Seminar Ak

PT MARINE INDONESIA
STATEMENTS OF FINANCIAL POSITION

As of December 31, 2013 AND 2012
(Expressed in Rupiah)
Notes
2013
2012
3c,4
3d,5
11,412,512,966
75,339,373,444
76,706,395,147
48,826,750,994
9,480,268,881
5,000,427,235
1,016,350,240
21,958,797,600
96,794,428,036
46,464,608,398
19,644,781,386
23,998,129,800
3,766,966,512
227,782,078,9
07
212,627,711,7
32
27,707,135,737
281,370,702
27,707,135,73
7
281,370,702
255,489,214,6
44
212,909,082,4
34
3b,16a
10
74,635,103,877
301,472,548
84,636,242,944
7,940,128,834
3b,16b
4,176,039,283
22,859,305
11,119,921,244
10,390,807,022
127,679,999
579,492,916
90,255,396,25
7
103,674,351,7
15
1,656,144,264
1,060,871,619
414,036,066
265,217,90
5
1,031,000,000
162,132,638,057
1,031,000,000
106,877,641,195
163,163,638,0
57
106,908,641,1
95
ASSETS
CURRENT ASSETS
Cash on hand and in banks
Trade receivable - third parties
Others related parties
Prepaid tax
Deposits
Inventory
Prepayments
3j,15a
6
7
3e,8
Total Current Assets

NON-CURRENT ASSETS
Fixed assets net of accumulated depreciation
3f,9
Total Non-Current Assets

TOTAL ASSETS
LIABILITIES AND EQUITY

LIABILITIES
Trade payable
Related parties
Third party
Other payable
Related parties
Other
Taxes payable
3j,15b
Total Liabilities
Post-Retirement benefit obligation
Deferred tas-liabilities
EQUITY
Share capital - at par value of Rp 1,031,000
per
share Authorized, issued and fully paid - 1,000
share
Retained earnings
Total Equity
11
255,489,214,6
44
TOTAL LIABILITIES AND EQUITY
212,909,082,4
34
See accompanying Notes to Financial Statements

which are an integral part of the Financial Statements taken as a whole
1
PT INDONESIA
STATEMENTS OF COMPREHENSIVE INCOME
For The Year Ended December 31, 2013 AND 2012
Notes
2013
2012
SALES
3g,12
396,106,270,286
484,668,957,247
COST OF SALES
3g,13
( 281,260,745,576) ( 389,222,211,501 )
GROSS PROFIT
OPERATING EXPENSES
114,845,524,71
0
3g,14
INCOME FROM OPERATIONS
57,246,019,909) (
95,446,745,746
49,830,378,392)
57,599,504,801
45,616,367,354
22,489,263,103
2,600,166,798
80,088,767,904
48,216,534,152
OTHER INCOME (EXPENSE)

Other Income net
2i
INCOME BEFORE PROVISION FOR INCOME

TAX
PROVISION FOR INCOME TAX Current

Deferred - Tax Expense
3j,15d
21,912,336,250) (
13,667,577,000)
148,818,161) (
265,217,905)
NET INCOME
OTHER COMPREHENSIVE INCOME
NET COMPREHENSIVE INCOME
58,027,613,493
(
2,772,616,629)
55,254,996,864
34,283,739,247
34,283,739,247

2
PT MARINE INDONESIA
STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY
For The Year Ended December 31, 2013
(With Comparative Figure for the Year Ended December 31, 2012)
Ending Balance December 31,

2011
Net Comprehensive Income for 2012
Balance December 31, 2012
Net Income for 2013
Issued and
Fully Paid
Retained
Earnings
Total
Equity
1,031,000,000
72,593,901,948
73,624,901,948
34,283,739,247
34,283,739,247
1,031,000,000
106,877,641,19
5
107,908,641,19
5
58,027,613,493
58,027,613,493
(2,772,616,629)
(2,772,616,629)
162,132,638,05
9
163,163,638,05
9
Impairment Asset
Balance December 31, 2013
1,031,000,000

3
PT MARINE INDONESIA
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 2013 and 2012
CASH FLOWS FROM OPERATING ACTIVITIES

Income before provision for income tax
Adjustments to reconcile income before
provision for income tax for the period to net cash
provided by (used in) operating activities :
Depreciations
Loss for disposal of fixed asset
Impairment of fixed asset
Post-Retirement benefit expenses
Estimated income tax
Prepaid tax
Inventory
Prepayments
Advance payment
Increase (decrease) in :
Trade payable
Related parties
Third parties
Taxes payable
Other payable related parties
Other payable
Net Cash Provided by (Used in) Operating
Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of fixed assets
Decrease (increase) in deposits
2012
80,088,767,90
4
48,216,534,152
8,300,665,350
258,207,092
2,986,516,904
( 2,772,616,629 )
595,272,645
731,376,380
21,912,336,25
(
0 ) ( 13,667,577,000 )
Operating income for the period before changes

in operating assets and liabilities
Decrease (increase) in :
Trade receivables third party
2013
67,286,269,9
23
35,538,540,6
24
55,251,340,55 ) 68,072,869,121
5
( 2,362,142,596 ) ( 31,106,747,749
18,997,702,56 18,544,867,921
(
5
2,750,616,272 ( 3,340,927,520
- (
90,128,303
(
)
)
)
)
( 10,001,139,06 ) 55,052,507,301
7
( 7,638,656,286 ) ( 11,903,305,659 )
10,540,428,32 (
495,961,579 )
8
( 6,214,767,739 ) ( 79,656,206,135 )
(
104,820,695 )
119,641,253
18,002,150,1
49
( 38,712,947,28 )
9
10,164,512,50
5
13,825,670,0
39
7,262,438,312
Net Cash Provided by (Used in) Investing

Activities
( 28,548,434,7 )
84
7,262,438,31
2
NET DECREASE IN CASH ON HAND AND IN BANKS
( 10,546,284,6 )
34
21,088,108,3
51
CASH ON HAND AND IN BANKS AT BEGINNING OF

YEAR
21,958,797,60
0
870,689,249
CASH ON HAND AND IN BANKS AT END OF YEAR
11,412,512,96
6
21,958,797,60
0

PT MARINE INDONESIA
NOTES TO FINANCIAL STATEMENTS
For The Year Ended December 31, 2013 And 2012
1.
GENERAL
PT Marine Indonesia (the Company) was established within the framework of the
Foreign Capital Investment Law No. 1 Year 1967, on September 23, 2005 based on
notarial deed No. 13 of Wiwik Asriwahyuni Santosa, S.H. The deed of establishment was
approved by the Board Coordination of Capital Investment (Badan Koordinasi
Penanaman Modal) No. 1000/I/PMA/2005 dated September 12, 2005.
The companys Articles of Association have been amended the latest amendment was
registered by notarial deed No. 04 and 05, of Ny. Siti Safarijah S.H., dated October 02,
2013, concerning the changes in the composition of the Company's management and
change of address of the company . The amendment has been validated by The
Ministry of Law and Human Right of the Republic of Indonesia approved the
Amendement through its decision letter No. AHU-AH 01.10-48560 dated November 14,
2013.
According to Article 3 of the Company's Articles of Association, the scope of the
Companys activities, among others, comprises of underwater inspection and
maintenance services. The Company is domiciled in Alamanda Tower 2nd, Floor Suite AD, Jl. TB Simatupang Kav 23-24 Cilandak,Jakarta Selatan.
The composition of the Companys boards of commissioners and directors as of 31
December 2013 and 2012 are as follows:
2013
Commissioners
President
Director
Directors
Directors
2012
: Sri Dewi Endang Mumpuni

: Alan Patrick Bernard
: Sri Dewi Endang Mumpuni

: Hendrikus Adrianus Zwinkels
: Franciscus Antonius Hartong

: Robert Steckman Taylor
: Franciscus Antonius Hartong

:-
The number of employees of the Company was 25 and 30 in 2013 and 2012 (unaudit).
2.
SUMMARY OF SIGNIFICANT ACCOUTING POLICIES

The principal accounting policies adopted in the preparation of the financial statements
are set out below:
a. Basic of preparation of the financial statements
The financial statements, except for the statements of cash flows, are prepared
under the accrual basis of accounting. The reporting (presentation) currency used in
the preparation of the financial statements is the IDR (Indonesia rupiah), while the
measurement basis is the historical cost, except for certain accounts which are
measured on the bases described in the related accounting policies.
The statements of cash flows are prepared using the indirect method with
classifications of cash flows into operating and investing activities.
b Financial Instruments
Effective January 1, 2010, the Company adopted PSAK No. 50 (Revised 2010),
Financial Instruments: Presentation, and PSAK No. 55 (Revised 2011), Financial
Instruments: Recognition and Measurement, and PSAK No.60, Financial
Instruments: Disclosures.
PSAK No. 50 (Revised 2010) provides for the requirements in respect of the
presentation of financial instruments, and the necessary information that should be
disclosed in the financial statements, while PSAK No. 55 (Revised 2011) establishes
5
PT MARINE INDONESIA
2.
the principles for recognizing and measuring financial assets, financial liabilities, and
some contracts to buy or sell non-financial items.
SUMMARY OF SIGNIFICANT ACCOUTING POLICIES - continued
b Financial Instruments - continued
Financial assets within the scope of PSAK No. 55 (Revised 2006) are classified as
financial assets at fair value through profit or loss, loans and receivables, held-tomaturity investments, or available-for-sale financial assets. The Company determines
the classification of its financial assets after initial recognition and, where allowed
and appropriate, re-evaluates this designation at each financial year-end.
When financial assets are recognized initially, they are measured at fair value, and in
the case of financial assets not at fair value through profit or loss, plus directly
attributable transaction costs.
Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in active market. After initial recognition, PSAK No.
55 (Revised 2011) requires such assets to be carried at amortized cost using the
effective interest method, and the related gains or losses are recognized in the profit
or loss when the loans and receivables are derecognized or impaired, as well as
through the amortization process.
1) Financial Assets
Initial Recognition and Measurement
The Companys principal financial assets include cash and cash equivalents,
trade receivable related parties and third parties and other receivable.
An allowance is made for uncollectible amounts when there is an objective
evidence that the Company will not be able to collect the receivables. Bad debts
are written off when identified. Further details on the accounting policy for
impairment of financial assets are disclosed in the relevant succeeding
paragraphs under this Note
Derecognition
A financial assets, or, where applicable a part of a financial assets or part of a
Company of similar financial assets, is derecognized when:
i. the Contractual rights to receive cash flows from the financial assets have
expired; or
ii. the Company has transferred its rights to receive cash flows from the financial
assets or has assumed an obligation to pay them in full without material delay
to a third party under a pass-through arrangement and either (a) has
transferred substantially all the risks and rewards of the financial assets, or (b)
has neither transferred nor retained substantially all the risks and rewards of
the financial assets, but has transferred control of the financial assets.
On derecognition of a financial assets in its entirety, the difference between the
carrying amount and the sum of (i) the consideration received is recognized in
the profit or loss.
Impairment
The Company assesses at each statements of financial position date whether
there is any objective evidence that a financial assets or a Company of financial
assets is impaired.
PT MARINE INDONESIA
2.

1) Financial Assets - continued
Financial Assets Carried at Amortized Cost
For loans and receivables carried at amortized cost, the Company first assesses
individually whether objective evidence of impairment exists individually for
financial assets that are individually significant, or collectively for financial assets
that are not individually significant. If the Company determines that no objective
evidence of impairment exists for an individually assessed financial assets,
whether significant or not, it includes the asset in a group of financial assets with
similar credit risk characteristics and collectively assesses them for impairment.
Assets that are individually assessed for impairment and for which an
impairment loss is, or continues to be, recognized are not included in a collective
assessment or impairment.
When there is objective evidence that an impairment loss has been incurred, the
amount of the loss is measured as the difference between the assets carrying
amount and the present value of estimated future cash flows (excluding future
credit losses that have not been incurred). The carrying amount of the assets is
reduced through the use of an allowance account and the amount of the loss is
directly recognized in the statement of comprehensive income. Interest income
continues to be accrued on the reduced carrying amount based on the original
effective interest rate of the assets. Loans together with the associated
allowance are written off when there is no realistic prospect of future recovery
and all collateral, if any, has been realized or has been transferred to the
Company.
If, in a subsequent year, the amount of the estimated impairment loss increases
or decreases because of event occurring after the impairment was recognized,
the previously recognized impairment loss is increased or reduced by adjusting
the allowance account. The reversal shall not result in a carrying amount of the
financial assets that exceeds what the amortized cost would have been had the
impairment not been recognized at the date the impairment is reversed. The
recovery is recognized in the statements of income.
The present value of the estimated future cash flows is discounted at the
financial assets original effective interest rate. If a loan has a variable interest
rate, the discount rate for measuring any impairment loss is the current effective
interest rate.
2) Financial Liabilities
Initial Recognition and Measurement
The present value of the estimated future cash flows is discounted at the
financial assets original effective interest rate. If a loan has a variable interest
rate, the discount rate for measuring any impairment loss is the current effective
interest rate.
PT MARINE INDONESIA
Financial liabilities within the scope of PSAK No. 55 (Revised 2011) are classified
as financial liabilities at fair value through statement of comprehensive income,
loans and borrowings. As at the statements of financial position dates, the
Company has no other financial liabilities other than those classified as loans and
borrowings. The Company determines the classification of its financial liabilities
at initial recognition.
2.

2) Financial Liabilities
- continued
Financial liabilities are initially recognized at their fair values plus directly
attributable transaction costs.
The Companys principal financial liabilities include trade payables and accrued
expenses.
Subsequent Measurement
a) Long-term Interest-bearing Loans and Borrowings
Subsequent to initial recognition, long-term interest-bearing loans and
borrowings are measured at amortized costs Effective Interest Rate (EIR)
method.
At statements of financial position dates, accrued interest is recorded separately
from the associated borrowings within current liabilities section. Gains and losses
are recognized in the statement comprehensive income when the liabilities are
derecognized as well as through the EIR method amortization process.
Amortized cost is calculated by taking into account any discount or premium on
acquisition and fee or costs that are an integral part of the EIR. The EIR
amortization is included under Interest and Other Financing Charges account in
the statement of comprehensive income.
b) Payables
Liabilities for current trade and other account payables, and accrued expenses
are stated at carrying amounts (notional amounts), which approximate their fair
values.
Derecognition
A financial liability is derecognized when the obligation under the contract is
discharged or cancelled or expired.
c.
Foreign Currency Transactions and Translation

Transactions involving foreign currencies are recorded in Rupiah amounts at the rates
of exchange prevailing at the time the transaction are made. At statements of
financial position, assets and liabilities denominated in foreign currencies are
adjusted to Rupiah using the rates of exchange prevailing at the last banking
8
PT MARINE INDONESIA
transaction date for the years as published by Bank Indonesia. Any resulting gains or
losses are charged to the current operations.
The exchange rate used, based on the middle rate published by Bank Indonesia as of
31 December 2013 and 2012 were Rp 12.189 and Rp 9.670 to USD 1.
d. Cash and bank
Cash and bank include cash on hand and cash in banks with maturity of three
months or less that are not used as collateral and limited from placement date.
2.

e. Trade receivables
Trade receivables are presented net of allowance for doubtful accounts which is
determined based on a review of the status of the collectability of the individual
receivable accounts at the end of the year. Trade receivables are written-off as bad
debts during the period in which they are determined to be not collectible.
f.
Transactions with Related Parties

A related party is a person or entity that is related to the Companys :
a A person or a close member of that persons family is related to the reporting
entity if that person:
i.
has control or joint control over the reporting entity;
ii.
has significant influence over the reporting entity; or
iii.
is a member of the key management personnel of the reporting entity.
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 realated to the
othres).
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 an 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 it self such a plan, the sponsoring employers are also
related to the reporting entity.
vi.
The entity is controlled or jointly controlled by a person indentifed in (a).

9
PT MARINE INDONESIA
vii.
A person identified in (a) (i) has significant influence over the entity or is a
member of the key management personnel of the entity (or a parent of the
entity).
All transactions with related parties, whether or not made at similiar terms and
conditions as those done with third aprties, are disclosed in the consolidated financial
statements.
g. Prepaid expenses
Prepaid expenses are amortized over their beneficial periods using the straight-line
method.
2.

h.
Fixed Asset
Company applied PSAK No. 16 (Revised 2011),Fixed Assets, fixed assets are stated
at cost less accumulated depreciation. Fixed assets are depreciated from the month
the assets are placed in service on a straight-line basis over their estimated useful
lives as follows:
Years
Computer
Furniture
Telephone
Office Equipment
Tools & Equipment
4
4
4
4
4
The cost of repairs and maintenance are charged to expense as incurred; significant
renewals and betterments are capitalized. When assets are retired or otherwise
disposed of, their cost and related accumulated depreciation are removed from the
accounts and any resulting gain or loss is credited or charged to current operations.
i.
Revenue and Expenses Recognition

Revenue is recognized when it is probable that the economic benefits associated with
the transaction will flow to the Company and the amount of revenue can be
measured reliably.
Sale of services is recognized upon the completion of the services performed.
Expense is recognized when incurred.
j.
Corporate Income Tax

Income tax in profit or loss for the period comprises current and deferred tax. Income
tax is recognized in profit or loss, except to the extent that it relates to items
recognized directly in equity or other comprehensive income in which case it is
recognized in equity or other comprehensive income.
Current income tax obtained through applicable tax rate against taxable income for
the period.
10
PT MARINE INDONESIA
Deferred tax assets and liabilities are recognized in consequence to future tax period
occurred on difference between recorded assets and liabilities in accordance to
financial statement and tax base assets or liabilities. Deferred tax assets are
recognized on any deductible temporary difference as long the differences having
benefit to decrease taxable income for the future period.
Deferred income taxes are computed based on current tax tariff or substantially valid
on statements of financial position date. Deferred income taxes are charged or
credited on current income, except for deferred income taxes, which are directly
credited to equity.
Deferred tax assets relating to the carry forward of unused tax losses are recognized
to the extent that it is probable that future taxable profit will be available against
which the unused tax losses can be utilized.
Deferred tax assets and liabilities are presented in statements of financial positions
which are stated based on compensation in accordance to statement of current tax
assets and liabilities.
2.

j.
Corporate Income Tax - continued

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, or where they arise from the initial
accounting for a business combination. In the case of a business combination, the tax
effect is included in the accounting for the business combination.
k.
Employee Benefits
Company has applied PSAK No. 24 (Revised 2010),Employee Benefits, also allows
the recognition of accumulated actuarial gains and losses as other comprehensive
income under equity, in addition to the corridor and profit or loss approaches. The
Company continues to use the corridor approach as described below.
The cost of providing post employment benefits is determined using the Projected
Unit Credit Method. The accumulated unrecognized actuarial gains and losses that
exceed 10% of the greater of the present value of the Companys defined benefit
obligations and the fair value of plan assets are recognized on straight-line basis over
the expected average remaining working lives of the participating employees
(corridor approach). Past service cost is recognized immediately to the extent that
the benefits are already vested, and otherwise is amortized
on a straight-line basis over the average period until the benefits become vested.
The benefit obligation recognized in the statements of financial position represents
the present value of the defined benefit obligation, as adjusted for unrecognized
actuarial gains and losses and unrecognized past service cost, and as reduced by the
fair value of scheme assets.
l. Significant Accounting Judgment, Estimates and Assumptions

Judgment
11
PT MARINE INDONESIA
The following judgments are made by management in the process of applying the
Companys accounting policies that have the most significant effects on the amounts
recognized in the statement of financial position:
Determination of the Companys functional currency
Based on the economic substance of the underlying circumstances relevant to the
Company, the functional currency has been determined to be the IDR (Indonesia
rupiah). It is the currency that mainly influences the sale of services and the cost of
providing the services.
Classification of financial instruments
The Company classifies a financial instrument or its component parts, on initial
recognition as a financial asset, a financial liability or an equity instrument in
accordance with the substance of the contractual agreement and the definitions of a
financial asset, a financial liability or an equity instrument. The substance of a
financial instrument, rather than its legal form, governs its classification in the
statement of financial position.
2.

l. Significant Accounting Judgment, Estimates and Assumptions - continued
Estimates and Assumptions
The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial
year/period are disclosed below. The Company based its assumptions and estimates
on parameters available when the financial statements were prepared. Existing
circumstances and assumptions about future developments may change due to
market changes or circumstances arising beyond the control of the Company. Such
changes are reflected in the assumptions when they occur.
Depreciation of Fixed Assets
Useful lives of fixed asset are estimated based on the period over which these assets
are expected to be available for use. The estimated useful lives of fixed asset are
reviewed periodically and are updated if expectations differ from previous estimates
due to asset utilization, internal technical evaluation, technological changes,
environmental and anticipated use of the assets tempered by related industry
benchmark information. It is possible that future results of operation could be
materially affected by changes in these estimates brought about by changes in
factors mentioned. Any reduction in the estimated useful lives of property and
equipment would increase the Companys recorded cost and expenses and decrease
non current assets.
Pension and Employee Benefits
The determination of the Companys obligations and cost for pension and employee
benefits liabilities is dependent on its selection of certain assumptions used by the
independent actuaries in calculating such amounts. Those assumptions include
among others, discount rates, future annual salary increase, annual employee turnover rate, disability rate, retirement age and mortality rate. Actual results that differ
12
PT MARINE INDONESIA
from the Companys assumptions are recognized immediately in the profit or loss as
and when they occurred.
While the Company believes that its assumptions are reasonable and appropriate,
significant differences in the Companys actual experiences or significant changes in
the Companys assumptions may materially affect its estimated liabilities for pension
and employee benefits and net employee benefits expense.
Deferred Tax Assets
Deferred tax assets are recognized for all unused tax losses to the extent that it is
probable that taxable profit will be available against which the losses can be utilized.
Significant management estimates are required to determine the amount of deferred
tax assets that can be recognized, based upon the likely timing and the level of
future taxable profits together with future tax planning strategies.
3.
CASH ON HAND AND IN BANKS

This account consists of:
2013
Cash on hand
Cash in banks
US Dollar
Standard Chaterd Bank
PT Bank Mandiri Tbk
Rupiah
Standard Chaterd Bank
Total Cash on Hand and in Banks
4.
2012
74,575,944
49,851,635
7,201,941,590
3,156,808,511
21,181,563,696
290,621,407
979,186,921
436,760,862
11,412,512,966
21,958,797,60
0
2013
2012
64,809,296,344
9,873,090,000
3,546,143,720
TRADE RECEIVABLE
Premier Oil Natuna Sea B.V.
PT Timas Suplindo
Total E&P Indonesie
656,987,100
PT Pertamina Hulu Energi ONWJ

WIP - PT Pertamina Hulu Energi ONWJ
PT Radiant Utama Interinsco Tbk
PT COSL Indo
Santos (Madura Offshore) Pty Ltd
Total Trade Receivable
75,339,373.444
13
41,595,889,674
37,216,684,254
14,350,830,126
62,385,231
22,495,031
96,794,428,03
6
PT MARINE INDONESIA
No allowance for impairment loss was provided on account receivables as management
believes that all such receivables are collectible.
5.
DEPOSITS
2013
Performance Bond Total E&P Indonesie

Bid Bond
Deposit to Suppliers
Performance Bond PT Pertamina Hulu Energi
ONWJ
Performance Bond Santos (Madura Offshore)
Pty Ltd
Performance Bond PT Radiant Utama Interinsco
Tbk
Total Deposits
2012
6,054,132,481
2,865,590,000
560,546,400
-
7,003,201,695
6,991,410,000
542,047,600
2,217,608,529
1,923,513,562
967,000,000
9,480,268,881
19,644,781,3
86
Performance Bond is a guarantee work to clien PT Halline marine Indonesia pay for
each tender received.
6.
Based on the result of review of the above deposits, management believes that no
allowance for impairment value of deposits is necessary.
INVENTORY
Superior completion services
Fuel
Total Deposits
2013
2012
5,000,427,235
-
21,580,460,770
2,417,669,030
5,000,427,235
23,998,129,80
0
As of December 31, 2013, inventories were not insured against the all risks of
physical loss and/or damage because the management believe there will be no
damage to the inventories.
Based on the result of review of the above inventories, management believes that
no allowance for impairment value of inventories is necessary.
7.
PREPAYMENTS
2013
Prepayment Expenses
640,747,008
14
2012
799,218,732
PT MARINE INDONESIA
Prepayment Rental Office
Prepayment Insurance
Prepayment Equipment Rental
Others
Total Prepayments
8.
105,350,820
151,070,341
45,000,000
2,666,326,620
1,016,350,240
3,766,966,513
FIXED ASSETS
December 31, 2013
Beginning
At cost:
Computer
Furniture
Telecommunication
Office Equipment
Tools & equipment
511,589,339
730,250,371
9,788,535
50,992,987
-
Total at cost
8.
248,851,000
61,752,232
45,000,000
20,000,000
1,302,621,23
2
Additions/
Deductions/
Reclassification Reclassification
75,180,000
38,637,767,2
89
586,769,339
730,250,371
9,788,535
50,992,987
3,651,869,47
9
38,712,947,2
89
5,029,670,71
1
Ending
34,985,897,811
34,985,897,811
FIXED ASSETS - continued

December 31, 2013
Beginning
Accumulated depreciation:
Computer
Furniture
Telecommunication
Office Equipment
Tools & equipment
371,163,599
598,206,328
9,363,536
42,517,067
Additions/
Deductions/
Reclassification Reclassification
24,746,875
34,470,426
8,241,448,04
9
Total accumulated
depreciation
1,021,250,53
0
Net Book Value
281,370,702
8,300,665,35
0
395,910,474
632,676,754
9,363,536
42,517,067
962,685,975
2,043,153,80
6
Ending
7,278,762,074
7,278,762,074
27,707,135,73
7
15
PT MARINE INDONESIA
December 31, 2012
At cost:
Computer
Furniture
Telecommunication
Office Equipment
Total at cost
Accumulated depreciation:
Computer
Furniture
Telecommunication
Office Equipment
Total accumulated
depreciation
Net Book Value
Beginning
Additions/
Reclassification
Deductions/
Reclassificati
on
Ending
511,589,339
730,250,371
9,788,535
50,992,987
511,589,339
730,250,371
9,788,535
50,992,987
1,302,621,232
1,302,621,232
252,548,163
469,311,363
8,274,466
32,909,446
118,615,435
128,894,966
1,089,069
9,607,622
371,163,599
598,206,328
9,363,536
42,517,067
763,043,438
258,207,092
1,021,250,530
539,577,794
281,370,702
Depreciation expense charged to operations amounted to Rp 8,300,665,350 and Rp

258,207,092 for the year ended December 31, 2013 and 2012, respectively.
In March 2013 the company management did deletion book value of fixed assets of Rp
281,370,702 and December 31, 2013, companies calculate return on its fixed assets so
that there is a decrease in the value of fixed assets of Rp 2,772,616,629.
9.
TRADE PAYABLES
2013
2012
70,648,403,031
3,011,596,083
975,104,764
74,635,103,877
58,835,824,925
1,048,906,157
214,102,406
24,537,409,456
Related Parties
Superior Energy Services LLC
PT Superior Energy Services Indonesia
PT Danakaya Sentra Makmur
Hallin Marine Singapore Pte Ltd
Total Related Parties
Third Parties
16
84,636,242,94
4
PT MARINE INDONESIA
PT Mulia Jaya Mandiri
CV Smalia Graphic Design and Offset Printing
PT Ardilla Insan Sejahtera
PT Remote Indonesia
BUT Remote TS Pte Ltd
PT Bahari Eka Nusantara
PT OMS Oilfield Services
PT Seascape Surveys Indonesia
Others
179,483,025
48,500,000
73,489,523
4,064,722,612
1,296,554,954
1,256,354,636
901,021,590
298,216,128
46,160,712
77,098,202
Total Third Parties
301,472,548
7,940,128,834
74,936,576,425
92,576,371,77
8
Total Trade Payables
10.
SHARE CAPITAL
The details of share capital of the Company as of December 31, 2013 and 2012 are as
follow:
Number Percentag
of
e of
Shares Ownership
Shareholder
Marine International Ltd.
PT Sentra Makmur
Total Share Capital
950
50
95%
5%
1,000
100%
Amount
979,450,000
51,550,000
1,031,000,000
The Company is a subsidiary of Marine International Ltd, a company incorporated in Isle

of Man.
11.
SALES
2013
External
PT Timas Suplindo (PT Pertamina EP)
PT Timas Suplindo ( Conocophillips
Indonesia Inc Ltd )
PT Timas Suplindo ( KRA Umbilical Repair)
PT Hafar Daya Konstruksi
Pertamina Diving Subsea IRM Campaign
17
188,677,064,035
56,828,230,420
11,371,618,418
5,051,178,200
4,910,109,046
2012
160,788,265,311
PT MARINE INDONESIA
PT Nippon Steel Construction Indonesia
Santos (Madura Offshore) Pty Ltd
PT Transportasi Gas Indonesia
PT Timas Suplindo
Total E&P Indonesie
Mobil Exploration Indonesia Inc
PT Indokomas Buana Perkasa
Total External
External SCS
SCS Sales
SCS Service
SCS Rental
SCS Others
Total External SCS
Total Sales
12.
13.
COST OF SALES
82,135,489,697
50,852,400,818
42,344,291,559
33,258,794,704
19,496,219,293
2.594,781,179
1,187,340,000
392,657,582,56
1
106,969,804,242
12,555,285,350
8,997,490,575
745,490,000
129,268,070,16
7
88,419,803,086
3,591,571,600
92,011,374,686
396,106,270,28
6
484,668,957,247
2013
2012
Contract service
Superior completion services
Survey system
Superior completion services rental
Salary and project related cost
207,288,496,582
63,342,249,941
11,263,348,099
366,650,953
-
300,997,513,872
59,660,322,684
27,619,321,572
945,053,373
Total Cost of Sales
281,260,745,57
6
389,222,211,50
1
OPERATING EXPENSES
Business supports
General expenses
Depreciation (see Note 8)
Office expenses
Insurance
Employee expenses
Professional fee
Legal
Total Operating Expenses
14.
266,838,200,11
9
2013
23,089,772,840
18,366,312,282
8,300,665,350
2,904,044,982
2,375,594,767
2,013,465,239
125,315,000
69,849,450
2012
29,809,511,409
15,425,608,282
258,207,092
1,657,643,545
407,952,203
1,691,492,830
112,870,000
467,093,031
57,246,019,909
49,830,378,39
2
2013
2012
TAXATION
a. Prepaid Tax
18
PT MARINE INDONESIA
Value added tax
Article 23 Withholding tax
Total
48,826,750,994
-
44,735,113,275
1,729,495,123
48,826,750,994
46,464,608,39
8
2013
2012
b. Taxes Payable
Income tax
Article 21
Article 23
Article 29
Article 4 ayat 2
Total
578,529,424
44,762,373
10,432,625,166
64,004,281
440,378,427
75,756,966
61,395,636
1,961,887
11,119,921,244
579,492,916
c. Taxable Income
A reconciliation between income before provision for income tax, as shown in the
statements of income and estimated taxable income are as follows:
Income before provision for income tax

Permanent difference
Employee income tax
Impairment loss Fixed Asset
Housing Benefits
Employee Benefits Others
Employee Benefits
Vehicle Rental
Loss of Fixed Asset Disposal
Medical insurance
Fuel and Parking
Miscellaneous
14.
TAXATION - continued
c. Taxable Income
19
2013
2012
77,282,857,247
48,216,534,152
3,971,695,168
2,772,616,629
828,251,250
789,340,466
595,272,645
412,321,201
246,900,276
194,216,051
142,620,970
130,693,946
3,057,777,152
375,566,690
905,068,987
731,376,380
333,988,491
377,706,375
133,710,196
25,141,860
PT MARINE INDONESIA
2013
Mobile Phone
Workmen compensation
Employee medical claim
Entertaintment
Staffs Activities
Accommodation
Refreshments
Memberships
Income Tax
Other Income
Rounding off
Estimated taxable income
100,635,579
50,142,366
37,614,463
20,876,134
20,121,631
19,652,345
8,021,424
5,870,000
2,378,984 ) (
5,039
2012
85,212,025
37,772,643
47,473,264
24,742,421
26,883,340
123,686,636
12,645,964
1,200,000
156,921,772
3,104,514 )
4,591
87,649,345,846
54,670,308,42
2
2013
2012
87,649,345,000
54,670,308,000
21,912,336,250
13,667,577,00
0
d. Current Tax
Estimated taxable income - round off

Provision for income tax
Less:
Prepaid income tax article 23
15.
(
(
(
7,538,952,592 ) (
3,447,732,492 ) (
493,026,000 ) (
9,388,947,864 )
3,432,229,344 )
785,004,156 )
Estimated income tax payable article ( 10,432,625,166 ) (

29
61,395,636 )
BALANCES AND TRANSACTION WITH RELATED PARTIES

Nature of Related Parties
The nature of relationships with related parties is as follows:
Related Party
Nature of Relationship
Marine Singapore Pte Ltd
15.
Marine Singapore Pte. Ltd. management

members are also the members of the
Companys managements.
BALANCES AND TRANSACTION WITH RELATED PARTIES - continued

Nature of Related Parties - continued
20
PT MARINE INDONESIA
Related Party
Marine Pte Ltd
PT Sentra Makmur
Nature of Relationship
Marine Pte. Ltd. management members are
also the members of the companys
managements; Marine Pte. Ltd. also provides
on-site project and management support to
the Company based on the Management and
Services Agreement, to be treated as
payables to Marine Pte. Ltd. plus 10% of total
sales.
The Companys shareholder.
Marine International Ltd.
The Companys shareholder.
PT Services Indonesia
With some Directors
Transaction with Related Parties

The Company in its regular business has engaged in transaction with related parties
principally consisting of:
a. Other Receivable
2013
Total
2012
76,706,395,147
76,706,395,147
b. Trade Payable
Energy Services L.L.C

PT Energy Services Indonesia
PT Sentra Makmur
Total
2013
2012
70,648,403,031
3,011,596,083
975,104,764
-
58,835,824,925
1,048,906,157
214,102,406
24,537,409,456
74,635,103,877
84,636,242,94
4
2013
2012
c. Other Payable

Total
16.
AGREEMENT WITH THIRD PARTIES

21
4,176,039,283
10,390,807,022
4,176,039,283
10,390,807,02
2
PT MARINE INDONESIA
Pertaining to the Companys plan to issue secured high yield notes in 2013 and 2012,
the Company entered into agreements with third parties such as:
PT Suplindo
And based on contract no HMI SB-12-1643 In September 3, 2013, PT Suplindo made
Agreement with PT Hallin Marine Indonesia for Subsea in respect of the eastern hub
mercury removal (EHMR) Water project for Conocophillips Indonesia Inc.Ltd. Total
agreement value including the original scope will be US$ 5,557,446.96 and the effective
date March 28, 2013.
And based on contract no 13-024-SC13-01 In July 26, 2013, PT Suplindo made
Agreement with PT Marine Indonesia (subcontractor ) for Pep Hot Tap project for PT
Pertamina EP. and the effective date June 14, 2013.
Based on BIMCO Charter Party for offshore service vessels, the charter hire excludes
fuel, lubricants, water, hydraulic oil, communication, port charge, ship modification, and
any all taxes, foreign vessel lisences, any permit necessary to work in the area, customs
duties, agency fees, import & export fees/bonds.
For 2012, PT Suplindo make agreement with PT Marine Indonesia and entered into this
20 th day September, 2012 for subcontract no. 12-051-SC006 this contract for Provision
Of Engineering And Installation Scope of Work. Provided always that the subcontractor
shall observe his obligations under the subcontract, the Contractor will pay the
subcontractor in the manner stated hereunder, the subcontract price is Two Million
Forty-Five Thousand United States Dollar (USD 2,045,000).
And based on contract no C 15178773 In 27 th February 2012, PT Marine Indonesia
made Agreement with PT Suplindo for Subsea of the pipeline & associated components
for the Bawal project. Notwithstanding the Commercial Proposal attached hereto, the
delivery and redelivery fees payable for the vessals shall be USD 100,000.- including
IPKA. The chater rate shall be as, operation-US$30,000.- per day, standby-US$28,000.per day and Transit-US$28,000.- per day.
PT Daya Konstruksi
And based on contract no HMI 13 0775 In November 26, 2013, PT Daya Konstruksi
(the contractor) made Agreement with PT Marine Indonesia (The Subcontractor) for
suplly of diving & ROV services. Worksite, water and others places on under, in or
through which the services are to be performed in fulfillment of the work, including
offshore installations, floating construction equipment, vassel ( including the area
covered by appoved anchor pattens), design offices, workshops and places where
equpment, materils or supplies are being abtained, stored or used for the purposes of
the contract.
Based on contract register #STC-0714 between PT Pertamina Hulu Energi ONWJ
(Company) and the Company (Contractor) for Subsea Platform, Pipeline Inspection,
Maintenance & Repair with saturated diving, its contract dated on September 9, 2009.
This contract expired at 11 April 2012.
The maximum contract value for the services shall not exceed USD 4,564,843.
16.
AGREEMENT WITH THIRD PARTIES - continued

22
PT MARINE INDONESIA
PT Pertamina Hulu Energi ONWJ - continued
And For the year 2012 PT Hallin Marine Indonesia made again Contract with PT
Pertamina Hulu Energi Offshore North West Java. The contract Number is STC-0818 and
entered into effective as of December 7, 2012. The total contract price of this contract
shall not exceed USD 4,586,574 (four million five hundred eighty six thounsand ang five
hundred seventy four united state dollars ) and With reference to the above company
requires contractor to submit a performance bond in the amount equal to 5% (Five
percent) of the maximum contract price. In addition, company may, at its sole option,
extend this contract for addition period of up to one year, with the same terms and
conditions, by so notifying contractor 30 days prior to expiry of this contract.
PT Transportasi Gas Indonesia
Based on contract No. 1FAP-020071 PT Transportasi Gas Indonesia (Company) and the
company (Contractor) for Offshore Pippeline Inspection and Free Span Corretion of 28
Gas Pipeline From Gressik to Singapore.
This contract shall be effective as of the date first written above 12 September 2011 and
shall remain in effect for the period one hundred and twenty (120) calendar day (date 8
January 2012) or until completion and acceptance of all assigned. As sole compensation
for the performance of all services here under and subject and subject to all terms and
condition thereof, company shall pay contractor the amounts specified in section 4
commercial of the ITB. Subject to adjusment which may be made pursuant to the terms
and condition of this contract, total compensation her under is fixed lumpsum USD
3,544,546.5 includes the Value Added Tax (10%).
Mobil Exploration Indonesia Inc.
Based on contract No. 4600011279 ExxonMobil (Company) and the company
(Contractor) for the following location : 30 NSO-A Offshore Platform to NSO Onshore
Plant Subsea Pipeline located in the Straits of Malacca near Lhokseumawe, NAD,
Indonesia.
This contract shall be effective as November 1, 2011 and made between Mobil
Exploration Indonesia Inc and shall be terminate at the close of business on April 30,
2012, unless terminated earlier as permitted by this agreement.
The cumulative amount of contracts remuneration authorized under this contract shall
not exceed USD 7,060,000 (united states dollar : Seven million sixty thousand) and the
price excluded VAT.
Santos (Madura Offshore) Pty Ltd (Continued)
And for July 27, 2012 PT Marine Indonesia made a new agreement for project Diving
Support Services for Maleo Substructure Modification with contract number 902353. This
commencement date for this contract is July 28, 2012 and end date December 27, 2012
and for the performance bond 5 % from total maximum contract value and the value for
this contract shall be limited to US$ 1,000,000.- (one million US Dollar). For the working
location at maleo field at offshore Madura-Indonesia and other work locations as
designated further by company.
23
PT MARINE INDONESIA
16.
AGREEMENT WITH THIRD PARTIES - continued

PT Nippon Steel Construction Indonesia
In February 10, 2012 with Ref no.NIS-SMK-SC-0189 PT Marine Indonesia made
agreement with PT Nippon Steel Construction Indonesia for provision of Provision of
diving support vessel works and contractor has entered into a contract (hereinafter
reffered to as " main contract or collectively as main contractracts) with Total E&P
Indonesie to perform the engineering, procurement, supply, contruction, installation and
precommissing of 24 export pipe line and 12 sealines and installation of wellhead
platforms of main stupa, east mandu and west stupa. The scope of services is project
management (including all required preparation, documentation work and obtaining the
necessary licenses, permits, certificates), mobilization and demobilization of vessel
"Ullswater" and all required equipments and personnel for the services and its logistics
reuired, assintance for contractor's flooding of pipelines with treated sea water, subsea
spool Tie-in work, including flange protector installation and riser supports removal,
assistance for contractor's caliper pigging work and as-building survey by ROV. The
activity at offshore work site is tentatively planned to commence on 1st April, 2012.
17.
EMPLOYEE BENEFITS LIABILITY

The Company provides benefits for its employees who achieve the retirement age of 55
based on the provision of Labor Law No. 13/2003 dated March 25, 2003. The benefits
are unfounded.
The accrual of the Companys 2013 obligations was determined based on the actuarial
calculation preformed by PT Marine Indonesia and PT Jasa Aktuaria Prapta Sentosa
Gunajasa based on its reports dated March 26, respectively, using the Projected Unit
Credit method which considered the following assumptions:
2013
Discount rate
Mortality rate
Disability rate
Resignation rate
Annual salary
increase
Retirement age
2012
8,5 % per annum

TMI-2011
1% of TMI -2011
5% p.a. at age 20 decreasing
Linearly to 0% p.a. at age 54
10% per annum
6 % per annum
TMI-2011
1% of TMI -2011
5% p.a. at age 20 decreasing
Linearly to 0% p.a. at age 54
10% per annum
55
55
The following tables summarize the components of employee benefits liability and
employee benefits expenses recognized in the statements of income:
a. Employee benefits liability
2013
2012
Present value of obligation

Unrecognized actuarial gains
1,060,871,619
595,272,645
1,036,275,745
24,595,874
Liability recognized in the balance

sheets
1,656,144,264
1,060,871,619
24
PT MARINE INDONESIA
17.
EMPLOYEE BENEFITS LIABILITY - continued

b. Employee benefits expenses
2013
Current service cost
Interest cost
Amortization of unrecognized past service
costNon vested benefits
2012
639,962,076
43,660,808
742,029,136
12,347,244
Employee benefits expenses

683,622,884
c. Movements in the net liabilities recognized in the balance sheets
754,376,380
2013
Balance at beginning of year
Expenses during the year
Benefit paid
Balance at end of year
2012
1,060,871,619
683,622,884
(88,350,239)
329,495,239
754,376,380
(23,000,000)
1,656,144,264
1,060,871,619
19. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCY

The Company assets and liabilities in foreign currency as of December 31, 2013 and
2012, are as follows:
2013
Foreign Currency
US Dollar
ASSETS
Cash on hand and in bank
Trade receivable
Other receivable related parties
Equivalent
Rupiah
849,970.13
6,180,931.45
6,293,083.53
10,360,286,545
75,339,373,444
76,706,395,147
13,323,985.11
162,406,055,13
6
5,876,077.43
3,891.39
71,623,507,794
47,432,153
347,607.21
4,236,984,283
Total Liabilities
6.227.576,03
75,907,924,230
TOTAL NET ASSETS
7,096,409.08
86,498,130,906
Total Assets
LIABILITIES
Trade payable
Related party
Third parties
Other payable
Related party
25
PT MARINE INDONESIA
20. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCY - continued

2012
Foreign Currency
US Dollar
ASSETS
Cash on hand and in bank
Trade receivable
Total Assets
2,220,620.84
10,009,765.05
21,473,403,523
96,794,428,034
12,230,385,89
118,267,831,55
7
8,752,455.32
813,833.17
84,636,242,944
7,869,766,754
1,074,540.54
10,390,807,022
10,640,829.03
102,896,816,72
0
1,582,280,53
15,371,014,837
LIABLITIES
Trade payable
Related party
Third parties
Other payable
Related party
Total Liabilities
Equivalent
Rupiah
TOTAL NET ASSETS
21. FINANCIAL RISK MANAGEMENT

The company is exposed to credit risk, foreign currency risk and liquidity risk.
Credit risk
Credit risk is the risk of financial loss, should any customer of the Company fails to meet
their contractual obligations to the Company. Credit risk arises primarily unilateral
cancellation of the contract the work. The company has maintained thoughtful analysis
and contractual agreements with the added penalty of cancellation of the contract
Foreign currency risk
The Company is reporting currency in Indonesia Rupiah, there is no concentration of
significant risk in foreign currency.
Liquidity risk
The Company manages its liquidity profile to be able to finance its capital expenditures
and service its maturing debts by maintaining sufficient cash and cash equivalents.
2.
COMPLETION OF THE FINANCIAL STATEMENTS

The management of the Company is responsible for the preparation of the
accompanying financial statements that were completed on 25 April 2013.
26

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PT MARINE INDONESIA

STATEMENTS OF FINANCIAL POSITION

Total Current Assets

Total Non-Current Assets

LIABILITIES AND EQUITY

TOTAL LIABILITIES AND EQUITY

See accompanying Notes to Financial Statements

INCOME FROM OPERATIONS

OTHER INCOME (EXPENSE)

INCOME BEFORE PROVISION FOR INCOME

PROVISION FOR INCOME TAX Current

See accompanying Notes to Financial Statements

Ending Balance December 31,

See accompanying Notes to Financial Statements

CASH FLOWS FROM OPERATING ACTIVITIES

Operating income for the period before changes

Net Cash Provided by (Used in) Investing

NET DECREASE IN CASH ON HAND AND IN BANKS

CASH ON HAND AND IN BANKS AT BEGINNING OF

CASH ON HAND AND IN BANKS AT END OF YEAR

See accompanying Notes to Financial Statements

: Sri Dewi Endang Mumpuni

: Sri Dewi Endang Mumpuni

: Franciscus Antonius Hartong

: Franciscus Antonius Hartong

SUMMARY OF SIGNIFICANT ACCOUTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUTING POLICIES - continued

SUMMARY OF SIGNIFICANT ACCOUTING POLICIES - continued

Foreign Currency Transactions and Translation

SUMMARY OF SIGNIFICANT ACCOUTING POLICIES - continued

Transactions with Related Parties

has control or joint control over the reporting entity;

has significant influence over the reporting entity; or

is a member of the key management personnel of the reporting entity.

b An entity is related to the reporting entity if any of the following conditions

Both entities are joint ventures of the same third party.

The entity is a post-employment benefit plan for the benefit of employees of

The entity is controlled or jointly controlled by a person indentifed in (a).

SUMMARY OF SIGNIFICANT ACCOUTING POLICIES - continued

Revenue and Expenses Recognition

Corporate Income Tax

SUMMARY OF SIGNIFICANT ACCOUTING POLICIES - continued

Corporate Income Tax - continued

l. Significant Accounting Judgment, Estimates and Assumptions

SUMMARY OF SIGNIFICANT ACCOUTING POLICIES - continued

CASH ON HAND AND IN BANKS

PT Pertamina Hulu Energi ONWJ

Total Trade Receivable

Performance Bond Total E&P Indonesie

FIXED ASSETS - continued

Net Book Value

Depreciation expense charged to operations amounted to Rp 8,300,665,350 and Rp

Total Third Parties

Total Trade Payables

The Company is a subsidiary of Marine International Ltd, a company incorporated in Isle

Total Cost of Sales

Income before provision for income tax

Estimated taxable income

Estimated taxable income - round off

Estimated income tax payable article ( 10,432,625,166 ) (

BALANCES AND TRANSACTION WITH RELATED PARTIES

Marine Singapore Pte Ltd

Marine Singapore Pte. Ltd. management

BALANCES AND TRANSACTION WITH RELATED PARTIES - continued