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       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

           Thursday, March 21, 2002, Vol. 5, No. 57

                          Headlines

A U S T R A L I A

ANALYTICA LIMITED: Incurs July-Nov Trading Loss of A$349,668
AQUARIUS PLATINUM: ING Changes Substantial Holding
HARRIS SCARFE: Liquidators Dispatch Circular to Shareholders
PACIFIC DUNLOP: Discloses Director's Interest Notice
SMARTWORLD CORPORATION: Deed of Company Arrangement Executed

SMARTWORLD CORP: Posts Name Change Registration Certification
TRANSURBAN GROUP: Merrill Lynch Ups Stakes to 9.30%


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Court Adjourns Petition Hearing to April 29
EAGLE HILL: Winding Up Petition to be Heard
HIGH-ART FASHION: Winding Up Petition Pending
HONOUR JOY: Winding Up Sought by Bank of China
LUCKY PROFITS: Hearing of Winding Up Petition Set

STARS WORLD: Winding Up Petition Slated for Hearing
SUNDAY COMMUNICATIONS: Slashes Operations Loss to HK$141,618        


I N D O N E S I A

ASTRA INTERNATIONAL: Books 2001 Net Profit of Rp853B
PANCA OVERSEAS: Loan Disposal Deal Halts IFC Legal Action

J A P A N

DAIEI INC: Seeking Y600M Tax Breaks to Lessen Debt
HITACHI LTD: Integrates System LSI Businesses With Mitsubishi
NHB CO.: Commences Compulsory Liquidation Proceedings
NIPPON SUISAN: Sees FY01 Y16B Net Loss
SEIYU LTD: Wal-Mart, Sumitomo Agree to Acquire Stake

SHINDENGEN ELECTRIC: R&I Downgrades L-T Rating to BBB-
SNOW BRAND: R&I Maintains Rating on Monitor Scheme
SNOW BRAND: Nestle Japan Against Capital Tie-Up


K O R E A

DAEWOO MOTOR: KDB Denies GM Negotiation Failure
DAEWOO MOTOR: Workers Guaranteed Jobs by General Motor
HANBO IRON: Creditors Will Sell Insolvent Steel Maker
HANVIT BANK: Will Fund Property Development Project
HYNIX SEMICONDUCTOR: Shareholders Protest Micron Sale

HYUNDAI MOTOR: Seeks Bigger Sports Car Sales in Australia
SSANGBANGUL DEVELOPMENT: Creditors Plan to End Receivership
MEDISON CO: Gears Up to Recover From Receivership

M A L A Y S I A

CSM CORPORATION: Updates Defaulted Payment Status
LINGUI DEVELOPMENT: Fixed Rate Bonds Placed on Rating Watch
MALAYSIAN RESOURCES: Unit's SSA With Vendors Canceled
MEASUREX CORPORATION: Units' Judicial Management Order Extended
OMEGA HOLDINGS: Adds Proposal to Restructuring Scheme

SENG HUP: Writ of Distress Impact Yet to be Determined
SINMAH RESOURCES: BSSB Grants JV Agreement Extension


P H I L I P P I N E S

INTERNATIONAL CONTAINER: Talks With Brazilian Unions Continue
MONDRAGON LEISURE: SEC Threatens Business Registration
NATIONAL POWER: PSALM Gives Buyers Two Years to Start IPO
PHILIPPINE AIRLINES: Defers 10% Domestic Fare Hike to April 1
RFM CORPORATION: Issues Notice on Additional Listing of Shares


S I N G A P O R E

ALLIANCE TECHNOLOGY: Unit Gets Legal Notice From Creditor Bank
SEE HUP: Narrows FY01 Net Loss to S$5M
XPRESS HOLDINGS: Reduces H1 Net Loss to S$9.45M


T H A I L A N D

KRISDAMAHANAKORN PUBLIC: April 9 Shareholders' Meeting Planned  
NARONG INDUSTRIAL: Files Business Reorganization Petition  
PTT PUBLIC: Posts Resolutions Approved at BOD Meeting
RAIMON LAND: Discloses Shares Offering Results
THAI MILITARY: No 2001 Dividend Payments Suspended

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANALYTICA LIMITED: Incurs July-Nov Trading Loss of A$349,668
------------------------------------------------------------
Analytica Limited's Chairman S Jones informed that the year 2001
has been a difficult year for the Company. The Company's shares
were suspended from quotation at the request of the directors on
13 March and the Company was placed into voluntary
administration on 8 May.

On 17 August a Deed of Company Arrangements (DOCA) was signed,
taking the Company out of voluntary administration and giving
operational control back to the directors. The Chinese Medicine
business was sold. Expenditure was kept to a minimum. The DOCA
also opened up the opportunity for a third party to inject
funding into the Company and as a result re-vitalize the Company
again.

Psiron Ltd put a proposal to shareholders, which was approved at
the Annual General Meeting on 3 December 2001. In summary the
following resolutions were approved:

   * Analytica Ltd to purchase Psiron's diagnostic business;

   * Psiron to inject $800,000 in the Company, for which it
received eight million redeemable preference shares, convertible
at the rate of 2 ordinary shares per preference share;

   * The ordinary share capital and outstanding options were
reduced by a ratio of 1 for 10.

Following the AGM, many actions have been taken to progress and
re-build the Company, with the ultimate aim to start to create a
return for shareholders. These actions include:

   * Closure of the Melbourne office in order to reduce cost;

   * Psiron and Analytica share a common Board of Directors:

   * Common executives between Psiron and Analytica have been
appointed in order to further reduce cost;

   * Steps have been undertaken to close the Hong Kong office as
the Directors considered that there would be no operations in
Hong Kong or China in the foreseeable future;

   * A strategic plan to grow the diagnostic business has been
put together and the first steps to implement this plan, which
includes the extension of the product range, have been taken;

   * A first analysis has been made to determine which of the
projects that were undertaken in Analytica should continue. Of
particular interest is the anti-inflammatory project sPLA2.

OUTLOOK

Over the next period, the Company intends to:

   * Conduct a full detailed review of the Company's existing
Intellectual Property (IP) portfolio. The review will consider
(amongst others) the status of the research, the patents
granted, the potential commercial value and the existing
agreements. Following the review the Company will prepare a
strategic plan to maximize the value of the IP portfolio. This
could be done by further investing in the research, spinning it
of into a separate vehicle, selling it outright or terminating
the project.

   * Further progress the implementation of strategic plan for
the diagnostic business; we intend to grow the business through
license agreements, acquisition of complementary diagnostic
businesses, internal research and development and investment in
new research in line with the business plan.

In order to achieve these goals a capital raising will be
necessary. Over the next few months, we intend to do a rights
issue to existing shareholders. The funds raised will be used to
implement the activities as described above as well as to
finalize the payments to satisfy the obligations under the DOCA.
It is also intended to repay a large part of the loan to Psiron,
thereby reducing dependence on Psiron, as well as reducing
interest cost.

Currently Analytica is dependent on Psiron for financial
support. At this stage there is no expectation that Analytica
will at any time be in default of its obligations under the
"come and go" facility.

At the time of the proposed capital raising, the Company will
seek to requote the stock on the ASX. The timing for this will
be before 30 June 2002.

FINANCIALS

The Company incurred a trading loss of $349,668 in the period
July - November.

In December the Company traded profitably, with the diagnostic
business contributing $34,653, which was offset by corporate
cost of $19,999, resulting in a trading profit of $14,654.

In addition the Directors became aware that the investors in the
R&D Syndicate managed by Graesser (a 100% owned subsidiary of
the Company) plan to exercise their put option. For that reason
they considered it prudent to provide for the shortfall between
the value of the put option and the provision. This results in a
cost of $3 million being incurred. The Intellectual Property
(IP) currently owned by the R&D Syndicate will revert to the
Group once the investors exercise their put option and for that
reason the directors want to put a value on their asset.
Financial calculations, using a widely accepted model to value
early stage biotechnology projects, have put a value of $3
million on this IP (this valuation is based on conservative
parameters).


AQUARIUS PLATINUM: ING Changes Substantial Holding
--------------------------------------------------
ING Australia Ltd increased its relevant interest in Aquarius
Platinum Limited on 3 June 2002, from 4,393,621 ordinary shares
(6.19 percent) to 5,392,773 ordinary shares (7.59 percent).

Early this month, TCR-AP reported that excellent progress is
being made with regard to the restructuring arrangements of the
Aquarius Platinum Limited Group of Companies.  The three parties
relevant to the restructuring arrangements, Aquarius, Impala
Platinum Holdings Limited (Implats) and Investec Bank Limited
(IBL) have executed agreements to effectively extend the Implats
guaranteed ZAR504 million facility that Aquarius Platinum (South
Africa) Pty Ltd (AQPSA) was required to settle with IBL on
February 28, 2002 to April 30, 2002.

At the end of 2001, Aquarius Platinum Limited had negative
working capital, as current liabilities were A$201.14 million
while total current assets were only A$127.19 million, Wrights
Investors' Service reported.


HARRIS SCARFE: Liquidators Dispatch Circular to Shareholders
------------------------------------------------------------
Harris Scarfe Holdings Limited (Receivers And Managers
Appointed)(In Liquidation) (HSHL) ACN 009 476 073 posted the
Circular From Liquidators, M J Dwyer & L P Maxsted of
KPMG Corporate Recovery:

"We confirm that we were appointed as joint and several
Administrators of HSHL and ten other companies in the Harris
Scarfe Group (the Group) on 3 April 2001. As you are aware
immediately prior to our appointment, the Australian Stock
Exchange suspended trading in HSHL shares. On 6 April 2001,
Messrs Carter and Spark of Ferrier Hodgson were appointed
Receivers and Managers by the ANZ Bank to a majority of the
companies in the Group including HSHL. The role of the Receivers
and Managers, pursuant to the ANZ Bank's security, was to take
control of the assets and undertakings of the Group including
the trading activities. Our role as Administrators reverted to
the statutory responsibilities, which included convening of the
meetings of creditors, limited investigations into the Group's
affairs and providing creditors with a report in relation to
s439A of the Corporations Act 2001.

"On 5 November 2001, the second statutory meetings of creditors
for the Group were held concurrently in Adelaide. At these
meetings, we, as Administrators, provided a synopsis of our
Report to Creditors. As foreshadowed in that Report, the
Receivers and Managers asked that we put a request to creditors
at the meetings to adjourn the meetings. Mr Carter, one of the
Receivers and Managers, addressed the meetings in relation to
the pending sale of the business and the possibility of future
recoveries for creditors. After receiving questions from
creditors in relation to the adjournment and seeking the views
generally of creditors present, creditors accepted our
recommendation and resolved to adjourn the meetings until 3
January 2002.

"Subsequently, on 7 November 2001, the Receivers and Managers
announced that the retail operations of the Group in South
Australia, Tasmania and Victoria had been sold in a management
buyout to a new company. The Receivers and Managers have advised
that the sale included the Harris Scarfe brand names, stock,
fixtures and fittings and the assignment of store leases on
terms acceptable to the new owners. In addition, the new company
reemployed a majority of the employees. The sale did not include
the Group structure or any shares in any company in the Group,
therefore you retain your shareholding in HSHL. We understand
that the sale was finalized on 19 November 2001 and that the
proceeds from the sale will be insufficient to repay the ANZ
Bank in full.  

"At the adjourned second statutory meetings of creditors for the
Group held on 3 January 2002, creditors passed a resolution to
wind up each company in the Group, at which point we became the
liquidators of each of the companies. Our role as liquidators is
to investigate the affairs of each of the companies and to
preserve and realize assets, for the benefit of all
stakeholders, which include creditors and shareholders of the
companies.

"We note that the Receivers and Managers have continued their
investigations and the public examinations of the Officers and
Auditors of HSHL, primarily to determine whether it is
appropriate to issue proceedings against third parties. It
should be noted that these potential claims are an asset of the
Group and as such, at first instance, are covered by the ANZ
Bank's security. Given the ANZ Bank has security over all of the
assets of the Group, which includes the various companies' legal
claims against third parties, the Receivers and Managers have
the right to pursue these actions pursuant to their security.
Any return to unsecured creditors and ultimately to shareholders
will be dependant on the outcome of any proceedings issued and
the quantum of the claims sought under those proceedings. We
have yet to be informed by the Receivers and Managers of the
quantum of the likely claim.

"As a consequence of the above, we are unable to determine at
this point in time, if it is likely that there will be a return
to creditors and shareholders in the winding up of HSHL. This
prevents us, as Liquidators, from issuing shareholders with a
notice pursuant to Section 160WA of the Income Tax Assessment
Act 1936, which would allow shareholders, if they elected, to
claim a capital loss on their shareholding.

"As you may be aware, the Australian Securities and Investment
Commission (ASIC) is also investigating the circumstances of the
Group's failure. ASIC has issued criminal proceedings against Mr
Alan Hodgson, the former Chief Financial Officer of HSHL and
that these proceedings are being heard in the Adelaide
Magistrates Court.

"Please advise us in writing if you have changed your address
since 30 March 2001. Any notification should include details of
your shareholder reference number.

"Please contact either Omar Mirza on (08) 8236 3239 or Matthew
Lindh on (08) 3236 3194 of our staff should you have any further
queries in relation to this matter."


PACIFIC DUNLOP: Discloses Director's Interest Notice
----------------------------------------------------
Pacific Dunlop Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Pacific Dunlop Limited

   ABN                      89 004 085 330

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Dr Edward Desmond Tweddell

   Date of last notice      07/01/2002

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Direct     32,535        
                                        Indirect  100,000

Nature of indirect interest
(including registered holder)           Held beneficially in     
                                        Hebuirn Superannuation   
                                        Fund (Trustees ED & CS   
                                        Tweddell)                

Date of change                          14/03/2002

No. of securities held prior
to change                               Direct     32,535        
                                        Indirect  100,000

Class                                   Ordinary                 

Number Acquired                         Direct 3,900

Number disposed                         Nil

Value/consideration                     $4,485.00                

No. of securities held after
change                                  Direct    36,435         
                                        Indirect 100,000

Nature of change                        Pursuant to the Pacific  
                                        Dunlop Non-executive     
                                        Director Share Plan      

Part 2 - Change of director's relevant interests in contracts

N/A

Last week, TCR-AP reported that the Group's after tax result for
the half was a loss of $92.8 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.


SMARTWORLD CORPORATION: Deed of Company Arrangement Executed
------------------------------------------------------------
Smartworld Corporation Limited posted a notice from L Nilant,
Joint Administrator Of Deed Of Company Arrangement:  

VIEW RESOURCES LTD ACN 009 162 949
(Subject to Deed of Company Arrangement)
(Formerly Smartworld Corporation Limited)

I, Charles Philippe Louis Nilant of 4th Floor, 19 Pier Street,
Perth as Joint & Several Administrator of the deed of company
arrangement pertaining to Smartworld Corporation Ltd executed on
14 December 2001, certify that the deed has been wholly
effectuated.


SMARTWORLD CORP: Posts Name Change Registration Certification
-------------------------------------------------------------
Smartworld Corporation Limited posted this notice:

CERTIFICATE OF REGISTRATION ON CHANGE OF NAME

This is to certify that SMARTWORLD CORPORATION LIMITED
Australian Company Number 009 162 949 did on the fourteenth day
of March 2002 change its name to VIEW RESOURCES LTD Australian
Company Number 009 162 949

The company is a public company.

The company is limited by shares.

The company is taken to be registered under the Corporations Act
2001 in Western Australia and the date of commencement of
registration is the twentieth day of January, 1986.

Issued by the Australian Securities and Investments Commission
on this fourteenth day of March, 2002.


TRANSURBAN GROUP: Merrill Lynch Ups Stakes to 9.30%
---------------------------------------------------
Merrill Lynch Investment Managers Ltd increased its relevant
interest in Transurban Group on 13 March, 2002, from 42,134,572
NPV shares (8.26 percent) to 47,435,615 NVP shares (9.30
percent).

According to Wrights Investors' Service, at the end of 2001
Transurban Group had negative working capital, as current
liabilities were A$217.26 million while total current assets
were only A$126.40 million. The fact that the Company has
negative working capital could indicate that the Company will
have problems in expanding.


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C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: Court Adjourns Petition Hearing to April 29
---------------------------------------------------------
CIL Holdings Limited (CIL or the Company), pursuant to the
announcements made by the Company in relation to the winding-up
petition (the Petition) served against the Company by Star
Dragon Securities Limited as the substituted petitioner and to
the restructuring proposal of the Company, announced that during
the hearing of the Petition held on 18th March, 2002, the
Company has made an application to the High Court of Hong Kong
for an adjournment of the Petition for a period of approximately
6 weeks to allow the Company to prepare the required documents
for the schemes of arrangement to the creditors of the Company
and apply to the High Court of Hong Kong and the Supreme Court
of Bermuda to sanction the schemes under section 166 of the
Companies Ordinance and section 99 of the Companies Act 1981 of
Bermuda respectively.

The High Court of Hong Kong made an order to adjourn the
Petition to 29th April 2002. In this connection, further
announcement will be made as and when necessary.

Trading in the shares was suspended from 10:00 a.m. on 18th
March 2002 at the request of the Company pending release of this
announcement and application has been made to the Stock Exchange
for the resumption of trading of the shares from 10:00 a.m. on
19th March 2002.


EAGLE HILL: Winding Up Petition to be Heard
-------------------------------------------
The petition to wind up Eagle Hill Investments Limited is set
for hearing before the High Court of Hong Kong on May 15, 2002
at 9:30 am.  The petition was filed with the court on January
30, 2002 by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


HIGH-ART FASHION: Winding Up Petition Pending
---------------------------------------------
High-Art Fashion Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on June 5, 2002 at 9:30 am.

The petition was filed on February 15, 2002 by Bank of China
(Hong Kong) Limited (the successor corporation to The Yien Yieh
Commercial Bank Limited 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.


HONOUR JOY: Winding Up Sought by Bank of China
----------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Honour Joy Development Limited. The petition was filed on
February 15, 2002, and will be heard before the High Court of
Hong Kong on June 5, 2002 at 9:30 am.

Bank of China (the successor corporation to The Yien Yieh
Commercial Bank Limited pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) holds its registered
office at 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


LUCKY PROFITS: Hearing of Winding Up Petition Set
-------------------------------------------------
The petition to wind up Lucky Profits Limited is scheduled for
hearing before the High Court of Hong Kong on May 15, 2002.  The
petition was filed with the court on January 30, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


STARS WORLD: Winding Up Petition Slated for Hearing
---------------------------------------------------
The petition to wind up Stars World 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 21, 2002 by Bank of
China (Hong Kong) Limited (the successor corporation to The
China and South Sea Bank Limited, 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.


SUNDAY COMMUNICATIONS: Slashes Operations Loss to HK$141,618        
------------------------------------------------------------
Sunday Communications Limited announced on 19 March 2002:

(stock code: 866)
Year end date: 31/12/2001
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: N/A
                                               (Audited)
                              (Audited)        Last
                              Current          Corresponding
                              Period           Period
                              from 1/1/2001    from 1/1/2000
                              to 31/12/2001    to 31/12/2000
                              ('000)           ('000)
Turnover                          : 1,422,393        1,450,393
EBITDA                            : 101,892          (119,392)
Profit/(Loss) from Operations     : (141,618)        (329,630)
Finance cost                      : (70,130)         (136,938)
Share of Profit/(Loss) of Associates     : NIL              NIL
Share of Profit/(Loss) of
  Jointly Controlled Entities            : NIL              NIL
Profit/(Loss) after Tax & MI      : (211,748)        (466,568)
% Change over Last Period         : N/A
EPS/(LPS)-Basic                   : (7.1 cents)      (16.4
cents)
         -Diluted                 : N/A              N/A
Extraordinary (ETD) Gain/(Loss)   : NIL              NIL
Profit/(Loss) after ETD Items     : (211,748)        (466,568)
Final Dividend per Share          : NIL              NIL
(Specify if with other options)   : N/A              N/A
B/C Dates for Final Dividend      : N/A
Payable Date                      : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

(1)     Turnover

The Group is principally engaged in three business segments in
Hong Kong:  mobile services, sales of mobile phones and
accessories, and international  telecommunications and other
services.  

Turnover and loss from operations by business segments for the
years ended 31st December, 2001 and 2000 are as follows:

                                Year ended 31st December,
                Turnover                Loss from operations
         2001            2000            2001            2000
         HK$'000         HK$'000         HK$'000         HK$'000

Mobile services
1,165,399       988,718         (38,127)       (146,150)
Sales of mobile phones and accessories
       242,901         404,444         (52,958)        (96,092)
International telecommunications and other services  
       14,093          57,231          (72,125)        (138,441)
       ----------      ---------       ---------       ---------
       1,422,393       1,450,393       (163,210)       (380,683)
       ==========      ==========      =========       =========

(2)  Earnings before interest, tax, depreciation and
amortization (EBITDA)

EBITDA represents earnings/losses of the Group before interest
income, finance costs, taxation, depreciation and amortization.

(3)   Loss from operations

Loss from operations is stated after charging/(crediting) the
following:

                                       2001            2000
                                       HK$'000         HK$'000
               
Cost of inventories sold               244,981         424,549
Depreciation:
- owned fixed assets                  258,641         253,480
- leased fixed assets                 6,461           7,811

Loss/(gain) on disposals of fixed assets1,126           (60)

Operating leases charges:
- land and buildings, including
transmission sites    209,370     190,983
- leased lines                       94,777          102,265

Provision for doubtful debts          19,579          28,501

Auditors' remuneration                840             840
                                      ===========     =========

(4)  Taxation

No provision for Hong Kong profits tax has been made as the
Group has no assessable profit for the year (2000: Nil).

(5)  Loss per share

   (a) Basic loss per share

The calculation of basic loss per share is based on the Group's
loss for the year of HK$211,748,000 (2000: loss of
HK$466,568,000) and the weighted average number of 2,990,000,000
shares (2000: 2,850,491,803 shares) in issue during the year.

The weighted average number of shares in issue during the year
ended 31st December, 2000 has been calculated as if the
2,300,000,000 ordinary shares were in issue on 1st January, 2000
and on the basis that the 690,000,000 ordinary shares were
issued on 15th March, 2000 pursuant to the global offering of
the Company's shares.

(b) Diluted loss per share

There is no dilutive effect upon exercise of the share options
on the loss per share for the years ended 31st December, 2001
and 2000.

(6) Comparative figures

Additional line items have been included on the face of the
condensed consolidated profit and loss account.  Comparative
figures have been expanded to conform with the changes in
presentation in the current year.

Loss from Operations for the years ended 31st December, 2001 and
2000 are stated after interest income and before finance cost to
conform with the change of Note III of the Guideline Note.


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I N D O N E S I A
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ASTRA INTERNATIONAL: Books 2001 Net Profit of Rp853B
----------------------------------------------------
PT Astra International posted a 2001 net profit of Rp853 billion
against a loss of Rp293 billion a year earlier due to
substantial reduction in foreign exchange losses, Jakarta Post
reports.  

"The better condition of the company's bottom line is due to
reduced pressure from forex losses from Rp2.52 trillion (in
2000) to Rp985 billion (in 2001)," the company said in a
statement.

Car sales contributed 68.3 percent to total sales of Rp30.1
trillion, while motorcycle and parts contributed 10.3 percent
and 6.3 percent, respectively.

Astra International, 32 percent owned by Singapore-based auto
distributor Cycle & Carriage Ltd (C&C), said it still held 46%
of Indonesia's domestic car market share mainly due to its six
key brands, Toyota, Isuzu, Daihatsu, BMW, Peugeot and Nissan.

"Toyota remained our most sold brand in 2001 with a domestic
market share of 26.7%," the company said.

According to Astra President Theodore Rachmat, "If we can keep
this good performance, I believe that in coming few years ...
debt will be no longer a problem."

The Company did not comment on the recent market speculation
over a possible rights issue to finance a likely cash shortfall
to pay the debts.

Debtraders reports that Astra Overseas's 4.660% floating rate
note due on 2005 (ASII05IDS1) are trading between 74.5 and 76.5.
For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1


PANCA OVERSEAS: Loan Disposal Deal Halts IFC Legal Action
---------------------------------------------------------
International Finance Corp (IFC) has cancelled all legal actions
it filed against PT Panca Overseas Finance (Panca or the
Company) after Panca's majority shareholders reached a loan
disposal plan agreement obtained from IFC, AFX reported, citing
IFC Resident Manager, Amitava Banerjee.

"The settlement puts an end to a dispute that had attracted the
keen attention of both domestic and overseas creditors of
Indonesia companies," Banerjee said.

"The matter brought to court by IFC, but now settled, was
inspired by the notion that in Indonesia as elsewhere, local and
foreign investors must be able to rely on the protection by the
law and adjudication process.

"Increased protection ... will act as an important catalyst of
further recovery for the Indonesian economy and for society at
large," Banerjee said.

Early this year, TCR-AP reported that the Supreme Court Chairman
Bagir Manan signed a document rejecting the second judicial
review appeal filed by IFC on Panca's bankruptcy for the reason
that the law prohibits the court to make a second judicial
review on a same case.


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


DAIEI INC: Seeking Y600M Tax Breaks to Lessen Debt
--------------------------------------------------
Troubled supermarket operator Daiei Inc has filed with the
Ministry of Economy, Trade and Industry (METI) for special tax
breaks worth Y600 million to reduce its debt, Kyodo News
reported AFX News on Tuesday, citing Daiei spokesman Mitsuru
Sano.

METI official Kazuhiro Wakatsuki said they would make a decision
within one month, whether to approve the application or not. If
approved, Daiei will be exempted from taxes on registration of
capital increases and real-estate sales.

The Company may also receive low-interest loans from the state-
run Development Bank of Japan. Daiei is demanded to report the
outcome of its debt-reduction measures to the government every
year.


HITACHI LTD: Integrates System LSI Businesses With Mitsubishi
-------------------------------------------------------------
Hitachi, Ltd. and Mitsubishi Electric Corporation announced an
agreement on March 18 to go ahead with discussions to integrate
their system LSI businesses.

Both companies are examining the option of shifting their system
LSI operations, which include microcontrollers, logic, analog
and discrete devices, to a new joint venture to be established
approximately a year later.

By leveraging the respective core strengths of Hitachi's and
Mitsubishi Electric's system LSI products, especially in
microcontrollers (MCUs), the new Company will strive to become
the world's top system LSI supplier, and concentrate especially
on taking the foremost position in mobile, network, automotive
and digital home electronics application areas.

Although specific details will be determined at a later date,
the new Company will form an independent and stable management
structure and act as the nucleus of Hitachi's and Mitsubishi
Electric's respective semiconductor organizations. Upon the
establishment of the new Company, both companies will quickly
decide on a common brand.

Hitachi holds the world's top market share for 16-Bit MCUs and
its IC Card MCUs enjoy a strong market presence. In the area of
manufacturing technology, Hitachi will be the first to introduce
300mm wafers and a new single wafer processing method (a).
Hitachi is poised to meet customer needs in the system LSI era
with its low costs and QTAT (quick turn-around time). By
expanding its current businesses and creating new demand,
Hitachi is currently reconstructing its business portfolio to
maximize the synergy effects of its technologies.

Mitsubishi Electric is also a strong contender in the 16-Bit MCU
market, where its lineup is renowned among users for world-class
noise resistance capabilities, programming efficiency, low-
power-consumption CPU processing and solid software support.
Furthermore, in order to meet customer needs for system LSIs
with high-capacity embedded RAM, Mitsubishi Electric can embed
up to 64M- Bits of industry top-class DRAM. By pursuing ITDM
(integrated technology & device manufacturing), Mitsubishi
Electric is further strengthening its semiconductor business.

With this agreement, Hitachi and Mitsubishi Electric will be
able to more efficiently utilize their accumulated system LSI
technologies and products. Along with achieving a stable, high-
profit earnings structure by forming a joint venture, both
companies will breathe fresh air into the coming era by
continuing to make their best efforts to deliver even better
products and services to customers while obtaining the best
possible returns for shareholders.

Note (a): Single wafer processing method: In semiconductor
manufacturing, a method of processing one wafer at a time.
Compared to the method of processing a high-volume batch of
wafers at once, this processing method achieves greater
production efficiency by shortening turn-around time when
producing a large variety of products in small amounts.

Hitachi and Mitsubishi Electric Semiconductor Business Overview

Hitachi, Ltd.
Name: Semiconductor & Integrated Circuits
Representative: Satoru Ito, Managing Officer,
President & Chief Executive Officer
Sales: 827.4 BN yen (2000 FY), 510.0 BN yen (2001 FY estimate)
Product Sales Breakdown:
DRAM     System Memory      System LSI    Multi-Purpose
                                                       
Semiconductor
2000 FY      18 percent           9 percent                48
percent            25 percent
2001 FY       7 percent          10 percent                56
percent            27 percent

Mitsubishi Electric Corporation
Name: Semiconductor Group
Representative: Koichi Nagasawa, Executive Vice President,
Semiconductor Group President
Sales: 680.0 BN yen (2000 FY), 440.0 BN yen (2001 FY estimate)

Product Sales Breakdown:

           DRAM     System Memory      System LSI       Discrete
2000 FY      11 percent          22 percent                48
percent             19 percent
2001 FY       5 percent          13 percent                60
percent             22 percent

About Hitachi, Ltd.:

Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the
world's leading global electronics companies, with fiscal 2000
(ended March 31, 2001) consolidated sales of Y8,416 billion
($67.9 billion (b)). 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.

About Mitsubishi Electric Corporation:

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation is a
recognized world leader in the manufacture, marketing and sales
of electrical and electronic equipment used in information
processing and communications, space development and satellite
communications, consumer electronics, industrial technology,
energy, transportation and construction. The Company has
operations in 34 countries and recorded consolidated group sales
of over US$33BN in the year ended March 31, 2001. Additional
information on Mitsubishi Electric is available at
www.mitsubishielectric.com.

CONTACT: Hitachi, Ltd. (Japan)
Masanao Sato, +81-3-3258-2055 (Public Relations)
masanao_sato@hdq.hitachi.co.jp
or
Hitachi, Ltd. (Japan)
Semiconductor & Integrated Circuits
Kazuko Amamoto, +81-3-5201-5250
amamoto_kazuko@sic.hitachi.co.jp
or
Hitachi America, Ltd. (U.S.)
Matt Takahashi, 650/244-7902
masahiro.takahashi@hal.hitachi.com
or
Hitachi Europe Ltd. (U.K.)
Kantaro Tanii, +44-1628-585379
kantaro.tanii@hitachi-eu.com
or
Hitachi Asia Ltd. (Singapore)
Yuji Hoshino, +65-231-2522
yhoshino@has.hitachi.com.sg

TCR-AP reported last month that Hitachi will likely post a group
net loss of more than Y300 billion in the year to March due to
factors such as weakness in its semiconductor business.
It will likely see a group operating loss of nearly Y100B.


NHB CO.: Commences Compulsory Liquidation Proceedings
-----------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) announced on March 18 that credit provided by
its subsidiary, The Mitsubishi Trust and Banking Corporation
(MTB), to NHB CO., LTD may eventually not be repaid, as NHB CO.,
LTD has applied to the Tokyo District Court to commence
compulsory liquidation proceedings.

1. Outline of NHB CO., LTD

(1) Head office:      8-5, Yaesu 2-chome, Chuo-ku, Tokyo, Japan
(2) Chief liquidator: Norikatsu Takahashi
(3) Capital:          Y50 million
(4) Business:         Real estate leasing

2. Event and date of occurrence

NHB CO., LTD applied to the Tokyo District Court to commence
compulsory liquidation proceedings on March 18, 2002.

3. Outstanding credit balance to NHB CO., LTD
MTB:                  Y5,614 million

4. Influence on MTFG's business forecast

This event is not expected to have any material effect on MTFG's
previously announced business forecast for the current fiscal
year.

Contact: Masahiko Tsutsumi,
Chief Manager, Public Relations Office
Tel: 81-3-3240-8136

About Mitsubishi Tokyo Financial Group

Established as holding Company for Bank of Tokyo-Mitsubishi,
Mitsubishi Trust Bank and Nippon Trust Bank. Listed on Tokyo,
New York and London exchanges, the group offers comprehensive
financial services, including investment banking and asset
management. Plans further expansion in October 2001, when
Mitsubishi Trust merges with Nippon Trust and Tokyo Trust Bank,
another Mitsubishi institution. For further information, please
visit the Mitsubishi Tokyo Financial Group home page at:
www.mtfg.co.jp/english


NIPPON SUISAN: Sees FY01 Y16B Net Loss
--------------------------------------
Seafood supplier Nippon Suisan Kaisha Ltd expects a parent-only
net loss of Y16 billion for the 2001 business year to March 31,
compared to an earlier forecast profit of Y1.7 billion, Japan
Times said Wednesday.

The Company attributed the revision to extraordinary losses of
Y28.4 billion, including appraisal losses of Y9.8 billion on its
equity stakes in three troubled units in Argentina and New
Zealand and Y7.4 billion in loan-loss reserves set aside against
loans to the subsidiaries.

In the previous year, it posted net profits of Y2.78 billion and
pretax profits of Y6.6 billion on sales of Y298.19 billion on a
parent-only basis. On a group basis, The Company estimates net
losses of Y9 billion, versus an earlier profit projection of Y1
billion.

Operations are carried out through the following divisions:
Marine products (fresh and frozen foods, fish raising);
Processed foods (frozen foods, canned foods); Logistic
(shipping, cold-storage warehousing); Pharmaceuticals; Other
(building and maintenance of ships, restaurant). Marine products
accounted for 50 percent of fiscal 2000 revenues; processed
foods, 41 percent; logistic, 5 percent; pharmaceuticals, 3
percent & Other, 1 percent.

Address:
2-6-2 Ohtemachi
Nippon Building
Chiyoda-ku, Tokyo 100-8686 Tokyo 100-8686
Japan

According to World'Vest Base, as of fiscal year 2000, Nippon
Suisan Kaisha has current liabilities of Y130.2 million, while
fixed assets were Y82.6 million.


SEIYU LTD: Wal-Mart, Sumitomo Agree to Acquire Stake
----------------------------------------------------
Wal-Mart Stores, Inc. on March 14 has agreed to purchase a
strategic stake in The Seiyu, Ltd. (Seiyu), a leading Japanese
retail chain with over one trillion yen ($8 billion) in sales.
As part of the agreement, Sumitomo Corporation K.K. (Sumitomo
Corp.), Seiyu's largest shareholder, will increase its holding
in Seiyu.

Wal-Mart would pay approximately Y6 billion ($46 million) for
6.1 percent of Seiyu's stock and Sumitomo Corp. would pay
approximately Y5 billion ($38 million), for 5.1 percent of
Seiyu's stock. This represents a total purchase of approximately
42.5 million shares at 259 yen per share. Sumitomo Corp.'s
aggregate ownership would be approximately 15.6 percent. Under
the agreement Wal-Mart would have the ability to inject up to
Y260 billion ($2 billion) of new equity into Seiyu, raising its
stake up to 66.7 percent over time. This transaction is subject
to approval from Seiyu's shareholders and other approvals.

Wal-Mart, Seiyu and Sumitomo Corp. view this agreement as the
first step in a long-term partnership. With high regard for each
other's expertise, the three companies plan to study and develop
retail business opportunities in Japan.

Through the partnership, Seiyu would benefit from Wal-Mart's
position as one of the world's leading retailers, known for its
advanced procurement expertise, its state-of-the-art information
technology systems and its corporate culture.

The partnership would give Wal-Mart a solid platform in the
Japanese retail market, allowing it to leverage Seiyu's strong
market position and proven management expertise. The partnership
would also benefit from the breadth of Sumitomo Corp.'s market
expertise, its global business platform, and in particular, its
experience in the retail sector.

"We are excited about the long term potential of the Japanese
market," said John Menzer, President and CEO of Wal-Mart
International. "We are attracted to Seiyu by its management
strength and experience. Seiyu and Wal-Mart share a strong
commitment to providing value and satisfaction to our customers.
We are also delighted to be able to benefit from the breadth of
Sumitomo Corp.'s expertise, its solid business base and in
particular its focus on the retail sector."

Charles Holley, Senior Vice President and Chief Financial
Officer, Wal-Mart International, added, "This transaction is
designed to give us the opportunity to work closely with Seiyu
and its management team, and to study the business opportunities
in Japan more thoroughly. We are delighted to have the support
of Seiyu's largest shareholder, Sumitomo Corp., in this
partnership."

"With this agreement, we have the opportunity to develop our
partnership with Wal-Mart, the world's most successful
retailer," said Masao Kiuchi, President of Seiyu. "Together we
plan to study the opportunities offered by the Japanese market,
and assess how we might add value for our customers through this
new partnership."

Fumio Wada, Executive Vice President of Sumitomo Corp., said,
"We are delighted to be building a retail alliance with Wal-Mart
and Seiyu. We are confident that this agreement will contribute
to the growth and development of all three companies."

Wal-Mart was advised by Dresdner Kleinwort Wasserstein. Seiyu
was advised by Nomura Corporate Advisors.

About Wal-Mart Stores, Inc.

Wal-Mart Stores, Inc. employs more than one million associates
in the United States and more than 300,000 internationally. As
of Feb. 28, 2002, Wal-Mart operates more than 2,740 discount
stores, Supercenters and Neighborhood Markets, and more than 500
SAM'S CLUBS in the United States. Internationally, the Company
operates more than 1,170 units in Argentina, Brazil, Canada,
China, Germany, South Korea, Mexico, Puerto Rico and the United
Kingdom. Wal-Mart's sales for 2002 were approximately $218
billion (Y28.3 trillion). The Company's securities are listed on
the New York and Pacific stock exchanges under the symbol WMT.
More information about Wal-Mart can be located online at
www.walmartstores.com. The Company is headquartered in
Bentonville, Ark.

About The Seiyu Ltd.

The Seiyu Ltd. is a leading Japanese retailer, focusing
primarily on supermarkets and general merchandising stores.
Currently the Seiyu Group operates more than 400 stores located
throughout Japan. Seiyu is actively promoting environment-
friendly policies and was the world's first retailer to be
awarded ISO 14001 certification in recognition of its
environmental policies at its multi-format stores.

About Sumitomo Corporation

Sumitomo Corporation, one of Japan's leading trading houses,
with consolidated Company sales of Y10 trillion, is an
Integrated Business Enterprise with a solid platform in a
diversified business sector. One of Sumitomo's business
strategies has been to focus on developing a customer-focused
direct business, where it has grown its expertise in retail to
the extent it now operates a variety of businesses in this area.
These are represented by operation of Summit, a supermarket
chain launched in the early 1960s, and operations of Eddie Bauer
and Coach brand stores. In addition, the Company has been
involved in developing a number of related businesses including
drugstores, a mail order business, and coffee shop chain.


SHINDENGEN ELECTRIC: R&I Downgrades L-T Rating to BBB-
------------------------------------------------------
Rating and Investment Information, Inc. (R&I) on Thursday
downgraded the following ratings of Shindengen Electric Mfg.
Co., Ltd's Senior Long-term Credit Rating; Long-term Bonds (4
series) to BBB- from BBB.

RATIONALE:

Shindengen Electric Mfg. Co., Ltd., has developed business
around the mainstay of communications equipment for NTT,
specializing in semiconductors for communications equipment
power units, and is also involved in electrical units for use in
motorbikes. The NTT group, the firm's major client, is applying
strong pressure for cuts in materials prices in order to respond
to intense competition to slash call charges, and is also
demanding shorter supply times.

Investment on plant and equipment for the next-generation mobile
phone series, the IMT-2000, has begun, but concerns that there
will be a further change in the NTT group's procurement policies
have not been satisfied. With regard to products for customers
other than NTT, diodes and other semiconductor products have
been hit by the overall slowdown in the electronics market,
while Shindengen has also had to table extraordinary losses over
its restructuring measures, so the March 2002 term is expected
to see a major fall in earnings and profits.

It will be necessary to improve financial structure in order to
match the increase in operational risk, but the time required to
achieve this out of the retention of profits and reductions to
net interest bearing debt is increasingly likely to be longer
than was originally thought in view of the loss of stability in
the operational base.

Shindengen is working on restructuring measures such as cutting
personnel, especially in the domestic semiconductor
manufacturing division, as well as shifting general-purpose
products to overseas manufacturing bases and splitting off the
actuator business into a new Company. Nevertheless, amid great
uncertainty about the operational environment in the March 2003
and subsequent terms, it is still possible that further
restructuring measures may be needed if sales stagnate.


SNOW BRAND: R&I Maintains Rating on Monitor Scheme
---------------------------------------------------
Rating and Investment Information, Inc. (R&I) on Friday has
maintained the following ratings of Snow Brand Milk Products
Co., Ltd. on the Rating Monitor scheme. The outlook is
undetermined. The ratings for two series of bonds are being
upgraded, but also remain on the Rating Monitor scheme.

ISSUER: Snow Brand Milk Products Co., Ltd. (TSE Code: 2262)
Senior Long-term Credit Rating

R&I RATING: (B+) (Affirmed; Remains on the Rating Monitor
scheme)
ISSUE: Long-term Bonds (Unsec. Str. Bonds Nos. 1-4)

R&I RATING: (B) (Affirmed; Remains on the Rating Monitor scheme)
ISSUE: Long-term Bonds (Sec. Conv. Bonds No 4)

R&I RATING: (B+) (Upgraded from (B); Remains on the Rating
Monitor scheme)

ISSUE: Long-term Bonds (Sec. Conv. Bonds No 6)
R&I RATING: (BB) (Upgraded from (B); Remains on the Rating
Monitor scheme)

RATIONALE:

Snow Brand Milk Products Co., Ltd., announced on March 14 that
it is investigating a full-scale operational alliance with the
National Federation of Agricultural Co-operative Associations
(Zen-Noh) in the milk and dairy products fields, and that it
will be involved in structural reform of the milk market with
Zen-Noh and the National Federation of Dairy Co-operative
Associations (Zen-Rakuren). There are, however, no clear and
concrete policies for improving Snow Brand Milk Products'
earnings potential or financial structure.

R&I assesses that it will remain necessary to monitor
developments regarding the operational alliance and the firm's
relationships with its financial institutions, and is therefore
affirming the Senior Long-term Credit Rating at B+ and the
ratings for the firm's unsecured bonds (Straight Bonds Nos. 1-4)
at B. The rating for the Secured Convertible Bonds No. 6 has
been upgraded from B to BB as a security deposit has been made
against them. Regarding the Secured Convertible Bonds No. 4,
security in the form of land and property has been set, so the
rating is being upgraded from B to B+. All the ratings remain on
the Rating Monitor scheme, on which they were placed on January
28, 2002.

R&I has a "notch-up" rule whereby the ratings for individual
bonds against which security is set aside in the form of a cash
deposit, government bonds or other highly liquid assets may be
higher than the Senior Long-term Credit Rating for the issuer.
Regarding security in the form of land and property, however,
there is less certainty that it will be possible to dispose of
the assets, so in this case the "notch-up" rule does not apply.
Even so, in the case of the bonds rated here, the provision of
security eliminates the rating differential against the Senior
Long-term Credit Rating caused by recovery risk.


SNOW BRAND: Nestle Japan Against Capital Tie-Up
-----------------------------------------------
Nestle Japan Group has no interest in forming a capital tie-up
with Snow Brand Milk Products Co., which is undergoing
restructuring, Asia Pulse reported Monday, citing Shunichi
Fujii, CEO of the local unit of the Swiss food conglomerate.
Nestle Japan, and its parent company, have not received a
request from Snow Brand Milk for capital investment, he said.

Snow Brand Milk, which is borrowing increasing amounts of funds,
is extending financial aid to Snow Brand Foods Co., which is due
to be liquidated at the end April after a series of beef-
labeling scandals.


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


DAEWOO MOTOR: KDB Denies GM Negotiation Failure
-----------------------------------------------
Korea Development Bank (KDP) has denied recent reports on March
18 that ongoing talks between Daewoo Motor (DM) and General
Motors (GM) is on the verge of collapse, Maeil Business
Newspaper reported Tuesday, citing unnamed Company officials.

Officials said that a mutual negotiation is still making
progress, expecting GM to announce results of talks sooner or
later. GM has signed a memorandum of understanding (MOU) with
creditors to acquire Daewoo Motor last year.


DAEWOO MOTOR: Workers Guaranteed Jobs by General Motor
------------------------------------------------------
General Motor Corp. will guarantee jobs for Daewoo Motor Co.'s
workers as the U.S. carmaker tries to wrap up talks regarding
the purchase of some of the South Korean Company's assets, the
Korea Economic Daily reported.

GM promised to include contract job guarantees for the workers
in the final purchase, the newspaper said, citing Daewoo's union
spokesman, Choi Jong Hak.

General Motors and Daewoo Motor's major creditor Korea
Development Bank may conclude talks on the sale of the insolvent
automaker's assets by April.

The U.S. automaker agreed to a memorandum of understanding (MOU)
in September to buy four plants and other Daewoo assets. Under
the MoU, Daewoo's lenders would invest $197 million in the new
GM-owned Company, which would issue $1.2 billion of long-term
preferred shares. The new Company will assume $830 million in
obligations.


HANBO IRON: Creditors Will Sell Insolvent Steel Maker
-----------------------------------------------------
Creditors of Hanbo Iron & Steel Co -- http://www.hanbo.co.kr/--  
have agreed to sell the insolvent steel maker to paper Company
AK Capital for about US$410 million, AFX Asia reported.

According to Kim Yong-hyun, a senior official at Hanbo Iron
creditor Korea Asset Management Corp., the final price is
subject to change of up to 9.3 percent of the base price in
either direction.

Kim added that the memorandum of understanding would be signed
by the end of March at the latest. The final sale price will be
fixed after AK Capital conducts its due diligence study on
Hanbo, which will be in April.

It expects to sign a final contract to sell the steel maker by
the end of August.

Creditors and AK Capital have agreed that AK Capital would pay
US$10 million to creditors if it abandoned its bid.

Hanbo went insolvent in January 1997 after failing to repay its
debt.


HANVIT BANK: Will Fund Property Development Project
---------------------------------------------------
Hanvit Bank and Industrial Bank of Korea are going to offer W25
billion (US$18.97 million) jointly in project financing loans to
a real estate development project, the Korea Herald reports.

Both banks will extend the loans to a special purpose Company
(SPC) on collateral of housing installment payments.

Hanvit Bank -- http://www.hanvitbank.co.kr/-- has offered a  
project-financing loan worth W30 billion to SPC last September.

Earlier this week, the Troubled Company Reporter Asia Pacific
said that Hanvit Bank would sell its two financial units to
Woori Finance Holdings Co. Hanvit would divest its 40 percent
stake in brokerage firm Hanvit Securities for W112.37 billion
and its 100 percent stake in trust management Company Hanvit
Investment Trust Management for W56.84 billion.

DebtTraders reports that Hanvit Bank's 12.750 percent bond due
in 2010 (CMBK10KRS2) trades between 115.750 and 116.750. For
real-time bond pricing go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMBK10KRS2


HYNIX SEMICONDUCTOR: Shareholders Protest Micron Sale
-----------------------------------------------------
Hynix Semiconductor Inc. faces a further blow as its
shareholders launched a new charge to block the ailing
chipmaker's sale to Micron Technology Inc., Bloomberg reports.

The People's Association to Save Hynix, representing 20,000
shareholders, published an advertisement in Maeil Business Daily
that called for a demonstration yesterday at Korea Exchange
Bank. The shareholders say the Kyonggi-based Company could
survive independently.

"The government and creditors should immediately halt plans to
sell the Company so cheap," the ad said.

Hynix' shares lost 50 percent of their value in 12 months. The
Company is in business today only after two multi-billion-
creditor bailouts in nine months that left it saddled with W6.25
trillion ($4.7 billion) of debt.

The bailout gives banks first claim on assets that were in some
cases used as collateral for loans. The debt-for-equity swap,
scheduled to take place in June, will also hand creditors a 35
percent stake.


HYUNDAI MOTOR: Seeks Bigger Sports Car Sales in Australia
---------------------------------------------------------
Sports cars are the booming segment of the Australian vehicle
market and Seoul's Hyundai is looking for a bigger slice.

Sales in the sports car business have jumped 77 percent in the
first two months of 2002. Two new entrants to the sector, the
Holden Monaro and the Holden Astra Convertible, are dominating
sales, accounting for about 40 percent of total demand.

According to a report from the Asia Pulse, Hyundia hopes for a
similar success from its new Tiburon two-door, which replaces
Hyundai Coupe.

Peter Evans, Hyundai's General Manager of Marketing, said the
Company intends to sell about 1,000 Tiburons by the end of this
year. He is confident the Company can achieve its target.


SSANGBANGUL DEVELOPMENT: Creditors Plan to End Receivership
-----------------------------------------------------------
Creditor banks will terminate the court receivership of
Ssangbangul Development as of March 29, as the construction firm
was sold to U.S. investment Company Ballsbridge Limited for
W166.9 billion, Maeil Business Newspaper reported last week.

Ballsbridge will complete its payment by March 27. Main creditor
Korea Development Bank said that it would be able to collect all
of its original investment with the deal.

Ssangbangul operates the famous Mujoo Resort along with other
condominiums and hotels. The Company went bankrupt in 1997
because of its excessive facility investment and the Asian
financial crisis.


MEDISON CO: Gears Up to Recover From Receivership
-------------------------------------------------
Medison Co. said yesterday it adopted a three-point management
strategy focusing on ultrasonic medical equipment, proceeding
with strategic alliance and cutting its heavy debts in order to
shed its image as an insolvent maker of ultrasound diagnostic
scanners.

"Medison will reborn as a technology-intensive Company and our
employees are fully confident about early recovery from the
court receivership," said Lee Seung-woo, the Company's former
chief executive and now a court-appointed administrator.

Lee said Medison expected to normalize within a year. He added
the Korean Company planned to repay all of its debts by 2011
through an extreme restructuring and asset sales.

At current level, Medison has W247.2 billion in interest-bearing
debt, with short-term liabilities in excess of W175 billion.

Medison filed for a court protection because it failed to repay
promissory notes worth W4.4 billion.

The Company's financial status was rapidly aggravated in 2001
when it failed to receive all of the funds from the sale of a
65.4 percent stake in its Austrian unit, Kretztechnik AG, to
General Electric for about 110 billion.

Medison shares, which were suspended right after its creditor
declared the Company's default in late January, resumed trading
under the supervision of the Korea Stock Exchange.

The Chunchon District Court granted the court receivership order
on March 8, allowing the Company to launch a process of
recovery. The court appointed Lee Seung-woo and Choi Kyun-jae as
interim receivers.

In line with the court's decision, Lee will collect rents and
other income and generally manage the affairs of the entity for
the benefit of its owners and creditors until the court makes a
disposition.

After the court's approval for Medison's receivership, attention
of investors and analysts drew upon its possible alliance with
strategic partners in Korea and abroad.

Medison will soon select a financial advisor to manage and map
out its timetable for recovery or merger and acquisition.

Medison is keeping its newest development under wraps. Some time
in spring, the Company plans to unveil a new premium system
designed for a broad range of applications. Company executives
are offering few details, stating only that the as-yet-unnamed
product will offer state-of-the-art image quality and 3D
imaging, utilizing a 6.4-inch touch-screen panel optimized to
improve diagnostic workflow.

According to Lee, the court receivership had little effect on
daily operations, saying that Medison remains committed to
provide excellent service and product technology to customers
around the world.


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


CSM CORPORATION: Updates Defaulted Payment Status
-------------------------------------------------
CSM Corporation Berhad, pursuant to the KLSE Practice Note No.
1/2001, updated on the status of default in interest payments
and principal loan repayments of the CSM Group bank borrowings
as at 28 February 2002 found at
http://www.bankrupt.com/misc/TCRAP_CSM0321.doc

The loan facility with Alliance Bank Malaysia Berhad will be
repaid via the proceeds to be received from the proposed asset
disposal, which was announced on 15 January 2002. The proposed
asset disposal is currently pending approvals from the relevant
authorities and shareholders.

The other defaults shall be addressed in conjunction with the
Group's efforts to regularize its financial conditions, as
required under the Practice Note No. 4/2001 requirements.


LINGUI DEVELOPMENT: Fixed Rate Bonds Placed on Rating Watch
-----------------------------------------------------------
Rating Agency Berhad (RAM) places the A3 ratings assigned to
Lingui Development Berhad's (Lingui) RM150 million 5-year Fixed
Rate Bonds (2001/2006) and RM150 million 7-year Fixed Rate Bonds
(2001/2008) have been put on Rating Watch, with a negative
outlook.

With the timber industry currently going through one of its
softest periods, prices of most timber products are now at a 25-
year low. Operating under such a challenging environment, Lingui
had posted 3 consecutive quarters of pre-tax losses, which have
substantially lowered the Group's cash-generating ability in the
past year. The unprecedented slump in world timber prices is
likely to have a negative impact on Lingui's credit risk
profile.

Nevertheless, Lingui's management has been proactive in its
attempts to address the situation. Such efforts include the
proposed acquisition of Samling Plywood Miri Sdn Bhd (SP Miri)
via the issuance of new Lingui shares. SP Miri holds a
concession for 204,895 hectares of timber and a plywood mill in
Kuala Baram, Sarawak. RAM views the proposed injection of this
asset into Lingui favorably, in light of the increased future
cash generation from SP Miri's logging and plywood operations.
Concurrently, there is a proposed capital reduction exercise by
an associate company, Glenealy Plantations (Malaya) Berhad
(Glenealy), which involves the distribution of Redeemable
Preference Shares (RPS) of a subsidiary of Lingui to the
existing shareholders of Glenealy.

Glenealy currently holds these RPS. Lingui will obtain its share
of the RPS upon their distribution and simultaneously issue new
Lingui shares to acquire the remaining RPS held by the other
shareholders of Glenealy. The completion of this exercise will
see a reduction in Lingui's future cash outflow by approximately
RM89.3 million.

RAM's Rating Watch highlights a possible change of an issuer's
existing debt rating. It focuses on identifiable events like
mergers, acquisitions, regulatory changes, operational
developments, etc. that place a rated debt under special
surveillance by RAM. In a broader sense, it covers any event
that may result in changes in the risk factors relating to the
repayment of principal and interest.

Issues will appear on RAM's Rating Watch when some of the above
events are expected to or have occurred. Appearance on RAM's
Rating Watch, however, does not inevitably mean that the
existing rating will be changed. It only means that a rating is
under evaluation by RAM and a final affirmation is expected to
be announced. A "positive" outlook indicates that a rating may
be raised while a "negative" outlook indicates that a rating may
be lowered. A "developing" outlook refers to those unusual
situations in which future events are so unclear that the rating
may potentially be raised or lowered.


MALAYSIAN RESOURCES: Unit's SSA With Vendors Canceled
-----------------------------------------------------
Malaysian Resources Corporation Berhad (MRCB or the Company), in
relation to the execution of the Share Sale Agreement (SSA)
between MRCB Property Development Sdn. Bhd. (MPD), a subsidiary
of Malaysian Resources Development Sdn. Bhd., which in turn is a
wholly-owned subsidiary of the Company and Suedy Suwendy,
Suwendy, Iskandar Kadry Abdul Kadir, Dewi Suwendy, Adil, Rosaini
Haji Abdul Latif and Saw Kheng Hoe (the Vendors) in respect of
the proposed acquisition of the entire 24,000,006 equity
interest in Taman Ratu Sdn. Bhd. for a total cash consideration
of RM15,417,000 (Proposed Acquisition), announced that MPD has
issued a letter to the Vendors to rescind the said SSA in
accordance with Clause 4.2 of the SSA for non-satisfaction of
the conditions precedent.

Last month, TCR-AP reported that MRCB entered into an agreement
for the Sale and Purchase of Shares (SPA) with Tenaga Nasional
Berhad (TNB) for the disposal of its entire 20 percent equity
interest in Fibrecomm Network (M) Sdn Bhd (FNSB) (Proposed
Disposal). The proceeds to be derived from the Proposed Disposal
will be utilized for working capital, investments and repayment
of borrowings.


MEASUREX CORPORATION: Units' Judicial Management Order Extended
---------------------------------------------------------------
Measurex Corporation Berhad (MCB), further to the announcement
on 14 March 2002 in relation to all the companies under judicial
management, announced further that the Judicial Management Order
on the subsidiaries will be extended to 15 April 2002 or until
the Winding-Up, whichever is the earlier. The Winding-Up hearing
for the following subsidiaries is fixed to be heard on 22 March
2002:

  * Measurex Holdings Pte Ltd (MH)(a subsidiary of MCB)
  * Measurex Engineering Pte Ltd (ME)(a subsidiary of MH)
  * Measurex Precision Pte Ltd (MP)(a subsidiary of MH)


OMEGA HOLDINGS: Adds Proposal to Restructuring Scheme
------------------------------------------------------   
Omega Holdings Berhad (Omega or the Company), pursuant to the
Restructuring Scheme Agreement entered into between Omega and
Selayang Budi Sdn Bhd (SBSB) on 7 February 2002, both parties
agreed to undertake and implement a restructuring scheme, which
shall consist of the following exercises:

   a) Proposed Capital Reduction and Consolidation;
   b) Proposed Share Premium Write-off;
   c) Proposed Acquisition of Proposed Subsidiaries;
   d) Proposed Scheme of Arrangement;
   e) Proposed Settlement;
   f) Proposed Special Issue;
   g) Proposed Restricted Offer for Sale of Settlement Shares  
      and ICULS;
   h) Proposed Waiver from the Mandatory Take-over Offer
      Requirements; and
   i) Proposed Listing Transfer.

Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Omega, announced that the Company and SBSB have mutually
agreed to also incorporate the following additional proposal as
part of the proposed restructuring scheme:

Proposed Disposal of Omega Group

Upon completion of the Proposed Listing Transfer, SBSB proposes
to dispose of Omega and all of its existing subsidiaries (Omega
Group) to a special purpose vehicle (SPV) for a nominal cash
consideration of RM1.00. It is further proposed that an
independent accounting firm or agent be appointed to manage the
SPV and implement an orderly disposal or liquidation of Omega
Group. All proceeds, net of all recovery costs, will be
distributed to the Creditor Banks based on a sharing formula to
be agreed upon. The SPV shall also take all necessary legal
actions to recover the debts owing to the Omega Group.

Apart from the above additional proposal, all details pertaining
to the proposed restructuring scheme of Omega announced on 8
February 2002 remain unchanged.


SENG HUP: Writ of Distress Impact Yet to be Determined
-------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
(SHCB or the Company), further to the Company's reply dated 14
March 2002 to the Kuala Lumpur Stock Exchange (KLSE) query
letter (Reference No : PY-020311-36689), informed that the
financial impact of the Writ of Distress served on Seng Hup
Electric Co (S) Pte Ltd (SHE), a Company subsidiary of the
Group, cannot be determined at this moment.

The Writ of Distress on SHE may have some financial impact on
the Group, which will have an effect on the financial forecast
and projections on the proposed restructuring scheme of SHCB,
which was submitted to the Securities Commission.


SINMAH RESOURCES: BSSB Grants JV Agreement Extension
------------------------------------------------------
The Board of Directors of Sinmah Resources Berhad (SINMAH), in
reference to the announcement dated 17 January 2002 in relation
to the following:

  * Proposed Joint Venture between Lynbridge Sdn Bhd and Bukit
Saudara Sdn Bhd for the consolidation of rubber smallholdings in
the States of Melaka and Negeri Sembilan.

  * Proposed Poultry Farming and Processing Project to be
undertaken jointly by Lynbridge Sdn Bhd and Bukit Saudara Sdn
Bhd in Peninsula Malaysia

  * Proposed Poultry Farming and Processing Project to be
undertaken jointly by Lynbridge Sdn Bhd and Smallholdings
Management (Sabah) Sdn Bhd  

Due to some difficulties in extracting the information on the
patent application of the "Reactorrim device", Bukit Saudara Sdn
Bhd (BSSB) has granted an extension of time for a further one
(1) month, which is expiring on 17 April 2002 for our company to
complete the due diligence which is a condition precedent stated
in the Joint Venture Agreement dated 17 January 2002 signed
between our wholly owned subsidiary, Lynbridge Sdn Bhd
(Lynbridge) and BSSB for consolidating and managing of rubber
smallholdings in the states of Melaka and Negeri Sembilan.

The Company further informed that the above Joint Venture
Agreements dated 17 January 2002 signed between;

   * Lynbridge and BSSB and

   * Lynbridge and Smallholdings Management (Sabah) Sdn Bhd

to jointly undertake proposed poultry farming and processing
projects in Peninsula Malaysia and Sabah respectively have now
become unconditional as the condition precedents stated in the
Joint Venture Agreements are not relevant at this point in time.

Profile

The Company was activated when it implemented a restructuring
scheme involving the acquisition of 100% in Sinmah Breeders,
100% of Sinmah Livestocks, 100% of Sinmah Food Industries and
99.99% of Sinmah Multifeed. In 1995, the Group ventured into
property development in Malacca. Primarily concentrating on low-
and medium-cost housing projects, the Company launched the Taman
Saujana Indah project in the first quarter of 2001. It is also
developing the Saujana Puri apartment project.

Currently, the Company is undertaking a restructuring exercise
involving acquisition of 51% interest in Linggi Agriculture Sdn
Bhd and of freehold land in Malacca. The rights issue that was
part of the restructuring was substantially undersubscribed. As
a result, the Company is considering other alternatives to
substitute for the rights issue.


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


INTERNATIONAL CONTAINER: Talks With Brazilian Unions Continue
-------------------------------------------------------------
International Container Terminal Services, Inc. revealed on
March 14, contrary to press reports, that its Brazilian
subsidiary, Tecon Suape, S.A., is continuing negotiations to
reach an agreement with the five labor unions present at the
Suape Container Terminal in Pernambuco, Brazil. TSSA is
currently in the thick of negotiations in a complicated
environment wherein there are five different labor unions who
work at the container terminal. The likely result will be to the
satisfaction of all parties concerned. Enrique K. Razon Jr.,
ICTSI chair, explained that the labor pay in Brazil is very
different from other labor wages worldwide in that Brazilian
labor is paid on a per container move basis.

This situation is true in all other Brazilian ports. The current
rate is USD60 per container. Other laborers in ports around the
world are paid wages and salaries regardless of how many
containers are moved. When TSSA took over port operations in the
Suape container terminal, one of its initiatives to improve
productivity was to seek a lower rate on the container moves.
This is the main issue that the five labor unions are up
against.

Despite the labor's opposition to the proposal for a lower rate,
Razon stressed that it has never been the intention of TSSA to
hire port labor outside of the unions. He added that TSSA has
and will continue to uphold the law, especially the Brazilian
labor laws, which is why the Brazilian government has been very
supportive of the efforts of TSSA. Apart from the unique
charging of containers by labor, TSSA is also working among the
five unions their respective jurisdictions over the various
tasks in the terminal. Meanwhile, Razon said that TSSA has also
been in constant touch with its potential clients, particularly
Hamburg Sud. He added that they understand the situation, and
have been very patient. They are eagerly waiting for the
situation to stabilize before they send in their ships.

DebtTraders reports that International Container'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


MONDRAGON LEISURE: SEC Threatens Business Registration
------------------------------------------------------
The Securities and Exchange Commission (SEC) has warned
Mondragon Leisure and Resorts Corp (MLRC) that its business
registration may be revoked because it failed to submit its 2000
financial statement and quarterly reports for 2001, AFX News and
Philippine Star reported on Tuesday.

SEC will be conducting public hearings before it decides to
abolish Mondragon's registration. If SEC revokes Mondragon's
registration, its parent Mondragon International Philippines Inc
will be delisted from the Philippine Stock Exchange.


NATIONAL POWER: PSALM Gives Buyers Two Years to Start IPO
---------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
expects the new owners of National Power Corp.'s generation
assets to undertake an initial public offering (IPO) within two
years after they acquire the assets, the Philippine Star
reports, quoting PSALM President Edgardo del Fonso as saying.

The newly formed generation companies will be the ones to
undertake the IPO, which is expected in the last quarter of this
year or early next year, Del Fonso said.

Under the planned privatization of Napocor's assets, the
transmission assets will be sold through a concessionaire, which
will sign an agreement to operate the assets in 25 years, and
renewable for another 25 years.

This means the government, through would-be operator National
Transmission Company, also known as Transco, will still own the
transmission assets and merely lease it to an operator with
technical expertise.


PHILIPPINE AIRLINES: Defers 10% Domestic Fare Hike to April 1
-------------------------------------------------------------
Philippine Airlines (PAL) has deferred the effective date of a
10 percent increase in domestic fares to April 1 from March 21,
AFX News said Tuesday. The Civil Aeronautics Board has approved
a 10 percent rise in airline fares to cope with rising costs and
falling revenues after the Sept 11 terror attacks.

This is the second time PAL postponed imposing the higher rates.
PAL said it was supposed to implement the new rates as early as
Oct 16.

DebtTraders reports that Philippine Airline's 7.601 percent
floating rate note due in 2000 (PHPA00PHN1) trades between 3 and
6. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


RFM CORPORATION: Issues Notice on Additional Listing of Shares
--------------------------------------------------------------
RFM Corporation on March 14 has received notice from preferred
shareholders for the conversion of 3,398,948 preferred shares to
7,953,541 common shares. In view thereof, the listing of the
7,953,541 common shares is set for Friday, March 15, 2002. This
brings the number of common shares listed arising from the
conversion of 114,588,260 preferred shares to a total of
238,861,054 common shares.

On March 5, 1997, the Exchange approved subject to the actual
exercise of the Conversion Right by the preferred shareholders,
the application of RFM CORPORATION (the Company) to list
254,466,865 common shares, with a par value of P2.00 per share,
to cover the underlying shares of the 10 percent convertible
preferred shares, at the conversion ratio of 1 common share for
every 1 preferred share held. Furthermore, on January 31, 2001,
the Company's Board of Directors approved and ratified the
amendment of the conversion rate of the preferred shares
(disclosed via Circular for Brokers No. 230-2001), dated
February 1, 2001), from a conversion ratio of 1 common share for
every 1 preferred share to a conversion ratio of 2.34 common
shares for every 1 preferred share held.

DebtTraders reports that FRM Capital's 2.750 percent 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
=================


ALLIANCE TECHNOLOGY: Unit Gets Legal Notice From Creditor Bank
--------------------------------------------------------------
The Board of Directors of Alliance Technology and Development
Limited (ATD) announced on March 19 that IVL, a wholly owned
subsidiary of ATD's wholly owned subsidiary, Igel Visioncare Pte
Ltd, received a legal notice from the lawyers of its creditor
bank.

IVL's total loan outstanding as at 31 December 2001 was
approximately $16 million. The legal notice requires IVL to
rectify the breaches/defaults on its loans within 21 days, or on
or before 29 March 2002. The following are principally the
breaches/defaults on IVL's bank loans:

1. Loan to Mortgage Value Ratio - the loan agreement stipulates
minimum ratio of 85 percent, while the latest estimated actual
ratio is 128 percent.

2. Minimum Networth - the loan agreement stipulates a minimum
networth of $3 million, while the estimated actual networth of
IVL was approximately $1.7 million as at 31 December 2001.

3. Historical Interest Coverage Rate (HICR) - the loan agreement
stipulates a HICR of 1.1, while the actual HICR of IVL for
FY2001 was approximately 0.9.

To rectify the above breaches/defaults, the loan outstanding
must be reduced to approximately $5.4 million or further
security must be provided to the bank, or both; and new capital
of at least $1.3 million must be injected to IVL.

The Company will continue to work with IVL's creditor bank to
find a solution to these breaches/defaults. ATD shall be making
announcements as and when there are material developments.


SEE HUP: Narrows FY01 Net Loss to S$5M
--------------------------------------
See Hup Seng incurs a net loss of S$5.075 million in the fiscal
year 2001 versus a loss of 10.275 million a year earlier, PR
News Asia reported Tuesday.

The Company's financial results are:

Sales - S$40.952 million versus 29.043 million
Operating profit - S$1.327 million versus loss S$4.212 million
Net loss - S$5.075 million versus loss S$10.275 million
Loss per share - 4.61 cents versus loss 9.34 cents
Final div - nil, unchanged

A Company press release revealed last month that See Hup Seng
Limited (the Company) has entered into a Term Loan Agreement
(the Agreement) with Keppel Tatlee Bank Limited (the Bank) for
the refinancing of its Transferable Loan Facility (TLF) to a
Term Loan Facility (the New Facility) amounting to S$10,645,200
(the Restructure).

The move will help to improve the Company's cash flow, which is
expected to further improve when the economy recovers.

See Hup Seng, is one of the region's leading corrosion
prevention service providers for Marine, Onshore & Offshore,
Petrochemical & Chemical, Infrastructure & Civil Construction
and Power Generation Industries.


XPRESS HOLDINGS: Reduces H1 Net Loss to S$9.45M
-----------------------------------------------
Xpress Holdings Ltd reported a net loss of S$9.454 million in
the six months to December 2001, against a loss of S$31.48
million a year earlier, PR News Asia reported Tuesday.

Financial Results:

Sales - S$9.952 million versus S$11.798 million
Net loss - S$9.454 million versus S$31.48 million
Loss per share - 1.81 cents versus loss 6.81
Interim div - nil, unchanged

Xpress Holdings is a premier financial print Company offering
quality custom-made total print solution. It has been a leading
player in Asia's niche time-sensitive financial report printing
market for stock market research houses, fund management
companies, listed companies in Singapore, Malaysia, Indonesia
and others, for the past 15 years. The Group offers integrated
capabilities and services in pre-press, post-press and
distribution, multi-language financial printing and multimedia.
Since it's founding in May 1986, the Group has expanded from its
headquarters in Singapore to the Asia-Pacific region with
offices in Malaysia, Australia, Hong Kong and China.


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


KRISDAMAHANAKORN PUBLIC: April 9 Shareholders' Meeting Planned  
--------------------------------------------------------------     
Krisdamahanakorn Public Company Limited (KMC or the Company)
reported the resolutions made at a  Board of Directors Meeting
(#1/2002) held on March 19, 2002 at 17.00am at 2nd Floor KMC
auditorium. The details of the resolutions are as follow :

1. That an ordinary general meeting of shareholders (#1/2002)
should be held on April 29,2002 at 10.00am at The Royal River
Hotel, Budsabongkot A Room, Soi Charansanitwong
66/1,Charansanitwong Rd., Bangplad, Bangkok.

2. That the date for closing the company share register for the
right to attend the meeting will be on April 9, 2002 at 12.00
p.m. Until ending of ordinary general meeting of shareholders
(#1/2001).

3. That the agenda for the meeting will:

   3.1  Certify the minutes of the ordinary general meeting of
shareholders (#1/2002) held on  April  27, 2001.
   
   3.2 Consider the result of operation for the year ended
December 31, 2001.
   
   3.3 To report the progress of the restructuring plan.
  
   3.4 Approve the company's balance sheets, profit and loss
statements for the year ended December 31, 2001 and net profit
for dividend omissions for the year 2001''s operational results.

   3.5 Appoint an auditor and fix the auditing fee for the year
2001

   3.6 Appoint new director to succeed those completing their
terms, and fix number of directors and their authority.

   3.7 Appoint new director instead of old director.

   3.8 Appoint new audit committee to succeed those completing
their terms.

   3.9 Consider allotment of increased capital in convertible
preferred shares conversion to common share to Bangkok Bank
Public Co., Ltd.

   3.10 Consider other issues (if any)


NARONG INDUSTRIAL: Files Business Reorganization Petition  
---------------------------------------------------------
The Petition for Business Reorganization of Narong Industrial
Public Company Limited (DEBTOR), engaged in plastic and car
component industry, was filed to the Central Bankruptcy Court:

   Black Case Number 936/2544

   Red Case Number 870 /2544

Petitioner: NARONG INDUSTRIAL PUBLIC COMPANY LIMITED

Planner: N. I. PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,645,045,441.98

Date of Court Acceptance of the Petition: September 6, 2001

Date of Examining the Petition: October 1, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: October 1, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 11, 2001

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

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: January 25, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: February 25, 2002

Contact: Mr. Chat Tel, 6792525 ext. 124


PTT PUBLIC: Posts Resolutions Approved at BOD Meeting
-----------------------------------------------------      
The meeting of the Board of Directors of PTT Public Company
Limited (PTT Board) No. 3/2002 held on 19th March, 2002  
approved these resolutions:

1.  To resolve and to certify the balance sheet and income
statement as at 31st December, 2001 as audited by the auditor
for further submission to the annual general meeting of
shareholders for its approval (the PTT Board has resolved this
matter at the PTT's Board meeting No. 2/2002 held on 21st
February, 2002);

2.  To resolve and to request the annual general meeting of
shareholders to consider and approve the dividend payment for
2001 at the rate of Bt2.50 per share with the payment date
falling within 20th May, 2002;

3.  To resolve and to schedule the date of the annual general
meeting of shareholders as of 2002, for Monday, 29th April, 2002
at 13:30 hours at  the Auditorium , 2nd floor , PTT Head Office
Building, 555 Vibhavadi Rangsit Road, Laadyao, Chatuchak,
Bangkok 10900;

4.  To resolve and to schedule the closing date of the share
register in order to suspend share transfers and stipulate the
right to participate in the annual general meeting of
shareholders and receive company's dividend, from 10th April,
2002 at 12:00 noon until the general meeting is complete;

5.  to resolve to specify the matters to be considered at
the annual general meeting of shareholders according to the
following agenda:

    5.1 to consider and approve the operating results of the PTT
        during 2001
    
    5.2 to consider and approve the audited balance sheet and
  income statement as at 31st December, 2001;

    5.3 to consider the profit allocation and dividend payment;

5.4 to consider the appointment of new directors to replace    
    the directors who retired by rotation;

    5.5 to consider and determine the remuneration for the PTT
        Board for 2002;

    5.6 to consider the appointment of the auditor and the
        determination of its remuneration; and

    5.7 to consider any other matters (if any).


RAIMON LAND: Discloses Shares Offering Results
----------------------------------------------
Mr. Nigel John Cornick and Mr. Robert William Mcmillen of Raimon
Land Planner Co., Ltd., Plan Administrator of Raimon Land Public
Company Limited (Raimon or the Company), reported the results of
the Company's Shares Offering held on 19 March 2002:

Types of Shares offered         : new ordinary shares
Number of Shares offered        : 3,990,805 shares
Offered to                      : 168 unsecured Financial
    Creditors as provided in the
    Rehabilitation Plan
Price per Share                 : Bt5.00 per share
Subscription and Payment Period : 14 March 2002.

The Result of the Shares Sale

[ / ]   Partly Sold Out, with   70,395  shares unsold.

The Company will deal with the remaining shares as follows:   

The Plan Administrator is therefore unable to convert some debt
to ordinary shares for certain creditors because the official
receiver has not issued the decisions for all the claim for
payment.  The Plan Administrator has to await all the orders,
then it will further deal with the remaining ordinary shares.

Details of the Shares Sale
                                                                           
unit : shares

   Thai Investors             Foreign Investors           Total
Juristic     Individual     Juristic     Individual
      Person                      Person    
Number of Persons      
160              4           4              --            168
Number of Subscribed Shares   
2,582,452      209,969      1,198,384       --        3,990,805
Percentage of Total  Shares Offered for Sale                  
64.71         5.26          30.03           --            100

Amount of Money Received from Shares Sale.

        Total amount            :  Bt19,954,025
        Less expenses           :       -                 
  Net amount received     :  Bt19,954,025


THAI MILITARY: No 2001 Dividend Payments Suspended
--------------------------------------------------
Thai Military Bank Public Company Limited reported to the Stock
Exchange of Thailand the resolutions adopted during the Board
meeting No.3/2545 held on 10 March 2002.

The ordinary general shareholders' meeting for 2002 is to be
held on 25 April 2002 at 2pm at the Thai Military Bank
Auditorium, 7th fl., Head Office, No. 3000, Phahon Yothin Road,
Lad Yao Sub-District, Chatuchak District, Bangkok on the
following agenda:

1. To consider and approve the minutes of ordinary general
shareholders' meeting for 2001 held on 24 April 2001.

2. To acknowledge the Board's report on the Company's business
during the past year.

3. To consider and approve the Company's balance sheets and
statements of income as at 30 June 2001 and 31 December 2001 and
also to acknowledge the suspension of dividend payment.

4. To consider the conducting of replacement election for the
directors whose directorship terms are ending.

5. To consider the appointment of external auditor for 2002 and
the fixing of auditing fee.

6. Any other businesses, if any.

The closing of shareholder registration book to affirm the right
for attending the ordinary general shareholders' meeting for
2002 is fixed on Friday, 5 April 2002 from 12pm onward until the
adjournment of the meeting.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
------             ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001    10 - 12       +1
Asia Pulp & Paper     11.75%  due 2005  23.5 - 25.5     +0.5
APP China             14.0%   due 2010    22 - 24       +3
Asia Global Crossing  13.375% due 2006    17 - 20        0
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   0.5 - 2.5       0
Hyundai Semiconductor 8.625%  due 2007    63 - 66        0
Indah Kiat            11.875% due 2002    23 - 25        0
Indah Kiat            10.0%   due 2007    20 - 22        0
Paiton Energy         9.34%   due 2014    54 - 57        0
Tjiwi Kimia           10.0%   due 2004  17.5 - 19.5     +0.5
Zhuahi Highway        11.5%   due 2008    23 - 28        0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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