PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 AND 2009 AND FOR THE THREE MONTHS PERIOD THEN ENDED Continued
- 25 - The loan facilities from Natixis are secured with the Company’s inventories and trade accounts
receivable which are financed by Natixis. The annual interest rates in 2008 on Facilities 1, 2 and 3 are 2.00, 1.85 and 1.50,
respectively, above cost of fund of Natixis. The loan agreements with Bank Mandiri, BRI, and Natixis contain covenants which among others,
restrict the Company to obtain or grant loans, act as guarantor, change the nature and activities of its business and conduct liquidation, merger, consolidation or reorganization. The agreements also
provide various events of defaults.
14. ADVANCED RECEIVED
As of March 31, 2010 and 2009, cash advances from customers in Rupiah representing down payments for the sale of term used right in kiosks, shophouses and plaza are received from related
parties Note 23, meanwhile, advances from sales of palm and its derivative products are received from third parties.
As of March 31, 2010 and 2009, advances received in foreign currency amount US 27.154 thousand and US 34.708 thousand.
15. LONG – TERM BANK LOANS – POWER PLANT
This account represent long term bank loans from Bank Mandiri due to the power plant project. Note 26 Total LC matured as of March 31, 2010 were amounted :
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 AND 2009 AND FOR THE THREE MONTHS PERIOD THEN ENDED Continued
- 26 - 16. LONG
– TERM BANK LOANS
Bank Rakyat Indonesia Persero Tbk
On September 7, 2006, the Company obtained investment loan KI facility from BRI amounting to Rp 303,400,000 thousand which consists of KI Plantation amounting to Rp 211,400,000 thousand
and KI CPO Mill amounting to Rp 92,000,000 thousand. Included in the KI facilities are Interest During Construction IDC amounting to Rp 45,500,000 thousand for KI Plantation and Rp
13,000,000 thousand for KI CPO Mill. The investment loan is used to finance the 9,500 hectares of palm plantation and 1 unit CPO Mill located in Banyuasin, South Sumatera. This loan facility has a
term of 9 years with a grace period of 4.5 years on principal payments for palm plantation and 5.5 years for palm factory, which will start from the date of the signing of credit agreement. Interest
rate per annum is 15.00 which can be charged at any time following the current market interest rate in BRI.
On September 8, 2009, BRI granted additional investment loan of Rp 383,131,038 thousand which consists of Rp 291,131,038 thousand for KI Plantation and for KI CPO Mill amounting to Rp
92,000,000 thousand. Included in the KI Facilities are IDC amounting to Rp 70,935,400 thousand for KI Plantation and Rp 13,000,000 thousand for KI CPO Mill.
This investment loan is secured with palm plantation project in Banyuasin and similar collaterals for short-term loan facility received from BRI Note 13 which consist of trade accounts receivable,
inventories, land including palm plantation located in Terbanggi Besar dan Banyuasin, plant, machineries, and personal guarantee from Widarto and Santoso Winata Notes 23. Trade
accounts receivable and inventories used as collaterals represent part of joint collateral paripassu with PT Bank Mandiri Persero Tbk and syndicated loan which is coordinated by
Rabobank. This investment loan facility was started to be availed of in 2007. As of March 31, 2010,
outstanding loans amounted to Rp 97,000,000 thousand for KI principal, and Rp 16.202.631 thousand, for KI IDC.
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 AND 2009 AND FOR THE THREE MONTHS PERIOD THEN ENDED Continued
- 27 -
Syndicated Loan - Rabobank
In relation to the credit facility agreement dated June 29, 2007 between the Company and several creditor banks, which are coordinated by Rabobank, the Company obtained a syndicated loan
facility with a maximum amount of US 70,000 thousand. which will be due in 5 years since the date of the facility agreement. The syndicated loan is secured by corporate guarantee from BSA,
BNIL and BDP; land use right HGU No. 42 Wiralaga, plantation and fixed assets owned by BLTA which is located in Kecamatan Mesuji, Lampung Province; inventories , and trade accounts
receivable. Inventories and trade accounts receivable used as collaterals by the Company represent part of joint collateral paripassu with Bank Mandiri and BRI Note 13.
The installment payment of principal of syndicated loan will start on the 15
th
month and will be paid quarterly. The periods are 5 years 60 months for Loan A and 3 years 36 months for Loan B.
The followings are the payment schedule of syndicated loans:
Bank Mandiri The loan facility from Bank Mandiri represent investment loan received by the Company
amounting to US 5,965 thousand in 2004, which has just been availed of in 2006. This facility was used to finance the power plant project with a total value of investment amounting to US
11,450 thousand. This facility has a term of 5.5 years, which will start from the date of the first drawdown without grace period and will mature in the second quarter of 2011.
Interest rates per annum for the investment loans are 7,00 to 9.00 in 2010 and 2009. This credit facility is secured with the power plant project financed which has already been completed in
2009.
Bank CIMB Niaga Tbk
The loan facility from CIMB represents Fixed Installment Loan PTA obtained by AKG, a subsidiary, amounting to Rp 8,981,100 thousand or equivalent to US 961.20 thousand obtained
in 2008. This facility was used to finance the purchase of 12 units of heavy equipment. This facility has a term of 36 months without grace period and will mature on June 6, 2011.
Interest rate per annum for the PTA is 16 effective. The payment of interest and principal is calculated using the annuity method.This credit facility is secured with the heavy equipment
financed and corporate guarantee from the Company.
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 AND 2009 AND FOR THE THREE MONTHS PERIOD THEN ENDED Continued
- 28 - 17. CAPITAL STOCK
As of September 29, 2008 by virtue of Notarial Deed No. 28 of Mrs. Kartuti Suntana S,S.H. notary public in Jakarta the company have been increased the Company’s authorized become Rp.
800.000.000 thousand which divided into 6.400.000 thousand shares, with a par value of Rp. 125,- per share, Based on report of PT Adimitra Transferindo, Shares Registrar , the list of
Stockholder is as follows:
All of the Company’s shares are now listed in the Indonesia Stock Exchange previously in the Jakarta and Surabaya Stock Exchange
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 AND 2009 AND FOR THE THREE MONTHS PERIOD THEN ENDED Continued
- 29 - 18. NET SALES
The details on net sales are as follows :
19. COST OF GOODS SOLD
