RELATED PARTY TRANSACTIONS |
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| RELATED PARTY TRANSACTIONS | 11. RELATED PARTY TRANSACTIONS
Save as disclosed elsewhere in these consolidated financial statements, the Company had transactions or balance with the following related parties:
The Company’s relationship with related parties who had transactions with the Company are summarized as follows:
Transactions with related parties
In 2025, we offer soil and rock transportation services and management services to Chi Yip for utilization of our tipper trucks and drivers and our efficiency management on tipper trucks drivers while charging service fee based on terms and conditions mutually agreed between the relevant parties. Those related party transactions were conducted in the ordinary course of business of the Company. In 2024, we did not provide soil and rock transportation and site management services to Chi Yip and recorded no revenue from Chi Yip. In 2026, we did not provide site management services to Chi Yip.
The transactions are based on the agreements entered into between the parties involved.
Balances with related parties
The amount due to related parties is non-trade in nature and unsecured, non-interest bearing and repayable on normal credit terms (typically 30 days, but may be longer due to our transaction history). The finance lease liabilities with related parties are non-trade in nature, unsecured and repayable on an agreed schedule. All finance leases with related parties were denominated in Hong Kong dollars and the interest rates of the Company’s obligations under finance leases are fixed at the contract date in the range of 0.54% to 8.44% per annum.
Save as disclosed above, the Company has ongoing relations with related party as noted below:
Chi Yip: The Company has 15 finance leases with Chi Yip. Finance leases entered with Chi Yip require monthly payments in the range of US$1,482 to US$4,308 and the last payment due in January 2029. The aggregate amount paid to Chi Yip amounted to US$315,533 and US$301,979 for the years ended March 31, 2026 and 2025, respectively.
Key terms of the Company’s leases with Chi Yip are as follows:
The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities with Chi Yip as of March 31, 2026:
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