Company: MAGH
Filing Date: 2025-02-24
Form Type: DRS/A
Source: 0001493152-25-008050
Chunk: 255

Company: Magnitude International Ltd
Filing Date: 2025-02-24
Form: DRS/A
Chunk 255
---
   1,070,018 |
|                       |     |   3,418,818 |     |   2,632,278 |     |   1,989,628 |

* It represents the revenue not yet billed to the customers which the Group has completed the relevant services under such contracts but yet certified by representatives appointed by the customers.

The Group’s contract assets include retention receivables to be settled, based on the expiry of the defect liability period of the relevant contracts or in accordance with the terms specified in the relevant contracts, at the end of the reporting period. The balances are classified as current as they are expected to be received within the Group’s normal operating cycle.

The contract assets as of April
30, 2024 decreased as several electrical contracts progressed toward completion during the six months ended October 31, 2024. As of October
31, 2024, no significant contract assets were recorded for the newly secured electrical contracts, as electrical activities remained
low during the early stage of these contracts.

The movement in allowance for expected credit losses of contract assets computed based on lifetime ECL was as follows:

|                                 |     |       April 
 30,    2024 |     |     October 
 31,    2024 |   |     |     October 
 31,    2024 |   |
|:--------------------------------|:----|------------:|:----|------------:|:--|:----|------------:|:--|
|                                 |     |         SGD |     |         SGD |   |     |         USD |   |
| Contract assets                 |     |             |     |             |   |     |             |   |
| At beginning of financial year  |     |           - |     |       3,303 |   |     |       2,497 |   |
| Addition                        |     |       3,303 |     |        (721 | ) |     |        (545 | ) |
| At end of financial year/period |     |       3,303 |     |       2,582 |   |     |       1,952 |   |

Contract liabilities

The contract liabilities represent the Company’s obligation to transfer services to customers for which the Company has received consideration (or an amount of consideration is due) from the customers.

| F-69 |

<div align='center'>MAGNITUDE INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES TO UNAUD