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20250603_MUTU_Tanggapan atas Permintaan Penjelasan Bursa_31891485_lamp1.pdf
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Depok, June 3, 2025
Number: 4296.77/EXT-MUTU/VI/2025
To
PT BURSA EFEK INDONESIA
Indonesia Stock Exchange Building, Tower I, 6th Floor
General Sudirman Street, Kav. 52-53
Jakarta 12190
Dear Sir/Madam,
We refer to the letter from the Indonesia Stock Exchange ("BEI") with Number:
S-05212/BEI.PP3/05-2025 dated May 27, 2025 regarding the Request for Explanation
received on May 27, 2025 (“BEI Letter”).
The following is our answer to the questions submitted in the BEI Letter:
1. Based on CALK 4 Cash and Cash Equivalents, the Company must explain:
a. Background to the decrease in cash of Rp9.61 billion in the
three-month period ended March 31, 2025 in cash accounts in banks
and time deposits;
b. Business processes and control over the Company's cash usage,
especially on the cash balance from the proceeds of the Company's
initial public offering. The Company must provide answers in narrative
form.
c. It is known through the Public Offering Results Realization Report of PT
Mutuagung Lestari Tbk on December 31, 2024 (LRPD) that the
remaining funds from the public offering of Rp31 billion were placed in
short-term deposits at PT Bank Syariah Indonesia Tbk. In the period
ending March 31, 2025, the short-term deposit balance at PT Bank
Syariah Indonesia Tbk amounted to Rp31.2 billion. To explain the
nature and cause of the difference of Rp200 million between the LRPD
and LK TW1.
d. Information on cash usage based on a decrease in cash balance of
IDR9.61 billion in the period ending March 31, 2025. The Company is
required to submit an answer using the following table format:
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e. The Company must provide evidence of bank statements that can
prove the transactions in point c above.
f. Journal entry information from cash usage. The Company should
submit the answer using the following journal format:
Answer
a. Background to the decrease in cash of Rp9.61 billion in the three-month
period ended March 31, 2025 in cash accounts in banks and time
deposits;
Answer:
The decrease in cash during the period December 31, 2024 to March 31,
2025 was due to operating expenses and asset investment expenses that in
total exceeded net cash generated from operating activities. All of these
activities are part of the planned business activities and are reflected in the
financial statements.
b. Business processes and control over the Company's cash usage,
especially on the cash balance from the proceeds of the Company's
initial public offering. The Company must provide answers in narrative
form.
Answer:
In order to ensure accountability and transparency, PT Mutuagung Lestari
Tbk (hereinafter referred to as the “Company” or “MUTU”) manages the
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proceeds from the initial public offering (IPO) by referring to the provisions of
POJK No. 30/POJK.04/2015 concerning the Report on the Realization of the
Use of Proceeds from the Public Offering and POJK No. 75/POJK.04/2017
concerning the Responsibility of the Board of Directors for Financial Reports.
Until December 31, 2024, the remaining unused IPO funds amounting to
IDR31.77 billion, all of which are placed in short-term time deposits and
current accounts at PT Bank Syariah Indonesia Tbk, with a term of 1 month
and an automatic renewal system. Placement is made in banks that are not
affiliated with the Company, to ensure the principle of independence and
avoid conflicts of interest as stipulated in POJK No. 42 / POJK.04 / 2020.
In accordance with Article 6 of POJK No. 30/2015, the Company has and will
continue to report the use of funds from the public offering periodically (every
6 months) to the Financial Services Authority (OJK) and the public through
the Company's official website and information disclosure on the Indonesia
Stock Exchange.
This entire control process is a form of the Company's commitment to
maintaining Good Corporate Governance (GCG), namely ensuring that the
use of public funds is carried out according to the plan that the Company has
disclosed in the Prospectus and in accordance with the principles of Good
Corporate Governance (GCG) in order to support sustainable business
growth and provide added value to all Shareholders.
c. It is known through the Public Offering Results Realization Report of PT
Mutuagung Lestari Tbk on December 31, 2024 (LRPD) that the
remaining funds from the public offering of Rp31 billion were placed in
short-term deposits at PT Bank Syariah Indonesia Tbk. In the period
ending March 31, 2025, the short-term deposit balance at PT Bank
Syariah Indonesia Tbk amounted to Rp31.2 billion. To explain the nature
and cause of the difference of Rp200 million between the LRPD and LK
TW1.
Answer:
We can say that there is no difference in the amount of deposits presented in
the Financial Report as of December 31, 2024 with the amount stated in the
LRPD as of December 31, 2024.
In the LRPD as of December 31, 2024, the deposit value was reported at
IDR31 billion. Meanwhile, in the Financial Statement as of December 31,
2024, the deposit was reported at IDR31.2 billion, consisting of MUTU
deposits of IDR31 billion and the deposit balance owned by a subsidiary,
namely PT Jasa Mutu Mineral Indonesia (hereinafter referred to as
"JAMMIN"), of IDR200 million. Thus, there is no difference in the deposit
balance in the name of MUTU reported in the LRPD and the Financial
Statement.
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There is confusion on the question regarding the deposit balance as of March
31, 2025:
The deposit balance as of March 31, 2025, which should be IDR 26 billion, is
not IDR 31.2 billion, as reflected in the following explanation:
Deposit Balance March 31, 2025 and December 31, 2024
Deposit balance compared to LRPD As of December 31, 2024:
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d. Information on cash usage based on a decrease in cash balance of
IDR9.61 billion in the period ending March 31, 2025. The Company is
required to submit an answer using the following table format:
Answer:
We hereby inform you that the decrease in cash and cash equivalents, as
presented in the Company’s Statement of Cash Flows for the period ended
March 31, 2025, amounted to IDR 9.57 billion, with the breakdown provided
as follows:
We attach the table to the following Google Drive link:
Lampiran 1d. Informasi penggunaan kas berdasarkan adanya penurunan
saldo kas - attachment 1d
e. The Company must provide evidence of bank statements that can prove
the transactions in point c above.
Answer:
In accordance with the explanation in point c above, there is no difference
regarding the amount of deposits presented in the Financial Report as of
December 31, 2024 with the amount stated in the LRPD as of December 31,
2024.
f. Journal entry information from cash usage. The Company should
submit the answer using the following journal format:
Answer:
We attach the table to the following Google Drive link:
https://docs.google.com/spreadsheets/d/18h1MbmQgslbgKdonm6U8iJs9dvQ
u4xWl1bsyZmB0bTU/edit?gid=31499431#gid=31499431 attachment 1f
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2. Based on the information contained in the Profit and Loss and Other
Comprehensive Income Statement and Cash Flow Statement, the following
matters are known:
a. In the period ended March 31, 2025, the Company recorded operating
revenues of Rp71.79 billion. In the period ended March 31, 2024,
operating revenues amounted to Rp60.51 billion; and
b. In the period ended March 31, 2025, the Company recorded cash
receipts from customers of Rp82.60 billion. In the period ended March
31, 2024, cash receipts from customers were recorded at Rp98.27
billion.
Based on this information, the Company must explain the following matters:
a. Background from lower business income than cash receipts from
customers;
b. Information regarding revenue recognized in the period ended March
31, 2025 is presented using the following table format:
c. Information regarding collections for outstanding receivables from
previous periods is presented using the following table format:
d. The Company's operational policies regarding credit sales and
collections from customers;
e. The Company's accounting policy/SOP/technical instructions regarding
revenue recognition.
Answer:
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a. Background from lower business income than cash receipts from
customers;
Answer:
Income lower business compared to cash receipts in the period ended March
31, 2025 due to the intensification of collection efforts and improvements in
the receivables management system in the first quarter of 2025. This has
driven the acceleration of receivables settlement by customers for sales
transactions that occurred in the previous year, resulting in an increase in the
amount of cash receipts from customers during the period.
b. Information regarding revenue recognized in the period ended March
31, 2025 is presented using a table format:
Answer:
We attach the table to the Google Drive link as follows:
https://docs.google.com/spreadsheets/d/1VEqvFtq9bHJa8HX82gWtV3_5dy
WSEkQRJkw0Z0NKVJs/edit?gid=1319753752#gid=1319753752
attachment 2b
c. Information regarding billing of receivables that have beenoutstanding
from previous periods presented using the following table format:
Answer:
We attach the table to the Google Drive link as follows:
https://docs.google.com/spreadsheets/d/1loLVK0W5dOBsxMbZ0ZDFRX52q-
P9t6GLs5LrMTZj4pY/edit?gid=872274234#gid=872274234 attachment 2c
d. The Company's operational policies regarding credit sales and
collections from customers;
Answer:
The Company establishes a credit sales policy as part of its strategy to drive
sales growth, maintain long-term relationships with Customers and maintain
the Company's cash flow. This policy is prepared by considering the principle
of prudence in managing receivables risk and compliance with applicable
accounting standards.
Credit facilities are not provided generally to all Customers, but based on a
number of considerations, including: previous cooperation history, payment
capacity, and Customer classification. Customers who are included in large
private companies, BUMN, or government agencies, generally have their own
payment systems and provisions that are taken into account in determining
credit requirements.
All accounts receivable are monitored periodically and involve the Technical
Division through regular coordination meetings to monitor the progress of
billing and Customer payment status.
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As is common among companies in TIC sector, PT Mutuagung Lestari Tbk
(“the Company”) serves approximately 4,000 active customers. Accordingly,
the Company implements a gradual and structured receivables collection
process to ensure effective accounts receivable management.
The collection process includes various steps, such as reminders to
customers via WhatsApp and phone calls, mass email notifications, collection
visits, renegotiation of payment terms, issuance of formal collection letters,
and suspension of services in cases where previous collection efforts have
proven ineffective.
As part of risk management, the company also implements a provisioning
policy for potential bad debts in accordance with the provisions of PSAK 71.
e. The Company's accounting policy/SOP/technical instructions regarding
revenue recognition
Answer:
Referring to the Q1 2025 Financial Statements submitted by the Company,
Revenue is measured based on the consideration that the Group (MUTU &
JAMMIN) estimates to be its right in the contract with the customer and
excludes amounts billed on behalf of third parties. The Group (MUTU &
JAMMIN) recognizes revenue when it transfers control of goods or services to
the customer.
The Group recognizes primary revenue as follows:
1. Laboratory testing services
2. Product certification services
3. Surveyor and technical inspection services.
Laboratory testing services
Revenue from laboratory testing services is recognized at a point in time,
namely when the services are rendered and the Group (MUTU & JAMMIN)
has issued the test result sheet.
Product certification services
Product certification service revenue is recognized at a point in time, namely
when the service is rendered and the Group (MUTU & JAMMIN) has issued
the certificate and audit correspondence.
Surveyor and technical inspection services
Revenue from surveyor and technical inspection services is recognized at a
point in time, namely when the services are rendered and the Group (MUTU
& JAMMIN) has issued a report on the implementation of the
survey/inspection.
3. Based on the information contained in CALK 5 regarding Accounts
Receivable, the following information is known:
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a. There was an increase of IDR 5.4 billion since December 31, 2024 in
accounts receivable that were 61-90 days past due;
b. There was an increase of IDR 1.98 billion since December 31, 2024 in
accounts receivable that were more than 90 days past due; and
c. In the period ending March 31, 2025, the Company formed an
additional allowance for impairment losses (CKPN) of IDR 430.31
million.
Based on this information, the Company must explain the following matters:
a. Background to the increase in accounts receivable that are past due;
b. Accounts receivable information based onrisk profiling The Company
with information on the amount of receivables, CKPN allocation, and
the number of days past due/days past due (DPD). The Company must
submit the information using the following table format:
c. The Company's explanation regarding the adequacy of the CKPN
formed for trade receivables in the period 31 March 2025 and how the
Company believes in the adequacy of the CKPN formed;
d. The Company's accounting policy regarding the calculation of CKPN and
the write-off of CKPN.
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Answer:
a. Background to the increase in accounts receivable that are past due;
Answer:
- Age 61-90 days experienced an increase of IDR 5.4 billion:
The balance of receivables in the 61–90-day category increased by Rp5.4
billion, reflecting sales in December 2024 that are still in the process of being
paid off by customers. Some of these customers are parties affiliated with
government agencies, where the payment process generally takes between 3
to 6 months.
- Age > 90 days experienced an increase of IDR 1.98 billion
Receivables over 90 days increased by Rp1.98 billion, reflecting sales in
November 2024 that are still in the process of being paid off. This increase
mainly came from the 90–120-day receivables category, with contributions
from private sector customers and government agencies.
Mutu has a broad and diverse customer base, with varying characteristics
and payment capabilities. Amidst global economic pressures, the Company
remains optimistic that customers will fulfill their obligations as economic
conditions improve. In an effort to maintain the quality of receivables, Mutu
continues to strengthen communication, build constructive cooperation, and
implement an adaptive and responsive collection system.
.
b. Accounts receivable information based onrisk profiling The Company
with information on the amount of receivables, CKPN allocation, and
the number of days past due/days past due (DPD). The Company must
submit the information using the following table format:
Answer:
c. The Company's explanation regarding the adequacy of the CKPN
formed for trade receivables in the period 31 March 2025 and how the
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Company believes in the adequacy of the CKPN formed;
Answer:
The establishment of Allowance for Impairment Losses (CKPN) for trade
receivables is carried out based on management's evaluation of the
collectibility of receivables, taking into account the analysis of the age of
receivables. Receivables with a longer age are subject to a higher CKPN
percentage. For significant receivables balances that have passed the
collection period, the Company conducts individual assessments based on
financial information and customer business conditions. Management
believes that the CKPN formed as of March 31, 2025 is adequate and
periodically reviews it to adjust to customer financial conditions and economic
changes.
d. The Company's accounting policy regarding the calculation of CKPN and
the write-off of CKPN.
Answer:
The company uses a provision matrix to calculate the ECL for accounts
receivable. The provision level is based on days past due for groupings of
different customer segments that have similar loss patterns.
The provision matrix is initially based on historically observed default rates. The
Company will calibrate the matrix to adjust historical credit loss experience with
forward-looking information. For example, if economic conditions (i.e., gross
domestic product) are expected to deteriorate over the next year, leading to an
increase in defaults, the historical default rate is adjusted. At each reporting
date, the historically observed default rate is updated and changes in
forward-looking estimates are analyzed.
Write-off of receivables is carried out when management believes that the
receivables are uncollectible, for example due to customer bankruptcy. The
balance of receivables written off is compared with the CKPN that has been
formed, and if not all of it is reserved, the difference is charged as an
impairment loss in the current year's income statement.
4. In CALK 5 Accounts Receivable page 41 of PT Mutuagung Lestari Tbk's
Financial Statements for the period ending March 31, 2025, there is an error
in the addition of the comparative balance of December 31, 2024 as follows:
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Based on this information, the Company must explain the following matters:
a. Steps the Company will take to correct misrepresentations in the First
Quarter Financial Report;
b. The Company's internal control policy for financial reporting to ensure
the accuracy of the information presented in the unaudited financial
statements.
Answer:
a. Steps the Company will take to correct misrepresentations in the First
Quarter Financial Report
Answer:
There are no addition errors for the comparative balances as of December
31, 2024.
1. The subtotal of IDR 100.64 billion is the sum of third party receivables
balances only.
2. The subtotal is then reduced by the allowance for impairment losses of
Rp 20.771 billion, resulting in third party receivables – net of Rp 79.875
billion.
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3. The total of Rp 79,888,009,263 is the sum of related party receivables
of Rp 12,071,491 and net third party receivables of Rp 79,875,937,772.
b. The Company's internal control policy for financial reporting to ensure
the accuracy of the information presented in the unaudited financial
statements.
Answer:
Based on POJK No. 21/POJK.04/2015 concerning the Implementation of
Guidelines for Public Company Governance, Public Companies are required
to disclose information regarding the implementation of aspects, principles,
and recommendations of Good Corporate Governance.
In addition, in accordance with POJK No. 56/POJK.04/2015 concerning the
Establishment and Guidelines for the Preparation of Internal Audit Unit
Charters, Public Companies are required to establish an independent
Internal Audit Unit that is directly responsible to the President Director. In the
Company's Internal Audit Charter that has been submitted, one of the main
tasks of the Internal Audit Unit is to conduct examinations and assessments
of the efficiency and effectiveness of activities in various fields, including
finance, accounting, marketing, operations, human resources, information
technology, and other activities within the Company.
Referring to the provisions of the two POJK, internal control over financial
reporting is a crucial aspect in the implementation of Good Corporate
Governance (GCG). Therefore, to ensure the accuracy of financial report
information, the Company relies on the function of the Internal Audit Unit that
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has been formed.
5. Based on CALK 16 on Cost of Revenue and CALK 17 Operating Expenses,
there is information on an increase in salary and allowance expenses in the
period ended March 31, 2025 when compared to the period ended March 31,
2024. Based on information on the number of permanent employees
presented in CALK 1c on Key Management and other information, the
Company's permanent employees as of March 31, 2025 were 326 employees.
In CALK 1c of the Company's Consolidated Financial Statements for the
period March 31, 2024, the number of permanent employees was 359
employees. Based on this information, the Company is required to explain
the following:
a. Explanation regarding the amount of salary and allowance expenses
increasing compared to the decreasing number of permanent
employees;
b. Information regarding the Company's human resources as of March 31,
2025 and at the most recent time submitted based on employee status
and employee placement based on geography and based on placement
in the Company's group structure;
c. Details of salaries and forms of benefits provided to the Company's
employees. The Company must provide answers using the following
table format:
Answer:
a. Explanation regarding the amount of salary and allowance expenses
increasing compared to the decreasing number of permanent
employees;
Answer:
Phe increase in salary and allowance expense was due to the payment of Eid
Allowance (THR) in the first quarter of 2025, which did not occur in the same
period in 2024. The provision of THR is the company's obligation in
accordance with applicable laws and regulations, and this payment was
made earlier considering that Eid al-Fitr falls in early April 2025. Thus, the
recording of THR expense is included in the consolidated financial
statements for the period ending March 31, 2025.
b. Information regarding the Company's human resources as of March 31,
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2025 and at the most recent time submitted based on employee status
and employee placement based on geography and based on placement
in the Company's group structure;
Answer:
The following are details of the Company's human resources as of March 31,
2025:
Placement Employee Status Amount
MUTU
Headquarters Permanent 186
Regional Office Permanent 63
JAMMIN (PT Jasa Mutu Mineral Indonesia)
Subsidiary Entity Permanent 77
Total 326
c. Details of salaries and forms of benefits provided to the Company's
employees. The Company must provide answers using the following
table format:
Answer:
No Description March 31, 2025 March 31, 2024
1 Salary and Benefits 23.812.531.502 16.232.798.596
Amount 23.812.531.502 16.232.798.596
6. Based on CALK 8 on Fixed Assets, there was an addition of fixed assets in
the form of buildings, equipment, and office inventory amounting to Rp3.32
billion in the period of March 31, 2025. In the cash flow report for the same
period, there is information regarding payments for the acquisition of fixed
assets amounting to Rp12.18 billion. Based on this information, the
Company should explain the following:
a. Payment details for the acquisition of fixed assets are submitted using
the following table format:
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b. Journal details arising from payments for the acquisition of fixed assets
are submitted using the following format:
Answer:
a. Payment details for the acquisition of fixed assets are submitted using
the following table format:
Answer:
Transaction Source of Bank account Payment
No Amount Notes
Description funds for payment recipient
Building renovation Operational
1 and installations Operational Bank 372.799.190
Metacom
Karunia
Lestari, Icon
Technology,
Kharisma
Data
Technology,
Bersama
Handal
Makmur, MAX
Office inventory Operational COMPUTER
2 purchases Operational Bank 394.433.497
Purchase of office Operational Envirotama
3 equipment IPO Bank 1.169.519.158 Solusindo, PT
Magna Sardo,
Ditek Jaya,
Trusur Unggul
Teknusa, PT
Soulab
Operational Tekindo
Operational Bank 1.379.541.444 Gemilang
Fixed asset down Operational
4 payment IPO Bank 2.760.016.501
Operational
Operational Bank 6.096.760.896
Total 12.173.070.686
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b. Journal details arising from payments for the acquisition of fixed assets
are submitted using the following format:
Answer:
Transaction
Journal Date Account Description Debit (Rp) Credit (Rp) Description Information
Building 372.799.190
Period Jan-March Building
25 Bank 372.799.190 Renovation
Inventory 394.433.497
Bank 127.143.497
Period Jan-March Down payment for Office inventory
25 purchase of assets 267.290.000 purchases
Equipment 2.549.060.602
Bank 985.485.388
Period Jan-March Down payment for Purchase of office
25 purchase of assets 1.563.575.214 equipment
Down payment for
Down payment for
purchase of assets 10.687.642.611
Period Jan-March purchase of
25 Bank 10.687.642.611 assets
7. In CALK 7 regarding Down Payments and Prepaid Expenses, there is
information on changes in financial position as follows:
a. Down payment for purchase of fixed assets increased by IDR 8.86 billion
or 79.87% as of December 31, 2024;
b. Travel advances increased by IDR 5.23 billion or 124.55% as of
December 31, 2024; and
c. Prepaid expenses increased by IDR 12.68 billion or 171.50% as of
December 31, 2024.
Based on this information, the Company is requested to explain the following matters:
a. Background to the increase in down payments and prepaid expenses in
the three-month period ended March 31, 2025;
b. Information regarding down payment transactions and prepaid fees is
presented using the following table format:
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c. Details of journal entries arising from the increase in down payments and
prepaid expenses are submitted using the following format:
d. The realization status of down payment and prepaid expenses is
submitted using the following table format:
e. The business procedures implemented by the Company to ensure the
realization of down payment and the internal control implemented by the
Company over these business procedures..
Answer:
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a. Background to the increase in down payments and prepaid expenses in
the three-month period ended March 31, 2025;
Answer:
The increase in the balance of the advances and prepaid expenses account
in the consolidated financial statements as of March 31, 2025 was due to
expenses that had been paid in advance, both for operational purposes,
purchases of fixed assets, and business travel needs. However, the
prepayments have not been recognized as expenses in the current period
because the economic benefits will be obtained in the following period. Thus,
the related income or benefits will be recorded in the following period in
accordance with the matching principle in accounting.
b. Information regarding down payment transactions and prepaid fees is
presented using the following table format:
Answer:
Transac�on Source of Account For
No Amount Payment Recipient
Descrip�on funds Payment
PT Merck Chemical, PT
Trusur Unggul Teknusa, PT
Opera�onal
IPO Funds Mi�ah Konstruksi, PT Nusa
Bank
Advance Tri Wisesa,PT Arista
Payment for 2,760,016,501 Elektrika Indonesia
1
Purchase of Bestari Sarana Instrument,
Fixed Assets Metacom Karunia Lestari,
Opera�onal Opera�onal
Ul�ma Sains Inovator,
Funds Bank
Kharisma Data Technology,
7,927,626,146 Mul� Medika Laoratory
Jumlah 10,687,642,647
Opera�onal Opera�onal
2 Travel Advance 7,514,094,193 Employee
Funds Bank
Employee, Mitra Harmoni
Insurance, Lintas
Prepaid Opera�onal Opera�onal Nusantara Property, PT
3 12,683,929,216
expenses Funds Bank Fajar Mas Murni Pihak,
Building Tenants
(Individuals)
c. Details of journal entries arising from the increase in down payments
and prepaid expenses are submitted using the following format:
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Answer:
Account
No Journal Date Debit Credit Transac�on Descrip�on
Descrip�on
Fixed Asset
10,687,642,647 Journal for purchase of
Advance
fixed assets
Bank 10,687,642,647
Fixed Assets -
372,799,190
Buildings
Period January
1 Fixed Assets -
to March 2025 2,549,060,602
Equipment
Journal records receipt
Fixed Assets -
394,433,497 of fixed assets
Office Inventory
Bank 1,485,428,075
Fixed Asset
1,830,865,214
Advance
Business travel Journal to record
7,514,094,193
Advance advance payment for
Bank 7,514,094,193 business travel
Period January
2
to March 2025 Business travel 2,285,965,353 Journal of charging for
realiza�on of advance
Business travel
2,285,965,353 payment for official
Advance
travel
Prepaid
Period January 12,683,929,216 Journal to record
3 expenses
to March 2025 prepaid expenses
Bank 12,683,929,216
d. The realization status of down payment and prepaid expenses is
submitted using the following table format:
Answer:
Account Payment Remaining
Transac�on Source of Payment
No For Amount Realiza�on Payment (If
Descrip�on funds Recipient
Payment Status Any)
Advance PT Merck
Payment for Opera�o Chemical, PT DP 520,867,50
1 IPO Funds 2,760,016,501
Purchase of nal Bank Trusur Unggul Payment 0
Fixed Assets Teknusa, PT
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Mi�ah
Konstruksi, PT
Nusa Tri
Wisesa,PT
Arista Elektrika
Indonesia
Bestari Sarana
Instrument,
Metacom
Karunia Lestari,
Opera�onal Opera�o Ul�ma Sains
7,927,626,146
Funds nal Bank Inovator,
Kharisma Data
Technology,
Mul� Medika
Laoratory
Amount 10,687,642,647
Travel Opera�onal Opera�o Already
2 7,514,094,193 Employee -
Advance Funds nal Bank paid
Employee,
Mitra Harmoni
Insurance,
Lintas
Nusantara
Prepaid Opera�onal Opera�o Already
3 12,683,929,216 Property, PT -
expenses Funds nal Bank paid
Fajar Mas
Murni Pihak,
Building
Tenants
(Individuals)
e. The business procedures implemented by the Company to ensure the
realization of down payment and the internal control implemented by
the Company over these business procedures..
Answer:
The Company implements a structured procedure to ensure the realization of
down payment, both for the purchase of goods/services and operational
needs such as business travel. Each down payment application is
accompanied by supporting documents and goes through a tiered approval
process according to the limits of authority.
Advances for the purchase of goods or services are recorded as current
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assets and non-current assets and are reclassified as inventory, fixed assets,
or expenses after the goods or services are received. This policy is in
accordance with applicable PSAK.
In terms of internal control, the Company carries out document verification,
authorization restrictions, recording in the accounting system, and periodic
monitoring by the finance team, to ensure that all down payments are used
according to their intended use and can be properly accounted for.
8. Based on CALK 21 Taxation, there is information on an increase in prepaid
tax for value added tax (VAT) of Rp758.04 million and a decrease in VAT tax
debt of Rp1.40 billion. Based on this information, the Company is asked to
explain the background of the increase in prepaid tax accounts and the
decrease in VAT tax debt.
Answer:
As of March 31, 2025, the balance of Value Added Tax (VAT) debt decreased by
Rp1.4 billion compared to the position as of December 31, 2024. The decrease
was mainly due to the settlement of VAT debt from the previous period and the
compensation mechanism (net-off) between output VAT and input VAT. It should
be noted that the output VAT balance is the balance owned by Jammin (a
subsidiary).
In addition, as of March 31, 2025, the Prepaid Tax balance for VAT recorded an
increase of Rp758 million compared to the position as of December 31, 2024. This
increase was also influenced by the compensation mechanism (net off) between
output VAT and input VAT. It should be noted that the Prepaid Tax balance is a
balance owned by PT MUTU.
9. Based on the disclosure of information regarding the minutes of the results
of the extraordinary general meeting of shareholders (EGMS) announced by
the Company on April 30, 2025, there is information on changes in the use of
the remaining funds from the initial public offering of shares. Of the
remaining funds of IDR 31.6 billion, IDR 20.5 billion was diverted to increase
the allocationoperational expenditures and Rp. 4 billion was diverted to
increase the allocationcapital expenditures in the form of Halal Laboratory
equipment. Based on this information, the Company is required to explain
the following matters:
a. Background to changes in the use of remaining funds from the initial
public offering of shares, including considerations taken by the
Company in using the remaining funds from the public offering;
b. Details of changes to the planned use of funds are submitted in a table
format as follows:
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The Company must provide detailed information regarding the intended
use of funds before and after any changes in the use of funds from the
initial public offering of shares; and
c. Estimated impact on financial statements from changes in the use of
remaining funds from the initial public offering of shares submitted in the
following format:
d. Analysis of the impact of changes in the use of remaining funds from the
initial public offering of shares. The Company must explain the impact on
business strategy based on the Company's 3 (three) strategy schemes
(Green Economy, Shariah Economy, And Digital Economy) and the
Company's operational activities from these changes;
e. Based on the letter of PT Mutuagung Lestari Tbk number
8869.77/EXT-MUTU/XII/2024 dated December 10, 2024 regarding the
Response to the Exchange's Request for Explanation, the Company
stated that "the target for the use of CAPEX will be realized in 2025". With
the change in the use of the remaining funds from the public offering, the
Company must convey the impact on the achievement of the Company's
projections.
Answer:
a. Background to changes in the use of remaining funds from the initial
public offering of shares, including considerations taken by the
Company in using the remaining funds from the public offering;
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Answer:
The change in the use of funds from those originally allocated for capital
expenditure (CAPEX) to operational expenditure (OPEX) was carried out
based on strategic considerations and efficiency in implementing the
company's operational expansion and development plans.
Initially, the IPO funds were planned for the purchase/construction of offices to
support the operations of branch laboratories. However, after further
evaluation, it was decided that the office rental option was a more flexible and
efficient choice in the early stages. This decision took into account the need for
speed in expansion, flexibility in changing strategic locations, and avoiding
large initial investment burdens that were not necessarily comparable to
short-term needs. With this change, funds previously allocated for CAPEX can
be diverted to OPEX which is more strategic and has a direct impact on
accelerating operations and business growth. The funds are used for licensing
fees, strengthening and adding HR (Human Resources), financing the
accreditation process, and increasing operational capacity in supporting the
Company's business expansion related to:
● Acceleration of Halal Certification scheme.
● Development of new Certification Scheme VPTI (Import Technical
Verification or Tracing).
● Development of new Certification Schemes, namely the Sustainable
Biomass Programme (SBP) and Green Gold Label (GGL)
● Development of the existing scheme, namely CORSIA Certification
(Carbon Offsetting and Reporting Scheme for International Aviation)
b. Details of changes to the planned use of funds are submitted in a table
format..
The Company must provide detailed information regarding the intended
use of funds before and after changes in the use of funds from the initial
public offering of shares.
Answer:
The answer table on the Google Drive link is as
follows:https://docs.google.com/spreadsheets/d/13wR13cO-_xwgurF-YgWy-Lsz
7DOwcmgEvnVwpG2DxqQ/edit?gid=1939818849#gid=1939818849
attachment 9b
c. Estimated impact on financial statements from changes in the use of
remaining funds from the initial public offering of shares submitted in the
following format:
Answer:
Estimated impact on financial statements from changes in the use of remaining
proceeds from the initial public offering:
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Journal
Account Description Debit (Rp) Credit (Rp) Description
Date
1 Fixed assets - Halal lab To carry out halal laboratory
equipment 4.000.000.000 equipment
Cash 4.000.000.000
2 Salary and allowance For human resource needs related
expenses to the development of VPTI, Halal
5.000.000.000 and carbon schemes
Cash 5.000.000.000
3 Operational Expenses For the purposes of financing field
activities, such as surveys,
verification and technical
consultations, travel costs and
accommodation for auditors and
experts under these three
12.500.000.000 schemes.
Cash 12.500.000.000
4 Administrative and For the purposes of administration
general expenses of the halal scheme, VPTI and
3.000.000.000 carbon
Cash 3.000.000.000
Total 24.500.000.000 24.500.000.000
Currently, the Company cannot provide detailed information regarding the date
because procurement activities for the implementation of this scheme have not
reached the stage of implementing cooperation with third parties as of March
31, 2025.
The use of funds will continue to be reported periodically in the Report on the
Realization of the Use of Proceeds from the Public Offering in accordance with
the applicable POJK regulations.
d. Analysis of the impact of changes in the use of remaining funds from the
initial public offering of shares. The Company must explain the impact on
business strategy based on the Company's 3 (three) strategy schemes
(Green Economy, Shariah Economy, And Digital Economy) and the
Company's operational activities from these changes;
Answer:
The impact on the Business Strategy as conveyed at the Company's EGMS
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which was held on Wednesday, April 30, 2025 is as follows:
1. Green Economy
The funds are used to support the development of renewable energy
certification schemes such as the Sustainable Biomass Programme
(SBP) and Green Gold Label (GGL). This strengthens the Company's
position in the green energy sector and supports the net-zero emissions
target.
2. Shariah Economy
Investment in national halal certification to accelerate the Halal
Certification scheme for food and beverage products, cosmetics,
pharmaceuticals, and other sectors.
3. Digital Economy
Although the IPO fund changes are not specifically allocated for digital
technology, strengthening HR and operations funded from OPEX is
expected to be the first step in supporting MUTU's readiness to face
future digitalization opportunities. Because the growing digitalization
trend in various sectors is also part of the Company's business
development direction, especially in providing a traceability system for
natural resources.
Impact on Operations:
This change accelerates:
● Development of new services such as VPTI and CORSIA.
● Strengthening human resources and branch readiness without having to
buy a building.
● Flexibility and efficiency in operations.
This change in the use of funds is expected to increase the speed, efficiency
and readiness of MUTU to face market needs while maintaining transparency
and the interests of public investors.
e. Based on the letter of PT Mutuagung Lestari Tbk number
8869.77/EXT-MUTU/XII/2024 dated December 10, 2024 regarding the
Response to the Exchange's Request for Explanation, the Company
stated that "the target for the use of CAPEX will be realized in 2025". With
the change in the use of the remaining funds from the public offering, the
Company must convey the impact on the achievement of the Company's
projections.
Answer:
As previously stated in the Company's letter, the 2025 CAPEX realization plan
will continue to be implemented, but with adjustments to the allocation and
amount. Part of the funds from the public offering will continue to be used for
CAPEX amounting to IDR 4 billion, especially for the procurement of halal
laboratory equipment. The remainder will be diverted to OPEX to support the
operationalization of new services that have been projected to directly
contribute to revenue, Halal Certification, VPTI, and SBP, as well as
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strengthening HR capacity and operational efficiency. Thus, the 2025 strategic
plan will continue to be implemented with a more adaptive approach without
changing the direction of the Company's financial projections.
The Company's performance in the first quarter of 2025 showed positive initial
momentum, with revenue growth of 18.7% and net profit of 31.3% compared to
the same period the previous year. This momentum is a strong foundation to
support the successful implementation of the IPO fund usage strategy that has
been approved through the EGMS on April 30, 2025.
Thus, the Company remains on track with the 2025 performance projections,
including strengthening the asset structure and realizing strategic initiatives
within the Green Economy, Shariah Economy, and Digital Economy
frameworks.
That's the explanation we can give, I hope it can be well received.
Best regards,
PT Mutuagung Lestari Tbk
Wita Adelina Noer Putri
Head of Corporate Secretary
Page 27
Names mentioned 22 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT BURSA EFEK INDONESIA Indonesia Stock Exchange Building
p.1
unresolved
org
Indonesia Stock Exchange
p.1 ×3
unresolved
org
Financial Services Authority
p.3
unresolved
org
PT Jasa Mutu Mineral Indonesia
p.3 ×2
unresolved
org
PT Mutuagung Lestari Tbk's Financial Statements
p.11
unresolved
org
PT Magna Sardo
p.16
unresolved
org
PT Soulab Operational
p.16
unresolved
org
PT Merck Chemical
p.19
unresolved
org
PT Trusur Unggul Teknusa
p.19
unresolved
org
PT Opera
p.19
unresolved
org
PT Nusa Bank Advance
p.19
unresolved
org
PT Arista Payment
p.19
unresolved
org
Bank Kharisma Data Technology
p.19
unresolved
org
Bank Employee
p.19
unresolved
org
PT Merck Payment
p.20
unresolved
org
PT Nusa Tri Wisesa
p.21
unresolved
org
PT Arista Elektrika Indonesia Bestari Sarana Instrument
p.21
unresolved
org
PT MUTU.
p.22
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