PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2011 AND DECEMBER 31, 2010 AND CONSOLIDATED COMPREHENSIF STATEMENTS OF INCOME FOR THE SIX MONTHS
PERIOD ENDED JUNE 30, 2011 AND 2010 Continued
- 52 - i.
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 and not extended.
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.
3. 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 19.
4. PT CIMB Niaga Tbk CIMB
The Company obtained lLC Facility Sightusance LC or SKBDN for a maximum of 180 days in Rupiah and US currency from CIMB 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. On October 27, 2010, part
of this facility has been allocated to Money Market Line.
The LC facilities were used for purchasing coals and fertilizer. 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 facilities will mature on June 9, 2012.
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.
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2011 AND DECEMBER 31, 2010 AND CONSOLIDATED COMPREHENSIF STATEMENTS OF INCOME FOR THE SIX MONTHS
PERIOD ENDED JUNE 30, 2011 AND 2010 Continued
- 53 -
6. PT Bank Mandiri Persero Tbk Mandiri
