PREPAID TAXES ASA Partners Holding Ltd Trident Chambers, PO BOX 146
PT. ERATEX DJAJA Tbk 2010 Annual Report
059 058
PT. ERATEX DJAJA Tbk 2010 Annual Report
PT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
continued
For the years ended December 31, 2010 and 2009 Expressed in thousands of Rupiah and in thousands of United States Dollars, unless otherwise stated
PT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
continued
For the years ended December 31, 2010 and 2009 Expressed in thousands of Rupiah and in thousands of United States Dollars, unless otherwise stated
LONG-TERM LOANS continued
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The Hong Kong and Shanghai Banking Corporation Limited
The Company entered into a credit agreement with The Hongkong and Shanghai Banking Corporation Limited, Jakarta Branch. In 2006, the Company entered into a new agreement with The Hongkong and Shanghai Banking Corporation Limited, Jakarta
Branch HSBC to reschedule the repayment of Club Deal Loan to HSBC and to include PT Eratex Garment, Subsidiary as a new borrower. On June 25, 2010 the Company obtained approval for credit facility restructuring from HSBC and it has been
extended with Amendment to Corporate Facility Agreement No: JAK101053U101124 which effective until February 28, 2011 for a review of the facilities provided by HSBC.
In the Corporate Facility Agreement, the Company obtained long-term loans as follows: • Reducing Balance Loan RBL with a limit of US 4,258 with best lending rate 10.92 per annum.
In Amendment of credit facility restructuring approval No: JAK101053U101124, the Company obtained long term loans facilities as follows:
• Irregular Installment Loan 1 IIL 1 with a limit of US 4,360 with applicable best lending rate minus 5 per annum. HSBC provide a grace period for the IIL 1 facility until the end of 2012, and the Company will begin to pay in monthly
installments on a regular basis since January 2013 until the end of 2015. • Irregular Installment Loan 3 IIL 3 with a limit of US 7,667. This facility has a due date in 2016.
For the IIL 3 facility, HSBC provides interest-free loan until the end of 2011. But in the year 2012 until the year 2016, HSBC will charge interest at 15 per annum. Payment of principal and interest will be due in 2016.
This loan is subordinated debt. Repayment is subordinated to operating cash requirement including IIL 1, Overdraft, trade facility and required capital expenditure.
The best lending rate is at 10.65 per annum, but subject to fluctuation at HSBC discretion. This loan is covered by a notarized power of attorney to sell rights over the Companys land and buildings in Probolinggo,
fiduciary transfer over machineries, inventories, and trade receivables. Those securities except for fiduciary transfer over stocks and receivables from PT Eratex Garment, Subsidiary are joint guarantee with PT Bank DBS Indonesia on pari passu
basis.
Pacificway Finance Limited
On December 28, 2009, Robell International Limited and Pacificway Finance Limited has agreed to waive the Company loans amounted to US 200.
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TAXATION