Company: GINT
Filing Date: 2025-05-16
Form Type: DRS/A
Source: 0001213900-25-044839
Chunk: 111

Company: Gifts International Holdings Ltd
Filing Date: 2025-05-16
Form: DRS/A
Chunk 111
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 HK$0.2 million (US$27,455) for the years ended March 31, 2023 and 2024 respectively. Income tax expense We are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which the Company and its subsidiaries domicile or operate. Income tax expense is mainly the Hong Kong income tax. Our income tax expense amounted to approximately HK$0.3 million and HK$1.0 million (US$0.1 million) for the years ended March 31, 2023 and 2024, respectively. The increase was mainly due to the increase in net income before provision for income taxes. Net income We recorded a net income of HK$6.3 million (US$0.8 million) for the year ended March 31, 2024, as compared to a net income of HK$3.7 million for the year ended March 31, 2023. Such increase was mainly attributable to the increase in income from operations. Liquidity and Capital Resources We have financed our operations primarily through cash flows from operations and loans from banks, if necessary. As of September 30, 2024, we had cash and cash equivalents of HK$3.3 million (US$0.4 million) and outstanding bank borrowings of HK$6.6 million (US$0.8 million). The bank borrowings bore an annual effective interest rate ranging from 2.76 to 3.63% per annum. As of September 30, 2024, our current assets were approximately HK$13.8 million, and our current liabilities were approximately HK$14.3 million. Current ratio decreased from approximately 1.3 times in FY2024 to 1.0 times in 6M2024. As of March31, 2024, we had cash and cash equivalents of HK$8.6 million (US$1.1 million) and outstanding bank borrowings of HK$7.3 million (US$0.9 million). The bank borrowings bore an annual effective interest rate ranging from 2.76 to 3.63% per annum. As of March 31, 2024, our current assets were approximately HK$12.7 million, and our current liabilities were approximately HK$9.7 million. As of March 31, 2023, our current assets were approximately HK$9.0 million, and our current liabilities were approximately HK$9