PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
29. Accrued Expenses
2014 2013
Interest 57,646
42,372 Others
46,450 45,632
Total 104,096
88,004
Others represent accruals of certain operating expenses. As of December 31, 2014 and 2013, the balance of accrued interest to related parties amounted
to Rp 3,252 and Rp 3,366, respectively Note 50.
30. Securities Issued
2014 2013
Medium term notes 800,000
800,000 Bonds
500,000 500,000
Unamortized issuance cost 6,546
9,096 Total
1,293,454 1,290,904
Medium Term Notes SMF, a subsidiary, issued Medium Term Notes Sinar Mas Multifinance Year 2012 with nominal
value of Rp 1,000,000 and made in 2 withdrawals as follows: a. Amounting to Rp 600,000 on November 13, 2012; and
b. Amounting to Rp 400,000 on November 29, 2012 MTN’ period is three 3 years or less if option is exercised by SMF. MTN’ interest rate is 11
per annum which will be paid every 3 months. The MTN will mature on November 13, 2015 and November 29, 2015, respectively.
These MTN’s are unsecured and not listed in any stock exchange. In relation to the issuance of the MTN, the Company ranked [Idr]A-A minus based on rating
made by PT ICRA Indonesia. SMS and BS, subsidiaries, acted as Arranger and Monitoring and Payment Agent¸ respectively
of MTN Sinar Mas Multifinance year 2012.
In July 2013, SMF had settled part of the principal loan amounting to Rp 200,000.
Bonds On March 28, 2013, SMF obtained the Notice of Effectivity from the Chairman of the Capital
Market Financial Services Authority in his Letter No. S-63D.042013 for its offering to the public of Bonds of Sinar Mas Multifinance II Year 2013 with Fixed Interest Rate with total nominal
amount of Rp 500,000 and with term of five 5 years. These bonds were issued without warrants and offered with 100 of the principal of bonds. Interest is at 10.75 per annum and payable
every 3 months since April 10, 2013. These bonds are secured by consumer financing receivables, net investments in finance lease and factoring receivables.
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
The bonds are listed at the Indonesian Stock Exchange and SMF ranked [Idr]A-A minus from PT ICRA Indonesia.
PT Bank Permata and SMS, a subsidiary, each acted as trustee and underwriter, respectively, of Bonds of Sinar Mas Multifinance II Year 2013.
31. Loans Received
As of December 31, 2014 and 2013, this account represents loans of SMF and ABSM, subsidiaries, which were obtained from:
2014 2013
Third Parties PT Bank Pan Indonesia Tbk
280,000 400,000
PT Bank Capital Indonesia Tbk 139,000
- PT Bank Negara Indonesia Persero Tbk
89,200 246,782
PT Bank ICBC Indonesia 66,650
67,550 PT Bank Victoria International Tbk
- 2,142
Subtotal 574,850
716,474 Unamortized issuance cost
1,013 1,579
Total 573,837
714,895
PT Bank Pan Indonesia Tbk Panin
The Company, obtained a revolving working capital loan facility from Panin with a maximum facility of Rp 400,000. The availability of the facility is for 12 months. The facility has
been extended several times, the latest extension is until March 30, 2015. In 2014 and 2013, interest rates per annum range from 11.00 - 11.69 and 8.75 -12.00, respectively. As of
December 31, 2014 and 2013, the outstanding loan amounted to Rp 280,000 and Rp 400,000, respectively.
The facility is fiduciary secured by consumer financing receivables Note 7. PT Bank Capital Indonesia Tbk Capital
On July 15, 2014, SMF obtained a revolving working capital loan facility from Capital with maximum facility of Rp 139,000. The availability of the facility is for 12 months, with interest rate
of 14.00 per annum until December 16, 2015. The facility is fiduciary secured by factoring receivables Note 9.
PT Bank Negara Indonesia Persero Tbk BNI
SMF obtained a working capital loan facility from BNI with maximum facility of Rp 350,000 and loan facility arising from non-revolving loan installment. The availability of the facility is for
12 months. The facility has been extended several times, the latest extension is until April 25, 2015. Interest rates range from 11.00 to 13.00 per annum. As of December 31,
2014 and 2013, the outstanding loan amounted to Rp 89,200 and Rp 246,782, respectively.
The facility is fiduciary secured by motor vehicles consumer financing receivables Note 7.
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