PT Budi Acid Jaya Tbk ( the Company ) is one of the company under Sungai Budi Group ( SBG ). SBG was established in Lampung in 1947, just in few years after the Indonesian’s independency. Nowadays SBG grew into one of the largest business group within the agribusiness sector in Indonesia.
The first business of SBG was trading for coffee, black pepper, cassava chips and other agriculture commodities. Under the leadership of Mr. Widarto, as Chairman and Mr. Santoso Winata, as Deputy Chairman, SBG has been rapidly grown and performing its diversification outside Lampung’s area especially in Java island as well as in other big cities in Indonesia. Nowadays, SBG is the main producer of tapioca starch as well as rice flour, and one of the main player in the palm oil industry and its derivative products as well as series of products used as raw materials for food, paper, confectionery, chemicals and other industries.
The Company was established in 1979. In its early years, the Company had 1 (one) citric acid factory only. In line with the growth of SBG and in accordance with SBG’s plan to conduct Initial Public Off ering over the Company’s shares, then in order to increase its value added, the Company was reorganized into a producer of cassava-based products with its main products in forms of tapioca starch and citric acid.
After passing through an extensive planning, in 1995 the Company conducted Initial Public Offering over its shares. And as of the time, all SBG’s business expansion related with cassava always managed by the Company. As a result, nowadays the Company and its subsidiaries owned the following production facilities:
13 Tapioca starch factories
3 Citric acid factories
1 Sulphuric Acid factory
3 Plastic bag factories
1 Glucose factory
1 Glucose, fructose and malthodextrine factory
1 Glucose and sorbitol factory
2 Modified Tapioca Starch factories
1 MSG ( monosodium glutamate ) factory
Message from Board
Report of the Directors
As having previously been reported, the year 2007 was a great year for agribusiness industry and the period up to third quarter of 2008 was still a continuation of boom period for agribusiness industry, in which the prices of commodities still shown a trend of increase.
Unfortunately, in fourth quarter of 2008, global financial crisis occurred that has initiated the delayed world economic growth in which there had been decreasing demand on goods and drastically decreasing prices of commodities as well as weakening of Indonesian Rupiah against US Dollar. As to the latter, Rupiah was sharply depreciated during fourth quarter of 2008 and the average transaction for the given period at the level above Rp 11,000 per dollar. The Rupiah closed at Rp 10,950 per dollar on December 31, 2008, a decline of 16% compared to the closing rate as at the end of December 2007 of Rp 9,419 per dollar.
Because of the rate difference, the Company booked an unrealized forex loss Rp 49 billion and the net profit obtained in 2008 was only Rp 33 billion, a decline of 28% compared to the results achieved in 2007 and below the expected target of Rp 80 billion. That was because the net profit initially forecasted was based on an assumption that Rupiah was in the stable position against USD currency. If there was no Rupiah depreciation against USD currency, the net profit goal for the year 2008 would have been achieved.
In such a deteriorating economic condition, PT Budi Acid Jaya Tbk (the Company), as one of largest producer of tapioca starch, a product that contributes up to 65% to consolidated revenue, was still successful in increasing its sale during 2008 into Rp 1.55 trillion, an improvement of 15% over the result obtained in 2007. Realization of these sales almost reaches the original sales target of Rp 1.6 trillion.
During 2008, the Company continued its strategic policies that was started in previous year, namely efficiency (cost saving), improved utilization of production capacity and development of product with cassava as basic material.
In order to make the Company as “Integrated Cassava-Based Producer Implementing Green Environmental Concept”, the Company has performed the “Value Waste” program, in which the dregs of cassava are produced into citric acid, liquid waste is converted into electricity and solid waste is processed into organic fertilizer. During 2008, organic fertilizer had provided contribution to sale in the value of Rp 16 billion. Although this amount has not been significant, yet it showed a significant 75% increase over results achieved in 2007 of Rp 9 billion.
In relation to the implementation of Bio Gas Power Plant (PLTBG) development, in which the liquid waste of tapioca factory is processed into electricity in 8 locations of Company’s tapioca factories in Lampung, we, in this occasion, inform that this PLTBG development is still in the completion stage and during 2008 had not been able to operate due to technical obstacle, namely the developed micro bacteria had not been able to grow well and adequate granular has not been formed yet. Therefore, the expected gas has not been produced. However, this obstacle has presently been overcome and up to the first quarter of 2009, two (2) PLTBGs have been in operation and electrical energy efficiency program has been realized in 2009.
As explained previously, the above Green Environment PLTBG development complied to Clean Development Mechanism Project (CDM Project) in accordance with 1997 Kyoto Protocol Criteria, in which the Company may sell Credit Carbon in the form of CER (Certified Emission Reduction) to be issued by the UNFCCC (United Nation Framework Convention in Climate Change) to the Company. A PLTBG project located at Way Abung – Lampung has been registered at UNFCCC in 2007 and, on this occasion, we would like to report that seven (7) PLTBG projects have obtained approval from the State Ministry of Environment of Republic of Indonesia and is in the process of validation for registration at the UNFCCC.
With regard to the original plan of Company for developing Bio Ethanol factory in 2008, we would like to report that the development of this factory was suspended due to a 74% contraction in the crude oil price, from USD 148 / barrel to USD 38 / barrel as at the end of 2008. As additional information, Bio Ethanol made of cassava as basic material, besides being used in the alcohol industry, is also a mixed material of gasoline. Therefore, the price of Bio Ethanol has direct correlation with the price of fossil oil.
On June 19, 2008, the shareholders approved to buy back the shares which have been issued by the Company and which have been listed in the Indonesian Stock Exchange (based on Capital Market Supervisory Agency and Financial Institution - BAPEPAM and LK Regulation No. XI.B.2) at the maximum of 5 % of the total subscribed and fully-paid capital. During 2008, the Company has performed the buy-back in value of Rp 9.343 billion and it is recorded as “Treasury Stock” and presented as part of the Stockholders’ Equity while observing the market condition.
Based on BAPEPAM and LK regulation No. XI.B.3 issued on October 9, 2008 regarding “Buy Back of Shares of Public Company in the Potentially Market Crisis Condition”, in order to support the Indonesian Capital Market program, the Company’s management has decided to buy back the shares issued by the Company at the maximum of 19% from total shares which will be conducted from October 20, 2008 until January 19, 2009. During, 2008, the Company has performed buy-back in value of Rp 4.002 billion which is recorded as “Treasury Stock” and presented as part of the Stockholders’ Equity while observing the market condition.
In the current global financial crisis that will continue to prolong, the Company’s management remains optimistic for the year 2009. It is because in early 2009, two (2) PLTBGs have been operated and all remaining PLTBGs are expected to be operated gradually in the year 2009. In 2009, therefore, the Company has been able to realize the electrical energy consumption efficiency program that may increase the profit margin. In addition, the products manufactured by the Company constitute main material of other consumption products. Thus, the demand for Company’s products shall increase in line with the growing of world population. Therefore, we are optimistic that the Company prospect will remain positive in 2009.
Last but not least, we are very grateful to the shareholders, employees and all parties that have continuously provided their support and trust on us in performing our duties so that we may overcome the impact of global financial crisis as well as improve and maintain the Company’s performance from time to time.
Report of the Board of Commissioners
Global financial crisis with an impact on the delayed world economic growth and depreciated value of Rupiah against foreign exchange have caused collapsed to many companies and job severance occurring anywhere. We are grateful because our Company is able to face this crisis and manage to book a net profit of Rp 32.9 billion in 2008. The profit is down 28% compared to the year 2007 due to unrealized forex loss of Rp 49 billion. This result indicates commitment and endeavor taken by the management of the Company in facing the crisis.
In line with the vision of the Company “To Become an Integrated Cassava-Based Producer Implementing Green Environment Concept”, the Company has entered the completion stage of Bio Gas Power Plant (PLTBG) project development that convert liquid waste into electricity and improve the processing of solid waste into organic fertilizer that may increase the revenue of the Company. It is also a concrete measure having been taken by the Directors as a part of the Company’s Social Responsibility.
Based on the performance having been achieved by the Company and implementation of program that is well-balanced between environment, community and profitability (that is known as 3P Program: Planet, People and Profit), we may conclude that the Directors had properly managed the Company for the year 2008.
We are of the same opinion with the Directors that the Company has a bright business prospect because of increasing demand for the Company’s products in line with the increasing world population and be supported by the 3P Program performed by the Directors that will eventually provide an added value to the Company.
In order to supervise the corporate governance of the Company, an audit committee, under supervision from the Board of Commissioners, has been established.
Last of all, we are very thankful to the shareholders and all stakeholders having entrusted us to perform the supervisory function and having provided direction to the Directors.
What's On ?
Green Transformation - Development of Bio Gas Power Plant
The Company, who has committed on the Green Transformation, is in the development stage to build bio gas power plants from the conversion of liquid waste of the Company’s tapioca starch factories. The power plants are built in the 8(eight) tapioca starch plants in Lampung and the purpose of developing the bio gas power plants is to meet the Company’s needs for energy.
These anaerobic digester projects will capture and convert the cassava effluent from the plants into methane gas. The methane will be used to power gas generators to produce electricity for the plants' own consumption. The projects will also reduce the greenhouse gas for carbon dioxide going into the atmosphere. These projects, which will be registered with UNFCCC (United Nations Framework Convention in Climate Change), as part of the Clean Development Mechanism - CDM under Kyoto Protocol umbrella, will also generate carbon credits that can be traded on global climate exchanges.
With the development of bio gas power plants, the Company will obtain the following benefits:
* Continuity of power.
Stable supply of electricity
The cost to produce electricity from bio gas power plant is much cheaper than using diesel fired power generators and/or electricity supplied by PLN.
* Clean Environment Management.
The utilization of liquid waste from the Company’s factory is in accordance with both the Clean Development Mechanism (CDM) program in the Kyoto Protocol and the United Nation Framework Convention in Climate Change (UNFCCC).
* Additional Revenues.
With the development of bio gas power plant that is according to CDM in the Kyoto Protocol, it will generate Certified Emission Reduction (CER) that is required by developed countries in order to reduce gas emission from the greenhouse. This CER will be sellable to the developed country which contribute as additional other income to the Company.
Bio Gas Power Plant I - Way Abung, Lampung
The first project of the bio gas power plant is built in a tapioca starch plant in Way Abung - Lampung with its capacity of bio gas power plant of more or less 5.7 MW. The Company has entered into an agreement with Japanese investor i.e : Sumitomo Corporation / NEDO Fund.
On 18 June 2007, the Company obtained a letter of approval from the Designated National Authority (DNA) of the Republic of Indonesia approving the Company's tapioca starch production facilities effluent methane extraction and onsite power generation project in Way Abung - Lampung as a CDM Project. It is also confirmed that the said project will contribute to the sustainable development in Indonesia.
Furthermore, the CDM project at Way Abung factory has been registered at UNFCCC since Nov 02, 2007.
Please visit at the below site:
Bio Gas Power Plant II - Tulang Bawang, Gunung Agung & Pakuan Agung - Lampung
In August 2007, the Company entered Certified Emission Reduction Revenue Sharing Agreement with Sumitomo Corporation of Japan, for 3(three) anaerobic digester projects (namely Bio Gas Power Plant II) in 3(three) tapioca starch factories located in Tulang Bawang, Gunung Agung and Pakuan Agung, Lampung with its capacity of bio gas power plant of more or less 10.7 MW.
This Project is co-financed by Sumitomo Corporation and the rights issue proceed of the Company.
Bio Gas Power Plant III - Ketapang and Terbanggi, Lampung
In March 2008, the Company entered Certified Carbon Emission Reduction Agreement with Cargill Incorporated on the construction, financing and management of one anaerotic digester projects (namely Bio Gas Power Plant III) located in Terbanggi, Lampung.
Meanwhile, the Bio Gas Power Plant in Ketapang is fully self-financed by the Company.
The capacity of bio gas power plant of more or less 4.2 MW.
Bio Gas Power Plant IV - Way Jepara and Unit 6, Lampung
In September 2007, the Company signed an agreement with Cargill Incorporated on the construction, financing and management of two anaerobic digester projects (namely Bio Gas Power Plant IV) in 2 tapioca starch factories located in Way Jepara and Unit 6, Lampung with its capacity of bio gas power plant of more or less 4.2 MW.
On December 14, 2007, the Company distributed cash dividend interim for year 2007 amounting to Rp 11.083 billion.
On July 28, 2008, the Company distributed cash dividend final for year 2007 amounting to Rp 7.416 billion.
On September 22, 2008, the Company distributed cash dividend interim for year 2008 amounting to Rp 26.089 biilion.
PRESS RELEASE OF PT BUDI ACID JAYA TBK
BUDI ACID JAYA’S NET PROFIT ROCKETED 123%
Jakarta, 31 October 2008 – PT Budi Acid Jaya Tbk (BAJ), a producer of tapioca starch and its derivatives with cassava as its main ingredients, recorded an increase of 123% in net profit for the period of 9 months ended September 2008 compared to the same period in 2007 i.e. from IDR 31 billion in 2007 to IDR 70 billion in 2008.
Sales up to September 2008 also increased by 30% from IDR 934 billion in 2007 to IDR 1.22 trillion in 2008.
The rise in sales is particularly contributed by the increase in sales of tapioca starch, glucose & fructose and citric acid, both in volume and selling price. Tapioca strach accounted for 66% of total consolidated sales, followed by glucose and fructose 21% and citric acid 9%.
To support the needs of cassava roots as the feed stocks for tapioca starch, BAJ is working on 20.000 ha of land in Lampung, together with the farmers by utilising the idle land.
With reference to Bapepam-LK regulation No. XI.B.3 Attachment No. Kep-401/BL/2008 regarding the Buy Back of Publicly Listed Company’s Shares in the Potentially Crisis Market Condition, hence BAJ has allocated the fund of maximum IDR 70 billion for Buy Back during the period of 3 (three) months from 20 October 2008 to 19 January 2009.
Corporate Secretary & Investor Relation
Phone : 62-21-5213383
Facsimile : 62-21-5213392
Email : firstname.lastname@example.org
Balance of current assets has increased from Rp 665.2 billion in 2007 to Rp 713 billion in 2008 or increased of 7%. This was mainly caused by increment of balances for inventories and prepayments.
Non Current Assets
Balance of non current assets has increased from Rp 820.4 billion in 2007 to Rp 985.7 billion in 2008 or increased of 20%. This was mainly caused by increment of balance for fixed assets, which was related with the expansion of tapioca starch factory and Biogas Power Plant Projects.
Balance of total assets has increased from Rp 1,485.7 billion in 2007 to Rp 1,698.8 billion in 2008 increased of 14%. This was mainly caused by increment of balances for current assets and non current assets.
Balance of current liabilities has increased from Rp 412.5 billion in 2007 to Rp 680.7 billion in 2008 or increased of 65%. This was mainly caused by increment of balances for short-term loan, income prepayments and current maturities of long-term loans.
Non Current Liabilities
Balance of non current liabilities has decreased from Rp 408.9 billion in 2007 to Rp 369.3 billion in 2008 or decreased of 10%. This was mainly caused by decrement of balances for net of current maturities of long-term loans.
Balance of total liabilities has increased from Rp 821.3 billion in 2007 to Rp 1,050 billion in 2008 or increased of 28%. This was mainly caused by increment of bank and third party credit facilities for working capital and PLTBG financing projects.
Net sale in 2008 amounting to Rp 1,551.9 billion or increased of 15% compare to 2007 amounting to Rp 1,350.3 billion. This was mainly caused by increment sales of tapioca starch, glucose, fructose, citric acid, pp woven bag and modified tapioca starch.
Operating expenses has increased from Rp 66.9 billion in 2007 to Rp 84.9 billion in 2008 or increased of 27%. This was mainly caused by increment in freight, packaging, also repair and maintenance.
In 2008, the Company booked for net profit of Rp 32.9 billion or decreased of 29% compared to the year 2007 which net profit amounting Rp 46.2 billion. This decrement was mainly caused by increment in unrealized foreign exchange loss.
Good Corporate Governance
BAJ, as a publicly listed company, has strong commitment in implementing good corporate governance and management practices. The Company realizes the importance of good corporate governance as a tool to push the Company’s performance as well as to improve its accountability for public.
DUTY OF THE BOARD OF COMMISSIONERS
Main duty of the Board of Commissioners is to supervise the Directors in managing the Company and counsel the Directors in performing their duties.
A Meeting of the Board of Commissioners may be convened at any time when it is deemed necessary by one or more members of the Board of Commissioners, or at the request in writing by one or more members of the Directors, or upon the request in writing by one or more shareholders jointly representing 1/10 (one tenth) of the number of shares with the lawful voting rights.
The Board of Commissioners may also adopt lawful resolutions without convening a Meeting of the Board of Commissioners, on the condition that all members of the Board of Commissioners have been informed in writing, have given their approval on the motion submitted in writing, and have signed the relevant letters of approval. The resolutions thus adopted shall have the same force as the resolutions lawfully adopted in a Meeting of Board of Commissioners.
During 2008, the Board of Commissioners has conducted for meeting for 4 times with attendance level of 95%.
The Board of Commissioners consists of:
President Commissioner : W i d a r t o
Commissioner : Djunaidi Nur, Oey Alfred
Independent Commissioner : Victor Fungkong, Daniel Kandinata
DUTY OF THE DIRECTORS
The main duty of the Directors is to act for and on behalf of the Company. The Directors shall be fully responsible for performance of its duties in the interests of the Company in achieving its goals and objectives.
A Meeting of the Directors may be convened at any time when it is deemed necessary by one or more members of the Directors, or at the request in writing of one or more members of the Board of Commissioners, or at the request in writing of one or more shareholders jointly representing 1/10 (one tenth) of the total number of shares with the lawful voting rights.
The Directors may also make lawful resolutions without convening a Meeting of the Directors, on condition that all members of the Directors have been informed in writing, have given their approval to the motion submitted in writing, and have signed the relevant letters of approval. The resolutions adopted in such manner shall have the same force as those lawfully adopted at a Meeting of Directors.
During 2008, the Directors has conducted for meeting for 6 times with attendance level of 100%.
The Directors consists of:
President Director : Santoso Winata
Deputy President Director : Sudarmo Tasmin
: Winoto Prajitno
: Tan Anthony Sudirjo
: Oey Albert
The Board of Directors’ Meeting may also invite Commissioners to seek for advice to overcome the problems faced by the Board of Directors. During 2007, the Board of Directors has conducted for meeting for 4 times with attendance level of 100%.
Pursuant to provision from PT Bursa Efek Jakarta under the Listing Regulations No. I.A of Letter G.7, the Company on December 29, 2004 has established an Audit Committee with the purpose to assist and facilitate the Board of Commissioners in running its supervision function and to be responsible in providing for professional advices to the Board of Commissioners.
Structure of the Audit Committee is as follows:
Chairman : Victor Fungkong
Members : Bonaventura Andika Sumarjo, Liesye Lestari
Bonaventura Andika Sumarjo
Indonesian Citizen, born 1964. Obtained a Bachelor of Accounting degree from University of Atmajaya Yogyakarta on 1990 and in 2003 obtained a Master of Management – Marketing (MM) degree from School of Economics Jakarta and Certified DISC Analysis from The Institute for Motivational Living, USA in 2007. Began his carrier in 1990 at Indomarco Group (Consumer Goods) as an Auditor, System and Procedure and lastly as Operation Manager. He has been a member of the Audit Committee of the Company since 2004.
Indonesian Citizen, born in Jakarta at 1980. She obtained Bachelor of Economics degree majoring in Accounting from University of Bina Nusantara at 2002. She began her career as System and Procedure officer of PT Star Cosmos and then as a Fixed Asset Accountant at PT Sarimelati Kencana (Pizza Hut). She has been a member of the Audit Committee of the Company since 2007.
During 2008, the Audit Committee has conducted for meeting for 6 times with attendance level of 100% and has some recommendations:
* To evaluate Company policy in compliance with prevailing legal and regulation.
* To review Company Internal reporting.
* To give inputs to Board of Commissioners and Directors for significant decision making.
Under the framework to support the openness and in order to comply with regulations of the Capital Market Supervisory Agency and Financial Institution, the President Director has appointed Mrs. Mawarti Wongso as Corporate Secretary to be responsible in providing for material information to be acknowledged by public and extended inputs to the Board of Commissioners and the Directors concerning the prevailing capital market’s rules and regulations so that it can be completely fulfilled. Corporate Secretary will also monitor for any growth within the capital market.
Indonesian Citizen, born in 1970. Hold her Economic Degree with Accounting major from Trisakti University in Jakarta in 1992. Started her carrier as an External Auditor at a Public Accountant Firm of Johan Malonda & Partners (1990-1994). Starting to join with Sungai Budi Group in 1994 as Financial Controller. Taking hold a position as Corporate Secretary of the Company from 1995 to-date and acting as Finance General Manager of PT Tunas Baru Lampung Tbk (from 2000-now). For further information related to the Company, Corporate Secretary will always be ready to assist.
PT BUDI ACID JAYA Tbk
Wisma Budi 9 Floor
Jl. H.R. Rasuna Said Kav. C-6 Jakarta 12940
Phone: 62-21 5213383, Facsimile: 62-21 5213332
Under the framework to put high on transparency principle, the Company will always try to provide for information by using public media, particularly through the Company’s official website:
The website is managed by internal team who are always in coordination with some business units in order to be able to provide the latest updated information for public.
INTERNAL SUPERVISION AND CONTROL SYSTEM
To improve Internal Supervision and Control System, the Company formed Internal Audit Division. The duties of Internal Audit are to ensure all activities have been performed pursuant to the Company’s Standard Operational Procedure and to prevent as well as look for possibility of operational non compliance. Specifically, Internal Audit perform supervision and audit on a regular basis against the past and current transaction, to compare transaction document with its supporting data, to discuss with competent authorities as well as conduct field review.
The risks which may infl ict for negative impacts toward the operational performance as well as the Company’s strategies to minimize such risks are as follows:
* Supply for Raw Material
Cassava roots is the main ingredient in producing tapioca starch and the cassava fiber namely “onggok” is one of the main material for making of citric acid. Cassava may be planted and harvested all year long, but long drought indeed may impact in its harvesting. Besides that, the cassava farmers may choose to plant other crops other than cassava which shall depend on level of price from each crop from time to time. Such matter for sure may indirectly influence the supply of cassava which further will cause decreasing in the Company’s production.
The Company has conducted for research and development in order to discover for excellent seeds of cassava which may increase the crops productivity of the farmers. The Company also supports for the farmers’ working capital by acting as mediator to distribute the Energy and Food Endurance Credit from national banking system and adjusting the cassava’s floor prices from time to time.
* Fluctuation in Raw Material’s Price
Price of cassava root is fluctuating from time to time, which will depend on the crops and the market demand. Such fluctuation over the raw material price will influence the Company’s production cost which in turn, will influence the Company’s profitability.
In order to deal with this risk, the Company runs cost efficiency programs such as energy cost and, if possible, passes on the movement of cassava’s purchasing price to the customers. Therefore, a decrease in profit margin caused by such increasing of raw materials price can be minimized.
Competition which is caused by the availability of similar products produced by other companies may cause a decline in total sales as well as market share of the Company.
The Company’s tricks to reduce this risk shall be by widening such cassava supply network to the Company’s factories by way of providing cassava excellent seeds and fertilizer to the farmers and supporting for their working capital as well as acting as mediator to distribute the Energy and Food Endurance Credit from the national banking system. The Company will also continue to maintain its products’ qualities to obtain consumer’s loyalty so that they will not substitute into competitor’s products.
* Changes in Foreign Exchange
Considering that some banking loans of the Company are held in foreign currency, then a weakening of Rupiah against foreign currency will cause for an increase in payment burden both on interest and principal to creditors.
The Company always tries to cover most of its interest payment and installments over its principal debt held in foreign currency by its export proceeds and regularly adjust its selling price following the interna?? onal market’s price.
CORPORATE SOCIAL RESPONSIBILITY
The Company realizes that the success of an organization depends on the balance it created with its community as well as the environment surrounds the organization.
The following cite some concrete actions taken by the Company in order to fulfill all its corporate social responsibility during 2008:
* Implementing the concept of Clean Development Mechanism by converting the Company’s liquid waste into electricity energy to fulfill the factories’ needs of electricity. The cassava fiber namely “onggok” is the main raw material to produce citric acid and cassava skin is produced become organic fertilizer.
* Build and/or fix the pray facilities for employees as well as for surrounding communities within the factories’ areas.
* Provide donations for surrounding communities within the factories’ areas during Ramadhan.
* Distribution of qurban and zakat fitrah
* Provide for donations for natural disasters
* Provide for clean watering for surrounding communities within the factories’ areas
* Support the village activities in the form of sport youth activities and village competition.
* Support for the economic growth of surrounding communities and farmers by way of building a cooperation of farmer group and provide for working capital for those farmers by acting as mediator to distribute the Credit for Endurance of Food and Energy from the national banking system.
Such the above mentioned actions indicated that in running its business, the Company implemented the concept of “Planet, People & Profit”
Wisma Budi, 8th - 9th Floor
Jl. H.R. Rasuna Said Kav. C-6
Jakarta, Indonesia 12940
Phone: (62)(21) 5213383 (Hunting)
Fax: (62)(21) 5213392, 5213282