| Schedule of Contract Assets and Contract Liabilities |
Contract assets consisted
of the following as of September 30, 2025 and March 31, 2025:
| | |
As of September 30, 2025 | | |
As of
March 31,
2025 | |
| | |
USD | | |
USD | |
| | |
(unaudited) | | |
(audited) | |
| Contract assets: | |
| | |
| |
| Revenue recognized in excess of amounts paid or payable (contract receivable) to the Company on uncompleted contracts (contract asset) excluding retainage | |
| 2,461,922 | | |
| 91,264 | |
| Retainage included in contract assets due to being conditional on something other than solely passage of time | |
| 2,748,678 | | |
| 2,262,130 | |
| Less: allowance for credit loss | |
| (121,861 | ) | |
| (58,332 | ) |
| Contract assets, net | |
| 5,088,739 | | |
| 2,295,062 | |
| | |
| | | |
| | |
| Contract assets, current | |
| 5,088,739 | | |
| 2,295,062 | |
| Contract assets, non-current | |
| - | | |
| - | |
Contract liabilities consisted of the following
as of September 30, 2025 and March 31, 2025:
| | |
As of September 30, 2025 | | |
As of
March 31,
2025 | |
| | |
USD | | |
USD | |
| | |
(unaudited) | | |
(audited) | |
| Payments received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage | |
| 871,827 | | |
| - | |
Information about contract liabilities:
| | |
For the six months ended September 30, | |
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| | |
(unaudited) | | |
(unaudited) | |
| Revenue recognized that was included in contract liabilities as of April 1, 2025 and 2024 | |
| - | | |
| - | |
|
| Schedule of Movement of Revenue and Contract Liabilities |
The movement of revenue recognized
in excess of amounts paid or payable (excluding retainage) before net of allowance for credit loss is as follows:
| | |
As of September 30, 2025 | | |
As of
March 31,
2025 | |
| | |
USD | | |
USD | |
| | |
(unaudited) | | |
(audited) | |
| Balance at beginning of the period/ year | |
| 91,264 | | |
| 51,731 | |
| Increase as a result of total work completed during the period | |
| 2,461,922 | | |
| 91,264 | |
| Decrease as a result of total amount billed out | |
| (91,264 | ) | |
| (51,731 | ) |
| Balance at end of the period/ year | |
| 2,461,922 | | |
| 91,264 | |
The movement in contract liabilities is as follows:
| | |
As of September 30, 2025 | | |
As of
March 31,
2025 | |
| | |
USD | | |
USD | |
| | |
(unaudited) | | |
(audited) | |
| Balance at beginning of the period/ year | |
| - | | |
| - | |
| Decrease in contract liabilities as a result of recognizing revenue during the year was included in the contract liabilities at the beginning of the period/ year | |
| - | | |
| - | |
| Increase in contract liabilities as a result of billings in advance of performance obligation under contracts | |
| 871,827 | | |
| - | |
| Balance at end of the period/ year | |
| 871,827 | | |
| - | |
|
| Schedule of Net of Allowance for Credit Loss |
The movement of retainage
before net of allowance for credit loss is as follows:
| | |
As of September 30, 2025 | | |
As of
March 31,
2025 | |
| | |
USD | | |
USD | |
| | |
(unaudited) | | |
(audited) | |
| Balance at beginning of the period/ year | |
| 2,262,130 | | |
| 1,853,616 | |
| Increase as a result of changes in progress of ongoing projects | |
| 486,548 | | |
| 418,001 | |
| Reclassified to accounts receivable as payment becomes unconditional | |
| - | | |
| (9,487 | ) |
| Balance at end of the period/ year | |
| 2,748,678 | | |
| 2,262,130 | |
|