PT.

PASIFIKTEL INDOTAMA

Financial Statements
For the years ended
December 3 1,20 10 and 2009
And
Independent Auditor's Report

Kantor Akuntan Publik

SUKARDI HASAN

. ..

~ A i 6 / k A c m n h M n
~

' Izin Akuntan Publik No.KEP-136/KM-612002

- . ~ . .~~
~

PT. PASIFIKTEL INDOTAMA

Financial Statements
For the years ended
December 31,2010 and 2009
And
Independent Auditor's Report

PT. PASIFIKTEL INDOTAMA

TABLE OF CONTENTS
Page
TABLE OF CONTENTS
DIRECTORS STATEMENT OF RESPONSIBlLITY LE'lTER
INDEPENDENT AUDITOR'S REPORT
FINANCIAL STATEMENTS
Balance Sheets
Statements o f Income
Statements of Changes in Equity
Statements of Cash Flows
NOTES TO FINANCIAL STATEMENTS

"-

PT. PASlFlKTEL INDOTAMA

PAKTEL

DIRECTORS STATEMENT
OF RESPONSIBILITY
TO
THE FINANCIAL STATEMENTS IN 2010
PT. PASlFlKTEL INDOTAMA
I here by certify that:

: Imam Mulyono
: Nucira Building 4th floor
JI. MT. Haryono Kav.27
Jakarta
: (021) 830 7580
: Director

Name
Addrees
Telephone
Position
Stated that :

1. Responsibility for the preparation and presentation of financial statement;

2. The financial statement have been prepared and presented in accordance with
generally accepted accounting principles;
3. All information in the financial statement are complete and correct;
4. The financial statement do not contain information or material facts are not true
and does not omit material information or fact;
5. Responsible for the system of internal control within the company.
So this statement is made in good faith.
Jakarta, March 24,201 1

(Imam Mulyono)

i"
Nucira Buiiding, 4 fh Floor. Ji. MTHaryono Ka(27, &kar!a Selafan. 12820 INWNESIA
re$ : (82.21) 630.7580 Fax.: (8221) 830-7589

El

Kantor Akuntan Publik

SUKARDI H A S A N
I l . g M we 1
-

INDEPENDENT AUDITORS' REPORT

The Stockholders, Board of Commissioners and Directors

PT. PASIFIKTEL INDOTAMA

We have audited the accompanying balance sheets of IT. Pasifktel Indotama as of December 3 1,2010, and the
related statements of income, changes in equity, and cash flows for the years then ended. These financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion on
these financial statements based on our audits. The company financial statement for the year ended at December
3 1,2009 has been audited by the other independent auditor with the opinion fair without exception.
We conducted our audits in accordance with auditing standards established by the Indonesian Institute of Public
Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
fmancial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of IT. PasifikteI Indotama as of December 31,2010, and the results of its operations, and its cash flows
for the years then ended in conformity with generally accepted accounting principles in Indonesia.

REGISTERED PUBLIC ACCOUNTANTS

Reg. Neg. lL1507

NIAP :02.1.0814
Jakarta, March 24,20 11
The accompanying financial statements are ~t intended to present t k financial position and results of operations, changes in
equily, and carhflows in accordance with accounting principles andpractices general& accepted in coumies and jurisdictions
other than those in Indonesia. The stambdr, procedwes andpractices to audit suchpnancial storemenis are those generally
accepted andapplied in Indonesia

Izin Akuntm Publik No.KEP-136/M-6/2W2

PT. PASIFlKTEL INDOTAMA

BALANCE SHEETS
As of December 31,2010 and 2009
(Stated in US Dollar)
Notes

December 31,2010

December 3 1,2009

3
2c,4

16.594
836.045
7.155
20.566

14.402
960.622
5.499
381.637

880.360

1.362.160

ASSETS
CURRENT ASSETS
Cash and cash equivalent
Account receivables
Other receivable
Prepaid expenses

2e.6

Total Current Assets

NON CURRENT ASSETS
F~xedAssets
Acquisition cost
Accumulated depreciation
Book Value
Deffered tax assets
Other assets

2x7
-1

8
9

Total Non Current Assets

1.724.568
(1.531.606)

1.710.567
(1.481.844)

192.962
4.988
209.907

228.723
4.988
242.839

407.857

476.550

TOTAL ASSETS

1.288.217

1.838.710

365.295

455.81 1
4.434
28.350
17.167
415.804

LIABILITY AND EQUITY

CURRENT LIABILITY
Account payables
Other account payable
Unearned revenue
Taxes payable
Accrued expenses
Leasing Payable

I0
I1
I2
13
14
I5

Total Current Liability

10.816
13.105
67.339
3.974
460.529

921.565

10.000
4.637

10.000

14.637

10.000

413.675
399.376

41 3.675
493.469

813.051

907.144

LONG TERMS LIABILITY

Reverse for employee benefits
Leaslng Payable

2h,21
I5

Total Long Tenns Liability

EQUITY
Capital stock Authorized 3,666 shares with par
value of Rp. 500,000,- per share Subscript and paid
up - 3,666 shares
Retained earnings

16

Total Equity
TOTAL LIABILITY AND EQUITY

-1.288.217

Notes to financial statements are integral part of the all financial statemenls
1

1.838.710

YI'.PASIPIKI'EL lNUO1'AMA
STATEMENTS OF INCOME
For the years ended
December 31,2010 and 2009
(Stated in US Dollar)

Notes
REVENUES
COST OF SALES

2.134.086
939.177
1.194.909

2.285.881
1.184.521
1.101.360

2g19

1.138.235

1.022.038

56.675

79.322

LNCOME (LOSS) FROM OPERATlONS

OTHER INCOME (CHARGES)

2009

2g.17
2g. 18

GROSS PROFlT
OPERATING EXPENSES

2010

2g.20

Gain (loss) on foreign exchange

Interest incame (charges)
Bank service
Tax pinalthy
Other - net
Other Income (Charges)

INCOME (LOSS) BEFORE TAX

TAX EXPENSE
NET INCOME (LOSS)

Notes to financial statements are integral palt of the all finandal statements

PT. PASIFIKTEL INDOTAMA

STATEMENTS OF CHANGES IN EQUITY
For the years ended
December 31,2010 and 2009
(Stated in US Dollar)
Paid-up
Capital
Balance as of January 1,2009

413.675

Retained
Earnings

Total
Equity

484.369

898.044

8.838

8.838

399376

813.051

Net inwme (loss) 2009

Balance as of December 31,2009
Retained earnings correction
Devidend
Net inwme (loss) current year
Balance s s of December 31,2010

413.675

Notes to financial statements are integral part of the all financialstatements

3

IT.PASlFlKTEL INDOTAMA
STATEMENTS O F CASH FLOWS
For the years ended
December 31,2010 and 2009
(Stated in US Dollar)

CASH FLOWS FROM OPERATING ACTNlTlES

Net Income (loss)
Depreciation
Retained earnings correction
Net Cash Provided by Operating Activities
Changes in Working Capital :
Accounts receivable
Other receivables
Prepaid taxes
Prepaid expenses
Other assets
Accounts payable
Other accounts payable
Unearned income
Taxes payable
Accrued expenses
Cash General From Operations
Net Cash Provided by (Used in) Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of properly and equipment
Net Cash Used in Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES
Lease Payable
Devidend
Net Cash Provided by (Used in) Financing Activities
NET DECREASE IN CASH ON HAND AND IN BANK
CASH ON HAND AND IN BANK AT BEGINNING OF YEAR
CASH ON HAND AND M BANK AT END O F YEAR

Notes lo financialstatements are integral part of the all financial statements

4

PT. PASIEWTEL INDOTAMA

Notes to financial statements
For the years ended
December 3 1,2010 and 2009
1. GENERAL

PT.Pasifildel Indotama (the Company) was established within the framework of the Domestic Capital Investment
Law No.6 year 1968 as amended by Law No.12 year 1970 based on notarial deed No.36 dated April 19, 1995 of
Enimarya Agoes Suwarko, SH, notary public in Jakarta. The deed of establishment was approved by the Minister of
Justice of the Republic of Indonesia in his decision letter No.C2-9987.HT.Ol.Ol.Th.95dated August 14, 1995 and
was published in State Gazette of the Republic of Indonesia No. 88 dated November 3,1995, Supplement No.9094.
The Company's articles of association have been amended several times most recently by notarial deed No.8 dated
November 20,2008 of Dewantari Handayani, SH, MPA, notary public in Jakarta, concerning the change in number
of comissioners and directon. The publication of the change in the Supplement to State Gazette of Republic of
Indonesia is still in process.
The Company is domiciled in Jakarta with its head ofliee located in 4th Floor, NCR Building, 11. MT. Haryono Kav
27, Jakarta.
In accordance with article 3 of the Company's articles of association, the scope of its activities is mainly to engage in
the telecommunications and information technology services. The Company started commercial operations in
September 1995.
The Company's management on December 3 1,2010 and 2009 consists of the following :
President Commissioner
: Mr. John Hugh Lester
: Mr. Brian Edmund Talbot Night
Commissioner
Mr. Russell John Bates
: Mr. Michael Laired Deecke
President Director
Director
: Mr. Imam Mulyono
The Company's as of December 3 1,2010 has 28 permanent empoyees and 1 contract employee at Jakarta Ofice, 4
permanent employees and 1 contract employee at Balikpapan Office, 9 permanent employees and I conbact
employee at Sangatta Office, 5 permanent employees and 1 contract employee at Bengalon.

2. SUMMARY O F SIGNIFICANT ACCOUNTING POLICIES

a. Financial Statement Presentation
The financial statement have been prepared using accounting principles and reporting practices generally
accepted in Indonesia. Such financial statements an not intended to present the financial position and results of
operations, changes in equity, and cash flows in accordance with accounting principles and reporting practices
generally accepted in other counhies and jurisdictions.
The financial statemen@, except for the statement of cash flows, are prepared under the accrual basis of
accounting. The reporting currency used in. preparation of the h a c i a l statements is the United Stated Dollar
(U.S. Dollar), while the measurement basis used is the historical cost, except for certain accounts which are
measured on the described in the related accounting policies.
The statements of cash flows are prepared using the indirect method with classifications of cash flows into
operating, investing and financing activities.
b. Nonfunctional C m c y Transactions and Balances
The books of accounts of the Company are maintained in U.S. Dollar. Transactions during the year involving
currencies other than U.S. Dollar are recorded at the rates of exchange preailing at the transactions are made. At
balance sheet date, monetary assets and liabilities denominated in currencies other than the U.S. Dollar are
adjusted to reflect the rates of exchange prevailing at that date. The resulting gains or losses are credited or
changed to c m n t operations.
Kurs December 31,2010 1 US$ = Rp.8,991,-, December 31,2009 1 US$= Rp. 9,400,-

P
I
'
. PASIFlKTEL INDOTAMA
Notes to financial statements
For the years ended
December 31,2010 and 2009
Continued

c. Allowance for Doubtful Accounts

Allowance for doubtful accounts is provided based on a review of the status of the individual receivable accounts
at the end of the year.
d. Inventories
Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the weighted
average method.
e. Repaid Expenses
Prepaid expenses are amotized over their benefitcial periods using the straight-line method.
f. Property and Equipment
Property and equipment are stated at cost less accumulated depreciation.
Depreeiation is computed using the straight-line method based on the estimated useful lives of the assets as
foUows :
Years

Building
Electronic equipment
Engineering equipment
Furniture and fixtures
Vehicles
When the carrying amount of an asset exceeds its estimated recoverable amount, the asset is written down to its
estimated recoverable amount, which is determined as the higher of net selling price or value in use.
The cost of maintenance and repairs is charged to operations as ineurred; expenditures which extend the useful
Life of the asset or result in increased fuhlre economic benefits are capitalized. When assets are retired or
othemise disposed of, their canying value and the related accumulated depreciation are removed from the
aecounts and any resulting gain or loss is reflected in the current operations.
g. Revenue and Expenses Recognition
Revenue is recognized when services are rendered. Revenue from sale of equipment is recognized when the
equipment is delivered to the custirners. Expenses are recognized when incurred.
h. Employee Benefits
The Company provides employee benetits as stated in Labor Law No. 1312003 in 2003 and Decree of M i s t e r
of Manpower No. 15012000prior to 2003. No funding of benefits bas been made to date.
The Company first adopts Projected Unit credit Method with long-term actuarial assumptions in recognizing the
employee benefits on January 1,2003. Increase ofhnsitional liability at the adoption date is amortized using the
straigtb-line method over 5 years period.
Cumulative actuarial gain (loss) in excess of 10% of present value of defmed benefit obligation is amortized over
the estimated remaining fuhve service. However, actuarial gain (loss) from liability upon employees who are
beyond normal retirement age but still active is recognized immediately since the liability is already due.
Current service cost is changed, to operations in the currend period The changes in benefits payable under
Decree of the Minister of Manpower to Labor Law is charged as Past Service Cost immediately.
i. Income Tax
Current tax expense is determined based on the taxable income for the year computed using the prevailing tax
rates.

PT. PASlFlKTEL INDOTAMA

Notes to financial statements
For the years ended
December 31,2010 and 2009
Continued
Deferred tax assets and liabilities are recognized for the hhne tax consequences attributable to differences
hetweenthe financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Defered tax liabilities are recognized for all taxable temporary differences to the extent that it is probable that
taxable income will be available in future periods against which the deductible temporary can be utilized.
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted as of the balance sheet
date. Deffered tax is charged or credited in the statements of operations, except when it related to items charged
or credited directly to equity, in which case the deffered tax is also charged or credited direcly to equity.
Deffered tax assets and liabilities are offset in the balance sheets in the same manner the c m n t tax assets and
liabilities are presented.
j. Use of Estimates
The preparation of finacial statements in conformity with generally accept accounting principles requires
management to make estimates and asswnptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the dates of the fiancial statements and the reported amounts of
revenue and expenses during the reporting period. Actual result could be different h m these estimates.
3. CASH AND CASH EQUIVALENTS

December 3 1,2010
US$

December 3 1,2009
US$

Cash on hand
Banks:

- Bank B11 (IDR) d c 2-153-352864

- Bank BRI - Jakarta (IDR) d c 020601002287303
- Bank BRI - Sangatta (IDR) d c 0000563-01-000016-30-8
- Bank HSBC (IDR) d c 001-270917-001

- Bank HSBC (IDR) d c 001-270917-001

- Bank HSBC (USD) d c 001-270917407
- Bank Lampung
Total

218
316
2.175
7.918
156
258
255

149
358
638
1.360
55
7.832
266

16.594

14.402

--

Cash and cash equivalents consist of cash on hand and in bank that always ready to be used for daily operational
activities of the Company, and short-term investments with maturity of 3 (three) months or less since placement
date, and are not collateralid.
4. ACCOUNT RECEWABLE

Thud Parties :
PT Darma Henwa
Dinas Perhubungan KO. Inf Dan TeIematika NAD
PT Hexindo Adiperkasa
PT Indomom Kencana
PT Puri Mawar Sari
PT REA Kaltim Plantations
PT SatNet Corn Balkpapan

December 3 1,20 10
US$

December 3 1,2009
US$

PT.PASlFlKTEL INDOTAMA
Notes to fmancial statements
For the years ended
December 31,2010 and 2009
Continued

PT Terex Miming
PT Traskon laya
PT Ehusa Geoscience Services
Less than $5.000
Total

20.756

19.498

5 1.527
8.038
7.466
40.562

836.045

960.622

--

Management believes that the allowance for doubthl accounts is adequate to wver possible losses on uncollectible
accounts. Management also believes that there is no significant coneenbation of credit risk in the above receivables.
5. OTHER RECEIVABLE

Employee Receivables
Total

December 3 1,2010
US$
7.155
7.155

December 3 1,2009
US$
5.499
5.499

f i e other employee account receivable is the loan that given by the company to the board of the employee without
rate of loan, and the payment by deduction from their wages every month.
6. PREPAID EXPENSES

December 31,2010
US$

December 3 1,2009
US$

Expense
Rent Ofiice
Services

Total

-~

Balance of prepaid expenses are amount of US$20.566 and USS381.637 ;December 3 I, 2010 and 2 0 0 c
Expense is a monthly fee via SingTel Internet backbone Fiber Optic 35 Mbps, rental Toyota Avanza and Mazda BT
respectively for the period bulan Desember 2010 and advances the professional services fee.
7. FIXED ASSETS
December31,2010
01-Jan-I0
Additions
us S
us $
Acquisition Cost

- Electronic equipment
- Engineering equipment
- Furniture and fixture
- Vehicles
Sub Total

- Asset Leasing
- Vehicle
Total

Deductions

us 6

31-Des-I0
US %

FT.PASIWKTEL INDOTAMA
Notes to fmancial statements
For the years ended
December 3 1,2010 and 2009
Continued

Accumulated depreciation

- Electronic equipment
- E n g i n e e ~ gequipment
-

Furniture and fixture

- Vehicles

1.342.635
80.708
46.306
12.195

53.169
6.982
35

1.395.804
87.690
46.34 1
12.195

Sub Total
- Asset Leasing
- Vehicle
Total
Book Value
December 3 1,2009
0 1-Jan-09
Additions
US $
US S

Deductions
US $

3 1-Des-O9
IJS 0

Acquisition Cost
- Electsonic equipment
- Engineering equipment
- Furniture and fixture
- Vehicles
Total
Accumulated depreciation

- Electronic equipment
- Engineering equipment
Furnirure and fixture
- Vehicles
Total

1.411.404

70.440

1.481.844

Book Value
Additions to property, in 2010 electronic equipment a netbook HP mini 210-104, 10 unit Cism riuter 1700 series
cisco 1721, 1 unit Codan SSPA (5 watt), 1 unit CCadan SSPA 5720 (20 watt), thc addition of vehicles such as 1 (one)
unit Suzuki APV.
The deduction of one vehicle (one) unit Izusu Phanter.

P
r
o
m and equipment additions are Notebook AX-100 and Air Conditional Daikin as December 3 1,2009
8. DIFFERED TAX ASSET
Differred tax assets -net
Total

December 31,2010
US$

December 3 1,2009
US$

PT. PASlFlKTEL INWTAMA

Notes to financial statements
For the years ended
December 3 1,2O10 and 2009
I
I

9. OTHER ASSETS

December 3 1,2010
US%
49.208
33.199
2.925

December 31,2009
US$
49.208
33.199
6.177
5.311

85.332

93.895

Deferred Charge
Amortization

155.719
(31.144)

148.943

Total

209.907

242.839

VSAT licences
Security deposit building
Security deposit transponder
Bank guarantee
Sub Total

Other asset are licenses or certificates related to company operations.

The other assets was the expenses, the amortization upon other assets was counted based on the straight method line
during 5 (five) years.
10. ACCOUNT PAYABLES

December 31,2010
US$

December 3 1,2009
US$

December31,2010
US$

December 3 1,2009
US$
4.434
4.434

Cyber Network Indonesia

PT. Telekomunikasi Indonesia, Tbk
Team Project Aceb
Apstar Satellite Co. Ltd.
Noriba Engineering
PT Excelwmindo Pratama, Tbk
Jamsostek
Jaya Teknik Indonesia
Indosat
Tmnskon Jaya
Media Interdata
Less than $ 5.000
Total
11. OTHER ACCOUNT PAYABLES

Stockholder Liabilities
Total
12. UNEARh'ED REVENUE

Unearned revenue
Total

- Mr. John Hugh Lester

-December 3 1,2010
US$

December 3 1,2009
US$

PT. PASIF'IKTEL INDOTAMA

Notes to financial statenlents
For the years ended
December 3 1,2010 and 2009
13. TAXES PAYABLE
Value Added Tax
Tax Article 4 fmal
Tax Article 21
Tax Article 23
Tax Article 25
Tax A~Licle29
Total

December 3 1,20 10
US$
3.352
6.594
1.554
159
616

05 I

13.105

The Company activity accwunt, report and payment / self asigment tax pnyable.
14. ACCRUED EXPENSES

December 3 1,2009
US$

6.284
8.409
1.032
108
379
955
17.167

December 3 1,2010
US$

December 3 1,2009
US$

December 31,2010
US$

December 3 1,2009
US$

Expenses
Medical
Salaries
Total
15. LEASING PAYABLE

PT. Tunas M a n d i Finance

Total
Short term lease payable
3.974
4.637
Long term lease payable
Total
8.611
The company entered into lease agreements with PT. Tunas Mandii Finance with the lease agreement
No.926AG201003000256 dated March 26, 2010 in increments of 1 (one) unit Suzuki APV-Ge PS Plus ISM, with
the installment period for 36 (thirty six) month to the dated Fehmm. 20, 2013 with the following specifications :

- Suzuki

- Minibus, Color/year Cool Black MetaliWZOlO, Chassis no: MHYGDN41VAJ3D3499, Engine

no.G 1SAID200196.

16. SHARE CAPITAL

Share Capital owner as December 3 1,2010 and 2009 as follow:
Number of
Percentage
Name of Shareholders
Shares
of Ownership
%

Mr. John Hugh Lester

Mr. Michael Laiied Deecke
Mrs. Etly Ariestiawaty
Mr. Russell John Bates
Mr. Brian Edmund Talbot Knight
Orchid Investment Ltd
Total

Total
Paid-up Capital
Rp.
US S

PI'. PASIFlKTEL INUOTAMA

Notes to financial statements
For the years ended
December 31,2010 and 2009
17. REVENUE

Service fee
Sale of equipment
Total
18. COST O F SALES

Cost of services

- ISP operating costs

- Labour cost corrective maintenance
- Labour cost engineering

- Labour cost installment

- Labour cost preventive maintenance
- Labour cost

- Others operating costs

- Paktel lease line

- Satelite operating costs
Sub total
Cost of equipment sold

- Cost of computer

- Cost of miscellaneous project materials

- Cost of otber
- Cost of PABX I TEL
- Cost of radios
- Cost of Operational Bengalon

- Cost of Equipment

Sub total
Freight cost
Miscellaneous Customer Cost
- Consumable equip of cost
- Tools mechanical
Sub total
Total

PT.PASIFIKTEL INWTAMA
Notes to financial statements
For the years ended
December 3 1.2010 and 2009
19. OPERATING EXPENSES

2010
US%

2009
US$

Comnlunication
Depreciation
Development employee
Insurance
Marketing
Profesional fee
Rental
Repair & maintenance
Salaries
Supplies
Transportation & accomodation
Total
20. OTHER INCOME (CHARGES)

Gain (loss) on foreign exchange

Interest income (charges)
Bank service
Tax pinalthy
Other
Total

(39.2582

Revaluation of fixed asset is revalued its assets in me form of other licenses for comrnersial and regional licenses,
such as the national Internet service provides, national network access providers and national Telecommunications
operator licenses.
21. EMPLOYEE BENEFITS

The Company calculates and records estimated employee benefits for its qualifying employees in accordance to the
applicable rules.
Amounts recognized in the statement of operations wim respect to employee benefits are as follows :
C m t service cost
Interest cost
Past service cost
Amortiration of achlarial loss
Amortization of increase in transitional liability
Total
The amount included in the balance sheet arising from the Company's obligation with respect to its employee benefit
are as follows :
Present value of past service liabilitj
Unrecognized bansaitional liability
Unrecognized actuarial loss
Total

FT.PASIFIKTEL INDOTAMA
Notes to financial statements
For the years ended
December 3 1,2010 and 2009

Continued
Movements in the reverse fot employee benefits are as follows :
Beginning of the year
10.000
10.000
Provision during the year
End of the year
10.000
10.000
The cost of providing employee benefits is calculated by an independent actuary, FT Padma Radya Aktuaria. The
actuarial valuation was carried out on January 1, 2003 usingthe following key assumptions :
P

- Discount rate

- Salary increment rate

- Momlily rate
- Disablity rate
- Resignation rate

: 5,00% per annum

: 100,00% TM12

: 5.00% TM12
:

1,00%
100%

Proportion of n o d retirement
Since 2004, the company didn't wntinued this employee benefit programs.
22. DEVIDEND

In accordance with the deed of establishment of companies that use earnings and dividend distribution company that
net income in any fiscal year as stated in the balance sheet and profit (loss) that has been approved by the Annual
General Meeting and is a positive retained earnings, divided according to how its use is determined by the Meeting
Shareholders (GMS), but for the distribution of dividends in 2010 only hy virtue of a signed statement by the
Diors.
23. RECLASSIFICATION OF ACCOUNTS

Some accounts of fuancial statements as of December 31, 2009 has been reclassified to wnfonn with the
presentation of fuancial statements for the year ended December 3 1,2010

24 THE AGREEMENT OF ARISING THE FINANCIAL STATEMENT

The management wmpaoy responsibilited upon the company fmancial statement agreement and has been approved
to arrising the financial statement dated December 3 1,2010 and date March 24,201 1.