Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 39

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 4
Chunk 39
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S 10 Consolidated Financial Statements including the Appendix B Application Guidance Assessing Control to determine
whether Mr. Lim controls BNL based on all the following:

  (i)        Power over the investee;                                                 
  (ii)       Exposure, or rights, to                                                  
  (iii)      The ability to use its                                                   

Below
is a summary of assessment to conclude that Mr. Lim was able to exercise absolute control during the period from May 1, 2022 until Mr.
Lim’s acquisition of the business partner’s equity stake:

  (i)        Assessment of purpose and                                      
  (ii)       Power over BNL’s                                               
  (iii)      Exposure or rights to variable                                 
  (iv)       The ability to use its                                         

With
the above said, the accounts in BNL is consolidated accordingly.

Corporate
Structure

Our
Group comprises our two principal operating subsidiaries, Herlin and BNL.

Herlin
was established in March 2012 by Mr. Lim, the Company’s Chief Executive Officer, or CEO, to provide electrical installation and
licensing services for brownfield electrical installation projects in the private sector in Singapore. Since its incorporation, Herlin
has strengthened its workforce, expanded its services and attained a BCA workhead registration with the capabilities to provide a full
range of electrical installation services, particularly specializing in the replacement of high-tension and low-tension electrical installation
works. In addition, Herlin has been accredited with various industry certifications for risk management, health and safety standards
and quality assurance. Over the years, Herlin has established a solid track record of successful projects, particularly within the hospitality
industry.

BNL
was established in November 2012 by Mr. Lim and a business partner, to provide electrical installation and licensing services for greenfield
electrical installation projects in both the private and public sectors in Singapore. Recognizing the lack of comprehensive project management
services in the industry for greenfield electrical installation projects, BNL is dedicated to delivering added-value services with a
skilled in-house team of licensed professionals and various BCA workhead registrations, specializing in electrical installations and
certification services. Over the years, BNL has built up a growing portfolio of successful projects, particularly within the residential
property market and public sector. Mr. Lim completed the acquisition of his business partner’s entire 60% equity stake of BNL on
April 5, 2023.

  23  

Mr.
Lim