Estimated Liability Unearned Premiums and Estimated Liability Claims
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
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PT Bank Victoria International Tbk Victoria
In 2008, ABSM obtained a working capital loan facility from Victoria with maximum facility of Rp 35,000. Interest rate on this loan is 11 per annum. The facility has been extended several
times, the latest extension is until June 11, 2013. As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010, the outstanding loan amounted to Rp 9,301, Rp 22,441
and Rp 18,684 with unamortized provision amounting to Rp 42, Rp 121 and nil, respectively.
The facility is fiduciary secured by net investment in finance lease Note 8. On March 24, 2011, SMF obtained a revolving working capital credit facility from Victoria with
maximum facility of Rp 100,000. The availability of the facility is for 12 months, and this facility has been extended several times, the latest extention on is until March 29, 2013. Interest rates
ranging from 10.00 to 10.25 per annum. As of December 31, 2012 and 2011, the oustanding loan amounted to Rp 100,000.
The facility is fiduciary secured by consumer financing receivables Note 7.
PT Bank Capital Indonesia Tbk Capital
On December 16, 2010, SMF obtained a revolving working capital loan facility from Capital with maximum facility of Rp 100,000. The availability of the facility is for 12 months, with
interest rates 10.50 per annum. This facility has been extended until December 16, 2013. As of December 31, 2012 and 2011, the outstanding loan amounted to Rp 100,000.
The facility is fiduciary secured by factoring receivables Note 9.
PT Bank ICBC Indonesia ICBC
In 2010, ABSM obtained a fixed loan facilty - on demand from ICBC with maximum facitily of Rp 20,000. The facility has been extended several times, the latest will be available until
June 11, 2013. Interest rate of 11 per annum. As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010, the outstanding loan amounted to Rp 19,000, Rp 19,800 and
Rp 19,980 with unamortized provision amounting to Rp 42, Rp 100 and 93, respectively.
In 2011, ABSM obtained a additional a fixed loan facility – on demand from ICBC with maximum facility of Rp 50,000, and will be available until June 11, 2013. The interest rate is 11 per
annum. As of December 31, 2012 and 2011, the outstanding loan amounted to
Rp 49,400 and Rp 49,500 with unamortized provision amounting to Rp 104 and Rp 83, respectively.
The facility is fiduciary secured by factoring receivables Note 9.
PT Bank CIMB Niaga Tbk CIMB Niaga
On August 11, 2009, SMF obtained a revolving loan facility from CIMB Niaga with a maximum facility of Rp 50,000. The availability of the facility is for 1 year with interest rate of 13 per
annum. The facility has been extended several times, the latest is until November 11, 2012. The interest rates range from 10.25 to 13.00 per annum. This facility has been paid by SMF on
November 2012. As of December 31, 2011 and January 1, 2011December 31, 2010, the outstanding loan amounted to Rp 50,000 with unamortized provision amounting to Rp 21 and
Rp 230, respectively.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 109 - The facility is fiduciary secured by consumer financing receivables Note 7.
The loans obtained by the subsidiares from BNI, Panin, Victoria, Capital, ICBC and CIMB Niaga include requirements that restrict the subsidiares, among others, to conduct merger, acquisition,
reorganization, change of business or change their legal status or liquidate the subsidiares, file a petition for bankruptcy or delaying payment of their debts, withdraw or reduce the paid up capital
and to guarantee or mortgage shares.