TCRAP_Public/010330.MBX             T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                 Friday, March 30, 2001, Vol. 4, No. 63


                               Headlines


A U S T R A L I A

BRADMILL UNDARE: Placed In Receivership
HIH INSURANCE: NRMA Completes Workers' Comp Transaction
HIH INSURANCE: Stop Contracts, HK Commissioner Asks
KNIGHTSBRIDGE: Halt Trading, ASIC Orders
NOMAD TELECOMMUNICATIONS: Sirius Takes Over


C H I N A   &   H O N G  K O N G

CHINADOTCOM CORP: Plans To Streamline Ops Worldwide
PACIFIC CENTURY: Analysts See Red
TRASY GOLD: Net Loss Widens To HK$12.6M


I N D O N E S I A

DHARMALA SAKTI: Court Rejects IBRA Debt Claim
DUTA ANGGADA: Misses Bonds Payment Worth Rp76.2B


J A P A N

ARABIAN OIL: Marks Third Year In The Red
MITSUBISHI MOTORS: Faces Y350B Net Loss


K O R E A

HANIL LIFE: Can Survive Without Gov't Aid, Paper Says
HYUNDAI LIFE: Gov't To Spend W900B On Insurers
SEJONG SECURITIES: Inks Management Deal With FSS
SSANGYONG CEMENT: W1.4 Trillion Debt Resched Planned
SSANGYONG CONSTRUCTION: Debt-To-Equity Swap Deal In Works


M A L A Y S I A

CHASE PERDANA: Deal With STB Expires
IDRIS HYDRAULIC: Board Approves Restructuring Bid
UNITED ENGINEERS: Subsidiary Undertakes Refinancing


P H I L I P P I N E S

NATIONAL BANK: Present Rehab Plan, IMF Asks Gov't
URBAN BANK: Funds Withdrawal Ok, Former Exec Says


S I N G A P O R E

JURONG CEMENT: Predicts Bigger Losses In Second Half
MEDIASTREAM LIMITED: Net Loss Narrows To $5.62M


T H A I L A N D

EMC PUBLIC: Announces Resolutions On Rehab Plan
SANYO UNIVERSAL: Prepares Rehab Plan
SIAM STEEL: Announces Progress Report On Rehab Plan


     -  -  -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================


BRADMILL UNDARE: Placed In Receivership
---------------------------------------
Burdened with debt obligations amounting to A$52 million,
Bradmill Undare, the Australian textile firm, is now under
receivership of Arthur Andersen. It is for sale at A$100 million,
Australasian Business Intelligence reported.


HIH INSURANCE: NRMA Completes Workers' Comp Transaction
-------------------------------------------------------
NRMA Insurance Group announced at the Australian Stock Exchange
on Wednesday that the company has completed the workers'
compensation insurance transaction with HIH Insurance Limited (in
provisional liquidation). NRMA also sought to clarify some of the
information in an announcement made by HIH Insurance.

The statement issued by HIH stated that "NRMA has now agreed to
pick up all liabilities in respect of certain workers'
compensation policies from the date on which HIH went into
provisional liquidation ie, Thursday 15 March 2001."

NRMA Insurance clarified the terms of the transaction (as
previously announced on March 14,16 and 23) as follows:

1. NRMA Insurance is taking on responsibility for claims
(liabilities) under HIH policies incurred in respect of incidents
taking place on or after 15 March 2001 (this applies in WA, NT,
ACT and Tasmania).

2. In return, HIH has assigned to NRMA all unpaid premium as at
15 March, and premiums which become payable after 15 March.

3. NRMA has not assumed any liability for existing claims as at
March 15, or claims incurred prior to March 15, 2001. These
claims will be dealt with by the provisional liquidator of HIH or
the regulators under legislation in force in the relevant States
and Territories. NRMA Insurance is seeking to assist the
regulators with the administration of these claims.

In New South Wales, Victoria and South Australia the existing
arrangements under which HIH/FAI (now NRMA) manages claims and
policies on behalf of the State workers' compensation authorities
would continue unaffected.

The announcement also added, the purchase price is now made up as
follows: $90 million cash; $15 million in escrow for warranties;
and up to $l5 million as an earn out dependant on renewal rates
of the portfolios.

The $15 million in escrow and the $15 million earn out amounts
can also be applied to any shortfall in the unpaid premium at or
following March 15, 2001.

NRMA Insurance confirmed that holders of HIH workers'
compensation policies would not need to replace their policies.


HIH INSURANCE: Stop Contracts, HK Commissioner Asks
---------------------------------------------------
HIH Insurance posted a notice at the Australian Stock Exchange on
Wednesday informing that the Commissioner Insurance of Hong Kong
has required the insurance company's wholly owned subsidiaries
incorporated in Hong Kong not to effect any new contracts of
insurance or to renew any existing contracts of insurance in or
from Hong Kong until such time as the Commissioner has given
written permission to recommence such business.

These subsidiaries referred to are HIH Insurance (Asia) Limited,
HIH Casualty and General Insurance (Asia) Limited, Asian Area
Reinsurance Company Limited, and FAI First Pacific Insurance
Company Limited.


KNIGHTSBRIDGE: Halt Trading, ASIC Orders
----------------------------------------
The Australian Securities & Investments Commission ordered the
trading halt of Knightsbridge, the failed finance broker,
Australasian Business Intelligence reported. The order, the
report said, followed the opposition raised by Denise Brailey, an
investor advocate, to the transfer of A$22 million loan book from
the finance broker to another financier.


NOMAD TELECOMMUNICATIONS: Sirius Takes Over
-------------------------------------------
Sirius, the telecommunications and information services group,
has taken over Nomad Telecommunications, which had been placed in
receivership by ANZ Bank since January, Australasian Business
Intelligence reported Wednesday. With the take over, Sirius is
expected to keep Nomad's 200 workers and its existing clientele.

The report also said that ANZ Bank might lose an amount of A$6
million it invested in Nomad. Unsecured creditors, likewise, have
nothing to expect from Nomad.

Sirius is engaged in facilitating telecommunications transmission
and information services. On one hand, Nomad is into
telecommunications facilities management.


================================
C H I N A   &   H O N G  K O N G
================================


CHINADOTCOM CORP: Plans To Streamline Ops Worldwide
---------------------------------------------------
Chinadotcom Corporation announced that, as part of its cost-
cutting measures, by the end of the year's first half it will
have less than 2,000 workers as 400 of them will be laid off,
Bloomberg reported Wednesday. At the end of December, China's
largest Web site operator had 2,417 people under its employ, the
report said citing a company's announcement released through PR
Newswire.

The report also said that the company would consolidate its
operations worldwide, closing offices to scale back setups in
Korea, Singapore, Hong Kong, Taiwan, China, Japan and the U.S.

According to the company's COO Peter Hamilton, in the Bloomberg
report, "Chinadotcom will be reducing headcounts through
attrition and disposal of non-core operating assets," adding that
it would be necessary for the organization to be "appropriately
shaped to the business environment."

Chinadotcom is listed on the Nasdaq Stock Exchange along with
rivals Sina.com and Sohu.com, all of which are in neck-to-neck
competition in the Chinese online market that has estimated value
of $80 million.


PACIFIC CENTURY: Analysts See Red
---------------------------------
Pacific Century CyberWorks, the embattled telecoms and Internet
firm headed by Richard Li, will post its first combined results
since acquiring Hong Kong's dominant telco later today, with many
analysts forecasting a hefty loss. However, it is difficult to
make forecasts because PCCW's US$28.5 billion purchase of Cable &
Wireless HKT was completed in mid-August, just 4-1/2 months of
combined operations are expected to be included in the results,
company watchers said.

Other unknowns include how the firm will account for losses in
its investment arm, and how it handles the massive goodwill
incurred when it swallowed the larger HKT business in Asia's
largest corporate takeover. "They're going to come out with all
kinds of weird, bizarre numbers," said Nomura International
telecoms analyst Richard Ferguson, who expects a year 2000 loss
of HK$2.58 billion and has an "underperform" rating on the stock.
"It will be a fairly confusing picture."

Deutsche Bank analyst Nigel Coe, who also rates the counter
"underperform", forecast a loss of HK$5.4 billion, assuming PCCW
takes a charge of HK$3.5 billion to account for the loss in value
of its investment portfolio.  "However, we should not lose sight
of the fact that this number is extremely polluted by a number of
one-off acquisition-type expenses that makes this an extremely
volatile forecast," Coe warned in a research note.


TRASY GOLD: Net Loss Widens To HK$12.6M
---------------------------------------
Trasy Gold Ex, an Internet precious metals exchange, posted a net
loss of HK$12.6 million last year on turnover of HK$4.6 million.
The Growth Enterprise Market-listed company's net loss widened
from HK$3.8 million a year ago. Loss per share was 69.7 HK cents,
compared with loss per share of 21.7 HK cents in 1999. The online
metal-trading company generates revenue from commissions on
online gold and metal transactions.


=================
I N D O N E S I A
=================


DHARMALA SAKTI: Court Rejects IBRA Debt Claim
---------------------------------------------  
The Jakarta Commercial Court ruled out the Indonesian Bank
Restructuring Agency's (IBRA) bankruptcy suit against PT Dharmala
Sakti, AFX reported Thursday. The report said the suit involved
the Rp28 billion debt claims by IBRA, which the court deemed as
"legally defective."  

Citing Judge Putu Supadmi, the AFX report added that the
respondent had no knowledge nor given approval that its loan be
transferred from Bank Rakyat Indonesia and Bank Bumi Daya to
IBRA.

Thus the court ruled that the transfer was "deemed invalid", the
report said.

IBRA, on the other hand, said that it would take its appeal to
the Supreme Court, citing immateriality of the lower court's
judgment.


DUTA ANGGADA: Misses Bonds Payment Worth Rp76.2B
------------------------------------------------
PT Duta Anggada Realty announced that on March 1 it defaulted
payment on bonds' principals worth Rp76.2 billion, IndoExchange
reported Thursday, citing Greg Toreh, a finance officer of the
company.

The property developer and operator had issued a total of Rp100
billion of 5-year bonds, which were to mature on March 1, bearing
fixed coupon rate of 18 percent, IndoExchange said.

According to Toreh, in the same report, the bondholders are
scheduled to meet on April 14 to approve the proposition to
reschedule the debt maturity to March 1, 2006.


=========
J A P A N
=========


ARABIAN OIL: Marks Third Year In The Red
----------------------------------------
Arabian Oil Company, Japan's biggest oil producer, posted group
net losses of Y16.15 billion, for the year ended December 31, a
rise of 463 percent from the previous year's Y2.87 billion. This
figure marks the company's third consecutive year in the red,
Japan Times Online reported Thursday.

The group also incurred pretax profits of Y52.12 billion and
sales of Y176.07 billion or a drop by 4.3 percent.

The mounting losses, the report said, was attributed to the
company's early retirement program and assets transfer after the
company lost its concessions in the Khafji oil field in February
2000.


MITSUBISHI MOTORS: Faces Y350B Net Loss
---------------------------------------
Mitsubishi Motors Corporation announced on Wednesday that it
estimated to incur Y350 billion in parent-only net loss for
fiscal year 2000, and parent-only pretax loss of Y80 billion,
Japan Times Online reported Thursday.

Meanwhile, unconsolidated sales may drop to Y2 trillion.
According to Times report, net balances may hit marks lower than
as forecasted, which, the company explained, would be due to
extraordinary losses stemming from the reconstruction measures
and extra expenses in line with vehicle recalls. Last month, MMC
recalled a total of 1.52 million vehicles, both in Japan and
abroad.

On one hand, the Mitsubishi group predicts net losses of Y270
billion, and sales of Y3.3 trillion.


=========
K O R E A
=========


HANIL LIFE: Can Survive Without Gov't Aid, Paper Says
-----------------------------------------------------
Hanil Life Insurance Company could recover on its own, even
without government, according to Korea Economic Daily, Bloomberg
reported Thursday. That is, the paper added, if the life insurer,
which shut down operations upon government orders beginning March
1, could redeem some W51 billion in loans to an affiliate.  

This remark came with the Daily's report that the government is
going to use W900 billion of public money to fund the revival of
Korea's three beleaguered life insurers, which includes Hanil
Life.

The Public Fund Management Committee has also released its
decision Wednesday that debts and assets of the three insurers,
Hanil Life, Hyundai Life, and Samshin Allstate Life, to another
insurer, Bloomberg said, citing the Daily.

Hanil, along the two insurers, incurred losses on stock
investments, and were advised to shut down operations for three
months while government will draw up a rescue plan.


HYUNDAI LIFE: Gov't To Spend W900B On Insurers
----------------------------------------------
The Korean government has allocated public funds amounting to
W900 billion to be spent on recovery measures of three Korean
life insurers, Bloomberg reported Thursday, citing a Korea
Economic Daily report. The three beleaguered life insurers are
Hyundai Life Insurance Company, Hanil Life Insurance Company and
Samshin Allstate Life Insurance Company.

The Public Fund Management Committee, which met on Wednesday,
approved the transfer of debts and assets of the three insurers
to another insurer, Bloomberg said, citing the Daily report.

According to Bloomberg, the three insurers had to shut down
operations in the next 3 months effective March 1 upon government
order, as the state would be mulling over a rescue plan after a
sell-off option did not succeed.


SEJONG SECURITIES: Inks Management Deal With FSS
------------------------------------------------
Sejong Securities, Korea Herald reported Thursday, has signed a
management improvement contract with the Financial Supervisory
Service (FSS), making it one of the six insolvent companies that
had reached such a deal with the financial watchdog agency.

The five other insolvent companies are Tong Yang Securities,
Kookmin, Saehan, Saeil, and Asia, all of which were ordered to
produce a management improvement plan from Daeil Thomson
BankWatch.

According to the Herald report, these six credit information
firms need to fulfill their self-help measures, or otherwise FSS
would impose sanctions on them, such as revoking their business
licenses or subjecting them to liquidation.


SSANGYONG CEMENT: W1.4 Trillion Debt Resched Planned
----------------------------------------------------
Creditors of Ssangyong Cement are setting up a debt-rescheduling
package of W1.4 trillion for the cement maker, apart from a debt-
to-equity swap for Ssangyong Engineering & Construction (SEC)
worth W430 billion, The Digital Chosun reported Thursday.

These propositions involved the conversion to convertible bonds
of W300 billion loan Ssangyong owed to Cho Hung Bank, its biggest
creditor, Chosun said, citing an top official of the said
creditor bank.

Apart from these measures, the creditors are also going to reduce
interest rate to 7 percent from 12 percent for debts totaling
W198.4 billion, which the cement subsidiary took after Ssangyong
Motor, Chosun said.

These plans will be formalized in a written agreement, Chosun
said.


SSANGYONG CONSTRUCTION: Debt-To-Equity Swap Deal In Works
---------------------------------------------------------
Ssangyong Construction may get a debt-to-equity conversion deal,
as creditors are entertaining possibilities of turning the
troubled contractor's W430 billion debts to equity, Asia Pulse
reported Wednesday. This is just one of the options that
creditors might propose to buoy Ssangyong, among them an interest
rate reduction and debt restructuring.

The W430-billion amount, the report said, is only part of the
builder's total loans of W1.2 trillion, and will be converted, as
creditors proposed, into equity through transfer of ownership of
convertible bonds, and the interest rate reduction by nearly half
of the current level.    


===============
M A L A Y S I A
===============

CHASE PERDANA: Deal With STB Expires
------------------------------------
Alliance Merchant Bank Berhad (AMB), on behalf of the Board of
Directors of Chase Perdana Berhad (CPB), announced on Wednesday
at the Kuala Lumpur Stock Exchange that the Sale and Purchase
Agreements CPB had with Sitt Tatt Berhad (STB) expired on March
23, 2001. The agreement was on the following disposals:

(I) Proposed disposal of 100 percent equity interest in Chew Piau
Properties Sdn Bhd for a sale consideration of RM19,391,261 to be
satisfied by cash;

(ii) Proposed disposal of 100 percent equity interest in
Imacentre Development Sdn Bhd for a sale consideration of RM105
million to be satisfied by cash of RM40 million and issuance of
41,935,484 new ordinary shares of RM1.00 each in STB at an issue
price of RM1.55 per new STB Share;

(iii) Proposed disposal of 3 floors in Menara Khuan Choo, a
property located in Jalan Sultan Ismail, Kuala Lumpur, for a sale
consideration of RM17.640 million to be satisfied by cash;

(iv) Proposed disposal of 5 floors in Menara Safuan, a property
located off Jalan Ampang, Kuala Lumpur, for a sale consideration
of RM12.3 million to be satisfied by cash;

(v) Proposed disposal of 6 units of one-and-a-half story detached
factories within Kota Putri Industrial Park, Bandar Kota Putri,
Johor, for a sale consideration of RM9.01 million to be satisfied
by cash of RM4.8 million and issuance of 2,716,129 new STB Shares
at an issue price of RM1.55 per new STB Share;

(vi) Proposed disposal of a 7-story building, 3-story shophouse
and 7 lots of adjoining commercial land located at Jalan Leong
Sin Nam, Jalan Laxamana and Jalan Sultan Idris Shah, Ipoh,
respectively for a total sale consideration of RM7.61 million to
be satisfied by cash of RM5.91 million and issuance of 1,096,774
new STB Shares at an issue price of RM1.55 per new STB Share;

(vii) Proposed disposal of Wisma Chase Perdana, a property
located at Damansara Heights, off Jalan Semantan, Kuala Lumpur,
for a sale consideration of RM100 million to be satisfied by cash
of RM65 million and issuance of 22,580,645 new STB Shares at an
issue price of RM1.55 per new STB Share.

CPB had been formerly informed by STB that STB had not sought to
extend the sale and purchase agreements, which lapsed on March
23, 2001.

In view of the above, the Board has decided to abort the
proposals and to withdraw the submission from the Securities
Commission (SC).

We wish to also draw attention to the announcement of CPB on
January 16, 2001 wherein it was mentioned that a tripartite
agreement was entered into with CPB, STB and MRCB to commence
discussion and negotiations to consider MRCB's intention to
inject certain assets of MRCB and/or its subsidiaries to CPB and
STB to be satisfied either through cash, issuance of new ordinary
shares or other securities in CPB and/or STB or a combination
thereof (proposed rationalization).

A condition to the completion of the proposed rationalization, as
stated in the tripartite agreement, is the completion of the
proposals and the corporate exercise of CPB, which was submitted
to the SC on July 12, 2000. As the Board has decided to abort the
proposals, this condition accordingly will not be met. The Board
(on March 28, 2001) informed MRCB of its decision to abort the
proposals. In the meantime, the Board is of the view that the
tripartite agreement still subsists and shall hold discussion and
negotiations in respect of the proposed rationalization with MRCB
and STB to consider a viable proposal going forward.

The Board, the announcement said, is pleased to inform that CPB
is still committed to the proposed rationalization and an
appropriate announcement in this respect shall be made in due
course.


IDRIS HYDRAULIC: Board Approves Restructuring Bid
-------------------------------------------------
Idris Hydraulic (Malaysia) Berhad announced on March 28, 2001, at
the Kuala Lumpur Stock Exchange that its Board of Directors had
no objection to the proposed restructuring exercise, pursuant to
the Foreign Investment Committee's (FIC) letter dated March 23,
2001. The proposal was subject to the following conditions:

(i) Idaman Unggul Sdn Bhd to maintain at least 51 percent
Bumiputra equity at all times; and

(ii) approval from the Ministry of International Trade and
Industry (MITI).

The Board of Directors of IHMB is agreeable to the conditions
imposed by the FIC except for condition (ii) above. The Board is
of the opinion that the approval from the MITI is not required
and accordingly will appeal to the FIC on the said condition.


UNITED ENGINEERS: Subsidiary Undertakes Refinancing
---------------------------------------------------
United Engineers (Malaysia) Berhad announced to the Kuala Lumpur
Stock Exchange on March 28, 2001 that its wholly-owned subsidiary
has undertaken the proposed debt refinancing plan. This was made
in accordance with the Islamic principle of Al-Bai' Bithaman Ajil
(deferred payment sale) by the issuance of Al-Bai' Bithaman Ajil
Islamic debt securities made up to RM1.86 billion face value of
redeemable secured serial bonds due from 2006 to 2014 (primary
bonds) together with RM922.5 million face value of non-detachable
redeemable secured bonds due from 2001 to 2014.

As a condition precedent of ELITE's debt restructuring exercise,
on 23 March 2001, ELITE has entered into a second supplemental
concession agreement (SSCA) with the government to revise certain
terms and conditions of the concession agreement dated April 26,
1994 and the supplemental concession agreement dated January 9,
1997 of North South Expressway Central Link (NSECL).

Salient terms of the second supplemental concession agreement are
as follows:

i. The concession period of the NSECL has been extended by 7
years from May 31, 2018 to May 31, 2025.

ii. The concession period of the NSECL may be further extended by
another 5 years from May 31, 2025 to May 31, 2030 subject to
ELITE complying with the following obligations within 2 years or
such later date agreed by the government from the date of the
SSCA:

(a) At ELITE's own costs and expense, to construct and maintain
street lighting works from the USJ Interchange to the Nilai
(North) Interchange along the Expressway and from Sungei Besi
Toll Plaza to Nilai (North) Interchange along the Expressway
along the expressways granted to Projek Lebuhraya Utara-Selatan
Berhad; and

(b) At ELITE's own costs and expense, to construct, operate and
maintain, a local product center within the concession area.

iii. ELITE is required to construct the Salak Tinggi and Bandar
Baru Nilai Interchanges subject to the government delivering
vacant possession of the land required for the construction of
same and ELITE is required to complete the construction of the
said Interchanges within 3 years from December 31, 2015; and

iv. The compensation formula and the toll rates are also amended.

The signing of the SSCA by ELITE will not have any effect on the
issued share capital of UEM or the NTA of the UEM Group for the
financial year ending 31 December 2001.

The signing of the SSCA is expected to contribute positively to
the earnings of the UEM Group, mainly due to the lower
amortization charges for the year ending December 31, 2001.


=====================
P H I L I P P I N E S
=====================


NATIONAL BANK: Present Rehab Plan, IMF Asks Gov't
-------------------------------------------------
International Monetary Fund (IMF) has asked the government,
through a questionnaire given to the Department of Finance (DoF),
to "please present an updated assessment of [Philippine National
Bank's] financial condition," Business World reported on
Wednesday.

Citing a DoF official, World report said that the IMF also asked
for the government's rehabilitation plan for the bank, including
its bid to sell off its shares in the bank. The source added that
IMF "is concerned with the financial status of the bank because
of its possible effect to the banking industry."


URBAN BANK: Funds Withdrawal Ok, Former Exec Says
-------------------------------------------------
Former Urban Bank President Teodoro C. Borlongan, in a phone
interview with Business World, asserted that it wasn't "legally"
wrong that people pullout funds from the bank, World reported on
Wednesday.

Borlongan's reaction pertained to allegations that relatives of
former bank Chairman Arsenio M. Bartolome III withdrew their own
funds totaling P29 million of manager's checks from the bank a
few days prior to the bank's voluntary declaration of closure in
April last year.

The allegations were raised by banking regulators, who also
passed to the Makati Regional Trial Court Monday a motion for
reconsideration regarding its decision to drop two former Urban
Bank executives from the estafa charges. The two executives are  
Bartolome and Ms Corazon Bejasa.

According to the World report, Borlongan stressed that Urban Bank
at that time experienced depositors' high withdrawal activity as
attributed to talks in the sector about the bank's imminent
closure. "I don't see the logic. Trying to pinpoint who tipped
off who is irrational because that is precisely the concept of a
bank run," Borlongan said in the report.


=================
S I N G A P O R E
=================


JURONG CEMENT: Predicts Bigger Losses In Second Half
----------------------------------------------------
Jurong Cement Limited (P.JGC) announced on Tuesday its prediction
that its losses in the second half of its financial year will
soar higher than that of the first half ending September 30, an
estimated S$3.3 million, Asian Wall Street Journal reported
Thursday. To be attributed to the expected figure are lower
prices, competition and the steep plunge of the Singaporean
dollar, AWSJ said.


MEDIASTREAM LIMITED: Net Loss Narrows To $5.62M
-----------------------------------------------
Mediastream Limited posted a net operating loss of $5.622 million
for the year ending December 31, 2000, a drop by 2 percent from
the preceding year's $5.754 million, the group announced Tuesday
at the Singapore Stock Exchange.

However, its turnover dropped by 48 percent to $7.527 million
from $14.344 million in 1999. The group also posted $6.683
million in secured debts repayable in a year or less or on
demand; $4.204 million in secured debts repayable after a year.
The group's total liabilities are pegged at $4.204 million.

              Review Of Performance

In the music business, with the expiry of the distribution
agreement for the Zomba label in September 1999, there were
substantially fewer new releases of albums during the year under
review. Together with the continual slow down of the music and
video market, turnover in this segment was decreased by 84.3
percent to $1.2 million.

In recording studio business, turnover was affected by
interruption for upgrading of equipment at the beginning of the
year. The slow down in the music market had further affected the
utilization rate of our studios. In total, the turnover for this
segment in year 2000 was down by 15.6 percent to $373,000 as
compared to year 1999.

In year 2000, animation studios in Manila, had received lesser
contract work as compared to 1999. Together with the political
uncertainty towards the end of the year under review, the group
decided to downsize its operations in Manila and appointed a
local management company to manage its facilities. Turnover was
reduced substantially by $894,000 or 73.0 percent to $330,000 as
compared to 1999.

The group's post production business had continued to improve
during the year under review. Turnover for the year at $5.6
million is $0.8 million or 16.4 percent higher than 1999.

For the whole group, turnover for the year ended December 31,
2000 was $7.5 million, a decrease of 47.5 percent from the 1999
figures. The Group's loss before tax, exceptional items, loss
derived from associated company and minority interests was $3.2
million, an improvement of $1.0 million or 24.5 percent over
1999. On the intra-year basis, loss before tax, exceptional
items, loss derived from associated company and minority
interests of $1.3 million for the second half was 28.0 percent
better than the first half of $1.9 million.

Operating cost was reduced primarily in the following items:

- staff costs
- provision for doubtful debts
- depreciation and amortization
- advertising and promotion
- interests on borrowings.

The closure of the retail shops resulted in the elimination of
rental expenses and during the year under review there was no
more payment of fees to special accountants.

Exceptional items aggregating $2.3 million, after netting-off
gain on disposal of subsidiaries, was as follows:

- write-off of investment in an associated company due to the
cessation of its business operations;

- provision and write-off for stock obsolescence, advance royalty
and record master;

- expenditure incurred for downsizing of operations in Manila;

- provision for diminution in value for other investment.

Net loss after tax of $5.6 million for the year was $132,000 or
2.3 percent better than Year 1999.

As reported earlier, three overseas subsidiaries, namely Form
Music Publication (HK) Ltd, Form Records (Taiwan) Ltd and Form-
BBM (Thailand) Co., Ltd were put into liquidation. The said
disposal and exclusion from consolidation gave rise to a group
exceptional gain of $483,000.

As announced earlier in the year 2000, the Company invested in
28.23 percent and 40 percent respectively in the equity of Asia
Exchange Information Service Pte Ltd (AsiaXIS) and Digital One
Pte Ltd (DigitalONE). AsiaXIS was shut down as announced on
February 5, 2001.

As reported in our half-year announcement for the year under
review, in July 2000, the comptroller of Income Tax had assessed
the Company with an additional tax payable of $275,000 for the
Year of Assessment 1995 in respect of a gain from the sale of a
property. The company's tax consultants had continued to maintain
their view that the gain should be capital in nature and
accordingly objected to the comptroller.

                     Current Year Prospects

In the music business, the group has signed up three independent
labels and several others are being negotiated. The group
continues to identify new artistes. New Children Edutainment
products are expected to be released in the second quarter of
2001.

The upgraded recording studio continues to attract high quality
clientele from local and regional record and production
companies. Post-production facilities which moved to bigger and
better premises earlier in the year is reporting steady billings.
Animation business in Manila has been downsized; monthly overhead
is minimal, and the business is being managed by a local company
on a profit sharing compensation.

The leasing out of excess space in MediaStream Building is being
aggressively pursued. The directors will also continue to seek
various business opportunities for the group.

The board anticipates another difficult year. Barring any
unforeseen circumstances, it is making every effort to improve
the performance of the group.


OPTICS STORAGE: Enters Into Debt Restructuring Deal
---------------------------------------------------
Trans Capital Holding Berhad (TCHB) announced on Wednesday at the
Kuala Lumpur Stock Exchange that its wholly-owned subsidiary
Trans Capital Sdn Bhd (TCSB) entered on March 23, 2001 into a
trade debt restructuring agreement with Optics Storage Pte Ltd.
The agreement was made for the following:

1) The amount owing to TCSB by Optics amounting to S$4,002,106
(the optics debt) will be fully converted into 4,002,106 shares
of S$0.25 each (the new shares) in Optics and the Optics Debt
will be wholly and irrevocably cancelled. The New Shares will be
issued at S$1.00 each.

2) Optics will as soon as possible after the signing of the
agreement and in any event not later than seven (7) days from the
date of the agreement issue the new shares to TCSB.

3) The agreement is to formalize the terms of the memorandum of
understanding, which TCSB signed with Optics and Edwin Long, Chew
Juan and Ashburton Minerals Limited on November 24, 2000.

                  Salient Terms of Agreement

The parties agree that it will at all times:

- Use all means reasonably available to them (including their
voting power, direct or indirect, in relation to Optics) to
ensure that Optics and any director of Optics and/or its
subsidiaries (and any alternate to such director) shall implement
the provisions of the agreement relating to Optics; and

- Cooperate in good faith and execute such further documents and
such other action as may be reasonably required in order to give
full effect to the provisions and intent of the agreement.

The Agreement constitutes the entire agreement between the
parties, and supersedes any previous agreement, understanding,
arrangement, communication or expression of intent, with respect
to the subject matter thereof whether oral or reduced to writing.

Some of the salient conditions set out in the agreement are as
follows:

- No amendment of or addition shall be made to the agreement
unless it is in writing and signed by or on behalf of the
parties,

- If there is any inconsistency between the provisions of the
agreement and the memorandum and articles of association of
Optics. The parties agree to make such amendments to the
memorandum and articles of association of Optics as may be
necessary to render such memorandum and articles of association
consistent with the provisions of the agreement.

- If at any time any one or more of the provision of the
agreement therein is or becomes illegal, invalid or unenforceable
in any respect under the applicable laws of any jurisdiction,
neither the legality, validity or enforceability of the remaining
provisions thereof, nor the legality, validity or enforceability
of such provision under the applicable laws of any other
jurisdiction, shall in any way be affected or impaired thereby.

                   Optics, Its Background

Optics was incorporated in Singapore on June 23, 1993 as a
private limited company under its present name. Its present
authorized share capital is S$8 million divided into 32 million
ordinary shares of S$0.25 each, of which 22,179,480 shares of
S$0.25 each are issued and fully paid-up.

The principal activities of Optics are research and development,
manufacture and sale of optical storage devices for the computer
and electronics industry.

Optics has the following subsidiaries and associated companies:
Moss Labs Pte Ltd, engaged in research and development of
Singapore Optical Storage Devices; and Vega Technologies Pte Ltd
engaged in the distribution of computer.

                        Rational

In order to facilitate the proposed listing of Optics and the
subsequent proposed raising of working capital through a public
issue, Optics would be required, as a condition precedent, to
retire its outstanding debt with major creditors. In view of
this, the debts owing by Optics to TCSB is proposed to be settled
via the issue of Optics shares which will subsequently be
converted to Ashburton shares per the terms of the MOU.

None of the Directors, substantial shareholders and persons
connected with the Directors and/or substantial shareholders of
TCHB has any interest, direct or indirect, in the proposed
investment.


===============
T H A I L A N D
===============


EMC PUBLIC: Announces Resolutions On Rehab Plan
-----------------------------------------------
EMC Public Company Limited announced at the Stock Exchange of
Thailand on March 28, 2001, that the creditors' meeting held on
March 26 came up with resolutions with regard to the company's
rehabilitation plan. The details of the resolutions made are as
follows:

(i) The creditors passed the resolutions to revise the
rehabilitation plan according to request of the Planner and
Bangkok Bank Plc.

(ii) The creditors passed the resolutions to accept the
rehabilitation plan at the ratio of 64.71 percent of the total
debt.

"The official receiver shall report the resolution passed at the
creditors' meeting approving the plan to the bankruptcy court in
order to ask the court if it approves the rehabilitation plan. In
this respect, we will notify the schedule for consideration of
the rehabilitation plan to the Stock Exchange of Thailand
onwards," Chairman Komol Wongpornpenpap said.


SANYO UNIVERSAL: Prepares Rehab Plan
------------------------------------
Sanyo Universal Electric Public Company Limited released to the
Stock Exchange of Thailand the following announcement dated March
28, 2001. It said, thus:

"The Stock Exchange of Thailand has transferred the company's
shares to REHABCO category, posted an SP sign on the shares to
temporarily prohibit the trading of the shares effective March
12, 2001, and noted that Sanyo Universal Electric Public Company
Limited has to rehabilitate the business in order to eliminate
the grounds for delisting.

"The Company's Board of Directors at its meeting on March 27,
2001 acknowledged the aforesaid matters, carefully considered and
passed the following resolutions:

"The company will prepare, in compliance with the relevant
announcements of the Stock Exchange of Thailand, an operation
plan for the rehabilitation of the Company's business in order to
eliminate the grounds for delisting.  The said plan includes
financial restructuring and shall be proposed to the
shareholders' meeting for approval prior to further proceeding.

"Assigned the executive directors committee to consider and
appoint an independent financial advisor to collaborate with the
company in preparing the company's business rehabilitation plan
and notify the Stock Exchange of Thailand within the specified
conditions and time."


SIAM STEEL: Announces Progress Report On Rehab Plan
---------------------------------------------------
Siam Steel International Public Company Limited posted the
following announcement dated March 28, 2001 at the Stock Exchange
of Thailand, thus:

"As per the petition to rehabilitate the business of Siam Steel
International Public Company Limited, for which the
rehabilitation plan has been approved by the Central Bankruptcy
Court on May 11, 2000 and its amendments on December 13, 2000.
According to the rehabilitation plan, certain debts have to be
converted into common equity in an approximate amount of
Bt1,270,671,118.75.

"On February 28, 2001, the Central Bankruptcy Court has issued an
order, approving the company to increase the registered capital
for another Bt1,270,671,110 for the conversion of debt into
common equity. The registered capital of the company shall be
increased from Bt365,000,000 to Bt1,635,671,110, by issuing
127,067,111 new ordinary shares with a par value of Bt10 each for
allotment to Financial Institution Creditors holding Tier 3 Debt
in form of the conversion of Tier 3 Debt into common equity."


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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