A.

The Profile of Dyandra Media International Corporation

PT Dyandra Media International, Tbk (Dyandra & Co) started as an event
organizer company under the name PT Dyandra Promosindo. The Company was
established in March 3, 1994 as a company whose main activity is in the event
organizer business in Indonesia. As the Company grows, it expanded its operation to
Meeting, Incentive, Convention and Exhibition (MICE) business by establishing PT
Samudra Dyan Praga (SDP), PT Dyandra Communication (Dyacomm), PT Dyamall
Graha Utama (DGU), and Kerabat Dyan Utama (Radyatama).
In 2007, the management founded PT Dyandra Media International, Tbk
(Dyandra & Co) as an umbrella company for the above companies and to consolidate
the business that continues to grow with more companies established or acquired.
Before becoming public company in 2013, PT Dyandra Media International, Tbk as
the parent company conducted business restructuring in late 2011 by forming 4 subholdings or 4 business pillars namely:
1. Event / Exhibition Organizer
2. Event Support Business
3. Convention & Exhibition Hall
4. Hotels.
The first two pillars, which are the sub-holdings of Event/Exhibition Organizer,
and Event Support Business, are grouped under Event and Exhibition Business;
while the remaining two pillars, which are the convention & Exhibition Hall, and the
Hotelier business, are categorized as Property-Based Business.

PT Dyandra Media International, Tbk was officially became a public company

on March 25, 2013 by listing 1,282,000,000 shares in the Indonesia Stock Exchange
(IDX) and listed as DYAN. As of end of 2013, Dyandra & Co has 21 subsidiaries. In
addition, some subsidiaries of Dyandra & Co also have branches outside Jakarta such
as Dyandra Promosindo that has branches in Surabaya, Yogyakarta, and Makassar.
PT Samudra Dyan Praga also has branches outside Jakarta namely in Surabaya,
Medan, and Bali. Hotels built under the Hotelier sub-holding and are already
operating can be found in Jakarta, Pekanbaru, Denpasar, and Bogor. As for the
Convention & Exhibition Hall sub-holding, besides in Nusa Dua Bali, convention
and exhibition centers owned and operated by the company also located in Surabaya
and Medan. The synergy between these business segments creates the solid
foundation for integration of MICE and hospitality business that is key for the
sustainable future growth of PT Dyandra Media International, Tbk.

Corporate Vision and Mission

1. Vision
a. To become the leading integrated event management company in South
East Asia
b. Diversifying into the hospitality industry to ensure sustainable growth
c. Become a reliable business partner that always generates impressive
impacts with highly respect of professionalism in Event/Exhibition
Organizer, Convention & Exhibition Hall, Hotel and Supporting Event
businesses
2. Mision
To become a reliable business partner that delivers high-level service
standards and innovative solutions in all of its 4 business pillars namely:

1. Event / Exhibition Organizer

2. Event Support Services
3. Convention & Exhibition Hall
4. Hotels

B. The Financial Statement of Dyandra Media International Corporation

1. Balance Sheet Statement

2. Profit and Loss Statement

C. The Current Conditions of Dyandra Media International Corporation

Dyandra Media International Corporation was recently listed in Indonesian
Stock Exchange (IDX) on 2013. However, in developing their exertion in
particular hotel business line, this company was spent much fund to build the
hotel in some areas in Indonesia, so PT. Dyandra decided to seek funding to
invest the hotel affairs through long term loan from Bank, we can see that in
financial position statement on year 2012 and 2013 the company had been long
term loan that increased, it could gave company high risk finance credit. Beside
of the long term loan problem, the other thing that take interest to the PT.
Dyandra was decreasing the stock price to the lower point on 2013. And also the
profit was decreased from year 2012 to 2013
D. The Analysis for Financial Health level of PT. Dyandra Media International
using Springate Model

The analysis for financial health level of the company is very important
because this analysis in not only for the unhealthy company but also for healthy
company. This analysis does as a preventive and anticipative action for healthy
company and also as a curative action to the unhealthy company. This analysis is
using Springate Model. Springate Mode is a new Model for analysis the
financial health level of company. We can see from the financial statement of PT.
Dyandra Media International on 2012 and 2013, there was reduction of profit, so
its important to do the analysis.
a. Net Working Capital to total assets
Table 1.1 Net Working Capital to total assets
PERIOD
WORKING
TOTAL ASSETS
2012
2013

CAPITAL
Rp (173.662.553.459)
Rp 37.514.628.230

Rp 1.418.453.269.358
Rp 1.739.599.273.996

-0,12
0,02

Table 1.2 EBIT terhadap to total assets

PERIOD
EBIT
TOTAL ASSETS
2012
Rp 131.440.807.263
Rp 1.418.453.269.358
2013
Rp 120.357.465.753
Rp 1.793.599.273.996

B
0,093
0,067

b. EBIT to total assets

c. EBT to total liability

Table 1.3 EBT to total liability
PERIOD
EBT
2012
Rp 93.459.323.201
2013
Rp 86.173.198.123

TOTAL LIABILITY
Rp 540.895.816.579
Rp 393.510.994.017

C
0,173
0,219

Table 1.4 Sales or Revenue to Total Assets

PERIOD
SALES/REVENUE
TOTAL ASSETS
2012
Rp 624.190.404.062
Rp 1.418.453.269.358
2013
Rp 908.141.536.033
Rp 1.793.599.273.996

D
0,44
0,51

d. Sales or Revenue to Total Assets

Table 1.5 Criteria of valuation

Standard
S-Score > 0,862
S-Score < 0,862
S-Score = 0,862

Information
Healthy
Unhealthy
Grey area

Table 1.6 Summary Springate Model

YEA
A
B
C
Coef. Value Coef. Value Coef.
R
2012
1,03 -0,12 3,07
0,09
0,7
2013
1,03
0,02
3,07
0,07
0,7

Value

D
Coef.

Value

S-Score

0,17
0,22

0,4
0,4

0,44
0,51

0,45
0,57

The table above shows that on year 2012 and 2013, PT. Dyandra Media
International being in the unhealthy condition, based on S-Score criteria above, it
indicates that PT. Dyandra Media International has big potential to bankrupt.
E. Conclusion
Based on the analysis for financial health level of PT. Dyandra Media
International using Springate Model, the conclusion is PT. Dyandra Media
International being in unhealthy condition or has bankrupt potential. The unhealthy
condition of the company caused by the developing and growing of the company
which is recently do where the company was listed in Indonesia Stock Exchange on
2013. Therefore the financial condition of PT. Dyandra International was not stable.