Company: MAGH
Filing Date: 2025-02-24
Form Type: DRS/A
Source: 0001493152-25-008050
Chunk: 64

Company: Magnitude International Ltd
Filing Date: 2025-02-24
Form: DRS/A
Chunk 64
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 |     |      |    32,869 |     |   |   2.1 |
| Utilities                             |     |                                 |    13,421 |     |   |   0.9 |     |      |    24,823 |     |   |   1.6 |
| Others                                |     |                                 |   230,632 |     |   |  14.9 |     |      |   247,175 |     |   |  15.8 |
| Total                                 |     |                                 | 1,543,215 |     |   | 100.0 |     |      | 1,568,925 |     |   | 100.0 |

| 50 |

Administrativeexpenses consisted primarily of bank charges, staff costs, director’s renumerations, depreciation, insurance expenses, professional fees and other miscellaneous administrative expenses.

Staff costs mainly represented employee benefits expenses to our employees.

Depreciation expense is charged on our property, plant and equipment which includes (i) leasehold property; (ii) motor vehicles; (iii) office equipment; (iv) furniture and fittings; (v) renovation; (vi) computer software; (vii) computer and (viii) testing equipment.

Administrativeexpenses increased by S$25,710 or approximately 1.7% from S$1,543,215 for the financial year ended April 30, 2023 to S$1,568,925 for the financial year ended April 30, 2024. The marginal increase was due to the increase in insurance costs by S$93,364 from S$32,748 for the financial year ended April 30, 2023 to S$126,112 for the financial year ended April 30, 2024, which was offset by decreases in staff costs and director’s remuneration, due to departure of staff and a director for the same period.

The increase in insurance premium paid
for insurance bond to secure new projects and keyman life insurance. Other increased administrative expenses are mainly to support the expanded business activities.

Other Income

Finance Costs

Finance costs primarily consisted of accrued interest
from bank borrowings and lease liabilities. Finance costs increased by S$20,804, or approximately 43.9% from S$47,363 for the financial
year ended April 30, 2023 to S$68,167 for the financial year ended April 30, 202