PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
139
48. BANK GUARANTEES RECEIVED AND ISSUED AND STANDBY LETTERS OF CREDIT continued
Bank Guarantees Issued continued The bank guarantees issued on behalf of PT Pembangunan Perumahan Persero represent various
types of bank guarantees such as Bid Guarantees, Performance Guarantees, Advance Payment Guarantees, etc. to support various construction projects. The construction projects were obtained
from private and government sectors. The projects include building construction, road construction, bridge construction, etc.
The bank guarantees issued on behalf of PT Perusahaan Listrik Negara PLN Persero were to counter the SBLCs issued on behalf of PLN. The SBLCs were issued by syndicated banks i.e. Bank
Negara Indonesia, Bank Mandiri, Bank Niaga, Bank Bali, Bank Umum Nasional, Bank DKI, Bank Lippo, Bank Danamon, and Bank Tabungan Negara based on risk sharing agreement no. 135 dated
December 13, 1993 to guarantee the payments by PLN to Pertamina under a natural gas sales and purchase agreement. As of December 31, 2003, the Bank had issued a bank guarantee amounting to
US19,994,258 full amount which represents 8.6 of the US232,505,000 full amount of SBLCs.
The bank guarantees issued on behalf of PT Adhi Karya represent Bid Bond Guarantees, Performance Bonds, Advance Payment Guarantees, and Payment Surety Bonds to support various
construction projects. Most of the projects were obtained from the Government and include road construction, building construction, and bridge construction.
On March 6, 2001, the Bank issued a Counter Guarantee on behalf of PT Pelayaran Nasional Indonesia “PELNI” amounting to US15,840,000 full amount to Den Norske Bank - Bergen,
Norway. The Bank guarantee was issued to counter the bank guarantee issued by Den Norske Bank for the beneficiary Debis Financial Services. The bank guarantee was to guarantee the payments for a
ship leased by PELNI. On April 9, 2003, the amount of the counter guarantee decreased to US14,655,500 full amount and the maturity date was extended to April 30, 2004. As of
December 31, 2003, April 30, 2003 and December 31, 2002, the bank guarantee issued by Den Norske Bank is collateralized by placements of the Bank in Den Norske Bank amounting to
Rp123,473, Rp127,144 and Rp141,768, respectively Note 6f.
The bank guarantees issued on behalf of PT Waskita Karya represent Bid Bond Guarantees, Performance Bonds, Advance Payment Guarantees, and Payment Surety Bonds to support various
construction projects. Most of the projects were obtained from the Government and include road construction, building construction, and bridge construction.
The bank guarantees issued on behalf of PT Brantas Abipraya Persero represent Bid Bond Guarantees, Performance Bonds, Advance Payment Guarantees, and Payment Surety Bonds to
support various construction projects which were mostly obtained from the Government. The bank guarantees issued on behalf of PT Gunanusa Utama Fabricator represent Performance
Bonds for a construction projects obtained from a private oil company.
Standby Letters of Credit SBLC
December 31, April 30, December 31,
2003 2003
2002
PT Garuda Indonesia 842,500
867,550 895,000
PT Perusahaan Gas Negara 791,255
814,781 901,637
Pertamina 487,952
- -
PT Perusahaan Listrik Negara Persero 377,437
388,659 1,209,170
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
140
48. BANK GUARANTEES RECEIVED AND ISSUED AND STANDBY LETTERS OF CREDIT continued
