Company: GINT
Filing Date: 2025-05-19
Form Type: DRS/A
Source: 0001213900-25-045183
Chunk: 249

Company: Gifts International Holdings Ltd
Filing Date: 2025-05-19
Form: DRS/A
Chunk 249
---
  |         |
|:-------------------------------------------|:----|:----------------|--------:|:----|:-----|----------:|:----|:-----|--------:|
| Corporate clients                          |     | $               |  91,079 |     | $    |   580,504 |     | $    |  74,424 |
| Payment gateway providers                  |     |                 | 429,363 |     |      |   575,146 |     |      |  73,736 |
|                                            |     |                 | 520,442 |     |      | 1,155,650 |     |      | 148,160 |
| Less: allowance for expected credit losses |     |                 |       — |     |      |         — |     |      |       — |
| Accounts receivable, net                   |     | $               | 520,442 |     | $    | 1,155,650 |     | $    | 148,160 |

For the years ended March 31, 2023 and 2024, no allowance of expected credit losses was recognized, respectively. The Company has not experienced any significant bad debt or write -offsof accounts receivable in the past. The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for expected credit losses, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write -offexperience and forecasted economic and market conditions. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

F-42

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE COMBINED FINANCIAL STATEMENTS NOTE 4 — INVENTORIES Inventories comprised of the followings:

|                                |     | As of March 31, 
 2023            
 HKD             |           |     | 2024 
 HKD  |           |     | 2024 
 USD  |         |
|:-------------------------------|:----|:----------------|----------:|:----|:-----|----------:|:----|:-----|--------:|
| Gourmet food                   |     | $               |   350,782 |     | $    |