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TEHO INTERNATIONAL INC LTD Annual Report 2012 41
Notes to the
Financial Statements
30 June 2012
3. Related Party Relationships and Transactions (Continued)
3.2 Other related parties (Continued):
Significant related party transactions:
In addition to the transactions and balances disclosed elsewhere in the notes to the
financial statements, this item includes the following: -
Group
2012
$
2011
$
Rental expenses paid to a related party 235,584 215,952
3.3 Key management compensation:
Group
2012
$
2011
$
Salaries and other short-term employee benefts 1,267,409 1,008,841
The above amounts are included under employee benefits expense. Included in the
above amounts are the following items:
Group
2012
$
2011
$
Remuneration of directors of the company 1,033,837 789,665
Benefts in kind to directors of the company 83,572 69,176
Fees to directors of the company 150,000 150,000
Further information about the remuneration of individual directors is provided in the
report on corporate governance.
Key management personnel of the group are directors and those persons having
authority and responsibility for planning, directing and controlling the activities of the
company, directly or indirectly. The above amounts for key management compensation
are for all directors and key management personnel.
3. Related Party Relationships and Transactions (Continued)
3.4 Other receivables and payables to related parties:
The trade transactions and trade receivables and trade payables balances arising from
sales and purchases of goods and services are disclosed elsewhere in the notes to the
financial statements.
The movements in other receivables and other payables to related parties are as follows:
Group Company
2012
$
2011
$
2012
$
2011
$
Other receivables from subsidiary:
Balance at beginning of year – – 3,924,346 4,890,045
Amount paid in during the year
– net – – (2,106,200) (965,699)
Balance at end of year (Note 20) – – 1,818,146 3,924,346
Group Company
2012
$
2011
$
2012
$
2011
$
Other payable to directors:
Balance at beginning of year – (73,125) – –
Amount paid out during the year
– net – 73,125 – –
Balance at end of year – – – –
3.5 Commitments and Contingencies:
As at 30 June 2012, the company has contingent liabilities of $62,090,000 (2011:
$59,240,000) in respect of guarantees issued in connection with banking facilities granted
to a subsidiary.