Ming Shing Group Holdings Limited (PMA) Balance Sheet
PMA balance sheet, FY2026
March 31, 2026 · U.S. dollars$5.9M assets = $10.7M liabilities + −$4.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$4.8M).
Both columns are drawn to the same scale: what PMA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PMA financial health
Descriptive bands, not a rating. Fiscal FY2026.
PMA balance sheet trends, FY2021–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.4MFY2021 | $5.9MFY2026 | +19.4%/yr | |
| Total liabilities | $2.0MFY2021 | $10.7MFY2026 | +40.3%/yr | |
| Shareholders’ equity | $458,312FY2021 | −$4.8MFY2026 | — | |
| Cash & short-term investments | $314,538FY2021 | $1.6MFY2026 | +39.3%/yr | |
| Total debt | $1.2MFY2021 | $4.7MFY2026 | +31.0%/yr | |
| Net cash (debt) | −$894,458FY2021 | −$3.0MFY2026 | −$2.1M | |
| Working capital | $980,439FY2021 | −$1.8MFY2026 | −$2.7M | |
| Current ratio | 1.91FY2021 | 0.71FY2026 | −1.20 | |
| Debt / equity | 2.64FY2021 | 7.87FY2025 | +5.23 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PMA assets
PMA liabilities and equity
PMA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PMA balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $1.6M | $249,923 | $1.1M | $323,958 | $217,792 | $314,538 |
| Cash & equivalents | $1.6M | $249,923 | $1.1M | $323,958 | $217,792 | $314,538 |
| Receivables | $834,583 | $9.5M | $7.8M | $6.6M | $5.0M | $1.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.8M | $461,565 | $10,089 | $20,821 | $3,930 | $1,545 |
| Total current assets | $4.2M | $10.3M | $8.8M | $6.9M | $5.2M | $2.1M |
| Property, plant & equipment (net) | $1.2M | $1.3M | $1.4M | $355,105 | $156,189 | $215,853 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $459,216 | $1.9M | $1.6M | $1.0M | $257,944 | $148,068 |
| Total assets | $5.9M | $13.4M | $11.9M | $8.3M | $5.6M | $2.4M |
| Liabilities | ||||||
| Accounts payable | $1.0M | $4.0M | $3.2M | $1.9M | $1.8M | $431,788 |
| Short-term debt | — | $4.8M | $3.9M | $3.9M | $1.7M | $325,655 |
| Deferred revenue | — | — | — | — | — | $189,831 |
| Total current liabilities | $6.0M | $9.5M | $7.7M | $6.2M | $4.0M | $1.1M |
| Long-term debt | $4.7M | $2.9M | $3.0M | $1.5M | $1.4M | $747,733 |
| Lease obligations | $89,225 | $114,495 | $181,867 | $301,332 | $135,608 | $179,358 |
| Other long-term liabilities | $5,988 | $48,345 | $115,373 | $219,540 | $94,106 | $138,315 |
| Total liabilities | $10.7M | $12.4M | $10.9M | $7.9M | $5.4M | $2.0M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | — | $6,488 | $5,625 | $5,625 | $5,625 | $2,812 |
| Retained earnings (deficit) | −$11.6M | −$5.8M | $996,980 | $381,608 | $158,475 | $458,312 |
| Total shareholders' equity | −$4.8M | $983,979 | $998,262 | $382,890 | $159,757 | $458,312 |
| Key figures | ||||||
| Total debt | $4.7M | $7.7M | $7.0M | $5.6M | $3.1M | $1.2M |
| Net cash (debt) | −$3.0M | −$7.5M | −$6.0M | −$5.3M | −$2.9M | −$894,458 |
| Working capital | −$1.8M | $734,355 | $1.1M | $733,763 | $1.2M | $980,439 |
| Tangible book value | −$4.8M | $983,979 | $998,262 | $382,890 | $159,757 | $458,312 |
| Current ratio | 0.71 | 1.08 | 1.14 | 1.12 | 1.31 | 1.91 |
| Quick ratio | 0.41 | 1.03 | 1.14 | 1.12 | 1.31 | 1.91 |
| Debt / equity | — | 7.87 | 7.05 | 14.69 | 19.69 | 2.64 |
| Equity / assets | −81.4% | 7.3% | 8.4% | 4.6% | 2.9% | 18.9% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Mar '23 | Sep '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.6M | $590,918 | $590,918 | $249,923 | $249,923 | $1.3M | $1.1M | $1.1M | $417,876 | $323,958 | $407,086 | $217,792 |
| Cash & equivalents | $1.6M | $590,918 | $590,918 | $249,923 | $249,923 | $1.3M | $1.1M | $1.1M | $417,876 | $323,958 | $407,086 | $217,792 |
| Receivables | $834,583 | $3.4M | $3.4M | $9.5M | $4.2M | $1.8M | $7.8M | $1.6M | $5.9M | $6.6M | $5.4M | $5.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.8M | $22,341 | $22,341 | $461,565 | $5.8M | $6.3M | $10,089 | $6.1M | $18,554 | $20,821 | $316,106 | $3,930 |
| Total current assets | $4.2M | $4.0M | $4.0M | $10.3M | $10.3M | $9.3M | $8.8M | $8.8M | $6.3M | $6.9M | $6.1M | $5.2M |
| Property, plant & equipment (net) | $1.2M | $1.2M | $1.2M | $1.3M | $1.3M | $1.4M | $1.4M | $1.4M | $342,429 | $355,105 | $403,319 | $156,189 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $459,216 | $2.5M | $2.5M | $1.9M | $1.9M | $1.7M | $1.6M | $1.6M | $1.7M | $1.0M | $154,704 | $257,944 |
| Total assets | $5.9M | $7.8M | $7.8M | $13.4M | $13.4M | $12.4M | $11.9M | $11.9M | $8.4M | $8.3M | $6.7M | $5.6M |
| Liabilities | ||||||||||||
| Accounts payable | $1.0M | $2.7M | $2.7M | $4.0M | $4.0M | $2.8M | $3.2M | $3.2M | $1.9M | $1.9M | $1.3M | $1.8M |
| Short-term debt | — | $2.6M | $2.6M | $4.8M | — | — | $3.9M | — | $3.0M | $3.9M | $2.4M | $1.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | $57,133 | — |
| Total current liabilities | $6.0M | $5.6M | $5.6M | $9.5M | $9.5M | $8.5M | $7.7M | $7.7M | $5.3M | $6.2M | $4.4M | $4.0M |
| Long-term debt | $4.7M | $0 | $4.8M | $0 | $2.9M | $2.9M | $0 | $3.0M | $2.6M | $1.5M | $0 | $0 |
| Lease obligations | $89,225 | — | $79,748 | — | $114,495 | $148,558 | — | $181,867 | $214,523 | $301,332 | — | — |
| Other long-term liabilities | $5,988 | $4.8M | $16,290 | $2.9M | $48,345 | $79,747 | $3.1M | $115,373 | $156,605 | $219,540 | $1.5M | $1.5M |
| Total liabilities | $10.7M | $10.4M | $10.4M | $12.4M | $12.4M | $11.5M | $10.9M | $10.9M | $8.1M | $7.9M | $5.9M | $5.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $6,488 | $6,488 | $6,488 | — | — | $5,625 | — | $5,625 | $5,625 | $5,625 | $5,625 |
| Retained earnings (deficit) | −$11.6M | −$9.4M | −$9.4M | −$5.8M | −$5.8M | $872,837 | $996,980 | $996,980 | $276,768 | $381,608 | $739,863 | $158,475 |
| Total shareholders' equity | −$4.8M | −$2.6M | −$2.6M | $983,979 | $983,979 | $874,119 | $998,262 | $998,262 | $278,050 | $382,890 | $741,145 | $159,757 |
| Key figures | ||||||||||||
| Total debt | $4.7M | $7.4M | $7.4M | $7.7M | $2.9M | $2.9M | $7.0M | $3.0M | $5.7M | $5.6M | $3.9M | $3.1M |
| Net cash (debt) | −$3.0M | −$6.8M | −$6.8M | −$7.5M | −$2.6M | −$1.6M | −$6.0M | −$2.0M | −$5.3M | −$5.3M | −$3.5M | −$2.9M |
| Working capital | −$1.8M | −$1.6M | −$1.6M | $734,355 | $734,355 | $734,266 | $1.1M | $1.1M | $1.0M | $733,763 | $1.7M | $1.2M |
| Tangible book value | −$4.8M | −$2.6M | −$2.6M | $983,979 | $983,979 | $874,119 | $998,262 | $998,262 | $278,050 | $382,890 | $741,145 | $159,757 |
| Current ratio | 0.71 | 0.72 | 0.72 | 1.08 | 1.08 | 1.09 | 1.14 | 1.14 | 1.19 | 1.12 | 1.38 | 1.31 |
| Quick ratio | 0.41 | 0.72 | 0.72 | 1.03 | 0.47 | 0.35 | 1.14 | 0.35 | 1.19 | 1.12 | 1.31 | 1.31 |
| Debt / equity | — | — | — | 7.87 | 2.91 | 3.31 | 7.05 | 3.04 | 20.65 | 14.69 | 5.23 | 19.69 |
| Equity / assets | −81.4% | −33.7% | −33.7% | 7.3% | 7.3% | 7.1% | 8.4% | 8.4% | 3.3% | 4.6% | 11.1% | 2.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed —); data from EODHD.
PMA financial position
At the end of fiscal 2026 (March 31, 2026), Ming Shing had total assets of $5.9 million (down 56.2% from a year earlier), total liabilities of $10.7 million and shareholders' equity of -$4.8 million. It held $1.6 million in cash and short-term investments against $4.7 million of debt, net debt of $3.0 million. Its current ratio was 0.71.
Related: PMA income statement, PMA cash flow statement, PMA key metrics. See the PMA stock overview for the latest quote and news.
PMA balance sheet FAQ
What are Ming Shing's total assets?
Ming Shing reported total assets of $5.9 million at the end of fiscal 2026 (March 31, 2026), compared with $13.4 million a year earlier.
How much debt does Ming Shing have?
Ming Shing had $4.7 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Ming Shing have?
Ming Shing held $1.6 million in cash and short-term investments at the end of fiscal 2026; with $4.7 million of debt that is net debt of $3.0 million.
What is Ming Shing's book value?
Ming Shing's shareholders' equity (book value) was -$4.8 million at the end of fiscal 2026.
What is Ming Shing's current ratio?
Ming Shing had current assets of $4.2 million and current liabilities of $6.0 million, a current ratio of 0.71 (current liabilities exceed current assets).