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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3. Purchase Contract with Overseas Buyer The Buyer and Standby Letter of Credit SBLC
Facilities from Bank Mandiri. Since 2004, the Company and the Buyer has entered into a Purchase Contract wherein the
Buyer agreed to purchase the Company’s CPO. The contract has been extended several times with details as follows:
1. Contract No. P56765 dated October 13, 2009 for sale of CPO with a total contract value
of US 12,500 thousand, covering the period of May 2010 – September 2010
2. Contract No. P56304 dated September 7, 2009 for sale of CPO with a total contract value of US 6,000 thousand, covering the period of May 2010
– July 2010 3. Contract No. P55154 dated May 15, 2009 for sale of CPO with a total contract value of
US 20,000 thousand, covering the period of July 2009 – April 2010
4. Contract No. P54967 dated April 29, 2009 for sale of CPO with a total contract value of US 5,000 thousand, covering the period of September 2009 and February 2010.
5. Contract No. P54425 dated March 27, 2009 for sale of CPO with a total contract value of US 5,000 thousand, covering the period of October 2009 and January 2010.
6. Contract No. P49309 dated March 3, 2008 for sale of CPO with a total contract value of US 48,000 thousand, covering the period from March 2008
– February 2009. 7. Contract No. P49198 dated February 28, 2008 for sale of RBD Palm Stearin with a total
contract value of US 33,833 thousand, covering the period from November 2008 –
August 2009. 8. Contract No. P40956 dated September 11, 2006 for sale of CPO with a total contract
value of US 48,000 thousand, covering the period from October 1, 2006 – September
30, 2010. 9. Contract No. 37858 dated August 8, 2006 for sale of CPO, which was an extension of the
contract dated November 18, 2005 with a total contract value of US 30,000 thousand, covering the period from July 2006
– June 2009. 10. Contract No. 37860 dated March 27, 2006 for sale of RBD Palm Stearine, which was an
extension of the contract dated November 25, 2005 with a total contract value of US 10,000 thousand, covering the period January 2006
– December 2008. In relation to the aforementioned transaction, Bank Mandiri has agreed to grant SBLC facility to the
Company in the amount not exceeding US 20,000 thousand, to secure advance payment from the Buyer.
4. Storage Tanks Rental Contract Tanks Rental
On December 19, 2006, the Company and the Overseas Buyer the Buyer entered into a Tanks Rental Contract, whereas the Company rented its 3 storage tanks which are located in Lampung
with capacity of 5,000 metric tons each. The tanks rental period covers 3 years which will be effective when the tanks are ready to be used. Based on the Tanks Rental Contract, the buyer
should make the payment of US 1,620 thousand at least 14 days after the date of the Tanks Rental Contract. The Company has already received the said rental payment in 2006, however the
tanks became ready for use only in 2008 Note 14.
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
