Cover 1 - Apollo Hospitals Dhaka

Annual Report’ 11
29. Related party disclosure :
During the year the Company carried out a number of transactions with related parties in the normal course of
business at arms' length basis. Names of those related parties, nature of those transactions and their total value have
been set out in accordance with the provisions of BAS-24: Related Party Disclosure.
Name of Related
Party
STS Education
Group Ltd.
Nature of
Relationship
Common
Directorship
Nature of
Transaction
Proportionate corporate
office expenses
Transaction
Value
Taka
Outstanding
Balance
Taka
Terms and
conditions
12,600,000 - Mutual
understanding
30. Contingent Liabilities and Commitments :
30.1 The Company has a contingent liability for the guarantee issued by Dutch Bangla Bank Ltd., Gulshan Branch and
Southeast Bank Ltd., Gulshan Branch in favor of National Board of Revenue for Tk. 34,204,210 as there is a dispute
with the customs authority regarding the duty exemption facilities pursuant to the SRO
No.133-Aain/2005/2069/Sulko dated 02/06/2005 issued by the National Board of Revenue (NBR).
30.2 The Company has no capital expenditure commitments.
30.3 There is no claim against the company acknowledged as debt.
Figures in Taka
31.12.2011 31.12.2010
31. Number of employees engaged
The number of employees engaged for the whole year or part thereof who received a total remuneration of
Tk.36,000 and above were as follows:
Management 7 12
Staff 1,730 1,330
Total 1,737 1,342
32. Remittances in foreign currency
31.12.2011 31.12.2010
In USD Taka In USD Taka
Operational management fee -1% Revenue 272,394 22,193,156 241,959 17,019,488
Operational management fee (Fixed) 79,870 6,507,355 81,349 5,720,000
Franchise fee 979 79,802 1,024 71,500
353,243 28,780,313 324,332 22,810,988
The fees were paid to Apollo Hospitals Enterprise Ltd., India by virtue of Operations Management and Franchise
Agreement. Remittances has been made after deduction of applicable income tax.