Corporate Business Plan (PT MSI)

A CONFIDENTIAL REPORT:
CORPORATE BUSINESS PLAN
SUBMITTED TO:
CORPORATE SHAREHOLDERS
PREPARED BY:
ICHSAN
[MANAGING DIRECTOR]
PT MARIS SUSTAINABLE INDONESIA

Jl. Tipar Cakung, Pool PPD 5
Cakung, Jakarta Timur 13910
Indonesia
Phone : +62 21 468 31343
Fax : +62 21 468 31343
JUNE 2013
© PT MSI
CORPORATE BUSINESS PLAN [PT MSI]
CONTENTS
EXECUTIVE SUMMARY ........................................................................................................... 3

1. CORPORATE STRUCTURE ................................................................................................. 4
2. CORPORATE LEGALIZATION .............................................................................................. 5
3. CORPORATE BUSINESS ..................................................................................................... 7
3.1. CORE BUSINESS ..................................................................................................................... 7
3. 1.1. BIOGAS-POME POWER PLANT .................................................................................... 7
3. 1.2. MICROALGAE FACILITY ............................................................................................... 12
3.1. 3. HFCPO PLANT ............................................................................................................... 16
3.1. 4. GASIFICATION POWER PLANT .................................................................................. 19
3.2. SUPPORTING BUSINESS ..................................................................................................... 22
3. 2.1. SOLAR ENERGY SYSTEM ........................................................................................... 22
3. 2.2. ENERGY CONSERVATION .......................................................................................... 23
4. CORPORATE MILESTONE ..................................................................................................24
5. CORPORATE FINANCIAL ....................................................................................................27
5.1. STARTUP CAPITAL ............................................................................................................... 27
5.2. WORKING CAPITAL............................................................................................................... 27
5.3. OPERATIONAL COST ........................................................................................................... 28
5.4. CURRENT CASHFLOW ......................................................................................................... 28
5.5. CURRENT DEBT .................................................................................................................... 29
5.6. PROJECTED INCOME ........................................................................................................... 29
5.7. BRIDGING CAPITAL .............................................................................................................. 30
6. SUMMARY............................................................................................................................31
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EXECUTIVE SUMMARY
PT MARIS SUSTAINABLE INDONESIA (MSI) is a foreign investment company that was

established in July, 4th 2012 by three shareholders: MARIS PARTICIPATION BV (64%), GINTO
WINDARDO (26%), and PT STC INDONESIA (10%). The business location of PT MSI is in
Indonesia and the business license covers: carbon trade, fuel supply from natural gas & oil (e.g.
kerosene, LPG, and hydrocarbons), and fuel supply from bioenergy (e.g. biocarbonization,
biogas, biomass, biodiesel, and municipal solid wastes).
The core business of PT MSI includes: Biogas-POME Power Plant (for heat, electricity, fuel, and
other products), Microalgae Facility (for feed, food, and other products), HFCPO Plant (for fuel
and other products), and Gasification Power Plant (for heat, electricity, and organic fertilizer).
Beside this core business, PT MSI is also partnering with other companies in developing other
business related to sustainable energy, such as: solar energy system and energy conservation.
This Report is dedicated for Corporate Shareholders at PT MARIS SUSTAINABLE

INDONESIA (MSI) and made for internal purpose only. This Report has been prepared for
focusing on the company strategy as well as the company target. More detail information for
each specific project can be seen at the project proposals.
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1. CORPORATE STRUCTURE
PT MARIS SUSTAINABLE INDONESIA (MSI) is a foreign investment company that was

established in July, 4th 2012 by three founders:
MARIS PARTICIPATION BV (64% shares), represented by Mr. Ruben van Maris. It is

a Dutch company based in Schijndel, the Netherlands. More information regarding this
company can be found at: www.maris-projects.nl and www.maris-machines.nl;
GINTO WINDARDO (26% shares), represented by Mr. Ginto Windardo himself. He is a
young entrepreneur that has more than 10 years in heavy equipment business in
Indonesia;
PT STC INDONESIA (10% shares), represented by Mr. Thomas Fricke. It is a foreign
investment company in Indonesia. More information regarding this company can be
found at: www.stcresources.com.
The corporate structure of PT MSI is described below:
SHAREHOLDERS
MARIS PARTICIPATION BV
GINTO WINDARDO
PT STC INDONESIA
BOARD OF COMMISSIONERS
Ruben van Maris
Ginto Windardo
BOARD OF DIRECTOR
Ichsan Ichsan
ADMINISTRATION TEAM PROJECT TEAM

Edwin Noor Rohman (Tax Affair) Siti Devi Yanthi (Project Manager)
Supriyanto (Bookeeping)
Figure 1. Corporate Structure
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2. CORPORATE LEGALIZATION
Up to now, PT MSI has completed the following legal documents:
Investment Registration Letter / “Pendaftaran Penanaman Modal”, Issued by: the

Indonesian Board of Foreign Investment (BKPM), Number: 1612/1/PPM/I/PMA/2012,
Signed data: 3 July 2012;
Company Establishment Letter / “Akte Pendirian Perusahaan”, Issued by: Public
Notary (Mr. Besus Tri Prasetyo, SH), Number: 03, Signed data: 4 July 2012;
Letter of Statement on Corporate Domicile / “Surat Keterangan Domisili
Perusahaan”, Issued by: Camat Cakung Office, Number: 119/1.824/VIII/2012, Signed
date: 25 July 2012;
Tax Registration Letter / “Surat Keterangan Terdaftar Pajak”, Issued by: Cakung
Tax Office, Number: PEM-01088/WPJ.20/KP.0503/2012, Signed date: 8 August 2012;
Approval Letter on Corporate Legal Entity / “Pengesahan Badan Hukum
Perseroan”, Issued by: the Indonesian Ministry of Justice and Human Rights, Number:
AHU-45755.AH.01.01.2012, Signed date: 28 August 2012;
Corporate Registration Letter / “Tanda Daftar Perusahaan Perseroan Terbatas”,
Issued by: Local Government of Jakarta Timur, Number: 09.04.1.02.35124, Signed date:
4 October 2012;
Approval Letter on Corporate Tax Obligation / “Surat Pengukuhan Pengusaha
Kena Pajak”, Issued by: Cakung Tax Office, Number: PEM-
01192/WPJ.20/KP.0503/2012, Signed date: 24 October 2012.
The following legal documents are needed to be arranged as soon as possible. Without the
following documents, PT MSI could not run her business properly and could not do her project
execution. Moreover, PT MSI could not be involved in project tenders too. Those legal
documents are described as follows:
Approval Letter on Environmental and Community Friendly / “Surat Izin Gangguan

(HO)”, Issued by: the Local Government Authorities at project site;
Permanent Business Permit / “Izin Usaha Tetap (IUT)”, Issued by: the Indonesian
Board of Foreign Investment (BKPM);
Registration Letter on Import Component / “Surat Pendaftaran Import Komponen”,
Issued by: the Indonesian Importers Association;
Free Custom Import Letter / “Surat Bebas Bea Import”, Issued by: the Indonesian
Ministry of Finance;
Plant and Building Permit / “Izin Membangun Bangunan (IMB)”, Issued by: the Local
Government Authorities at project site;
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Qualification Letter on Expert / “Sertifikasi Tenaga Ahli (SKA)”, Issued by: the
Indonesian Contractor Association;
Qualification Letter on Corporate Business Stream / “Sertifikasi Bidang Usaha
(SBU)”, Issued by: the Indonesian Contractor Association;
Some others required legal documents for project execution.
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CORPORATE BUSINESS PLAN
P [PT MSI]
3. CORPORATE BUSINESS
PT MSI is focusing in the construction of Sustainable Energy Facility and Sustainable Product
Facility. There
here are some core business
businesses and supporting businesses that have been developed
by PT MSI. The core businesses
usinesses are based on PT MSI’s own technologies (including founder
technologies). On the other hand, the supporting businesses are based on other technologies
from PT MSI’s partners.
3.1. CORE BUSINESS

PT MSI has three main core businesses: biogas, microalgae,
micro and biooil facilities. PT MSI can
supply complete facilities ass well as part of equipments. The delivery time of these projects is
between 3-8 months.. The procurement time is shorter than other companies because the
technologies are owned by PT MSI (and partner).
3. 1.1. BIOGAS-POME
POME POWER PLANT
General Information
PT MSI has been developed the biogas project from Palm Oil Mill Effluent (POME) in Indonesia
for electricity
icity generation and other valued products (e.g. CNG and organic fertilizer) since 2012.
It has been well known that POME consists of methane gas (CH4) and other gases with high
Chemical Oxygen Demand (COD) level. The methane gas can be converted to electricity via
biogas engine after the gas has been cleaned. The gas itself can also be co compressed and
converted into to the Compressed Natural Gas (CNG). The CNG can be used for transportation
fuel and other purpose. The organic fertilizer can be produced as the by-product
by from this
process.
Figure 2. MARIS’ Biogas Facilities wit

with
h Feedstock Variations: Kitchen Wastes in Netherlands
(Upper Pictures) and POME in Malaysia (Lower Pictures)
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The biogas technology of PT MSI is based on the implemented technology from MARIS
GROUP (one of PT MSI’s founders). MARIS GROUP has more than thirty (30) years
experience in designing equipments and more than five (5) years experience in biogas
installation with variation feedstock (e.g. kitchen wastes, manure, agricultural wastes, POME,
etc.). Two technologies had been implemented by MARIS GROUP, namely: Tank Digester
System and Floating Cover Lagoon. Both technologies are based on the modified most
common technologies in biogas production. In Indonesia, PT MSI is focusing in Floating Cover
Lagoon technology due to a lower investment cost compared to Tank Digester System. The
Tank Digester System is more suitable for pit land application.
Process Flow Diagram
The Biogas-POME process flow diagram can be seen as follows:
Figure 3. Process Flow Diagram of Biogas-POME Facility
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Targeted Project
PT MSI has targeted 45 ton/hour and 60 ton/hour palm oil mills with estimated electricity
generation 1 MW and 2 MW respectively. Currently, PT MSI has developed the following
biogas-POME projects:
• PTPN 7 Biogas-POME Power Plant (BOT)

PT MSI has signed an agreement in 2012 with PTPN 7 (a government plantation) for
constructing a Biogas-POME Power Plant in Lampung. For this project, the carbon credit
has been secured by a PoA in 2013. For more information regarding the PoA, please
refer to:
https://cdm.unfccc.int/ProgrammeOfActivities/poa_db/BDF248C6JG1SKOZYQ5T3WVEHR7M
XLU/view)
Up to now, PT MSI has been waiting for investment on this project. Last year there was
a discussion to utilize APBN (National Budget) for this project. However, all shareholders
disagree at that time. Other investors have some doubts to invest due to unsecure
feedstock supply from PTPN 7. The best is to wait till 2014 as predicted that the
feedstock supply will be better than this year.
• ESDM Biogas-POME Power Plant (Tender)

PT MSI has been supporting one of tender participants in the Biogas–POME Power
Plant at the Ministry of Energy & Mineral Resources (ESDM). The tender will be
launched in 2014. Four Biogas-POME facilities will be built from APBN (National
Budget). These projects become more interesting since the Director of PT MSI has been
assigned by ESDM as one of Technical Experts for Biogas-POME. This is a voluntary
work, but we could have earlier information from ESDM and know our competitors in
better way (price, works, etc.). In parallel with this, a pilot project will also be built in this
year at Rokan Hulu, Riau Province. Joining this tender, we need to finalize our entity for
tender requirements at ESDM.
• PGN Biogas-POME Power Plant (Tender)

PT MSI had been invited by PT (PERSERO) PERUSAHAAN GAS NEGARA (PGN) to
assist them in Biogas-POME and Municipal Solid Waste (MSW) Power Plant. This
company is a State Owned Company for natural gas distribution. The biogas division
had been established earlier at PGN in 1997, but it was closed in 2004. Now, they are
opening again this division. The target is Power Purchase Agreement (PPA) with PLN
via PGN’s subsidiary company (already established and operated). Later on, we could
push it for Compressed Natural Gas (CNG) which is closer to their core business. This
project will be tendered in 2014.
• Tor Ganda Biogas-POME Power Plant (Appointed)

PT MSI had been invited by PT TOR GANDA (one of the major palm oil plantations in
Indonesia) for supporting them to prepare their business plan in Biogas-POME. It is
expected that they will invest in 2014.
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• Other Biogas-POME Power Plant (BOT)

PT MSI is continuously expanding business network and creating new opportunity for
Biogas-POME projects.in Indonesia. There are more than four other targets that will be
followed up in 2014.
• Cooperation with Project Developer

PT MSI has discussed an opportunity in cooperating with some biogas project
developers. PT MSI could supply equipments and machines for Biogas-POME Power
Plants. As long as we could supply reliable equipments and machines with competitive
prices, this opportunity exists. We secured the biogas engine from GUASCOR (Spain)
and complete control system from DORDTECH BV (the Netherlands). MARIS GROUP
will supply other equipments (H2S scrubber, pumps, etc.).
Competitor List
There are less than ten (10) biogas-POME technology providers in Indonesia. Meanwhile, there
are more than five hundreds (500) existing Palm Oil Mills in Indonesia and this number will be
doubled in the next fifteen years. In Table 1, the Commercial Biogas Power Plant Providers that
have been working in Indonesia in the last ten (10) years are listed.
Table 1. The Commercial Biogas Power Plant Providers in Indonesia
COMMERCIAL BIOGAS POWER PLANT PROVIDERS IN INDONESIA

NAME OF COMPANY TECHNOLOGY IMPLEMENTED PROJECTS DETAIL INFO
CIGAR, UASB, CSTR, HSAD (with
feedstock variation: cassava waste, > 100 biogas projects in Asia; > 4 biogas projects in
1 Asia Biogas www.asiabiogas.co.id
ethanol waste, manure, waste water, Indonesia
POME)
CIGAR, UASB, RAC, RAFAC, BIOSECO
(with feedstock variation: cassava waste, > 60 biogas projects world wide; > 2 biogas
2 Biotek www.bio-tec.net
ethanol waste, manure, waste water, projects in Indonesia
POME)
ZPHB, UASB (with feedstock variation:
> 250 biogas projects world wide; > 2 biogas
3 Knowledge Integration Services (KIS) Group cassava waste, ethanol waste, manure, www.kisgroup.net
projects in Indonesia
waste water, POME)
> 14 biogas projects in Asia; > 4 biogas projects in
4 Karya Mas Energi CIGAR (feedstock: POME) www.karyamasenergi.com
Indonesia
CIGAR (feedstock variation: tapioca
5 Lambang Jaya Group > 3 biogas projects in Indonesia
waste, agricultural waste, POME)
Floating Cover Lagoon & Tank Digester > 4 biogas projects world wide; 1 biogas project
6 Maris Group www.maris-projects.nl
(with feedstock variation: corn waste, under development
waste water, agricultural waste, POME)
AOPR (feedstock variation: agricultural > 5 biogas projects world wide; just entering
7 Redox www.redox.nl
waste, POME) Indonesian market
On the other hand, the non-POME wastes (e.g. other agricultural wastes, manure, etc.) are also
interesting to be developed for the Commercial Biogas Power Plants. Thus, this business has a
huge opportunity and also a sustainable one based on feedstock variation.
Financial Analysis
The financial analysis for 1 MW and 2 MW Biogas Power Plant (POME and non-POME) are
described in the following table. It is based on the actual value of investments. The CAPEX
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calculation includes all investment (e.g. land rental, equipments, and VAT).The PROFIT
calculation is based only from the electricity generation to PLN’s grid at Jawa, Madura, Bali, and
Sumatra (with electricity selling price: EUR 0.07/kWh and Location Factor = 1).
Table 2. The Project Investment for Biogas Power Plant (without CDM)
BIOGAS POWER CAPEX OPEX TURNOVER PROFIT PBP

PLANT [EUR] [EUR/YEAR] [EUR/YEAR] [EUR/YEAR] [YEAR]
1 MW - Power Plant 2,250,000 280,000 630,000 350,000 6.4
2 MW - Power Plant 3,500,000 550,000 1,300,000 750,000 4.6
SWOT Analysis
STRENGTH:
1. Extensive experience in building biogas installation;
2. Strong support in equipment and procurement that shorter delivery time;
3. Good networking with the Indonesian Ministry of Energy & Mineral Resources
and potential clients;
4. Good networking with project developers and equipment providers;
5. Sufficient identified projects with potential clients;
6. Securing PoA Biogas-POME at UNFCCC.
WEAKNESS:
1. Some of the projects are Built Operate & Transfer (BOT) which need strong
capital investment;
2. Some of the projects have to be tendered due to the huge CAPEX involved,
while PT MSI‘s legal documents are not fulfill the bidding requirement;
3. Insufficient manpower at PT MSI that covers technical (e.g. electrical,
biochemical, and mechanical) and non-technical parts;
4. Insufficient information from MARIS GROUP regarding the biogas detail design
and equipment specification;
5. Insufficient working capital to expand the business;
OPPORTUNITY:
1. There are more than 500 palm oil mills in Indonesia which do not have biogas
installation yet;
2. There are less than 10 biogas-POME technology providers in Indonesia;
3. Some competitors are willing to cooperate with PT MSI as long as the price of
equipments and machines match with their price target. For this, we need detail
information of each equipments and machines (prices & technical specifications).
THREAT:
1. PT MSI is not the pioneer of biogas-POME in Indonesia. The project reference is
also not impressive compared to other competitors;
2. Highly competitive prices between some CIGAR technology providers;
3. Without a strong financial support, it will be difficult to realize the approved BOT
project;
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4. Without complete legal documents, it will be impossible to be included in tender

projects;
5. Without detail information on technology, it will be difficult to propose the biogas-
POME to a new client. MARIS GROUP needs to provide more information to PT
MSI;
6. Without detail information on technology, it will be difficult to cooperate with
project developers and competitors.
3. 1.2. MICROALGAE FACILITY

General Information
PT MSI has started the business development on microalgae in Indonesia since October 2010.
It was started via the Global Sustainable Biomass Fund (partly subsidized by the Netherlands
Agency) by cooperating with PT WIRANA JAYATAMA ABADI (a civil construction company),
DIPONEGORO UNIVERSITY (an Indonesian university), KATHOLIEKE UNIVERSITAET
LEUVEN (a Belgium university), and PTPN 7 (a government state owned plantation). There are
two strains of microalgae that have been cultivated in Lampung: Spirulina sp. and Chlorella sp.
The official operation was in February 2011 that was officially launched by Mr. Mustafa
Abubakar (former Ministry for the Government State Owned Company) in Lampung. The first
harvesting was in July 2011. Since then, we are continuously cultivating and producing
microalgae from Lampung.
So far we sold more than 200 kg Spirulina sp. from Lampung and more than 400 kg from our
partners. The market varies from fish feed, food supplement, cosmetics, and extract source.
Thus, the market for Spirulina sp. is huge and it is keep growing. This strain can be classified as
the commercial based microalgae for local and international market. While Chlorella sp. is still
on the early phase of market development. It is classified as the research based microalgae for
biofuel. Up to now, none of the Chlorella sp. from Lampung had been sold.
Figure 4. MARIS’ Microalgae Facilities with Feedstock Variations: Municipal Waste Streams (Upper-left) and
Clean Water Stream (Upper-right) in the Netherlands; Brackish Water Stream
(Lower-left) and POME (Lower-right) in Indonesia
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The process flow diagram of commercial microalgae production can be seen as follows:
Figure 5. Process Flow Diagram of Commercial Microalgae Production
There are several grades of microalgae depending on the production quality (e.g. water in-take
purity, quality in cultivation, quality in harvesting, and quality in processing). The higher the
quality will give a better physical appearance (e.g. less odor, greenish color, and finest product).
During the product analysis, the high quality product will give a better performance (e.g. high
protein value, high beta carotene, and soon).
The microalgae grades are described as follow:

• Pharmaceutical grade
This grade is the highest production quality among other microalgae products. Specific
microalgae like Spirulina sp. can be extracted for pharmaceutical applications (e.g.
proteins, vitamins, chlorophyll, and other components).
• Food grade
The food grade microalgae have a slightly lower quality than pharmaceutical grade.
Spirulina sp. and Dunaliella salina can be used for food supplement.
• Cosmetics grade
The cosmetics grade of Spirulina sp. and Dunaliella salina can be used for spa
applications (e.g. scrubbing, shampoo, moisturizer, toner, cleanser, masker, hair tonic,
milk bath, and many more).
• Feed grade
The feed grade of Spirulina sp. can be used for feed nutritions. Fishes (e.g. Koi, Lou
Han, and Gold fish) as well as other animals (e.g. cows, chickens, ducks, and many
more) could gain benefits from this algae species.
•
• Fuel grade
The fuel grade of Chlorella sp. and Spirulina sp. can be used for biofuel production. This
is the lowest quality among other microalgae products that can give advantage from the
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lipid production that can be converted into biofuel. However, the cultivation and
harvesting of the Chlorella sp. is more difficult than Spirulina sp.
More information regarding the specific applications and microalgae grades can be seen from
PT MSI’s Microalgae Project Proposal.
Targeted Project
PT MSI has targeted small scale (< 1 ha) and commercial scale (1 ha and above) microalgae
production:
• PTPN 7 Microalgae Facility (Commercial Scale)

PT MSI has signed an agreement in 2011 with PTPN 7 for Microalgae Pilot Project. This
agreement is ended in June 2013. This project partly financed by the Dutch
Government. Currently, we are proposing for the extension of the pilot project till end
December 2013. The main reason is we found heavy metal composition at our dried
microalgae. Thus, we could not go commercial yet due to this issue. By this extension,
on the other hand, we could still have our show case for other potential clients.
Gradually, we would expect that we will go commercial-scale in 2014.
• Lambang Jaya Microalgae Facility (Small Scale)

PT MSI has sent a proposal to LAMBANG JAYA GROUP in July 2013. This company
would like to utilize tapioca waste for Spirulina sp. cultivation. The target is for feed and
food application. There is huge opportunity to optimize the tapioca waste since this
medium is suitable for microalgae cultivation. It is expected the small scale microalgae
facility at Lambang Jaya Group will be built at the end 2013.
• Bariball Agriculture Microalgae Facility (Small Scale)

PT MSI has sent a proposal to PT BARIBALL AGRICULTURE in July 2013. This
company would like to cultivate Spirulina sp. for their ducks feed. Now, we are on
discussion to realize this project. This project is expected to be realized in 2014.
• Surya University Microalgae Facility (Small Scale)

PT MSI has been cooperated with SURYA UNIVERSITY to utilize Spirulina sp. for
phycocyanin (coloring agent) production since May 2013. SURYA UNIVERSITY bought
some samples from our production facility and separated the phycocyanin at their
laboratory. In 2014, SURYA UNIVERSITY has planned to cultivate Spirulina sp. at their
laboratory working together with PT MSI. In parallel, SURYA UNIVERSITY has planned
to write some grant proposals to Ministry of Education and other funders cooperating
with PT MSI for microalgae cultivation.
• Banten Microalgae Facility (Small Scale)

PT MSI has been invited by farmers from Banten Province to cooperate in microalgae
cultivation. There are some local resources can be utilized for this project. The target will
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be Koi Fish feed. The meeting was conducted in early August 2013. One of the ideas
that we proposed is establishing “Herbal Cafe” that bring benefits for local workers in
Banten City. So we could have direct buyer which is the “Herbal Cafe” and Koi fish
farmers. In parallel, Banten is also one of the biggest industrial park in Indonesia. There
are some industrial wastes that can be treated using specific microalgae cultivation. It is
expected that it will be realized at mid of 2014.
• Other Microalgae Facility (Small Scale)

PT MSI has approached some potential clients to cooperate in microalgae cultivation. It
will take sometimes before we could realize in projects.
Competitor List
In Indonesia, PT MSI is focusing in Spirulina sp. due to the high price of these microalgae in the
local and international market. There are several main producers for commercial microalgae
producers in Indonesia that are listed in Table 3. The demand is increasing as well as overseas
competitors are growing (e.g. USA, China, Taiwan, and Australia).
Table 3. The Commercial Microalgae Producers in Indonesia
COMMERCIAL MICROALGAE PRODUCERS IN INDONESIA

NR. GRADE NAME OF COMPANY PRODUCT LOCATION
1 PT Lentera Agung Raya Powder East Java
2 PT TPS Agro Powder, capsule Central Java
Food & Cosmetics Grade
3 PT Neoalgae Technology Powder, capsule & tablet Central Java
4 PT Spirulindo Powder & tablet West Java
5 PT Central Proeteina Prima Powder & flake Jakarta
Feed Grade
6 BBPBAP Powder & flake Central Java
Financial Analysis
The financial analysis for small scale (< 1 ha) and commercial scale (1 ha and above) of
microalgae facility can be seen in Table 4. This calculation is based on the actual investment
values. The CAPEX excludes the land investment.
Table 4. The Project Investment for Microalgae Facility
MICROALGAE CAPEX OPEX TURNOVER PROFIT PBP

FACILITY [EUR] [EUR/YEAR] [EUR/YEAR] [EUR/YEAR] [YEAR]
Small Scale 15,000 9,700 13,000 3,300 4.5
Commercial Scale 218,000 110,000 154,000 44,000 4.9
SWOT Analysis
STRENGTH:
1. We counted as one of pioneers in microalgae cultivation in Indonesia, especially
in waste cultivation;
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2. We have been well known by the Ministry of Energy & Mineral Resources as one
of the strongest producers of microalgae in Indonesia. They are impressed with
our cultivation method, low cost but very efficient;
3. We developed the local market since 2011 and we have regular buyers in small
amount;
4. Microalgae cultivation is not well known in Indonesia yet;
5. The investment of microalgae facility is relatively low comparing to other projects.
WEAKNESS:
1. The microalgae technology that we have in Lampung is too traditional. It was the
idea to optimize the cultivation with traditional technology for reducing operational
cost. However, we need to upgrade our microalgae technology to be able to
expand the business and entering the food grade market;
2. There should be a strong agreement between PT MSI and potential partners to
protect this business, due to the simple production method we have. We will
focus in microalgae production and optimization while the potential partners will
provide land, CAPEX, and OPEX.
OPPORTUNITY:
1. There are some listed potential clients that are enthusiast to build the facility in
2013 and 2014;
2. There are not so many microalgae producers in Indonesia;
3. The microalgae demand is increasing yearly.
THREAT:
1. Currently we could not sell our products due to the Arsenicum issue;
2. If we could not extend our production, due to the operational cost issue, we will
lose our show case in Lampung. Thus, we could not bring our potential clients to
our running facility anymore.
3.1. 3. HFCPO PLANT

General Information
PT MSI has cooperated with PT STC INDONESIA (also one of the shareholders of PT MSI) to
construct HFCPO (High Free Fatty Acid Crude Palm Oil) Plant in Indonesia. This facility will
produce biooil feedstock from the loose fruits (fruits with high Free Fatty Acid) and from Palm
Sludge Oil (PSO). The loose fruits and PSO are counted as wastes at Palm Oil Mills. The biooil
demand is increasing lately due to the high demand in Indonesia and international market. The
biooil can be used directly for low RPM engines (e.g. generator sets) or as the feedstock for
biodiesel process.
The process flow diagram of the HFCPO Plant can be seen as follows:
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Loose Fruits PSO
Boiling Process
Separation
Process
Pressing Process
Separation
Process HFCPO
Figure 6. Process Flow Diagram of Commercial HFCPO Production
Targeted Project
PT MSI has targeted small scale (1 - 2 ton/hour) and commercial scale (5 ton/hour) HFCPO
plant:
• Agam HFCPO Plant (Commercial Scale)

PT MSI met small holder-palm oil farmers, local cooperative management, and palm oil
traders from Agam, West Sumatra Province in May 2013. They are very interested in
this opportunity. Up to now, they have to bring the palm oil fruits to Riau Province (5
hours driving from Agam) since there are no palm oil mills (small or big ones) at Agam.
They have more than 120 hectare palm oil plantations that are willing to cooperate.
However, they could only provide 4 hectare land and about 600 palm oil fruits/day. While
the investment for construction is expected from PT MSI (or from our investors). We had
contacted the local bank, but it will be difficult to get finance locally due to the land
system in West Sumatra (“tanah ulayat”). Thus, we are still pending this project till we
could find serious investor.
• ESDM HFCPO Plant (Commercial Scale)

PT MSI actively informed the Ministry of Energy & Mineral Resources (ESDM) for this
opportunity since 2012. This will be a win-win solution for ESDM due to the fact that the
Indonesian Government is removing the diesel fuel subsidy. There are some biooil
project will be developed by the Indonesian Government in 2014. PT MSI expects to
take part on this biofuel development.
• Duri HFCPO Plant (Commercial Scale)

PT MSI informed one of entrepreneurs in Riau Province. This person has high interest to
establish the HFCPO plant at Duri City. The person would like to co-invest together with
17 | P a g e
PT MSI in 50:50 business scheme. He will provide land (2 hectare) and partly working
capital. Since PT MSI does not have capital to invest, we have to wait for realizing this
project.
• Other HFCPO Plant (Commercial Scale)

PT MSI informed some project developers and EPC companies regarding this
opportunity. Currently, we are waiting for the feedback from our proposals.
• HFCPO Pilot Plant (Small Scale)

PT MSI informed some research centers regarding the HFCPO plant. Currently, we are
working on a grant proposal with DIPONEGORO UNIVERSITY (UNDIP).
Competitor List
There are only few biooil project developers in Indonesia. Most of them are focusing in biooil
and biodiesel production. Currently, we do not have competition for HFCPO plant.
Financial Analysis
The financial analysis for small scale (1 - 2 ton/hour) and commercial scale (5 ton/hour) of
HFCPO plant can be seen in Table 5. This calculation is based on the actual investment values.
The CAPEX excludes the land investment. The TURNOVER calculation is based on a
pessimistic estimation.
Table 5. The Project Investment for HFCPO Plant
HFCPO PLANT CAPEX OPEX TURNOVER PROFIT PBP

[EUR] [EUR/YEAR] [EUR/YEAR] [EUR/YEAR] [YEAR]
Small Scale (1 ton/hour) 180,000 570,000 600,000 30,000 6.0
Small Scale (2 ton/hour) 265,000 1,140,000 1,200,000 60,000 4.4
Commercial (5 ton/hour) 420,000 2,850,000 3,000,000 150,000 2.8
SWOT Analysis
STRENGTH:
1. PT MSI is one of the few companies that is focusing for HFCPO production;
2. PT MSI has international market for HFCPO product. In parallel, PT STC
INDONESIA is also willing signing Letter of Intent (LoI) with PT MSI for the
produced HFCPO;
3. PT MSI has extensive network in palm oil industries to expand this project;
4. PT MSI via PT STC INDONESIA has project reference for constructing HFCPO
plant in Indonesia;
5. The investment of the HFCPO plant is far lower than Biogas-POME Power Plant;
6. Flexible input for the plant for multiple production. If we have more than 80%
loose fruits as the input than we will have HFCPO product. If we have 100%
Fresh Fruit Bunches (FFBs) as the input, we will have CPO product.
18 | P a g e
WEAKNESS:
1. There is a doubt for fulfilling the required feedstock amount that needed for the
HFCPO plant. Most of people think that it will be difficult to find loose fruits since
all the fruits will be bought by the palm oil mill. In fact, we could find plenty of
loose fruit near to the mill;
2. People are not fully aware of HFCPO production. People tend to focus on
biodiesel. It will take time to educate this product if we do not have show case.
However, since we have the running project reference in North Sumatra we could
bring our potential clients directly.
OPPORTUNITY:
1. There is a new regulation from the Indonesian Government related to the
national standard on biooil. This will enhance the local market for HFCPO;
2. Due to the removal of the diesel fuel subsidy, it will increase the demand for
HFCPO and biooil production in Indonesia.
THREAT:
1. Currently, we do not have any threats for this business.
3.1. 4. GASIFICATION POWER PLANT

General Information
There are a lot of biomass wastes that can be converted for electricity and heat via gasification
technology. The by-product from this process can also be used for organic fertilizer. PT MSI has
cooperated with PT DYNA ENERGY for small (< 1 MW) and medium scale (1 - 5 MW)
gasification system. This cooperation was started due to some requests from potential clients.
The process flow diagram of the Gasification Power Plant can be seen as follows:
Figure 6. Process Flow Diagram of Commercial Gasification Power Plant
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Targeted Project
PT MSI has targeted small scale (< 1 MW) and medium scale (1 - 5 MW) gasification facility:
• Gasification Pilot Plant (Small Scale)

PT MSI cooperated with UNDIP for a grant proposal in constructing a pilot plant of the
Biomass Gasification Power Plant (50 kW). It is expected to be realized in mid 2014.
• EEP Riau Gasification (Small Scale)

PT MSI involved in the feasibility study of the Integrated Bioenergy Facility from Palm Oil
Wastes for Riau (part of EEP Finland Program). In this study, we included a small scale
gasification system (100 kW) for utilizing wastes from boiler. The product will be targeted
for organic fertilizer. The realization of this project is expected in 2015 after we secured
the finance. At this moment, we are finalizing this study and establishing new company
for this project development.
• EEP Central Kalimantan Gasification (Small Scale)

PT MSI also involved in the feasibility study of the Integrated Biomass (Coconut Wastes)
Power Production for Central Kalimantan (part of EEP Finland Program). In this study,
we will also introduce a small scale gasification system (100 kW) for electricity
generation. The realization of this project is expected in 2015 after we secured the
finance.
• ESDM Gasification (Big Scale)

PT MSI proposed the idea to the Ministry of Energy & Mineral Resources (ESDM). The
target is for utilizing Municipal Solid Waste (MSW) for electricity generation via
gasification technology. This is still on the early stage of the project.
• MEDCO Gasification (Big Scale)

PT MSI has been invited by MEDCO for providing input in utilizing particle board waste
for electricity generation. We informed the gasification technology that patented by PT
DYNA ENERGY. The target is 5 x 1 MW electricity generation. This is still on the early
stage of the project.
• Wakatobi Gasification (Big Scale)

PT MSI has been invited by PT PANDAN NURI BERSAMA to develop project at
Wakatobi, North Sulawesi. The target is 1 MW that utilizing coconut wastes. This is still
on the early stage of the project.
Competitor List
There are only few gasification producers in Indonesia. Most of them are focusing in oil & gas or
coal business. Thus, we do not have a lot of competitors from local manufacturers. However,
there are a lot of gasification producers worldwide that entering Indonesia now. Due to the huge
20 | P a g e
price advantage we got from PT DYNA ENERGY, we are confident to secure the small and
medium scale market shares in Indonesia. The complete power plant cost from PT DYNA
ENERGY is about EUR 850/kW.
SYNVALOR BV was contacting MARIS GROUP at the beginning of 2013 to promote their
medium scale gasification system in Indonesia (4.9 MWe and 6.9 MWth). This technology is
quite advance. However, the power plant cost from SYNVALOR BV is significantly higher (EUR
2,695/kW) than other competitors (EUR 910 - 1200 /kW).
Financial Analysis
The financial analysis for small scale (< 1 MW) and medium scale (1 - 5 MW) of the Biomass
Gasification Power Plant can be seen in Table 6. This calculation is based on the actual
investment values for complete gasification system (includes: civil construction, gasifier,
combustion, cleaning system, and syngas engine) that based on the technology from PT DYNA
ENERGY. The CAPEX excludes the land investment. The OPEX is based on the running cost
of EUR 0.08/kWh (small scale) and EUR 0.06/kWh (medium scale) with operating hours of
8,000 hours/year. The PROFIT calculation is based only from the electricity generation by direct
used for community or industries (electricity selling price: EUR 0.20/kWh).
Table 6. The Project Investment for the Biomass Gasification Power Plant
GASIFICATION CAPEX OPEX TURNOVER PROFIT PBP

POWER PLANT [EUR] [EUR/YEAR] [EUR/YEAR] [EUR/YEAR] [YEAR]
Small Scale (50 kW) 65,000 32,000 80,000 48,000 1.3
Small Scale (100 kW) 130,000 64,000 160,000 96,000 1.3
Small Scale (500 kW) 650,000 320,000 800,000 480,000 1.3
Medium Scale (1 MW) 1,300,000 480,000 1,600,000 1,120,000 1.2
Medium Scale ( 5 MW) 6,500,000 2,400,000 8,000,000 5,600,000 1.2
SWOT Analysis
STRENGTH:
1. PT MSI has flexible market share from small to medium scale gasification power
plant;
2. MARIS GROUP has long experience in anaerobic land-fill project. By combining
with the gasification technology, we could accommodate the potential clients’
expectation;
3. Gasification technology is a proven technology with higher efficiency than other
technologies. By entering this business, we could provide more options for
potential clients.
WEAKNESS:
1. The technology does not belong to us, but it belongs to our partner. Thus, we
could not get fully knowledge transfer and technology transfer in this business.
OPPORTUNITY:
1. There are a lot of organic solid wastes that are not fully utilized in Indonesia;
21 | P a g e
2. Gasification technology is still new in Indonesia. Since we found a very good

local partner for this technology, we have highly chance to develop more small
and medium scale projects in the near future.
THREAT:
1. Currently, we could not find any threats for this business.
3.2. SUPPORTING BUSINESS

Beside the core business as mentioned earlier (Biogas-POME Power Plant, Microalgae Facility,
HFCPO Plant, and Gasification Power Plant), PT MSI has signed agreements with two strategic
partners that are focusing in solar energy and energy conservation. These supporting
businesses match with the growing market expectation in Indonesian energy.
3. 2.1. SOLAR ENERGY SYSTEM

Based on the latest Indonesian Government regulation (Permen ESDM/No. 17/2013), there are
two new tariffs for selling price to PLN (the Government State Owned Company) of the solar
energy in Indonesia:
• USD 0.25/kWh: if less than 40% local components at the complete solar system
• USD 0.30/kWh: if more than 40% local components at the complete solar system
These new tariffs have been agreed by the Indonesian Government and dedicated for replacing
the current diesel power plant (with the operational cost is about USD 0.35 – 0.40/kWh). By
these new tariffs, it will definitely boost up the solar energy projects in Indonesia. In fact, both
prices are higher than biomass selling price to PLN in Indonesia (USD 0.09 - 0.13/kWh). The
Indonesian Government has targeted 150 MW at 72 locations from solar energy.
To accommodate this opportunity, PT MSI has signed selling agreement with PT Indogreen
(www.teknologihijau.co.id) in July 2013. This company produced local components above 42%.
Thus, we could sell USD 0.30/kWh to PLN if we construct solar power plant.
There are some targeted projects, such as:

Karang Asem Solar Power
Head of Karang Asem Regency (Bali Province) has invited our partner PT PANDAN
NURI BERSAMA for co-investment in solar power plant. This company has high interest
to cooperate with PT MSI to develop this project. The target is 3 x 5 MW for
Independent Power Plant (IPP) with Power Purchase Agreement (PPA) to PLN. The
Karang Asem Regency will provide land. A Special Purpose Vehicle (SPV) will be
established with: 20% (Project Developer), 30% (Technology Provider), and 50%
(Private Investment). This is still on the early stage of the project development.
Equatorial Sustainable Building
PT MSI has finished the equatorial design for integrating solar panel with ecotourism
concept. There are some project targets related to sustainable building that is expectd
to be implemented at end 2014.
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3. 2.2. ENERGY CONSERVATION

Energy efficiency at the plants and factories becomes mandatory for the Indonesian industries,
especially with the Indonesian Government regulation that force the industries to follow ISO
50,001. This is the good influence from some success projects, especially from DANIDA
program.
PT MSI has signed a service agreement in February 2013 with PT SYNERGY CARBON
(www.synergycarbon.com) for developing energy efficiency projects in palm oil industries and
other industries. This company has a good track record in energy efficiency and had been
involved with DANIDA programs. This company also has complete tools to conduct technical
assessment for energy efficiency. This company has cooperated with the Ministry of Energy &
Mineral Resources (ESDM) for special training in energy efficiency (AEMAS Training). We also
have been cooperated with TÜV SÜD for issuing ISO 50,001 to support the AEMAS Training.
There are some targeted projects, such as:
Energy Efficiency Training (AEMAS Training)

PT MSI has started to communicate the specific training in energy efficiency (i.e.
AEMAS Training) to some partners and potential clients. This training becomes
mandatory for Energy Managers in Asia.
Industrial Energy Efficiency Audit

PT MSI has started to communicate with some potential clients, such as: Krakatau Steel
Industrial Park and Bogasari for conducting energy efficiency audit for new and existing
plants.
23 | P a g e
4. CORPORATE MILESTONE
Due to extensive opportunities that we have now, we need to set up the Business Priority (see
Table 7) and the Business Target (see Table 8). By setting up priority and target, we could be
more focus and increase efficiency in creating opportunities.
Table 7. The Business Priority for PT MSI
DETAIL BUSINESS
BUSINESS STREAM BUSINESS PRIORITY REMARKS
- Low cost in business development.
Selling equipments HIGH - Selling biogas engines & scrubbers.
- Medium cost in business develop-
Selling project ment.
(Turnkey) MEDIUM - Need to finalize the licenses and
Biogas-POME Power Plant permits before could join tender
and non-tender project.
- High cost in business development.
Owning project
LOW - Need to find investor. Currently, we
(BOO / BOT)
are working on it.
Training LOW - Need a running facility that owned
by us.
Selling project (as - Low cost in business development.
HIGH
EPC)
Selling product - We still need to investigate arseni-
rd
(our product or 3 HIGH cum issue for our product.
rd
Microalgae Facility party product) - We could keep selling 3 party
product for generating cash flow.
- High cost in business development.

Owning project
(BOO / BOT)
are working on it.
Training LOW - Need a running facility that owned
by us.
Selling project HIGH - Low cost in business development.
(Turnkey)
Selling product LOW - High cost in business development.
HFCPO Plant - High cost in business development.
Owning project
(BOO / BOT)
are working on it.
Selling equipments MEDIUM - Low cost in business development.
(as reseller) - Selling gasifiers & syngas engines.
Gasification Power Plant - High cost in business development.
Owning project LOW - Need to find investor. We will find
(BOO / BOT) Private Investment companies that
has interest in it.
Selling equipments MEDIUM - Low cost in business development.
(as reseller) - Selling solar panels & accessories.
Solar Energy System - High cost in business development.
Owning project
LOW - PT INDOGREEN might want to be
(BOO / BOT)
investor.
Conducting training MEDIUM - Low cost in business development.
Energy Conservation (AEMAS Training)
Selling project LOW - High cost in business development.
(Energy Audit) - Long term project development.
24 | P a g e
Table 8. The Overall Business Target for PT MSI (2013-2018)
BUSINESS TRAINING EQUIPMENT PRODUCT PROJECT OWNING

STREAM [TURNKEY] [BOO / BOT]
Biogas-POME Power Plant 2 3 - 3 1
Microalgae Facility 3 - 5 (tons) 2 1
HFCPO Plant - - 50 (tons) 2 -
Gasification Power Plant - 3 - - 1
Solar Energy System - 4 - - 1
Energy Conservation 4 - - 1 -
Table 9. Yearly Business Target for Biogas-POME Power Plant (2013-2018)
BIOGAS-POME 2013 2014 2015 2016 2017 2018

POWER PLANT
Training - - - - 1 1
Equipment - 1 1 1 - -
Product - - - - - -
Project (Turnkey) - 1 - 1 - 1
Owning (BOO / BOT) - - - - 1 -
Table 10. Yearly Business Target for Microalgae Facility (2013-2018)
MICROALGAE 2013 2014 2015 2016 2017 2018

FACILITY
Training - 1 - 1 - 1
Equipment - - - - - -
Product - 0.5 (ton) 0.5 (ton) 1 (ton) 1 (ton) 2 (tons)
Project (Turnkey) - 1 - 1 - -
Owning (BOO / BOT) - - - 1 - -
Table 11. Yearly Business Target for HFCPO Plant (2013-2018)
HFCPO PLANT 2013 2014 2015 2016 2017 2018

Training - - - - - -
Product - - 5 (tons) 10 (tons) 15 (tons) 20 (tons)
Project (Turnkey) - - 1 - 1 -
Owning (BOO / BOT) - - - - - -
Table 12. Yearly Business Target for Gasification Power Plant (2013-2018)
GASIFICATION 2013 2014 2015 2016 2017 2018

POWER PLANT
Equipment - 1 1 1 - -
Product - - - - - -
Project (Turnkey) - - - - - -
Owning (BOO / BOT) - - - - 1 -
25 | P a g e
Table 13. Yearly Business Target for Solar Energy System (2013-2018)
SOLAR ENERGY 2013 2014 2015 2016 2017 2018

SYSTEM
Equipment - 1 1 1 1 -
Product - - - - - -
Project (Turnkey) - - - - - -
Owning (BOO / BOT) - - - - - 1
Table 14. Yearly Business Target for Energy Conservation (2013-2018)
ENERGY 2013 2014 2015 2016 2017 2018

CONSERVATION
Training - 1 1 1 1 -
Product - - - - - -
Project (Turnkey) - - - - - 1
Owning (BOO / BOT) - - - - - -
26 | P a g e
5. CORPORATE FINANCIAL
PT MSI is a Foreign Investment Company (“Penanaman Modal Asing” / PMA) that has
obligation to the Indonesian Government (BKPM) for fulfill its financial target in three (3) years.
Otherwise, this company will be shut down and the license will be terminated. Quarterly, we
submitted our Financial Report to BKPM.
When we registered our company to BKPM, the SHAREHOLDERS are obliged to invest the
following amount:
MARIS PARTICIPATION BV: USD 960,000,-

GINTO WINDARDO: USD 390,000,-
PT STC INDONESIA: USD 150,000,-
----------------------
USD 1,500,000,-
(Equal to: Rp 15,427,500,000,-)
5.1. STARTUP CAPITAL

Up to now, SHAREHOLDERS of PT MSI have invested the following amount:
Table 15. Invested Capital from Shareholders of PT MSI (2012-2013)
2012 2013 TOTAL

SHAREHOLDERS [RUPIAH] [RUPIAH] [RUPIAH] REMARKS
MARIS PARTICIPATION BV 107,575,360,- 39,267,224,- 146,842,584,- - 2012 expenses are
GINTO WINDARDO 43,702,490,- 19,856,250,- 63,558,740,- for CDM documents
PT STC INDONESIA 16,808,650,- 3,666,260,- 20,474,910,- & legal documents.
None of them used
for operational costs.
TOTAL [RUPIAH] 168,086,500,- 62,789,734,- 230,876,234,- - 2013 expenses are
used for operational
costs.
5.2. WORKING CAPITAL

Currently, the working capital of PT MSI is based on the capital investment from shareholders
and from some revenues (sold of microalgae products and the 1st term payment of EEP
Kalteng). In Table 16, the total working capital of PT MSI is described.
Table 16. Total Working Capital of PT MSI (till Aug 2013)
WORKING JAN-MAR 2013 APR-JUN 2013 JUL-AUG 2013 TOTAL

[RUPIAH] [RUPIAH] [RUPIAH] [RUPIAH]
CAPITAL
Shareholders 23,522,510,- 39,267,224,- - 62,789,734,-
Microalgae - 41,142,500,- - 41,142,500,-
EEP Kalteng - 45,537,000,- - 45,537,000,-
TOTAL [RUPIAH] 23,522,510,- 125,946,724,- - 149,469,234,-
27 | P a g e
5.3. OPERATIONAL COST

In Table 17, the total operational cost of PT MSI is described.
Table 17. Total Operational Cost of PT MSI (till Aug 2013)
OPERATIONAL JAN-MAR 2013 APR-JUN 2013 JUL-AUG 2013 TOTAL

COST [RUPIAH] [RUPIAH] [RUPIAH] [RUPIAH]
Director Salary 49,500,000,- 49,500,000,- 33,000,000,- 132,000,000,-

Administrator Salary 4,500,000,- 4,500,000,- 3,000,000,- 12,000,000,-
Main Operational Costs
(e.g. transport, accom- 15,279,698,- 15,849,530,- 8,427,000,- 39,556,228,-
modation, phone, etc.)
Other Operational Costs
(e.g. bank fee, money 479,740,- 421,312,- 761,967,- 1,663,019,-
transacttion tax, transfer
fee, etc.)
TOTAL [RUPIAH] 69,759,438,- 70,270,842,- 45,188,967,- 185,219,247,-
5.4. CURRENT CASHFLOW

It can be seen on Table 18 that we have a minus cashflow. This is due to the fact that we have
some delay on the revenues (see Table 19 below). We do hope that SHAREHOLDERS could
reconsider to re-inject capital to PT MSI for bridging capital that will be dedicated for working
capital till December 2013. For more information regarding the required bridging capital can be
seen on Table 20 (Section 5.7, Page 31).
Due to insufficient operational budget for PT MSI, we could not speed up the project
development. We need operational budget for completing permits and licenses (see Section 2,
Page 5-6). Furthermore, we need to convince BKPM (Foreign Investment Company) for a
positive cashflow in a short time. Currently, we are waiting for some investors (APEX-NVI and
EVEREST BV). These investors have shown their interest and support to our company. There
are some expected projects that will be realized in 2013 and 2014. Therefore, we do expect that
SHAREHOLDERS could show their commitment to inject more capital to be able to realize
projects and expecting revenues (see Table 19).
Table 18. Cashflow of PT MSI (till Aug 2013)
TOTAL
[RUPIAH] REMARKS
Income (see Table 16) 149,469,234,-
Expense (see Table 17) 185,219,247,-
CASHFLOW [RUPIAH] -35,750,013,-
28 | P a g e
5.5. CURRENT DEBT

Since we have minus in cashflow, we could not grow the company if no capital injection in
August 2013. Thus, it will be expected that after August 2013 PT MSI has to be freeze since no
operational budget for this company after August 2013.
Currently, PT MSI has debt that all covered by Mr. Ichsan Ichsan (as the Director of PT MSI).
The total debt is Rp 35,750,013,- (see Table 18). This debt includes:
Unpaid salary of Director (Jul-Aug 2013) : Rp 33,000,000,-
Unpaid the remaining operational costs (Jul-Aug 2013) : Rp 2,750,013,-
----------------------
Rp 35,750,013,-
5.6. PROJECTED INCOME

Although the current cashflow is negative, we do expect the cashflow will become positive
shortly. There are several scenarios to overcome this situation:
Shareholders inject bridging capital to pay the debt and to cover operational costs till
December 2013 (see Table 20);
Shareholders release the shares for interested parties;
Securing payment from revenues (see Table 19).
*
Table 19. Projected Revenues of PT MSI (2013-2018)
PROJECTED 2013 2014 2015 2016 2017 2018 TOTAL

REVENUE [EUR] [EUR] [EUR] [EUR] [EUR] [EUR] [EUR]
EEP Riau 28,800 - - - - - 28,800
EEP Kalteng 11,384 - - - - - 11,384
Biogas-POME
- 125,000 175,000 200,000 300,000 375,000 1,175,000
Power Plant
Microalgae
- 35,000 10,000 65,000 55,000 75,000 240,000
Facility
HFCPO Plant - - 20,000 25,000 30,000 30,000 105,000
Gasification
- 25,000 37,500 45,000 200,000 250,000 557,500
Power Plant
Solar Energy
- 15,000 20,000 25,000 30,000 200,000 290,000
System
Energy
- 5,000 5,000 10,000 10,000 100,000 130,000
Conservation
TOTAL [EUR] 40,184 205,000 267,500 370,000 625,000 1,030,000 2,537,684
*) The projected revenue on Table 19 is based on realistic target. In practice, the revenue is expected to be higher.
29 | P a g e
5.7. BRIDGING CAPITAL

Since we have currently negative cashflow, we need to find bridging capital before some
potential projects can be realized. Unfortunately, PT MSI is not allowed to get loan from local
banks due to the fact that this company is only one (1) year old and we do not have collateral.
After two (2) years old, PT MSI could negotiate with banks and we could find ways for cover the
collaterals.
Therefore, it is important for SHAREHOLDERS to help the PT MSI’s management for finding
some solutions for this situation. Otherwise, PT MSI has to be freeze since no operational
budget for this company after August 2013. One of the solutions is to re-inject capital for
working capital till December 2013. The required amount of bridging capital can be seen on
Table 20. The injected bridging capital will be paid back to SHAREHOLDERS as soon as the
EEP RIAU and EEP KALTENG projects are paid to PT MSI.
*
Table 20. Expected Bridging Capital of PT MSI (2013)
DETAIL AUG ‘13 SEP ‘13 OCT ‘13 NOV ‘13 DEC ‘13 TOTAL
ALLOCATION [EUR] [EUR] [EUR] [EUR] [EUR] [EUR] REMARKS
To Mr. Ichsan
Paying Debt 2,615 - - - - 2,615
For Sep-Dec
2013, till re-
Operational 6,500 - - 5,500 - 12,000 imbursement
Costs EEP RIAU &
EEP KALTENG
will be paid
For joining
Arranging - - - 2,500 - 2,500 tender and
Permits/Licenses completing
permits/licenses
TOTAL [EUR] 9,115 - - 8,000 - 17,115
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6. SUMMARY
PT MSI is a Foreign Investment Company (“Penanaman Modal Asing” / PMA). It has been
established in July 2012. Although it is relatively a new company, but it has a lot of business
opportunities and well-known in supporting renewable energy in Indonesia. All the projected
revenues can be seen on Table 19 (see Page 30).
It is important that the SHAREHOLDERS have high interest and high commitment into this
company. Without a proper support from the SHAREHOLDERS, this company could not survive
in the two (2) years. The competition is tight; however, we could secure our position in the
market. As soon as we could past the first two (2) years, we could speed up the business. We
could get financial support from local banks. Then, we could boost up our revenues based on
our running and expecting projects. The Management of PT MSI is highly confident to push for
more business in the coming years. In overall, the Break Event Curve for the SHAREHOLDER’s
investment at PT MSI can be seen at Figure 7 above.
As it can be seen from Table 15 (see Page 28), SHAREHOLDERS had invested in small
amount for starting up capital for this company. Since 2012, there was about EUR 16,884*
invested in this company. In 2012, there was about EUR 12,292 had been invested by
SHAREHOLDERS for arranging CDM and legal documents. In 2013, there was about EUR
4,592 had been invested for operational costs of PT MSI. This amount is far smaller than any
other companies in Indonesia. In fact, this company is a foreign investment and specifically for
construction company. Comparing to a consulting company, this investment is still relatively far
smaller. Moreover, comparing to a consulting company, a construction company needs proper
licenses and permits arrangement that required some costs. Thus, it is important to finalize
these licenses and permits before we could boost up with tender projects and other big projects.
EUR
1,100,000 REVENUE
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000 BEP
200,000
100,000
INVEST
50,000
1 2 3 4 5 6 YEAR
Figure 7. The Break Event Point Curve for Investment at PT MSI
_____________________________________________________________
*) Currency rate: 1 EUR = Rp 13,674
31 | P a g e
It is important for SHAREHOLDERS to reconsider for injecting capital as bridging capital for
operational costs to maintain this company. It can be seen on Table 20 (see Page 31) the
specific amount that is needed for several corporate costs till December 2013. This bridging
capital can be paid back by PT MSI as soon as the reimbursements for the running projects
(EEP RIAU & EEP KALTENG) are paid. It is expected that the final payment for the running
projects will be in December 2013.
32 | P a g e

Corporate Business Plan (PT MSI)

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Corporate Business Plan (PT MSI)

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A CONFIDENTIAL REPORT:

CORPORATE BUSINESS PLAN

PT MARIS SUSTAINABLE INDONESIA

EXECUTIVE SUMMARY ........................................................................................................... 3

PT MARIS SUSTAINABLE INDONESIA (MSI) is a foreign investment company that was

This Report is dedicated for Corporate Shareholders at PT MARIS SUSTAINABLE

PT MARIS SUSTAINABLE INDONESIA (MSI) is a foreign investment company that was

MARIS PARTICIPATION BV (64% shares), represented by Mr. Ruben van Maris. It is

The corporate structure of PT MSI is described below:

ADMINISTRATION TEAM PROJECT TEAM

Figure 1. Corporate Structure

Up to now, PT MSI has completed the following legal documents:

Investment Registration Letter / “Pendaftaran Penanaman Modal”, Issued by: the

Approval Letter on Environmental and Community Friendly / “Surat Izin Gangguan

3.1. CORE BUSINESS

Figure 2. MARIS’ Biogas Facilities wit

Process Flow Diagram

The Biogas-POME process flow diagram can be seen as follows:

Figure 3. Process Flow Diagram of Biogas-POME Facility

• PTPN 7 Biogas-POME Power Plant (BOT)

• ESDM Biogas-POME Power Plant (Tender)

• PGN Biogas-POME Power Plant (Tender)

• Tor Ganda Biogas-POME Power Plant (Appointed)

• Other Biogas-POME Power Plant (BOT)

• Cooperation with Project Developer

Table 1. The Commercial Biogas Power Plant Providers in Indonesia

COMMERCIAL BIOGAS POWER PLANT PROVIDERS IN INDONESIA

BIOGAS POWER CAPEX OPEX TURNOVER PROFIT PBP

4. Without complete legal documents, it will be impossible to be included in tender

3. 1.2. MICROALGAE FACILITY

Process Flow Diagram

Figure 5. Process Flow Diagram of Commercial Microalgae Production

The microalgae grades are described as follow:

• PTPN 7 Microalgae Facility (Commercial Scale)

• Lambang Jaya Microalgae Facility (Small Scale)

• Bariball Agriculture Microalgae Facility (Small Scale)

• Surya University Microalgae Facility (Small Scale)

• Banten Microalgae Facility (Small Scale)

• Other Microalgae Facility (Small Scale)

Table 3. The Commercial Microalgae Producers in Indonesia

COMMERCIAL MICROALGAE PRODUCERS IN INDONESIA

Table 4. The Project Investment for Microalgae Facility

MICROALGAE CAPEX OPEX TURNOVER PROFIT PBP

3.1. 3. HFCPO PLANT

Process Flow Diagram

Loose Fruits PSO

Figure 6. Process Flow Diagram of Commercial HFCPO Production

• Agam HFCPO Plant (Commercial Scale)

• ESDM HFCPO Plant (Commercial Scale)

• Duri HFCPO Plant (Commercial Scale)

• Other HFCPO Plant (Commercial Scale)

• HFCPO Pilot Plant (Small Scale)

Table 5. The Project Investment for HFCPO Plant

HFCPO PLANT CAPEX OPEX TURNOVER PROFIT PBP

3.1. 4. GASIFICATION POWER PLANT

Process Flow Diagram

Figure 6. Process Flow Diagram of Commercial Gasification Power Plant

• Gasification Pilot Plant (Small Scale)

• EEP Riau Gasification (Small Scale)

• EEP Central Kalimantan Gasification (Small Scale)

• ESDM Gasification (Big Scale)

• MEDCO Gasification (Big Scale)

• Wakatobi Gasification (Big Scale)

GASIFICATION CAPEX OPEX TURNOVER PROFIT PBP