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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2022
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE－13 RELATED PARTY TRANSACTIONS In the ordinary course of business, during the financial years ended December 31, 2022, 2021 and 2020, 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 NATURE OF TRANSACTIONS
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | Financial Years ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Nature of transactions |  | $’000 |  |  | $’000 |  |  | $’000 |
P4 Engineering Industrial Pte Ltd(1) |  |  |  |  |  |  |  |  |  |  |  |
- Sale of goods(1) |  |  | - |  |  |  | 414 |  |  |  | 891 |
- Purchases of goods(1) |  |  | 945 |  |  |  | 640 |  |  |  | 1,906 |
- Land rental(1) |  |  | 404 |  |  |  | 207 |  |  |  | 506 |
Multi Ways Equipment Sdn Bhd(2) |  |  |  |  |  |  |  |  |  |  |  |
- Sale of goods(2) |  |  | - |  |  |  | 151 |  |  |  | 1 |
MWE Investment Pte Ltd(3) |  |  |  |  |  |  |  |  |  |  |  |
- Sale of goods(3) |  |  | 11 |  |  |  | - |  |  |  | - |
Yin Zhan Holding Pte Ltd(4) |  |  |  |  |  |  |  |  |  |  |  |
- Sale of goods(4) |  |  | - |  |  |  | 5 |  |  |  | 488 |
- Purchases of goods(4) |  |  | 413 |  |  |  | 81 |  |  |  | 1,632 |
These related parties are controlled by the common directors and officers of the Company.
(1) | Mr. James Lim, Ms. Lee NG and Ms. Maggie Lim are the directors of P4 Engineering Industrial Pte Ltd. Mr. James Lim and Ms. Lee NG are the shareholders and they hold 100% in P4 Engineering Industrial Pte Ltd.
(2) | Ms. Maggie Lim and Mr. Nick Tan are the directors. Ms. Maggie Lim, Mr. Nick Tan and Mr. James Lim are the shareholders and hold 100% in Multi Ways Equipment Sdn Bhd.
(3) | Mr. James Lim, Ms Lee NG and Ms Maggie Lim are the directors, and they are also the shareholders and hold 88% stake in MWE Investment Pte Ltd.
(4) | Mr. James Lim is the director and shareholder, and he holds 51% stake in Yin Zhan Holding Pte Ltd.
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 during the financial years presented.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI https://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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