Company: MAGH
Filing Date: 2025-01-02
Form Type: DRS
Source: 0001493152-25-000010
Chunk: 193

Company: Magnitude International Ltd
Filing Date: 2025-01-02
Form: DRS
Chunk 193
---
23 |

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

| 5. | Financial                                   
 assets at fair value through profit or loss |

|                                                     |     |    April 
 30, 2023 |   |     |    April 
 30, 2024 |   |     |    April 
 30, 2024 |   |
|:----------------------------------------------------|:----|---------:|:--|:----|---------:|:--|:----|---------:|:--|
|                                                     |     |      SGD |   |     |      SGD |   |     |      USD |   |
| Keyman life insurance policy, at fair value         |     |          |   |     |          |   |     |          |   |
| At beginning of year                                |     |  173,531 |   |     |  172,412 |   |     |  126,439 |   |
| Addition                                            |     |        - |   |     |  322,220 |   |     |  235,617 |   |
| Insurance premium charged to profit or loss         |     |        - |   |     |  (64,412 | ) |     |  (47,237 | ) |
| Increase in fair value through other profit or loss |     |    5,247 |   |     |    7,280 |   |     |    5,339 |   |
| Foreign exchange adjustment                         |     |   (6,366 | ) |     |    2,317 |   |     |    2,383 |   |
| At end of year                                      |     |  172,412 |   |     |  439,817 |   |     |  322,541 |   |

On December 10, 2018 and November 20, 2023, the Group entered into life insurance policies with an insurance company to insure against the death or diagnosis of a terminal illness of a director. Under the policies, the basic sum assured is USD500,000 and USD750,000 respectively. The contracts will be terminated on the occurrence of the earliest of the death of the key management personnel insured or other terms pursuant to the contracts. The Group has paid out total insurance premium with an aggregate amount of USD151,340 and