Company: MAGH
Filing Date: 2025-01-02
Form Type: DRS
Source: 0001493152-25-000010
Chunk: 69

Company: Magnitude International Ltd
Filing Date: 2025-01-02
Form: DRS
Chunk 69
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 of purchase of property, plant and equipment, mainly in computers and a key-man insurance policy for our CEO.

| 56 |

Cash flow used in financing activities

For the financial year ended April 30, 2023, net cash used in financing activities was S$543,533 which primarily consisted of repayment of guaranteed bank loans of S$556,654, payment of lease obligations of S$86,879 and payment of dividends of S$250,000, which were offset by proceeds of S$350,000 from issuance of new ordinary shares of a subsidiary in the Group.

For the financial year ended April 30, 2024, net cash used in financing activities was S$231,080 which primarily consisted of repayment of guaranteed bank loans of S$399,174, payment of lease obligations of S$31,906 and payment of dividends of S$450,000 which were offset by proceeds of S$400,000 from a guaranteed bank loan and proceeds of S$250,000 from issuance of new ordinary shares of a subsidiary in the Group.

Trade receivables

Our net trade receivables decreased from S$1,841,701 as of April 30, 2023 to S$1,425,175 as of April 30, 2024. The decrease was primarily attributable to prompt settlement of trade receivables by our customers during the financial year ended April 30, 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           |