Krida 2011

Financial Statements
With Independent Auditors Report
PT KRIDA MAKMUR BERSAMA

March 31, 2011
(Rupiah Currency)
Financial Statements
With Independent Auditors' Report
For the Year Ended March 31, 2011
Table of Contents
Page
Independent Auditors Report
Financial Stetments:
Statement of Financial Position
Statements of Comprehensive Income
Statements of Changes in Stockholders Equity
Statements of Cash Flows
Notes to Financial Statements
***************
5-14
INDEPENDENT AUDITORS REPORT

Report No. A11-YB/LDAI/AUNU/601
The Stockholders and the Board of Directors
We have audited the accompanying balance sheets of PT Krida Makmur Bersama as of March 31,
2011 and the related statements of income, changes in stockholders equity and cash flows for the
years then ended. These financial statements are the responsibility of the Companys management.
Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards established by the Indonesian
Institute of Certified Public Accountants. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of PT Krida Makmur Bersama as of March 31, 2011, the results of its operations
and changes in equity for the years then ended in conformity with generally accepted accounting
principles in Indonesia.
RAMA WENDRA
Registered Public Accountants
Yosef Kresna Budi, CPA

Public Accountant License No. 09.1.1025
May 15, 2012
NOTICE TO READERS
The accompanying financial statements are intended to present the financial position, results of operations and cash flows in
accordance with accounting principles and practices generally accepted in Indonesia and not those of any other jurisdiction.
The standards, procedures and practices to audit such financial statements are those generally accepted and applied in Indonesia.
Balance Sheets
March 31, 2011
(Expressed in Rupiah)
Notes
2011
ASSETS
NON CURRENT ASSETS
Due from related party
2c,2d,3
9,973,467,025
TotalNon Current Assets
9,973,467,025
TOTAL ASSETS
9,973,467,025
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accrued expenses
Tax payables
4
2f,5a
35,100,000
650,000
Total Current Liabilities
35,750,000
TOTAL LIABILITIES
35,750,000
STOCKHOLDERS' EQUITY
Capital stock Rp 1,000,000 par value
Authorized 10,000 shares
Issued and fully paid 10,000 shares
Retained earnings Current Year
10,000,000,000
(62,282,975)
Stockholders' equity
9,937,717,025
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
9,973,467,025
See accompanying notes to the financial statements which are an integral part
of the financial statements taken as a whole
Statements of Comprehensive Income

For the Years Ended March 31, 2011
Notes
2011
REVENUES
2e
COST OF SALES
2e
GROSS PROFIT
OPERATING EXPENSES
General expenses and administration
62,282,975
INCOME (LOSS) FROM OPERATIONS
(62,282,975)
LOSS BEFORE INCOME TAX
(62,282,975)
INCOME TAX EXPENSES
Current tax
2f, 5b
CURRENT NET LOSS
COMPREHENSIVE LOSS
(62,282,975)
Statements of Changes in Stockholders Equity

Capital
Stock
Balance March 31, 2010
Paid in capital
Stockholders
Equity
10,000,000,000
10,000,000,000
(62,282,975)
(62,282,975)
10,000,000,000
(62,282,975)
9,937,717,025
Net Loss year 2011

Balance March 31, 2011
Retained
Earnings
Statements of Cash Flows

2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
Adjustment for:
Adjustment for employee benefit
Operating cash flows before changes in working
capital
(62,282,975)
(62,282,975)
Changes in working capital:

Deferred Operating expenses
Accrued Expenses
Tax payables
Total changes in working capital
35,100,000
650,000
35,750,000
Net Cash Generated from Operating Activities

CASH FLOWS PROVIDED BY (USED IN)
FINANCING ACGTIVITIES
Increase in due from /due to capital
Paid in capital
(26,532,975)
(9,973,467,025)
10,000,000,000
Net Cash Flows Provided by (Used in)

Financing Activities
26,532,975
NET INCREASE (DECREASE) IN CASH AND

BANK
CASH AND BANKS AT BEGINNING OF THE

YEAR
CASH AND BANKS AT END OF THE YEAR

1.
GENERAL
PT Krida Makmur Bersama, was established in Indonesia based on notarial deed No.101
dated February 24, 2010 of Khairu Subhan, SH. and has been approved by the Ministry of
Justice and Human Right of the Republic of Indonesia in its decision letter number AHU32685.AH.01.01.TH.2011 dated July 29, 2010.
In
accordance
by The
Coordinating
Board
for
Investments
letter
No.
02741/1/PPM/PMA/2010 dated December 09, 2010, the company changed in the company's
status from non-Foreign Direct Investment firms or non-Domestic Investment (NonPMA/PMDN) to Foreign Direct Investment (PMA), at Jl Pahlawan No 1 RT.26,Samarinda.
According to article No. 3 Articles of the Association, Companys scope of business consist of
trading, services and mining.
The Member of the Company's Commissioners and Directors as of March 31, 2011 are as
follows:
March 31, 2011
Board of Commissioners
Head of Commissioner
Commissioner
Board of Directors
President Director
Director
2.
Mr. Sumit Surjawela

Mr. Yusi Ananda
Mr. Dev Sindhu
Mr. Haji. Sayyid Rachmat Taufiq
Mr. Ajay Pujani
Mr. Vrit Pal Sindhu
Mr. Saurabh Sindhu
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a.
Basis of financial statements

The financial statements have been prepared based on the financial accounting
standards in Indonesia on the historical cost basis of accounting.
The statement of cash flows present receipts and disbursements of cash on hand and in
bank classified into operating, investing and financing activities. Cash flows from
operating activities are presented using the indirect method.
New accounting standarts
the following amendments to standards are mandatory for the first time for the year
beginning January 1, 2011.
-
PSAK No.1 : Presentation of Financial Statements

Entities can choose whether to present one perfomance statemet (the statement of
comprehensive income) or two statements (the income statement and statement of
comprehensive income). The company has elected to present one statement. The
interim financial statements have been prepared under the revised disclosure
requirements.

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a.
Basis of financial statements (continued)

New accounting standarts (continued)
-
PSAK No.3 : Interim Financial Reporting

The standard requires the interim financial report to contain a statement of
comprehensive income for the interim period reported and the year-to-date
presented as either in one statement or two statements. Statement of
comprehensive income comparatives should be given for the comparative interim
period, but comparatives for the last full financial year are not required. The interim
financial statements have been prepared under the revised disclosure requirements.
PSAK No.5 : Operating Segments

The standard requires the entities to disclosure information that enable users of the
financial statements to evaluate the nature and financial effects of the business
activities. The standard also enhances the definition of operating segment and the
proceduress used to identify and report operating segment. It requires a
management approach under which segment information is presented on the
same basis as that used for internal reporting purposes. This has not resulted in
additional reportable segment presented. The company operates and manages the
business in single segment which utilizes the existing network infrastructures.
Operating segment is reported in a manner consistent with the internal reporting
provided to the chief operating decision maker. The chief operating decision maker
has been identified as the board of directors that makes strategic decision.
PSAK No.6 : Development Stage Enterprises

The standard requires the accounting treatment and reporting for development
stage enterprises. Generally accepted accounting principles are applied to every
development stage enterprise,either in recognizing revenue or in determining
whether costs should be expensed, or is to becapitalized or deferred for
amortization in future periods. Deferral of costs is limited to thosethat provide a
future benefit, including organization set up costs.
The financial statements should be identified as those of a development stage
enterprise and contain a description of the nature of the development stage
business activities.
PSAK No. 7 : Related Party Disclosures

The standard enhances the guidance of disclosure of related party relationships,
transactions and outstanding balance, including commitments. It also makes clear
that a member of the key management personnel is related party, which in turn
requires the disclosures of each category of renumeration and compensation of the
key management personnel. The company has evaluated its related party
relationships.
The adoption of those standarts did not have a material impact on the results of the
company. In addition, the company has disclosed information of financial statements
presentation, operating segments and related party disclosures as required by the
standards.

2.

a.
Basis of financial statements (continued)

New accounting standarts (continued)
The following new standards, amandmets to standars and interpretations are
mandatory for the first time for the financial year beginning January 1, 2011, but are
not currently relevant or did not have material impact for the company:
-
PSAK 2 (Revised 2009), Statement of Cash Flow.

PSAK 4 (Revised 2009), Consolidated and Separate Financial Statement.
PSAK No. 8 (Revised 2011), Events After the Reporting Period.
PSAK 12 (Revised 2009), Interest in Joint Ventures.
PSAK 15 (Revised 2009), Investments in Associates.
PSAK 19 (Revised 2011), Intangible Assets.
PSAK 22 (Revised 2011), Business Combinations.
PSAK 23 (Revised 2011), Revenue.
PSAK 25 (Revised 2009), Accounting Policies, Changes in Accounting
Estimates and Errors.
PSAK 48 (Revised 2009), Impairment of Assets.
PSAK 57 (Revisi 2009), Provisions, Contingent Liabilities and Contingent
Assets.
PSAK 58 (Revisi 2009), Non-Current Assets Held for Sale and Discontinued
Operations.
ISAK 7 (Revisi 2009): Consolidation of Special Purpose Entities.
ISAK No. 9 : Changes in Existing Decommissioning Restoration and Similiar
Liabilities.
ISAK No.10 : Customer Loyalty Program.
ISAK No.11 : Distributions of Non-Cash Assets to Owners.
ISAK No.12 : Jointly Controller Entities-Non monetary Contributions by
Venturers.
ISAK No.14 : Intangible Assets website costs.
ISAK 17 : Interim Financial Reporting and impairment.
ISAK No.13 : Hedges of a Net Investment in a Foreign Operation.
ISAK No.15 : PSAK 24 The limit on a defined Benefits Assets, Minimum
Funding Requirements and their Interaction.
ISAK No.16 : Service Concession Agreement.
ISAK No.18 : Government Assistance No Specific Relation to Operating
Activities.
ISAK No.20 : Income Taxes Changes in the Tax Status of an Entity or its
Shareholders.

2.

b.
Indonesian currency transactions and balances

Transactions involving currencies other than Indonesian Rupiah are translated to
Indonesian Rupiah at the rates of exchange prevailing at the time the transactions are
made. At balance sheet date, monetary assets and liabilities denominated in currencies
other than Indonesian Rupiah are adjusted to Indonesian Rupiah to reflect the prevailing
rates of exchange at such date as published by Bank Indonesia. The resulting gains or
losses are credited or charged to operations of the current years.
As of March 31, 2011, the exchange rates used to convert to Rupiah were:
2011
US Dollar
c.
8,709
Related Party Transactions

Related party represents a person or an entity who is related to reporting entity :
(a) A person or a close member of the persons family is related to a reporting entity if
that person :
(i)
(ii)
(iii)
Has control or joint control over the reporting entity;

Has significant influence over the reporting entity; or
Is a member of the key management personnel of the reporting entity or of a
parent of the reporting entity.
(b) An entity is related to reporting entity if any of the following conditions applies :
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
The entity and the reporting entity are members of the same Company
(which means that each parent, subsidiary and fellow subsidiary is related to
the others).
One entity is an associate or joint venture of the other entity (or an associate
or joint venture of a member of a Company of which the other entity is a
member ).
Both entities are joint ventures of the same third party.
One entity is a joint venture of a third entity and the other entity is an
associate of the third entity.
The entity is a post-employement benefit planfor the benefit of employees of
either the reporting entity or an entity related to the reporting entity. If the
reporting entity is itself such a plan, the sponsoring employers are also
related to the reporting entity.
The entity is controlled or jointly controlled by a person identified in (a).
A person identified in (a)(i) has significant influence over the entity or is a
member of the key management personnel of the entity (or of a parent of the
entity).

2.

d.
Financial Instruments
The Company financial statements are prepared in accordance with the
Statement of Financial Accounting Standards (PSAK) No.50 (Revised 2006),
Financial Instruments: Presentation and Disclosures which aim to establish
principles for the presentation and disclosure of financial instruments as liabilities or
equity and for offsetting financial assets and financial liabilities. This
statement
applies to the classification of financial instruments, from the
perspective of the
issuer, into financial assets, financial liabilities and equity instruments, the
classification of related interest, dividends, losses and gains,
and
the
circumstances in which financial assets and financial liabilities should be
offset. The principles in this statement complement the principles for recognizing
and measuring financial assets and financial liabilities in PSAK No.55 (Revised
2006) on Financial Instruments: Recognition and Measurement.
The following terms are used in PSAK No.50, among others:
1. A financial instrument is any contract that adds value to the Companys financial
assets and financial liabilities or equity instrument of another entity.
2. Financial assets issued by other entities:
a. cash;
b. financial instruments issued by other entities;
c. contractual rights
d. contracts that will or may be resolved by using the equity instruments
issued by the Company and are:
- Non-derivative which the Company must or may be required to receive an
amount of money which varies from the equity instruments issued by the
Company; or
- a derivative that will or may be settled other than by exchanging a certain
amount of cash or other financial assets with a certain amount of equity
instruments issued by the Company.
3. A financial liability is any liability in the form of:
a.
contractual obligations;
- to deliver cash or another financial asset to another entity; or
- to exchange financial assets or financial liabilities with another entity
with potentially unfavourable conditions to such entities.
contracts
that will or may be resolved by using the equity instruments
b.
issued by the Company.
4. A financial instrument is any contract that gives residual rights over the
assets of an entity after deducting all its liabilities.
5. Fair value is the value at which an asset could be exchanged or a liability settled
between the parties to understand and willing to undertake a fair transaction.

2.

d.
Financial Instruments (continued)

Transactions in financial instruments may result in the Company bearing or
transfering to other parties one or more financial risks. Disclosures are required to
provide information to assist users of financial statements in assessing the level of
risk associated with financial instruments.
1. Market risk comprises three types of risk:
contractual obligations
interest rate risk above fair value
price risk
2. Credit risk
3. Liquidity risk
4. Interest rate on cash flows
For each group of financial assets, financial liabilities and equity instruments, the
Company discloses:
1. Information about the scope and nature of financial instruments, including the
terms and conditions that are significant that may affect the amount, timing, and
certainty of future cash flows, and
2. Accounting policies and methods used, including recognition criteria and
measurement methods applied.
In addition to PSAK No.50 (Revised 2006), the Companys financial statements have
been prepared based on PSAK No.55 (Revised 2006). The purpose of this statement
is to set basic principles for recognizing and measuring financial assets, financial
liabilities and some contracts to buy or sell non-financial items.
There are four categories of financial instruments which are stated in PSAK No.55,
namely:
1. Amortized cost of the financial asset or financial liability is the value of the financial
asset or financial liability measured at initial value minus principal payments, plus
or
minus the cumulative amortization using the effective interest rate method,
calculated from the difference between the initial value and the maturity value,
and net decrease (either directly or using estimated reserve) to
reduce the
value or the value that cannot be collected.
2. Active interest rate method is a method used to calculate the amortized cost of
financial assets or financial liabilities and the method for allocating interest
income or interest expense over the relevant period.
3. Discontinuation of recognition is the removal of financial assets or financial
liabilities that were previously recognized from the balance sheet of the Company.
4. Fair value is the value at which an asset could be exchanged or a liability settled
between the parties who understand and are willing to undertake a fair transaction.
5. Transaction costs are the additional costs that are directly attributable to the
acquisition, issue or disposal of financial assets or financial liabilities. Additional
costs are the costs that would not happen if the Company does not acquire,
publish or otherwise dispose of financial instruments.
10

2.

e.
Revenue and Expenses Recognition

Revenue from sales is recognized when the services have been rendered to customers.
Expenses are recognized when these are incurred.
f.
Income Tax
The Company adopted PSAK No. 46, Accounting for Income Taxes which requires the
recognition of deferred tax assets and liabilities for the expected future consequences of
temporary differences between tax basis and financial reporting basis of assets and
liabilities, including accumulated fiscal loss that can be compensated.
Deferred tax assets arising from tax losses are recognized when it is probable that
taxable profits will be available against which the unused tax losses carry-forward can
be utilized.
11

3.
DUE FROM RELATED PARTY

This account consists of:
2011
PT Mesra Prima Coal
Yusi Ananda
9,972,467,025
1,000,000
Total
9,973,467,025
This account represent receivable for purchasing shares of PT Krida Makmur Bersama by PT
Mesra Prima Coal and Mr Yusi Ananda, This transaction is non agreement, non interest
bearing, non collateralized and payable upon demand.
4.
ACCRUED EXPENSES
2011
Legal and profesional fee
35,100,000
Total
35,100,000
12

5.
TAXATION
a. Taxes payable
These accounts consist of:
2011
Withholding tax article 23
650,000
Total
650,000
b. Current tax expense

The reconciliation between tax expense (income) and the theoretical tax amount on the
Companys profit before income tax for the year ended March 31, 2011 are as follows:
2011
Profit (loss)
Profit before income tax
Permanent differences
Income already subjected to final income tax
Estimated taxable income
per tax wise (Net)
(62,282,975
(62,282,975
The computation of the estimated corporate income tax payable is as follows:

2011
Current Tax
Prepayment of income taxes
Corporate income tax payable
The company does not recognize the deferred tax assets from estimated taxable loss
benefit since the future taxable profit to be compensated against current taxable loss
can not be estimated.
13

6.
CAPITAL STOCK
Based on notarial deed No. 02 dated January 28, 2011 of Dian Pertiwi, SH Authorized capital
of the Company is 10,000 shares with nominal value of IDR 1,000,000 per share or
equivalent to Rp 10.000.000.000. Total issued and paid up shares and the stockholders
composition as of March 31, 2011 are as follows:
Stockholders
PT Mesra Prima Coal
Mr. Yusi Ananda
Total
7.
Percentage
Of Ownership
Number of Shares
Total value
99,99%
0,01%
9,999
1
9,999,000,000
1,000,000
100%
10,000
10,000,000,000
GENERAL EXPENSES AND ADMINISTRATION

2011
Legal and profesional charges
59,032,975
Input tax credit
3,250,000
Total
8.
62,282,975
FAIR VALUE PRESENTATION OF FINANCIAL ASSETS

Fair value is the amount for which an asset could be exchanged or liability settled between
knowledgeable and willing parties in an arm's length transaction.
The table below describes the carrying amounts and fair value of financial assets and
liabilities that are presented by the Company at fair value as of March 31, 2011
Book value
March 31, 2011
Financial Assets
14
Fair value
March 31, 2011
Due from related party
9,973,467,025
15
9,973,467,025

Krida 2011

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Financial Statements

With Independent Auditors Report

PT KRIDA MAKMUR BERSAMA

Statements of Comprehensive Income

Statements of Changes in Stockholders Equity

Statements of Cash Flows

Notes to Financial Statements

INDEPENDENT AUDITORS REPORT

Yosef Kresna Budi, CPA

May 15, 2012

TotalNon Current Assets

LIABILITIES AND STOCKHOLDERS' EQUITY

Total Current Liabilities

Issued and fully paid 10,000 shares

Retained earnings Current Year

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

Statements of Comprehensive Income

INCOME (LOSS) FROM OPERATIONS

LOSS BEFORE INCOME TAX

INCOME TAX EXPENSES

CURRENT NET LOSS

Statements of Changes in Stockholders Equity

Net Loss year 2011

Statements of Cash Flows

Changes in working capital:

Net Cash Generated from Operating Activities

Net Cash Flows Provided by (Used in)

NET INCREASE (DECREASE) IN CASH AND

CASH AND BANKS AT BEGINNING OF THE

Notes to Financial Statements

Mr. Sumit Surjawela

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of financial statements

PSAK No.1 : Presentation of Financial Statements

Notes to Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Basis of financial statements (continued)

PSAK No.3 : Interim Financial Reporting

PSAK No.5 : Operating Segments

PSAK No.6 : Development Stage Enterprises

PSAK No. 7 : Related Party Disclosures

Notes to Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Basis of financial statements (continued)

PSAK 2 (Revised 2009), Statement of Cash Flow.

Notes to Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Indonesian currency transactions and balances

Related Party Transactions

Has control or joint control over the reporting entity;

Notes to Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Notes to Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial Instruments (continued)

Notes to Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue and Expenses Recognition

Notes to Financial Statements

DUE FROM RELATED PARTY

Notes to Financial Statements

b. Current tax expense

The computation of the estimated corporate income tax payable is as follows: