ANNUAL REPORT 2015 |
173
NOTES TO THE FINANCIAL STATEMENTS
30 June 2015 (cont’d)
33. RELATED PARTIES DISCLOSURES
(a) Identities of related parties
Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party or
exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group
and the party are subject to common control or common significant influence. Related parties could be individuals or
other entities.
The Company has controlling related party relationship with its direct and indirect subsidiaries.
Related parties other than those disclosed elsewhere in the financial statements and their relationship with the Group are
as follows:
Related parties
Relationship
Cassardi International Co. Ltd.
A company in which a major shareholder of VR Directions Sdn. Bhd., a
subsidiary of the Company, Boonnam Boonnamsap has substantial financial
interests.
Long Bow Manufacturing (S) Pte. Ltd.
A company in which a Director, who is also a major shareholder of the
Company, and a director of subsidiaries of the Company, has substantial
financial interests.
Bonia International Holdings Pte. Ltd.
A company in which a Director, who is also a major shareholder of the
Company has substantial financial interests.
BIH Franchising Limited
A company in which a Director, who is also a major shareholder of the
Company has substantial financial interests.
Lianbee Marketing (M) Sdn. Bhd.
A company in which certain directors, who are also directors of Lianbee-Jeco
(M) Sdn. Bhd. and major shareholders of Jeco (Pte) Limited, subsidiaries of
the Company, have substantial financial interests.
(b) In addition to the transactions and balances detailed elsewhere in the financial statements, the Group and the Company
had the following transactions with related parties during the financial year:
Group
Company
2015
2014
2015
2014
RM’000
RM’000
RM’000
RM’000
Rental income received/receivable from subsidiaries
-
-
2,179
2,179
Gross dividends received from subsidiaries
-
-
16,043
76,905
Management fees paid/payable to a subsidiary
-
-
1
1
Agency fees paid/payable to a subsidiary
-
-
7
5
Administrative fee received/receivable from subsidiaries
-
-
20
-
Royalties paid/payable to:
- Cassardi International Co. Ltd.
927
894
-
-
- Bonia International Holdings Pte. Ltd.
3,166
907
-
-
- BIH Franchising Limited
-
1,971
-
-
Rental expense paid/payable to:
- Long Bow Manufacturing (S) Pte. Ltd.
1,670
1,392
-
-
- Lianbee Marketing (M) Sdn. Bhd.
180
230
-
-
The related parties transactions described above were carried out in the normal course of business on recurrent basis,
have been established under negotiated and mutually agreed terms.
