Company: GINT
Filing Date: 2025-01-28
Form Type: DRS/A
Source: 0001213900-25-007208
Chunk: 221

Company: Gifts International Holdings Ltd
Filing Date: 2025-01-28
Form: DRS/A
Chunk 221
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682,844 |     | $   | 1,527,931 |     | $   | 196,663 |
| Loan : HK$4.0 million     |     | May 23, 2028      |               | 2.75%    |     |               | 2,860,605 |     |     | 2,539,671 |     |     | 326,885 |
| Loan : HK$2.5 million     |     | February 19, 2029 |               | 2.75%    |     |               | 2,764,013 |     |     | 2,482,928 |     |     | 319,582 |
|                           |     |                   |               |          |     | $             | 7,307,463 |     | $   | 6,550,530 |     | $   | 843,130 |

The Company obtained certain loans from financial institutions in Hong Kong, in the aggregate principal amount of up to HK$6,550,530 (US$843,130), up to September 30, 2024. These loans bear annual interest at the bank prevailing rates ranging from 2.75% to 3.50%. The Company is subject to various financial covenants under certain loan agreements, which include repayment on -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. 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