PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED
AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated
80
15. LOANS FROM BANKS AND FINANCING INSTITUTIONS continued PT Bank Bumi Arta Tbk BBA continued
The above loans are collateralized by fixed assets Note 12 and 5,000 shares of BKV. In relation to the additional credit facilities acquired by BKV on June 21, 2012, BKV gave additional
collateral in the form of BKV’s fixed assets and decreased BKV shares which are used as collateral from 10,000 shares to 5,000 shares.
No covenants were required by BBA in relation to these credit facilities.
PT Bank Resona Perdania Resona
SCK obtained the several credit facilities from Resona as follows: a. Working capital credit facility with a maximum amount of Rp30,000,000 and a credit period of one
year. There was no outstanding loan balance from the facility as of December 31, 2012, 2011 and 2010.
b. Investment credit facility with a maximum amount of Rp58,000,000, which was decreased to
become Rp43,504,000 in 2012 and a credit period of five years starting from June 4, 2010 up to August 19, 2015. The outstanding loan balance as of June 30, 2013 and December 31, 2012,
2011 and 2010 amounted to Rp30,216,000, Rp37,464,000, Rp51,960,000 and Rp30,000,000, respectively. For the six-month period ended June 30, 2013 and year ended December 31, 2012,
SCK made principal payments totaling Rp7,248,000 and Rp14,496,000, respectively.
The above loans are collateralized by undeveloped land Note 10. In July 2006, the Company obtained a non-revolving credit facility from Resona with a maximum
amount of US7,000,000 which was fully drawn as of December 31, 2006. The loan was payable in quarterly installments starting from June 30, 2007 until June 30, 2011 and was collateralized by
investment properties Note 13. The outstanding loan balance as of December 31, 2010 amounted to US820,000, which was fully paid in June 30, 2011 and bore interest at the annual rate of 2.30
above Singapore Interbank Offered Rate SIBOR in 2007, which was amended to 2.30 above Cost of Loanable Fund COLF starting October 2008.
In July 2006, the Company obtained another revolving credit facility from Resona with a maximum amount of US3,000,000. The loan is due on December 17, 2013 and is collateralized by investment
properties Note 13. The outstanding loan balance as of June 30, 2013 and December 31, 2012 and 2011 amounted to US1,000,000 each, while as of December 31, 2010, the outstanding loan balance
was US3,000,000. The loan bears interest at the annual rate of 2.25 above SIBOR, which was amended to 2.25 above COLF starting October 2008. No principal payments were made by the
Company for the six-month period ended June 30, 2013 and year ended December 31, 2012.
Based on an amendment dated December 16, 2011 of the above loan agreement covering a facility with a maximum amount of US3,000,000 with Resona, the Company and SCK must comply with
several covenants, including the following:
a. Maintain certain financial ratios as follows: 1 Current ratio of not less than 100 as of June 30, 2013 and December 31, 2012 and 2011.
2 Debt to equity ratio of not more than 10:1 as of June 30, 2013 and December 31, 2012 and 2011.
b. Maintain positive equity and profit.
PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED
AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated
81
15. LOANS FROM BANKS AND FINANCING INSTITUTIONS continued PT BCA Finance
The loans from PT BCA Finance represent drawdowns from various consumer financing credit facilities obtained by the Company, MOJ, SPM, SCK, SHO, IJP, BTK, ETK, MPP, MIC and LMD,
which were used to finance the acquisitions of vehicles. The loans are payable in monthly installments at different dates from January 4, 2008 up to May 14, 2017 and are collateralized by the vehicles
purchased Note 12. For the six-month period ended June 30, 2013 and year ended December 31, 2012, the Company and Subsidiaries made principal payments totaling Rp3,893,436 and
Rp8,909,854, respectively. The outstanding loans as of June 30, 2013 and December 31, 2012, 2011 and 2010 amounted to
Rp13,453,487, Rp10,385,927, Rp11,944,236 and Rp12,201,637, respectively.
PT Dipo Star Finance Dipo
The loan from Dipo represents drawdowns from an installment credit facility obtained by the Company which was used to finance the acquisition of vehicles. The loan was paid in monthly installments
starting from September 26, 2011 up to July 26, 2012 and was collateralized by the vehicles purchased Note 12. The outstanding loan balance as of December 31, 2011 and 2010 amounted to
Rp128,975 and Rp376,579, respectively. This credit facility was fully paid on its maturity date.
Ranges of interest rates of loans from banks and financing institutions are as follows:
December 31, June 30, 2013
2012 2011
2010
OCBC 9.50
- -
- BCA
9.00 9.00-9.50
9.50-9.75 9.75-11.00
Mandiri 9.00-9.25
9.25-9.75 9.75-10.50
10.50 BBA
10.00-10.50 10.00
11.00 -
Resona 9.96-10.07
10.38-11.01 10.38-11.01
10.60 PT BCA Finance
3.45-13.27 3.99-13.27
3.75-12.38 5.50-17.27
Dipo -
- 6
6-16.76
For all facilities with loan covenants as discussed above, the Company and Subsidiaries are not in default.
16. OBLIGATIONS UNDER FINANCE LEASE
In January 2013, the Company and PT Summerville Property Management SPM entered into lease commitments with ORIX Indonesia Finance ORIX covering two vehicles. The lease period is three
years. At the end of each of the lease periods, the Company and SPM have an option to purchase the vehicles at a price of Rp33,560 and Rp45,520, respectively.
