Company: GINT
Filing Date: 2025-06-06
Form Type: F-1
Source: 0001213900-25-052213
Chunk: 219

Company: Gifts International Holdings Ltd
Filing Date: 2025-06-06
Form: F-1
Chunk 219
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 -demandclause. Hence, all of these bank borrowings are reclassified as “current liabilities”. Interest related to the bank borrowings was HK$94,699 and HK$147,407 (US$18,973) for the six months ended September 30, 2023 and 2024, respectively.

F-18

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND
COMBINED FINANCIAL STATEMENTS NOTE 7 — BANK BORROWINGS (CONT.) 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 and September 30, 2024, the Company 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. During the six months ended September 30, 2024, the Company entered into a finance lease agreement with a bank to lease a motor vehicle for a period of 60 months, expiry through 2029. The components of lease expense were as follows:

|                                     |     | Six Months ended September 30, 
 2023                           
 HKD                            |         |     | 2024 
 HKD  |         |     | 2024 
 USD  |         |
|:------------------------------------|:----|:-------------------------------|--------:|:----|:-----|--------:|:----|:-----|--------:|
| Operating lease expense             |     | $                              | 536,547 |     | $    | 841,912 |     | $    | 108,364 |
| Finance lease expense               |     |                                |         |     |      |         |     |      |         |
| Amortization of right-of-use assets |     | $                              |       — |     | $    |  12,483 |     | $    |   1,607 |
| Interest on lease liabilities       |     |