| For the year ended March 31, | ||||||||||||
| 2022 | 2023 | 2024 | ||||||||||
| USD | USD | USD | ||||||||||
| Operating activities | ||||||||||||
| Net income | 4,483,642 | 6,656,151 | 783,660 | |||||||||
| Non-cash item adjustments: | ||||||||||||
| Depreciation | 202,823 | 169,283 | 147,767 | |||||||||
| Non-cash operating lease expenses | 21,356 | 291,102 | 362,255 | |||||||||
| Gain on disposal of property, plant and equipment | — | (987,532) | — | |||||||||
| Provision for inventories | 190,594 | — | 116,115 | |||||||||
| Loss from early redemption of marketable debt securities | — | 10,626 | 496 | |||||||||
| Credit loss | 35,662 | 86,741 | 33,509 | |||||||||
| Deferred tax expenses | (31,919) | (14,087) | (12,428) | |||||||||
| Change in operating assets and liabilities: | ||||||||||||
| Change in accounts receivable | (45,047) | 758,584 | (254,817) | |||||||||
| Change in accounts receivable – related parties | (89,764) | 164,153 | (16,362) | |||||||||
| Change in notes receivable | (111,806) | (143,023) | 250,330 | |||||||||
| Change in prepayment, deposits and other receivable | 25,859 | 163,460 | (518,636) | |||||||||
| Change in due from related parties | 233,484 | 101,564 | (87,081) | |||||||||
| Change in accounts payable | 380,681 | (628,359) | (1,497,558) | |||||||||
| Change in accounts payable – related parties | 1,509,546 | (917,126) | (1,232,643) | |||||||||
| Change in accruals, and other current liabilities | 165,695 | (9,228) | 224,631 | |||||||||
| Change in contract liabilities | (163,669) | 23,454 | 100,343 | |||||||||
| Change in due to related parties | (221,698) | 10,047 | 325,976 | |||||||||
| Change in income tax payable | (305,665) | (216,021) | (1,079,215) | |||||||||
| Change in inventories | (593,639) | (3,277,654) | 1,220,369 | |||||||||
| Change in lease liabilities – operating lease | (21,293) | (283,812) | (366,809) | |||||||||
| Cash provided by/(used in) operating activities | 5,664,842 | 1,958,323 | (1,500,098) | |||||||||
| Investing activities | ||||||||||||
| Payment for acquiring property, plant and equipment | (83,454) | (49,960) | (198,701) | |||||||||
| Proceeds from disposal of property, plant and equipment | — | 1,923,076 | — | |||||||||
| Proceeds from redemption of marketable debt securities | — | 188,490 | 198,718 | |||||||||
| Cash provided by/(used in) investing activities | (83,454) | 2,061,606 | 17 | |||||||||
| Financing activities | ||||||||||||
| Proceeds from new bank loans | 1,500,000 | — | — | |||||||||
| Repayment of bank loans | (961,915) | (1,661,125) | (603,790) | |||||||||
| Payment for offering costs | — | (989,793) | (1,055,100) | |||||||||
| Advance from related parties | 17,072,555 | 24,802,951 | 20,619,251 | |||||||||
| Repayment to related parties | (19,788,201) | (27,574,783) | (22,922,176) | |||||||||
| Payment of dividend | — | — | (1,676,750) | |||||||||
| Proceeds from issuance of common stock, net of issuance costs | — | — | 6,340,537 | |||||||||
| Cash (used in)/provided by financing activities | (2,177,561) | (5,422,750) | 701,972 | |||||||||
| Net change in cash and cash equivalents and restricted cash | 3,403,827 | (1,402,821) | (798,109) | |||||||||
| Cash and cash equivalents and restricted cash as of beginning of the year | 3,958,921 | 7,362,748 | 5,959,927 | |||||||||
| Cash and cash equivalents and restricted cash as of the end of the year | 7,362,748 | 5,959,927 | 5,161,818 | |||||||||
| Supplementary Cash Flows Information | ||||||||||||
| Cash paid for interest | 75,416 | 115,010 | 145,951 | |||||||||
| Cash paid for income tax | 1,213,980 | 1,327,833 | 1,218,484 | |||||||||
| 1,289,396 | 1,442,843 | 1,364,435 | ||||||||||
| Supplementary Schedule of Non-Cash Investing and Financing Activities | ||||||||||||
| Right-of-use assets obtained in exchange for new operation lease liabilities | 42,209 | 710,437 | — | |||||||||
| Dividends declared and offset against amounts due from related parties | 2,948,718 | 2,423,077 | 3,922,795 | |||||||||
| At March 31, 2022 | At March 31, 2023 | At March 31, 2024 | ||||||||||||||||||||||||||||||||||
| Foreign Currency | Notional profit before tax expense (US$) | Impact on profit before tax expense +500 bps (US$) | Impact on profit before tax expense -500 bps (US$) | Notional profit before tax expense (US$) | Impact on profit before tax expense +500 bps (US$) | Impact on profit before tax expense -500 bps (US$) | Notional profit before tax expense (US$) | Impact on profit before tax expense +500 bps (US$) | Impact on profit before tax expense -500 bps (US$) | |||||||||||||||||||||||||||
| RMB | 5,360,038 | 268,002 | (268,002) | 7,753,877 | 387,694 | (387,694) | 910,501 | 45,525 | (45,525) | |||||||||||||||||||||||||||
| For the year ended March 31, | ||||||||||||
| 2022 | 2023 | 2024 | ||||||||||
| USD | USD | USD | ||||||||||
| Revenues | 38,292,412 | 38,292,397 | 28,378,669 | |||||||||
| Cost of sales | 29,436,421 | 28,253,752 | 21,581,411 | |||||||||
| Gross profit | 8,855,991 | 10,038,645 | 6,797,258 | |||||||||
| Operating expenses: | ||||||||||||
| Selling and marketing expenses | 1,740,278 | 2,170,570 | 2,068,502 | |||||||||
| General and administrative expenses | 1,585,268 | 1,635,222 | 4,348,458 | |||||||||
| Total operating expenses | 3,325,546 | 3,805,792 | 6,416,960 | |||||||||
| Income from operations | 5,530,445 | 6,232,853 | 380,298 | |||||||||
| Other income (expenses): | ||||||||||||
| Other income (expenses) | 61,635 | 1,212,809 | 173,053 | |||||||||
| Currency exchange (loss) gain | (156,123) | 443,831 | 503,101 | |||||||||
| Interest (expenses) income, net | (75,919) | (135,616) | (145,951) | |||||||||
| Total other income (expense) | (170,407) | 1,521,024 | 530,203 | |||||||||
| Income before tax expense | 5,360,038 | 7,753,877 | 910,501 | |||||||||
| Income tax expense | 876,396 | 1,097,726 | 126,841 | |||||||||
| Net income | 4,483,642 | 6,656,151 | 783,660 | |||||||||
| Other comprehensive income/(loss) | ||||||||||||
| Unrealized gain (losses) on investment in marketable debt securities, net of tax | (19,500) | 51,531 | 414 | |||||||||
| Total comprehensive income | 4,464,142 | 6,707,682 | 784,074 | |||||||||
| Net income per share attributable to ordinary shareholders | ||||||||||||
| Basic and diluted (1) | 0.15 | 0.22 | 0.03 | |||||||||
| Weighted average number of ordinary shares used in computing net income per share | ||||||||||||
| Basic and diluted (1) | 30,000,000 | 30,000,000 | 30,249,315 | |||||||||
| For the year ended March 31, | ||||||||
| 2023 | 2024 | |||||||
| USD | USD | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 5,959,927 | 4,161,818 | ||||||
| Restricted cash | - | 1,000,000 | ||||||
| Accounts receivable, net | 2,085,776 | 2,349,374 | ||||||
| Accounts receivable, net – related parties | 17,562 | 33,924 | ||||||
| Investment in marketable debt securities | 243,284 | 2,275 | ||||||
| Inventories | 5,785,616 | 4,449,132 | ||||||
| Notes receivable | 393,442 | 143,112 | ||||||
| Prepaid expenses and other current assets, net | 126,208 | 627,090 | ||||||
| Tax recoverable | - | 938,979 | ||||||
| Due from related parties | 2,109,768 | 575,341 | ||||||
| Total current assets | 16,721,583 | 14,281,045 | ||||||
| Property, plant and equipment, net | 2,367,136 | 2,424,572 | ||||||
| Right-of-use assets – Operating lease | 447,475 | 85,221 | ||||||
| Deferred cost | 989,793 | - | ||||||
| Deposit | - | 11,252 | ||||||
| Deferred tax assets | 79,626 | 91,971 | ||||||
| Total non-current assets | 3,884,030 | 2,613,016 | ||||||
| TOTAL ASSETS | 20,605,613 | 16,894,061 | ||||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Bank loans – current | 626,657 | 655,492 | ||||||
| Operating lease liabilities – current | 7,151 | - | ||||||
| Operating lease liabilities – current – related parties | 359,658 | 88,139 | ||||||
| Accounts payable | 2,857,028 | 1,359,470 | ||||||
| Accounts payable – related parties | 2,382,072 | 1,149,429 | ||||||
| Accruals and other current liabilities | 281,991 | 760,992 | ||||||
| Dividend payables | - | 400,455 | ||||||
| Contract liabilities | 260,132 | 360,475 | ||||||
| Due to related parties | 240,375 | 564,711 | ||||||
| Income taxes payable | 140,236 | - | ||||||
| Total current liabilities | 7,155,300 | 5,339,163 | ||||||
| Non-current liabilities | ||||||||
| Bank loans – non-current | 2,014,375 | 1,381,750 | ||||||
| Operating lease liabilities – non-current – related parties | 88,139 | — | ||||||
| Total non-current liabilities | 2,102,514 | 1,381,750 | ||||||
| TOTAL LIABILITIES | 9,257,814 | 6,720,913 | ||||||
| Commitments and contingencies | — | — | ||||||
| Shareholders’ equity | ||||||||
| Ordinary shares US$0.0000375 par value each; 1,360,000,000 shares authorized; 30,000,000 and 31,400,000 shares issued and outstanding, respectively (1) | 1,125 | 1,178 | ||||||
| Additional Paid-in Capital | 256,410 | 4,297,632 | ||||||
| Accumulated other comprehensive income/(loss) | (414) | - | ||||||
| Retained earnings | 11,090,678 | 5,874,338 | ||||||
| Total shareholders’ equity | 11,347,799 | 10,173,148 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 20,605,613 | 16,894,061 | ||||||
| March 31, 2024 | Cost | Gross Unrealized Gains, before tax | Gross Unrealized Losses, before tax | Allowance for Credit Losses | Fair Value | |||||||||||||||
| USD | USD | USD | USD | USD | ||||||||||||||||
| Corporate Bonds | 198,916 | — | — | (196,641) | 2,275 | |||||||||||||||
| Total Investments | 198,916 | — | — | (196,641) | 2,275 | |||||||||||||||
