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20250814_PTMR_Tanggapan atas Permintaan Penjelasan Bursa_31932974_lamp2.pdf
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Jakarta, August 14, 2025
No. : 049/SP-MP/VIII/2025
Subject : Answer to Exchange Explanation Request
Dear Sir,
Mr. Adi Pratomo Aryanto
PH Head of PP2 Division
PT Bursa Efek Indonesia
Respectfully,
In connection with the letter from PT Bursa Efek Indonesia with letter number S-
09196/BEI.PP2/08-2025 dated August 11, 2025 regarding the Exchange's Request for
Explanation, we hereby answer the question as follows:
Financial Statement as of June 30, 2025
1. Background and details of the other assets account and the Company's plan for this
account in the future.
Answer: This other asset is the progress of advance purchase of fixed assets, and this
has been realized in July 2025 into fixed assets.
2. The background of the significant decrease in fixed assets acquisition account in the
Company's cash flow from investing activities as of June 30, 2025 compared to
December 31, 2024 and the Company's future plans regarding capital expenditure.
Answer: Acquisition of property and equipment as of June 30, 2025 amounted to Rp
42,218,824, which is the addition of office inventory equipment. In relation to the
decrease in the acquisition of fixed assets compared to the previous period, it is
because the Company does not need additional fixed assets to support operations and
maintain the Company's efficiency.
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3. In relation to cash flows from financing activities, please explain the background of the different types of accounts in the cash flows in Indonesian and English as follows: Answer: Regarding the account differences in cash flow, there is no misclassification, there is only a translation mismatch, for the correction is attached: 4. With regard to cash flows from operating activities, please explain the background of the different types of accounts in the cash flows in Indonesian and English for the income tax payment / proceeds from finance income account. Answer: In relation to the account differences in cash flow, there is no misclassification, there is only a translation mismatch, for the correction is attached:
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5. In relation to the Notes to the Financial Statements (CALK) number 5 Cash and Cash
Equivalents, please explain:
a. Background of significant decrease on June 30, 2025 compared to December
31, 2024 in the Company's Rupiah bank on:
i. PT Bank Central Asia Tbk
ii. PT Bank Mandiri (Persero) Tbk
iii. PT Bank Rakyat Indonesia (Persero) Tbk
Answer: The decrease in the Company's rupiah bank balance was due to the
Company wanting to place an inventory order with the supplier / Principle, this was
done to maintain margin stability due to the increasing USD effect.
b. Background The Company no longer has a Rupiah bank account at PT Bank
Rakyat Indonesia (Persero) Tbk.
Answer: Because PT Indonesia Farma, Tbk no longer uses BRI to disburse payments
(through SKBDN) to the Company, but directly transfers to the Company's account.
c. The Company's strategy to maintain the value level of the Company's Cash
and Cash Equivalents.
Answer: The Company's strategy to maintain the value level of Cash and Cash
Equivalents is generally focused on the principle of prudence in financial
management, optimizing liquidity, and maintaining short-term operational stability.
The following are some common strategies applied by companies:
1. Efficient Cash Flow Management
- Cash Flow Forecasting: Projecting cash inflows and outflows on a regular basis
(daily, weekly, monthly).
- Expenditure Control: Maintain the efficiency of operational and investment
expenditures, and postpone non-urgent expenditures.
2. Maintain Minimum Cash Reserves
Set a minimum cash limit (buffer) that must be available for emergency needs and
maintain business continuity.
3. Funding Optimization
- Maintain a healthy capital structure: an optimal combination of debt and equity.
- Use short-term credit facilities as a cash buffer if needed.
6. In relation to CALK number 6 Accounts Receivable, please explain:
a. In the accounts receivable ageing analysis table, please complete the following
table of realization of accounts receivable repayment:
Keterangan Jumlah Realisasi Outstanding % Realisasi
per 30 Juni 2025
Belum jatuh tempo
Lewat jatuh tempo
Page 4
Keterangan Jumlah per 30 Realisasi Outstanding % Realisasi
Juni
2025
1-30 hari
31-60 hari
61-90 hari
Lebih dari 90 hari
Total
Answer: Attached is the Company's accounts receivable aging analysis table
b. Step-by-step steps that the Company will take towards customers with bad and
overdue receivables.
Answer: The following are the step-by-step steps that the Company generally
takes in handling customers with bad and overdue receivables, as part of credit
management and financial risk mitigation:
1. Identification and Classification of Receivables
- Periodic review of all customer receivables.
- Classify receivables based on:
o Age of receivables (e.g. 0-30 days, 31-60 days, 61-90 days, >90 days)
o Customer status (active/inactive)
o Customer payment history
2. Notification and Reminder Delivery
- Send automatic reminders (via email/SMS) a few days before the due date.
- After due date, send:
o Warning Letter I (1-7 days after due date)
o Warning Letter II (7-14 days)
o Warning Letter III (14-30 days)
3. Direct Communication with Customers
- The finance/billing team contacts the customer via phone or in-person visit.
- Clarify the reason for the delay.
- Discuss solutions, such as:
o Payment restructuring
o Installments
o Reduced penalty if paying partially
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4. Offer a Settlement Scheme
If the customer shows good faith, offer:
o Phased payment plan
o Discount for early repayment (cash discount)
o Payment guarantee (e.g. post-dated check, post-dated giro)
5. Service Freeze or Delivery Hold
If the customer shows good faith, offer:
o Engage a collection agency (authorized debt collector)
o Law office to serve a legal summons
6. Allowance for Losses on Receivables (Allowance for Losses)
If collection efforts fail, the Company will:
o Establish an allowance for bad debts in accordance with PSAK.
o Remove receivables from the books (write-off) if they are truly bad.
c. The background of the Company's accounts receivable age of more than 90 days
increased significantly on June 30, 2025 compared to December 31, 2024 and the
reason why the Company did not increase the allowance for impairment of trade
receivables.
Answer: In connection with the addition of allowance for impairment of trade
receivables, the Company uses the calculation of the auditor, and the value will be
reviewed again during the audit period as of December 31, 2025.
7. In relation to CALK number 7 Other Receivables, please explain:
a. Background of no changes related to other receivables from related parties.
Answer: The background of no change is due to the absence of receipts for
payment of receivables and additional provision of receivables.
b. In relation to other receivables with related parties that will expire on June 30,
2025, please explain the current status.
Answer: For the status of other receivables as of June 30, 2025, some payments
have been made and an extension of the debt / credit agreement has been made
until June 2026.
8. In relation to CALK number 8 Inventory, please explain:
a. The background of the decrease in the Plastic account on June 30, 2025
compared to December 31, 2024.
Answer: The decrease is due to the increase in sales of plastic products for the
period June 30, 2025.
b. Background and details related to other accounts as of June 30, 2025
compared to December 31, 2024 and the Company's criteria in classifying this
account as other accounts.
Answer: The definition of miscellaneous in this inventory is products other than
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machinery, consumables and spare parts, such as cartridges, jiffylite and maxima
pads.
c. The background is that there is no change in the Company's Inventory
reserves.
Answer: The Company did not make any changes to the allowance for decline in
value of inventories during the period because based on the results of management
evaluation and analysis of the condition of existing inventories, there is no
significant indication of impairment or damage to the goods in inventory.
d. The Company's Inventory insurance background does not cover the entire
value of Inventory as of June 30, 2025.
Answer: As of June 30, 2025, the insurance coverage of the Company's
inventories does not cover the entire value of inventories recorded in the financial
statements. This is due to the following operational and strategic considerations:
1. Premium Cost Considerations
o The premium cost for full coverage is considered not proportional to the
level of risk of loss.
o Management decided to apply a partial coverage approach by prioritizing
locations and types of inventory that have the highest risk.
2. Periodic Adjustment as per Internal Policy
o As per internal policy, the evaluation of insurance coverage is done on an
annual basis so that sudden increase in inventory value in the short term is not
immediately reflected in the insurance coverage.
9. In relation to CALK number 9 Prepaid Expenses, please explain:
a. Background to the significant decrease in security and cleaning costs as of
June 30, 2025 compared to December 31, 2024.
Answer: In relation to this account, there is no significant decrease, it is just
that there is one account in the report for the period December 31, 2024, where
the account should be others, where the definition of others is prepaid
expenses for machine leases and building leases.
b. The background of the increase in building rent as of June 30, 2025 compared
to December 31, 2024, which previously did not exist.
Answer: In relation to the account, there is no increase, it's just that there is
one account in the report for the period December 31, 2024, where the
building rent should have been recorded in the 2024 period but included in the
security and cleaning costs account, as explained above.
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c. Background on the increase in insurance as of June 30, 2025 compared to
December 31, 2024.
Answer: The increase in insurance as of June 30, 2025 is due to the payment
of new insurance policies related to the life and health insurance of the Board
of Commissioners and Directors of the Company and the insurance policy of
the Company's operational vehicles.
d. Background of the increase in others as of June 30, 2025 compared to
December 31, 2024 and the Company's criteria in classifying this account as
others.
Answer: In relation to this account, there is no significant increase, it is just
that there is a wrong account in the report for the period December 31, 2024,
where others should have been recorded in the 2024 period but entered into
the security and cleaning costs account, in accordance with the explanation
above (in point 3b).
10. In relation to CALK number 10 Advances, please explain:
a. Background of the increase in inventory purchases as of June 30, 2025
compared to December 31, 2024.
Answer: The increase in advances on inventory purchases is due to the
Company placing orders for supplies to suppliers/Principle, this is done to
maintain margin stability due to the effect of the increasing USD exchange
rate.
b. Details of Advance Purchase of Inventory as of June 30, 2025 by filling in the
following table:
No. Tanggal Nomor Nilai Uang Jenis Status Keterangan
Pembayaran Perjanjian Muka Barang/ Realisasi (Estimasi
Uang Muka Material Pengiriman/Alasan
Belum Terealisasi)
1.
2.
..
Total
Answer: Attached are details of inventory advances as of June 30, 2025
(Agreement No. does not exist because the Company has only received
Performa Invoice).
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c. Details of Advances on inventory purchases as of December 31, 2024 by
filling in the following table:
No. Tanggal Nomor Nilai Uang Jenis Status Keterangan
Pembayaran Perjanjian Muka Barang/ Realisasi (Estimasi
Uang Muka Material Pengiriman/Alasan
Belum Terealisasi)
1.
2.
..
Total
Answer: Attached are details of inventory advances as of December 31, 2024
(Agreement No. does not exist because the Company has only received
Performa Invoice).
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11. In relation to CALK number 11 Fixed Assets, please explain the background of the
significant decrease and details related to the addition of the Company's motor
vehicles as of June 30, 2025 compared to December 31, 2024.
Answer: Acquisition of fixed assets amounted to Rp 42,218,824, - which is the
addition of office inventory equipment assets. In relation to the decrease in fixed
assets compared to the previous period, it is because the Company does not need
additional fixed assets to support the Company's operations and maintain the
Company's efficiency.
12. In relation to CALK number 12 Right of Use Assets - Continued, please explain the
background of the significant decrease and details related to the addition of the
Company's building as of June 30, 2025 compared to December 31, 2024.
Answer: The lease on the building does not need to be increased because the lease is
still valid and there is no urgent operational need so that the efficiency of the
Company's cash expenditure is maintained.
13. In relation to CALK 13 Short-term Bank Payables, please explain:
a. Information on the Company's short-term bank debt by completing the following
table:
Jenis Saldo Plafon Suku Tenor Jatuh Jaminan
Fasilitas Terhutang Per Pinjaman Bunga Per Tempo
30 Juni 2025 Annum
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Answer:
Saldo Suku
Jenis Fasilitas Terhutang Per 30 Plafon Pinjaman Bunga Per Tenor Jatuh Tempo Jaminan
Juni 2025 Annum
KMK Revolver 19.100.000.000 28.000.000.000 9,75% p.a 30 September 29 September Piutang usaha pada 31
Rekening Koran 2024 sampai 2025 Desember 2021 sebesar Rp
dengan 29 11.475.790.166
September
2025 Persediaan pada 30
(1tahun) September 2021 sebesar Rp
10.922.024.271
Sertifikat Hak Guna
Bangunan (SHGB) Nomor
5325/Mangga Dua Selatan
yang terletak di komplek
ruko 133-135 Blok C No. 15,
Jakarta Pusat
Sertifikat Hak Guna
Bangunan (SHGB) Nomor
5330/Mangga Dua Selatan
yang terletak di komplek
ruko 133-135 Blok C No. 15,
Jakarta Pusat
Sertifikat Hak Milik (SHM)
Nomor 02276/Kelapa Indah
yang terletak di Tangerang
Sertifikat Hak Milik (SHM)
Nomor 1754/Cipete yang
terletak di Tangerang
Sertifikat Hak Guna
Bangunan (SHGB) Nomor
3410/Jurumudi Baru yang
terletak di Tangerang
Sertifikat Hak Guna
Bangunan (SHGB) Nomor
3656/Jurumudi Baru yang
terletak di Tangerang
Sertifikat Hak Milik (SHM)
atas Satuan Rumah Susun
Nomor 404/Kramat Pela
yang terletak di Kebayoran
Baru, Jakarta Selatan
Sertifikat Hak Milik (SHM)
atas Satuan Rumah Susun
Nomor 405/Kramat Pela
yang terletak di Kebayoran
Baru, Jakarta Selatan
Kredit Lokal 1.424.368.361 2.050.000.000 8,75% p.a 18 Juli 2024 22 Juni 2025 -
(Rekening sampai
Koran) dengan 22
Juni 2025
b. The current outstanding balance of the Company.
Answer: The Company's outstanding balance as of June 30, 2025 is Rp
20,524,368,361.
Page 11
c. The source of the Company's financing is the repayment of the Company's short-
term bank debt.
Answer: To fulfill its short-term bank debt obligations, the Company relies on
several financing sources that have been carefully planned and managed to
maintain smooth cash flow and financial stability. The main sources of financing
include:
1. Available Cash and Cash Equivalents
The Company utilizes its internal cash and cash equivalents balance as the main
source of repayment, particularly from:
Sales proceeds
Routine operating income
Returns of trade receivables from customers
2. Positive Operating Cash Flow
Partial repayment of short-term debt was funded from operating cash inflows,
which remained healthy and stable during the period.
Cost efficiency and margin improvement also supported the availability of
internal funds.
d. The impact if the Company is unable to pay off the bank debt and the mitigation
carried out by the Company.
Answer: If the Company is unable to pay off its short-term bank debt obligations
on time, there may be a number of negative impacts on the Company's financial
and operational conditions, among others:
1. Increased Financial Expenses
o Incurrence of fines, late interest, or penalties from the bank.
o Potential decline in the company's credit score which makes it difficult to
access financing in the future.
2. Legal and Collection Risks
o Banks may take legal action or use collateral rights (if the loan is secured by
certain assets).
o The Company's reputation may be affected in the eyes of creditors and
business partners.
3. Cash Flow and Operational Disruption
o Liquidity is disrupted because funds are allocated to pay debts or deal with
the consequences of default.
o Potential delays in operational activities and strategic investments.
4. Going Concern Risk
o If not addressed immediately, this condition may trigger concerns over the
Company's ability to continue as a going concern risk.
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To anticipate these risks, the Company has taken and will continue to take the
following mitigation measures:
1. Preparation and Monitoring of Cash Flow Projections
o Prepare cash flow projections conservatively to ensure the availability of
funds at maturity.
o Conduct strict monitoring of cash receipts and expenditures on a regular
basis.
2. Renegotiation with the Bank
o Actively communicate with the bank to:
Tenor extension (rollover)
Payment restructuring
Conversion of short-term debt into long-term if needed
3. Refinancing and Diversification of Funding Sources
o Seek new funding alternatives from other financial institutions, capital
markets, and affiliated entities.
o Maintain good relationships with several banks so as not to depend on
one source of loans.
4. Optimization of Receivables and Inventory
o Accelerate collection of trade receivables and efficient inventory
management to increase cash inflow.
5. Postponement or Rationalization of Capital Expenditure (CapEx)
o Temporarily postpone non-urgent investments to maintain liquidity.
6. Support from Shareholders (If Needed)
o Prepare contingency plans in the form of working capital injections or
loans from shareholders/affiliates.
14. In relation to CALK number 14, please explain:
a. Background of the increase in the Company's trade payables to:
i. PT Mitra Pack Tbk
ii. CV Caleji Machinery
iii. CV Multipack Plastindo
iv. PT Welgro Utama
v. PT Sahabat Jaya Bersama
vi. PT Sentra Aneka Tama
Answer: The background is an increase in the Company's business to the above
parties for machine rental, purchase of consumables and spare parts and other
materials to make machine brackets.
i. PT Mitra Pack Tbk : machine rental and purchase of consumable &
spare parts.
ii. CV Caleji Machinery: purchase of engine bracket material.
iii. CV Multipack Plastindo: purchase of consumables (Optima plastic).
Page 13
iv. PT Welgro Utama: purchase of cardboard for packaging plastic
products that are bagged by the Company's subsidiary (PT Global
Putra Kusuma).
v. PT Sahabat Jaya Bersama: purchase of spare parts for encorder
machine.
vi. PT Sentra Aneka Tama: purchase of conveyor belt.
b. Please explain the Company's affiliation with the parties in this third party
account.
Answer: All accounts payable include accounts payable to third parties,
including PT Mitra Pack, Tbk.
c. Please explain the background of PT Mitra Pack being considered as a third
party.
Answer: For Accounts Payable in the report there is a misclassification where
accounts payable to PT Mitra Pack Tbk is a related party debt.
d. In the accounts receivable aging analysis table, please complete the following
accounts payable repayment realization table:
Keterangan Jumlah Realisasi Outstanding % Realisasi
per 30 Juni 2025
Belum jatuh tempo
Lewat jatuh tempo
1-30 hari
Keterangan Jumlah Realisasi Outstanding % Realisasi
per 30 Juni 2025
31-60 hari
61-90 hari
Lebih dari 90 hari
Total
Answer: Attached is the table of realization of accounts payable repayment
Page 14
15. In relation to CALK number 15 Sales Advances, please explain the background of the
significant decrease and details of other accounts as of June 30, 2025 compared to
December 31, 2024.
Answer: Due to revenue recognition of advance sales in 2024 in 2025 amounting to
Rp2,348,495,091.
16. In relation to CALK number 16 Accrued Expenses, please explain:
a. Background There is no change in professional services as of June 30, 2025
compared to December 31, 2024.
Answer: No change in the professional services account balance as of June
30, 2025 reflects that:
- There are no new transactions that increase the value of the accrual,
- Payment has not been made, and
- Estimated fees are fixed, as per the contract or ongoing services.
The presentation of the balance is in accordance with accrual accounting
principles, where expenses are recognized when services are incurred, even if
they have not been paid, and will be readjusted when invoices are received or
payments are made.
b. Background no change and other details as of June 30, 2025 compared to
December 31, 2024.
Answer: The balance of the “other” account in accrued expenses remains
unchanged as of June 30, 2025 because:
- There is no additional relevant activity,
- The balance is derived from unrealized prior period estimates,
- The value is insignificant and there are no collection documents that trigger
corrections or adjustments.
17. In relation to CALK number 23 Revenue, please explain:
a. The background that the Company does not have consumables inventory but
has the revenue segment and the background of the increase in the account as
of June 30, 2025 compared to June 30, 2024.
Answer: The Company has plastic inventory amounting to Rp 16.52 billion as
of June 30, 2025 which consists of Sealed Air plastic, food packaging, blister,
and ink sold through the Company's subsidiary (PT Global Putra Kusuma), so
the Company uses “consumble” mapping in Revenue account and “plastic”
mapping in Inventory account.
b. Background of the decrease and details of miscellaneous as of June 30, 2025
compared to June 30, 2024 and the Company's criteria in classifying this
account as miscellaneous.
Answer: The background to the decrease and details of miscellaneous as of
Page 15
June 30, 2025 compared to June 30, 2024 is the reduction in orders from
customers. The criteria in categorizing this account is that the types of goods
sold are non-plastic and non-ink (ink) such as absorbent pads, Maxima pads
(dry lock), envelopes and others.
18. In relation to CALK number 25 Operating Expenses, please explain the background
of the decrease and details of others as of June 30, 2025 compared to June 30, 2024
and the Company's criteria in classifying this account as other accounts.
Answer: The decrease in operating expenses as of June 30, 2025 compared to June
30, 2024 was mainly due to a decrease in several cost items such as promotion and
advertising expenses, transportation expenses, and other expenses. This decrease was
influenced by cost efficiency and reduced promotional/marketing activities compared
to the previous period.
The "others" account in operating expenses includes cost items that are not material or
do not have the same nature as the main categories. The criteria for classification by
the Company is when the value of an expense is small relative to total operating
expenses and is incidental or does not recur significantly, so it is combined as "others"
for concise presentation.
19. In relation to CALK number 26 General and Administrative Expenses, please explain:
a. Background of the increase as of June 30, 2025 compared to June 30, 2024
for:
i. Salaries and benefits considering the addition of only 1 employee.
ii. Cost sharing fee
iii. Rent
iv. Official travel
v. Utilities
Answer: The background to the increase as of June 30, 2025 compared to
June 30, 2024 includes:
i. Salaries and benefits
Although only 1 employee was added, the increase was due to the
annual salary adjustment (in February 2025), increased benefits and
incentives paid in the current period.
ii. Cost sharing cost
The increase is due to the adjustment of the charging rate by the parent
entity, which reflects the shared cost, and the cost sharing charge is
taken from 4% of the Company's sales.
iii. Rent
Increase related to machinery rent.
Page 16
iv. Official travel
Increase due to increased frequency of travel for operational activities,
meetings, or more intense project coordination compared to the
previous year.
v. Utilities
Increase due to increase in electricity/water/telecommunication tariffs
and higher consumption due to increased operational activities.
b. Background of increase and other details as of June 30, 2025 compared to
June 30, 2024.
Answer: Based on CALK number 26, the "others" account in General and
Administrative Expenses as of June 30, 2025 increased compared to June 30,
2024 due to:
- Some incidental expenses in 2025 that did not occur in 2024, such as
licensing fees, professional services, or expenses related to post-IPO corporate
activities.
- Increase in cost of goods for minor items such as office supplies,
documentation, and light maintenance.
- There is no grouping to the main account due to the diverse nature of the
expenses and their small value relative to total expenses, so the Company
classifies them as "others" in accordance with applicable accounting policies.
This is our response and we thank you for your attention.
Sincerely,
PT Master Print Tbk
Ardi Kusuma
President Director
Copy:
1. Dear Head of the Issuer and Public Company Assessment Directorate, Financial Services Authority
2. Dear Head of the Securities Transaction Supervision Directorate, Financial Services Authority
3. Dear Head of the Issuer and Public Company Supervision Directorate 1, Financial Services Authority
4. Dear Head of the Issuer and Public Company Supervision Directorate 2, Financial Services Authority
Names mentioned 17 people and organisations named in the text · linked when the evidence is strong
unresolved
person
Adi Pratomo Aryanto PH Head
p.1
unresolved
org
PT Bursa Efek Indonesia Respectfully
p.1
unresolved
org
PT Indonesia Farma
p.3
unresolved
org
Bank Payables
p.9
unresolved
org
PT Welgro Utama
p.12 ×2
unresolved
org
PT Sahabat Jaya Bersama
p.12 ×2
unresolved
org
PT Sentra Aneka Tama Answer
p.12
unresolved
org
PT Sentra Aneka Tama
p.13
unresolved
org
Financial Services Authority
p.16 ×4
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