Company: MAGH
Filing Date: 2025-03-20
Form Type: DRS/A
Source: 0001641172-25-000048
Chunk: 203

Company: Magnitude International Ltd
Filing Date: 2025-03-20
Form: DRS/A
Chunk 203
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 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, 2023 |     |     April 
  30, 2024 |     |     April 
  30, 2024 |
|:----------------------|:----|----------:|:----|----------:|:----|----------:|
|                       |     |       SGD |     |       SGD |     |       USD |
| Retention receivables |     | 1,927,609 |     | 1,839,910 |     | 1,349,304 |
| Others*               |     |   642,877 |     | 1,578,908 |     | 1,157,897 |
|                       |     | 2,570,486 |     | 3,418,818 |     | 2,507,201 |

* It represents the revenue not yet billed to the customers which the Group has completed the relevant services under such contracts but yet certified by representatives appointed by the customers.

| F-25 |

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

| 7. | Contract                       
 assets/liabilities (Continued) |

Contract assets(Continued)

The Group’s contract assets include retention receivables to be settled, based on the expiry of the defect liability period of the relevant contracts or in accordance with the terms specified in the relevant contracts, at the end of the reporting period. The balances are classified as current as they are expected to be received within the Group’s normal operating cycle.

The movement in allowance for expected credit losses of contract assets computed based on lifetime ECL was as follows:

|                                |     |    April 
 30, 2023 |     |    April 
 30, 2024 |     |    April 
 30, 2024 |
|:-------------------------------|:----|---------:|:----|---------:|:----|---------:|
|