cont'd - KNM Steel Sdn Bhd

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KNM GROUP BERHAD I Annual Report 201297Notes to the Financial Statements (cont’d)27. Related parties (Cont’d)Identity of related parties (cont’d)Controlling related party relationships are as follows:(i) Its subsidiaries companies as disclosed in Note 31.(ii) Its associates as disclosed in Note 6.(iii) Its jointly-controlled entities as disclosed in Note 7.(iv)(v)(vi)The substantial shareholders of the Company, Inter Merger Sdn. Bhd..Inter Merger Sdn. Bhd. and IM Bina Sdn. Bhd., companies in which the directors, Lee Swee Eng andGan Siew Liat have substantial financial interest.Tofield Realty Development Corporation, wholly-owned subsidiary of Asiavertek Sdn. Bhd. of which LeeSwee Eng and Gan Siew Liat have substantial financial interest.(vii) Nasser Hazza is an entity controlled by Mohammed Nasser Hazza Al Fehaid Al Subaei, a director ofSaudi KNM Ltd.(viii) KPS Technology & Engineering LLC, a company in which Lee Swee Eng is a substantial shareholder.(ix)Key management personnel.Related party transactions have been entered into in the normal course of business under negotiated terms.The significant related party transactions of the Group and the Company are shown below:GroupCompany2012 2011 2012 2011RM’000 RM’000 RM’000 RM’000A. SubsidiariesManagement fees received – – (7,894) (4,589)Loan interest received – – (22,650) (22,813)Dividend income – – – –B. AssociatesKNM Projects (Thailand) Co. LtdAdministrative and other supportservices (227) (297) – –Contract billing payable 639 – – –Interest receivable (273) – – –Finance charges receivable (161) – – –
98KNM GROUP BERHAD I Annual Report 2012Notes to the Financial Statements (cont’d)27. Related parties (Cont’d)GroupCompany2012 2011 2012 2011RM’000 RM’000 RM’000 RM’000C. Jointly controlled entitiesKNM Petrosab EngineeringSdn. Bhd.Interest receivable (108) (402) – –Finance charges receivable (149) (414) – –Contract billing receivable 223 – – –Contract billing payable (319) – – –Administrative and other supportservices (105) – – –KPN Gas Technology Sdn. Bhd.Contract billing receivable (8,628) (3,639) – –Contract billing payable 24,605 14,187 – –Verwater KNM Sdn. Bhd.Contract billing payable – 506 – –KNM Grinaker-LTA (Proprietary) LtdAdministrative and other supportservices (252) (335) – –Contract billing receivable (109) – – –Interest receivable (271) – – –D. Related partiesInter Merger Sdn. Bhd.Rental of premises 1,209 1,209 – –Administrative charges 675 617 – –IM Bina Sdn. Bhd.Contract billing payable 7,727 8,010 – –Tofield Realty DevelopmentCorporationGeneral Mechanical and engineering 489 488 – –Nasser HazzaGeneral Mechanical and engineering – 1,317 – –Advances – 1,790 – –Civil works – 2,704 – –KPS Technology & Engineering LLCAdministrative and other supportservices 200 919 – –
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