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LAPORAN HASIL PAPARAN PUBLIK PUBLIC EXPOSE REPORT
PT SUPARMA Tbk PT SUPARMA Tbk
20 NOVEMBER 2023 20 NOVEMBER 2023
PT Suparma Tbk (”Perseroan”) telah mengadakan acara PT Suparma Tbk (“the Company”) has held a Public
Paparan Publik pada: Expose on:
Hari/Tanggal : Senin, 20 November 2023 Day / Date : Monday, 20 November 2023
Waktu : 10.00 – 11.10 WIB Time : 10.00 – 11.10 Western Indonesian Time
(WIB)
Tempat : Webinar Zoom Venue : Webinar Zoom
Peserta : Terlampir Participants : Enclosed
Paparan Publik Perseroan dilaksanakan secara elektronik The Company's Public Expose was held electronically by
oleh Bapak Hendro Luhur selaku Direktur Independen Mr. Hendro Luhur as Independent Director and Corporate
sekaligus Sekretaris Perusahaan, Bapak Subiantara selaku Secretary, Mr. Subiantara as Independent Commissioner,
Komisaris Independen, Bapak Buyung Oktoviano selaku Mr. Buyung Oktoviano as one of the Division Heads, and
salah satu Kepala Divisi, dan Ibu Alberta Angela selaku Mrs. Alberta Angela as Corporate Secretary and 56
Sekretaris Perusahaan serta 56 peserta meliputi investor, participants including investors, media journalists and
jurnalis media dan tamu undangan. invited guests.
Materi Paparan Publik Perseroan disampaikan oleh Bapak The Company's Public Expose material was delivered by
Hendro Luhur selaku anggota Direksi Perseroan. Mr. Hendro Luhur as a member of the Company's Board of
Pertanyaan pada sesi tanya jawab akan dijawab oleh Bapak Directors. Questions in the Q&A session will be answered
Hendro Luhur selaku anggota Direksi Perseroan sekaligus by Mr. Hendro Luhur as a member of the Company's Board
Sekretaris Perusahaan serta Bapak Buyung Oktoviano of Directors as well as Corporate Secretary and Mr.
selaku salah satu Kepala Divisi Perseroan. Buyung Oktoviano as one of the Company's Division Heads.
RINGKASAN SESI TANYA JAWAB: Q&A SESSION SUMMARY:
1. Bapak Jordy - Investor Individu 1. Mr. Jordy - Individual Investor
Pertanyaan: Question:
a. Saya menemukan perbedaan target penjualan a. I found a difference in Suparma's net sales target
bersih Suparma dimana pada Laporan Tahunan where in the 2022 Annual Report it was stated at
2022 disebutkan Rp 3.480 miliar, namun pada IDR 3,480 billion, but in the Public Expose
materi Public Expose disebutkan Rp 2.600 miliar. material it was stated at IDR 2,600 billion. Why
Mengapa ada perbedaan target yang are there differences in published targets?
dipublikasikan?
b. Saya perhatikan terdapat penurunan penjualan b. I noticed that there was a decline in sales at
pada Suparma, apakah kondisi penurunan Suparma, did this decline also occur at other
tersebut juga terjadi pada pabrik kertas lain di paper mills in Indonesia?
Indonesia?
Jawaban : Answer :
a. Pada saat penyusunan Laporan Tahunan 2022 a. When preparing the 2022 Annual Report which
yang terbit di April 2023, Perseroan masih was published in April 2023, the Company was
optimis dengan target penjualan bersih Rp 3.480 still optimistic about the net sales target of
miliar. Seiring berjalannya waktu dengan IDR 3,480 billion. As time went by, by monitoring
memantau situasi serta realisasi penjualan, pada the situation and sales realization, at the end of
akhir Juni 2023 ternyata realiasinya baru June 2023 it turned out that the realization had
mencapai 37,4% sehingga pada bulan Juli 2023 only reached 37.4% so that in July 2023 the
Perseroan merevisi target tersebut menjadi Company revised the target to IDR 3,000 billion.
Rp 3.000 miliar, seiring berjalannya waktu As time went by until the end of the third quarter, it
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hingga berakhirnya triwulan ketiga, ternyata turned out that sales realization was up to 30 realisasi penjualan sampai 30 September 2023 September 2023 only achieved 65.1% of the hanya mencapai 65,1% dari target yang telah revised target, so that in October 2023 the direvisi, sehingga pada bulan Oktober 2023 Company again revised the sales target to IDR Perseroan kembali merevisi target penjualan 2,600 billion. This target is final, the Company's tersebut menjadi Rp 2.600 miliar. Target tersebut sales realization up to 31 October 2023 has sudah final, realisasi penjualan Perseroan hingga reached 83.7% of the target so the Company is 31 Oktober 2023 sudah mencapai 83,7% dari optimistic that the revised target can be achieved target sehingga Perseroan optimis target yang by the end of the year. telah direvisi tersebut dapat tercapai di akhir tahun. Perseroan merevisi target penjualan tersebut The Company revised the sales target because the karena realisasinya jauh dari target awal yang realization was far from the initial target set. This ditetapkan. Hal ini disebabkan turunnya harga is due to a decrease in the average selling price of jual rata-rata produk, bukan karena turunnya products, not due to a decrease in sales quantity, kuantitas penjualan, karena kuantitas penjualan because sales quantity continues to experience a tetap mengalami sedikit kenaikan. slight increase. b. Perseroan dapat memberikan informasi hanya b. The Company can only provide information related yang terkait dengan industri atau sesama to the industry or fellow companies in the pulp & perusahaan-perusahaan di sektor pulp & kertas paper sector that are listed on the Indonesia Stock yang terdaftar di Bursa Efek Indonesia karena Exchange because their financial reports can be laporan keuangannya dapat diakses oleh publik. accessed by the public. Perseroan melakukan pemantauan setiap The Company monitors every quarter. Based on triwulan. Berdasarkan keterbukaan informasi di information disclosure on the Indonesia Stock Bursa Efek Indonesia, terdapat tujuh emiten pulp Exchange, there are seven pulp and paper dan kertas yang telah mempublikasikan laporan companies that have published their third quarter keuangan triwulan III nya. Dari ketujuh emiten financial reports. Of the seven companies, almost tersebut hampir semua mengalami penurunan all experienced a decline in sales. This is because penjualan. Hal ini dikarenakan kondisi pasar global and domestic market conditions have global ataupun dalam negeri mengalami experienced a decline, which is mostly caused by penurunan, yang sebagian besar disebabkan oleh selling prices. harga jual. Jika membandingkan EPS (Earning Per Share) If we compare the EPS (Earning Per Share) in the triwulan III, PT Suparma Tbk mengalami third quarter, PT Suparma Tbk experienced a penurunan sekitar 41% dari Rp 78 di 30 decrease of around 41% from IDR 78 on September 2022 menjadi Rp 46 di 30 September 30 September 2022 to IDR 46 on 30 September 2023 (dapat dilihat pada Laporan Keuangan per 2023 (can be seen in the published Financial 30 September 2023 yang telah dipublikasikan). Report as of 30 September 2023). In fact, when Faktanya apabila dibandingkan dengan EPS compared with the EPS of other pulp and paper emiten-emiten pulp dan kertas lain yang companies which experienced a decline, it turns mengalami penurunan, ternyata penurunan EPS out that PT Suparma Tbk's EPS decline of 41% PT Suparma Tbk sebesar 41% ini merupakan was the lowest, some even more than 100%. yang paling rendah, bahkan ada yang lebih dari 100%.
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2. Ibu Rahadini - Investor Individu 2. Ms. / Mrs. Rahadini - Individual Investor
Pertanyaan: Question:
Saya mengamati pada penyampaian materi, penjualan I noticed that in the presentation of the material, net
bersih September 2023 dibandingkan September sales in September 2023 compared to September 2022
2022 turun 17% namun kuantitas penjualan justru fell by 17%, but the quantity of sales actually rose by
naik 2% dan harga jual rata-rata turun lumayan besar 2% and the average selling price fell by quite a large
18,5%. by 18.5%.
a. Harga jual produk apa yang menurun sehingga a. The selling price of which product has decreased,
menyebabkan penurunan harga jual rata-rata? causing a decrease in the average selling price?
b. Serta hal apa yang menyebabkan penurunan b. And what causes the price to drop significantly?
harga secara signifikan?
Jawaban : Answer :
a. Penurunan harga yang paling besar di Perseroan a. The biggest price reduction in the Company was
yaitu di produk duplex. Harga jual rata-rata for duplex products. The average selling price of
duplex selama periode 9 bulan tahun 2023 duplexes during the 9 month period of 2023
dibandingkan periode 9 bulan 2022 di pasar lokal compared to the 9 month period of 2022 in the
mengalami penurunan 33%, dan di pasar ekspor local market decreased by 33%, and in the export
mengalami penurunan 39,6%. market decreased by 39.6%.
Sedangkan produk lain, penurunan harga kraft Meanwhile for other products, the price decline for
(kertas bungkus coklat) di pasar lokal sekitar 24% Kraft (brown wrapping paper) in the local market
dan di pasar ekspor mengalami penurunan 9,3%. was around 24% and in the export market it
Sedangkan rata-rata harga jual produk tissue decreased by 9.3%. Meanwhile, the average
mengalami kenaikan mestipun tidak signifikan selling price of tissue products has increased,
(sekitar 5-10%). although not significantly (around 5-10%).
Dari kombinasi 3 produk inilah (duplex, kraft dan From the combination of these 3 products (duplex,
tissue) yang menjadikan harga jual rata-rata kraft and tissue) the average selling price of all
seluruh produk mengalami penurunaan sebesar products decreased by 18.5%.
18,5%.
b. Duplex adalah produk komoditas dimana Duplex is a commodity product where the
Perseroan tidak menjual dengan brand. Berbeda Company does not sell under a brand. This is
dengan kertas cokelat Perseroan (kraft), yang different from the Company's brown paper (Kraft),
memiliki brand yang cukup kuat, yaitu Cap which has a fairly strong brand, namely Cap
Gajah dan tissue Perseroan dengan merek cukup Gajah and the Company's tissue with quite strong
kuat yaitu Plenty dan See U. brands, namely Plenty and See U.
Sehingga pada duplex, harga menjadi suatu hal So in duplex, prices become something that the
yang tidak bisa Perseroan kendalikan dan kontrol Company cannot control (uncontrollable), because
(uncontrollable), karena harga komoditas commodity prices depend on global market supply
bergantung pada supply dan demand pasar global. and demand.
Sedangkan untuk produk kraft bukanlah produk Meanwhile, kraft products are not commodity
komoditas, tetapi pasar Perseroan untuk LWK products, but the Company's market for LWK is the
adalah pasar low end, dimana saat ini daya beli di low end market, where currently domestic
dalam negeri sedang tidak baik-baik saja purchasing power is not good, which has an
sehingga berdampak pada pasar low end yang impact on the low end market which is very price
sangat sensitif terhadap harga. sensitive.
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3. Ibu Ida Noer - Neraca 3. Ms. / Mrs. Ide Noer - Neraca
Pertanyaan: Question:
a. Apa yang menyebabkan turunnya produksi kertas a. What caused the decline in paper production by
sebesar 1,6%? 1.6%?
b. Tahun 2024 apakah ada rencana investasi dan b. In 2024, are there any investment plans and what
dana Capex tahun 2023 dipergunakan untuk apa? will the 2023 Capex funds be used for?
c. Sebagai Perseroan yang konsen dalam c. As a company that is focused on implementing CSR
melaksanakan program CSR, untuk tahun 2023 programs, for 2023 what activities have been
kegiatan apa saja yang sudah dilaksanakan? implemented?
Jawaban : Answer :
a. Perseroan merevisi target penjualan menjadi a. The Company revised its sales target to IDR 2,600
Rp 2.600 miliar di akhir tahun 2023. Dengan billion by the end of 2023. With the revised sales
adanya revisi nilai target penjualan, tentunya target value, of course the production quantity will
kuantitas produksi juga disesuaikan. Turunnya also be adjusted. The decline in paper production
produksi kertas karena adanya sinergi antara is due to the synergy between production and sales
produksi dan penjualan sehingga produksi juga so that production also reduces the capacity used,
mengurangi kapasitas terpakainya, hal ini juga this also takes into account the remaining finished
mempertimbangkan sisa barang jadi di akhir goods at the end of 2022.
tahun 2022.
b. Realisasi Capex 2023 yang terbesar hingga b. The biggest 2023 Capex realization until October
Oktober 2023 adalah Capex untuk New Plastic 2023 is Capex for New Plastic and Printing
and Printing Machine yang mencapai 42% dari Machines which reaches 42% of 2023 Capex
realisasi Capex 2023. Sedangkan untuk Capex realization. Meanwhile, for 2024 Capex the
2024 Perseroan berencana melakukan investasi Company plans to invest in Steam Boilers which
Steam Boiler yang mencapai 48% dari anggaran reach 48% of the 2024 Capex budget and Reuse
Capex 2024 dan Reuse Waste Water sekitar 30% Waste Water around 30% from the 2024 Capex
dari anggaran Capex 2024. budget.
c. Perseroan menggeser anggaran CSR nya dari c. The Company shifted its CSR budget from
yang dulunya lingkungan hidup (50%), previously the environment (50%), communities
komunitas sekitar pabrik dan komunitas sosial around factories and social communities (30%),
(30%), pendidikan (20%) menjadi komunitas education (20%) to communities around factories
sekitar pabrik dan komunitas sosial (50%), and social communities (50%), environment (30%)
lingkungan hidup (30%) dan pendidikan tetap and permanent education (20%).
(20%).
Tahun depan, Perseroan akan menelaah kembali Next year, the Company will review whether the
apakah komposisi anggaran CSR akan sama CSR budget composition will be the same as in
seperti tahun 2023 atau akan kembali seperti 2023 or will return to 2019 and before.
tahun 2019 dan sebelumnya.
Dari Januari sampai dengan Oktober 2023 From January to October 2023, the Company has
Perseroan telah melakukan CSR di bidang carried out CSR in the education sector in the form
Pendidikan berupa subsidi Pendidikan, di bidang of educational subsidies, in the environmental
lingkungan hidup berupa restorasi terumbu sector in the form of coral reef restoration, tree
karang, tanam pohon, pemberian bantuan kayu planting, providing regular firewood assistance to
bakar secara rutin untuk UMKM pembuatan tahu tofu-making MSMEs in Sidoarjo, as well as CSR in
di Sidoarjo, serta CSR di bidang komunitas sosial the social community sector in the form of giving
berupa pemberian bantuan sembako kepada providing basic food assistance to communities
masyarakat sekitar Perseroan dalam rangka Hari around the Company in the context of Eid al-Fitr,
Raya Idul Fitri, pemberian bantuan sembako providing basic food assistance to the
kepada masyarakat yang kurang mampu, underprivileged, disabled, elderly and orphans,
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disabilitas, lansia, dan yatim piatu, pemberian providing sacrificial animals to communities
hewan qurban kepada masyarakat sekitar around the Company in the context of Eid al-Adha,
Perseroan dalam rangka Hari Raya Idul Adha, and providing humanitarian assistance in the form
dan mengadakan bantuan kemanusiaan berupa of activities blood donors.
kegiatan donor darah.
4. Bapak Eko Budi – Investor Individu 4. Mr. Eko Budi - Individual Investor
Pertanyaan: Question:
a. Pada kuartal berapa steam boiler terbaru akan a. In what quarter will the newest steam boiler be
beroperasi dan berapa persen ekspektasi gross operational and what is the expected gross profit
profit margin pasca terpasang ? margin percentage after installation?
b. Terdapat penurunan sales target yang cukup b. There is a fairly deep decline in sales targets in the
dalam antara di annual report 2022 dibandingkan 2022 annual report compared to that in the
dengan yang di presentasi, bagaimana Perseroan presentation. How does the Company see the
melihat tantangan dan opportunity industri ini challenges and opportunities for this industry until
sampai akhir tahun 2023, dan bagaimana potensi the end of 2023, and what are the potential
opportunity-nya untuk tahun 2024 ? opportunities for 2024?
Jawaban : Answer :
a. Steam boiler tidak ada kaitannya dengan gross a. Steam boilers have nothing to do with gross profit.
profit. Perseroan berencana melakukan investasi The Company plans to invest in a steam boiler
steam boiler karena dengan adanya tambahan because with the addition of a new machine, the
mesin baru, steam yang sebelumnya dihasilkan steam previously produced by the power plant
oleh power plant yang dimiliki oleh Perseroan owned by the Company is still insufficient. This
masih kurang. Investasi steam boiler ini steam boiler investment is planned to be
direncanakan akan beroperasi di sekitar triwulan operational around the third or fourth quarter of
III atau IV di tahun 2024. 2024.
b. Perseroan optimis di akhir tahun 2023 bisa b. The company is optimistic that by the end of 2023
mencapai target yang telah di tentukan. we can achieve the targets it has set.
Tantangan Perseroan adalah penurunan penjualan The Company's challenge is the decline in sales in
2023 yang sebagian besar disebabkan masalah 2023, which is largely due to the problem of
penurunan harga jual karena masalah harga decreasing selling prices due to commodity price
komoditas yang tidak dapat dikontrol. Sedangkan problems that cannot be controlled. Meanwhile, in
secara kuantitas Perseroan masih bisa me- terms of quantity, the Company can still maintain
maintain dengan baik. it well.
Untuk 2024 Perseroan menargetkan penjualan For 2024, the Company targets sales to increase
akan naik sekitar 15% dari target 2023 (Rp 2.600 by around 15% from the 2023 target (Rp. 2,600
miliar) kembali ke (Rp 3.000 miliar). Secara billion) back to (Rp. 3,000 billion). In terms of
kuantitas Perseroan akan menargetkan lebih quantity, the Company will target around 25%
banyak sekitar 25%, yang akan ditopang dengan more, which will be supported by the utilization of
utilisasi dari Mesin Kertas No. 10 yang Paper Machine No. 10 which is expected to
diharapkan akan beroperasi lebih baik pada 2024. operate better in 2024.
Page 6
5. Ibu Peni - Bisnis Indonesia 5. Ms. / Mrs. Peni - Bisnis Indonesia
Pertanyaan: Question:
a. Bagaimana potensi pasar tissue atau kertas di a. What is the potential for the tissue or paper market
2024 mengingat di tahun tersebut masuk dalam in 2024 considering that this year is a political
masa tahun politik? year?
b. Berapa proyeksi pertumbuhan penjualan di tahun b. What is the projected sales growth in 2024?
2024 ?
c. Seperti apa strategi bisnis Perseroan untuk tahun c. What does the Company's business strategy for
depan ? next year?
Jawaban : Answer :
a. Perseroan telah melalui beberapa kali tahun a. The Company has gone through several political
politik, seperti tahun 2014, 2019, dan yang years, such as 2014, 2019, and the next one,
mendatang yaitu 2024. Selama tahun tahun namely 2024. During these political years there
politik tersebut tidak ada pengaruh yang negatif was no negative influence on the Company's sales.
terhadap penjualan Perseroan. Perseroan masih The company is still stable. Maybe during the
stabil. Mungkin saat tahun politik akan ada political year there will be quite a large use of
pemakaian beberapa produk kertas yang cukup some paper products, but in total it will not have
besar, namun secara total tidak terlalu much of an impact on the paper business,
berpengaruh pada bisnis kertas, termasuk di including the Company.
Perseroan.
b. Perseroan memproyeksikan penjualan di tahun b. The company projects sales in 2024 to return to
2024 kembali masuk ke Rp 3.000 miliar. IDR 3,000 billion.
c. Duplex adalah produk yang mengikuti harga c. Duplex is a product that follows commodity prices
komoditas dimana Perseroan tidak dapat where the Company cannot control the price.
mengontrol harga. Namun Perseroan bisa However, the Company can control the quality of
mengontrol kualitas produk yang dijual ke products sold to consumers.
konsumen.
Produk kraft (LWK) sangat sensitif terhadap LWK products are very sensitive to price because
harga karena memiliki target pasar low end. they target the low end market. The company will
Perseroan akan merebut dan menguasai kembali seize and regain control of market share which
pangsa pasar yang selama 1-2 tahun terakhir over the last 1-2 years has been slightly taken by
sedikit terambil oleh kompetitor. competitors.
Untuk produk tissue, hingga saat ini harga jual For tissue products, currently the average selling
rata-rata tissue masih lebih baik dibandingkan 2 price of tissue is still better than the Company's
produk kertas Perseroan lainnya (duplex dan other 2 paper products (duplex and kraft). The
kraft). Perseroan akan berfokus ke pasar HoReKa company will focus on the HoReKa market (Hotels,
(Hotel, Restoran, Kafe). Perseroan masih tetap Restaurants, Cafes). The company will still
mempertahankan strategi ini untuk tahun 2024. maintain this strategy for 2024.
Page 7
6. Bapak Toni Edra Pohan - Investor Individu 6. Mr. Toni Edra Pohan - Individual Investor
Pertanyaan: Question:
Bagaimana kebijakan pembagian dividen perusahaan What is the company's dividend distribution policy for
untuk tahun buku 2023? the 2023 financial year?
Jawaban : Answer :
Tahun buku 2023 masih belum berakhir. Perseroan Fiscal year 2023 is still not over. The company
menentukan kebijakan dividen setelah berakhirnya determines its dividend policy after the end of the
tahun buku, setelah laporan keuangan auditan rilis di financial year, after the audited financial report is
akhir Maret 2024. released at the end of March 2024.
Perseroan akan menentukan kebijakan dividen pada The company will determine its dividend policy around
sekitar bulan April 2024 yang nantinya akan April 2024 which will later be decided at the
diputuskan dalam RUPS Perseroan. Company's GMS.
***
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DAFTAR HADIR PAPARAN PUBLIK ATTENDANCE LIST OF PUBLIC EXPOSE
PT SUPARMA Tbk PT SUPARMA Tbk
20 NOVEMBER 2023 20 NOVEMBER 2023
Nama Nama Instansi
No
Name Organization
1 Adlan Masyhur Bastian Investor Individu
2 Alain Rachmat Santoso Bank ICBC Indonesia
3 Amrozi Amenan Investor Daily
4 Andika Investor Individu
5 Ardiansyah kanalsatu.com
6 Aurelia Investor Individu
7 Bambang Sutejo Jatim.poskota.co.id
8 Bezaleel Hadinata PT Bank Maybank Indonesia Tbk
9 Didik Sutrisno kabar bisnis.com
10 DR. Susanti, S.H., M.Kn Notaris Pasar Modal
11 Eddy Susanto Investor Individu
12 Edmen Paulus jatimmedia.com
13 Eko Budi Prasetyo Investor Individu
14 Faris Adam G bisnis jatim.id
15 Halim Budi PT Bank Maybank Indonesia Tbk
16 Hapsah Agustin penamerahputihcaritau.com
17 Hardiman PT Bank Maybank Indonesia Tbk
18 Haris Hidayat iqplus.info
19 Hendri Anwar Investor Individu
20 Ida Noer Neraca / Swaranews
21 Imam Gozali duta.co
PT. Mitsubishi HC Capital and Finance
22 Indrasaptoadi Soeharmono
Indonesia
23 Intan Rizka Nurmaya PT Bank Rakyat Indonesia (Persero) Tbk
24 Jordy Investor Individu
25 Karno Investor Individu
26 Kharis Prasetyo Utomo KAP HLB Hadori Sugiarto Adi & Rekan
Page 9
Nama Nama Instansi
No
Name Organization
27 Lilik Zulfiyah PT Bank Rakyat Indonesia (Persero) Tbk
28 Lukman Hakim MNC Media
29 M. Afik Radar Surabaya
30 M. Amrullah Disway Malang
31 M. Muzammil Investor Individu
32 Matius Asisten Notaris Pasar Modal
33 Mochamad Salsabily Jawa Pos
34 Muhammad Al Azis Bachrun Investor Individu
35 Muhammad Najib Kanal9
36 Nurvita Investor Individu
37 Octaviani Halim PT Bank Maybank Indonesia Tbk
38 Onny Asmara PAS FM
39 Pascavera Christiana Dede KAP HLB Hadori Sugiarto Adi & Rekan
40 Peni Widarti Bisnis Indonesia
41 Rahadini Investor Individu
42 Raymond Tjipto Investor Individu
43 Rudy Purnomo Investor Individu
44 Runik Kompas
45 Samuel O Investor Individu
46 Simon Petrus Investor Individu
47 SJ Hanso Investor Individu
48 Sri Handini Surya / Tribun Surabaya
49 Steven Bank ICBC Indonesia
50 Titis Asisten Notaris Pasar Modal
51 Toni Edra Pohan Investor Individu
52 Yaser Atmayudha PT Bank Rakyat Indonesia (Persero) Tbk
53 Yenny Raharjo PT Bank Maybank Indonesia Tbk
54 Yonatan Pratama Wijaya Investor Individu
55 Yulianti Sugiarta KAP HLB Hadori Sugiarto Adi & Rekan
PT. Mitsubishi HC Capital and Finance
56 Yustiana Candrawati
Indonesia
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