Company: GINT
Filing Date: 2025-05-16
Form Type: DRS/A
Source: 0001213900-25-044839
Chunk: 250

Company: Gifts International Holdings Ltd
Filing Date: 2025-05-16
Form: DRS/A
Chunk 250
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$6,972,282 (US$893,882), up to March 31, 2024. These loans bear annual interest at the bank prevailing rates ranging from 2.76% to 3.63%. The Company is subject to various financial covenants under certain loan agreements, which include repayment on -demandclause. Hence, all of these bank borrowings are reclassified as “current liabilities”.

F-43

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE COMBINED FINANCIAL STATEMENTS NOTE 6 — BANK BORROWINGS (CONT.) Interest related to the bank borrowings was HK$205,176 and HK$187,683 (US$24,062) for the years ended March 31, 2023 and 2024, respectively. These banking facilities are guaranteed and secured, details of which are set out as follows:- (a)unlimited personal guaranteed by Mr. Wong, the director of the Company (b)guaranteed by HKMC Insurance Limited under the Hong Kong SME Financing Guarantee Scheme, launched by The Hong Kong Mortgage Corporation Limited As of March 31, 2024, the Company has fully complied with certain financial covenants pursuant to the facility letter issued by the Hongkong and Shanghai Banking Corporation Limited. NOTE 7 — LEASES Operating lease right -of -use(“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. The Company has entered into commercial operating leases with various third parties for the use of offices and workshop in Hong Kong. These leases have original terms exceeding 1 year, but not more than 3 years. These operating leases are included in “Right -of -useAssets” on the balance sheet and represent the Company’s right to use the underlying assets during the lease term. The Company’s obligation to make lease payments are included in “Lease liabilities” on the balance