PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010 AND CONSOLIDATED COMPREHENSIF STATEMENTS OF INCOME FOR THE THREE MONTHS
PERIOD ENDED MARCH 31, 2011 AND 2010 Continued
- 52 - 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 Note 33. The Company is required to deposit 10 margin for every LCs and bank guarantee issued.
The LC and Bank Guarantee facilities will mature on June 9, 2011.
5. PT Bank Rakyat Indonesia Persero Tbk BRI
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. This facility matured on March 14, 2012. 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 18. 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.
6. PT Bank Mandiri Persero Tbk Mandiri
The company obtained non-cash loan facilities from Mandiri as follows: 1. On October 21, 2009, Mandiri has issued bank guarantees
– bid bonds on behalf of the Company amounting to Rp. 500.000 thousand with maturity date on October 19, 2010.
On the maturity date, the said bank guarantee has been extended with maturity date on October 19, 2011. The Company has placed security deposits on the said bank
guarantee issued amounting to Rp. 500.000 thousand with Mandiri.
2. SBLC Facility in amount not exceeding US 20,000 thousand in relation to the Purchase Contract with Overseas Buyer the Buyer. These SBLCs are used to secure advance
payment from the Buyer. The SBLC facility is secured with trade accounts receivable from the Buyer, CPO
inventories, fixed assets, and personal guarantee from Widarto and Santoso Winata. In relation to the SBLC facility, the company is required to place a 12.5 guarantee
deposits for SBLC facility by blocking the Company‟s working capital loan facility in Mandiri. On March 17, 2010, Mandiri has changed the requirement on guarantee
deposits, whereas the Company has to place time deposit amounting to 5 of SBLC‟s
amount. The SBLC facility has been extended several times and will mature on March 31, 2012.
3. Import LC and SKBDN Local LC in form of Sight and Usance with term 180 days amounting to US 5,000 thousand, is granted on March 24, 2010 and will mature on
March 31, 2012. This facility is used to finance the purchases of fertilizer and coal.
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010 AND CONSOLIDATED COMPREHENSIF STATEMENTS OF INCOME FOR THE THREE MONTHS
PERIOD ENDED MARCH 31, 2011 AND 2010 Continued
- 53 - Import LC and SKBDN is secured by the financed goods and inventories, trade accounts
receivable, land and mill located in Sidoarjo, East Java in the name of Widarto, personal guarantee from Widarto and Santoso Winata, and corporate guarantee from PT Sungai
Budi, related parties. Besides, the Company is required to place a 5 margin deposit from the value of import
LC and SKBDN which are issued.
7. PT Bank Internasional Indonesia Tbk BII
