PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 73 - 2011
2010 Rp 000,000
Rp 000,000 Investment
Third parties Bonds - Held to Maturity
Rupiah MTN Syariah Ijarah Intraco Penta 2011
8,242 -
Government bond IFR001 2008 7,625
7,506 Sukuk Ijarah I Summarecon 2008
5,126 5,173
Sukuk Ijarah Indosat III 2008 4,795
4,661 Sukuk Ijarah Matahari Putra Prima IIA 2009
2,019 2,081
Syariah Ijarah Perusahaan Listrik Negara I 2006 1,042
1,073 Sukuk Ijarah Matahari Putra Prima IIB 2009
1,023 1,097
Total 29,872
21,591 Unit of mutual fund - at Fair value through profit and loss
Rupiah Schroder Syariah Balance Fund
24,628 17,100
Fortis Pesona Amanah 12,610
8,837 I-Hajj Syariah Fund
5,082 7,390
PNM Amanah Syariah Fixed Income 4,853
7,086 Total
47,173 40,413
Total - Investments 92,176
65,004 Cash in banks
Rupiah PT Bank Internasional Indonesia Tbk - Sharia Division
9,414 690
PT Bank CIMB Niaga Tbk - Sharia Division 4,088
3,256 PT Bank Syariah Mandiri
3,225 209
PT Bank Muamalat Indonesia Tbk 1,677
435 PT Bank OCBC NISP Tbk - Sharia Division
1,504 -
PT Bank Permata Tbk - Sharia Division 1,438
3 PT Bank BRI Syariah
3 3
PT Bank Tabungan Negara Persero Tbk - Sharia Division 1
2 PT Bank Mega Syariah Indonesia
1 1
Total - Rupiah 21,351
4,599 Premiums receivable
2,145 1,195
Reinsurance receivables 20
15 Investment receivables
690 504
Equipment - net 339
21 Total
116,721 71,338
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 74 -
12. Premiums and Reinsurance Receivables
a. This account consists of:
2011 2010
Rp 000,000 Rp 000,000
Related parties Note 54 Premiums receivable
99,868 43,187
Reinsurance receivables 3,689
905 Subtotal
103,557 44,092
Third parties Premiums receivable
267,178 305,909
Reinsurance receivables 36,903
8,092 Subtotal
304,081 314,001
Total 407,638
358,093 Allowance for impairment losses
691 4,926
Net 406,947
353,167 b. The details of consolidated premiums and reinsurance receivables classified based on
currency are as follows:
2011 2010
Rp 000,000 Rp 000,000
Rupiah Premiums receivable
298,895 315,393
Reinsurance receivables 26,297
5,503 Subtotal
325,192 320,896
Foreign currencies Note 59 Premiums receivable
68,151 33,703
Reinsurance receivables 14,295
3,494 Subtotal
82,446 37,197
Total 407,638
358,093 Allowance for impairment losses
691 4,926
Total 406,947
353,167
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 75 - c. The details of consolidated reinsurance receivables classified based on domicile of the
reinsurer are as follows: 2011
2010 Rp 000,000
Rp 000,000 Local
22,051 5,075
Foreign 18,541
3,922 Total
40,592 8,997
d. The details of consolidated premiums receivable based on its remaining period until maturity
are as follows:
2011 2010
Rp 000,000 Rp 000,000
Due within 1 - 60 days Related parties
95,458 38,715
Third parties 248,698
279,061 Due within over 60 days
Related parties 4,410
4,472 Third parties
18,480 26,848
Total 367,046
349,096
e. The changes in allowance for impairment losses are as follows:
2011 2010
Rp 000,000 Rp 000,000
Balance at the beginning of the year 4,926
- Provisions recovery during the year
4,235 4,926
Balance at the end of the year 691
4,926
Management believes that the allowance for impairment losses as of December 31, 2011 and 2010 is adequate to cover the losses which might arise from uncollectible premiums
receivable and reinsurance receivables.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 76 -
13. Loans
This account represents loans given by BS, a subsidiary. a.
By Type of Loans
2011 2010
Rp 000,000 Rp 000,000
Related parties Note 54 Rupiah
Fixed loans 196,452
231,557 Consumer loans
6,225 6,939
Installment loans 1,758
1,682 Loans to employees
637 580
Sharia receivables - Murabahah 11
67 Subtotal - Rupiah
205,083 240,825
Foreign currency Note 59 Fixed Loans
1,555,076 554,115
Total - Related parties 1,760,159
794,940 Third Parties
Rupiah Consumer loans
2,903,566 2,323,631
Installment loans 1,874,779
1,445,532 Fixed loans
1,631,249 1,251,931
Factoring loans 670,991
592,291 Sharia receivables - Murabahah
641,733 146,895
Overdraft 154,248
146,137 Investment loans
106,015 59,297
Loans to employees 6,615
8,165 Sharia receivables - Qardh
17 -
Subtotal 7,989,213
5,973,879 Foreign currencies Note 59
Installment loans 307,133
166,573 Fixed loans
183,669 76,403
Subtotal 490,802
242,976 Subtotal
8,480,015 6,216,855
Total 10,240,174
7,011,795 Allowance for impairment losses
104,732 77,638
Net 10,135,442
6,934,157
