PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 AND 2009 AND FOR THE THREE MONTHS PERIOD THEN ENDED Continued
- 20 -
9. PROPERTY, PLANT AND EQUIPMENT
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 AND 2009 AND FOR THE THREE MONTHS PERIOD THEN ENDED Continued
- 21 - 10. PROPERTY FOR LEASE
This account represents the net book value of a tanker ship, a barge and a tug boat for lease, as follows:
The Company appointed PT Budi Samudra Perkasa BSP, a related party, to operate the vessels for 3 years Note 23. Based on the Cooperation Agreements, BSP is entitled to all freight income
generated by the vessels but should pay an annual compensation to the Company with details as follows:
a. Based on Cooperation Agreement for period August 2, 2007
– August 8, 2010, annual compensation amounts toRp 600,000 thousand for the tug boat and barge.
b. Based on Cooperation Agreement for period August 2, 2006
– August 4, 2009 and has been extended until August 4, 2012, annual compensation amounts to Rp 350,000 thousand for
the barge. c.
Based on Cooperation Agreement for period January 2, 2008 – December 31, 2010, annual
compensation amounts to Rp 2,050,000 thousand for the tug boat and barge. As of March 31, 2010 and 2009, the properties for lease are insured with PT Asuransi Jasa
Indonesia, a third party, against total loss for a sum of Rp 26,500,000 thousand and Rp 18,856,000 thousand, respectively.
Management believes that the insurance coverage is adequate to cover possible losses that might arise from such risks on the properties for lease insured. Management believes that there is no
impairment in value of the aforementioned assets as of March 31, 2010 and 2009.
11. TRADE ACCOUNTS PAYABLE
This account consist of the Company and its subsidiaries’ payable to third party local suppliers in relation to the purchases of materials needed for production .
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 AND 2009 AND FOR THE THREE MONTHS PERIOD THEN ENDED Continued
- 22 - 12. TAXES PAYABLE
The filing of tax return is based on the Company and it’s subsidiaries’ own calculation of tax liabilities self
– assessment. The tax authorities may conduct a tax audit on the Company and its subsidiaries for a period of up to ten years after the tax becomes due.
13. SHORT-TERM BANK LOANS
