U.S. Imports of Indonesian Paper & Wood Products

Exporters >>>>>>	Indonesia	Malaysia	USA	China	Canada	Russia	Singapore	Non-Rim Exporters	Global Imports
Importers
Japan	3,251	1,572	40	67	300	5	1	185	5,421
China	1,550	1,120	8	na	10	-	51	735	3,474
USA	628	148	na	38	316	119	35	399	1,683
Korea	397	66	5	127	7	-	5	76	683
Singapore	40	476	0	43	1	0	na	31	591
Canada	15	7	306	4	na	11	2	80	425
Australia	32	7	3	0	0	0	5	28	75
Non-Rim Importers	2,587	429	1,262	1,119	225	480	92	3,114	9,308
Global Exports	8,500	3,825	1,624	1,398	859	615	191	4,648	21,660

Pacific Rim Exporters and Importers of Forest Products, by U.S. Dollars (1997)

Exporters >>>>>	Canada	USA	Indonesia	Malaysia	Russia	Non-Rim Exporters	Global Imports
Importers
USA	18,104	na	385	143	61	5,208	23,901
Japan	2,634	3,374	1,472	1,826	618	4,074	13,998
China	634	1,319	1,336	879	211	6,214	10,593
Korea	299	798	306	-	55	2,185	3,643
Canada	na	3,146	12	9	3	248	3,418
Australia	122	240	54	66	0	1,018	1,500
Thailand	63	118	30	333	3	949	1,496
Singapore	28	84	89	322	-	488	1,011
Indonesia	111	192	na	24	6	567	900
Non-Rim Importers	3,086	6,428	1,409	423	1,935	62,902	76,183
Global Exports	25,081	15,699	5,093	4,025	2,892	83,853	136,643

Top Importers, May 2001-May 2002

Ranked below are all those companies (mainly "consignees") importing more than $1,000,000 worth of wood and paper products for the period May 2001 through April 2002. They represent 74% of the total weight and 64% of the total value of all imports for the period covered.
Some shipments did not clearly identify a consignee, notify party, or shipper, so they were excluded from the company rankings. These represented 8% of the total shipments, 10% of the total pounds, and 18% of the total value.
Some of the major consignees are primarily shipping companies rather than wood products companies; these were also excluded from the company rankings.

RANK	CONSIGNEE	POUNDS	VALUE	MAJOR PRODUCTS
1	CIT Group	69,243,637	$135,007,914	paper (photocopy, woodfree offset, art, carbonless)
2	Asia Pulp & Paper Trdg	124,702,975	$68,463,499	paper, photocopy paper
3 10	Concourse City Corp Concord City Concourse City / Concord City	28,133,609 7,510,503 35,644,112	$37,008,636 $18,074,847 $55,083,483	paper (carbonless, photocopy, art) paper (continuous form, carbonless) These two consignees have been combined because they have the same address.
3 10
3
4	Linden Trdg	16,282,612	$32,206,357	paper
5	IHLO Sales & Imports	58,093,130	$28,130,211	plywood (meranti), doorskins (red oak)
6	Georgia Pacific	59,146,635	$21,992,821	meranti & lauan plywood
7	North Pacific Lumber	53,012,197	$21,538,084	plywood & doorskins (meranti, red oak, maple, melapi), flooring, platform blanks
8	CANUSA Wood Products	49,088,999	$20,864,691	plywood and doorskins (meranti, red oak, melapi), door jambs (red oak)
9	Taraca Pacific	52,231,417	$19,345,489	meranti plywood
11	Far East American	46,777,321	$17,812,820	meranti plywood & blockboard, falcata bending board
12	Chesapeake Hardwood Products	47,025,129	$16,721,007	plywood
13	Timber Products	47,809,802	$16,218,778	meranti & red oak plywood, medium density fiberboard, red oak lumber
14	Tomen	27,464,129	$14,670,532	plywood (meranti, red oak, birch)
15	Tumac Lumber	36,368,159	$13,108,456	meranti plywood
16	Argo Fine Imports	32,340,769	$12,166,918	plywood
17	Columbia Forest Products	30,728,386	$11,730,429	plywood (meranti, red oak, birch), doorskins, molding
18	Jeld Wen	16,013,338	$11,274,074	dorrskins (meranti, red oak, birch)
19	Nippon Express	3,161,453	$9,536,970	printed matter
20	Tower Group Intl	9,471,484	$7,813,433	stationary, art paper, picture frames
21	Blue Anchor	7,611,810	$6,245,196	wood flooring
22	Cryntel Enterprises	7,493,483	$5,743,358	flooring
23	Plywood Tropics	14,699,576	$5,367,353	plywood
24	DLH Nordisk	11,102,397	$5,013,333	molding, platform blanks, flooring, plywood
25	Pacific Wood Products LLC	6,533,245	$4,589,468	wood articles, molding, fingerjoint lam'd boards, rough timber, plywood
26	Penrod	13,121,001	$4,577,170	plywood (meranti, birch, red oak), medium density fiberboard
27	Sanford	4,059,946	$4,437,918	pencil slats
28	Livingston Intl	5,070,500	$4,339,352	art paper
29	O Neill & Whitaker	9,625,036	$4,301,864	parquet panels, flooring, plywood
30	Del Valle Kahman	11,304,679	$4,279,015	meranti plywood
31	East America	9,818,084	$4,250,515	meranti plywood, birch doorskins
32	Barber & Ross	6,288,763	$4,097,653	finger jointed molding (meranti and pine)
33	Pier One Imports	2,594,809	$4,055,344	bamboo rattan & wood furniture, wall frames & wall decor
34	Ike Trdg	10,264,659	$3,788,481	plywood (meranti, birch, white oak), sawn American red oak
35	Mitsui	4,622,122	$3,564,600	doorskins (meranti, red oak, birch)
36	Nelson Intl	5,362,439	$3,256,936	keruing & kapur fingerjointed molding
37	Woodbridge	8,735,132	$3,193,758	plywood
38	Continental Wood Trdg	5,861,993	$3,070,137	plywood (meranti), doorskins
39	Alliance Intl	4,941,826	$3,015,341	hardwood handles
40	Interpacific Sales	2,897,722	$2,671,065	ramin & pine doors (bifold & louvre)
41	Bryan Sales	6,345,365	$2,450,081	plywood (maple and red oak)
42	Sol Building Materials	5,524,402	$2,061,412	plywood
43	Dansu Intl	3,536,203	$2,059,780	platform blanks, plywood
44	Round World	1,888,910	$1,870,983	spindles, dowels, doors, panels
45	Gordon Ind	5,195,298	$1,865,419	plywood
46	Okaply	5,251,828	$1,839,046	plywood (meranti, lauan) (low formaldehyde)
47	Panalpina	2,345,497	$1,669,465	picture frames, teak/oak furniture, dowels, doorskins, plywood, flooring
48	Moulding Assoc	1,645,601	$1,590,997	wood doors with glass panels
49	Office Max	3,443,548	$1,589,060	paper, filler paper
50	Transindo	2,887,552	$1,581,264	meranti & red oak plywood
51	Intraca Wood Mfg	4,247,968	$1,496,366	plywood
52	Itochu Building Products	3,798,324	$1,387,894	meranti plywood
53	Palecek Imports	796,808	$1,232,555	rattan baskets
54	Hardwoods Ind	2,788,366	$1,179,107	plywood
55	Sauder	2,770,949	$1,154,673	plywood (red & white meranti), door jambs (agathis)
56	Pantim Wood Products	1,392,355	$1,120,206	composite flooring
57	Vintage Basket Imports	669,073	$1,105,244	rattan baskets
58	John Plummer	1,207,126	$1,103,850	meranti solid timber doors

Top Products Imported, Ranked by Value

the products ranked below represent 86% of the weight and value of all Indonesian wood & paper products imported during the period

the top three products (plywood, photocopy paper, and carbonless and losseleaf paper) represent 65% of all the value of all Indonesian wood & paper products imported during the period.

RANK	HARM CODE	PRODUCT	POUNDS	VALUE	MAJOR IMPORTERS
1	4412	plywood	761,176,796	$283,624,344	Georgia Pacific, Taraca, North Pacific, Far East American, IHLO
2	482359	writing & printing paper (mostly photocopy)	170,259,539	$250,886,515	Asia Pulp & Paper, CIT Group
3	4805	cut paper (carbonless, looseleaf, etc)	83,459,708	$119,165,714	Asia Pulp & Paper, CIT Group, Concord City, Concourse City
4	442190	misc manufactured wood products	40,999,296	$44,349,208	anonymous, Pacific Wood Products, Pier One, Dansu, Sanford
5	481730	stationary	16,818,655	$37,669,213	anonymous, Dollar Tree Distributing
6	480560	wood free paper, art board	27,797,688	$24,091,349	CIT Group, Asia Pulp & Paper
7	441400	wood picture frames	11,813,202	$19,654,685	anonymous
8	460210	rattan basket	11,188,558	$16,866,825	Palacek, Vintage Basket, DF Imports, Pier One, Cost Plus
9	441820	doors & jambs	14,774,562	$13,127,521	Interpacific Sales, CANUSA, John Plummer, LG Sourcing, Moulding Assoc
10	482390	paper products	7,403,330	$10,686,041	anonymous, Asia Pulp & Paper
11	491199	printed matter	3,733,788	$10,315,814	Nippon Express
12	480252	art paper	18,839,623	$9,701,034	Tower group, CIT Group, Asia Pulp & Paper
13	570490	mats	2,236,447	$9,299,581	anonymous, O Neill & Whittaker
14	441700	wood handles	10,237,807	$5,956,251	Alliance International, anonymous
15	441830	parquet panels	3,278,305	$2,817,953	anonymous, O Neill & Whitaker
16	482010	spiral notebook etc paper	3,889,511	$2,169,242	CVS
17	490199	books	946,883	$1,959,576	Asia Pulp & Paper
18	481920	empty boxes	939,471	$1,455,351	Pier One Imports, American Greetings, Bridgestone Firestone

Plywood Imports

total number of shipments: 10,414 (57% of the total number of all Indonesian shipments)

total weight: 761,176,796 (55% of the total weight of all Indonesian imports)

total value: $ 283,624,344 (28% of the total value of all Indonesian imports)

the thirty companies ranked below imported 88% of the total weight and value of plywood imported from Indonesia during the period May 2001 through April 2002

RANK	IMPORTER	POUNDS	VALUE	MAJOR SOURCES
1	Georgia Pacific	58,227,489	$ 21,425,032
		18,384,173	$6,638,366	Kayu Lapis
		12,857,505	$4,772,089	Benua Indah Jalan
		9,454,881	$3,572,491	Daya Sakti Ungul Plywood
		4,292,391	$1,582,354	Duta Rendra Mulya Jalan Nusa
		3,385,680	$1,249,658	Melapi Timber
2	Taraca Pacific	52,231,417	$ 19,345,489
		27,875,813	$10,010,739	Intracawood Mfg / Tarakan
		7,999,011	$2,957,074	Kayu Lapis
		4,140,342	$1,497,923	Barito Pacific Timber
		1,836,968	$1,037,045	Tunggal Agathis Indah Wood Ind
		2,825,562	$1,028,950	Sumalindo Lestari Jaya
3	North Pacific Lumber	49,611,507	$ 19,130,916
		33,987,449	$13,107,348	Kayu Lapis
		6,424,806	$2,450,444	Duta Rendra Mulya Jalan Nusa
		1,646,255	$614,741	Sumalindo Lestari Jaya
4	Far East American	45,973,849	$ 17,535,901
		30,123,082	$11,379,253	Daya Sakti Ungul Plywood
		5,425,399	$2,042,870	Tjipta Rimba Djaja
		5,192,002	$1,941,578	Rimba Sunkyong
5	IHLO Sales & Imports	43,234,382	$ 16,714,734
		10,357,021	$3,893,924	Duta Rendra Mulya Jalan Nusa
		7,025,841	$2,803,226	Kayu Lapis
		6,252,388	$2,407,440	Kodeco Batulicin Plywood
		6,113,628	$2,233,068	Satya Raya Indah Woodbased Ind
		3,923,686	$1,510,161	Daya Sakti Ungul Plywood
		3,279,753	$1,275,162	Melapi Timber
6	Chesapeake Hardwood	46,168,874	$ 16,248,334
		10,586,667	$3,707,172	Harjohn Timber
		7,824,807	$2,740,039	Santi Murni Plywood
		5,859,809	$2,051,946	Kalimanis Plywood Ind
		5,290,433	$1,852,569	Kalhold Utama
		4,190,671	$1,467,462	Gany Mulia Sejantera Ind
		3,393,201	$1,188,207	Suka Jaya Makmur
		2,929,570	$1,025,858	Kodeco Batulicin Plywood
7	CANUSA Wood Products	42,370,806	$ 15,756,963
8	Timber Products	40,375,969	$ 14,969,005
9	Tumac Lumber	35,922,859	$ 12,830,289
10	Argo Fine Imports	33,009,827	$ 12,375,413
11	Columbia Forest Products	28,146,537	$ 10,795,222
12	Tomen	15,831,606	$ 6,034,189
13	Plywood Tropics	14,643,391	$ 5,350,941
14	Penrod	11,046,014	$ 4,198,914
15	Del Valle Kahman	10,773,164	$ 3,953,733
16	Ike Trdg	9,885,124	$ 3,673,158
17	East America	8,666,364	$ 3,524,318
18	Austral Byna	9,298,306	$ 3,370,048
19	O'Neill & Whitaker	8,469,823	$ 2,965,910
20	Woodbridge	$8,188,138	$ 2,884,906
21	Bryan Sales	5,896,446	$ 2,254,918
22	Sol Building Materials	5,524,402	$ 2,061,412
23	Gordon Ind	5,187,655	$ 1,860,153
24	Okaply	5,251,828	$ 1,839,046
25	Jeld Wen	4,683,399	$ 1,804,487
26	Eterna Djuliawati	4,262,739	$ 1,637,761
27	Intraca Wood Mfg	4,247,968	$ 1,496,366
28	Continental Wood Trading	3,769,613	$ 1,459,306
29	Itochu Building Products	3,798,324	$ 1,387,894
30	Transindo	2,620,675	$ 1,044,997

Imports of Paper (Harm. Code 482359)

Harmonized Code 482359 is defined as "paper and paperboard, used for writing, printing or other graphic purposes, nesoi, other than printed, embossed or perforated." Many of these shipments were identified as photocopy paper.

total number of shipments: 114 (less than 1% of the total number of all Indonesian shipments)

total weight: 170,259,539 (12% of the total weight of all Indonesian imports)

total value: $250,886,515 (25% of the total value of all Indonesian imports)

the four companies ranked below imported 84% of the total weight and 77% of the total value of all the 482359-coded paper imported from Indonesia during the period May 2001 through April 2002

RANK	IMPORTER	POUNDS	VALUE	MAJOR SOURCES
1	CIT Group	38,864,737	$117,607,428
		$21,303,508	$62,937,537	Pabrik Kertas Tjiwikimia
		17,561,229	$54,669,891	Indah Kiat Pulp & Paper
2	Asia Pulp & Paper Trdg	91,901,779	$54,063,942
		66,043,583	$38,739,502	Indah Kiat Pulp & Paper
		25,814,830	$15,304,219	Pabrik Kertas Tjiwikimia
3	Perry H Koplik & Sons	8,506,025	$5,042,763	100% Indah Kiat Pulp & Paper
4	Concourse City	3,705,207	$1,658,176	100% World Way Intl

Imports of Paper (Harm. Code 4805)

Harmonized Code 482359 is defined as "paper and paperboard, uncoated, nesoi, in rolls or sheets." Many of these shipments were identified as carbonless, looseleaf, and spiral paper.

total number of shipments: 317 (less than 2% of the total number of all Indonesian shipments)

total weight: 83,459,708 (6% of the total weight of all Indonesian imports)

total value: $119,165,714 (12% of the total value of all Indonesian imports)

the ten companies ranked below imported 83% of the total weight and 93% of the total value of all the 4805-coded paper imported from Indonesia during the period May 2001 through April 2002

Concourse City and Concord City were combined because their shipments have identical addresses, shippers, etc.

Daiei Papers was included because of the quanitity of paper imported. Since some of its records did not list an estimated value, the total value shown here is underrepresented.

RANK	IMPORTER	POUNDS	VALUE	MAJOR SOURCES
1 3	Concourse City Concord City	19,892,228 6,896,292	$33,396,557 $17,795,731	World Way Intl World Way Intl
2	Linden Trdg	9,256,719	$25,566,295
		7,872,883	$24,719,043	Pindo Deli Pulp & Paper Mills
		1,383,836	$847,252	Pabrik Kertas Tjiwikimia
4	Norcon	3,375,341	$10,597,795
5	CIT Group	12,986,140	$7,993,890
		11,769,026	$7,432,982	Pabrik Kertas Tjiwikimia
		957,497	$441,262	Pindo Deli Pulp & Paper Mills
6	Asia Pulp & Paper Trdg	9,321,744	$7,176,725
		1,426,854	$2,457,459	Pabrik Kertas Tjiwikimia
		6,399,534	$3,926,588	Pindo Deli Pulp & Paper Mills
7	Tower Group Intl	1,343,538	$2,295,227	Tower Group/Freight Express
8	Livingston Intl	1,308,790	$2,254,117
		274,769	$473,231	Hagajaya Kemasindo Sarana
		1,034,021	$1,780,886	Mats Express
9	Howard Family Trust	1,654,395	$2,070,414	?
10	Office Max	3,057,990	$1,409,277	Huntington National Bank

Daiei Papers Corp (PaperOne)

2,173,902

$404,591

April Fine Paper Trdg

Premdor (now named Masonite International)

Premdor acquired Masonite in August 2001, and changed its name to Masonite International in January 2002.
Headquaters is in Mississauga Ontario Canada, with administrative offices in Tampa Florida.

Premdor Imports of Wood Products from Indonesia

Source: (PIERS database, May 2001-April 2002)

SHIPPER	SHIP-MENTS	POUNDS	VALUE	MAJOR PRODUCTS	MAJOR PORTS
Melapi Timber	8	873,886	$513,365	meranti, oak, & lauan plywood & doorskins	Savannah, New Orleans, Long Beach, Camden

Jeld-Wen

Grossman's contractor warehouse stores (Massachusetts, New York, Rhode Island, Ohio, California) are a subsidiary of Jeld-Wen.

URS has an interest in Jeld-Wen <http://www.urs.com.au/docs/URS_Invest_Memor.pdf>

Involvement in Cameroon: Jeld-Wen has been a customer of Vicwood-Thanry, which has been implicated in the Cameroon timber trade by Greenpeace: "[Jeld-Wen] sources sapele from Vicwood-Thanry through [UK agent] NHG. Jeld-Wen manufacturs sapele doors which are sold to the construction industry and through timber merchants such as Travis-Perkins."

Involvement in Brazil: "Robco Madeira is the Brazilian subsidiary of Robinson Lumber Company Inc, based in New Orleans. The company is based in Para State and exports sawn lumber (including mahogany) mainly to the USA. It also exports to Japan, Australia, and most European countries. The parent company of Robinson is one of the USA's largest window and door manufacturer's, Jeld-Wen. Robco relies primarily on third-party suppliers. In 1998, Robco was fined R$ 4,000 (around US$ 2,212) for possession of illegal lumber. In the period 1998-99, five of Robco's sawn lumber suppliers were also fined. As a result of recent 60-day investigations into the extent of illegal logging practices in Para State, IBAMA early this month suspended around 800 and cancelled 300 Forest Management Plans (FMP) of logging operators in the region. Less than 20% of the original FMPs remain authorised. This is indicative of the level of illegalities amongst third party suppliers who supply export companies such as Robco."

Contact for Jeld-Wen international joint ventures: Jim Glasgow, Jeld-Wen, 3203 Country Lane, Klamath Falls, OR 97603, Phone: 541-884-6914, Fax: 541-884-5997, Email: 103176.1132@compuserve.com

Jeld-Wen Imports of Wood Products from Indonesia

Source: (PIERS database, May 2001-April 2002)

SHIPPER	SHIP-MENTS	POUNDS	VALUE	MAJOR PRODUCTS	MAJOR PORTS
Satya Raya Indah Woodbased Ind	82	5,258,172	$4,872,325	doorskins	Long Beach, Seattle, Tacoma
Decorindo Inti Alam Wood	217	4,163,279	$2,767,119	red oak & birch doorskins & plywood	New Orleans, Philadelphia, Camden, Seattle/Tacoma
Tanjung Selatan Makmur Jaya	226	4,950,645	$2,483,569	plywood, meranti doorskins	New Orleans, Savannah, Los Angeles
Melapi Timber	95	1,402,194	$986,063	meranti & red oak plywood & doorskins	New Orleans, Los Angeles, Philadelphia, Norfolk
Evergreen Fibreboard	2	239,048	$164,998	medium density fiberboard, veneer	Seattle
TOTALS		16,013,338	11,274,074

Nord Doors

www.doors-windows.com

www.nordoor.com

Nord Doors is a brandname of Jeld-Wen.
The PIERS database for May 2001-April 2002 includes no Indonesian shipments involving Nord.

Doorcraft

www.doors.com

Doorcraft is a brandname of Jeld-Wen.
The PIERS database for May 2001-April 2002 includes no Indonesian shipments involving Doorcraft.

There are Doorcraft manufacturing facilities in Hartselle AL , Rocklin CA , Kissimmee FL , Plymouth IN, Grinnell IA , Sunbury PA , Temple TX, Ludlow VT , Ligonier IN , Lexington NC, Chiloquin OR.

Cryntel Enterprises

2450 Hollywood Blvd, Suite 706

Hollywood, FL 33020

(954) 920-8877

Cryntel Imports of Wood Products from Indonesia

Source: (PIERS database, May 2001-April 2002)

SHIPPER	SHIP-MENTS	POUNDS	VALUE	MAJOR PRODUCTS	MAJOR PORTS
Redtroindo Nusantara	26	1,710,373	$1,253,951	wood flooring parquet plank	Charleston, Los Angeles, Long Beach
Kayu Lapis	16	1,746,329	$1,474,273	wood flooring parquet plank	Long Beach
Jatipurna Artindo Design	28	1,964,189	$1,486,442	wood flooring	Los Angeles, Savannah, Wilmington NC
Jati Luhur Agung	30	2,072,592	$1,528,692	wood flooring	Los Angeles, Wilmington NC
TOTALS	100

Cryntel's Notify Parties in the PIERS database include Bank of America and LG Sourcing.

Bruce Hardwood Floors

www.bruce.com

Bruce Hardwood Floors is a subsidiary of Armstrong World Industries (Lancaster Pennsylvania), a manufacturer of floors, ceilings, and cabinets. A third of Armstrong's annual sales of $3 billion are of wood products. Armstrong brand names include Bruce, Hartco, and Robbins. All three of these brand names include Asian or other "exotic" wood components, and there are manufacturing facilities in Thailand and China.

Armstrong declared bankruptcy in December 2000, in response to lawsuits over products containing asbestos.

Bruce Hardwood Floors claims to be the world's largest manufacturer of hardwood floors.

Appendix 1. Indoplywood and Holdiko

This section is included because some of the Indonesian companies shipping to the US importers listed above are subsidiaries of Holdiko.

Overviews of the Indonesian plywood and corrugated box industries are available at Holdiko's website.

Indonesian Plywood Industry

Holdiko's plywood interests

PT. Duta Rendra Mulya	8.36%
PT. Kayu Lapis Asli Murni	9.45%
PT. Melapi Timber	49.5%
PT. Unitama Adiusaha Shipping	99.99%

Indonesian Corrugated Box Industry

"Currently, in Indonesia there are 108 companies engaged in the industry with a total installed capacity of 1.9 million tons per annum and an average utilization rate of 65%. About 75% of the companies are small to medium size companies. Most of the producers are located in Java particularly in Jakarta and its surroundings, driven by market demand from consumer industries also located in the same area. The major players in the industry are PT. Sinar Dunia Makmur (Sinar Mas Group) in Serang, West Java, followed by PT. Cakung Utama Indonesiain Bekasiand PT. Salim Rengo Container (60% owned by Holdiko) in Tangerang, Surabaya and Semarang. The following is the top 5 producers in the local market in terms of production capacity and their respective utilization rate:"

Holdiko

Holdiko sold PT. Astra International and numerous palm plantations in 2000-2001.

"PT. Holdiko Perkasa ("Holdiko") is incorporated in Jakarta under the Deed of Incorporation and Articles of Association No. 28 dated December 14, 1998. This Article of Association has been announced in the State Gazette No. 67 supplement No. 5060 dated August 20, 1999.

"Holdiko was established in relation to the settlement between the Salim Group and the Indonesian Bank Restructuring Agency ("IBRA") with regard to liquidity credits provided to BCA and the affiliated loans which exceeded the Legal Lending Limit given by BCA to Salim Group affiliated companies.

"As part of the Settlement Agreement with IBRA, the Salim Group transferred shares and assets in 107 companies to Holdiko.

"Holdiko is legally owned by the original shareholders and not the government, but legally, Holdiko pursuant to the Master Settlement Acquisition Agreement ("MSAA") is under the effective control of IBRA. Under the structure of the MSAA, IBRA as the only creditor holds the right to appoint the majority of Holdiko's management and direct its asset disposal efforts. In addition, all of the Holdiko's shares as well as the shares of the companies transfered to Holdiko are pledged to IBRA and IBRA holds the voting rights over such pledged shares.

"Holdiko was established to own and supervise the 107 companies. Hence, Holdiko is now the legal owner for those 107 companies, and it is Holdiko's responsibility to supervise each individual company with the aim of disposing of these companies assets at the right time and at the right value in order for Holdiko to repay its obligation.

"Based on the Deed of Incorporation and Articles of Association No. 28 dated December 14, 1998, the composition of the shareholders is as follows:

"PT. Gemahripah Pertiwi and PT. Carakasubur Nirmala are companies of the Salim Group. The shares of Holdiko which are owned by the above two companies are pledged to IBRA together with all of Holdiko's shares in its subsidiaries. Additionally, an irrevocable Power of Attorney over Holdiko's and its subsidiaries' shares has been provided to IBRA. The Management Team of Holdiko is appointed by IBRA as per the Settlement Agreement with the Salim Group.

"Based on the Deed of Incorporation and Articles of Association No. 28 dated December 14, 1998, the composition of the shareholders is as follows :

Name	# of shares	%
PT. Gemahripah Pertiwi	10 shares	50%
PT. Carakasubur Nirmala	10 shares	50%
TOTAL	20 shares	100%

"The Management Team of Holdiko is appointed by IBRA as per the Settlement Agreement with the Salim Group.

"Holdiko has sought the assistance of the following professional advisors and consultants:

Price Waterhouse Coopers for developing the asset disposal strategy
Arthur Andersen for accounting and consolidation
Lubis, Ganie, Surowidjojo for legal support
Prijohandojo, Boentoro & Co. for Tax Advice
Hewitt Associates for human resources management
Financial Advisors, Underwriters, and Legal Advisors on a transaction-by-transaction basis."

Appendix 2. Tanjung Raya and Decorindo

PT Tanjung Selatan Makmur Jaya

PT Decorindo Inti Alam Wood

JAKARTA SALES OFFICE
Jl. Gatot Subroto Kav. 27 Menara
Global 19 th Floor Jakarta 12950
INDONESIA
Phone: (62)-021 527 0577 / 87
Fax : (62)-021 527 0578 / 79

Products: plywood, doors, wordworking/molding

Brief History

1982 : Joint venture between Indonesia's Tanjung Raya Corporindo and Singapore's Southern Wood Products Pte. Ltd.
1983 : First mill to produce doorskin plywood in Indonesia
1984 : Pioneer in 2.4 mm plywood production in Indonesia
1988 : Fancy Plywood Mill set up (PT Decorindo Inti Alam Wood)
1993 : Flooring Division started
2000 : Engineered Panel Doors Division ships first container

Corporate Profile

Zero long-term debt / short-term bank borrowings
Total liabilities to equity ratio as of year-end 2000:30%
Plywood capacity: 12,000 m3 per month
Fancy Plywood capacity: 12,000 msf per month
Parquet Flooring capacity: 120,000 m2 per month
Total employees: 4,000