PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
60
14. SHORT-TERM BANK LOANS AND LONG-TERM DEBTS CONTINUED PT Bank Bumi Arta Tbk BBA
BTKV obtained several credit facilities as follows: -
Overdraft facility with a maximum amount of Rp5,000,000. On June 21, 2012, BTKV obtained an additional overdraft facility amounting to Rp5,000,000, making the total facility to become Rp10,000,000. The outstanding loan
balance as of June 30, 2016 amounted to Rp6,037,343 2015: Rp8,029,888. As of June 30, 2016, BTKV has made principal payments totaling Rp1,992,544 2015: Rp3,579,532.
- Investment credit facility with a maximum amount of Rp42,000,000 which was fully drawn as of December 31,
2012. The loan is payable in quarterly installments up to June 21, 2022. The outstanding loan balance as of June 30, 2016 Rp35,350,366 2015: Rp37,306,937. In June 30, 2016, BTKV made principal payments totaling
Rp1,956,569 2015: Rp3,579,532.
The loans are collateralized by fixed assets Note 11 and 5,000 shares BTKV. For the six-month period ended June 30, 2016, bear interest at the annual rate of 12,5 2015: 12,50.
No covenants were required by BBA in relation to the credit facilities. As of June 30, 2016 and December 31, 2015, each of the debtors the Company and certain Subsidiaries are in
compliance with all the debt covenants related to the above short-term bank loans and long-term debts.
PT Bank Mayora Tbk Mayora
The Company obtained Installment Loan facility from Mayora with maximum amount of Rp150,000,000, with credit period of 1 year starting from October 19, 2015 to October 19, 2016 and bore interest at annual rate of 11,5. The
outstanding loan balance as of June 30, 2016 is Rp150,000,000 2015: Rp150,000,000. In 2016, the Company has not
made any principal payment. PT Bank OCBC NISP Tbk OCBC
The Company obtained the unsecured credit facilities as follows: -
Demand loan credit facility with a maximum amount of Rp100,000. -
Foreign exchange transaction facility with a maximum amount of US5,000,000. Based on the changes of loan agreement between the Company and OCBC dated 29 April 2016, which notarized under
deed No. 74 of Himijati Tandika Dewi, S. H., OCBC agreed to increase the Demand Loan facility from Rp100,000,000 to Rp300,000,000.
The credit facilities will expire on May 30, 2016 and has been extended until September 28, 2016. The loan is collateralized by investment properties Note 12. The outstanding loan balance as of June 30, 2016 is Rp141,000,000
2015: Rp100,000,000. In 2016, the Company has made principal payment amounting to Rp100,000,000. The Company must obtain written approval from OCBC prior to performing the following activities, among others:
1 Sell or transfer entirely or partially the Companys assets to other parties, the amount of which if aggregated with
other transfer for each transaction is greater than 20 of the Companys total equity; 2 Change the business activities and scale of business significantly;
3 Provide loans to other parties, except for loans granted prior to this credit agreement and loans provided in the ordinary course of business;
4 Act as guarantor for or collateralize other parties obligation; 5 Provide collateral to other parties, except the assets that have been pledged to other banks prior to this credit
agreement, assets financed by other banks in relation to the project financing and obligation arising from the ordinary course of business;
6 Maintain positive equity and profit.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
61
14. SHORT-TERM BANK LOANS AND LONG-TERM DEBTS CONTINUED PT BCA Finance
