TCRAP_Public/020311.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

            Monday, March 11, 2002, Vol. 5, No. 49

                         Headlines

A U S T R A L I A

ACTS NET: Former Director Committed to Stand Trial
ADSTEAM MARINE: Lifts Towage Prices
BRISBANE BRONCOS: BB Sports Extends Proportional Takeover Bid
GOODMAN FIELDER: FTC OKs Leiner Davis Sale to DGF Stoess AG
PACIFIC DUNLOP: Posts Chairman's Letter to Shareholders

PASMINCO LIMITED: Perilya Acquires Broken Hill Mine
POWERLINE GES: Administrators Enter SPA Settlement With GEST


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Independent Financial Advisers Appointed
JOIN CREATIVE: Winding Up Sought by Tempo Watch
KINGLAND CONCRETE: Winding Up Petition Pending
NORTHEAST ELECTRICAL: Shenyang Becomes Largest Shareholder
SMART DUKE: Faces Winding Up Petition

TOLAND FOOD: Winding Up Petition Scheduled
WAH NAM: Winding Up Petition Pending


I N D O N E S I A

CHANDRA ASRI: Debt Restructuring Process Nears Finalization
TIMAH TBK: Sells Assets to Raise Funds


J A P A N

FIRST CREDIT: Court OKs Bankruptcy Proceedings
FUJI FIRE: Liquidates Luxembourg Unit
FUJITSU LTD: Reforms Corporate Governance, Management Structure
FUJITSU LTD: Slashing 4,000 Jobs In 2003
MATSUSHITA ELECTRIC: S&P Places Rating On CreditWatch Negative

NISSAN FIRE: S&P Revises CreditWatch To Positive
NKK CORP: Unit Files for Chapter 11
ORIENT CORP: Negotiating Y200-300B Bailout Package With Banks
SANKYO SEIKI: R&I Downgrades Rating To BB+


K O R E A

HYNIX SEMICONDUCTOR: Discloses Jan-Feb 2002 Recurring Profits
HYNIX SEMICONDUCTOR: Posts Shareholders' Meeting Notice


M A L A Y S I A

AYER MOLEK: Updates Material Litigation Status
BESCORP INDUSTRIES: FIC OKs Proposed Corp, Debt Workout Plan
CHASE PERDANA: CDRC Assists In Debt Restructuring Finalization
DENKO INDUSTRIAL: Faces Writ of Summons Over Defaulted Payment
HAI MING: FIC Approves Proposed Restructuring Exercise

MAY PLASTICS: Posts KSUH Shares Book Closure Notice
MTD CAPITAL: Gets SC's Nod on Proposed Revised Repayment
SEAL INCORPORATED: Re-Appoints Abdul Hamid as Deputy Chairman
TA ENTERPRISE: Debt Restructuring Agreement Deadline Extended
TIMBERMASTER INDUSTRIES: Changes Registered Address

TIME ENGINEERING: Seeking Settlement With USD Bond Holders


P H I L I P P I N E S

INTERNATIONAL CONTAINER: Increases Number of Directors
METRO PACIFIC: Values Bonifacio Property Sale at P2.5B
PHILIPPINE LONG: Needs Refinancing, Says Barclays Capital


S I N G A P O R E

EXCEL MACHINE: Mr Anthony Tian Resigns as Board Director
MEDIARING.COM: Appoints New Board of Directors
THAKRAL CORP.: Ahuja Ceases to be an Audit Committee Member


T H A I L A N D

EMC PUBLIC: Clarifies Financial Statement Changes
ITALIAN-THAI DEVELOPMENT: Narrows Operations Loss to Bt2,527M
PREECHA GROUP: Books Bt312.106M Debt Restructuring Profit
SINN BUALUANG: Business Reorganization Petition Filed

     -  -  -  -  -  -  -  -

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


ACTS NET: Former Director Committed to Stand Trial
--------------------------------------------------
Graeme Geoffrey Milner of Mildura, Victoria, has been committed
to stand trial in the County Court at Melbourne in relation to
17 charges brought by the Australian Securities and Investments
Commission (ASIC).

The ASIC charges include 16 counts of making improper use of
position as an officer of a company and 1 count of offering a
prescribed interest without an approved deed. The matter is
being prosecuted by the Director of Public Prosecutions.

Mr Milner was a director of Acts Net Limited (Acts Net), a not-
for-profit organization that listed its principal activities as
that of conducting religious activities, representations at
overseas mission operations and training of religious
practitioners.

Acts Net was placed into liquidation on 24 February 2000 by an
application made by the ASIC to the Supreme Court of Victoria.

ASIC alleges that between 1997 to September 1999, Acts Net
raised in excess of $4 million in funds from investors for the
purpose of entering overseas investment programs referred to as
Debenture Trade Programs or High Yield Investment Programs.

Mr Milner pleaded not guilty to all charges. He is next due to
appear in the County Court at Melbourne for a case conference on
19 June 2002.


ADSTEAM MARINE: Lifts Towage Prices
-----------------------------------
Adsteam Marine increased its towage prices in five Australian
ports in line with the notification lodged with the Australian
Competition and Consumer Commission (ACCC) late last year.

The new prices apply to the ports of Brisbane, Port Botany, Port
Jackson, Melbourne and Adelaide. In the majority of these ports,
towage prices have not risen for 10 years or more. In Brisbane,
for example, the last price increase was as far back as 1987.

Details of the new prices are:

PORT                       PRICE INCREASE        PREVIOUS PRICE
                           IMPLEMENTED           INCREASE

Brisbane                      11.7%                 1987
Port Botany                   13.1%                 1990
Adelaide                      15.8%                 1992
Port Jackson                  26.2%                 1998
Melbourne                     23.4%                 1999

Because Adsteam's tug operations in these ports are "declared
Services" under the Prices Surveillance Act, details of the
price increases must be released to the ACCC. The ACCC may then
form an opinion as to whether the price increases are
justifiable.

On 19 February, 2002, the ACCC objected to the proposed price
increases, stating that Adsteam's existing prices achieved
estimated returns on equity exceeding Adsteam's cost of equity
and seemingly objecting to Adsteam's revenue exceeding its
economic costs.

"We found this attitude puzzling, to say the least, Adsteam's
Managing Director, Mr David Ryan, said.

"Adsteam initiated a meeting with the ACCC on Monday this week
in an effort to clarify the Commission's reasoning but
unfortunately, the ACCC does seem to have exactly the views as
outlined above," Mr Ryan said.

"Our Company simply cannot accept the ACCC's assertion that a
company's revenue should not exceed its economic costs, or, that
its return on capital should not exceed its weighted average
cost of capital.

"No sensible company could seriously try to operate under such a
bizarre constraint."

Mr Ryan added that the Company remained concerned about the
ACCC's claim that Adsteam had "double counted" its profit margin
in arriving at its pricing proposals.

"Our methodology is commonly used throughout the shipping
industry. Charter costs for vessels, whether container ships or
tugs, are routinely accepted as a legitimate part of operating
costs.

"Charter rates invariably include a profit element, and I do not
believe that a vessel operator should then be forced to provide
its service at cost, as the ACCC appears to be arguing."

Mr Ryan said that following his meeting with the ACCC, Adsteam
was satisfied that there was no fundamental flaw in the
methodology used by the company in setting its prices.

"As part of ensuring the accuracy of Adsteam's price application
methodology, we commissioned an independent study by eminent
Professors Joshua Gans and Stephen King of Core Research Pty Ltd
and Melbourne University respectively (* see attached CV
information on Professors Gans and King).

Mr Ryan said the Report produced by Professor Gans and Professor
King focused on the economic principles with respect to the
methodology for calculating capital costs.

The Report concluded that:-

   * The leasing approach proposed in Adsteam's price
methodology should be favored over building block approaches as
used by the ACCC.

   * Adsteam's proposal represented a good opportunity (for the
ACCC) to put into practice and establish a precedent for the use
of available leasing data in capital cost calculations.

   * Adsteam's methodology reduced regulatory costs and
regulatory uncertainty, as well as minimizing the potential for
distortions in capital costs resulting from the strategic
behavior of the regulated firm.

   * The Adsteam approach not only provided a means of
regulating prices on the basis of costs but was most likely
(among the approaches considered) to lead to efficient
investment incentives.

   * The building block approaches used in the ACCC's reasoning
in practice have proved difficult to calculate and have given
rise to contentious issues in regulatory settings.

   * Adsteam's leasing approach largely avoided problems
generated by the building block process and hence, could reduce
both regulatory costs and regulatory uncertainty.

"The ACCC may have a theoretical preference for one methodology
over another, but we do not think that it should seek to impose
its preferences on Adsteam when the global shipping industry has
clearly adopted a different, but still perfectly legitimate
methodology which better suits this industry," Mr Ryan said.

Referring to Adsteam's many years of voluntary price restraint
on towage charges, Mr Ryan said that the current difficult
trading environment in Australia allowed no alternative to the
increase in prices.

He stressed, however, that the shipping industry had already
gained substantially from Adsteam initiatives in recent years.

"Adsteam has been at the forefront of industrial reform in the
Australian towage industry. The benefits of this process have
contributed to the long periods of towage price standstill," he
said.

Mr Ryan said that the price review process had been a drawn out
one, with Adsteam providing the ACCC with over two months to
consider the Company's proposals.

"As allowed under the Act, we are then permitted to implement
the prices that have been proposed. We are now doing this."

Mr Ryan said that after providing steady and reliable service to
major Australian ports for more than 125 years, Adsteam Marine
had in the past five years expanded from a small but strong
regional harbor towage business to the largest of its kind in
the world.

"We want to continue that growth and ensure that this home-grown
product makes further inroads into the global maritime services
industry, while at the same time maintaining its Australian base
- in the best interests of the company, its customers, and its
shareholders."

PRODUCTIVITY COMMISSION INQUIRY

Mr Ryan said Adsteam had noted that the Commonwealth Government
had asked the Productivity Commission to report within six
months on whether harbor towage at major Australian ports should
continue to be a 'declared' service under the Prices
Surveillance Act 1983.

"Adsteam believes there is much to be achieved by the
Productivity Commission (PC) inquiry and the Company will
register its interest to participate.

"This participation will include seeking pro-active discussions
with other industry participants to gauge the possibility of
agreeing on various topics prior to making submissions," he
said.

"In fact, we are confident that such dialogue can in some
instances, lead to joint submissions to the PC by various
participants - including peak industry bodies and authorities -
especially where more than one party agrees on relevant inquiry
issues."

The Company provides marine towage and lines services; tug
barging; work boat and offshore services; ocean marine salvage;
agency and related services. At the end of 2001, it had negative
working capital, as current liabilities were A$156.81 million
while total current assets were only A$72.24 million, Wrights
Investors' Service reported.


BRISBANE BRONCOS: BB Sports Extends Proportional Takeover Bid
-------------------------------------------------------------
BB Sports Pty Ltd (BB Sports) has announced the extension of its
proportional takeover bid for 50% of the shares of Brisbane
Broncos Limited (Broncos' until 15 March 2002. As a consequence
of the extension, the timetable for quotation of Broncos shares
on a Deferred Settlement Ex Offer basis, in respect of shares
not capable of acceptance of BB Sports' proportional takeover
offer (ASX codes : Fully: BBLE), will also be extended. The
timetable which applies to the Deferred Settlement Ex Offer
quotations is now as follows.


Friday 15 March    BB Sports' proportional takeover offer
closes.

Friday 22 March    'Dispatch date'. Processing of acceptances of
                   BB Sports' proportional takeover offer
                   expected to be finalized. Final day of
                   deferred settlement trading in the Ex Offer
                   market.

Wednesday 27 March Settlement of trades conducted in the Ex
Offer market.

This timetable is subject to further extension in the event that
BB Sports extends the proportional takeover offer period again.

ASX Contact  :  Steven Ball/Melissa Grundy
Business Unit :  Settlement Operations/Brisbane Companies
Ext No  :  7820/4005


GOODMAN FIELDER: FTC OKs Leiner Davis Sale to DGF Stoess AG
-----------------------------------------------------------
The Federal Trade Commission (FTC) in the United States has
approved a revised sale agreement between Goodman Fielder
Limited and DGF Stoess AG for the its gelatin business, Leiner
Davis.

Goodman Fielder Chief Executive, Mr Tom Park, said that under
the revised sale agreement, DGF Stoess AG will acquire all of
the gelatin business except for the Leiner Davis operations in
the United States and Argentina.

"Goodman Fielder will sell most of the gelatin business to DGF
Stoess AG for US$112.5 million but we will retain a pork skin
gelatin plant at Davenport in Iowa and a beef skin gelatin plant
at Santa Fe in Argentina," Mr Park said. "This means that
Goodman Fielder and DGF Stoess will be able to complete the
revised sale by the end of March."

"The management and staff of our ingredients business are to be
congratulated for the significant efforts they have devoted to
building the business during a difficult trading period and
divestment process. We wish those employees transferring to DGF
best wishes on a new career and we will continue to value and
support those employees remaining with us."

"The gelatin operations remaining in our hands are a viable
business in their own right that will generate adequate returns.
However, consistent with our long term strategy to focus on
retail branded businesses, we will look to divest the remaining
gelatin operations in due course in a way that protects
employees and maximizes shareholder value."

Mr Park said that Goodman Fielder would use part of the sale
proceeds to fund the proposed $100 million second tranche of the
share buy back subject to all approvals and the share buy back
rules of the Australian Stock Exchange.

"We will be able to fully fund the second tranche of the share
buy back when the proceeds are received with implementation to
follow completion of the first tranche currently under way," Mr
Park said.


PACIFIC DUNLOP: Posts Chairman's Letter to Shareholders
-------------------------------------------------------
Pacific Dunlop Limited posted Chairman Dr E D Tweddell's letter
to shareholders:

"This is my first letter to you as your Chairman. I am delighted
to have been given the opportunity to join the Company as it
completes its transformation from a conglomerate to,
substantially, a single business corporation.

"There have been considerable developments since the Annual
General Meeting in October 2001 that have significantly assisted
the Company in the return to conservative gearing levels and a
strong balance sheet, including:

   * the sale of the Pacific Automotive and Pacific Brands
businesses for $251.5 million and $730.0 million respectively;
and

   * the restructuring of the Company's involvement in the South
Pacific Tyres partnership with Goodyear Tire & Rubber Company,
resulting in no further cash requirements from Pacific Dunlop.

"The Board and Management of your Company are committed to the
restoration of shareholder value. We see this being achieved by
focusing on protective products in a broad healthcare context,
building on the solid foundation provided by the Ansell
Healthcare business.

"A major review of Ansell Healthcare is being undertaken. This
will provide an important insight and enable a clear strategy to
be formulated, based on sound knowledge of the business and its
potential. Bain International has been engaged to assist in the
process, which is expected to be completed in early April. I
will be pleased to provide an update on the review at the
extraordinary General Meeting of Shareholders to be held on 12
April 2002.

"The results for the half year ended 31 December 2001 saw a net
reduction in debt of $866.0 million, operating revenue of $1.534
billion - including $806.0 million from discontinued businesses
and Group operating earnings before interest and tax from
continuing businesses of $58.9 million.

"Ansell Healthcare, the Group's core business for the future,
reported sales 3% higher than the corresponding period at $706.8
million and operating profit 9% higher at $92.1 million.

"The Group's after tax result for the half was a loss of S92.8
million and was inclusive of restructuring costs and write-downs
of the values of certain assets totaling $147.2 million. Of
these write-downs, $135.5 million is of a non-cash nature.

"The Company is firmly committed to total shareholder returns,
however, it is not in a position to pay an interim dividend. We
do believe that the steps taken to refocus the Group, together
with the reduction of debt, management changes including the
future appointment of a new Chief Executive Officer and a strong
growth plan, should result in an outcome in keeping with our
commitment to the restoration of shareholder value.

"Ansell Limited has been selected as the proposed name because
it identifies the Company with its core future business,
protective products and services, in a broad healthcare context.
The Pacific Dunlop name no longer accurately reflects the
Group's operations following the recent business divestitures
and changing focus of the Company.

"In addition to the change of name, shareholders will be asked
to approve resolutions addressing the following items of special
business:

   * The adoption of a new constitution to replace the Company's
current memorandum and articles of association that have been in
place since 1983. The new constitution will take account of
changes that have occurred in the Corporations Act, the ASX
Listing Rules and corporate practice since the current
memorandum and articles of association were adopted.

   * The renewal of the existing Partial Takeover Provision,
which requires, in general, shareholder approval to any partial
takeover offer. The provision must be renewed each three years
to remain effective. It was last renewed in November 1999.

   * Amendments to the Non-Executive Directors Share Plan to
permit Non-Executive Directors to take up to 100%, rather than
the existing mandatory 10% only, of their fees in the form of
shares. Shares issued under this Plan are generally acquired
quarterly on ASX at the prevailing market price, by applying the
value of cash remuneration foregone by the Non-Executive
Director.

   * A consolidation of the Company's existing share capital on
the basis of 1 share for every 5 shares currently held. The
objective is for the Company's capital to better reflect the
revised structure and size of the Company. The consolidation
will not involve any payment to or by shareholders and will not
affect the Company's paid-up capital or market capitalization.

"We look forward to your support of these proposals. If you
cannot attend I invite you to return your Proxy Form, which is
also enclosed, so that your vote can be counted at the meeting.

"If you have any questions relating to any of the items of
business being covered at the meeting, please call the Company
Secretary's office and they will assist you."


PASMINCO LIMITED: Perilya Acquires Broken Hill Mine
---------------------------------------------------
Perilya Limited (Perilya) on Friday entered into a conditional
agreement to acquire the Broken Hill Mine from Pasminco Limited
(Administrators Appointed).

The Broken Hill Mine is an underground Lead-Zinc-Silver mine
located in western New South Wales. The mine currently treats
2.8 million tonnes of ore and produces approximately 360,000
tonnes of zinc concentrate containing 180,000 tonnes of zinc
metal and 130,000 tonnes of lead concentrate containing 90,000
tonnes of lead metal and 2.9 million ounces of silver per annum.

TERMS OF AGREEMENT

CONSIDERATION FOR ACQUISITION

(i) Perilya will make a fixed payment of A$25 million on
settlement with a further A$10 million being paid in two A$5
million tranches over the following six months.

(ii) Further payments will be made to Pasminco by way of a
A$3.30/tonne charge on ore treated. These payments commence six
months after settlement and cease upon payment of a total of
A$25 million.

ADDITIONAL CONTINGENT PAYMENTS

(i) In addition to the acquisition price, payments related to
the tonnage of concentrate delivered and the spot price of zinc
are to be made at any time that the zinc price exceeds US$950
(current price US$816) during the seven year period starting 6
months after the settlement date. During this period Pasminco
shall be entitled to receive 10% of any increase in the zinc
price above US$950 until a maximum amount of A$30 million is
received.

SETTLEMENT

Settlement shall take place around mid year and is subject to
conditions precedent relating to the operations, ongoing
discussion with the New South Wales Government and agreement
with Perilya's financiers.

FUNDING

The acquisition will be funded through Perilya's existing cash
reserves and a modest debt facility, with the major portion of
the
consideration being linked to cash flow from the operations.

BROKEN HILL OPERATIONS

The Broken Hill Mine has been the subject of technical analysis
and due diligence studies by Perilya for 18 months. From these
studies a mine plan has been developed which will see operations
of the Broken Hill Mine extended until 2011. Extensions beyond
this date are anticipated.

It is proposed that under Perilya's management the Mine will
operate at a rate of 2.45 million tonnes per annum and produce
330,000 tonnes of zinc concentrate, 120,000 tonnes of lead
concentrate and 2.3 million ounces of silver per annum. Perilya
proposes to introduce changes to the mining and operating
practices that will have a significant impact on operating
costs. Success in this programmed will establish the Broken Hill
Mine as a sustainable operation which is competitive on a world
scale.

Perilya has experience in taking over an existing operation,
improving its profitability and extending mine life. At the
Fortnum Gold Mine, Perilya took a decommissioned open cut mine
with 55,000 ounces of reserves, and successfully established an
open cut and underground mine which produced more than 540,000
ounces and generated an operating surplus in excess of $70
million before its closure in August 2001.

The reserves and resources at Broken Hill as stated in the
Pasminco Limited Annual Report 2000 are as follows:

BROKEN HILL RESOURCE STATEMENT AT 31 MARCH 2000

                     TONNES       Zn(%)       Pb(%)
Ag(g/t)

Resources          20,200,000      9.0         5.0          52
Reserves           16,800,000      7.4         3.9          42

This is the last published resource statement. Production since
then has been 4.9 million tonnes at 7.3% Zn, 3.5% Pb and 39.1
g/t Ag. These resources and reserves have been audited by
Perilya using independent consultants who have concluded that
the reserves can be accepted with confidence and that the
resource estimates are conservative.

Within the resource model there is significant additional
liberalization (25.1 million tonnes at 12.0% Zn, 7.4% Pb and 61
g/t Ag at the Southern Operations) that had previously been
classified as resources but later downgraded because the
prevailing cost structure had made it uneconomic to extract.
Perilya has reviewed this liberalization in detail and believes
that under a different operating structure, a significant
component would be reclassified as resource. Under the proposed
Perilya operating plan, Perilya expects that a component of this
material will be converted to reserves.

WORKFORCE

The existing workforce at Broken Hill will be made redundant and
all entitlements will be paid out in full by Pasminco.

A new workforce will be recruited by Perilya from the existing
workforce and elsewhere with the total number engaged being
approximately 30% below current levels. This change is essential
for the long term viability of the operation and has been
discussed with relevant stakeholders.

ENVIRONMENT

Perilya will be responsible for the clean up of the mining
tenements and the freehold property acquired. The current
estimated cost of this rehabilitation programmed at mine closure
is $15 million.

Perilya has established a record of successfully managing mine
site rehabilitation. Awards for excellence in environmental
management were granted at State and National levels for its
rehabilitation activities at the Fortnum Gold Mine. Significant
provision has been made in Perilya's Broken Hill cash flow
models for continuous rehabilitation and clean up of the
tenements. Potentially, this programmed will result in a
reduction of the eventual mine closure costs.

Discussion with Government, the workforce, Unions and Broken
Hill community representatives have been constructive and with
the support offered the Company believes mining at Broken Hill
has a significant future.

The Broken Hill Mine acquisition provides Perilya with an
outstanding opportunity to re-establish the long term viability
of one of Australia's premier mining operations and holds the
potential to provide significant and sustained operating cash-
flows from which to build the Company. Broken Hill will be
Perilya's flagship operation which together with its promising
gold, base metal and oil and gas exploration projects reinforces
Perilya's position as a growing and diversified resource
company.


POWERLINE GES: Administrators Enter SPA Settlement With GEST
------------------------------------------------------------
The Directors of Australian Innovation Limited (AIL) advised
that it's 97% owned subsidiary GES Technologies Pty Limited
(GEST) has settled on March 7, 2002 a Sale and Purchase
Agreement (SPA) with the Joint Administrators of Powerline GES
Pty Limited (Joint Administrators Appointed) for the purchase as
a going concern of the business, assets and intellectual
property of Powerline GES Pty Limited (Joint Administrators
Appointed).

The sale by the Joint Administrators was approved by the Supreme
Court of NSW on 6 March. GEST has issued 3% of its capital to
the Sustainable Energy Development Authority of NSW (SEDA) in
consideration of SEDA releasing its claim over intellectual
property.

To complete the acquisition and to provide $250,000 additional
in working capital, AIL has agreed to place 1,123,377 fully paid
shares at $0.25 per share and, subject to shareholder approval,
3,541,655 shares will be placed pro rata to secured noteholders,
(excluding AIL) in return for their consent to the sale and the
release of their security.

"The ongoing development of GEST assets will be challenging," Mr
Deloughery said. "Micro co-generation remains an exciting sector
- every bit, if not more so, than when AIL first invested in
Powerline."

The Powerline experience has been very disappointing to date. It
had cause to believe that the technology had been progressed to
the point where production, albeit of several prototypes, was
imminent. That is not the case, and further work is required to
overlay the enhancing technology onto the existing proven units
to achieve the levels of efficiency required by utilities. This
simply means that AIL will not be able to deliver Series 245
Cogen Units for several weeks yet. The pleasing aspect is that
the Series 125 Cogen units have been tested in operating sites
now for several months and know what they can achieve at the
lower end of their output capacity.

Although AIL has been obliged to write down its substantial
equity investment in Powerline, the Directors remain confident
that the micro co-generation sector remains relevant and the
need for efficient, quiet, low emission sources of
uninterruptable electricity supply is undiminished. The business
has been reduced to its grass roots. The task now is to build
upon the base at a rate and in a timeframe that industry
observers and investors will recognize as achievable. SEDA has
been most supportive of the cogeneration concept in the past and
hopeful that they will continue to be equally supportive into
the future. When the development work in hand has been
completed, Cogenic will have a package of excellent Australian
technology which should be nurtured and developed for both
domestic applications and for exploitation in overseas markets.
But much remains to be done," Mr Deloughery said.

"At present, it costs about $25,000 per unit to turn out a unit
ready for installation, became they are hand assembled using
some non proprietary parts that are also hand assembled.
However, from enquiries at hand, we believe we can place up to
30 units over the next 6-9 months at full cost recovery. That
time will largely be occupied in perfecting certain technical
elements in the Cogen output capability in operating situations
to match the specifications that we required by interested
utilities.

If, following successful trials, substantial orders come to
hand, then AIL will need to seek a much larger injection of
capital into Cogenic, but we expect that such funding will
become available in those circumstances."

The major shareholder of AIL has indicated that it will vote its
47.42% of the capital in favor of the share issue.

If the share issue is approved, AIL will have on issue
21,655,342 shares. The 7,803,453 March '02 options exercisable
at 46 cents, from 1 January to 31 Mach 2002, must be considered
as this stage unlikely to be exercised.

A Notice of the Meeting of shareholders to consider the
resolution approving the share issue will be sent to
shareholders shortly and it is expected that the meeting will
take place on 9 April 2002.


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


CIL HOLDINGS: Independent Financial Advisers Appointed
------------------------------------------------------
The Directors of CIL Holdings Limited announced that Kingston
Corporate Finance Limited and Sun Hung Kai International Limited
have been appointed as the joint independent financial advisers
to the Independent Board Committee which will be established to
advise the Independent Shareholders in relation to the
Subscription Agreement, the Whitewash Waiver and the issue and
allotment of the Recapitalization Shares.

The letters from the joint independent financial advisers and
the Independent Board Committee will be included in the circular
of the Company to be dispatched to the Shareholders in relation
to the Restructuring Proposal.

Pursuant to Rule 8.2 of the Code and Rule 14.29(2) of the
Listing Rules, the Company and the Subscriber are required to
issue a circular in relation to the Restructuring Proposal to
the Shareholders within 21 days after the date of the Joint
Announcement. Since the Company and the Subscriber need
additional time to finalize various information required to be
incorporated into the aforesaid circular. In particular, the
Company needs additional time to finalize and verify financial
information of the Company relating to, inter alia, its
indebtedness and its latest practicable management accounts.

The Company is also in the process of consulting its legal
advisers to determine the arrangements relating to the Scheme,
which requires the sanctions of the Courts. The abovementioned
matters require considerable amount of additional time to
complete. Accordingly, an application has been made to SFC and
the Stock Exchange for an extension of time from 8th March 2002
to 2nd April 2002 for the dispatch of the aforesaid circular.

The release of this announcement does not necessarily indicate
that the Restructuring Proposal will be successfully implemented
and completed as the conditions precedent to the Restructuring
Proposal may or may not be fulfilled or otherwise waived.
Investors should exercise caution when dealing in the Shares.


JOIN CREATIVE: Winding Up Sought by Tempo Watch
-----------------------------------------------
Tempo Watch Limited is seeking the winding up of Join Creative
Limited. The petition was filed on December 27, 2001, and will
be heard before the High Court of Hong Kong on March 20, 2002.

Tempo Watch Limited holds its registered office at 6th Floor,
Flat C&D, Central Mansion, 270-276 Queen's Road Central, Hong
Kong.


KINGLAND CONCRETE: Winding Up Petition Pending
----------------------------------------------
The petition to wind up Kingland Concrete Drilling Company
Limited is scheduled for hearing before the High Court of Hong
Kong on March 20, 2002 at 9:30 am.  The petition was filed with
the court on December 24, 2001 by Wong Oi Kwan of 2nd Floor, No.
252 Tseung Kwan O Village, Junk Bay, Hong Kong.


NORTHEAST ELECTRICAL: Shenyang Becomes Largest Shareholder
----------------------------------------------------------
After 266,520,000 State-owned legal person shares in Northeast
Electrical Transmission & Transformation Machinery Manufacturing
Company Limited (the Company) held by its previous largest
shareholder, Northeast Electrical Transmission and
Transformation Equipment Group Corporation Limited (NET) were
auctioned, the winning bidders completed the formalities of
change of equity interests on 5 March 2002. Shenyang Shengang
Industrial Company Limited (Shengang Company) currently holds
230,000,000 shares of the Company and has become the single
largest shareholder of the Company. Sheyang Xintai Shengda
Equipment Company Limited (Xintai Shengda) currently holds
36,520,000 shares of the Company.

The Company was notified by Shenyang Intermediate People's Court
on 5 March 2002 of the completion of the formalities of
registration and transfer of the 266,520,000 State-owned legal
person shares in the Company on 5 March 2002.  The winning
bidders got the shares for a consideration of Rmb0.13 per share.
Shengang Company currently holds 230,000,000 shares of the
Company, representing 26.34% of the total share capital of the
Company, and has become the single largest shareholder of the
Company. NET currently holds 114,000,000 State-owned legal
person shares of the Company, representing 13.05% of the total
share capital of the Company. Xintai Shengda currently holds
36,520,000 State-owned legal person shares, representing 4.18%
of the total share capital of the Company. Shengang Company and
Xintai Shengda are independent legal entities not connected with
the directors, chief executive or substantial shareholders of
the Company or any of its subsidiaries or an associate of any of
them.

Particulars of the Company's single largest shareholder,
Shengang Company, are as follows:

Legal representative: Mr. Xu Zhi. Registered capital: Rmb60
million. Shareholding structure: Shengang Development Company
Limited holds as to 60% of the registered capital and Shenzhen
Dongrun Investment Company Limited holds the remaining 40%.
Scope of business: wholesale and retail trading of electrical
transmission and transformation equipment, electrical and
mechanical equipment, motors and spare parts and building
materials; motor maintenance and repair; and science and
technology development.

Particulars of the legal representative: Mr. Xu Zhu is currently
the chairman of Shengang Company and the general manager of
Shengang Development Company Limited. Mr. Xu previously held the
positions of the general manager of Liaoning Utility Equipment
Manufacturing Co., Ltd. and the chairman of Xintai Asia Co.,
Ltd.

As at 5 March 2002, the ten largest Company shareholders are:

#   Name of Shareholder
   Class  # of shares held Percentage
          (%)
1  Hong Kong Registrars Ltd.
  Listed H Share 255,081,998  29.21
2  Shenyang Shengang Industrial Co., Ltd.
State-owned legal
person share  230,000,000  26.34
3  NET State-owned  114,000,000  13.05
  legal person share
4  Shenyang Xintai Shengda Equipment Co., Ltd.
State-owned legal
person share 36,520,000  1.48
5  Shanghai Rongfu Interior Decoration Co., Ltd.
Public legal person 10,980,000 1.26
share (A share)
6  Shanghai Kunling Industrial & Trading Co., Ltd.
Public legal person 8,020,000 0.92
  share (A share)
7  The Trust & Investment Company of the
   Industrial and Commercial Bank of China in Shenyang
Public legal person
share (A share)  7,100,000  0.81

8  Shanghai Zhizhen Investment Consultation Co., Ltd.
Public legal person 5,530,000 0.63
  share (A share)
9 Shekou Industrial Zone of Shenzhen
Public legal person 4,970,000 0.57
  share (A share)
10 Shanghai Kangda Technology Development Co., Ltd.
Public legal person 4,000,000 0.46
          share (A share)

Note: There has been no change of shareholding by current
directors, supervisors and senior management of the Company
since the period of equity interests frozen. To date, the
Company has not received official opinion from Shengang Company
on the corporate development strategies of the Company including
subsequent operations and development, assets reorganization,
asset injection and disposal, the intention towards the Company
and the requirement for change in the members of the board of
directors of the Company. Further announcement on the progress
of the relevant matters will be made when and as appropriate.


SMART DUKE: Faces Winding Up Petition
-------------------------------------
The petition to wind up Smart Duke Investment Limited is set for
hearing before the High Court of Hong Kong on April 3, 2002 at
9:30 am.

The petition was filed with the court on January 14, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua 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.


TOLAND FOOD: Winding Up Petition Scheduled
------------------------------------------
The petition to wind up Toland Food Limited will be heard before
the High Court of Hong Kong on April 3, 2002 at 9:30 am.  The
petition was filed with the court on January 14, 2002 by Bank of
China (Hong Kong) Limited (the successor corporation to Sin Hua
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.


WAH NAM: Winding Up Petition Pending
------------------------------------
Wah Nam Travel Service Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on March 27, 2002 at 9:30 am.

The petition was filed on January 4, 2002 by Bank of China (Hong
Kong) Limited (the successor corporation to Bank of China, Hong
Kong Branch 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.


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


CHANDRA ASRI: Debt Restructuring Process Nears Finalization
-----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and PT Chandra
Asri Petrochemical Company have achieved another step in the
debt restructuring process by the signing of the Term Sheet in
Jakarta. Term Sheet signing is close to the final stage of
IBRA's debt restructuring process, which is legally binding to
the signatory parties and will be implemented as the new terms
and conditions. The signing of Debt Restructuring Agreement is
scheduled for March 20th, 2002.

The parties involved in the signing of "Term Sheet" agreement
are I Putu Gede Ary Suta representing IBRA, K. Kakihara from the
Japan Indonesia Petrochemical Investment Corporation (JIPIC),
Prajogo Pangestu from PT Inter Petrindo Inti Citra (IPIC), and
Gerard Yakobus from PT Chandra Asri and Y. Ishimaru from
Marubeni Corporation as the lead creditor from foreign creditors
of PT CA.

In general the "Term Sheet" stipulates the following conditions:

No  PT CA Debt   IBRA       JIPIC

1.  Sustainable Debt  US$100.000.000 US$625.000.000
Debt to Equity Swap   US$438.000.000 US$147.000.000

2.  Tenor    15 year

3.  Interest rate   Libor+1,25% per year

By debt to equity swap the shareholder composition of PT Chandra
Asri will be:

Shareholder Composition  Pre-Swap  Post-Swap

IBRA     -   28.72%
JIPIC     23.81%   24.28%
IPIC/Prajogo Pangestu   76.19%   47.00%
Total     100.00%  100.00%

IBRA expects the settlement of PT Chandra Asri debt
restructuring to continue in line with the time table as it may
give a positive contribution to the real sector recovery and
cash repayment to the country.


TIMAH TBK: Sells Assets to Raise Funds
--------------------------------------
Ailing publicly listed tin-mining firm, PT Timah Tbk, announced
on Thursday that it would divest assets this year worth Rp100
billion and another Rp100 billion for year 2003 as part of the
Company's cost-cutting measures to cope with its financial
difficulties, The Jakarta Post reports, quoting President Erry
Riyana Hardjapamekas.

"We plan to sell our assets that have not been of much benefit
to us. We will first focus on selling fixed assets that are
quite promising rather than our shares in several companies,"
Hardjapamekas said.

The assets sales program, which is part of the Company's rescue
program, awaits approval from its extraordinary general meeting
of shareholders to be held next week.

Timah has suffered financial woes since last year following the
drop in tin prices on the international market due to widespread
illegal mining in Bangka Belitung province. The Company has
taken several cost-cutting measures, including reducing working
hours to prevent the Company from going bankrupt.

Hardjapamekas added that the Company promised not to shed its
workforce this year, backing down on its earlier plan to cut 70
percent of it 5,200 workers.


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


FIRST CREDIT: Court OKs Bankruptcy Proceedings
----------------------------------------------
The Tokyo District Court has allowed the involuntary bankruptcy
proceedings for mortgage lender First Credit Corp filed by its
key lender Shinsei Bank, Kyodo News reported on Friday. The
Court backed the ruling by the bank, which filed for the
proceedings without the borrower's consent, despite First
Credit's claims that the move was a bid by the bank to make it
go bust.

The Company offers financial services to middle and small-sized
businesses and also offers products to individuals, such as
mortgage loans, security backed loans and non-secured loans.
Other activities include real estate business and
intermediation/sale of golf club membership rights through a
consolidated subsidiary. Real estate business accounted for 52
percent of fiscal 2000 revenues; loans, 48 percent and other,
nominal. First Credit has three consolidated subsidiaries, all
based in Japan, and the Company's activities are so far entirely
domestic.


FUJI FIRE: Liquidates Luxembourg Unit
-------------------------------------
Fuji Fire & Marine Insurance Co will liquidate its wholly owned
unit in Luxembourg next month because it no longer gain much of
a business advantage from the investment firm due to the
changing environment, Kyodo News said Friday.

The Company is a provider of non-life insurances including Fire,
Marine, Accident, Voluntary Automobile and Compulsory Automobile
insurances through a network of 308 sales offices and 24,977
agencies. The Group is also involved in life insurance and
securities investment. Voluntary automobile accounted for 63
percent of fiscal 2001 net premium written; fire, 16 percent;
personal accident, 8 percent; compulsory automobile liability, 8
percent; marine, nominal and other, 5 percent.


FUJITSU LTD: Reforms Corporate Governance, Management Structure
---------------------------------------------------------------
The Board of Directors of Fujitsu Limited announced on March 7
that it would undertake a reform of its corporate governance
structure, including the streamlining of the Board, and the
introduction of Corporate Executive Officers and a new Business
Group organization. Details are:

1. Reorganization of Board of Directors; Introduction of
Corporate Executive Officers (Following Annual Shareholders
Meeting scheduled for late June)

   * In order to separate management oversight and operational
execution functions, the Board will be reorganized and a system
of Corporate Executive Officers introduced.

   * To maximize shareholder value and that of the group as a
whole, a streamlined Board of Directors will concentrate on
carrying out management oversight functions. The number of
directors will be reduced from the current 32 to seven,
including five directors from inside the Company and two from
outside. Together with two standing auditors and three external
auditors, the new Board of Directors will comprise 12 members.

   * Seeking to achieve more responsive management, the new
Corporate Executive Officers will be assigned wide authority to
speed business management decisions. At the same time,
responsibility for business execution will be clarified through
business performance evaluations.

   * Decisions regarding business execution will be made at
meetings of the Management Committee, which is headed by the CEO
and will include the Presidents of the new Business Groups and
heads of the new Corporate Center and Group Support entities.

2. Introduction of New Business Group Organization (From April
1, 2002)

   * Pursuing an "organic management" style based on Fujitsu's
comprehensive strengths, the Company will introduce a new
Business Group organization that places emphasis on dynamic,
complementary horizontal links across the Company. This will
enable resources to be allocated more flexibly within the
Business Groups and encourage greater synergy among their
constituent Business Units.

   * Specifically, Fujitsu and its group affiliates will be
reorganized into four Business Groups covering sales, software &
services, platforms, and electronic devices. Of special note,
the new "Platforms Business Group" will integrate the current
telecommunications and information processing groups, speeding
the development of products combining network and computing
technologies.

   * In addition, responsibility for common corporate matters
will be reorganized into two new entities, "Corporate Center"
and "Group Support," to strengthen corporate strategy and
improve services across the group.

Based on the creation of the new corporate governance and
business management structures described above, Fujitsu today
also announced the following personnel changes.

3. Group Presidents and Heads of New Entities (As of April 1,
2002)

Corporate Center Head: Takashi Takaya, Senior Executive Vice
President Group Support Head: Akira Takashima, Executive Vice
President Sales Group
Group President: Masaru Takei, Executive Vice President
(Domestic Sales) Group Vice President: Kazuto Kojima, Executive
Vice President (Overseas Sales) Software & Services Business
Group President: Yuji Hirose, Executive Vice President Platforms
Business Group
Group President: Tadayasu Sugita, Senior Executive Vice
President Electronic Devices Business Group
Group President: Masamichi Ogura, Member of the Board

4. New Board of Directors and Corporate Executive Officers

(Following Annual Shareholders Meeting scheduled for late June)

(1) Board of Directors Based on New Corporate Governance
Structure

Chairman of the Board: Tadashi Sekizawa, Chairman Representative
Directors: Naoyuki Akikusa, President (CEO and COO) Tadayasu
Sugita, Corporate Senior Executive Vice President (CTO and
President, Platforms Business Group) Takashi Takaya, Corporate
Senior Executive Vice President (CFO and Head of Corporate
Center)

Directors: Akira Takashima, Corporate Executive Vice President
(Legal & External Affairs, Head of Group Support) Kunihiko Sawa,
Member of the Board - Currently President & CEO, Fuji Electric
Co., Ltd Toshihiko Fukui, Member of the Board* - Currently
Chairman, Fujitsu Research Institute

* New appointment; all others currently members of the Board.

Concurrently with their positions as members of the Board,
Naoyuki Akikusa, Tadayasu Sugita, Takashi Takaya and Akira
Takashima are expected to hold posts as Corporate Executive
Officers. Toshihiko Fukui will be nominated as a new Member of
the Board, subject to ratification at the Annual Shareholders
Meeting planned for late June.


FUJITSU LTD: Slashing 4,000 Jobs In 2003
-----------------------------------------
Fujitsu Ltd will cut 4,000 jobs next year in its aim to return
to profitability, Bloomberg reported on Friday. According to
Fujitsu Senior Executive VP Takshi Takaya the chipmaker is
planning to close some factories and offer incentives for
workers to quit their jobs. The Company expects to post Y$2.9
billion loss in the year ending March 31.

In January, the firm widened its full-year loss forecast to Y380
billion ($2.9 billion) in the year ending March 31, versus its
previous estimate of Y310 billion loss. It lowered its annual
sales forecast to Y5 trillion from its October estimate of Y5.2
trillion.


MATSUSHITA ELECTRIC: S&P Places Rating On CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's placed on Thursday its single-'A'-plus long-
term and 'A-1'-plus short-term ratings on Matsushita Electric
Industrial Co. Ltd. on CreditWatch with negative implications,
amid rising concerns over Matsushita's ability to recover its
profitability and cash flows, and to service its financial
commitments at a level commensurate with the current ratings.
At the same time, Standard & Poor's placed the ratings on Japan-
based Matsushita's overseas subsidiaries on CreditWatch
negative, in line with the rating on the parent company.

Matsushita is attempting to improve its high cost structure by
reducing its headcount and streamlining its complicated
distribution system. The company is also taking measures to
enhance its R&D capabilities and eliminate the duplication of
business lines in its consumer electronics operations.
Nonetheless, amid sluggish sales in the domestic market,
Matsushita was forced to cut its earnings projections for the
second time in February 2002.

"Standard & Poor's expects Matsushita to remain under pressure
from the harsh business environment in Japan over the next few
years, given that the company derives almost 50% of its sales
from the domestic market," said Takahiro Saimen, a credit
analyst at Standard & Poor's in Tokyo.

"We will resolve the CreditWatch placement after evaluating the
likelihood of a recovery in Matsushita's profitability and cash
flow, and the company's ability to maintain its competitiveness
and market position over the longer term."

Matsushita now expects an operating loss of Y227 billion for
fiscal 2001 (ending March 31, 2002), compared with a previous
loss projection of 160 billion. This downturn in earnings is
attributable to weak sales in the audiovisual and communications
networks business, which includes mobile phone terminals, as
well as in the components and devices business.



NISSAN FIRE: S&P Revises CreditWatch To Positive
------------------------------------------------
Standard & Poor's said on Thursday that the CreditWatch status
of the 'A+' rating on Nissan Fire & Marine Insurance Co. Ltd.
was revised to positive from negative following confirmation of
the merger plan with Yasuda Fire & Marine Insurance Co. Ltd.
(AA/Negative/--).

The rating on Nissan Fire had been placed on CreditWatch
negative following the revelation of large unexpected losses
stemming from reinsurance pools managed by Fortress Re, as well
as concerns that the merger with Yasuda Fire would not proceed.

However, the companies signed a formal merger agreement on
February 8, 2002, subject to the final approval of the
shareholders by the end March 2002. If approval from the
shareholders is obtained, Nissan Fire and Yasuda Fire will merge
and the Company renamed as Sompo Japan Insurance Co. Ltd.

As a consequence of the Company's exposure to the reinsurance
managed by Fortress Re, Nissan Fire will report a net loss for
fiscal 2001 (ending March 31, 2002). "Nevertheless, the
Company's capital remains supportive of the current rating,
while its underwriting performance is in line with that of its
domestic peers," said Runa Ichihari, a Standard & Poor's credit
analyst.

Sompo Japan will be the second largest operator in the Japanese
nonlife insurance sector, with a very strong business position
backed by a sound financial base. Although the Japanese nonlife
sector faces significant changes, Sompo Japan is expected to be
able to benefit from the available opportunities.

TCR-AP reported last month that Nissan Fire & Marine Insurance
projects a net loss in the fiscal year to March worth Y39.50
billion, worse than an earlier forecast of Y21.50 billion
losses. The Company also expects losses related to U.S.
reinsurer Fortress worth Y112.9 billion ($851 million).


NKK CORP: Unit Files for Chapter 11
-----------------------------------
National Steel, of which Japan's NKK Corporation owns 53
percent, filed for Chapter 11 Bankruptcy Protection DebtTraders
analysts, Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-
247-5300) reported. The Company said it is close to securing
$450 million in DIP financing. The Company, which has been hurt
by cheap steel imports and rising pension costs, filed one day
after President Bush announced a tariff plan aimed to help the
ailing domestic steel industry.

National Steel has stated its intention to continue its merger
talks with US Steel. US Steel recently acquired the option to
purchase NKK's 53 percent stake in the Company and has also
stated that its interest in National Steel continues.

National Steel Corp's 8.375 percent bond due in 2006 (NATSTL1)
trades between 26 and 28. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATSTL1


ORIENT CORP: Negotiating Y200-300B Bailout Package With Banks
-------------------------------------------------------------
Debt-saddled Orient Corp is negotiating with creditor banks for
a Y200-300 billion bailout package, Kyodo News said Friday. The
consumer credit Company is saddled with more than Y2 trillion in
interest-bearing debts.

Dai-Ichi Kangyo Bank (DKB) and the Industry Bank of Japan under
Mizuho Holdings Inc have been devising the package, which
features issuing new shares to DKB, a debt-for-equity swap deal
and a debt waiver.


SANKYO SEIKI: R&I Downgrades Rating To BB+
------------------------------------------
Rating and Investment Information, Inc. (R&I), downgraded on
March 5 the ratings of Sankyo Seiki Mfg. Co. Ltd's Senior Long-
Term Credit Rating and Long-term Bonds to BB+ from BBB; Domestic
Commercial Paper Program (CP) rating to a-3 from a-2.

RATIONALE:

Sankyo Seiki Mfg. Co., Ltd., is an electronic parts producer
whose key products include various kinds of motor, card-readers
and optical pick-ups, backed by a wealth of precision
engineering and assembly technologies. However, the rapid
deterioration in the operational environment has greatly damaged
the Company's earnings. Sankyo Seiki is implementing
restructuring measures in areas such as reorganizing the
domestic network, cutting personnel, and amalgamating or closing
overseas production and marketing bases, and although this has
stabilized earnings to some extent there are serious questions
as to whether the Company will be able to regain its previous
earnings potential.

Sankyo Seiki is concentrating management resources on hydraulic
bearing motors for HDDs, a product identified as a core business
for the future, equipping a manufacturing base for this product
in the Philippines, and is also involved in an alliance with
Matsushita Electric Industrial Co., Ltd., aiming to expand
earnings from this area. However, investment on the development
of this line is proving heavy. R&I considers the operational
risk from this product line to be extremely heavy in view of the
length of the investment recovery period, as even compared to
other fields of the electronics sector, where life-cycles are
anyway short, the HDD industry is subject to extremely sharp
fluctuations in prices and changes in specifications.

In addition to advance investment on hydraulic bearing motors
and other existing fields, Sankyo Seiki is also tabling
restructuring costs and the consequent deterioration in
financial structure means that it would be hard to say that
financial composition is of sufficient strength to cover the
large operational risk. There is also a risk that the stability
of earnings and finances will be further damaged due to
developments in the operational environment and the competition,
and there are other uncertainties in areas such as the future
market share.


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


HYNIX SEMICONDUCTOR: Discloses Jan-Feb 2002 Recurring Profits
-------------------------------------------------------------
Hynix Semiconductor Inc. announced on March 6 that as of January
this year, it has a recurring profit in its financial results.
Hynix' profit for the first two months of 2002 is a result of
internal cost-cutting measures and a rise in DRAM prices
attributable to an upturn in the global IT industry, as well as
an overall increase in semiconductor demand.

In 2001, Hynix, along with the entire semiconductor industry,
suffered from a steep drop in DRAM demand and a resultant drop
in DRAM prices. For January and February 2002, however, the
Company expects W550 billion in revenue and 110 billion won in
operating profit for the same period.

Hynix recorded total revenue of W3.98 trillion in 2001, down 55
percent from 2000. Operating loss in 2001 was 1.29 trillion. As
of the end of 2001, Hynix held a net asset value (shareholder's
equity) of W5.24 trillion and maintained a gearing ratio of 120
percent. As Hynix announced in its quarterly settlement last
year, the Company reflected all financial losses incurred from
non-core asset sales, development cost write-offs and overseas
subsidiaries. To maintain our priority on financial
transparency, Hynix included the non-recurring loss of W3.77
trillion, which does not generate cash outflow, in non-operating
expenses. Hynix adopted conservative accounting criteria in its
2001 results to eliminate potential non-recurring losses, ensure
its financial soundness and maximize its profit in the improving
semiconductor market.

To address the difficult environment of 2001, Hynix spun-off all
of its non-semiconductor business operations in the first half
of 2001. Hynix has improved its financial structure by raising
$1.25 billion dollars through the issuance of Global Depository
Receipts, selling off non-core assets and securities and
obtaining a comprehensive debt restructuring from creditors.

To ensure its price competitiveness, Hynix completed its `Blue
Chip' technology project, which enables ultra-fine geometry with
less than one-third the investment normally required to develop
this class of technology. Hynix also focused on high value-added
products, including next generation DDR memory chips, and
enhanced its non-DRAM operations to provide a balanced product
portfolio.

Hynix has shortened the product development period from two
years to less than one year and production ramp-up period from
eight months to four months by taking innovative steps in R&D.
To continue this trend, Hynix plans to develop 0.13-micron prime
chips and 0.11 micron golden chips through its Blue Chip project
to ensure a continuous technology platform and efficiency in
investment and production.

In addition, despite the unprecedented downturn of 2001, Hynix
aggressively penetrated new markets, such as China and India,
where the Company now holds unmatched market dominance. Hynix
also launched volume production for DDR memory chips, producing
more than 10 million units per month for its major customers.

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (Hynix) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is one of the world's
leading DRAM suppliers with thirteen semiconductor-manufacturing
facilities worldwide and a production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.


HYNIX SEMICONDUCTOR: Posts Shareholders' Meeting Notice
-------------------------------------------------------
Hynix Semiconductor Inc. disclosed a resolution of the Board of
Directors regarding shareholders' meeting:

1. Resolution date of the Board of Directors March 6, 2002

    Outside directors present (no.) 5 absent (no.) 2
Auditors present

2. Summon of Board of Directors'

    Meeting Resolution on the calling of the regular
shareholders' meeting for the 54th business year

3. Scheduled date March 28, 2002

4. Scheduled place 10 AM

5. Matters to be voted & major contents

   Approval of the balance sheet, income statement and
statement of appropriation of retained earnings for the 54th
business year (January 1, 2001 - December 31, 2001)

   Approval on the limit of remuneration for directors

6. Contents of resolution

   Passed by original agenda

Check the release at
http://kind.kse.or.kr/servlet/kse.sgmlgs.EngToDaySuSiVw?arrno=20
0203070118


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


AYER MOLEK: Updates Material Litigation Status
----------------------------------------------
The Ayer Molek Rubber Company Berhad has taken the following
action with regards to the KL High Court Suit No. S3-22-1277-
2001: Raja Eleena Siew Ang & Associates (Plaintiff), The Ayer
Molek Rubber Company Berhad (Defendant):

   (i) On 6 March 2002, the Company filed an action to set aside
the Judgment and stay of execution.

   (ii) On 7 March 2002, the Company filed an Injunction against
the Plaintiff in the above matter restraining the Plaintiff from
taking any further action against the Company under Section 218
(2) (a) of the Companies Act 1965.

Profile

For many years Ayer Molek was a plantation company, operating
rubber and oil palm plantations on its own land in Malacca and
Johor. In 1993 the Company ventured into IT operations.
Following this development, in August 1997, the Company
contracted out management of its estates for a fixed annual
rental income. Consequently, the Company ceased plantation
activities.

In recent years, the Group has not been able to maintain
profitability based on its remaining operations. The Group is
negotiating with various parties for a comprehensive rescue and
restructuring scheme to enable it to return to profitability and
long term viability.


BESCORP INDUSTRIES: FIC OKs Proposed Corp, Debt Workout Plan
------------------------------------------------------------
On behalf of the Special Administrators (SAs) of Bescorp
Industries Berhad (BIB), Malaysian International Merchant
Bankers Berhad (MIMB) announced that the Foreign Investment
Committee (FIC) has approved the Proposed Corporate and Debt
Restructuring Scheme.

The Proposed Corporate and Debt Restructuring Scheme is now
subject to the approvals of:

   1. the Securities Commission;

   2. the Ministry of International Trade and Industry; and

   3. the Kuala Lumpur Stock Exchange.


CHASE PERDANA: CDRC Assists In Debt Restructuring Finalization
--------------------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) announced that
it has successfully assisted Chase Perdana Berhad (CPB) and its
subsidiary companies to finalize a debt restructuring agreement
with their lenders to restructure their outstanding debt of
about RM569.7 million as at end September 2001.

The proposed debt-restructuring scheme (Scheme) involves
implementation of:

   * Proposed Capital Reduction and Consolidation - Capital
reduction of 90 sen for every existing ordinary share of RM1.00,
giving rise to an amount of RM84.2 million to be used towards
reducing accumulated losses. Upon completion, the shares will be
consolidated into 9.4 million ordinary shares of RM1.00 each.

   * Proposed Share Premium Account Reduction - Cancellation of
the entire share premium account of RM159.6 million and applying
the amount towards reducing accumulated losses.

   * Proposed Rights Issues - Rights Issue of new shares raising
approximately RM28.1 million, to be used for working capital and
repayment of bank borrowings.

   * Proposed Conditional Restricted Issue - Restricted issue of
new shares raising not less than approximately RM0.7 million and
up to RM28.1 million.

   * Proposed Debt Restructuring Scheme - This will involve
conversion of the outstanding debts to redeemable convertible
preference shares, redeemable convertible secured loan stocks
and redeemable convertible unsecured loan stocks after some
portion of unsecured debts being waived.

   * Proposed Assets Disposal - Disposal of assets with
estimated value of RM187.4 million with proceeds used for
repayment of bank borrowings.

The Scheme will be submitted by CPB and its appointed merchant
bank, Southern Investment Bank Berhad, to the relevant
authorities for approval soon. The Scheme is anticipated to
alleviate CPB's financial predicament and restore the company to
its original viability.


DENKO INDUSTRIAL: Faces Writ of Summons Over Defaulted Payment
--------------------------------------------------------------
Denko Industrial Corporation Berhad (Denko or the Company)
informed that a writ of summons (dated 20 February 2002) and
statement of claim (dated 14 February 2002) was served on the
Company on 5 March 2002. The writ and statement were filed by
PricewaterhouseCoopers (PwC or Plaintiff) in the Kuala Lumpur
Sessions Court Summons No. 3-52-2067-02 for a sum of
RM96,700.00, allegedly due for default in payment for
professional fees.

The expected losses are:

   i) The plaintiff's claim against Denko for the following:

     a) the outstanding sum of RM95,250.00;
     b) interest on the said outstanding amount;
     c) costs; and
     d) such further and other relief as the Honorable Court
deems fit

  ii) Legal fees arising from defending the suit

Denko does not expect any material operational and financial
impact arising from the suit as the amount claim has been fully
provided for in the accounts of Denko. Denko is undertaking a
corporate exercise to resolve the matter.

On 16 April 2001 the Securities Commission approved Denko's
corporate proposals regarding:

   * Proposed property acquisition;
   * Proposed renounceable rights issue of shares with warrants
attached;
   * Proposed establishment of an employees' share option
scheme; and
   * Proposed increased in the authorized share capital.

The gross proceeds arising from the proposed rights issue of
RM65,783,723.00 is to be utilized for core businesses of Denko
group and also for the repayment of loans and bank borrowings.
However, the approved proposals is still pending implementation.
The Securities Commission vide its letter dated 8 October 2001,
has approved Denko's application for an extension of time for a
six-month period, up to 15 April 2002 to implement the
Proposals. Negotiations are still being carried out in seeking
further indulgence towards realizing a successful implementation
of the approved proposals.

Denko has taken these steps in respect of the legal suit:

   * Messrs BDO Capital Consultants Sdn Bhd has been appointed
on 2 May 2001 to act on behalf of Denko to review and
restructure the proposed debts restructuring scheme;

   * the solicitors of Denko has been instructed to defend the
suit; and

   * there are ongoing negotiations with the plaintiff to
resolve the matter.


HAI MING: FIC Approves Proposed Restructuring Exercise
------------------------------------------------------
Public Merchant Bank Berhad announced, on behalf of the Board of
Directors of Hai Ming Holdings Berhad (HMHB or Company), that
the Foreign Investment Committee (FIC) had, via its letter dated
20 February, 2002, which the Company received on 7 March 2002,
approved the Proposed Restructuring Exercise.

The FIC's approval for the Proposed Restructuring Exercise is
subject to the condition that the equity structure of HMHB to be
reviewed after a period of 3 years.

Details of the Proposed Restructuring Exercise encompass these
proposals:

   (i) Proposed settlement of debts owing to secured and
unsecured bank lenders amounting to RM53,588,638 (Proposed Debt
Settlement); and

   (ii) Proposed acquisition of the entire equity interest in
Koh  Poh Seng Plywood Co. (M) Sdn Bhd for a purchase
consideration of RM99,800,000 to be satisfied by the issuance of
99,800,000 new ordinary shares of RM1.00 each in HMHB (HMHB
Shares) (Initial Proposed Acquisition of KPSSB).

It is a salient term of the Sale and Purchase Agreement dated
October 30, 2001 entered into between HMHB and the vendors of
KPSSB that KPSSB will undertake a proposed internal
rationalization exercise which will result in KPSSB having full
ownership in Yap Swee Thiam & Sons Industries Sdn Bhd (YSTSB)
and Akateak Sdn Bhd (ASB) prior to the completion of the Initial
Proposed Acquisition of KPSSB. KPSSB presently has equity
interests of 65% and 50% respectively in YSTSB and ASB; and

   (iii) Proposed waiver to the vendors of KPSSB from the
obligation to extend a mandatory take-over offer for the
remaining HMHB Shares not already owned by them in HMHB upon
completion of the Proposed Acquisition of KPSSB.


MAY PLASTICS: Posts KSUH Shares Book Closure Notice
---------------------------------------------------
May Plastics Industries Bhd advised that the Registers of
Members of KSU Holdings Berhad (KSUH) will be closed at 5.00
p.m. on 26 March 2002 for the purpose of determining the
entitlement of KSUH shareholders to:

Non-renounceable offer for sale of the rights to allotment of
33,701,033 new KSUH shares to the entitled shareholders of KSUH
(being MPI shareholders who received their respective KSUH
shares pursuant to a scheme of arrangement under Section 176 of
the Companies Act, 1965 between MPI, its shareholders and KSUH,
whereby the shareholders of MPI exchanged all their MPI shares
for new KSUH shares on the basis of one (1) new KSUH share for
every two (2) MPI shares) at an offer price of RM2.00 per share
on the basis of five (5) KSUH shares for every two (2) KSUH
shares held at 5.00 p.m. on 26 March 2002.

TCR-AP reported December last year that further to the Proposed
Rescue/Restructuring Scheme comprising Composite Schemes of
Arrangement Pursuant to Section 176 of the Companies Act 1965
and Various Related Proposals (The Proposals), the Company
implemented a:

  (a) Shares exchange pursuant to a scheme of arrangement (SOA)
under Section 176 of the Companies Act, 1965 (Act) between MPI,
its shareholders and KSU Holdings Berhad (KSUH), whereby the
existing shareholders of MPI are to exchange all their existing
ordinary shares of RM1.00 each in MPI (MPI share(s)) for new
ordinary shares of RM1.00 each in KSUH (KSUH share(s)) on the
basis of one (1) new KSUH share for every two (2) existing MPI
shares held (Shares Exchange)

  (b) Warrants exchange pursuant to a SOA under Section 176 of
the Act between MPI, its warrantholders and KSUH, whereby all
the 13,298,175 existing unexercised MPI warrants are to be
cancelled and replaced with 13,298,175 new KSUH warrants on the
basis of one (1) new KSUH warrant for every one (1) existing MPI
warrant held (Warrants Exchange).


MTD CAPITAL: Gets SC's Nod on Proposed Revised Repayment
--------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of MTD Capital Bhd (MTD or Company), informed that the
Securities Commission (SC) has, via its letter dated 4 March
2002, approved the revised capital repayment and distribution of
up to 217,115,239 ordinary shares of RM1.00 each in Dewina held
by MTD upon completion of the Proposed Disposal (Proposed
Revised Capital Repayment and Distribution), instead of
171,827,505 ordinary shares of RM1.00 each, as proposed.

"Proposals" refers to:

   * Proposed Disposal Of MTD Prime Sdn Bhd (MTD Prime)
("Proposed Disposal");

   * Proposed Capital Repayment and Distribution; and

   * Proposed Placement.


SEAL INCORPORATED: Re-Appoints Abdul Hamid as Deputy Chairman
-------------------------------------------------------------
Seal Incorporated Berhad posted this notice:

Date of change  : 05/03/2002
Type of change  : Re-designation Boardroom
Previous Position : Deputy Chairman
New Position  : Deputy Chairman
Directorate  : Executive
Name    : Abdul Hamid bin Mohd Hassan
Age    : 63
Nationality  : Malaysian
Qualifications  : Higher School Certificate
Working experience and occupation:

1960 to 1993 - Deputy Director General of Inland
Revenue Malaysia
1993 to 1998 - A member of Civil Service Tribunal
1993 to 1996 - General Manager of Paramount Malaysia
Sdn. Bhd.
1996 onwards - Vice President of See Hoy Chan
Sdn. Bhd. Group (Taxation Division)
            - Vice President of Malaysian Institute
of Taxation Directorship of public companies (if any) : Mancon
Berhad

Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Remarks : Encik Abdul Hamid bin Mohd Hassan has been appointed
Executive Director of the Company and as such he has ceased to
be an independent director in accordance with the KLSE Listing
Requirements.

Profile

Originally the Company was primarily involved in the extraction
of logs and the manufacture of plywood. Seal subsequently added
the manufacture of technical plywood to its activities. In 1996,
the Company branched into property investment, its main property
assets being Selayang Mall and Bukit Maluri Industrial Complex
in Kuala Lumpur. Seal is currently involved only in property
investment while subsidiary Great Eastern Mills Berhad has
temporary ceased manufacture of plywood. All other subsidiaries
within the Group have also ceased their timber-based operations.

The Company is currently undertaking various measures to
restructure its businesses. It proposes to undertake a corporate
exercise which includes the possibility of divesting certain
assets, negotiating with financial institutions to re-schedule
the repayment of borrowings, and raising funds to significantly
mitigate the Group's cash flow constraints.

Presently, Seal's main source of income is generated from rental
fees received from its investment properties. To complement its
property investment business, the Company plans to embark on
some property development projects.


TA ENTERPRISE: Debt Restructuring Agreement Deadline Extended
-------------------------------------------------------------
TA Enterprise Berhad (TAE or the Company), in reference to the
announcement dated 10 September 2001 on the Debt Restructuring
Agreement signed with Idris Hydraulic (Malaysia) Berhad,
announced that the deadline to obtain all necessary approvals as
provided for in the Agreement had been extended from 28 February
2002 to 30 June 2002.

TCR-AP reported September last year that TAE's wholly owned
subsidiary, TAFC had signed a debt restructuring agreement with
Idris Hydraulic (Malaysia) Berhad (Idris), Idaman Unggul Sdn Bhd
(Newco) and various other lenders of Idris pursuant to a
proposed restructuring exercise.


TIMBERMASTER INDUSTRIES: Changes Registered Address
---------------------------------------------------
Timbermaster Industries Bhd posted this notice:

Change description : Registered
Old address    : No. 77 & 79, 1st Floor, Jalan Batai Laut 3,
   Kaw 16, Taman Intan, 41300 Klang
New address   : No. 85, 1st Floor, Persiaran Pegaga, Taman
   Bayu Perdana, 41200 Klang
Name of Registrar  :
Telephone no   : 03-33249227
Facsimile no   : 03-33249228
E-mail address   : teohhs@tmib.po.my
Effective date    : 06/03/2002

Profile

The Company (TIB) and four of its subsidiaries, are currently
under the management of Special Administrators (SA), Messrs
PricewaterhouseCoopers. They were appointed to these companies
by Pengurusan Danaharta Nasional Bhd on 14.12.99 and 24.1.2000.
The objective of the appointment is to formulate a corporate and
debt restructuring proposal which takes into consideration the
interest of all stakeholders.

TIB and these subsidiaries have a 12-month moratorium period,
which prohibits the creditors from taking any legal action
without Danaharta's prior consent.

On 3 April 2000, the SA made an invitation to the public to
tender for some of the Group's business and assets.
Subsequently, on 24 August 2000, on behalf of TIB, the SA
entered into a MOU with Foowood International Sdn Bhd (FISB),
the shareholders of FISB, Brilliant Vintage Sdn Bhd (BVSB) and
Capital Salute Sdn Bhd (CSSB), to regulate the basic
understanding of the key areas of agreement. However, on
22.2.2001, Foowood terminated the MOU on mutual terms.

In July 2001, the SA entered into two separate agreements to
dispose of two of its subsidiaries to FISB and Whehua Pte Ltd
respectively. The sale of another subsidiary is at an advanced
stage and upon completion of the assets' sale of these four
subsidiaries, the SA would develop separate debt restructuring
and workout proposals for them.

The SA in April and May 2001 also conducted a second tender
exercise seeking proposals for TIB. On 14 August 2001, the SA
and the White Knight (WK) entered into a MOU to record the basic
understanding of the key areas of agreement. The success of the
workout proposal will depend on WK fulfilling certain conditions
precedent by 30 November 2002. The proposal broadly entails a
capital reconstruction, share exchange, acquisition of WK by a
newly incorporated company (Newco), debt restructuring of TIB's
creditors and transfer of listing status to TIB. In view of
this, KLSE has granted TIB a two-month extension to make its
requisite announcement of its restructuring plans.


TIME ENGINEERING: Seeking Settlement With USD Bond Holders
----------------------------------------------------------
Time Engineering Berhad (the Company) issued a notice on 29
January 2002 to the USD Bondholders calling for a meeting of the
US$250 million Nominal Value Redeemable Secured Zero-Coupon
Bonds 1996/2001 (USD Bonds) Bondholders on Wednesday 6 March
2002 at 10.00 am for the purpose of passing these Special
Resolutions:

1. Special Resolution 1 - Acceptance of the Restructuring Offer
on the basis of the terms and conditions of the Restructuring
Offer Document dated 29 January 2002 for the outstanding amount
of the USD Bonds.

2. Special Resolution 2 - Revocation of the December 2001 USD
Bondholders resolution declaring an Event of Default

In the meeting held on 6 March 2002, the two Special Resolutions
were not supported by the required minimum of 75% of the USD
Bondholders in value, and hence could not be passed.

The Company will continue to seek a negotiated settlement with
the USD Bondholders for the outstanding amount of the USD Bonds.


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


INTERNATIONAL CONTAINER: Increases Number of Directors
------------------------------------------------------
The Board of Directors of the International Container Terminal
Services Inc. (ICTC) on Tuesday resolved to amend the Amended
Article of Incorporation to increase the number of directors
from 8 to 9. This amendment will allow an independent director
to be elected in the ICTSI Board. This amendment will be
submitted for approval of the stockholders in the annual
stockholders' meeting on April 18, 2002.

In the same meeting, the Board also resolved to approve the
merger of ICX Corp with ICTSI, with ICTSI as the surviving
corporation. ICX Corp., manager and operator of a rail-serviced
inland container depot in Cabuyao, Laguna, is 100 percent owned
by ICTSI. This merger will likewise be submitted for approval of
the stockholders during the annual stockholders' meeting on
April 18, 2002. The purpose of the merger is to restructure and
streamline the operation of the ICD and to avail the cost
efficiencies of a merged operation.

International Container Terminal's 1.750 percent convertible
bond due in 2004 (ICTS04PHA1) trades between 133.5 and 135. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ICTS04PHA1


METRO PACIFIC: Values Bonifacio Property Sale at P2.5B
------------------------------------------------------
Metro Pacific Corporation announced on March 6 the sale of an
approximately five-hectare property in the Bonifacio Global City
in a cash and in-kind transaction valued at approximately P2.5
billion. The purchase party is a consortium of developers known
as Bonifacio West Development Corporation, led by it President
Mr. Carlos S. Rufino. Details of the transaction were not
disclosed.

The sale transaction demonstrates the inherent value of property
in the Bonifacio Global City, and also proves continued interest
by both business and residential locators. During 2001, the City
received its first residents, and large-scale development of
both schools and retail facilities commenced. Development plans
for the 5-hectare property are still in progress, but the
Bonifacio West Development Corporation indicated its intention
to undertake residential/commercial projects that includes a
series of multi-story residential buildings, taking advantage of
the "Central Park-like views" such buildings bordering the
Manila Golf Club will benefit from. It is expected that the
developer consortium may also incorporate a restaurant and
entertainment complex within the development.

TCR-AP reported Friday that Metro Pacific Corp. (MPC) is still
in search of a buyer for its 69.6 percent interest in Fort
Bonifacio developer Bonifacio Land Corp. (BLC) following the
failed talks with Ayala Land, Inc. (ALI) due to valuation
issues.


PHILIPPINE LONG: Needs Refinancing, Says Barclays Capital
---------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) will need
refinancing for its US$1.62 billion maturing debt from 2002
until 2004 to avoid possible liquidity problems, according to a
Barclays Capital study. Despite a US$149 million refinancing
deal with Germany's KfW, Barclays said PLDT is not out of the
refinancing trap yet.

Barclays said the critical debt repayment periods for PLDT are
in 2003 and 2004, with US$684 million and US$515 million
maturing, respectively. The report said US$423 million would
mature in 2002. A key turning point could come if PLDT secures
loans from agencies such as the Japan Bank for International
Cooperation.


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


EXCEL MACHINE: Mr Anthony Tian Resigns as Board Director
--------------------------------------------------------
The Board of Directors of Excel Machine Tools Ltd disclosed on
March 6 that Mr Anthony Teo Eng Tian has resigned as a director
of the Company and therefore ceased to be the Chairman of the
Audit Committee with effect from 1 March 2002.

TCR0-AP reported last month that the Company issued a profit
warning in its financial results for the second half of 2001,
due to the continuing weakening of the global economy, which was
further aggravated by the uncertainty brought about by the 11
September 2001 incident. The Group expects to report a
significantly lower turnover for Year 2001 as compared to the
previous year. Despite all the cost-cutting efforts, the Group
expects to report a loss for the Year 2001. The full year result
for the Year 2001 will be announced this month.


MEDIARING.COM: Appoints New Board of Directors
----------------------------------------------
MediaRing Ltd announced on March 6 the appointments of Mr. Khaw
Kheng Joo and Mr Thomas Henrik Zilliacus to the Board of
Directors. Mr. Khaw is the Senior VP of Celestica Inc., a listed
Company both on the American and Canadian Stock exchanges.
Celestica is one of the largest electronic contract
manufacturers in the world. He is also currently on the Board of
Total Automation, a listed Company in Singapore as well as
Seneko Power.

Mr. Zilliacus is the Founder and Executive Chairman of Mobile
FutureWorks Inc, a Company that is a developer and investor in
the mobile space. He is also the Executive Chairman of
OpenMobile Corporation, a leading global enabler of premium-
priced mobile-originated mobile value-added services and the
former head of Nokia's Asian operations By Order of the Board.

TCR-AP reported MediaRing's January 31 announcement regarding a
corporate restructuring and a 35 percent reduction in its
worldwide workforce and operations as the Company moves to focus
on its higher growth telecommunications products and services.
The worldwide restructuring includes the move to centralize its
engineering and operations in Singapore.


THAKRAL CORP.: Ahuja Ceases to be an Audit Committee Member
-----------------------------------------------------------
Thakral Corporation Ltd announced on March 6 that Mr. Prithvi
Raj Ahuja has resigned from its Board of Directors and as member
of the Audit Committee with effect from 1 March 2002.

A Company press release revealed on December 27, 2001 that a
debt buy-back exercise pursuant to its scheme of arrangement
under Section 210 Companies Act (Chapter 50) (the Singapore
Scheme) had closed on 20 December 2001. The debt buy-back
exercise which was launched on 30 November 2001 involves the
Company calling for a tender open to all its Participating
Creditors (as defined in the Singapore Scheme), wherein each
Participating Creditor may choose to submit an offer to the
Company to retire the whole or part of its debt at a discount of
not less than 70 percent.


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


EMC PUBLIC: Clarifies Financial Statement Changes
-------------------------------------------------
EMC Public Co., Ltd's financial statement in the year 2001
showed a net profit of  Bt80 million and the previous year's
financial statement showed a net loss of Bt373 million. The
Company clarified the causes of such a difference:

1.  The Company is to reduce its registered share capital. The
Company Reversal of provision for possible losses on investments
accounted for under equity method is Bt188 million.

2.   The Company and subsidiaries reversal of provision for
doubtful debts and others amounts to Bt29 million.

3. The Company and subsidiaries had set a provision for doubtful
debt and the like which is Bt170 million less than last year.

4. In additional, due to the decreasing of interest rate in
2001, the Company and subsidiaries recognized interest expenses
Bt22 million less than in 2000.


ITALIAN-THAI DEVELOPMENT: Narrows Operations Loss to Bt2,527M
-------------------------------------------------------------
Italian-Thai Development Public Company Limited (ITD or the
Company), in reference to the Company Financial statement as of
Dec 31, 2001, informed that operating results of the Company
stand at Bt2,527.98 million, which was less than 20 percent
incremental compared to the same period last year. Reasons for
such are:

   * The Company had an increase of revenue recognized from
construction services and gross margin.

   * The Company gained profit from the exchange rate and sale
of an investment in an associated company.


PREECHA GROUP: Books Bt312.106M Debt Restructuring Profit
---------------------------------------------------------
Preecha Group Public Company Limited's audited financial
statement for the year 2001 showed that the Company and its
subsidiaries have a net operating profit of Bt162.60 million.
In comparison, the Company had net operating loss of Bt516.74
million at the year 2000.  The Company made a profit of Bt123.69
million from the sale of its subsidiary, as well as profit from
debt restructuring of Bt312.10 million.


SINN BUALUANG: Business Reorganization Petition Filed
-----------------------------------------------------
Property Leaser Sinn Bualuang Leasing Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed at the Central
Bankruptcy Court:

   Black Case Number 677/2544

   Red Case Number 667/2544

Petitioner: SINN BUALUANG LEASING COMPANY LIMITED

Planner: SINN BUALUANG CONSULTANCY COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt2,837,220,908.77

Date of Court Acceptance of the Petition: July 20, 2001

Date of Examining the Petition: August 20, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: August 20, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 30, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 25,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 25, 2001

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan: January 18, 2002 at 9.30 am. Convention
Room 1103, 11th Floor, Bangkok Insurance Building, South Sathorn
Road

The Meeting of Creditors had a special resolution accepting the
reorganization plan

Contact: Miss. Kanjana Tel, 6792525 ext. 133


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
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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