ANNUAL REPORT - kedaungindahcan.com · 34.08 53.76 16.37 2.59 23.62 Net Sales Gross Profit...

Jl. Raya Rungkut 15-17 Surabaya 60293 Surabaya

Phone.. 62-31-8700088 (hunting), Fax. 62-31-8705212

Email. [email protected]

ANNUAL REPORT

PT. KEDAUNG INDAH CAN Tbk.

In billion Rupiah, except for Basic Earnings ( Loss ) per Share andnumber of outstanding Shares

Financial Highlight

*) Income per Share are cmputed by dividing income by the weighted-average number of shares outstanding

Net Sales Table

2010 2011 2012 2013 2014

Comprehensive Income (Loss) Table

3.26

0.36

2.26

7.42

4.70

10

-10

5

-5

2010 2011 2012 2013 2014

80.7987.52

94.79

99.03102.97

01

80.7987.5294.7999.03102.97

85.9487.4294.9698.396.75

3.260.362.267.424.70

138,000,000138,000,000138,000,000138,000,000138,000,000

8.4411.6014.5323.8420.53

22.0023.1228.4024.3218.07

46.8248.3649.1555.2856.8

(2.54)0.043.1211.396.49

63.9464.3066.5673.9878.68

23.622.5916.3753.7634.08

Net Sales

Gross Profit

Operating Profit

Comprehensive Income ( Loss )

Net Equity

Total Asset

Total Liabilities

Equity

Total Shares

Net Profit per Share

Information 20102011201220132014


Financial Ratio2011201220132014Information

8.338.314.383.98Net Sales

13.2515.3325.1519.94Gross Profit Ratio

0.064.6917.118.25Gross Profit to Equity

7.264.804.807.90Current Ratio

Financial Ratio (%)

Operation Ratio (%)

Growth Ratio (%)

(89.06)533.37228.39(36.66)Comprehensive Income ( Loss )

37.4325.2964.09(13.88)Gross Profit

0.043.2912.026.30Operating Profit Ratio

0.553.3911.155.97Return to Equity

0.360.430.330.23Debts to Equity

1.728.623.52(1.58)Total Assets

101.528,006.12265.03(43.02)Operating Profit

0.412.387.834.56Comprehensive Income ( Loss ) Ratio

0.412.387.554.86Return to Assets

0.260.300.250.19Debts to Total Assets

0.563.5111.156.35Equity

2010

(2.68)

10.44

(3.97)

7.34

162.51

24.08

(3.14)

5.10

0.34

1.98

39.06

4.03

3.79

0.26

(5.37)

Share Information

2014

2013

314

310

250

190

635,000

1,000,500

43,332,000,000

42,780,000,000

34,500,000,000

26,220,000,000

300

210

261

168

683,500

19,000

41,400,000,000

28,980,000,000

36,018,000,000

23,184,000,000

300

300

261

172

342,700

1,146,500

41,400,000,000

41,400,000,000

36,018,000,000

23,736,000,000

299

385

260

191

374,100

17,327,000

41,262,000,000

53,130,000,000

35,880,000,000

26,358,000,000

Year QuarterlyHarga Saham

Highest HighestLowest LowestShare Volume

Kapitalisasi Pasar *

*) in Indonesia Rupiah

02


Date of Establised st11 January 1974

Share Holders

Share Holders which own 5% or more

and also became

the Company's Management

PT Kedawung Subur 60.195.140 saham 43.62%

DK Lim & Sons Investment Pte. Ltd. 43.332.000 saham 31.40%

Agus Nursalim 6.348.000 saham 4.60%

Philip Lam Tin Sing 380 saham 0.00%

Djoni Sukohardjo 312.700 saham 0.23%

Masyarakat 27.811.780 saham 20.15%

Board of Commissioners Affiliated

President Commissioner Philip Lam Tin Sing Share Holders of DK Lim & Sons Investment Pte. Ltd.

Commissioner Djoni Sukohardjo -

Commissioner Eli Rosiana, SE. -

* as Independent Commissioner

The legal basis for the appointment of the Board of Commissioners in accordance Annual Report 2013 of the Company this the General Meeting Shareholders of the Company in accordance Deed No. 78 Notary SP Henny Singgih, SH Datedl 28 June 2011.

Board of Directors Afiliated

President Director Ir. Ratna Setyakusuma -

Production & Commercial Director Ir. I Made Indrawan -

Finance Director Hadi Muliyono, SE Ak. -

The legal basis for the appointment of the Board of Directors in accordance Annual Report 2013 of the Company this the General Meeting of Shareholders in accordance Deed No. 64 Notary SP Henny Singgih, SH dated 28 June 2013.

Head Office & Factory Jl . Raya Rungkut 15 – 17,

,

Surabaya 60293, Indonesia

Phone . 62 – 31- 8700088 (Hunting ) Fax . 62- 31 – 8705212


Date of Listing th28 October 1993

Share listed on Bursa Efek Indonesia *

Date of Listing Total Shares Listed onth

28 October 1993 50,000,000 Bursa Efek Jakarta & Bursa Efek Surabayath

20 July 1995 69,000,000 Bursa Efek Jakarta & Bursa Efek Surabayath

16 December 1996 138,000,000 Bursa Efek Jakarta & Bursa Efek Surabayast31 December 2010 138,000,000 Bursa Efek Indonesia

Public Accountant Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Co

Jl. Ngagel Jaya No.90,

Surabaya 60283, Indonesia

Phone. 62 – 31 – 5012161

Fax . 62 – 31 – 5012335

Bureau of Shares Administration PT Sirca Datapro Perdana

Jl. Johar No. 18, Menteng,

Jakarta 10340, Indonesia

Phone. 62 – 21 – 3140032

Fax . 62 – 21 – 3140185

*) Indonesia Stock Exchange is a mergered company of Jakarta Stock Exchange with Surabaya Stock Exchange

03

Company Data


Shareholder StructureShare Holders

PT. Kedaung Indah Can, Tbk PT. Kedaung Indah Can, Tbk

PT. Kedawung Subur

PT. Nur Mulia Indojaya

Agus Nursalim

PT. Kedaung Industrial

Masyarakat

Probosutedjo

DK Lim & Sons

Investment Pte Ltd42,62%

10,00%

4,60%

55,00%

20,38%

35,00%

31,40%

Capital Market Supporting Institution

Share Custody

Gedung Bursa Efek Indonesia Tower 1 Lt. 5,

Jl. Jend. Sudirman Kav 52-53, Jakarta 12190.

Phone. 021 - 52991099, F. 021 - 52991199

Bureau of

Shares Administration

PT Sirca Datapro Perdana

PT Kustodian Sentral Efek Indonesia

Wisma Sirca, Jl. Johar No. 18 Menteng, Jakarta 10340.

Phone. 021 - 3140032, F. 021 - 3140185

Public Accountant Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan

Jl. Ngagel Jaya Selatan No. 90, Surabaya 60283.

Phone. 031 - 5012161, F. 031 - 5012335

Notary Lies Herminingsih, SH

Jl. RS. Fatmawati 28 C, Cilandak, Jakarta Selatan

Phone. 021 - 75911669, F. 021 - 7650047

.

Agus Nursalim Agus Nursalim

John Kosasih

Hj. Syarifah H

Emo Nursalim

Aris Sumarta

Agus Nursalim

PhilipLam Tin Sing

Wihartati Muslim

04

In 2014, the amount of fee charged to the Company for share

c u s t o d y , s h a r e

administration, audit of financial statement and notary fee in overall

range of IDR 206 Million.


BOARD OF COMMISSIONERS REPORT

During 2014, the economic condition of Indonesia was colored

with various dynamics. The negative sentiments came and went both

globally and domestically. At the global scale there were significant

concerns over the global economic downturn then the news regarding

the Federal Reserve, Central Bank of United States of America planning

to raise the interest rate (The Fed Fund Rate). Meanwhile, at the

domestic scale in addition to the political tumult regarding the result of

the public election, the businessmen and the public were on edge due to

the macroeconomic condition of Indonesia particularly the widening of

the position of 'current account deficit” due to the declining in the prices

of world commodities and the weakening of the Rupiah exchange rate.

Indonesia are still recovering from the debt crisis, the current account deficit and the trade balance which are in the

range 3-4%, which number did not improve the economic condition of Indonesia compared to the previous year. It

also affected the exchange rate of Rupiah which remained lower compared to the US dollar during 2014. The efforts

of the government to reduce domestic consumption to suppress the import transactions resulted in the slowing

down of the Indonesia's economy to 5.2% - 5.3% which is the lowest growth over the last 5 years.

Amids the economic slowdown and the liquidity tightening, the Board of Commisioners are convinced that

the Board of Directors and the management has been doing their bests efforts in running the operational activities

of the Company. In 2014, the Board of Commisioners has conducted routine formal meetings as well as meetings

with the Board of Directors to discuss the operational performance of the Company.

Sales of the Company were increased by 4% to IDR 103 billions. The increase was largely obtained through

the increasing in sales and the strengthening of foreign currencies. With the improvement on the investment

climate and the political stability in the presence of the new government, the Company are optimistic to be able to

obtain better performance. Overall, in the coming year the Company expects to achieve an increase in sales and

margin growth, particularly of products with added value.

In order to implement the "Good Corporate

Governance" in each business activities, the Company has

the Independent Commissioner that reached 33.33% or in

accordance to the regulations of Otoritas Jasa Keuangan

(previously Bapepam - LK) and the Indonesia Stock

Exchange. Furthermore, The Company has a Corporate

Secretary as well as the Audit Committee who works

according to the Annual Work Plan. During 2014, the Board

of Commissioners has monitored the performance of the

Audit Committee and believes that the implementation of

the duties and responsibilities of the Audit Committee are in

accordance to the Annual Work Plan.

On behalf of the Board of Commissioners, we would like to express our gratitude to the shareholders for

the trust that has been given. We also would like to express our appreciation to the Board of Directors, the

Management, the Staff and the Employees for their hard work, dedication and loyalty in running the business

activities of the Company .

Philip Lam Tin SingPresident Commissioner

In 2014, the Board of Commisioners

has conducted routine formal meetings

as well as meetings

with the Board of Directors

to discuss the operational

performance of the Company.

Sales of the Company were increased

by 4% to IDR 103 billions.

05

PT. KEDAUNG INDAH CAN Tbk.06

BOARD OF DIRECTORS REPORT

Dear Valued Shareholders,

2014 is a year with many challenges for the national economy as a variety

of events experienced by the people of Indonesia such as the increase of the price of

the subsidized fuel which reached 30% at the end of the year and the increase in the

electricity tariff by 20%. These conditions give impacts on the increasing of the

inflation rate, reaching 8.36%. To anticipate the impact of inflation, the BI rate which

were previously under 6% in 2013 is slowly increased to 7.75% at the end of 2014.

In addition, the exchange rate of the Rupiah fluctuates continuously due to the high

demand for foreign currency that it touches the level of IDR 12,440.

The year of 2014 also became one of the pillars of the journey of Indonesia with their two democratic parties

running smoothly and safely, amid the conditions of the domestic economy which was not yet conducive, as there

were slowdown in the world economy and a surge in the volatility of the global financial market. However, in 2014 the

Company still posted the net sales growth that reached IDR 103 billion.

This can be achieved by the Company due to the cooperation and the discipline in cost controlling

particularly the cost of production. Also supported by the conditions of the domestic economy which are quite

exciting throughout 2014 so as to create a positive climate for the achievement of the overall performance of the

Company. The prices of the raw materials, which are increased mainly due to the inflation and the increase of regional

minimum wage and the increase of the exchange rate of the US Dollar against the Rupiah during 2014, are addressed

carefully by the Company by performing selective increase in the price of the products.

The Company also continuously strive to make improvements in the implementation of the good corporate

governance. In carrying out its business activities, the Board of Directors has implemented well all the inputs and the

advices of the Board of Commissioners and the Audit Committee. Moreover, the Board of Directors has established an

internal control system in the implementation of their daily duties.

On this occasion, on behalf of the Board of Directors, we would like to express our appreciation and gratitude

to the Shareholders, the Board of Commissioners, the Staff & the Employees on the trust, the support and the hard

work in running the business activities of the Company and also to the Stakeholders ,i.e. business partners, suppliers,

customers and creditors for all the support and cooperation over the years. We expect that in the future the trust, the

support, the cooperation and the hard work are continued so that together we can grow and thrive.

The national economy that is still growing positively encourages

the Company to focus more on the domestic market which is more

promising. In local sales the Company recorded the sales of IDR

70,329,223,002, an increase of 4.3% compared to 2013. Meanwhile in

export sales, the Company recorded the sales of IDR 28,696,580,839, an

increase of 3.98% over the previous year.

Ir. RatnaSetyakusumaPresident Director

in 2014 the Company

still posted

the net sales growth

that reached IDR 103 billion.


COMPANY/ENTITY INFORMATIONGeneral

PT Kedaung Indah Can Tbk (in short: Perseroan)

was established in accordance to Law Nr. 6 Year 1968 on

Domestic Investment jo Law Nr. 12 Year 1970, based on st

Notarial Deed Nr. 37 dated 11 January 1974 by Julian

Nimrod Siregar Gelar Mangaradja Namora, SH., notary in

Jakarta. The Notarial Deed was officiated through the

Ministerial Decree of The Minister of Justice of the Republic th

of Indonesia Nr. Y.A.5/239/18 dated 24 July 1975 and was

announced in the State Report of the Republic of Indonesia ndNr. 27 dated 2 April 1976, Supplement No. 237.

In accordance to Notarial Deed Nr. 62 and 63 thdated 18 June 1997 by Siti Pertiwi Henny Singgih, S.H.,

notary in Jakarta, the articles of association of the Company

had been amended according to Company Law Nr. 1 Year

1995 and Capital Market Law Nr. 8 Year 1995. The Notarial

Deed was officiated through the Ministerial Decree of The

Minister of Justice of the Republic of Indonesia Nr. C2-nd

4042.HT.01.04.TH98 dated 22 April 1998 and was

announced in the State Report of the Republic of Indonesia

Nr. 42 dated 25 May 1999, Supplement No. 135.

The articles of association of the Company had

been amended a few times in order to comply with the

provisions and regulations, previously in accordance to th

Notarial Deed Nr. 119 dated 30 Mei 1998 by Wachid

Hasyim, S.H., notary in Surabaya, regarding the amendment

of the articles of association of the Company in compliance

with Rules of the Capital Market Institution Nr. Kep.

13/PM/1997. The Notarial Deed was officiated through the

Ministerial Decree of The Minister of Justice of the Republic thof Indonesia Nr. C2-18824.HT.01.04.TH'98 dated 9 October

1998 and was announced in the State Report of the thRepublic of Indonesia Nr. 15 dated 19 February 1999,

Supplement No. 60.

Last, the articles of association was amended in

compliance with Law Nr. 40 Year 2007 on Company which

was scheduled through Shareholders Meeting and officiated

th On 7 October 1993, the Company received

Effective Statement of Head of Bapepam (Capital Market

Institution)in accordance to Letter Nr. S-1733/PM/1993 to

conduct public offering of 10,000,000 shares and at the

same time the Company on behalf of the existing

shareholders listed an additional sum of 40,000,000 shares.

Therefore the sum of the listed shares was 50.000.000 or

100% of the share capital of the Company. On 28th October

the same year, the Company shares were listed in Jakarta

Stock Exchange and Surabaya Stock Exchange.

On 20th July 1995, the Company made changes

to the share structure by distributing bonus shares from par

(paid in surplus). Therefore the total of the outstanding

shares of the Company increased from 50,000,000 to

69,000,000.

th On 16 December 1996, the Company did a

corporational act by conducting a stock split in order to

expand the ownership of the Company's shares. This

corporational act raised the total outstanding shares to

138,000,000.

Since the beginning the whole Company's shares

was also listed in Jakarta Stock Exchange and Surabaya st

Stock Exchange. On 31 December 2010, all the Company's

shares have been listed in Indonesian Stock Exchange,

which is a merger of Jakarta Stock Exchange and Surabaya

Stock Exchange.

The Company Office since its first establishment

is located at Jalan Raya Rungkut No. 15-17, Surabaya with its

factory located at the same address.

According to article 3 of the articles of association

of the Company, the scope of the Company's activities are

the field of kitchen appliances industry from metal and

similar products as well as cans industry and similar

products.

07


Organization Structure

08

General Meeting

of Shareholders

Board of Commissioners Audit Committee

President Director

Director of Finance

Operation

Manager

Marketing

Manager

Corporate

Secretary

Accounting & Tax

Manager

Purchasing

Manager

General

Audit

Internal

Audit

Director of Production and Commercial

Ir. Ratna Setyakusuma

Hadi Muliyono, SE Ak.

Agus ParaGrace K TjandraIng Hidayat KFerry Suryawan, SE Ak.

Johanes SoejantoTeddy PrakasaKetut P Sujaya

Ir. I Made Indrawan


VISION AND MISSION

HUMAN RESOURCES

Being the first company to produce household

appliances, carefully providing the best products with the

highest regards to quality, PT Kedaung Indah Can Tbk.

strives to meet the needs of its Indonesian as well as

overseas customers.

PT. Kedaung Indah Can Tbk. had 798 employees (including Board of Commissioners and Board of st st Directors) on 31 December 2013 and 740 employees on 31 December 2014.

st The number of employees on 31 December 2014 decreased by 7% compared to the previous year

particularly due to a number of retiring employees during the one-year period.

In 2014 the Company had internally conducted both managerial and technical trainings to improve the

competences of the employees.

Futhermore, the Company had periodically implemented the Corporate Social Responsibility (CSR)

programs such as social activities and blood donation in collaboration

with the Indonesian Red Cross and local community officials.

Moreover, the Company maintained harmonious working

relationship with the workers on the basis of mutual respect, marked by

Perjanjian Kerja Bersama (PKB) signing between the Management/Entity

and the Serikat Pekerja Seluruh Indonesia. The Agreement was valid until

2014 and had been registered under Dinas Tenaga Kerja Surabaya as

stated in Surat Keterangan Pendaftaran Nomor 560/6313/436.6.12/PKB-

27.12.2012.

Employee Profiles (excluding Board of Commissioners and Board of Directors) ston 31 December 2013 and 2014

Jobholder Honorary Workers

MAN WOMAN primary school

Junior high

school

Senior high

school

DIPLOMA S1 S2

2014

2013

715

781

25

17

543

575

197

223

27

10

180

209

499

542

7

9

26

27

1

1

740

798

96.6%

97.9%

3.4%

2.1%

73.4%

72.1%

26.6%

27.9%

28.0%

27.4%

72.0%

72.6%

YearSTATUS GENDER Education

Quantity


BOARD OF DIRECTORS

BOARD OF COMMISSIONERS

BOARD OF COMMISSIONERS

& BOARD OF DIRECTORS

Annual General Shareholders MeetingthJakarta, June 20 , 2014

10

G raduating his education from Singapore, Australia, and United States, he worked at a certain company in Italy for a

period of time. Acquiring extensive experience, he joined one of the Kedaung Group company in China and was

responsible for several companies, i.e. Jia Tai Ceramic Industrial Co. Ltd.; Kai Seng Ceramics Industrial Co. Ltd, and Jia Sin

Ceramics China until 1991. Then also appointed as Director of the affiliate company of Kedaung Group, PT Credit

Lyonnaise Capital Indonesia, and PT Skytelindo Services Indonesia until 2000. At present, he holds several key positions

at different companies, PT Kedaung Industrial and PT Kedaung Oriental Porcelain Industry, as Chairman as well as

Director.r.

Graduating from Singapore and holding a Master Degree from United States, he started his business in cutlery

manufacturing in 1988. The company namely PT Indometal Sedjati has been running ever since. He has been

Commissioner of PT Kedawung Subur since 1990 and has extended his expertise as Commissioner of PT Ital Smaltindo

Industri since 1995.

Completing her study in Economics at STIE Malangkucerawa, Major in Accounting in 1990, she worked at several public

accounting firms in Surabaya and acted as Finance Accounting and Taxation Consultant for a number of companies. She

was appointed as Commissioner as well as Independent Commissioner in 2008

Philip Lam Tin Sing (President Commissioner)

Djoni Sukohardjo (Commissioner)

Eli Rosiana, SE (Commisioner & Independent Commisioner)

Graduating from Institut Teknologi Surabaya in 1978, she immediately joined the Company. She worked as Director in

1992. Since 1995, she has been appointed as President Director.

Graduating from Institut Teknologi Surabaya in 1978, he immediately joined the Company. He has been appointed as

Director since 1995.

He graduated in 1998 from Universitas Airlangga, Faculty of Economics, majoring in Accounting. He worked at KAP

Prasetio Utomo & Co until 2001 before joining the Company in 2002. In 2004 he was appointed as Director with a

responsibility for finance and accounting matters.

Ir. Ratna Setyakusuma (President Director)

Ir. I Made Indrawan (Director)

Hadi Muliyono SE Ak. (Director)


MANAGEMENT DISCUSSION

Management Analysis and Discussion

The year of 2014 has been traversed along tinged with

rather dynamic political and economic conditions. For PT. Kedaung

Indah Can Tbk (“the Company”) 2014 was a year filled with

challenges amid the local as well as foreign economic conditions

which were less supportive. The condition of the domestic public

purse that weakened due to the increase of the fuel price and the

weakening of the rupiah exchange rate against the US dollar give

impacts on the growth of the Company in 2014. Nevertheless,with

the supports of the entire management, employees and

shareholders, in 2014 the Company recorded a net profit of IDR

4,703,508,241. The management will continue to seek greater

improvement and encourage a change in the dynamic business

amid the competition and the challenge of the rapidly moving

business.

Product Marketing and Sales

The marketing of the enamel products

comprises the domestic market through the

marketing network of the Company and the

overseas markets. In 2014 the domestic market

indicated some positive development

particularly for the enamel segment despite the

weakening of the domestic public purse.

Through the marketing network of the Company

the enamel products of the Company has

reached the island of Java, Sumatra and

Sulawesi. Abroad the enamel products has their

own markets in the United States of America,

Middle East, Africa and Australia. The tin cans

segment which are can packagings for other

industries has domestic markets on the biscuit

industry, talc, etc. In 2014, the weakening of the

domestic public purse also affects the markets

of the tin cans. Nonetheless, along with the

economic recovery in the coming years the

markets are still considerably potential.

The sales of the Company in 2014

amounted to IDR 102,971,318,497 or increased

by 4% or IDR 3,941,621,780 compared to 2013.

Of these, the sales of the enamel segment was

IDR 65,840,653,507 or 64% of the total sales

while the sales of the tin cans segment was IDR

37,130,664,990 or 36% of the total sales.

Production The Company has two business segments according

to the types of the products, i.e. the enamel segment which is

the production of the enamel-coated household appliances

and the tin segment which is the production of the tin cans for

packaging (biscuit, talc, etc). The production process in each

segment are as follows:

- The enamel segment, includes the forming, the

pickling, the enamelling, the decorating, the

assembling and the packing.

- The tin segment, includes the printing, the forming

and the packing.

In 2014 the production of the enamel segment

reached 1,553 tons, decreased by 14% compared to 2013. The

production was decreased in order to optimize the supply

level in line with the amount of enamel-segment sales of the

Company. The production capacity of the enamel segment is

2,700 tons per year which makes the production of the

enamel in 2014 reached 58% of the production capacity.

In the tin segment, the production reached 1,099

tons in 2014, decreased by 14% in line with the decrease of the

tin cans sales in 2014. The capacity of the cans production is

1,560 tons per year which makes theproduction of the tin cans

in 2014 reached 70% of the production capacity.

11


Sales Gross Profit

In 2014, The Company recorded a net sales

of IDR 102,971,318,497, an increase by 4% or IDR

3,941,621,780 from IDR 99,029,696,717 in 2013. The

domestic market is still the main market of the

Company. For the domestic sales, the Company

recorded a sales of IDR 70,329,223,002, an increase

by 4% compared to 2013, while for the export sales,

the Company recorded a sales of IDR

28,696,580,839, an increase by 4% compared to

2013. In 2014, various efforts have been

implemented in order to improve both domestic

and export sales. For the domestic market, the

management has made several breakthroughs to

acquire new customers in tin cans as well as

enamel products. For the export market, various

attempts have also been made through a series of

new product manufacturing, particularly the

enamel products and the introductions ofthe

Company's products through business exhibitions

abroad.

The increase in the prices of the raw

materials, particularly due to inflation and the

increase in the provincial minimum wage as well as

the rise of the US dollar exchange rate against the

rupiah during 2014 were addressed carefully by

performing selective increase in the price of the

product. Overall the Company rise the product

prices witihin the range of 5% -10% in 2014. The

Company considers that the prices rise are well

received by the domestic and global markets.

In 2014, the Company's cost of goods sold

increased by IDR 7,249,244,422 or 9.6% compared to the

cost of goods sold in 2013, while the sales increased by

4% compared to 2013. The increase in the cost of goods

sold was mainly due to an increase in the expenses of the

direct labor resulting from the significant increase in the

provincial minimum wage rate in 2014. Therefore, the

pursuit of efficiency particularly in the labor sector are

continuously made by the management through a series

of optimizing efforts in the number of workers in each

department. The optimizing efforts are similarly made for

other costs, that is the raw materials as well as the energy

in order to improve competitiveness. On the other hand,

both the domestic and the global markets are not able to

absorb the rather significant increase in the cost of

production, that the Company implemented the selective

price increase in order to retain the customers. Therefore

the Company's gross profit in 2014 was IDR

20,532,170,990 or decreased by IDR 3,307,622,642 or 14%

compared to the gross profit in 2013 which is IDR

23,839,793,632. The efforts of the cost efficiency will

continue to be pursued and improved in the coming

years to create a business climate with high

competitiveness.

Profitability

Overall, in 2014 the Company recorded a comprehensive profit of IDR 4,703,508,241 or decreased by 37%

compared to 2013. This was mainly due to the weakening of the domestic public purse along with the increase of the

cost components, particularly labor cost. The efficiency of the Company in all fields such as the efficient use of the raw

materials, the optimization of the number of employees, and the energy efficiency will continue to be pursued for the

sake of the Company's future growth of profitability. The weakening of the exchange rate at the various export-

destination countries (India, Russia, and several African countries) greatly affected the Company's sales at the export

market. In 2014, the segment of the Enamel products contributed a gross profit of IDR 11,719,028,567 or 57% of the

total gross profit of the Company, while the Tin cans segment contributed a gross profit of IDR 8,813,142,423 or 43% of

the total gross profit of the Company. Overall, the segment of the Tin cans products provided a substantial

contribution to the performance of the Company and has a promising market potential in the future. Furthermore, the

Enamel products also exhibit a good potential for their developments, considering that the Company has greater

capacity in the production of this segment.

FINANCIAL PERFORMANCE ANALYSIS

12


Other Expenses and Income

Liability

Equity

Other expenses and income in 2014 was relatively insignificant, dominated by interest expenses and foreign

exchange profits. In 2014, the Company recorded an interest expense of IDR 818,231,648, higher than IDR 595,908,528

in 2013. The increase was due to increase in the payment of the employee severance since the Company reduced the

number of employee in line with the implementation of the labor efficiency in 2014. Therefore, the funding of the

Company's bank loans were widely used for operational funding. Meanwhile, the Company gained a foreign exchange

profit of IDR 554,848,452 due to the weakening of the rupiah against the US dollar during 2014. The Company

continuously applies the principles of precaution in managing the risk of foreign currency fluctuations by maintaining

the level of payables and assets in foreign currencies in accordance to the proportion of sales in foreign currencies as

well as continuously examining the developing condition of foreign currency fluctuations in a global level. After the

addition of the income from interest and giro service and other income then deducting it to interest expense and

other expenses which amount were insignificant, in 2014 the Company recorded an earning before tax of IDR

6,328,129,933 or decreased by Rp 3,619,402,937 compared to the earning before tax in 2012. The tax expense of the

Company decreased along with the decrease in the taxable income generated from the operational activities of the

Company. After the deduction to the tax, the Company recorded a comprehensive profit of IDR 4,703,508,241 or

decreased by IDR 2,715,992,477 compared to the comprehensive profit in 2013.

The Total Liability decreased from IDR 24,319,143,497 at the end of 2013 to IDR 18,065,657,377 at the end of 2014 or

decreased by IDR 6,253,486,120 which is caused primarily by a decrease in the liability of employees' post-employment

benefit in line with the optimization (decrease) of the amount of the Company employees. Besides, there is also a decline in

short-term loans of the Company due to repayments on the loans of the Company where the fund was received from The

Company's operational activities. For the funding of working capital, the Company obtained financial support from Bank

CTBC Indonesia.

The Company's Equity in 2014 was IDR 78,680,086,844, increased in line with the profit of the Company obtained in

2014 which was IDR 4,703,508,241, compared to the total equity of IDR 73,976,578,603 in 2013.

Operating Profit

Asset

The operating expenses of the Company in 2014 increased primarily on the general and administrative

expenses due to the increase in the salaries and the employee benefits following the increase in the provincial

minimum wage. Besides, due to the increase in the wage rate the reserve for the post-employment benefits, which is

also included in the general and administrative expenses, is simultaneously increased. In 2014, the Company

recorded the sales expenses and the general and administrative expenses of IDR 1,775,773,595 and IDR

12,269,748,108, respectively. Therefore, the operating profit of the Company in 2014 was IDR 6,486,649,287 or

decreased by IDR 4,904,253,535 compared to the operating profit in 2013.

The total assets of the Company at the end of 2014 in general were slightly decreased particularly due to

repayments on short-term payable of the Company during 2014 as well as employee severance payments. The total assets

of the Company at the end of 2014 was IDR 96,745,744,221 or decreased by Rp 1,549,977,879 or 1.6% compared to the total

assets of Rp 98,295,722,100 in 2013. For the current assets there is a slight decrease from IDR 66,863,972,844 in 2013 to IDR

65,027,601,187 in 2014 or decreased by IDR 1,836,371,657, or 2.7%. The decrease was mainly due to the decline in the

inventories in line with the lower production. Meanwhile, the fixed assets were slightly increased due to the emergence of

the tax receivable generated from the annual income tax in 2014

13

14PT. KEDAUNG INDAH CAN Tbk.

Solvability Analysis

The current ratio in 2014 increased by 7.9

times or 36% compared to 5.8 times in 2013 which

reflected the Company's commitment in meeting

the obligations to suppliers and creditors with good

condition and no default payment. The increase in

this ratio is mainly derived from a decrease in short-

term liabilities due to repayments of short-term payable of the Company in 2014. Payments of short-term payable of the

Company in 2014 considered the risks of exchange rate that occur throughout the year, particularly for short-term payable

denominated in US dollar given that there were considerable fluctuations occured throughout 2014.

The figure of the distribution of trade receivables above shows that the trade receivables are past due by 14%, and the

average ratio of trade receivables is 34 days. Management is of opinion that the ratio is still in considerably good condition.

The Company believes that these conditions will not interfere with the cash flows of the Company in meeting the operational

obligations to suppliers, creditors or other liabilities as of December 31, 2014.

The trade receivables of the Company as of

December 31, 2014 was IDR 9.593.155.210, increased

by IDR 126,246,692 compared to IDR 9,466,908,518

as of December 31, 2013. The period distribution of

trade receivables in 2014 are as follows:

The capital structure of the Company consists of short-term bank loans and equity comprising issued and fully

paid capital, retained earnings and other equity components. Management regularly conducts analysis and review of the

capital structure. Management also considers the capital cost and its associated risks as well as manages these risks by

monitoring the ratio of bank loans to equity. Besides, the Company manages the capital and make adjustments based on

changes in economic conditions, and to maintain as well as to adjust the capital structure, the Company may adjust the

dividend payment to shareholders, return capital to shareholders or issue new shares.

The Company has been engaging with PT. Bank CTBC Indonesia since 2008 in bank loan in the form of short term

loan with maximum credit of USD 1,250,000 and a letter of credit covenants trust (trust receipt), used together with a letter of

credit documented (L/C) with a maximum credit of USD 2,250,000. The facility is intended to use as a finance for the

Company's working capital. The loan is guaranteed by a fiduciary on the inventories of the Company with a guarantee value

of IDR 23 billion and escrow accounts in PT. CTBC Bank Indonesia with a minimum value of 20% of each value of issued L/C.

On December 31, 2014 the Company had outstanding loans of these facilities of USD 218,959.09 (equivalent to IDR

2,723,851,080) and IDR 2,253,413,359. The funding source set to meet such commitments is generated from the Company's

operations. Management are aware of the risk of exchange rate fluctuations, particularly on the bank loans denominated in

US Dollar. Management manage the currency risk by constantly monitoring the fluctuation of currency exchange rates in

order to take appropriate action to mitigate these risks. Besides, the management also perform analysis and monitoring of

the loan compositions in foreign currency so that it is proportional to the sales in the foreign currency itself, thus reducing the

risk of exchange rate fluctuations.

Cashflow

Collectibility

Material Commitments for Capital Goods Investment

The cash and cash equivalents as of December 31, 2014 was IDR 4.520.594.521, decreased slightly from IDR

112,044,062 at the end of 2013. This was due to cash generated from operational activities was IDR 1.313.583.361, cash used

in investing activities was IDR 525,242,770, cash used in financing activities was IDR 959,564,780 and the result of foreign

exchange profit on the addition of cash and cash equivalents was IDR 59,180,126.

Comparison of the current ratio of the Company in 2014 and 2013 werer as follows:

Descriptions 2014 2013

Current Assets (a) Rp 65.027.601.187 Rp 66.863.972.844

Short-Term Liability (b) Rp 8.227.166.909 Rp 11.580.043.353 Current Ratio (a/b)

7,9 5,8

Descriptions Amount (IDR) Percentage

Not matured

Past due 1-30 days

8.239.034.510 86 %

0 0 %

Past due> 30 days

Total

1.354.120.700

9.593.155.210

14 %

100 %

Capital Structure

15PT. KEDAUNG INDAH CAN Tbk.

Approval of the Financial Statements and Material Facts After Auditor's Report

The financial statements of the Company which contains financial information as described above has

been completed by the management on March 4, 2015 and has been audited by Public Accountant Firm Paul

Hadiwinata, Hidajat, Arsono, Ade Fatma & Partners through report Nr. 017/PHAA-S/GA/III/2015 on the same date with

fair opinion without exclusion. There are no material facts taking place between the date of the auditors' report and

the date of publication of this annual report.

The comprehensive profit of the Company in 2014 was IDR 4,703,508,241. This achievement is by 37% lower

than the target set by the management. This achievement as described above, is closely associated with the

conditions of the domestic and global markets, the fluctuations in exchange rates which greatly affect the public

purse of the Company's market as well as the policy of the increase in the provincial minimum wage which

significantly influences the Company's cost structure.

Management is aware of the business challenges in the future which is not easy. Various external factors will

pose as a challenge for the management of which is the exchange rate fluctuation of the rupiah against the US dollar

that was very influential to the Company. In addition, measures of domestic economic improvement are to be seen as

a factor that will boost the purchasing power in the domestic market. The government's policy towards the provincial

minimum wage and the customs for the imported products are also a serious concern for the Company since both

will greatly affect the cost structure of the Company. Besides these challenges, the domestic economic conditions

supported by the new government is expected to exhibit positive growth in the years ahead. With the multiple

challenges and opportunities, the management continuously strive to improve its performance with the support of all

employees and shareholders. The management will focus on increasing sales and developing high value-added

products and services, particularly local products as the foundation to achieve sustainable business growth and

better financial performance. The development of cans product by adding some new production facility will become

the target of the coming years given that the cans product market is rather promising. For the export, the management

will continue to look for new market opportunities, particularly in

the markets of USA, Russia, and Middle East. Furthermore, the

conduct of efficiency is continuously improved in the efficiency of

raw materials by observing the international steel prices, in the

efficiency of labor and energy in order to create products with

better competitive value. The development and the improvement of

human resources has always been a serious concern of the

management in order to face challenges and ever-changing

business dynamics.

Analyzing the challenges and the opportunities in 2015 as well as the strategies that have been prepared, the

management targets the comprehensive profit in 2015 to increase by 10% compared to 2014.

Transactions with Related Parties

Targets and Achievements in 2014

Business Prospect in 2015 and Marketing Strategies

Targets in 2015

In 2014 the Company had transactions with several related parties such as sales of the Company's products

and the purchase of raw materials for the production with several companies within Kedaung Group. The transactions

with the related parties are conducted at normal terms and conditions as those conducted with third parties and

does not have any conflicts of interest as stipulated in regulation of Bapepam-LK Nr. IX.E.1.

16 PT. KEDAUNG INDAH CAN Tbk.

Changes in Accountancy Policy

In 2014, the Company did not conduct a change in accounting policy on the financial statements of 2014. In

December 2013, the Board of Financial Accounting Standards Indonesian Institute of Accountants has issued several new

accounting standards and its revision which will be effective in the fiscal year beginning January 1, 2015. Earlier applications

on these standards are not allowed. The Company is still evaluating the possible impact on the adoption of the new and

revised standards and its influence on the financial statements of the Company.

Dividend Policy In 2014, the Company recorded a comprehensive profit of IDR

4,703,508,241 that the accumulation of retained earnings of the Company was IDR

6,380,086,844 as of December 31, 2014. In accordance with Law Nr. 40 Year 2007

on Company in which limited liability companies are obligated to set aside

retained earnings of at least 20% of paid-in capital for the Company's reserve. The

value of retained earnings of the Company as of December 31, 2014 is still below

20% of the value of paid-in capital, therefore, the management will propose the

approval of the use of retained earnings in accordance with the regulation in the

Annual General Shareholders Meeting 2014. In the two previous fiscal years the

Company did not distribute dividends due to the position of the retained earnings

was below 20% of the value of paid-in capital.


CORPORATE GOVERNANCE

The principles of Good Corporate Governance (GCG) is an integrated series that must be applied consistently

and continuously at every step of the Company by way of a management system based on the principles of

transparency, accountability, responsibility, and independence in order to provide equal protection to all

stakeholders of the Company.

The Company's Board of Commissioners and the Board of Directors believe that the practice of GCG is one

way which distinguish the Company among its competitors and provide optimal return to the shareholders by way of

relationship management with other stakeholders.

The main duties of the Company's Board of Commisioners (BOC) are ensuring the implementation of the

Company's strategies, overseeing the management of the Company, and enforcing accountability. The main duties

are described as follows:

The Board of Directors of the Company

consists of a President Director and assisted by two Directors,

together the three members hold full responsibility concerning

the effectiveness of the entire business activities of the Company.

The scope of duties and responsibilities of the President

Director is performing the function of coordination among the

members of the BOD and directing the activities of the Company

management in order to comply with the company policies and

strategies that have been planned beforehand.

The total remuneration obtained by the Board of Commissioners and the Board of Directors of the

Company/Entity in 2014 was IDR 4.001.126.185,-. The remuneration was determined by the General Shareholders

Meeting (GSM).

In 2014, the BOC held four Meetings of the Board of Commissioners to discuss the report of the Directors

regarding the Company's performance in 2013, the implementation of the GSM in 2014, the Company's performance

in the first semester of 2014, and the budgets and business plans in 2015. The Meetings of the Board of

Commissioners were attended by all members of the BOC.

The Scope of Duties of the Board of Commissioners

The Scope of Duties of the Board of Directors

1. Evaluating and directing the Company's strategies, the work plan guidelines, the risk control policies, the annual

budgets and business plans; overseeing the implementation and performance of the Company; and monitoring

the usage of working capital, investment and asset management.

2. Evaluating the payroll system of the Company's officials who hold important position in operations, remunerating

the members of the BOD, and ensuring the nomination process of the BOD are fair and transparent.

3. Monitoring and overcoming the conflict of interest at the level of the management, the BOD, and the BOC.

4. Overseeing the implementation of GCG program at the Company and its changes should needed.

5. Supervising the process of open and effective communication within the Company.


The remuneration for all members of the

Board of Directors in 2014 was determined by the

Board of Commissioners based on the performance

appraisal of the Board of Directors, inline with the

achievement of the Work Plan and Budget of the

Company in 2013. The total remuneration obtained

by the Board of Commissioners and the Board of

Directors of the Company in 2014 was IDR

4.001.126.185,-. The implementation of the

remuneration for all members of the Board of

Commissioners and the Board of Directors of the

Company was determined by the General

Shareholders Meeting.

18

The Production and Commercial Director has a

scope of main duties as follows:

Being responsible for the establishment policies

and strategies on the fields of production and

commercial.

Being responsible for the efficient course of

entire production activities.

Being responsible for the target achievement of

the quality objectives on the fields of

commercial and production

Building good and mutual relationships with the

customers and the suppliers

Creating a harmonious and conducive working

atmosphere

Monitoring the market development of the

product, the raw materials, and other supporting

mater ia ls in order to suppor t the

The Finance Director is in charge on the field of

finance and andministration with a scope of duties

and responsibilities as follows:

Being responsible for the formulation of the

Company's policies on the field of finance and

accounting.

Be ing responsib le for the e f fect ive

implementation of the Company's internal

control.

Being responsible for the preparation of

financial statements as well as the fulfillment of

the Company's obligation on the field of taxation

according to applicable regulations.

Being responsible for the management of the

cash flow of the Company and making decisions

on the field of Corporate finance.

As part of the responsibilities of the Board of

Directors in ensuring the effectiveness of all the

standard operating procedures as well as the

decision of the directors, the code of conduct of the

Company, and all the applicable rules and

regulations executed and complied to by all parts of

the Company, the Company empowers the Internal

Audit Division.

The main role of this division is to assess

whether the system of the internal control has been

functioning well, including the assessment of the

compliances to all the applied regulations, policies

and guidelines. The Internal Audit Division inspects

the timeliness of the reporting, evaluates the

reporting system and identifies any challenges and

rooms for the improvement of the system, tests

whether the implementations of the accounting

practice are in accordance to the applicable policies

and guidelines.

The duty of the Internal Audit is conducted

based on the annual work plan that has been

approved by the President Director and the Audit

Committee of the Company. The Internal Audit Unit

conducts special inspections if deemed necessary by

the President Director. In the context of conducting its

duty, the Internal Audit refers to the Internal Audit

Charter which has been validated by the Audit

Committee of the Company, with regards to the

Codes of Ethics of the Internal Audit and the

Standards of Professional Practice of Internal Audit as

well as the applicable rules.

In 2014, the Internal Audit was increasingly

active in assiting the Audit Committee in monitoring,

evaluating and providing recommendations about

the internal control and identifying as well as

reducing the risks faced by the Company.

During 2014, the Board of Directors conducted

twelve Meetings of the Board of Directors which are

the monthly meetings that have been scheduled on a

regular basis. All Meetings of the Board of Directors

were attended by all members of the BOD.

In order to improve the competence of its

members, the Board of Directors of the Company in

turn attends several seminars, scientific meetings,

and particular group discussions related to the

business activities of the Company.

Internal Audit


The appointment of the Internal Audit Unit is based on the Board of Director's Decision of PT. Kedaung Indah

Can Tbk. The Internal Audit Unit of the Company is held by Ketut P Sujaya; a graduate of University of Airlangga in

1992; commenced career at PT Puri Pariwara as an Accountant until 1996; from October 1996 to 2010 worked at PT

Prima Castle Development as Accountant then Acting Residence Manager; since 2011 joined the Company as the

Internal Audit Unit.

During the reporting period of 2014, according to the audit reports produced by the Internal Audit Unit there

have not been administrative sanctions imposed on the Emiten or the Public Company or the Board of

Commissioners or the Board of Directors by the Capital Market authority or other authorities. All things related to the

code of ethic and the corporate culture have been defined in the Mutual Work Agreements between The Companies

of Kedaung Group and its subsidiaries which has been registered under the Section of Manpower of the Municipality

of Surabaya Nr. 560/6313/436.6.12/PKB-27/2012.

The Annual General Shareholders Meeting (RUPST) on 20th June 2014 has given the authority to the Board of

Directors to appoint an Independent Public Accountant to conduct the audit of the financial statement of the

Company for the reporting period ended on 31st December 2014.

In order to fulfill the mandate given by the RUPST, the Board of Directors of the Company has appointed the

Public Accountant Firm Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan to conduct the audit of the financial

statement of the Company for the reporting period ended on 31st December 2014.

Today, in a competitive business climate amid economic globalization the Company faces several significant

business risks as follows:

1. Risks of competition. In this open world economy the competition become more competitive both on the local

and foreign producers, particularly China with its low-cost products. To manage these risks of competition the

Company will keep on innovating and providing added values over its products so that they excel other

competitors' products. Furthermore, the internal efficiency are continously enhanced to always produce

competitive goods.

2. Risks of fluctuating prices of raw material. The main raw materials of the products are the cold rolled steel and tin

plate which prices are greatly influenced by the price of steel in the global market. To face the risk the Company

always monitors the changes in the international price and manages the stock as optimal as possible. Moreover,

the Company manages to always use more than one supplier for each types of raw material.

3. Risks of fluctuating exchange rates. The changes in the exchange rates of the foreign currencies are risks faced

by the Company mainly due to its products' target is the global market. To manage the risk the Company

monitors and supervises the exchange rate fluctuations in order to take appropriate actions so that the risks are

minimum.

The Company are committed to always serve in tune and delivering added value to the stakeholders and the

society. To fulfill these things, the Company has taken the steps of environmental monitoring and management

which are carried out by the utilization of applicable technology.

In 2014, The Company conducted the CSR activities as a reflection of the Company's conscience toward the

local society around the Company in the form of blood donations which are routinely held in collaboration with the

Surabaya branch of the Indonesian Red Cross. The activities are facilitated by the Company to raise the spirit of

caring for others.

Independent Auditor

Risk Management

Corporate Social Responsibility


AUDIT COMMITTEE

Head of

the Audit Committee concurrently

the Independent Commissioner

of the Company

Member of

the Audit Committee

Member of

the Audit Committee

Eli Rosiana, SE

Alfredo G Torres

Amelia S. Sampel

Indonesian Citizen, born in 1967, held the degree of Bachelor in the field of

economics from the Faculty of Economics STIE Malangkucewara. Experienced in

several national company, commenced career as Accounting and Financial

Advisor. Since 2008, appointed as Commissioner concurrently Independent

Commissioner and Head of the Audit Committee of the Company..

Philippines Citizen, born in 1965, held the degree of Bachelor in the field of

accountancy from the Philippine School of Business Administration in Manila and

the Yaksi De Monfort School of Management in Jakarta in the field of Post Graduate

Studies in Business Administration. Commenced career in Philippines and moved

to Singapore then Jakarta. Worked at several local and foreign accounting

consultants, such as SGV & Co, Punongbayan & Araullo, and KPMG Peat Marwick. In

1998, acted as Audit Manager at a manufacturing company. Since 2001, acted as

member of the Audit Committee of the Company.

Indonesian Citizen, born in 1973, held the degree of Bachelor in the field of

accountancy from the University of Klabat. Commenced career as accounting staff

at Grant Thornton Indonesia, became Senior Auditor of several local and foreign

Accounting Consultant firms in Jakarta. Since 2007, acted as member of the Audit

Committee of the Company.

The Company describes the duties and the

responsibilities of the Audit Committee in the Annual

Work Plan as follows:

1. Reviewing the financial information issued by the

Company, including the Annual Financial

Statements, the Mid-Year Financial Statements,

the Quarterly Financial Statements, the Financial

Statement Projections and other information in

relation to finance.

2. Reviewing the independence and the objectivity

of the public accountant of the Company.

3. Reviewing the adequacy of the inspection by the

public accountant of the Company.

4. Reviewing the effectiveness of the internal control

of the Company.

5. Reviewing the level of compliance to the rules in

the fields of the capital markets and the limited

liability companies as well as all other applicable

regulations in relation to the activities of the

Company.

6. Conducting the quarterly Meetings of the Audit

Committee to provide independent opinion to the

Board of Commissioners.

In accordance to the descriptions of the duties and the

responsibilities, during the reporting period of 2014

the Audit Committee of the Company has conducted

four meetings. All of which were attended by the Head

and all the members.

Duties and Responsibilities

of the Audit Committee

In accordance to Bapepam Regulation Nr. IX.I.5

supplement Decision of the Head of Bapepam Nr. Kep-

29/PM/2004 on the Establishment and Guidance of

Duty Implementation of Audit Committees, the Audit

Committee of the Company has taken steps as

follows:

1. Conducting the review of the Financial Statement

and other financial information of the Company

for the reporting period ended on 31st December

2014.

2. Assessing the appointment of the Public

Accountant that has been recommended by the

Board of Directors.

3. Conducting the review of the independence and

the objectivity of the appointed Public

Accountant.

4. Conducting the review of the adequacy of the

inspection by the Public Accountant to ensure

that all the risks of the Company have been

included and considered adequately.

5. Conducting the review of the audit findings and

t h e i m p l e m e n t a t i o n o f t h e a u d i t

recommendation.

6. Checking the level of compliance of the Company

to the rules and regulations in the fields of the

capital markets and other regulations in relation

Brief Report

of the Audit Committee


CORPORATE SECRETARY

As defined by the Otoritas Jasa Keuangan (previously BAPEPAM-LK), in order to develop the capital market and to

improve the services of the public company to the investors, every public company are obliged to establish the

Corporate Secretary. The appointment of the Corporate Secretary of the Company was based on the Board of

Director's Decision of PT. Kedaung Indah Can Tbk.

The Corporate Secretary of the Company is currently held by:

Corporate Secretary

Ing Hidayat Karnadi Indonesian Citizen, Bachelor of Engineering, Petra Christian University Surabaya.

Experienced in several companies engaged in the field of finance and banking,

commenced career as Account Officer at Bank BDNI (Bank Dagang Nasional

Indonesia) in 1990 then acted as Relationship Manager Corporate Banking at

Standard Chartered Bank – Surabaya in 1998. Since 1999, has been acted as the

Corporate Secretary of the Company.

Jl. Raya Rungkut 15 – 17, Surabaya 60293.

Phone. 62 – 31 – 8700088

Fax. 62 – 31 – 8705212


Website. www.kedaungindahcan.com

The Corporate Secretary is the liaison officer who carries out the function of transparency of the Company to the Capital

Market Authority and the investor and the public. The presence of the Corporate Secretary is an obligation of the

Company in implementing the function of transparency and is responsible for:

1. Monitoring the development of rules and regulations applicable to the capital market;

2. Providing information that are needed by the public in relation to the condition of the Company;

3. Providing inputs to the Board of Directors in the course of complying to the Law of Capital Market and its related

regulations.

4. Functioning as a liaison officer between the public company and the Financial Service Authority (ex. Bapepam),

Indonesia Stock Exchange, Indonesia Central Stock Custodian and the public.

For further information regarding the

Company , The Corporate Secretary can be

contacted during operational hours and

working days at:

Corporate Secretary

PT Kedaung Indah Can Tbk.

stFinancial Statements For the Years Ended December 31 , 2013 and 2014

together with Independent Auditor's Report

Paul Hadiwinata, Hidajat, Arsono, Ade Fatma and Co


ANNUAL REPORT - kedaungindahcan.com · 34.08 53.76 16.37 2.59 23.62 Net Sales Gross Profit...

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