v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:      
Net income $ 727,447 $ 929,912 $ 879,554
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation 802,930 1,122,490 1,068,682
(Loss)/gain on disposal of property, plant and equipment (9,950) 2,555 36,479
(Allowance for)/Reversal of expected credit losses 5,315 197,527 (418,922)
Change in cash surrender of life insurance policy (8,186) (13,626) (13,689)
Equity in net (income)/losses of affiliates (5,528) 33,780 115,943
Deferred income taxes (51,267) (116,475) 53,844
Change in operating assets and liabilities:      
Accounts receivable (2,220,351) (1,794,055) 597,483
Contract assets 485,554 (5,048,269) 6,896,717
Prepayments and other current assets (3,736,545) 467,095 450,574
Income tax payable 53,494 404,508 62,797
Accounts payable (245,877) 324,198 (4,637,021)
Contract liabilities 1,170,396 217,410 (4,185,152)
Accrued expenses and other current liabilities 311,462 (417,736) (166,469)
Operating lease liabilities (283,956) (387,848) (358,506)
Due to related parties 85,143 (2,446,978) 1,670,567
Other long-term liabilities (86,072) 17,680 51,538
Net cash (used in) provided by operating activities (3,005,991) (6,507,832) 2,104,419
Cash flows from investing activities:      
Proceeds on disposal of life insurance policy 159,251
Sales proceeds from disposal of property, plant and equipment 10,164
Deposits paid for acquisition of plant and equipment (1,781,573)
Purchase of property, plant and equipment (59,717) (195,709)
Net cash used in investing activities (1,612,158) (59,717) (195,709)
Cash flows from financing activities:      
Advanced to a director (115,359)
Repayment of bank borrowings (41,641,140) (37,281,541) (14,639,651)
Proceeds from bank borrowings 42,102,242 42,901,267 13,974,230
Proceeds from bank overdrafts 74,497
Repayment of bank overdrafts (74,639)
Repayment of finance lease liabilities (141,913) (221,255) (445,302)
Proceeds from issuance of shares pursuant to IPO 6,900,017
Payment for offering costs related to IPO (2,092,695)
Net cash provided by (used in) financing activities 5,011,152 5,323,832 (1,036,226)
Foreign currency translation adjustment 2,027 5,083 (2,953)
Net change in cash and cash equivalents 395,030 (1,238,634) 869,531
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 323,595 1,562,229 692,698
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 718,625 323,595 1,562,229
Supplemental disclosure of cash flow information:      
Interest paid (891,379) (733,220) (116,642)
Income taxes (paid)/refund (177,098) 135,417
Non-Cash Transactions:      
Proceeds on disposal of life insurance policy in exchange for repayment of bank borrowings 271,586
Bank loans assumed on behalf of a related company (Note 13g) $ 851,718