Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 82

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 5
Chunk 82
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Indebtedness

As
of April 30, 2023 and April 30, 2024, bank borrowings were obtained from several banks and financial institutions in Singapore, which
bear fixed rates ranging from 2.25% to 7.75% per annum and variable rates from 6% to 7% per annum and are repayable in 1 to 9 years.

As of April 30, 2025, bank borrowings were obtained from several banks
and financial institutions in Singapore, which bear fixed rates ranging from 2.25% to 7.70% per annum and variable rates from 3.38% to
7.40% per annum and are repayable in 1 to 9 years.

The
Group’s bank borrowings currently are secured by personal guarantee from Mr. Lim and a pledge of the keyman life insurance policy
on the life of Mr. Lim held by BNL. We intend to seek a waiver for the requirement of personal guarantee for future borrowing in the
future.

Contingencies

In
the normal course of business, the Group is subject to contingencies, including legal proceedings and claims arising out of the business
that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes its liability for any
such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Group
may consider many factors in making these assessments including historical experience and the specific facts and circumstances of each
matter. As of April 30, 2023, April 30, 2024, April 30, 2025, we do not believe that any such matters, individually or in the aggregate,
will have a material adverse effect on our business, financial condition, results of operations, or cash flows.

Capital
Commitments

As
of April 30, 2024 and April 30, 2025, we did not have any capital commitments.

Off-Balance
Sheet Transactions

As
of April 30, 2024 and April 30, 2025, we have not entered into any material off-balance sheet transactions or arrangements.

We
have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition,
we have not entered into any derivative contracts that are indexed to our own shares and classified as shareholders’ equity, or
that are not reflected in