<SEC-DOCUMENT>0001144204-17-044342.txt : 20170821
<SEC-HEADER>0001144204-17-044342.hdr.sgml : 20170821
<ACCEPTANCE-DATETIME>20170821145536
ACCESSION NUMBER:		0001144204-17-044342
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20170821
DATE AS OF CHANGE:		20170821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jerash Holdings (US), Inc.
		CENTRAL INDEX KEY:			0001696558
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				814701719
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218991
		FILM NUMBER:		171042941

	BUSINESS ADDRESS:	
		STREET 1:		AL-TAJAMOUAT INDUSTRIAL ESTATE
		STREET 2:		SAHAB - P.O. BOX 22
		CITY:			AMMAN,
		STATE:			M2
		ZIP:			11636
		BUSINESS PHONE:		585-231-1211

	MAIL ADDRESS:	
		STREET 1:		AL-TAJAMOUAT INDUSTRIAL ESTATE
		STREET 2:		SAHAB - P.O. BOX 22
		CITY:			AMMAN,
		STATE:			M2
		ZIP:			11636
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>v473663_s1a.htm
<DESCRIPTION>S-1/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>As filed with the Securities and Exchange
Commission on August 21, 2017</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>Registration No. 333-218991</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Amendment No. 1</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>To</B> </P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Form S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Jerash Holdings (US), Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><b><u>Delaware</u></b></font></td>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><b><u>2300</u></b></font></td>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><b><u>81-4701719</u></b></font></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of </FONT><BR>
<FONT STYLE="font-size: 10pt">incorporation</FONT><BR>
<FONT STYLE="font-size: 10pt">or organization)</FONT></td>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">(Primary Standard Industrial <BR>
Classification Code Number)</font></td>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">(I.R.S. Employer Identification<BR>
 Number)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jerash Holdings (US), Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Al-Tajamouat Industrial Estate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sahab - P.O. Box 22</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amman, 11636, Jordan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(962) 6402-0640</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Choi Lin Hung</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Al-Tajamouat Industrial Estate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sahab - P.O. Box 22</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amman, 11636, Jordan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(962) 6402-0640</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Name, address, including
zip code, and telephone number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>James M. Jenkins, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Alexander R. McClean, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Harter Secrest &amp; Emery LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1600 Bausch &amp; Lomb Place</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rochester, New York 14604</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(585) 232-6500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Approximate date of
commencement of proposed sale to the public: </B>As soon as practicable after this registration statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any of the securities
being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act,
check the following box. <FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If this Form is filed to
register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective
amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company
or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller
reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 23%"><font style="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">&uml;</font></font></td>
    <td style="width: 21%; text-align: center"><font style="font-size: 10pt">Accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">&uml;</font></font></td>
    <td style="width: 31%; text-align: center"><font style="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">&uml;</font></font></td>
    <td style="width: 25%"><font style="font-size: 10pt">Smaller reporting company&nbsp;&nbsp;<font style="font-family: Wingdings">x</font></font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">(Do not check if a smaller <BR>
reporting company)</font></td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging Growth Company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>
&nbsp; &nbsp; &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of&nbsp;Securities&nbsp;to&nbsp;be&nbsp;Registered </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Amount&nbsp;to&nbsp;be</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Registered<SUP>(1)</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Proposed&nbsp;Maximum</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Offering&nbsp;Price&nbsp;Per</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Share<SUP>(2)</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Proposed&nbsp;Maximum</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Aggregate</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Offering&nbsp;Price<SUP>(2)</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Amount&nbsp;of</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Registration&nbsp;Fee<SUP>(2)</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <SUP>&nbsp;</SUP> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%"> Common Stock, par value $0.001 per share </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 1,541,750 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 6.00 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 9,250,500 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 1,072.13 </TD><TD STYLE="width: 1%; text-align: left"> <SUP>&nbsp;</SUP> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Common Stock Underlying Warrants </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 69,000 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 6.00 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 414,000 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 47.98 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> <SUP>&nbsp;</SUP> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt"> Total </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,610,750 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 6.00 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 9,644,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1,120.12 </TD><TD STYLE="text-align: left"> <SUP>(3)</SUP> </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event of a stock split,
stock dividend or similar transaction involving our common stock, the number of shares registered shall automatically be increased
to cover the additional shares of common stock issuable pursuant to Rule 416 under the Securities Act.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Estimated solely for purposes
of calculating the amount of the registration fee in accordance with Rule 457(a) of the Securities Act of 1933.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(3)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">The
                                         Company previously paid $967.13.</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment
which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933, as amended, or until this registration statement shall become effective on such date as the Securities
and Exchange Commission, acting pursuant to said Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #C00000"><B>The information in this
prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities nor does it seek an offer
to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in; color: #C00000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #C00000"> Dated August 21, 2017 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #C00000"><B>PROSPECTUS (Subject to Completion)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JERASH HOLDINGS (US), Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>1,541,750 Shares of Common Stock and<BR>
up to 69,000 Shares of Common Stock Underlying Warrants</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-size: 10pt">This
prospectus relates to the offering and resale by the selling stockholders identified herein of up to (i) 690,000 shares of common
stock, par value $0.001 per share of Jerash Holdings (US), Inc., and (ii) 69,000 shares of common stock that are issuable upon
the exercise of the warrants, issued in connection with a private placement offering that we closed on May 15, 2017 (the &ldquo;Private
Placement&rdquo;), and (iii) 851,750 shares of our common stock. The warrants are exercisable at an exercise price of $6.25 per
full share</FONT> <FONT STYLE="font-size: 10pt">until May 15, 2022 with respect to 49,000 underlying shares and until August 18,
2022 with respect to 20,000 underlying shares.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will not receive any
proceeds from the sale of the common stock or warrants covered by this prospectus. However, we will receive proceeds from the exercise
of the warrants if the warrants are exercised for cash. We intend to use those proceeds, if any, for general corporate purposes.
We have agreed to bear the expenses relating to the registration of the securities of the selling stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling stockholders
may sell any, all or none of the securities offered by this prospectus and we do not know when or in what quantity the selling
stockholders may sell their shares of common stock hereunder following the effective date of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock is presently
not traded on any market or securities exchange. After the effective date of the registration statement, we intend to seek a market
maker to file an application with the Financial Industry Regulatory Authority, or FINRA, to have our common stock quoted on the
OTCQB Market. There can be no assurance that a market maker will agree to file the necessary documents with FINRA, nor can there
be any assurance that such an application for quotation will be approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling stockholders
may sell the shares of our common stock at prices ranging from $5.00 to $6.00 per share until such time as our shares are quoted
on the OTCQB Market, at which time they may be sold at prevailing market prices or in privately negotiated transactions. The selling
stockholders have not engaged any underwriter in connection with the sale of our securities. The selling stockholders may offer
and sell our securities in a variety of transactions as described under &ldquo;Plan of Distribution&rdquo; beginning on page 38,
including transactions on any market on which our common stock is quoted, in privately negotiated transactions or otherwise at
market prices prevailing at the time of sale, at prices related to such market prices or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are an &ldquo;emerging
growth company,&rdquo; as that term is used in the Jumpstart Our Business Startups Act of 2012, or &ldquo;JOBS Act,&rdquo; and,
as such, have elected to comply with reduced public company reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 8 of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Prospectus dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 85%; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_001"><FONT STYLE="font-size: 10pt; text-transform: uppercase">PROSPECTUS
    SUMMARY</FONT></A></td>
    <td style="vertical-align: bottom; width: 15%; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">3</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_002"><FONT STYLE="font-size: 10pt; text-transform: uppercase">RISK
    FACTORS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">8</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_003"><FONT STYLE="font-size: 10pt; text-transform: uppercase">SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">16</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_004"><FONT STYLE="font-size: 10pt; text-transform: uppercase">DETERMINATION
    OF OFFERING PRICE</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">16</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_005"><FONT STYLE="font-size: 10pt; text-transform: uppercase">USE
    OF PROCEEDS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">17</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_006"><FONT STYLE="font-size: 10pt; text-transform: uppercase">MARKET
    FOR OUR COMMON STOCK</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">17</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; text-transform: uppercase">SELLING
    STOCKHOLDERS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">18</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_008"><FONT STYLE="font-size: 10pt; text-transform: uppercase">DESCRIPTION
    OF SECURITIES</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">19</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_009"><FONT STYLE="font-size: 10pt; text-transform: uppercase">management's
    discussion and analysis of financial condition and results of operations</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">21</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_010"><FONT STYLE="font-size: 10pt; text-transform: uppercase">BUSINESS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">29</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_011"><FONT STYLE="font-size: 10pt; text-transform: uppercase">PROPERTIES</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">32</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_012"><FONT STYLE="font-size: 10pt; text-transform: uppercase">LEGAL
    PROCEEDINGS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">33</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_013"><FONT STYLE="font-size: 10pt; text-transform: uppercase">MANAGEMENT</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">33</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_014"><FONT STYLE="font-size: 10pt; text-transform: uppercase">EXECUTIVE
    COMPENSATION</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">34</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_015"><FONT STYLE="font-size: 10pt; text-transform: uppercase">CERTAIN
    RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">35</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_016"><FONT STYLE="font-size: 10pt; text-transform: uppercase">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">37</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_017"><FONT STYLE="font-size: 10pt; text-transform: uppercase">PLAN
    OF DISTRIBUTION</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">38</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_018"><FONT STYLE="font-size: 10pt; text-transform: uppercase">u.s.
    tax matters</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">39</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_019"><FONT STYLE="font-size: 10pt; text-transform: uppercase">LEGAL
    MATTERS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">41</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_020"><FONT STYLE="font-size: 10pt; text-transform: uppercase">EXPERTS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">41</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_021"><FONT STYLE="font-size: 10pt; text-transform: uppercase">WHERE
    YOU CAN FIND MORE INFORMATION</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">41</FONT></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><A HREF="#a_022"><FONT STYLE="font-size: 10pt; text-transform: uppercase">CONSOLIDATED
    FINANCIAL STATEMENTS</FONT></A></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">f-1</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>You should rely only
on the information contained in this prospectus and any prospectus supplement prepared by or on behalf of us or to which we have
referred you. We have not authorized anyone to provide you with information that is different. If anyone provides you with different
or inconsistent information, you should not rely upon it.&nbsp;We are not making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. The information in this prospectus is complete and accurate only as of the date on the
front cover of this prospectus, regardless of the time of delivery of this prospectus or any sale of our securities.&nbsp;Our business,
financial condition, results of operations and prospects may have changed since these dates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except as otherwise indicated
herein or as the context otherwise requires, references in this prospectus to &ldquo;<B><U>Jerash</U></B>,&rdquo; the &ldquo;<B><U>Company</U></B>,&rdquo;
&ldquo;<B><U>we</U></B>,&rdquo; &ldquo;<B><U>us</U></B>,&rdquo; &ldquo;<B><U>our</U></B>&rdquo; and similar references refer to
Jerash Holdings (US), Inc., which is the parent holding company of our operating subsidiaries, Jerash Garments and Fashions Manufacturing
Company Limited (&ldquo;<B><U>Jerash Garments</U></B>&rdquo;), which is an entity formed under the laws of the Hashemite Kingdom
of Jordan (&ldquo;<B><U>Jordan</U></B>&rdquo;), and Treasure Success International Limited (&ldquo;<B><U>Treasure Success</U></B>&rdquo;),
which is an entity formed under the laws of Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_001"></A>PROSPECTUS
SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>The following summary
highlights information contained elsewhere in this prospectus and is qualified in its entirety by the more detailed information
and financial statements included elsewhere in this prospectus. This summary does not contain all of the information you should
consider before investing in our securities. Before you decide to invest in our securities, you should read and carefully consider
the following summary together with the entire prospectus, including our consolidated financial statements and the related notes
thereto appearing elsewhere in this prospectus and the matters discussed in the sections in this prospectus entitled &ldquo;Risk
Factors,&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations.&rdquo;
Some of the statements in this prospectus constitute forward-looking statements that involve risks and uncertainties. See the section
in this prospectus entitled &ldquo;Special Note Regarding Forward-Looking Statements.&rdquo; Our actual results could differ materially
from those anticipated in such forward-looking statements as a result of certain factors, including those discussed in the &ldquo;Risk
Factors&rdquo; and other sections of this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Our Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Through our operating subsidiaries,
we are principally engaged in the manufacturing and exporting of customized, ready-made sport and outerwear from knitted fabric
from our production facilities in Jordan. Except as otherwise indicated herein or as the context otherwise requires, references
in this prospectus to &ldquo;<B><U>Jerash</U></B>,&rdquo; the &ldquo;<B><U>Company</U></B>,&rdquo; &ldquo;<B><U>we</U></B>,&rdquo;
&ldquo;<B><U>us</U></B>,&rdquo; &ldquo;<B><U>our</U></B>&rdquo; and similar references refer to Jerash Holdings (US), Inc. after
giving effect to the Merger (as defined below), with Jerash Holdings (US), Inc. as the parent holding company of our operating
subsidiaries, Jerash Garments, including its wholly owned subsidiaries, and Treasure Success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are an approved manufacturer
by many well-known brands and retailers, such as Walmart, Costco, Sears, Hanes, Columbia, Land&rsquo;s End, VF Corporation (which
owns brands such as The North Face, Nautica, Timberland, Wrangler, Lee, Jansport, etc.), and Philip-Van Heusen (which owns brands
such as Calvin Klein, Tommy Hilfiger, IZOD, Speedo, etc.). Our production facilities are made up of three factory units and two
warehouses and employ approximately 2,500 people. Our employees include local Jordanian workers as well as migrant workers from
Bangladesh, Sri Lanka, India, Myanmar and Nepal. The total annual capacity at our facilities is approximately 6.5 million pieces
(average for product categories including t-shirts, polos and jackets).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Our Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are focused on growing
our operations by expanding existing production facilities and establishing beneficial relationships with neighboring factories;
diversifying our range of products to include additional pieces such as trousers and urban styling products and different types
of natural and synthetic materials; and expanding our workforce with migrant workers in Jordan from other countries. We also seek
to diversify our sales geographically by exploring acquisition opportunities to further diversify our product range and export
locations. We continue to focus on increasing customer diversification by introducing new customers as a result of our increased
product and geographical offerings described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Risks Associated with Our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Before you invest in our
securities, you should carefully consider all the information in this prospectus, including the following risks and uncertainties
that may materially affect our business, financial condition, results of operations and prospects, as described more fully in the
section entitled &ldquo;Risk Factors:&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may require additional
financing to fund our operations and capital expenditures; if we are unable to obtain such additional financing our business operations
may be harmed;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Future sales and issuances
of our capital stock or rights to purchase capital stock could result in substantial dilution to our stockholders;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We rely on one key customer
for substantially all of our revenue;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are dependent on a single
produce segment comprised of a limited number of products;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our customers are in the
clothing retail industry, which is subject to substantial cyclical variations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We face intense competition
in the worldwide apparel manufacturing industry;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Becoming subject to the
reporting requirements of the Securities Exchange Act of 1934, as amended, or the &ldquo;<B><U>Exchange Act</U></B>&rdquo; and
the requirements of the Sarbanes-Oxley Act of 2002, may strain our resources, increase our costs and distract management, and
we may be unable to comply with these requirements in a timely or cost-effective manner; we estimate that we may incur approximately
$735,000 in costs during the fiscal years ending March 31, 2018 and 2019 in connection with becoming a public company; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There is no current trading
market for our securities, and if a trading market does not develop, you may be unable to resell your securities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Organizational Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
have the following wholly-owned subsidiaries: (i) Jerash Garments, an entity formed under the laws of Jordan, (ii) Treasure Success,
an entity formed under the laws of Hong Kong, (iii) Chinese Garments and Fashions Manufacturing Company Limited, an entity formed
under the laws of Jordan and a wholly owned subsidiary of Jerash Garments (&ldquo;<B><U>Chinese Garments</U></B>&rdquo;), and (iv)
Jerash for Industrial Embroidery Company Limited, an entity formed under the laws of Jordan and a wholly owned subsidiary of Jerash
Garments (&ldquo;<B><U>Jerash Embroidery</U></B>&rdquo;). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This table reflects our organizational structure:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="v473663_img1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="background-color: white"><I>Jerash
Garments</I> was established in Jordan in November 2000</FONT> and operates out of our factory unit in Al Tajamouat Industrial
City, a Qualifying Industrial Zone in Amman, Jordan<FONT STYLE="background-color: white">. Jerash Garments&rsquo; principal activities
are to house management offices and to operate production lines and sewing, ironing, packing and quality control units, as well
as house our trims and finished products warehouses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><I>Chinese
Garments</I> was established in Jordan in June 2013 and operates </FONT>out of our factory unit in Al Tajamouat Industrial City,
a Qualifying Industrial Zone in Amman, Jordan<FONT STYLE="background-color: white">. Chinese Garments&rsquo; principal activities
are to house administration, HR, finance and management offices and to operate additional production lines and sewing, ironing,
and packing units, as well as house our trims warehouse.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><I>Jerash
Embroidery</I> was established in Jordan in March 2013 and operates out of our factory unit in </FONT>Al Tajamouat Industrial City,
a Qualifying Industrial Zone in Amman, Jordan. Jerash Embroidery&rsquo;s principal activities are to perform the cutting and embroidery
for our products<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><I>Treasure
Success</I> was established in Hong Kong in July 2016 and operates in Hong Kong. Treasure Success&rsquo;s primary activities are
to employ sales and merchandising staff and supporting personnel in Hong Kong to support the business of Jerash Garments and its
subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Our Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jerash Holdings (US), Inc.
is a holding company organized in Delaware in January 2016 with nominal or no assets or operations. On May 11, 2017, we implemented
two transactions, the first being an equity contribution whereby the shareholders of Global Trend Investments Limited, a limited
company incorporated in the British Virgin Islands (&ldquo;<B><U>Global Trend</U></B>&rdquo;), contributed 100% of the outstanding
capital stock of Global Trend to Jerash Holdings (US), Inc. in exchange for an aggregate of 8,787,500 shares of common stock of
Jerash Holdings (US), Inc., with Global Trend becoming the wholly-owned subsidiary of Jerash Holdings (US), Inc. In the second
transaction, Global Trend merged with and into Jerash Holdings (US), Inc., with Jerash Holdings (US), Inc. being the surviving
entity, as a result of which Jerash Holdings (US), Inc. became the direct parent of Global Trend&rsquo;s wholly-owned operating
subsidiaries, Jerash Garments, including its wholly owned subsidiaries, and Treasure Success. The transactions described above
are collectively referred to in this prospectus as the &ldquo;<B><U>Merger</U></B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our principal executive
offices are located at Al-Tajamouat Industrial Estate, Sahab - P.O. Box 22, Amman, 11636, Jordan, and our telephone number is (962)
6402-0640. Our website address is www.vapparel.com.jo. Our website and the information contained on, or that can be accessed through,
our website will not be deemed to be incorporated by reference in, and are not considered part of, this prospectus or the registration
statement of which it forms a part. You should not rely on any information on our website in making your decision to purchase our
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Accounting Treatment of Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For accounting purposes,
Global Trend is recognized as the accounting acquirer, and Jerash Holdings (US), Inc. is the legal acquirer or accounting acquiree.
As such, following the Merger, the historical financial statements of Global Trend are treated as the historical financial statements
of the combined company. Accordingly, the financial results presented in this prospectus reflect the operations of Global Trend,
its subsidiaries and its affiliate, which includes as a variable interest entity Victory Apparel (Jordan) Manufacturing Company
Limited, an entity formed under the laws of Jordan (&ldquo;<B><U>Victory Apparel</U></B>&rdquo;). Victory Apparel was incorporated
in Jordan in 2005 and it is a wholly owned subsidiary of Wealth Choice Limited (&quot;WCL&quot;), a BVI corporation and the former
sole shareholder of Global Trend. WCL acquired Global Trend and Jerash Garments from two third party individuals on March 21, 2012.
On March 31, 2006, Victory Apparel purchased all of the property and equipment of Jerash Garments at an industrial building in
Al Tajamouat Industrial City purchased by Jerash Garments on July 31, 2000. The land and building was not registered in Victory
Apparel&rsquo;s name, and Jerash Garments continued to hold the land and building in its name in trust for Victory Apparel. The
declaration of trust was never registered with the Land Registry of Jordan, and on June 30, 2016, Victory Apparel and Jerash Garments
dissolved the sale agreement, resulting in the property and equipment being owned free and clear by Jerash Garments. Victory Apparel
does not currently have any material assets or operations of its own, and Mr. Choi Lin Hung and Mr. Lee Kian Tjiauw, our significant
stockholders who together indirectly own 100% of Victory Apparel through WCL, intend to dissolve the entity. See the section titled
&ldquo;Related Party Transactions&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Implications of Being an Emerging Growth
Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We qualify as an emerging
growth company as that term is used in the JOBS Act. An emerging growth company may take advantage of specified reduced reporting
and other burdens that are otherwise applicable generally to public companies. These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A requirement to have only
two years of audited financial statements and only two years of related MD&amp;A;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exemption from the auditor
attestation requirement in the assessment of the emerging growth company&rsquo;s internal control over financial reporting under
Section 404 of the Sarbanes-Oxley Act of 2002; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Reduced disclosure about
the emerging growth company&rsquo;s executive compensation arrangements.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have already taken advantage
of these reduced reporting burdens in this prospectus, which are also available to us as a smaller reporting company as defined
under Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We could remain an emerging
growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our annual gross
revenues exceed $1.07 billion, (ii) the date that we become a &ldquo;large accelerated filer&rdquo; as defined in Rule 12b-2 under
the Exchange Act, which would occur if the market value of our common stock that is held by non-affiliates exceeds $700 million
as of the last business day of our most recently completed second fiscal quarter, or (iii) the date on which we have issued more
than $1 billion in non-convertible debt during the preceding three year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 40%"> <FONT STYLE="font-size: 10pt">Securities offered by the selling stockholders</FONT> </td>
    <td style="width: 2%; text-align: justify"> &nbsp; </td>
    <td style="width: 58%; text-align: justify"> <FONT STYLE="font-size: 10pt">Up to (i) 690,000 shares of our common stock
    and (ii) 69,000 shares of common stock that are issuable upon the exercise of the warrants, issued in connection with the
    Private Placement, and (iii) 851,750 shares of our common stock.&nbsp;&nbsp;The warrants are exercisable at an exercise price
    of $6.25 per full share until May 15, 2022 with respect to 49,000 underlying shares and August 18, 2022 with respect to 20,000
    underlying shares.</FONT> </td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Offering price</font></td>
    <td>&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">$5.00-$6.00 per share of common stock until such time as our shares are quoted on the OTCQB Market, at which time they may be sold at prevailing market prices or in privately negotiated transactions. </font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td> <FONT STYLE="font-size: 10pt">Common stock outstanding prior to this offering (1)</FONT> </td>
    <td> &nbsp; </td>
    <td> <FONT STYLE="font-size: 10pt">9,870,000 shares</FONT> </td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td> <FONT STYLE="font-size: 10pt">Common stock to be outstanding following this offering (2)</FONT> </td>
    <td> &nbsp; </td>
    <td> <FONT STYLE="font-size: 10pt">9,939,000 shares (assuming the warrants are exercised in full)</FONT> </td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-indent: -0.25in"><font style="font-size: 10pt">Use of proceeds</font></td>
    <td>&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">We will not receive any proceeds from the sale of the common stock or warrants offered by the selling stockholders under this prospectus. However, we will receive proceeds from the exercise of the warrants if the warrants are exercised for cash.&nbsp;&nbsp;We intend to use those proceeds, if any, for general corporate purposes.&nbsp;&nbsp;See &ldquo;Use of Proceeds.&rdquo;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-indent: -0.25in">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-indent: -0.25in"><font style="font-size: 10pt">Risk factors</font></td>
    <td>&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">You should read the section of this prospectus entitled &ldquo;Risk Factors&rdquo; for a discussion of factors to carefully consider before deciding to invest in shares of our common stock.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(1)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">The
                                         number of shares of our common stock outstanding prior to this offering is based on 9,870,000
                                         shares outstanding as of August 21, 2017, and excludes the following:</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">74,000
                                         shares of common stock issuable upon exercise of outstanding warrants at an exercise
                                         price of $6.25</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">50,000 shares of common
stock issuable upon exercise of outstanding warrants at an exercise price of $5.00</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Common stock underlying
warrants to purchase 48,600 units, with each unit consisting of one share of our common stock and one warrant (with each such
warrant being immediately exercisable for one-tenth (1/10<SUP>th</SUP>) of one share of common stock at an exercise price of $6.25
per share for a period of five years from the issuance date), at an exercise price of $5.50 per unit</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(2)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">The
                                         number of shares of our common stock outstanding following this offering is based on
                                         9,870,000 shares outstanding as of August 21, 2017, and excludes the following:</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">5,000 shares of common stock
issuable upon exercise of outstanding warrants at an exercise price of $6.25</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">50,000 shares of common
stock issuable upon exercise of outstanding warrants at an exercise price of $5.00</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Common stock underlying
warrants to purchase 48,600 units, with each unit consisting of one share of our common stock and one warrant (with each such
warrant being immediately exercisable for one-tenth (1/10<SUP>th</SUP>) of one share of common stock at an exercise price of $6.25
per share for a period of five years from the issuance date), at an exercise price of $5.50 per unit</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>RISK
FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>An investment in the
securities offered hereby is speculative in nature, involves a high degree of risk, and should not be made by an investor who cannot
bear the economic risk of its investment for an indefinite period of time and who cannot afford the loss of its entire investment.
Each prospective investor should carefully consider the following risk factors, as well as other information contained elsewhere
in this prospectus, before making an investment. If any of the following issues actually materializes, our operating results, financial
condition and liquidity could be adversely affected, and you could lose part or all of your investment. The risks below are not
the only ones we face. Additional risks presently unknown to us, and risks that are known to us that we currently consider immaterial,
could also adversely affect our operating results, financial condition and liquidity.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to Our Business and our Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may require additional financing to
fund our operations and capital expenditures. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 14, 2016, we
paid a dividend in an amount equal to $5,307,500 to our shareholders. As of March 31, 2017, we had cash and cash equivalents of
approximately $3.7 million and restricted cash of approximately $0.5 million. There can be no assurances that our available cash,
together with resources from our operations, will be sufficient to fund our operations and capital expenditures. In addition, our
cash position may decline in the future, and we may not be successful in maintaining an adequate level of cash resources. Jerash
Garments has been in discussions to enter into a secured credit facility with HSBC for up to a minimum of $20,000,000 (the &ldquo;<B><U>Secured
Credit Facility</U></B>&rdquo;) to finance the working capital needs of the Company. Pursuant to a letter agreement dated May 29,
2017, Treasure Success entered into an $8,000,000 import credit facility with Hong Kong Shanghai Banking Corporation (&ldquo;HSBC&rdquo;).
In addition, pursuant to an offer letter dated June 5, 2017, HSBC offered to provide Treasure Success with a $12,000,000 factoring
facility, subject to the completion of final documentation. In addition, we may be required to seek additional debt or equity financing
in order to support our growing operations. We may not be able to obtain additional financing on satisfactory terms, or at all,
and any new equity financing could have a substantial dilutive effect on our existing stockholders. If we cannot obtain additional
financing, we may not be able to achieve our desired sales growth, and our results of operations would be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Defaults under the Secured Credit Facility
could result in a foreclosure on our assets by our lender which may result in a loss of your investment. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to a letter agreement
dated May 29, 2017, Treasure Success entered into an $8,000,000 import credit facility with HSBC. In addition, pursuant to an offer
letter dated June 5, 2017, HSBC offered to provide Treasure Success with a $12,000,000 factoring facility, subject to the completion
of final documentation. These facilities will be guaranteed by us and Jerash Garments, as well as by our significant stockholders
Mr. Choi Lin Hung and Mr. Ng Tsze Lun, whose interests may differ from the other stockholders of the Company as a result of their
personal guarantees. These facilities will be collateralized by a blanket security interest and include various financial and other
covenants. If in the future we default under our facilities, our lender could, among other things, declare our debt to be immediately
due and payable. If this were to occur, we would be unable to repay our bank debt in full unless we could sell sufficient assets
or obtain new financing through a replacement credit facility or equity transaction. If a new credit facility could be obtained,
it is likely that it would have higher interest rates and impose significant additional restrictions and requirements on us. New
securities issuances would dilute your stock ownership. There is no assurance that we would be able to obtain a waiver or amendment
from our lender or obtain replacement debt financing or issue sufficient equity securities to refinance these facilities. If we
are unable to pay off the facility, our lender could foreclose on our assets, which may result in a loss of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We rely on one key customer for substantially
all of our revenue. We cannot assure that this customer or any other customer will continue to buy our products in the same volumes
or on the same terms.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Our sales to VF Corporation,
directly and indirectly, accounted for approximately 85% of our total sales in the fiscal year ended March 31, 2016, which we
refer to as &ldquo;fiscal 2016&rdquo;, and approximately 79% of our total sales in the fiscal year ended March 31, 2017, which
we refer to as &ldquo;fiscal 2017&rdquo;. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> We are not party to
any long-term contracts with VF Corporation or our other customers, and our sales arrangements with our customers do not have
minimum purchase requirements. As is common in our industry, VF Corporation and our other customers place purchase orders to us
after we complete detailed sample development and approval processes that we and our customers agree to the purchase and manufacture
of the garments in question. It is through the sample development and approval processes that we and VF Corporation agree to the
purchase and manufacture of the garments in question. From April 1, 2017 to July 26, 2017, VF Corporation issued approximately
2,200 purchase orders to us in amounts ranging from approximately $10 to $570,000. We are not substantially dependent on any particular
order from VF Corporation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We cannot assure that our
end customers will continue to buy our products at all or in the same volumes or on the same terms as they have in the past. Failures
of VF Corporation to continue to buy our products in the same volumes and on the same terms as in the past may significantly reduce
our sales and our earnings. In addition, we cannot assure that we will be able to attract new customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">A
material decrease in the quantity of sales made to our principal customers, a material adverse change in the terms of such sales
or a material adverse change in the financial condition of our principal customers could significantly reduce our sales and our
earnings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We cannot assure you that
VF Corporation will continue to purchase our merchandise at the same rate as they have historically purchased, or at all in the
future, or that we will be able to attract new customers. In addition, because of our reliance on them as our key customer and
their bargaining power with us, VF Corporation has the ability to exert significant control over our business decisions, including
prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="background-color: white"><B><I>&nbsp;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white"><B><I>&nbsp;&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B><I>We have historically depended on
Ford Glory for substantially all of our sales.</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Until August 2016,
substantially all of our sales were through Ford Glory International Limited (&ldquo;<B><U>Ford Glory</U></B>&rdquo;), which Ford
Glory then sold to the end-customers. Ford Glory is 49% owned by Mr. Choi Lin Hung, our director and a significant stockholder,
through his wholly-owned entity Merlotte Enterprise Limited (&ldquo;<B><U>Merlotte</U></B>&rdquo;). Pursuant to the terms of a
sale and purchase agreement dated July 13, 2016 between Lee Kian Tjiauw, a significant stockholder of ours, and Victory City Investments
Limited (&ldquo;Victory City&rdquo;), which at that time was the ultimate 51% shareholder of our predecessor entity, Global Trend
(the &ldquo;Sale and Purchase Agreement&rdquo;), Victory City sold its 51% interest in RS International Holdings Limited, an investment
holding company to Mr. Lee. Pursuant to the Sale and Purchase Agreement, and effective since August 1, 2016, all rights, interests
and benefits of any contracts entered into with or sale/purchase orders made by any subsidiary of Victory City International Holdings
Limited, the parent of Victory City, on or prior to August 1, 2016 in respect of the sale and purchase of garment products manufactured
or to be manufactured by the Company or one of our subsidiaries, together with the costs and obligations relating to those contracts,
were transferred to the relevant subsidiary. Thereafter, we began conducting business directly with the end-customers and no longer
through our affiliate, Ford Glory. Following August 1, 2016, there was a transition period for orders placed directly with Ford
Glory. For the fiscal year ended March 31, 2017, approximately 37.6% of our net sales were made to Ford
Glory, which Ford Glory then sold to the end-customers, and approximately 52.6% of our net sales for the fiscal year ended March
31, 2017, were made directly to end-customers with the support of Ford Glory. We no longer rely on Ford Glory for any of our sales,
and we intend in the future to continue to sell all of our products directly to the end-customers for our products, and our merchandising
personnel now receive orders directly from the end-customers through our wholly-owned subsidiaries, Treasure Success and Jerash
Garments. While we intend in the future to continue to sell our products directly to the end-customers, there can be no guaranty
that we will effectively make such a transition or that the end-customers will continue to purchaser merchandise from us at the
same rate as they have historically purchased from Ford Glory or at all. In addition, if Ford Glory withdrew their support from
our business, the associated loss of sales would significantly decrease our revenues and adversely affect our results of operations
to the point that we might be forced to cease operations. See &ldquo;<I>Related Party Transactions</I>&rdquo;. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Because we depend on related parties
as suppliers, we may not be able to always obtain materials when we need them and we may lose sales and customers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> For the fiscal year
ended March 31, 2017, we purchased approximately 13% and 5% of our raw materials from two related major suppliers, Value Plus
(Macao Commercial Offshore) Limited (&ldquo;<B><U>Value Plus</U></B>&rdquo;) and Ford Glory. For the fiscal year ended March 31,
2016, we purchased approximately 77% and 23% of our raw materials from these two related major suppliers, respectively. Value
Plus and Ford Glory are each 49% owned by Mr. Choi Lin Hung, our director and a significant stockholder through his wholly-owned
entity Merlotte. Historically, we have purchased these raw materials directly from our related party suppliers, which our related
party suppliers purchase from the approved suppliers for our end customers. We have not entered into any contracts with our related
party suppliers. While we intend in the future to continue to purchase raw materials directly from the approved suppliers for
our products, there can be no guaranty that we will effectively make such a transition. Shortages or disruptions in the supply
of materials from our related party suppliers, or our inability to procure materials from alternate sources at acceptable prices
in a timely manner, could lead us to miss deadlines for orders and lose sales and customers. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The requirements of being a public company,
including compliance with the reporting requirements of the Exchange Act and the requirements of the Sarbanes-Oxley Act, may strain
our resources, increase our costs and distract management, and we may be unable to comply with these requirements in a timely or
cost-effective manner.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Following this offering,
we will need to comply with new laws, regulations, requirements and certain corporate governance provisions under the Exchange
Act and the Sarbanes-Oxley Act. Complying with these statutes, regulations and requirements will occupy a significant amount of
time of our board of directors and management, and will significantly increase our costs and expenses and will make some activities
more time-consuming and costly. In connection with becoming a reporting company, we will need to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">institute a more comprehensive compliance function;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">prepare and distribute periodic and current reports under the federal securities laws;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">establish new internal policies, such as those related to insider trading; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">involve and retain to a greater degree outside counsel and accountants.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our ongoing compliance
efforts will increase general and administrative expenses and may divert management&rsquo;s time and attention from the development
of our business, which may adversely affect our financial condition and results of operations. We estimate that we may incur approximately
$735,000 in costs during the fiscal years ending March 31, 2018 and 2019 in connection with becoming a public company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may have conflicts of interest and
have engaged in transactions with affiliates and have entered into agreements or arrangements that were not negotiated at arms&rsquo;
length.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have engaged, and may
in the future engage, in transactions with affiliates and other related parties. These transactions may not have been on terms
as favorable to us as could have been obtained from non-affiliated persons. While an effort has been made and will continue to
be made to obtain services from affiliated persons and other related parties at rates and on terms as favorable as would be charged
by others, there will always be an inherent conflict of interest between our interests and those of our affiliates and related
parties. Through his wholly-owned entity Merlotte, Mr. Choi Lin Hung, our director and a significant stockholder, has an indirect
ownership interest in certain of the companies, including Ford Glory and Value Plus, with which we have, or in the future may have,
such agreements or arrangements. In addition, we have entered into agreements with Victory Apparel, which is wholly-owned by Mr.
Choi Lin Hung and Mr. Lee Kian Tjiauw, a significant stockholder. See &ldquo;<I>Related Party Transactions</I>.&rdquo; Our majority
stockholders may economically benefit from the use of these companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Any adverse change in our relationship
with VF Corporation and its The North Face brand, or with their strategies and/or reputation, would have a material adverse effect
on our results of operations. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Substantially all of
our products are sold under The North Face brand that is owned by VF Corporation. Any adverse change in our relationship with
VF Corporation would have a material adverse effect on our results of operations. In addition, our sales of those products could
be materially and adversely affected if either VF Corporation&rsquo;s or The North Face brand&rsquo;s images, reputations or popularity
were to be negatively impacted. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If we lose our larger brand and retail
nominations or end customers, or the customers fail to purchase at anticipated levels, our sales and operating results will be
adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our results of operations
depend to a significant extent upon the commercial success of our larger brand nominations and end customers. If we lose our significant
brand nominations, or our end customers fail to purchase our products at anticipated levels, or our relationship with these customers
or the brands and retailers they serve diminishes, it may have an adverse effect on our results because we may lose a primary source
of revenue if these customers choose not to purchase our products; we may lose the nomination of the retailer or brand; we may
not be able to recoup development and inventory costs associated with these customers; and we may not be able to collect our receivables
from them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>If the market
share of our customers declines, our sales and earnings may decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
sales can be adversely affected in the event that our direct and indirect end customers do not successfully compete in the markets
in which they operate. In the event that the sales of one of our major end customers decline for any reason, irrespective of whether
it is related to us or to our products, our sales to such customer may also decline, which could reduce our overall sales and our
earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We are dependent on a single product
segment comprised of a limited number of products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Presently, our product
offering is limited primarily to sport and outerwear from knitted fabric. A shift in demand from such products may result in reductions
in the growth of new business for our products, as well as reductions in existing business. If such a trend were to occur, we may
be forced to expand or transition our product offerings to other segments of the clothing retail industry. There can be no assurance
that we would be able to successfully make such an expansion or transition, or that our sales and margins would not decline in
the event we made such an expansion or transition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our direct and indirect end customers
are in the clothing retail industry, which is subject to substantial cyclical variations which could have a material adverse effect
on our results of operations.&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Our
direct and indirect end customers are in the clothing retail industry, which is subject to substantial cyclical variations and
is affected strongly by any downturn or slowdown in the general economy.&nbsp;</FONT> Factors that may influence our operating
results from quarter to quarter include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</td>
    <TD STYLE="width: 0.15in"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">the volume and timing of customer orders received during the quarter;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">the timing and magnitude of our customers&rsquo; marketing campaigns;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">the loss or addition of a major customer or of a major retailer nomination;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">the availability and pricing of materials for our products;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">the increased expenses incurred in connection with the introduction of new products;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">currency fluctuations;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">political factors that may affect the expected flow of commerce; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">delays caused by third parties.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, uncertainty
over future economic prospects could have a material adverse effect on our results of operations. Many factors affect the level
of consumer spending in the industry, including, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">general business conditions;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">interest rates;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">the availability of consumer credit;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">taxation; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.15in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">consumer confidence in future economic conditions.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Consumer purchases of discretionary
items, including our products, may decline during recessionary periods and also may decline at other times when disposable income
is lower. Consequently, our customers may have larger inventories of our products than expected, and they may reduce the size of
their orders, change the payment terms, limit their purchases to a lower price range and try to change their purchase terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>The clothing
retail industry is subject to changes in fashion preferences. If our customers misjudge a fashion trend or the price which consumers
are willing to pay for our products, our revenues could be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
clothing retail industry is subject to changes in fashion preferences. We design and manufacture products based on our end customers&rsquo;
judgment as to what products will appeal to consumers and what price consumers would be willing to pay for our products. Our end
customers may not be successful in accurately anticipating consumer preferences and the prices that consumers would be willing
to pay for our products. Our end customers may reduce the volume of their purchases from us and/or the prices at which we sell
our products will decline if our end customers are not successful, in either case resulting in reduced revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If we experience product quality or late
delivery problems, or if we experience financial problems, our business will be negatively affected. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may from time to time
experience difficulties in making timely delivery of products of acceptable quality. Such difficulties may result in cancellation
of orders, customer refusals to accept deliveries or reductions in purchase prices, any of which could have a material adverse
effect on our financial condition and results of operations. There can be no assurance that we will not experience difficulties
with the manufacture of our products. In addition, we may have difficulty sourcing the raw materials for the products we manufacture
from third parties at a similar cost or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We face intense competition in the worldwide
apparel manufacturing industry.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
compete directly with a number of manufacturers of sport and outerwear from knitted fabric, some have a lower cost-base than us,
longer operating histories, larger customer bases, greater geographical proximity to customers and greater financial and marketing
resources than we do. Increased competition, direct or indirect, could reduce our revenues and profitability through pricing pressure,
loss of market share and other factors. We cannot assure that we will be able to compete successfully against existing or new competitors,
as the market for our products evolves and the level of competition increases.&nbsp;</FONT>We believe that our business will depend
upon our ability to provide apparel products, which are of good quality and meet our customers&rsquo; pricing and delivery requirements,
as well as our ability to maintain relationships with our major customers. There can be no assurance that we will be successful
in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, our customers operate in an intensely competitive retail environment. In the event that any of our customers&rsquo; sales
decline for any reason, whether or not related to us or to our products, our sales to such customers could be materially reduced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We have experienced material weaknesses
in our internal control over financial reporting. If we fail to establish and maintain a system of disclosure controls and procedures
and an effective system of internal control over financial reporting, we may not be able to accurately and timely disclose information
about us and our financial results or prevent fraud. Any inability to accurately and timely disclose information and financial
results could harm our business and reputation and cause the value of our securities to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A system of disclosure
controls and procedures is necessary to ensure that information about us and our financial results is recorded, processed, summarized
and reported, in an accurate and timely fashion. Effective internal control over financial reporting is necessary for us to provide
reliable financial reports and prevent fraud. If we cannot disclose required information or provide reliable financial reports,
we may not be able to manage our business as effectively as we would if an effective control environment existed, and our business
and reputation with investors may be harmed. Our independent registered public accounting firm has identified that we have a material
weakness because we lack sufficient personnel with an appropriate level of knowledge of U.S. GAAP and SEC financial reporting.
Although we have taken certain steps to address this deficiency, we continue to have a material weakness and continue to determine
how best to change our current system and implement a more effective system. There can be no assurance that implementation of any
changes will be completed in a timely manner or that they will be adequate once implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our results of operations are subject
to fluctuations in currency exchange rates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Exchange rate fluctuations
between the U.S. dollar and the Jordanian dinar or Hong Kong dollar and inflation in Jordan may negatively affect our earnings.
A substantial majority of our revenues and a substantial portion of our expenses are denominated in U.S. dollars. However, a significant
portion of the expenses associated with our Jordanian or Hong Kong operations, including personnel and facilities-related expenses,
are incurred in Jordanian dinar or Hong Kong dollars, respectively. Consequently, inflation in Jordan or Hong Kong will have the
effect of increasing the dollar cost of our operations in Jordan and Hong Kong, respectively, unless it is offset on a timely basis
by a devaluation of the Jordanian dinar or Hong Kong dollar, as applicable, relative to the U.S. dollar. We cannot predict any
future trends in the rate of inflation in Jordan or Hong Kong or the rate of devaluation of the Jordanian dinar or Hong Kong dollar,
as applicable, against the U.S. dollar. In addition, we are exposed to the risk of fluctuation in the value of the Jordanian dinar
and Hong Kong dollar vis-a-vis the U.S. dollar. Although the exchange rate between the Jordanian dinar and Hong Kong dollar against
the U.S. dollar has been effectively pegged, there can be no assurance that the Jordanian dinar and Hong Kong dollar will remain
pegged to the U.S. dollar. Any significant appreciation of the Jordanian dinar or Hong Kong dollar against the U.S. dollar would
cause an increase in our Jordanian dinar or Hong Kong dollar expenses, as applicable, as recorded in our U.S. dollar denominated
financial reports, even though the expenses denominated in Jordanian dinar or Hong Kong dollars, as applicable, will remain unchanged.
In addition, exchange rate fluctuations in currency exchange rates in countries other than Jordan where we operate and do business
may also negatively affect our earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We are subject to the risks of doing
business abroad. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All of our products are
manufactured outside the United States, at our subsidiaries&rsquo; production facilities in Jordan. Foreign manufacturing is subject
to a number of risks, including work stoppages, transportation delays and interruptions, political instability, foreign currency
fluctuations, economic disruptions, expropriation, nationalization, the imposition of tariffs and import and export controls, changes
in governmental policies (including U.S. policy toward these countries) and other factors which could have an adverse effect on
our business. In addition, we may be subject to risks associated with the availability of and time required for the transportation
of products from foreign countries. The occurrence of certain of these factors may delay or prevent the delivery of goods ordered
by customers, and such delay or inability to meet delivery requirements would have a severe adverse impact on our results of operations
and could have an adverse effect on our relationships with our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Our
ability to benefit from the lower labor costs in Jordan will depend on the political, social and economic stability of Jordan and
in the Middle East in general. We cannot assure that the political, economic or social situation in Jordan or in the Middle East
in general will not have a material adverse effect on our operations, especially in light of the potential for hostilities in the
Middle East. The success of the production facilities also will depend on the quality of the workmanship of laborers and our ability
to maintain good relations with such laborers in these countries. We cannot guarantee that our operations in Jordan or any new
locations outside of Jordan will be cost-efficient or successful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Our business could suffer if we violate labor laws or fail
to conform to generally accepted labor standards or the ethical standards of our end customers.</I><SUP> </SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are subject to labor
laws issued by the Jordanian Ministry of Labor for our facilities in Jordan. In addition, many of our end customers require their
manufacturing suppliers to meet their standards for working conditions and other matters. If we violate applicable labor laws or
generally accepted labor standards or the ethical standards of our end customers by, for example, using forced or indentured labor
or child labor, failing to pay compensation in accordance with local law, failing to operate our factories in compliance with local
safety regulations, or diverging from other labor practices generally accepted as ethical, we could suffer a loss of sales or customers.
In addition, such actions could result in negative publicity and may damage our reputation and discourage retail customers and
consumers from buying our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our products may not comply with various
industry and governmental regulations and our customers may incur losses in their products or operations as a consequence of our
non-compliance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our products are produced
under strict supervision and controls to ensure that all materials and manufacturing processes comply with the industry and governmental
regulations governing the markets in which these products are sold. However, if these controls fail to detect or prevent non-compliant
materials from entering the manufacturing process, our products could cause damages to our customers&rsquo; products or processes
and could also result in fines being incurred. The possible damages, replacement costs and fines could significantly exceed the
value of our products and these risks may not be covered by our insurance policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>We depend on
our suppliers for machinery and maintenance of machinery. We may experience delays or additional costs satisfying our production
requirements due to our reliance on these suppliers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We
purchase machinery and equipment used in our manufacturing process from third party suppliers. If our suppliers are not able to
provide us with maintenance, additional machinery or equipment as needed, we might not be able to maintain or increase our production
to meet any demand for our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We are a holding company and rely on
dividends, distributions and other payments, advances and transfers of funds from our subsidiaries to meet our obligations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are a holding company
that does not conduct any business operations of our own. As a result, we are largely dependent upon cash dividends and distributions
and other transfers from our operating subsidiaries to meet our obligations. The deterioration of income from, or other available
assets of, our operating subsidiaries for any reason could limit or impair their ability to pay dividends or other distributions
to us, which in turn could adversely affect our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><B><I>Periods
of sustained economic adversity and uncertainty could negatively affect our business, results of operations and financial condition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Disruptions
in the financial markets, such as what occurred in the global markets in 2008, may adversely impact the availability and cost of
credit for our customers and prospective customers, which could result in the delay or cancellation of customer purchases. In addition,
disruptions in the financial markets may have an adverse impact on regional and world economies and credit markets, which could
negatively impact the availability and cost of capital for us and our customers. These conditions may reduce the willingness or
ability of our customers and prospective customers to commit funds to purchase our services or products, or their ability to pay
for our services after purchase. These conditions could result in bankruptcy or insolvency for some customers, which would impact
our revenue and cash collections. These conditions could also result in pricing pressure and less favorable financial terms to
us and our ability to access capital to fund our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to Operations in Jordan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We are affected by conditions to, and
possible reduction of, free trade agreements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We benefit from exemptions
from customs duties and import quotas due to our location in Al Tajamouat Industrial City, a Qualifying Industrial Zone in Amman,
Jordan, and the free trade agreements with the United States. Qualifying Industrial Zones (&ldquo;<B><U>QIZ</U></B>&rdquo;) are
industrial parks that house manufacturing operations in Jordan and Egypt. They are special free trade zones established in collaboration
with Israel to take advantage of the free trade agreements between the United States and Israel. Under the trade agreement between
Jordan and the U.S., goods produced in QIZ areas can directly access U.S. markets without tariff or quota restrictions if they
satisfy certain criteria. If there is a change in such benefits or if any such agreements were terminated, our profitability may
be reduced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">It is uncertain what impact
Donald Trump&rsquo;s victory in the U.S. presidential election will have on trade agreements and tariffs and duties in the United
States. As a candidate, President Trump espoused antipathy towards existing and proposed trade agreements, called for greater restrictions
on free trade generally and significant increases on tariffs on good imported into the United States. It remains unclear what specifically
President Trump would or would not do with respect to such trade agreements, tariffs and duties. If President Trump takes action
or publicly speaks out about the need to terminate or re-negotiate existing free trade agreements, or in favor of restricting free
trade and/or increasing tariffs and duties, such actions may adversely affect our sales and have a material adverse impact on our
business, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>Our results
of operations would be materially and adversely affected in the event we are unable to operate our principal production facilities
in Amman, Jordan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">All
of our manufacturing process is performed in a complex of production facilities located in Amman, the capital of Jordan. We have
no effective back-up for these operations and, in the event that we are unable to use the production facilities located in Amman,
Jordan as a result of damage or for any other reason, our ability to manufacture a major portion of our products and our relationships
with customers could be significantly impaired, which would materially and adversely affect our results of operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our operations in Jordan may be adversely
affected by social and political uncertainties or change, military activity, health-related risks or acts of terrorism.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">From time to time Jordan
has experienced instances of civil unrest, terrorism and hostilities among neighboring countries, including Syria and Israel. A
peace agreement between Israel and Jordan was signed in 1994. Terrorist attacks, military activity, rioting, or civil or political
unrest in the future could influence the Jordanian economy and our operations by disrupting operations and communications and making
travel within Jordan more difficult and less desirable. Political or social tensions also could create a greater perception that
investments in companies with Jordanian operations involve a high degree of risk, which could adversely affect the market and price
for our securities. We do not have insurance for losses and interruptions caused by terrorist attacks, military conflicts and wars,
which could subject us to significant financial losses. The realization of any of these risks could cause a material adverse effect
on our business, financial condition, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may face interruption of production
and services due to increased security measures in response to terrorism.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our business depends on
the free flow of products and services through the channels of commerce. In response to terrorists&rsquo; activities and threats
aimed at the United States, transportation, mail, financial and other services may be slowed or stopped altogether. Extensive delays
or stoppages in transportation, mail, financial or other services could have a material adverse effect on our business, results
of operations and financial condition. Furthermore, we may experience an increase in operating costs, such as costs for transportation,
insurance and security as a result of the activities and potential delays. We may also experience delays in receiving payments
from payers that have been affected by the terrorist activities. The United States economy in general may be adversely affected
by terrorist activities and any economic downturn could adversely impact our results of operations, impair our ability to raise
capital or otherwise adversely affect our ability to grow our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We are subject to regulatory and political
uncertainties in Jordan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We conduct substantially
all of our business and operations in Jordan. Consequently, government policies and regulations, including tax policies, in Jordan
will impact our financial performance and the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jordan is a constitutional
monarchy, but the King holds wide executive and legislative powers. The ruling family has taken initiatives that support the economic
growth of the country. However, there is no assurance that such initiatives will be successful or will continue. The rate of economic
liberalization could change, and specific laws and policies affecting manufacturing companies, foreign investments, currency exchange
rates and other matters affecting investments in Jordan could change as well. A significant change in Jordan&rsquo;s economic policy
or any social or political uncertainties could adversely affect business and economic conditions in Jordan generally and our business
and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If we violate applicable anti-corruption
laws or our internal policies designed to ensure ethical business practices, we could face financial penalties and/or reputational
harm that would negatively impact our financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> We are subject to anti-corruption
and anti-bribery laws in the United States and Jordan. Jordan&rsquo;s reputation for potential corruption and the challenges presented
by Jordan&rsquo;s complex business environment, including high levels of bureaucracy, red tape, and vague regulations, may increase
our risk of violating applicable anti-corruption laws. We face the risk that we, our employees or any third parties such as our
sales agents and distributors that we engage to do work on our behalf may take action determined to be in violation of anti-corruption
laws in any jurisdiction in which we conduct business, including the Foreign Corrupt Practices Act of 1977 (&ldquo;<B><U>FCPA</U></B>&rdquo;).
Any violation of the FCPA or any similar anti-corruption law or regulation could result in substantial fines, sanctions, civil
and/or criminal penalties and curtailment of operations that might harm our business, financial condition or results of operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>You may face
difficulties in protecting your interests and exercising your rights as a stockholder of ours since we conduct substantially all
of our operations in Jordan and all of our officers and directors reside outside of the United States.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">All
of our officers and directors reside outside the United States. Therefore, investors may experience difficulties in effecting service
of legal process, enforcing foreign judgments or bringing original actions in any of these jurisdictions based upon U.S. laws,
including the federal securities laws or other foreign laws against us, our officers and directors. Furthermore, we conduct substantially
all of our operations in Jordan through our operating subsidiaries. Because the majority of our assets are located outside the
United States, any judgment obtained in the United States against us or any of our directors and officers may not be collectible
within the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><B>Risk
Factors Relating to this Offering and Ownership of our Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>There currently is no trading market
for our securities and one may never develop. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There is currently no active
trading market or public market for our securities and such a market, public or private, may not develop in the foreseeable future
or ever and, if it does, such a market may not be sustained. We intend to seek a market maker to apply for admission to quotation
of our common stock on the OTCQB Market. However, there can be no assurance that a market maker will agree to file the necessary
documents with the Financial Industry Regulatory Authority, nor can there be any assurance that such an application for quotation
will be approved. If for any reason our securities are not approved for quotation on the OTCQB Market or a public trading market
does not otherwise develop, purchasers of the securities may have difficulty selling their shares. Accordingly, investors may bear
the economic risk of an investment in our securities for an indefinite period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our majority stockholders will control
the Company for the foreseeable future, including the outcome of matters requiring stockholder approval.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Immediately prior to
this offering, three of our stockholders beneficially owned approximately 85.29% of our outstanding common stock. Therefore you
will not have any ability to exercise control over our company, and such entities and individuals will have the ability, acting
together, to elect all of our directors and to substantially influence the outcome of corporate actions requiring stockholder
approval, such as: (i) a merger or a sale of the Company, (ii) a sale of all or substantially all of our asset; and (iii) amendments
to our corporate documents. This concentration of voting power and control could have a significant effect in delaying, deferring
or preventing an action that might otherwise be beneficial to our other stockholders and be disadvantageous to our stockholders
with interests different from those entities and individuals. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Your ownership interest may be diluted
by exercises of currently outstanding or committed warrants.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have granted warrants
to purchases up to 48,600 units to designees of the placement agent in connection with the Private Placement. Each unit consists
of one share of our common stock and one warrant (with each such warrant being immediately exercisable for one-tenth (1/10<SUP>th</SUP>)
of one share of common stock at an exercise price of $6.25 per share for a period of five years from the issuance date). The placement
agent warrants are exercisable beginning on July 15, 2017 and will expire on May 15, 2022. The placement agent&rsquo;s warrants
are exercisable at a price per unit equal to $5.50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Future sales and issuances of our capital
stock or rights to purchase capital stock could result in additional dilution of the percentage ownership of our stockholders and
could cause the market price of our securities to decline. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may issue additional
securities in the future. We intend to establish an equity incentive plan (the &ldquo;<B><U>Plan</U></B>&rdquo;) and reserve a
number of shares of common stock equal to ten percent (10%) of the total number of shares of common stock outstanding, for issuance
to certain members of management and key employees of the Company pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Future sales and issuances
of our capital stock or rights to purchase our capital stock could result in substantial dilution to our existing stockholders.
We may sell common stock, convertible securities and other equity securities in one or more transactions at prices and in a manner
as we may determine from time to time. If we sell any such securities in subsequent transactions, our stockholders may be materially
diluted. New investors in such subsequent transactions could gain rights, preferences and privileges senior to those of holders
of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We do not expect to pay dividends for
the foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We do not expect to pay
dividends on our common stock for the foreseeable future. Accordingly, any potential investor who anticipates the need for current
dividends from his or her investment should not purchase our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Our lack of experienced accounting staff may impact our ability
to report our future financial results on a timely and accurate basis, and we need to retain the services of additional accountants
and consultants with required accounting experience and expertise.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">With the exception of our
chief financial officer, our accounting and finance staff lacks depth and skill in the application of generally accepted accounting
principles with respect to external financial reporting for Exchange Act reporting companies. We also do not have an audit committee
or a member of our board of directors who would satisfy the definition of an audit committee financial expert. We intend to engage
the services of additional accounting personnel and expert consultants to assist with our financial accounting and reporting requirements
to develop our internal control over financial reporting and to produce timely financial reports. Until we do so, we may experience
difficulty producing reliable and timely financial statements, which could cause investors to lose confidence in our reported financial
information, the market price of our stock to decline significantly, we may be unable to obtain additional financing on acceptable
terms, and our business and financial condition could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>We will not be required to evaluate our internal control over
financial reporting under Section 404 of the Sarbanes-Oxley Act until the end of the second fiscal year reported on our second
annual report on Form 10-K.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will not be required
to evaluate our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act until the end of the second
fiscal year reported on our second annual report on Form 10-K. In addition, as a smaller reporting company, we will not be required
to obtain an auditor attestation of management&rsquo;s evaluation of internal controls over financial reporting once such internal
controls are in place. As a result, we may fail to identify and remediate a material weakness or deficiency in our internal control
over financial reporting, which may cause our financial statements and related disclosure to contain material misstatements and
could cause delays in filing required financial statements and related reports. Furthermore, the process of designing and implementing
internal controls over financial reporting may divert our internal resources and take a significant amount of time and expenditure
to complete. The actual or perceived risk associated with our lack of internal controls could cause investors lose confidence in
our reported financial information, which could negatively impact the market for our common stock and cause us to be unable to
obtain additional financing on acceptable terms or at all, which could cause harm to our business and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The reduced disclosure requirements applicable to emerging
growth companies may make our common stock less attractive to investors, which may lead to volatility and a decrease in the price
of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> For as long as we continue
to be an emerging growth company, we may take advantage of exemptions from reporting requirements that apply to other public companies
that are not emerging growth companies. Investors may find our common stock less attractive because we may rely on these exemptions,
which include not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act,
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved. In addition, Section 107 of the JOBS Act provides that an emerging growth company can take advantage
of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the &ldquo;<B><U>Securities
Act</U></B>&rdquo;) for complying with new or revised accounting standards. We have elected to opt out of the extended transition
period for complying with the revised accounting standards. This election is irrevocable. If investors find our common stock less
attractive as a result of exemptions and reduced disclosure requirements, there may be a less active trading market for our common
stock and our stock price may be more volatile or may decrease. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our common stock may be subject to the
&ldquo;penny stock&rdquo; rules of the Securities and Exchange Commission, which could make transactions in our common stock more
cumbersome and may reduce the value of your investment in our securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Rule 15g-9 under the Exchange
Act defines a &ldquo;penny stock&rdquo; as any equity security that has a market price of less than $5.00 per share, subject to
certain exceptions. To the extent a market develops for our common stock, there can be no assurance that our common stock will
not be considered a penny stock. In order to approve a person&rsquo;s account for transactions in penny stocks, the broker or dealer
must: (a)&nbsp;obtain financial information and investment experience objectives of the person and (b)&nbsp;make a reasonable determination
that the transactions in penny stocks are suitable for that person and the person has sufficient knowledge and experience in financial
matters to be capable of evaluating the risks of transactions in penny stocks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The broker or dealer must
also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the Securities and Exchange Commission
(the &ldquo;<B><U>SEC</U></B>&rdquo;) relating to the penny stock market, which, in highlight form: (a)&nbsp;sets forth the basis
on which the broker or dealer made the suitability determination; and (b)&nbsp;confirms that the broker or dealer received a signed,
written agreement from the investor prior to the transaction. Generally, brokers may be less willing to execute transactions in
securities subject to the &ldquo;penny stock&rdquo; rules. This may make it more difficult for investors to dispose of our common
stock and could depress the market value of our common stock, to the extent a market develops.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_003"></A>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus contains
&ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities Litigation Reform Act of 1995 (&ldquo;PSLRA&rdquo;).&nbsp;All
statements other than statements of historical fact are &ldquo;forward-looking statements&rdquo; for purposes of federal and state
securities laws, including:&nbsp;any projections of earnings, revenues or other financial items; any statements of the plans, strategies
and objectives of management for future operations; any statements concerning proposed new products, services or developments;
any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions
underlying any of the foregoing.&nbsp;Forward-looking statements may include the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;intend,&rdquo; &ldquo;continue,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan&rdquo; or &ldquo;anticipate&rdquo;
and other similar words.&nbsp;Such forward-looking statements may be contained in the sections &ldquo;Risk Factors,&rdquo; &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and &ldquo;Business,&rdquo; among other places
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Although we believe that
the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those
projected or assumed.&nbsp;Our future financial condition and results of operations, as well as any forward-looking statements,
are subject to change and to inherent risks and uncertainties, such as those disclosed in this prospectus.&nbsp;We do not intend,
and undertake no obligation, to update any forward-looking statement, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the above,
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, expressly
state that the safe harbor for forward looking statements does not apply to companies that issue penny stocks. Accordingly, the
safe harbor for forward looking statements under the PSLRA is not currently available to the Company because we may be considered
to be an issuer of penny stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_004"></A>DETERMINATION OF OFFERING PRICE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Following the effectiveness
of the registration statement of which this prospectus forms a part, we intend to apply for quotation of our common stock on the
OTCQB Market. Until such time, the selling stockholders will offer shares of our common stock offered by this prospectus at a price
between $5.00 to $6.00 per share. After our shares are listed on the OTCQB, the selling stockholders will determine at what price
they may sell their shares of common stock through privately negotiated transactions or otherwise at market prices at the time
of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We determined the offering
price range of $5.00 to $6.00 per share based on the sale price of $5.00 per share and warrant sold in the Private Placement, and
our plans to become a publicly traded company and continue executing on our strategic plan to increase sales quarter over quarter.
The sale price in the Private Placement was based on a multiple of 4.5 times earnings, which is conservative compares to peer group
companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The offering price of the
shares of our common stock does not necessarily bear any relationship to our book value, assets, past operating results, financial
condition or any other established criteria of value. The facts considered in determining the offering price based on the analyses
above included our expected financial results, our financial condition, our cost of capital, the peer group companies we selected,
the lack of an established market for our common stock and the minority interest the purchasers of our securities will hold, our
limited operating history and the general condition of the securities market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_005"></A>USE
OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will not receive any
proceeds from the sale of the common stock or warrants offered by the selling stockholders under this prospectus. However, we will
receive proceeds from the exercise of the warrants if the warrants are exercised for cash. If the selling stockholders exercise
all of the warrants on a cash basis (assuming, in each case, no adjustments are made to the exercise price or number of shares
issuable upon exercise of the warrants), we will receive approximately $306,250. We intend to use those proceeds, if any, for general
corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_006"></A>MARKET
FOR OUR COMMON STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Currently, there is no
public market for our common stock. Although our common stock is not listed on a public exchange, we intend to file to obtain a
quotation on the OTCQB Market in the future. In order to be quoted on the OTCQB, a market maker must file an application on our
behalf in order to make a market for our common stock. There can be no assurance that a market maker will agree to file the necessary
documents with FINRA, which operates the OTCQB Market, nor can there be any assurance that such an application for quotation will
be approved or that a public market will develop if our common stock is quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of August 21,
2017, there were eighteen (18) holders of record of our common stock.&nbsp;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 14, 2016, we
paid a dividend in an amount equal to $5,307,500 to our shareholders. The payment of dividends on our common stock in the future
will depend on our earnings, capital requirements, operating and financial condition and such other factors as our board of directors
may consider appropriate. We currently expect to use all available funds to finance the future development and expansion of our
business and do not anticipate paying dividends on our common stock in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Equity Compensation Plan Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of August 21,
2017, we did not have any compensation plans, including individual compensation arrangements under which we could issue common
stock. We intend to establish an equity incentive plan (the &ldquo;<B><U>Plan</U></B>&rdquo;) and reserve a number of shares of
common stock equal to ten percent (10%) of the total number of shares of common stock outstanding, for issuance to certain members
of management and key employees of the Company pursuant to the Plan. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_007"></A>SELLING
STOCKHOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> This prospectus covers
the resale from time to time by the selling stockholders identified in the table below of up to an aggregate of (i) 690,000 shares
of our common stock and (ii) 69,000 shares of common stock that are issuable upon the exercise of the warrants, issued in connection
with the Private Placement, and (iii) 851,750 shares of our common stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
are registering our securities hereby pursuant to the terms of the registration rights agreement (the &ldquo;Registration Rights
Agreement&rdquo;) among us and the investors in the Private Placement in order to permit the selling stockholders identified in
the table below to offer the securities for resale from time to time. Because the shares of common stock issuable upon the exercise
of the warrants are subject to adjustment if our shares of common stock are subdivided or combined (by any stock split, stock dividend,
merger, consolidation, reclassification, reorganization or otherwise), the number of shares that will actually be issuable upon
any exercise thereof may be more or less than the number of shares being offered by this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">None
of the selling stockholders are licensed broker-dealers or affiliates of licensed broker-dealers. None of the selling stockholders
nor any of their affiliates have held a position or office, or had any other material relationship, with us within the past three
years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
table below (i) lists the selling stockholders and other information regarding the beneficial ownership (as determined under Section
13(d) of the Exchange Act and the rules and regulations thereunder) of our common stock by each of the selling stockholders (including
securities issued in transactions unrelated to the Private Placement, if any); (ii) have been prepared based upon information furnished
to us by the selling stockholders; and (iii) to our knowledge, is accurate as of the date of this prospectus. The selling stockholders
may sell all, some or none of their securities in this offering. The selling stockholders identified in the table below may have
sold, transferred or otherwise disposed of some or all of their securities since the date of this prospectus in transactions exempt
from or not subject to the registration requirements of the Securities Act. Information concerning the selling stockholders may
change from time to time and, if necessary, we will amend or supplement this prospectus accordingly and as required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Name </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Number&nbsp;of<BR>
    Shares&nbsp;of<BR> Common<BR> Stock<BR> Beneficially<BR> Owned&nbsp;Prior<BR> to&nbsp;this<BR> Offering </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Maximum<BR> Number&nbsp;of<BR>
    Shares&nbsp;of<BR> Common&nbsp;Stock<BR> to&nbsp;be&nbsp;Sold<BR> Pursuant&nbsp;to&nbsp;this<BR> Prospectus </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Number&nbsp;of</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Shares&nbsp;of</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Common</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Stock</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Beneficially</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Owned&nbsp;After</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>this</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Offering<SUP>(1)</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Percentage&nbsp;of</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Shares&nbsp;of</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Common</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Stock</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Beneficially</B></FONT><br> <FONT STYLE="font-size: 10pt"><B>Owned&nbsp;After</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>this&nbsp;Offering<SUP>(2)</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Shell Creek, LLC (3) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">176,000 (4)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">176,000 (4)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> PAT Amicus Investments, LLC (5) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">44,000 (6)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">44,000 (6)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Craig D. Cairns </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">11,000 (7)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">11,000 (7)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Jared Penney </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">22,000 (8)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">22,000 (8)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> The Entrust Group Inc fbo David F Barden IRA #7230002696 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">11,000 (9)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">11,000 (9)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Gary J. Haseley </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">55,000 (10)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">55,000 (10)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Philip Tsz Fung Lo </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">154,000 (11)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">154,000 (11)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Ronald Billitier </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">22,000 (12)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">22,000 (12)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Yang Yu Tsen </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">44,000 (13)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">44,000 (13)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Chow Chung Yan </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">220,000 (14)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">220,000 (14)</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left"> Merlotte Enterprise Limited (15) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 4,305,875 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 430,588 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 3,875,287 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 39.26 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Lee Kian Tjiauw </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,123,031 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 322,303 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,800,728 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 28.38 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Ng Tsze Lun </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 988,594 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 98,859 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 889,735 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9.01 </TD><TD STYLE="text-align: left"> % </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(1) </SUP><FONT STYLE="background-color: white">For
each selling stockholder and to the extent applicable, the totals reported in this column assume that (a) all of the securities
to be registered by the registration statement of which this prospectus is a part, including the shares of common stock issuable
upon exercise of the warrants held by such selling stockholder, are sold in this offering; (b) the selling stockholders do not
(i) sell any of the securities, if any, that have been issued to them in transactions unrelated to the Private Placement; and (ii)
acquire additional shares of our common stock after the date of this prospectus and prior to completion of this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <SUP>(2) </SUP><FONT STYLE="background-color: white">Percentage
ownership for each selling stockholder is determined in accordance with Section 13(d) of the Exchange Act the rules and
regulations thereunder and is based on 9,870,000 outstanding shares of our common stock as of August 21, 2017 , and assumes
that all shares underlying such selling stockholder&rsquo;s warrants that are being offered by such selling stockholder by
this prospectus have been issued and are outstanding.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(3)</SUP> Paul Hamlin, Al Hamlin and Theodore
Kachris, as managers of Shell Creek, LLC, have shared voting and dispositive power over the securities held for the account of
this selling stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(4)</SUP> Includes 16,000 shares of common
stock issuable upon the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(5) </SUP>Paul Hamlin, Al Hamlin and Theodore
Kachris, as managers of PAT Amicus Investments, LLC, and Peter Kachris, as manager of Storgic, LLC, a member of PAT Amicus Investments,
LLC, have shared voting and dispositive power over the securities held for the account of this selling stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(6) </SUP>Includes 4,000 shares of common stock issuable upon
the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(7) </SUP>Includes 1,000 shares of common stock issuable upon
the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(8) </SUP>Includes 2,000 shares of common stock issuable upon
the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(9) </SUP>Includes 1,000 shares of common stock issuable upon
the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(10) </SUP>Includes 5,000 shares of common stock issuable upon
the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(11) </SUP>Includes 14,000 shares of common stock issuable
upon the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(12) </SUP>Includes 2,000 shares of common stock issuable upon
the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <SUP>(13) </SUP>Includes 4,000 shares of common stock issuable
upon the exercise of warrants. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <SUP>(14) </SUP>Includes 20,000 shares of common stock issuable
upon the exercise of warrants. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <SUP>(15) </SUP>Merlotte Enterprise Limited
is wholly-owned by Mr. Choi Lin Hung.&nbsp; Mr. Choi was appointed a director of Global Trend on March 21, 2012, and became our
President, Treasurer and director upon consummation of the Merger. Mr. Choi has held the position of director of Jerash Garments
since 2012, the position of general manager of Chinese Garments and Jerash Embroidery since 2015, and the position of director
of Treasure Success since 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_008"></A>DESCRIPTION
OF SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following description
includes the material attributes of our capital stock. This description is not complete, and we qualify it by referring to our
certificate of incorporation, as amended, and our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
authorizes us to issue 15,500,000 shares of capital stock, divided into two classes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">15,000,000 shares of common stock, $0.001 par value</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">500,000 shares of preferred stock, $0.001 par value</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock has one
vote per share. The holders of our common stock are entitled to vote on all matters to be voted on by stockholders. The holders
of our common stock do not have cumulative voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Directors are elected by
a plurality vote of the shares represented in person or by proxy. All other actions by stockholders will be approved by a majority
of votes cast except as otherwise required by law. Our bylaws do not provide for cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The holders of common stock
are entitled to receive dividends ratably when, as and if declared by the board of directors out of funds legally available therefor.
Our common stock is not liable to further calls or assessment.&nbsp;&nbsp;The holders of our common stock have no preemptive rights.&nbsp;&nbsp;Our
common stock cannot be redeemed, and it does not have any conversion rights or sinking fund provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the event of our liquidation,
dissolution or winding up, the holders of common stock are entitled to share equally and ratably in all assets remaining available
for distribution after payment of liabilities and after provision is made for each class of stock, if any, having preference over
the common stock. Holders of common stock have no preemptive, subscription, redemption, sinking fund, or conversion rights. The
outstanding shares of common stock are validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Amendment of Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
grants our board of directors the power to adopt, amend or repeal our bylaws, except as otherwise set forth in the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Effects on our Common Stock if we Issue Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our board of directors
has authority, without further action by the stockholders, to issue up to 500,000 shares of preferred stock in one or more series.
Our board of directors has the authority to determine the terms of each series of preferred stock, within the limits of the certificate
of incorporation and the laws of the state of Delaware. These terms include the number of shares in a series, dividend rights,
liquidation preferences, terms of redemption, conversion rights and voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The issuance of any preferred
stock may negatively affect the holders of our common stock. These possible negative effects include diluting the voting power
of shares of our common stock and affecting the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Anti-Takeover Effects of Provisions of our Certificate of Incorporation
and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Preferred Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We believe that the availability
of the preferred stock under our certificate of incorporation provides us with flexibility in addressing corporate issues that
may arise. Having these authorized shares available for issuance allows us to issue shares of preferred stock without the expense
and delay of a special stockholders&rsquo; meeting. The authorized shares of preferred stock, as well as shares of common stock,
will be available for issuance without further action by our stockholders, unless action is required by applicable law or the rules
of any stock exchange on which our securities may be listed. The board of directors has the power, subject to applicable law, to
issue series of preferred stock that could, depending on the terms of the series, impede the completion of a merger, tender offer
or other takeover attempt that some, or a majority, of the stockholders might believe to be in their best interests or in which
stockholders might receive a premium for their stock over the then prevailing market price of the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Exclusive Forum of Certain Actions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
provides that derivative actions brought in the name of the Company, actions against directors, officers and employees for breach
of fiduciary duty and other similar actions may be brought only in the Court of Chancery of the State of Delaware. Although we
believe this provision benefits the Company and its stockholders by providing increased consistency in the application of Delaware
law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against us or our
directors, officers and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Anti-Takeover Effects of Delaware Law</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 203 of the Delaware
General Corporation Law provides that, subject to exceptions specified therein, an &ldquo;interested stockholder&rdquo; of a Delaware
corporation shall not engage in any &ldquo;business combination,&rdquo; including general mergers or consolidations or acquisitions
of additional shares of the corporation, with the corporation for a three-year period following the time that such stockholder
becomes an interested stockholder unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">prior to such time, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">upon consummation of the transaction which resulted in the stockholder becoming an &ldquo;interested stockholder,&rdquo; the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding specified shares); or</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">on or subsequent to such time, the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock not owned by the interested stockholder.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under Section 203, the
restrictions described above also do not apply to specified business combinations proposed by an interested stockholder following
the announcement or notification of one of specified transactions involving the corporation and a person who had not been an interested
stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation&rsquo;s
directors, if such transaction is approved or not opposed by a majority of the directors who were directors prior to any person
becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such
directors by a majority of such directors. The restrictions described above also do not apply to specified business combinations
with a person who is an &ldquo;interested stockholder&rdquo; prior to the time when the corporation&rsquo;s common stock is listed
on a national securities exchange, so these restrictions would not apply to a business combination with any person who is one of
our stockholders prior to this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except as otherwise specified
in Section 203, an &ldquo;interested stockholder&rdquo; is defined to include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">any person that is the owner of 15% or more of the outstanding voting stock of the corporation, or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within three years immediately prior to the date of determination; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">the affiliates and associates of any such person.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under some circumstances,
Section 203 makes it more difficult for a person who is an interested stockholder to effect various business combinations with
us for a three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In connection with
the Private Placement, we issued to the investors participating in the Private Placement five-year warrants to purchase up to
an aggregate of 74,000 shares of common stock at an exercise price of $6.25 per share. If at any time after six (6) months following
the issuance date of the warrants and prior to the expiration date there is not an effective registration statement on file with
the SEC covering the resale of the shares underlying the warrants, the warrants may be exercised by means of a &ldquo;cashless
exercise&rdquo;. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 15, 2017, in connection
with the Private Placement, we entered into a registration rights agreement with the investors participating in the Private Placement.
Under the registration rights agreement, we agreed to file a registration statement to register such securities by June 29, 2017,
and to use our reasonable best efforts to cause such registration statement to be declared effective by the SEC by October 27,
2017. Additionally, the investors will be entitled to certain piggyback registration rights for the securities in the event they
are not otherwise registered for resale, which registration rights will us to notify the investors if we propose to register any
shares of common stock under the Securities Act, and to include the securities for which we receive timely requests from such investors
for inclusion in connection with such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Disclosure of Commission Position on
Indemnification for Securities Act Liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Insofar
as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to our directors, officers
and persons controlling us, we have been advised that it is the Securities and Exchange Commission&rsquo;s opinion that such indemnification
is against public policy as expressed in the Securities Act of 1933, as amended, and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="a_009"></A>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should read the following
management&rsquo;s discussion and analysis in conjunction with the consolidated financial statements of Jerash Holdings (US), Inc.,
its subsidiaries and its affiliate and the related notes thereto appearing elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information contained
below may be subject to risk factors.&nbsp;We urge you to review carefully the section of this prospectus entitled &ldquo;<I>Risk
Factors</I>&rdquo; for a more complete discussion of the risks associated with an investment in our common stock.&nbsp;See &ldquo;<I>Special
Note Regarding Forward-Looking Statements</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jerash Holdings (US), Inc.
is a holding company organized in Delaware in January 2016 with nominal or no assets or operations. On May 11, 2017, we implemented
two transactions, the first being an equity contribution whereby the shareholders of Global Trend Investments Limited, a limited
company incorporated in the British Virgin Islands (&ldquo;<B><U>Global Trend</U></B>&rdquo;), contributed 100% of the outstanding
capital stock of Global Trend to Jerash Holdings (US), Inc. in exchange for an aggregate of 8,787,500 shares of common stock of
Jerash Holdings (US), Inc., with Global Trend becoming the wholly-owned subsidiary of Jerash Holdings (US), Inc. In the second
transaction, Global Trend merged with and into Jerash Holdings (US), Inc., with Jerash Holdings (US), Inc. being the surviving
entity, as a result of which Jerash Holdings (US), Inc. became the direct parent of Global Trend&rsquo;s wholly-owned operating
subsidiaries, Jerash Garments and Fashions Manufacturing Company Limited (&ldquo;<B><U>Jerash Garments</U></B>&rdquo;), which is
an entity formed under the laws of the Hashemite Kingdom of Jordan (&ldquo;<B><U>Jordan</U></B>&rdquo;), and Treasure Success International
Limited (&ldquo;<B><U>Treasure Success</U></B>&rdquo;), which is an entity formed under the laws of Hong Kong. The transactions
described above are collectively referred to in this prospectus as the &ldquo;<B><U>Merger</U></B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Accounting Treatment of Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For accounting purposes,
Global Trend is recognized as the accounting acquirer, and Jerash Holdings (US), Inc. is the legal acquirer or accounting acquiree.
As such, following the Merger, the historical financial statements of Global Trend are treated as the historical financial statements
of the combined company. Accordingly, the financial information in this prospectus, including management&rsquo;s discussion and
analysis of financial condition and results of operations and the consolidated financial statements and the related notes thereto
appearing elsewhere in this prospectus, reflect the consolidated financial statements of Global Trend, its subsidiaries and its
affiliate, which includes as a variable interest entity Victory Apparel. Victory Apparel was incorporated in Jordan in 2005 and
it is a wholly owned subsidiary of Wealth Choice Limited (&ldquo;WCL&rdquo;), a BVI corporation and the former sole shareholder
of Global Trend. WCL acquired Global Trend and Jerash Garments from two third party individuals on March 21, 2012. On March 31,
2006, Victory Apparel purchased all of the property and equipment of Jerash Garments at an industrial building in Al Tajamouat
Industrial City purchased by Jerash Garments on July 31, 2000. The land and building was not registered in Victory Apparel&rsquo;s
name, and Jerash Garments continued to hold the land and building in its name in trust for Victory Apparel. The declaration of
trust was never registered with the Land Registry of Jordan, and on June 30, 2016, Victory Apparel and Jerash Garments dissolved
the sale agreement, resulting in the property and equipment being owned free and clear by Jerash Garments. Victory Apparel does
not currently have any material assets or operations of its own, and Mr. Choi Lin Hung and Mr. Lee Kian Tjiauw, our significant
stockholders who together indirectly own 100% of Victory Apparel through WCL, intend to dissolve the entity. See the section titled
&ldquo;<I>Related Party Transactions</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Through our operating subsidiaries,
we are principally engaged in the manufacturing and exporting of customized, ready-made sport and outerwear from knitted fabric
from our production facilities in Jordan. Except as otherwise indicated herein or as the context otherwise requires, references
in this prospectus to &ldquo;<B><U>Jerash</U></B>,&rdquo; the &ldquo;<B><U>Company</U></B>,&rdquo; &ldquo;<B><U>we</U></B>,&rdquo;
&ldquo;<B><U>us</U></B>,&rdquo; &ldquo;<B><U>our</U></B>&rdquo; and similar references refer to Jerash Holdings (US), Inc. after
giving effect to the Merger, with Jerash Holdings (US), Inc. as the parent holding company of our operating subsidiaries, Jerash
Garments, including its wholly owned subsidiaries, and Treasure Success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are an approved manufacturer
by many well-known brands and retailers, such as Walmart, Costco, Sears, Hanes, Columbia, Land&rsquo;s End, VF Corporation (which
owns brands such as The North Face, Nautica, Timberland, Wrangler, Lee, Jansport, etc.), and Philip-Van Heusen (which owns brands
such as Calvin Klein, Tommy Hilfiger, IZOD, Speedo, etc.). Our production facilities are made up of three factory units and two
warehouses and employing approximately 2,500 people. Our employees include local Jordanian workers as well as migrant workers from
Bangladesh, Sri Lanka, India, Myanmar and Nepal. The total annual capacity at our facilities is approximately 6.5 million pieces
(average for product categories including t-shirts, polos and jackets).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B><I>Fiscal Years ended March 31, 2017 and 2016</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The following table
summarizes the results of our operations during the fiscal years ended March 31, 2017 and 2016, which we refer to as &ldquo;fiscal
2017&rdquo; and &ldquo;fiscal 2016&rdquo;, respectively, and provides information regarding the dollar and percentage increase
or (decrease) during such years. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(All amounts, other than percentages, in thousands
of U.S. dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal Year ended
    <BR> March 31, 2017 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal Year ended
    <BR> March 31, 2016 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> <B>Amount</B> </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> <B>Percentage</B> </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Statement of Income <BR> Data: </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Amount </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> As % of <BR> Sales </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Amount </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> As % of <BR> Sales </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Increase <BR> (Decrease) </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Increase <BR> (Decrease) </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%"> Revenue </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 62,041 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 100 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 52,557 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 100 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 9,484 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 18 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Cost of goods sold </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 46,637 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 75 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 39,912 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 76 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 6,725 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 17 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Gross profit </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 15,404 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 25 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,645 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 24 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,759 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 22 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Selling, general and administrative expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,706 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,570 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,136 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 32 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Other expense, net </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 50 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 0 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 65 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 0 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (15 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> (23 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> )% </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"> Net income </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 10,648 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> 17 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 9,010 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> 17 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 1,638 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> 18 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Revenue.</I> Revenue increased approximately
$9.5 million, or 18%, to approximately $62.0 million in fiscal 2017 from approximately $52.6 million in fiscal 2016. The growth
was mainly the result of the expansion of business with our major customer and the economic recovery in the U.S., which continues
to be our major export destination. Approximately 90% and 95% of our products were exported to the U.S. in fiscal 2017 and fiscal
2016, respectively. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As a garment
manufacturing group specializing in manufacturing outerwear, we derive most of our revenue from the manufacture and sale of
outerwear. Therefore there was only one segment in terms of product type. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Revenue by Geographic Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(All amounts, other than percentages, in thousands
of U.S. dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Ended March <BR>
    31, 2017 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Ended March 31,
    <BR> 2016 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year over Year </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid"> Region </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Amount </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"> % </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Amount </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"> % </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Amount </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"> % </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: justify"> United States </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 55,779 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 90 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 49,989 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 95 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 5,790 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 12 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> Jordan </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,969 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,362 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,607 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 153 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"> Others </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 293 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 0 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 206 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 1 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 87 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 42 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt"> Total </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 62,041 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> 100 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 52,557 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> 100 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 9,484 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> 18 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> According to the U.S.
Customs and Border Protection, under the Jordan Free Trade Agreement that went into effect in December 2001, apparels manufactured
in Jordan that meet certain requirements enter the U.S. duty free. We believe this treaty provides us a competitive advantage
in expanding our garment export business to U.S. customers. Our sales to the U.S. increased by approximately 12% in fiscal 2017
as compared to fiscal 2016. According to the Major Shippers Report issued by the Office of Textiles and Apparel under the U.S.
Department of Commerce, U.S. apparel import from Jordan increased by approximately 5.4% from $1.23 billion in the fiscal year
ended March 31, 2016 to approximately $1.30 billion in the fiscal year ended March 31, 2017. Our sales growth ratio has exceeded
the industrial average growth ratio, and we believe we have room for additional growth to expand our garment export business in
the U.S. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Cost of Goods Sold.</I> Consistent with
the growth in revenue, our cost of goods sold increased by approximately $6.7 million, or 17%, to approximately $46.6 million
in fiscal 2017 compared to approximately $39.9 million in fiscal 2016. As a percentage of revenues, the cost of goods sold decreased
by approximately 1% to 75% in fiscal 2017 from 76% in fiscal 2016. The slight decrease in cost of goods sold as a percentage of
revenues was primarily attributable to higher selling price and lower fixed cost per unit due to the increase of production volume. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Gross profit margin.</I> Gross profit
margin was approximately 25% in fiscal 2017, an increase of approximately 1% from approximately 24% in fiscal 2016. The increase
in gross profit margin was primarily driven by higher selling price, economies of scale in general, and improved production efficiency. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Selling, general and administrative
expenses.</I> Selling, general and administrative expenses increased by approximately 32% from approximately $3.6 million in fiscal
2016 to approximately $4.7 million in fiscal 2017. The increase was mainly attributable to the establishment of a sales and merchandising
office in Hong Kong in October 2016 and the increase in legal and professional fees related to the Private Placement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Other expense, net.</I> Other expense,
net was approximately $50,000 and $65,000 in fiscal 2017 and 2016, respectively. Other expense, net consists of bank charges and
foreign currency transaction gain or loss. The decrease of other expense, net in fiscal 2017 was primarily because of the decrease
in bank charges. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Net income</I>. Net income in fiscal
2017 increased by approximately 18% to approximately $10.6 million from approximately $9.0 million in fiscal 2016. The increase
was mainly attributable to the increase in revenue by approximately 18% and the improvement in gross profit margin from approximately
24% in fiscal 2016 to approximately 25% in fiscal 2017 due to the reasons mentioned above. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Our current assets
as of March 31, 2017 were approximately $30.3 million, and our current liabilities were approximately $11.9 million, which resulted
in net working capital of approximately $18.4 million, and a current ratio of approximately 2.5:1. Total equity as of March 31,
2017 was approximately $22.0 million. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of March 31, 2017,
we had cash of approximately $3.7 million and restricted cash of approximately $0.5 million. We have funded our working capital
needs from operations. Our working capital requirements are influenced by the level of our operations, the numerical and dollar
volume of our sales contracts, the progress of execution on our customer contracts, and the timing of accounts receivable collections.
As the net working capital was approximately 4.3 times the average monthly aggregate of cost of sales, selling, general and administrative
expenses, and other expenses in the year ended March 31, 2017, and assuming the same level of sales in fiscal 2018, we believe
that we will have sufficient working capital for our current operations over the next twelve months. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to a letter agreement
dated May 29, 2017, Treasure Success entered into an $8,000,000 import credit facility with Hong Kong and Shanghai Banking Corporation
(&ldquo;HSBC&rdquo;). In addition, pursuant to an offer letter dated June 5, 2017, HSBC offered to provide Treasure Success with
a $12,000,000 factoring facility, subject to completion of final documentation. The import credit and factoring facilities are
collectively referred to as the &ldquo;Senior Credit Facility.&rdquo; The Senior Credit Facility is guaranteed by Jerash Holdings
(US), Inc., Jerash Garments, as well as the Company&rsquo;s individual shareholders Mr. Choi Lin Hung and Mr. Ng Tsze Lun. In addition,
the Senior Credit Facility requires cash and other investment security collateral of $3,000,000. HSBC provided that drawings under
the Senior Credit Facility would be charged interest at the Hong Kong Interbank Offered Rate (&ldquo;HIBOR&rdquo;) plus 1.5% for
drawings in Hong Kong dollars, and the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;) plus 1.5% for drawings in other currencies.
The Senior Credit Facility will also contain certain service charges and other commissions and fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order to induce the
investors in the Private Placement to waive the condition precedent to enter into the Secured Credit Facility and to consummate
the initial closing and potential subsequent closings of the Private Placement, Mr. Choi Lin Hung, our director and a significant
stockholder, together with Merlotte Enterprise Limited, his wholly-owned entity, have agreed, jointly and severally, to fund, in
the aggregate amount of up to US$5,000,000, the working capital, maintenance and capital costs necessary to maintain the business
of Jerash Garments as currently conducted from and after the closing and until such time as Jerash Garments or Treasure Success
obtains the Secured Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On May 15, 2017, we
conducted the initial closing of a private placement for the sale of an aggregate of 540,000 shares of common stock and warrants
exercisable for up to 54,000 shares of common stock to ten accredited investors. Fifty percent of the shares (270,000 shares)
purchased in the initial closing were sold by one of our shareholders at $4.99 per share, the remaining fifty percent of the shares
(270,000 shares) were issued by us. Each share was sold together with one warrant, with each such warrant being immediately exercisable
for one-tenth of one share of common stock. 540,000 five-year warrants were issued at $0.01 per warrant to purchase up to 54,000
shares of our common stock at an exercise price per full share equal to $6.25. We received aggregate gross proceeds of $1,352,700
for the shares and warrants issued and sold in the initial closing of private placement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On August 1, 2017,
we entered into a securities purchase agreement to sell in a private placement an aggregate of 200,000 shares of common stock
and warrants exercisable for up to 20,000 shares of common stock to one accredited investor. Fifty percent of the shares (100,000
shares) purchased in the closing will be sold by one of our shareholders at $4.99 per share, the remaining fifty percent of the
shares (100,000 shares) will be issued by us. Each share is being sold together with one warrant, with each such warrant being
immediately exercisable for one-tenth of one share of common stock. 200,000 five-year warrants will be issued at $0.01 per warrant
to purchase up to 20,000 shares of our common stock at an exercise price per full share equal to $6.25. We received net
proceeds of $451,000 for the shares and warrants issued and sold in the closing of this private placement. The private placement
closed on August 18, 2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B><I>Fiscal Years ended March 31, 2017 and 2016</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table set forth summary of our
cash flows for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(All in amounts in thousands of U.S. dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> For the Years Ended
    March 31, </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2017 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify"> Net cash provided by operating activities </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 7,677 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 2,314 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> Net cash used in investing activities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (829 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,363 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> Net cash used in financing activities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (6,000 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"> Effect of exchange rate changes on cash </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (18 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 6 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> Net (decrease) increase in cash </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 830 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (43 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"> Cash, beginning of year </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,824 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,867 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt"> Cash, end of year </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 3,654 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 2,824 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Operating Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Net cash provided by
operating activities was approximately $7.7 million in fiscal 2017, compared to cash provided by operating activities of approximately
$2.3 million in fiscal 2016. The increase in net cash provided by operating activities was primarily attributable to the following
factors: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Accounts                                          payable
                                                                                                                                                         increased by approximately $10.0 million during the year ended March 31, 2017                                          as
                                                                                                                                                         compared to $0.2 million during the year ended March 31, 2016, which was primary attributable to the Company
                                                                                                                                                         conducting business directly with its vendors rather than through its affiliates;</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </td>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Accounts payable - related party decreased by approximately
    $5.9 million during the year ended March 31, 2017 as compared to $4.8 million during the year ended March 31, 2016
     which was primary attributable to the Company
                                                                                                                                                         conducting business directly with its vendors rather than through its affiliates;</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </td>
    <TD STYLE="text-align: justify"> The increase in accounts receivable - related party balance by approximately $2.3 million
    to approximately $2.3 million as of Match 31, 2017 from the $-0- as of March 31, 2016 relating to amounts due from the
    Company&rsquo;s     affiliate for the collection of receivables on behalf of the Company pursuant to the support arrangement
    with that affiliate in the fiscal     year ending March 31, 2017. </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </td>
    <TD STYLE="text-align: justify"> The increase in accounts receivable balance by approximately $2.8 million to approximately
    $2.8 million as of March 31, 2017 from $-0- as of March 31, 2016, which was primary attributable to the Company starting to
    sell directly to its end-customers subsequent to the sale and purchase agreement, which was effective as of August 1, 2016. </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Investing Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Net cash used in investing
activities was approximately $0.8 million and $2.4 million for the years ended March 31, 2017 and 2016, respectively. The decrease
in net cash used in investing activities was mainly due to a decrease in spending on machinery and equipment for the year ended
March 31, 2017 compared with fiscal 2016 as the investment in fiscal 2016 had already taken into account the increase in sales
volume during fiscal 2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Financing Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Net cash used in
financing activities was $6.0 million and $-0- for the years ended March 31, 2017 and 2016, respectively. On November 29, 2016,
the Board of Directors of Jerash Garments declared and approved a cash dividend of $6,000,000 to its parent company, Global
Trend. On November 30, 2016, the Board of Directors of Global Trend declared and approved a cash dividend of $5,307,500 to
its shareholders. Jerash Garments paid the dividend of $6,000,000 directly to Global Trend&rsquo;s shareholders on December
14, 2016. The overpaid amount had been treated as due from shareholders and was fully collected from shareholders on May 8,
2017. The amount due from shareholders was interest-free. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Statutory Reserves</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In accordance with
the Corporate Law in Jordan, our subsidiaries in Jordan are required to make appropriations to certain reserve funds, based on
net income determined in accordance with generally accepted accounting principles of Jordan. Appropriations to the statutory reserve
are required to be 10% of net income until the reserve is equal to 100% of the entity&rsquo;s share capital. This reserve is not
available for dividend distribution. As the statutory reserve balance has already reached the cap before fiscal 2015, there was
no additional appropriation into the statutory reserve in fiscal 2016 and 2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The following table
provides the amount of our statutory reserves, the amount of restricted net assets, consolidated net assets, and the amount of
restricted net assets as a percentage of consolidated net assets, as of March 31, 2016 and March 31, 2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(All amounts, other than percentages, in thousands
of U.S. dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> As of March 31, </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2017 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify"> Statutory Reserves </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 72 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 72 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> Total Restricted Net Assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 72 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 72 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> Consolidated Net Assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 22,018 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 16,717 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> Restricted Net Assets as Percentage of Consolidated Net Assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.33 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.43 </TD><TD STYLE="text-align: left"> % </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Total restricted net
assets accounted for approximately 0.3% of our consolidated net assets as of March 31, 2017. As we are only required to set aside
10% of net profits to fund the statutory reserves and we have reached the amount of share capital required for such statutory
reserves, we believe the potential impact of such restricted net assets on our liquidity is limited. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Capital Expenditures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> We had capital expenditures
of approximately $0.5 million and $2.4 million in fiscal 2017 and fiscal 2016, respectively, for purchases of equipment in connection
with our business activities and increase of capacity. Additions to plant and machinery amounted to approximately $0.2 million
and approximately $1.5 million in fiscal 2017 and fiscal 2016, respectively, and additions to leasehold improvements amounted
to approximately $0.3 million and $0.9 million in fiscal 2017 and fiscal 2016, respectively. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> We project that there
will be an aggregate of approximately $1.4 million and $1.7 million of capital expenditures for the twelve months ended March
31, 2018 and 2019, respectively, for further enhancement of production capacity to meet future sales growth. We expect that our
capital expenditures will increase in the future as our business continues to develop and expand. We have used cash generated
from our subsidiaries&rsquo; operations to fund our capital commitments in the past and anticipate using such funds to fund capital
expenditure commitments in the future. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Off-Balance Sheet Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have not entered into
any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we
have not entered into any derivative contracts that are indexed to our own shares and classified as shareholders&rsquo; equity,
or that are not reflected in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We prepare our financial
statements in conformity with accounting principles generally accepted by the United States of America (&ldquo;U.S. GAAP&rdquo;),
which require us to make judgments, estimates and assumptions that affect our reported amount of assets, liabilities, revenue,
costs and expenses, and any related disclosures. Although there was no material changes made to the accounting estimates and assumptions
in the past three years, we continually evaluate these estimates and assumptions based on the most recently available information,
our own historical experience and various other assumptions that we believe to be reasonable under the circumstances. Since the
use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations
as a result of changes in our estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We believe that the following
accounting policies involve a higher degree of judgment and complexity in their application and require us to make significant
accounting estimates. Accordingly, these are the policies we believe are the most critical to understanding and evaluating our
consolidated financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Revenue recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenue from product sales
is recognized, net of estimated provisions for sales allowances and returns, when the merchandise is shipped and title is transferred.
Revenue is recognized when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists (sales
agreements and customer purchase orders are used to determine the existence of an arrangement); (ii) delivery of goods has occurred
and risks and benefits of ownership have been transferred, which is when the goods are received by the customer at its designated
location in accordance with the sales terms; (iii) the sales price is both fixed and determinable, and (iv) collectability is reasonably
assured. Most of the Company&rsquo;s products are custom-made for large brand-name retailers. Historically, sales returns have
been minimal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Accounts receivable</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Accounts receivable
are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The Company usually
grants credit to customers with good credit standing with a maximum of 90 days and determines the adequacy of reserves for doubtful
accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful
receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on
management's best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections.
The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements
of income and comprehensive income. Actual amounts received may differ from management's estimate of credit worthiness and the
economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management
has determined that the likelihood of collection is not probable. No allowance was considered necessary as of March 31, 2017 and
2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Inventories</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Inventories are stated
at the lower of cost or market value. Inventories include cost of raw materials, freight, direct labor and related production overhead.
The cost of inventories is determined using the First-in, First-out (&ldquo;FIFO&rdquo;) method. The Company periodically reviews
its inventories for excess or slow-moving items and makes provisions as necessary to properly reflect inventory value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Impairment of Long-Lived Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Company assesses
its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset group may not be recoverable. Factors which may indicate potential impairment include a significant
underperformance relative to the historical or projected future operating results or a significant negative industry or economic
trend. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future
undiscounted cash flows expected to be generated by that asset. If impairment is indicated, a loss is recognized for any excess
of the carrying value over the estimated fair value of the asset. The fair value is estimated based on the discounted future cash
flows or comparable market values, if available. The Company did not record any impairment loss during the years ended March 31,
2017 and 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Recent Accounting Pronouncements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In May 2014, the Financial
Accounting Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standard Update (&quot;ASU&quot;) No. 2014-09, &ldquo;Revenue
from Contracts with Customers (Topic 606)&rdquo; (&ldquo;ASU 2014-09&rdquo;). ASU 2014-09 requires an entity to recognize the amount
of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace
most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective
or cumulative effect transition method. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty
of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, &ldquo;Deferral of
the Effective Date&rdquo; (&ldquo;ASU 2015-14&rdquo;), which defers the effective date for ASU 2014-09 by one year. For public
entities, the guidance in ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 (including
interim reporting periods within those periods), and for all other entities, ASU 2014-09 will be effective for annual reporting
periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December
15, 2019. In March 2016, the FASB issued ASU No. 2016-08, &ldquo;Principal versus Agent Considerations (Reporting Revenue versus
Net)&rdquo; (&ldquo;ASU 2016-08&rdquo;), which clarifies the implementation guidance on principal versus agent considerations in
the new revenue recognition standard. In April 2016, the FASB issued ASU No. 2016-10, &ldquo;Identifying Performance Obligations
and Licensing&rdquo; (&ldquo;ASU 2016-10&rdquo;), which reduces the complexity when applying the guidance for identifying performance
obligations and improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued
ASU No. 2016-12 &ldquo;Narrow-Scope Improvements and Practical Expedients&rdquo; (&ldquo;ASU 2016-12&rdquo;), which amends the
guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. Preliminarily,
the Company plans to adopt Topic 606 using the retrospective transition method, and is continuing to evaluate the impact its pending
adoption of Topic 606 will have on its consolidated financial statements. The Company believes that its current revenue recognition
policies are generally consistent with the new revenue recognition standards set forth in ASU 2014-09. Potential adjustments to
input measures are not expected to be pervasive to the majority of the Company&rsquo;s contracts. While no significant impact is
expected upon adoption of the new guidance, the Company will not be able to make that determination until the time of adoption
based upon outstanding contracts at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In July 2015, the FASB
issued ASU No. 2015-11, &ldquo;Simplifying the Measurement of Inventory&rdquo;. ASU No. 2015-11 changes the measurement principle
for inventory from the lower of cost or market to lower of cost and net realizable value. Net realizable value is defined as the
estimated selling prices in the ordinary course of business; less reasonably predictable costs of completion, disposal and transportation.
For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including
interim reporting periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal
years beginning after December 15, 2016, and interim reporting periods within fiscal years beginning after December 15, 2017.
The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim
or annual reporting period. The Company does not expect the adoption of this guidance will have a material impact on its consolidated
financial statements and related disclosures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In September 2015,
the FASB issued ASU No. 2015-16, &ldquo;Business Combinations: Simplifying the Accounting for Measurement Period Adjustments&rdquo;.
ASU No. 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement
period in the reporting period in which the adjustment amounts are determined. For public business entities, the amendments in
this ASU are effective for fiscal years beginning after December 15, 2015, including interim reporting periods within those fiscal
years. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, and
interim reporting periods within fiscal years beginning after December 15, 2017. The amendments in this ASU should be applied
prospectively to adjustments to provisional amounts that occur after the effective date of this ASU. Earlier application is permitted.
The Company does not expect the adoption of this guidance to have a material effect on its consolidated financial statements and
related disclosures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In November 2015, the
FASB issued ASU No. 2015-17, &ldquo;Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes&rdquo;. ASU No. 2015-17
requires that deferred income tax liabilities and assets be classified as noncurrent in the balance sheet. For public business
entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2016, including interim periods
within those annual periods. For all other entities, the amendments in this ASU are effective for annual periods beginning after
December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted.
The amendments in this ASU may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods
presented. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial
statements and related disclosures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In February 2016, the
FASB issued ASU No. 2016-02, &quot;Leases&rdquo; to increase transparency and comparability among organizations by recognizing
lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02
creates a new ASC 842 &quot;Leases&quot; to replace the previous ASC 840 &quot;Leases.&quot; ASU 2016-02 affects both lessees
and lessors, although for the latter the provisions are similar to the previous model, but updated to align with certain changes
to the lessee model and also the new revenue recognition provisions contained in ASU 2014-09. For public business entities, the
amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim reporting periods within
those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December
15, 2019, and interim reporting periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The
Company is evaluating the effects of the adoption of this revised guidance on its consolidated financial statements and related
disclosures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In August 2016, the FASB
issued ASU No. 2016-15, &ldquo;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,
to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows&rdquo;.
The amendments provide guidance on the following eight specific cash flow issues: (1) Debt Prepayment or Debt Extinguishment Costs;
(2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation
to the Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4)Proceeds
from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including
Bank-Owned; (6) Life Insurance Policies; (7) Distributions Received from Equity Method Investees; (8) Beneficial Interests in Securitization
Transactions; and Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments are effective
for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.
Early adoption is permitted, including adoption in an interim period. For all other entities, the amendments are effective for
fiscal years beginning after December 15, 2018, and interim reporting periods within fiscal years beginning after December 15,
2019. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable
to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively
as of the earliest date practicable. The Company does not expect that adoption of this guidance will have a material impact on
its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In October 2016, the
FASB issued ASU No. 2016-16, &ldquo;Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory&rdquo;, which
requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the
transfer occurs. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning
after December 15, 2017, including interim reporting periods within those annual reporting periods. For all other entities, the
amendments in this ASU are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods
within annual periods beginning after December 15, 2019. Early adoption is permitted. The amendments in this ASU should be adopted
on a modified retrospective basis. The Company does not expect that adoption of this guidance will have a material impact on its
consolidated financial statements and related disclosures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In October 2016, the FASB
issued ASU No. 2016-17, &ldquo;Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control&rdquo;.
The amendments affect reporting entities that are required to evaluate whether they should consolidate a variable interest entity
in certain situations involving entities under common control. Specifically, the amendments change the evaluation of whether a
reporting entity is the primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision
maker of a variable interest entity treats indirect interests in the entity held through related parties that are under common
control with the reporting entity. The amendments are effective for public business entities for fiscal years beginning after December
15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal
years beginning after December 15, 2016, and interim reporting periods within fiscal years beginning after December 15, 2017. Early
adoption is permitted. The Company does not expect that adoption of this guidance will have a material impact on its consolidated
financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In November 2016, the FASB
issued ASU No. 2016-18, &quot;Statement of Cash Flows (Topic 230): Restricted Cash&quot;, which requires that a statement of cash
flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted
cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents
should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown
on the statement of cash flows. The amendments in this ASU apply to all entities that have restricted cash or restricted cash equivalents
and are required to present a statement of cash flows under Topic 230. The amendments are effective for public business entities
for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the
amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning
after December 15, 2019. Early adoption is permitted. The amendments should be applied using a retrospective transition method
to each period presented. The adoption of this guidance will increase cash and cash equivalents by the amount of the restricted
cash on the Company's consolidated statement of cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In January 2017, the
FASB issued ASU No. 2017-01, &quot;Business Combinations (Topic 805): Clarifying the Definition of a Business&quot;. The amendments
in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether
transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Basically these amendments provide
a screen to determine when a set is not a business. If the screen is not met, the amendments in this ASU first, require that to
be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute
to the ability to create output and second, remove the evaluation of whether a market participant could replace missing elements.
These amendments take effect for public businesses for fiscal years beginning after December 15, 2017 and interim periods within
those periods, and all other entities should apply these amendments for fiscal years beginning after December 15, 2018, and interim
periods within annual periods beginning after December 15, 2019. The Company does not expect that adoption of this guidance will
have a material impact on its consolidated financial statements and related disclosures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2017, the FASB
issued ASU No. 2017-05, &ldquo;Other Income&mdash;Gains and Losses from the Derecognition of Nonfinancial Assets&rdquo; to clarify
the scope of Subtopic 610-20 and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in
May 2014 as a part of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains
and losses from the transfer of nonfinancial assets in contracts with noncustomers. For public entities, the amendments are effective
for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period.
For all other entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2018,
and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company does not expect that
adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In May 2017, the FASB issued
ASU 2017-09, &ldquo;Scope of Modification Accounting&rdquo;, which amends the scope of modification accounting for share-based
payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which
an entity would be required to apply modification accounting under ASC 718. For all entities, the ASU is effective for annual reporting
periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is
permitted, including adoption in any interim period. The Company does not expect that adoption of this guidance will have a material
impact on its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_010"></A><FONT STYLE="text-transform: uppercase"><B>BUSINESS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jerash Holdings (US), Inc.
is a holding company organized in Delaware in January 2016 with nominal or no assets or operations. On May 11, 2017, we implemented
two transactions, the first being an equity contribution whereby the shareholders of Global Trend Investments Limited, a limited
company incorporated in the British Virgin Islands (&ldquo;<B><U>Global Trend</U></B>&rdquo;), contributed 100% of the outstanding
capital stock of Global Trend to Jerash Holdings (US), Inc. in exchange for an aggregate of 8,787,500 shares of common stock of
Jerash Holdings (US), Inc., with Global Trend becoming the wholly-owned subsidiary of Jerash Holdings (US), Inc. In the second
transaction, Global Trend merged with and into Jerash Holdings (US), Inc., with Jerash Holdings (US), Inc. being the surviving
entity, as a result of which Jerash Holdings (US), Inc. became the direct parent of Global Trend&rsquo;s wholly-owned operating
subsidiaries, Jerash Garments and Fashions Manufacturing Company Limited (&ldquo;<B><U>Jerash Garments</U></B>&rdquo;), which is
an entity formed under the laws of Jordan, and Treasure Success International Limited (&ldquo;<B><U>Treasure Success</U></B>&rdquo;),
which is an entity formed under the laws of Hong Kong. The transactions described above are collectively referred to in this prospectus
as the &ldquo;<B><U>Merger</U></B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Organizational Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
have the following wholly-owned subsidiaries: (i) Jerash Garments, an entity formed under the laws of Jordan, (ii) Treasure Success,
an entity formed under the laws of Hong Kong, (iii) Chinese Garments and Fashions Manufacturing Company Limited, an entity formed
under the laws of Jordan and a wholly owned subsidiary of Jerash Garments (&ldquo;<B><U>Chinese Garments</U></B>&rdquo;), and (iv)
Jerash for Industrial Embroidery Company Limited, an entity formed under the laws of Jordan and a wholly owned subsidiary of Jerash
Garments (&ldquo;<B><U>Jerash Embroidery</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This table reflects our organizational structure:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="v473663_img2.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><I>Jerash
Garments</I> was established in Jordan in November 2000</FONT> and operates out of our factory unit in Al Tajamouat Industrial
City, a Qualifying Industrial Zone in Amman, Jordan<FONT STYLE="background-color: white">. Jerash Garments&rsquo; principal activities
are to house management offices and to operate production lines and sewing, ironing, packing and quality control units, as well
as house our trims and finished products warehouses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><I>Chinese
Garments</I> was established in Jordan in June 2013 and operates </FONT>out of our factory unit in Al Tajamouat Industrial City,
a Qualifying Industrial Zone in Amman, Jordan<FONT STYLE="background-color: white">. Chinese Garments&rsquo; principal activities
are to house administration, HR, finance and management offices and to operate additional production lines and sewing, ironing,
and packing units, as well as house our trims warehouse.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><I>Jerash
Embroidery</I> was established in Jordan in March 2013 and operates out of our factory unit in </FONT>Al Tajamouat Industrial City,
a Qualifying Industrial Zone in Amman, Jordan. Jerash Embroidery&rsquo;s principal activities are to perform the cutting and embroidery
for our products<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><I>Treasure
Success</I> was established in Hong Kong in July 2016 and operates in Hong Kong. Treasure Success&rsquo;s primary activities are
to employ sales and merchandising staff and supporting personnel in Hong Kong to support the business of Jerash Garments and its
subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Through our operating subsidiaries,
we are principally engaged in the manufacturing and exporting of customized, ready-made sport and outerwear from knitted fabric
from our production facilities in Jordan. Except as otherwise indicated herein or as the context otherwise requires, references
in this prospectus to &ldquo;<B><U>Jerash</U></B>,&rdquo; the &ldquo;<B><U>Company</U></B>,&rdquo; &ldquo;<B><U>we</U></B>,&rdquo;
&ldquo;<B><U>us</U></B>,&rdquo; &ldquo;<B><U>our</U></B>&rdquo; and similar references refer to Jerash Holdings (US), Inc. after
giving effect to the Merger, with Jerash Holdings (US), Inc. as the parent holding company of our operating subsidiaries, Jerash
Garments, including its wholly owned subsidiaries, and Treasure Success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are an approved manufacturer
by many well-known brands and retailers, such as Walmart, Costco, Sears, Hanes, Columbia, Land&rsquo;s End, VF Corporation (which
owns brands such as The North Face, Nautica, Timberland, Wrangler, Lee, Jansport, etc.), and Philip-Van Heusen (which owns brands
such as Calvin Klein, Tommy Hilfiger, IZOD, Speedo, etc.). Our production facilities are made up of three factory units and two
warehouses and employ approximately 2,500 people. Our employees include local Jordanian workers as well as migrant workers from
Bangladesh, Sri Lanka, India, Myanmar and Nepal. The total annual capacity at our facilities is approximately 6.5 million pieces
(average for product categories including t-shirts, polos and jackets).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Our products are in
the customized, ready-made sport and outerwear segment, and we derive all of our revenue from the manufacturing and sales of sport
and outerwear. Our product offering consists of jackets, polo shirts, crew neck shirts, pants and shorts, made from knitted fabric.
Our primary product offering is jackets, and in the fiscal years ended March 31, 2017 and 2016, approximately 58% and 69%, respectively,
of our total shipped pieces were jackets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Manufacturing and Production</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our production facilities
are located in Al Tajamouat Industrial City, a Qualifying Industrial Zone in Amman, Jordan, and are comprised of three factory
units and two warehouses. The first factory unit, which we own, employs approximately 1,100 people. Its primary functions are to
house our management offices, as well as production lines, our trims warehouse, and sewing, ironing, and packaging units. The second
factory unit, which we lease, employs approximately 1,300 people. Its primary functions are to house our administrative and human
resources personnel, as well as merchandising and accounting departments, as well as additional production lines, our trims and
finished products warehouses, and sewing, ironing, packing and quality control units. The third factory unit, which we lease, employs
approximately 80 people. Its primary functions are to perform the cutting and embroidery for our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The total annual capacity
at our facilities is approximately 6.5 million pieces (average for product categories including t-shirts, polos and jackets). Our
production flow begins in our third factory unit in the cutting department. From there, the product moves to either our first or
second factory unit for processing by the sewing unit, finishing department, quality control, and finally the ironing and packing
units. If applicable during this process, the product is sent back to the embroidery department at our third factory unit for embroidery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> We do not have long
term supply contracts or arrangements with our suppliers. Most of our ultimate suppliers for raw materials, such as fabric, zippers
and labels, are designated by customers and we purchase such materials on a purchase order basis. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Employees</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of June 30, 2017,
we had an aggregate of approximately 2,500 employees located in Jordan and in Hong Kong, all of which are full-time employees. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Customers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table outlines
the dollar amount and percentage of total sales to our customers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"> Customer </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center"> Fiscal Year 2017 </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center"> Fiscal Year 2016 </TD><TD STYLE="font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Sales </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Sales </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> (USD, in thousands) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> % </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> (USD, in thousands) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> % </TD><TD STYLE="font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left"> <FONT STYLE="font-size: 10pt">Ford Glory International Limited<SUP>(1)</SUP></FONT> </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 23,351 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 37.6 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 50,195 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 95.5 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> United Creations LLC </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,959 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.7 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Classic Fashion Apparel Industry Ltd. </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,354 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5.4 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 303 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.6 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Dynamic Sourcing Ent, Inc. </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,011 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.2 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <FONT STYLE="font-size: 10pt">VF Corporation<SUP>(2)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 29,690 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 47.8 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Columbia </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,161 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.5 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Philip-Van Heusen </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 795 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1.3 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"> Others </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 678 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1.2 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 100 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 0.2 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"> Total </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 62,041 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 100.0 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 52,557 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 100.0 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> (1) Until August 2016, substantially all
of our sales were to Ford Glory, which Ford Glory then sold to the end-customers. Ford Glory is 49% owned by Mr. Choi Lin Hung,
our director and a significant stockholder, through his wholly-owned entity Merlotte. Pursuant to the terms of a sale and purchase
agreement dated July 13, 2016 between Lee Kian Tjiauw, a significant stockholder of ours, and Victory City Investments Limited
(&ldquo;Victory City&rdquo;), which at that time was the ultimate 51% shareholder of our predecessor entity, Global Trend (the
&ldquo;Sale and Purchase Agreement&rdquo;), Victory City sold its 51% interest in RS International Holdings Limited, an investment
holding company to Mr. Lee. Pursuant to the Sale and Purchase Agreement, and effective since August 1, 2016, all rights, interests
and benefits of any contracts entered into with or sale/purchase orders made by any subsidiary of Victory City International Holdings
Limited, the parent of Victory City, on or prior to August 1, 2016 in respect of the sale and purchase of garment products manufactured
or to be manufactured by us or one of our subsidiaries, together with the costs and obligations relating to those contracts, were
transferred to the relevant subsidiary. Thereafter, we began conducting business directly with the end-customers and no longer
through our affiliate, Ford Glory. Following August 1, 2016, there was a transition period for orders placed directly with Ford
Glory. For the fiscal year ended March 31, 2017, approximately 37.6% of our net sales were made to Ford
Glory, which Ford Glory then sold to the end-customers, and approximately 52.6% of our net sales for the fiscal year ended March
31, 2017, were made directly to end-customers with the support of Ford Glory. We no longer rely on Ford Glory for any of our sales,
and we intend in the future to continue to sell all of our products directly to the end-customers for our products, and our merchandising
personnel now receive orders directly from the end-customers through our wholly-owned subsidiaries, Treasure Success and Jerash
Garments. (see &ldquo;<I>Risk Factors - We have historically depended on Ford Glory for substantially all of our sales</I>&rdquo;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Substantially all of our products are sold
under The North Face brand that is owned by VF Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Ford Glory has historically
been dependent on one key customer for its sales. Substantially all of Ford Glory&rsquo;s sales over the last two years have been
to VF Corporation. The following table outlines the dollar amount and percentage of Ford Glory&rsquo;s total sales to its customers: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify"> Customer </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center"> Fiscal Year 2017 </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center"> Fiscal Year 2016 </TD><TD STYLE="font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Sales </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Sales </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> (USD, in thousands) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> % </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> (USD, in thousands) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center"> % </TD><TD STYLE="font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: justify"> <FONT STYLE="font-size: 10pt">VF Corporation<SUP>1</SUP></FONT> </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 18,957 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 81.2 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 44,675 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 89.0 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> Columbia </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,614 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11.2 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,151 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6.3 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"> Philip-Van Heusen </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,780 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7.6 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,369 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4.7 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt"> Total </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 23,351 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 100.0 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 50,195 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 100.0 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Substantially all of our products are sold
under The North Face brand that is owned by VF Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> We established our
relationship with VF Corporation in 2012. Substantially all of our products are sold under The North Face Brand that is owned
by VF Corporation. Currently, we manufacture primarily outwear for The North Face. Approximately 85% of our sales in fiscal 2016
were derived from the sale of our products to VF Corporation. We are not party to any long-term contracts with VF Corporation
or our other customers, and our sales arrangements with our customers do not have minimum purchase requirements. As is common
in our industry, VF Corporation and our other customers place purchase orders to us after we complete detailed sample development
and approval processes that we and our customers agree to the purchase and manufacture of the garments in question. It is through
the sample development and approval processes that we and VF Corporation agree to the purchase and manufacture of the garments
in question. From April 1, 2017 to July 26, 2017, VF Corporation issued approximately 2,200 purchase orders to us in amounts ranging
from approximately $10 to $570,000. We are not substantially dependent on any particular order from VF Corporation. See &ldquo;<I>Risk
Factors - We rely on one key customer for substantially all of our revenue. We cannot assure that this customer or any other customer
will continue to buy our products in the same volumes or on the same terms</I>&rdquo;. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">VF Corporation is in the
retail industry, which is subject to substantial cyclical variations. Consequently, there can be no assurance that sales to current
customers will continue at the current rate or at all. In addition, our annual and quarterly results may vary, which may cause
our profits and/or the market price of our Securities to decline. See &ldquo;<I>Risk Factors - Our direct and indirect end customers
are in the clothing retail industry, which is subject to substantial cyclical variations which could have a material adverse effect
on our results of operations</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We continue to seek to
expand and strengthen our relationship with our current customers and other brand names. However, we cannot assure that these brands
will continue to buy our products in the same volumes or on the same terms as they did in the past.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The markets for the manufacturing
of sport and outerwear are highly competitive. The competition in the fields in which we operate is focused primarily on the price
of the product, its quality, and the level of customer service. <FONT STYLE="background-color: white">Our products compete with
products of other apparel manufacturers in Israel, Europe, the United States, South and Central America and Asia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Most
competition with other manufacturers in the clothing industry focuses on reducing production costs, reducing supply lead times,
design, product quality, and efficiency of supply to the customer. Since production costs depend to a large extent on labor costs,
in recent years most production in the industry has been moved to countries where the labor costs are low.&nbsp;&nbsp;Some of our
competitors have a lower cost base, longer operating experience, broader customer base and other advantages over us which allow
them to compete with us. As described in more detail under &ldquo;<I>- Conditions in Jordan</I>&rdquo; below, we are able to sell
our products manufactured at our facilities in Jordan to the United States free from customs, duties and import quotas under certain
conditions. These favorable terms enable us to remain competitive on the basis of price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Conditions in Jordan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our offices and manufacturing
facilities are located in Jordan. Accordingly, we are directly affected by political, security and economic conditions in Jordan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">From time to time Jordan
has experienced instances of civil unrest, terrorism and hostilities among neighboring countries, including Syria and Israel. A
peace agreement between Israel and Jordan was signed in 1994. Terrorist attacks, military activity, rioting, or civil or political
unrest in the future could influence the Jordanian economy and our operations by disrupting operations and communications and making
travel within Jordan more difficult and less desirable. Political or social tensions also could create a greater perception that
investments in companies with Jordanian operations involve a high degree of risk, which could adversely affect the market and price
for our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jordan is a constitutional
monarchy, but the King holds wide executive and legislative powers. The ruling family has taken initiatives that support the economic
growth of the country. However, there is no assurance that such initiatives will be successful or will continue. The rate of economic
liberalization could change, and specific laws and policies affecting manufacturing companies, foreign investments, currency exchange
rates and other matters affecting investments in Jordan could change as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Trade Agreements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We benefit from exemptions
from customs duties and import quotas due to our location in Al Tajamouat Industrial City, a Qualifying Industrial Zone in Amman,
Jordan, and the free trade agreements with the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Qualifying Industrial Zones
(&ldquo;<B><U>QIZ</U></B>&rdquo;) are industrial parks that house manufacturing operations in Jordan and Egypt. They are special
free trade zones established in collaboration with Israel to take advantage of the free trade agreements between the United States
and Israel. Under the trade agreement between Jordan and the U.S., goods produced in QIZ areas can directly access U.S. markets
without tariff or quota restrictions if they satisfy certain criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Income Tax Incentives</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Encouragement of Investment
Committee of Jordan resolved that Jerash Garment&rsquo;s project is an economically approved project in accordance with the Encouragement
of Investment Law number 16 of 1995 and accordingly was granted exemptions from customs duties on the plant&rsquo;s equipment and
machinery. Further, in accordance with the Jordanian Income Tax law, all of Jerash Garment&rsquo;s exports are 100% exempted, provided
a specific Declaration in that respect is filed with the Jordanian Customs and Income Tax Departments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, projects in
QIZ areas are exempted from paying income and social services tax, total exemptions from buildings and land tax, and exemptions
or reduction on most municipality fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Government Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Our
manufacturing and other facilities in Jordan are subject to various local regulations relating to the maintenance of safe working
conditions and manufacturing practices. Management believes that it is currently in compliance in all material respects with all
such regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_011"></A>PROPERTIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Jerash Garments owns
an industrial building of approximately 8,300 square meters in Al Tajamouat Industrial City. See &ldquo;<I>Related Party Transactions</I>&rdquo;.
We lease additional space totaling approximately 24,000 square meters in industrial buildings in Al Tajamouat Industrial City.
We believe the real property that we own and lease is sufficient to conduct our operations as they are currently conducted. In
addition, we lease space for our workers in dormitories located inside and outside of Al Tajamouat Industrial City. Treasure Success
leases its office space in Hong Kong from Ford Glory International Limited, pursuant to an agreement dated October 3, 2016 providing
for rent in the amount of HK$21,600 (approximately $2,760) per month and having a one-year term with an option to extend the term
for an additional year at the same rent. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_012"></A>LEGAL
PROCEEDINGS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are not currently involved
in any material legal proceedings. From time-to-time we are, and we anticipate that we will be, involved in legal proceedings,
claims and litigation arising in the ordinary course of our business and otherwise. The ultimate costs to resolve any such matters
could have a material adverse effect on our financial statements. We could be forced to incur material expenses with respect to
these legal proceedings, and in the event there is an outcome in any that is adverse to us, our financial position and prospects
could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_013"></A><FONT STYLE="text-transform: uppercase"><B>MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Directors and Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The following table
sets forth the name, age and position of each of our directors and executive officers as of August 21, 2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap style="width: 31%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Name</B></FONT> </td>
    <td nowrap style="width: 1%"> &nbsp; </td>
    <td nowrap style="width: 7%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Age</B></FONT> </td>
    <td nowrap style="width: 1%"> &nbsp; </td>
    <td nowrap style="width: 60%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Position</B></FONT> </td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-indent: -0.25in"> <FONT STYLE="font-size: 10pt">Choi Lin Hung</FONT> </td>
    <td style="text-align: center"> &nbsp; </td>
    <td style="text-align: center"> <FONT STYLE="font-size: 10pt">55</FONT> </td>
    <td> &nbsp; </td>
    <td> <FONT STYLE="font-size: 10pt">President, Treasurer and Director</FONT> </td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-indent: -0.25in"> <FONT STYLE="font-size: 10pt">Wei (&ldquo;Kitty&rdquo;) Yang</FONT> </td>
    <td style="text-align: center"> &nbsp; </td>
    <td style="text-align: center"> <FONT STYLE="font-size: 10pt">34</FONT> </td>
    <td> &nbsp; </td>
    <td> <FONT STYLE="font-size: 10pt">Vice President, Secretary and Director</FONT> </td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-indent: -0.25in"> <FONT STYLE="font-size: 10pt">Richard J. Shaw</FONT> </td>
    <td style="text-align: center"> &nbsp; </td>
    <td style="text-align: center"> <FONT STYLE="font-size: 10pt">50</FONT> </td>
    <td> &nbsp; </td>
    <td> <FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Directors
are elected at each annual meeting of our stockholders and hold office until their successors are elected and qualified or until
their earlier resignation or removal. Officers are appointed by our board of directors and serve at the discretion of the board
of directors, absent an employment agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
following includes a brief biography for each of our directors and executive officers, with each director biography including information
regarding the experiences, qualifications, attributes or skills that caused our board of directors to determine that each member
of our board of directors should serve as a director as of the date of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Choi Lin Hung</B> has
served as our President, Treasurer and a director since May 2017. Mr. Choi was appointed a director of Global Trend on March 21,
2012, and became our President, Treasurer and director upon consummation of the Merger. Mr. Choi has held the position of director
of Jerash Garments since 2012, the position of general manager of Chinese Garments and Jerash Embroidery since 2015, and the position
of director of Treasure Success since 2016. He is also an indirect substantial shareholder of the Company through his wholly-owned
entity Merlotte.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Choi obtained a master&rsquo;s
degree with distinction in Business Administration from the University of Sheffield, the United Kingdom, in 1987, after being awarded
the professional diploma in company secretaryship and administration from the Hong Kong Polytechnic, the predecessor of the Hong
Kong Polytechnic University, in 1985.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Choi worked at Deutsche
Bank and First Pacific Bank from 1987 to 1995 and has extensive experience in the banking industry. Mr. Choi began his work in
the garment and textile industry in 1995, and, since 2001, Mr. Choi has been a director of Victory City International Holdings
Ltd., a textile and fabric manufacturing group listed on the Stock Exchange of Hong Kong since 1996.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors
believes that Mr. Choi&rsquo;s financial and treasury expertise, his knowledge in fabric manufacturing and trading, coupled with
his over 22 years of experience in the garment industry and his experience in managing the business of Jerash Garments and its
subsidiaries, are crucial to growing our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <B>Wei (&ldquo;Kitty&rdquo;)
Yang</B> has served as our Vice President, Secretary and a director since May 2017. Ms. Yang has served as deputy general manager
of Jerash Garments since 2014, and became our Vice President, Secretary and director upon consummation of the Merger. Prior to
joining us, Ms. Yang was deputy operations officer for Martino Holding Limited from 2010 until 2014, handling the operation of
a business with global clientele and suppliers where her duties included liaison with customers and suppliers and human resources
management. Ms. Yang was a partner at Eternity Travel Agency from 2008 until 2010, and human resources chief at Jordan Dragon
Garment Co. Ltd., a listed company in Taiwan with over 4,000 employees and major customers, e.g. JC Penny, Philip Van Heusen,
Liz Claiborne etc. Ms. Yang was responsible for the establishment and implementation of human resources policies and processes.
Ms. Yang is fluent in English, Arabic and Chinese. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors
believes that as a result of Ms. Yang&rsquo;s experience in both Martino Holding Limited and Jordan Dragon Garment Co. Ltd, specifically
in the areas of human resources management, and liaison with overseas customers and suppliers, supported by her previous exposure
in a manufacturing environment in the factory in Jordan under Dragon Garment Co. Ltd, and her proficiency in both English and Arabic,
Ms. Yang will contribute greatly on the management and development of our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Richard J. Shaw</B>
has served as our Chief Financial Officer since May 26, 2017. Mr. Shaw has served as the President of LogiCore Strategies, LLC,
a financial and business advisory services firm, since June 2014. Mr. Shaw also has served as Chief Financial Officer of BirchBioMed,
Inc., a clinical-stage biomedical company focused on the commercialization, clinical evaluation and development of anti-scarring
drugs, autoimmune therapeutics/therapies and novel strategies for transplantation, since March 2016, and as Chief Financial Officer
and Treasurer of Tripborn, Inc., an online travel agency that offers travel reservations and related travel services to travel
agents in India, since May 2016. Previously, Mr. Shaw served as Chief Operating Officer of Roberts Office Furniture Concepts, a
designer, manufacturer and remanufacturer of sustainable office furniture and workplace systems, from September 2013 to June 2016.
Mr. Shaw served as Chief Financial Officer of High Peaks Hospitality, LLC, an independent hotel ownership, development construction
and management company from June 2012 to August 2013, and Chief Financial Officer of Harden Furniture, Inc., a manufacturer of
solid wood furniture and upholstery from May 2008 to June 2012. Mr. Shaw earned a BS in Accounting from LeMoyne College and is
a Certified Public Accountant, licensed by the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are not party to any
employment agreements or other agreements with Mr. Choi or Ms. Yang that prevent them from providing similar services to other
companies in our industry, which could potentially give rise to a conflict of interest if they chose to offer their services to
a competitor. However, under Delaware law, as directors, Mr. Choi and Ms. Yang owe a duty of loyalty to our stockholders, which
places limits on their ability to enter into transactions that conflict with the interests of our stockholders. In the event that
Mr. Choi or Ms. Yang left the Company, they would not be prevented from participating in a venture or business that competes with
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Board Observer</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On July 1, 2017, we
granted Theodore Kachris certain observation rights regarding our board of directors. For his services as a board observer, Mr.
Kachris will receive $12,500 annually and a warrant to purchase 50,000 shares of our common stock. Mr. Kachris is one of three
managers of Shell Creek, LLC and PAT Amicus Investments, LLC, two of the selling stockholders in this offering. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><B>&nbsp;Family Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">There
are no family relationships among any of our directors or executive officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
intend to adopt a code of ethics that applies to our officers, directors and employees, including our principal executive officer
and principal accounting officer, but have not done so to date due to our relatively small size.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
expect our board of directors, in the future, to appoint an audit committee, nominating committee and compensation committee and
to adopt charters relative to each such committee.&nbsp;&nbsp;We intend to appoint such persons to committees of the board of directors
as are expected to be required to meet the corporate governance requirements imposed by a national securities exchange, although
we are not required to comply with such requirements until we elect to seek a listing on a national securities exchange.&nbsp;&nbsp;In
addition, we intend that at least one of our directors who serves on our audit committee will qualify as an &ldquo;audit committee
financial expert,&rdquo; within the meaning of Item 407(d)(5) of Regulation S-K, as promulgated by the Securities and Exchange
Commission. We do not currently have an &ldquo;audit committee financial expert&rdquo; since we currently do not have an audit
committee in place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_014"></A>EXECUTIVE
COMPENSATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The following table
sets forth the compensation paid by us during the fiscal years ended March 31, 2017 and 2016 for services performed on our behalf
with respect to the persons who served as our named executive officers as of March 31, 2017. Our named executive officers are
Mr. Choi, Ms. Yang and Timothy G. Murphy. Mr. Choi serves as our President, Treasurer and director, and Ms. Yang serves as our
Vice President, Secretary and director. Prior to our acquisition by Global Trend in May 2017, Mr. Murphy served as our President,
Treasurer, Secretary, and sole director. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>Summary Compensation Table</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;<FONT STYLE="font-size: 10pt">Name and Principal
    Position</FONT></B></FONT> </TD><TD> <B>&nbsp;</B> </TD>
    <TD NOWRAP STYLE="text-align: center"> <B>Year Ended </B><BR>
    <B>March 31,</B> </TD><TD> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> <B>Salary </B><BR><B>($)(1)</B> </TD><TD> <B>&nbsp;</B> </TD><TD> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> <B>Bonus </B><BR><B>($)</B> </TD><TD> <B>&nbsp;</B> </TD><TD> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> <B>Option </B><BR><B>Awards </B><BR><B>($)</B> </TD><TD> <B>&nbsp;</B> </TD><TD> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> <B>All Other </B><BR><B>Compensation </B><BR><B>($)(2)</B> </TD><TD> <B>&nbsp;</B> </TD><TD> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> <B>Total </B><BR><B>($)</B> </TD><TD> <B>&nbsp;</B> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> Choi Lin Hung </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 2017 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> President, Treasurer and director </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 2016 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 22%; font-weight: bold; text-align: left"> Wei (&ldquo;Kitty&rdquo;) Yang </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 12%; text-align: center"> 2017 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 33,333 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 81,442 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 114,775 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Vice President, Secretary and director </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 2016 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 27,119 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 73,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100,119 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> Timothy G. Murphy </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 2017 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Former President, Treasurer, Secretary and director </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 2016 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In her capacity as
deputy general manager of Jerash Garments, Ms. Kitty Yang received a base salary of $33,333, plus a bonus of $81,442, for total
compensation of $114,775, in the fiscal year ended March 31, 2017, and base salary of $27,119, plus a bonus of $73,000, for total
compensation of $100,119, in the fiscal year ended March 31, 2016. In January 2017, Ms. Yang entered into an employment agreement
with our subsidiary, Jerash Garments, with respect to her services as deputy general manager. We have not entered into an employment
agreement with Ms. Yang to serve as our Vice President or our Secretary. We did not otherwise award or pay, and our named executive
officers and directors did not otherwise earn, any compensation with respect to our last two fiscal years ended March 31, 2017
and March 31, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> We entered into a consulting
agreement effective May 26, 2017 with LogiCore Strategies, LLC (&ldquo;LogiCore&rdquo;), pursuant to which Richard J. Shaw serves
as the Company&rsquo;s Chief Financial Officer. The Company compensates LogiCore for Mr. Shaw&rsquo;s time at a rate of $5,000
per month. Mr. Shaw wholly owns LogiCore. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Equity Compensation Plan Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of August 21,
2017, we did not have any compensation plans, including individual compensation arrangements under which we could issue common
stock. We intend to establish an equity incentive plan (the &ldquo;<B><U>Plan</U></B>&rdquo;) and reserve a number of shares of
common stock equal to ten percent (10%) of the total number of shares of common stock outstanding, for issuance to certain members
of management and key employees of the Company pursuant to the Plan. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_015"></A>CERTAIN
RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of March 31, 2017,
we had a balance of an aggregate of $692,500 due to the overpaid dividend. On November 29, 2016, the Board of Directors of Jerash
Garments declared and approved a cash dividend of $6,000,000 to its parent company, Global Trend. On November 30, 2016, the Board
of Directors of Global Trend declared and approved a cash dividend of $5,307,500 to its shareholders. Jerash Garments paid the
dividend of $6,000,000 directly to Global Trend&rsquo;s shareholders on December 14, 2016. The overpaid amount had been treated
as due from shareholders and was fully collected from shareholders on May 8, 2017. The amount due from shareholders was interest-free. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Until August
2016, substantially all of our sales were to Ford Glory, which Ford Glory then sold to the end-customers. Ford Glory is 49%
owned by Mr. Choi Lin Hung, our director and a significant stockholder, through his wholly-owned entity, Merlotte. Pursuant
to the terms of a sale and purchase agreement dated July 13, 2016 between Lee Kian Tjiauw, a significant shareholder of ours,
and Victory City Investments Limited (&ldquo;Victory City&rdquo;), which at that time was the ultimate 51% shareholder of our
predecessor entity, Global Trend (the &ldquo;Sale and Purchase Agreement&rdquo;), Victory City sold its 51% interest in RS
International Holdings Limited, an investment holding company to Mr. Lee. Pursuant to the Sale and Purchase Agreement, and
effective since August 1, 2016, all rights, interests and benefits of any contracts entered into with or sale/purchase
orders made by any subsidiary of Victory City International Holdings Limited, the parent of Victory City, on or prior to
August 1, 2016 in respect of the sale and purchase of garment products manufactured or to be manufactured by us or one of our
subsidiaries, together with the costs and obligations relating to those contracts, were transferred to the relevant
subsidiary. Thereafter, we began conducting business directly with the end-customers and no longer through our affiliate,
Ford Glory. Following August 1, 2016, there was a transition period for orders placed directly with Ford Glory. For the fiscal year ended March 31, 2017, $23,350,919, or approximately 37.6%, of our net sales were made to
Ford Glory, which Ford Glory then sold to the end-customers, and $32,646,365, or approximately 52.6%, of our net sales for
the fiscal year ended March 31, 2017, were made directly to end-customers with the support of Ford Glory. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> We also periodically
purchase merchandise or raw materials from certain related party suppliers. For the fiscal year ended March 31, 2017, we purchased
$5,144,675, or approximately 13%, and $916,527, or approximately 3%, of our raw materials from two related major suppliers, Value
Plus and Ford Glory, respectively, and for the fiscal year ended March 31, 2016, we purchased $20,350,780, or approximately 77%,
and $6,010,149, or approximately 23%, of our raw materials from these two related major suppliers, respectively. We had accounts
payable to Ford Glory of $5,882,673 as of March 31, 2016, and accounts receivable from Ford Glory of $2,343,892 as of March 31,
2017. Value Plus and Ford Glory are each 49% owned by Mr. Choi Lin Hung, our director and a significant stockholder through his
wholly-owned entity Merlotte. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Historically, we have
received working capital advances from certain of our affiliates and related parties to fund operations and capital expenditures.
As of March 31, 2017, amounts due to related parties for working capital advances consisted of $0 to Ford Glory Holdings Limited
(&ldquo;<B><U>Ford Glory Holdings</U></B>&rdquo;), the parent of Ford Glory and the former indirect parent of Global Trend, and
$0 to Jiangmen V-Apparel Manufacturing Ltd., a subsidiary of Ford Glory Holdings. For the fiscal year ended March 31, 2016, amounts
due to related parties for working capital advances consisted of $309,276 to Ford Glory Holdings and $37,209 to Jiangmen V-Apparel
Manufacturing Ltd. The balances due to related parties are interest-free and due upon demand. Ford Glory Holdings is 49% owned
by Mr. Choi Lin Hung through his wholly-owned entity Merlotte. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jerash Garments purchased
an industrial building in Al Tajamouat Industrial City on July 31, 2000. On March 31, 2006, Victory Apparel purchased all of the
property and equipment of Jerash Garments at this industrial building, including machinery, equipment and tools, motor vehicles,
software, and the land and building, for 1,996,632.37 Jordanian dinars (approximately USD $2.8 million). Mr. Choi Lin Hung, through
his wholly-owned entity Merlotte, and Mr. Lee Kian Tjiauw, a significant stockholder, together indirectly own 100% of Victory Apparel
through Wealth Choice Limited. The land and building was not registered in Victory Apparel&rsquo;s name, and Jerash Garments continued
to hold the land and building in its name in trust for Victory Apparel. The declaration of trust was never registered with the
Land Registry of Jordan, and on June 30, 2016, Victory Apparel and Jerash Garments dissolved the sale agreement, resulting in the
property and equipment being owned free and clear by Jerash Garments. Victory Apparel does not currently have any material assets
or operations of its own, and Mr. Choi Lin Hung and Mr. Lee Kian Tjiauw intend to dissolve the entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Treasure Success leases
its office space in Hong Kong from Ford Glory International Limited, pursuant to an agreement dated October 3, 2016 providing
for rent in the amount of HK$21,600 (approximately $2,760) per month and having a one-year term with an option to extend the term
for an additional year at the same rent. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Eric Tang, who is the
husband of our Vice President, Secretary and director, Ms. Yang, has provided us with consulting services since 2013 primarily
in sales and marketing, including playing a critical role providing consulting services in connection with our transition from
receiving purchase orders from Ford Glory to receiving purchase orders directly from VF Corporation. On December 1, 2016, Mr.
Tang entered into an employment agreement with our wholly-owned subsidiary, Treasure Success International Limited, to serve as
our Administration Manager providing marketing advice. Mr. Tang is entitled to receive monthly compensation of HK$37,853 (approximately
US$4,850). We do not consider Mr. Tang to be an executive officer of our company. Mr. Tang received aggregate compensation in
the amount of HK$155,059 (approximately US$19,880) during the two-year period ended March 31, 2017 in exchange for such consulting
services and his employment. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order to induce the
investors in the Private Placement to waive the condition precedent to enter into the Secured Credit Facility and to consummate
the initial closing and potential subsequent closings of the Private Placement, Mr. Choi Lin Hung, our director and a significant
stockholder, together with Merlotte, his wholly-owned entity, have agreed, jointly and severally, to fund, in the aggregate amount
of up to US$5,000,000, the working capital, maintenance and capital costs necessary to maintain the business of Jerash Garments
as currently conducted from and after the closing of the Private Placement and until such time as Jerash Garments or Treasure Success
obtains the Secured Credit Facility. In addition, the Secured Credit Facility will be guaranteed by our significant stockholders
Mr. Choi Lin Hung and Mr. Ng Tsze Lun, whose interests may differ from the other stockholders of the Company as a result of their
personal guarantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Timothy Murphy, the former
president, treasurer, secretary and director of Jerash Holdings (US), Inc., is the chief financial officer of Maxim Group LLC (&ldquo;<B><U>Maxim</U></B>&rdquo;).
We engaged Maxim as the Placement Agent for the Private Placement. Pursuant to the terms of an engagement letter between Maxim
and us, Maxim received commissions on the proceeds raised in the private placement in the aggregate amount of $243,000 and warrants
(the &ldquo;<B><U>Maxim Warrants</U></B>&rdquo;). Pursuant to the terms of the engagement letter, Maxim was entitled to, and did
elect to, have the Maxim Warrants issued into the names of its affiliates. In connection with the Private Placement, we issued
Maxim Warrants to purchase 48,600 units, with each unit consisting of one share of our common stock and one warrant (with each
such warrant being immediately exercisable for one-tenth (1/10<SUP>th</SUP>) of one share of common stock at an exercise price
of $6.25 per share for a period of five years from the issuance date), at an exercise price of $5.50 per unit. In addition to its
service as our Placement Agent, Maxim also provided merger advisory services to us in connection with the Merger, for which we
paid Maxim aggregate fees of $100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We entered into a consulting
agreement effective May 26, 2017 with LogiCore Strategies, LLC (&ldquo;LogiCore&rdquo;), pursuant to which Richard J. Shaw serves
as the Company&rsquo;s Chief Financial Officer. The Company compensates LogiCore for Mr. Shaw&rsquo;s time at a rate of $5,000
per month. Mr. Shaw wholly owns LogiCore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_016"></A>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The following table
provides information as of August 21, 2017, concerning beneficial ownership of our common stock known to us to be held by (1)
our named executive officers, (2) our directors, (3) our named executive officers and directors as a group and (4) each person
or entity we know to beneficially own more than five percent of our common stock. The percentages of shares owned shown in the
table below are based on 9,870,000 shares of our common stock outstanding as of August 21, 2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Name&nbsp;of&nbsp;Beneficial&nbsp;Owner </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Number&nbsp;of<BR>
    Shares<BR> Beneficially<BR> Owned(1) </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Percentage<BR> of&nbsp;Common<BR>
    Stock<BR> Owned(1) </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left"> Named Executive Officers and Directors: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <I>Choi Lin Hung</I><SUP>(2)</SUP> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> President,
                                         Treasurer </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> and
                                         Director </P></TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 4,305,875 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 43.63 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <I>Kitty Yang</I> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Vice
                                         President, Secretary and Director </P></TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <I>Timothy G. Murphy</I><SUP>(3)</SUP> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Former
                                         President, Treasurer, Secretary and Director </P></TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 298,203 </TD><TD STYLE="text-align: left"> <SUP>(4)</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.01 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in"> All directors and executive officers as a group (3 persons) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,604,078 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 46.52 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic"> 5% Stockholders: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <I>Merlotte Enterprise Limited</I> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 19/F,
                                         Ford Glory Plaza </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 37-39
                                         Wing Hong Street </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Cheung
                                         Sha Wan, Kowloon, Hong Kong </P></TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,305,875 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 43.63 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <I>Lee Kian Tjiauw</I> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Flat
                                         A, 9/F, Block 3, Regency Park </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 3
                                         Wah King Road </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Kwai
                                         Chung, Hong Kong </P></TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,123,031 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 31.64 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <I>Ng Tsze Lun</I> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 19/F,
                                         Ford Glory Plaza </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 37-39
                                         Wing Hong Street </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Cheung
                                         Sha Wan, Kowloon, Hong Kong </P></TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 988,594 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10.02 </TD><TD STYLE="text-align: left"> % </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 7%"> &nbsp; </td>
    <td style="width: 3%"> <FONT STYLE="font-size: 10pt">(1)</FONT> </td>
    <td style="width: 90%"> <FONT STYLE="font-size: 10pt">Applicable percentages are based on 9,870,000 shares outstanding,
    adjusted as required by rules of the SEC. Beneficial ownership is determined under the rules of the SEC and generally includes
    voting or investment power with respect to securities. Shares of common stock subject to options, warrants and convertible
    notes currently exercisable or convertible, or exercisable or convertible within 60 days are deemed outstanding for computing
    the percentage of the person holding such securities but are not deemed outstanding for computing the percentage of any other
    person. Unless otherwise indicated in the footnotes to this table, the Company believes that each of the stockholders named
    in the table has sole voting and investment power with respect to the shares of Common Stock indicated as beneficially owned
    by them.</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 3%"><font style="font-size: 10pt">(2)</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">As the sole member of Merlotte Enterprise Limited, Mr. Choi may be deemed to be the beneficial owner of the 4,305,875 shares held by Merlotte.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 3%"><font style="font-size: 10pt">(3)</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Our former president, treasurer, secretary and director, Timothy G. Murphy may be deemed to be a beneficial owner of the securities held by Maxim Partners LLC.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 7%"> &nbsp; </td>
    <td style="width: 3%"> <FONT STYLE="font-size: 10pt">(4)</FONT> </td>
    <td style="width: 90%"> <FONT STYLE="font-size: 10pt">Includes 24,957 shares of common stock and 2,496 shares of common
    stock issuable upon the exercise of warrants, which shares and warrants comprise units issuable upon the exercise of warrants
    that are currently exercisable or exercisable within 60 days of August 21, 2017.</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_017"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling stockholders
may sell some or all of their shares at prices ranging from $5.00-$6.00 per share until our shares are quoted on the OTCQB Market,
and thereafter at prevailing market prices or privately negotiated prices. Prior to being quoted on the OTCQB Market, the selling
stockholders may sell their shares in private transactions to other individuals. Although our common stock is not listed on a public
exchange, we intend to file to obtain a quotation on the OTCQB Market in the future. In order to be quoted on the OTCQB, a market
maker must file an application on our behalf in order to make a market for our common stock. There can be no assurance that a market
maker will agree to file the necessary documents with FINRA, which operates the OTCQB Market, nor can there be any assurance that
such an application for quotation will be approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Once a market has developed
for our common stock, the shares may be sold or distributed from time to time by the selling stockholders, directly to one or more
purchasers or through brokers or dealers who act solely as agents, at market prices prevailing at the time of sale, at prices related
to such prevailing market prices, at negotiated prices or at fixed prices, which may be changed. The distribution of the shares
may be effected in one or more of the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">ordinary brokers transactions, which may include long or short sales;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">transactions involving cross or block trades on any securities market where our common stock is trading;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">through direct sales to purchasers or sales effected through agents;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">privately negotiated transactions;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">any combination of the foregoing; or</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">any other method permitted by law</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, the selling
stockholders may enter into hedging transactions with broker-dealers who may engage in short sales, if short sales were permitted,
of shares in the course of hedging the positions they assume with the selling stockholders. The selling security holders may also
enter into option or other transactions with broker-dealers that require the delivery by such broker-dealers of the shares, which
shares may be resold thereafter pursuant to this prospectus. None of the selling security holders are broker-dealers or affiliates
of broker dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each selling stockholder
has informed us that it is not a registered broker-dealer and does not have any written or oral agreement or understanding, directly
or indirectly, with any person to engage in a distribution of the common stock. Upon us being notified in writing by a selling
stockholder that any material arrangement has been entered into with a broker-dealer for the distribution of common stock, a prospectus
supplement, if required, will be distributed, which will set forth the aggregate amount of shares of common stock being distributed
and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other
terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or re-allowed
or paid to broker-dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the securities laws
of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers. In
addition, in some states the shares of common stock may not be sold unless such shares have been registered or qualified for sale
in such state or an exemption from registration or qualification is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each selling stockholder
may sell all, some or none of the securities registered pursuant to the registration statement of which this prospectus forms a
part. If sold under the registration statement of which this prospectus forms a part, the shares of common stock registered hereunder
will be freely tradable in the hands of persons other than our affiliates that acquire such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling stockholders
and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules
and regulations thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may
limit the timing of purchases and sales of any of the shares of common stock by the selling stockholders and any other participating
person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the shares
of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect
the marketability of the shares of common stock and the ability of any person or entity to engage in market-making activities with
respect to the shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Offers Outside the United States</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other than in the United
States, no action has been taken by us that would permit a public offering of the securities offered by this prospectus in any
jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly
or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of
any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance
with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised
to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This
prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus
in any jurisdiction in which such an offer or a solicitation is unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_018"></A>u.s.
TAX MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THE SUMMARY OF U.S. FEDERAL INCOME TAX CONSEQUENCES
SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE PARTICULAR
UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO THEM OF ACQUIRING, OWNING AND DISPOSING OF THE SECURITIES, THE SHARES AND WARRANTS
THAT COMPRISE SUCH SECURITIES AND ANY SHARES OF OUR COMMON STOCK UNDERLYING THE SECURITIES, AS WELL AS ANY TAX CONSEQUENCES ARISING
UNDER ANY STATE, LOCAL OR FOREIGN TAX LAWS AND ANY OTHER UNITED STATES FEDERAL TAX LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary
of certain material United States federal income tax consequences to you of the acquisition, ownership and disposition of our common
stock and warrants, and the shares of common stock underlying the warrants. This discussion is not a complete analysis of all of
the potential United States federal income tax consequences relating thereto, and, except as otherwise specifically provided herein,
it does not address any estate and gift tax consequences or any tax consequences arising under any state, local or foreign tax
laws, or any other United States federal tax laws. This discussion is based on the Internal Revenue Code of 1986, as amended (the
&ldquo;<B><U>Code</U></B>&rdquo;), Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative
pronouncements of the Internal Revenue Service (the &ldquo;<B><U>IRS</U></B>&rdquo;) all as in effect as of the date of this prospectus.
These authorities may change, possibly retroactively, resulting in United States federal income tax consequences different from
those discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The discussion does not
cover all aspects of U.S. federal income taxation that may be relevant to, or the actual tax effect that any of the matters described
herein will have on, the acquisition, ownership or disposition of our common stock and warrants, and the shares of common stock
underlying the warrants, by particular investors, and does not address state, local or non-U.S. tax laws, or any aspect of U.S.
federal tax law other than income taxation (such as the estate and gift tax). In particular, this summary does not discuss all
of the tax considerations that may be relevant to certain types of investors subject to special treatment under the U.S. federal
income tax laws (such as financial institutions, insurance companies, investors liable for the alternative minimum tax, regulated
investment companies, real estate investment trusts, individual retirement accounts and other tax-deferred accounts, tax-exempt
organizations, partnerships and other pass-through entities, dealers or traders in securities or currencies, investors that will
hold securities as part of straddles, hedging transactions, conversion transactions or other integrated transactions for U.S. federal
income tax purposes or investors whose functional currency is not the U.S. dollar). This discussion is limited to holders who purchase
securities pursuant to this prospectus and who hold our common stock and warrants, and the shares of common stock underlying the
warrants, as a &ldquo;capital asset&rdquo; within the meaning of Section 1221 of the Code (generally, property held for investment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a partnership (or other
entity taxed as a partnership for United States federal income tax purposes) holds the securities, the tax treatment of a partner
in the partnership will depend on the status of the partner, upon the activities of the partnership, and upon certain determinations
made at the partner level. Accordingly, partnerships holding the securities and the partners in such partnerships should consult
their tax advisors regarding the specific United States federal income tax consequences to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of this discussion,
a &ldquo;U.S. Holder&rdquo; is any beneficial owner of securities who, for United States federal income tax purposes, is (i) an
individual who is a citizen or resident of the United States; (ii) a corporation (or other entity treated as a corporation for
United States federal income tax purposes) created or organized in or under the laws of the United States or of any state or in
the District of Columbia; (iii) an estate the income of which is subject to United States federal income taxation regardless of
its source; or (iv) a trust, if a United States court can exercise primary supervision over the administration of the trust and
one or more United States persons have the authority to control all substantial decisions of the trust, or if the trust has a valid
election in place to be treated as a United States person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General Principles Related to Taxation of
U.S. Holders </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Distributions on Shares of our Common
Stock</I></B><I>.</I> A distribution of cash or other property (other than certain <I>pro rata</I> distributions of our capital
stock) in respect of our common stock owned by a U.S. Holder generally will be treated as a dividend to the extent it is paid from
our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). If the amount of such
distribution exceeds our current and accumulated earnings and profits, such excess generally will be treated first as a tax-free
return of capital to the extent of such U.S. Holder&rsquo;s adjusted tax basis in such shares of our common stock, and then as
capital gain (which will be treated in the manner described below under &ldquo;- <I>Sale or Other Taxable Dispositions of Securities</I>&rdquo;).
In the case of certain non-corporate U.S. Holders, any distribution on shares of our common stock treated as a dividend generally
will be eligible for a reduced tax rate so long as certain holding period and other requirements are met. In general, dividends
paid on our common stock will not be eligible for the dividends received deduction provided to corporations receiving dividends
from certain United States corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Sale or Other Taxable Dispositions of
Securities</I></B>. Upon a sale, exchange or other disposition of the securities or the common stock underlying the securities,
a U.S. Holder generally will recognize gain or loss in an amount equal to the difference between the amount realized on such sale,
exchange or other disposition and such U.S. Holder&rsquo;s adjusted tax basis in such security. Any gain or loss so recognized
on such security generally will be capital gain or loss and will be long-term capital gain or loss if such U.S. Holder has held
such security for more than one year at the time of such sale, exchange or other disposition. Net long-term capital gain of certain
non-corporate U.S. Holders generally is subject to preferential rates of tax. The deductibility of capital losses is subject to
limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Backup Withholding and Information Reporting</I></B><I>.
</I>Information reporting will generally apply to non-corporate U.S. Holders with respect to payments of dividends on our common
stock or the shares of common stock underlying the securities and to certain payments of proceeds on the sale or other disposition
of the common stock or the shares of common stock underlying the securities. Certain non-corporate U.S. Holders may be subject
to U.S. backup withholding on payments of dividends on the common stock or the shares of common stock underlying the securities
and certain payments of proceeds on the sale or other disposition of the common stock or the shares of common stock underlying
the securities unless the beneficial owner furnishes the payor or its agent with a taxpayer identification number, certified under
penalties of perjury, and certain other information, or otherwise establishes, in the manner prescribed by law, an exemption from
backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">U.S. backup withholding
is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a credit against a U.S. Holder&rsquo;s
United States federal income tax liability, which may entitle the U.S. Holder to a refund, provided the U.S. Holder timely furnishes
the required information to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Medicare Tax</I></B>. A U.S. person that
is an individual or estate, or a trust that does not fall into the special classes of trusts that are exempt from such tax, will
be subject to a 3.8% tax on the lesser of (1) the U.S. person&rsquo;s &ldquo;net investment income&rdquo; for the relevant taxable
year and (2) the excess of the U.S. person&rsquo;s modified adjusted gross income for the taxable year over a certain threshold
(which in the case of individuals will be between $125,000 and $250,000 depending on the individual&rsquo;s circumstances). Net
investment income generally includes interest, &ldquo;S Corporation&rdquo; flow through income, dividends, and net gains from the
disposition of the Securities or the securities underlying the Securities, unless such income or gains are derived in the ordinary
course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities).
A U.S. Holder that is an individual, estate or trust should consult its tax advisor regarding the applicability of the Medicare
tax to its income and gains in respect of its investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_019"></A>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The validity of the securities
in this offering will be passed upon for us by our counsel, Harter Secrest &amp; Emery LLP, Rochester, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_020"></A>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Friedman LLP, our independent
registered public accounting firm, has audited our financial statements for the years ended March&nbsp;31, 2017 and 2016, as set
forth in their report. We have included our financial statements in this prospectus and elsewhere in this registration statement
in reliance on Friedman LLP&rsquo;s report, given on their authority as experts in accounting and auditing. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_021"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have filed with the
SEC a registration statement on Form S-1 under the Securities Act with respect to our securities offered by this prospectus. This
prospectus, which constitutes part of that registration statement, does not contain all of the information set forth in the registration
statement or the accompanying exhibits and schedules. Some items included in the registration statement are omitted from this prospectus
in accordance with the rules and regulations of the SEC. For further information with respect to us and the securities offered
in this prospectus, we refer you to the registration statement and the accompanying exhibits and schedules. Statements contained
in this prospectus regarding the contents of any contract, agreement or any other document are summaries of the material terms
of these contracts, agreements or other documents. With respect to each of these contracts, agreements or other documents filed
as an exhibit to the registration statement, reference is made to such exhibit for a more complete description of the matter involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A copy of the registration
statement and the accompanying exhibits and schedules and any other document we file may be inspected without charge and copied
at the SEC&rsquo;s public reference room at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information on the
operation of the public reference room by calling the SEC at 1-800-SEC-0330. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC. The address
of the SEC&rsquo;s website is www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will become subject
to the information and periodic reporting requirements of the Exchange Act, and we will file required periodic reports, proxy statements
and other information with the SEC. These periodic reports, proxy statements and other information will be available for inspection
and copying at the public reference room and website of the SEC referred to above. We maintain a website at www.tripborn.com. You
will be able to access our annual reports on Form&nbsp;10-K, quarterly reports on Form&nbsp;10-Q, current reports on Form&nbsp;8-K
and amendments to those reports, proxy statements and other information to be filed or furnished pursuant to Section&nbsp;13(a)
or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such material will
be electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website
is not part of this&nbsp;prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_022"></A><B>JERASH HOLDINGS (US), INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SUBSIDIARIES AND AFFILIATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <B>FOR THE YEARS ENDED MARCH 31, 2017 AND
2016</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JERASH HOLDINGS (US), INC.,<BR>
SUBSIDIARIES
AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;TABLE OF CONTENTS</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt"><B>INDEX</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>PAGE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public Accounting Firm </FONT></A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">F-3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="#a_024"><FONT STYLE="font-size: 10pt">Consolidated Balance Sheets as of March 31, 2017 and 2016</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">F-4</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="#a_025"><FONT STYLE="font-size: 10pt">Consolidated Statements of Income and Comprehensive Income for the Years Ended March 31, 2017 and 2016</FONT></A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">F-5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="#a_026"><FONT STYLE="font-size: 10pt">Consolidated Statements of changes in Equity for the Years Ended March 31, 2017 and 2016</FONT></A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">F-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_027">Consolidated Statements of Cash Flows for the Years Ended March 31, 2017 and 2016</A></FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">F-7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="#a_028"><FONT STYLE="font-size: 10pt">Notes to Consolidated Financial Statements</FONT></A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">F-8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="v473663_img3.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_023"></A>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Board of Directors and Shareholders
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jerash Holdings (US), Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Jerash Holdings (US), Inc. and Subsidiaries (collectively, the &ldquo;Company&rdquo;) as of March 31, 2017 and
2016, and the related consolidated statements of income and comprehensive income, changes in equity and cash flows for each of
the years in the two-year period ended March 31, 2017. The Company&rsquo;s management is responsible for these consolidated financial
statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test
basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2017
and 2016, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2017,
in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Friedman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 18, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="v473663_img4.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_024"></A><B>JERASH HOLDINGS (US), INC.,<BR>
SUBSIDIARIES AND AFFILIATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center">March 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center">ASSETS</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-indent: -0.1in; padding-left: 16.2pt">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,654,373</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,823,974</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,776,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Accounts receivable - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,343,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Other receivable - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">336,746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Due from shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">692,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,151,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,510,702</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Prepaid expenses and other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,303,230</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,221,273</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.35in">Total Current Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,258,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,555,949</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">478,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">479,609</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Property, plant and equipment, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,160,242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,985,388</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt">&nbsp;Total Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">33,897,294</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,020,946</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; padding-left: 0.1in">LIABILITIES AND EQUITY</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,253,053</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">274,621</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Accounts payable - related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,882,673</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">465,599</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,161,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,334,081</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Due to related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">346,485</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in">Total Current Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,879,504</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,303,459</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 34.2pt">&nbsp;Total Liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,879,504</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,303,459</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Commitments and Contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -0.1in; padding-left: 0.1in">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Common stock, $0.001 par value; 15,000,000 shares authorized; 8,787,500 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,788</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,091,212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,091,212</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Statutory reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,699</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,537,889</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,153,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Accumulated other comprehensive income (loss)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,395</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,686</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 34.2pt">Total Jerash Holdings (US), Inc.'s Shareholders' Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,701,193</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,355,385</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">316,597</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">362,102</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 34.2pt">Total Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,017,790</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,717,487</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.6in">Total Liabilities and Equity</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">33,897,294</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,020,946</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="a_025"></A>JERASH HOLDINGS (US), INC.,<BR>
SUBSIDIARIES AND AFFILIATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center">For the Years Ended March 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Revenue, net from related party</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,350,919</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">50,195,342</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Revenue, net from third parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,689,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,361,908</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt">Revenue, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,040,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,557,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,636,992</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,912,094</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Gross Profit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,403,597</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,645,156</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Selling, general and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,705,498</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,570,172</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total Operating Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,705,498</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,570,172</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Income from Operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,698,099</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,074,984</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other Expense:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other expense, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,318</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">65,372</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Total other expense, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,318</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">65,372</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,647,781</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,009,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net loss attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">44,608</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">66,197</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 2.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"><B>Net income attributable to Jerash Holdings (US), Inc.'s</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"><B>Common Shareholders</B></P></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">10,692,389</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">9,075,809</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,647,781</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,009,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Other Comprehensive Income (Loss):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Foreign currency translation gain (loss)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(39,978</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,476</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Total Comprehensive Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,607,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,044,088</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Comprehensive loss attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,505</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">65,524</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Comprehensive Income Attributable to Jerash Holdings (US), Inc.'s Common Shareholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,653,308</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,109,612</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Earnings Per Share Attributable to Common Shareholders:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.22</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.03</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -0.1in; padding-left: 0.1in">Weighted Average Number of Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,787,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,787,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_026"></A>JERASH HOLDINGS (US), INC., SUBSIDIARIES
AND AFFILIATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE YEARS ENDED MARCH 31, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;Additional</B></FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; font-size: 8pt">Accumulated<BR>

Other</TD><TD NOWRAP STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Preferred
    Stock</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Common
    Stock</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Paid-in</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Statutory</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Retained</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; font-size: 8pt">Comprehensive</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; font-size: 8pt">Noncontrolling</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Capital</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Reserve</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Earnings</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Income&nbsp;(Loss)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt">Interest</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">
Equity</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-weight: bold; width: 10%; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at March 31, 2015</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,787,500</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,788</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,091,212</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">71,699</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,077,191</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(3,117</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">427,626</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,673,399</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -9pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">9,075,809</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(66,197</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">9,009,612</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -9pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Foreign currency translation
    gain</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">33,803</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">673</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">34,476</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at March 31, 2016</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,787,500</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,788</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,091,212</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">71,699</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">15,153,000</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">30,686</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">362,102</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">16,717,487</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -9pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">10,692,389</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(44,608</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">10,647,781</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -9pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Dividend distribution</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5,307,500</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(5,307,500</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -9pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Foreign currency translation
    loss</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(39,081</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(897</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(39,978</FONT></TD><TD STYLE="text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Balance at March 31, 2017</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,787,500</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,788</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,091,212</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">71,699</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">20,537,889</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(8,395</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">316,597</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">22,017,790</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying Notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_027"></A>JERASH HOLDINGS (US), INC.,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUBSIDIARIES AND AFFILIATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center">For the Years Ended March 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.125in">CASH FLOWS FROM OPERATING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10,647,781</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,009,612</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,322,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,009,205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Loss on abandonment of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,288</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Changes in operating assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,778,320</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,567</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Account receivable - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,345,221</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 34.2pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,684,465</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,856,274</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Prepaid expenses and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84,682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(294,833</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Changes in operating liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,984,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Accounts payable - related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,871,024</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,799,942</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(119,331</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.2pt">Due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(345,799</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 34.2pt">Other payables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(168,807</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">132,904</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,677,262</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,314,276</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">CASH FLOWS FROM INVESTING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Purchases of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(491,633</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,362,944</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Other receivable - related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(336,937</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(828,570</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,362,944</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">CASH FLOWS FROM FINANCING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Dividend distribution</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,307,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Due from shareholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(692,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">EFFECT OF EXCHANGE RATES CHANGES ON CASH</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,293</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,380</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">NET INCREASE (DECREASE) IN CASH</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">830,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,288</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">CASH, BEGINNING OF THE YEAR</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,823,974</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,867,262</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">CASH, ENDING OF THE YEAR</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,654,373</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,823,974</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.25pt 0 0; text-align: center"><B><A NAME="a_028"></A>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 1 &ndash; ORGANIZATION
AND DESCRIPTION OF BUSINESS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jerash Holdings (US), Inc. (&ldquo;Jerash Holdings&rdquo;)
is a corporation established under the laws of the State of Delaware on January 20, 2016. Jerash Holdings is a parent holding company
with no operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Global Trend Investment Limited (&ldquo;GTI&rdquo;)
is a limited company that was incorporated in the British Virgin Islands (&ldquo;BVI&rdquo;) on July 5, 2000, and is owned by two
individuals and a BVI corporation, Merlotte Enterprise Limited, which is wholly owned by the Chairman of the Board of GTI and Jerash
Garments and Fashions Manufacturing Company Limited (&ldquo;Jerash Garments&rdquo;). Wealth Choice Limited (&ldquo;WCL&rdquo;),
a BVI corporation, was the former sole shareholder of GTI and the Chairman of the Board of Jerash Garments is also one of the ultimate
shareholders of WCL and its subsidiaries. In September 2016, WCL transferred its ownership in GTI and its subsidiaries to Merlotte
Enterprise Limited and an individual shareholder, and in October 2016, the individual shareholder transferred approximately 22%
of its shares to another individual shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jerash Garments is a wholly owned subsidiary
of Jerash Holdings and was the wholly owned subsidiary of GTI prior to the Merger described below. Jerash Garments was established
in Amman, the Hashemite Kingdom of Jordan (&ldquo;Jordan&rdquo;) as a limited liability company on November 26, 2000 with declared
capital of 50,000 Jordanian Dinar (&ldquo;JOD&rdquo;) (approximately US$70,500).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jerash for Industrial Embroidery Company (&ldquo;Jerash
Embroidery&rdquo;) and Chinese Garments and Fashions Manufacturing Company Limited (&ldquo;Chinese Garments&rdquo;) were both incorporated
in Amman, Jordan as limited liability companies on March 11, 2013 and June 13, 2013, respectively, with declared capital of JOD
50,000 each. Jerash Embroidery and Chinese Garments were initially established under the name of Jerash Garments&rsquo; nominated
agent but were in fact controlled and fully funded by Jerash Garments. On January 1, 2015, the nominated agent entered into an
equity transfer agreement with Jerash Garments, in which the nominated agent agreed to transfer 100% ownership interests of Jerash
Embroidery and Chinese Garments to Jerash Garments (the &ldquo;Equity Transfer&rdquo;). Subsequent to the Equity Transfer, Jerash
Embroidery and Chinese Garments became wholly owned subsidiaries of Jerash Garments. Jerash Garments, Jerash Embroidery and Chinese
Garments were effectively controlled by the same Controlling Shareholders before and after the Equity Transfer. Thus, this transaction
is considered as reorganization of entities under common control. The consolidations of Jerash Embroidery and Chinese Garments
have been accounted for at their carrying amounts as of the beginning of the first period presented in the accompanying consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Victory Apparel (Jordan) Manufacturing Company
Limited (&ldquo;Victory Apparel&rdquo;) was incorporated as a limited liability company in Amman, Jordan on September 18, 2005
with declared capital of JOD 50,000, as a wholly owned subsidiary of WCL. Jerash Garments is the sole user of the land, building
and equipment being held by Victory Apparel and had a lease agreement with Victory Apparel related to the use of these assets before
GTI and its subsidiaries were acquired by WCL in March 2012. The land and building was not registered in Victory Apparel&rsquo;s
name, and Jerash Garments continued to hold the land and building in its name in trust for Victory Apparel. The declaration of
trust was never registered with the Land Registry of Jordan, and on June 30, 2016, Victory Apparel and Jerash Garments dissolved
the sale agreement, resulting in the property and equipment being owned free and clear by Jerash Garments. Victory Apparel has
no other operating activities of its own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.25pt 0 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 1 &ndash; ORGANIZATION AND DESCRIPTION
OF BUSINESS </B>(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although Jerash Garments doesn&rsquo;t own
the equity interest of Victory Apparel, the Board of Directors of Jerash Garments controls all decision-makings for Victory Apparel
and has the ability to control Victory Apparel&rsquo;s financial affairs. In addition, Victory Apparel's equity at risk is not
sufficient to permit it to operate without additional subordinated financial support from Jerash Garments. Based on these facts,
Jerash Garments has effective control over Victory Apparel and Victory Apparel should be considered a Variable Interest Entity
(&ldquo;VIE&rdquo;) under Accounting Standards Codification (&ldquo;ASC&rdquo;) 810-10-05-08A. Accordingly, Jerash Garments consolidates
Victory Apparel&rsquo;s operating results, assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Treasure Success International Limited (&ldquo;Treasure
Success&rdquo;) was incorporated on July 5, 2016 in Hong Kong, China, whose 100% equity interest is registered under the name of
the Chairman of the Board of Jerash Garments, with the primary purpose to employ staff from China to support Jerash Garments' operations.
On October 31, 2016, the Chairman of the Board of Jerash Garments transferred his 100% equity interest of Treasure Success to GTI.
Treasure Success was inactive until October 2016. Treasure Success was consolidated as a VIE before October 31, 2016. The transfer
was accounted for as a transfer between entities under common control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 11, 2017, the shareholders of GTI contributed
100% of their outstanding capital stock in GTI to Jerash Holdings in exchange for an aggregate of 8,787,500 shares of common stock
of Jerash Holdings. Immediately prior to this transaction, Jerash Holdings had 712,500 shares of common stock outstanding with
a par value of $0.001 per share. Immediately following this transaction, GTI merged with and into Jerash Holdings, with Jerash
Holdings being the surviving entity, as a result of which Jerash Holdings became the direct parent of GTI&rsquo;s wholly owned
subsidiaries, Jerash Garments, including its wholly owned subsidiaries, and Treasure Success. The transactions described above
are collectively referred to as the &ldquo;Merger&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Merger was accounted for as a reverse recapitalization.
Under reverse capitalization accounting, GTI is recognized as the accounting acquirer, and Jerash Holdings is the legal acquirer
or accounting acquiree. As such, following the Merger, the historical financial statements of GTI and its subsidiaries are treated
as the historical financial statements of the combined company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consequently, the consolidated financial statements
of Jerash Holdings reflect the operations of the accounting acquirer and a recapitalization of the equity of the accounting acquirer.
These consolidated financial statements include the accounts of GTI, its subsidiaries and its VIE, Victory Apparel since inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jerash Holdings, GTI, its subsidiaries and
VIE (herein collectively referred to as the &ldquo;Company&rdquo;) are engaged in manufacturing and exporting customized ready-made
apparel for large brand-name retailers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.25pt 0 0; text-align: center"><B>JERASH HOLDINGS (US),
INC.,<BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 2 &ndash; SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Basis of Presentation and Principles of
Consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s consolidated financial
statements are prepared in accordance with generally accepted accounting principles in the United States of America (&ldquo;U.S.
GAAP&rdquo;). The consolidated financial statements include the financial statements of GTI and its subsidiaries and VIE. All significant
intercompany balances and transactions have been eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with accounting standards regarding
the consolidation of variable interest entities, VIEs are generally entities that lack sufficient equity to finance their activities
without additional financial support from other parties or whose equity holders lack adequate decision making ability. All VIEs
with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIEs.
The primary beneficiary is required to consolidate the VIE for financial reporting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in Note 1, management of the Company
has concluded that Victory Apparel is a VIE, and that Jerash Garments is considered the primary beneficiary because it absorbs
the risks and rewards of Victory Apparel; therefore, GTI consolidates Victory Apparel for financial reporting purposes. Noncontrolling
interests result from the consolidation of Victory Apparel, which is 100% owned by WCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the carrying
amounts of the assets and liabilities of the VIE, Victory Apparel, which was included in the Company&rsquo;s consolidated balance
sheets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Current assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,096</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,135</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intercompany receivables*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">321,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">471,662</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">205,850</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">323,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">679,647</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third party current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,815</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,270</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Due to related party &ndash; Ford Glory Holdings Limited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(309,275</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,815</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(317,545</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">316,598</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">362,102</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt">* Receivables from Jerash Garments are eliminated upon
consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Victory Apparel did not generate any income
but incurred certain expenses for each of the years ended March 31, 2017 and 2016. The loss was $44,608 and $66,197 for the fiscal
years ended March 31, 2017 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 2 &ndash; SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the consolidated financial
statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements,
and the reported amounts of revenues and expenses during the reporting period. The Company&rsquo;s most significant estimates include
allowance for doubtful accounts, valuation of inventory reserve and useful lives of buildings and other property. Actual results
could differ from these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Cash</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid investment
instruments with an original maturity of three months or less from the date of purchase to be cash equivalents. As of March 31,
2017 and 2016, the Company had no cash equivalents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restricted Cash</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restricted cash consists of cash used as security
deposits to open its bank accounts and to secure custom clearance under the requirements of local regulations.&nbsp;The Company
is required to keep certain amounts on deposit that are subject to withdrawal restrictions. These security deposits at the bank
are refundable only when the bank accounts are closed. The restricted cash is classified as a non-current asset since the Company
has no intention to close these bank accounts within one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Accounts Receivable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable are recognized and carried
at original invoiced amount less an estimated allowance for uncollectible accounts. The Company usually grants credit to customers
with good credit standing with a maximum of 90 days and determines the adequacy of reserves for doubtful accounts based on individual
account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective
evidence that the Company may not be able to collect amounts due. The allowance is based on management's best estimates of specific
losses on individual exposures, as well as a provision on historical trends of collections. The provision is recorded against accounts
receivables balances, with a corresponding charge recorded in the consolidated statements of income and comprehensive income. Actual
amounts received may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances
are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is
not probable. No allowance was considered necessary as of March 31, 2017 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 2 &ndash; SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Inventories</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories are stated at the lower of cost
or market value. Inventories include cost of raw materials, freight, direct labor and related production overhead. The cost of
inventories is determined using the First-in, First-out (&ldquo;FIFO&rdquo;) method. The Company periodically reviews its inventories
for excess or slow-moving items and makes provisions as necessary to properly reflect inventory value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Property, Plant and Equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property, plant and equipment are recorded
at cost, reduced by accumulated depreciation and amortization. Depreciation and amortization expense related to property, plant
and equipment is computed using the straight-line method based on estimated useful lives of the assets, or in the case of leasehold
improvements, the shorter of the initial lease term or the estimated useful life of the improvements. The useful life and depreciation
method are reviewed periodically to ensure that the method and period of depreciation are consistent with the expected pattern
of economic benefits from items of property, plant and equipment. The estimated useful lives of depreciation and amortization of
the principal classes of assets are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Useful life</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Land</FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Infinite</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Property and buildings</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Equipment and machinery</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">3-5 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Office and electronic equipment</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">3-5 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Automobiles</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leasehold improvements</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Lesser of useful life and lease term</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Expenditures for maintenance and repairs, which
do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and
betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation
or amortization of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated
statements of income and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Impairment of Long-Lived Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assesses its long-lived assets,
including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount
of an asset group may not be recoverable. Factors which may indicate potential impairment include a significant underperformance
relative to the historical or projected future operating results or a significant negative industry or economic trend. Recoverability
of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows
expected to be generated by that asset. If impairment is indicated, a loss is recognized for any excess of the carrying value over
the estimated fair value of the asset. The fair value is estimated based on the discounted future cash flows or comparable market
values, if available. The Company did not record any impairment loss during the years ended March 31, 2017 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </B>(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Revenue Recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from product sales is recognized, net
of estimated provisions for sales allowances and returns, when the merchandise is shipped and title is transferred. Revenue is
recognized when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists (sales agreements
and customer purchase orders are used to determine the existence of an arrangement); (ii) delivery of goods has occurred and risks
and benefits of ownership have been transferred, which is when the goods are received by the customer at its designated location
in accordance with the sales terms; (iii) the sales price is both fixed and determinable, and (iv) collectability is reasonably
assured. Most of the Company&rsquo;s products are custom-made for large brand-name retailers. Historically, sales returns have
been minimal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Advertising Costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Advertising costs are expensed as incurred
and totaled $598 and $3,848 for the years ended March 31, 2017 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Shipping and Handling</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proceeds collected from customers for shipping
and handling costs are included in revenues. Shipping and handling costs are expensed as incurred and are included in operating
expenses, as a part of selling, general and administrative expenses, in the Company&rsquo;s consolidated statements of income and
comprehensive income. Total shipping and handling expenses were $503,818 and $407,293 for the years ended March 31, 2017 and 2016,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company is
subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.
Jerash Holdings was incorporated in the State of Delaware and is subject to federal income tax in the United States of America.
GTI was incorporated in the BVI and is not subject to income taxes under the current laws of BVI. Treasure Success was registered
in Hong Kong and has no operating profit for current tax liabilities. Jerash Garments, Jerash Embroidery, Chinese Garments and
Victory Apparel are subject to the regulations of Income Tax Department in Jordan. The corporate income tax rate is 14%</FONT>
<FONT STYLE="font-size: 10pt">for the industrial sector. In accordance with the Investment Encouragement Law, Jerash Garments'
export sales to overseas customers is entitled to a 100% income tax exemption for a period of 10 years commencing at the first
day of production, and the exemption have been extended for 5 years until December 31, 2018. Jerash Garments can apply for further
extension of the tax exemption upon expiration. Income tax expenses of Jerash Garments totaling $1,536,474 and $1,261,539 were
exempted for the years ended March 31, 2017 and 2016, respectively. Per share effect of the tax exemption were $0.17 and $0.14
for the years ended March 31, 2017 and 2016, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </B>(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Income Taxes </B>(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Local sales of Jerash Garments are subject
to income tax at a fixed rate of 14%. No tax provision was provided for the years ended March 31, 2017 and 2016 since there was
no net income generated from local sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes in accordance
with ASC 740, &ldquo;Income Taxes,&rdquo; which requires the Company to use the asset and liability method of accounting for income
taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of temporary differences
by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts
and the tax bases of existing assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard,
the effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment
date. A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will
not be realized. Deferred income taxes were immaterial, and accordingly, no deferred tax assets or liabilities were recognized
as of March 31, 2017 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC 740 clarifies the accounting for uncertainty
in tax positions. This interpretation requires that an entity recognizes in its financial statements the impact of a tax position,
if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized
income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition
or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest
and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements
of income and comprehensive income. Jordan income tax returns prior to 2013 are not subject to examination by any applicable tax
authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</B> (Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Foreign Currency Translation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The reporting currency of the Company is the
U.S. dollar and the Company uses the Jordanian Dinar (&ldquo;JOD&rdquo;) as its functional currency, except Treasure Success, which
uses the Hong Kong Dollar (&ldquo;HKD&rdquo;) as its functional currency. The assets and liabilities of the Company have been translated
into U.S. dollars using the exchange rates in effect at the balance sheet date, equity accounts have been translated at historical
rates, and revenue and expenses have been translated into U.S. dollars using average exchange rates in effect during the reporting
period. Cash flows are also translated at average translation rates for the periods, therefore, amounts related to assets and liabilities
reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on
the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period
are included as a separate component of accumulated other comprehensive income (loss). Transaction gains and losses that arise
from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the
results of operations as incurred, and were immaterial for the years ended March 31, 2017 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The value of JOD against US$ and other currencies
may fluctuate and is affected by, among other things, changes in the Jordan&rsquo;s political and economic conditions. Any significant
revaluation of JOD may materially affect the Company&rsquo;s financial condition in terms of US$ reporting. The following table
outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center">March 31, 2017</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center">March 31, 2016</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal">
    <TD STYLE="width: 66%; font-weight: normal; text-align: justify; font-style: normal">Year-end spot rate</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left; font-style: normal">US$</TD><TD NOWRAP STYLE="width: 14%; font-weight: normal; text-align: right; font-style: normal">1=JOD
                                         0.7090</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left; font-style: normal">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left; font-style: normal"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">US$</FONT></TD><TD NOWRAP STYLE="width: 14%; font-weight: normal; text-align: right; font-style: normal">1=JOD
                                         0.7072</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left; font-style: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">US$</TD><TD NOWRAP STYLE="font-weight: normal; text-align: right">1=HKD 0.1287</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">US$</TD><TD NOWRAP STYLE="font-weight: normal; text-align: right">1=HKD 0.1289</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: justify">Average rate</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">US$</TD><TD NOWRAP STYLE="font-weight: normal; text-align: right">1=JOD 0.7086
</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">US$</TD><TD NOWRAP STYLE="font-weight: normal; text-align: right">1=JOD 0.7088</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">US$</TD><TD NOWRAP STYLE="font-weight: normal; text-align: right">1=HKD 0.1289</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">US$</TD><TD NOWRAP STYLE="font-weight: normal; text-align: right">1=HKD 0.1290</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Earnings per Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company
computes earnings per share (&ldquo;EPS&rdquo;) in accordance with ASC 260, &ldquo;Earnings per Share&rdquo; (&ldquo;ASC 260&rdquo;).
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income
divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the
dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they
had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an
anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation
of diluted EPS. There is no anti-dilutive effect for the years ended March 31, 2017 and 2016.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B>
(Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Comprehensive Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Comprehensive income consists of two components,
net income and other comprehensive income (loss). The foreign currency translation gain or loss resulting from translation of the
financial statements expressed in JOD or HKD to US$ is reported in other comprehensive income (loss) in the consolidated statements
of income and comprehensive income.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair Value of Financial Instruments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC 825-10 requires certain disclosures regarding
the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy
prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and
minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level 1 - Quoted prices in active markets
for identical assets and liabilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level 2 - Quoted prices in active markets
for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly,
for substantially the full term of the financial instrument.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level 3 - Unobservable inputs that are
supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes
certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers the recorded value of
its financial assets and liabilities, which consist primarily of cash, including restricted cash, accounts receivable, due from
shareholders, accounts payable, accrued expenses, other payables and due to related parties to approximate the fair value of the
respective assets and liabilities at March 31, 2017 and 2016 based upon the short-term nature of these assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concentrations and Credit Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Credit risk</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Financial instruments
that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of March 31, 2017
and 2016, $3,654,373 and $2,823,974 of the Company&rsquo;s cash were on deposit at financial institutions in the JOD where there
currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event
of bank failure. While management believes that these financial institutions are of high credit quality, it also continually monitors
their credit worthiness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B>
(Continued)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concentrations and Credit Risk <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Credit risk (Continued)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable are typically unsecured
and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company's assessment
of its customers' creditworthiness and its ongoing monitoring of outstanding balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Customer and vendor concentration risk</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to August 2016, substantially all of
the Company&rsquo;s sales were made to end-customers through its affiliate (see Note 7) that are located primarily in the United
States (see Note 8). Thereafter, the Company began to sell directly to the end-customers. The Company&rsquo;s operating results
could be adversely affected by the government policy on exporting business, foreign exchange rate fluctuations, and change of local
market conditions. The Company has a concentration of its revenues and purchases with specific customers and suppliers. For the
fiscal years ended March 31, 2017 and 2016, one end-customer accounted for 79% and 85% of total revenue. However, for the fiscal
year ended March 31, 2016, a significant amount of the Company&rsquo;s sales and purchases were made through its related parties
(see Note 7). As of March 31, 2017, one customer accounted for 94% of total accounts receivable balance, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext">For the fiscal
year</FONT> ended March 31, 2017<FONT STYLE="color: windowtext">, the Company purchased approximately 64% and 24% of its raw materials
from two major suppliers, Onset Time Limited (&quot;ONSET&quot;) and Value Plus (Macao Commercial Offshore) Limited (&ldquo;VPMCO&rdquo;).
VPMCO and Ford Glory International Limited (&ldquo;FGIL&rdquo;) are related parties of the Company (see Note 7). For the fiscal
year ended March 31, 2016, the Company purchased approximately 77% and 23% of its raw materials from these</FONT> two related major
suppliers, VPMCO and FGIL, respectively. As of March 31, 2017, accounts payable to one major supplier accounted for 96% of the
total accounts payable balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A loss of either of these customers or suppliers
could adversely affect the operating results or cash flows of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks and Uncertainties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal operations of the Company are
located in Jordan. Accordingly, the Company&rsquo;s business, financial condition, and results of operations may be influenced
by political, economic, and legal environments in Jordan, as well as by the general state of the Jordanian economy. The Company&rsquo;s
operations in Jordan are subject to special considerations and significant risks not typically associated with companies in North
America. These include risks associated with, among others, the political, economic and legal environment and foreign currency
exchange. The Company&rsquo;s results may be adversely affected by changes in the political, regulatory and social conditions in
Jordan. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing
laws and regulations including its organization and structure disclosed in Note 1, this may not be indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B>
(Continued)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recent Accounting Pronouncements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the Financial Accounting Standards
Board (&ldquo;FASB&rdquo;) issued Accounting Standard Update (&quot;ASU&quot;) No. 2014-09, &ldquo;Revenue from Contracts with
Customers (Topic 606)&rdquo; (&ldquo;ASU 2014-09&rdquo;). ASU 2014-09 requires an entity to recognize the amount of revenue to
which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing
revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative
effect transition method. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of
revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, &ldquo;Deferral of the
Effective Date&rdquo; (&ldquo;ASU 2015-14&rdquo;), which defers the effective date for ASU 2014-09 by one year. For public entities,
the guidance in ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 (including interim
reporting periods within those periods), and for all other entities, ASU 2014-09 will be effective for annual reporting periods
beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019.
In March 2016, the FASB issued ASU No. 2016-08, &ldquo;Principal versus Agent Considerations (Reporting Revenue versus Net)&rdquo;
(&ldquo;ASU 2016-08&rdquo;), which clarifies the implementation guidance on principal versus agent considerations in the new revenue
recognition standard. In April 2016, the FASB issued ASU No. 2016-10, &ldquo;Identifying Performance Obligations and Licensing&rdquo;
(&ldquo;ASU 2016-10&rdquo;), which reduces the complexity when applying the guidance for identifying performance obligations and
improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued ASU No. 2016-12
&ldquo;Narrow-Scope Improvements and Practical Expedients&rdquo; (&ldquo;ASU 2016-12&rdquo;), which amends the guidance on transition,
collectability, noncash consideration and the presentation of sales and other similar taxes. Preliminarily, the Company plans to
adopt Topic 606 using the retrospective transition method, and is continuing to evaluate the impact its pending adoption of Topic
606 will have on its consolidated financial statements. The Company believes that its current revenue recognition policies are
generally consistent with the new revenue recognition standards set forth in ASU 2014-09. Potential adjustments to input measures
are not expected to be pervasive to the majority of the Company&rsquo;s contracts. While no significant impact is expected upon
adoption of the new guidance, the Company will not be able to make that determination until the time of adoption based upon outstanding
contracts at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 2 &ndash; SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recent Accounting Pronouncements <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2015, the FASB issued ASU No. 2015-11,
&ldquo;Simplifying the Measurement of Inventory&rdquo;. ASU No. 2015-11 changes the measurement principle for inventory from the
lower of cost or market to lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices
in the ordinary course of business; less reasonably predictable costs of completion, disposal and transportation. For public business
entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim reporting
periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal years beginning
after December 15, 2016, and interim reporting periods within fiscal years beginning after December 15, 2017. The amendments in
this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting
period. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements
and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2015, the FASB issued ASU No.
2015-16, &ldquo;Business Combinations: Simplifying the Accounting for Measurement Period Adjustments&rdquo;. ASU No. 2015-16 requires
that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting
period in which the adjustment amounts are determined. For public business entities, the amendments in this ASU are effective for
fiscal years beginning after December 15, 2015, including interim reporting periods within those fiscal years. For all other entities,
the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, and interim reporting periods within
fiscal years beginning after December 15, 2017. The amendments in this ASU should be applied prospectively to adjustments to provisional
amounts that occur after the effective date of this ASU. Earlier application is permitted. The Company does not expect the adoption
of this guidance to have a material impact on its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2015, the FASB issued ASU No. 2015-17,
&ldquo;Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes&rdquo;. ASU No. 2015-17 requires that deferred
income tax liabilities and assets be classified as noncurrent in the balance sheet. For public business entities, the amendments
in this ASU are effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods.
For all other entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2017, and interim
periods within annual periods beginning after December 15, 2018. Earlier application is permitted. The amendments in this ASU may
be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company does
not expect the adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 2 &ndash; SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recent Accounting Pronouncements <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: windowtext">In
February 2016, the FASB issued ASU No. 2016-02, &quot;Leases&rdquo; to increase transparency and comparability among organizations
by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.
ASU 2016-02 creates a new ASC 842 &quot;Leases&quot; to replace the previous ASC 840 &quot;Leases.&quot; ASU 2016-02 affects both
lessees and lessors, although for the latter the provisions are similar to the previous model, but updated to align with certain
changes to the lessee model and also the new revenue recognition provisions contained in ASU 2014-09.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: windowtext">For
public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including
interim reporting periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal
years beginning after December 15, 2019, and interim reporting periods within fiscal years beginning after December 15, 2020. Early
adoption is permitted. The Company is evaluating the impact of the adoption of this revised guidance on its consolidated financial
statements and related disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2016, the FASB issued ASU No. 2016-15,
&ldquo;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in
how certain cash receipts and cash payments are presented and classified in the statement of cash flows&rdquo;. The amendments
provide guidance on the following eight specific cash flow issues: (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement
of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the
Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4)Proceeds
from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including
Bank-Owned; (6) Life Insurance Policies; (7) Distributions Received from Equity Method Investees; (8) Beneficial Interests in Securitization
Transactions; and Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments are effective
for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.
Early adoption is permitted, including adoption in an interim period. For all other entities, the amendments are effective for
fiscal years beginning after December 15, 2018, and interim reporting periods within fiscal years beginning after December 15,
2019. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable
to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively
as of the earliest date practicable. The Company does not expect that adoption of this guidance will have a material impact on
its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 2 &ndash; SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recent Accounting Pronouncements <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In October 2016,
the FASB issued ASU No. 2016-16, &ldquo;Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory&rdquo;,
which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when
the transfer occurs.</FONT> <FONT STYLE="font-size: 10pt">For public business entities, the amendments in this ASU are effective
for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting
periods. For all other entities, the amendments in this ASU are effective for annual reporting periods beginning after December
15, 2018, and interim reporting periods within annual periods beginning after December 15, 2019. Early adoption is permitted. The
amendments in this ASU should be adopted on a modified retrospective basis. The Company does not expect that adoption of this guidance
will have a material impact on its consolidated financial statements and related disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2016, the FASB issued ASU No. 2016-17,
&ldquo;Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control&rdquo;. The amendments affect
reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations
involving entities under common control. Specifically, the amendments change the evaluation of whether a reporting entity is the
primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable
interest entity treats indirect interests in the entity held through related parties that are under common control with the reporting
entity. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including
interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after
December 15, 2016, and interim reporting periods within fiscal years beginning after December 15, 2017. Early adoption is permitted.
The Company does not expect that adoption of this guidance will have a material impact on its consolidated financial statements
and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">In
November 2016, the FASB issued ASU No. 2016-18, &quot;Statement of Cash Flows (Topic 230): Restricted Cash&quot;, which requires
that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally
described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted
cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total
amounts shown on the statement of cash flows. The amendments in this ASU apply to all entities that have restricted cash or restricted
cash equivalents and are required to present a statement of cash flows under Topic 230. The amendments are effective for public
business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other
entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years
beginning after December 15, 2019. Early adoption is permitted. The amendments should be applied using a retrospective transition
method to each period presented. The adoption of this guidance will increase cash and cash equivalents by the amount of the restricted
cash on the Company's consolidated statement of cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 2 &ndash; SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recent Accounting Pronouncements <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU No. 2017-01,
&quot;Business Combinations (Topic 805): Clarifying the Definition of a Business&quot;. The amendments in this ASU clarify the
definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be
accounted for as acquisitions (or disposals) of assets or businesses. Basically these amendments provide a screen to determine
when a set is not a business. If the screen is not met, the amendments in this ASU first, require that to be considered a business,
a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create
output and second, remove the evaluation of whether a market participant could replace missing elements. These amendments take
effect for public businesses for fiscal years beginning after December 15, 2017 and interim periods within those periods, and all
other entities should apply these amendments for fiscal years beginning after December 15, 2018, and interim periods within annual
periods beginning after December 15, 2019. The Company does not expect that adoption of this guidance will have a material impact
on its consolidated financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2017, the FASB issued ASU No. 2017-05,
&ldquo;Other Income&mdash;Gains and Losses from the Derecognition of Nonfinancial Assets&rdquo; to clarify the scope of Subtopic
610-20 and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the
transfer of nonfinancial assets in contracts with noncustomers. For public entities, the amendments are effective for annual reporting
periods beginning after December 15, 2017, including interim reporting periods within that reporting period. For all other entities,
the amendments in this Update are effective for annual reporting periods beginning after December 15, 2018, and interim reporting
periods within annual reporting periods beginning after December 15, 2019. The Company does not expect that adoption of this guidance
will have a material impact on its consolidated financial statements and related disclosures.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2017, the FASB issued ASU 2017-09, &ldquo;Scope
of Modification Accounting&rdquo;, which amends the scope of modification accounting for share-based payment arrangements, provides
guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required
to apply modification accounting under ASC 718. For all entities, the ASU is effective for annual reporting periods, including
interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including
adoption in any interim period. The Company does not expect that adoption of this guidance will have a material impact on its consolidated
financial statements and related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 3 &ndash; INVENTORIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 19.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Inventories consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><B>As of</B></TD><TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><B>As of</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>March 31, 2017</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>March 31, 2016</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Raw materials</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,884,583</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,704,906</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Raw materials in transit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,380,618</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,411,070</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Work-in-progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,493,258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,012,901</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finished goods</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,393,150</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,381,825</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total inventory</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19,151,609</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,510,702</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">An inventory allowance was not considered necessary as of March
31, 2017 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 4 &ndash; PROPERTY,
PLANT AND EQUIPMENT, NET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Property, plant and equipment, net consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As of <BR>March 31, 2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As of <BR>March 31, 2016</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">Land</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">61,078</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">61,234</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property and buildings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">433,666</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Equipment and machinery</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,370,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,516,145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Office and electric equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">472,918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">702,261</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Automobiles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320,583</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Leasehold improvements</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,358,639</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,120,225</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Subtotal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,998,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,154,114</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Construction in progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,224</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: Accumulated Depreciation and Amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,044,020</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,354,950</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Property and Equipment, Net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,160,242</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,985,388</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.05in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Depreciation and amortization expense was $1,322,946 and $1,009,205
for the fiscal years ended March 31, 2017 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Construction in progress represents costs of
construction incurred for the Company's new project, which is expected to be completed before the end of calendar year 2017.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 5 <FONT STYLE="font-weight: normal">&ndash;</FONT>
EQUITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Preferred Stock</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has 500,000 authorized shares of
preferred stock with a par value of $0.001 per share, and with none issued and outstanding as of March 31, 2017 and 2016. The preferred
stock shall be issued by the Board of Directors of Jerash Holdings in one or more classes or one or more series within any class,
and such classes or series shall have such voting powers, full or limited, or no voting powers, and such designations, preferences,
rights, qualifications, limitations or restrictions of such rights as the Board of Directors may determine from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Statutory Reserve</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In accordance
with the Corporate Law in Jordan, Jerash Garments, Jerash Embroidery, Chinese Garments and Victory Apparel are required to make
appropriations to certain reserve funds, based on net income determined in accordance with generally accepted accounting principles
of Jordan. Appropriations to the statutory reserve are required to be 10% of net income until the reserve is equal to 100% of the
entity&rsquo;s share capital. This reserve is not available for dividend distribution. As of both March 31, 2017 and 2016, the
consolidated balance of the statutory reserve was $71,699.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 6 &ndash; CASH DIVIDEND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 29, 2016, the Board of Directors
of Jerash Garments declared and approved a cash dividend of $6,000,000 to its parent company, GTI. On November 30, 2016, the Board
of Directors of GTI declared and approved a cash dividend of $5,307,500 to its shareholders. Jerash Garments paid the dividend
of $6,000,000 directly to GTI&rsquo;s shareholders on December 14, 2016. The overpaid amount had been treated as due form shareholders
(see Note 7) and was fully collected from shareholders on May 8, 2017. The amount due from shareholders was interest-free.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE 7 &ndash; RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The relationship and the nature of related
party transactions are summarized as follow:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name&nbsp;of&nbsp;Related&nbsp;Party</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Relationship</FONT><BR>
<FONT STYLE="font-size: 10pt">to&nbsp;the&nbsp;Company&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Nature</FONT><BR>
<FONT STYLE="font-size: 10pt">of&nbsp;Transactions</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 14.35pt; font-size: 10pt; text-indent: -13.5pt"><FONT STYLE="font-size: 10pt">Ford Glory Holdings Limited (&ldquo;FGH&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Intermediate Shareholder of GTI</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Working Capital Advances</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 14.35pt; font-size: 10pt; text-indent: -13.5pt"><FONT STYLE="font-size: 10pt">Ford Glory International Limited, or FGIL </FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Affiliate, subsidiary of FGH</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Sales / Purchases</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 14.35pt; font-size: 10pt; text-indent: -13.5pt"><FONT STYLE="font-size: 10pt">Value Plus (Macao Commercial Offshore) Limited, or VPMCO</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Affiliate, subsidiary of FGH</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Purchases</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 14.35pt; font-size: 10pt; text-indent: -13.5pt"><FONT STYLE="font-size: 10pt">Jiangmen V-Apparel Manufacturing Limited</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Affiliate, subsidiary of FGH</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Working Capital Advances</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 14.35pt; font-size: 10pt; text-indent: -13.5pt"><FONT STYLE="font-size: 10pt">Wealth Choice Limited, or WCL</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Shareholder of Victory Apparel</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Working Capital</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Advances</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">NOTE
7 &ndash; RELATED PARTY TRANSACTIONS</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Pursuant
to the terms of a sale and purchase agreement between one of the Company&rsquo;s current individual shareholders and Victory City
Investments Limited, the ultimate 51% shareholder of FGIL, dated July 13, 2016 (the &ldquo;Sale and Purchase Agreement&rdquo;),
and effective since August 1, 2016, all rights, interests and benefits of any contracts that FGIL had at that time with any of
the Company&rsquo;s customers for products manufactured or to be manufactured by the Company, together with the costs and obligations
relating to those contracts were transferred to the Company. Thereafter, the Company began to sell directly to the end-customers
and no longer through its affiliate, FGIL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Related party balances:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>a.</B></TD><TD STYLE="text-align: justify"><B>Accounts receivable &ndash; related party:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Accounts receivable from related
party in connection with the collection of accounts receivable from end-customers on behalf of the Company due to the support arrangement
during the transition period as described below (see a. Sales to related party) consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2016</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify; padding-bottom: 2.5pt">FGIL</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">2,343,892</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>b.</B></TD><TD STYLE="text-align: justify"><B>Other receivable &ndash; related party:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2016</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify; padding-bottom: 2.5pt">WCL</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">336,746</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The balance due from WCL is interest-free
and due upon demand. The balance as of March 31, 2017 has been fully collected from WCL on June 15, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>c.</B></TD><TD STYLE="text-align: justify"><B>Due from shareholders:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2016</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Two individual shareholders</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">353,175</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Merlotte Enterprise Limited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">339,325</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">692,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The balance as of March 31, 2017
has been fully collected from shareholders on May 8, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">NOTE
7 &ndash; RELATED PARTY TRANSACTIONS</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>d.</B></TD><TD STYLE="text-align: justify"><B>Accounts payable &ndash; related party:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Accounts payable to related party
in connection with purchase transactions consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2016</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify; padding-bottom: 2.5pt">FGIL</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">5,882,673</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>e.</B></TD><TD STYLE="text-align: justify"><B>Due to related parties:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Amounts due to related parties for
working capital advances consisted of the followings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>As&nbsp;of<BR> March&nbsp;31,&nbsp;2016</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">FGH</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">309,276</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Jiangmen V-Apparel Manufacturing Ltd.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,209</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">346,485</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The balances due to related parties are interest-free
and due upon demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Related party transactions:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>a.</B></TD><TD STYLE="text-align: justify"><B>Sales to related party:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">Before August 2016, the Company sold
merchandise to end-customers through its affiliate during the ordinary course of business. The sales made to related party consists
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>For the years ended March 31,</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2016</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify; padding-bottom: 2.5pt">FGIL</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">23,350,919</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">50,195,342</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Pursuant to the Sale and Purchase
Agreement the Company has all rights, interests and benefits of the sales agreements signed with end-customers since August 2016,
together with the costs and obligations of those shall all belong to the Company. During the transition period, the Company&rsquo;s
affiliate supports the Company to complete the transition with no additional fees charged. For the year ended March 31, 2017, $32,646,365
of sales was made with the support from FGIL with no profit earned and no fee charged by FGIL.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">NOTE
7 &ndash; RELATED PARTY TRANSACTIONS</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>b.</B></TD><TD STYLE="text-align: justify"><B>Purchases from related parties:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">Before August 2016, the Company periodically
purchased merchandise or raw materials from its affiliates during the ordinary course of business. The purchases from related parties
consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>For the years ended March 31,</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-left: 0.125in"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2016</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">VPMCO</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,161,134</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">20,350,780</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">FGIL</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">919,459</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,010,149</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,061,202</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,360,929</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify">For the year ended March 31, 2017,
$2,162,525 and $562,644 of purchases were made with the support from VPMCO and FGIL with no profit earned and no fee charged, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 8 &ndash; SEGMENT REPORTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ASC 280, &ldquo;Segment Reporting&rdquo;, establishes standards
for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as
well as information about geographical areas, business segments and major customers in financial statements for details on the
Company's business segments. The Company uses the &ldquo;management approach&rdquo; in determining reportable operating segments.
The management approach considers the internal organization and reporting used by the Company&rsquo;s chief operating decision
maker for making operating decisions and assessing performance as the source for determining the Company&rsquo;s reportable segments.
Management, including the chief operating decision maker, reviews operation results by the revenue of the Company&rsquo;s products.
The Company&rsquo;s major product is outerwear. For the years ended March 31, 2017 and 2016, outerwear accounted for approximately
90.4% and 95.1% of total revenue. Based on management's assessment, the Company has determined that it has only one operating segment
as defined by ASC 280.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes sales by geographic
areas for the years ended March 31, 2017 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="6" STYLE="text-align: center"><B>For the years ended</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>March 31, 2017</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>March 31, 2016</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">United States</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">55,778,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">49,989,326</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Jordan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,968,607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,361,908</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other countries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">293,198</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">206,016</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">62,040,589</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">52,557,250</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All long-lived assets were located in Jordan
as of March 31, 2017 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 9 &ndash; COMMITMENTS AND CONTINGENCIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Rent Commitment</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company leases two manufacturing facilities
under operating leases. Operating lease expense amounted to $1,143,252 and $936,094 for the fiscal years ended March 31, 2017 and
2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Future minimum lease payments under non-cancelable operating leases
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: underline; text-align: left">Twelve months ended March 31,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">2018</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">782,574</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,419</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">2020 and thereafter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">863,993</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has seventeen operating leases
for its facilities that require monthly payments ranging between $247 and $28,695, and are renewable on an annual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Contingencies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Company is a party to
various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when
they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are
expensed as incurred. The Company&rsquo;s management does not expect any liability from the disposition of such claims and litigation
individually or in the aggregate would not have a material adverse impact on the Company&rsquo;s consolidated financial position,
results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 10 &ndash; SUBSEQUENT
EVENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On May 15, 2017, we conducted the initial
closing of a private placement for the sale of an aggregate of 540,000 shares of common stock and warrants exercisable for up
to 54,000 shares of common stock to ten accredited investors. Fifty percent of the shares (270,000 shares) purchased in the initial
closing were sold by one of our shareholders at $4.99 per share, the remaining fifty percent of the shares (270,000
shares) were issued by us. Each share was sold together with one warrant, with each such warrant being immediately
exercisable for one-tenth of one share of common stock. 540,000 five-year warrants were issued at $0.01 per warrant to purchase
up to 54,000 shares of our common stock at an exercise price per full share equal to $6.25. We received
aggregate gross proceeds of $1,352,700 for the shares and warrants issued and sold in the initial closing of private placement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>JERASH HOLDINGS (US),
INC., <BR>
SUBSIDIARIES AND AFFILIATE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTE 10 &ndash; SUBSEQUENT
EVENTS <FONT STYLE="font-weight: normal">(Continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 15, 2017, Jerash Holdings issued warrants
to the designees of the placement agent in the above private placement to purchase 48,600 units, with each unit consisting of one
share of Jerash Holdings common stock and one warrant (with each such warrant being immediately exercisable for one-tenth of one
share of its common stock at an exercise price of $6.25 per share for a period of five years from the issuance date), at an exercise
price of $5.50 per unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 15, 2017, Jerash Holdings also issued
a five-year warrant to purchase up to 50,000 shares of its common stock pursuant to a letter agreement with one of its director
observers. The warrant has an exercise price of $5.00 per share, and may be converted by means of &ldquo;cashless&rdquo; exercise
during the term of the warrant. This warrant may be exercised any time after issuance through and including the five year anniversary
of the issuance date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to a letter agreement dated May 29,
2017, Treasure Success entered into an $8,000,000 import credit facility with Hong Kong and Shanghai Banking Corporation (&ldquo;HSBC&rdquo;).
In addition, pursuant to an offer letter dated June 5, 2017, HSBC offered to provide Treasure Success with a $12,000,000 factoring
facility, subject to completion of final documentation. The import credit and factoring facilities are collectively referred to
as the &ldquo;Senior Credit Facility.&rdquo; The Senior Credit Facility is guaranteed by Jerash Holdings, Jerash Garments, as well
as the Company&rsquo;s two individual shareholders. In addition, the Senior Credit Facility requires cash and other investment
security collateral of $3,000,000. HSBC provided that drawings under the Senior Credit Facility would be charged interest at the
Hong Kong Interbank Offered Rate (&ldquo;HIBOR&rdquo;) plus 1.5% for drawings in Hong Kong dollars, and the London Interbank Offered
Rate (&ldquo;LIBOR&rdquo;) plus 1.5% for drawings in other currencies. The Senior Credit Facility will also contain certain service
charges and other commissions and fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On August 1,
2017, the Company entered into a securities purchase agreement to sell in a private placement an aggregate of 200,000 shares of
common stock and warrants exercisable for up to 20,000 shares of common stock to one accredited investor. Fifty percent of the
shares (100,000 shares) purchased in the closing will be sold by one of the Company&rsquo;s shareholders at $4.99 per share, the
remaining fifty percent of the shares (100,000 shares) will be issued by Jerash Holdings. Each share is being sold together with
one warrant, with each such warrant being immediately exercisable for one-tenth of one share of common stock. 200,000 five-year
warrants will be issued at $0.01 per warrant to purchase up to 20,000 shares of Jerash Holdings&rsquo; common stock at an exercise
price per full share equal to $6.25. The Company expects to receive net proceeds of $451,000 for the shares and warrants issued
and sold in the closing of this private placement. </FONT>The private placement is expected to close on August 18, 2017, subject
to customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These consolidated financial statements were
approved by management and available for issuance on August 18, 2017. The Company evaluated subsequent events through this date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <B>1,541,750 Shares of Common Stock and</B><BR>
<B>up to 69,000 Shares of Common Stock Underlying Warrants</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PRELIMINARY PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;</B>,
2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Until and including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017 (25 days after the date of this prospectus), all dealers that buy, sell or trade shares of our common stock, whether or not
participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealers&rsquo;
obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 73 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PART II<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 13. Other Expenses of Issuance and Distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the costs and expenses payable by us in connection with the registration of the securities hereunder. None of the following
expenses are payable by the selling security holders. All amounts are estimates, except the SEC registration fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 55%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Amount </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 83%; text-align: left; text-indent: -0.25in; padding-left: 0.25in"> SEC registration fee </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 14%; text-align: right"> 1,072 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in"> Accountants&rsquo; fees and expenses* </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 50,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in"> Legal fees and expenses* </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 50,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in"> EDGAR filing service* </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in"> Miscellaneous* </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5,000 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in"> Total* </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 116,072 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 14. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jerash Holdings (US), Inc.
(the &ldquo;Company&rdquo;) is incorporated under the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 145(a) of the DGCL
provides that a Delaware corporation shall have the power to indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action,
suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
the person&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 145(b) of the DGCL
provides that a Delaware corporation shall have the power to indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
in its favor by reason of the fact that such person acted in any of the capacities set forth above, against expenses (including
attorneys&rsquo; fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action
or suit if the person acted under standards similar to those discussed above, except that no indemnification shall be made in respect
of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only
to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine that despite the
adjudication of liability, such person is fairly and reasonably entitled to be indemnified for such expenses which the Court of
Chancery or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 145 of the DGCL
further provides that to the extent a director or officer of a corporation has been successful in the defense of any action, suit
or proceeding referred to in subsections (a) and (b) or in the defense of any claim, issue or matter therein, such person shall
be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person in connection
therewith; and that indemnification provided for by Section 145 shall not be deemed exclusive of any other rights to which the
indemnified party may be entitled; and that the corporation shall have power to purchase and maintain insurance on behalf of a
director or officer of the corporation against any liability asserted against such person and incurred by such person in any such
capacity or arising out of such person&rsquo;s status as such whether or not the corporation would have the power to indemnify
such person against such liability under Section 145.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 102(b)(7) of the
DGCL provides that a corporation may eliminate or limit the personal liability of a director to the corporation or its stockholders
for monetary damages for breach of fiduciary duty as a director, provided that such provisions shall not eliminate or limit the
liability of a director (1) for any breach of the director&rsquo;s duty of loyalty to the corporation or its stockholders, (2)
for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (3) under section
174 of the DGCL or (4) for any transaction from which the director derived an improper personal benefit. No such provision shall
eliminate or limit the liability of a director for any act or omission occurring before the date when such provision becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Article Nine of the Company&rsquo;s
certificate of incorporation, limits the liability of directors to the fullest extent permitted by the DGCL. The effect of this
provision is to eliminate the Company&rsquo;s rights, and the rights of its stockholders, through stockholder derivative suits
on behalf of the Company, to recover monetary damages against a director for breach of fiduciary duty as a director, including
breaches resulting from grossly negligent behavior. However, the Company&rsquo;s directors will be personally liable to the Company
and its stockholders for monetary damages if they acted in bad faith, knowingly or intentionally violated the law, authorized illegal
dividends or redemptions or derived improper benefit from their actions as directors. In addition, the Company&rsquo;s certificate
of incorporation, as amended, provides that the Company has the right to indemnify its directors and officers to the fullest extent
permitted by the Delaware General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 15. Recent Sales of Unregistered Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On January 20, 2016,
we issued an aggregate of 712,500 shares of our common stock (after giving effect to a stock split effected on May 11, 2017),
to five investors in a private placement exempt from registration under the Securities Act, for an aggregate purchase price of
$1,000. <FONT STYLE="background-color: white">The shares of common stock were not registered under the Securities Act of 1933,
as amended, or the securities laws of any state, and were offered and issued in reliance on the exemption from registration afforded
by Section 4(a)(2) of the Securities Act of 1933, as amended, and corresponding provisions of state securities laws, which exempt
transactions by an issuer not involving a public offering.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On May 11, 2017, we
issued an aggregate of 8,787,500 shares of our common stock to three investors in a private placement exempt from registration
under of the Securities Act, in exchange for 100% of the outstanding capital stock of Global Trend Investments Limited, a limited
company incorporated in the British Virgin Islands. On that date, these shares represented 59% of our authorized shares of common
stock and 92.5% of our common stock outstanding. <FONT STYLE="background-color: white">The shares of common stock were not registered
under the Securities Act of 1933, as amended, or the securities laws of any state, and were offered and issued in reliance on
the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and corresponding provisions
of state securities laws, which exempt transactions by an issuer not involving a public offering.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On May 15, 2017, we
issued an aggregate of 270,000 shares of our common stock, together with five-year warrants to purchase up to 54,000 shares of
our common stock at an exercise price of $6.25 per share, to ten accredited investors in a private placement exempt from registration
under the Securities Act, for an aggregate purchase price of $1,352,700. <FONT STYLE="background-color: white">The securities
sold in this offering were not registered under the Securities Act of 1933, as amended, or the securities laws of any state, and
were offered and sold in reliance on the exemption from registration under the Securities Act of 1933, as amended, provided by
Section 4(a)(2) and Regulation D (Rule 506) under the Securities Act of 1933, as amended.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On May 15, 2017 we
issued warrants to the designees of our placement agent in the above private placement to purchase 48,600 units, with each unit
consisting of one share of our common stock and one warrant (with each such warrant being immediately exercisable for one-tenth
(1/10<SUP>th</SUP>) of one share of common stock at an exercise price of $6.25 per share for a period of five years from the issuance
date), at an exercise price of $5.50 per unit. <FONT STYLE="background-color: white">The shares of common stock were not registered
under the Securities Act of 1933, as amended, or the securities laws of any state, and were offered and issued in reliance on
the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and corresponding provisions
of state securities laws, which exempt transactions by an issuer not involving a public offering.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On May 15, 2017, we
issued <FONT STYLE="background-color: white">a five-year warrant to purchase up to 50,000 shares of our common stock pursuant
to a letter agreement with one of our directors. The warrant has an exercise price of $5.00 per share, and may be converted by
means of &ldquo;cashless&rdquo; exercise during the term of the warrant. The securities were not registered under the Securities
Act of 1933, as amended, or the securities laws of any state, and were offered and issued in reliance on the exemption from registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and corresponding provisions of state securities laws,
which exempt transactions by an issuer not involving a public offering.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> On August 18, 2017,
we issued an aggregate of 100,000 shares of our common stock, together with five-year warrants to purchase up to 20,000 shares
of our common stock at an exercise price of $6.25 per share, to one accredited investor in a private placement exempt from registration
under the Securities Act, for an aggregate purchase price of $501,000. <FONT STYLE="background-color: white">The securities sold
in this offering were not registered under the Securities Act of 1933, as amended, or the securities laws of any state, and were
offered and sold in reliance on the exemption from registration under the Securities Act of 1933, as amended, provided by Section
4(a)(2) and Regulation D (Rule 506) under the Securities Act of 1933, as amended.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="background-color: white">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="background-color: white">Each
of the above transactions was exempt from registration pursuant to Section 4(a)(2) and Regulation D (Rule 506) of the Securities
Act. In reliance on this exemption, the registrant considered the following:</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <FONT STYLE="background-color: white">&nbsp;</FONT> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> The
                                         company did not engage in any general solicitation or advertising; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> Each
                                         of the investors is sophisticated in matters of finance and business; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> The
                                         investors were given access to the type of information regarding the Company that would
                                         typically be included in a prospectus used in connection with an offering registered
                                         with the Securities and Exchange Commission; and </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> The
                                         investors have agreed to hold the securities for their own accounts, and not with a view
                                         to distribute the securities. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 16. Exhibits and Financial Statement Schedules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt">1.</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt"><b>Exhibits</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Exhibit </b></font><br>
<font style="font-size: 10pt"><b>Number</b></font></td>
    <td style="vertical-align: top; width: 1%; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">2.1</font></td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Equity Contribution Agreement, dated as of May 11, 2017, by and among (i) Jerash Holdings (US), Inc., (ii) Merlotte Enterprises Limited, Lee Kian Tjiauw and Ng Tsze Lun, and (iii) Maxim Partners LLC, Dayspring Capital LLC, HSE Capital Partners, LLC, GH Global Enterprises, LLC and Asset Intelligence Limited</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">2.2</font></td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agreement and Plan of Merger, dated as of May 11, 2017, by and between Global Trend Investments Limited and Jerash Holdings (US), Inc.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">3.1</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Certificate of Incorporation</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">3.2</font></td>
    <td>&nbsp;</td>
    <td style="text-indent: 1.05pt"><font style="font-size: 10pt">Certificate of Amendment to the Certificate of Incorporation, dated as of January 13, 2017</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-indent: 1.05pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">3.3</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Certificate of Amendment to the Certificate of Incorporation, dated as of May 11, 2017</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">3.4</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Certificate of Merger, dated as of May 11, 2017</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%; text-align: center"><font style="font-size: 10pt">3.5</font></td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 89%; text-align: justify"><font style="font-size: 10pt">Bylaws</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">4.1</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Form of Common Stock Certificate</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">5.1*</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Legal Opinion of Harter Secrest &amp; Emery LLP</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">10.1</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Securities Purchase Agreement, dated as of May 15, 2017, by and between Jerash Holdings (US), Inc., Lee Kian Tjiauw and the purchasers signatory thereto.</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">10.2</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Registration Rights Agreement, dated as of May 15, 2017, by and between Jerash Holdings (US), Inc. and the purchasers signatory thereto</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">10.3</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Form of Warrant</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">10.4</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Letter Agreement for Banking Facilities, dated as of May 29, 2017, by and between The Hongkong and Shanghai Banking Corporation Limited and Treasure Success International Limited</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">10.5</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Letter Agreement for Invoice Discounting / Factoring Agreement, dated as of June 5, 2017, by and between The Hongkong and Shanghai Banking Corporation Limited, Treasure Success International Limited, Choi Lin Hung, Ng Tsze Lun, Jerash Garments and Fashions Manufacturing Company Limited, and Jerash Holdings (US), Inc.</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">10.6+</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Consulting Agreement, dated as of May 26, 2017, by and between Jerash Holdings (US), Inc., and LogiCore Strategies, LLC</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.7+</FONT> </td>
    <TD> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Unified Employment Agreement for Expatriate Staff in the Textile, Garment and Clothing
    Industry between Jerash Garments of Fashions Manufacturing Company Limited and Wei Yang dated as of January 5, 2017</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> 10.8 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; text-align: justify"> Sale Agreement, dated as of March 31, 2006,
                                    by and between Jerash Garments and Fashions Manufacturing Company Limited and Victory Apparel
                                    (Jordan) Manufacturing Company Limited </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> 10.9 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; text-align: justify"> Dissolution of Agreement, dated as of June
                                    30, 2016, between Jerash Garments and Fashions Manufacturing Company Limited and Victory Apparel
                                    (Jordan) Manufacturing Company Limited </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> 10.10 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Rental Agreement, dated as of October 3, 2016, by and between Ford Glory International Limited
                                    and Treasure Success International Limited </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">21</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">List of Subsidiaries</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">23.1</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Consent of Independent Registered Public Accounting Firm</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">23.2</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Consent of Harter Secrest &amp; Emery LLP (included in Exhibit 5.1)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">24.1</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Power of Attorney (included on signature page)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>To be filed by amendment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">+</TD><TD>Indicates a management contract or compensatory plan, contract or arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt">2.</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt"><b>Financial Statement Schedules</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">No
financial statement schedules are provided, because the information called for is not required or is shown either in the financial
statements or the notes thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 17. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 7%"> &nbsp; </td>
    <td style="width: 7%"> <FONT STYLE="font-size: 10pt">i.</FONT> </td>
    <td style="width: 86%; text-align: justify"> <FONT STYLE="font-size: 10pt">To include any prospectus required by section
    10(a)(3) of the Securities Act of 1933.</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</td>
    <TD STYLE="width: 7%"><font style="font-size: 10pt">ii.</font></td>
    <TD STYLE="width: 86%; text-align: justify"><font style="font-size: 10pt">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</td>
    <TD STYLE="width: 7%"><font style="font-size: 10pt">iii.</font></td>
    <TD STYLE="text-align: justify; width: 86%"><font style="font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> 2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purposes of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a
form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to
Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B
or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement
as of the date it is first used after effectiveness. <I>Provided</I>, <I>however</I>, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> 5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> &nbsp; </P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 7%"> &nbsp; </td>
    <td style="width: 7%"> <FONT STYLE="font-size: 10pt">i.</FONT> </td>
    <td style="width: 86%; text-align: justify"> <FONT STYLE="font-size: 10pt">For purposes of determining any liability under
    the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement
    in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4)
    or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared
    effective.</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%"> &nbsp; </td>
    <TD STYLE="width: 7%"> <FONT STYLE="font-size: 10pt">ii.</FONT> </td>
    <TD STYLE="text-align: justify; width: 86%"> <FONT STYLE="font-size: 10pt">For the purpose of determining any liability under the Securities
    Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
    <I>bona fide</I> offering thereof.</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to
the provisions above, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public
policy as expressed in the Securities Act, and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities, other than the payment by us of expenses incurred or paid by one of our directors, officers, or controlling persons
in the successful defense of any action, suit or proceeding, is asserted by one of our directors, officers, or controlling persons
in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification is against public
policy as expressed in the Securities Act, and we will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement on Form S-1 to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Kowloon, in Hong Kong, on this 21<SUP>st</SUP> day
of August 2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2"><font style="font-size: 10pt"><b>JERASH HOLDINGS (US), INC.</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%">&nbsp;</td>
    <td style="width: 5%">&nbsp;</td>
    <td style="width: 45%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">By:</font></td>
    <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ Choi Lin Hung</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Choi Lin Hung</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">President</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Pursuant
to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons
on behalf of the </FONT>registrant<FONT STYLE="background-color: white"> and in the capacities and on the dates indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="width: 34%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Signature</B></FONT> </td>
    <TD NOWRAP STYLE="width: 3%"> &nbsp; </td>
    <TD NOWRAP STYLE="width: 34%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Title</B></FONT> </td>
    <TD NOWRAP STYLE="width: 1%"> &nbsp; </td>
    <TD NOWRAP STYLE="width: 28%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Date</B></FONT> </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">/s/
    Choi Lin Hung</FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-size: 10pt">President, Treasurer and Director</FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt">August 21, 2017</FONT> </td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Choi Lin Hung</B></FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">/s/
    Richard J. Shaw</FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt">August 21, 2017</FONT> </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Richard J. Shaw</B></FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-size: 10pt">(Principal Financial Officer and Principal Accounting
Officer)</FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt">*</FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-size: 10pt">Vice President, Secretary and Director</FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt">August 21, 2017</FONT> </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Wei Yang</B></FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; text-decoration: none; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 10pt">*By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
    Choi Lin Hung </FONT> </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: top"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt"> <B>Choi Lin Hung</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt"> Attorney-in-fact </P></td>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"> &nbsp; </td>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> &nbsp; </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="background-color: white"><B>INDEX
TO EXHIBITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Exhibit
    </B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>Number</B></FONT> </td>
    <td style="vertical-align: top; width: 1%; text-align: center"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Description</B></FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">2.1*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Equity Contribution Agreement, dated as of May 11, 2017, by and among (i) Jerash Holdings
    (US), Inc., (ii) Merlotte Enterprises Limited, Lee Kian Tjiauw and Ng Tsze Lun, and (iii) Maxim Partners LLC, Dayspring Capital
    LLC, HSE Capital Partners, LLC, GH Global Enterprises, LLC and Asset Intelligence Limited</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">2.2*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Agreement and Plan of Merger, dated as of May 11, 2017, by and between Global Trend Investments
    Limited and Jerash Holdings (US), Inc.</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">3.1*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Certificate of Incorporation</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">3.2*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-indent: 1.05pt; text-align: justify"> <FONT STYLE="font-size: 10pt">Certificate of Amendment to the Certificate of Incorporation,
    dated as of January 13, 2017</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">3.3*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Certificate of Amendment to the Certificate of Incorporation, dated as of May 11, 2017</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">3.4*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Certificate of Merger, dated as of May 11, 2017</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">3.5*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Bylaws</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">4.1*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Form of Common Stock Certificate</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">5.1**</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Legal Opinion of Harter Secrest &amp; Emery LLP</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.1*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Securities Purchase Agreement, dated as of May 15, 2017, by and between Jerash Holdings
    (US), Inc., Lee Kian Tjiauw and the purchasers signatory thereto.</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.2*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Registration Rights Agreement, dated as of May 15, 2017, by and between Jerash Holdings
    (US), Inc. and the purchasers signatory thereto</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.3*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Form of Warrant</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.4*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Letter Agreement for Banking Facilities, dated as of May 29, 2017, by and between The
    Hongkong and Shanghai Banking Corporation Limited and Treasure Success International Limited</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.5*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Letter Agreement for Invoice Discounting / Factoring Agreement, dated as of June 5, 2017,
    by and between The Hongkong and Shanghai Banking Corporation Limited, Treasure Success International Limited, Choi Lin Hung,
    Ng Tsze Lun, Jerash Garments and Fashions Manufacturing Company Limited, and Jerash Holdings (US), Inc.</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.6*+</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Consulting Agreement, dated as of May 26, 2017, by and between Jerash Holdings (US),
    Inc., and LogiCore Strategies, LLC</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.7+</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Unified Employment Agreement for Expatriate Staff in the Textile, Garment and Clothing
    Industry between Jerash Garments of Fashions Manufacturing Company Limited and Wei Yang dated as of January 5, 2017</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.8</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Sale Agreement, dated as of March 31, 2006, by and between Jerash Garments and Fashions
    Manufacturing Company Limited and Victory Apparel (Jordan) Manufacturing Company Limited</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.9</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Dissolution of Agreement, dated as of June 30, 2016, between Jerash Garments and Fashions
    Manufacturing Company Limited and Victory Apparel (Jordan) Manufacturing Company Limited</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">10.10</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Rental Agreement, dated as of October 3, 2016, by and between Ford Glory International
    Limited and Treasure Success International Limited</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">21*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">List of Subsidiaries</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">23.1</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Consent of Independent Registered Public Accounting Firm</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">23.2*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Consent of Harter Secrest &amp; Emery LLP (included in Exhibit 5.1)</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">24.1*</FONT> </td>
    <td> &nbsp; </td>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Power of Attorney (included on signature page)</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">*</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Previously
                                         Filed.</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">**</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">To
                                         be filed by amendment</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">+</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Indicates a management contract
or compensatory plan, contract or arrangement.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.25in">&nbsp;</P>


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<TYPE>EX-10.7
<SEQUENCE>2
<FILENAME>v473663_ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.5pt; text-align: right; text-indent: -18.5pt"><B>Exhibit
10.7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.5pt; text-align: right; text-indent: -18.5pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 8.15pt 0pt 0; text-align: center; text-indent: 0in"><B>Unified
Employment Agreement for Expatriate Workers in the Textile, Garment and Clothing Industry </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 8.15pt 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 1.5pt; text-align: center; text-indent: -0.5pt">Issued
pursuant to Article 15 of the Collective Agreement No. 39/2013 signed on 28/5/2013 between the Jordan Garments, Accessories and
Textiles Exporters&rsquo; Association, the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 1.5pt; text-align: center; text-indent: -0.5pt">Association
of Owners of Garment Factories and Workshops, and the General Trade Union of Workers in Textile, Garment and Clothing Industries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 1.5pt; text-align: center; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 1.5pt; text-align: center; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; padding: 5pt; text-indent: 0; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">Jordan Garments,
Accessories and Textiles Exporters&rsquo; Association</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">The Association
of Owners of Garment Factories and Workshops</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">The General
Trade Union of Workers in Textile, Garment and Clothing Industries</P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 1.5pt; text-align: center; text-indent: -0.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 1.5pt; text-align: center; text-indent: -0.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 1.5pt; text-align: center; text-indent: -0.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">First Party</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Employer: Jerash Garments
&amp; Fashions Manufacturing Co. Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Represented by Mr. /
Ms.: Ala&rsquo;a Nawaf Awaisheh</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Address: Al-Tajamouat
Industrial Estate &ndash; Sahab</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Telephone: 00962 775757138</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.15pt 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">Second Party</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Employee: Wei Yang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Date of Birth (Day/ Month/
Year) :1 Oct 1982</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Nationality: Chinese</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Passport number: G55400584</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Address: Abdun -Amman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">Telephone: 00962 775757350</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">Both parties
hereby agreed that the Second Party (hereinafter referred to as the &ldquo;Employee&rdquo;) will be employed by the First Party
(hereinafter referred to the &ldquo;Employer&rdquo;), under the supervision and management of the First Party in return for a wage
and in accordance with the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: left"><B>The Employment Agreement: </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">The agreement
shall be drafted in Arabic and the Employee's native language and three original copies shall be signed by both the Employer and
the Employee. Both parties shall maintain one original copy of the agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: left"><B>Term of Employment: </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">Both parties
agreed that the duration of this employment agreement is 3 years, wherein the term of employment shall commence on the date of
the Employee&rsquo;s arrival in the Hashemite Kingdom of Jordan (hereinafter referred to as &ldquo;Jordan&rdquo;) taking into consideration
the issuance of work permits according to the procedures followed by the Ministry of Labour. The employer shall fulfill the legal
requirements related to the issuance of residency and work permits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: left"><B>Job Description and Location of Employment: </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify">The Employee shall be employed in the profession of Deputy General Manager and shall be committed
to performing his/her duties and responsibilities as required by the nature of the work and according to the instructions issued
by the Employer or his/her representative.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify">The Employee&rsquo;s workplace shall be at the Employer&rsquo;s enterprise in the administration
area. The Employer has the right to relocate the Employee to other branches of the enterprise within Jordan, provided that the
Employee shall be informed in writing one week prior to the date of relocation, without prejudice to the Employee&rsquo;s financial
entitlements, and after receiving approval from the Ministry of Labour.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.35pt 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.35pt 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Employment and
                                         Travel Arrangements</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">The Employer shall complete the recruitment process including the Employee's
travel arrangements. The Employee shall not be subject to any charges or fees except for the official fees incurred in his/her
home country. The Employee confirms his/her awareness that he/she is not obliged to pay any fees to any party other than the official
fees in his/her home country.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">The Employer shall:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">Make the proper reception and transportation arrangements from the point
of the Employee's arrival in Jordan to his/her place of employment free of any charges.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">Provide the Employee with a free plane ticket from the Employee's home
country to Jordan upon employment, in addition to a free return plane ticket to the Employee's home country either at the end of
the contract or at the termination of the employment relationship, subject to section 4/b/3 of this agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">If the Employee terminates the employment relationship illegally before
completing one full year of employment, the Employer shall not be obliged to cover the full cost of the return plane ticket to
the Employee&rsquo;s home country. In this situation, the Employer shall cover a proportion of the cost of the return plane ticket
which shall be equivalent to the proportion of the total term of employment completed by the Employee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Wage and Working
                                         time/Employer's Obligation</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">In
return for his/her services, the employer shall provide the employee with the following commitments and benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt"><B>Salary:</B> The Employee shall be paid a monthly salary of 3,900 Jordanian
Dinar (JOD), subject to the terms of the Collective Agreements for the Textile, Garment and Clothing Industry, including the provisions
of annual increases and bonuses stipulated in those agreements and subject to the stipulated tax and social insurance deductions
and any other deductions in accordance with the law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt"><B>In-kind compensation:</B> The Employer shall provide the Employee with
food and accommodation as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">Three daily meals of reasonable quantity and quality, providing adequate
nutrition.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">Free transportation to and from the Employee&rsquo;s place of residence
and the location of employment, providing that the place of residence is one kilometer away or more from the premises of the factory,
subject to the terms of the Collective Agreements for the Textile, Garment and Clothing Industry.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">Shared accommodation shall comply with the relevant legislation governing
worker dormitory standards in Jordan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">In-kind compensation shall be valued according to the Collective Agreements'
terms on attainment of equality in the payment and calculation of wages (No. 47/2014 submitted to the Ministry of Labour on 9/11/2014).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt"><B>Working hours:</B> The normal working hours shall be 8 hours per day
or 48 working hours per week, excluding the time allocated for meal and rest breaks.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt"><B>Payment:</B> The Employee's salary and any overtime payments shall be
paid on a monthly basis within the first 7 days of the following month in cash or by electronic bank transfer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 35.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Bonuses</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">The
Employee may be eligible for performance bonus based on factors including but not limited to individual and company performance
in the sole discretion of the Employer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.5pt; text-align: justify; text-indent: -18.5pt">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Leave</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt"><B>Annual leave:</B> The Employee is entitled to 14 days fully paid annual
leave. The annual leave will be increased to 21 days per year if the Employee remains in service with the Employer for more than
5 consecutive years. Weekends and religious and official holidays are not considered annual leave. The Employee shall be paid for
unused annual leave, if any, no later than the date that he/she completes two years of service, calculated on the basis of the
most recent monthly salary received.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt"><B>Medical leave:</B> The Employee is entitled to 14 days fully paid medical
leave per year, supported by a medical report issued by a doctor who has been approved by the Employer. Medical leave may be renewed
for a further 14 fully paid days during the same year if the Employee is an in-patient in a hospital or with the support of a report
issued by an approved medical committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt"><B>Weekly leave:</B> The Employee is entitled to one fully paid weekly
day of rest, which is Friday unless the nature of the work requires otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Social Security</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">The provisions
of the Social Security Law, its amendments, and the regulations and instructions issued pursuant thereto shall be applied with
regard to social security contributions, entitlements and occupational injuries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Healthcare</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">The Employer
shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">Make arrangements for a preliminary medical examination, as well as routine
medical examinations in accordance with the Instructions for Workers&rsquo; Medical Examinations, issued pursuant to the Labour
Law of Jordan, as well as the official form issued by the Ministry of Labour for the purpose of these examinations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">Provide the Employee with services to diagnose and treat any acute illnesses
(illnesses with an abrupt onset lasting for a short term) free of any charges to the Employee, and this includes the cost of medication.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Work Permits, Residency Permits and Identification
Documents</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 106.65pt 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 106.65pt 0pt 0; text-align: left; text-indent: -0.5pt">The Employer
shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 106.65pt 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">Not withhold any of the Employee&rsquo;s identification documents including the passport, residency
permit and work permit.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">Obtain annual work and residency permits for the Employee for the duration of employment, free
of any charges to the Employee, even if the contract is prematurely terminated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.85pt 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Non-discrimination</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 1.15pt">The Employer shall not discriminate between the Employee and other employees
on the basis of race, colour, sex, religion, political opinion, nationality or social origin, subject to section 13/b of this agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 1.15pt">The addendum of the Collective Barging Agreement with the General Trade
Union of Workers in Textile, Garment and Clothing Industries on Attainment of Equality in the Payment and Calculation of Wages
(No. 47/2014 submitted to the Ministry of Labour on 9/11/2014) shall be implemented.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Union Organization
                                         and Collective Bargaining</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">An Employee who wishes to join the General Trade Union of Workers in Textile,
Garment and Clothing Industries shall complete the membership form attached to this agreement and submit it to the Employer after
the work permit is issued, under the condition that the membership form is written in a language understood by the worker.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">The Employer shall:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">Respect the rights of the Employee to freedom of association and collective
bargaining as stipulated in the Labour Law of Jordan and its amendments, including the right to join the General Trade Union of
Workers in Textile, Garment and Clothing Industries without harassment, interference or retaliation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">If the Employee is a member of the General Trade Union of Workers in Textile,
Garment and Clothing Industries, provide the union with the name of the worker and his/her passport number in the first month of
every year for the duration of the employment relationship.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Provision of
                                         Information to the Employee&rsquo;s Embassy</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0; text-align: justify; text-indent: 0in">The Employer
shall provide the Embassy of the Employee&rsquo;s country in Jordan with the name of the Employee and his/her passport number in
the first month of every year for the duration of the employment relationship.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Disciplinary
                                         Measures</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">The Employer may take disciplinary measures against the Employee or impose
fines on the Employee in accordance with the list of penalties which has been approved by the Minister of Labour or his/her authorized
representative.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">The Employer shall inform the Employee about the conditions set out in
the factory by-laws which have been approved by the Minister of Labour or his/her authorized representative.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Confidentiality</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Employee undertakes
not to disclose any confidential information regarding commercial, financial or technical information at the Employer&rsquo;s enterprise
for any reason during the employment relationship and after its termination. The Employer has the right to terminate the employment
of the Employee if he/she discloses any such information and may seek compensation from the Employee for losses arising from such
disclosure. Confidential information includes all non-public information pertaining to commercial, financial or technical aspects
of the Employer&rsquo;s business that, if disclosed, might be of use to the Employer&rsquo;s competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Termination
                                         of the Employment Agreement</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">The employment relationship may be terminated under any of the following conditions:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">If both parties mutually agree to terminate the employment relationship.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">If the term of employment has ended, or the work itself has ended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">If the Employee dies or acquires a disability or injury which prevents
him/her from carrying out the duties of his/her position, as proven by a report issued by a medical authority.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">If the Employee&rsquo;s age exceeds the retirement age specified in the
Social Security Law of Jordan, unless both parties mutually agree to continue the employment relationship.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">If the Employer terminates the employment agreement before the term of employment has ended, or
the Employee terminates the employment agreement for one of the reasons set out in Article 29 of the Labour Law of Jordan, the
Employee shall be entitled to all the rights and dues specified in the contract, including salary, benefits and other amounts due
to the Employee in accordance with the law, in addition to an amount equivalent to the total value of the Employee&rsquo;s wages
for the remainder of the term of employment, provided that the contract has not been terminated in accordance with Article 28 of
the Labour Law of Jordan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify"><IMG SRC="image_001.gif" ALT="" STYLE="height: 21px; width: 1px">If the Employee terminates the
employment agreement under circumstances which do not fall under the provisions of Article 29 of the Labour Law of Jordan, the
Employer may seek compensation for losses or damages incurred as a result of the termination of the contract, the value of which
shall be determined in a court of competent authority, provided that the compensation does not exceed half of the total value of
the Employee&rsquo;s wages for the remainder of the term of employment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Termination
                                         Settlement</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Upon
termination of the employment relationship, the Employee will be entitled to a prompt settlement of all outstanding payments,
including salary and overtime payments, which should be completed within seven days of the Employee&rsquo;s final day of employment.
The Employer shall provide the Employee with accommodation and meals until his/her travel proceedings are completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 9pt; text-align: justify; text-indent: -40.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Death</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.55pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">The
Employer and the Employee agree that in the event of the death of the Employee during the period of employment,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">The Employer shall notify the Embassy of the Employee&rsquo;s home country
within 24 hours and cover the costs of the body&rsquo;s repatriation to his/her home country.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">The Employer shall pay all outstanding dues owed to the Employee to the
Employee's lawful heirs or any authorized person with an official power of attorney certified by the government of the Employee&rsquo;s
home country. The Employer shall inform the Embassy of the Employee&rsquo;s home country about any such payment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Dispute Settlement</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">All dispute settlement procedures shall be in line with the Labour Law
of Jordan and the Collective Agreements for the Textile, Garment and Clothing Industry.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; padding-right: 17.45pt">The courts of the Hashemite Kingdom of Jordan shall have the authority
to solve any disputes arising in relation to the application, interpretation or execution of this agreement. Claims related to
terms or conditions of this employment agreement shall be filed before the courts of competent authority in the place of employment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Declaration</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">The Employer
and Employee hereby declare that they fully understand the provisions of this employment agreement. Both parties sign and retain
a copy of this employment agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt"><I>Signature of Employer </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Head of Human Resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Ala&rsquo;a Nawaf Awaisheh</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">Date: 1/5/2017
(Day/Month/Year)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt"><I>Signature of Employee </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Wei Yang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">Date: 1/5/2017
(Day/Month/Year)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;<BR CLEAR="ALL"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Membership
Form for the General Trade Union of Workers in Textile, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.3pt 0pt 0.5pt; text-align: center; text-indent: -0.5pt"><B>Garment
and Clothing Industries </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.3pt 0pt 0.5pt; text-align: center; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.35pt 0pt 0.5pt; text-align: center; text-indent: -0.5pt"><B>In
accordance with Provision 13 of the Unified Employment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.35pt 0pt 0.5pt; text-align: center; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; text-align: center; text-indent: -0.5pt"><B>Agreement
for Expatriate Workers in the Textile, Garment and Clothing Industry </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; text-align: center; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.75pt 0pt 0; text-align: center; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.75pt 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">The union
protects the rights of workers in textile, garment and clothing industries. It offers health and social services to its members.
It also works to improve workers&rsquo; economic, professional and cultural situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">In case of
disputes raised between the worker and the employer, the union negotiates with the employers and any related governmental entities
to guarantee its members the rights. By monitoring the working conditions, the union guarantees a safe working environment for
its members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt"><B>The union membership
fee is 0.5 JDs/month (6 JDs/year) and is directly deducted from workers&rsquo; salaries on a monthly basis. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt"><B>Would you like to
be member of the union? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt"><STRIKE>Yes</STRIKE> / No&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt"><B>Name: Wei Yang &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"><B>Signature:</B></TD><TD STYLE="text-align: left"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt"><B>Date: 1 May 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt">&nbsp;&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>3
<FILENAME>v473663_ex10-8.htm
<DESCRIPTION>EXHIBIT 10.8
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.8</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SALE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Between:-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>First Party</B>&#9;Jerash Garments &amp;
Fashions Manufacturing Co. Ltd. A duly registered company at the Companies Controller under number 6434 and conducting its business
in Jordan, hereinafter referred to as the &ldquo;Seller&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>And</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Second Party</B>&#9;Victory Apparel
Jordan Garments Manufacturing Co., Ltd. A duly registered company at the Companies Controller under number 10790 and conducting
its business in Jordan, hereinafter referred to as the &ldquo;Buyer&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whereas the Second Party is specialized
in garments manufacturing and has filed an application to Jordan Investment Board in order to obtain exemptions in connection with
its objects at Al Tajamouat Industrial City.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And Whereas, the Second Party in order
to conduct its business and comply with the regulations, has offered the First Party to purchase all of its machinery &amp; equipment,
motor vehicles, software and immovable property at Al Tajamouat Industrial City plot</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">number 1340 parcel 3 of AlRakim city at
the South Amman Land and the building built on, hereinafter referred to as the &ldquo;Assets&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And Whereas, the First Party agreed to
sell its Assets to the Second Party: Therefore, the two parties agreed to sell and buy the said Assets in accordance with the hereunder
terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The aforementioned recitals are considered an integral part of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The Seller sold its Assets for a total consideration of Jordanian Dinars One Million Nine Hundred
Ninety Six Thousand Six Hundred Thirty Two and Cents Thirty (JD1,996,632.30) (hereafter referred to as &ldquo;Price&rdquo;) and
the Buyer bought the Assets for the said Price. The Price comprises of the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Machinery, Equipment and Tools, Motor Vehicles and Software (hereafter referred to as &ldquo;Machinery&rdquo;)
for an amount equal to Jordanian Dinars One Million Six Hundred Forty Six Thousand Six Hundred Thirty Two and Fils Thirty (JD1,646,632.30).
The Machinery is to be handed over immediately.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Land and Building (hereinafter referred to as the &ldquo;Property&rdquo;) for an amount equal to
Jordanian Dinars Three Hundred and Fifty Thousand (JD350,000)</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">The seller shall hold the Property UPON TRUST for the Buyer and undertakes to immediately transfer
said Property in accordance with the Buyer&rsquo;s instructions. It is the buyer&rsquo;s discretion to decide when the Property
to be transferred.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Seller shall bare all fees, taxes and expenses imposed on the Assets by the public authorities
until the date of this Agreement. The Buyer shall bare all fees, taxes and expenses imposed on the Assets by the public authorities
one day after the date of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">This Agreement will be governed by and construed in all respects in accordance with the English
Laws and each party submits to the exclusive jurisdiction of the English Courts.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">The titles and subtitles of the various sections and paragraphs of this Agreement are inserted
for convenience, and shall not be deemed to affect the meaning of construction of any of the terms, provisions, covenants and conditions
of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">The language in all parts of this Agreement shall in all cases be construed simply according to
its fair meaning and not strictly for or against either party.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">Is agreed that if any provision of this Agreement is capable of two constructions, one of which
would render the provision void and the other of which would render the provision valid, then the provision shall have the meaning
which renders it valid.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">Any notice or consent required by this Agreement shall be in writing and either personally delivered
or mailed by register or certified mail, return receipt requested to such party at its address specified hereunder or to such other
address as such party may designate by notice given in accordance herewith. Such notices shall be deemed delivered on the date
of receipt, or upon attempted delivery if acceptance if delivery is refused.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify">Neither this Agreement nor any provisions thereof many be modified , waived, discharged or terminated
orally, but only by writing signed by the party to be charged. A waiver of any provision by either party to this Agreement shall
be valid only in the instance for which given and shall not be deemed continuing; further, any such waiver shall not be construed
as a waiver of any other provision of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify">Each party to this Agreement represents, agrees and warrants that it will perform all other acts
and execute and deliver all other documents that may be necessary or appropriate to carry out the intent and purpose of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify">This Agreement may be executed in any number of counterparts, each of which shall be deemed to
be an original and all of which together shall be deemed to be one and the same instrument.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>INTENDING TO BE LEGALLY BOUND</B>,
the parties hereto have caused this Agreement to be executed as of the date and year written below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">FIRST PARTY</TD>
    <TD STYLE="width: 50%; text-align: justify">SECOND PARTY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Jerash Garments &amp; Fashions</TD>
    <TD STYLE="text-align: justify">Victory Apparel Jordan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Manufacturing Co., Ltd</TD>
    <TD STYLE="text-align: justify">Manufacturing Co. Ltd</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Date: 31 March 2006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>4
<FILENAME>v473663_ex10-9.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.9</B></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dissolution of Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With reference to the Sale Agreement of Machinery Equipment,
Motor Vehicles, Software and Immovable Property at Al Tajamouat Industrial City plot number 1340 parcel 3 of AlRakim city at the
South Amman Land entered into by Jerash Garments &amp; fashions manufacturing Company L.L. as the Seller and Victory Apparel Jordan
Garments Manufacturing Company L.L. as the buyer, according to article 241 of Jordan&rsquo;s Civil Code, the contracting Parties
hereby mutually and amiably consent to dissolve the said Agreement as of 30 Jun June 2016 with no further financial and /or any
other obligations whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signed this day 30 of June 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jerash Garment &amp; Fashions Manufacturing Company L.L. (Seller)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Choi Lin Hung</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Victory Apparel Jordan Garments Manufacturing Company L.L (Buyer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eric Tang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>5
<FILENAME>v473663_ex10-10.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.10</B></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THIS AGREEMENT</B> is made on the 3<SUP>rd</SUP> day of October
2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BETWEEN:-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Ford Glory International Limited whose registered office is situate at 19/F, Ford Glory Plaza, 37-39 Wing Hong Street, Cheung
Sha Wan, Kowloon, Hong Kong (the &quot;Landlord&quot;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Treasure Success International Limited whose registered office is situate at 19/F, Ford Glory Plaza, 37-39 Wing Hong Street,
Cheung Sha Wan, Kowloon, Hong Kong (the &quot;Tenant&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREBY IT IS AGREED as follows:-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0">1.&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">The Landlord lets and the Tenant takes ALL THAT the premises more particularly described and set out in the First Schedule hereto (the &quot;Property&quot;) which forms part of the building more particularly described in the First Schedule hereto (the &quot;Building&quot;) TOGETHER with all rights easements and appurtenances thereto belonging or usually held and enjoyed therewith for the term (the &quot;Term&quot;) and at the rent (the &quot;Rent&quot;) more particularly set out in the Second Schedule hereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">2.</TD>
    <TD STYLE="padding: 0; text-indent: 0">The Tenant to the intent that the obligations may continue throughout the Term hereby created agrees with the Landlord as follows:-</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><FONT STYLE="font-size: 10pt">To pay the Landlord the Rent at the time and in manner aforesaid, and to pay all charges for
telephone in respect of the Property and to make all necessary deposits for the supply of the said services when required.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><FONT STYLE="font-size: 10pt">If any defects or want of repair shall be found and if the Landlord shall give or leave a notice
in writing at the Property requiring the Tenant to amend the same and if the Tenant shall not within 7 days after the service of
such notice proceed diligently with the execution of such repairs then to permit the Landlord to enter upon the Property and execute
such repairs and the cost thereof (the amount thereof in case of difference to be determined by the Landlord's agent) shall be
borne by the Landlord.</FONT></TD></TR></TABLE>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><FONT STYLE="font-size: 10pt">To use the Property for office/commercial purposes only.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><FONT STYLE="font-size: 10pt">Not to do or permit to be done in or upon the Property or any part thereof anything which may
be or become a nuisance, annoyance, damage or disturbance to the Landlord or the Tenant or occupiers of other property in the neighborhood
or anywise against the law or regulations of Hong Kong. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD><FONT STYLE="font-size: 10pt">Not to keep or store or cause or permit or suffer to be kept or stored any arms ammunitions gun-powder
saltpetres kerosene or hazardous goods in the Property or do or cause to be done or suffer or permit any act deed matter or thing
whatsoever which shall amount to a breach or non-observance of the terms and conditions under which the Property is held from the
Government.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD><FONT STYLE="font-size: 10pt">Not to use the Property or allow the same to be used for illegal or immoral purposes.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD><FONT STYLE="font-size: 10pt">Quietly to yield up the Property at the expiration or sooner determination of the tenancy in
good clean and tenantable repair fair wear and tear excepted.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD><FONT STYLE="font-size: 10pt">To observe and perform and not to contravene any of the terms covenants and conditions contained
in the Government Lease under which the Property is held from the Government.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD><FONT STYLE="font-size: 10pt">Not to place any box dust bins articles or cause obstruction in the corridor or passage way of
the Building or in any place which is not hereby exclusively let to the Tenant.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD><FONT STYLE="font-size: 10pt">Not to do anything which may render the insurance of the Property or the Building void or voidable
or which may render the premium for such insurance liable to increase and the Tenant shall make payment of any such increased premium.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font-size: 10pt">3.</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">The Landlord hereby agrees with the Tenant as follows:-</TD></TR>
</TABLE>


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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><FONT STYLE="font-size: 10pt">That the Tenant paying the Rent hereby stipulated and observing and performing the several stipulation
herein contained and on its part to be observed and performed shall peacefully hold and enjoy the Property during the Term without
any interruption by the Landlord or any person lawfully claiming through under or in trust for him.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><FONT STYLE="font-size: 10pt">To pay charges for water, gas and electricity in respect of the Property, costs of cleaning,
maintenance and repair in respect of any part of the Property, any government assessments, management fees, property taxes or similar
charges payable on the Property.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font-size: 10pt">4.</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">PROVIDED ALWAYS and IT IS HEREBY EXPRESSLY AGREED as follows:-</TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><FONT STYLE="font-size: 10pt">If the Rent hereby stipulated or any part thereof shall remain unpaid for 15 days after becoming
payable (whether legally demanded or not) or if the Tenant or other person in whom for the time being the term hereby created shall
be vested shall failed to observe or perform any of the conditions herein in any material respect or shall become bankrupt or enter
into any composition or arrangement with creditors or suffer any prosecution in respect of the non-payment of any money due to
the Government then and in any of the said cases it shall be lawful for the Landlord at any time thereafter to re-enter upon the
Property or any part thereof in the name of the whole and thereupon this Agreement shall absolutely determine but without prejudice
to any right of action of the Landlord in respect of any breach of the Tenant's terms and conditions herein contained and a written
notices served by the Landlord on the Tenant or left at the Property to the effect that the Landlord exercise the power of re-entry
hereinbefore contained shall be a full and sufficient exercise of such power notwithstanding any statutory or common law provisions
to the contrary.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><FONT STYLE="font-size: 10pt">Any notice required to be served hereunder shall be sufficiently served on the Tenant if delivered
to it at its registered office by registered mail. A notice sent by registered mail shall be deemed to be given at the time sighed
by the receiving party.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><FONT STYLE="font-size: 10pt">For the purposes of this Agreement any act default or omission of the agents servants and customers
of the Landlord or the Tenant shall be deemed to be the act default or omission of the Landlord or the Tenant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0">5.</TD>
    <TD STYLE="padding: 0; text-indent: 0">Within seven (7) days from the date of this Agreement, the Tenant shall pay to the Landlord the Deposit as more particularly set out in the Second Schedule hereto to secure the due observance and performance by the Tenant of the agreements stipulations and conditions contained in this Agreement and on the part of the Tenant to be observed and performed. The Deposit shall be retained by the Landlord throughout the Term and the currency of this Agreement without payment of any interest to the Tenant. In the event of any breach or non-observance or non-performance by the Tenant of any of the agreements, stipulations, terms or conditions of this Agreement in any material respect the Landlord shall be entitled (without prejudice to any other right or remedy hereunder) to terminate this Agreement and to deduct from the Deposit the amount of any loss reasonably incurred by the Landlord in consequence of the breach, non-observance or non-performance by the Tenant of this Agreement in which event the Tenant shall as a condition precedent to the continuation of the tenancy hereby created within seven (7) days&rsquo; written notice by the Landlord or its agent deposit with the Landlord the amount so deducted and if the Tenant shall fail so to do the Landlord shall forthwith be entitled to re-enter on and upon the Property or any part thereof in the name of the whole and to determine this Agreement in which event the Deposit may be forfeited to the Landlord by way of liquidated damages without prejudice to any other right or remedy hereunder. If any deduction is made by the Landlord from the Deposit during the Term the Tenant shall within seven (7) days following demand by the Landlord make a further deposit equal to the amount deducted and failure by the Tenant so to do shall entitle the Landlord to re-enter the Property and to terminate this Agreement. Subject as aforesaid the Deposit shall be refunded to the Tenant by the Landlord without interest within [thirty] days after the expiration or termination of this Agreement and the delivery of vacant possession to the Landlord and after the settlement of the last outstanding claim by the Landlord against the Tenant in respect of any arrears of Rent and telephone charges and any material breach, non-observance or non-performance of any of the agreements, stipulations, terms and conditions herein contained and on the part of the Tenant to be observed and performed whichever shall be the later.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">6.</TD>
    <TD STYLE="padding: 0; text-indent: 0">The stamp duty on this Agreement and its counterpart shall be borne by the Landlord and the Tenant in equal shares.</TD></TR>
</TABLE>


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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AS WITNESS the hands of the parties hereto the day and year
first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNED by</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ford Glory International Limited</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of the Landlord</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 2in; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt 0">/s/ Mr. Li Ming Hung</P>


</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signature(s)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNED by the Tenant</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasure Success International Limited</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNED by</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 2in; border-bottom: Black 1pt solid">/s/ Mr. Choi Lin Hung</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signature(s)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of the Tenant</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FIRST SCHEDULE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Property:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">approximately 1,200 square feet of 19/F, Ford Glory Plaza, 37-39
Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SECOND SCHEDULE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year with 1 year option of unchanged rent</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 October 2016 to 2 October 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rent</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$21,600 per month (payable on the first day of each and every month inclusive of management fees, rates and government rent) and without any set-off and/or deduction)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$43,200</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>v473663_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="v473663_ex23-1img1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the use in this Amendment No.
1 to the Registration Statement on Form S-1 of Jerash Holdings (US), Inc., of our report dated August 18, 2017, with respect to
the consolidated balance sheets of Jerash Holdings (US), Inc., subsidiaries and affiliate as of March 31, 2017 and 2016, and the
related consolidated statements of income and comprehensive income, changes in equity and cash flows for each of the years in the
two-year period ended March 31, 2017, included in this Registration Statement. We also consent to the reference to our firm under
the heading &ldquo;Experts&rdquo; in such prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/ Friedman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">August 21, 2017</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;<IMG SRC="v473663_ex23-1img2.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>v473663_ex23-1img1.jpg
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