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NATURAL COOL HOLDINGS LIMITED
Annual Report 2011 102
Notes to the Financial Statement
For the year ended 31st December 2011
30 Related parties (Continued)
Transactions with key management personnel (Continued)
Key management personnel and director transactions
A number of key management personnel, or their related parties, hold positions in other entities that
result in them having control or signifcant infuence over the fnancial or operating policies of these
entities.
The terms and conditions of the transactions with key management personnel and their related
parties were no more favourable than those available, or which might reasonably be expected to
be available, on similar transactions to non-key management personnel related entities on an arm’s
length basis.
The aggregate value of transactions and outstanding balances relating to key management
personnel and entities over which they have control or signifcant infuence were as follows:
Director Transaction
Transaction value
Year ended 31
December
Balance outstanding
As at 31 December
Note 2011 2010 2011 2010
$ $ $ $
William da Silva Legal fees (i) 25,000 6,500 – –
Services rendered – (6,555) – –
(i) The Group used the legal services of William da Silva in relation to advice over the sale of certain properties and other
matters of the Group. Amounts were billed based on normal market rates for such services and were due and payable
under normal payment terms.
From time to time, directors of the Group, or their related entities, may purchase goods from the
Group. These purchases are on the same terms and conditions as those entered into by other Group
employees or customers.
Other related party transactions
Group
2011 2010
$ $
Related parties
Sale of goods 3,026 181,948
Purchase of goods 487,500 818,629
Directors of the Company and subsidiaries
Bank facilities secured by personal guarantees from 3 directors of
a subsidiary and a director of the Company 305,579 678,062
Obligations under fnance leases guaranteed by a director of
the Company 3,081 34,090