Company: MAGH
Filing Date: 2025-06-10
Form Type: F-1/A
Source: 0001641172-25-014489
Chunk: 270

Company: Magnitude International Ltd
Filing Date: 2025-06-10
Form: F-1/A
Chunk 270
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:----|----------:|:--|:----|----------:|:--|:----|----------:|:--|
|                      |     |       SGD |   |     |       SGD |   |     |       USD |   |
| Contract assets      |     | 3,422,121 |   |     | 2,634,860 |   |     | 1,991,580 |   |
| Less: loss allowance |     |    (3,303 | ) |     |    (2,582 | ) |     |    (1,952 | ) |
|                      |     | 3,418,818 |   |     | 2,632,278 |   |     | 1,989,628 |   |
| Contract liabilities |     |   581,767 |   |     |    75,218 |   |     |    56,854 |   |

Contract assets

Amounts of contract assets represent the Group’s rights to considerations from customers for the provision of construction services, which arise when: (i) the Group completed the relevant services under such contracts; and (ii) the customers withhold certain amounts payable to the Group as retention money to secure the due performance of the contracts for a period of generally 12 months (defect liability period) after completion of the relevant works. Any amount previously recognized as a contract asset is reclassified to trade receivables at the point at which it becomes unconditional and is invoiced to the customer.

The Group’s contract assets are analyzed as follows:

|                       |     |     April 
 30,  2024 |     |   October 
 31,  2024 |     |   October 
 31,  2024 |
|:----------------------|:----|----------:|:----|----------:|:----|----------:|
|                       |     |       SGD |     |       SGD |     |       USD |
| Retention receivables |     | 1,839,910 |     | 1,216,644 |     |   919,610 |
| Others*               |     | 1,578,908 |     | 1,415,634 |     | 1,070,018 |
|                       |     | 3,418,818 |     | 2,632,278 |     | 1,989,628 |

* It represents the revenue not yet billed to the customers