NOTE－11
RELATED PARTIES BALANCES AND TRANSACTIONS
As of March 31, 2025 and 2024, the balance of due to related parties
was comprised of advance from the Company’s related parties and was used for working capital during the Company’s normal course
of business. Such advance was non-interest bearing and due on demand.
The
amount due from/to related parties, consisted of the following:
SCHEDULE OF DUE FROM/TO RELATED PARTIES, NET
| | |
2025 | | |
2024 | |
| | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| | |
$’000 | | |
$’000 | |
| | |
| | |
| |
| Amount due from related parties: | |
| | | |
| | |
| Non-current amount: | |
| | | |
| | |
| - Soon Aik Global Pte Ltd(3) | |
| 1,274 | | |
| 1,295 | |
| Amount due from related parties:
Non-current | |
| 1,274 | | |
| 1,295 | |
| | |
| | | |
| | |
| Current amount: | |
| | | |
| | |
| - EU Group Pte Ltd(1) | |
| 194 | | |
| 29 | |
| - Fleetzone Autoparts (M) Sdn Bhd(3) | |
| 212 | | |
| - | |
| - Oceania Power & Solutions Pty Ltd(2) | |
| - | | |
| 2 | |
| - Kiwami Corporation(2) | |
| 1 | | |
| - | |
| - Branded Filters Pty Ltd(2) | |
| - | | |
| - | |
| - Soon Aik Global Pte Ltd(3) | |
| 1,673 | | |
| 1,395 | |
| Amount
due from related parties: Current | |
| 1,673 | | |
| 1,395 | |
| | |
| | | |
| | |
| Amount due from related parties | |
| 3,354 | | |
| 2,721 | |
| | |
| | | |
| | |
| Amount due to related parties: | |
| | | |
| | |
| - EU Group Pte Ltd(1) | |
| (455 | ) | |
| (125 | ) |
| - PT Heavy Machindo Diesel(2) | |
| - | | |
| (1 | ) |
| - N-United Pte Ltd(2) | |
| (1,400 | ) | |
| (1,226 | ) |
| - Soon Aik Global Pte Ltd(3) | |
| (3,246 | ) | |
| (4,418 | ) |
| - Jurong Barrels & Drums Industries Pte Ltd(1) | |
| (1 | ) | |
| - | |
| - Auto Saver Pte Ltd(3) | |
| (110 | ) | |
| (133 | ) |
| - Fleetzone Autoparts (M) Sdn Bhd(3) | |
| (208 | ) | |
| (235 | ) |
| - Director(4) | |
| (47 | ) | |
| (739 | ) |
| | |
| | | |
| | |
| Amount due to related parties | |
| (5,467 | ) | |
| (6,877 | ) |
The
related parties are controlled by the common directors of the Company as follows:
| (1) |
Jimmy
Neo owns a 50.0% equity stake in EU Holdings Pte Ltd, which in turn is the parent entity of EU Group Pte Ltd and Jurong Barrels &
Drums Industries Pte Ltd. |
| (2) |
CE
Neo is the sole owner of Soon Aik Holdings Pte Ltd (“SA Holdings”) and N-United Pte Ltd (“N-United”). SA
Holdings is the parent entity of Spare-Parts Zone (Australia) Pty Ltd. Branded Filters Pty Ltd, and an associated entity with Oceania
Power & Solutions Pty Ltd. in Australia. N-United is the parent entity of PT Heavy Machindo Diesel in Indonesia and Kiwami Corporation
in Japan |
| (3) |
Soon
Aik, the parent entity of the Company and is also the parent entity of Auto Saver Pte Ltd and Fleetzone Autoparts (M) Sdn Bhd. |
| (4) |
Jimmy
Neo is the executive director and chief executive office of the Company, and owns a 25.0% equity stake in the controlling shareholder,
Soon Aik Global Pte. Ltd. |
In
the ordinary course of business, for the financial years ended December 31, 2025, 2024 and 2023, the Company was involved in certain
transactions, either at cost or current market prices and on the normal commercial terms with related parties. The following table provides
the transactions with these parties for the financial years as presented (for the portion of such period that they were considered related):
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES
| | |
2025 | | |
2024 | | |
2023 | |
| | |
Financial Years Ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Nature of transactions | |
$’000 | | |
$’000 | | |
$’000 | |
| | |
| | |
| | |
| |
| Sale of products | |
| | | |
| | | |
| | |
| - Spare-Parts Zone (Australia) Pty Ltd(2) | |
| 764 | | |
| 554 | | |
| 289 | |
| - Branded Filters Pty Ltd(2) | |
| 474 | | |
| 658 | | |
| 633 | |
| - Jurong Barrels & Drums Industries Pte Ltd(1) | |
| 7 | | |
| - | | |
| - | |
| - Auto Saver Pte Ltd(3) | |
| 236 | | |
| 231 | | |
| 243 | |
| - PT Heavy Machindo Diesel(2) | |
| 702 | | |
| 644 | | |
| 882 | |
| - Oceania Power & Solutions Pty Ltd(2) | |
| 75 | | |
| 69 | | |
| 179 | |
| - Soon Aik Global Pte Ltd(3) | |
| 1 | | |
| - | | |
| - | |
| Sale of products | |
| 1 | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
| Sundry income | |
| | | |
| | | |
| | |
| - Spare-Parts Zone (Australia) Pty Ltd(2) | |
| - | | |
| - | | |
| - | |
| - Branded Filters Pty Ltd(2) | |
| 17 | | |
| - | | |
| - | |
| - Auto Saver Pte Ltd(3) | |
| - | | |
| - | | |
| 4 | |
| - Oceania Power & Solutions Pty Ltd(2) | |
| 6 | | |
| 25 | | |
| 25 | |
| - PT Heavy Machindo Diesel(2) | |
| 5 | | |
| - | | |
| - | |
| - Soon Aik Global Pte Ltd(3) | |
| - | | |
| - | | |
| - | |
| Sundry income | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
| Purchases | |
| | | |
| | | |
| | |
| - Branded Filters Pty Ltd(2) | |
| 176 | | |
| 99 | | |
| 490 | |
| - PT Heavy Machindo Diesel(2) | |
| 1,399 | | |
| 1,334 | | |
| 1,293 | |
| - Oceania Power & Solutions Pty Ltd(2) | |
| 257 | | |
| 62 | | |
| 176 | |
| - Jurong Barrels & Drums Industries Pte Ltd(1) | |
| - | | |
| - | | |
| 1 | |
| - Auto Saver Pte Ltd(3) | |
| 1 | | |
| - | | |
| - | |
| - Kiwami Corporation(2) | |
| 23 | | |
| - | | |
| - | |
| Purchases | |
| 23 | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
| Expenses | |
| | | |
| | | |
| | |
| - EU Group Pte Ltd(1) | |
| 559 | | |
| 549 | | |
| 545 | |
| - Branded Filters Pty Ltd(2) | |
| - | | |
| - | | |
| 8 | |
| - Oceania Power & Solutions Pty Ltd(2) | |
| - | | |
| - | | |
| 2 | |
| - Jurong Barrels & Drums Industries Pte Ltd(1) | |
| 1 | | |
| - | | |
| - | |
| - Soon Aik Global Pte Ltd(3) | |
| 181 | | |
| 150 | | |
| 172 | |
| - Auto Saver Pte Ltd(3) | |
| 243 | | |
| 310 | | |
| 332 | |
| - Fleetzone Autoparts (M) Sdn Bhd(3) | |
| 28 | | |
| 28 | | |
| 22 | |
| - PT Heavy Machindo Diesel(2) | |
| - | | |
| - | | |
| - | |
| - Kiwami Corporation(2) | |
| - | | |
| - | | |
| - | |
| - N-United Pte Ltd(2) | |
| 43 | | |
| 12 | | |
| - | |
The
related parties are controlled by the common directors of the Company as follows:
| (1) |
Jimmy
Neo owns a 50.0% equity stake in EU Holdings Pte Ltd, which in turn is the parent entity of EU Group Pte Ltd and Jurong Barrels &
Drums Industries Pte Ltd. |
| (2) |
CE
Neo is the sole owner of Soon Aik Holdings Pte Ltd (“SA Holdings”) and N-United Pte Ltd (“N-United”). SA
Holdings is the parent entity of Spare-Parts Zone (Australia) Pty Ltd. Branded Filters Pty Ltd, and an associated entity with Oceania
Power & Solutions Pty Ltd. in Australia. N-United is the parent entity of PT Heavy Machindo Diesel in Indonesia and Kiwami Corporation
in Japan |
| (3) |
Soon
Aik, the parent entity of the Company and is also the parent entity of Auto Saver Pte Ltd and Fleetzone Autoparts (M) Sdn Bhd. |
Apart
from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other
significant or material related party transactions for the financial years presented.
|