/raid1/www/Hosts/bankrupt/TCRAP_Public/020305.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

            Tuesday, March 5, 2002, Vol. 5, No. 45

                         Headlines

A U S T R A L I A

AURORA GOLD: Proposes Divestment of Morobe Gold Project
DIGITAL NOW: Lodges Monthly Ops Report With US Bankruptcy Court
JAMES HARDIE: Changes Registered Office Address
JOYCE CORPORATION: Appointing Independent Chairman
JOYCE CORPORATION: Reinstatement to Official Quotation

LEND LEASE: Bovis Lend Lease Preferred Bidder for UK Project
MAXIS CORPORATION: ASX OKs 100M Shares Issue
MTM ENTERTAINMENT: Receives $43.1 Million From Force Corp
PACIFIC DUNLOP: Harris Associates Cuts Interest
PASMINCO LIMITED: Broken Hill Sale Decision Imminent

SEAFOOD ONLINE: Administrators Terminate Contract


C H I N A   &   H O N G  K O N G

FUNG YIP: Petition To Wind Up Pending
GALLY CONTAINER: Hearing of Winding Up Petition Set
LUCKY (H.K.): Winding Up Petition Set For Hearing
TAT FUNG: Faces Winding Up Petition
WESTSIDE LIMITED: Winding Up Petition To Be Heard


I N D O N E S I A

BANK CENTRAL: Bidders Pin High Hopes in Take Over


J A P A N

ASAHI BANK: Discloses Management Consolidation With Daiwa Bank
HITACHI LTD: Shigeharu Mano Named President of Hitachi America
ISHIKAWA BANK: Administrators Considering Sell-Off
IWATAYA DEPARTMENT: Seeks More Aid From Creditor
NIPPON TELEGRAPH: Submits Business Operation Plan for FY 2003

NIPPON TELEGRPAH: Unit Submits FY2003 Business Operation Plan
SATO KOGYO: Firm Files For Court Protection
SNOW BRAND: Enters Joint Venture With Otsuka Pharmaceutical
TOBISHIMA CORP: Seeking More Financial Aid From Fuji Bank
YAMAKI CO: R&I Downgrades Rating to B+

* R&I Downgrades Senior Long-Term Debt Ratings Of Meat Producers


K O R E A

DAEWOO MOTOR: US February Unit Sales Up 9%
HYNIX SEMICONDUCTOR: Creditors Provide $1.1 Funds To Micron


M A L A Y S I A

MECHMAR CORPORATION: Replies KLSE Query
SATERAS RESOURCES: Resumes Shares Trading
TIMBERMASTER INDUSTRIES: White Night Seeks Extension to April 30
TONGKAH HOLDINGS: Still Negotiating With Major Creditors
ABRAR CORP: Special Administrators Review Offers

BESCORP INDUSTRIES: Moratorium Extended
SENG HUP: No Material Development in Restructuring Scheme
CHG INDUSTRIES: To Intensify Efforts to Conclude New Plan
FIRST MALAYSIA: Unitholders Pass EGM Proposals
UNITED CHEMICAL: Signs MOA With KUB Re Assets Acquisition


P H I L I P P I N E S

BELLE CORP: SEC Approves Prime Leisure and Properties IPO
NATIONAL POWER: Raising Financing Requirement To US$1.5B
RFM CORP: San Miguel May Acquire Food And Beverage Firm


S I N G A P O R E

CHEW EU: Appoints TMIS As Independent Financial Adviser
PANPAC MEDIA.COM: Director Jack Lin Resigns From Board
TONG MENG: Proposes Voluntary Delisting From SGX-ST
L&M GROUP: Court Approves Scheme Of Arrangement


T H A I L A N D

CHRISTIANI&NIELSEN PUBLIC: Gives Audited Financial Statement
NATURAL PARK: Result of 2001 Business Operation
SIAN SYNTECH: Gives Unaudited Financial Statement

     -  -  -  -  -  -  -  -

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


AURORA GOLD: Proposes Divestment of Morobe Gold Project
-------------------------------------------------------
On 30 January 2002, Aurora Gold Ltd announced its intention to
sell the Morobe Gold Project in Papua New Guinea. Aurora and its
Morobe joint-venture partners, CDC Financial Services (Mauritius)
Limited and Kuala Fund, have appointed NM Rothschild & Sons
(Australia) Limited to advise on the sale process.

The Morobe Project is located near the town of Wau, approximately
250 kilometers north of Port Moresby. The Project comprises the
Hidden Valley, Hamata and Kerimenge epithermal gold-silver
deposits with total in situ resources of 6.4 million gold
equivalent ounces. A Bankable Feasibility Study should be
completed by April 2002.

M L Jefferies
Managing Director and Chief Executive Officer


DIGITAL NOW: Lodges Monthly Ops Report With US Bankruptcy Court
---------------------------------------------------------------
Digital Now, Inc (DNI) released Friday the monthly filing it is
required to make to the United States Bankruptcy Court while it
is under Chapter 11 Administration. This filing covers the month
of January 2002. The filing consists of a monthly operating
report, which includes the following items:(a) Financial
Background Information, (b) Income Statement; and (c) Cash
Distribution Summary Report. Please note all figures are in US
dollars and the year to date figures relate to the period post-
petition period. Although the documents are publicly available
from the Bankruptcy Court, in the interests of keeping the local
shareholders informed of the Company's financial situation, the
Company has elected to make this release to the Australian Stock
Exchange.

Full copy of the announcement is available from ASX Customer
Service on 1 300 300 279. Charges apply.

S Catalano
Chairman


JAMES HARDIE: Changes Registered Office Address
-----------------------------------------------
On March 1, 2002, James Hardie Industries moved its Australian
registered office.

New office address:      Level 3, 22 Pitt Street, Sydney NSW,
                         Australia
Postal address remains:  GPO Box 3935, Sydney NSW 2001, Australia

New telephone number:    61 2 8274 5274

New facsimile number:    61 2 8274 5217


JOYCE CORPORATION: Appointing Independent Chairman
--------------------------------------------------
February 28 Letter to Shareholders:

In the lead up to the forthcoming Annual General Meeting (AGM),
and following some recent press reports commenting on
circumstances leading to Mr Dan Smetana standing down as
Chairman, I thought it was important for shareholders to
understand the Board's rationale in this matter.

Mr Smetana was Chief Executive officer and Chairman for 17 years,
until his position as CEO was terminated by the Receivers and
Managers in July 2001. Mr Smetana and associated interests hold
about 33% of the issued capital.

The Board of Directors is of the view that after 17 years it is
an imperative that an independent Chairman be appointed to infuse
new energy and focus for the growth and strategic development of
Joyce Corporation, and that it is not appropriate that the former
CEO and major shareholder should continue as Chairman and oversee
the performance of management. The Board therefore requested Mr
Smetana step down as Chairman and I have agreed to fill that role
until an independent Chairman is appointed. Both Mr G Trollope
and I are non-executive Directors, and are required by the
Company's constitution to retire at the next AGM. We have offered
ourselves for re-election to ensure that the Board is revitalized
by the appointment of an independent Chairman and that
appropriate standards of corporate governance are maintained. To
achieve these changes to the Board, Mr Trollope and I accept
that, it may be necessary at some time in the future for us to
stop down as Directors.

Joyce Corporation has emerged from the receivership in good
financial shape. The management under the leadership of Rod Brown
has worked tirelessly during the receivership and has
successfully restructured the Company. Very importantly, the
management has established a sound relationship with the
Company's two major financiers, GE Capital Finance and Challenger
Managed Investments, and that in addition maintained its strong
partnership with customers and suppliers. The current year to
date trading performance is above budget and the Company has
positive prospects for the future.

The Company in recent years has used debt to finance the majority
of approximately $45 million of asset acquisition. The resultant
high level of gearing placed the Company in a vulnerable position
and although the level of borrowings has now been reduced, the
capital base of Joyce must be reviewed and considered in the
context of the Company's funding requirements and the interest of
all shareholders. In this regard, the Board is conscious of the
lack of liquidity in the Company's share register and will look
at appropriate means to address this at the earliest opportunity.

Good corporate governance and the interests of all shareholders
are of prime importance going forward and the Board is committed
to achieving the changes necessary to ensure this.

Having considered the above, if you have already lodged a proxy
and wish to change your voting intention, a blank proxy is
attached for this purpose.

G Swanson
Chairman


JOYCE CORPORATION: Reinstatement to Official Quotation
------------------------------------------------------
The securities of Joyce Corporation Limited (the Company) will be
reinstated to official quotation prior to the commencement of
trading on Monday 4 March 2002, following the release of the
Company's announcement dated March 1, 2002.

A Walsh
Assistant Manager


LEND LEASE: Bovis Lend Lease Preferred Bidder for UK Project
------------------------------------------------------------
Lend Lease Corporation Limited announced Thursday that Bovis Lend
Lease, through its participation in Catalyst Healthcare, a
Private Finance consortium, has been selected as preferred bidder
for a GBP200 million hospital to be built at Romford on the
outskirts of London for the Barking, Havering and Redbridge
Hospitals NHS Trust. The deal is expected to close in June, with
the goal of a fully operational hospital in 2005.

Bovis Lend Lease, lead investor in the consortium, will be
responsible for the three-year construction program and life
cycle maintenance of the hospital's plant for a period of 30
years.

This is the fourth PFI funded hospital to be built and managed by
Catalyst Healthcare and represents the largest PFI hospital
project for the consortium to date. Calderdale Royal Hospital in
Halifax, West Yorkshire, opened in spring 2001, the Royal
Worcestershire Hospital, in Worcester, opens in March and work is
now underway on Hexham Hospital in Northumberland.

Lend Lease Group Chief Executive Officer and Managing Director,
David Higgins, said, "Bovis Lend Lease's success in being
selected as preferred bidder on this PFI project reflects our
continued focus on securing longer term contracts that deliver
annuity profit streams."

With over 800 beds, Romford's new hospital is the first of three
British Government pilot PFI hospital projects that will see
hospital staff such as porters, cleaners and caterers remain in
the employment of the NHS, under the management of the PFI
provider. Catalyst Healthcare is on a shortlist of two for both
of the other pilot hospital schemes as well.

Bovis Lend Lease's partners in the Romford consortium are
Sodexho, providing the support services and day-to-day upkeep of
the hospital, and equity partner HBoS (Halifax/Bank of Scotland).

For further information contact:

Roger Burrows                  Mary Beth Lally
Lend Lease Corporation         Lend Lease Corporation
02 9236 6116                   02 9236 6883


MAXIS CORPORATION: ASX OKs 100M Shares Issue
--------------------------------------------
The Board of Maxis Corporation Limited advised that following an
application by the Company, the Australian Stock Exchange (ASX)
has granted a waiver of Listing Rule 14.7 to the extent necessary
to permit the Company to issue up to 100 million fully paid
ordinary shares, approved by shareholders at the Company's AGM on
November 26, 2001, by no later than March 31, 2002.

V Hovanessian
Executive Chairman


MTM ENTERTAINMENT: Receives $43.1 Million From Force Corp
---------------------------------------------------------
MTM Entertainment Trust (the Trust) received March 1 proceeds of
$43.3 million from the settlement of the litigation with Force
Corporation of New Zealand.

At least $10 million will be applied to reduce the Trust's bank
loan to $25 million. In addition, the balance of the Interim
Liquidity Package extended to the Trust in July 2001 will be
repaid. The directors of MTM Funds Management Ltd, responsible
entity of the Trust, have yet to apply the balance of the
settlement proceeds and will examine various potential options
for the funds.

R Topfer
Director


PACIFIC DUNLOP: Harris Associates Cuts Interest
----------------------------------------------------------------
Harris Associates L P changed its relevant interest in Pacific
Dunlop Limited, from 46,599,073 ordinary shares (5.01%) to
46,253,089 ordinary shares (4.97%).


PASMINCO LIMITED: Broken Hill Sale Decision Imminent
----------------------------------------------------
Pasminco Limited announced that substantial progress has been
made in discussions with potential buyers of its Broken Hill mine
and a decision is expected very soon. In particular, the
important question of the position of employees in a sale is now
clear.

In the circumstances of this sale transaction all employees at
Broken Hill will receive their full redundancy entitlements.
Chief Executive Officer Greig Gailey said, "We have decided to
make this announcement prior to finalizing negotiations with
bidders in order to allay employees concerns about how they will
be treated given the long period of uncertainty resulting from
the sale process."

For further information contact:

T Shard
Group Manager Investor Relations
++61 (3) 9288 91986 or 0419 584 515


SEAFOOD ONLINE: Administrators Terminate Contract
-------------------------------------------------
Seafood Online.com Limited announced Friday that, further to its
announcement dated February 22, 2002, it has been instructed by
the Administrators to advise that the Purchaser failed to
complete the Contract on February 22, 2002. The Administrators
have terminated the Contract.

The Administrators advised the Company that they are currently
considering the Company's position under the Contract and will
advise the market further shortly.

M Rollason
Senior Associate


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


FUNG YIP: Petition To Wind Up Pending
-------------------------------------
The petition to wind up Fung Yip Engineering Company Limited will
be heard before the High Court of Hong Kong on April 17, 2002 at
9:30 am. The petition was filed with the court on January 18,
2002 by Li Shing Kwan of Flat G, 3rd Floor, Block 4, Hanford
Garden, Tuen Mun, New Territories, Hong Kong.


GALLY CONTAINER: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Gally Container Services Company Limited
is scheduled to be heard before the High Court of Hong Kong on
April 10, 2002 at 9:30 am. The petition was filed with the court
on January 15, 2002 by Ng Kam Tong of 3/F., 370 Queen's Road
West, Hong Kong.


LUCKY (H.K.): Winding Up Petition Set For Hearing
-------------------------------------------------
The petition to wind up Lucky (H.K.) Company Limited is scheduled
for hearing before the High Court of Hong Kong on May 8, 2002 at
9:30 am. The petition was filed with the court on January 29,
2002 by Pany Yee Fan of Room 1304, Ching Wai House, Cheung Ching
Estate, Tsing Yi, New Territories, Hong Kong.


TAT FUNG: Faces Winding Up Petition
-----------------------------------
The petition to wind up Tat Fung Poly Variable Condensers Company
Limited is set for hearing before the High Court of Hong Kong on
May 8, 2002 at 9:30 am.

The petition was filed with the court on January 29, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to The
Kwangtung Provincial Bank pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


WESTSIDE LIMITED: Winding Up Petition To Be Heard
-------------------------------------------------
The petition to wind up Westside Limited is scheduled for hearing
before the High Court of Hong Kong on March 6, 2002 at 9:30 am.
The petition was filed with the court on November 30, 2001 by
Bennett Kit Ling Cannie and Bennett Michael Paul, of Apartment
No. 1 on Ground Floor, Orchid Valley, No. 26 Shouson Hill Road,
Hong Kong.


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


BANK CENTRAL: Bidders Pin High Hopes in Take Over
-------------------------------------------------
By now Indonesians should be aware of the fact that
Bank Central Asia (BCA) will no longer be under domestic control.
Either the British-based Standard Chartered Bank Plc or the U.S.
investment firm Farallon Capital Management will take over the
country's largest retail bank, Jakarta Post reported March 4.

StanChart, in its business plan, said, "BCA would continue to
operate as an independent entity retaining its brand name and
existing business model." It added, "SCB (Standard Chartered
Bank)'s intent is to unlock BCA's potential."

Meanwhile, Farallon said, "BCA will not become a foreign bank."
It will "embrace the government of Indonesia, the bank's
management, and its shareholders to realize the full potential of
BCA."

StanChart said, "Based on due diligence, the bank's transaction
technology is estimated to be two to three years ahead of
competitors" and that it will rely on BCA's existing plans, and
generally maintain its current management structure.

While StanChart expects an annual growth of at least 15 percent
over the next 10 years on corporate loans, small and medium
enterprise loans, and credit cards, Farallon believes it can
increase BCA's corporate and commercial loans by 34 percent over
the next three years from an estimated Rp15.6 trillion (about
US$1.5 billion) this year.


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


ASAHI BANK: Discloses Management Consolidation With Daiwa Bank
--------------------------------------------------------------
Daiwa Bank Holdings, Inc. has consolidated management with the
Asahi Bank, Ltd. through the exchange of shares on March 1, 2002.
As a result of this transaction, Asahi Bank became a wholly owned
subsidiary of Daiwa Bank HD.

An outline of Daiwa Bank HD, after the management consolidation
and the details of the change in principal shareholders, are
specified below:

A. Outline of the Holding Company
As of March 1, 2002

1. Corporate Name:       Daiwa Bank Holdings, Inc.
2. Head Office Location: 2-1, Bingomachi 2-chome, Chuo-ku, Osaka
3. Amount of Capital:    Y720 billion
4. Number of Employees:  386 (excluding executive officers)
5. Line of Business:     Supervision of subsidiaries' operations
and other related businesses

6. Directors, Corporate Auditors and Executive Officers:

* indicates new appointees

Post                           Name            Concurrent Post
                                        (Areas of Responsibility)

Chairman
(Representative Director)  Takashi Kaiho   Chairman of Daiwa Bank

President / Executive Officer
(Representative Director)  Yasuhisa Katsuta   President of Daiwa
                                                    Bank

Deputy President / Executive
Officer (Representative
Director)                  Yukio Yanase*      President of Asahi
                                              Bank

Director and
Senior Executive Officer   Sadao Tanaka       Management Planning
                                              Unit

Director and Senior
Executive Officer          Yoshinari Demura   Management

Administration Unit
Director and Senior
Executive Officer          Satoshi Monoe*    Business Planning
                                             Unit

Director and Senior
Executive Officer    Kenji Kawada*           Business
                                             Administration
                                             Unit Internal Audit
Unit
Director (part-time) Yasuhiro Takatani       President of  Kinki
                                             Osaka Bank

Director (part-time) Masao Nomura            President of Nara
                                             Bank

Director (part-time) Atsumu Kuroishi         Deputy President of
                                             Daiwa Bank and
                                             President of Daiwa
                                             Trust & Banking

Director (part-time) Katsuyoshi Iwashiro*    Deputy President of
                                             Asahi Bank

Director (part-time) Ryo Aoyagi              Senior Managing
                                             Director of
                                             Daiwa Bank

Director (part-time) Tadahiro Tone*          Senior Managing
                                             Director (Non-Board
                                             Member) of Asahi
                                             Bank


     * newly appointed on February 22, 2002

Post               Name               Concurrent Post

Corporate Auditor  Isao Kimura        Corporate Auditor of Daiwa
                                      Bank

Corporate Auditor  Hideo Yoda         Corporate Auditor of Asahi
                                      Bank

Outside Corporate  Masataka Ide       Chairman of West
Auditor                               Japan Railway Company

Outside Corporate  Hidenao Toyoshima* Lawyer
Auditor

         * indicates new appointees

Post                   Name                 Areas of
Responsibility
Executive Officer
/ General Manager of Planning
Division               Koji Nishijima*   Management Planning Unit

Executive Officer
General Manager of Business
Development Division   Masaaki Nomura    Business Planning Unit

Executive Officer
/ General Manager of Risk
Management Division    Minoru Takahashi* Management
                                         Administration Unit

Executive Officer      Hiroshi Kawasaki* Business
/ General Manager                        Administration Unit
of Systems and
Administration Division

Executive Officer      Tomoyuki Uchiyama Internal Audit Unit
/ General Manager
of Internal
Audit Division


B. Charge in Principal Shareholders
1. Daiwa Bank Holdings, Inc.
(1) Name of the Principal Shareholders
The Resolution and Collection Corporation

(2) Number of Shares Owned by the Principal Shareholders and the
Ratios to Total Number of Shares Before and After the Change

Before Change    Class B #1 Preferred       680,000,000 shares
(18.81%)
                 Class C #1 Preferred       120,000,000 shares
(3.32%)
                         Total              800,000,000 shares
(22.13%)
After Change     Class B #1 Preferred       680,000,000 shares
(10.04%)
                 Class C #1 Preferred       120,000,000 shares
(1.77%)
                 Class E #1 Preferred       240,000,000 shares
(3.54%)
                 Class F #1 Preferred        80,000,000 shares
(1.18%)
                         Total            1,120,000,000 shares
(16.55%)

(3) Date of Change
    March 1,2002


2. The Asahi Bank, Ltd.

(1) Name of the Principal Shareholders
Daiwa Bank Holdings, Inc., The Resolution and Collection
Corporation

(2) Number of Shares Owned by the Principal Shareholders and the
Ratios to Total

Number of Shares Before and After the Change

a) Daiwa Bank Holdings, Inc.
Before Change                       0 shares     (0.00%)
After Change            3,151,935,906 shares   (100.00%)

b) The Resolution and Collection Corporation
Before Change                   320,000,000 shares    (10.15%)
(of which, Class B #1 Preferred 240,000,000 shares    (7.61%))
(of which, Class B #2 Preferred  80,000,000 shares    (2.53%))
After Change                              0 shares     (0.00%)

(3) Date of Change
    March 1,2002

The company press release can be located at http://www.uk-
wire.com/cgi-bin/articles/200203011622472471S.html

TCR-AP reported last week that Asahi Bank Ltd has sold bad debts
worth Y16 billion in book value at an undisclosed market price to
a state-backed debt management firm Resolution and Collection Corp
(RCC). The bank plans to sell a Y100 billion by the end of next
fiscal year through March 2003. Asahi Bank aims to write off its
bad debts totaling Y470 billion in book value by March 31. It will
join Daiwa Bank-led holding company, Daiwa Bank Holdings Inc on
March 1 to create Japan's fifth-largest banking group.


HITACHI LTD: Shigeharu Mano Named President of Hitachi America
--------------------------------------------------------------
Hitachi, Ltd., (NYSE:HIT) announced on February 28 that it
appointed Shigeharu Mano as President and CEO of its wholly owned
subsidiary, Hitachi America, Ltd. Mr. Mano, who most recently
served as Executive Vice President and General Manager of the
Hitachi America, Ltd., Power and Industrial Division (PID)
succeeds Yoshihiro Koshimizu, who will become Executive Assistant
to Masaharu Sumikawa, President & Chief Executive Officer, Power &
Industrial Systems, Hitachi, Ltd. Mr. Mano will be succeeded by
Masahide Tanigaki, who will become Vice President and General
manager of PID. The appointments are effective April 1, 2002.

Mr. Mano has served as Executive Vice President and GM of PID
since November 21, 2001. He joined the International Business
Division of Hitachi, Ltd. in 1971 and has spent 30 years in
industrial sales management positions in Japan, the Middle East
and North America. He most recently was General Manager of the
Industrial Plant Division since 1997. Before that he was General
Manager of the Industrial Plant Department of the Overseas
Industrial Sales Division from 1992 to 1997. He also spent time
with Hitachi America in San Francisco and Houston from 1986 to
1990. He is a chemistry graduate of Tokyo University.

Mr. Koshimizu served as President and CEO of Hitachi America since
November 2000. He joined Hitachi in 1968 and spent much of his
career in computer export management positions. Before joining
Hitachi Data Systems in 1997, he was General Manager of the
Information Systems International Operations Division. He earlier
served at Hitachi Data Systems from 1989, when the unit was
acquired from National Semiconductor, until 1992. Prior to that he
served in the Computer Export Division of Hitachi America, Ltd.
from 1984 to 1988. He is an economics graduate of Yokohama
National University, Kanagawa Prefecture.

Mr. Tanigaki, most recently served as Department Manager, Nuclear,
Thermal Power Gas Turbine Dept. No.2, International Operations
Division, Hitachi, Ltd. since 1997. Before that, he was General
Manager of the Near & Middle East Office from August 1990 to
August 1993 and Manager of the Thermal Power Dept. from 1988 to
1990. Mr. Tanigaki also served as Manager of the Hitachi Venezuela
Office from 1982 to 1983. He joined Hitachi in 1975. He is a
graduate of Keio University.

Hitachi America, Ltd. markets and manufactures a broad range of
electronics, computer systems and products, consumer electronics
and semiconductors, and provides industrial equipment and services
throughout North America. For more information on Hitachi America,
visit www.hitachi.com.

Hitachi, Ltd., head-quartered in Tokyo, Japan, is one of the
world's leading global electronics companies, with fiscal 2000
(ended March 31, 2001) consolidated sales of Y8,417 billion ($67.9
billion (a)). The company manufactures and markets a wide range of
products, including computers, semiconductors, consumer products
and power and industrial equipment. For more information on
Hitachi, Ltd., please visit Hitachi's Web site at
http://global.hitachi.com.

Note (a): At an exchange rate of 124 yen to the dollar.

CONTACT:
Hitachi America, Ltd., Brisbane
Gerard F. Corbett, 650/244-7900
gerard.corbett@hal.hitachi.com
Matt Takahashi, 650/244-7902
masahiro.takahashi@hal.hitachi.com


ISHIKAWA BANK: Administrators Considering Sell-Off
--------------------------------------------------
Administrators of second-tier regional bank, Ishikawa Bank, are in
discussions with Hokuriku Bank, regarding the struggling bank's
sale to the Toyama-based regional lender, Kyodo News reported
Saturday. Hokuriku Bank will assess Ishikawa Bank's assets and
will draw a conclusion on the matter today.

TCR-AP reported in January that Ishikawa Bank has decided to file
for bankruptcy with the Financial Services Agency (FSA) after its
failure to rehabilitate itself. The bank, based in Kanazawa,
capital of Ishikawa Prefecture, had a board meeting on January 4
to formalize the decision. The sources added that deposits at the
bank are protected under the Deposit Insurance Law.


IWATAYA DEPARTMENT: Seeks More Aid From Creditor
------------------------------------------------
Struggling Iwataya Department Stores Co will seek more loans from
its main creditor, the Bank of Fukuoka, for several billion yen to
assist its restructuring program, Kyodo News reported Sunday,
citing unnamed company officials. The financially troubled
retailer will table the request along with a three-year
restructuring scheme at the first meeting of creditors Tuesday
seeking their approval.


NIPPON TELEGRAPH: Submits Business Operation Plan for FY 2003
-------------------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) submitted on
February 28 its business operation plan for the fiscal year ending
March 31, 2003 to the Minister of Public Management, Home Affairs,
Post and Telecommunications for approval.

Business Operation Plan for the Fiscal Year Ending March 31, 2003

In the building of an advanced information and telecommunications
network society, information and communications are expected to
make a substantial contribution to invigorating and enhancing the
efficiency of socioeconomic activity. As user needs grow more
sophisticated, diverse, and global in character, the information
and telecommunications market will continue to change dramatically
with the intensification of competition resulting from the shift
in demand from voice and fixed communications to IP and mobile
communications and the entry of new carriers into the market.

To help ensure that universal services are maintained amid this
information and communications environment, Nippon Telegraph and
Telephone Corporation (NTT) intends to provide all necessary
advice, mediation, and other assistance to Nippon Telegraph and
Telephone East Corporation and Nippon Telegraph and Telephone West
Corporation (the regional companies). It will also endeavor to
promote research and development in telecommunications technology
in order to respond to society's requirements for the development
of advanced information and telecommunications network society.

In addition, NTT intends to utilize its research and development
capabilities and the total management resources of its corporate
Group to respond to changes in the market environment and foster
active Group management for the sound development of the entire
Group.

In the management of business operations for the fiscal year
ending March 31, 2003, NTT will aim to improve the management
efficiency of its Group operations, including those of the
regional companies, to develop new businesses for enhancing the
information-sharing industry, and to continue to strengthen
research and development that will contribute to the advancement
of telecommunications. In this way, NTT will seek to ensure the
stable development of Group operations in the future, and to
return the fruits of these efforts to customers, shareholders, and
the community at large.

Based on this thinking, under the business operation plan for the
fiscal year ending March 31, 2003, NTT will conduct its business
management by giving priority to the following activities, and
will do so in a flexible manner so as to respond to changes in the
operating environment.

1. Advice, Mediation, etc.

For the regional companies, NTT will provide all necessary advice,
mediation, etc. to ensure the maintenance of high-quality and
stable universal services. These will include planning and
coordination relating to the quality and upgrading of
telecommunications networks, the deployment of control and
coordination capabilities when natural disasters and other
emergencies occur, efficient fund-raising and the formulation of
policies for materials procurement, and NTT Group coordination to
ensure the smooth implementation of the structural reform plans
that were announced in October 2001 in light of the dramatic
changes in the market structure and the competitive environment
facing the regional companies. NTT will also exercise its
shareholder rights, as necessary, in order to assure the smooth
flow of dividends to shareholders.

For all the NTT Group companies, NTT's activities will include
research for the purpose of developing new business activities,
management support for operations such as business expansion and
withdrawals from business activities, and assistance with the
development of human resources, which form the core of the NTT
Group.

2. Promotion of Basic Research and Development

One prerequisite for responding to the social requirements for the
formation of an advanced information and telecommunications
network society is the harmonious and coordinated development of
network-based technologies, technologies that provide the basis
for new services and applications, and advanced and basic
technologies in general. With the goal of realizing a reliable,
secure, convenient, and comfortable network society and with a
view to providing Hikari-Soft Services and Ubiquitous Services,
NTT will conduct research and development activities to pursue the
following: (1) the provision of low-priced, ultra high-speed
telecommunications infrastructure based on a photonic network
(DoPN: Data over Photonic Network); (2) the stimulation of diverse
network service markets and of contents sharing markets (Rich
Internet); and (3) the realization of an abundant, high-quality
environment for global users (Seamless, Full, and Global).

In conjunction with these efforts, NTT will continue to actively
disseminate the results of its research and development and
conduct active technology exchanges with institutions both within
Japan and overseas, including ongoing contributions to
standardization activities, industry standardization of research
and development results, and research and development in
collaboration with other research institutions.

To ensure the continuous execution of this basic research and
development, we will seek to further increase research efficiency,
and research costs will be borne by the regional companies, which
in turn will benefit from these efforts.

Specifically, priority will be given to the following areas in
NTT's research and development activities:

(1) Infrastructure-related research and development

To further upgrade telecommunications networks and achieve next-
generation network services providing more economical and higher
speed transmission of a large amount of information, NTT will
promote research and development in the sphere of base network
technologies, including technologies for configuring economical
and diverse access networks, technologies for building networks
that can cope flexibly with diverse network services, and next-
generation IP network technologies. At the same time, NTT will
pursue basic research in the field of operating systems to improve
the reliability of telecommunications networks and the quality of
customer services. Additionally, considering the sharp increase in
energy consumption accompanying the development of the advanced
information and telecommunications network society, NTT will
promote research and development on reducing electric power
consumption and on other means to promote the preservation of the
global environment.

(2) User-related research and development

With a view to using sophisticated telecommunications networks to
realize an advanced information and telecommunications network
society in which the electronic exchange of information, goods,
and currencies is further enhanced, NTT will pursue research and
development activities on the infrastructure for providing
customers with diverse telecommunications services, including e-
commerce, contents sharing, and community /collaboration.
Specifically, this will include research and development in such
areas as security technologies to secure information and
communications; e-commerce-related technologies for billing,
validation, and authentication; information-distribution
technologies that can cope flexibly with diverse network
environments; media-processing technologies, such as those for the
compression, recognition, and sharing of graphic and voice data;
and multimedia database technologies for the storage and search of
a variety of media.

(3) Research and development in basic technologies

With a view to securing leadership in the basic and advanced
technologies that will underpin the future of telecommunications,
and to contribute to the inventive enhancement and development of
information and communications in Japan, NTT will devote its
efforts to the creation of a photonic network that makes it
possible to achieve ultra high-speed, ultra high-volume terabit
and petabit-level communications, in preparation for an age in
which massive volumes of digital information circulate through
networks. To this end, NTT will pursue research and development
activities on ultra high-density wavelength division multiplexing
and other new optical communications technologies as well as
optical amplification, optical wavelength multiplexers and
demultiplexers, optoelectronic fusion devices, and other new
optical components technologies. NTT will also pursue research in
such areas as nanotechnology, which seeks to realize the
potentials of new materials with unique characteristics, and
Communications Science, which explores new possibilities in
communications. This will be combined with research on innovative
new principles and new concepts for the next generation.

The following tables present an overview of the capital investment
plan for all of these research and development activities.(To view
attachments, please use the according URL.)

Attachment

- Capital Investment Plan for the Fiscal Year Ending March 31,
2003

http://www.ntt.co.jp/news/news02e/0202/020228--1.html

- Attachment 1

Revenues and Expenses Plan for the Fiscal Year Ending March 31,
2003

http://www.ntt.co.jp/news/news02e/0202/020228--2.html

- Attachment 2

Sources and Applications of Funds Plan for the Fiscal Year Ending
March 31, 2003

http://www.ntt.co.jp/news/news02e/0202/020228--3.html

About Nippon Telegraph and Telephone

Nippon Telegraph and Telephone Corporation (TSE: 9432)(NYSE: NTT)
was established in 1952 as a state-owned telecommunications public
corporation and in 1986 converted to a private company to be the
largest telecommunications company in Japan and the second largest
in the world. NTT and its subsidiaries provide a wide range of
telecommunications services.


NIPPON TELEGRPAH: Unit Submits FY2003 Business Operation Plan
-------------------------------------------------------------
Nippon Telegraph and Telephone West Corporation (NTT West) on
Thursday submitted its business operation plan for the fiscal year
ending March 31, 2003 to the Minister of Public Management, Home
Affairs, Posts and Telecommunications for approval.

In making Japan the world's most advanced IT nation which the "e-
Japan strategy" targets, the telecommunications sector is
expected to actively contribute to the creation of new industries
as well as to the development and efficiency of social and
economic activities. In response to the increasing sophistication
of consumer needs and the processes of diversification and
globalization, the telecommunications market itself is undergoing
drastic transformations, as evidenced in the surge in demand for
mobile and Internet communications. The competitive environment of
regional communications markets is also becoming markedly tougher,
due to such factors as the fierce price reductions in the Internet
access market and the intensification of competition triggered by
the introduction of "MYLINE" preferred carrier registration
service.

Under this fierce competitive environment, coupled with Japan's
economic slowdown, NTT West faces severe financial challenges. In
light of this situation, NTT West shall restructure its operations
immediately to bolster the business efficiency through drastic
structural reforms. At the same time, the company will work harder
for the development of information sharing by providing innovative
new services through its digital infrastructure for a wide range
of corporate and individual activities. NTT West will continue to
provide both stable and high-quality universal services, while
also pursuing the following objectives: it shall promote the
deployment of the Optical Access Network in anticipation of
greater demand for broadband services; it shall contribute to the
advancement of telecommunications markets through fair
competition; it shall enhance its research and development
capabilities in applied fields; and it shall ensure that the
telecommunications industry is reliable and open to the public.

As a reflection of these fundamental principles, in its business
management during the fiscal year ending March 31, 2003, NTT West
will promote drastic structural reforms, focusing on the
outsourcing of operations to build a scheme that can deal with new
markets, coupled with various management improvement measures.
While undertaking a drastic improvement of its cost structure
through such reforms, the company will also strive to establish
sound foundations for profitability through an extensive rollout
of broadband businesses, in addition to a full lineup of IP access
services, including "Fiber-optic IP Connection Service," to
respond actively to the growing demand for Internet
communications. NTT West will grasp the views and needs of
customers accurately and speedily in order to make the necessary
improvements in services. In other areas, NTT West will also
implement measures for maintaining smooth interconnection and open
networks. It will seek to promote its research and development
position in applied fields, improve disaster prevention measures,
promote human resources development, and actively pursue new
business opportunities. Through this line of action, NTT West will
endeavor to achieve a stable course of future development. NTT
West stands ready to share the benefits of these programs with its
customers, local communities and the shareholders in the holding
company.

The above outlines the basic strategies of NTT West for the fiscal
year ending March 31, 2003. While special emphasis will be
assigned to the matters summarized below, NTT West will respond
with due flexibility to any changes in the business environment.

1. VOICE TRANSMISSION SERVICES

(1) Subscriber Telephones:

NTT West stands ready to respond speedily to all demand for
subscriber telephones, including the relocation of existing lines.
The total number of subscribers is projected to reach
approximately 26.10 million by the end of the fiscal year ending
March 31, 2003.

Item: Planned Number

Additional Installations: 0.40 million subscribers

Relocations: 2.77 million subscribers

(2) Social-Welfare Telephones:

The progress of social welfare has generated various demands for
telecommunication services. To respond to welfare-related needs,
NTT West shall promote the installation of its "Silver Phones
series" (Anshin [Relief], Meiryo [Clearness], Hibiki[Sound],
Fureai[Communication]) and other welfare-oriented products.

Item: Planned Number

Silver Phones

Anshin (Relief): +500 units

Meiryo (Clearness): +100 units

(3) Public Telephones:

NTT West shall promote the installation of IC-card operated public
telephones.

It shall continue to promote the installation of social-welfare
public telephones, including those with voice adjustment function
and public phone booths for wheel chair users, to achieve improved
services and welfare-oriented functions.

Item: Planned Number

IC-Card Public Telephones: +6,000 units

Public Telephones with Volume Adjustment Function: +6,000 units

(4) INS-Net Digital Services:

INS-Net Digital Services are now available in all areas with
potential demand. The total number of INS-Net 64 subscriber lines
and INS-Net 1500 subscriber lines are projected to reach
approximately 4,145,000 circuits and approximately 37,000 circuits
lines, respectively, by the end of the fiscal year ending March
31, 2003.

Item: Planned Number

INS-Net 64 Subscriber Lines: (740,000) circuits

INS-Net 1500 Subscriber Lines: (4,000) circuits

2. DATA TRANSMISSION SERVICES

NTT West shall continue providing IP Connection Services featuring
a full line of flat-rate Internet access plans for INS-Net, ADSL
and fiber-optic services.

3. LEASED CIRCUIT SERVICES

Facilities for leased circuit services are scheduled to be
installed to actively respond to demands, including those for
high-speed digital transmission services, and voice and image
transmission services.

Item: Planned Number

Conventional Leased Circuits: (35,000) circuits

High-Speed Digital Transmission Circuits: +16,000 circuits

4. TELEGRAPH SERVICES

NTT West shall promote such measures as the maintenance of
telegraph operation systems to enhance services and raise
efficiency.

5. IMPROVEMENTS AND ADVANCES IN TELECOMMUNICATIONS EQUIPMENT

(1) Optical Access Network:

NTT West shall actively promote the deployment of Optical Access
Network in coordination with expanding demand for broadband
services.

Item: Planned Number

Optical Subscriber Cables: +2.6 million fiber km

(Cover rate at the end of March 2003 will be 53 percent.)

(2) Telecommunications Network:

NTT West shall enhance network services as well as improve network
economy and efficiency while meeting demand for broadband
services.

(3) Disaster-Prevention Measures:

NTT West shall promote necessary disaster-prevention measures for
telecommunications equipment. To this end it shall establish
emergency communication and crisis management measures, as well as
procedures for restoring systems and distributing vital
information in the event of a large-scale disaster.

(4) Installation of Underground Transmission Cables:

NTT West shall install underground transmission cables to aid
transmission stability, secure safe and comfortable passage spaces
and improve the appearance of urban areas, in cooperation with the
local and national governments or other companies.

(5) Facility Maintenance:

NTT West shall implement facility maintenance, including the
replacement of cables, to maintain customer services, ensure
safety and harmony with social environments and stabilize
communications systems.

NTT West shall pursue cost reduction by making exhaustive use of
existing equipment and facilities in improving and upgrading
communications facilities.

6. PROMOTION OF RESEARCH AND DEVELOPMENT ACTIVITIES

To further stabilize and strengthen the foundations of the
business operations, and to meet public demand for information and
telecommunications, NTT West shall promote research and
development in the spheres of network systems and access systems
which create more sophisticated telecommunications networks. In
addition, NTT West shall also promote research and development in
such areas as information distribution applications and
communications terminals of various types which expand the range
of choices available to customers in their selection of reliable
and convenient services through sophisticated telecommunications
networks.

The summary of the business plans for the above principal services
and the plant and equipment investment plans are outlined in the
attached tables.(To view tables and attachments, go to the
according URL.)

-Table 1

Principal Services Plan for Fiscal Year Ending March 31, 2003

http://www.ntt-west.co.jp/news--e/0202/020228--1.html

-Table 2

Plant and Equipment Investment Plan for Fiscal Year Ending March
31, 2003

http://www.ntt-west.co.jp/news--e/0202/020228--2.html

-Attachment 1

Revenues and Expenses Plan for Fiscal Year Ending March 31, 2003

http://www.ntt-west.co.jp/news--e/0202/020228--3.html

-Attachment 2

Plan of Sources and Applications of Funds for Fiscal Year Ending
March 31, 2003

http://www.ntt-west.co.jp/news--e/0202/020228--4.html

About Nippon Telegraph and Telephone

Nippon Telegraph and Telephone Corporation (TSE: 9432)(NYSE: NTT)
was established in 1952 as a state-owned telecommunications public
corporation and in 1986 converted to a private company to be the
largest telecommunications company in Japan and the second largest
in the world. NTT and its subsidiaries provide a wide range of
telecommunications services.


SATO KOGYO: Firm Files For Court Protection
--------------------------------------------
Construction firm Sato Kogyo Co. has filed for court protection
with the Tokyo District Court due to a sharp decline in public
works and massive debts totaling Y500 billion (US$3.76 billion)
dating to Japan's bubble economy in the late 1980's, AP Online and
AFX News reported Saturday, citing Company spokesman Sumiko
Sakuma.

According to another Company spokesman Ryoichi Kawakami, Sato's
group liabilities totaled Y500 billion. The parent company's debts
stood at Y450 billion as of late January.

Sato Kogyo, based in northwestern Japan town of Toyama, was once
strong in large-scale civil engineering projects, including tunnel
construction. The firm employs 3,100 employees.


SNOW BRAND: Enters Joint Venture With Otsuka Pharmaceutical
-----------------------------------------------------------
Otsuka Pharmaceutical Co., Ltd. and Snow Brand Milk Products Co.,
Ltd. announced on Thursday their intention to establish a joint
venture Company by the end of March, to operate in the field of
clinical nutrition, JCN Newswire reports.

The stockholding ratios of Otsuka Pharmaceutical and Snow Brand
will be 60 percent and 40 percent respectively, and the President
will be from Otsuka Pharmaceutical. Other details have not yet
been completed.

According to TCR-AP on Friday the alliance move is part of the
Company's restructuring plan following a beef-labeling scandal
that involves its unit, Snow Brand Food Ltd.


TOBISHIMA CORP: Seeking More Financial Aid From Fuji Bank
---------------------------------------------------------
Ailing builder Tobishima Corp will consider calling on its main
creditor Fuji Bank for more financial assistance after another
midsize contractor, Sato Kogyo Co reportedly decided to file for
court-led protection from creditors, Kyodo News reported on
Saturday.

According to Wright Investor's Service, as of March 2001, the
Company's long-term debt was Y122.34 billion and total liabilities
were Y357.47 billion.

The Company's principal activity is carrying out general
construction including real estate development. Operations are
carried out through the following divisions: construction (civil
engineering and architectural construction); development
(development of real estate housing, management of golf courses
and athletic facilities, leasing and selling of construction
equipment). Construction accounted for 99 percent of fiscal 2001
revenues and development, 1 percent.


YAMAKI CO: R&I Downgrades Rating to B+
--------------------------------------
Rating and Investment Information, Inc. (R&I), has downgraded on
February 25 the Senior Long-term Credit Rating of Yamaki Co., Ltd.
to B+ from BB.

RATIONALE:

Yamaki Co., Ltd., is an apparel maker whose main lines consist of
gentlemen's dress shirts and casual shirts. As one of the domestic
leaders in dress shirt sales, the company has strengths in the
form of its relationships with major gentlemen's clothing chain
stores. Nevertheless, in many cases its sales to major retailers
entail returns and discounts, so the company is structurally
vulnerable to inventory risks. Sales have recently been declining
as the slump in consumer spending and Japan's deflationary trend
becomes prolonged, and earnings are coming under pressure from
factors such as the disposal of inventories. Continuous losses
mean that financial structure is also deteriorating. R&I expect
that cash flow will continue to come under pressure for the time
being and is therefore downgrading the rating.

Yamaki has suffered a serious plunge in sales for several years
including the March 2001 term.

It has also been forced to dispose of inventories that have piled
up through trading firms, and has therefore suffered a series of
operating losses. This has meant that financial structure has
remained fragile due to the decline in equity and high levels of
interest bearing debt. Another cause for concern is that cash flow
has been pressured by loans to ailing affiliated companies.

Yamaki is working on structural changes such as strengthening its
inventory management and cutting costs by raising the proportion
of overseas procurement, and although this is generating some
results the accelerating deterioration in the external environment
has wiped out some of the results of the strategy, so it is
impossible to be optimistic about future movements in earnings.


* R&I Downgrades Senior Long-Term Debt Ratings Of Meat Producers
----------------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has removed on
February 26 the following ratings from the Rating Monitor Scheme,
and has downgraded them as:

TSE COMPANY NAME                   L-T DEBT   CP
ODE                                RATING    RATING
                                   FROM TO FROM TO
2282 Nippon Meat Packers, Inc.       (A+) A -
2284 Itoham Foods Inc.               (A) BBB+ (a-1) a-2
2288 Marudai Food Co., Ltd.           - (a-2) a-3
2290 Yonekyu Corp.                   (BBB) BBB- -

RATIONALE:

R&I has downgraded the Senior Long-term Credit Ratings, commercial
paper ratings, etc., assigned to the nation's four ham and sausage
processors. Not only has the domestic market been in chaos since
the discovery of bovine spongiform encephalopathy (BSE) in Japan,
but demand for beef looks highly likely to remain dull over the
long term as well. R&I believes that the cash flow generation
potential of the ham and sausage processors will inevitably be
reduced. The degree to which the ratings have been downgraded
differs for each firm depending on their operational and cost
structures and the pace of their rationalization efforts.

Following the discovery of BSE in Japan in September last year,
consumption of beef has fallen to about half of the previous
level. In the case of the UK, demand for beef dropped dramatically
in the years after the British government announced that BSE could
infect humans in 1996, and took some three years to recover. Japan
has a much shorter history of the consumption of beef, pork, and
other meat products than is the case in Europe or America. While
the government's response has been slow and there have also been
scandals about the re-labeling of products to falsify their point
of origin. There is a strong possibility that recovery of demand
in Japan will require more time than was the case in the UK.

In addition to ham and sausages, Japan's ham and sausage
processors handle various other meat products, including processed
foods for cooking, beef, pork and chicken. The profitability of
chicken and pork is increasing sharply as the market rises for
these products as a substitute for beef, and this is covering, to
some extent, the loss in earnings caused by the fall in demand for
beef.

Nevertheless, given Japan's deflationary economy, there is also a
strong possibility that the profitability of pork and chicken will
decline again as the market settles once supply volumes are
increased. Further, the overall image of meat products as a whole
has been damaged, so although household demand for pork and
chicken is fairly steady it is unlikely that demand for gift sets,
which has collapsed, will recover easily. The domestic market is
anyway shrinking, so there is little prospect for any recovery in
earnings from ham and sausages for the time being.

The ratings assigned on this occasion are based on the
understanding that demand for meat products will not decline
greatly from its current level, and that the re-labeling scandal
will not engulf the entire market. If large numbers of BSE-
infected cattle are discovered, or if there are cases of CJD
infection in Japan, causing a further decline in sales, it would
then be necessary to conduct a further review of the ratings.

SUMMARY OF EVALUATION FOR INDIVIDUAL ISSUERS:

NIPPON MEAT PACKERS, INC. (TSE Code: 2282)

In addition to ham and sausages, Nippon Meat Packers, Inc., is the
leading domestic food company handling fresh meat and processed
foods for cooking. In the past, the firm has responded to the
maturation of the ham and sausage market by trying to expand its
operations in these latter areas, which have better growth
prospects. It has a speedy, low-cost distribution system, and
together with a brand image that has been strengthened by the
safety of its in-house products and the smooth launch of a series
of processed foods, this has helped it to maintain close
relationships with major retailers. Nevertheless, operational risk
has been increased by the outbreak of BSE.

Sales of chicken and pork products have increased as substitutes
for beef, but this is not yet covering the loss in profits caused
by the decline in beef sales. Recovery in beef demand will take
time, but Nippon Meat Packers has made good progress in
diversifying earnings sources and R&I expects the decline in
earnings to be smaller than is the case for the other firms in the
sector. The Senior Long-term Credit Rating is therefore being
downgraded by just one notch.

ITOHAM FOODS INC. (TSE Code: 2284)

Itoham Foods Inc. is a major meat processing company. Fresh meat
accounts for more than half of sales, and the dependence on beef
is high, at some 60percent of this figure, as a result of the firm
having developed farms and processing plant for cattle on which
value added is high. Beef sales have fallen seriously because of
the BSE outbreak, however, and recovery is expected to take a long
time. The company has also been slow in developing chicken and
pork businesses, so the profits generated by the fresh meat
business are expected to continue to slump. The outbreak of BSE
has also damaged the image of meat products across the board, so
the market for gift packs of ham and sausages is shrinking, and
Itoham Foods is being seriously impacted by this given that it had
a heavy reliance on gift packs. The company is going to reorganize
its distribution and production systems in the term to March 2003,
as well as trying to shrink its peripheral activities and reform
its high-cost constitution, but these efforts may not be enough
considering the way prices are
falling. Itoham Foods has been slow to develop high value added
product areas, and in view of this it is certain to see falling
profit levels for the time being. As a result, R&I is downgrading
the Senior Long-term Credit Rating from A to BBB+.

MARUDAI FOOD CO., LTD. (TSE Code: 2288)

Marudai Food Co., Ltd., is one of Japan's major food processing
companies. Fresh meat accounts for a lower proportion of total
sales than is the case for the rest of the sector, at about
30percent, but demand for gift sets of mainstay ham and sausages
is falling sharply -- although household demand is steady -- and
the March 2002 term is expected to see a consolidated operating
loss, as was also the case in the March 2001 term. Marudai Food is
aiming to restore profitability by amalgamating or closing
marketing and production bases, but it is impossible to predict
whether this will be successful given that more time will be
needed before demand for beef and gift sets recovers and that
prices can be expected to fall further. The key to a full recovery
in profits will be to develop new products, especially processed
foods. However, it is impossible to be optimistic about the
prospects for processed foods, which are not impacted by the BSE
scare, as the other firms are also planning to strengthen their
business in this area too. R&I believes that profit levels will
necessarily remain dull for some time, and is therefore
downgrading the commercial paper rating from a-2 to a-3.

YONEKYU CORP. (TSE Code: 2290)

Yonekyu Corp. is a medium-scale food-processing firm based in the
Kanto region and belonging to the Kirin Brewery group. Fresh meat
accounts for the majority of sales, but beef accounts for a
relatively small proportion of this, some 30percent. As at
present, the increase in sales of pork, chicken and other non-beef
products, and the strong market in these areas, is covering the
slump in profits caused by the fall in beef demand. Nevertheless,
there is a possibility that this profit support will disappear
when supply volumes for pork and chicken have risen and the market
settles down. Yonekyu has been driving its growth through
processed products, but the BSE scare is prompting other companies
to concentrate on this field as well so competition is
intensifying and sales could fall. The BSE scare can be expected
to continue to have an impact for the time being so there is still
a strong possibility that sales will continue to be dull.
Nevertheless, Yonekyu has a low-cost production and distribution
system, which includes overseas production bases, while financial
composition is relatively favorable, so the Senior Long-term
Credit Rating is only being
downgraded from BBB to BBB-.

R&I RATINGS:

ISSUER: Nippon Meat Packers, Inc. (TSE Code: 2282)
Senior Long-term Credit Rating: A

(Downgraded from (A+); Removed from the Rating Monitor scheme)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 1 May 07, 1998 May 07, 2003 Yen 5,000
Unsec. Str. Bonds No. 2 May 07, 1998 May 07, 2004 Yen 5,000
Unsec. Str. Bonds No. 3 May 07, 1998 May 06, 2005 Yen 5,000
Unsec. Str. Bonds No. 4 Sep 25, 1998 Sep 25, 2008 Yen 10,000
Unsec. Str. Bonds No. 5 Oct 06, 1998 Oct 06, 2005 Yen 10,000
Unsec. Conv. Bonds No. 4 Sep 14, 1988 Sep 30, 2003 Yen 10,000
R&I RATING: A (Downgraded from (A+); Removed from the Rating
Monitor scheme)

ISSUER: Itoham Foods Inc. (TSE Code: 2284)
Senior Long-term Credit Rating: BBB+

(Downgraded from (A); Removed from the Rating Monitor scheme)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 8 Jun 08, 1998 Jun 08, 2005 Yen 10,000
Unsec. Str. Bonds No. 9 Oct 09, 1998 Oct 09, 2008 Yen 5,000
Unsec. Conv. Bonds No. 3 Dec 18, 1987 Feb 28, 2003 Yen 20,000
R&I RATING: BBB+ (Downgraded from (A); Removed from the Rating
Monitor scheme)

ISSUE: Domestic Commercial Paper Program
Issue Limit: 20,000 million yen
R&I CP RATING: a-2 (Downgraded from (a-1); Removed from the Rating
Monitor scheme)
ISSUER: Marudai Food Co., Ltd. (TSE Code: 2288)
ISSUE: Domestic Commercial Paper Program
Issue Limit: 20,000 million yen
R&I CP RATING: a-3 (Downgraded from (a-2); Removed from the Rating
Monitor scheme)

ISSUER: Yonekyu Corp. (TSE Code: 2290)
Senior Long-term Credit Rating: BBB-
(Downgraded from (BBB); Removed from the Rating Monitor scheme)


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


DAEWOO MOTOR: US February Unit Sales Up 9%
------------------------------------------
Daewoo Motor America's President and CEO, D. J. Lee, said Friday,
"We are pleased with our 7 percent sales increase in February.
Our dealers are once again focused on Daewoo sales opportunities
driven by our enhanced marketing programs, our recently announced
100,000-mile Powertrain Warranty, and the price, value and quality
of the Daewoo products. We anticipate continued retail sales
improvement associated with renewed confidence in Daewoo's
positive future in the U.S. market."

                February        YTD         February        YTD
                2001          2001          2002          2002

Leganza        2313          4287          1255          3815
Nubira         1548          3058          2499          3950
Lanos          1452          3071          1608          2606
Total          5313         10416          5362         10371

Daewoo Motor America, Inc. is based in Compton, CA and is the U.S.
subsidiary of Daewoo Motor headquartered in Seoul, Korea. Daewoo
Motor America currently sells the subcompact Lanos, the compact
Nubira and the mid size luxury sedan Leganza through an expanding
network of independent dealerships nationwide.

For further information, please contact: Gary Connelly of Daewoo
Motor America, +1-310-609-2201, gconnelly@daewoous.com.

CONTACT:

Gary Connelly of Daewoo Motor America, +1-310-609-2201,
gconnelly@daewoous.com


HYNIX SEMICONDUCTOR: Creditors Provide $1.1 Funds To Micron
-----------------------------------------------------------
Hynix Semiconductor's creditors will provide $1.1 billion of fresh
funds to Micron Technology Inc. and buy $400 million of
subordinated bonds from the U.S. chipmaker, Korea Herald said
Monday.

According to Chosun Ilbo creditors decided to provide loans to the
new Company to be set up by Micron after acquiring Hynix plants.
It said creditors asked Micron to invest $250 million in Hynix to
help sustain its memory chip business.

In February, Micron offered to take over Hynix' semiconductor
manufacturing lines for $4 billion. Hynix' main creditor Korea
Exchange Bank, has made a counterproposal and is awaiting a
response from Micron.


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


MECHMAR CORPORATION: Replies KLSE Query
---------------------------------------
Mechmar Corporation (Malaysia) Berhad, in reply to KLSE's query
letter, informed, further to its announcement on March 1, 2002 in
respect of the winding up petition on Independent Power Tanzania
Ltd (IPTL), the winding up petition has no material financial or
operational impact on the MechMar Group.

The information as requested:

1. Date of presentation of the winding-up petition: February 25,
2002
2. Particulars of the claim: This is a dispute between the two
shareholders of IPTL, MechMar (70%) and VIP Engineering and
Marketing Ltd (VIP). (30%) on the valuation of VIP shares in
IPTL. VIP contends that certain project costs, which the ICSID
Arbitration Tribunal had disallowed for purposes of tariff
calculation, should not be taken up in the books of IPTL as the
company's pre-operation expenses. VIP claimed that those costs as
well as the costs associated with the delay in operation of the
Power Station should not be included when calculating VIP's
profits to be earned by IPTL. MechMar refutes all these claims.
The resolution for shareholders dispute is provided under the
Shareholders Agreement dated 28 September 1994.
3. Details of the events leading to the filing of the winding up
petition: VIP had demanded that MechMar represent in writing to
third parties that VIP's shares were valued at US$31 million.
This is incorrect valuation so MechMar did not comply with VIP's
demand. VIP then embarked on courses of conduct in violation of
their Shareholders Agreement. Subsequently on February 25, 2002,
VIP has via their lawyer served a winding up petition on IPTL in
Tanzania. MechMar has applied to strike off the petition in
Tanzania and simultaneously has registered with the London Court
of International Arbitration to resolve this shareholders
dispute.
4. Total cost of MechMar's investment in IPTL: RM145,805,968
5. The financial and operational impact of the aforesaid petition
on MechMar Group: Not material at this point in time.
6. The expected losses if any, arising from the aforesaid
petition: Not material, other than the costs of defending the
legal suit, which is yet to be determined.

Query Letter content (ID : CY-020301-43467):

We refer to your announcement dated 28 February 2002, in respect
of the aforesaid matter.

Kindly furnish the Exchange with an immediate announcement on:
(1) The date of the presentation of the winding-up petition;
(2) The particulars of the claim under the petition;
(3) The details of the events leading to the filing of the
winding-up petition;
(4) The total cost of investment of your Company in IPTL;
(5) The financial and operational impact of the aforesaid
petition on Mechmar Group;
(6) The expected losses, if any, arising from the aforesaid
petition.

Yours faithfully

LISA LAM
Senior Manager
Listing Operations
KLL/SWW/CY


SATERAS RESOURCES: Resumes Shares Trading
-----------------------------------------
Further to Listing's Circular No. L/Q 12036 of 2002, Sateras
Resources (Malaysia) Berhad advised that trading in the Company's
shares has resumed with effect from 9.00 a.m., Monday, March 4,
2002.


TIMBERMASTER INDUSTRIES: White Night Seeks Extension to April 30
----------------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators Appointed)
(TMIB or the Company), in compliance with Practice Note No.
4/2001 in relation to Paragraph 8.14 of the Listing Requirements
of the Kuala Lumpur Stock Exchange (KLSE), announced that the
Company's White Knight has sought an extension up to April 30,
2002 to fulfill the conditions precedent set out in the
Memorandum of Understanding dated August 14, 2001 (2nd MoU). The
Special Administrators (SA) of the Company is now considering the
options available to regularize the financial position of TMIB
(including the possibility of a 3rd tender exercise).

In view of the latest position, the SA of TMIB, on February 7,
2002 appealed to the KLSE for consideration of a further
extension until May 7, 2002 to make the Requisite Announcement in
compliance with Practice Note No. 4/2001 of the Listing
Requirement of the KLSE. At the date of this announcement (March
1, 2002), KLSE's consideration of the further extension of time
to make the RA is still pending.

In the meantime, as part of TMIB's restructuring exercise
involving these subsidiaries:

Kompleks Perkayuan Timbermaster Smallholders Sdn Bhd (Special
Administrators Appointed) (KPTS)

The SA had carried out a re-tendering exercise in November 2001,
and had on December 6, 2001, selected a White Knight for the sale
and purchase of the assets in KPTS. The SA is now close to
signing the Sale and Purchase Agreement (SPA) with the White
Knight in respect of the sale and purchase of the assets in KPTS.

Timbermaster Timber Complex (Sabah) Sdn Bhd (Special
Administrators Appointed) (TMTC)

The SA is finalizing the terms and conditions of the Share Sale
Agreement (SSA) with the White Knight for the sale and purchase
of the entire issued and paid up capital of TMTC pursuant to a
Memorandum of Understanding dated 20 July 2001.


TONGKAH HOLDINGS: Still Negotiating With Major Creditors
--------------------------------------------------------
As part of Tonkah Holdings Berhad (THB)'s monthly announcement on
the status of the Company's plan to regularize its financial
condition in accordance with Practice Note 4/2001(PN 4), THB
informed it is still negotiating with its major creditors to
restructure the existing debts of the THB Group and have yet to
formalize a proper plan.

As announced in the Company's first announcement on September 6,
2001 in accordance with PN4, the Company is required to announce
a detailed plan to regularize its financial condition within 6
months of the date of the first announcement. This date would
fall on March 6, 2002.

The Company has made an application to the Exchange for an
extension of time until June 30, 2002 to comply with the
requirement and is awaiting the Exchange's reply.


ABRAR CORP: Special Administrators Review Offers
------------------------------------------------
In compliance with paragraph 4.1(b) of PN 4/2001, Abrar
Corporation Berhad announced:

On 10 January 2002, the Special Administrators of the Company
held a briefing for interested parties with strong assets backing
and management expertise on the tender procedure for the
submission of offers/proposals on the restructuring exercise of
the Company. The interested parties were required to submit the
offers/proposals on January 23, 2002.

The Special Administrators of the Company are currently reviewing
the offers/proposals submitted to them by the interested parties
and thereafter will formulate a Workout Proposal for the Company
pursuant to Section 44 of the Pengurusan Danaharta Nasional
Berhad Act, 1998 (the Danaharta Act).

The new Workout Proposal will take into considerations the
interest of all stakeholders that will also deal with the
Company's plans to regularize its financial condition, its
inadequate level of operations and the minimum RM60 million paid-
up capital requirement for companies listed on the Main Board of
the Exchange.

On January 25, 2002, the Exchange granted the Company with an
extension of time from December 23, 2001 to February 28, 2002 to
enable the Company to make its announcement on the Company's
plans to regularize its financial condition (the Requisite
Announcement) pursuant to the Company's request on December 10,
2001.

On February 7, 2002, the Company sought the approval of the
Exchange for a further extension of ten (10) months to December
31, 2002 to make the Requisite Announcement. The Exchange's reply
to the Company's request is still pending.


BESCORP INDUSTRIES: Moratorium Extended
---------------------------------------
The Special Administrators of Bescorp Industries Berhad informed
the Kuala Lumpur Stock Exchange that the moratorium under Section
41 of the Pengurusan Danaharta Nasional Berhad Act, 1998 (the
Act), which took effect from March 2, 2000 has been extended to
March 1, 2003. The extension is pursuant to Section 41(3) of the
Act. During the period of the moratorium no creditor may take
action against the Company except in accordance with Section 41
of the Act.


SENG HUP: No Material Development in Restructuring Scheme
---------------------------------------------------------
Further to the Seng Hup Corporation Berhad (Special
Administrators)'s announcement on January 31, 2002, the Company
informed that there is no material development to the Proposed
Restructuring Scheme of the Company.

Reference is made to paragraph 4.1(b) of Practice Note No. 4/2001
of the Kuala Lumpur Stock Exchange's (the Exchange) Listing
Requirements whereby the affected listed issuer is required to
announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from the
Exchange.


CHG INDUSTRIES: To Intensify Efforts to Conclude New Plan
---------------------------------------------------------
The Board of Directors of CHG Industries Berhad (CHG) announced
that the Company had on March 1, 2002, via its financial advisor,
Commerce International Merchant Bankers Berhad, made an
application to the KLSE for extension of time to announce the
Requisite Announcement to the Exchange for public release.
Meanwhile, the Company will intensify its efforts to conclude the
new plan to regularize its financial condition.

The announcement was made pursuant to paragraph 8.14 of the Kuala
Lumpur Stock Exchange's (KLSE) Listing Requirements and paragraph
4.1 (b) of Practice Note No. 4/2001 of the KLSE Listing
Requirements (PN4), where CHG is required to announce the status
of its plan to regularize its financial condition on a monthly
basis until further notice from the KLSE. Also pursuant to
paragraph 5.1 of PN4, CHG must make the Requisite Announcement by
March 5, 2002, i.e. within six (6) months from 6 September 2001
(date of the First Announcement).

For and on behalf of the Board of Directors,

Francis Foo See Yuan
Managing Director


FIRST MALAYSIA: Unitholders Pass EGM Proposals
----------------------------------------------
Pursuant to the proposed disposal of leasehold land together with
a building erected thereon known as Bangunan CIMB to Commerce
International Merchant Bankers Berhad for a cash consideration of
RM25.0 million, and the proposed winding up of First Malaysia
Property Trust (FMPT) (collectively known as the Proposals),
Southern Investment Bank Berhad, on behalf of Amanah Property
Trust Managers Berhad, the Manager of FMPT, announced that all
the resolutions pertaining to the Proposals as stated in the
Notice of Extraordinary General Meeting dated February 7, 2002
have been duly carried and passed by the unitholders of FMPT
present at the Extraordinary General Meeting held on 1 March
2002.

UNITED CHEMICAL: Signs MOA With KUB Re Assets Acquisition
---------------------------------------------------------
Pursuant to Practice Note No. 4/2001 issued pursuant to
Paragraphs 8.14, 16.02 and 16.09 of the revamped Listing
Requirements of the Kuala Lumpur Stock Exchange (KLSE) and
further to the announcement dated February 4, 2002 in relation to
the above matter, Alliance Merchant Bank Berhad (Alliance)
announced that on February 28, 2002, United Chemical Industries
Berhad (UCI) signed a Memorandum of Agreement (MOA) with KUB
Malaysia Bhd (KUB), Madam Chin Mee Leen and Madam Lok Kau Lin,
for the purpose of entering into negotiations for the acquisition
of:

(a) the entire equity interest in KTI Sdn Bhd; and
(b) subsidiary companies and/or assets of KUB to be determined.




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


BELLE CORP: SEC Approves Prime Leisure and Properties IPO
---------------------------------------------------------
The Securities and Exchange Commission (SEC) has approved the
initial public offering of Belle Corp's Highlands Prime Leisure
and Properties Inc, Business World and AFX News reported on
Monday. Highlands will be offering 3.9 million common shares with
a par value of 2.13 pesos per share.

TCR-AP reported earlier this month that Sy's group SM Prime
Holdings Inc. was examining the potential business with Belle
majority owner Willy Ocier, to help recover the operations of
debt-saddled property developer, Belle Corp, and its units APC
Group Inc (APC) and Sinophil Corp.

Business World reported last month that German-based Deutsche Bank
is going after some Belle Corp. assets to serve as collateral for
some $17 million in debts.

DebtTraders reports that Belle Corporation's 5.830% floating
rate note due in 2002 (BELC02PHN1) trades between 26 and 30. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BELC02PHN1


NATIONAL POWER: Raising Financing Requirement To US$1.5B
--------------------------------------------------------
National Power Corp (Napocor) has raised its financing requirement
for 2002 to US$1.5 billion from the previous US$1 billion, to take
into account payment of maturing debt, AFX News and Philippine
Daily Inquirer reported on Sunday, citing National Treasurer
Sergio Edeza.

According to Edeza the government may borrow for Napocor to save
on costs. Napocor incurred a net loss of P10.4 billion last year
versus preliminary full-year loss of P6.3 billion in February. In
2000, the Company posted a net loss of P13 billion.


RFM CORP: San Miguel May Acquire Food And Beverage Firm
-------------------------------------------------------
San Miguel Corp will consider taking over RFM Corp, Business World
and AFX News reported Monday, quoting San Miguel Vice Chairman
Ramon Ang. Other firms that showed interest in acquiring San
Miguel includes RFM unit Swift Foods and Tanduay Holdings Inc.
According to Ang, San Miguel is also looking to acquire a brewer
in Thailand within the year.

DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reported in January that RFM Capital
has fully repaid its $65 million 2.75 percent Convertible Bond due
in 2006 on January 25 after the disposal of Cosmos earlier in
January.

RFM's 2.75 percent Convertible Bond carried a May 30, 2001 put
provision at 128.71. The food conglomerate has repaid $38 million
earlier from the disposal of Consumer Bank and Psi Technologies
and its Tuna brand.

DebtTraders reports that RFM Capital's 2.750% convertible bond
due in 2006 (RFM06PHS1) trades between 100 and 110. For real-
time bond pricing go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=RFM06PHS1


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


CHEW EU: Appoints TMIS As Independent Financial Adviser
-------------------------------------------------------
The Board of Directors (the Board) of Chew Eu Hock Holdings Ltd
(the Company) refers to the announcement dated January 30, 2002
(the January Announcement) relating to the acquisition of the
entire issued share capital of two property investment and three
property development companies from Hiap Hoe Holdings Pte Ltd
(Hiap Hoe) and the allotment and issue of shares in the capital of
the Company in consideration therefore (the Acquisition).

The Company disclosed on March 1, 2002 that it has appointed
Tokyo-Mitsubishi International (Singapore) Ltd (TMIS) as
independent financial adviser to the independent directors of the
Company in relation to:

(i) the Whitewash Resolution to be proposed in connection with the
Acquisition; and

(ii) the proposed conversion of a shareholder's loan (details of
which are set out in the January Announcement) (the MS Loan
Conversion) by Mr. Chew Eu Hock, a substantial shareholder and a
director of the Company, which is an interested person transaction
under Chapter 9A of the listing manual of the Singapore Exchange
Securities Trading Limited.

A circular containing the recommendation of the independent
directors of the Company and the advice of TMIS will be dispatched
to shareholders of the Company in due course, together with the
notice convening an extraordinary general meeting to approve the
MS Loan Conversion, the Whitewash Resolution and the Acquisition.

TCR-AP reported that in the year 2000 the construction firm Chew
Eu Hock Holdings posted a full-year net loss of $7.9 million,
attributing it to recessionary conditions in the construction
sector as well as cost overruns.


PANPAC MEDIA.COM: Director Jack Lin Resigns From Board
------------------------------------------------------
The Board of Directors of Panpac Media.com Limited announced on
March 3 that Mr. Jack Lin resigned as a Director of the Company
with effect from February 21, 2002.

On February 8 the Company made an announcement relating to the
proposed voluntary winding up of its wholly owned subsidiary,
ZingAsia Pte Ltd (ZingAsia). The Company Board of Directors
announced that, pursuant to the Extraordinary General Meeting of
ZingAsia and a creditors' meeting held on 20 February 2002,
ZingAsia has been placed in a creditors' voluntary winding up
pursuant to Section 290 (1) (b) of the Companies Act, with effect
from 20 February 2002.


TONG MENG: Proposes Voluntary Delisting From SGX-ST
---------------------------------------------------
The Board of Directors of Tong Meng Industries Limited (the
Company or Tong Meng) announced on March 1 that a circular dated
27 February 2002 (the Circular) in relation to the proposed
voluntary delisting of the Company from the Official List of the
Singapore Exchange Securities Trading Limited (SGX-ST), under
Clause 208 of the SGX-ST Listing Manual (the Proposed Delisting),
including the proxy form for the Extraordinary General Meeting of
the Company to be held on March 26, 2002, has been dispatched to
the Tong Meng shareholders.

The Circular contains the advice of ANZ Singapore Limited, the
financial adviser to the independent Directors of the Company, on
the Proposed Delisting and the recommendation of the independent
Directors of the Company on the Proposed Delisting.

Shareholders who do not receive the Circular may obtain a copy of
it from the Company's Share Registrar at the following address:

Kon Choon Kooi Pte Ltd
47 Hill Street #06-02
Chinese Chamber of Commerce & Industry Building
Singapore 179365
Telephone: 63363355


L&M GROUP: Court Approves Scheme Of Arrangement
-----------------------------------------------
L&M Group Investments Ltd disclosed on March 3 that the High Court
of Singapore, on the 22 February 2002, granted its approval to the
Scheme of Arrangement proposed by L&M Precast (Tuas) Pte Ltd
(Precast).

Under the terms of the Scheme of Arrangement, the unsecured
creditors of Precast would be issued shares in the Company in full
and final settlement of all debts owed by Precast to them. The
Scheme of Arrangement is still subject to the approval of the
shareholders of the Company and to the approval of the Singapore
Exchange Securities Trading Limited (SGX-ST) to the listing and
quotation of the shares on the SGX-ST.


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


CHRISTIANI&NIELSEN PUBLIC: Gives Audited Financial Statement
------------------------------------------------------------
Christiani&Nielsen (Thai) Public Company Limited (CNT) released
its audited annual financial statements:

                                   (In thousands)
                                 Ending  December 31,
                                   2001        2000
Net profit (loss)               (142,931)   (953,122)
EPS (baht)                        (1.05)      (7.15)


NATURAL PARK: Result of 2001 Business Operation
-----------------------------------------------
With reference to the Audited Financial Statements of 2001
compared to the previous year, Natural Park Public Company
Limited's net earnings increased by Bt2,982 million. The
details:
                                                  Million Baht

Increase in reversal of guarantee obligation to
    related parties                                    2,356
Decrease in loss on impairment of assets               1,256
Decrease in loss from transfer of assets                 176
Decrease in recognition of guarantee
    obligation to related parties                        461
Decrease in interest expenses                            102
Decrease in gain from debt restructuring              (1,346)
Total                                                  3,005

Natural Park Public Company Limited also gives its audited annual
financial statements:

                                            (In thousands)
                      Ending  December 31, 2001        2000

Net profit (loss)                      1,748,888     (1,233,632)
EPS (baht)                                  4.63      (3.26)


SIAN SYNTECH: Gives Unaudited Financial Statement
-------------------------------------------------
Siam Syntech Construction Public Company Limited issued its
unreviewed and unaudited quarterly financial statements as
follows:

                               Ending  December 31,
                                 (In thousands)

                         Quarter 2              For 6 Months
                      2001     2000          2001       2000

Net profit (loss)    8,456,212 (252,442)     8,550,138  (814,437)
EPS (baht)             241.33   (6.36)        244.02      (20.51)



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

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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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