Company: GINT
Filing Date: 2025-08-04
Form Type: F-1/A
Source: 0001213900-25-070836
Chunk: 218

Company: Gifts International Holdings Ltd
Filing Date: 2025-08-04
Form: F-1/A
Chunk 218
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2029 |      |     2.76 | % |      |                 | 2,764,013 |     |     | 2,201,842 |     |     | 283,017 |
|                           |     |                   |      |          |   |      | $               | 7,307,463 |     | $   | 5,781,145 |     | $   | 743,087 |

The Company obtained certain loans from one financial institution in Hong Kong, in the aggregate principal amount of up to HK$11.5 million (US$1.48 million), up to March 31, 2025. These loans bear annual interest at the bank prevailing rates ranging from 2.76% to 3.00%. 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 expense related to the bank borrowings were HK$187,683 and HK$208,620 (US$26,815) for the years ended March 31, 2024 and 2025, 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, 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