Documentos de Académico
Documentos de Profesional
Documentos de Cultura
FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2017
Page
CURRENT ASSETS
Cash and cash equivalent 5 1,508,712 139,590
Trade accounts receivable 6
Related party 23 520,321 -
Third parties 1,167,037 390,940
Inventories 7 122,910 155,611
Prepaid taxes 8 - 39,167
Prepayments and advances 101,336 69,024
NONCURRENT ASSETS
Deferred tax assets 21 62,069 34,509
Advance for purchase of property, plant and equipment 188,498 188,498
Property, plant and equipment - net of accumulated
depreciation and impairment loss of US$ 5,002,161
at March 31, 2017 and US$ 3,014,636 at March 31, 2016 9 20,895,033 23,406,341
Other noncurrent assets 180,656 177,256
EQUITY
Capital stock - Rp 1,000,000 par value per share
Authorized - 20,000 shares
Subscribed and paid-up - 5,000 shares 14 551,390 551,390
Contributed capital 15 5,000,000 5,000,000
Additional paid-in capital 16 6,130 -
Retained earnings 3,983,171 726,012
-1-
PT INDO PERKASA
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED MARCH 31, 2017
-2-
PT INDO PERKASA
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED MARCH 31, 2017
-3-
PT INDO PERKASA
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED MARCH 31, 2017
2017 2016
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 4,371,104 599,031
Adjustments:
Financial charges 961,817 1,859,597
Depreciation expense 2,154,243 918,462
Employee benefits obligations 87,941 38,284
Loss on disposal of property,plant and equipment 614,736 -
Net Cash Used in Provided by (Used in) Investing Activities (251,541) 82,723
-4-
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED
1. GENERAL
PT Indo Perkasa (“the Company”) was established in Samarinda based on deed No. 03 dated
November 1, 2002 of Hernawan Hadi, S.H., notary in Samarinda. The deed of establishment
was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia in its
Decision Letter No. C-00836 HT.01.01.TH.2003 dated January 16, 2003. The Company’s
articles of association have been amended several times, most recently by deed No. 3 dated
May 20, 2015 of Saint Anderonikus, A.Md, SH, M.Kn., notary in Subang, regarding the change
in the management composition.
The Company is domiciled in Samarinda, East Kalimantan. The Company’s head office is
located at Menara Prima Tower 1 Jl. DR. Ide Anak Agung Gde Agung Blok 6.2, Kawasan
Mega Kuningan, Jakarta.
In accordance with Article 3 of the Company’s Articles of Association, the scope of its activities
is mainly to engage in the coal mining services. The Company started its commercial
operations in 2012. The Company had average total number of employees of 93 and 87 at
March 31, 2017 and 2016, respectively.
The Company belongs to a group of companies owned by Mercator Limited, a group listed on
the National Stock Exchange and Bombay Stock Exchange in India. The Company’s
management at March 31, 2017 is as follows:
Commissioner
President Commissioner : Atul Agarwal
Board of Directors
President Director : Kirtipal Singh Raheja
Directors : Suhadi Zaini
: Handoko Soeseno
b. License
2. Based on Dock Permit Letter No. 552.3/952/Dishub/VII/2011 dated July 1, 2011, the
Government granted permit to the Company to operate a special dock located at the
shipping line of Mahakam River as a mooring facility/dock ship/barge to its own interest
to support the loading/unloading of coal.
In the current year, the Company has applied a new standard, a number of amendments, and
an interpretation to PSAK issued by the Financial Accounting Standard Board of the
Indonesian Institute of Accountants that are relevant to its operations and effective for
accounting period beginning on January 1, 2016.
-5-
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
The new standard specifically prescribes the accounting for tax amnesty asset and
liability in relation to the application of Tax Amnesty Law.
PSAK 70 provides two (2) accounting policy choices for an entity who recognizes assets
and liabilities in relation to the provision of the Tax Amnesty Law based on Declaration
Letter for Tax Amnesty as whether:
The major differences between the two choices are related to the measurement,
presentation, and disclosures of the assets and liabilities and whichever is chosen by an
entity, it has to be consistently applied to all Tax Amnesty assets and liabilities.
The standard is effective on July 1, 2016 consistent with the enactment of the Tax
Amnesty Law.
The application of the following amendments, and interpretation to standards have not
resulted to material impact to disclosures or on the amounts recognized in the current and
prior period financial statements:
New standards, amendments and interpretation effective for periods beginning on or after
January 1, 2017, with early application is permitted are the following:
Standard and amendment to standard effective for periods beginning on or after January 1,
2018, with early application permitted are:
As of the issuance date of the financial statements, the effect of adoption of these standards,
amendments and interpretations on the financial statements is not known nor reasonably
estimable by management.
a. Statement of Compliance
The financial statements have been prepared in accordance with Indonesian Financial
Accounting Standards.
-6-
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
b. Basis of Preparation
The financial statements have been prepared on the historical cost basis except for certain
properties and financial instruments that are measured at revalued amounts or fair values at
the end of each reporting period, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange for
goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date.
The statement of cash flows is prepared using the indirect method with classifications of cash
flows into operating, investing and financing activities.
The financial statements are measured and presented in U.S. Dollar (US$), which is the
functional currency for the financial statements.
In preparing the financial statements, transactions in currencies other than the Company’s
functional currency (foreign currencies) are recognized at the rates of exchange prevailing at
the dates of the transactions. At the end of each reporting period, monetary items
denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-
monetary items carried at fair value that are denominated in foreign currencies are
retranslated at the rates prevailing at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated.
Exchange differences on monetary items are recognized in profit or loss in the period in which
they arise.
A related party is person or entity that is related to the Company (the reporting entity):
a. A person or a close member of that person’s family is related to the reporting entity if that
person:
b. An entity is related to the reporting entity if any of the following conditions applies:
i. The entity and the reporting entity are members of the same group (which means
that each parent, subsidiary and fellow subsidiary is related to the others).
ii. One entity is an associate or joint venture of the other entity (or an associate or joint
venture of a member of a group of which the other entity is a member).
iii. Both entities are joint ventures of the same third party.
iv. One entity is a joint venture of a third entity and the other entity is an associate of
the third entity.
v. The entity is a post-employment benefit plan for 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.
-7-
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
e. Financial Assets
All financial assets are recognized and derecognized on trade date where the purchase or
sale of a financial asset is under a contract which terms require delivery of the financial assets
within the time frame established by the market concerned, and are initially measured at fair
value plus transaction costs.
Cash and cash equivalent, except cash on hand and trade accounts receivable that have
fixed or determinable payments that are not quoted in an active market are classified as “loans
and receivables”. Loans and receivables are measured at amortized cost using the effective
interest method less impairment.
Interest is recognized by applying the effective interest method, except for short-term
receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortized cost of a financial
instrument and of allocating interest income over the relevant period. The effective interest
rate is the rate that exactly discounts estimated future cash receipts (including all fees and
points paid or received that form an integral part of the effective interest rate, transaction costs
and other premiums or discounts) through the expected life of the financial instrument, or,
where appropriate, a shorter period to the net carrying amount on initial recognition.
Loans and receivables are assessed for indicators of impairment at each reporting date.
Loans and receivables are impaired where there is objective evidence that, as a result of one
or more events that occurred after the initial recognition of the loans and receivables, the
estimated future cash flows of the loans and receivables have been affected.
Loans and receivables that are assessed not to be impaired individually are, in addition,
assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio
of receivables could include the Company’s past experiences of collecting payments, an
increase in the number of delayed payments in the portfolio past the average credit period,
as well as observable changes in national or local economic conditions that correlate with
default on receivables.
-8-
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
The amount of the impairment on loans and receivables is the difference between the asset’s
carrying amount and the present value of estimated future cash flows, discounted at the
financial asset’s original effective interest rate.
The carrying amount of the receivables is reduced by the impairment loss through the use of
an allowance account. When a receivable is considered uncollectible, it is written off against
the allowance account. Subsequent recoveries of amounts previously written off are credited
against the allowance account. Changes in the carrying amount of the allowance account are
recognized in profit or loss.
The Company derecognizes a financial asset only when the contractual rights to the cash
flows from the asset expire, or when it transfers the financial asset and substantially all the
risks and rewards of ownership of the asset to another entity. If the Company neither transfers
nor retains substantially all the risks and rewards of ownership and continues to control the
transferred asset, the Company recognizes its retained interest in the asset and an associated
liability for amounts it may have to pay. If the Company retains substantially all the risks and
rewards of ownership of a transferred financial asset, the Company continues to recognize
the financial asset and also recognizes a collateralized borrowing for the proceeds received.
On derecognition of financial asset in its entirety, the difference between the asset’s carrying
amount and the sum of the consideration received and receivable and the cumulative gain or
loss that had been recognized in other comprehensive income and accumulated in equity is
recognized in profit or loss.
On derecognition of financial asset other than its entirety (e.g., when the Company retains an
option to repurchase part of a transferred asset), the Company allocates the previous carrying
amount of the financial asset between the part it continues to recognize under continuing
involvement, and the part it no longer recognizes on the basis of the relative fair values of
those parts on the date of the transfer. The difference between the carrying amount allocated
to the part that is no longer recognized and the sum of the consideration received for the part
no longer recognized and any cumulative gain or loss allocated to it that had been recognized
in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that
had been recognized in other comprehensive income is allocated between the part that
continues to be recognized and the part that is no longer recognized on the basis of the
relative fair values of those parts.
Financial liabilities and equity instruments issued by the Company are classified according to
the substance of the contractual arrangements entered into and the definitions of a financial
liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the
Company after deducting all of its liabilities. Equity instruments are recorded at the proceeds
received, net of direct issue costs.
Trade and other payables and other borrowings are initially measured at fair value, net of
transaction costs, and are subsequently measured at amortized cost, using the effective
interest method.
-9-
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
The Company derecognizes financial liabilities when, and only when, the Company’s
obligations are discharged, cancelled or they expire. The difference between the carrying
amount of the financial liability derecognized and the consideration paid and payable is
recognized in profit or loss.
The Company only offsets financial assets and liabilities and presents the net amount in the
statement of financial position where it:
currently has a legal enforceable right to set off the recognized amount; and
intends either to settle on a net basis, or to realize the asset and settle the liability
simultaneously.
For cash flow presentation purposes, cash and cash equivalent consist of cash on hand and
in bank and all unrestricted investments with maturities of three months or less from the date
of placement.
i. Inventories
Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined
using the weighted average method. Net realizable value represents the estimated selling
price for inventories less all estimated costs of completion and costs necessary to make the
sale.
j. Prepaid Expenses
Prepaid expenses are amortized over their beneficial periods using the straight-line method.
Property, plant and equipment are stated at cost, less accumulated depreciation and any
accumulated impairment losses.
Depreciation is recognized so as to write-off the cost of assets less residual value using the
following method:
Unit of measure
Depreciation Prior to
method Year 2017 April 1, 2016
Starting April 1, 2016, the Company changed the estimated useful lives of Coal Crusher Plant
and Land improvements, based on the Company’s assessment on the remaining estimated
useful life of the assets. This change was applied prospectively.
- 10 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
The estimated useful lives, residual values and depreciation methods are reviewed at each
year end, with the effect of any changes in estimate accounted for on a prospective basis.
The cost of maintenance and repairs is charged to operations as incurred. Other costs
incurred subsequently to add to, replace part of, or service an item of property and equipment,
are recognized as asset if, and only if it is probable that future economic benefits associated
with the item will flow to the entity and the cost of the item can be measured reliably.
When assets are retired or otherwise disposed of, their carrying values are removed from the
accounts and any resulting gain or loss is reflected in the profit or loss.
l. Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially
all the risks and rewards of ownership to the lessee. All other leases are classified as
operating leases.
Operating lease payments are recognized as an expense on a straight-line basis over the
lease term, except where another systematic basis is more representative of the time pattern
in which economic benefits from the leased asset are consumed. Contingent rentals arising
under operating leases are recognized as an expense in the period in which they are incurred.
In the event that lease incentives are received to enter into operating leases, such incentives
are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction
of rental expense on a straight-line basis, except where another systematic basis is more
representative of the time pattern in which economic benefits from the leased asset are
consumed.
At reporting dates, the Company reviews the carrying amount of non-financial assets to
determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss (if any). Where it is not possible to estimate the
recoverable amount of an individual asset, the Company estimates the recoverable amount
of the cash generating unit to which the asset belongs.
Estimated recoverable amount is the higher of fair value less cost to sell and value in use. If
the recoverable amount of a non-financial asset (cash generating unit) is less than its carrying
amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable
amount and an impairment loss is recognized immediately against earnings.
Rendering of services
Revenue from contracts to provide services is recognized when the services are rendered.
Interest income
Interest income is accrued on time basis, by reference to the principal outstanding and at the
applicable interest rate.
- 11 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Expenses
The Company provides defined employee benefits to its employees in accordance with Labor
Law No. 13/2003. No funding has been made to the defined benefit plans.
The cost of providing benefits is determined using the projected unit credit method, with
actuarial valuations being carried out at the end of each annual reporting period.
Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan assets (excluding interest), is reflected
immediately in the statement of financial position with a charge or credit recognised in other
comprehensive income in the period in which they occur. Remeasurement recognised in other
comprehensive income is reflected immediately in retained earning and will not be reclassified
to profit or loss. Past service cost is recognised in profit or loss in the period of a plan
amendment. Net interest is calculated by applying the discount rate at the beginning of the
period to the net defined benefit liability or asset. Defined benefit costs are categorised as
follows:
Service cost (including current service cost, past service cost, as well as gains and losses
on curtailments and settlements).
Net interest expense or income
Remeasurement
The Company presents the first two components of defined benefit costs in profit or loss.
Curtailment gains and losses are accounted for as past service costs.
The retirement benefit obligation recognised in the statement of financial position represents
the actual deficit or surplus in the Company’s defined benefit plans. Any surplus resulting from
this calculation is limited to the present value of any economic benefits available in the form
of refunds from the plans or reductions in future contributions to the plans.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer
withdraw the offer of the termination benefit and when the entity recognises any related
restructuring costs.
p. Income Tax
The tax currently payable is based on taxable profit to the year. Taxable profit differs from
profit before tax as reported in the statement of profit or loss and other comprehensive income
because of items of income or expense that are taxable or deductible in other years and items
that are never taxable or deductible.
Current tax expense is determined based on the taxable income for the year computed using
prevailing tax rates.
Deferred tax is recognized on temporary differences between the carrying amounts of assets
and liabilities in the financial statements and the corresponding tax bases used in the
computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable
temporary differences. Deferred tax assets are generally recognized for all deductible
temporary differences to the extent that is probable that taxable profits will be available
against which those deductible temporary differences can be utilized. Such deferred tax
assets and liabilities are not recognized if the temporary differences arises from the initial
recognition (other than in a business combination) of assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
- 12 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in
the period in which the liability is settled or the asset realized, based on the tax rates (and tax
laws) that have been enacted, or substantively enacted, by the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the consequences that would
follow from the manner in which the Company expects, at the end of the reporting period, to
recover or settle the carrying amount of its assets and liabilities.
The carrying amount of deferred tax asset is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient taxable profits will be available
to allow all or part of the asset to be recovered.
Current and deferred tax are recognized as an expense or income in profit or loss, except
when they relate to items that are recognized outside of profit or loss (whether in other
comprehensive income or directly in equity), in which case the tax is also recognized outside
of profit or loss.
Deferred tax assets and liabilities are offset when there is legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority on either the same taxable entity or different taxable entities
when there is an intention to settle its current tax assets and current tax liabilities on a net
basis, or to realize the assets and settle the liabilities simultaneously, in each future period in
which significant amounts of deferred tax liabilities or assets are expected to be settled or
recovered.
In the application of the Company’s accounting policies, which are described in Note 3, the
directors are required to make judgments, estimates and assumptions about the carrying amounts
of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered
to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period or in the period of the revision and future periods if the revision affects both
current and future periods.
Below are the critical judgments, apart from those involving estimations, that the directors have
made in the process of applying the Company accounting policies and that have the most
significant effect on the amounts recognized in the financial statements.
The key assumptions concerning future and other key sources of estimation at the end of the
reporting period, that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below:
- 13 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
The Company assesses its loans and receivables for impairment at each reporting date. In
determining whether an impairment loss should be recorded in profit or loss, management
makes judgment as to whether there is objective evidence that loss event has occurred.
Management also makes judgment as to the methodology and assumptions for estimating
the amount and timing of future cash flows which are reviewed regularly to reduce any
difference between loss estimate and actual loss. The carrying amounts of loans and
receivables are disclosed in Notes 5 and 6.
The useful life of each item of the Company’s property, plant and equipment are estimated
based on the period over which the asset is expected to be available for use. Such estimation
is based on internal technical evaluation and experience with similar assets. The estimated
useful life of each asset is reviewed periodically and updated if expectations differ from
previous estimates due to physical wear and tear, technical or commercial obsolescence and
legal or other limits on the use of the asset. It is possible, however, that future results of
operations could be materially affected by changes in the amounts and timing of recorded
expenses brought about by changes in the factors mentioned above.
A change in the estimated useful life of any item of property, plant and equipment would affect
the recorded depreciation expense and decrease in the carrying values of these assets.
The carrying amounts of property, plant and equipment are disclosed in Note 9.
Employee benefits
The Company reviews its non-financial assets for any indication of impairment at each
reporting date. If any such indication exist, management estimates the recoverable amount
of the non-financial assets. Determining the value in use requires the estimation of cash flows
expected to be generated from the continued use and ultimate disposition of such non-
financial assets (cash generating unit) and a suitable discount rate in order to calculate the
present value. While it is believed that the assumptions used in the estimation of the value in
use of non-financial assets reflected in the financial statements are appropriate and
reasonable, significant changes in these assumptions may materially affect the assessment
of recoverable values and any resulting impairment loss could have a material adverse impact
on the results of operations.
- 14 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Third parties
PT Baramulti Suksessarana Tbk 1,099,220 195,325
PT Rinjani Kertanegara 67,817 183,521
CV Kutai Kumala Energy - 8,448
Others - 3,646
Total 1,167,037 390,940
b. Aging
Not yet due 1,619,541 203,177
Past due:
Under 30 days 48,735 114,840
31 - 60 days 19,082 44,623
61 - 90 days - -
More than 91 days - 28,300
Total 1,687,358 390,940
c. By currency
U.S. Dollar 1,663,323 195,622
Rupiah 24,035 195,318
No allowance for impairment loss was provided on receivables from third parties as management
believes that all such receivables are collectible.
7. INVENTORIES
- 15 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
8. PREPAID TAXES
March 31, March 31,
2017 2016
US$ US$
Corporate income tax
2015 - 11,218
2013 - 1,785
Value-added Tax - 23,501
Other tax receivable - 2,663
Total - 39,167
On April 2016, the Company received income tax overpayment assessment letter (SKPLB) dated
April 15, 2016 for corporate income tax fiscal year 2014 amounting to US$ 48,726. The difference
was recognized in profit or loss of the period. The tax refund has been received in June 2016.
Accumulated depreciation
and impairment loss:
Land improvements 1,172,440 954,140 159,382 1,967,198
Coal crusher plant 1,551,766 961,969 - 2,513,735
Building 110,998 27,692 - 138,690
Furniture, fixture and
office equipment 107,613 46,703 - 154,316
Heavy equipment 60,447 130,425 7,336 183,536
Vehicle 11,372 33,314 - 44,686
Total 3,014,636 2,154,243 166,718 5,002,161
- 16 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
At cost:
Land 7,331,821 114,813 - 7,446,634
Land improvements 9,915,720 - - 9,915,720
Coal crusher plant 7,744,817 - - 7,744,817
Building 385,160 18,133 - 403,293
Furniture, fixture and
office equipment 156,945 39,404 - 196,349
Heavy equipment - 569,987 - 569,987
Vehicle - 144,177 - 144,177
Accumulated depreciation
and impairment loss:
Land improvements 676,654 495,786 - 1,172,440
Coal crusher plant 1,287,976 263,790 - 1,551,766
Building 76,548 34,450 - 110,998
Furniture, fixture and
office equipment 54,996 52,617 - 107,613
Heavy equipment - 60,447 - 60,447
Vehicle - 11,372 - 11,372
Total 2,096,174 918,462 - 3,014,636
All depreciation expense was allocated to the cost of revenues (Note 18).
2017 2016
US$ US$
- 17 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Bonus 350,000 -
Professional fees 317,106 21,682
Heavy equipment rental 257,123 391,802
Fuel 24,461 26,660
Others 70,336 6,522
On December 19, 2011, the Company obtained a loan from KPB. The loan is unsecured and
repayable on demand. Based on the amendment to the loan agreement on April 1, 2013, the loan
bears interest of 3 months LIBOR plus a fixed rate starting 3 months after the completion of the
Company’s facility construction. The Company completed its construction facility in December
2013. This loan has been repaid in May 2016.
On April 11, 2014, the Company obtained a loan facility from Oorja Batua Pte. Ltd. with maximum
credit limit of US$ 4,000,000. Based on the agreement, the loan bears interest of 3 months LIBOR
plus a fixed rate, is unsecured and is repayable on demand. This loan has been repaid in May
2016.
- 18 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
On March 21, 2016, the Company and Oorja Batua Pte. Ltd. entered into a loan agreement
whereas Oorja Batua Pte. Ltd. will provide loan to the Company with maximum amount of
US$ 20,000,000. The loan is secured by the Company’s share owned by KPB. The loan bears a
3 months LIBOR plus a fixed interest rate and payable on demand. This loan agreement also
requires the Company to pay loan processing fee amounting to US$ 1,000,000.
Contributed capital represents land waterfront, hauling road and stockpile amounting to
US$ 5,000,000.
On October 5, 2016, the Company filed an Asset Declaration Letter for Tax Amnesty (SPHPP)
amounted to Rp 80,000,000 (equivalent to US$ 6,130) to the Directorate General of Taxes (“DGT”)
and has paid the tax due. On October 14, 2016, the Company received Tax Amnesty Letter
No.KET-6895/PP/WPJ.14/2016 from the DGT.
17. REVENUES
2017 2016
US$ US$
31% and 28% for the year ended March 31, 2017 and 2016, respectively, of the above revenues
were made to a related party (Note 23).
- 19 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
2017 2016
US$ US$
- 20 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Current Tax
Reconciliation between profit before tax per statement of profit or loss and other comprehensive
income and taxable income is as follows:
2017 2016
US$ US$
Temporary differences:
Difference between commercial and fiscal depreciation 10,432 20,765
Provision for employee benefits obligations 87,941 24,918
98,373 45,683
Nondeductible expenses (nontaxable income):
Donation 26,528 -
Interest income already subject to final tax (1,468) (211)
Community development - 12,135
Benefits in kind - 7,600
Others 24,018 33,926
2017 2016
US$ US$
- 21 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Deferred Tax
A reconciliation between the tax expense and the amounts computed by applying the effective tax
rate to profit before tax per statement of profit or loss and other comprehensive income is as
follows:
2017 2016
US$ US$
Profit before tax per statement of profit or loss
and other comprehensive income 4,371,104 599,031
Tax expense at effective tax rates: 1,092,776 149,758
Tax effect of nondeductible expenses
(nontaxable income):
Donation 6,632 -
Interest income already subject to final tax (367) (53)
Community development - 3,034
Benefit in kind - 1,900
Others 6,005 8,482
Total 12,270 13,363
Tax expense 1,105,046 163,121
The Company provides employee benefits for covering all the local permanent employees in
accordance with Labor Law No. 13/2003. The number of employees entitled to the benefits were
93 and 87 as of March 31, 2017 and 2016, respectively.
The defined benefit plan typically expose the Company to actuarial risks such as: interest rate risk,
longevity risk and salary risk.
Interest risk
A decrease in the bond interest rate will increase the plan liability.
- 22 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Longevity risk
The present value of the defined benefit plan liability is calculated by reference to the best estimate
of the mortality of plan participants during their employment. An increase in the life expectancy of
the plan participants will increase the plan’s liability.
Salary risk
The present value of the defined benefit plan liability is calculated by reference to the future
salaries of plan participants. As such, an increase in the salary of the plan participants will increase
the plan’s liability.
Amounts recognized in the statement of profit or loss and other comprehensive income with
respect to these employee benefits are as follows:
2017 2016
US$ US$
- 23 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Nature of Relationship
b. PT Karya Putra Borneo (KPB) and PT Indo Karya Perdana (IKP) are the stockholders of the
Company.
c. Related parties with the same ultimate parent with the Company:
The Company entered into certain transactions with related parties, including the following:
a. Revenue from KPB related to charges for coal hauling, loading and crushing amounted to
US$ 5,215,664 and US$ 2,728,889 for the year ended March 31, 2017 and 2016, respectively
(Note 17).
b. The Company purchased property, plant and equipment from MIR, OIKGS, OIP4 and NSK
with total amount of US$ 228,782 in 2016. At the reporting date, the liabilities from these
purchases were presented as trade accounts payable (Note 10).
c. The Company obtained loans from KPB and Oorja Batua Pte. Ltd as described in Note 13.
- 24 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
d. Based on Notarial Deed No. 98 dated September 20, 2011 of Humberg Lie, S.H., S.E., Mkn.,
notary in Jakarta, the Company agreed to grant corporate guarantee to ICICI Bank Limited,
Singapore Branch for the full payment by Oorja Holding Pte. Ltd. and Mercator International
Pte. Ltd. of the loan facility given by ICICI Bank Limited to Oorja Holding Pte. Ltd., Mercator
International Pte. Ltd. and MCS Holdings Pte. Ltd. dated September 14, 2011.
a. Based on road usage agreement between the Company and Bakungan Village dated
March 10, 2008, which has been amended on June 2, 2008, the Company agreed to take
responsibility for the repair and maintenance of 2 kilometers road at Bakungan Village and
pay a hauling charge for each Metric Tonne of coal that is hauled by the Company and its
affiliate through the road. In exchange, the Company has rights to use the 30 kilometers road
ex. PT Cita for hauling. The agreement is valid for 30 years up to March 10, 2038.
As of March 31, 2017, only one kilometer of the road is being used by the Company.
b. On March 26, 2014, the Company and PT Baramulti Suksessarana Tbk (BSSR) entered into
a port loading agreement where the Company agreed to provide coal hauling and loading
services for BSSR on an agreed price based on coal quantity loaded into barge. BSSR coal
in the Company’s stockpile shall not exceed 50,000 MT. The agreement is valid for three
years and can be extended.
On June 8, 2015, this agreement has been amended to extend to 4 years with minimum
quantity of 1 million MT per year and to adjust the coal hauling and loading rate based on coal
market price every three months.
c. On May 8, 2013, the Company and CV Kutai Kumala Energy (KKE) entered into an agreement
where the Company will provide coal hauling service to KKE on an agreed price based on
coal quantity loaded into barge. The agreement is valid until KKE’s mining rights expired.
d. On May 12, 2015, the Company and PT Bukit Teluk Mas (BTM) entered into an agreement,
where the Company will provide coal hauling and loading service for CV Alam Jaya Indah
(AJI) on an agreed price based on coal loaded into barge. AJI has appointed BTM to manage
its mine. The agreement is valid as long as AJI is still operating.
e. On July 29, 2015, the Company and PT Rinjani Kartanegara entered into an agreement,
where the Company shall give permission to Rinjani to utilize its land for Rinjani’s hauling road
access, utilizing the partial area of Rinjani‘s IPPKH to operate the mining support services
facilities which are stockpile, conveyor and coal loading jetty and the Company will provide
hauling service to Rinjani on an agreed price based on coal quantity loaded into barge. The
agreement is valid until April 1, 2021.
- 25 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
At March 31, 2017 and 2016, the Company had monetary assets and liabilities in currency other
than U.S. Dollar as follows:
Liabilities
Trade accounts payable 7,270,628 545,802 12,338,157 929,358
Accrued expenses 2,156,710 161,903 2,571,336 193,683
Taxes payable 13,479,507 1,011,899 703,110 52,961
Employee benefits obligations 2,649,823 198,921 1,315,824 99,113
Total Liabilities 1,918,525 1,275,115
Net Monetary Liabilities (1,727,712) (1,033,181)
The conversion rates used by the Company as of June 15, 2017, March 31, 2017 and 2016 are
US$ 0.075, US$ 0.075 and US$ 0.075 per IDR 1,000, respectively.
- 26 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
The Company manages its capital to ensure that it will be able to continue as a going concern
while maximizing the return to stakeholders through the optimization of debt and equity balance.
The capital structure of the Company consists of due to related parties (Note 13) offset by cash
and cash equivalent (Note 5) and equity shareholder consisting of capital stock (Note 14),
contributed capital (Note 15), additional paid-in capital (Note 16) and retained earnings.
The Board of Directors of the Company periodically reviews the Company's capital structure.
As part of this review, the Board of Directors considers the cost of capital and related risk.
The gearing ratio as of March 31, 2017 and 2016 are as follows:
The Company’s overall financial risk management and policies seek to ensure that adequate
financial resources are available for operation and development of its business, while managing
its exposure to foreign exchange risk, credit risk and liquidity risk. The Company operates within
defined guidelines that are approved by the Board.
Foreign exchange risks are exposures of the Company to economic and accounting losses
as a result of volatility in foreign exchange rates.
It is the Company’s policy to contain foreign exchange risks within prudent levels so as to
maximize its profits. The Company has practices that include the periodic review of the
impact of movements in foreign exchange rates on profitability so that appropriate action
is taken to mitigate these risks.
The Company is mainly exposed to Indonesian Rupiah for the operation expenses.
- 27 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
The following table details the Company’s sensitivity to a 2.47% and 6.70%, increase and
decrease in the US$ against Rupiah for the year ended March 31, 2017 and 2016,
respectively. 2.47% and 6.70%, is the sensitivity rate used when reporting foreign currency
risk internally to key management personnel and represents management's assessment
of the reasonably possible change in foreign exchange rates. The sensitivity analysis
includes only outstanding foreign currency denominated monetary items and adjusts their
translation at the period end for a 2.47% and 6.70% change in foreign currency rates as of
March 31, 2017 and 2016, respectively. A positive number below indicates an increase in
profit or equity where the US$ strengthens 2.47% and 6.70% for the year ended March 31,
2017 and 2016, respectively, against the relevant currency. For a 2.47% and 6.70%
weakening of the US$ against the relevant currency in March 31, 2017 and 2016, there
would be a comparable impact on the profit or equity, and the balances below would be
negative.
IDR Impact
March 31, March 31,
2017 2016
US$ US$
Gain (loss) 38,674 67,069
The Company is exposed to interest rate risk because the Company borrows funds at
floating interest rates. There is no interest rate hedging activities in place as at March 31,
2017 and 2016.
The sensitivity analysis below have been determined based on the exposure to interest
rates for non-derivative instruments at the end of the reporting period. For floating rate
liabilities, the analysis is prepared assuming the amount of the liability outstanding at the
end of the reporting period was outstanding for the whole period. A 50 basis point increase
or decrease at March 31, 2017 and 2016 is used when reporting interest rate risk internally
to key management personnel and represents management’s assessment of the
reasonably possible change in interest rates.
If interest rates had been 50 basis points higher/lower and all other variables were held
constant, the Company profit for the year ended March 31, 2017 and 2016 would
decrease/increase by US$ 57,031 and 67,923, respectively. This is mainly attributable to
the Company exposure to interest rates on its variable rate borrowings.
Credit risk refers to the risk that a counterparty will default on its contractual obligation
resulting in a loss to the Company.
The Company’s credit risk is primarily attributed to its cash in banks and trade accounts
receivable. The Company places its bank balances with credit worthy financial institutions.
Trade accounts receivable are entered with respected and credit worthy third parties.
The carrying amount of financial assets recorded in the financial statements, net of any
allowance for impairment losses represents the Company’s exposure to credit risk.
The liquidity risk of the Company arises mainly from funding requirements to pay its
liabilities and support its business activities.
The Company maintains sufficient funds to finance its ongoing working capital
requirements using loan obtained from a related party.
- 28 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
The following tables detail the Company's remaining contractual maturity for its non-
derivative financial liabilities with agreed repayment periods. The tables have been drawn
up based on the undiscounted cash flows of financial liabilities based on the earliest date
on which the Company can be required to pay. The tables include both interest and
principal cash flows. To the extent that interest flows are floating rate, the undiscounted
amount is derived from interest rate curves at the end of the reporting period. The
contractual maturity is based on the earliest date on which the Company may be required
to pay.
Weighted
average
effective Less than 3 months
interest rate 1 month 1-3 months to 1 year 1-5 years Total
% US$ US$ US$ US$ US$
March 31, 2017
Non-interest bearing
Trade accounts payable - - 546,187 - - 546,187
Accrued expenses - - 1,019,026 - - 1,019,026
Variable interest rate
Due to related parties 6.67 13,126,310 - - - 13,126,310
The following table details the Company's expected maturity for its non-derivative financial
assets. The table has been drawn up based on the undiscounted contractual maturities of
the financial assets including interest that will be earned on those assets. The inclusion of
information on non-derivative financial assets is necessary in order to understand the
Company's liquidity risk management as the liquidity is managed on a net asset and liability
basis.
Weighted
average
effective Less than 3 months
interest rate 1 month 1-3 months to 1 year 1-5 years Total
% US$ US$ US$ US$ US$
March 31, 2017
Non-Interest bearing
Cash on hand - 10,597 - - - 10,597
Trade accounts receivable
Related party - - 520,321 - - 520,321
Third parties - - 1,167,037 - - 1,167,037
Other noncurrent asset - - - - 55,319 55,319
Variable interest rate
Cash in banks 0.10 502,266 - - - 502,266
Fixed interest rate
Time Deposit 1.3 - 1,013,000 - 1,013,000
- 29 -
PT INDO PERKASA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 AND FOR THE YEAR THEN ENDED - Continued
Weighted
average
effective Less than 3 months
interest rate 1 month 1-3 months to 1 year 1-5 years Total
% US$ US$ US$ US$ US$
March 31, 2016
Non-Interest bearing
Cash on hand - 8,429 - - - 8,429
Trade accounts receivable
from third parties - - 390,940 - - 390,940
Other noncurrent asset - - - - 28,420 28,420
Variable interest rate
Cash in banks 0.11 131,173 - - - 131,173
Total 139,602 390,940 - 28,420 558,962
Management believes that the carrying amount of financial assets and liabilities recorded in the
financial statements approximate their fair values because of their short-term maturities or they
carry market interest rates.
The Company has investment transaction that did not affect cash and cash equivalent and hence
not included in the statement of cash flows with the detail as follows:
2017 2016
US$ US$
Increase in property, plant and equipment
from additional paid in capital 6,130 -
The preparation and fair presentation of the financial statements on pages 1 to 30 were the
responsibilities of the management, and were approved by the Directors and authorized for issue
on June 15, 2017.
********
- 30 -