriting discounts and other related expenses. The net proceeds amounted to $1,261,969.

After giving effect to the full exercise of the Over-Allotment Option, the total number of Ordinary Shares sold by the Company in the IPO increased to 2,587,500 Ordinary Shares. The gross proceeds of $10,608,750 are deducted against the Deferred IPO Expenses of $1,432,343 upon the successful closing of the IPO and share capital of $130 and share premium of $9,176,277 are recognized.

(j)

On January 23, 2025, the Company issued Rhino Ventures 6 tranches of the IPO Warrants (as defined in note 21.2) , with each tranche comprising 2,250,000 warrants, in connection with the IPO. For details, please refer to note 21.2.