PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 100 - Payable to customer and PT Kliring Penjaminan Efek Indonesia KPEI are liabilities of
SMS, a subsidiary, in relation with purchase and sale transactions of customer’s shares and purchase and sale transactions of shares among securities companies.
31. Taxes Payable
2011 2010
Rp 000,000 Rp 000,000
Income Taxes Article 29
20,588 18,025
Article 4 2 15,178
13,612 Article 21
7,381 4,073
Article 25 4,105
3,910 Articles 23 and 26
2,857 1,027
Value Added Tax 4,575
767 Total
54,684 41,414
The filing of tax returns is based on the Group own calculation of tax liabilities self-assessment. Based on the third amendment of the General Taxation Provisions and Procedures No. 28 Year
2007, the time limit for the tax authorities to assess or amend taxes was reduced from 10 to 5 years, subject to certain exceptions, since the tax became payable and for year 2007 and prior
years, the time limit will end at the latest on fiscal year 2013.
32. Accrued Expenses
2011 2010
Rp 000,000 Rp 000,000
Interest 39,049 26,341
Others 30,571
17,527 Total
69,620 43,868
Others represent accruals of certain operating expenses. As of December 31, 2011 and 2010, the balance of accrued interest to related parties amounted
to Rp 8,825 million and Rp 6,682 million, respectively Note 54. As of December 31, 2011 and 2010, the balance of accrued expenses denominated in foreign
currency amounted to US 555,955 and US 175,916, respectively Note 59.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 101 -
33. Loans Received
As of December 31, 2011 and 2010, this account represents loans of SMF and ABSM, subsidiaries, which were obtained from:
2011 2010
Rp 000,000 Rp 000,000
Third Parties PT Bank Negara Indonesia Persero Tbk
339,801 172,226
PT Bank Pan Indonesia Tbk 249,687
251,698 PT Bank Victoria International Tbk
122,320 18,684
PT Bank Capital Indonesia Tbk 100,000
- PT Bank ICBC Indonesia
69,117 19,887
PT Bank CIMB Niaga Tbk 49,979
49,770 Total
930,904 512,265
PT Bank Negara Indonesia Persero Tbk BNI
On June 24, 2008, SMF obtained a working capital loan facility from BNI with maximum facility of Rp 250,000 million and loan facility arising from non-revolving loan installment. The availability of
the facility is for 12 months. On November 30, 2010, the loan facility was increased to Rp 350,000 million, and with interest rates ranging from 12.75 to 13.75 per annum. The facility has been
extented several times, the latest extented until to April 26, 2012. The interest rate current year ranging from 10.50 to 13.75. As of December 31, 2011 and 2010, the outstanding loan
amounted to Rp 340,999 million and Rp 172,226 million with unamortized provision amounted to Rp 1,198 million and nil, respectively.
The facility is fiduciary secured by motor vehicles consumer financing receivables equivalent to a maximum of 105 of the total credit facility Note 7, promissory notes and assigment with retro
cessie in the form of transfer of motor vehicles consumer financing receivables equivalent to 100 of receivables if the installments are already overdue.
PT Bank Pan Indonesia Tbk Panin
On March 13, 2008, SMF obtained a non-revolving working capital loan facility from Panin with a maximum facility of Rp 50,000 million Facility I. The availability of the facility is for 3 months.
Interest rate assigment from the loan is 10.5 per annum for the first year and Certificate of Bank Indonesia interest rate plus 3 per annum for the second year and third year. The facility has
been paid on February 17, 2011 and has not been extended. As of December 31, 2010, the outstanding loan amounted to Rp 2,083 million.
On March 30, 2010, SMF obtained revolving working capital loan facility from Panin with a maximun facility of Rp 50,000 million Facility II, The availability of the facility is for 12 months.
On June 28, 2010, the loan facility II was increased to Rp 250,000 million. The facility has been extended several times, the latest extended until March 30, 2012. The interest rate ranging from
10.50 to 11.50 per annum. As of December 31, 2011 and 2010, the outstanding loan amounted to Rp 250,000 million with unamortized provision amounted to Rp 313 million and
Rp 385 million, respectively.
The facility is fiduciary secured by consumer financing receivables Note 7.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 102 -
PT Bank Victoria International Tbk Victoria
In 2008, ABSM obtained a working capital loan facility from Victoria with maximum facility of Rp 35,000 million. Interest rate on this loan is 13 per annum. The facility has been extended
several times, the latest this facility available until July 16, 2012. As of December 31, 2011 and 2010, the outstanding loan amounted to Rp Rp 22,441 million and Rp 18,684 million with
unamortized provision amounted to Rp 121 million and nil, respectively.
The facility is fiduciary secured by net investment in finance lease Note 8. On March 24, 2011, SMF obtained a revolving working capital credit facility from Victoria with
maximum facility of Rp 100,000 million. The availability of the facility is for 12 months, which will be due on March 24, 2012 and with interest rates of 10.25 per annum. As of December 31,
2011, the oustanding loan amounted to Rp 100,000 million.
The facility is fiduciary secured by consumer financing receivables Note 7.
PT Bank Capital Indonesia Tbk Capital
On December 16, 2010, SMF obtained a revolving working capital credit facility from Capital with maximum facility of Rp 100,000 million. The availability of the facility is for 12 months
and with interest rates 10.50 per annum. This facility has been extended until December 16, 2012. As of December 31, 2011, the outstanding loan amounted to Rp 100,000 million.
The facility is fiduciary secured by factoring receivables Note 9.
PT Bank ICBC Indonesia ICBC
In 2010, ABSM obtained a fixed loan facilty - on demand from ICBC with maximum facitily of Rp 20,000 million. The facility has been extended several times, the latest will be available until
July 12, 2012 and with interest rate of 11 per annum. As of December 31, 2011 and 2010, the outstanding loan amounted to Rp 19,800 million and Rp 19,980 million with unamortized provision
amounted to Rp 100 million and 93 million, respectively.
In 2011, ABSM obtained a additional a fixed loan facility – on demand from ICBC with maximum facility of Rp 50,000 million, the availability of the loan will be due on March 11, 2012. The interest
rate is 11 per annum. As of December 31, 2011, the outstanding loan amounted to Rp 49,500 million with unamortized provision amounted to Rp 83 million.
The facility is fiduciary secured by factoring receivables Note 9.
PT Bank CIMB Niaga Tbk CIMB Niaga
On August 11, 2009, SMF obtained a revolving loan facility from CIMB Niaga with a maximum facility of Rp 50,000 million. The availability of the facility is for 1 year, the facility has been
extended, the latest extended will be due January 11, 2012 and with interest rate ranging from 10.25 to 13.00 per annum. As of December 31, 2011 and 2010, the outstanding loan
amounted to Rp 50,000 million with unamortized provision amounted to Rp 21 million and Rp 230 million, respectively.
The facility is fiduciary secured by consumer financing receivables Note 7. The loans obtained by the subsidiares from BNI, Panin, Victoria, Capital, ICBC and CIMB Niaga
include requirements that limit the rights of the subsidiares, among others, to conduct merger, acquisition, reorganization, change of business or change their legal status or liquidate the
subsidiares, file a petition for bankruptcy or delaying payment of their debts, withdraw or reduce the paid up capital and to guarantee or mortgage shares.
