€emwex - india cements
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PT ORCI}ilAHDEL ffiIHEfrAL.$ RE$OUR$ES
F'NA!{EML STATE$fi EIIISYeers Endrd Decernber 31,2016 and 20f5
And*N{OEF fiII}EI-IT AI"IOITSR$' REPORT
€emwexACHMAD, RASYID, HISBULLAH & JIRRY
REGISTERED PUBLIC ACCOUNTANTSMember of : Nozaka Japan Certified Public Accountant Firm
Head Office :
Jl. Kepu Barat No. 90-91 B Kemayoran lakarta Pusat 10620T elp : 021 -4247 8'7 2, 426497 1, F ax : 021 -4240080
Website : www.kapj erry-arhj.comE-mail : kap *arhj @yahoo. co. id
Branch Office :
Jakarta Kebayoran, Bandung & Semarang
PT COROMANDEL MINERALS RESOURCES
FINANCIAL STATEMENTSYears Ended December 31, 2016 and 2015
AndINDEPENDENT AUDITORS' REPORT
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PT COROMANDEL MINERALS RESOURCES
Content
Page
FINANCIAL STATEMENTS
lndependent Auditors' Report.
Financial Statement Position
Statements of Comprehensive lncome
Statements of Changes in Equity
Statements of Cash flows..... ...... ..
Notes to Financial Statements. 5-1 0
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ACHMAD, RASYID, HISBULLAH & JTRRYREGISTERED P UBLIC ACCOUNTANTS
KANTOR PUSAT : NIU. KAP : SB6/KM.UZCIT7Member of : Nozaka Japan Certifietl pulilic Accountant Firm
Pusat : Jl. Kcpu Barat No. 90-91 B l(cmayoran .[akarla pusat Telp. :021-42419j2,42.64911Wcbsite : wrvu,.kap jenl_arh j.crxn. E_mail : kap arhj(oryahoo.cit, td
Cabang : .lakarta Kebayoran, Ilandun! & Sernararc
Fax : 021- 4240080
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I N pEPEN,PENT AU DlroR'q .REP9Rrrrto : gzlARH.l -ROBA-CM R/GA I 03'17
To The Shareholders, Board of commissioners and Directors
PT COROMANDEL MINERALS RESOURCES
we have audited the accompanying financial statements PT COROMANDEL MINERALS
RESOURCES ("the company") which, c5mprise the statement of financial position as of December 31,
2016 and the statement oi pr6rii or loss and other comprehensive income, changes in equity, and cash
flows for the year then ended and a summary of significant accounting policies and other explanatory
information.
Management,s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of such financial statements in
accordance with lndonesian Financial Accounting Standards, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error'
A udito r's resP o n si b i I itY
Our responsibility is to express an opinion on such financial statements based on our audit' We
conducted our audit in accordance with Standards on Auditing established by th9 lndonesian lnstitute of
certified public Accountants. Those standards require that we comply with ethical requirements and
[tan ano perform the audit to obtain reasonable assurance about whether such financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. r[e procedures selected depend on the auditors' judgement, including the
assesment of the risks of material misstatement of the financial statements, whether due to fraud or
error. ln making those risk assesments, the auditors consider internal control relevant to the entity's
preparation ,nd'rriipr"sentation of the financial statements in order to design audit procedures that are
approriate in the circumtances, but not for the purpose of expressing an opinion on the effectiveness of
the entity,s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates maOe by management, as well as evaluating the
overall presentation of the financial statements'
we believe that the audit evidence we have obtained is sufficient and approrrate to provide a basis for
our audit oPinion.
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ACHMAD, RASYID, HISBULLAH & JERRYREGISTERED PUBLIC ACCOUNTANTS
KANTOR. PUSAT : NIU" KAP : 586/KM.112007Mernber of : Nozaka Japan Certi{ied Public Accountant Firm
Pusat : .T1. Kepu Barat No. 90-91 B Kemavoran Jakafta Pusat Tclp. : 021-4247872,12649 ,a1
Wehsite : rvrvrr liap jcrry arhj.com. E-ntail : kap arh.ilEl,ahoo.co. idCabang : Jakarta Kebayoran. Bandr-rng & Semarang
CPA.,CAer AP'0'102
Fax : 021- 4210080
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Opinion
ln our opinion, the accompanvi!g.financial statements present fairly' in all material respects' the
financiar position or pi cononrrnr.roe' rvtirrrinAls REsouRcES ai of 'December 31 ,2016, and its
financiar performance and cash frows to," ir..," yrri,.,"n ended, in accordance with lndonesian Financial
Accounting Standards.
REGISTERED PUBLIC ACCOUNTANTSICiUINO, RASYID, HISBULLAH & JERRY
Jakarta, March 27,2017
Notlqclg-Bed9.I
The accompanying financiar statements are not intended to presentfh-E-iiiiilffisition, result of operations and cash flows in accordance with accounting
princrpres and practices g".";;;;;;6iJ,n count,ies r^ilr;j;d;"i,";;oin"itnrn rnoon"iir' ine-stanoaros procedures and practices to audit such
financial statements are tnose teneratty accepted and applied 'n lndonesia'
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PT COROMANDEL MINERALS RESOURCES
BALANCE SHEET
DECEMBER 31,2016 and 2015
Notes 2416 2015ASSETS
CURRENT ASSETS
Cash and cash equivalents
Advances
Total Current Assets
NON CURRENT ASSETS
lnvestment
Fixed Assets Net of Accumulated
Depreciation in 20'15 and2014
Other Assets
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts Payable Trade
Others Payable
Total current liabilities
NON CURRENT LIABILITIES
EQUITY
Paid up Capital 3,000 shares, nominal Rp
942,700 per share
Retained earnings
Total Equity
TOTAL L]ABILITIES AND EQUITY
107.739.417.853 95.488.168.285
3,2b,2c
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664.542.214
94.'115.456.789
666.794.s72
81.836.046.250
94.779.999.003
171 .750 000
12.787.668.850
82.502.840.822
171 .750.000
25.908.613
12.787.668.850
12.959.418.850 12.985.327.463
8
I2.690.800.000
139.070.507.040
5.595.294.580
120.669 895.100
141.761.307.040 126.265.189.680
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2.828.100.000
(36.849 989.187)
(34.021 .889.187)
107.739.417.853
2.828.100.000
(33.605.121 .395)
(30.777 .021.395)
95.488.168.285
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See accompanying notes to financial statements which are an integral paft of the financial statements
PT COROMANDEL MINERALS RESOURCES
STATEMENT OF INCOME
For the years ended December 31 , 201 6 and 201 5
(Expressed in Rupiah)
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Notes 20152016
REVENUE
DIRECT COST
GROSS INCOME
OPERATING EXPENSE
General and Administrative
TNC0ME (LoSS) FROM OPERATI0N
Other income (expenses):
Bank Charges
Bank lnterest income - net
Foreign Exchange lncome (Loss)
Total Other income (expenses):
TNCOME (LOSS)BEFoRE INCOME TAX
Tax expenses
Current
Deferred
Net lncome (Loss)
29,
29,
29,11 (3 018 756 592) (2.420.240701)
(3.018.756.592) (2.420.240.701l.
(e 6e2 135)
1.097.481
(217.516.546)
(5.e52.510)
305.288
(39 302 567)
29 (226.111 .200) (44.949.789)
(3.244.867.792) (2 465.1e0.490)
{3.244.867.792) (2.465.190.490)
See accompanying notes to financialsfafemenfs which are an integral paft of the financialsfafemenfs
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PT COROMANDEL MINERALS RESOURCES
STATEMENT OF CHANGE IN EQUITY
For the years ended December 31 , 201 6 and 201 5
(Expressed in Rupiah)
Capital Stock
Subscribed and Fully
Paid
Retained Earnings/
DefisitsTotal Equity
Balance December 3'1,, 2014
Adjusment foreign exchange
Net lncome (Loss) in 2015
Balance December 31, 2015
Net lncome (Loss) in 2016
Balance December 31, 2016
2.828.100.000 (1.926.970.905)
(2e 212 960.000)
(2.465,190.490)
901.129.095
(29 212 960 000)
(2.465.190.490),
,2.828,100.000 (33.605.121 .395)
(3.244.867.792\
(30,777.021 .3e5)
(3.244.867.792)
2.828.100.000 (36.849.989.1 87) _ (34.021.88e.187)
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See accompanying notes to financial statements which are an integrat paft of the financiatsfafemenfs
PT COROMANDEL MINERALS RESOURCES
STATEMENT OF CASH FLOWS
Forthe years ended December 31,2016 and 2015
(Expressed in Rupiah)
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2016 2015
CASH FLOWS FROM OPERATING AGTIVITIES
Net Loss
Adjusments to reconcile net profit (/oss) fo net cash
DepreciationProvided by (used in) operating activities :
Decrease (increase) in assets:
AdvancesOther Asset
lncrease (decrease) in liabilities:Accounts payable tradeOthers Payable
Net Cash provided by (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities
CASH FLOWS FROM FUNDING ACTIVITIES
Net cash provided by (used in)from funding activities
Net (decrease) increase in cash and cash equivalent
Cash and cash equivalent at beginning of the year
Cash and cash equivalent at ending ofthe year
(3.244.867.792)
25 908.613
(12.279.410.539)
(2.904.494.580)'18.400.61 1.940
(2.465.1e0.490)
68.895.280
(4.119.279.277)8.000.000
1.407.090.0005.742.912.673
(2.2s2.358) 642.428.186
(2.252.358)
666.794.572
642.428.186
24.366.387
664.542.214 666.794.573
See accompanying notes to financial statements which are an integral part of the financiatstafemenfs
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PT COROMANDEL MINERALS RESOURCES
NOTES TO FINANCIAL STATEMENTS
Years ended December 31 , 2016 and 20'15
(Expressed in Rupiah)
1. GENERAL
a. The Company Establishment
PT COROMANDEL MINERALS RESOURCES (The Company) was established in Jakarta based on the
notarial deed No. 03 dated January 23,2008 of Dewantari Handayani, SH notary in Jakarta. The deed of
establishment was approved by the Ministry of Justice and Human Rights of the Republic of lndonesia in its
Decision Letter No. AHU-38559.AH.01.01.2008 dated July 7, 2008.
The Company's articles of association has been amended several times, most recently amended by the
notarial deed No, 4 dated May 5, 2015 of Rohana Prieta, SH, concerning articles of the Company changes of
Management composition, the deed was registered by the Ministry of Justice and Human Rights of the
Republic of lndonesia in its Decision Letter AHU - AH.01.10-08491, The Company activities are, Contractor,
Trading in coal Export.
The Company domiciled in Epiwalk Office Suites Lt .5 Unit 8.528 Komplek Rasuna Epicentrum, Jl. HR Rasuna
Said South Jakarta.The Company has permanent employees amounting to are 3 (Three) employees
respectively in 2016 and 2015,.
The Company's Board of Commissioners and Directors as of December 31, 2016 and 2015 consist of:
Year 2016 and 2015
Commissioner
President Director
Director
Director
: Veppur Margabandu Mohan
: Chandrasekaran Vaidhieswaran
: Tharmapuram Subramaniam Raghupatty
: Ranganatha Srinivasan,
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2, SUMMARY OF ACCOUNTING POLICIES
a. Basis of preparation of financial statements
The financial statements have been prepared on the historical cost basis in accordance with generally
accepted accounting principal in lndonesia that is Financial Accounting Standard, except if any changes the
accounting policies by the Company.
The financial statements have been prepared on accrual basis except for the statements of cash flows. The
statements of cash flows are prepared based on the indirect method by classifyng cash flows on the basis of
operating, investing and financing activities.
The reporting currency used in the financial statements is lndonesia Rupiah.
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PT COROMANDEL MINERALS RESOURCES
NOTES TO FINANCIAL STATEMENTS
Years ended December 3'l , 20'16 and 2015
(Expressed in Rupiah)
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b. Foreign Currency Transaction and Balances
Transactions involving foreign currencies are recorded in lndonesia Rupiah at the rates of exchanges
prevailing at the time the transaction are made. At the balance date, monetary assets and liabilities
denominated in foreign currencies are adjusted to lndonesian Rupiah to reflect the prevailing middle rates of
exchange at such date. Any resulting gains or losses are credited or charged to the statement of income for
As of December 31 , 2016 and 2015, the middle rates of exchange to adjust monetary assets and liabilities as
pusblished by lndonesia tax rate are Rp 13,454 / l USD and Rp 13,640 / 'l USD
c. Cash and Cash equivalent
Cash and cash equivalent consist of cash on hand and cash in banks,
d. Trade Receivable
The Company does not provide allowance for doubtful account of the individual receivable, the management
believe all of are collectible.
e, lnvestment
lnvestment in shares of stock with ownership interest of less than 20% that do not have readily determinable
fair values and are intended for long-term investment are stated at cost.
f. Fixed Assets
Land [s stated at cost and is not depreciated
Fixed assets is stated at cost loss accumulated depreciation, Depreciation is computed using the straight-line
method based on the estimated useful lives of the assets as follows:
Office Equipment 4
Survey Equipment 4
The cost of repairs and maintenance is charged to operations as incurred; significant renewals and
betterments are capitalized. When assets are retired or otheruise disposed of, their acquisition costs and the
related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or
charged to current year operations.
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PT COROMANDEL MINERALS RESOURCES
NOTES TO FINANCIAL STATEMENTS
Years ended December 31,2016 and 2015
(Expressed in Rupiah)
g. Revenue and Expenses
Revenue are recognized when the invoice are made. Expenses are recognized when incurred.
h. lncome tax
Current tax expense is determined based on the estimated taxable income for the year. Deferred tax benefit or
expense is calculated in accordance with PSAK No. 46, "Accounting for lncome Tax".
The deferred income tax method is applied to reflect the effects of timing differences between financial
reporting and income tax purposes and accumulated tax loss carryfonvard which is estimated to be fully
recoverable.
Amendments to tax obligations are recorded when a tax assesment letter is received or, if appealed against by
the Company, when the result of the appeal is determined.
Employee Benefits
The Company has not implemented employee benefit obligations as set forth in GAAP ETAP chapter 23
"Employee Benefits". Recognition of such liability is based on the policies Labour law N0,13 of 2003.
ln these conditions the Company is required to pay employee benefits to employees when they stop working in
the resignation, normal retirement, death and permanent disability. The amount of post-employment benefits
are primarily based on length of employment and compensation of employees on completion of employment.
Basically employee benefits under the Employment Act N0.13 of 2003 is a defined benefit plan.
3. CASH AND CASH EQUIVALENT
This accounts consist of:
Cash on hand
Cash in Bank:
IDR
Bank Mandiri
USD
Bank Mandiri
Total Cash and Bank
2016 2015
16.255.660 4.726.677
116.411.186 13 638 118
531.875.368 648.429.777
664.542.214 666.794.572
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;1PT COROMANDEL MINERALS RESOURCES
NOTES TO FINANCIAL STATEMENTS
Years ended December 31,2016 and 2015
(Expressed in Rupiah)
2016
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4, INVESTMENT
This accounts consist of:
PT Adcoal Energindo
5. ADVANCES
This accounts consist of:
PT Mitra Setia Tanah Bumbu (MSTB)
CV Hidup Hidayah lllahi
Advance for coal sourcing
2015
171 .750.000 171.750.000
2016 2015
79.075,895 946
12.964.147.174
2 075 413.669
67 .762.541.447
11.998.091.134
2.075.413,669
6, FIXED ASSETS
This accounts consist of:
At Cost
Office Equipment
Survey Equipment
Total
Accumulated Depreciation
Ofiice Equipment
Survey Equipment
Total
Net Book Value
At Cost
Office Equipment
Survey Equipment
Total
Accumulated Depreciation
Office Equipment
Survey Equipment
Total
Net Book Value
January 1, 2016 Addition
94.115.456.789 81.836.046.250
Deduction December 31,2016
37.779.620
237.801.500
37.779.620
237.801.500
275.581.120 275.s81j20
36.641,947
213.030.560
1.137 ,673
24.770,940
37.779.620
237.801.500
249.672.507 25.908.613
25.908.613
January 1,2015 Addition
275.581.120
Deduction December 31,2015
37.779.620
237.801.s00
37.779.620
237.801.500
275.581.120 275.581.120
27.197.042
153,580.185
9.444.905
59.450.375
36.641.947
213.030.560
180.777.227 249.672.507
94.803.893
68.895.280
25.908.613
PT COROMANDEL MINERALS RESOURCES
NOTES TO FINANCIAL STATEMENTS
Years ended December 31 , 201 6 and 201 5
(Expressed in Rupiah)
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7, OTHERASSETS
This accounts consist of:
Pre Operating Expenses (Net Of lnterest)
Security Deposit
8. ACCOUNTSPAYABLETRADE
This accounts consist of:
The India Cements Ltd
9, OTHER ACCOUNTS PAYABLE
This accounts consist of:
Coromandel Minerals Resources Pte Ltd Singapore
Provision for Tax Payable
10. CAPITAL STOCK
Based on Notarialdeed No. 11 dated March22,2010 of Rohana Prieta, SH,,
holders consist of:
Amount of share
Shareholders'
12,787.668.850 12.787.668.850
201 6 2015
2.690.800.000 5.595.294.580
2.690.800.000 5.595.294.580
2016 2015
139.047.090.000 120,645.800.000
23.417.040 24.095.100
139.070.507.040 120.669.895.100
Notary in Jakarta, the composition of share
2016 and 2015
2016 2015
12,767.668.850
20.000.000
12.767.668.850
20.000.000
Percentage of Total Subscribed
ownership (Rp)
ICL Financial Services Limited
The lndia Cements Limited
60
2940
2,0%
98,0%
56.562.000
2.771.538.000
Total 100703.000 2.828.100.000
PT COROMANDEL MINERALS RESOURCES
NOTES TO FINANCIAL STATEMENTS
Years ended December 31,2016 and 2015
(Expressed in Rupiah)
11. GENERAL AND ADMINISTRATIVE EXPENSE
This accounts consist of:
Salary
Office rent and housing
Travelling
Depreciation
Legal and Consultan expense
Others below than Rp 50.000.000
Total
12. RESPONSIBILITY OF FINANCIAL STATEMENTS
2016 2015
977.800.000
120.000.000
279.764.703
25.908.613
738.741.500
876.541.776
1.025.567.000
120.000.000
177.404.545
68.895.280
149.002.225
879.371.651
3.0't 8.756.592 2.420.240.701
The Company Management is responsible for preparing the financial statements as of December 31, 2016 and 2015.
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