PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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48. BANK GUARANTEES RECEIVED AND ISSUED AND STANDBY LETTERS OF CREDIT Continued
Bank Guarantees Issued Continued Bank Mandiri has not issued any bank guarantees to related parties in 2002 and 2001.
The bank guarantees issued on behalf of PT Dirgantara Indonesia DI mostly represent Advance Payment Bank Guarantees and Performance Bonds. The bank guarantees were issued to guarantee
the advances paid by the South Korea Ministry of Defense of US7,630,000 for the purchase of two aeroplanes VIP and VVIP Aircraft, and advances paid by the Pakistan Air Force PAF of
US9,912,860 full amount for the purchase of four CN325 aeroplanes. The Performance Bond Issued by the Bank on behalf of DI amounted to US545,000 full amount. The two aeroplanes VIP
Conversion Aircraft No. 7 and VVIP Conversion Aircraft No. 8 were delivered on December 26, 2002. The related guarantees in the form of Perfomance Bonds continue to be valid until 365 days after the
date of shipment, and 180 days after the shipment for the Advance Payment Guarantee. The bank guarantees issued on behalf of PT Perusahaan Listrik Negara “PLN” Persero were to
facilitate risk-sharing agreements with PT Bank BNI Persero for PT Perusahaan Listrik Negara “PLN” Persero project, for construction of buildings and harbours, for the manufacturing of
chemicals, and others. The bank guarantees are given for periods ranging from 3 three months to 3 three years.
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., for various construction projects. The construction projects were from various parties both from private and government sectors. The projects include building
construction, road construction, bridge construction, etc. 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 payment for the ship leased by PELNI. The bank guarantee issued by Den Norske Bank is
collateralized by a placement of PT Bank Mandiri in Den Norske Bank amounting to Rp141,768 Note 6.f
The bank guarantee issued on behalf of PT Adhi Karya represent Bid Bond Guarantees, Performance Bond and Advance Payment Guarantees to support various construction projects.
Most of the projects were obtained from the Government. The Projects include road construction, building construction and bridge construction.
The bank guarantees issued on behalf of PT Wijaya Karya represent Bid Bond Guarantees, Performance Bond and Advance Payment Guarantees to support the construction projects won by
that company. Most of the projects were obtained by the company from the Government. A counter guarantee amounting to US285,895 full amount or equivalent to Rp2,559 as of
December 31, 2002 was issued to counter a bank guarantee issued by another bank. The bank guarantee issued by the other bank is collateralized by the balance of Bank Mandiri current account
for the amount of US286,914 full amount or equivalent to Rp2,568 and Rp2,960 as of December 31, 2002 and 2001, respectively Note 5.f.
