Company: MAGH
Filing Date: 2025-03-20
Form Type: DRS/A
Source: 0001641172-25-000048
Chunk: 73

Company: Magnitude International Ltd
Filing Date: 2025-03-20
Form: DRS/A
Chunk 73
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 58 |

Cash flow used in financing activities

For the six months ended October 31, 2023, net cash used in financing activities was S$182,821 which primarily consisted of (i) repayment of bank borrowings of S$170,368; (ii) repayment of lease liabilities of S$12,453; and (iii) dividends paid of S$250,000, which were offset by proceeds of S$250,000 from issuance of ordinary shares in a subsidiary.

For the six months ended October 31, 2024, net cash used in financing activities was S$618,224 which primarily consisted of (i) repayment of bank borrowings of S$252,558; (ii) repayment of lease liabilities of S$16,131; (iii) dividends paid of S$200,000; and payment of deferred initial public offering costs of S$149,535.

Trade receivables

Our net trade receivables were S$1,841,701 as of April 30, 2023, S$1,425,175 as of April 30, 2024 and S$1,136,360
as of October 2024. The decrease was primarily attributable to prompt settlement of trade receivables by our customers during the financial
year ended April 30, 2024 and six months ended October 31, 2024

We did not charge any interest on or hold any collateral as security over these trade receivables balances. We generally offer credit periods of 35 days to our customers. We have not had and do not expect to have issues collecting payment from these longer ageing invoices.

Trade receivables presented based on their past
due status in terms of the provision matrix:

| April 30, 2023      |     |       Trade 
 receivables 
          S$ |     | ECL     
 S$      |   |     | Trade receivables, net 
                     S$ |     | Trade receivables, net 
                    US$ |
|:--------------------|:----|------------:|:----|:--------|:--|:----|-----------------------:|:----|-----------------------:|
| Not past due        |     |   1,517,332 |     | (1,467  | ) |     |              1,515,865 |     |              1,111,665 |
| < 30 days           |     |     342,