Schedule 58 PT BAYAN RESOURCES AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2008 AND 2007 AND 31 DECEMBER 2007, 2006 AND 2005
Expressed in million Indonesian Rupiah, unless otherwise stated
1. GENERAL continued KOTR
KOTR was established on 15 November 2006, based on Law No. 1 year 1967 regarding Foreign Capital Investment, based on Notarial Deed No. 16 of Yani Indrawaty Wibawa, S.H., notary in Jakarta, which has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia in Decree No. W7-03188 HT.01.01-TH.2007 dated 26 March 2007.
The principal activity of KOTR is in the tyre vulcanizing industry. As at 31 March 2008, KOTR is in the development stage.
KOTR’s head office is located at Graha Irama Building, 12
th
floor, Jalan H.R. Rasuna Said, Block X-1 Kav. 1 - 2, South Jakarta.
As at 31 March 2008 and 2007, 31 December 2007 and 2006, KOTR had total employees of 1, nil, 3 and nil, respectively unaudited.
FSP
FSP was established on 23 September 1987 based on Notarial Deed No. 72 of Laden Mering, S.H., notary in Samarinda, which has been approved by the Minister of Law and Human Rights of the Republic of
Indonesia under Decree No. C.03913HT.01.01.TH2007 dated 21 November 2007. The Articles of Association have been amended several times. The latest amendment was based on Notarial Deed No. 14 dated 5 December
2007, of Bakhtiar, S.H., notary in Tenggarong, which legalised an Extraordinary General Meeting of Shareholders of FSP on 5 December 2007 regarding the changes in the Articles of Association relating to
General Shareholders Meeting and the transfer of 60,300 shares in FSP from Low Tuck Kwong to the Company.
This Deed was approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-A.H.01.10.0718 dated 9 January 2008.
The principal activity of FSP is in the coal mining industry. FSP’s head office is located in Tenggarong, Kutai Kartanegara Regency.
As at 31 March 2008 and 2007 and 31 December 2007, 2006 and 2005, FSP did not have any employees unaudited.
Based on the Decree of the Regent of Kutai Kartanegara No. 54018KP-EPDPE-IVVII2005 dated 21 July 2005, FSP has been granted Exploitation Mining Rights for a consecutive twenty-year period to 21 July
2025. The mining area granted is 3,774 hectares. On 5 December 2003, FSP entered into a coal mining agreement with IP. According to the agreement,
FSP granted rights to IP to perform coal mining for and on behalf of FSP in accordance with the terms and conditions of the Mining Rights. On 1 February 2005, the agreement with IP was terminated.
On 1 February 2005, FSP entered into a novation of coal mining agreement with PT Pan Assets Indonesia “PAI”, a related party. Under the agreement, FSP granted PAI the right to perform coal mining activities in FSP’s
mining area in accordance with the terms and conditions of the Mining Rights refer to Note 28a.
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Schedule 59 PT BAYAN RESOURCES AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2008 AND 2007 AND 31 DECEMBER 2007, 2006 AND 2005
Expressed in million Indonesian Rupiah, unless otherwise stated
1. GENERAL continued BT
BT was established on 26 March 2004 based on the Notarial Deed No.164 of Bakhtiar, S.H., notary in Tenggarong, which has been approved by the Minister of Law and Human Rights of the Republic of Indonesia
under Decree No.C-26102 HT.01.01.TH.2004 dated 20 October 2004. The Articles of Association have been amended several times. The latest amendment was based on Notarial Deed No. 6 dated 2 November 2007, of
Bakhtiar, S.H., notary in Tenggarong, regarding the changes in authorised share capital, issued and fully paid share capital, and the changes in BT’s shareholders composition. This Deed was approved by the Minister of
Law and Human Rights of the Republic of Indonesia through Decree No. C-UM.HT.01.10-6618 dated 27 December 2007.
The principal activity of BT is coal mining industry. As at 31 March 2008, BT is in the exploration stage.
BT’s head office is located in Tenggarong, Kutai Kartanegara Regency. As at 31 March 2008 and 2007 and 31 December 2007, 2006 and 2005, BT did not have any employees
unaudited. According to the Decree of the Regent of Kutai Kartanegara No. 54046KP-erDPE-IVXII2004 dated
7 December 2004, BT has been granted Exploration Mining Rights for a consecutive three-year period to 7 December 2007. The mining area granted was 5,000 hectares. Refer to Note 33d for the Exploitation Mining
Rights granted to BT subsequent to 31 March 2008.
BAS
BAS was established based on Notarial Deed No. 55 dated 15 September 2004 of Bambang Sudarsono, S.H., notary in Tenggarong, which has been approved by the Minister of Law and Human Rights of the Republic
of Indonesia in Decree No. C06105HT.01.01-TH.2007 dated 11 December 2007. The Articles of Association have been amended several times. The latest amendment was based on Notarial Deed No. 2, dated 1 October
2007, of Bakhtiar, S.H., notary in Tenggarong, regarding the changes in BAS’s Articles of Association in accordance with Law No. 40 year 2007 regarding Limited Liability Companies. This Deed was approved by the
Minister of Law and Human Rights of the Republic of Indonesia through the Decree No. C-06105 HT.01.01-TH.2007 dated 11 December 2007.
The principal activities of BAS are mining, developer, trading, transportation, industrial, service, agriculture and landscaping. As at 31 March 2008, BAS is in the exploration stage.
BAS’s head office is located in Tenggarong, Regency of Kutai Kartanegara. As at 31 March 2008 and 2007 and 31 December 2007, 2006 and 2005, BAS did not have any
employees unaudited. According to the Decree of the Regent of Kutai Kartanegara No. 54097KP-erDPE-IVVIII2006 dated
1 August 2006, BAS has been granted Exploration Mining Rights for a consecutive three-year period to 1 August 2009. The mining area granted was 4,025 hectares.
GBP
GBP was established on 26 March 1990 based on Notarial Deed No. 33 of Sulaimansjah, S.H., notary in Banjarmasin, which has been approved by the Minister of Justice of the Republic of Indonesia in Decree
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