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					 APOLLO FOOD HOLDINGS BERHAD (291471-M)

2001 ANNUAL REPORT / LAPORAN TAHUNAN 2001
                                              APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001



CONTENTS / KANDUNGAN


       NOTICE OF ANNUAL GENERAL MEETING                           2

       NOTIS MESYUARAT AGUNG TAHUNAN                              4

       GROUP’S FINANCIAL HIGHLIGHTS
                                                                  7
       BUTIR PENTING KEWANGAN KUMPULAN

       CORPORATE STRUCTURE
                                                                  8
       STRUKTUR KORPORAT

       CORPORATE INFORMATION
                                                                  9
       MAKLUMAT KORPORAT

       PROFILE OF DIRECTORS                                      10

       PROFIL PARA PENGARAH                                      11

       STATEMENT ON CORPORATE GOVERNANCE                         12

       PENYATA URUS TADBIR KORPORAT                              16

       AUDIT COMMITTEE                                           20

       JAWATANKUASA AUDIT                                        22

       CHAIRMAN’S STATEMENT                                      24

       PENYATA PENGERUSI                                         26

       FINANCIAL STATEMENTS                                      29

       PENYATA KEWANGAN                                          57

       ANALYSIS OF SHAREHOLDINGS
                                                                 85
       ANALISA PEMEGANG SAHAM

       LIST OF PROPERTIES                                        89

       SENARAI HARTA-HARTA                                       90

       FORM OF PROXY                                             91

       BORANG PROKSI                                             92




                                      1
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001

NOTICE OF ANNUAL GENERAL MEETING


NOTICE IS HEREBY GIVEN that the Seventh Annual General Meeting of the Company will be held at
Dewan Sri Pontian, Lower Ground Floor, Hyatt Regency Johor Bahru, Jalan Sungai Chat, 80100 Johor
Bahru, Johor on Friday, 19 October 2001 at 10.30 a.m. for the following purposes:-

1.   To receive and adopt the Audited Financial Statements for the financial
     year ended 30 April 2001 together with the Directors’ and Auditors’ Reports
     thereon.                                                                      Resolution 1

2.   To approve the payment of a First and Final Dividend of 12 sen (12%) per
     share less 28% income tax for the financial year ended 30 April 2001 as
     recommended by the Directors in their Report.                                 Resolution 2

3.   To approve the payment of Directors’ Fees for the financial year ended
     30 April 2001.                                                                Resolution 3

4.   To re-elect the following Directors:

     i.    Mr Tan Kok Guan who retires in accordance with Article 117 of the
           Articles of Association.                                                Resolution 4

     ii.   Mr Liang Chiang Heng who will retire as the Group Managing Director
           in compliance with the Listing Requirements of the Kuala Lumpur Stock
           Exchange.                                                               Resolution 5

5.   To re-appoint Messrs Yeo & Associates as Auditors and to authorise the
     Directors to fix their remuneration.                                          Resolution 6

6.   AS SPECIAL BUSINESS

     To consider and, if thought fit, to pass the following resolution as an
     Ordinary Resolution:

     “THAT pursuant to Section 132D of the Companies Act, 1965, the Directors
     be and are hereby empowered to issue shares in the Company, at any time
     and upon such terms and conditions and for such purposes as the Directors
     may, in their absolute discretion deem fit provided that the aggregate
     number of shares issued pursuant to this resolution does not exceed 10%
     of the issued capital of the Company for the time being and that the
     Directors be and are also empowered to obtain the approval for the listing
     of and quotation for the additional shares so issued on the Kuala Lumpur
     Stock Exchange and that such authority shall continue in force until the
     conclusion of the next Annual General Meeting of the Company.”                Resolution 7

7.   To transact any other ordinary business for which due notice has been
     given.




                                                     2
                                                                      APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                                  (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                         ANNUAL REPORT / LAPORAN TAHUNAN 2001




NOTICE OF DIVIDEND PAYMENT AND BOOK CLOSURE

NOTICE IS ALSO HEREBY GIVEN that the first and final dividend, if approved, will be paid on Friday, 16
November 2001 to shareholders whose names appear in the Record of Depositors at the close of business
on Monday, 22 October 2001.

A depositor shall qualify for entitlement to the dividend only in respect of:-
a.         Shares transferred into the Depositor’s Securities Account before 12.30 p.m. on Monday, 22
           October 2001 in respect of ordinary transfers; and
b.         Shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to the
           Rules of the Kuala Lumpur Stock Exchange.


BY ORDER OF THE BOARD


YEOH BENG SANG
TAN SOK CHOO
Company Secretaries

Johor Bahru
26 September 2001

Notes:
1.   Appointment of Proxy
     A member entitled to attend and vote at this meeting is entitled to appoint a proxy or in the case of a corporation a
     duly authorised representative to attend and to vote in his stead. A proxy may but need not be a member of the
     Company. A proxy form is enclosed herewith.
     The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised
     in writing or if the appointor is a corporation either under its common seal or under the hand of an officer or attorney
     duly authorised in writing.
     The instrument appointing a proxy together with the power of attorney or other authority, if any, under which it is
     signed or a certified copy thereof, shall be deposited at the registered office of the Company at 46-02, Jalan Tun
     Abdul Razak, Susur Satu, 80000 Johor Bahru, Johor not less than forty-eight (48) hours before the time set for
     holding this meeting or at any adjournment thereof.
2.   Explanatory Note on Item 6 of the Agenda
     The ordinary resolution if passed, will renew the powers given to the Directors at the last Annual General Meeting,
     the authority to issue shares up to 10% of the issued capital of the Company for the time being for such purpose as
     the Directors deem fit in the interest of the Company. The authority unless revoked or varied by the Company in
     general meeting will expire at the next Annual General Meeting.
3.   The particulars of Directors who are standing for re-election are as follows:
     (a)    Mr Tan Kok Guan (please refer to Director’s profile on Page 10 and Statement of Director’s shareholdings on
            page 88 of the Annual Report)
     (b)    Mr Liang Chiang Heng (please refer to Director’s profile on Page 10 and Statement of Director’s
            shareholdings on page 88 of the Annual Report)




                                                              3
                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001

NOTIS MESYUARAT AGUNG TAHUNAN


DENGAN INI DIMAKLUMKAN BAHAWA Mesyuarat Agung Tahunan Syarikat yang Ketujuh akan diadakan
di Dewan Sri Pontian, Tingkat Bawah Kedua, Hyatt Regency Johor Bahru, Jalan Sungai Chat, 80100 Johor
Bahru, Johor pada hari Jumaat, 19 Oktober 2001, pada jam 10.30 pagi untuk tujuan-tujuan berikut:-

1.   Menerima dan meluluskan Penyata Kewangan yang telah diaudit bagi
     tahun kewangan berakhir 30 April 2001 serta Laporan Pengarah dan
     Juruaudit.                                                                  Resolusi 1

2.   Meluluskan pembayaran Dividen Pertama dan Akhir sebanyak 12 sen
     (12%) sesaham, ditolak 28% cukai pendapatan bagi tahun kewangan
     berakhir 30 April 2001 sepertimana disyorkan oleh Lembaga Pengarah
     dalam Laporan mereka.                                                       Resolusi 2

3.   Meluluskan pembayaran Yuran para Pengarah bagi tahun kewangan
     berakhir 30 April 2001.                                                     Resolusi 3

4.   Melantik semula para Pengarah berikut:

     i.    Encik Tan Kok Guan yang akan bersara menurut Artikel 117
           Tataurusan Syarikat.                                                  Resolusi 4

     ii.   Encik Liang Chiang Heng yang akan bersara sebagai Pengarah
           Urusan Kumpulan menurut Keperluan Penyenaraian Bursa Saham
           Kuala Lumpur.                                                         Resolusi 5

5.   Melantik semula Tetuan Yeo & Associates sebagai Juruaudit Syarikat
     dan memberi kuasa kepada para Pengarah untuk menetapkan ganjaran
     mereka.                                                                     Resolusi 6

6.   SEBAGAI URUSAN KHAS

     Untuk mempertimbangkan dan sekiranya wajar, meluluskan resolusi
     berikut sebagai satu Resolusi Biasa :

     “BAHAWA menurut Seksyen 132D Akta Syarikat, 1965, para Pengarah
     adalah dengan ini diberi kuasa untuk menerbit saham-saham dalam
     Syarikat, pada bila-bila masa dan dengan terma dan syarat serta untuk
     tujuan-tujuan tertentu sebagaimana para Pengarah mungkin, mengikut
     budi bicara mutlak mereka, beranggap sesuai dengan syarat bahawa
     jumlah agregat saham yang akan diterbitkan tidak melebihi 10% daripada
     modal saham terbitan Syarikat buat masa kini dan para Pengarah adalah
     dan diberi kuasa juga untuk mendapatkan kelulusan untuk
     menyenaraikan dan mencadangkan saham tambahan yang diterbitkan di
     Bursa Saham Kuala Lumpur dan kuasa sedemikian akan diteruskan
     sehingga tamat Mesyuarat Agung Tahunan Syarikat yang berikut.”.             Resolusi 7

7.   Melaksanakan lain-lain urusan biasa yang mana notis sewajarnya.




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                                                                  APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                              (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                     ANNUAL REPORT / LAPORAN TAHUNAN 2001




NOTIS PEMBAYARAN DIVIDEN DAN PENUTUPAN REKOD PENDEPOSIT


ADALAH DIMAKLUMKAN JUGA bahawa Dividen Pertama dan Akhir, sekiranya diluluskan, akan dibayar
pada hari Jumaat, 16 November 2001 kepada pemegang-pemegang saham yang berdaftar di dalam Rekod
Pendeposit pada tarikh penutup perniagaan pada hari Isnin, 22 October 2001.


Seseorang pendeposit akan layak untuk menerima dividen hanya berkenaan dengan :-

a.         Saham yang didepositkan dalam Akaun Sekuriti Pendeposit sebelum pukul 12.30 tengahari pada hari
           Isnin, 22 October 2001 berkenaan dengan pindahan biasa; dan

b.         Saham yang dibeli di Bursa Saham Kuala Lumpur berasaskan dengan hak menurut Peraturan-
           peraturan Bursa Saham Kuala Lumpur.


DENGAN PERINTAH LEMBAGA PENGARAH

YEOH BENG SANG
TAN SOK CHOO
Setiausaha Syarikat

Johor Bahru
26 September 2001

Nota :

1.   PERLANTIKAN PROKSI
     Seorang ahli berhak menghadiri dan mengundi dalam mesyuarat ini boleh melantik seorang proksi, dan sekiranya
     ahli merupakan sebuah perbadanan, boleh melantik seorang wakil untuk hadir dan mengundi bagi pihaknya. Proksi
     sedemikian tidak semestinya ahli Syarikat. Sehelai boring proksi telah dilampirkan bersama.
     Suratcara perlantikan proksi hendaklah secara bertulis dan ditandatangani oleh pelantik sendiri atau peguamnya,
     dan sekiranya pelantik merupakan sebuah perbadanan, suratcara perlantikan hendaklah dibuat dibawah Meterai
     Biasanya atau ditandatangani oleh pegawai atau peguamnya yang telah diberi kuasa secara bertulis.
     Suratcara perlantikan serta suratkuasa peguam atau surat kebenaran yang lain, jika ada, yang telah ditandatangani
     atau salinan yang disahkan, hendaklah diserah ke Pejabat Pendaftar Syarikat di 46-02 Jalan Tun Abdul Razak,
     Susur Satu, 80000 Johor Bahru, Johor tidak kurang daripada empat puluh lapan (48) jam sebelum waktu Mesyuarat
     dijadualkan atau sebarang penangguhan seterusnya.
2.   NOTA PENERANGAN UNTUK PERKARA 6 AGENDA
     Resolusi biasa ini jika diluluskan, akan memperbaharui kuasa para Pengarah yang dilberi pada Mesyuarat Agung
     Tahunan yang lepas, untuk menerbitkan saham baru setakat 10% daripada modal terbitan Syarikat buat masa kini
     demi kepentingan Syarikat sepertimana yang diputuskan oleh para Pengarah. Kuasa ini akan lupus pada
     Mesyuarat Agung Tahunan yang akan datang kecuali ianya dimansuhkan atau diubah oleh Syarikat pada
     Mesyuarat Agung.
3.   Penerangan tentang para Pengarah yang menawarkan diri untuk dilantik semula adalah seperti berikut:
     (a)    Encik Tan Kok Guan (sila rujuk kepada profil Pengarah pada mukasurat 11 dan Penyata pegangan saham
            oleh Pengarah pada mukasurat 88 Laporan Tahunan ini)
     (b)    Encik Liang Chiang Heng (sila rujuk kepada profil Pengarah pada mukasurat 11 dan Penyata pegangan
            saham oleh Pengarah pada mukasurat 88 Laporan Tahunan ini)




                                                          5
THIS PAGE IS INTENTIONALLY LEFT BLANK




                  6
                                         APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                     (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                            ANNUAL REPORT / LAPORAN TAHUNAN 2001

GROUP STRUCTURE / STRUKTUR KUMPULAN




      sApollo Food Industries                  Hap Huat Food
           (M) Sdn Bhd                       Industries Sdn Bhd
             (189274-V)                          (29228-W)

                          100%                               100%




                                 7
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001

FINANCIAL HIGHLIGHTS /
BUTIR PENTING KEWANGAN



     Turnover /          Profit Before Taxation / Net Tangible Assets / Earnings Per Share /
     Perolehan         Keuntungan Sebelum Cukai Aset Ketara Bersih Pendapatan Sesaham
     RM Million/Juta           RM Million/Juta           RM Million/Juta               Sen




Group / Kumpulan                                        2001       2000    1999    1998       1997

Financial Results/ Keputusan Kew angan (RM’000)
Turnover / Perolehan                                100,779 107,782 76,384 64,026            55,466
Profit Before Taxation / Keuntungan Sebelum Cukai 22,224          24,538 17,686 13,141       15,487
Profit After Taxation / Keuntungan Selepas Cukai       19,745     18,406 16,784 11,496       13,751
Profit Attributable To The Members/
Keuntungan yang boleh diagihkan kepada Ahli-ahli       19,745     18,406 16,784 11,496       13,751
Dividends / Dividen                                     3,456      3,456   3,456   3,456      3,360

Financed By / Dibiayai Oleh (RM’000)
Shareholders’ Funds / Dana Pemegang Saham           127,691 111,402 91,043 77,715            69,675
Net Tangible Assets / Aset Ketara Bersih            127,691 111,402 91,043 77,715            69,675

Statistics / Perangkanan
Earnings Per Share / Pendapatan Sesaham (Sen)           49.36      46.02   41.96   28.74      35.54
Gross Dividend Per Share / Dividen Kasar Sesaham (Sen) 12.00       12.00   12.00   sss12.00 12.00
Net Tangible Asset Backing Per Share /
Aset Ketara Bersih Sesaham Terdahulu (Sen)             319.23 278.50 227.61 194.29         174.19




                                                   8
        APOLLO FOOD HOLDINGS BERHAD (291471-M)
    (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
           ANNUAL REPORT / LAPORAN TAHUNAN 2001




9
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001

CORPORATE INFORMATION / MAKLUMAT KORPORAT

BOARD OF DIRECTORS / LEMBAGA PENGARAH
Liang Chiang Heng (Chairman and Managing Director / Pengerusi dan Pengarah Urusan)
Tan Song Cheng (Non-Executive Director / Pengarah Bukan Eksekutif)
Tan Kok Guan (Executive Director / Pengarah Eksekutif)
Liang Kim Poh (Executive Director / Pengarah Eksekutif)
Ng Chet Chiang @ Ng Chat Choon         )
                                          (Independent Non-Executive Directors /
Datuk P. Venugopal a/l V. K. Menon     )
                                           Pengarah Bebas Bukan Eksekutif)
Tan Sri Dato’ Ahmad Sabki Bin Jahidin )

COMPANY SECRETARIES / SETIAUSAHA SYARIKAT
Tan Sok Choo (LS 01230)
Yeoh Beng Sang (LS 00449)

REGISTERED OFFICE / PENDAFTAR SYARIKAT
46-02, Jalan Tun Abdul Razak, Susur Satu, 80000 Johor Bahru, Johor.
Tel No. 07-2222668     Fax No. 07-2221668

PRINCIPAL PLACE OF BUSINESS / TEMPAT ASAS PERNIAGAAN
70, Jalan Langkasuka, Larkin Industrial Area, 80350 Johor Bahru, Johor.
Tel No. 07-2361337, 2361997 Fax No. 07-2374748         E-mail. apollof@apollofood.com.my

SHARE REGISTRAR / PENDAFTAR SAHAM
Chua, Woo & Company Sdn Bhd (122754-U)
Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru, Johor.
Tel No. 07-3322088       Fax No. 07-3328096

AUDITORS / JURUAUDIT
Yeo & Associates (AF 0626)
46-03, Jalan Tun Abdul Razak, Susur Satu, 80000 Johor Bahru, Johor.
Tel No. 07-2220688     Fax No. 07-2220689

TAX AGENTS / AGEN PERCUKAIAN
Selamat & Ng Tax Services Sdn Bhd (92663-M)
46-02, Jalan Tun Abdul Razak, Susur Satu, 80000 Johor Bahru, Johor.
Tel No. 07-2222668     Fax No. 07-2221668

BANKERS / BANK BANK
Arab-Malaysian Bank Berhad
Arab-Malaysian Merchant Bank Berhad
Bank Simpanan Nasional Berhad
OCBC Bank (Malaysia) Berhad
Mayban Finance Berhad
RHB Bank Berhad

LISTING / DISENARIKAN
Kuala Lumpur Stock Exchange Main Board / Papan Utama Bursa Saham Kuala Lumpur



                                                    10
                                                                   APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                               (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                      ANNUAL REPORT / LAPORAN TAHUNAN 2001

DIRECTORS’ PROFILE

Mr Liang Chiang Heng (51 years of age – Singaporean)
Non-Independent and Executive Director. Has been with the Apollo Group since 1979 and appointed as Managing
Director on 20 March 1996. The Group’s business has grown and expanded within the short period of time under his
leadership. He was awarded an Honorary PhD in Business Administration from the Wisconsin International University. He
also sits on the Board of several private companies and was appointed as Chairman on 21 July 1998. He is also a
member of the Audit Committee.

Mr Tan Song Cheng (69 years of age – Singaporean)

Non-Independent and Non-Executive Director. Appointed to the Board on 20 March 1996 and is the founder member of
the Apollo Group of Companies with over 30 years of experience in the compound chocolate confectionery business.
Presently, he serves as an Advisor to the Group and also sits on the Board of several private companies.

Mr Tan Kok Guan (32 years of age – Malaysian)

Non-Independent and Executive Director. Initially appointed as an alternate director on 20 March 1996 and subsequently
to the Board on 21 July 1998. Received formal training in food processing and quality control from the Food Processing
and Research Institute, Taiwan. Presently, he serves as the Quality Assurance Controller and also sits on the Board of
several private companies.

Mr Liang Kim Poh (40 years of age – Singaporean)

Non-Independent and Executive Director. Initially appointed as an alternate director on 20 March 1996 and subsequently
to the Board on 21 July 1998. Presently, he serves as the Sales Director of the Group and also sits on the Board of
several private companies.

Mr Ng Chet Chiang @ Ng Chat Choon (52 years of age – Malaysian)

Independent and Non-Executive Director. Appointed to the Board on 20 March 1996. An approved tax agent and licensed
company secretary, he started his career as a tax officer with the Inland Revenue Board before setting up his own tax and
secretarial practices in 1982. He is an associate member of the Malaysian Institute of Taxation. Appointed as Chairman of
the Audit Committee on 9 May 1996. Member of the Remuneration and Nomination Committees and also sits on the
Board of several private companies.

Tan Sri Dato’ Ahmad Sabki bin Jahidin (69 years of age – Malaysian)

Independent and Non-Executive Director. Graduated with a BA (Hons.) from the University of Malaya. Appointed to the
Board on 20 March 1996. Tan Sri Dato’ was the Director of Malaysian Rubber Development Corporation (MARDEC) from
1980 to 1993 and served in the Council on Malaysia Invisible Trade (COMIT) from 1980 to 1987. Member of the Audit,
Remuneration and Nomination Committees. Current directorships include Cygal Berhad, Gula Perak Berhad, Kwang-DBS
(Malaysia) Berhad, Hwang-DBS Capital Berhad, Nanyang Press Holdings Berhad, Paramount Corporation Berhad, Zaitun
Berhad and several private companies.

Datuk P. Venugopal a/l V.K. Menon (58 years of age – Malaysian)

Independent and Non-Executive Director. Graduated with a BA (Hons.) from the University of Malaya and a Masters in
Public Administration from Harvard University. Appointed to the Board on 12 October 1998. Datuk was an officer of the
Malaysian Administrative and Diplomatic Service for over 32 years of which 26 were with the Prime Minister’s Department
in various capacities. Presently, Datuk is the CEO of the National Cancer Council (MAKNA). Member of the Audit,
Remuneration and Nomination Committees. Does not hold any other directorships.

OTHER INFORMATION
a)   Mr Liang Chiang Heng and Mr Liang Kim Poh are brothers and the nephew of Mr Tan Song Cheng. Mr Tan Kok
     Guan is the son of Mr Tan Song Cheng. None of the other Directors has any family relationships with each other
     and/or major shareholders.
b)   The Directors’ interests in the shares of the Company as at 30 August 2001 are shown on page 88.
c)   All Directors attended all the Board meetings held during the financial year ended 30 April 2001 and none have
     been convicted of any offences within the past 10 years other than traffic offences, if any.
d)   The Group has recurrent related party transactions with Hup Huat Food Industries (S) Pte Ltd , a company
     incorporated in Singapore in which Mr Liang Chiang Heng, Mr Liang Kim Poh, Mr Tan Song Cheng and Mr Tan
     Kok Guan have interest.
e)   The companies owned by Mr Ng Chet Chiang @ Ng Chat Choon provide professional and secretarial services to
     the Group.


                                                          11
                                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                                     (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                            ANNUAL REPORT / LAPORAN TAHUNAN 2001
PROFIL PARA PENGARAH

Encik Liang Chiang Heng (berumur 51 tahun – warganegara Singapura)

Pengarah Bukan Bebas dan Eksekutif. Bersama-sama dengan Kumpulan Apollo sejak 1979 dan dilantik sebagai Pengarah Urusan
pada 20 Mac 1996. Perniagaan Kumpulan telah berkembang dan dipertingkatkan dalam tempoh yang singkat di bawah pimpinan
beliau. Di lantik sebagai Pengerusi pada 21 Julai 1998 dan dianugerahkan Ph.D Kehormat dalam Pengurus Perniagaan oleh
Wisconsin International University. Beliau merupakan ahli Jawatankuasa Audit dan juga pengarah dalam beberapa syarikat swasta.

Encik Tan Song Cheng (berumur 69 tahun – warganegara Singapura)

Pengarah Bukan Bebas dan Bukan Eksekutif. Di lantik ke dalam Lembaga Pengarah pada 20 Mac 1996. Merupakan pengasas
Kumpulan Apollo dan mempunyai pengalaman selama lebih daripada 30 tahun dalam perniagaan konfeksi coklat sebatian. Beliau
kini merupakan Penasihat kepada Kumpulan dan juga Pengarah dalam beberapa syarikat swasta.

Encik Tan Kok Guan (berumur32 tahun – warganegara Malaysia)

Pengarah Bukan Bebas dan Eksekutif. Dilantik sebagai pengarah siliganti pada 20 Mac 1996 dan kemudianya pada 21 Julai 1998,
di lantik ke dalam Lembaga Pengarah. Menerima didikan formal dalam memproses makanan dan kualiti kawalan daripada Food
Processing and Research Institute, Taiwan. Beliau kini menyandang jawatan sebagai Penguasa Amalan Kualiti dan juga Pengarah
dalam beberapa syarikat swasta.

Encik Liang Kim Poh (berumur 40 tahun – warganegara Singapura)

Pengarah Bukan Bebas dan Eksekutif. Di lantik sebagai pengarah siliganti pada 20 Mac 1996 dan kemudianya pada 21 Julai 1998,
di lantik ke dalam Lembaga Pengarah. Beliau kini menyandang jawatan sebagai Pengarah Jualan dan juga Pengarah dalam
beberapa syarikat swasta.

Encik Ng Chet Chiang @ Ng Chat Choon (berumur 52 tahun – warganegara Malaysia)

Pengarah Bebas dan Bukan Eksekutif. Di lantik ke dalam Lembaga Pengarah pada 20 Mac 1996. Beliau, seorang ejen percukaian
dan setiausaha syarikat berlesen, memulakan kerjayanya sebagai pegawai percukaian dengan Lembaga Hasil Dalam Negeri
sebelum mendirikan syarikat perkhidmatan percukaian dan kesetiausahaannya sendiri pada 1982. Beliau ialah seorang ahli Institut
Percukaian Malaysia. Di lantik sebagai Pengerusi Jawatankusa Audit pada 9 Mei 1996 dan juga ahli Jawatankuasa Saraan
Lembaga dan Jawatankuasa Pencalonan Lembaga. Beliau juga Pengarah dalam beberapa syarikat swasta.

Tan Sri Dato’ Ahmad Sabki bin Jahidin (berumur 69 tahun – warganegara Malaysia)

Pengarah Bebas dan Bukan Eksekutif. Berkelulusan Ijazah Sarjana Muda Sastera (Kepujian) dari Universiti Malaya. Di lantik ke
dalam Lembaga Pengarah pada 20 Mac 1996. Pernah menyandang jawatan Pengarah kepada Malaysian Rubber Development
Corporation (MARDEC) dari 1980 hingga 1993 dan juga ahli Council on Malaysia Invisible Trade (COMIT) dari 1980 hingga 1987.
Ahli Jawatankuasa Audit, Jawatankuasa Saraan Lembaga dan Jawatankuasa Pencalonan Lembaga. Pengarah kepada Cygal
Berhad, Gula Perak Berhad, Kwang-DBS (Malaysia) Berhad, Hwang-DBS Capital Berhad, Nanyang Press Holdings Berhad,
Paramount Corporation Berhad, Zaitun Berhad dan beberapa syarikat swasta.

Datuk P. Venugopal a/l V.K. Menon (berumur 58 tahun – warganegara Malaysia)

Pengarah Bebas dan Bukan Eksekutif. Berkelulusan Ijazah Sarjana Muda Sastera (Kepujian) dari Universiti Malaya dan Sarjana
dalam Pengurusan Perniagaan dari Universiti Harvard. Di lantik ke dalam Lembaga Pengarah pada 12 Oktober 1998. Pernah
berkhidmat dengan Jabatan Pentadbiran dan Diplomatik selama lebih 32 tahun di mana 26 tahun daripadanya dengan Jabatan
Perdana Menteri dalam pelbagai bidang tugas. Datuk adalah Ketua Eksekutif Majilis Kanser Negara (MAKNA). Ahli Jawatankuasa
Audit, Jawatankuasa Saraan Lembaga dan Jawatankuasa Pencalonan Lembaga dan tidak menjadi Pengarah dalam mana-mana
syarikat lain.

MAKLUMAT-MAKLUMAT LAIN
a)   Encik Liang Chiang Heng dan Encik Mr Liang Kim Poh adalah adik-beradik dan merupakan anak saudara kepada Encik Tan
     Song Cheng. Encik Tan Kok Guan adalah anak kepada Encik Tan Song Cheng. Para Pengarah lain tidak mempunyai
     perhubungan kekeluargaan sesama mereka atau dengan pemegang saham utama.
b)   Kepentingan para Pengarah di dalam saham Syarikat pada 30 Ogos 2001 dikemukakan pada mukasurat 88.
c)   Semua para Pengarah telah hadiri kesemua Mesyuarat Lembaga yang diadakan sepanjang tahun kewangan berakhir 30
     April 2001 dan tidak ada Pengarah yang telah disabitkan dengan kesalahan-kesalahan dalam 10 tahun yang lalu kecuali
     kesalahan lalulintas, jika ada.
d)   Kumpulan telah menlaksanakan urusniaga-urusniaga pihak berkaitan dengan Hup Huat Food Industries (S) Pte Ltd , sebuah
     syarikat yang diperbadankan di Singapura di mana Encik Liang Chiang Heng, Encik Liang Kim Poh, Encik Tan Song Cheng
     and Encik Tan Kok Guan ada kepentingan.
e)   Syarikat-syarikat miliki Encik Ng Chet Chiang @ Ng Chat Choon memberi perkhidmatan professional and kesetiausahaan
     kepada Kumpulan.
                                                             12
                                                              APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001

STATEMENT ON CORPORATE GOVERNANCE

The Code

The Finance Committee on Corporate Governance issued the Malaysian Code on Corporate Governance
(“Code”) in March 2000. The Code sets out basic principles and best practices on structures and processes
that companies may use in their operations towards achieving the optimal governance framework.
The Code recommends that listed companies include in their annual report appropriate statements on how
they have applied the principles set out in the Code to their particular circumstances. It also recommends
that listed companies report the extent to which they have complied with the best practices outlined within
the Code. The revamped Kuala Lumpur Stock Exchange (KLSE) Listing Requirements also includes a
section on corporate governance for compliance by public-listed companies.
The Board of Directors recognises the importance of practising the highest standards of corporate
governance throughout the Group as a fundamental part of discharging their fiduciary responsibilities to
protect and enhance shareholder value and the financial performance of the Company and the Group.
Although the revamped KLSE Listing Requirements on corporate governance is scheduled to come into full
force for listed issuers with financial year ending after 30 June 2001, the Board has initiated moves to
comply with best practices set out in the Code. The Articles of Association of the Company will be amended
to comply with the KLSE Listing Requirements in the forthcoming Extraordinary General Meeting.


Board of Directors

An effective Board leads and controls the Group. The Board meets at least four times a year, with additional
meetings convened as necessary. During the financial year ended 30 April 2001, five Board meetings were
held and all Directors were present.


Board Balance

The Board currently has seven members comprising four non-executive Directors three of whom are
independent and three executive Directors (including the Chairman cum Managing Director). A brief
description on the profile of each Director is presented in page 10.
All the Directors are continuously being exposed to the latest information on the expectations of their role
and will undergo training on a continuing basis as prescribed by the KLSE, including the mandatory
accreditation program. Together, the Directors bring a wide range of business and financial experience that
is relevant to their role in providing leadership and direction to a large and expanding company.
No individual or group of individuals dominates the Board’s decision making and the number of directors
reflects fairly the investment of the shareholders. This is to ensure that issues of strategy, performance and
resources are fully discussed and examined to take into account long term interests of shareholders,
employees, purchasers, suppliers and the many communities in which the Group conducts its business.
Balance is also ensured by way of the active and unrestricted participation of independent Directors in the
deliberations and decisions of the Board. All Directors had full access to background information pertaining
to all matters placed before them for decisions. All Directors can and do have the opportunity to call for
additional clarification and data to assist them in forming their own opinion and findings in the lead up to
Board decisions. Independent Directors also have unimpeded opportunity to seek external advice on
matters that require their decisions.




                                                     12
                                                               APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001



Audit Committee

The Audit Committee of the Board comprises 3 independent non–executive Directors and the Managing
Director with Ng Chet Chiang @ Ng Chat Choon in the Chair. Full details of the composition of the
Committee are found in the Audit Committee Report on page 20.


Nomination Committee

In March 2000, the Board set up a Nomination Committee, comprising all three independent non-executive
Directors with Ng Chet Chiang @ Ng Chat Choon in the Chair. The Committee has met once since its
inception and all Committee members attended this meeting.
The Nomination Committee is responsible for making recommendations for any appointments to the Board
including those of subsidiary and associate companies. In making these recommendations, the Nomination
Committee will consider the required mix of skills and experience of each member.


Remuneration Committee

The Remuneration Committee was set up in June 2000 comprising all three independent non-executive
Directors, with Ng Chet Chiang @ Ng Chat Choon in the Chair. The Committee has met twice since its
inception and all Committee members attended these meetings.
The Committee is responsible for setting the policy framework and for making recommendations to the
Board on remuneration packages and benefits extended to the executive Directors. Remuneration package
of executive Directors will be a matter to be decided by the Board as a whole with the Director concerned
abstaining from deliberations and voting on decisions in respect of his individual remuneration.
Fees payable to non-executive Directors is determined by the Board with the approval from shareholders at
the Annual General Meeting.


Directors’ Remuneration

Remuneration of Directors is reviewed periodically having regard to performance and market condition.
Aggregate remuneration of Directors categorised into appropriate components:
                                 Salaries and
                                  Allowances           Fees               Bonus            Total
                                      RM’000          RM000              RM’000          RM’000
Executive Directors                   2,112               48             1,006           3,166
Non-Executive Directors                  16               36                  -             52
Salaries and allowances of RM582,106 were paid to a director of a subsidiary for the financial year ended 30
April 2001.
The number of Directors of the Company whose total remuneration fall within the following bands for the
financial year ended 30 April 2001 is as follows:
                                                               No. of Directors
Range of remuneration                                 Executive          Non-Executive
Below RM50,000                                             -                      3
RM50,001 to RM500,000                                      -                      1
RM500,001 to RM1,000,000                                   2                      -
RM1,000,001 to RM1,500,000                                 1                      -




                                                    13
                                                               APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                           (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                  ANNUAL REPORT / LAPORAN TAHUNAN 2001



Access to Information

Prior to the Board meetings, all Directors receive an agenda and a Board report containing information
relevant to the business of the meeting, including information on major financial, operational and corporate
matters relating to the activities and performance of the Group. This is issued in sufficient time to enable the
Directors to obtain further explanation, where necessary, in order to be properly informed before the
meeting. In addition, there is a schedule of matters reserved specifically for the Board’s decision.
The Board has also put into place a procedure for Directors, whether as a full Board member or in their
individual capacity, to take independent professional advice, where necessary and in appropriate
circumstances, in furtherance to their duties and at the Group’s expense. All Directors have access to the
advice and services of the Company Secretary.


Dialogue between the Company and Investors

The Group values dialogue with investors as a means of effective communication that enables the Board to
convey information about the Group’s performance, corporate strategy and other matters affecting
shareholders’ interests.
The Group Managing Director meets regularly with analysts, institutional shareholders and investors
throughout the year. Presentations based on permissible disclosures are made to explain the Group’s
performance and major development programs. Price-sensitive and any information that may be regarded
as undisclosed material information about the Group is however not disclosed in these exchanges until after
the prescribed announcement to the KLSE has been made.


Annual General Meeting

Notice of the Annual General Meeting and annual reports are sent out to shareholders at least 21 days
before the date of the meeting.
At the Annual General Meeting, the Board also provides opportunities for shareholders to raise questions
pertaining to the business activities of the Group. All Directors are available to provide responses to
shareholders’ questions during these meetings.
For re-election of Directors, the Board will ensure that full information is disclosed through the notice of
meeting regarding Directors who are retiring and who are willing to serve if re-elected.
Each item of special business included in the notice of the meeting will be accompanied by an explanatory
statement for the proposed resolution to facilitate full understanding and evaluation of issues involved.


Accountability and Audit

For financial reporting through quarterly reports to KLSE and the annual report to shareholders, the
Directors have a responsibility to present a fair assessment of the Group’s position and prospects. The Audit
Committee assists the Board in scrutinizing information for disclosure to ensure accuracy and adequacy.
The Statement of Directors pursuant to section 169 of the Companies Act 1965 is set out on page 34.


Internal Control

The Directors acknowledge their responsibilities for the Group’s system of internal controls covering not only
financial controls but also operational and compliance controls as well as risk management. The internal
control system is designed to meet the Group’s particular needs and to manage the risks to which it is
exposed. This system is designed to manage, rather than eliminate, the risk of failure to achieve business
objectives and can only provide reasonable, and not absolute assurance against material misstatement or
loss. The Group is in the process of reviewing the adequacy and integrity of its system of internal controls.




                                                      14
                                                               APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                           (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                  ANNUAL REPORT / LAPORAN TAHUNAN 2001



Relationship with External Auditors

The role of the Audit Committee in relation to the external auditors is as stated on page 20.




Statement made in accordance with a resolution of the Board dated 14 September 2001.




Liang Chiang Heng                                                 Tan Kok Guan
Chairman and Managing Director                                    Executive Director




                                                      15
                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001

PENYATA URUS TADBIR KORPORAT

Kod

Jawatankuasa Kewangan Urus Tadbir Korporat telah menerbitkan Kod Malaysia mengenai Urus Tadbir
Korporat (“Kod”) pada bulan Mac 2000. Kod ini menggariskan prinsip-prinsip asas dan amalan terbaik
berhubung dengan struktur dan proses yang boleh digunakan oleh syarikat-syarikat dalam operasi mereka
ke arah mencapai rangka urus tadbir korporat yang optimal.
Kod ini mengesyorkan agar syarikat-syarikat yang tersenarai menyertakan dalam laporan tahunan mereka
penyata-penyata tentang bagaimana mereka telah mengaplikasikan prinsip-prinsip yang dirangka di dalam
Kod mengikut keadaan masing-masing. Kod tersebut juga mengesyorkan supaya syarikat-syarikat yang
tersenarai melaporkan sejauhmana mereka telah mematuhi amalan-amalan terbaik yang digariskan di
dalam Kod tersebut. Keperluan penyenaraian BSKL yang dikemaskini juga mengandungi satu bahagian
khusus mengenai urus tadbir korporat yang mana perlu dipatuhi oleh syarikat-syarikat yang tersenarai.
Lembaga Pengarah mengakui pentingnya mempraktikkan urus tadbir korporat berpiawaian tinggi kepada
seluruh Kumpulan sebagai asas utama dalam menjalankan tanggungjawab mereka untuk mempertahan
dan meningkatkan nilai pemegang saham dan prestasi kewangan Syarikat serta Kumpulan.
Walaupun keperluan penyenaraian BSKL yang dikemaskini mengenai urus tadbir korporat hanya
berkuatkuasa bagi syarikat tersenarai yang mempunyai tahun kewangannya berakhir selepas 30 Jun 2001,
Lembaga Pengarah telah memulakan usaha untuk mematuhi amalan terbaik yang digariskan di dalam Kod
tersebut. Tataurusan Syarikat akan dipinda bagi mematuhi keperluan penyenaraian BSKL pada Mesyuarat
Agung Luarbiasa Syarikat yang akan datang.


Lembaga Pengarah

Sebuah Lembaga Pengarah yang efektif memimpin dan mengawal urusan Kumpulan. Para Pengarah akan
bermesyuarat sekurang-kurangnya empat kali setahun dan mesyuarat tambahan diadakan mengikut
keperluan. Di sepanjang tahun kewangan berakhir 30 April 2001, sebanyak lima Mesyuarat Lembaga
diadakan dan semua Pengarah turut hadir.


Imbangan Lembaga Pengarah

Lembaga Pengarah mempunyai tujuh ahli terdiri daripada empat Pengarah bukan eksekutif yang mana tiga
daripada mereka adalah Pengarah bebas serta tiga Pengarah eksekutif (termasuk Pengerusi serta
Pengarah Urusan). Satu penerangan ringkas mengenai profil setiap Pengarah telah dibentangkan dari
mukasurat 11.
Semua Pengarah sentiasa didedahkan kepada maklumat terkini berkenaan tuntutan peranan mereka dan
akan menjalani latihan dari masa ke semasa sepertimana yang disyaratkan oleh BSKL termasuk mengikuti
program akreditasi wajib. Di kalangan mereka, para Pengarah mampu menyumbang pengalaman peribadi
dalam bidang perniagaan dan urusan kewangan yang berkaitan dengan tanggungjawab mereka dalam
memimpin dan memberi halatuju kepada sebuah syarikat besar dan yang sedang berkembang.
Tiada individu atau individu berkumpulan yang boleh mendominasi pembuatan keputusan Lembaga
Pengarah dan bilangan pengarah mencerminkan ketaraan pelaburan pemegang saham. Ini memastikan isu
strategi, prestasi dan sumber dapat dibincangkan dan dikaji sepenuhnya dengan mengambilkira
kepentingan jangka panjang pemegang saham, kakitangan, pelanggan, pembekal dan mana-mana komuniti
yang berurusan dengan Kumpulan.
Keseimbangan juga dijamin melalui penglibatan aktif para Pengarah bebas dalam perbincangan dan proses
membuat keputusan. Semua Pengarah telah diberikan capaian sepenuhnya dalam mendapatkan maklumat
latarbelakang bersabit dengan semua hal yang dirujukkan kepada mereka bagi membuat keputusan.
Semua Pengarah boleh dan mempunyai kesempatan untuk meminta penjelasan tambahan serta maklumat
untuk membantu dalam merumuskan pendapat dan kesimpulan sebelum Lembaga membuat apa-apa
keputusan. Pengarah bebas pula mempunyai peluang tanpa sekatan untuk mendapat cari nasihat luar atas
hal-hal yang memerlukan keputusan mereka.




                                                 16
                                                            APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001



Jawatankuasa Audit

Jawatankuasa Audit yang terdiri daripada 3 Pengarah bebas bukan eksekutif dan Pengarah Urusan
dipengerusi oleh Encik Ng Chet Chiang @ Ng Chat Choon. Keterangan penuh bagi komposisi
Jawatankuasa Audit boleh didapati di dalam Laporan Jawatankuasa Audit di mukasurat 22.


Jawantankuasa Pencalonan

Pada bulan Mac 2000, Lembaga Pengarah telah menubuhkan Jawatankuasa Pencalonan yang terdiri
daripada kesemua Pengarah bebas bukan eksekutif yang dipengerusi oleh Encik Ng Chet Chiang @ Ng
Chat Choon. Jawatankuasa ini telah bertemu sebanyak sekali semenjak penubuhannya dan semua ahli
jawatankuasa turut hadir.
Jawatankuasa Pencalonan bertanggungjawab membuat cadangan bagi apa-apa perlantikan kepada
Lembaga Pengarah Syarikat termasuk subsidiari dan syarikat bersekutu. Dalam membuat cadangan ini,
Jawatankuasa akan mengambilkira keperluan kemahiran pelbagai dan pengalaman setiap Pengarah.


Jawantankuasa Saraan

Jawatankuasa Saraan telah ditubuhkan pada bulan June 2000. Jawatankuasa ini yang dipengerusi oleh
Encik Ng Chet Chiang @ Ng Chat Choon terdiri daripada kesemuanya Pengarah bebas bukan eksekutif dan
Pengarah Urusan. Jawatankuasa ini telah bertemu sebanyak dua kali semenjak penubuhannya dan semua
ahli jawatankuasa turut hadir.
Jawatankuasa ini bertanggungjawab menyediakan rangka kerja dasar dan membuat cadangan kepada
Lembaga Pengarah tentang pakej saraan dan ganjaran kepada para Pengarah eksekutif. Pakej saraan para
Pengarah eksekutif akan diputuskan oleh Lembaga Pengarah secara keseluruhan dan Pengarah eksekutif
berkaitan ditegah daripada membincang dan mengundi bagi keputusan tersebut.
Ganjaran kepada para Pengarah bukan eksekutif akan diputuskan oleh Lembaga Pengarah dengan
kelulusan pemegang saham di Mesyuarat Agung Tahunan.


Saraan Para Pengarah

Saraan para Pengarah dikaji semula dari masa ke semasa berdasarkan prestasi dan keadaan pasaran.
Berikut ialah jumlah saraan para Pengarah mengikut kategori yang bersesuaian:

                                   Gaji dan
                                     Elaun       Ganjaran            Bonus        Jumlah
                                   RM’000         RM000             RM’000        RM’000
Pengarah Eksekutif                  2,112              48           1,006         3,166
Pengarah Bukan Eksekutif               16              36               -             52
Gaji dan elaun sebanyak RM582,106 telah dibayar kepada seorang Pengarah subsidiari untuk tahun
kewangan berakhir 30 April 2001.
Bilangan Pengarah syarikat mengikut julat saraan yang tersenarai bagi tahun kewangan berakhir 30 April
2001 adalah seperti berikut:
                                                            Jumlah Pengarah
Julat Saraan                                       Eksekutif        Bukan Eksekutif
Di bawah RM50,000                                       -                     3
RM50,001 hingga RM500,000                               -                     1
RM500,001 hingga RM1,000,000                            2                     -
RM1,000,001 hingga RM1,500,000                          1                     -



                                                 17
                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001



Capaian Kepada Maklumat

Sebelum setiap mesyuarat Lembaga Pengarah diadakan, semua Pengarah menerima agenda dan laporan
yang mengandungi maklumat berkaitan aturcara mesyuarat, termasuk maklumat utama mengenai hal
kewangan, operasi dan korporat serta aktiviti dan prestasi Kumpulan. lanya diberikan dalam tempoh masa
yang mencukupi bagi para Pengarah mendapatkan maklumat lanjut, sekiranya diperlukan, agar mereka
mendapat penjelasan sepenuhnya sebelum mesyuarat. Di samping itu, terdapat juga jadual perkara yang
dirizab khusus untuk keputusan Lembaga Pengarah.
Lembaga Pengarah juga telah menggariskan prosedur bagi para Pengarah, sama ada sebagai ahli
Lembaga penuh atau secara individu, mendapat nasihat profesional bebas, apabila perlu di dalam keadaan
yang sesuai bagi menjalankan tugasnya di mana perbelanjaan akan ditanggung oleh Syarikat. Semua
Pengarah boleh mendapatkan khidmat nasihat Setiausaha Syarikat.


Dialog Antara Syarikat dan Para Pelabur

Kumpulan menghargai dialog dengan para pelabur sebagai cara perhubungan berkesan yang
membolehkan Lembaga Pengarah dan pengurusan menyalurkan maklumat tentang prestasi Kumpulan,
strategi korporat dan lain-lain perkara yang mempunyai kesan kepada kepentingan pemegang saham.
Pengarah Urusan Kumpulan sering bertemu dengan para penganalisis, pemegang saham institusional serta
para pelabur di sepanjang tahun. Pembentangan maklumat yang dibenarkan juga dibuat bagi menjelaskan
prestasi Kumpulan serta program pembangunan utamanya. Maklumat yang peka-harga dan lain-lain
maklumat yang disifatkan sebagai maklumat yang tidak boleh didedahkan mengenai Kumpulan
walaubagaimanapun tidak akan didedahkan sehingga pengumuman rasmi telah dibuat kepada BSKL.


Mesyuarat Agung Tahunan

Notis Mesyuarat Agung Tahunan dan Laporan Tahunan diedarkan kepada pemegang saham sekurang-
kurangnya 21 hari sebelum tarikh mesyuarat.
Di Mesyuarat Agung Tahunan, Lembaga Pengarah akan memberi peluang kepada pemegang saham untuk
mengemukakan soalan berkaitan dengan aktiviti perniagaan Kumpulan. Lembaga Pengarah akan
menjawab soalan pemegang-pemegang saham semasa mesyuarat.
Bagi pemilihan semula Pengarah, Lembaga Pengarah akan memastikan maklumat sepenuhnya
dimaklumkan menerusi notis mesyuarat berhubung dengan Pengarah yang akan bersara dan yang
menawar diri untuk berkhidmat sekiranya dipilih semula.
Setiap urusan khas yang telah dinyatakan dalam notis mesyuarat akan disusuli dengan kenyataan
penerangan terhadap resolusi yang dicadangkan bagi memudahkan kefahaman dan penilalan terhadap isu
terbabit.


Akauntabiliti dan Audit

Bagi membentangkan laporan kewangan suku tahun kepada BSKL dan juga laporan tahunan kepada
pemegang saham, para Pengarah bertanggungjawab untuk memberikan gambaran yang munasabah
mengenai kedudukan dan juga prospek masa depan Kumpulan. Jawatankuasa Audit membantu Lembaga
meneliti maklumat yang bakal diumumkan untuk memastikan ketepatan dan kesempurnaannya. Kenyataan
Pengarah menurut Seksyen 169 Akta Syarikat 1965 terkandung di mukasurat 62.




                                                 18
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001



Kawalan Dalaman

Para Pengarah mengakui tanggungjawab mereka terhadap sistem kawalan dalaman Kumpulan yang
merangkumi bukan sahaja kawalan kewangan tetapi juga kawalan operasi dan pematuhan serta
pengurusan risiko. Sistem kawalan dalaman direka bagi mematuhi kehendak khusus Kumpulan dan bagi
mengurus risiko yang bakal dihadapinya. Sistem ini direka untuk mengurus, lebih daripada menolak, risiko
kegagalan mencapai objektif perniagaan dan akan hanya menyediakan jaminan yang wajar, bukannya
mutlak, terhadap kekeliruan penyataan atau kerugian. Kumpulan kini dalam proses menjalankan kajian aktif
terhadap kesempurnaan dan kewibawaan sistem kawalan dalaman.


Hubungan dengan Juruaudit Luar

Peranan Jawatankuasa Audit berkaitan hubungannya dengan juruaudit luar dinyatakan di muka surat 22.



Kenyataan ini dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 14 September 2001.




Liang Chiang Heng                                             Tan Kok Guan
Pengerusi dan Pengarah Urusan                                 Pengarah Eksekutif




                                                  19
                                                                APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                            (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                   ANNUAL REPORT / LAPORAN TAHUNAN 2001

AUDIT COMMITTEE

TERMS OF REFERENCE

The primary objective of the audit committee of the Board is to assist the Board of Apollo Food Holdings
Berhad in fulfilling its fiduciary responsibilities relating to corporate accounting, system of internal controls,
management and financial reporting practices of the Group.

Composition of Members

The Committee shall consist of at least three members but not more than five members, appointed by the
Board from amongst the directors, comprising a majority of directors independent of management and
executive functions ("independent non-executive Director"). The Chairman of the Audit Committee shall be
appointed by the Board from amongst the independent non-executive Directors.

For the financial year ended 30 April 2001, the Committee comprised the following members:

Chairman

Mr Ng Chet Chiang @ Ng Chat Choon

Members

Tan Sri Dato’ Ahmad Sabki bin Jahidin
Datuk P. Venugopal a/l V. K. Menon
Mr Liang Chiang Heng

Duties and Responsibilities

 • To review the effectiveness of management information and other systems of control within the
   Company and the Group.
 • To review with the external auditors the scope of their audit plan, their evaluation of the system of
   internal control and the audit reports on the financial statements.
 • To review the quarterly and annual financial statements with management and exernal auditors prior to
   the approval by the Board
 • To review the scope and recommendations in the internal audit reports and the effectiveness of the
   internal audit function.
 • To carry out in-depth review of major findings of internal investigations and management’s response to
   recommend corrective measures.
 • To consider compliance of statutory legislations or guidelines as imposed by the relevant authorities
   which wil include, but not limited to :
     o The Securities Commission
     o The Kuala Lumpur Stock Exchange
 • To review and report any significant related party transactions that may arise within the Company or
   Group.
 • To review any significant transactions which are in the normal course of business of the Company or the
   Group.
 • To consider external auditors’ appointment and remuneration.
 • To consider other topics as defined by the Board.




                                                       20
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001


Meetings

The Committee shall meet not less than four times a year and as many times as the Committee deems
necessary. The quorum for meetings shall be two members who are independent non-executive Directors.
The Company Secretary shall be the Secretary to the Audit Committee.

The Group Accountant will normally attend the meetings to brief the Committee on internal audit reports and
and any significant control issues/concerns. Minutes of each meeting shall be kept by the Secretary as
evidence that the Committee has discharged its functions. The Chairman of the Committee will report to the
Board after each Audit Committee meeting. The approved minutes of Audit Committee meetings are
forwarded to Board members for information.

During the financial year ended 30 April 2001, the Committee met four times and all members were present
duing those meetings.

Authority

The Audit Committee shall be granted the authority to investigate any activity of the Company and its
subsidiaries and all employees shall be directed to co-operate as requested by the members of the
Committee. The Committee shall be empowered to retain persons having special competence as necessary
to assist the committee in fulfilling its responsibilities.




                                                    21
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001

JAWATANKUASA AUDIT

BIDANGKUASA RUJUKAN

Objektif utama Jawatankuasa Audit Lembaga adalah membantu Lembaga Apollo Food Holdings Berhad
memenuhi tanggungjawab fidusiarinya yang berkaitan dengan amalan perakaunan korporat, system
kawalan dalaman, pengurusan dan pelaporan kewangan Kumpulan.

Komposisi Ahli

Jawatankuasa Audit akan terdiri tidak kurang daripada tiga orang ahli dan tidak melebihi lima dilantik oleh
Lembaga Pengarah dari kalangan mereka di mana majoritinya hendaklah terdiri daripada Pengarah bebas
yang tidak mempunyai fungsi eksekutif dan pengurusan (‘Pengarah Bebas Bukan Eksekutif). Pengerusi
Jawatankuasa Audit akan dilantik oleh Lembaga Pengarah dan kalangan Pengarah Bebas Bukan Eksekutif.

Bagi tahun kewangan berakhir 30 April 2001, Jawatankuasa Audit terdiri daripada ahli-ahli berikut:

Pengerusi

Encik Ng Chet Chiang @ Ng Chat Choon

Ahli-Ahli

Tan Sri Dato’ Ahmad Sabki bin Jahidin
Datuk P. Venugopal a/l V. K. Menon
Encik Liang Chiang Heng

Tugas-tugas dan Tanggungjawab

• Untuk meneliti keberkesanan maklumat pengurusan dan system kawalan dalaman Syarikat dan
  Kumpulan.
• Untuk meneliti bersama juruaudit luar skop pelan audit, penilaian mereka terhadap sistem kawalan
  dalaman dan laporan audit bagi penyata kewangan.
• Untuk meneliti penyata kewangan suku tahunan serta Tahunan bersama pengurusan dan Juruaudit luar
  sebelum diluluskan oleh Lembaga Pengarah.
• Untuk meneliti skop dan cadangan yang terkandung dalam laporan audit dalaman dan keberkesanan
  fungsi audit dalaman.
• Untuk meneliti secara terperincil hasil siasatan dalaman dan cadangan pengurusan dalam
  mengesyorkan langka-langka pembetulan.
• Untuk mempertimbangkan pematuhan undang-undang berkanun atau garis panduan yang dikenakan
  oleh pihak berkuasa termasuk tetapi tidak terhad kepada:
        o   Suruhanjaya Sekuriti
        o   Bursa Saham Kuala Lumpur
• Untuk meneliti dan melaporkan sebarang urusniaga pihak berkaitan yang mungkin timbul di dalam
  Syarikat atau Kumpulan.
• Untuk meneliti sebarang urusniaga penting yang bukan merupakan perniagaan yang biasanya
  dijalankan oleh Syarikat atau Kumpulan.
• Untuk mempertimbangkan perlantikan dan saran juruaudit luar.
• Untuk mempertimbangkan topik-topik lain sepertimana yang diarahkan oleh Lembaga Pengarah.




                                                    22
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001


Mesyuarat

Jawatankuasa akan bermesyuarat sekurang-kurangnya empat kali setahun dan mesyuarat tambahan boleh
dipanggil sekiranya perlu. Korum setiap mesyuarat hendaklah terdiri daripada sekurang-kurangnya dua ahli
yang merupakan Pengarah Bebas Bukan Eksekutif. Setiausaha Syarikat dilantik sebagai Setiausaha
Jawatankuasa Audit.

Akauntan Kumpulan biasanya akan menghadiri mesyuarat ini untuk memberi keterangan kepada
Jawatankuasa Audit mengenai laporan audit dalaman dan apa jua isu kawalan penting dan hal-hal yang
perlu diberi perhatian. Minit setiap mesyuarat akan disimpan oleh Setiusaha sebagai bukti bahawa
Jawatankuasa telah melaksanakan fungsinya. Pengerusi Jawatankuasa akan melapor kepada Lembaga
selepas setiap mesyuarat Jawatankuasa Audit. Minit yang disahkan oleh Jawatankuasa Audit dikemukakan
kepada ahli Lembaga untuk makluman mereka.

Kuasa

Jawatankuasa Audit diberi kuasa untuk menyiasat aktiviti Syarikat dan subsidiarinya dan semua kakitangan
diwajibkan memberi kerjasama mereka sekiranya diminta berbuat demikian oleh ahli Jawatankuasa Audit.
Jawatankuasa Audit juga diberi kuasa untuk memperolehi khidmat perseorangan tertentu yang mempunyai
kepakaran untuk membantu Jawatankuasa menjalankan tugasnya.




                                                  23
                                                              APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001

CHAIRMAN’S STATEMENT

On behalf of the Board of Directors, I have the pleasure in presenting the Annual Report and Audited
Financial Statements of Apollo Food Holdings Berhad for the financial year ended
30 April 2001.

Financial Performance

It has been another challenging year for the Group as the Malaysian economy continued with its recovery.
However, the continued weakening of the regional currencies against the US Dollar coupled with political
instability of certain export markets has led to reduced demand for Apollo’s products in those countries.

Despite the drop in export sales, the Group managed to achieve a pre-tax profit of RM22.224 million (2000:
RM24.538 million) on the back of a slightly lower turnover of RM100.779 million (2000: RM107.782 million) for
the financial year ended 30 April 2001. Profit after tax amounted to RM19.745 million (2000: RM18.406
million).

Dividend

The Board is pleased to recommend a first and final dividend of 12 Sen per share less 28% tax for the
financial year ended 30 April 2001 for the approval of shareholders at the forthcoming Seventh Annual
General Meeting to be held on 19 October 2001. If approved, the dividend will be paid on 16 November 2001.

Operations Review

The recovering economy attributed to the entry of smaller manufacturers producing similar competitively
priced products, thus affecting Apollo’s market share. Cost cutting measures, productivity improvements and
deploying new marketing strategies have enabled Apollo to maintain its market share and continue producing
favourable results.

Prospects

The Government’s continued efforts to implement pro-growth measures to further stimulate the national
economy offers the Group an optimistic outlook of its future growth and development. Given the inherent
strength of Apollo in providing affordable quality products by the continuous upgrading and expansion of
existing production facilities as well as the quality and range of the products, the Group will remain
competitive in marketing its products.

The building plans for the construction of a new factory building, as stated in the last Annual Report have yet
to be approved by the relevant authorities. The Board now expects the construction to commence in
December 2001 and scheduled for completion in October 2003 with commercial production expected to
commence by February 2004.

Corporate Governance

The Board recognises that shareholders’ value is not only protected but also enhanced by embracing the
principles of good governance. The Board has embarked on implementing policies and procedures based on
the recommendations contained in the Code of Best Practices in Corporate Governance and will report the
details in future Annual Reports.




                                                     24
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001


Corporate Development

The Board is pleased to inform that the proposed Bonus Issue of 20,000,000 shares and Rights Issue of
20,000,000 shares which were stated in the last Annual Report are expected to be completed by December
2001. Shareholders will be notified of their entitlement in due course.

The Board proposes to amend the Company’s Articles of Association to be consistent and compliant with the
Listing Requirements of the Kuala Lumpur Stock Exchange, any other regulatory requirements of the
Companies Act, 1965 and Rules of the Malaysian Central Depository Sdn Bhd.

The Board also seeks shareholders’ approval relating to the recurrent related party transactions which are
carried out based on normal trade transactions and on commercial terms.

The proposed amendments to the Articles of Association and details of the related party transactions are
contained in the Circular which is together with this Annual Report. These will be tabled at the forthcoming
Extraordinary General Meeting to be held immediately after the conclusion of the Seventh Annual General
Meeting on 19 October 2001.

Appreciation

On behalf of the Group, we extend our appreciation and gratitude to our customers, management and staff for
their continued support, effort and contribution towards the continued success of the Group. We also wish to
express our sincere thanks and appreciation to shareholders, business associates and authorities for their
invaluable support and contributions to the Apollo Group.



LIANG CHIANG HENG
Chairman/Managing Director
14 September 2001




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                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001

PENYATA PENGERUSI

Bagi Pihak Lembaga Pengarah, saya dengan sukacitanya membentangkan Laporan Tahunan dan Penyata
Kewangan Beraudit untuk Apollo Food Holdings Berhad bagi tahun kewangan berakhir 30 April 2001.

Prestasi Kewangan

Tahun ini merupakan satu lagi tempoh yang mencabar untuk Kumpulan dengan pemulihan ekonomi
Malaysia. Walau bagaimanapun, kemerosotan yang berketerusan bagi matawang serantau berbanding Dolar
AS serta keadaan politik yang tidak stabil menyebabkan kurangnya permintaan untuk barangan Apollo
daripada negara-negara tersebut.

Apollo berjaya mencapai keuntungan sebelum cukai berjumlah RM22.224 juta (2000: RM24.538 juta) dengan
perolehan yang lebih rendah iaitu sebanyak RM100.779 juta (2000: RM107.782 juta) bagi tahun kewangan
berakhir 30 April 2001 walaupun nilai jualan ekspotnya merosot. Keuntungan selepas cukai berjumlah
RM19.745 juta (2000: RM18.406 juta).

Dividen

Lembaga Pengarah dengan sukacitanya mencadangkan dividen pertama dan akhir sebanyak 12 Sen selepas
cukai 28% bagi tahun kewangan berakhir 30 April 2001 untuk persetujuan para pemegang saham di
Mesyuarat Agung Tahunan Ketujuh yang akan di adakan pada 19 Oktober 2001. Jikalau diluluskan, dividen
ini akan dibayar pada 16 November 2001.

Peninjauan Operasi

Pemulihan ekonomi telah mengakibatkan beberapa pekilang-pekilang kecil mengeluarkan produk yang
menandangi produk Apollo dalam segi bentuk, rasa dan harga. Apollo telah berjaya mengekalkan nilai
pasarannya dan terus mencapai keputusan yang memuaskan dengan meningkatkan produktiviti,
mengurangan kos pengeluaran dan pelbagai strategi pemasaran baru.

Prospek

Langkah kerajaan yang berterusan dalam peningkatan penumbuhan ekonomi demi mempergiatkan ekonomi
negara, menyakinkan Kumpulan atas pertumbuhan dan perkembangannya. Sejajar dengan kekuatan
Kumpulan dalam mengeluarkan produk berkualiti melalui pengingkatan dan perluasan kemudahan kilang
sediada serta kualiti dan mutu keluaran, Kumpulan dapat menandangi mana-mana pihak dalam pemasaran
produknya.

Pelan –pelan bangunan untuk membina bangunan kilang yang baru, seperti dinyata dalam Laporan Tahunan
yang lepas belum lagi diluluskan oleh pihak berkuasa tempatan. Lembaga Pengarah berhasrat untuk
memulakan kerja-kerja binaan pada bulan Disember 2001 serta melaksanakan pembinaan pada bulan
Oktober 2003 dan berharap untuk menjalan produksi secara komersial sebelum Februari 2004.

Urus Tadbir Korporat

Lembaga Pengarah menyedari bahawa nilai pemegang-pemegang saham bukan sahaja perlu dilindungi
malah turut perlu dipertingkatkan dengan mengamalkan prinsip-prinsip urus tadbir korporat yang baik.
Lembaga Pengarah telah mula melaksanakan polisi-polisi dan prosedur-prosedur berdasarkan Kod Amalan
Terbaik yang terkandung di dalam Urus Tadbir Korporat dan butir-butirnya akan dilaporkan dalam Laporan
Tahunan yang akan datang.




                                                 26
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001


Perkembangan Korporat

Lembaga Pengarah dengan sukacitanya ingin memberitahu bahawa cadangan terbitan bonus sebanyak
20,000,000 saham and terbitan hak sebanyak 20,000,000 saham sepertimana dinyata dalam Laporan
Tahunan yang lepas akan dilaksanakan sebelum bulan Disember 2001. Para pemegang saham akan
dihubungi tidak lama lagi mengenai hak mereka.

Lembaga Pengarah bercadang untuk memindah Tataurusan Penubuhan Syarikat selaras dengan Keperluan
Penyeneraian Bursa Saham Kuala Lumpur dan segala peraturan Akta Syarikat, 1965 serta Malaysian Central
Depository Sdn Bhd.

Lembaga Pengarah juga meminta persetujuan para pemegang saham mengenai urusniaga-urusniaga
penting berulang dengan pihak berkaitan. Urusniaga-urusniaga ini adalah mengikut tatacara biasa di dalam
perniagaan dan telah dilaksanakan atas dasar komersil.

Cadangan pindahan ke atas Tataurusan Penubuhan Syarikat dan butir-butir mengenai urusniaga-urusniaga
penting berulang dengan pihak berkaitan terkandung dalam Surat Pekeliling, yang dikirim bersama-sama
dengan Laporan Tahunan ini, akan dibincangkan di Mesyuarat Agung Luarbiasa yang akan diadakan sebaik
sahaja tamatnya Mesyuarat Agung Tahunan Ketujuh pada 19 Oktober 2001.

Penghargaan

Bagi pihak Lembaga Pengarah, kami rakamkan penghargaan kami kepada para pelanggan, pengurusan dan
kakitangan-kakitangan atas sokongan, usaha serta sumbangan yang berterusan terhadap kejayaan
Kumpulan. Kami juga menyampaikan ucapan penghargaan kepada semua pemegang saham, rakan-rakan
perniagaan dan pihak berkuasa kerajaan atas sokongan dan sumbangan yang tak ternilai kepada Kumpulan
Apollo.



LIANG CHIANG HENG
Pengerusi/Pengarah Urusan
14 September 2001




                                                  27
THIS PAGE IS INTENTIONALLY LEFT BLANK




                 28
                    APOLLO FOOD HOLDINGS BERHAD (291471-M)
                (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                       ANNUAL REPORT / LAPORAN TAHUNAN 2001




FINANCIAL STATEMENTS




           29
                                                                APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                            (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                   ANNUAL REPORT / LAPORAN TAHUNAN 2001



DIRECTORS' REPORT
30 APRIL 2001


The Directors hereby submit their report together with the audited financial statements of the Group and of the
Company for the financial year ended 30 April 2001.

PRINCIPAL ACTIVITIES

The principal activities of the Company are investment holding and provision of management services to
subsidiaries.

The principal activities of the subsidiaries are described in Note 8 to the financial statements.

There have been no significant changes in the nature of these activities during the financial year.

RESULTS
                                                             Group         Company
                                                               RM              RM
  Profit before taxation                               22,223,802          5,774,788
  Taxation                                             (2,478,999)        (1,628,000)
  Net profit for the year                              19,744,803          4,146,788


DIVIDENDS

Since the end of the previous financial year, the Company paid a first and final dividend of 12 sen per share
less 28% tax on 40,000,000 ordinary shares amounting to RM3,456,000 on 30 November 2000 in respect of
the previous financial year.

The Directors propose the payment of a first and final dividend of 12 sen per share less 28% tax on
40,000,000 ordinary shares amounting to RM3,456,000 in respect of the current financial year, subject to the
approval of the members at the forthcoming Annual General Meeting.

RESERVES AND PROVISIONS

All material transfers to and from reserves and provisions during the financial year are shown in the financial
statements.

BAD AND DOUBTFUL DEBTS

Before the income statements and balance sheets were made out, the Directors took reasonable steps to
ascertain that action had been taken in relation to the writing off of bad debts and the making of provisions for
doubtful debts and satisfied themselves that there were no known bad debts and that no provision for doubtful
debts is required.

At the date of this report, the Directors are not aware of any circumstances which would require any debts to
be written off as bad or provided for as doubtful in the financial statements of the Group and of the Company.




                                                       30
                                                               APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                           (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                  ANNUAL REPORT / LAPORAN TAHUNAN 2001


CURRENT ASSETS

Before the income statements and balance sheets were made out, the Directors took reasonable steps to
ensure that any current assets which were unlikely to be realised in the ordinary course of business including
their values as shown in the accounting records of the Group and of the Company have been written down to
an amount which they might be expected so to realise.

At the date of this report, the Directors are not aware of any circumstances which would render the values
attributed to the current assets in the financial statements of the Group and of the Company misleading.

VALUATION METHODS

At the date of this report, the Directors are not aware of any circumstances which have arisen which render
adherence to the existing methods of valuation of assets or liabilities of the Group and of the Company
misleading or inappropriate.

CONTINGENT AND OTHER LIABILITIES

At the date of this report, there does not exist:

a)      any charge on the assets of the Group and of the Company which has arisen since the end of the
        financial year which secures the liabilities of any other person; or

b)      any contingent liability of the Group and of the Company which has arisen since the end of the
        financial year.

No contingent or other liability has become enforceable or is likely to become enforceable within the period of
twelve months after the end of the financial year which, in the opinion of the Directors, will or may
substantially affect the ability of the Group and of the Company to meet their obligations when they fall due.

CHANGE OF CIRCUMSTANCES

At the date of this report, the Directors are not aware of any circumstances, not otherwise dealt with in this
report or the financial statements of the Group and of the Company which would render any amount stated in
the financial statements misleading.

ITEMS OF AN UNUSUAL NATURE

The results of the operations of the Group and of the Company during the financial year were not, in the
opinion of the Directors, substantially affected by any item, transaction or event of a material and unusual
nature.

There has not arisen in the interval between the end of the financial year and the date of this report any item,
transaction or event of a material and unusual nature likely, in the opinion of the Directors, to affect
substantially the results of the operations of the Group and of the Company for the financial year in which this
report is made.

SIGNIFICANT EVENTS

The significant events during the financial year are described in Note 22 to the financial statements.




                                                      31
                                                               APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                           (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                  ANNUAL REPORT / LAPORAN TAHUNAN 2001


DIRECTORS

The Directors who served since the date of the last report are:

     Liang Chiang Heng
     Tan Song Cheng
     Tan Sri Dato’ Ahmad Sabki Bin Jahidin
     Ng Chet Chiang @ Ng Chat Choon
     Tan Kok Guan
     Liang Kim Poh
     Datuk P. Venugopal a/l V.K. Menon
In accordance with the Company’s Articles of Association, Liang Chiang Heng and Tan Kok Guan retire from
the Board by rotation at the forthcoming Annual General Meeting and being eligible, offer themselves for re-
election.

DIRECTORS’ INTERESTS

According to the register of directors’ shareholdings, the interests of Directors in office at the end of the
financial year in the shares of the Company and its related corporations during the financial year are as
follows:

                                       Number of ordinary shares of RM1 each in the Company
                                                1 May 2000     Acquired    Disposed   30 Apr 2001
 Shareholdings in the name of the
 Director:
 Liang Chiang Heng                                  10,000             -          -        10,000
 Tan Song Cheng                                     30,000             -          -        30,000
 Tan Sri Dato’ Ahmad Sabki Bin Jahidin              10,000             -          -        10,000
 Ng Chet Chiang @ Ng Chat Choon                     10,000             -          -        10,000
 Tan Kok Guan                                       10,000             -          -        10,000
 Liang Kim Poh                                      68,000             -          -        68,000

 Shareholdings in which the Director
 is deemed to have an interest:
 Liang Chiang Heng                              *20,365,000            -     36,000   *20,329,000
 Tan Song Cheng                                 *20,365,000            -     36,000   *20,329,000
 Ng Chet Chiang @ Ng Chat Choon                    **10,000            -          -      **10,000
 Tan Kok Guan                                   *20,365,000            -     36,000   *20,329,000
 Liang Kim Poh                                  *20,365,000            -     36,000   *20,329,000


* By virtue of the shares held by Keynote Capital Sdn Bhd

** By virtue of the shares held by his spouse




                                                      32
                                                              APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001


DIRECTORS’ INTERESTS (Continued)

                         Number of ordinary shares of RM1 each in Keynote Capital Sdn Bhd
                                             1 May 2000      Acquired     Disposed     30 Apr 2001
 Shareholdings in the name of the
 Director:
 Liang Chiang Heng                               270,350              -            -       270,350
 Tan Song Cheng                                  220,000              -            -       220,000
 Tan Kok Guan                                    277,144              -            -       277,144
 Liang Kim Poh                                   232,506              -            -       232,506


Liang Chiang Heng, Tan Song Cheng, Tan Kok Guan and Liang Kim Poh, by virtue of their interests in shares
of the Company, are also deemed interested in shares in all the subsidiaries of the Company to the extent the
Company has an interest.

Datuk P. Venugopal a/l V.K. Menon did not hold any interest in the shares of the Company and its related
corporations during the financial year.

DIRECTORS’ BENEFITS

During and at the end of the financial year, no arrangements subsisted to which the Company is a party with
the object of enabling the Directors to acquire benefits by means of the acquisition of shares in or debentures
of the Company or any other body corporate.

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit
(other than Directors’ remuneration disclosed in the financial statements) by reason of a contract made by the
Company or a related corporation with the Director or with a firm of which the Director is a member, or with a
company in which the Director has substantial financial interest other than professional and secretarial fees
paid to companies in which a Director has an interest and those as disclosed in Note 18 to the financial
statements.

HOLDING COMPANY

The Company is a subsidiary of KEYNOTE CAPITAL SDN BHD, a company incorporated in Malaysia.

AUDITORS

Yeo & Associates retire and have indicated their willingness to accept re-appointment.


                                        Signed on behalf of the Board
                               in accordance with a resolution of the Directors


LIANG CHIANG HENG                                                   TAN KOK GUAN
Johor Bahru
9 July 2001




                                                     33
                                                              APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001



STATEMENT BY DIRECTORS
Pursuant to Section 169 (15) of the Companies Act, 1965



We, the undersigned, being two of the Directors of APOLLO FOOD HOLDINGS BERHAD, do hereby state
that in the opinion of the Directors, the accompanying financial statements are drawn up in accordance with
applicable approved accounting standards in Malaysia so as to give a true and fair view of the state of affairs
of the Group and of the Company as at 30 April 2001 and of their results and cash flows for the financial year
then ended.


                                        Signed on behalf of the Board
                               in accordance with a resolution of the Directors




LIANG CHIANG HENG                                                  TAN KOK GUAN
Johor Bahru
9 July 2001




STATUTORY DECLARATION
Pursuant to Section 169 (16) of the Companies Act, 1965



I, LIANG CHIANG HENG, the Director primarily responsible for the financial management of APOLLO FOOD
HOLDINGS BERHAD, do solemnly and sincerely declare that the accompanying financial statements are to
the best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the
same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.


Subscribed and solemnly declared by          )

the above-named LIANG CHIANG HENG            )

at Johor Bahru in the State of Johor         )

on 9 July 2001                               )        LIANG CHIANG HENG




Before me:



R. RAMASAMY P.I.S.
(NO. J-058)
Commissioner for Oaths.




                                                     34
                                                               APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                           (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                  ANNUAL REPORT / LAPORAN TAHUNAN 2001



AUDITORS’ REPORT TO THE MEMBERS


We have audited the financial statements of APOLLO FOOD HOLDINGS BERHAD (“Company”) and the
consolidated financial statements of APOLLO FOOD HOLDINGS BERHAD AND ITS SUBSIDIARIES
(“Group”) as of 30 April 2001. These financial statements are the responsibility of the Company’s directors.
Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards
require that we plan and perform the audit to obtain all the information and explanations, which we consider
necessary to provide us with sufficient evidence to give reasonable assurance that the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence relevant to the
amounts and disclosures in the financial statements. An audit also includes an assessment of the accounting
principles used and significant estimates made by the directors as well as evaluating the overall adequacy of
the presentation of information in the financial statements. We believe that our audit provides a reasonable
basis for our opinion.

In our opinion:

a)      the financial statements are properly drawn up in accordance with the provisions of the Companies
        Act, 1965 and applicable approved accounting standards in Malaysia so as to give a true and fair
        view of :

        (i)       the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the
                  financial statements of the Group and of the Company ; and

        (ii)      the state of affairs of the Group and of the Company as at 30 April 2001 and of their results
                  and cash flows for the financial year then ended ;
and
b)      the accounting and other records and the registers required by the Companies Act, 1965 to be kept
        by the Company and its subsidiaries have been properly kept in accordance with the provisions of the
        said Act.

We are satisfied that the financial statements of the subsidiaries that have been consolidated with the
Company’s financial statements are in form and content appropriate and proper for the purposes of the
preparation of the consolidated financial statements and we have received satisfactory information and
explanations required by us for those purposes.

Our audit reports on the financial statements of the subsidiaries were not subject to any qualification or any
adverse comment made under subsection (3) of Section 174 of the Act.



YEO & ASSOCIATES                                                 JOHNSON KANDASAMY
AF 0626                                                          1822/01/03(J)
PUBLIC ACCOUNTANTS, (MALAYSIA)                                   PARTNER
Johor Bahru
9 July 2001




                                                      35
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001



CONSOLIDATED BALANCE SHEET
30 APRIL 2001

                                             NOTE                   2001                2000
                                                                     RM                  RM

CURRENT ASSETS
Cash and bank balances                                        16,501,830        4,510,003
Short-term deposits                             3             21,877,238       26,927,342
Trade debtors                                                 16,600,984       24,513,436
Other debtors, deposits and prepayment                         3,448,777        6,362,931
Stocks                                          4              7,896,882        5,664,245

                                                              66,325,711       67,977,957


CURRENT LIABILITIES
Trade creditors                                                2,701,096        3,092,598
Other creditors and accruals                                   2,683,766        3,744,905
Proposed dividend                                              3,456,000        3,456,000
Taxation                                                       2,294,615        5,332,363

                                                              11,135,477       15,625,866


NET CURRENT ASSETS                                            55,190,234       52,352,091

PROPERTY, PLANT AND EQUIPMENT                   6             70,217,765       59,929,246

INVESTMENTS                                     7              3,130,141            1,000

DEFERRED TAXATION                               9               (847,000)        (880,000)

                                                             127,691,140      111,402,337


FINANCED BY:


SHARE CAPITAL                                  10             40,000,000       40,000,000

SHARE PREMIUM                                                 12,349,583       12,349,583

REVALUATION RESERVES                           11               5,408,883       5,408,883

RESERVE ON CONSOLIDATION                                       6,538,653        6,538,653

RETAINED PROFITS                                              63,394,021       47,105,218

                                                             127,691,140      111,402,337




                  The accompanying notes form an integral part of this balance sheet.


                                                    36
                                                              APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001



BALANCE SHEET
30 APRIL 2001

                                               NOTE                 2001             2000
                                                                     RM               RM

CURRENT ASSETS
Cash and bank balances                                             13,250          40,320
Deposit and prepayment                                            345,307          56,636
Amount due by subsidiaries                       5             25,099,979      27,740,714
                                                               25,458,536      27,837,670


CURRENT LIABILITIES
Other creditors and accruals                                      178,032         118,813
Proposed dividend                                               3,456,000       3,456,000
                                                                3,634,032       3,574,813


NET CURRENT ASSETS                                             21,824,504      24,262,857

INVESTMENTS                                      7              3,129,141                -

INVESTMENTS IN SUBSIDIARIES                      8             39,378,234      39,378,234

                                                               64,331,879      63,641,091


FINANCED BY :

SHARE CAPITAL                                   10             40,000,000      40,000,000

SHARE PREMIUM                                                  12,349,583      12,349,583

RETAINED PROFITS                                               11,982,296      11,291,508

                                                               64,331,879      63,641,091




                   The accompanying notes form an integral part of this balance sheet.




                                                     37
                                                                   APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                               (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                      ANNUAL REPORT / LAPORAN TAHUNAN 2001



 STATEMENTS OF CHANGES IN EQUITY
 FINANCIAL YEAR ENDED 30 APRIL 2001


                                                          Non-distributable                   Distributable
                                     Share        Share      Revaluation       Reserve on       Retained
                            Note    Capital     Premium        Reserves       Consolidation      Profits        Total
                                      RM           RM             RM              RM               RM            RM
GROUP

1 May 1999                         40,000,000   12,349,583             -          6,538,653    32,154,981      91,043,217

Surplus on revaluation
  of properties              11                                 5,408,883                                       5,408,883
Net gains not
  recognised in the
  income statement                                              5,408,883                                       5,408,883
Net profit for the year                                                                        18,406,237      18,406,237
Proposed dividend            16                                                                 (3,456,000)    (3,456,000)

30 April 2000                      40,000,000   12,349,583      5,408,883         6,538,653    47,105,218     111,402,337
Net profit for the year                                                                        19,744,803      19,744,803
Proposed dividend            16                                                                 (3,456,000)    (3,456,000)

30 April 2001                      40,000,000   12,349,583      5,408,883         6,538,653    63,394,021     127,691,140



COMPANY

1 May 1999                         40,000,000   12,349,583             -                -          480,037     52,829,620
Net profit for the year                                                                        14,267,471      14,267,471
Proposed dividend            16                                                                 (3,456,000)    (3,456,000)

30 April 2000                      40,000,000   12,349,583             -                -      11,291,508      63,641,091
Net profit for the year                                                                          4,146,788      4,146,788
Proposed dividend            16                                                                 (3,456,000)    (3,456,000)

30 April 2001                      40,000,000   12,349,583             -                -      11,982,296      64,331,879




                          The accompanying notes form an integral part of these statements.




                                                          38
                                                        APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                    (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                           ANNUAL REPORT / LAPORAN TAHUNAN 2001



CONSOLIDATED INCOME STATEMENT
FINANCIAL YEAR ENDED 30 APRIL 2001


                                             NOTE                2001                2000
                                                                  RM                  RM


REVENUE                                        12         100,779,252        107,782,261

COST OF SALES                                             (66,310,292)       (71,741,022)

GROSS PROFIT                                               34,468,960         36,041,239

ADMINISTRATIVE EXPENSES                                     (9,019,112)       (7,309,264)

DISTRIBUTION COSTS                                          (5,359,203)       (5,381,794)

OTHER OPERATING COST                                         (232,503)             (27,218)

PROFIT FROM OPERATIONS                                     19,858,142         23,322,963

OTHER INCOME                                                2,365,660          1,215,500

PROFIT BEFORE TAXATION                         13          22,223,802         24,538,463

TAXATION                                       14           (2,478,999)       (6,132,226)

NET PROFIT FOR THE YEAR                                    19,744,803         18,406,237


EARNINGS PER SHARE (Sen)                       15               49.36               46.02




                The accompanying notes form an integral part of these statement.




                                               39
                                                       APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                   (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                          ANNUAL REPORT / LAPORAN TAHUNAN 2001



INCOME STATEMENT
FINANCIAL YEAR ENDED 30 APRIL 2001


                                            NOTE              2001                2000
                                                               RM                  RM


REVENUE                                       12          6,040,004       16,050,019

ADMINISTRATIVE EXPENSES                                    (339,289)        (178,632)

PROFIT FROM OPERATIONS                                    5,700,715       15,871,387

OTHER INCOME                                                74,073                 -

PROFIT BEFORE TAXATION                        13          5,774,788       15,871,387

TAXATION                                      14         (1,628,000)      (1,603,916)

NET PROFIT FOR THE YEAR                                   4,146,788       14,267,471




               The accompanying notes form an integral part of these statement.




                                              40
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001



CONSOLIDATED CASH FLOW STATEMENT
FINANCIAL YEAR ENDED 30 APRIL 2001


                                                                     2001               2000
                                                                      RM                 RM

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation                                          22,223,802       24,538,463
Adjustments for:
 Depreciation                                                    5,538,093         4,051,137
 Interest income                                                (1,250,650)         (648,892)
 Rental income                                                  (1,041,075)         (566,558)
 Gain on disposal of investments                                   (69,360)              -
 Gross dividends received                                           (4,575)              (50)
 Bad debts written off                                                 -             228,941
 Gain on disposal of equipment                                         -              (4,999)
Operating profit before working capital changes                 25,396,235       27,598,042
 Debtors                                                        10,894,083        (4,590,418)
 Stocks                                                         (2,232,637)        1,180,157
 Creditors                                                      (1,452,641)        2,942,322
Cash generated from operations                                  32,605,040       27,130,103
 Taxes paid                                                     (5,616,692)       (1,791,637)
 Interest received                                               1,250,650           648,892
Net cash provided by operating activities                       28,238,998       25,987,358

CASH FLOWS FROM INVESTING ACTIVITIES
 Rental received                                                 1,041,075           566,558
 Proceeds from disposal of investments                             530,305               -
 Net dividends received                                              4,043                 36
 Purchase of plant and equipment                               (15,826,612)       (6,554,801)
 Dividend paid                                                  (3,456,000)       (3,456,000)
 Purchase of quoted shares                                      (3,590,086)              -
 Proceeds from disposal of equipment                                   -               5,000
Net cash used in investing activities                          (21,297,275)       (9,439,207)


NET INCREASE IN CASH AND CASH EQUIVALENTS                        6,941,723       16,548,151

CASH AND CASH EQUIVALENTS AT BEGINNING                          31,437,345       14,889,194

CASH AND CASH EQUIVALENTS AT END OF YEAR                        38,379,068       31,437,345




                     The accompanying notes form an integral part of these statement.



                                                    41
                                                               APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                           (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                  ANNUAL REPORT / LAPORAN TAHUNAN 2001



CASH FLOW STATEMENT
FINANCIAL YEAR ENDED 30 APRIL 2001


                                                                      2001               2000
                                                                       RM                 RM

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation                                            5,774,788      15,871,387
Adjustments for:
 Gross dividends received                                        (5,804,379)     (16,050,019)
 Gain on disposal of investments                                    (69,360)             -
 Interest income                                                       (338)             -
Operating loss before working capital changes                       (99,289)       (178,632)
 Debtors                                                           (277,180)          28,294
 Creditors                                                           59,219           12,767
 Subsidiaries                                                     2,640,735      (10,708,015)
Cash generated from/(absorbed into) operations                    2,323,485      (10,845,586)
 Taxes paid                                                         (15,000)       (121,097)
 Interest received                                                      338             -
Net cash provided by/(used in) operating activities               2,308,823      (10,966,683)

CASH FLOWS FROM INVESTING ACTIVITIES
 Proceeds from disposal of investments                              530,305             -
 Net dividends received                                           4,179,888      14,426,018
 Purchase of quoted shares                                       (3,590,086)            -
 Dividend paid                                                   (3,456,000)     (3,456,000)
Net cash (used in)/provided by investing activities              (2,335,893)     10,970,018


NET (DECREASE)/INCREASE IN CASH
 AND CASH EQUIVALENTS                                               (27,070)             3,335

CASH AND CASH EQUIVALENTS AT BEGINNING                              40,320              36,985

CASH AND CASH EQUIVALENTS AT END OF YEAR                            13,250              40,320




                     The accompanying notes form an integral part of these statement.




                                                      42
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001



NOTES TO THE FINANCIAL STATEMENTS
30 APRIL 2001


1   PRINCIPAL ACTIVITIES

    The principal activities of the Company are investment holding and provision of management
    services to subsidiaries.

    The principal activities of the subsidiaries are described in Note 8 to the financial statements.

    There have been no significant changes in the nature of these activities during the financial year.

2   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    The following accounting policies have been used consistently in dealing with items which are
    considered material in the financial statements.

    (a)     Basis of Preparation of Financial Statements

            The financial statements have been prepared under the historical cost convention (as
            modified for the revaluation of certain freehold and leasehold land together with the
            buildings erected thereon) unless otherwise indicated in this summary of significant
            accounting policies.

            The financial statements comply with the provisions of the Companies Act, 1965 and
            applicable approved accounting standards in Malaysia.

    (b)     Income Recognition

            Sales are recognised based on the value invoiced to customers during the financial year in
            respect of goods delivered and accepted by the customers.

            Other revenue earned by the Group are recognised on the following bases:

            •   Dividend income - when the shareholders’ right to receive payment is established
            •   Interest income - on time proportion basis taking account of the effective yield on the
                                     asset.
            •   Rental income and management fees - on accrual basis

    (c)     Basis of Consolidation

            The consolidated financial statements include the financial statements of the Company and
            of all its subsidiaries made up to the end of the financial year using the acquisition method
            of accounting. Significant inter-company transactions are eliminated on consolidation and
            the consolidated financial statements reflect external transactions only.




                                                  43
                                                         APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                     (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                            ANNUAL REPORT / LAPORAN TAHUNAN 2001


2   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

    (c)   Basis of Consolidation (Continued)

          Subsidiaries are those in which the Group has power to exercise control over their financial
          and operating policies.

          The excess of the fair value of the net assets of the subsidiaries acquired over the purchase
          consideration at the effective date of acquisition is reflected as reserve on consolidation and
          not amortised.

    (d)   Debtors

          Debtors are carried at anticipated realisable value. Bad debts are written off in the period in
          which they are identified while specific allowance is made for any debt considered doubtful
          for collection.

    (e)   Stocks

          Stocks comprising raw materials, packaging materials and finished goods are stated at the
          lower of cost and net realisable value.

          Cost is determined using first-in, first-out as the basis and includes all costs in bringing the
          stocks to their present location and condition. The cost of finished goods comprises raw
          materials, direct labour, other direct costs and, an appropriate portion of production
          overheads.

    (f)   Property, Plant and Equipment

          All property, plant and equipment are initially stated at cost. The freehold and certain
          leasehold land together with the buildings erected thereon are subsequently shown at
          market value based on valuations by external independent valuers less subsequent
          depreciation. All other property, plant and equipment are stated at historical cost less
          accumulated depreciation.

          Surpluses arising on revaluation are credited to revaluation reserve. Any deficit arising from
          revaluation will be charged against the revaluation reserve to the extent of a previous
          surplus held in the revaluation reserve for the same asset. In all other cases, a decrease in
          carrying amount is charged to income statement. On disposal of revalued assets, amounts
          in revaluation reserve relating to those assets will be transferred to retained profits.

          Freehold land is not amortised while the leasehold land and buildings erected thereon are
          amortised over the remaining lease terms of between 20 to 30 years.




                                                44
                                                        APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                    (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                           ANNUAL REPORT / LAPORAN TAHUNAN 2001


2   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

    (f)   Property, Plant and Equipment (Continued)

          All other assets are depreciated using the straight-line basis so as to write off their costs
          over their estimated useful lives. The principal annual rates of depreciation used are:

            Residential buildings                                      2%
            Plant, machinery, tools and equipment                5% - 10%
            Motor vehicles                                            20%
            Office equipment, furniture and fittings                  10%
            Renovation                                           3% - 20%


    (g)   Investments

          Investments in subsidiaries, quoted and unquoted shares held for long term are stated at
          cost and provision for diminution in value is made when, in the opinion of the Directors,
          there is a permanent diminution in the value of the investments.

    (h)   Foreign Currency Transactions

          Transactions in foreign currencies are translated to Ringgit at rates of exchange prevailing
          at transaction dates. Monetary assets and liabilities in foreign currencies at balance sheet
          date are translated to Ringgit at rates of exchange ruling at that date. All exchange
          differences are recognised in the income statements.

          The rates of exchange used at balance sheet date are as follows:
                                                                   2001            2000
                                                                    RM              RM
          United States Dollar                                     3.80             3.80


    (i)   Deferred Taxation

          Deferred taxation is provided under the liability method in respect of all material timing
          differences except where there is reasonable evidence that these timing differences will not
          reverse in the foreseeable future. Deferred tax benefits are not recognised unless there is a
          reasonable expectation of realisation.

    (j)   Cash and Cash equivalents

          Cash and cash equivalents consist of cash and bank balances including the unencumbered
          bank fixed deposits.




                                               45
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001


2   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

    (k)     Dividends

            Dividends on ordinary shares are accounted for in the shareholders’ equity as an
            appropriation of retained profits in the period in which they are declared.

    (l)     Reporting Currency

            All amounts are stated in Ringgit Malaysia.

3   SHORT TERM DEPOSITS


                                                                     2001          2000
    Group                                                             RM            RM
    With licensed local banks                                   13,823,960    21,681,225
    With a licensed local financial institution                  8,053,278     5,246,117
                                                                21,877,238    26,927,342


    All the above deposits are unencumbered.

4   STOCKS


                                                                     2001          2000
    Group                                                             RM            RM
    Finished goods                                               4,047,857     2,052,251
    Raw materials                                                1,259,425     1,084,881
    Packaging materials                                          2,589,600     2,527,113
                                                                 7,896,882     5,664,245


5   AMOUNT DUE BY SUBSIDIARIES

    The amount due by the subsidiaries are unsecured, interest free and with no fixed terms of
    repayment.




                                                  46
                                                              APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001


  6          PROPERTY, PLANT AND EQUIPMENT


                                       Plant,                        Office
                                   machinery,                  equipment,
                       Land and     tools and      Motor         furniture
                       buildings   equipment     vehicles      and fittings   Renovation        Total
Group                        RM           RM          RM                RM           RM          RM
Cost/Valuation
1 May 2000
Cost                   7,196,645   49,277,961    973,470         1,397,593     1,558,249   60,403,918
Valuation             19,105,000          -          -                 -             -     19,105,000

                      26,301,645   49,277,961    973,470         1,397,593     1,558,249   79,508,918
Additions                    -     14,350,127     51,500          479,457        945,528   15,826,612
30 April 2001
Cost                   7,196,645   63,628,088   1,024,970        1,877,050     2,503,777   76,230,530
Valuation             19,105,000          -           -                -             -     19,105,000
                      26,301,645   63,628,088   1,024,970        1,877,050     2,503,777   95,335,530

Accumulated depreciation
1 May 2000              335,351    17,715,846    593,989          633,481        301,005   19,579,672
Charge for the
   year                 704,566     4,023,830    161,094          183,592        465,011    5,538,093
30 April 2001          1,039,917   21,739,676    755,083          817,073        766,016   25,117,765

Net Book Value
30 April 2001         25,261,728   41,888,412    269,887         1,059,977     1,737,761   70,217,765


30 April 2000         25,966,294   31,562,115    379,481          764,112      1,257,244   59,929,246

Depreciation charge
  for 30 April 2000     634,854     2,833,367    160,646          136,252        286,018    4,051,137

Company
30 April 2001                -            -           -                -             -            -

30 April 2000                -            -           -                -             -            -




                                                    47
                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001


6   PROPERTY, PLANT AND EQUIPMENT (Continued)

    Land and buildings comprised of:
                                                  Freehold     Leasehold
                                   Freehold      land and        land and
                                       land      buildings      buildings           Total
    Group                               RM             RM             RM             RM
    Cost/Valuation
    1 May 2000 / 30 April 2001
    Cost                                 -         416,588      6,780,057      7,196,645
    Valuation                      8,654,000           -       10,451,000     19,105,000
                                   8,654,000       416,588     17,231,057     26,301,645

    Accumulated depreciation
    1 May 2000                            -           27,166      308,185        335,351
    Charge for the year                   -            6,924      697,642        704,566
    30 April 2001                         -           34,090    1,005,827      1,039,917


    Net Book Value
    30 April 2001                  8,654,000       382,498     16,225,230     25,261,728

    30 April 2000                  8,654,000       389,422     16,922,872     25,966,294

    Depreciation charge
     for 30 April 2000                    -            6,924      627,930        634,854


    The freehold land and certain leasehold land together with the buildings erected thereon were last
    revalued by the Directors on 30 April 2000 based on valuations carrying out by independent
    professional valuers to reflect market value for existing use. The book values of these properties
    were adjusted to reflect the revaluation and the resultant surpluses were credited to revaluation
    reserve.

    The net book values of the revalued properties had they been stated at historical cost would have
    been RM8,750,779 (2000: RM8,891,670).

    Negative pledges for RM10 million (2000: RM11 million) over all movable and immovable
    properties, plant and equipment are given to a local bank to secure banking facilities extended to the
    subsidiaries.




                                                 48
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001


6   PROPERTY, PLANT AND EQUIPMENT (Continued)

    Cost of fully depreciated plant and equipment still in use at balance sheet date are as follows:
                                                                        2001            2000
                                                                         RM              RM
    Plant, machinery, tools and equipment                       2,948,849               -
    Motor vehicles                                                522,129            219,477
    Office equipment, furniture and fittings                      243,493             40,039
                                                                3,714,471            259,516


7   INVESTMENTS
                                                  Market                              Market
                                  2001             Value             2000              Value
                                   RM                RM               RM                 RM
    Group
    Quoted Malaysian
      Shares                 3,129,141         2,987,790                -               -
    Unquoted                      1,000                              1,000
                             3,130,141                               1,000


    Company
    Quoted Malaysian
      Shares                 3,129,141         2,987,790                -               -


8   INVESTMENTS IN SUBSIDIARIES
                                                                        2001            2000
    Company                                                              RM              RM

    Unquoted shares, at cost                                   39,378,234          39,378,234


    Details of the wholly-owned subsidiaries (all incorporated in Malaysia) are:

    Name of Company                              Principal Activities
    Apollo Food Industries (M) Sdn Bhd           Manufacture of and trading in compound
                                                 chocolates and chocolate confectionery
                                                 products and cakes
    Hap Huat Food Industries Sdn Bhd             Distribution and marketing of compound
                                                 chocolates and chocolate confectionery
                                                 products and cakes




                                                  49
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001


9    DEFERRED TAXATION


                                                                         2001              2000
     Group                                                                RM                RM
     At 1 May                                                         880,000           892,000
     Transfer to income statement                                     (33,000)           (12,000)
     At 30 April                                                      847,000           880,000


     The deferred tax effects of revalued assets are not disclosed because the Group has no intention to
     dispose of these assets in the foreseeable future.

     Timing differences amounting to RM22,000,000 (2000: RM14,700,000) are not accounted for in the
     financial statements as it is anticipated that the tax effects of these timing differences will not reverse
     in the foreseeable future.

10   SHARE CAPITAL

                                                                         2001              2000
     Ordinary shares of RM1 each                                          RM                RM

     AUTHORISED
     100,000,000 shares (2000: 100,000,000 shares)               100,000,000       100,000,000


     ISSUED AND FULLY PAID UP
     40,000,000 shares (2000: 40,000,000 shares)                   40,000,000        40,000,000



11   REVALUATION RESERVES

     Arising from revaluation of land and buildings:

                                                                         2001              2000
     Group                                                                RM                RM
     At 1 May                                                        5,408,883             -
     Revaluation surplus                                                 -             5,408,883
     At 30 April                                                     5,408,883         5,408,883




                                                    50
                                                                     APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                               (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                      ANNUAL REPORT / LAPORAN TAHUNAN 2001


12      REVENUE

                                                  Group                                 Company
                                           2001                     2000            2001        2000
                                            RM                       RM              RM          RM
        Sales of goods, net of
         discounts, returns and
         sales tax              100,779,252          107,782,261                   -                   -
        Dividends received from
         subsidiaries                 -                         -               5,800,004          16,050,019
        Management fees
         received from
         subsidiaries                 -                         -                240,000               -
                                    100,779,252      107,782,261                6,040,004          16,050,019


13      PROFIT BEFORE TAXATION

                                                          Group                                  Company
                                                  2001                  2000             2001          2000
                                                   RM                    RM               RM             RM
This is stated after charging/(crediting):
Directors’ remuneration:
   - Fees                                        84,000                84,000          84,000         84,000
   - Salaries, allowances and bonus          3,133,956              2,360,328          29,500         20,000
   - Salary, allowance and bonus paid
      to a director of a subsidiary            582,106                470,285          -                   -
 Staff costs                                 9,163,811              8,546,175      123,059                 -
 Depreciation                                5,538,093              4,051,137          -                   -
 Realised foreign exchange
   differences                                 259,322                34,528              -                    288
 Rental of premises paid to a:
   - third party                               217,000               123,000              -                -
   - director of the Company                      9,400                8,900              -                -
 Auditors’ remuneration
   - statutory audit                             37,500               37,500            7,500              7,500
   - others                                       6,500                3,000            3,500              3,000
 Professional and secretarial fees
   paid to companies in which a
   director has interest                         18,114                29,005        10,720                8,400
 Interest income                           (1,250,650)              (648,892)         (338)                 -
 Rental income                             (1,041,075)              (566,558)          -                    -
 Gain on disposal of investments               (69,360)                  -         (69,360)
 Bad debt recovered                            (24,519)                  -              -                  -
 Gross dividends received:
   - Quoted Malaysian shares                    (4,375)                 -              (4,375)             -
   - Unquoted Malaysian shares                    (200)                  (50)             -                -
 Gain on disposal of equipment                    -                   (4,999)             -                -
 Bad debts written off                            -                  228,941              -                -




                                                          51
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001


14   TAXATION

                                                Group                          Company
                                         2001             2000             2001        2000
                                          RM               RM               RM          RM
     Tax charge for the year     2,511,999         6,153,000       1,628,000       1,604,000
     Over provision in prior
      year                           -                   (8,774)       -                   (84)
                                 2,511,999         6,144,226       1,628,000       1,603,916
     Transfer from deferred
       taxation                    (33,000)             (12,000)       -               -
                                 2,478,999         6,132,226       1,628,000       1,603,916


     The effective tax rate for the Group is lower than the statutory rate due principally to tax incentives
     under Schedule 7A of the Income Tax Act, 1967 claimed by a subsidiary.

     The effective tax rate for the Company is higher than the statutory rate due principally to certain
     expenses being disallowed for tax purposes.

     The Company has sufficient Section 108 tax credit and tax exempt income to frank the payment of
     dividends out of its entire retained profits, subject to agreement with the Inland Revenue Board.

15   EARNINGS PER SHARE

     The earnings per share have been calculated based on the profit after taxation of RM19,744,803
     (2000: RM18,406,237) of the Group divided by the number of ordinary shares in issue during the
     financial year of 40,000,000 (2000: 40,000,000).

16   DIVIDEND
                                                                       2001             2000
                                                                        RM               RM
     Proposed first and final dividend of
      12 sen per share less 28% tax
      (2000: 12 sen per share less 28% tax)                        3,456,000       3,456,000


     The dividend proposed is subject to shareholders’ approval at the forthcoming annual general
     meeting.




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                                                            APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                        (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                               ANNUAL REPORT / LAPORAN TAHUNAN 2001


17   CASH AND CASH EQUIVALENTS

                                          Group                           Company
                                   2001             2000              2001        2000
                                    RM               RM                RM          RM
     Cash and bank
       balances              16,501,830        4,510,003             13,250          40,320
     Short-term deposits     21,877,238       26,927,342               -              -
                             38,379,068       31,437,345             13,250          40,320


18   SIGNIFICANT RELATED PARTY TRANSACTIONS
                                                                      2001            2000
     Group                                                             RM              RM
     Sales of goods to Hup Huat Food
        Industries (S) Pte Ltd                                   9,637,953        9,179,646
     Purchase of freehold land from Hup Huat
        Realty Sdn Bhd (Note 22 (b))                             1,200,000             -


     Hup Huat Food Industries (S) Pte Ltd is a company incorporated in Singapore in which Tan Song
     Cheng, Liang Chiang Heng, Tan Kok Guan and Liang Kim Poh have interest.

     Hup Huat Realty Sdn Bhd, a company in which Tan Song Cheng, Liang Chiang Heng, Tan Kok
     Guan and Liang Kim Poh have interest.

     The Directors are of the opinion that all the above transactions have been entered into in the normal
     course of business and established on commercial terms.

     The outstanding balances arising in relation to the above transactions are as follows:
                                                                      2001            2000
     Included in trade debtors                                         RM              RM

     Hup Huat Food Industries (S) Pte Ltd                        3,067,671        3,963,448


19   HOLDING COMPANY

     The holding company is Keynote Capital Sdn Bhd, a company incorporated in Malaysia.

20   NUMBER OF EMPLOYEES

                                                   Group                    Company
                                               2001      2000             2001      2000
     The number of employees (excluding
      executive directors) at the end of
      the financial year                          675          633            3         -




                                                   53
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001


21   BANKING FACILITIES (Secured)

     The subsidiaries were extended the following banking facilities by a local bank:
                                                                      2001              2000
                                                                       RM                RM
     Overdraft                                                       -            4,000,000
     Trade credit facilities                                     7,000,000        7,000,000
                                                                 7,000,000       11,000,000


     The above facilities are secured by negative pledges over all movable and immovable properties,
     plant and equipment and guaranteed by the Company.

22   SIGNIFICANT EVENTS

     (a)     Proposed Bonus and Rights Issues

             On 4 July 2000, the Company announced the following proposals:

             (i)      a bonus issue of 20,000,000 new ordinary shares of RM1 each on the basis of one
                      (1) new ordinary share for every two (2) existing ordinary shares held; and

             (ii)     a rights issue of 20,000,000 new ordinary shares of RM1 each at a proposed issue
                      price of RM1.25 per new ordinary share on the basis of one (1) new ordinary share
                      for every two (2) existing ordinary shares held prior to the proposed bonus issue.

             The above proposals were approved by the Securities Commission on 22 February 2001
             and the Company’s shareholders at an Extraordinary General Meeting held on 11 May
             2001. These proposals are expected to be completed by December 2001.

     (b)     Acquisition of Freehold Land

             On 2 March 2001, a subsidiary of the Company, Apollo Food Industries (M) Sdn Bhd
             entered into a conditional sale and purchase agreement with a corporation in which certain
             Directors have interest to acquire a piece of freehold land measuring approximately 5a 0r
             34p for a purchase consideration of RM1,200,000, which will be settled in cash. This
             acquisition which is subject to the prior approval of the State Authority has not been
             completed as at balance sheet date.

23   SEGMENTAL ANALYSIS

     No segmental analysis is prepared as the Group is primarily engaged in the manufacture of and
     trading in compound chocolates and chocolate confectionery products and cakes.




                                                  54
                                                            APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                        (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                               ANNUAL REPORT / LAPORAN TAHUNAN 2001


24   CONTINGENT LIABILITIES
                                                                       2001             2000
     Company                                                            RM               RM
     Unsecured corporate guarantee given to a local bank
     to secure banking facilities extended to subsidiaries        7,000,000        11,000,000


25   CAPITAL COMMITMENTS

     Capital expenditure not provided for in the financial statements is as follows:
                                                                       2001             2000
     Group                                                              RM               RM
     Authorised and contracted                                    2,842,812        10,070,000


     Analysed as follows:

       - Freehold land (Note 22(b))                               1,200,000              -
       - Plant and machinery                                      1,120,503        10,070,000
       - Motor vehicles                                             162,309              -
                                                                  2,842,812        10,070,000


26   SIGNIFICANT POST BALANCE SHEET EVENT

     On 30 June 2001, a subsidiary of the Company, Apollo Food Industries (M) Sdn Bhd, entered into a
     sale and purchase agreement with a third party to acquire a piece of industrial leasehold land
     together with a factory building erected thereon for a purchase consideration of RM2,500,000, which
     will be settled in cash. The tenure of the leasehold land expires on 14 August 2023 with an option to
     renew for a further term of 30 years. This acquisition has not been completed.

27   COMPARATIVE FIGURES

     The presentation of the financial statements for the current financial year has been changed to
     adopt the format as prescribed in Malaysian Accounting Standards Board (MASB) Standards No.1 –
     Presentation of Financial Statements. Comparative figures have been reclassified to conform with
     this presentation, where necessary.




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THIS PAGE IS INTENTIONALLY LEFT BLANK




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                APOLLO FOOD HOLDINGS BERHAD (291471-M)
            (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                   ANNUAL REPORT / LAPORAN TAHUNAN 2001




PENYATA KEWANGAN




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                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001



LAPORAN PENGARAH
30 APRIL 2001


Para pengarah membentangkan laporan mereka berserta penyata kewangan Kumpulan dan Syarikat yang
telah diaudit bagi tahun kewangan berakhir 30 April 2001.

KEGIATAN-KEGIATAN UTAMA

Kegiatan-kegiatan utama Syarikat adalah pegangan pelaburan dan memberi perkhidmatan pengurusan
kepada subsidiari-subsidiari.

Kegiatan-kegiatan utama subsidiari-subsidiari dinyatakan di Nota 8 berkenaan penyata kewangan.

Tidak ada sebarang perubahan penting dalam kegiatan-kegiatan utama ini di sepanjang tahun kewangan.

HASIL
                                                              Kumpulan          Syarikat
                                                                   RM                RM
  Keuntungan sebelum cukai                                    22,223,802       5,774,788
  Cukai                                                       (2,478,999)     (1,628,000)
  Keuntungan bersih bagi tahun kewangan semasa                19,744,803       4,146,788


DIVIDEN

Sejak akhir tahun kewangan yang lepas, Syarikat telah membayar dividen pertama dan akhir sebanyak 12
sen sesaham selepas 28% cukai di atas 40,000,000 saham biasa berjumlah RM3,456,000 pada 30
November 2000 bagi tahun kewangan yang lepas.

Para pengarah mencadangan dividen pertama dan akhir sebanyak 12 sen sesaham selepas 28% cukai di
atas 40,000,000 saham biasa berjumlah RM3,456,000 bagi tahun kewangan semasa, tertakluk kepada
persetujuan para pemegang saham di Mesyuarat Agung Tahun akan datang.

RIZAB DAN PERUNTUKAN

Semua pindahan yang penting kepada atau dari rizab dan peruntukan sepanjang tahun kewangan ini
dikemukakan di penyata kewangan.

HUTANG LAPUK DAN HUTANG RAGU

Sebelum penyata pendapatan dan lembaran imbangan disediakan, para pengarah telah mengambil langkah
yang sewajarnya untuk memastikan bahawa tindakan telah di ambil berkaitan dengan menghapuskirakan
hutang lapuk dan dalam membuat peruntukan bagi hutang ragu dan berpuas hati bahawa tiada hutang yang
diketahui lapuk dan perlu dihapuskirakan dan peruntukan bagi hutang ragu tidak diperlukan.

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang boleh menyebabkan
boleh menyebabkan sesuatu hutang dihapuskirakan atau memerlukan peruntukan bagi untuk hutang ragu di
dalam penyata kewangan Kumpulan dan Syarikat.




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                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001


ASET SEMASA

Sebelum penyata pendapatan dan lembaran imbangan disediakan, para pengarah telah mengambil langkah
yang sewajarnya untuk memastikan bahawa aset semasa yang mungkin tidak dapat dijual dalam perjalanan
perniagaan biasa pada nilai yang ditunjukan di dalam rekod-rekod perakaunan Kumpulan dan Syarikat telah
dikurangkan nilainya kepada hasilaku yang dianggap boleh diperolehi.

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang boleh menyebabkan
nilai aset semasa di dalam penyata kewangan Kumpulan dan Syarikat mengelirukan.

KAEDAH PENILAIAN

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang timbul yang boleh
menjadikan kepatuhan kepada dasar kaedah penilaian yang wujud bagi penilaian aset atau liabiliti Kumpulan
dan Syarikat mengelirukan atau tidak sesuai.

LIABILITI LUARJANGKA DAN LAIN-LAIN LIABILITI

Pada tarikh laporan ini, tidak wujud:

(a)     sebarang tindihmilik ke atas aset Kumpulan atau Syarikat yang timbul sejak akhir tahun kewangan
        yang menjamin liabiliti pihak lain; atau

(b)     sebarang liabiliti luarjangka Kumpulan atau Syarikat yang timbul sejak akhir tahun kewangan.

Tiada liabiliti luarjangka atau liabiliti lain yang telah berkuatkuasa atau berkemungkinan berkuatkuasa dalam
tempoh dua belas bulan dari akhir tahun kewangan ini yang, pada pendapat para pengarah, akan atau
mungkin menjejaskan keupayaan Kumpulan dan Syarikat menunaikan kewajipan mereka apabila tiba
masanya.

PERUBAHAN KEADAAN

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang tidak diambilkira
dalam laporan ini atau penyata kewangan Kumpulan dan Syarikat yang boleh mengakibatkan mana-mana
jumlah yang dinyatakan di dalam penyata kewangan mengelirukan.

BUTIRAN YANG BERSIFAT LUARBIASA

Para pengarah berpendapat bahawa hasil kendalian Kumpulan dan Syarikat di sepanjang tahun kewangan
tidak terjejas secara besaran oleh sebarang butiran, urusniaga atau kejadian yang bersifat penting dan luar
biasa.

Dalam jangkamasa di antara akhir tahun kewangan dan tarikh laporan ini, tidak timbul sebarang butiran,
urusniaga atau kejadian yang bersifat penting dan luarbiasa yang mana, pada pendapat para pengarah, akan
memberi kesan penting ke atas hasil kendalian Kumpulan dan Syarikat bagi tahun kewangan yang
dilaporkan.

PERISTIWA-PERSITIWA PENTING

Peristiwa-peristiwa penting sepanjang tahun kewangan ada dinyatakan di Nota 22 kepada penyata
kewangan.




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                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001


PARA PENGARAH

Para pengarah yang berkhidmat sejak tarikh laporan terakhir ialah:

    Liang Chiang Heng
    Tan Song Cheng
    Tan Sri Dato’ Ahmad Sabki Bin Jahidin
    Ng Chet Chiang @ Ng Chat Choon
    Tan Kok Guan
    Liang Kim Poh
    Datuk P. Venugopal a/l V.K. Menon
Menurut Tataurusan Syarikat, Liang Chiang Heng and Tan Kok Guan bersara pada Mesyuarat Agung
Tahunan yang akan datang dan, kerana melayak, menawarkan diri untuk dilantik semula.

KEPENTINGAN PARA PENGARAH

Menurut daftar pegangan saham para pengarah, kepentingan para pengarah yang berkhidmat pada akhir
tahun kewangan di dalam saham Syarikat dan syarikat-syarikat berkaitan di sepanjang tahun kewangan
adalah seperti berikut:

                                       Bilangan saham biasa RM1 sesaham di dalam Syarikat
                                             1 Mei 2000          Beli       Jual   30 Apr 2001
 Bilangan saham pegangan langsung
 oleh pengarah:
 Liang Chiang Heng                                10,000             -         -        10,000
 Tan Song Cheng                                   30,000             -         -        30,000
 Tan Sri Dato’ Ahmad Sabki Bin Jahidin            10,000             -         -        10,000
 Ng Chet Chiang @ Ng Chat Choon                   10,000             -         -        10,000
 Tan Kok Guan                                     10,000             -         -        10,000
 Liang Kim Poh                                    68,000             -         -        68,000

 Bilangan saham pegangan tidak
 langsung oleh pengarah:
 Liang Chiang Heng                          *20,365,000              -    36,000   *20,329,000
 Tan Song Cheng                             *20,365,000              -    36,000   *20,329,000
 Ng Chet Chiang @ Ng Chat Choon                **10,000              -         -      **10,000
 Tan Kok Guan                               *20,365,000              -    36,000   *20,329,000
 Liang Kim Poh                              *20,365,000              -    36,000   *20,329,000


* Berdasarkan saham yang di pegang oleh Keynote Capital Sdn Bhd

** Berdasarkan saham yang di pegang oleh isteri beliau




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                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001


KEPENTINGAN PARA PENGARAH (Bersambung)

                   Bilangan saham biasa RM1 sesaham di dalam Keynote Capital Sdn Bhd
                                           1 Mei 2000         Beli       Jual   30 Apr 2001
 Bilangan saham pegangan langsung
 oleh pengarah:
 Liang Chiang Heng                            270,350            -          -      270,350
 Tan Song Cheng                               220,000            -          -      220,000
 Tan Kok Guan                                 277,144            -          -      277,144
 Liang Kim Poh                                232,506            -          -      232,506


Berdasarkan kepentingan Liang Chiang Heng, Tan Song Cheng, Tan Kok Guan dan Liang Kim Poh di dalam
saham Syarikat, mereka dianggap mempunyai kepentingan di dalam subsidiari-subsidiari Syarikat setakat
Syarikat mempunyai kepentingan.

Datuk P. Venugopal a/l V.K. Menon tidak memegang sebarang kepentingan di dalam saham Syarikat atau
perbadanan berkaitan dengannya di sepanjang tahun kewangan ini.

MANFAAT PARA PENGARAH

Di sepanjang dan akhir tahun kewangan, Syarikat tidak menjadi pihak kepada sebarang perjanjian yang
bertujuan untuk membolehkan para pengarahnya mendapat manfaat melalui saham atau debentur Syarikat
atau lain-lain badan korporat.

Sejak akhir tahun kewangan yang lepas, tiada pengarah yang telah menerima atau berhak menerima
manfaat (selain dari ganjaran para pengarah yang dinyatakan dalam penyata kewangan) akibat dari
sebarang kontrak yang dibuat oleh Syarikat atau sebuah badan korporat yang berkaitan dengan pengarah
atau dengan sebuah firma di mana pengarah itu adalah ahli, atau dengan sebuah syarikat di mana ia
mempunyai kepentingan yang nyata selain daripada bayaran yuran untuk perkhidmatan professional dan
kesetiausahaan kepada syarikat di mana seorang Pengarah ada kepentingan dan seperti dinyatakan di Nota
18 kepada penyata kewangan.

SYARIKAT INDUK

Syarikat ini merupakan anak syarikat kepunyaan KEYNOTE CAPITAL SDN BHD, sebuah syarikat yand
diperbadankan di Malaysia.

JURUAUDIT

Yeo & Associates bersara dan telah menyatakan kesanggupan mereka untuk menerima perlantikan semula.


                                  Ditandatangi bagi pihak Lembaga
                                  menurut resolusi para pengarah



LIANG CHIANG HENG                                              TAN KOK GUAN
Johor Bahru
9 Julai 2001




                                                 61
                                                            APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                        (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                               ANNUAL REPORT / LAPORAN TAHUNAN 2001



PENYATA PARA PENGARAH
Selaras dengan Seksyen 169(15) Akta Syarikat 1965



Kami, penama di bawah, dua daripada para pengarah APOLLO FOOD HOLDINGS BERHAD, dengan ini
menyatakan bahawa pada pendapat para pengarah, penyata kewangan yang dibentangkan telah disediakan
dengan wajarnya menurut piawaian perakaunan berkenaan yang diluluskan di Malaysia untuk memberikan
gambaran yang benar dan saksama mengenai keadaan urusan Kumpulan dan Syarikat pada 30 April 2001
dan keputusan serta aliran tunai Kumpulan dan Syarikat bagi tahun kewangan berakhir pada tarikh tersebut.


                                    Ditandatangi bagi pihak Lembaga
                                    menurut resolusi para pengarah




LIANG CHIANG HENG                                                TAN KOK GUAN
Johor Bahru
9 Julai 2001




AKUAN BERKANUN
Selaras dengan Seksyen 169(16) Akta Syarikat 1965



Saya, LIANG CHIANG HENG, pengarah yang terutamanya bertanggungjawab ke atas pengurusan
kewangan APOLLO FOOD HOLDINGS BERHAD, dengan sesungguh dan seikhlasnya mengaku bahawa
penyata kewangan yang dibentangkan, sebaik-baik pengetahuan dan kepercayaan saya adalah betul, dan
saya membuat pengakuan ini sesungguhnya mempercayai bahawa ianya benar dan menurut peruntukan
Akta Akuan Berkanun, 1960.

Ditandatangani dan diakui dengan sesungguhnya )

oleh penama di atas LIANG CHIANG HENG          )

di Johor Bahru dalam Negeri Johor              )

pada 9 Julai 2001                              )              LIANG CHIANG HENG



Di hadapan saya,



R. RAMASAMY P.I.S.
(NO. J-058)
Persuruhjaya Sumpah




                                                   62
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001



LAPORAN JURUAUDIT KEPADA PEMEGANG SAHAM


Kami telah mengaudit penyata kewangan APOLLO FOOD HOLDINGS BERHAD (“Syarikat”) dan penyata
kewangan disatukan bagi APOLLO FOOD HOLDINGS BERHAD DAN SUBSIDIARI-SUBSIDIARINYA
(“Kumpulan”) pada 30 April 2001. Penyata kewangan tersebut adalah tanggungjawab para pengarah
Syarikat. Tanggungjawab kami adalah untuk menyatakan pendapat mengenai penyata kewangan tersebut
berdasarkan audit kami.

Kami melaksanakan audit kami mengikut Piawaian Pengauditan yang diluluskan di Malaysia. Piawaian
tersebut memerlukan kami merancang dan melaksanakan audit untuk memperolehi segala maklumat dan
penerangan, yang mana kami rasa perlu, untuk membekalkan kami dengan bukti yang mencukupi bagi
menentukan bahawa penyata kewangan tersebut bebas daripada salah nyata yang ketara. Sesuatu audit
merangkumi pemeriksaaan, berdasarkan ujian, bukti yang menyokong amaun dan penyata dalam akaun.
Sesuatu audit juga merangkumi penilaian prinsip perakaunan yang digunakan dan anggaran penting yang
dibuat oleh para pengarah serta penilai pembentangan penyata kewangan secara kesuluruhannya. Kami
percaya bahawa audit kami telah memberi asas munasabah untuk menyatakan pendapat kami.

Pada pendapat kami:

a)     penyata kewangan tersebut telah disediakan dengan wajarnya menurut peruntukan Akta Syarikat,
       1965 dan piawaian perakaunan berkenaan yang diluluskan di Malaysia untuk memberi gambaran
       yang benar dan saksama mengenai:

       (i)     perkara-perkara yang dikehendaki oleh Seksyen 169 Akta Syarikat, 1965 yang perlu
               diambilkira di dalam penyata kewangan Kumpulan dan Syarikat: dan

       (ii)    kedudukan Kumpulan dan Syarikat pada 30 April 2001 dan keputusan serta aliran tunai
               Kumpulan dan Syarikat bagi tahun kewangan berakhir pada tarikh tersebut;

dan

b)     rekod perakaunan dan rekod-rekod lain serta daftar yang dikehendaki oleh Akta Syarikat, 1965 untuk
       disimpan oleh Syarikat dan subsidiari-subsidiarinya telah disimpan dengan wajar menurut peruntukan
       Akta.

Kami berpuashati bahawa penyata kewangan subsidiari-subsidiari yang telah disatukan dengan penyata
kewangan Syarikat adalah di dalam bentuk dan kandungan yang sesuai dan wajar bagi tujuan menyediakan
penyata kewangan disatukan dan kami telah menerima maklumat dan penjelasan yang memuaskan
sebagaimana dikehendaki oleh kami bagi tujuan tersebut.

Laporan juruaudit berkenaan penyata kewangan subsidiari-subsidiari tidak tetakluk kepada sebarang syarat
atau teguran di bawah seksyen kecil (3) Seksyen 174 Akta tersebut.



YEO & ASSOCIATES                                             JOHNSON KANDASAMY
AF 0626                                                      1822/01/03(J)
AKAUNTAN AWAM, (MALAYSIA)                                    RAKAN KONGSI
Johor Bahru
9 Julai 2001




                                                  63
                                                            APOLLO FOOD HOLDINGS BERHAD (291471-M)
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LEMBARAN IMBANGAN DISATUKAN
30 APRIL 2001

                                             NOTA                  2001             2000
                                                                    RM               RM

ASET SEMASA
Wang tunai dan baki di bank                                  16,501,830        4,510,003
Pelaburan jangka pendek                        3             21,877,238       26,927,342
Penghutang perdagangan                                       16,600,984       24,513,436
Lain-lain penghutang, deposit
  dan bayaran terdahulu                                       3,448,777        6,362,931
Stok                                           4              7,896,882        5,664,245

                                                             66,325,711       67,977,957


LIABILITI SEMASA
Pemiutang perdagangan                                         2,701,096        3,092,598
Lain-lain pemiutang dan pengakruan                            2,683,766        3,744,905
Dividen dicadangkan                                           3,456,000        3,456,000
Cukai                                                         2,294,615        5,332,363

                                                             11,135,477       15,625,866


ASET SEMASA BERSIH                                           55,190,234       52,352,091

HARTANAH, LOGI DAN PERALATAN                   6             70,217,765       59,929,246

PELABURAN                                      7              3,130,141            1,000

CUKAI TERTUNDA                                 9               (847,000)        (880,000)

                                                            127,691,140      111,402,337


DIBIAYAI OLEH:


MODAL SAHAM                                   10             40,000,000       40,000,000

PREMIUM SAHAM                                                12,349,583       12,349,583

RIZAB PENILAIAN SEMULA                        11              5,408,883        5,408,883

RIZAB DARI PENYATUAN                                          6,538,653        6,538,653

KEUNTUNGAN TERKUMPUL                                         63,394,021       47,105,218

                                                            127,691,140      111,402,337


             Nota-nota yang disertakan merupakan sebahagian asasi lembar.an imbangan ini



                                                   64
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001



LEMBARAN IMBANGAN
30 APRIL 2001

                                            NOTA                 2001             2000
                                                                  RM               RM

ASET SEMASA
Wang tunai dan baki di bank                                     13,250          40,320
Deposit dan bayaran terdahulu                                  345,307          56,636
Terhutang oleh subsidiari                     5             25,099,979      27,740,714
                                                            25,458,536      27,837,670


LIABILITI SEMASA
Lain-lain pemiutang dan pengakruan                             178,032         118,813
Dividen dicadangkan                                          3,456,000       3,456,000
                                                             3,634,032       3,574,813


ASET SEMASA BERSIH                                          21,824,504      24,262,857

PELABURAN                                     7              3,129,141             -

PELABURAN DALAM SUBSIDIARI                    8             39,378,234      39,378,234

                                                            64,331,879      63,641,091


DIBIAYAI OLEH:

MODAL SAHAM                                   10            40,000,000      40,000,000

PREMIUM SAHAM                                               12,349,583      12,349,583

KEUNTUNGAN TERKUMPUL                                        11,982,296      11,291,508

                                                            64,331,879      63,641,091




            Nota-nota yang disertakan merupakan sebahagian asasi lembaran imnangan ini.




                                                  65
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                                                                     ANNUAL REPORT / LAPORAN TAHUNAN 2001



 PENYATA – PENYATA PERUBAHAN DI DALAM EKUITI
 TAHUN KEWANGAN BERAKHIR 30 APRIL 2001

                                                       Tidak boleh diagihkan               Boleh diagihkan
                                                                Rizab
                                   Modal       Premium         Penilaian   Rizab dari       Keuntungan
                           Nota    Saham        Saham          Semula      Penyatuan         Terkumpul        Jumlah
                                     RM           RM             RM            RM                RM             RM
KUMPULAN

1 Mei 1999                        40,000,000   12,349,583             -        6,538,653      32,154,981      91,043,217

Kelebihan daripada penilaian
 semula hartanah            11                                 5,408,883                                       5,408,883
Kerugian bersih yang
 tidak diambilkira dalam
 penyata kewangan                                              5,408,883                                       5,408,883
Keuntungan bersih bagi
 tahun kewangan                                                                               18,406,237      18,406,237
Dividen dicadangkan         16                                                                (3,456,000)     (3,456,000)

30 April 2000                     40,000,000   12,349,583      5,408,883       6,538,653      47,105,218     111,402,337

Keuntungan bersih bagi
 tahun kewangan                                                                               19,744,803      19,744,803
Dividen dicadangkan         16                                                                (3,456,000)     (3,456,000)

30 April 2001                     40,000,000   12,349,583      5,408,883       6,538,653      63,394,021     127,691,140



SYARIKAT

1 Mei 1999                        40,000,000   12,349,583             -              -           480,037      52,829,620

Keuntungan bersih bagi
 tahun kewangan                                                                               14,267,471      14,267,471
Dividen dicadangkan         16                                                                (3,456,000)     (3,456,000)

30 April 2000                     40,000,000   12,349,583             -              -        11,291,508      63,641,091

Keuntungan bersih bagi
 tahun kewangan                                                                                4,146,788       4,146,788
Dividen dicadangkan         16                                                                (3,456,000)     (3,456,000)

30 April 2001                     40,000,000   12,349,583             -              -        11,982,296      64,331,879




                         Nota-nota yang disertakan merupakan sebahagian asasi penyata.



                                                         66
                                                     APOLLO FOOD HOLDINGS BERHAD (291471-M)
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                                                        ANNUAL REPORT / LAPORAN TAHUNAN 2001



PENYATA PENDAPATAN DISATUKAN
TAHUN KEWANGAN BERAKHIR 30 APRIL 2001

                                           NOTA                2001                2000
                                                                RM                  RM


PEROLEHAN                                    12         100,779,252      107,782,261

KOS JUALAN                                               (66,310,292)     (71,741,022)

KEUNTUNGAN KASAR                                         34,468,960       36,041,239

PERBELANJAAN PENTADBIRAN                                  (9,019,112)      (7,309,264)

PERBELANJAAN JUALAN                                       (5,359,203)      (5,381,794)

LAIN-LAIN PERBELANJAAN OPERASI                              (232,503)            (27,218)

KEUNTUNGAN DARIPADA OPERASI                              19,858,142       23,322,963

LAIN-LAIN PEROLEHAN                                        2,365,660           1,215,500

KEUNTUNGAN SEBELUM CUKAI                     13          22,223,802       24,538,463

CUKAI                                        14           (2,478,999)      (6,132,226)

KEUNTUNGAN BERSIH BAGI TAHUN SEMASA                      19,744,803       18,406,237


PENDAPATAN ASAS SESAHAM (Sen)                15                49.36              46.02




               Nota-nota yang disertakan merupakan sebahagian asasi penyata.




                                            67
                                                     APOLLO FOOD HOLDINGS BERHAD (291471-M)
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                                                        ANNUAL REPORT / LAPORAN TAHUNAN 2001



PENYATA PENDAPATAN
TAHUN KEWANGAN BERAKHIR 30 APRIL 2001

                                           NOTA              2001              2000
                                                              RM                RM


PEROLEHAN                                    12          6,040,004      16,050,019

PERBELANJAAN PENTADBIRAN                                  (339,289)       (178,632)

KEUNTUNGAN DARIPADA OPERASI                              5,700,715      15,871,387

LAIN-LAIN PEROLEHAN                                         74,073              -

KEUNTUNGAN SEBELUM CUKAI                     13          5,774,788      15,871,387

CUKAI                                        14         (1,628,000)     (1,603,916)

KEUNTUNGAN BERSIH BAGI TAHUN SEMASA                      4,146,788      14,267,471




               Nota-nota yang disertakan merupakan sebahagian asasi penyata.




                                            68
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                       (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                              ANNUAL REPORT / LAPORAN TAHUNAN 2001



PENYATA ALIRAN TUNAI DISATUKAN
TAHUN KEWANGAN BERAKHIR 30 APRIL 2001

                                                                        2001              2000
                                                                         RM                RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI
Keuntungan sebelum cukai                                           22,223,802        24,538,463
Penyelerasan bagi:
 Susutnilai                                                         5,538,093         4,051,137
 Pendapatan faedah                                                 (1,250,650)         (648,892)
 Pendapatan sewa                                                   (1,041,075)         (566,558)
 Keuntungan atas jualan pelaburan                                     (69,360)              -
 Pendapatan dividen kasar                                              (4,575)              (50)
 Pelupusan hutang lapuk                                                   -             228,941
 Keuntungan atas jualan peralatan                                         -              (4,999)
Keuntungan operasi sebelum perubahan modal kerja                   25,396,235        27,598,042
 Penghutang                                                        10,894,083        (4,590,418)
 Stok                                                              (2,232,637)        1,180,157
 Pemiutang                                                         (1,452,641)        2,942,322
Tunai dijanakan daripada operasi                                   32,605,040        27,130,103
 Bayaran cukai                                                     (5,616,692)       (1,791,637)
 Penerimaan faedah                                                  1,250,650           648,892
Tunai bersih daripada aktiviti operasi                             28,238,998        25,987,358

ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN
 Penerimaan sewa                                                    1,041,075           566,558
 Penerimaan daripada jualan pelaburan                                 530,305               -
 Penerimaan dividen bersih                                              4,043                 36
 Pembelian logi dan peralatan                                     (15,826,612)       (6,554,801)
 Penbayaran dividen                                                (3,456,000)       (3,456,000)
 Pembelian saham-saham yang tersiarharga                           (3,590,086)              -
 Penerimaan daripada jualan peralatan                                     -               5,000
Tunai bersih digunakan dalam aktiviti pelaburan                   (21,297,275)       (9,439,207)


PENAMBAHAN BERSIH DALAM TUNAI DAN SETARA TUNAI                      6,941,723        16,548,151

TUNAI DAN SETARA TUNAI PADA PERMULAAN                              31,437,345        14,889,194

TUNAI DAN SETARA TUNAI PADA AKHIR TAHUN                            38,379,068        31,437,345




                     Nota-nota yang disertakan merupakan sebahagian asasi penyata.



                                                  69
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001



PENYATA ALIRAN TUNAI
TAHUN KEWANGAN BERAKHIR 30 APRIL 2001

                                                                        2001            2000
                                                                         RM              RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI
Keuntungan sebelum cukai                                           5,774,788       15,871,387
Penyelerasan bagi:
 Pendapatan dividen kasar                                          (5,804,379)    (16,050,019)
 Keuntungan atas jualan pelaburan                                     (69,360)            -
 Pendapatan faedah                                                       (338)            -
Kerugian operasi sebelum perubahan modal kerja                       (99,289)        (178,632)
 Penghutang                                                         (277,180)          28,294
 Pemiutang                                                            59,219           12,767
 Subsidiari-subsidiari                                             2,640,735      (10,708,015)
Tunai dijanakan daripada/(diresap dalam) operasi                   2,323,485      (10,845,586)
 Pembayaran cukai                                                    (15,000)        (121,097)
 Pemnerimaan faedah                                                      338              -
Tunai bersih daripada/(digunakan dalam) aktiviti operasi           2,308,823      (10,966,683)

ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN
 Penerimaan daripada jualan pelaburan                                 530,305             -
 Penerimaan dividen bersih                                          4,179,888      14,426,018
 Pembelian saham-saham yang tersiarharga                           (3,590,086)            -
 Penbayaran dividen                                                (3,456,000)     (3,456,000)
Tunai bersih (digunakan dalam)/daripada aktiviti pelaburan         (2,335,893)     10,970,018


(KURANGAN)/PENAMBAHAN BERSIH DALAM
 TUNAI DAN SETARA TUNAI                                              (27,070)           3,335

TUNAI DAN SETARA TUNAI PADA PERMULAAN                                 40,320           36,985

TUNAI DAN SETARA TUNAI PADA AKHIR TAHUN                               13,250           40,320




                     Nota-nota yang disertakan merupakan sebahagian asasi penyata.




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NOTA BEKENAAN PENYATA KEWANGAN
30 APRIL 2001


1   KEGIATAN-KEGIATAN UTAMA

    Kegiatan-kegiatan utama Syarikat adalah pegangan pelaburan dan memberi perkhidmatan
    pengurusan kepada subsidiari-subsidiari.

    Kegiatan-kegiatan utama subsidiari-subsidiari dinyatakan di Nota 8 berkenaan penyata kewangan.

    Tidak ada sebarang perubahan penting dalam kegiatan-kegiatan utama ini di sepanjang tahun
    kewangan.

2   RINGKASAN DASAR-DASAR PERAKAUNAN PENTING

    Dasar-dasar perakaunan penting berikut telah digunakan secara konsisten                 semasa
    mempertimbangkan hal-hal yang dianggap penting di dalam penyata kewangan.

    (a)    Asas Penyiapan Penyata Kewangan

           Penyata kewangan telah disediakan menurut kelaziman kos sejarah (yang diubahsuai
           dengan penilaian semula tanah dan bangunan tertentu) kecuali dinyatakan di dalam
           ringkasan dasar-dasar perakaunan penting ini.

           Penyata kewangan mematuhi peruntukan Akta Syarikat, 1965 dan piawaian-piawaian
           perakaunan berkenaan yang diluluskan di Malaysia.

    (b)    Pengitirafan Pendapatan

           Pendapatan daripada jualan barangan diiktiraf pada harga yang di inbois kepada pelanggan
           sepanjang tahun kewangan untuk barangan yang dihantar dan diteima oleh pelanggan.

           Lain-lain pendapatan yang diperolehi oleh Kumpulan diiktiraf mengunakan asas-asas
           berikut:

           •   Pendapatan dividen – apabila hak pemegang saham untuk menerima pembayaran
                                      telah dikenalpasti
           •   Pendapatan faedah – kaedah masa dengan mengambilkira pengembalian efektif ke
                                    atas aset.
           •   Pendapatan sewa dan perkhidmatan pengurusan – asas akruan

    (c)    Asas Penyatuan

           Penyata kewangan disatukan mengandungi penyata kewangan Syarikat serta kesemua
           subsidiari-subsidarinya yang disediakan sehingga akhir tahun kewangan menggunakan
           kaedah perolehan. Urusniaga di antara syarikat telah dihapuskan semasa penyatuan dan
           penyata kewangan disatukan hanya mencerminkan urusniaga dengan pihak ketiga sahaja.




                                              71
                                                       APOLLO FOOD HOLDINGS BERHAD (291471-M)
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2   RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Bersambung)

    (c)   Asas Penyatuan (Bersambung)

          Subsidiari-subsidiari adalah di mana Kumpulan mempunyai pengaruh utama keatas polisi-
          polisi kewangan dan operasi mereka.

          Kelebihan nilai saksama aset bersih subsidiari-subsidiari diambilalih berbanding harga
          belian pada tarikh perolehan telah diambilkira dalam lembaran imbangan disatukan sebagai
          rizab dari penyatuan dan tidak dilunaskan.

    (d)   Penghutang

          Semua penghutang di bawa pada nilai yang dianggap boleh didapati. Hutang ragu yang
          dikenalpasti dihapuskira manakala peruntukan khusus dibuat ke atas mana-mana hutang
          yang dianggap tidak dapat membayar.

    (e)   Stok

          Stok yang terdiri daripada bahan mentah, bahan pembungkusan dan barangan siap
          dinyatakan pada harga terendah diantara kos dan nilai jualan bersih.

          Kos ditentukan mengikuti kaedah masuk-dulu, keluar-dulu dan termasuk semua kos untuk
          membawa stok kepada lokasi dan keadaan semasanya. Kos barangan siap termasuk
          bahan mentah, tenaga buruh langsung, lain-lain kos langsung dan peruntukan overhed
          yang sewajarnya.

    (f)   Hartanah, Logi dan Peralatan

          Semua hartanah, logi dan peralatan pada mulanya dinyatakan pada kos. Tanah milikbebas
          dan tanah milikpajak serta bangunan-bangunan yang didirikan kemudiannya dinyatakan
          pada harga pasaran, berasaskan pada penilaian oleh penilai bebas professional, setelah
          ditolak susutnilai terkumpul. Hartanah lain, logi dan peralatan dinyatakan pada kos setelah
          ditolak susutnilai terkumpul.

          Kelebihan yang diperolehi melalui penilaian semula dimasukkan ke dalam rizab dari
          penilaian. Sebarang defisit yang berpunca daripada penilaian semula akan ditolak daripada
          rizab dari penilaian setakat jumlah kelebihan yang terdapat terdahulunya pada hartanah
          yang sama. Dalam kes yang lain, pengurangan daripada nilai dinyatakan akan dicaj ke
          dalam penyata pendapatan. Apabila sesuatu aset dinilai semula dijual, kelebihan yang
          terkandung di dalam rizab dari penilaian berkaitan dengan aset tersebut akan dipindahkan
          kepada keuntungan terkumpul.

          Tanah milikbebas tidak dilunaskan manakala tanah milikpajak serta bangunan-bangunan
          yang didirikan dilunaskan berdasarkan baki tempuh pajakan di antara 20 hingga 30 tahun.




                                              72
                                                      APOLLO FOOD HOLDINGS BERHAD (291471-M)
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                                                         ANNUAL REPORT / LAPORAN TAHUNAN 2001


2   RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Bersambung)

    (f)   Hartanah, Logi dan Peralatan (Bersambung)

          Semua aset lain disusutnilai mengikut kaedah garis lurus untuk menghapuskira kos aset
          sepanjang tempoh hayat kegunaannya. Kadar susutnilai tahunan yang digunakan adalah:

            Bangunan kediaman                                        2%
            Loji, jentera dan peralatan                        5% - 10%
            Kenderaan bermotor                                      20%
            Peralatan pejabat, perabot dan kelengkapan              10%
            Pengubahsuaian                                     3% - 20%


    (g)   Pelaburan

          Pelaburan dalam subsidiari-subsidiari, saham-saham tersiarharga dan tak tersiarharga yang
          dipegang untuk jangkamasa panjang dinyatakan pada kos dan peruntukan rosotnilai di buat
          apabila pada pendapat para pengarah, terdapat rosotnilai kekal pada nilai pelaburan.

    (h)   Urusniaga Mata Wang Asing

          Urusniaga mata wang asing ditukar kepada Ringgit pada kadar pertukaran yang lazim pada
          tarikh urusniaga. Aset dan liabiliti matawang asing bersifat kewangan pada tarikh lembaran
          imbangan telah diterjemahkan kepada matawang Ringgit pada kadar pertukaran yang
          berkuatkuasa pada hari itu. Semua perbezaan pertukaran diambilkira di dalam penyata
          pendapatan.

          Kadar pertukaran yang digunakan pada tarikh lembaran imbangan adalah seperti berikut
                                                                 2001            2000
                                                                  RM              RM
          Dollar Amerika Syarikat                                3.80            3.80


    (i)   Cukai Tertunda

          Cukai tertunda diperuntukkan menurut kaedah liabiliti ke atas semua perbezaan masa yang
          penting kecuali terdapat bukti munasabah bahawa perbezaan masa ini tidak akan berbalik
          pada masa hadapan. Faedah cukai tertunda tidak diambilkira kecuali terdapat kepastian
          bahawa ianya boleh diperolehi.

    (j)   Tunai dan Setara Tunai

          Tunai dan setara tunai terdiri daripada wang tunai dan baki di bank termasuk simpanan
          jangka pendek tanpa cagaran.




                                             73
                                                      APOLLO FOOD HOLDINGS BERHAD (291471-M)
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                                                         ANNUAL REPORT / LAPORAN TAHUNAN 2001


2   RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Bersambung)

    (k)    Dividen

           Dividen untuk saham biasa diambilkira dalam dana pemegang saham sebagai pengagihan
           keuntungan terkumpul dalam tempoh di mana ianya diisytiharkan.

    (l)    Matawang

           Jumlah-jumlah dinyatakan di dalam matawang Ringgit Malaysia.

3   SIMPANAN JANGKA PENDEK


                                                                2001           2000
    Kumpulan                                                     RM             RM
    Dengan bank-bank tempatan berlesen                     13,823,960     21,681,225
    Dengan institusi kewangan tempatan berlesen             8,053,278      5,246,117
                                                           21,877,238     26,927,342


    Semua simpanan di atas tak tercagar.

4   STOK


                                                                2001           2000
    Kumpulan                                                     RM             RM
    Barangan siap                                           4,047,857      2,052,251
    Bahan mentah                                            1,259,425      1,084,881
    Bahan pembungkusan                                      2,589,600      2,527,113
                                                            7,896,882      5,664,245


5   AMAUN TERHUTANG OLEH SUBSIDIARI-SUBSIDIARI

    Amaun terhutang oleh subsidiari-subsidiari adalah tanpa cagaran, faedah dan syarat-syarat
    pembayaran semula.




                                             74
                                                               APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001


  6          HARTANAH, LOGI DAN PERALATAN


                                                                     Peralatan
                                          Logi,                        pejabat,
                       Tanah dan    jentera dan   Kenderaan        perabot dan
                       bangunan       peralatan    bermotor       kelengkapan     Ubahsuai       Jumlah
Kumpulan                     RM             RM          RM                 RM          RM           RM
Kos/Penilaian
1 Mei 2000
Kos                     7,196,645   49,277,961      973,470          1,397,593    1,558,249   60,403,918
Penilaian              19,105,000          -            -                  -            -     19,105,000

                       26,301,645   49,277,961      973,470          1,397,593    1,558,249   79,508,918
Tambahan                      -     14,350,127       51,500            479,457     945,528    15,826,612
30 April 2001
Kos                     7,196,645   63,628,088     1,024,970         1,877,050    2,503,777   76,230,530
Penilaian              19,105,000          -             -                 -            -     19,105,000
                       26,301,645   63,628,088     1,024,970         1,877,050    2,503,777   95,335,530

Susutnilai Terkumpul
1 Mei 2000               335,351    17,715,846      593,989            633,481     301,005    19,579,672
Caj bagi tahun           704,566     4,023,830      161,094            183,592     465,011     5,538,093
30 April 2001           1,039,917   21,739,676      755,083            817,073     766,016    25,117,765

Nilai Buku Bersih
30 April 2001          25,261,728   41,888,412      269,887          1,059,977    1,737,761   70,217,765


30 April 2000          25,966,294   31,562,115      379,481            764,112    1,257,244   59,929,246

Caj susutnilai bagi
  30 April 2000          634,854     2,833,367      160,646            136,252     286,018     4,051,137

Syarikat
30 April 2001                 -             -              -               -            -            -

30 April 2000                 -             -              -               -            -            -




                                                     75
                                                        APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                    (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                           ANNUAL REPORT / LAPORAN TAHUNAN 2001


6   HARTANAH, LOGI DAN PERALATAN (Bersambung)

    Tanah dan bangunan terdiri daripada:
                                               milikbebas      milikpajak
                                      Tanah           dan            dan        Jumlah
                                 milikbebas    bangunan        bangunan           Total
    Kumpulan                            RM            RM              RM           RM
    Kos/Penilaian
    1 Mei 2000 / 30 April 2001
    Kos                                 -            416,588    6,780,057    7,196,645
    Penilaian                     8,654,000              -     10,451,000   19,105,000
                                  8,654,000          416,588   17,231,057   26,301,645

    Susutnilai Terkumpul
    1 Mei 2000                             -          27,166      308,185      335,351
    Caj bagi tahun                         -           6,924      697,642      704,566
    30 April 2001                          -          34,090    1,005,827     1,039,917


    Nilai Buku Bersih
    30 April 2001                 8,654,000          382,498   16,225,230   25,261,728

    30 April 2000                 8,654,000          389,422   16,922,872   25,966,294

    Caj susutnilai bagi
     30 April 2000                         -           6,924      627,930      634,854


    Tanah milik bebas dan tanah milikpajak tertentu serta bangunan-bangunan yang didirikan telah
    dinilai semula oleh para pengarah pada 30 April 2000 berdasarkan penilaian yang di buat oleh
    penilai bebas professional supaya mempaparkan harga pasaran untuk kegunaan semasa. Nilai
    buku bersih hartanah telah di ubah supaya mencerminkan penilaian semula ini dan kelebihan yang
    terhasil telah ditambahkan kepada rizab dari penilaian.

    Jika hartanah dinilai semula berasaskan kos sejarah ditolak susutnilai, nilai buku bersih adalah
    RM8,750,779 (2000: RM8,891,670).

    Cagaran negatif setakat RM10 million (2000: RM11 million) ke atas semua hartanah, logi dan
    peralatan telah di beri kepada sebuah bank tempatan untuk menjamin kemudahan bank yang di beri
    kepada subsidiari-subsidiari.




                                               76
                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001


6   HARTANAH, LOGI DAN PERALATAN (Bersambung)

    Kos logi dan peralatan yang telah susutnilai sepenuhnya dan masih digunakan pada tarikh
    lembaran imbangan adalah seperti berikut:
                                                                    2001             2000
                                                                     RM               RM
    Logi, jentera dan peralatan                                2,948,849            -
    Kenderaan bermotor                                           522,129         219,477
    Peralatan pejabat, perabot dan kelengkapan                   243,493          40,039
                                                               3,714,471         259,516


7   PELABURAN
                                                 Nilai                             Nilai
                                 2001         Pasaran               2000        Pasaran
                                  RM              RM                 RM             RM
    Kumpulan
    Saham tersiarharga
      dalam Malaysia        3,129,141        2,987,790              -                -
    Saham tak
      tersiarharga
      dalam Malaysia            1,000                              1,000
                            3,130,141                              1,000


    Syarikat
    Saham tersiarharga
      dalam Malaysia        3,129,141        2,987,790              -                -


8   PELABURAN DALAM SUBSIDIARI-SUBSIDIARI
                                                                    2001             2000
    Syarikat                                                         RM               RM

    Saham tak tersiarharga, pada kos                          39,378,234      39,378,234


    Butir-butir subsidiari-subsidiari milik penuh (kesemuanya diperbadankan di Malaysia) adalah:

    Nama Syarikat                              Kegiatan Utama
    Apollo Food Industries (M) Sdn Bhd         Pengeluaran dan penjualan coklat
                                               sebatian, barangan konfeksi berasas
                                               coklat dan kek
    Hap Huat Food Industries Sdn Bhd           Pemasaran dan pengedaran coklat
                                               sebatian, barangan konfeksi berasas
                                               coklat dan kek




                                                 77
                                                        APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                    (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                           ANNUAL REPORT / LAPORAN TAHUNAN 2001


9    CUKAI TERTUNDA


                                                                  2001           2000
     Kumpulan                                                      RM             RM
     Pada 1 Mei                                                 880,000       892,000
     Pindaan kepada penyata pendapatan                          (33,000)       (12,000)
     Pada 30 April                                              847,000       880,000


     Cukai tertunda tidak diperuntukkan ke atas lebihan yang timbul dari penilaian semula hartanah
     kerana Kumpulan tidak berhasrat untuk menjual hartanah-hartanah tersebut.

     Perbezaan masa sebanyak RM22,000,000 (2000: RM14,700,000) tidak diambilkira dalam penyata
     kewangan sebab kesan cukai di atas perbezaan ini dijangka tidak berbalik pada masa hadapan.

10   SAHAM MODAL

                                                                  2001           2000
     Saham biasa RM1 sesaham                                       RM             RM

     DIBENARKAN
     100,000,000 saham (2000: 100,000,000 saham)           100,000,000     100,000,000


     DITERBITKAN DAN DIBAYAR PENUH
     40,000,000 saham (2000: 40,000,000 saham)               40,000,000     40,000,000



11   RIZAB DARI PENILAIAN

     Tertimbul daripada penilaian semula tanah dan bangunan:

                                                                  2001           2000
     Kumpulan                                                      RM             RM
     Pada 1 Mei                                                5,408,883         -
     Kelebihan dari penilaian semula                               -         5,408,883
     Pada 30 April                                             5,408,883     5,408,883




                                               78
                                                                APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                            (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                   ANNUAL REPORT / LAPORAN TAHUNAN 2001


12       PEROLEHAN

                                                      Kumpulan                                  Syarikat
                                                   2001        2000                   2001                     2000
                                                    RM          RM                     RM                       RM
         Harga jualan barangan
          ditolak diskaun, pulangan
          dan cukai jualan               100,779,252        107,782,261              -                     -
         Dividen daripada subsidiari-
          subsidiari                           -                  -               5,800,004          16,050,019
         Yuran perkhidmatan
          pengurusan daripada
          subsidiari-subsidiari                -                  -                240,000                 -
                                         100,779,252        107,782,261           6,040,004          16,050,019


13       KEUNTUNGAN SEBELUM CUKAI

                                                          Kumpulan                                 Syarikat
     Ini dinyatakan selepas                            2001        2000                    2001                2000
      dikenakan/(mengkreditkan):                        RM          RM                      RM                  RM
     Ganjaran para pengarah
         - Yuran                                      84,000             84,000          84,000            84,000
         - Gaji, elaun dan bonus                   3,133,956          2,360,328          29,500            20,000
         - Gaji, elaun dan and bonus dibayar
            kepada pengarah subsidiari               582,106            470,285          -                     -
       Kos pekerja                                 9,163,811          8,546,175      123,059                   -
       Susutnilai                                  5,538,093          4,051,137          -                     -
       Perbezaan kadar pertukaran wang
         asing dilaras                              259,322             34,528              -                      288
       Sewa dibayar kepada:
         - pihak ketiga                             217,000            123,000              -                  -
         - seorang pengarah Syarikat                  9,400              8,900              -                  -
       Ganjaran Juruaudit:
         - audit berkanun                            37,500             37,500            7,500                7,500
         - lain-lain perkhidmatan                     6,500              3,000            3,500                3,000
       Yuran professional dan
         kesetiausahaan dibayar kepada
         syarikat kepunyaan pengarah                18,114               29,005        10,720                  8,400
       Pendapatan faedah                       (1,250,650)            (648,892)         (338)                   -
       Pendapatan sewa                         (1,041,075)            (566,558)          -                      -
       Keuntungan atas jualan pelaburan           (69,360)                 -         (69,360)
       Hutang lapuk dipulih                       (24,519)                 -              -                    -
       Dividen kasar diterima dari saham:
         - tersiarharga dalam Malaysia               (4,375)              -              (4,375)               -
         - tak tersiarharga dalam Malaysia             (200)               (50)             -                  -
       Keuntungan atas jualan peralatan                -                (4,999)             -                  -
       Hutang lapuk dihapuskira                        -               228,941              -                  -




                                                       79
                                                         APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                     (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                            ANNUAL REPORT / LAPORAN TAHUNAN 2001


14   CUKAI

                                          Kumpulan                            Syarikat
                                       2001        2000                2001                  2000
                                        RM          RM                  RM                    RM
     Caj tahun semasa          2,511,999       6,153,000       1,628,000           1,604,000
     Kelebihan peruntukan
      cukai bagi tahun lepas       -                 (8,774)       -                          (84)
                               2,511,999       6,144,226       1,628,000           1,603,916
     Pindahan daripada
       cukai tertunda            (33,000)        (12,000)          -                     -
                               2,478,999       6,132,226       1,628,000           1,603,916


     Kadar berkesan cukai untuk Kumpulan adalah lebih rendah daripada kadar cukai berkanun
     disebabkan oleh insentif cukai di bawah Jadual 7A Akta Cukai Pendapatan 1967 yang dipohon oleh
     sebuah subsidiari.

     Kadar berkesan cukai untuk Syarikat adalah lebih tinggi daripada kadar cukai berkanun disebabkan
     oleh perbelanjaan tertentu tidak dibenarkan untuk pencukaian.

     Syarikat mempunyai credit cukai di bawah Seksyen 108 dan akaun dikecualikan yang mencukupi
     untuk pembayaran dividen daripada kesemua keuntungan terkumpul, tertakluk kepada persetujuaan
     Lembaga Hasil Dalam Negeri.

15   PENDAPATAN SESAHAM

     Pendapatan sesaham dikira dengan membahagikan keuntungan Kumpulan selepas cukai sebanyak
     RM19,744,803 (2000: RM18,406,237) dengan bilangan saham dalam terbitan sepanjang tahun
     kewangan sebanyak 40,000,000 (2000: 40,000,000).

16   DIVIDEN
                                                                   2001                  2000
                                                                    RM                    RM
     Cadangan dividen pertama dan akhir sebanyak
      12 sen sesaham selepas cukai 28%
      (2000: 12 sen sesaham selepas cukai28%)                  3,456,000          3,456,000


     Dividen yang dicadangkan tertakluk kepada persetujuan para pemegang saham di Mesyuarat
     Agung Tahunan akan datang.




                                                80
                                                           APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                      (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                             ANNUAL REPORT / LAPORAN TAHUNAN 2001


17   TUNAI DAN SETARA TUNAI

                                         Group                           Company
                                  2001             2000              2001        2000
                                   RM               RM                RM          RM
     Wang tunai dan baki
        di bank             16,501,830         4,510,003            13,250          40,320
     Simpanan jangka
       pendek               21,877,238        26,927,342             -               -
                            38,379,068        31,437,345            13,250          40,320


18   URUSNIAGA-URUSNIAGA PENTING DENGAN PIHAK BERKAITAN
                                                                     2001            2000
     Kumpulan                                                         RM              RM
     Jualan barangan kepada Hup Huat Food
        Industries (S) Pte Ltd                                 9,637,953         9,179,646
     Pembelian tanah milikbebas daripada Hup Huat
       Realty Sdn Bhd (Nota 22 (b))                            1,200,000              -


     Hup Huat Food Industries (S) Pte Ltd ialah sebuah syarikat yang diperbadankan di Singapura di
     mana Tan Song Cheng, Liang Chiang Heng, Tan Kok Guan and Liang Kim Poh mempunyai
     kepentingan.

     Hup Huat Realty Sdn Bhd ialah sebuah syarikat di mana Tan Song Cheng, Liang Chiang Heng, Tan
     Kok Guan and Liang Kim Poh mempunyai kepentingan.

     Para pengarah berpendapat bahawa segala urusniaga-urusniaga di atas adalah mengikuti tatacara
     biasa di dalam perniagaan dan telah dilaksanakan atas dasar komersial.

     Baki yang timbul berkaitan dengan urusniaga-urusniaga di atas adalah seperti berikut:
                                                                     2001            2000
     Termasuk dalam penghutang                                        RM              RM
     Hup Huat Food Industries (S) Pte Ltd                      3,067,671         3,963,448


19   SYARIKAT INDUK

     Syarikat induk adalah Keynote Capital Sdn Bhd, sebuah syarikat yang diperbadankan di Malaysia.

20   BILANGAN KAKITANGAN

                                                   Kumpulan                Syarikat
                                                 2001     2000           2001       2000
     Bilangan kakitangan (kecuali pengarah-
      pangarah eksekutif) pada akhir tahun        675         633            3       -




                                                 81
                                                        APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                    (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                           ANNUAL REPORT / LAPORAN TAHUNAN 2001


21   KEMUDAH-KEMUDAHAN BANK (Bercagar)

     Subsidiari-subsidiari telah diberi kemudahan-kemudahan bank oleh sebuah bank tempatan seperti
     berikut:
                                                                  2001              2000
                                                                   RM                RM
     Overdraf                                                     -          4,000,000
     Kemudahan kredit perniagaan                              7,000,000      7,000,000
                                                              7,000,000     11,000,000


     Kemudahan-kemudahan di atas adalah dicagarkan dengan caj negatif ke atas semua hartanah, logi
     dan peralatan dan di jamin oleh Syarikat.

22   PERISTIWA-PERISTIWA PENTING

     (a)    Terbitan Bonus dan Hak yang Dicadangkan

            Pada 4 Julai 2000, Syarikat telah maklumkan cadangan-cadagan berikut:

            (i)     terbitan bonus sebanyak 20,000,000 saham biasa RM1 sesaham baru berdasarkan
                    satu (1) saham baru untuk setiap dua saham biasa sediaada yang dipegang; dan

            (ii)    terbitan hak sebanyak 20,000,000 saham biasa RM1 sesaham baru pada harga
                    cadangan RM1.25 sesaham baru berdasarkan satu (1) saham baru untuk setiap
                    dua saham biasa sediaada yang dipegang sebelum terbitan bonus.

            Cadangan-cadangan di atas telah diluluskan oleh Pesuruhanjaya Sekuriti pada 22 Februari
            2001 dan oleh para pemegang saham Syarikat di Mesyuarat Agung Luarbiasa yang telah
            dilaksanakan pada 11 Mei 2001. Cadangan-cadangan ini di jangka selesai pada atau
            sebelum Disember 2001.

     (b)    Perolehan Tanah Milikbebas

            Pada 2 Mac 2001, sebuah subsidiari Syarikat, Apollo Food Industries (M) Sdn Bhd telah
            memasuki penjanjian jual-beli bersyarat dengan sebuah syarikat di mana pengarah tertentu
            mempunyai kepentingan untuk membeli sekeping tanah milikbebas dengan ukuran hampir
            5e 0r 34p dengan harga belian sebanyak RM1,200,000, yang akan disempurakan dengan
            tunai. Perolehan ini yang tertakluk kepada persetujuan Pihak Berkuasa Negeri belum
            diselesaikan pada tarikh lembaran imbangan.

23   ANALISA SEGMEN

     Analisa segmen tidak disediakan mendangkan Kumpulan hanya terlibat dalam pengeluran dan
     penjualan coklat sebatian dan barangan konfeksi berasas coklat dan kek.




                                               82
                                                         APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                     (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                            ANNUAL REPORT / LAPORAN TAHUNAN 2001


24   LIABILITI LUARJANGKA
                                                                   2001            2000
     Syarikat                                                       RM              RM
     Jaminan bagi kemudahan bank diberi kepada
      subsidiari-subsidiari (tak tercagar)                     7,000,000     11,000,000


25   PENGLIBATAN MODAL

     Penglibatan modal yang tidak diambilkira dalam penyata kewangan adalah seperti berikut:
                                                                   2001            2000
     Kumpulan                                                       RM              RM
     Diluluskan dan dikontrakkan                               2,842,812     10,070,000


     Dianalisakan seperti berikut:

       - Tanah milikbebas (Nota 22(b))                         1,200,000           -
       - Logi dan jentera                                      1,120,503     10,070,000
       - Kenderaan bermotor                                      162,309           -
                                                               2,842,812     10,070,000


26   PERISTIWA KESUSULAN

     Pada 30 Jun 2001, sebuah subsidiari Syarikat, Apollo Food Industries (M) Sdn Bhd telah memasuki
     penjanjian jual-beli dengan pihak ketiga untuk membeli sekeping tanah perindustrian milikpajak
     serta sebuah bangunan kilang yang didirikan dengan harga belian sebanyak RM2,500,000, yang
     akan disempurakan dengan tunai. Tempuh pajakan tanah ini akan tamat pada 14 Ogos 2023
     dengan opsyen untuk melanjutkan tempoh pajakan selama 30 tahun lagi. Perolehan ini belum
     diselesaikan.

27   ANGKA BANDINGAN

     Pembentangan penyata kewangan bagi tahun kewangan semasa telah ditukar untuk menerima
     format seperti disarankan oleh Lembaga Piawaian Perakaunan Malaysia Piawaian 1 –
     Pembentagan Penyata Kewangan. Angka-angka bandingan telah dikelaskan semula sejajar dengan
     pembentangan ini, di mana perlu.




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                 84
                                                          APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                     (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                            ANNUAL REPORT / LAPORAN TAHUNAN 2001

ANALYSIS OF SHAREHOLDINGS / ANALISA PEGANGAN SAHAM
 AS AT / PADA 30 AUGUST 2001

Authorised Share Capital /
 Modal Diterbitkan                          :   RM100,000,000
Issued and Fully Paid /
 Diterbitkan dan Dibayar Penuh              :   RM40,000,000
Class of Shares /                               Ordinary Shares of RM 1 each /
 Jenis Saham                                :    Saham Biasa bernilai RM1 sesaham
No. of shareholders /
 Bilangan Pemegang Saham                    :   1,694
Voting Rights /                                 1 vote per Ordinary Share /
 Hak Mengundi                               :    1 undi setiap Saham Biasa

Distribution of Shareholdings / Pengagihan Pemegang Saham

                                              No. of                        No. of
                                             Holders /                     Shares /
Size of shareholdings /                      Bilangan                      Bilangan
Saiz Pemegang Saham                         Pemegang             %          Saham              %

1               -             999                     -             -              -               -
1,000           -          10,000                 1,587         93.68      3,373,000            8.43
10,001          -         100,000                    93          5.49      2,438,000            6.10
100,001         -       1,999,999                    12          0.71      6,860,000           17.15
Above / Lebih dari 1,999,999                          2          0.12     27,329,000           68.32

         Total / Jumlah                           1,694        100.00     40,000,000         100.00




SUBSTANTIAL SHAREHOLDERS / PEMEGANG SAHAM TERBANYAK AS
 AT / PADA 30 AUGUST 2001

                                      Direct Interest /      Deemed Interest /
                                       Kepentingan             Kepentingan
                                         Langsung            Tidak Langsung        Total / Jumlah
                                      No. of                  No. of               No. of
                                     Shares /                Shares /             Shares /
Name of Substantial Shareholders /   Bilangan                Bilangan             Bilangan
Pemegang Saham                        Saham           %       Saham        %       Saham           %

Keynote Capital Sdn Bhd              20,329,000      50.82       -          -     20,329,000    50.82
Skim Amanah Saham Bumiputra
   Permodalan Nasional Berhad         7,000,000      17.50        -         -      7,000,000    17.50
Liang Kim Poh                            68,000       0.17   20,329,000   50.82   20,397,000    50.99
Tan Song Cheng                           30,000       0.08   20,329,000   50.82   20,359,000    50.90
Liang Chiang Heng                        10,000       0.02   20,329,000   50.82   20,339,000    50.84
Tan Kok Guan                             10,000       0.02   20,329,000   50.82   20,339,000    50.84




                                                85
                                                       APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                   (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                          ANNUAL REPORT / LAPORAN TAHUNAN 2001

THIRTY LARGEST SHAREHOLDERS /
TIGA PULUH PEMEGANG SAHAM YANG TERBESAR
 AS AT / PADA 30 AUGUST 2001


      Shareholders /                                           No. of Shares /
                                                                                     %
      Pemegang Saham                                          Bilangan Saham

1.    Keynote Capital Sdn Bhd                                     20,329,000        50.82
2.    Amanah Raya Nominees (Tempatan) Sdn Bhd                      7,000,000        17.50
        Skim Amanah Saham Bumiputra
        Permodal Nasional Berhad
3.    DB (Malaysia) Nominee (Asing) Sdn Bhd                        1,790,000         4.48
        BNP Paribas Nominees Singapore Pte Ltd
        For Victory Capital Limited
4.    Aseam Malaysia Nominees (Tempatan) Sdn Bhd                   1,500,000         3.75
        Pledged Securities Account
        For Koperasi Pegawai-Pegawai Melayu Malaysia
        Berhad
5.    Permodalan Nasional Berhad                                   1,036,000         2.59
6.    Mayban Nominees (Asing) Sdn Bhd                                835,000         2.09
        Nomura Singapore Limited
        For Osamu Nagai
7.    Malaysia Nominees (Tempatan) Sendirian Berhad                  300,000         0.75
        Malaysian Trustees Berhad
        For Alliance Vision Fund
8.    DB (Malaysia) Nominee (Asing) Sdn Bhd                          249,000         0.62
        BNP Paribas Nominees Singapore Pte Ltd
        For Promote International Limited
9.    Lim Kuan Seng                                                  230,000         0.58
10.   Arab-Malaysian Credit Berhad                                   226,000         0.56
        Pledged Securities Account
        For Giam Kar Kheng
11.   Chua Saw Yean                                                  200,000         0.50
12.   Liew Kuek Hin                                                  175,000         0.44
13.   Gan Siew Khim                                                  169,000         0.42
14.   OSK Nominees (Tempatan) Sdn Berhad                             150,000         0.38
        Wong Chong Shee
15.   Alliancegroup Nominees (Tempatan) Sdn Bhd                      100,000         0.25
        Pheim Asset Management Sdn Bhd
        For Magnum Corporation Berhad
16.   Mayban Nominees (Tempatan) Sdn Bhd                              85,000         0.21
        Mayban Trustees Berhad
        For Amanah Saham PAB
17.   United Overseas Nominees (Tempatan) Sdn Bhd                     83,000         0.21
        Pledged Securities Account
        For Koon Yew Yin (MIP)




                                              86
                                                      APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                  (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                         ANNUAL REPORT / LAPORAN TAHUNAN 2001




      Shareholders /                                              No. of Shares /
                                                                                       %
      Pemegang Saham                                             Bilangan Saham

18.   JF Apex Nominees (Tempatan) Sdn Bhd                                 73,000      0.18
        Pledged Securities Account
        For Lim Gaik Bway @ Lim Chiew Ah
19.   Alliancegroup Nominees (Tempatan) Sdn Bhd                           70,000      0.18
        Pheim Asset Management Sdn Bhd
        For Hong Leong Assurance Berhad
20.   Liang Kim Poh                                                       68,000      0.17
21.   Citicorp Nominees (Asing) Sdn Bhd                                   67,000      0.17
        CB GW Singapore
        For Shindo Sumidomo
22.   Giam Kar Kheng                                                      58,000      0.15
23.   Gniam Seng Khiam @ Giam Seng Theam                                  58,000      0.15
24.   Mayban Nominees (Tempatan) Sdn Bhd                                  54,000      0.14
        Capital Dynamics Asset Management Sdn Bhd
        For KESM Industries Berhad
25.   Cheah Min Loong                                                     52,000      0.13
26.   HSBC Nominees (Tempatan) Sdn Bhd                                    52,000      0.13
        Pledged Securities Account
        For Tan Kit Pheng
27.   Alliancegroup Nominees (Tempatan) Sdn Bhd                           50,000      0.12
        Pheim Asset Management Sdn Bhd
        For Empat Nombor Ekor (Selangor) Sdn Bhd
28.   Alliancegroup Nominees (Tempatan) Sdn Bhd                           45,000      0.11
        Pledged Securities Account
        For Hong Hang Seng
29.   Yeoh Kean Hua                                                       40,000      0.10
30.   Tan Booi Charn                                                      36,000      0.09

      Total / Jumlah                                                  35,180,000     87.95




                                             87
                                                     APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                 (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                        ANNUAL REPORT / LAPORAN TAHUNAN 2001



DIRECTORS’ INTEREST IN SHARES /
KEPENTINGAN SAHAM BAGI PARA PENGARAH
 AS AT / PADA 30 AUGUST 2001



                                                                        Deemed Interest /
                                           Direct Interest /              Kepentingan
                                        Kepentingan Langsung            Tidak Langsung
Name of Substantial Shareholders /       No. of Shares /              No. of Shares /
Pemegang Saham                          Bilangan Saham       %       Bilangan Saham      %

Liang Chiang Heng                                 10,000    0.02         20,329,000     50.82
Tan Song Cheng                                    30,000     0.08        20,329,000     50.82
Liang Kim Poh                                     68,000     0.17        20,329,000     50.82
Tan Kok Guan                                      10,000     0.02        20,329,000     50.82
Ng Chet Chiang @ Ng Chat Choon                    10,000    0.02             10,000      0.02
Tan Sri Dato’ Ahmad Sabki bin Jahidin             10,000     0.02                 -          -
Datuk P. Venugopal a/l V. K. Menon                 2,000         -            1,000          -




                                            88
                                                              APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                          (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                 ANNUAL REPORT / LAPORAN TAHUNAN 2001


L I S T O F APOLLO G R O U P P R O P E R T I E S
A S A T 3 0 A P R I L 2001


                                                                                             Net Book
                                                                    Appropximate             Value At
                                                                       Age of                 30 April
                                                                      Building   Land Area     2001
        Location                 Existing Use             Tenure       (Years)     (sq.m)     RM'000

70, Jalan Langkasuka       Corporate office             60 years         12        8,094       5,336 *
Larkin Industrial Area     and main factory            leasehold
80350 Johor Bahru                                     expiring on
Johor                                                   3.1.2030

58, Jalan Langkasuka       Factory building             60 years         10        10,036      4,726 *
Larkin Industrial Area     rented out                  leasehold
80350 Johor Bahru                                     expiring on
Johor                                                 14.1.2024

GM100 Lot 139              Vacant land for the         Freehold          -         53,595      8,654 *
& GN170 Lot 138            proposed new Corporate
Mukim of                   office and main factory
Plentong
Johor

47 & 49              2 units of intermediate           Freehold          4          327          382
Jalan Saga 14        double storey terrace
Taman Desa Cemerlang house rented out
81800 Ulu Tiram
Johor

3, 3A & 3B                 Factory building             60 years         32        8,094       3,475
Jalan Kilang               occupied as second          leasehold
Larkin Industrial Estate   factory                    expiring on
80350 Johor Bahru                                     18.12.2021
Johor

4, 4A & 4B                 Factory building             60 years         32        7,661       2,689
Jalan Petaling             rented out                  leasehold
Larkin Industrial Estate                              expiring on
80350 Johor Bahru                                     4.10.2021
Johor

Total                                                                                         25,262

* Revalued by Directors on 30 April 2000




                                                     89
                                                             APOLLO FOOD HOLDINGS BERHAD (291471-M)
                                                         (INCORPORATED IN / DIPERBADANKAN DI MALAYSIA)
                                                                ANNUAL REPORT / LAPORAN TAHUNAN 2001


SENARAI HARTANAH KUMPULAN
PADA 3 0 A P R I L 2001
                                                                                            Nilai
                                                                                            Buku
                                                                    Anggaran               Bersih
                                                                       Usia     Luas       30 April
                                                                    Bangunan   Tapak        2001
      Kedudukan                   Kegunaan           Pegangan        (Tahun) (m persegi)   RM'000

70, Jalan Langkasuka       Pejabat korporat dan        60 tahun         12       8,094       5,336 *
Larkin Industrial Area     and kilang utama           milikpajak
80350 Johor Bahru                                    tamat pada
Johor                                                  3.1.2030

58, Jalan Langkasuka       Bangunan kilang untuk       60 tahun         10      10,036       4,726 *
Larkin Industrial Area     di sewa                    milikpajak
80350 Johor Bahru                                    tamat pada
Johor                                                 14.1.2024

GM100 Lot 139              Tanah industri kosong     Milikbebas         -       53,595       8,654 *
& GN170 Lot 138            untuk mendirikan pejabat
Mukim of                   korporat dan kilang utama
Plentong                   baru yang dicadangkan
Johor

47 & 49              2 unit rumah teras dua          Milikbebas         4         327          382
Jalan Saga 14        tingkat untuk di sewa
Taman Desa Cemerlang
81800 Ulu Tiram
Johor

3, 3A & 3B                 Bangunan kilang             60 tahun         32       8,094       3,475
Jalan Kilang               digunakan sebagai          milikpajak
Larkin Industrial Estate   kilang ke dua             tamat pada
80350 Johor Bahru                                    18.12.2021
Johor

4, 4A & 4B                 Bangunan kilang disewa      60 tahun         32       7,661       2,689
Jalan Petaling             kepada pihak ketiga        milikpajak
Larkin Industrial Estate                             tamat pada
80350 Johor Bahru                                     4.10.2021
Johor

Jumlah                                                                                      25,262

* Dinilai semula oleh para pengarah pada 30 April 2000




                                                    90
                              APOLLO FOOD HOLDINGS BERHAD
                                               Company No. 291471-M
                                              (Incorporated in Malaysia)


FORM OF PROXY                                                   Number of Shares


I/We                                                            of

                   .being a member / members of Apollo Food Holdings Berhad, hereby appoint

                                      of                                                                    or   failing

him,                                          of

                    or the Chairman of the Meeting as my/our proxy to attend and to vote for me/us on my/our

behalf at the Seventh Annual General Meeting of the Company, to be held on Friday, 19 October 2001 at

10.30 a.m. and at any adjournment thereof.



 No       Business /Resolution                                                       For       Against

 1.       Adoption of Audited Financial Statements and Reports

 2.       Declaration of Dividend

 3.       Payment of Directors’ fees

 4.       Re-election of Directors:
          Mr Tan Kok Guan

 5.       Mr Liang Chiang Heng

 6.       To re-appoint Messrs Yeo & Associates as Auditors

 7.       Approval of Ordinary Resolution pursuant to Section 132D of
          the Company Act, 1965

(Please indicate with a cross “x” in the spaces provided whether you wish your vote to be cast for or against
the resolution. In the absence of specific directions, your proxy will vote or abstain at his discretion)


Dated this ___ day of ____ 2001


                                                                       ___________________________________
                                                                       Signature / Common Seal of Shareholder(s)

Notes :

1.    A member of the Company who is entitled to attend and vote at the meeting is entitled to appoint a proxy to attend
      and vote in his stead. A proxy may, but need not be a member of the Company.
2.    In the case of a corporate member, the instrument appointing a proxy shall be under the Common Seal or under the
      hand of its attorney.
3.    The instrument appointing proxy must be deposited at registered office of the Company, No. 46-02, Jalan Tun Abdul
      Razak, Susur Satu, 80000 Johor Bahru, Johor not less than 48 hours before the time appointed for holding the
      Meeting or at any adjournment thereof.




                                                           91
                              APOLLO FOOD HOLDINGS BERHAD
                                               Company No. 291471-M
                                              (Incorporated in Malaysia)


BORANG PROKSI                                                  Bilangan Saham

Saya/Kami                                              yang beralamat di

                            selaku ahli / ahli-ahli Apollo Food Holdings Berhad, dengan ini melantik

                            yang beralamat di                                                      atau   setiadanya,

                                     yang beralamat di

           atau Pengerusi Mesyuarat sebagai proksi saya/kami untuk menghadiri dan menggundi bagi pihak

saya/kami di Mesyuarat Agung Syarikat yang Ketujuh, yang akan dilangsungkan pada hari Jumaat, 19

Oktober 2001 pada jam 10.30 pagi atau pada sebarang hari penundaan sekiraya berlaku.

 No      Urusan / Resolusi                                                   Menyokong        Menentan
                                                                                                 g

 1.      Menerima Penyata Kewangan yang telah diaudit serta
         Laporan-Laporan

 2.      Pengisytiharan Dividen

 3.      Pembayaran yuran para Pengarah

 4.      Perlantikan semula para Pengarah:
         Encik Tan Kok Guan

 5.      Encik Liang Chiang Heng

 6.      Perlantikan semula Tetuan Yeo & Associates sebagai
         Juruaudit

 7.      Meluluskan Resolusi Biasa selaras Seksyen 132D Akta
         Syarikat 1965


(Sila tanda pangkah “X” di ruangan yang disediakan sama ada undian anda menyokong atau menentang
resolusi tersebut. Jika tiada arahan khusus, proksi anda akan mengundi atau tidak mengundi mengikut budi
bicara beliau)

Bertarikh ______ haribulan ____________ 2001

                                                      ______________________________________
                                                      [Tandatangan/Meterai Rasmi Pemegang Saham]
NOTA :
1.    Ahli Syarikat yang berhak hadir dan mengundi dalam mesyuarat ini boleh melantik seorang proksi untuk hadir dan
      mengundi bagi pihaknya. Wakil proksi tidak semestinya ahli Syarikat.
2.    Sekiranya ahli korporat, suratcara perlantikan proksi hendaklah dibuat dibawah Meterai Biasanya atau
      ditandatangani oleh peguamnya.
3.    Suratcara perlantikan proksi hendaklah diserahkan di pejabat Pendaftar Syarikat, di alamat 46-02, Jalan Tun Abdul
      Razak, Susur Satu, 80000 Johor Bahru, Johor sekurang-kurangnya empat puluh lapan (48) jam sebelum waktu
      Mesyuarat dijadualkan atau sebarang penangguhan seterusnya.




                                                          92

				
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