20240305_SOTS_Tanggapan atas Permintaan Penjelasan Bursa_31593571_lamp2.pdf

b. Latar belakang dan alasan Perseroan menyajikan aset tetap kategori kelompok bangunan
berdasarkan perhitungan dua model (model biaya dan model revaluasi), sedangkan berdasarkan
paragraf 29 PSAK 216 tentang Aset Tetap disebutkan bahwa entitas memilih model biaya atau model
revaluasi sebagai kebijakan akuntansinya dan menerapkan kebijakan tersebut terhadap seluruh aset
tetap dalam kelompok yang sama.

Sesuai dengan jawaban penelaahan LKTT 2023, Perseroan akan menggabungkan aset metode revaluasi
dan metode biaya menjadi satu metode saja yaitu metode biaya pada LKT audit 2023.

c. Informasi tanggal berakhirnya periode sewa guna kantor Perseroan di Senayan City.

Berdasarkan perjanjian sewa, 14 Oktober 2022. Perpindahan sewa guna kantor Perseroan di Senayan
city dilakukan secara bertahap sampai dengan semester awal tahun 2023.

d. Latar belakang dan alasan Perseroan mencatatkan kas masuk dari pengurangan aset tetap pada
laporan arus kas (kas diterima dari pengurangan aset tetap dikurangi kas digunakan untuk pengurangan
akumulasi aset tetap) sebesar net Rp254,12 juta mengingat berdasarkan penjelasan pada CALK 9
pengurangan aset tetap dalam pembangunan pada tahun 2023 sebesar Rp254,12 juta merupakan biaya
renovasi Hotel Sotis Falatehan.

Seharusnya book value dari asset tetap yang dihapuskan tidak dimasukan ke cash flow dari investing
activity dan seharusnya 254,12 juta dimasukan kedalam kategori Cash Flow Operation Activity, bukan
Investing Activity. Akan diperbaiki pada revisi laporan keuangan.

e. Informasi jumlah tercatat bruto dari setiap aset tetap yang telah disusutkan penuh dan masih
digunakan per 30 September 2023.

Aset Tetap yang sudah disusutkan penuh namun masih digunakan per 30 September 2023 adalah senilai
18.308.331.565 dan per 31 Desember 2022 adalah 22.967.683.211

f. Informasi rekonsiliasi antara nilai buku, hasil penjualan neto, keuntungan (kerugian) dari aset tetap
Perseroan yang dijual selama tahun 2023.

Sampai dengan 30 September 2023 adalah sebagai berikut :




Sehingga seharusnya keuntungan penjualan asset tetap adalah Rp105.500.000.

g. Pada CALK 9, nilai pengurangan aset tetap berupa kendaraan sebesar Rp162,50 juta sedangkan kas
diperoleh dari penjualan aset tetap pada laporan arus kas sebesar Rp107,05 juta sehingga terdapat
kerugian penjualan aset tetap sebesar Rp55,44 juta. Agar Perseroan menjelaskan informasi pencatatan
nilai selisih atas penjualan tersebut pada laporan laba rugi, mengingat Perseroan hanya mencatatkan
laba penjualan aset tetap senilai Rp107,05 juta pada laporan laba rugi.

Pada CALK 9, pengurangan asset tetap kendaraan pada nilai perolehan adalah Rp162,5 juta, begitu juga
dengan pengurangan pada nilai akumulasi penyusutan Rp162,5juta sehingga Book value pada saat asset
dijual adalah 0. Untuk penjualan asset tetap tersebut adalah senilai Rp105.500.000 sehingga seharusnya

   pada laba rugi dan cash flow nilainya adalah Rp105.500.000, dan 1.557.000 sisanya merupakan
   keuntungan penjualan perlengkapan.

   h. Agar Perseroan memperbaiki penyampaian informasi pada laporan keuangan dalam hal
   terdapat kesalahan atau inkonsistensi informasi.

   Perseroan akan memperbaiki penyampaian informasi pada laporan keuangan dalam hal terdapat
   kesalahan atau inkonsistensi informasi pada revisi laporan keuangan.

3. Sehubungan dengan CALK 11 tentang sifat, transaksi dan saldo dengan pihak berelasi, agar
   dijelaskan:

   a. Perolehan tambahan dana dari DGE untuk Perseroan dan entitas anak adalah pada tahun 2022
   sehingga saldo utang jangka panjang dari DGE per 30 September 2023 sebesar Rp87,72 miliar,
   sedangkan jumlah utang jangka panjang dari DGE per 31 Desember 2022
   masih sebesar Rp75,19 miliar sebagaimana berikut:

   Agar Perseroan dapat menjelaskan perbedaan tersebut dan memperbaiki penyampaian informasi pada
   laporan keuangan dalam hal terdapat kesalahan atau inkonsistensi informasi.




   Seharusnya note pada CALK 11 poin DGE berbunyi sebagai berikut :
   Sepanjang tahun 2023, Perusahaan dan entitas anak memperoleh tambahan dana dari DGE untuk
   operasional sehingga saldo utang per 30 September 2023 menjadi sebesar Rp87.727.267.926 terdiri dari
   saldo utang PT SMK sebesar Rp10.441.864.479, PT DMW sebesar Rp75.174.886.899 dan saldo utang
   PT TKP sebesar Rp 2.110.516.548.

   Akan kami perbaiki hal tersebut pada revisi laporan keuangan.

   b. Sumber dana yang akan digunakan Perseroan dalam melunasi kewajiban kepada DGE mengingat
   jumlah aset lancar Perseroan per 30 September 2023 sebesar Rp19,45 miliar atau 20,61% dari saldo
   utang tersebut.

   Sejauh ini, Perusahaan belum berencana untuk melunasi kewajiban kepada DGE. Hal ini karena DGE
   masih dalam kepemilikan yang sama. Namun Perseroan akan menjajaki kemungkinan melakukan
   HMTDE atau Rights Issue untuk mendapatkan pendanaan dimana salah satunya akan digunakan untuk
   melunasi kewajiban Perseroan untuk utang Perseroan kepada DGE.

   c. Terdapat perbedaan informasi mengenai sifat hubungan dengan pihak berelasi per 30 September 2023
   antara CALK 11 dengan CALK 1.d khususnya untuk posisi Bapak Stevano Rizki Adranacus dan Bapak
   Herman Herry Adranacus sebagaimana berikut:

Yang benar adalah CALK 1.d, pada CALK 11 belum kami ganti. Akan kami perbaiki pada revisi
laporan keuangan.




d. Berdasarkan CALK 11, informasi piutang lain-lain dari PT Sotis Hotel Manajemen (SHM) adalah
sebesar Rp761,13 juta sebagaimana Adendum Perjanjian Hutang Piutang No. 283/PHP/XII/2022
tanggal 30 Desember 2022 dan telah dibayar sehingga saldo akun tersebut adalah nihil per 30 September
2023. Sedangkan Perseroan mencatatkan kas yang diterima dari penurunan piutang lain-lain pihak
berelasi adalah sebesar Rp770,14 juta pada periode 30 September 2023. Agar Perseroan menjelaskan
selisih dari lebih tingginya kas yang diterima pada laporan arus kas jika dibandingkan jumlah nominal
piutang sebagaimana perjanjian tersebut.

Pada laporan audit tahun 2022, CALK yang menerangkan utang piutang pihak berelasi PT SHM adalah
sebagai berikut :




Saldo senilai Rp9.017.457 merupakan saldo piutang dari PT DMW, dan sudah dilunasi juga. Namun
hal tersebut tidak kami jabarkan bahwa piutang tersebut sudah dilunasi di LKQ3 tahun 2023. Maka
akan kami tambahkan poin bahwa piutang tersebut sudah dilunasi pada revisi laporan keuangan.

e. Berdasarkan CALK 11, informasi utang entitas anak DMW kepada PT Dwimukti Inti Boga (DIB)
adalah sebesar Rp187,00 juta sebagaimana Adendum Perjanjian Hutang Piutang No.

  281/PHP/XII/2022 tanggal 30 Desember 2022. Agar dijelaskan latar belakang pencatatan utang kepada
  DIB sebesar Rp190,90 juta per 31 Desember 2022.

  Selisih tersebut dikarenakan utang terjadi antara PT TKP dan PT DIB senilai Rp3 juta, dan utang terjadi
  antara PT SMK dan PT DIB senilai 900 ribu. Transaksi tersebut tidak dibuat agreement dikarenakan
  saldo tersebut tidak material. Namun akan kami tambahkan pada CALK 11 note DIB bahwa 3 juta
  dimiliki oleh PT TKP dan 900 ribu dimiliki oleh PT SMK.

  f. Berdasarkan surat tanggapan Perseroan No. 263/SMK-IDX/XI/2023 tanggal 30 November 2023
  perihal Tanggapan Perseroan atas Permintaan Penjelasan Bursa, uang muka pembelian tanah di Pondok
  Pinang dari pihak berelasi (DGE) sebesar Rp2,86 miliar akan digunakan untuk net-off utang yang
  dimiliki Perseroan, agar dijelaskan latar belakang tidak terealisasikannya uang muka tersebut hingga
  saat ini.

  Kondisi keuangan Perseroan pada saat ini tidak memungkinkan untuk melakukan akuisisi asset tanah
  tersebut.

  g. Berdasarkan CALK 11 disampaikan bahwa sisa pembayaran atas pembelian tanah di Pondok Pinang
  sebesar Rp51,22 miliar akan dibayarkan selambat-lambatnya pada tanggal 30 Desember 2024. Agar
  Perseroan menjelaskan latar belakang belum dilunasinya sisa pembayaran atas pembelian tanah
  tersebut, mengingat uang muka dan rencana pembayaran atas sisa pembelian tanah telah ada sejak tahun
  2019.

  Perseroan melakukan netoff pada akhir tahun 2023 atas uang muka pembelian sekaligus membatalkan
  rencana akuisisi asset tanah tersebut.

  h. Agar Perseroan memperbaiki penyampaian informasi pada laporan keuangan dalam hal terdapat
  kesalahan atau inkonsistensi informasi.

  Perseroan akan memperbaiki penyampaian informasi pada laporan keuangan dalam hal terdapat
  kesalahan atau inkonsistensi informasi pada revisi laporan keuangan.

4. Sehubungan dengan CALK 16 tentang Utang Bank, agar dijelaskan:
   a. Berdasarkan surat tanggapan Perseroan No. 263/SMK-IDX/XI/2023 tanggal 30 November 2023
   perihal Tanggapan Perseroan atas Permintaan Penjelasan Bursa, disampaikan bahwa Perseroan masih
   mampu memenuhi kewajiban debt service yang merupakan salah satu financial covenant yang
   disyaratkan oleh Bank BNI. Namun pada CALK 16 terdapat informasi yang menyatakan bahwa per
   tanggal 30 September 2023 dan 31 Desember 2022, entitas anak belum dapat memenuhi semua batasan
   yang disyaratkan oleh Bank BNI yaitu atas syarat Debt Service Coverage sebagaimana berikut:




  Perseroan masih mampu membayar debt service tersebut dengan menggunakan pinjaman dari pihak
  berelasi.

  b. Informasi pembayaran pokok pinjaman atas utang bank per 30 September pada CALK 16
  adalah sebesar Rp5,40 miliar sebagaimana berikut:




  Namun pada laporan arus kas pendanaan kategori pembayaran utang bank, Perseroan hanya
  mencatatkan pembayaran sebesar Rp5,32 miliar sehingga terdapat kekurangan sebesar Rp79,34 juta.

  Agar Perseroan menjelaskan perbedaan tersebut dan kesesuaian pencatatan atau disclosure pada laporan
  keuangan.

  Pada cash flow nilai 5,32 miliar adalah sudah termasuk provisi bunga yang diamortisasi. Seharusnya
  pada cash flow mengikuti CALK 16, yaitu 5,4 miliar. Amortisasi provisi bunga akan kami masukkan
  ke dalam kategori Pembayaran Bunga dari aktivitas Pendanaan. Akan kami perbaiki pada revisi laporan
  keuangan.

  c. Batasan yang tidak diperkenankan untuk dilakukan oleh entitas anak pada perjanjian fasilitas kredit
  salah satunya (poin f) adalah “melunasi seluruh atau sebagian utang ke pemegang saham atau
  perusahaan afiliasi”. Sedangkan pada CALK 11, disampaikan bahwa entitas anak DMW memiliki sisa
  pembayaran sebesar Rp51,22 miliar kepada PT Dwimukti Graha Elektrindo (DGE) yang selambat-
  lambatnya akan dibayarkan pada tanggal 30 Desember 2024 sehubungan dengan pembelian tanah
  Pondok Pinang berdasarkan Adendum II Nota Kesepahaman antara DMW dan DGE. Agar dijelaskan
  dampak material dari situasi tersebut dan dengan adanya batasan dari Bank BNI terhadap entitas anak
  DMW.

  Perseroan melakukan netoff pada akhir tahun 2023 atas uang muka pembelian sekaligus membatalkan
  rencana akuisisi asset tanah tersebut.

  d. Agar Perseroan menyampaikan informasi perhitungan financial covenant dari entitas anak DMW
  yang disyaratkan oleh Bank BNI sehubungan dengan fasilitas kredit termasuk current ratio, debt to
  equity ratio dan debt service coverage ratio per 30 September 2023.

  Berikut adalah perhitungan rasio keuangan Current Ratio, Debt to Equity Ratio, dan Debt Service
  Coverage Ratio.




  e. Strategi Perseroan dalam melunasi utang bank khususnya porsi jangka pendek sebesar Rp7,54
  miliar mengingat Perseroan mencatatkan cash flow kegiatan operasi negatif.

  Sejauh ini, Perseroan melunasi utang bank jangka pendek dengan bantuan pinjaman dari pihak berelasi.
  Namun Perseroan akan menjajaki kemungkinan melakukan HMTDE atau Rights Issue untuk
  mendapatkan pendanaan dimana salah satunya akan digunakan untuk melunasi kewajiban Perseroan
  untuk utang bank tersebut.

  f. Agar Perseroan memperbaiki penyampaian informasi pada laporan keuangan dalam hal terdapat
  kesalahan atau inkonsistensi informasi.

  Perseroan akan memperbaiki penyampaian informasi pada laporan keuangan dalam hal terdapat
  kesalaahan atau inkonsistensi informasi pada laporan keuangan revisian.

5. Sehubungan dengan CALK 12 tentang utang usaha pihak ketiga, agar Perseroan menyampaikan
   informasi jumlah utang usaha dalam kategori masing-masing usia utang.

Berikut adalah jumlah utang usaha dalam kategori masing-masing usia utang.

    Questions
A. Operations and Current Conditions of the Company
1. In relation to the Company's subsidiary PT Tanjung Karoso Permai, please explain:
    a. Detailed information regarding the main business activities of PT Tanjung Karoso Permai.

   Based on the registered PT Tanjung Karoso Permai (TKP) Standard Classification of Indonesian
   Business Fields (KBLI), TKP's main business activity is the Tourism Area (KBLI 68120).

   b. Latest developments regarding the land clearing process of PT Tanjung Karoso Permai.

   The land clearing carried out by TKP has reached the stage of constructing a fence to delimit the area
   around the area owned by TKP.

   c. Latest plans and timeline for the start of operations of PT Tanjung Karoso Permai.

   Until now, the Company does not have a plan or timeline for starting operations at PT Tanjung Karoso
   Permai.

   d. Another obstacle experienced by the Company was related to the development of operational
   activities of PT Tanjung Karoso Permai.

   The Company's current financial condition does not allow it to carry out development or operational
   activities.

2. In relation to the number of employees of the Company, please explain the differences in information
   regarding the number of employees as of 31 December 2022, namely 10 employees in the Financial
   Report for the period 30 September 2023 and 13 employees in the Audited Financial Report for the
   period 31 December 2022.

   The correct number of employees should be 13 employees, which is according to the audit report for
   the period 31 December 2022. This will be corrected in the revised financial report.

B. Company Financial Report for the period 30 September 2023
1. In connection with Notes 4 concerning third party trade receivables, please convey the overall
   collection of third party trade receivables to date.

   As of September 30, 2023
   AR Collectibility = Average AR / Sales x 365
   293,630,858 / 16,211,711,953 x 365 = 6.61 days

   Will be added to the revised financial statements.

2. In connection with Notes 9 regarding fixed assets, please explain:
   a. The background and reasons for the Company to present fixed assets in the land group category based
   on the calculation of two models (cost model and revaluation model), whereas based on paragraph 29
   PSAK 216 concerning Fixed Assets, it is stated that the entity chooses the cost model or revaluation
   model as its accounting policy and applies this policy to all fixed assets in the same group.

   In accordance with the 2023 LKTT review answer, the Company will combine the asset revaluation
   method and cost method into just one method, which is cost method in the audited report 2023.

   b. The background and reasons for the Company to present fixed assets in the building group category
   based on the calculation of two models (cost model and revaluation model), whereas based on paragraph

   29 PSAK 216 concerning Fixed Assets, it is stated that the entity chooses the cost model or revaluation
   model as its accounting policy and applies this policy to all fixed assets in the same group.

   In accordance with the 2023 LKTT review answer, the Company will combine the asset revaluation
   method and cost method into just one method, which is cost method in the audited report 2023.

   c. Information on the end date of the lease period for the Company's office in Senayan City.

   Based on the rental agreement, 14 October 2022. The transfer of lease for the Company's office in
   Senayan City still carried out in stages until the first semester of 2023.

   d. Background and reasons for the Company recording cash inflows from reductions in fixed assets in
   the cash flow statement (cash received from reductions in fixed assets minus cash used to reduce
   accumulated fixed assets) amounting to a net of IDR 254.12 million considering that based on the
   explanation in CALK 9, reductions in fixed assets under construction in In 2023, IDR 254.12 million
   will be the renovation costs for the Sotis Falatehan Hotel.

   The book value of the fixed assets written off should not have been included in cash flow from investing
   activity and 254.12 million should have been included in the Cash Flow Operation Activity category,
   not Investing Activity. Will be corrected in the revised financial statements.

   e. Information on the gross carrying amount of each fixed asset that has been fully depreciated and is
   still in use as of September 30, 2023.

   Fixed Assets that have been fully depreciated but are still in use as of 30 September 2023 are worth
   IDR 18,308,331,565 and as of 31 December 2022 are IDR 22,967,683,211

   f. Reconciliation information between book value, net sales proceeds, profit (loss) from the Company's
   fixed assets sold during 2023.

   Up to 30 September 2023 are as follows:




   So the profit on the sale of fixed assets should be IDR 105,500,000.

   g. In Notes 9, the reduction value of fixed assets in the form of vehicles was IDR 162.50 million, while
   cash obtained from the sale of fixed assets in the cash flow statement was IDR 107.05 million, so there
   was a loss on the sale of fixed assets of IDR 55.44 million. So that the Company explains the information
   on recording the difference in sales value in the profit and loss report, considering that the Company
   only recorded a profit on the sale of fixed assets worth IDR 107.05 million in the profit and loss report.

   In Notes 9, the reduction in vehicle fixed assets at the acquisition value is IDR 162.5 million, as well as
   the reduction in the accumulated depreciation value of IDR 162.5 million so that the Book value when
   the assets are sold is 0. For the sale of fixed asset is worth IDR 105,500,000 so it should be in profit and
   loss and cash flow with value IDR 105,500,000, and the remaining IDR 1,557,000 is profit from the
   sale of equipment.

3. In connection with Notes 11 regarding the nature, transactions and balances with related parties, in order
   explained:

a. The acquisition of additional funds from DGE for the Company and its subsidiaries will be in 2022
so that the long-term debt balance from DGE as of September 30 2023 is IDR 87.72 billion, while the
amount of long-term debt from DGE as of December 31 2022
still amounting to IDR 75.19 billion as follows:

So that the Company can explain these differences and improve the delivery of information in financial
reports in the event that there are errors or inconsistencies in information.

The explanation on the Notes 11 point DGE should be as follows:
Throughout 2023, the Company and subsidiaries received additional funds from DGE for operations
so that the debt balance as of September 30 2023 was IDR 87,727,267,926 consisting of PT SMK's debt
balance of IDR 10,441,864,479, PT DMW of IDR 75,174,886,899 and PT TKP's debt balance is IDR
2,110,516,548.

We will correct this in the revised financial statements.

b. The source of funds that the Company will use to pay off its obligations to DGE is considering that
the Company's current assets as of September 30 2023 are IDR 19.45 billion or 20.61% of the debt
balance.

So far, the Company has no plans to pay off its obligations to DGE. This is because DGE is still under
the same ownership. However, the Company will explore the possibility of conducting a HMTDE or
Rights Issue to obtain funding, one of which will be used to pay off the Company's obligations for the
Company's debt to DGE.

c. There are differences in information regarding the nature of relationships with related parties as of
30 September 2023 between Notes 11 and Notes 1.d, especially for the positions of Mr. Stevano Rizki
Adranacus and Mr. Herman Herry Adranacus as follows :

The correct one is Notes 1.d, we haven't replaced Notes 11 yet. We will correct it in the revised financial
report.

d. Based on Notes 11, information on other receivables from PT Sotis Hotel Management (SHM)
amounted to IDR 761.13 million as stated in the Addendum to the Payables and Receivables Agreement
No. 283/PHP/XII/2022 dated 30 December 2022 and has been paid so that the account balance is nil as
of 30 September 2023. Meanwhile, the Company recorded cash received from the decrease in other
receivables from related parties amounting to IDR 770.14 million in the period 30 September 2023 .For
the Company to explain the difference in the higher cash received in the cash flow statement compared
to the nominal amount of receivables as stated in the agreement.

In the 2022 audit report, Notes that explains the debts and receivables from related parties of PT SHM
as follows:

   The balance of IDR 9,017,457 is a receivable balance from PT DMW, and has also been paid off.
   However, we did not explain that these receivables had been paid off in LKQ3 2023. So we will add
   the point that these receivables have been paid off in the revised financial statements.

   e. Based on Notes 11, information on the debt of DMW's subsidiary to PT Dwimukti Inti Boga (DIB)
   is IDR 187.00 million as per Addendum to Debt and Receivable Agreement No. 281/PHP/XII/2022
   dated 30 December 2022. To explain the background to recording the debt to DIB amounting to IDR
   190.90 million as of 31 December 2022.

   This difference is due to debts between PT TKP and PT DIB worth IDR 3 million, and debts between
   PT SMK and PT DIB worth IDR 900 thousand. This transaction was not made into an agreement
   because the balance was not material. However, we will add to CALK 11 note DIB that 3 million is
   owned by PT TKP and 900 thousand is owned by PT SMK.

   f. Based on the Company's response letter No. 263 / SMK-IDX / to explain the background to the
   cancellation of the down payment to date.

   The Company's current financial condition does not allow it to acquire these land assets.

   g. Based on Notes 11, it is stated that the remaining payment for the land purchase in Pondok Pinang
   amounting to IDR 51.22 billion will be paid no later than December 30 2024. So that the Company
   explains the background to the non-payment of the remaining payment for the land purchase,
   considering the down payment and payment plans for the remaining land purchases have been in place
   since 2019.

   The company will carry out a netoff at the end of 2023 for the down payment for the purchase and at
   the same time cancel the plan to acquire the land assets.

   h. So that the Company improves the delivery of information in financial reports in the event that there
   are errors or inconsistencies in information.

   The Company will improve the delivery of information in the financial reports in the event that there
   are errors or inconsistencies in the information in the revised financial reports.

4. In relation to Notes 16 concerning Bank Debt, please explain:
   a. Based on the Company's response letter No. 263 / SMK-IDX / However, in Notes 16 there is
   information which states that as of 30 September 2023 and 31 December 2022, the subsidiary has not
   been able to meet all the limits required by Bank BNI, namely the Debt Service Coverage requirements
   as follows:

   The company is still able to pay the debt service using loans from related parties.

   b. Information on loan principal payments on bank debt as of September 30 in Notes 16 is IDR 5.40
   billion as follows:



   However, in the funding cash flow report for the bank debt payment category, the Company only
   recorded a payment of IDR 5.32 billion, so there was a shortfall of IDR 79.34 million. So that the
   Company explains these differences and the suitability of recording or disclosure in financial reports.

   The cash flow value of 5.32 billion includes amortized interest provisions. The cash flow supposed to
   be follow CALK 16, amounting 5.4 billion. We will include amortization of interest provisions in the
   Interest Payments category from Financing activities. We will correct it in the revised financial report.

  c. One of the restrictions that a subsidiary is not permitted to carry out in a credit facility agreement
  (point f) is "paying off all or part of the debt to shareholders or affiliated companies". Meanwhile, in
  Notes 11, it was stated that the DMW subsidiary had a remaining payment of IDR 51.22 billion to PT
  Dwimukti Graha Elektrindo (DGE) which would be paid no later than 30 December 2024 in connection
  with the purchase of Pondok Pinang land based on Addendum II to the Memorandum of Understanding
  between DMW and DGE. To explain the material impact of this situation and the existence of
  restrictions from BNI Bank on DMW subsidiaries.

  The company will carry out a netoff at the end of 2023 for the advance payment for the purchase and
  at the same time cancel the plan to acquire the land assets.

  d. For the Company to submit information on the financial covenant calculations of the DMW
  subsidiary required by Bank BNI in connection with credit facilities including the current ratio, debt to
  equity ratio and debt service coverage ratio as of September 30 2023.

  The following is the calculation of the financial ratios Current Ratio, Debt to Equity Ratio, and Debt
  Service Coverage Ratio.




  e. The Company's strategy in paying off bank debt, especially the short-term portion of IDR 7.54 billion,
  is considering that the Company recorded negative cash flow from operating activities.

  So far, the Company has paid off short-term bank debt with the help of loans from related parties. The
  company will explore the possibility of conducting a HMTDE or Rights Issue to repay the bank debt.

  f. So that the Company improves the delivery of information in financial reports in the event that there
  are errors or inconsistencies in information.

  The Company will improve the delivery of information in the financial reports in the event that there
  are errors or inconsistencies in the information in the revised financial reports.

5. In connection with Notes 12 concerning third party business debts, the Company must submit
   information on the amount of business debts in each category of debt age.

  The following is the amount of business debt in each debt age category.