Exhibit 99.2
Phoenix Asia Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Balance Sheets
| September 30, | March 31, | |||||||
| 2025 | 2025 | |||||||
| USD | USD | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash at banks | ||||||||
| Accounts receivable, net | ||||||||
| Contract assets, net | ||||||||
| Deferred offering cost | ||||||||
| Income tax receivable | ||||||||
| Deposits and other receivable | ||||||||
| Total current assets | ||||||||
| Non-current assets | ||||||||
| Plant and equipment, net | ||||||||
| Right-of-use assets - operating lease | ||||||||
| Contract assets, net | ||||||||
| Deferred tax assets | ||||||||
| Total non-current assets | ||||||||
| Total assets | ||||||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable | ||||||||
| Finance lease liabilities | ||||||||
| Operating lease liabilities | ||||||||
| Due to a director | ||||||||
| Accrued expenses | ||||||||
| Income tax payable | ||||||||
| Total current liabilities | ||||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities | ||||||||
| Finance lease liabilities | ||||||||
| Long service payments obligation | ||||||||
| Total non-current liabilities | ||||||||
| Total liabilities | ||||||||
| Shareholders’ equity | ||||||||
| Ordinary shares, shares authorized; USD par value, and shares issued and outstanding, as of September 30, 2025 and March 31, 2025, respectively | ||||||||
| Additional paid in capital | ||||||||
| Retained earnings | ||||||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | ||||||||
Phoenix Asia Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income
| For the six months ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| USD | USD | |||||||
| (unaudited) | (unaudited) | |||||||
| Revenue | ||||||||
| Cost of revenue | ( | ) | ( | ) | ||||
| Gross profit | ||||||||
| Operating expenses | ||||||||
| General and administrative expenses | ( | ) | ( | ) | ||||
| Total operating expenses | ( | ) | ( | ) | ||||
| Income from operations | ||||||||
| Other income (expense) | ||||||||
| Interest expense, net | ( | ) | ( | ) | ||||
| Other income | ||||||||
| Total other income, net | ||||||||
| Income before tax expense | ||||||||
| Income tax expense | ( | ) | ( | ) | ||||
| Net income and total comprehensive income | ||||||||
| Net income per share attributable to ordinary shareholders | ||||||||
| Basic and diluted | ||||||||
| Weighted average number of ordinary shares used in computing net income per share | ||||||||
| Basic and diluted | ||||||||
Phoenix Asia 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 | |||||||||||||||||||
| USD | USD | USD | USD | USD | ||||||||||||||||||||
| Balance as of April 1, 2024 | ( | ) | ||||||||||||||||||||||
| Net income for the period (unaudited) | - | |||||||||||||||||||||||
| Issue of ordinary shares (unaudited) | ||||||||||||||||||||||||
| Balance as of September 30, 2024 (unaudited) | ( | ) | ||||||||||||||||||||||
| Ordinary Shares | Additional | Total | ||||||||||||||||||||||
| Number of shares | Amount | Subscription receivable | paid in capital | Retained Earnings | Shareholders’ Equity | |||||||||||||||||||
| USD | USD | USD | USD | USD | ||||||||||||||||||||
| Balance as of April 1, 2025 | ||||||||||||||||||||||||
| Net income for the period (unaudited) | - | |||||||||||||||||||||||
| Issue of ordinary shares (unaudited) | ||||||||||||||||||||||||
| Balance as of September 30, 2025 (unaudited) | ||||||||||||||||||||||||
Phoenix Asia Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Statements of Cash Flows
| For the six months ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| USD | USD | |||||||
| (unaudited) | (unaudited) | |||||||
| Operating activities: | ||||||||
| Net income | ||||||||
| Adjustments: | ||||||||
| Depreciation of plant and equipment | ||||||||
| Amortization of right-of-use assets – operating lease | ||||||||
| Expected credit loss allowance of contract assets | ||||||||
| Expected credit loss allowance of accounts receivable | ||||||||
| Long service payment (non-cash) | ( | ) | ||||||
| Deferred tax | ( | ) | ||||||
| Change in working capital items: | ||||||||
| Change in accounts receivable | ( | ) | ||||||
| Change in contract assets | ( | ) | ( | ) | ||||
| Change in deposits and other receivable | ( | ) | ||||||
| Change in deferred offering cost | ( | ) | ||||||
| Change in accounts payable | ( | ) | ( | ) | ||||
| Change in operating lease liabilities | ( | ) | ( | ) | ||||
| Change in income tax payable | ( | ) | ||||||
| Change in amount due to a director | ( | ) | ( | ) | ||||
| Change in accrued expenses | ( | ) | ||||||
| Cash (used) / generated from operating activities | ( | ) | ||||||
| Investing activities: | ||||||||
| Acquisition for plant and equipment | ( | ) | ||||||
| Proceeds from disposal of plant and equipment | ||||||||
| Cash used in investing activities | ( | ) | ||||||
| Financing activities: | ||||||||
| New issued shares | ||||||||
| Principal payments for finance lease liabilities | ( | ) | ( | ) | ||||
| Cash generated from financing activities | ||||||||
| Net (decrease) / increase in cash at banks | ( | ) | ||||||
| Cash at banks as of beginning of the period | ||||||||
| Cash at banks as of the end of the period | ||||||||
| Supplementary Cash Flows Information | ||||||||
| Cash paid for income tax | ( | ) | ||||||
| Cash paid for interest | ( | ) | ( | ) | ||||