· 3) The instrument appointing a proxy must be deposited at the Company’s Registered Office not...

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ContentsConten t s

Notice of Annual General Meeting and Notice of Closure of Books 2

Statement Accompanying Notice of Annual General Meeting 4

Corporate Information 5

Directors' Profile

8

Statement of Directors' Responsibility

10

Corporate Structure 6

Location Of Outlets 7

Audit Committee Report

14

Chairman's Statement

15

Financial Statements 18

Directors' Report 19

Report Of The Auditors 23

Balance Sheets 24

Income Statements 25

Consolidated Statement of Changes in Equity 26

Statement of Changes in Equity 27

Cash Flow Statements 28

Notes To And Forming Part Of The Financial Statements 30

Statement By Directors 51

Statutory Declaration 51

List Of Properties 52

Analysis Of Shareholdings 54

List Of Thirty Largest Shareholders 55

Proxy Form

1

T H E S T O R E C O R P O R A T I O N B E R H A D

NOTICE IS HEREBY GIVEN that the Ninth Annual General Meeting of the Company will be held at

Cobalt Room, Level 1, The Ritz-Carlton Kuala Lumpur, No 168, Jalan Imbi, 55100 Kuala Lumpur

on Friday, 28 September 2001 at 10.00 a.m. for the following purposes:

Agenda

1. To receive and adopt the audited accounts of the Company for the financial year ended 31 March

2001 together with the reports of the Directors and Auditors thereon. ~ Resolution 1~ Resolution 1

2. To approve the payment of a First and Final Dividend of 6% per share less tax at 28% in respect of the

financial year ended 31March 2001. ~ Resolution 2~ Resolution 2

3. To approve the payment of Directors' Fees of RM117,000 for the financial year ended 31 March

2001. ~ Resolution 3~ Resolution 3

4. To re-elect the following Directors who retire in accordance with the provisions of the Company's

Articles of Association :

a) Dato' Dr Haji Kardin bin Haji Shukor ~ Resolution 4~ Resolution 4

b) Encik Ishak bin Yusuf ~ Resolution 5~ Resolution 5

c) Mr Tan You Tiong ~ Resolution 6~ Resolution 6

d) Mr Tang Yeam Soon ~ Resolution 7~ Resolution 7

e) Mr Kam Teh Chung ~ Resolution 8~ Resolution 8

5. To consider and, if thought fit, pass the following resolution under Section 129(6) of the Companies

Act, 1965:

"That Dato' Haji Mohd Yusoff bin Haji Amin (a Director retiring in compliance with Section 129 of the

Companies Act, 1965, being over the age of seventy years) be and is hereby re-elected a Director of

the Company to hold office until the next Annual General Meeting." ~ Resolution 9~ Resolution 9

6. To re-appoint Messrs Moores Rowland as Auditors for the ensuing year and to authorise the Board

of Directors to fix their remuneration.

As Special BusinessTo consider and, if thought fit, to pass the following Resolutions :

8. ORDINARY RESOLUTION

Authority to Directors to issue and Allot Shares

"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 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 in any one financial year 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 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 11~ Resolution 11

9. SPECIAL RESOLUTION

Proposed Amendments to the Articles of Association

" THAT the proposed deletions , alteration, modifications and additions to the Articles of Association of the

Company as contained in the Appendix A be and are hereby approved and adopted ." ~ Resolution 12~ Resolution 12

~ Resolution 10~ Resolution 10

7. To transact any other ordinary business of which due notice shall have been given .

NoticeAnnua l Gene ra l Mee t i ngN o t i c e o f t h e

Annual Report 2001

2


NoticeClosu re o f BooksN o t i c e o f

NOTICE IS ALSO HEREBY GIVEN that the Share Transfer Books and the Register of Members of the

Company will be closed on 15 November 2001 for the preparation of dividend warrants.

The final dividend, if approved, will be paid on 12 December 2001 to shareholders registered in

the Books of the Company as at the close of business on 15 November 2001.

A Depositor shall qualify for entitlement only in respect of:-

a) Shares transferred to the Depositor's Securities Account before 12.30 p.m. on 15 November 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

LEE WAI NGAN (Ms)

CHEAH SEOK HUN (Ms)

Secretaries

Kuala Lumpur

6 September 2001

The proposed amendments to the Articles of Association of the Company is to bring them in line with the Revamped Listing

Requirements of the Kuala Lumpur Stock Exchange .

A copy of the proposed amendments is set out in Appendix A which is despatched together with the Company’s Annual

Report 2001.

Explanatory Note On Special Business

Ordinary Resolution (Resolution 11)

Resolution 11, if passed, will authorise the Directors to issue shares up to 10% of the issued and paid -up capital

of the Company for the time being for such purposes as the Directors consider would be in the best interest

of the Company. This authority will expire at the next Annual General Meeting.

Special Resolution (Resolution 12)

2 ) A p r o x y n e e d n o t b e a m e m b e r o f t h e C o m p a n y.

3 ) T h e i n s t r u m e n t a p p o i n t i n g a p r o x y m u s t b e d e p o s i t e d a t t h e C o m p a n y ’ s R e g i s t e r e d O f f i c e n o t l e s s t h a n

4 8 h o u r s b e f o r e t h e t i m e a p p o i n t e d f o r h o l d i n g t h e m e e t i n g .

1 ) A m e m b e r o f t h e C o m p a n y e n t i t l e d t o a t t e n d a n d v o t e a t t h e m e e t i n g i s e n t i t l e d t o a p p o i n t a p r o x y t o

a t t e n d a n d v o t e i n h i s s t e a d . A m e m b e r m a y a p p o i n t m o r e t h a n t w o p r o x i e s t o a t t e n d a t t h e s a m e m e e t i n g .

W h e r e a m e m b e r a p p o i n t s t w o o r m o r e p r o x i e s , h e s h a l l s p e c i f y t h e p r o p o r t i o n o f h i s s h a r e h o l d i n g s t o

b e r e p r e s e n t e d b y e a c h p r o x y .

Notes :

3


1. Directors who are standing for re-election at the Ninth Annual General Meeting of the Company .1. Directors who are standing for re-election at the Ninth Annual General Meeting of the Company .

a) Dato' Dr Haji Kardin bin Haji Shukor ~ Resolution 4~ Resolution 4

b) En Ishak bin Yusuf ~ Resolution 5~ Resolution 5

c) Mr Tan You Tiong ~ Resolution 6~ Resolution 6

d) Mr Tang Yeam Soon ~ Resolution 7~ Resolution 7

e) Mr Kam Teh Chung ~ Resolution 8~ Resolution 8

Please refer to their profile on Page 10 of the Annual Report 2001.

2. Details of Attendance of Directors at board meetings2. Details of Attendance of Directors at board meetings

There was one board meeting held during the financial year ended 31 March 2001. The number of

the attendance of the Directors are as follows :

AttendanceName of Director

1. Datuk Haji Abdul Rahman bin Ramli

2. Dato' Dr Haji Kardin bin Haji Shukor

3. Dato' Dr Haji Mohd Yusoff bin Haji Amin

4. Ishak bin Yusuf

5. Yeoh Chong Keng

6. Lim Gin Chuan

7. Mohd Qari bin Ahmad

8. Md Kamal bin Bilal

9.

Tang Yeam Soon10.

Tan You Tiong

11. Kam Teh Chung

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1

1

1

1

1

1

1

-

1

-

Mr Tang Yeam Soon and Mr Kam Teh Chung were appointed on 21 February 2001and 31 May 2001

respectively .

3. Place, date and time of the Board of Directors' Meetings3. Place, date and time of the Board of Directors' Meetings

The Board of Directors' meeting was held on 30 July 2000 at 3.00 p.m at Wisma Selangor Dredging,

7th Floor, South Block, 142-A Jalan Ampang 50450 Kuala Lumpur.

Annual Report 2001

StatementAnnua l Gene ra l Mee t i ngS t a t e m e n t A c c o m p a n y i n g N o t i c e o f

4


The Store Holdings Sdn Bhd100%

The Store (Kemaman) Sdn Bhd100%

The Store (Bukit Mertajam) Sdn Bhd100%

The Store (Subang) Sdn Bhd100%

Taiping Supermarket Holdings Sdn Bhd100%

The Store (Terengganu) Sdn Bhd100%

The Store (Kelantan) Sdn Bhd100%

Gold Shopping Centre Holdings Sdn Bhd100%

The Store (NS) Sdn Bhd30%

The Store (Bukit Pasir) Sdn Bhd100%

The Store (Port Dickson) Sdn Bhd100%

Summit Superstore Holdings Sdn Bhd100%

The Store (Pudu) Sdn Bhd100%

The Store (Mentakab) Sdn Bhd100%

The Store (Muar) Sdn Bhd100%

The Store (Seremban) Sdn Bhd100%

TS Universal Trading Sdn Bhd100%

Pacific Hypermarket GroupSdn Bhd100%

The Store (Johore Bahru) Sdn Bhd100%

Murai Perdana Sdn Bhd100%

Formyarn Sdn Bhd67%

Tanjung Segi Sdn Bhd

The Store (Johor Jaya) Sdn Bhd100%

Cotler Sdn Bhd72%

The Store (Taiping) Sdn Bhd100%

Taiping Corporation Sdn Bhd100%

The Store (Tampin) Sdn Bhd100%

The Store (Taiping Jaya) Sdn Bhd100%

The Store (Pusat K.T) Sdn Bhd100%

The Store (Sungai Petani) Sdn Bhd100%

The Store (Kota Bharu) Sdn Bhd100%

The Store (Shah Alam) Sdn Bhd100%

The Store (Taman Kok Lian) Sdn Bhd100%

The Store (Kulim) Sdn Bhd100%

70%

Arglye Sdn Bhd100%

The Store (Kampar Road) Sdn Bhd100%

The Store (Kuantan Parade) Sdn Bhd100%

The Store Properties Sdn Bhd100%

The Store (Plaza BM) Sdn Bhd100%

The Store (Kluang) Sdn Bhd100%

The Store (Central Square) Sdn Bhd100%

The Store (Taman Tun Aminah) Sdn Bhd100%

The Store (Klang) Sdn Bhd100%

Yangtze Corporation Sdn Bhd80.8%

Visual Utama Sdn Bhd100%

Pacific Hypermarket & DepartmentalStore Sdn Bhd100%

Pacific Hypermarket Sdn Bhd100%

Pacific Hypermarket Properties Sdn Bhd100%

Bigever Properties Sdn Bhd100%

Pacific Department Store Sdn Bhd100%

Pacific Hypermarket (Prai) Sdn Bhd100%

Pacific Department Store ( Prai ) Sdn Bhd100%


The Store (Malacca) Sdn Bhd100%

The Store (Batu Pahat) Sdn Bhd100%

70%

( Formerly known as The Store ( Selayang ) Sdn Bhd )

( Formerly known as The Store( Purchong Jaya ) Sdn Bhd )

The Store (Bentong) Sdn Bhd100% ( Formerly known as The Store

( Alpha Court ) Sdn Bhd )

30%

The Store (Summit Parade) Sdn Bhd100%

The Store (Kangar) Sdn Bhd100% ( Formerly known as The Stpre

( SP Plaza ) Sdn.Bhd. )

Naim Jaya Hypermart (M) Sdn Bhd100%

6

CorporateStruc tu reC o r p o r a t e

Annual Report 2001


Pacific Hypermarket and Departmental Store Sdn Bhd- ( Alor Star ).

KOTA BHARUThe Store ( Kelantan ) Sdn BhdThe Store ( Kota Bharu ) Sdn BhdNaim Jaya Hypermart (M) Sdn. Bhd.

KUALA TERENGGANUThe Store ( Pusat K.T ) Sdn Bhd

MENTAKABThe Store ( Mentakab ) Sdn Bhd

The Store ( Kuantan Parade ) Sdn BhdKUANTAN

KEMAMANThe Store ( Kemaman ) Sdn Bhd

KLUANGThe Store ( Kluang ) Sdn Bhd

JOHORE BAHRUThe Store Holdings Sdn BhdThe Store ( Johor Jaya ) Sdn BhdThe Store ( Taman Tun Aminah )Sdn Bhd

SUNGAI PETANIThe Store ( Sungai Petani ) Sdn Bhd

The Store ( Central Square ) Sdn Bhd

TAIPINGThe Store ( Taiping Jaya ) Sdn Bhd

The Store ( Taiping ) Sdn Bhd

IPOHThe Store ( Kampar Road ) Sdn Bhd

SELANGORThe Store ( Klang ) Sdn Bhd

The Store ( Shah Alam ) Sdn Bhd

KUALA LUMPURThe Store ( Taman Kok Lian ) Sdn Bhd

The Store ( Pudu ) Sdn Bhd

SEREMBANThe Store ( NS ) Sdn Bhd

The Store ( Seremban ) Sdn Bhd

TAMPINThe Store ( Tampin ) Sdn Bhd

MALACCAThe Store ( Malacca ) Sdn Bhd

The Store ( Malacca ) Sdn Bhd - Kotamas

MUARThe Store ( Muar ) Sdn Bhd

BATU PAHATThe Store ( Batu Pahat ) Sdn BhdThe Store ( Summit Parade ) Sdn BhdThe Store ( Bukit Pasir ) Sdn Bhd

BENTONGThe Store ( Bentong ) Sdn Bhd

PORT DICKSONThe Store ( Port Dickson ) Sdn Bhd

ALOR SETAR

KULIMThe Store ( Kulim ) Sdn Bhd

PERAIPacific Hypermarket and Departmental Store Sdn Bhd

- ( Prai )

BUKIT MERTAJAMThe Store ( Plaza BM ) Sdn.Bhd

LocationOut le t sL o c a t i o n o f

7


On behalf of the Board of Directors, I am pleased to present the Company's Annual Report and the

Audited Accounts for the financial year ended 31 March 2001.

Financial PerformanceFor the financial year under review, the Group achieved a turnover of RM1,164 million, an increment of

16.8% as compared to RM996 million in the preceding year. The improvement was mainly due to growth

in the consumer spending in line with the proactive measures taken by the Government to boost the

Malaysian economy and the contribution from new outlets acquired during the previous financial year.

The Group registered a profit before tax of RM21.67 million, a marginal decrease of 2.7% over RM22.27

million recorded in previous year. The decrease was mainly due to the higher interest expenses on bank

borrowings and depreciation and amortisation charges during the year.

DividendAfter taking into account the financial position of the Company, the Board is pleased to recommend a

first and final dividend of 6% less 28% income tax amounting to RM2,690,323 (2000: 2,690,323) for

the financial year ended 31 March 2001 for the approval of the Shareholders at the forthcoming Ninth

Annual General Meeting to be held on 28 September 2001.

Operation ReviewThe acquisition of the remaining 49% equity in Pacific Hypermarket Group Sdn Bhd was completed on

17 January 2001, thus making it a wholly-owned subsidiary of the Company.

Dur ing the f inanc ia l year, 3 new ou t le t s were opera ted in Buk i t Pas i r ( Johore ) , Por t D ickson

(N.Sembilan)and Bentong (Pahang). Another new outlet will also be opened in Kangar, Perlis soon .

On 7 June 2001, the Group acquired Naim Jaya Hypermart (M) Sdn Bhd which is located in Kota

Bharu, Kelantan with the same principal activities in retailing and operation of supermarket and

departmental stores. The acquisition will further enhance the operation of the Company as the largest

local supermarket and departmental chain outlets in Peninsular Malaysia.

In conjunction with our 33rd Anniversary celebration a series of mega sales and promotional activities

were carried out from 26 May 2001 until 31 July 2001 in all the outlets of the Group.

AchievementWith the existing 35 outlets throughout Peninsular Malaysia, the oldest dated as far back as 1968, the

Company was honored with 2 prestigious Awards from The Malaysia Book of Records 2001 entitled

"The Largest and Oldest Existing supermarket cum departmental chain in Malaysia" on 9 May 2001

and 8 June 2001 respectively. On 31 July 2001, we also launched our new corporate slogan -

"The Store for Malaysia" at our 33rd Anniversary Dinner Celebration attended by the Honourable Deputy

Prime Minister of Malaysia, YAB Dato' Seri Abdullah Ahmad Badawi. The slogan represents the Group

as a typical locally established retail chain based on the business concept of giving the customer value

for money and providing excellent services to all Malaysians.

Chairman'sSta temen tC h a i r m a n ' s

Annual Report 2001


8

Information technologyThe Group also ventured in a small way into the Cyberworld with our own website, www.tstore.com.my

recently. The objective of the website is to provide information to the customers and investors. In addition

to corporate information, the website also carries news on sales promotion undertaken by the Group.

ProspectThe Board anticipates another challenging year for the Group. The global economic slowdown has generally

weakened the consumption power of most Malaysians. However, with the implementation of the

Government's economic measures to cushion the impact of a global slowdown, the Board is confident

that the Group will improve its business and earnings by focusing on generating higher turnover and lower

operations costs.

To be in line with our new slogan "The Store for Malaysia" and maintaining the status of the largest

supermarket and departmental chain in Malaysia, the Board will continue to explore potential locations

throughout the country for new outlets.

DirectorateOn behalf of the Company, we are pleased to extend a warm welcome to our new Board members, Mr

Tang Yeam Soon and Mr Kam Teh Chung. They brought with them a wealth of experience in the retail

sector which I have no doubt will contribute positively to the business and further growth of the Group.

AcknowledgmentOn behalf of the Board of Directors, I would like to convey our sincere appreciation to the management

and staff of the Group for their dedication and commitment.

I also wish to express my sincere thanks to our shareholders, customers, financiers, business associates

and all the various Government departments and authorities for their continued support and confidence

in the Group.

Last but not least, I wish to thank my fellow Board members for their support and wise counsel.

Datuk Haji Abdul Rahman bin Mohd Ramli

Chairman

Date : 23 August 2001

Chairman'sSta temen tC h a i r m a n ' s

9


Datuk Haji Abdul Rahman bin Mohd Ramli P.J.N. Malaysian, aged 62, is an Independent and non-

Executive Director who was appointed to the Board on 30 March 2000. A Chartered Accountant by

profession, Datuk Haji Abdul Rahman holds a sterling record of being in the Finance and Corporate

service that has spanned more than 35 years culminating in his present appointment as the Chairman

of The Store Corporation Berhad. Among his more notable corporate appointments were Financial

Controller/Finance Director of Harper Gilfillan, Highlands and Lowlands, Sime Darby Plantations and the

Group Managing Director of the Pernas Sime Darby Group.He has also held the position of General

Manager of United Asian Bank from 1986 to 1989. Datuk Rahman's last position prior to joining The

Store Corporation Berhad's Board was a ten-year service as the Group Chief Executive of Golden Hope

Plantations Berhad.

In addition to his corporate appointments, Datuk Rahman had, at various times, also sat on a number

of industrial bodies and Statutory Boards including, The Kuala Lumpur Commodity Exchange, Malaysia

Monetary Exchange, Palm Oil Research Institute of Malaysia, Malaysia Palm Oil Promotion Council and

Rubber Research Institute of Malaysia .

He is also presently a Board Member of Malayan Banking Berhad, Kuala Lumpur Kepong Berhad and

Chairman of Takaful Nasional Sdn Berhad.

Datuk Haji Abdul Rahman bin Mohd Ramli ~ Chairman(Independent Non-Executive Director)(Independent Non-Executive Director)

Tang Yeam Soon(Executive Director)(Executive Director)

Md Kamal bin Bilal , Malaysian, aged 39, was initially appointed to the Board on 14 February 2000

as non-Executive Director and on 31 May 2001, he was re-designed as an Executive Director of the

Company. He has over 13 years of experience in the government service. He served for 6 years as a

Community Development Officer and 7 years as a Supervisor in parliamentary work till to date. Currently,

he is the Managing Director of Cetiaga Sdn Bhd which obtained a PKK Class "B" licence and is involved

in construction work and also Jelita Menawan Sdn Bhd, an authorised "Proton" Car Dealer (USPD).

Md Kamal bin Bilal(Executive Director)(Executive Director)

Tang Yeam Soon, Malaysian, aged 42, was appointed to the Board on 21st February 2001 as Executive

Director. He has more than 20 years of experience in the business sector, particularly in the garments &

retailing industry. As a founder of MCL Corporation Bhd (MCL), he began his business career in 1979

and held the position of Managing Director. Under his leadership and entrepreneurship, MCL grew

rapidly over the years and was successfully listed on the Second Board of the Kuala Lumpur Stock

Exchange in 1993. He was re-designated as Deputy Chairman of MCL at the end of 1996 and held

the position until early 1998.

In 1996, as a founder of Pacific Hypermarket Group Sdn Bhd, he introduced a new business concept

which encompasses the Hypermarket, Supermarket & Department Store under one roof. He was appointed

as Executive Director of The Store Corporation Bhd this year after Pacific Hypermarket Group Sdn Bhd

was fully acquired by the Company.

Presently, he also sits on the Board of several private limited companies, notably, Pacific Treasure Land

Sdn Bhd and Peninsular Palm Development Sdn Bhd, both of which are embarking on the development

of a housing estate .

Directors'Pro f i l eD i r e c t o r s '

Annual Report 2001


10

Dato' Dr. Haji Kardin bin Haji Shukor , Malaysian, aged 62, is an Independent and non-Executive

Director who was appointed to the Board on 13 December 1993 and was also appointed as Chairman

of the Audit Committee of the The Store Corporation Bhd. A qualified Veterinarian, he is dedicated to his

work in animal husbandry so much so he has held many top positions in the public veterinary service. In

1963, he was seconded as Assistant Veterinarian with the Institute of Veterinary Research, Ipoh and

subsequently, transferred to the Kuala Pilah district before furthering his studies at the University of

Queensland in 1965.

Upon his return to Malaysia in 1969, Dato Dr. Kardin was immediately appointed Director of Veterinary

Service for Kedah followed by other such appointment in various districts throughout Peninsular Malaysia.

Dato' Dr Haji Kardin bin Haji Shukor(Independent Non-Executive Director)(Independent Non-Executive Director)

Dato' Haji Mohd. Yusoff bin Haji Amin SMS., PJK., JP. (Dato' Panglima Kubu - Selangor) , Malaysian,

aged 71, is an Independent and non-Executive Director and was appointed to the Board on 24 April 2000.

On 31 July 2000, he was appointed as a member of Audit Committee. He has held many illustrious

positions in a distinguished career in the Public Service. Most notably was the period he served as the

Private Secretary to His Royal Highness the Sultan Of Selangor Darul Ehsan. He served with

distinction in this position for over 18 years. He also have the proud record of holding the following

appointments/positions for varying periods in the State of Selangor Darul Ehsan namely- Orang Besar

Daerah Petaling, District Councillor of Petaling, Member of the Dewan DiRaja, Municipal Councillor of

Shah Alam, Member of the Council State Museum, Majlis Agama Islam and the Council of University

Pertanian Malaysia.

Dato' Haji Mohd Yusoff bin Haji Amin(Independent Non-Executive Director)(Independent Non-Executive Director)

Tan You Tiong , Malaysian, aged 44,is a Executive Director and was appointed to the Board on 23

November 1993. He has more than 15 years of experience in the supermarket/department store

industry. Prior to his appointment to the Board of Directors of The Store Corporation Berhad as

Executive Director, he had served in various and varied capacities in many of the stores within the

Group resulting in his familiarity with, and a thorough knowledge and understanding of, every

aspect of the Group's operations.

Tan You Tiong(Executive Director)(Executive Director)

Kam Teh Chung , Malaysian, aged 52, is an Executive Director who was re-appointed to the Board on

31 May 2001 and currently holds the position of Group Operations Director. He was previously a

Board member serving as Executive Director of The Store Corporation Berhad until his resignation on

30 March 2000. His experience and knowledge plus his understanding of the supermarket/department

store industry gained from more than 20 years of experience is certainly an asset to The Store Corporation

Berhad. Coupled with his knowledge and experience, he also has an impeccable standing in the retail

business industry.

Kam Teh Chung(Executive Director)(Executive Director)


11


Presently, Dato' Yusoff sits on the Board of many public and private companies including Southern Acids

(M) Berhad and Khee San Berhad. He is also the Honorary Advisor to the Council of Justices of the

Peace and Society of the Royal Datos Selangor Darul Ehsan during which period he served as President

from 1994 to 1997.

Mohd Qari bin Ahmad , Malaysian, aged 47, is an non-Independent and non-Executive Director

who was appointed to the Board on 14 February 2000. He obtained a Masters of Business Administration

Degree (MBA) from the University of Aston in Birmingham, United Kingdom and is a Fellow of the

Association of the Institute of Chartered Secretaries and Administrators, United Kingdom. Before venturing

into merchant banking, he spent about 4 1/2 years in the company secretarial profession. In 1983, he

joined Perwira Affin Merchant Bank Berhad and rose to the position of General Manager of the Corporate

Finance and Advisory Division. Throughout his 12 years' career in merchant banking, he has had

considerable exposure in a full range of corporate advisory transactions including initial public offerings,

corporate restructuring and capital raising schemes, mergers, acquisitions and take-overs as well as

independent valuations. As General Manager, he represented the Bank as Council Member in the

Association of Merchant Banks Malaysia (AMBM). He was also a member of the Corporate Finance

Sub-Committee of AMBM and an alternate Director on the Board of Malaysia Issuing House Sdn Bhd.

He left the Bank in August 1996 to set up his own corporate advisory and consultancy business. He has

held various directorships in various public listed companies. He is currently the Managing Director of

Damansara Realty Berhad. He is also a Director of Amtek Holdings Berhad, Long Huat Group Berhad

and Lii Hen Industries Berhad, all of which are public listed companies.

Mohd Qari bin Ahmad(Non-Independent Non-Executive Director)(Non-Independent Non-Executive Director)

Ishak bin Yusuf , Malaysian, aged 57, is an Independent and non-Executive Director who was appointed

to the Board on 31 January 2001. He also sit as a member of Audit Committee on 31 July 2000. He

graduated in 1967 with a Diploma in Education from the Day Training College, Pulau Pinang (Ministry

of Education). He was in the teaching profession for 19 years. In 1986, he retired and went into business.

He is the Managing Director of Bukit Berapit Indah Sdn Bhd, Bukit Berapit Country Club Sdn Bhd, Wise

Place Sdn Bhd and also sits on the Board as Director of several private limited companies which are mainly

involved in property development and construction. He was also a couselor with The Majlis Perbandaran

Seberang Perai from 1991 - 1998 .

Ishak bin Yusuf(Independent Non-Executive Director)(Independent Non-Executive Director)

Yeoh Chong Keng , Malaysian, aged 49, is an Independent and non-Executive Director who is a lawyer by

profession and was appointed to the Board on 14th February 2000. He was a senior police officer in the Royal

Malaysian Police Force before proceeding to read Law at Lincoln's Inn, England. He was called to the English Bar

and Malaysian Bar in 1980 and 1981 respectively and is currently a Senior Partner of a Legal Firm. He has sat on

the Board of several public listed companies and is currently an Independent Non-Executive Director and Chairman

of the Audit Committee of UH Dove Holdings Berhad.

Yeoh Chong Keng(Independent Non-Executive Director)(Independent Non-Executive Director)

Lim Gin Chuan , Malaysian, aged 38, is a non-Independent and non-Executive Director who was

appointed to the Board on 31January 2000. He obtained his Bachelor of Economics ( major in

Accounting ) and Bachelor of Law Degree from Monash University, Melbourne, Australia. He served

as a Legal Assistant in a Legal Firm in 1989 to 1990. From 1991 till today, he has been a Partner in

a Legal Firm. His main areas of expertise are in the field of conveyancing, banking and company law.

His firm serves as Panel Solicitors for various Banks and Finance Companies. He is also presently a

Director of Wong Engineering Corporation Berhad.

Lim Gin Chuan(Non-Independent Non-Executive Director)(Non-Independent Non-Executive Director)

Annual Report 2001

12



Save as disclosed, none of the other Directors hold office in other public listed companies.

2 ) Family Relationship

None of the Directors are related to any Directors or major shareholder of the Company.

3 ) Conflict of interest

None of the Directors have any conflict of interest with the Company.

4 ) Offences

None of the Directors were involved in offences within the past 10 years other than traffic offences.

5 ) Attendance of Board meetings

Only one board meeting was held during the financial year ended 31 March 2001 and all the

directors attended the meeting, except Mr Tang Yeam Soon and Mr Kam Teh Chung who were

were appointed on 21 February 2001 and 31 May 2001 respectively.

6 ) Remuneration of Directors

Remuneration of directors is reviewed periodically having regard to performance and market condition.

The number of directors of the Company whose total remuneration fall within the following bands for

the financial year ended 31 March 2001 are as follows :

Aggregate remuneration of directors categorized into appropriate components:

Salaries (RM) Fees (RM) Bonus & Allawances(RM) Total (RM)

25,500

91,500

199,357 48,000

-

272,857

313,000

1 ) Directorship in other Public Listed Companies

Director Other directorship in Public Listed CompaniesOther directorship in Public Listed Companies

Datuk Haji Abdul Rahman bin Mohd Ramli : Malayan Banking Berhad

Dato' Haji Mohd Yusoff bin Haji Amin : Southern Acids ( M ) Berhad

: Khee San Bhd

Lim Gin Chuan : Wong Enginering Corporation Berhad

Yeoh Chong Keng : UH Dove Holdings Berhad

Mohd Qari bin Ahmad : Damansara Realty Berhad

: Amtek Holdings Berhad

: Long Huat Group Berhad

: Lii Hen Industries Berhad

Number of DirectorsNumber of Directors

Below RM50,000

Executive Non-ExecutiveRange of RemunerationRange of Remuneration

1 6

RM50,001 to RM100,000 1 1

RM100,001 to RM150,000 - -

RM150,000 to RM200,000 1 -

221,500

Executive DirectorsExecutive Directors

Non-Executive DirectorsNon-Executive Directors

: Kuala Lumpur Kepong Berhad

OTHER INFORMATION :



13

Annual Report 2001


Directors'Respons ib i l i t y S t a t emen tD i r e c t o r s '

14

The Board of Directors are required under Paragraph 15.27 (a) of the revamped Kuala Lumpur Stock

Exchange Listing Requirements to issue a statement explaining their responsibility for preparing the

annual audited financial statements.

The Directors are required by law to prepare financial statements for each financial year which give a

true and fair view of the state of affairs of the Group and of the Company as at the financial year end

and of the results and cash flows of the Group and of the Company for the financial year then ended.

The Directors consider that, in preparing the financial statements of The Store Corporation Bhd for the

financial year ended 31 March 2001, the Company has used appropriate accounting policies,

consistently applied and supported by reasonable and prudent judgments and estimates. The Directors

also consider that all applicable approved accounting standards in Malaysia have been followed and

confirm that the financial statements have been prepared on a going concern basis.

The Directors are responsible for ensuring that the Company keeps accounting records which disclose

with reasonable accuracy at any time the financial positions of the Company which enable them to

ensure that the financial statements comply with the provisions of the Companies Act, 1965.

The Directors are also responsible for taking such steps that are reasonably open to them to safeguard

the assets of the Group and to prevent and detect fraud and other irregularities.

Composition :

Dato' Dr Haji Kardin bin Haji Shukor ~ chairman(Independent Non-Executive Director)(Independent Non-Executive Director)

Dato' Haji Mohd Yusoff bin Haji Amin(Independent Non-Executive Director)(Independent Non-Executive Director)

Ishak bin Yusuf(Independent Non-Executive Director)(Independent Non-Executive Director)

1. Membership

a) The Audit Committee shall be appointed by the Board from among its members.

b) The term of office of audit and the terms of reference should be reviewed by the Board not less

than every three years.

c) The Committee shall consist of not less than three members, majority of which should be

Independent non-executive Directors. The word "Independent " shall be the same as defined in the

Listing Requirements of Kuala Lumpur Stock Exchange .

d) An alternate director shall not be appointed as a member of the Committee.

e) At least one member :

i) must be a member of the Malaysian Institute of Accountants ; or

ii) if he is not a member of the Malaysian Institute of Accountants, he must have at least 3 years'

working experience and ;

he must have passed the examinations specified in Part I of the 1st Schedule of the Accountants

Act, 1967; or

he must be a member of one of the associations of accountants specified in Part II of the 1st

Schedule of the Accountants Act, 1967 .

f) No member of the Committee shall be :-

i) a spouse, parent, brother, sister, son or adopted son, daughter or adopted daughter of an

Executive Director of the Company or of any related corporation, or ;

ii) spouse of brother, sister, son or adopted son, daughter or adopted daughter of an Executive

Director of the Company or of any related corporation, or ; any person having a relationship which,

in the opinion of the Board of Directors, would interfere with the exercise of independent judgement

in carrying out the function of the Audit Committee.

g) The members of the Committee shall select a chairman from among their number be appointed

by the Board from the Independent non-Executive Directors.

h) If a member of the Committee resigns, dies or for any other reason ceases to be a member with

months of the event, appoint such number of new members as may be required to make up the

minimum number of three members.

A)

Terms of ReferenceB)

the result that the number of members is reduce to below three, the Board shall, within three

AuditCommi t t ee Repo r tA u d i t


15


16

a) The Committee is authorised by the Board to investigate any activity within its terms of reference. It

is authorised to seek any information it requires from any employee and all employees are directed

to co-operate with any request made by the Committee.

b) The Committee is authorised by the Board to obtain outside legal or other independent professional

advice and to secure the attendance of outsiders with relevant experience and expertise if it considers

this necessary.

c) The Committee shall have direct communication channels with the external auditors and person(s)

carrying out the internal audit function or activity, if any.

d) The Committee shall promptly report to the Exchange of a matter reported by the Audit Committee

to the Board of Directors of the Company which has not been satisfactorily resolved resulting in a

breach of the Listing Requirements of Kuala Lumpur Stock Exchange.

3. Functions

The functions of the Committee shall be:

a) To review and report to the Board

- with the external auditors the audit plan;

- with the external auditors the evaluation of the system of internal accounting controls;

- with the external auditors the audit report;

- the assistance given by the Company's officers to the external auditors;

- the quarterly results and annual financial statements of the Company and Group and thereafter

to submit them to the directors of the Company, particularly on :

- any related party transactions that may arise within the Company or Group; and

b) To do the following for internal audit:

review the adequacy of the scope, functions and resources of the internal audit function, and

that it has the necessary authority to carry out its work ;

review the internal audit programme and results of the internal audit process and where necessary

ensure that appropriate action is taken on the recommendations of the internal audit function ;

review any appraisal or assessment of the performance of members of the internal audit function ;

and

inform itself of resignation of internal audit staff members and provide the resigning staff member

an opportunity to submit his reasons for resigning.

c) to consider the appointment, remuneration and resignation of external auditors; and such other

functions as may be defined by the Board of Directors .

d) to review the internal audit plan, consider significant findings and management's response and

report to the Board together with such other functions as may be agreed to by the Committee and

the Board.

4. Attendance At Meetinga) The Managing Director, the Executive Directors, any other Board Members, General Managers or

any other senior executives as may be requested by the Committee and a representative of the

external auditors shall normally attend meetings. However, at least once a year the Committee

shall meet with the external auditors.

any change in or implementation of major accounting policies and practices;

significant adjustment arising from the audit;

The going concern assumption ; and

compliance with accounting standards and other legal requirements

2. Authority

Annual Report 2001


b) Any two members of the Committee present at the meeting shall constitute a quorum. And the

Quorum must be the independent Directors.

c) The Company Secretary shall be the Secretary of the Committee.

5. Frequency Of Meetings

a) Meetings shall be held not less than two times a year.

b) The external auditors may request a meeting if they consider that one is necessary.

6. Reporting

The agenda will be prepared by the Company Secretary and circulated to the Committee prior to

each meeting. The Company Secretary shall be responsible for keeping minutes of meetings of the

Committee and circulating them to all members of the Board .

7. Voting and proceeding of meeting

The decision of the Audit Committee shall be by majority of votes and the determination by a majority

of the members shall for all purposes be deemed a determination of the Audit Committee. In the case

of an equality of votes, the Chairman of the meeting shall have a second or casting vote.Circular

Resolutions signed by all the members shall be valid and effective as if it had been passed at a meeting

of the Audit Committee.

8. Custody, production and inspection of minutes

The minutes of proceedings of the Audit Committee shall be kept by the Company Secretary at the

Registered office of the Company, and shall be open to the inspection of any member of the Committee

or any member of the Board of Directors.

Activities During the Year

The Committee has carried out the following function during the financial year under review :

a ) Reviewed the consolidated unaudited financial results of the Group and the accompanied notes to

ensure the compliance with specified financial standard and disclosure policies developed and

administered by the Kuala Lumpur Stock Exchange ("KLSE") for recommendation to the Board of

the Directors.

b ) Reviewed the consolidated unaudited quarterly results of the Group and the accompanied notes to

ensure the compliance with applicable approved accounting standards issues and adopted

and administered by the KLSE for recommendation to the Board of the Directors.

Attendance of the Audit Committee MeetingThere was one Audit Committee meeting held for the financial year ended 31 March 2001 and their

attendance were as follows :

Audit Committee Members Number of meeting attended

Dato' Dr Haji Kardin bin Haji Shukor 1 meeting

Dato' Haji Mohd Yusoff bin Haji Amin 1 meeting

Ishak bin Yusuf 1 meeting

C)

D)

by the Malaysian Accounting Standards Board and required disclosure policies developed


17


Directors' Report

Report of the Auditors

Balance Sheets

Income Statements

Consolidated Statement of Changes in Equity

Statement of Changes in Equity

Cash Flow Statements

Notes to and forming part of the Financial Statements

Statement by Directors

Statutory Declaration

19-22

23

24

25

26

27

28-29

30-50

51

51

FinancialSta temen t sF i n a n c i a l

For the year ended 31 March 2001

18


Annual Report 2001

The directors have pleasure in submitting their report and the audited financial statements of the

Company and of the Group for the financial year ended 31 March 2001.

PRINCIPAL ACTIVITIES

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

The principal activities of the subsidiaries consist of operation of department stores and supermarkets,

hypermarkets, manufacturing, wholesaling and trading in garments and underclothings, wholesaling of

household and general goods, property investment and investment holding.

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

DIVIDENDS

Dividends paid or declared by the Company since the end of the previous financial year were as follows:

In respect of the year ended 31 March 2000 as disclosed in the directors' report of that year.

- First and final dividend of 6% less 28%

tax paid on 16 November 2000RM2,690,323

The directors now recommend a first and final dividend of 6% less 28% tax amounting to RM2,690,323

for the current financial year.

RESULTS

Group Company

RM RM

Profit after taxation

Minority interests

11,227,194 9,429,828

1,952,117 -

Net profit for the year

Unappropriated profit brought forward

- As previously reported

- Prior year adjustment

- As restated

13,179,311 9,429,828

(130,055)

73,180,470 33,003,275

Profit available for appropriation

Dividend

86,359,781 42,433,103

(2,690,323) (2,690,323)

Unappropriated profit carried forward 83,669,458 39,742,780

73,310,525 33,003,275

-

---------------

------------------------------

------------------------------

------------------------------

---------------

------------------------------

--------------- ---------------

Directors'Repor tD i r e c t o r s '


19



20

RESERVES AND PROVISIONS

There were no material transfers to or from reserves or provisions during the financial year.

ISSUE OF SHARES AND DEBENTURES

The Company did not issue any shares or debentures during the financial year.

DIRECTORS

The directors in office since the date of the last report are:

Datuk Haji Abdul Rahman bin Ramli

Dato' Haji Mohd Yusoff bin Haji Amin

Dato' Dr. Haji. Kardin bin Haji. Shukor

Mr Tan You Tiong

En Ishak bin Yusuf

Mr Lim Gin Chuan

Mr Yeoh Chong Keng

En Mohd Qari bin Ahmad

En Md. Kamal bin Bilal

Mr Tang Yeam Soon (appointed on 21-2-2001)

Mr Kam Teh Chung (appointed on 31-5-2001)

In accordance with the Company's Articles of Association, Messrs Tang Yeam Soon and Kam Teh Chung

who were appointed to the board subsequent to the date of the last annual general meeting, retire at the

forthcoming annual general meeting together with Dato' Dr. Haji. Kardin bin Haji. Shukor, Mr Tan You Tiong

and En Ishak bin Yusof who retire by rotation. All the retiring directors,being eligible, offer themselves for

re-election.



Annual Report 2001

DIRECTORS' INTERESTS IN SHARES

Directors' shareholdings and interests in shares in the Company were as follows:

-------------- Ordinary shares of RM1 each ------------

At At

Bought Sold1-4-2000 31-3-2001

Dato' Dr. Haji. Kardin bin Haji. ShukorDato' Dr. Haji. Kardin bin Haji. Shukor

- direct interest

- deemed interest

10,000 - - 10,000

- - - -

Mr Tan You TiongMr Tan You Tiong

- direct interest

- deemed interest

507,754 211,246 - 719,000

272,246 7,000 - 279,246

En Mohd Qari bin AhmadEn Mohd Qari bin Ahmad

- direct interest

- deemed interest

- - - -

12,148,000 - - 12,148,000

Mr Tang Yeam SoonMr Tang Yeam Soon

- 1,242,000 - 1,242,000

- - - -

None of the other directors who held office at the end of the financial year held any shares or had any

interest in shares in the Company and its related corporations during the financial year.

DIRECTORS' BENEFITS

Since the end of the previous financial year, no director of the Company has received or become entitled

to receive any benefit (other than a benefit included in the aggregate amount of emoluments received or

due and receivable by the directors shown in the financial statements or the fixed salary of a full time

employee of the Company) 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

a substantial financial interest.

Neither during nor at the end of the financial year was the Company a party to any arrangements whose

object is to enable the directors of the Company to acquire benefits by means of the acquisition of shares

in or debentures of the Company or any other body corporate.

OTHER STATUTORY INFORMATION

Before the income statements and balance sheets of the Company and of the Group were made out,

the directors took reasonable steps:

to ascertain the action taken in relation to the writing off of bad debts and the making of allowance

for doubtful debts and satisfied themselves that all known bad debts had been written off and that

adequate allowance had been made for doubtful debts; and

to ensure that any current assets which were unlikely to realise in the ordinary course of business

their value as shown in the accounting records of the Company and of the Group had been written

down to an amount which they might be expected so to realise.

- direct interest

- deemed interest

(a)

(i)

(ii)



21



At the date of this report, the directors are not aware of any circumstances:

which would render the amount written off for bad debts or the amount of the allowance for

doubtful debts inadequate to any substantial extent, or

which would render the values attributed to the current assets in the financial statements of the

Company and of the Group misleading, or

which have arisen which render adherence to the existing method of valuation of assets or liabilities

of the Company and of the Group misleading or inappropriate.

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

any charge on the assets of the Company or its subsidiary companies which has arisen since the

end of the financial year which secures the liabilities of any other person, or

any contingent liability of the Company or its subsidiary companies which has arisen since the end

of the financial year.

AUDITORSThe auditors, Moores Rowland, Public Accountants, have expressed their willingness to continue in office.

On behalf of the Directors

MD. KAMAL BIN BILALTANG YEAM SOON

Director Director

Date : 30 July 2001

(b)

(i)

(ii)

(iii)

(i)

(ii)

No contingent or other liability of the Company or its subsidiary companies 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 affect the ability of the Company or its subsidiary

companies to meet their obligations as and when they fall due.

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 Company and of the Group which would render any

amount stated in the respective financial statements misleading.

In the opinion of the directors:

the results of the operations of the Company and of the Group for the financial year were not

substantially affected by any item, transaction or event of a material and unusual nature; and

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 to affect substantially the

results of the operations of the Company and of the Group for the financial year in which this

report is made.

(d)

(e)

(f)

(i)

(ii)



22

Annual Report 2001

We have audited the financial statements set out on pages 24 to 50. The preparation of the financial

statements is the responsibility of the Company's directors. Our responsibility is to express an opinion on

the financial statements based on our audit.

We conducted our audit in accordance with approved auditing standards issued by the Malaysian Institute

of Accountants.These standards require that we plan and perform the audit to obtain reasonable assurance

about whether the financial statements are free of material misstatement. An audit includes examining,

on a test basis, evidence supporting 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 an evaluation of the overall presentation of the financial statements. We believe our

audit has provided us with a reasonable basis for our opinion.

In our opinion:

the financial statements have been properly drawn up:

so as to give a true and fair view of the matters required by Section 169 of the Companies Act,

1965 to be dealt with in the financial statements of the Company and of the Group;

in accordance with the provisions of the Act so as to give a true and fair view of the state of affairs

of the Company and of the Group at 31 March 2001 and of their results and cash flows for the

year ended on that date; and

in accordance with applicable approved accounting standards; and

the accounting and other records and the registers required by the Act to be kept by the Company

and its subsidiaries of which we acted as auditors have been properly kept in accordance with the

provisions of the Act.

We have considered the financial statements and the auditors' reports of all the subsidiaries of which we

have not acted as auditors, which are indicated in Note 3 to the financial statements.

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.

MOORES ROWLAND

No. AF: 0539

Public Accountants

GAN MORN GHUAT

No. 1499/5/03 (J)

Partner

Date : 30 July 2001

(a)

(i)

(ii)

(iii)

(b)

The auditors' reports on the financial statements of the subsidiaries were not subject to any qualification

and did not include any comment made under Section 174 (3) of the Act.


Reportof The Aud i to r sR e p o r t


23


24

Group Company

Note 2001 2000 2001 2000

RM RM RM RM

EQUIPMENT

SUBSIDIARY COMPANIES

OTHER INVESTMENTS

GOODWILL ON CONSOLIDATION

CURRENT ASSETS

2 208,227,562 209,408,680 250,442 252,219

3 - - 148,366,088 114,116,786

4 2,333,469 2,332,169 - -

5 5,991,462 3,682,226 - -

Inventories

Trade and other receivables

Amount owing by subsidiary

companies

Time deposits

Cash and bank balances

6 126,209,607 119,678,434 - -

7 53,540,811 44,869,312 18,289,409 15,389,916

3 - - 139,101,921 97,847,739

8 18,029,255 26,769,803 4,902,923 150,000

24,321,798 62,628,234 2,113,511 30,680,465

222,101,471 253,945,783 164,407,764 144,068,120

Less:

CURRENT LIABILITIES

Trade and other payables

Amount owing to subsidiary

companies

Bank borrowings

Taxation

Proposed dividend

9 216,014,033 234,780,817 188,343 76,059

3 - - 183,626,846 160,391,466

10 22,000,800 15,885,499 10,500,000 -

5,005,968 7,468,763 - -

2,690,323 2,690,323 2,690,323 2,690,323

245,711,124 260,825,402 197,005,512 163,157,848

NET CURRENT LIABILITIES (23,609,653) (6,879,619) (32,597,748) (19,089,728)

192,942,840 208,543,456 116,018,782 95,279,277

Financed by:

SHARE CAPITAL

UNAPPROPRIATED PROFIT

11 62,276,002 62,276,002 62,276,002 62,276,002

83,669,458 73,180,470 39,742,780 33,003,275

SHAREHOLDERS' EQUITY

RESERVES ON CONSOLIDATION

MINORITY INTERESTS

LONG TERM LIABILITIES

DEFERRED TAXATION

145,945,460 135,456,472 102,018,782 95,279,277

17,892,238 17,691,278 - -

1,496,374 29,560,144 - -

12 22,705,668 21,137,562 14,000,000 -

13 4,903,100 4,698,000 - -

192,942,840 208,543,456 116,018,782 95,279,277

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

-------------------- -------------------- -------------------- --------------------

---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------

PROPERTY, PLANT AND

BalanceShee t sB a l a n c e


Annual Report 2001

Group Company

Note 2001 2000 2001 2000

RM RM RM RM

Gross revenue 14 1,163,901,632 996,027,423 17,562,000 15,548,500

Cost of sales (983,985,867) (849,554,349) - -

Gross profit 179,915,765 146,473,074 17,562,000 15,548,500

Other operating income 7,457,099 6,305,739 234,782 17,568

Marketing and selling expenses (108,024,918) (95,101,389) - -

Administrative and general

expenses (53,798,069) (35,268,274) (2,686,632) (2,180,153)

Profit from operations 25,549,877 22,409,150 15,110,150 13,385,915

Finance costs (3,874,305) (130,257) (1,350,322) -

Profit before taxation 15 21,675,572 22,278,893 13,759,828 13,385,915

Taxation 16 (10,448,378) (10,391,806) (4,330,000) (3,903,446)

Profit after taxation 11,227,194 11,887,087 9,429,828 9,482,469

Minority interests 1,952,117 (99,524) - -

Net profit for the year 13,179,311 11,787,563 9,429,828 9,482,469

Net dividend per share (sen) 4.32 4.32 4.32 4.32

Earnings per share (sen) 17 21.16 18.93

--------------------------------------------------------------------------------

------------------------------------------------------------

-------------------------------------------------------------------------------- --------------------------------------------------------------------------------

--------------------

----------------------------------------

--------------------------------------------------------------------------------

-------------------------------------------------------------------------------- --------------------------------------------------------------------------------

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--------------------------------------------------------------------------------

----------------------------------------

25


IncomeStatemen t sI n c o m e


Share Unappropriated

capital profit Total

RM RM RM

At 1 April 1999


- Prior year adjustment (Note 18)

62,276,002 64,338,443 126,614,445

- (255,213) (255,213)

- As restated 62,276,002 64,083,230 126,359,232


Proposed first and final dividend of

6% less 28% tax

- 11,787,563 11,787,563

- (2,690,323) (2,690,323)

At 31 March 2000 62,276,002 73,180,470 135,456,472

At 1 April 2000


- Prior year adjustment (Note 18)

62,276,002 73,310,525 135,586,527

- (130,055) (130,055)

- As restated 62,276,002 73,180,470 135,456,472



6% less 28% tax

- 13,179,311 13,179,311

- (2,690,323) (2,690,323)

At 31 March 2001 62,276,002 83,669,458 145,945,460

-------------------- ----------------------------------------

-------------------- --------------------

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-------------------- ----------------------------------------

-------------------- ----------------------------------------

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--------------------

26


ConsolidatedChanges i n Equ i t yC o n s o l i d a t e d S t a t e m e n t o f


Annual Report 2001

Share Unappropriated

capital profit Total

RM RM RM

At 1 April 1999 62,276,002 26,211,129 88,487,131



6% less 28% tax

- 9,482,469 9,482,469

- (2,690,323) (2,690,323)

At 31 March 2000 62,276,002 33,003,275 95,279,277

- 9,429,828 9,429,828

- (2,690,323) (2,690,323)

62,276,002 39,742,780 102,018,782

-------------------- ----------------------------------------

---------------------------------------- ---------------------------------------- ----------------------------------------



6% less 28% tax

At 31 March 2001

-------------------- ----------------------------------------

27


StatementChanges i n Equ i t yS t a t e m e n t o f


Group Company

2001 2000 2001 2000

RM RM RM RM

CASH FLOWS FROMCASH FLOWS FROM

OPERATING ACTIVITIESOPERATING ACTIVITIES

Profit before taxation 21,675,572 22,278,893 13,759,828 13,385,915

Adjustments for:

Amortisation of goodwill

Depreciation

Property, plant and equipment written off

Gain on disposal of property, plant and

equipment

Gain on disposal of other investments

Allowance for doubtful debts

Alowance for doubtful debts written back

Bad debts written off

Inventories written down

Dividend income

Interest income

Interest expenses

Hire purchase and finance lease term

charges

519,371 378,375 - -

19,065,485 13,111,347 64,593 182,086

50,183 505,087 - 88,892

(44,604) (166,688) (19,999) -

- (172,483) - -

58,139 64,877 - -

- (2,196) - -

12,145 26,006 - -

82,103 350,000 - -

- - (17,232,000) (14,228,500)

(1,058,164) (1,870,320) (214,783) (15,580)

3,832,456 120,744 1,350,322 -

41,849 9,513 - -

Operating profit before working capital

changes 44,234,535 34,633,155 (2,292,039) (587,187)

Changes in inventories

Changes in debtors

Changes in creditors

(6,613,276) (11,235,847) - -

(5,981,736) (17,238,189) (1,705,254) (14,622,546)

(19,060,072) 23,287,006 112,284 (137,155)

Cash generated from operations 12,579,451 29,446,125 (3,885,009) (15,346,888)

Interest received

Interest paid

Taxation paid

1,058,164 1,870,320 214,783 15,580

(3,832,456) (120,744) (1,350,322) -

(15,466,120) (9,638,617) (699,279) (432,274)

Net cash used in operating activities (5,660,961) 21,557,084 (5,719,827) (15,763,582)

CASH FLOWS FROM INVESTINGCASH FLOWS FROM INVESTING

ACTIVITIES

Dividends received

Acquistion of new subsidiary companies,

net of cash (Note 19)

Purchase of shares in subsidiary companies

Purchase of property, plant and equipment

Proceeds from disposal of property, plant

and equipment

Purchase of other investment

Proceeds from disposal of other investments

Placement of time deposits

Withdrawal of time deposits

Advances to subsidiary companies

- - 12,407,040 10,244,520

- (27,571,661) - (30,102,681)

(29,293,300) (343,000) (34,249,302) -

(17,479,107) (9,783,228) (62,817) (1,200)

813,896 1,342,695 20,000 -

(1,300) - - -

- 1,346,812 - -

- (29,708) (875,000) -

1,217,922 37,923,537 - -

- - (41,254,182) (23,882,615)

Net cash used in investing activities (44,741,889) 2,885,447 (64,014,261) (43,741,976)

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

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28


Annual Report 2001

CashFlow S ta t emen t sC a s h


Group Company

2001 2000 2001 2000

RM RM RM RMCASH FLOWS FROMCASH FLOWS FROM

FINANCING ACTIVITIESFINANCING ACTIVITIES

Dividend paid

Issue of shares to minority shareholders

Bank term loans raised

Repayment of bank term loans

Repayment of hire purchase and

finance lease instalments

Hire purchase and finance lease term

charges paid

Advances from subsidiary companies

(2,690,323) (1,793,549) (2,690,323) (1,793,549)

211,000 - - -

51,500,000 - 31,500,000 -

(46,024,688) - (7,000,000) -

(134,866) (39,688) - -

(41,849) (9,513) - -

- - 23,235,380 60,037,321

Net cash from financing activities 2,819,274 (1,842,750) 45,045,057 58,243,772

NET CHANGES IN CASH AND CASHNET CHANGES IN CASH AND CASH

EQUIVALENTS (47,583,576) 22,599,781 (24,689,031) (1,261,786)

CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS

BROUGHT FORWARDBROUGHT FORWARD 85,535,937 62,936,156 30,830,465 32,092,251

CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS

CARRIED FORWARDCARRIED FORWARD 37,952,361 85,535,937 6,141,434 30,830,465

Represented by:

TIME DEPOSITSTIME DEPOSITS 15,950,786 23,473,412 4,027,923 150,000

CASH AND BANK BALANCESCASH AND BANK BALANCES 24,321,798 62,628,234 2,113,511 30,680,465

BANK OVERDRAFTSBANK OVERDRAFTS (2,320,223) (565,709) - -

37,952,361 85,535,937 6,141,434 30,830,465

During the financial year, the Group purchased property, plant and equipment amounting to RM18,703,842

(2000 : RM9,783,228) of which RM1,224,735 (2000 : Nil) was financed under hire purchase and

finance lease and the balance of RM17,479,107 (2000 : RM9,783,228) was paid by cash. The Company

purchased its property, plant and equipment by cash.

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- ---------------------------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- ---------------------------------------- -------------------- -------------------- --------------------

29

CashFlow S ta t emen t sC a s h



1.SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of accounting

The financial statements are prepared under the historical cost convention, unless otherwise

indicated in the accounting policies set out below, and comply with applicable approved accounting

standards issued or adopted by the Malaysian Accounting Standards Board ("MASB").

(b) Subsidiary companies

A subsidiary company is a company in which the Company, directly or indirectly, controls more

than half of the voting power or issued share capital or controls the composition of the board of

directors.

The Company's interests in subsidiary companies are stated at cost, and are written down when

the directors consider that there is an impairment loss that is other than temporary on the value

of such investments. The impairment loss is charged to the income statement.

(c) Basis of consolidation

The consolidated financial statements include the audited financial statements of the Company

and all its subsidiary companies made up to the end of the financial year. All material inter-

company transactions are eliminated on consolidation and the consolidated financial statements

reflect external transactions only. The financial statements of the subsidiary companies are

consolidated on the acquisition method of accounting and the results of the subsidiary companies

acquired or disposed of are included in the consolidated financial statements from the date of

acquisition or up to the date of disposal.

At the date of acquisition, the fair values of the subsidiary companies' net assets are determined

and these values are reflected in the consolidated financial statements.

(d) Goodwill on consolidation

The difference, if any, between the acquisition cost and the fair values of attributable net assets is

reflected as goodwill or reserve on consolidation as appropriate. Reserve on consolidation is

retained in the consolidated balance sheet and will be credited to the income statement over a

suitable period decided in relation to the particular circumstances which give rise to it. Where

goodwill is considered to be capable of generating future economic benefits, it is capitalised in

the financial statements and amortised on the straight line basis over a period of 10 years,

otherwise it is written off in the income statement in the year of acquisition. The carrying amount

and amortisation period are reviewed annually, and goodwill is written down when, in the opinion

of the directors, its value has deteriorated or when it ceases to have a useful life.

(e) Property, plant and equipment

Owned assets

Property, plant and equipment are stated at cost less accumulated depreciation.

The carrying amounts of property, plant and equipment are reviewed at each balance sheet date

to determine whether there is any indication of impairment. If such an indication exists, the asset's

recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount

of an item of property, plant and equipment exceeds its recoverable amount. The impairment loss

is charged to the income statement. Any subsequent increase in recoverable amount is reduced

by the amount that would have been recognised as depreciation had the write-down or write-off

not occurred.

30

NotesFinanc ia l S ta t emen t sN o t e s t o a n d F o r m i n g p a r t o f t h e



Annual Report 2001

Leased assets

Leases in which the Group assumes substantially all risks and rewards of ownership are classified

as finance leases. Assets acquired by way of finance leases are stated at amounts equal to the

lower of their fair values and the present value of the minimum lease payments at the inception of

the leases, less accumulated depreciation and impairment loss.

In calculating the present value of the minimum lease payments, the discount rate is the interest

rate implicit in the lease, if this is practicable to determine; if not, the Company's incremental

borrowing rates are used.

Depreciation

Freehold land is not amortised while long term leasehold land is amortised over the remaining

lease period of between 83 and 938 years.

Depreciation is calculated to write off the cost of other property, plant and equipment on the

straight line basis over their expected useful lives at the following annual rates:

Buildings

Motor vehicles

Furniture, fixtures, fittings, office equipment,

air-conditioners, machinery and renovation

2% - 10%

10% - 20%

5% - 33 1/3%

(f) Other investments

Other investments are stated at cost and held for long term. The investments are written down

when the directors consider that there is an impairment loss that is other than temporary on the

value of such investments. The impairment loss is charged to the income statement.

(g) Inventories

Inventories are stated at the lower of cost and net realisable value after adequate allowance has

been made for all deteriorated, damaged, obsolete or slow moving inventories. Cost is determined

on the first in first out basis and represents the invoiced cost of goods purchased.

(h) Debtors

Known bad debts are written off and specific allowance is made for any debts considered to be

doubtful of collection.

(i) Expenditure carried forward

In the previous financial year, expenditure carried forward representing preliminary and pre-

operating expenses stated at cost have been deferred and amortised over a period of 5 years.

During the financial year, the Group changed its accounting policy to write off these expenses as

and when incurred. Accordingly, the change in accounting policy has been accounted for

retrospectively.

31




(j) Income recognition

Income is recognised when it is probable that the economic benefits will flow to the Group and

when the income can be measured reliably, on the following bases:

(i) Sale of goods

Sale of goods is recognised when significant risks and rewards of ownership have been

transferred to the customers.

(ii) Rental income

Rental income is recognised on a time proportion basis over the lease term.

(iii) Concessionary commission

Concessionary commission is recognised on an accrual basis upon sale of concessionary

goods.

(iv) Dividend income

Dividend income is recognised when the shareholder's right to receive payment is established.

(v) Interest income

Interest income is recognised on a time proportion basis taking into account the principal

outstanding and the effective interest rate applicable.

(vi) Management fee

Management fee is recognised on an accrual basis when services are rendered.

(k) Operating leases

Operating leases are those leases other than finance leases. Lease payments under operating

leases are charged to the income statement on a time proportion basis over the lease term.

(l) Finance costs

Finance costs comprise interest paid and payable on borrowings.

All interest and other costs incurred in connection with borrowings are expensed as incurred as

part of finance costs. The interest components of hire purchase and finance lease payments are

charged to the income statement over the hire purchase and financial lease periods so as to give

a constant periodic rate of interest on the remaining hire purchase and finance lease liabilities.

(m) Taxation

The tax expense in the income statement represents taxation at current tax rate based on profit

earned during the year.

Deferred taxation is provided on the liability method for taxation deferred in respect of all material

timing differences except where it is thought reasonably probable that the tax effects of such

deferrals will continue in the foreseeable future. Deferred tax benefits are only recognised where

there is a reasonable expectation of realisation in the near future.

(n) Cash equivalents

Cash equivalents are short term, highly liquid investments that are readily convertible to known

amounts of cash, and which are subject to insignificant risk of changes in value.

32




Annual Report 2001

2.PROPERTY, PLANT AND EQUIPMENT

Group

2001

Cost

Freehold

land &

buildings

&

Long

leasehold

land

buildings

Motor

vehicles

Furniture,

fixtures,

fittings, office

equipment,

air-conditioners,

machinery

& renovation Total

RM RM RM RM RM

At 1 April

Additions

Disposals

Write-off

114,903,202 9,363,639 5,453,676 159,557,230 289,277,747

595,387 - 484,410 17,624,045 18,703,842

- - (300,057) (1,042,822) (1,342,879)

- - - (356,046) (356,046)

At 31 March 115,498,589 9,363,639 5,638,029 175,782,407 306,282,664

Accumulated depreciation

At 1 April

Charge for the year

Disposals

Write-off

5,146,788 142,047 4,688,753 69,891,479 79,869,067

2,228,581 15,059 499,934 16,321,911 19,065,485

- - (300,055) (273,532) (573,587)

- - - (305,863) (305,863)

At 31 March 7,375,369 157,106 4,888,632 85,633,995 98,055,102

Net book value

at 31 March 108,123,220 9,206,533 749,397 90,148,412 208,227,562

2000

109,756,414 9,221,592 764,923 89,665,751 209,408,680

Depreciation

Charge for the

year 94,845 15,060 650,121 12,351,321 13,111,347

-------------------- -------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- -------------------- --------------------

Net book value

at 31 March

-------------------- -------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- -------------------- ---------------------------------------- -------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- -------------------- ---------------------------------------- -------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- -------------------- --------------------

33




Company Motor

vehicles

Furniture, fittings,

equipment &

renovation Total

2001 RM RM RM

Cost

At 1 April

Additions

Disposal

808,862 335,684 1,144,546

- 62,817 62,817

(66,250) - (66,250)

At 31 March 742,612 398,501 1,141,113

Accumulated depreciation

At 1 April

Charge for the year

Disposal

771,743 120,584 892,327

24,744 39,849 64,593

(66,249) - (66,249)

At 31 March 730,238 160,433 890,671

Net book value at 31 March 12,374 238,068 250,442

2000

Net book value at 31 March 37,119 215,100 252,219

Depreciation charge for the year 148,517 33,569 182,086

The net book value of certain freehold and leasehold properties of the Group charged to licensed

banks for banking facilities granted to the Group are as follows:

2001 2000

RM RM

Freehold land and buildings

Long leasehold land and buildings

105,575,444 101,863,382

8,946,478 420,539

114,521,922 102,283,921

Included in the net book value of property, plant and equipment of the Group are motor vehicles

and office equipment amounting to RM1,256,807 (2000 : RM174,743) acquired under hire

purchase and finance lease.

-------------------- -------------------- --------------------

-------------------- -------------------- --------------------

-------------------- -------------------- --------------------

-------------------- -------------------- ---------------------------------------- -------------------- --------------------

-------------------- -------------------- ---------------------------------------- -------------------- --------------------

-------------------- -------------------- ---------------------------------------- -------------------- --------------------

-------------------- -------------------- --------------------

-------------------- --------------------

-------------------- ---------------------------------------- --------------------

34




Annual Report 2001

3.SUBSIDIARY COMPANIES

2001 2000

RM RMUnquoted shares, at cost

148,366,088 114,116,786

The amount owing by/to the subsidiary companies represents unsecured advances which are interest

free and have no fixed terms of repayment.

The subsidiary companies, all of which are incorporated in Malaysia are as follows:

Group

equity interest Principal activities

2001

%

2000

%Subsidiaries of the Company

The Store Holdings Sdn Bhd

The Store (Kelantan) Sdn Bhd

The Store (Terengganu) Sdn Bhd

Taiping Supermarket Holdings Sdn Bhd

Gold Shopping Centre Holdings Sdn Bhd

Summit Superstore Holdings Sdn Bhd

The Store Properties Sdn Bhd

The Store (Bukit Mertajam) Sdn Bhd

The Store (Kemaman) Sdn Bhd

The Store (Plaza BM) Sdn Bhd

The Store (Seremban) Sdn Bhd

The Store (Pudu) Sdn Bhd

The Store (Kluang) Sdn Bhd

The Store (Muar) Sdn Bhd

The Store (Mentakab) Sdn Bhd

100.0 100.0 Operation of department store and

Property and investment holding

Investment holding

Investment holding

Property investment holding

100.0 100.0

100.0 98.8

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

(formerly known as Hiperstor (Plaza BM) Sdn Bhd)

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

---------------------------------------- ----------------------------------------

supermarket and investment holding

supermarket

Operation of department store and










supermarket

supermarket

supermarket

supermarket

supermarket

supermarket

supermarket

supermarket

supermarket

TS Universal Trading Sdn Bhd Inactive(formerly known as The Store (Puchong Jaya) Sdn Bhd)

100.0 100.0



35


100.0 100.0

100.0 100.0

80.8 70.8

100.0 51.0

(formerly known as The Store (Alpha Court) Sdn Bhd)

100.0 -

100.0 -

100.0 -

100.0 -

(formerly known as The Store (SP Plaza) Sdn Bhd)

100.0 -

100.0 -

Subsidiary companies of

The Store Holdings Sdn Bhd

The Store (Malacca) Sdn Bhd

The Store (Batu Pahat) Sdn Bhd

The Store (Johore Bahru) Sdn Bhd

Tanjung Segi Sdn Bhd

Formyarn Sdn Bhd

Murai Perdana Sdn Bhd

100.0 100.0

Investment holding

Property investment holding

Manufacturing, wholesaling and trading

Investment holding

100.0 100.0

100.0 100.0

100.0 100.0

67.0 67.0in garments and underclothings

100.0 100.0

The Store (Taman Tun Aminah) Sdn Bhd

The Store (Klang) Sdn Bhd

The Store (Central Square) Sdn Bhd

The Store (Kampar Road) Sdn Bhd

The Store (Kuantan Parade)Sdn Bhd

Yangtze Corporation Sdn Bhd

*Pacific Hypermarket Group Sdn Bhd

The Store (Bentong) Sdn Bhd

The Store (Subang) Sdn Bhd

The Store (Port Dickson) Sdn Bhd

The Store (Bukit Pasir) Sdn Bhd

The Store (Kangar) Sdn Bhd

Visual Utama Sdn Bhd


Wholesaling of household and general

Investment holding

Inactive

Investment holding

100.0 100.0

100.0 100.0

100.0 100.0

supermarket

supermarket

supermarket

supermarket

supermarket

supermarket

goods

supermarket

supermarket

supermarket

supermarket

supermarket

Group


2001

%

2000

%













36


Annual Report 2001

Subsidiary company ofThe Store (Kelantan) Sdn BhdThe Store (Sungai Petani) Sdn Bhd 100.0 100.0

Subsidiary company ofThe Store (Terengganu) Sdn Bhd

The Store (Pusat K.T.) Sdn Bhd 100.0 100.0

Subsidiary companies of TaipingSupermarket Holdings Sdn Bhd

Taiping Corporation Sdn Bhd 100.0 100.0 Property and investment holding

The Store (Taiping) Sdn Bhd 100.0 100.0

Subsidiary company of GoldShopping Centre Holdings Sdn Bhd

The Store (NS) Sdn Bhd 100.0 100.0

Subsidiary companies ofSummit Superstore Holdings Sdn Bhd

Arglye Sdn Bhd(formerly known as The Store (Selayang) Sdn Bhd)

100.0 100.0 Inactive

The Store (Summit Parade) Sdn Bhd 100.0 100.0

Subsidiary companies ofPacific Hypermarket Group Sdn Bhd

* Pacific Hypermarket Properties Sdn Bhd 100.0 100.0 Property investment

* Bigever Properties Sdn Bhd 100.0 100.0

* Pacific Hypermarket & Departmental

Store Sdn Bhd

90.0 90.0 Investment holding, department store

and hypermarket

Group


2001

%

2000

%

Property investment


supermarket


supermarket


supermarket


supermarket


supermarket



37


Subsidiary company of The Store(Johor Bahru) Sdn Bhd

The Store (Johor Jaya) Sdn Bhd

Subsidiary company of MuraiPerdana Sdn Bhd

Cotler Sdn Bhd

Subsidiary companies ofThe Store (Sungai Petani) Sdn Bhd

The Store (Kota Bahru) Sdn Bhd

The Store (Shah Alam) Sdn Bhd

Subsidiary company of TaipingCorporation Sdn Bhd

The Store (Taiping Jaya) Sdn Bhd

Subsidiary company ofThe Store (Taiping) Sdn Bhd

The Store (Tampin) Sdn Bhd

Subsidiary companies ofThe Store (NS) Sdn Bhd

The Store (Taman Kok Lian) Sdn Bhd

The Store (Kulim) Sdn Bhd

100.0 100.0 Operation of department store and

supermarket

72.0 67.0 Trading in clothing and general goods

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

Group


2001

%

2000

%


supermarket


supermarket


supermarket


supermarket


supermarket


supermarket



38


Annual Report 2001

Subsidiary companies of PacificHypermarket & DepartmentalStore Sdn Bhd

* Pacific Hypermarket Sdn Bhd 100.0 100.0 Dormant

* Pacific Department Store Sdn Bhd 100.0 100.0 Dormant

* Pacific Hypermarket (Prai) Sdn Bhd 100.0 100.0 Dormant

* Pacific Department Store (Prai)

Sdn Bhd

100.0 100.0 Dormant

* Subsidiaries not audited by Moores Rowland.

4.OTHER INVESTMENTSGroup

2001 2000

RM RM

Shares quoted in Malaysia, at cost4,200 2,900

Unquoted shares, at cost2,329,269 2,329,269

2,333,469 2,332,169

Market value - quoted shares3,160 18,125

5.GOODWILL ON CONSOLIDATION Group

2001 2000

RM RM

At 1 April 3,682,226 2,408,527

Additions during the year 2,828,607 1,652,074

6,510,833 4,060,601

Less:Amortisation during the year 519,371 378,375

At 31 March 5,991,462 3,682,226

6.INVENTORIES Group

2001 2000

RM RMInventories stated at cost comprise:

Trading inventories 125,647,757 118,883,479

Raw materials 561,850 779,777

Consumables - 15,178

126,209,607 119,678,434

Group


2001

%

2000

%

-------------------- --------------------

-------------------- ---------------------------------------- --------------------

-------------------- ---------------------------------------- --------------------

-------------------- --------------------

--------------------

-------------------- ---------------------------------------- --------------------

-------------------- --------------------

-------------------- ---------------------------------------- --------------------

--------------------



39


7.TRADE AND OTHER RECEIVABLES

Group Company

2001 2000 2001 2000

RM RM

Gross trade receivables 2,680,475 1,808,202 - -

Less:

Allowance for doubtful debts 123,887 65,748 - -

2,556,588 1,742,454 - -

Other receivables, deposits

and prepayments47,983,835 42,886,518 16,854,830 15,149,576

Tax recoverable 3,000,388 240,340 1,434,579 240,340

53,540,811 44,869,312 18,289,409 15,389,916

8.TIME DEPOSITS

Group Company

2001 2000 2001 2000

RM RM RM RMTime deposits are placed

- with licensed banks 16,515,293 24,856,232 3,388,961 150,000

- with licensed finance companies 1,513,962 1,913,571 1,513,962 -

18,029,255 26,769,803 4,902,923 150,000

Time deposits amounting to RM2,078,469 (2000 : RM2,179,904) and RM875,000 (2000 : Nil) of the

Group and the Company respectively are pledged to licensed banks for banking facilities granted to the

Group and the Company.

9.TRADE AND OTHER PAYABLES

Group Company

2001 2000 2001 2000

RM RM RM RM

Trade payables 194,602,313 208,516,477 - -

Other payables and accruals 20,827,310 26,175,059 188,343 76,059

Hire purchase liabilities(Note 12) 62,615 89,281 - -

Finance lease liabilities(Note 12) 521,795 - - -

216,014,033 234,780,817 188,343 76,059

RMRM

-------------------- -------------------- -------------------- --------------------

---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------

-------------------- -------------------- -------------------- --------------------

---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------

-------------------- ------------------------------------------------------------

-------------------- ------------------------------------------------------------ -------------------- ------------------------------------------------------------



40


Annual Report 2001

10.BANK BORROWINGS

2001 2000 2001 2000

RM RM RM RM

Trust receipts, unsecured 1,153,676 1,294,835 - -

1,420,120 - - -

900,103 565,709 - -

18,526,901 14,024,955 10,500,000 -

22,000,800 15,885,499 10,500,000 -

2001 2000

RM RM

88,000,000 88,000,000

62,276,002 62,276,002

Group Company

----------------------------------------

-------------------- --------------------

-------------------- --------------------

--------------------

------------------------------------------------------------ --------------------

Bank overdrafts

- secured

- unsecured

Current portion of bank

term loans (Note 12)

The trust receipts and bank overdrafts of certain subsidiary companies bear interests at 1.75% to 2.0%

(2000 : 1.75% to 2.5%) per annum above the base lending rate. The bank overdraft of a subsidiary

company is secured by fixed and floating charges on the assets of the said subsidiary company.

All bank borrowings are guaranteed by the Company.

11.SHARE CAPITAL

Authorised

Shares of RM1 each

Issued and fully paid

Ordinary shares of RM1 each

----------------------------------------

---------------------------------------- ----------------------------------------

--------------------

----------------------------------------



41


12.LONG TERM LIABILITIES

2001 2000 2001 2000

RM RM RM RM

82,945 114,930 - -

Hire purchase liabilities

Outstanding hire purchase

instalments due:

- not later than one year

- later than one year and not

later than five years 18,730 104,374 - -

101,675 219,304 - -

24,789 53,137 - -

76,886 166,167 - -

62,615 89,281 - -

14,271 76,886 - -

570,117 - - -

744,832 - - -

1,314,949 - - -

135,799 - - -

1,179,150 - - -

521,795 - - -

657,355 - - -

Group Company

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- -------------------- --------------------

Less:

Unexpired term charges

Outstanding principal amount due

Less:


not later than one year (Note 9)


later than one year and not later than

five years

Finance lease liabilities

Outstanding finance lease rentals due:

- not later than one year

- later than one year and not later

than five years

Less:

Unexpired term charges


Less:

Outstanding principal amount

due not later than one year (Note 9)


later than one year and not later

than five years



42


Annual Report 2001

Bank term loans

Bank term loan bearing interest

at 2% per annum above base

lending rate, repayable by 9 equal

quarterly instalments commencing

January 2001 24,500,000 - 24,500,000 -

Bank term loan bearing interest at

2% per annum above base

lending rate, repayable by 10

quarterly instalments commencing

December 2000 16,000,000 - - -

Bank term loans bearing interest at

1.75% (2000 : 1.75%) per annum

above base lending rate,

repayable by 120 monthly

instalments commencing January

1993 and June 1994 60,943 85,631 - -

- 35,000,000 - -

40,560,943 35,085,631 24,500,000 -

22,034,042 21,060,676 14,000,000 -

22,705,668 21,137,562 14,000,000 -

2001 2000 2001 2000

RM RM RM RM

Group Company

--------------------

Bank term loan bearing interest

at 2.0% per annum above base

lending rate, repayable by 10

equal quarterly instalments

commencing June 2000

Less:

Repayments due within 12 months

(Note 10)

-------------------- -------------------- --------------------

18,526,901 14,024,955 10,500,000 -

Repayments due after 12 months

-------------------- -------------------- --------------------

-------------------- -------------------- ---------------------------------------- -------------------- --------------------

The bank term loans of certain subsidiary companies are secured by legal charges over certain freehold

and leasehold properties and fixed deposits of the subsidiary companies. The term loan of

RM35,000,000 of a subsidiary company in the previous financial year was secured by a debenture

incorporating a fixed and floating charge over all its assets, time deposits amounting to RM875,000

and jointly and severally guarantee by a director of the said subsidiary company.

The bank term loan of the Company is secured by legal charges over certain freehold properties of

a subsidiary company and time deposit of RM875,000 of the Company.

--------------------

----------------------------------------

43




13.DEFERRED TAXATION

Group

2001 2000

RM RM

At 1 April 4,698,000 3,804,500

Acquisition of new subsidiary company

Underprovision in prior year

- 450,000

276,000 191,000

4,974,000 4,445,500

(70,900) 252,500

4,903,100 4,698,000

Group Company

2001 2000 2001 2000

RM RM RMRM

1,161,651,901 992,398,269 - -

1,593,964 2,791,478 - -

653,586 819,289 - -

- - 17,232,000 14,228,500

- - 330,000 1,320,000

2,181 18,387 - -

1,163,901,632 996,027,423 17,562,000 15,548,500

Transfer (to)/from income statement

At 31 March

-------------------- --------------------

-------------------- --------------------

-------------------- ---------------------------------------- --------------------

14.GROSS REVENUE

Sale of goods net of

discounts

Rental income

Concessionary commission

Dividend income

Management fees

Interest income-------------------- -------------------- -------------------- --------------------

-------------------- -------------------- ---------------------------------------- -------------------- -------------------- ----------------------------------------

44




Annual Report 2001

15.PROFIT BEFORE TAXATION

Profit before taxation is stated after

charging:Group Company

2001 2000 2001 2000

RM RM RM RM

519,371 378,375 - -

519,300 453,300 33,000 33,000

(1,000) (3,200) - -

58,139 64,877 - -

12,145 26,006 - -

19,065,485 13,111,347 64,593 182,086

338,000 188,000 117,000 30,000

(56,000) (20,000) - -

2,612,263 2,426,154 507,857 613,129

41,849 9,513 - -

3,832,456 120,744 1,350,322 -

82,103 350,000 - -

- 27,516 - -

50,183 505,087 - 88,892

31,186,713 28,724,387 148,018 147,859

Amortisation of goodwill

Auditors' remuneration

- current year

- overprovision in prior year

Allowance for doubtful

debts

Bad debts written off

Depreciation

Directors' remuneration

- fees

- overprovision in prior year

- other emoluments

- interest expenses

Inventories written down

Operating lease rental

Property, plant and equipment

written off

Rental of premises

Finance costs

- hire purchase and

finance lease term charges

---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------

- 2,196 - -

- - 17,232,000 14,228,500

44,604 166,688 19,999 -

and crediting:

Allowance for doubtful

debts written back

Gross dividends from

subsidiary companies

Gain on disposal of

property, plant and equipment

Gain on disposal of other

investments

Interest income

Rental income

- 172,483 - -

1,058,164 1,870,320 214,783 15,580

5,083,724 4,993,417 - ----------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------



45


Group Company

2001 2000 2001 2000

RM RM RM RM

10,465,325 9,950,550 4,330,000 3,900,000

(70,900) 252,500 - -

10,394,425 10,203,050 4,330,000 3,900,000

(222,047) (2,244) - 3,446

276,000 191,000 - -

53,953 188,756 - 3,446

10,448,378 10,391,806 4,330,000 3,903,446

The effective tax rate of the Group and the Company is high compared to the statutory rate because

certain expenses have been disallowed in arriving at their respective chargeable income and also of

the non-availability of Group relief for losses incurred by certain subsidiary companies.

Based on estimated tax credits available and the prevailing tax rate applicable to dividends, the entire

unappropriated profit of the Company is available for distribution by way of dividends without incurring

additional tax liability.

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

16.TAXATION

Malaysian taxation based

on results for the year

- current

- deferred

Under/(over)provision in

prior years

- current

- deferred

--------------------------------------------------------------------------------

17.EARNINGS PER SHARE

Earnings per share is calculated based on Group profit after taxation and minority interests of

RM13,179,311 (2000 : RM11,787,563) and on 62,276,002 (2000 : 62,276,002) shares in issue

during the financial year.



46


Annual Report 2001

As previously

reported

RM

Effect of

change in

accounting

policy on the

Group

RM

As restated

RM

64,338,443 (255,213) 64,083,230

11,662,405 125,158 11,787,563

73,310,525 (130,055) 73,180,470

2,962,636 719,590 3,682,226

1,697,319 (1,697,319) -

30,407,818 (847,674) 29,560,144

18.PRIOR YEAR ADJUSTMENT

The prior year adjustment is in respect of change in accounting policy for the treatment of expenditure

carried forward. Expenditure carried forward representing preliminary and pre-operating expenses

which were incurred since the date of incorporation of the subsidiary companies to the date of

commencement of operations are written off to the income statement as and when incurred.

In the previous financial years, expenditure carried forward representing preliminary and pre-operating

expenses stated at cost had been deferred and amortised over a period of 5 years.

The change in accounting policy has been accounted for retrospectively.

Comparative information has been restated to conform with these changes. The effects of the changes

on the Group financial statements are as follow:

Unappropriated profit at

1 April 1999

Net profit for the year ended

31 March 2000

Unappropriated profit at

31 March 2000

At 31 March 2000

Goodwill on consolidation

Expenditure carried forward

Minority interests

47




The effects of acquisition of subsidiary company in the previous financial year on the consolidated

cash flow statement were as follows:

RMNet assets acquired:

Property, plant and equipment

Intangible assets

Inventories

Debtors

Time deposits with licensed banks

Cash and bank balances

Creditors

Taxation

Deferred liabilities

Minority interest

Goodwill on consolidation

120,960,692

54,944

21,240,530

8,053,008

1,687,000

2,531,020

(75,930,826)

(72,000)

(21,504,869)

(28,170,948)

1,254,130

Total purchase consideration 30,102,681

2,531,020

27,571,661

The acquisition of the subsidiary company was only completed on 30 March 2000 and therefore, there

was no effect on the financial results of the Group for the financial year ended 31 March 2000.

--------------------

--------------------

19.ANALYSIS OF ACQUISITION OF SUBSIDIARY COMPANY

Less:

Cash and cash equivalents acquired

Net cash flows on acquisition----------------------------------------

20.EMPLOYEES INFORMATION

Group Company

2001 2000 2001 2000

Staff costs RM57,982,741 RM48,690,413 RM1,087,824 RM968,725

Number of employees at

year end

4,891 3,977 22 15

---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------

---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------

48




Annual Report 2001

21.RELATED PARTY TRANSACTIONS

The Company has a controlling related party relationship with its subsidiary companies.

Transactions with related parties during the financial year are as follows:

Management fees from the

following subsidiary companies:

- The Store Holdings Sdn Bhd

- The Store (Batu Pahat) Sdn Bhd

- The Store (Johor Jaya) Sdn Bhd

- The Store (Kota Bahru) Sdn Bhd

- The Store (Kelantan) Sdn Bhd

- The Store (NS) Sdn Bhd

- The Store (Pusat K.T.) Sdn Bhd

- The Store (Seremban) Sdn Bhd

- The Store (Taman Kok Lian) Sdn Bhd

- The Store (Taman Tun Aminah) Sdn Bhd

- The Store (Taiping Jaya) Sdn Bhd

Group Company

2001 2000 2001 2000

RM RM RM RM

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

- - 30,000 120,000

----------------------------------------

The directors of the Company are of the opinion that the above transactions have been entered into

in the normal course of business.

22.CAPITAL COMMITMENTGroup

2001 2000

RM RMApproved capital expenditure contracted

but not provided for in the financial statements 240,000 522,000

---------------------------------------- ----------------------------------------

------------------------------------------------------------------------------------------------------------------------

49




Group Company

2001 2000 2001 2000

RM RM RM RM

- - 47,300,000 14,400,000

Subsequent to year end, the Company acquired 2,000,000 ordinary shares of RM1 each, representing

100% of the issued and paid-up share capital of Naim Jaya Hypermart (M) Sdn Bhd (formerly known

as Prisma Unik Sdn Bhd) at a total cash consideration of RM2,350,000.

----------------------------------------

23.CONTINGENT LIABILITIES

Unsecured corporate

guarantees in respect of

banking and other credit

facilities granted to

subsidiary companies

24.SEGMENT ANALYSIS

No segment analysis is prepared as the Group is primarily engaged in retail operations in Malaysia.

25.SUBSEQUENT EVENT

The principal activity of this company is the operation of department store and supermarket.

26.PRESENTATION OF FINANCIAL STATEMENTS

The financial statements are presented in accordance with MASB Standards for the first time together

with the relevant comparatives.

------------------------------------------------------------------------------------------------------------------------

50




Annual Report 2001

STATEMENT BY DIRECTORS

In the opinion of the directors, the financial statements set out on pages 24 to 50 are drawn up:

so as to give a true and fair view of the state of affairs of the Company and of the Group

at 31 March 2001 and of their results and cash flows for the year then ended; and

in accordance with applicable approved accounting standards.

On behalf of the Directors

TANG YEAM SOON MD. KAMAL BIN BILAL

Director

Date : 30 July 2001

STATUTORY DECLARATION

I, Tang Yeam Soon, being the director primarily responsible for the financial management of The Store

Corporation Berhad, do solemnly and sincerely declare that to the best of my knowledge and belief, the

financial statements set out on pages 24 to 50 are 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 at

Kuala Lumpur in the state of Federal Territory

this 30 July 2001 TANG YEAM SOON

Before me:

Commissioner for Oaths

(a)

(b)

Director

51

StatementDirec to r s & S ta tu to r y Dec la ra t i onS t a t e m e n t o f


Approx. age

of buildings

(Years)

Approx. age

of buildings

(Years)

Tenure

(years of

expiry)

Tenure

(years of

expiry)

Land Area

(Built-up area)

Land Area

(Built-up area)

Date of

Acquisition(A)

Valuation(V)

/

Date of

Acquisition(A)

Valuation(V)

NBV

Ye2001

RM'000

NBV

Ye2001

RM'000

Description /

Existing Use

Description /

Existing Use

HS(D) 12086 & 12087 PTD 2484 & 2485

Mukim Bandar Penggaram Batu Pahat, Johor.

46, 46A, 46B, 48, 48A & 48B

Jalan Megat, Batu Pahat

3 storey shophouse

/godown

9 Freehold 3738 sq.ft.

(9,240 sq.ft.)

2-2-1993 (A) 518

Lot No. 336, 197, 200, 198, 201, 196, 199

Bandar KB VIII, Melaka

Vacant Land - Leasehold

99 years

(13.1.2091)

95,104 sq.ft. 14-1-1992(A) 7,787

Lot No. 338, Town Area VII

238A, 3rd Floor, Taman Melaka Raya, Melaka

No. A3/W-1 to W4

4 units of apartment

/ staff hostel

6 Freehold 3,400 sq.ft. 3-6-1993 (A) 223

Lot 117, 118, 139, 143, 144, 1331 and 1332

Central District of Province Wellesley

Vacant Land - Freehold 234,945 sq.ft. 28-9-1987 (A) 207

Lot 0048, Section 46 Pajakan Negeri

393 Bandar Sungei Petani

43, Kompleks Seri Temin Jalan Ibrahim,

Sungei Petani

4 storey shophouse

/ staff hostel

15 Leasehold

99 years

(2.10.2080)

1,400 sq.ft.

(5,300 sq.ft.)

22-7-1992 (A) 314

2 storey pre-war

shophouse /

rented to third parties

68 Leasehold

999 years

(5.2.2930)

9,502 sq. ft.

(19,000 sq. ft.)

23-2-1976(A) 237Lot 710 Section 4

Town of Bukit Mertajam

Province Wellesley Centre

Grant 3719, Lot 976 & Grant 3720,

Lot 977 Bandar Kuala Terengganu

Vacant land - Freehold 49,080 sq. ft. 18-4-1992 (A) 1,758

Grant 9989, Lot 3643

Kuala Terengganu

- Freehold 915 sq. ft. 1-4-1993 (A) 94

Theatre Road, Lot 1987-1990

67-75, Theatre Road,

Jalan Panggung Wayang, Taiping

4 storey shophouse

complex /

business operation

23 Freehold 6,859 sq.ft.

(24,130 sq.ft.)

24-6-1982 (V) 2,812

Lot 70, 71 & 72 in Mukim of Tampin

Tengah, 49-51, Jalan Besar

Tampin

4 storey shophouse

complex /

Business operation


(24,130 sq.ft.)

6-3-1981 (A) 964

Lot 6619, Mukim Azauri Kumbar, Taiping Vacant Land - 6,767 sq.ft. -1983- (A) 193

Lot 2951 & 2952 Town of Taiping

31 & 32, Jalan Convent, Taiping

2 storey linkhouse /

godown and hostel

16 Leasehold

99 years(13.11.2080)

3,522 sq.ft.

(4,044 sq.ft.)

- 1983 -(A) 210

Vacant land

Leasehold

99 years

(19.11.2895)

Location

52

List Prope r t i e sL i s t o f


Annual Report 2001

3 storey shophouse /



(8,400 sq.ft.)

17-8-1994 (A) 584

HS (D) 9730 & 9731 PT No. 7227 & 7228.

Bandar Mentakab, Temerloh, Pahang

2 units of 3 storey

shophouse /

staff hostel and rental

6 Freehold 3,200 sq.ft. 13-3-1997 (A)

(9,400 sq.ft.)

605

HS (D) 55098 & 55099 NPT 4 & 5,

Sek 91A & 91B

Town of Kuala Lumpur

1 unit apartment /


6 Freehold 959 sq.ft. 4-4-1991 (A) 85

No. 150, Lot 25168

Batu 7 3/4, Jalan Kepong,

Kuala Lumpur

2 storey shophouse

/ office and factory

25 Leasehold

99 years

(9.8.2075)

Leasehold

99 years

(9.8.2075)

1,195 sq.ft. 176

No.1497, Jalan Nangka,Taman Semarak

14000 Bukit Mertajam

Double storey

Shophouse /

Vacant


(9,240 sq.ft.)

423

Parcel G888 & 1888, Ground & First Floor

Megamall, Jalan Baru Prai, Mukim 1,

Province Wellesley Central, Penang

5 storey shophouse

complex /

business operation

4 Freehold 110,934 sq.ft. 10-1-1998 (V) 35,439

Parcel B888, Basemen Floor, Megamall,

Megamall, Jalan Baru Prai, Mukim 1,

Province Wellesley Central, Penang

5 storey shophouse

complex /

business operation

4 Freehold 198,706 sq.ft. 63,879

Lot No.11 Block 2 Type B,

Kepong Light Industry

Mukim Batu, District & State of Wilayah

11/2 Storey Terrace

factory /

business operation

1 Freehold 4,200 sq.ft. 29-2-2000 (A) 583

No. 152, Lot 25169

Batu 7 3/4, Jalan Kepong,

Kuala Lumpur

25 21-10-1992 (A) 2392 storey shophouse

/ office and factory

1,195 sq.ft.

23-12-1993 (A)

25-2-1998 (A)

10-1-1998 (V)

Properties are re-valued periodically, at least once in every five years. The net increase arising from the revaluation

of the properties, if adjusted is credited to a revaluation reserve.

Plot No. A4 & A5,

Section 5 Taman Sri Jaya

Forming part of Lot No. 1-29

Town of Bukit Mertajam

ListPrope r t i e sL i s t o f


53

Authorised Capital : RM88,000,000

Issued and Paid up Capital : RM62,276,002

Class of Shares : Ordinary Shares of RM1.00 each

Voting Rigths : One Vote per Ordinary Share

DISTRIBUTION OF SHAREHOLDINGS AS AT 13 AUGUST 2001

Holdings No of Holders % Total Holdings %

Less than 1,000 shares 22 0.74 8,026 0.01

1,000 to 10,000 2,732 91.74 6,393,973 10.27

10,001 to 100,000 151 5.07 5,403,391 8.68

100,001 to less than 5%

of Issued shares 70 2.35 37,303,612 59.90

5% and above of issued shares 3 0.10 13,167,000 21.14

Total 2,978 100.00 62,276,002 100.00

SUBSTANTIAL SHAREHOLDERS AS AT 13 AUGUST 2001

Name of substantial shareholders No. of shares %

1. Tang Yeam Soon (direct and deemed) 14,901,000 23.93

2. Equatorial Century Sdn Bhd (direct) 12,148,000 19.51

3. Mohd Qari bin Ahmad (deemed) 12,148,000 19.51

4. Soon Peng Len (deemed) 12,148,000 19.51

5. Tan Chuan Soon (deemed) 12,148,000 19.51

6. Tan Sri Dato' Seri Tan Chee Yioun (deemed) 6,640,000 10.66

7. Berjaya VTCY Sdn Bhd (direct) 3,577,000 5.74

DIRECTORS' SHAREHOLDING AS AT 13 AUGUST 2001

Direct Interest % Deemed interest %

10,000 0.02 - -

Mr Tan You Tiong 719,000 1.15 279,246* 0.45

En Mohd Qari bin Ahmad - - 12,148,000^

19.51

Mr Tang Yeam Soon 2,753,000 4.42 12,148,000^

19.51

Mr Kam Teh Chung 320,869 0.52 - -

Save as above disclosed, none of other directors have any interest in shares of the Company or in any

related company either direct or indirect interests as appearing in the Register maintained under Section

134 of the Companies Act, 1965.

* By virtue of his spouse's shareholding

Deemed interest by virtue of his substantial shareholding in Equatorial Century Sdn Bhd.^

----------------------------------------

--------------------

----------------------------------------

--------------------

----------------------------------------

--------------------

----------------------------------------

--------------------

Dato' Dr. Haji. Kardin bin Haji. Shukor

54

AnalysisShareho ld i ng sA n a l y s i s o f

As at 13 August 2001


Annual Report 2001

Name of Shareholders No. of Shares %

1. KAF Nominees (Tempatan) Sdn Bhd

- Pledged securities acc for Equatorial Century Sdn Bhd

5,590,000 8.98

2. U.B. Nominees (Tempatan) Sdn Bhd

- Pledged securities acc for Equatorial Century Sdn Bhd

4,000,000 6.42

3. Amsec Nominees (Tempatan) Sdn Bhd

- Pledged securities acc for Berjaya VTCY Sdn Bhd

3,577,000 5.74

4. Berjaya General Insurance Berhad 2,963,000 4.76

5. HDM Nominees (Tempatan) Sdn Bhd

- Pledged securities acc for Amlied Holdings Sdn Bhd

2,900,000 4.66

6. Equatorial Century Sdn Bhd 2,558,000 4.11

7. Mayfin Nominees (Tempatan) Sdn Bhd

- Pledged securities acc for Tang Yeam Soon

1,840,000 2.95

8. Cartaban Nominees (Asing) Sdn Bhd

- Bank of Tokyo Mitsubishi Luxembourg S.A. for

Osterreichische Volksbanken AG

1,500,000 2.40


- Pledged securities acc for Nusraya Holdings Sdn Bhd

1,248,000 2.00


-Pledged securities acc for Khor Guet Lin

1,243,000 2.00


- Pledged securities acc for Perspektif Bakti Sdn Bhd

1,236,000 1.98

12. Mayban Nominees (Tempatan) Sdn Bhd

- Pledged securities acc for Azam Spektrum Sdn Bhd

1,232,000 1.98


- Pledged securities acc for Pan Prosperity Holdings Sdn Bhd

1,225,000 1.97


- Pledged securities acc for Khor Guik Lee

1,209,000 1.94

15. Mayban Nominees (Tempatan) Sdn Bhd

- Pledged securities acc for Pancaran Kurnia Sdn Bhd

1,188,000 1.91

16. Yap Yan Chuan 1,026,937 1.65

17. Bumiputra-Commerce Nominees (Tempatan) Sdn Bhd

- Pledged securities acc for SJ Securities Sdn Bhd

876,000 1.41

18. Tang Yeam Soon 723,000 1.16

55

ListTh i r t y La rge s t Sha reho lde r sL i s t o f

As at 13 August 2001


I / We ,_________________________________________________NRIC No: _________________________

____________________________________________________________________________________

being a member / members of THE STORE CORPORATION BERHAD ( 252670-P ), hereby appoint

______________________________________________________________________________

of____________________________________________________________________________________

or failing him / her, the Chairman of the Meeting, to vote for me / us and on my / our behalf at the

Ninth Annual General Meeting of the Company to be held at Cobalt Room, Level 1, The Ritz-Carlton

Kuala Lumpur, No.168, Jalan Imbi, 55100 Kuala Lumpur on Friday, 28 September 2001 at 10.00a.m.

or any adjournment thereof, and to vote as indicated below:

Please indicate with an ' X ' in the space below how you wish your vote to be cast. ( If you do not do so,

your Proxy will vote or abstain from voting at his / her discretion ).

RESOLUTION FOR AGAINST

1. Adoption of Accounts

2. First and Final Dividend

3. Directors' Fees

4. Re-election of Dato' Dr. Haji Kardin bin Haji Shukor

5. Re-election of En Ishak bin Yusuf

6. Re-election of Mr Tan You Tiong

7. Re-election of Mr Tang Yeam Soon

8. Re-election of Mr Kam Teh Chung

9. Re-election of Dato' Haji Mohd Yusoff bin Haji Amin

under Section 129(6) of the Companies Act, 1965

10. To re-appoint Messrs Moores Rowland

Signature of Member

1 ) A m e m b e r o f t h e C o m p a n y e n t i t l e d t o a t t e n d a n d v o t e a t t h e m e e t i n g i s e n t i t l e d t o a p p o i n t a p r o x y t o

a t t e n d a n d v o t e i n h i s s t e a d .

2 ) A p r o x y n e e d n o t b e a m e m b e r o f t h e C o m p a n y.

3 ) I f t h e a p p o i n t e r i s a C o r p o r a t i o n , t h e f o r m m u s t b e u n d e r i t s C o m m o n S e a l o r u n d e r t h e h a n d o f a n

o f f i c e r o r a t t o r n e y d u l y a u t h o r i s e d

Notes :

As witness my hand this _________day of ________________2001

THE STORE CORPORATION BERHAD( Incorporated In Malaysia )

( 252670-P )

No.of Ordinary Shares Held:

of

11. Authority under Section 132D of the Companies Act,

1965 for Directors to issue shares.

12. Amendments to Articles of Association


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