124
Laporan Tahunan 2012 • Annual Report 2012 • PT. ERATEX DJAJA Tbk
125
Laporan Tahunan 2012 • Annual Report 2012 • PT. ERATEX DJAJA Tbk
Total assets of Subsidiaries as at December 31, 2012 and 2011 are as follows:
Dec 31, 2012 Dec 31, 2011
2012 2011
Rp Rp
US US
PT Asiatex Garmindo under liquidation process 518,343
2,426,693 54
268 PT Eratex Hongkong Ltd
7,207,740 4,657,255
745 514
PT Eratex Garment 741,674
682,948 76
75 PT Asiatex Garmindo and PT Eratex Garment currently do not have any activities.
Based on the decision of Extraordinary General Meeting of Shareholders PT Asiatex Garmindo Subsidiary held on December 27, 2012 legalized in Notary Deed No.85 dated January 14th, 2013 regarding Statement of Extraordinary
Shareholder Meeting Decisions prepared by Alexander Hidayat Siswandi, SH, Public Notary in City of Tangerang, the Subsidiary is now in the progress of DissolutionLiquidation.
Based on amendment of Notarial deed no 145 dated November 29, 2011 which contains decision of changes in statute of PT Asiatex Garmindo Subsidiary, General Meeting of Shareholders has approved the conversion of Subsidiarys loan
to PT Eratex Djaja Tbk Entity amounted to Rp 16,494,672 to share capital. For above changes, issued and fully-paid shares has been increased to Rp 66,294,672 comprising of 132,589,344 shares with nominal value of Rp 500 full
Rupiah amount per share. In 2010, issued and fully-paid shares amounted to Rp 49,800,000 comprising of 99,600,000 shares with nominal value of Rp 500 full Rupiah amount per shares. And based on deed no.25 dated January 17, 2012,
prepared by Aryanti Artisari, SH, MKn, Notary in Administration City of South Jakarta, the share nominal value was reduced to Rp 1 per share.
Based on Certificate of Dissolution section 208 dated December 14, 2011, ASA Partners Holdings Ltd Subsidiary was stated dissolved. Upon the dissolution, Entity recorded gain from disposal of investment amounted to Rp 13,643,639
and writen off Subsidiariess receivable amounted to Rp 12,685,794. Salaries and allowances for Board of Commissioners and
Board of Directors as of December 31, 2012 and 2011 were as follows:
Board of Commissioners 151,726
135,598 Board of Directors
643,061 1,823,304
2012 2011
Salaries and allowances for Independent Audit Committee of December 31, 2012 and 2011 were as
follows:
Independent Audit Committee
56,842 54,000
2012 2011
GENERAL continued
01
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting principles applied consistently in the preparation of the consolidated financial statements for the years ended December 31, 2012 and 2011 are as follows:
a. Statement of compliance and basis of preparation of consolidated financial statements
Statement of compliance Consolidated financial statements are prepared in accordance with Indonesian Financial Accounting Standards PSAK. The
accounting policies adapted in accordance with the policies used to prepare consolidated financial statements are described as below.
Basis of preparation of consolidated financial statements The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards in
Indonesia “SAK” comprising of the Statements of Financial Accounting Standards PSAK and Interpretation Financial Accounting Standards ISAK issued by the Board of Financial Accounting Standards of the Indonesian Institute of
Accountants and rules established by the Capital Market Supervisory Agency BAPEPAM-LK.
Basis of preparation of the consolidated financial statements, except for the consolidated statement of cash flow is the accrual basis. The consolidated financial statements, presented in thousands of Rupiah and the translation in thousands of
United States dollars, unless otherwise stated, have been prepared on the accrual basis using the historical costs, except for certain accounts which are measured on the basis described in accounting policies of the related accounts.
The consolidated statement of cash flows is prepared using the direct method with classifications of cash flows into operating, investing and financing activities.
The functional currency of the Entity is US Dollar and other Entities or Subsidiaries determine their own functional currency and items included in the financial statements of each Entity are measured using that functional currency. The presentation
currency used in the preparation of the consolidated financial statements is the Indonesian Rupiah Rp.
b. Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its Subsidiaries mentioned in Note 1c, in which the Company maintains directly or indirectly equity ownership of more than 50.
All significant inter-entity accounts and transactions have been eliminated. As described herein, the adaption of PSAK No. 4 Revised 2009 has insignificant impact on the financial reporting, including
the related disclosures in the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisitions, being the date on which the Entity obtained control, and
continue to be consolidated until the date such control ceases. Control is presumed to exist if the Entity owns, directly or indirectly through Subsidiaries, more than half of the voting power of an entity.
Control also exists when the parent owns half of less of the voting power of an entity when there is: - Power over more than half of the voting rights by virtue of an agreement with other investors;
- Power to govern the financial and operating policies of the entity under a statute or an agreement; - Power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control
of the entity is by that board or body; or - Power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the
entity is by that board or body. Losses of a non-wholly owned Subsidiary are attributed to the NCI even if that results in a deficit balance.
02
b. Board of Commissioners, Board of Directors and Independent Audit Committee continued
