Company: GINT
Filing Date: 2025-03-12
Form Type: DRS/A
Source: 0001213900-25-022887
Chunk: 232

Company: Gifts International Holdings Ltd
Filing Date: 2025-03-12
Form: DRS/A
Chunk 232
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 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. As of March 31, 2024 and September 30, 2024, the Company has estimated its long service payment to be HK$62,495 and HK$62,495 (US$8,044), respectively. The provision for long service payment as of March 31, 2024 and September 30, 2024 has been reflected in the unaudited condensed 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 unaudited condensed consolidated and combined financial statements, as of September 30, 2024, the Company did not have any significant commitments or contingencies involved. NOTE 15 — 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 unaudited condensed consolidated and combined financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2024, up to the date that the audited unaudited condensed consolidated and combined financial statements were available to be issued. The Group Reorganization as detailed in Note 1 above, was completed in October 2024. On October23, 2024, the Company declared and distributed a special dividend of HK$1,500,000 (US$193,068). F-24

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To: the Board of Directors and Stockholders of
Gifts International Holdings Limited Opinion on the Financial Statements We have audited the accompanying combined balance sheets of Gifts International Holdings Limited and Subsidiaries (“the