PT Danasupra Erapacific Tbk (DEFI) began operating in 1995, and is engaged in leasing, factoring and consumer financing. Company's operations are divided into three divisions, namely leasing (provides financial services in the procurement of capital goods such as facilities and equipment production), factoring (providing financing services, which will help employers to improve working capital) and consumer finance (providing financing services for consumer goods)

Company History

Company History

PT Danasupra Erapacific Tbk (Company) is a public-traded company listed on the Indonesia Stock Exchange (IDX), under the "DEFI" transaction code. Company was established in 1994, based on Deed of Notary Elliza, SH No. 65 dated November 11, 1994 and obtained its legal status from the Minister of Law, Republic Indonesia under Decree No. C2-1.101.HT.01.01 Th.95 dated January 25, 1995, published on the State Gazette of Republic Indonesia No. 15 dated February 25, 2000, Supplement No. 913.

As the Company is engaged in the financing, the Company's business activities include:

  • Leasing in the form of procurement of capital goods for the lessee, either with or without option rights over the goods;
  • Factoring is done with the form of the purchase or transfer of receivables / short-term bills of trade at home and abroad, and the administrator company for credit sales and collection of accounts receivable of the Company other;
  • Consumer Financing is done in the form of provision of funds for the purchase of consumer goods for which payment is made in installments or periodically by the consumer.

The Company has obtained its license as Multi-finance Company from the Minister of Finance under Decree No. 439/KMK.017/1995 dated September 14, 1995. The company started to commercially operated at 1995.

The Company at 2000 submitted a Statement of Stock Issuance Registration t to the Head the Capital Market Supervisory Agency (BAPEPAM) in relation to Initial Public Offering of 5,000,000 shares to the public with nominal value Rp 500 per share.

The pronouncement became effective based on the letter Chairman of the Capital Market Supervisory (BAPEPAM) No. S-768/AM/2000 on April 8, 2000.

The said Deed of Establishment amended as a result of Initial Public Offering of Shares to the public, base on Deed No. 12 dated 18 January 2000, made before Refizal, SH, notary in Jakarta and has attained approval from the Minister of Law, Republic of Indonesia through Decree No. C-1248.HT.01.04TH. 2000 dated February 3, 2000 and was also published on State Gazette of the Republic of Indonesia No. 99 dated December 12, 2000, Supplement No. 7586.

This change marks the Company's name change from PT. Danasupra Erapacific to PT. Danasupra Erapacific Tbk.

Offering and listing of shares on the stock exchange Surabaya done effectively by letter of the Chairman of Bapepam No. S-768/PM/2000 dated 18 April 2000.

Effective date of July 6, 2001, the Company's shares were listed on the Jakarta Stock Exchange (Indonesia Stock Exchange).

In connection with adjustments to the Limited Companies deed No. 40 of 2007, The Articles of Association where also modified, as per the statement of the Extraordinary General Meeting of Shareholders on June 19, 2008 through Deed No. 54 made before Marina Soewana, SH. Notary in Jakarta. This amendment was approved by Minister of law and Human Rights of the Republic of Indonesia through Decree No. AHU-33658.AH.01.02 of 2009 dated July 17, 2009 as announced in the State Gazette of the Republic of Indonesia, dated May 24, 2011 No. 41, Supplement No. 13600.

Vision and Mission

Vision and Mission

Corporate Vision

become the best multifinance company

 

Corporate Mission

to support increasing economic by providing fund for working capital, investment and consumer financing

Corporate Values

Corporate Values

Core values are the basic principles that underlie moral enterprise at work, patterned think, communicate and act, which must be adhered to, lived, performed and believed by all employees during working Danasupra Erapacific Tbk PT.

Core Values are:

  1. Honesty
  2. Partnership
  3. Justice
  4. Mutual Respect
  5. Maintain Corporate Reputation
Business Activity

Business Activity

Company’s Operation

Under the Regulation of the Financial Services Authority No. 29/POJK.05/2014 concerning Financing Company Financing, the Company aligns its business through the amendment of the Company's Articles of Association. In Article 3 the aims and objectives of the Company are:

  • Investment Financing
  • Working Capital Financing
  • Multi-Use Financing

Investment Financing

Investment Financing is the financing for the procurement of capital goods and services necessary for business/investment activities, rehabilitation, modernization, expansion or relocation of place of business/investment given to the debtor in more than 2 (two) years.
Investment Financing is done by:

  • Leasing Financing
  • Sell and Lease
  • Factoring with Receivables from Receivable Sellers
  • Purchase by Payments In installments
  • Project Financing

Working Capital Financing

Working Capital Financing is the financing to meet the needs of expenditures that run out in a cycle of business activities of the debtor and is a financing with a period of maximum 2 (two) years.
Working Capital Financing is done by:

  • Sale and Lease Back
  • Factoring with Receivables from Receivable Sellers
  • Factoring Without Guarantee from Receivable Seller
  • Business Capital Facility

Multi-Use Financing

Multi-Use Financing is the financing for the procurement of goods and/or services required by the debtor for consumption/consumption and not for business purposes (productive activity) within the agreed timeframe.
Multipurpose financing is done by:

  • Leasing Financing
  • Purchase by Payments In installments
  • Other financing after obtaining approval from the Financial Services Authority first.

Business Performance Analysis

Assets

The Company experienced a decrease in total assets of 8.42% in 2018, ie from Rp. 83.80 billion in 2018 to Rp. 76.75 billion in 2017. This decrease mainly occurred due to a decrease in the placement of investment securities available for sale of Rp. . 7.25 billion (16.09%) from Rp. 45.12 billion in 2017 to Rp. 37.87 billion in 2018 and consumer financing receivables of Rp. 1.77 billion (11.55%) from Rp. 15.36 billion in 2017 to Rp. 13.58 billion in 2018.

The details and percentage of assets of the Company as of December 31, 2018 and December 31, 2017 as follows:

Liabilities

Total liabilities in 2018 decreased by 6.35% (Rp. 72.71 million) compared to the position at the end of 2017. This decline occurred mainly due to a decrease in Deferred Tax Liabilities of Rp 143.52 million (63.59%), namely from in 2017 amounting to Rp 255.97 million to Rp 82.18 million in 2018.

Equity

The Company's total equity in 2017 increased The total equity of the Company in 2018 decreased by 8.45% or Rp 6.98 billion which was to Rp 75.68 billion from Rp 82.66 billion in 2017, this was due to a decrease in Comprehensive profit of Rp. 13.93 billion in 2017 to Rp. 5.30 billion in 2018 (down 61.96%)

Revenues

The Company's revenue comes from factoring and consumer financing, administration income, provision income, fine income, bank interest income and other income.

As of December 31, 2018, total revenue was recorded at Rp 5.70 billion, down by (55.12%) compared to the previous year as of December 31, 2017, which was Rp 12.70 billion. The decrease in income was due to the sale of securities (83.62%) from Rp. 8.70 billion to Rp. 1.43 billion.

Expenses

The Company's expenses are derived from labor, allowance for impairment losses, general and administrative, post-employment benefits, and other expenses. As of December 31, 2018, the Company recorded a total expenses of Rp 3,98 billion, down by 2,33% compared to December 31, 2017, which amounted to Rp 3,87 billion. The increase in total expenses was mainly due to labor, general and administration of 9,64% from Rp 3,63 billion to Rp 3,98 billion.

Comprehensive Profit (Loss)

The Company's total comprehensive income for the year ended December 31, 2018 amounted to (Rp. 6.98) billion, a decrease of 130.76% compared to the year ended December 31, 2017 which amounted to Rp.22.69 billion. The decrease in comprehensive income was due to a decrease in value of available investment securities for sale (not yet realized) of Rp. 22.68 billion (-161,71%).

Cash Flow

Cash flow analysis for operating activities in finance companies is different from other companies in general, where negative value or excessive use of cash, especially for new financing shows the ability of the finance company to obtain new financing. In other words, the greater the use of cash from operating activities, especially on new financing reflects the better growth of the company. The details of the Company's cash flows in 2018 and 2017 can be seen in the table:

Net Cash Obtained from Operating Activities

Net cash obtained from operating activities is Rp. 2.30 billion and (Rp. 9.42 billion) for the year ended December 31, 2018 and 2017. The decrease in net cash obtained from operating activities that occurred on December 31, 2017 compared to December 31, 2016 was Rp. 11.72 billion or equal to 124.47% mainly due to a decrease in financing.

Net Cash Used for Investment Activities

Net cash used for investment activities is Rp. 106 million and (Rp. 9.15 billion) for the years ended December 31, 2018 and 2017. Net cash used in investing activities mainly for investments in the purchase and / or sale of available-for-sale securities amounting to Rp 3.83 billion and Rp. 3.8 billion in the year ended December 31, 2018. The increase in net cash used in investment activities that occurred on December 31, 2018 was 101.17%.

Primary Financial Ratio

.

The Ability Of The Payments Of Loans

The company always monitors the cash flow projections and the availability of funds to pay off short-term liabilities. The company does not have bank loans or other long-term liabilities.

Collectability Level

The details of the age of consumer financing receivables in 2018 and 2017 are as follows:

Capital Structure and Management Policy on Capital Structure

The Company's capital still uses its own capital, which is derived from paid up capital and retained earnings. The stock capital which was issued and paid-up in 2018 was Rp 33,8 billion.

Realized Capital Goods Investment

Capital goods investment carried out by the Company throughout 2018 is carried out to support operational activities. These capital goods investments include infrastructure, equipment, office furniture, and computers. The value reaches Rp132 million.

Target and Realization of Fiscal Year and the Next Target of Fiscal Year

In the midst of the ongoing economic slowdown the impact on the achievement of the financing target channeled by the Company in 2018. Financing channeled only reached 74% of the planned target, or reached Rp 33,382 bilion from Rp 46,157 miliar. For 2019, the Company targets total financing to reach Rp 42 bilion, or grow by 41% from the realization or achievement of financing in 2018.

Informations and Material Facts Which Occurred After the Date of Accountant Report

There is no material information and facts that occur after the date of the accountant's report for fiscal year 2018.

Marketing Aspect

Marketing

Marketing activities play an important role, both to expand business activities and to maintain market share in the finance industry. The marketing department continues to improve the collaboration with dealers and strategic financing partners to increase financing.

The Company's marketing focuses on providing services and fostering good relationships to business partners, whether banks, financial institutions and other creditors, insurance, dealers and consumers.

Relationship with the Bank

The Company maintains a sustainable relationship with the bank, although there is currently no cooperation with the bank in terms of funding. Good cooperation with the bank facilitates the Company in doing both transaction with the dealers and consumers.

Relationship with Consumers

In order to maintain business continuity, the Company continuously improves customer service starting from the time of credit application until the end of consumer obligation to the Company.

Credit application is processed easily, quickly and safely without leaving the principle of prudence. The Company also provides several installment payment methods to facilitate the consumer. Consumers can ensure that after credit repayment, BPKB can be obtained immediately. In addition, the Company also offers competitive interest.

Relationship with Insurance Company

The Company requires the insurance of the object being financed to minimize the risk. Therefore, the Company maintains good relationswith a credible, national-scale Insurance Company that provides good service to its custom ers and provides a good commitment to the Company in executing its business strategy.

Articles of Association

Articles of Association

The Articles of association define authority, duties and responsibilities, and determine the structural mechanism for appointing and dismissing members of the board of Directors and the board of commissioners. Statutes define the work relationship between the board of commissioners and the board of Directors as well, in line with the limited liability company law number 40/2007 and capital market law number 8/1995, according to BAPEPAM-LK and related PPATK.

Shareholders

Ownership Structure and Composition of Shareholders

The structure of shareholders and their percentage of ownership based on records from the Securities Administration Bureau (PT Adimitra Jasa Korpora) as of December 31, 2018 are as follows:


Organizational Structure

Corporate Organization Structure

Board of Commissioners

Board of Commissioners

Board of Commissioners is a representative to all shareholders, who is responsible to supervise on the management, daily operations, but not limited the company alone, also the company`s business as a whole, as well as providing advice to the Board of Directors in relation to corporate management, ensuring the implementation of GCG in accordance to the guidelines and also annual report approval from the Board of Directors prior to publishing to the shareholders.

On performing their duties, the Board of Commissioners is assisted by the Audit Committee, who regularly reports to the board of commissioners regarding the company`s performance.

 

Deddy Koesnadi

President Commissioner

CV Deddy Koesnadi
DRH Deddy.pdf (1.3 MiB)

Yugi Prayanto

Independent Commissioner


Indonesian citizen born in Palembang in 1967. Graduated from University Houston, Texas (Bachelor of Science Business & Commerce) in 1988, studied at the Massachusetts Institute of Technology (MIT) Sloan of Management, "Management Program" Cambridge, of Massachusetts, 2011. Following the National Security Agency (Defense) National Resilience Institute of the Republic of Indonesia and the Executive Program at the Tsinghua University School of Management, Beijing, China in 2012. Served as Vice President of PT. Equity Development Securities - Stock Brokers, Fund Manager and Underwriter (1999 - 2001), Director of Marketing at PT. Insurance Dayin Mitra Tbk (2001 - 2005), Vice Chairman of PT. Dayin Insurance Partners Ltd (2005 - present), as President Director of PT. Sinar Mitra Karsa (2005 - present), Vice Chairman PT. Indonesia Prima Property (June 2010 - present) and as an Advisor at PT. Bukit Baiduri Energy (Mahakam Coal Mining) (2012 - present).

Board of Directors

Board of Directors

Board of Directors is the company`s main organ that holds ultimate executive authority. The board of Directors are under the supervision of the board of commissioners, whose job is responsible for performing and controlling the daily operations of the company, in accordance with the mandate of company`s Articles of Association and Decision on general meeting of shareholders. In performing its duties, the board of Directors should uphold the principles of corporate GCG.

 

Asnardi

President Director

Irianto Kusumadjaja

Director

CV Irianto Kusumadjaja
DRH Irianto.pdf (1.1 MiB)
Audit Committee

Audit Committee

The Audit Committee monitors audit plan efficiency and inspects internal audit reports, working specifically to tighten internal control in the Company. The Audit Committee also establishes a relationship with independent auditor to review business plans and to follow up on their meetings further, it provides brief reports in assessing the overall framework of the implementation of Good Corporate Governance standards.

In 2019 the Audit Committee was comprised of Yugi Prayanto (Independent Commissioner), Nike Felina (member) and Erikson Putra (member). The principal duty of the Audit Committee is to support the Board of Commissioners in performing its oversight and monitoring function of the implementation of Company operations, through internal control systems.

Yugi Prayanto

Independent Commissioner


Indonesian citizen born in Palembang in 1967. Graduated from University Houston, Texas (Bachelor of Science Business & Commerce) in 1988, studied at the Massachusetts Institute of Technology (MIT) Sloan of Management, "Management Program" Cambridge, of Massachusetts, 2011. Following the National Security Agency (Defense) National Resilience Institute of the Republic of Indonesia and the Executive Program at the Tsinghua University School of Management, Beijing, China in 2012. Served as Vice President of PT. Equity Development Securities - Stock Brokers, Fund Manager and Underwriter (1999 - 2001), Director of Marketing at PT. Insurance Dayin Mitra Tbk (2001 - 2005), Vice Chairman of PT. Dayin Insurance Partners Ltd (2005 - present), as President Director of PT. Sinar Mitra Karsa (2005 - present), Vice Chairman PT. Indonesia Prima Property (June 2010 - present) and as an Advisor at PT. Bukit Baiduri Energy (Mahakam Coal Mining) (2012 - present).

Nike Felina

Member

CV Nike Felina
DRH Nike.pdf (92.6 KiB)

Erikson Putra

Member

Corporate Secretary

In accordance with the provisions of the Financial Services Authority (OJK) Regulation No. 35/POJK.04/2014 concerning Corporate Secretary of Issuers or Public Companies, the Company has appointed Irianto Kusumadjaja to serve as the Corporate Secretary and carry out his duties fully since November 1, 2019.

Internal Audit

Internal audit is a Division administered under the Directors and is able to communicate directly with the Board of commissioners in regard to matters related to company audit. The internal audit division is supervised by the Head of Internal Audit, who was appointed and later dismissed by the President Director through a recommendation of the Board of Commissioners. Duties and responsibilities of the internal audit division include: to ensure and assure that all corporate operational activities are running according to Company rules and regulations, Company policies and procedures as applied.

In 2019, the Internal Audit Division was headed by Siti Amelia Mardatila.