PT TRIKOMSEL OKE Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2009 and 2008 Expressed in Rupiah Unless Otherwise Stated
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11. BANK LOANS - THIRD PARTIES continued
This agreement requires the Company to maintain certain financial ratios as follows: -
EBITDA to interest payment ratio at the minimum of 200 -
Net debts to EBITDA ratio should not exceed 350 -
Debts to tangible net worth should not exceed 250 For the year ended December 31, 2009, the Company has met all the above financial ratios’
requirements. All of the above facilities are secured by the Company’s Nokia branded inventories and the
Company’s receivables valued at US10,000,000 each Notes 6 and 7.
b. On March 5, 2009 the Company entered into a credit agreement with PT ANZ Panin Bank
“ANZ”, which is legalized by Notary of Veronica Nataadmadja, S.H., No. 14LIII2009 on the same date, whereby the Company obtained a revolving working capital loan facility with a
combined maximum credit limit of US20,000,000 as follows: working capital with a maximum credit limit of US20,000,000 and trade facility with a maximum credit limit of US10,000,000. In
addition, the Company obtained foreign exchange transaction facility with a maximum credit limit of US3,000,000. These facilities are intended to finance the Company’s purchases of cellular
phones and will mature on March 5, 2010. During 2009, the Company committed a forward transaction of US5,000,000 which matured on November 19, 2009 two 2 months forward
transaction at Rp9,355 per US1. For this forward transaction, the Company recognized gain totaling to Rp575,000,000, which were presented as part of “Loss on Foreign Exchange and Swap
Cost - net” account in the 2009 consolidated statement of income.
This agreement requires the Company to maintain certain financial ratios as follows: -
Current assets to current liabilities ratio at the minimum of 110 -
Net debts to EBITDA ratio should not exceed 350 -
Debts to equity ratio should not exceed 250 -
EBITDA to interest expenses ratio at the minimum of 200 -
Net worth at the minimum of Rp350,000,000,000 -
Receivables, inventories and prepayment of handsets inventory level must be 125 of the total debt outstanding
For the year ended December 31, 2009, the Company has met all the above financial ratios’ requirements.
All of the above facilities are secured by the Company’s inventories and receivables totaling to US25,000,000 Notes 6 and 7.
This agreement also requires the Company to obtain prior written approval from the bank before entering into certain actions, such as follows:
- Re-pledge the inventories and receivables which already used as collateral
- Merger and consolidation
- Sale, lease, transfer or disposal of assets, except for transactions carried-out in the ordinary
course of the business -
Declare or pay dividends -
Obtain other loans -
Extension of loans
