Annual Report 2011 - Colombo Stock Exchange

Beruwela Walk Inn PLC 33Notes to the Financial StatementsYear ended 31 st December 201121. RELATED PARTY DISCLOSURES21.1 Transactions with Key Management Personnel (“KMP”)21.1.4 The shareholding of the KMP are as follows:Name of the DirectorNo. of SharesMr. Kaliappapillai Soundararajan – Director 11,000 1Mr. Mahinda P. Haradasa – Director 1,000The names of the Directors of the Company, who are also Directors of other companies of Banyan TreeGroup are as follows:Name of DirectorsName of the CompanyMr. Ariel P Vera Banyan Tree Holdings Limited and certaincompanies in Banyan Tree GroupMr. See Hock Lye EddyCertain companies in Banyan Tree GroupMr. Chong Kim Seng PaulCertain companies in Banyan Tree GroupMr. Mahinda P. HaradasaBanyan Tree (Private) Limited21.2 Transactions with Close Family Members 2 of KMPThere were no transactions with the Close Family Members 2 of KMP during the year.21.3 Dealings with Related Parties21.3.1 Amount due to related companies as at 31 st December 2011 as follows (see Note 15):Banyan Tree Holdings Limited Rs. 416,012,363Banyan Tree (Private) Limited Rs. 12,449,575a) On 1 st January 2011, the Company entered into a Loan Agreement with Banyan Tree HoldingsLimited to renew a Loan facility of US$ 2,384,317 at an interest rate of 7% per annum. Therewere no collaterals offered by the Company to Banyan Tree Holdings Limited.b) On 1 st January 2011, the Company entered into a Loan Agreement with Banyan Tree (Private)Limited to renew a Loan facility of Rs. 4,351,627 at an interest rate of 7% per annum. There wereno collaterals offered by the Company to Banyan Tree (Private) Limited.21.3.2 The outstanding balances with related parties are not secured.21.3.3 No provisions were made for bad and doubtful debts against any related parties.21.3.4 Banyan Tree Holdings Limited has invested in 79.85% of the stated capital of the Company and theaccounts of the Company are consolidated with that of Banyan Tree Holdings Limited.1Shares held jointly.2Close members of the family of an individual are those that may be expected to influence, or be influenced by, thatperson in their dealings with the Company.