PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2010 AND 2009 AND FOR THE SIX MONTHS PERIOD THEN ENDED Continued
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5. PT CIMB Niaga Tbk CIMB loan from PT Bank Lippo Tbk prior to merger with PT Bank
Niaga Tbk in 2008 which changed its name to PT Bank CIMB Niaga Tbk The Company obtained loan facilities from CIMB, as follows:
1 LC Facility Sightusance LC or SKBDN for a maximum of 180 days in Rupiah and US currency which has a maximum credit facility of US 20,000 thousand. The Company is
charged with 0.125 commission per transaction based on the amount of LC issued and 1 per annum on the acceptance of LC.
2 Bank Guarantee facility with a maximum limit of Rp 20,000,000 thousand. The Company is charged with 0.75 commission based on the amount of bank guarantee issued.
The LC facilities were used for purchasing coals and fertilizer, meanwhile the bank guarantee facility is used as guarantee for payment of purchases of the fuel from third parties
The non-cash loan facilities from CIMB are secured with personal guarantees of Santoso Winata and Widarto The Company is required to deposit 10 margin for every LCs and bank guarantee
issued.
The LC facilities will mature on June 9, 2010, while the bank guarantee will mature on October 9, 2010, both have been extended up to June 9,2011.
6. PT Bank Rakyat Indonesia Persero
The Company obtained SBLC facility from BRI amounting to US 20,000 thousand. This facility was used to secure the advance payment received from buyers on trading of Crude Palm Oil
CPO, Palm Kernel Oil PKO, Crude Coconut Oil CCO and Stearine Note 38.c. This facility matured on March 14, 2010, and until the date of this consolidated financial statements, the
negotiation for the extension is still in process. The Company is charged with 1 commission per annum based on the amount of the issuance of SLBC.
This SBLC facility is secured with the collaterals which are related to working capital loan facility which was obtained by the Company from BRI Note 13.
The loan agreements with BRI contain covenants which, among others, restrict the rights of the Company to conduct merger and acquisition, obtain loans, and engaged in the unusual
transactions with other parties. The agreements also provide various events of default.
7. Stock Verification Services Agreement with PT Superintending Company of Indonesia
Persero Sucofindo and Natixis Singapore Branch Natixis On September 25, 2008, in connection with the working capital credit facilities obtained from
Natixis, The Company, Natixis and Sucofindo entered into a Stock Verification Services Agreement. Based on the agreement, Sucofindo will verify the inventories sto
red in the Company’s tanks located at Desa Waylunik, Kecamatan Panjang, Bandarlampung. The inventories are used
as collateral on the working capital credit facilities from Natixis note 13. In relation with the verification services above, the Company agreed to pay to Sucofindo certain
monthly fees including additional services, if any.
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2010 AND 2009 AND FOR THE SIX MONTHS PERIOD THEN ENDED Continued
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8. Brand Etiquettes
