v3.25.4
Borrowings
 12 Months Ended
Apr. 30, 2025
Schedule Of Borrowings  
Borrowings

12. Borrowings

 

   April 30, 2024   April 30, 2025   April 30, 2025 
   SGD   SGD   USD 
Borrowings:               
Bank borrowings, secured   1,119,444    1,827,409    1,399,885 
Lease liabilities   528,585    509,455    390,267 
Borrowings   1,648,029    2,336,864    1,790,152 
                
Current   442,582    500,982    383,777 
Non-current   1,205,447    1,835,882    1,406,375 
Borrowings   1,648,029    2,336,864    1,790,152 

 

Bank borrowings are comprised of the following:

 

Type

  Principal amount  Maturities  Interest rate  Current   Non-current   Total   Total 

April 30, 2024

           SGD   SGD   SGD   USD 
Working capital loan  SGD1,000,000  May 2025  2.25% per annum   209,096    17,885    226,981    166,457 
Working capital loan  SGD400,000  October 2028  7.75% per annum   70,271    309,581    379,852    278,566 
Insurance premium loan  USD169,000  October 2033  1.5% above USD COF 3 months   16,919    209,946    226,865    166,372 
Insurance premium loan  USD111,999   December 2028  0.8% per annum above the bank’s prevailing USD Cost of Funds as determined by the bank   -    150,179    150,179    110,134 
Working capital loan  SGD600,000   May 2025  2.25% per annum   125,463    10,104    135,567    99,419 
             421,749    697,695    1,119,444    820,948 

 

Type

  Principal amount  Maturities  Interest rate  Current   Non-current   Total   Total 
April 30, 2025           SGD   SGD   SGD   USD 
Working capital loan   SGD1,000,000  May 2025  2.25% per annum   16,866    -    16,866    12,920 
Working capital loan   SGD400,000  October 2028  7.75% per annum   76,594    225,977    302,571    231,785 
Insurance premium loan   USD169,000  October 2033  1.5% above USD COF 3 months   18,547    182,392    200,939    153,930 
Insurance premium loan   USD111,999   December 2028  0.8% per annum above the bank’s prevailing USD Cost of Funds as determined by the bank   -    146,461    146,461    112,196 
Working capital loan   SGD600,000   May 2025  2.25% per annum   10,117    -    10,117    7,750 
Working capital loan  SGD1,000,000   January 2030  7.75% per annum   174,618    791,822    966,440    740,340 
Invoice financing  SGD181,568   June 2025  7.00% per annum   184,015    -    184,015    140,964 
             480,757    1,346,652    1,827,409    1,399,885 

 

 

MAGNITUDE INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

12. Borrowings (Continued)

 

For the years ended April 30, 2024 and 2025, the effective interest rate of the Group’s bank borrowings ranged from 2.27% to 8.03% and 2.25% to 7.75%, respectively.

 

At the end of the financial year, the Group’s bank borrowings are secured by:

 

  (i) legal assignment of life insurance policies executed by the Group in respect of the name of the director (Note 5); and
  (ii) guarantees and indemnity for all monies by a director of the Group.

 

Lease liabilities

 

Group as a lessee

 

The Group has lease contracts related to leasehold property loan with bank, arranged at floating interest rates. The interest rate implicit in the leases is 3.38% (2024: 2.25% to 3.38%) per annum.

 

Motor vehicles financing under hire purchase were fully settled during the financial year ended April 30, 2024.

 

  (a) Carrying amounts of right-of-use assets presented within property, plant and equipment:

 

   Leasehold property   Motor vehicles   Total   Total 
   SGD   SGD   SGD   USD 
                 
At May 1, 2023   608,856    46,203    655,059    501,807 
Depreciation   (19,854)   (18,432)   (38,286)   (29,329)
At April 30, 2024   589,002    27,771    616,773    472,478 
Depreciation   (19,854)   (10,237)   (30,091)   (23,051)
Disposal   -    (1,369)   (1,369)   (1,049)
At April 30, 2025   569,148    16,165    585,313    448,378 

 

  (b) Lease liabilities

 

The carrying amounts of lease liabilities as of April 30, 2024 and 2025 are SGD528,585 and SGD509,455 respectively. The movements during the years are disclosed in consolidated statements of cash flows.

 

At the end of the financial year, the Group’s leasehold property loan is secured by mortgage over the Group’s leasehold property (Note 4).

 

Details of the lease liabilities are as follows:

 

Type
April 30, 2024		  Principal amount  Maturities  Interest rate  Current   Non-current   Total   Total 
            SGD   SGD   SGD   USD 
Property loan   SGD612,000  August 2044  At the bank’s prevailing CPL Board Rate with monthly rests   20,833    507,752    528,585    387,639 

 

 

MAGNITUDE INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

12. Borrowings (Continued)

 

Lease liabilities (Continued)

 

  (b) Lease liabilities (Continued)

 

Details of the lease liabilities are as follows: (Continued)

 

Type
April 30, 2025		  Principal amount  Maturities  Interest rate  Current   Non-current   Total   Total 
            SGD   SGD   SGD   USD 
Property loan   SGD612,000  August 2044  At the bank’s prevailing CPL Board Rate with monthly rests   20,225    489,230    509,455    390,267 

 

  (c) Amounts relating to leases recognized in profit or loss

 

   April 30, 2023     April 30, 2024   April 30, 2025   April 30, 2025 
   SGD     SGD   SGD   USD 
                     
Expense relating to short-term leases (included in cost of sales)    29,806      26,320    205,465    157,396 
Depreciation of leasehold property and motor vehicles    38,286      38,286    30,091    23,051 
Interest expense on lease liabilities    19,571      15,470    17,457    13,373 
Lease cost    87,663      80,076    253,013    198,820 

 

  (d) Total cash outflows

 

For the years ended April 30, 2023, 2024 and 2025, the Group had total cash outflows for leases of SGD116,685, SGD58,226 and SGD242,052 respectively.