Company: GINT
Filing Date: 2025-07-18
Form Type: F-1/A
Source: 0001213900-25-065552
Chunk: 222

Company: Gifts International Holdings Ltd
Filing Date: 2025-07-18
Form: F-1/A
Chunk 222
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, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. NOTE 15 — COMMITMENTS AND CONTINGENCIES Legal Contingencies From time to time, the Company may be involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows. Severance Payment and Long Service Payment Employment Ordinance of the Laws of Hong Kong requires employers to assure the liability of severance payment if an employee who has been working for the employer for not less than 24 months under a continuous contract is, due to redundancy, dismissed, laid off, or upon expiry of a fixed -termemployment contract. The ordinance also requires employers to assure the liability of long service payment if an employee who has been working for the employer for not less than 5 years under a continuous contract is dismissed, dies, resigns on ground of ill health or on or after 65 years old, or upon expiry of a fixed -termemployment contract. F-26 GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS NOTE 15 — COMMITMENTS AND CONTINGENCIES (CONT.) As of March 31, 2024 and 2025, the Company has estimated its long service payment to be HK$62,495 and HK$101,831 (US$13,089), respectively. The provision for long service payment as of March 31, 2024 and 2025 has been reflected in the consolidated and combined balance sheets as “other long -termliabilities” under long -termliabilities. No severance payment is provided since the Company has no plan to dismiss any staff due to redundancy, and therefore considers the possibility of meeting the criteria of making severance payment is remote. Apart from the commitments and contingencies detailed above and elsewhere in these accompanying consolidated and combined financial statements, as of March 31, 2025, the Company did not have any significant commitments or contingencies involved. NOTE 16 — SUBSEQUENT EVENTS In accordance with ASC Topic 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued, the Company