Company: GINT
Filing Date: 2025-08-15
Form Type: F-1/A
Source: 0001213900-25-077286
Chunk: 218

Company: Gifts International Holdings Ltd
Filing Date: 2025-08-15
Form: F-1/A
Chunk 218
---
 by HKMC Insurance Limited under the Hong Kong SME Financing Guarantee Scheme, launched by The Hong Kong Mortgage Corporation Limited As of March 31, 2025, the Company has fully complied with certain financial covenants pursuant to the facility letter issued by the Hongkong and Shanghai Banking Corporation Limited. NOTE 8 — LEASES The Company has 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 sheet. During the year ended March 31, 2025, the Company also entered into a finance lease agreement to purchase a motor vehicle for a lease term of 55months, expiry through 2029. The components of lease expense were as follows:

|                                     |     | Years ended March 31, 
 2024                  
 HKD                   |           |     | 2025 
 HKD  |           |     | 2025 
 USD  |         |
|:------------------------------------|:----|:----------------------|----------:|:----|:-----|----------:|:----|:-----|--------:|
| Operating lease expense             |     | $                     | 1,065,618 |     | $    | 1,659,950 |     | $    | 213,364 |
| Finance lease expense:              |     |                       |           |     |      |           |     |      |         |
| Amortization of right-of-use assets |     | $                     |         — |     | $    |    60,216 |     | $    |   7,740 |
| Interest on lease liabilities       |     |                       |         — |     |      |    12,593 |     |      |   1,619 |
| Total finance lease expense         |     | $                     |         — |     | $    |    72,809 |     | $    |   9,359 |

F-20

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS NOTE 8 — LEASES (CONT.) Supplemental balance sheet