TCRAP_Public/020328.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, March 28, 2002, Vol. 5, No. 62

                         Headlines

A U S T R A L I A

AUSTAR UNITED: Discussion With Optus Continues
CAPRAL ALUMINIUM: 65th AGM Scheduled for April 16
EARTH SANCTUARIES: Securities Trading Halted
ECSI LIMITED: Releases Directors' Half-Yearly Report
ETRADE AUSTRALIA: Posts Change of Director`s Interest Notice

HOTHAM WINES: G S Lee Trust Becomes Substantial Holder
PASMINCO LIMITED: Releases Interim Report to Creditors


C H I N A   &   H O N G  K O N G

GOLD HAPPINESS: Winding Up Petition Pending
HAPFIELD INVESTMENTS: Winding Up Petition Slated for Hearing
NEW WORLD: Fitch Places `BBB-' Debt Rating on Watch Negative
NOBLE REGENT: Winding Up Sought by Bank of China
PACIFIC PORTS: 2001 Operations Loss Swells to HK$174,811

PROFIT REAP: Petition to Wind Up Docketed
PROFIT REAP: Winding Up Petition Hearing Set
SINOCAN HOLDINGS: Seeks Legal Advice in Response to Judgment


I N D O N E S I A

PT PERTAMINA: BOA Freezes Approximately US$130M of Assets


J A P A N

ASAHI MUTUAL: Decides to Liquidate Leasing Unit
KYOWA HAKKO: Revises FY02 Earnings Forecast
MITSUBISHI MATERIALS: Moody's Places Baa3 Rating Under Review
MITSUBISHI MOTOR: DaimlerChrysler Mute on CEO Issue
NAGASAKIYA CO: Compiles Installment Plan to Pay 17.5% of Debt

ORIENT CORP: R&I Downgrades L-T Ratings
PHOENIX RESORT: Closing Ocean Dome; Cuts Workforce by 200
SNOW BRAND: Seeking New Loan From Norinchukin
TDK CORP: Will Liquidate German, Japanese Units


K O R E A

DAEWOO MOTOR: Final GM Contract Could be Signed by April 20
HANBO IRON: KAMCO Signs MOU With AK Capital
HYNIX SEMICON: Recent DRAM Price Drop May Affect Chipmaker


M A L A Y S I A

CSM CORPORATION: EGM to be Held on April 11  
IDRIS HYDRAULIC: Reaches Debt Settlement Agreement
KELANAMAS INDUSTRIES: Obtains KLSE's RA Time Extension
L&M CORP.: Court Grants Extension Of Restraining, Stay Order
MBF CAPITAL: Creditors Approve Proposed Schemes at CCM

PERWAJA STEEL: May Break Even After Restructuring
RNC CORPORATION: Unit Voluntarily Wound Up
SIN HENG: Gets SC's Nod on Proposed Rights Issue Extension
TAP RESOURCES: Alters Nomination, Remuneration Committee
TECHNOLOGY RESOURCES: Shareholders OK Proposed Repayment Plan

TRANSWATER CORP.: Enters Debt Settlement Agreement With Idris
U-WOOD HOLDINGS: SC Approves Debt Restructuring Scheme


P H I L I P P I N E S

MONDRAGON INT'L: Reschedules Stockholders Meeting to Sept 16
PHILIPPINE AIRLINES: Profit Likely This Year
UNIWIDE HOLDINGS: Clarifies Debt Settlement Issue


S I N G A P O R E

BIL INTERNATIONAL: Appoints Amarsi as Group Managing Director
L & M GROUP: Completes Ordinary Shares Placement
MEDIARING.COM: Reveals Audit Committee Members Resignations
TONG MENG: Shareholders Approve Delisting
XPRESS HOLDINGS: Appointment of Chairman, Board Members


T H A I L A N D

B.G.E.S. ENGINEERING: Business Reorganization Petition Filed
RAIMON LAND: Issues Additional Shares Disposal Information
THAI DURABLE: Suspends Dividend Payment

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTAR UNITED: Discussion With Optus Continues
----------------------------------------------
Austar United Communications Limited has noted the comments
attributed to Chris Anderson, Chief Executive of Singtel Optus,
published in the Australian newspaper on Tuesday. In order to
ensure that the market is accurately informed Austar makes the
following comments.

The nature of discussions between Austar and Optus has changed
in light of the proposed agreement between Optus and Foxtel.
However, Austar and Optus continue to have discussions with each
other on a range of commercial and strategic issues, including,
for example, matters relating to the parties' satellite joint
venture.

If the Optus Foxtel agreement proceeds Austar does not expect
any subsequent discussions would encompass a merger of the two
businesses as has been speculated.


CAPRAL ALUMINIUM: 65th AGM Scheduled for April 16
-------------------------------------------------
Capral Aluminium Limited advised that the Sixty-Fifth Annual
General Meeting of Shareholders of the Company will be held at
the Renaissance Sydney Hotel, 30 Pitt Street Sydney, NSW on
Tuesday, 16 April 2002 at 2:30pm.

AGENDA

1. RECEIPT OF ACCOUNTS AND REPORTS

To receive and consider the financial statements of the Company,
the reports of the directors and auditor for the financial year
ended 31 December 2001.

2. ELECTION OF DIRECTORS (RESOLUTION 1)

Ordinary Resolutions to elect four directors

(a) Mr Graeme James Cureton, having been appointed by the
Directors to fill a casual vacancy on the Board during the year,
retires from office in accordance with Article 67 of the
Company's Constitution and, being eligible, offers himself for
re-election.

(b) Mr John Crabb, having been appointed by the Directors to
fill a casual vacancy on the Board during the year, retires from
office in accordance with Article 67 of the Company's
Constitution and, being eligible, offers himself for re-
election.

(c) Mr Ronald George Pitcher, having been appointed by the
Directors to fill a casual vacancy on the Board during the year,
retires from office in accordance with Article 67 of the
Company's Constitution and, being eligible, offers himself for
re-election.

(d) Mr Phillip J Arnall, having been appointed by the Directors
to fill a casual vacancy on the Board during the year, retires
from office in accordance with Article 67 of the Company's
Constitution and, being eligible, offers himself for re-
election.

3. ISSUES UNDER INCENTIVE SHARE PLAN EXEMPT FROM LISTING RULE
7.1
(RESOLUTION 2)

To consider and if thought fit, pass the following resolution as
an ordinary resolution:

That the Company approves the Company's Incentive Share Plan and
the issue of ordinary shares pursuant to the Company's Incentive
Share Plan generally and including the issue of 1,100,000
ordinary shares to 4 senior executives of the Company on the
terms and conditions summarized in Item 2 of the Explanatory
Memorandum, for all purposes, including for the purposes of ASX
Listing Rule 7.2 Exception 9 to Australia Stock Exchange Listing
Rule 7.1.

4. ISSUES TO MANAGING DIRECTOR UNDER INCENTIVE SHARE PLAN
(RESOLUTION 3)

To consider and if thought fit, pass the following resolution as
an ordinary resolution:

That the Company approves the issue of up to 1,200,000 ordinary
shares to the Managing Director of the Company Mr Greg 'Estrange
pursuant to the Company's Incentive Share Plan on the terms and
conditions summarised in Item 3 of the Explanatory Memorandum
for all purposes, including for the purposes of ASX Listing Rule
10.14.


EARTH SANCTUARIES: Securities Trading Halted
--------------------------------------------
The securities of Earth Sanctuaries Limited (the Company) will
be placed in pre-open at the request of the Company, pending the
release of an announcement by the Company. Unless ASX decides
otherwise, the securities will remain in pre-open until the
earlier of the commencement of normal trading on Tuesday, 2
April 2002 or when the announcement is released to the market.

TCR-AP reported early this month that final proposals for the
acquisition of some or all of Earth Sanctuaries assets were
received from 12 interested parties. The identities of these
parties and their proposals remain confidential. The Board is
considering the proposals and progressing discussions with
preferred parties. No decisions have been finalized at this
point.


ECSI LIMITED: Releases Directors' Half-Yearly Report
----------------------------------------------------
Ecsi Limited, former known as the Omni Group Limited, posted
Directors G Green and M Weston report on review of operations.
The consolidated loss of the economic entity for the half-year
after providing for income tax and eliminating outside equity
interests amounted to $82,875.

On 14 December 2000, the company was placed under external
Administration and ceased trading.

On 16 February 2001, in accordance with resolutions of Omni
creditors, Omni became subject to a deed of company arrangement
(DCA). On 26 October 2001 the DCA was terminated and the Omni
Group Limited Creditors Trust (Creditors Trust) established. The
trustees are now responsible for dealing with, and settling all
creditor claims in accordance with the terms of the Trust Deed.
Omni was released from all creditors' claims and the
Administrators were discharged from their office as
administrators.

On 26 October 2001, Omni entered into a Share Purchase Agreement
under which Omni has agreed to purchase E-Control Pty Ltd in
return for the issue of Omni shares.

At a meeting held on 11 February 2002, Omni shareholders
unanimously approved this acquisition and that the company's
name be changed to ECSI Limited (ECSI).

ECSI issued a Prospectus, dated 21 December 2001, to raise a
minimum of $8 million and a maximum of $12 million. The minimum
subscription amount of $8 million has been achieved and further
subscriptions were being accepted when the ASIC issued an
interim order (dated 13 Feb 02, under subsection 739(3) of the
Corporations Act 2001) that no offers, issues, sales or
transfers of securities be made until the expiry or revocation
of the order. The directors have prepared a supplementary
prospectus to be lodged with the ASIC on or before 15
March 02.

The operations of the Omni Easy Rent Pty Ltd and Omni
Telecommunications (Singapore) Pte Ltd have not been included in
the consolidated accounts due to the immaterial financial
effects that they have on the economic entity. Omni
Telecommunications (Singapore) Pte Ltd has applied to be struck
off the Registry of Companies and Business. The company has no
assets or liabilities.

The Omni sold its 50% equity share in Omni Plus Pty Ltd to
Telecom Partners Pty Ltd for a consideration of $150,000 on the
29 May 2001.

The company lost control of its wholly owned subsidiary, Omnitel
(Aust) Pty Ltd when Omnitel was placed in receivership on the 7
December 2000.


ETRADE AUSTRALIA: Posts Change of Director`s Interest Notice
------------------------------------------------------------
Etrade Australia Limited posted this notice:

    CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Etrade Australia Limited

   ABN                      12 003 042 082

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         Timothy James Hughes

   Date of last notice      15/01/2002

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

Direct or indirect interest       Indirect                 

Nature of indirect interest
(including registered holder)     Acquisition of shares on
                                  market by Oldyear Pty Ltd
                                  As Trustee For Egnar Holdings
                                  Superfund. Mr Hughes is a
                                  beneficiary of the Egnar
                                  Holdings Superfund

Date of change                    15/03/2002 & 18/03/2002

No. of securities held prior
to change                         138,701 (Carinya Invest  
                                  Management Pty Ltd - Mr Hughes
                                  is a Director)
                                  100,000 (Oldyear Pty Ltd
                                  As Trustee for Egnar Holdings
                                  Superfund)

Class                             Fully Paid Ordinary      
                                  Shares                   

Number Acquired                   15/03/2002 - 80,877 (Oldyear
                                  Pty Ltd As Trustee for Egnar
                                  Holdings Superfund)
                                  18/03/2002 - 19,123 (Oldyear
                                  Pty Ltd As Trustee for Egnar
                                  Holdings Superfund)

Number disposed                   Nil

Value/consideration               55 cents per share       
                                  = $55,000

No. of securities held after
change                            138,701 (Carinya Invest  
                                  Management Pty Ltd)
                                  200,000 (Oldyear Pty Ltd
                                  As Trustee for Egnar Holdings
                                  Superfund)

Nature of change                  On market buy            

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

Detail of contract                N/A                      

Nature of direct interest         

Name of registered holder
(if issued securities)                                      
                                       
Date of change                           

No. and class of securities to which
interest related prior to change                                 

Interest Acquired                                                

Interest disposed                                                

Value/consideration                                              

Interest after change


HOTHAM WINES: G S Lee Trust Becomes Substantial Holder
------------------------------------------------------
Michael James Calneggia and Sally-Ann Calneggia (G S Lee Trust)
became a substantial shareholder in Hotham Wines Limited on
08 March 2002 with a relevant interest in the issued share
capital of 13,333,333 ordinary shares (16 percent).

Early this month, TCR-AP reported that the Company completed a
share placement of 16 million shares at 4 cents per Share to
raise $640,000, in accordance with the agreement with the
Calneggia Group to fund restructuring, business development and
repayment of loans. In addition, 35,000,000 executive incentive
options have been granted to the Company Directors in accordance
with resolutions approved by Shareholders at the general meeting
held on 8 March 2002.


PASMINCO LIMITED: Releases Interim Report to Creditors
------------------------------------------------------
Pasminco Limited's Administrators J M Spark and P D McCluskey of
Ferrier Hodgson, have prepared a report for creditors so as to
provide an update on the current status of the Administration,
to provide an overview of the affairs of Pasminco and the key
factors affecting the determination of Pasminco`s future.

Creditors will note that the Administrators have performed a
considerable amount of work to date in considering the future
strategy for Pasminco whilst they continued to trade the
business and sought to sell certain assets.

Creditors will be kept informed as the process for the
restructure of Pasminco evolves. In this regard, creditors will
receive a detailed report prior to the second meeting of
creditors being held confirming the restructure proposal and our
recommendation for the future of Pasminco.

Go to http://www.bankrupt.com/misc/TCRAP_Pasminco0328.pdf
To see detailed report outlining the current status of the
administration and the future strategy for Pasminco.

Please contact Mr Anthony Quach on (03) 9600 4922 or
aquach@melb.fh.com.au. for more queries.


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C H I N A   &   H O N G  K O N G
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GOLD HAPPINESS: Winding Up Petition Pending
-------------------------------------------
Gold Happiness Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on May 15,
2002 at 9:30 am.

The petition was filed 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.


HAPFIELD INVESTMENTS: Winding Up Petition Slated for Hearing
------------------------------------------------------------
The petition to wind up Hapfield Investments Limited is
scheduled 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.


NEW WORLD: Fitch Places `BBB-' Debt Rating on Watch Negative
------------------------------------------------------------
Fitch Ratings has on Tuesday placed the 'BBB-' (BBB minus)
senior unsecured debt rating of New World Infrastructure Limited
(NWI) on Rating Watch Negative The action reflects the
continuing deterioration of NWI's earnings; increased financial
leverage; reduced financial flexibility caused by the depressed
equity price; and the change in business mix that has resulted
from substantial TMT investments. These concerns are partially
mitigated by a stable and well-diversified core of successful
basic infrastructure projects generating dependable recurrent
cash flow.

In the six months to 31 December 2001, NWI's Attributable
Operating Profit (AOP) decreased by 27 percent. With the
exception of cargo handling, the AOP from every other sector
decreased: the major deterioration was in the Roads and Bridges
segment, with AOP down 36 percent to HK$136 million owing to
traffic declines for Guangzhou City Northern Ring Road and the
disposal of Guangzhou Three New Bridges. Net debt/Equity
weakened over the period from 0.54x to 0.64x owing to a 19
percent increase in net debt to HK$7.8 billion, which more than
offset a slight rise in equity.

Looking forward, recurrent cash flows will be reduced by recent
disposals, while NWI is looking to TMT as the major driver of
growth. In view of the volatility of this sector, Fitch believes
that NWI's recent investment of more than HK$1 billion in TMT
has significantly altered its portfolio risk.

The agency plans to resolve its Negative Watch after analyzing
the December 2001 half-year accounts and meetings with NWI's
management.

CONTACT: Wing Wu, Beijing          Adam Preece, Hong Kong
   Tel: +8610 6526 6921      +852 2263 9559


NOBLE REGENT: Winding Up Sought by Bank of China
------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Noble Regent International Limited.  The petition was filed on
January 30, 2002, and will be heard before the High Court of
Hong Kong on May 15, 2002.

Bank of China holds its registered office at 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


PACIFIC PORTS: 2001 Operations Loss Swells to HK$174,811
--------------------------------------------------------
Pacific Ports Company Limited announced on 22/3/2002:
(stock code: 659)
Year end date: 30/6/2002
Currency: HKD
Auditors' Report: Neither
Review of Interim Report by: Audit Committee
                                                 (Unaudited)
                                (Unaudited)      Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/7/2001    from 1/7/2000
                                 to 31/12/2001    to 31/12/2000
                                 ('000)           ('000)
Turnover                          : 73,460           63,120
(Loss) from Operations            : (174,811)        (33,531)
Finance cost                      : (2,722)          (240)
Share of Profit of Associates     : 135,949          146,654
Share of Profit of
  Jointly Controlled Entities     : 82,764           78,373
Profit after Tax & MI             : 12,541           164,743
% Change over Last Period         : -92%
EPS/(LPS)-Basic                   : (2.67 cents)     4.72 cents
         -Diluted                 : N/A              3.14 cents
Extraordinary (ETD) Gain/(Loss)   : N/A              N/A
Profit/(Loss) after ETD Items     : 12,541           164,743
Interim Dividend per Share        : 2 cents          Nil
(Specify if with other options)   : -                -
B/C Dates for Interim Dividend    : 15/4/2002 to 18/4/2002 bdi.
Payable Date                      : 30/4/2002
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. Basis of preparation of the accounts

These unaudited consolidated condensed interim accounts
(condensed interim accounts) are prepared in accordance with
Statement of Standard Accounting Practice 2.125, "Interim
Financial Reporting", issued by the Hong Kong Society of
Accountants, and Appendix 16 of the Listing Rules of
The Stock Exchange of Hong Kong Limited (Listing Rules).

2. (Loss)/earnings per share

The calculation of basic (loss)/earnings per share is based on
the Group's profit attributable to shareholders of HK$12,541,000
(2000: HK$164,743,000) less preference share dividend of
HK$67,489,000 (2000: HK$67,489,000) and the weighted average of
2,059,968,000 (2000: 2,059,968,000) ordinary shares in issue
during the period.

Diluted loss per share for the six months ended 31 December 2001
is not presented as the conversion of preference shares is anti-
dilutive.

The diluted earnings per share for the six months ended 31
December 2000 was based on 5,253,622,306 ordinary shares which
were the weighted average number of 2,059,968,000 ordinary
shares in issue during the period plus the weighted average of
3,193,654,306 ordinary shares deemed to be issued on the
conversion of all preference shares.

The conversion of share options was not dilutive as the exercise
price of the Company's outstanding options was higher than the
fair value per share for the six months ended 31 December 2001
and 2000.


PROFIT REAP: Petition to Wind Up Docketed
-----------------------------------------
The petition to wind up Profit Reap Foods (HK) Limited is
scheduled to be heard before the High Court of Hong Kong on June
12, 2002 at 9:3.0 am.  The petition was filed with the court on
February 27, 2002 by Bank of China (Hong Kong) Limited (the
successor corporation to The China State 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.


PROFIT REAP: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Profit Reap Trading Company Limited will
be heard before the High Court of Hong Kong on June 12, 2002 at
9:30 am.  

The petition was filed with the court on February 27, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The China State 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.


SINOCAN HOLDINGS: Seeks Legal Advice in Response to Judgment
--------------------------------------------------------------
The Board of Directors of Sinocan Holdings Limited (the Company)
together with its subsidiaries (the Group), in relation to the
freezing and confiscation of certain plant and machinery of
Shanghai Sinocan Lianxing Metal Containers & Printing Co.,
Limited (Lianxing), a major subsidiary of the Company, announced
that on 22 March 2002 the Company received a further judgment
(the Judgment) from the Shanghai Municipal First Intermediate
People's Court in the PRC against Lianxing for a judgment sum of
RMB$39.86 million, equivalent to about HK$37.96 million, with
interest (the Judgment Sum) to be paid within ten days from the
date of Judgment.  The Group will seek legal advice as to PRC
laws in response to the Judgment.

Presently, the operation of Lianxing is not affected by the
Judgment. As at 30 June 2001, the unaudited net asset value of
Lianxing was about RMB158.7 million. Should the Creditor enforce
the security under the Agreement to recover the Judgment Sum,
the operation of Lianxing may be materially affected. The
Company will keep the public informed as to the progress of the
Judgment and further announcement will be made when appropriate.

The Board, in reference to the announcement dated 4 March 2002
in relation to the winding up petition (the Petition) filed
against the Company, also announced that there has been no
further new development of the Petition since the Second
Announcement.

The Company's principal activity is investment holding. The
Group's principal activity consists of the manufacture of steel
cans and plastic bottles for use in the beverage, food and
chemical industries and the provision of tinplate processing,
lacquering and printing services. As announced by the Company in
its interim results announcement, as at 30 June 2001, the
unaudited net loss of the Group was about HK$35.7 million and
the unaudited net liabilities of the Group was about HK$165
million. Nevertheless, the Board considers that in the event
Lianxing is materially affected by the Judgment, the Group still
has sufficient level of operations through another major
subsidiary of the Company to warrant the continued listing of
the shares (the Shares) of the Company on The Stock Exchange of
Hong Kong Limited.

Shareholders of the Company and potential investors are advised
to exercise caution when dealing in the Shares.


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

PT PERTAMINA: BOA Freezes Approximately US$130M of Assets
---------------------------------------------------------
As PT Pertamina continues to defy the courts, Karaha Bodas
Company announced on March 26 that Bank of America (BOA) has
frozen more than $130 million of funds belonging to the
Indonesian national oil company.

Karaha, whose principal investors are two U.S. companies, FPL
Energy LLC and Caithness Energy LLC, also announced that courts
in Singapore and Hong Kong had, like a U.S. court in Texas,
entered judgments against Pertamina for US$261 million. That is
the amount of damages awarded in December 2000 by Swiss
arbitrators under United Nations Commission on International
Trade Law Arbitration Rules, an award that the Swiss courts
refused to set aside.

Finally, Karaha said that although Pertamina has filed suit in
Indonesia to annul the award and stop enforcement, Karaha will
vigorously oppose that action.

Karaha is an independent power developer that in 1994 entered
into contracts with Pertamina and another Indonesian entity to
develop the Karaha Bodas Geothermal Projects in Indonesia.
Karaha invested over $100 million in developing the power
projects, but in 1998 Indonesia suspended them. Unable
to proceed, Karaha filed for arbitration in Switzerland and
successfully obtained an award for US$261 million. As Pertamina
has refused to pay any portion of the award, Karaha has begun
seizing Pertamina's assets around the world to satisfy the
award. Karaha emphasized that it is targeting Pertamina's
assets, not assets that belong to Pertamina's production
partners.

"Karaha obtained an arbitral award from a renowned panel under
internationally approved rules, the Swiss Supreme Court refused
to set aside the award, a U.S. federal district court, acting
pursuant to a UN convention, confirmed it as a judgment, and now
Hong Kong and Singapore Courts have entered judgments against
Pertamina," said Christopher F. Dugan, Karaha's counsel. "Still,
Pertamina defies the courts and refuses to make any effort to
keep its promise to pay the award. Instead, it has asked the
Indonesian courts - which have no jurisdiction because Pertamina
agreed that all disputes would be settled by arbitration - to
prevent Karaha's lawful collection of its award. Pertamina is
sending a message to foreign investors that Indonesian state-
owned entities can breach or terminate their contracts at will
and with impunity, and that it doesn't care what foreign courts
rule. That attitude will seriously damage the investment climate
in Indonesia."


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J A P A N
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ASAHI MUTUAL: Decides to Liquidate Leasing Unit
-----------------------------------------------
Asahi Mutual Life Insurance Co Ltd has decided to liquidate unit
Asahi Leasing Corp by the end of March 2003, the Nihon Keizai
Shimbun and AFX News reported Monday.

Prior to the move, the group firm will sell Y23 billion in lease
claims to Century Leasing System Inc, an affiliate of Itochu
Corp.

Asahi Mutual Life established Asahi Leasing in 1984 to handle
computer and equipment leasing to corporate customers.


KYOWA HAKKO: Revises FY02 Earnings Forecast
-------------------------------------------
Kyowa Hakko Kogyo Co., Ltd. announced on Wednesday that its
earnings forecasts for the year ending March 2002 would be lower
than the previous estimates announced on November 14, 2001, due
to recent fluctuations in the business environment. Details are
as follows.

1. Revised Consolidated Results Forecasts for fiscal year ending
March 31, 2002.

(Unit: millions of yen,  %)

                      Net Sales  Operating    Recurring   Net
         Previous Forecast (A)   Income       Profit      Income

(Announced
November 14, 2001)    387,000                20,000       8,000
New Forecast (B)      381,000    21,000      18,000       5,500
Difference (B)-(A)     (6,000)     -         (2,000)     (2,500)
Relative Difference    (1.6)       -         (10.0)      (31.3)
FY2001 Figure         375,609    17,712      16,611       9,395

2. Revised Non-consolidated Results Forecasts for fiscal year
ending March 31, 2002.

(Unit: millions of yen,  %)

                    Net Sales  Operating    Recurring   Net
      Previous Forecast (A)    Income       Profit      Income
(Announced
November 14, 2001)    315,000      -        20,000       8,500
New Forecast (B)      310,000    19,000      18,500       5,000
Difference (B)-(A)     (5,000)     -         (1,500)     (3,500)
Relative Difference    (1.6)       -         (7.5)      (41.2)
FY2001 Figure         306,653    17,264      17,970       9,894


3. Reasons for the Revisions

(1) During the current fiscal year, Kyowa Hakko recorded losses
on the valuation of fixed assets as part of its overseas
business restructuring. Fluctuations in foreign exchange rates
since the previous results forecasts caused these losses to be
greater than expected. In addition, the Company will also book
losses associated with the decision to cease the corporate
entity of U.S. subsidiary Kyowa Foods Inc. during the current
fiscal year. Therefore extraordinary losses on a consolidated
basis look set to rise to Y20 billion, about Y2 billion more
than previous forecast. Extraordinary losses on a non-
consolidated basis are expected to rise Y5 billion to Y26
billion.

(2) For the most part, the Pharmaceuticals business has
performed well throughout the current year. However, sales at
the Bio-Chemical business fell due to the withdrawal from
certain unprofitable products in this area, and sales at the
Chemicals business also fell due to the weakness of domestic
demand and a general slump in the market. Falling prices and the
mad cow disease scare affected earnings in the Liquor and Food
business. Net sales will also fall short of previous forecasts
due to these factors. However, net sales are still predicted to
rise 1.4 percent on a consolidated basis and 1.1 percent on a
non-consolidated basis from the year before.

The decline in net sales will impact upon operating income,
which is also expected to fall short of the forecasts made on
October 25, 2001. Consolidated operating income was expected to
be Y23 billion, while non-consolidated operating income was
forecast to be Y20.5 billion. However, operating income is
expected to rise 18.6 percent from the year before on a
consolidated basis and to rise 10.1 percent on a non-
consolidated basis. Recurring profit is also due to fall short
of forecasts for the same reasons as operating income, though it
will rise 8.4 percent on a consolidated basis and 2.9 percent on
a non-consolidated basis from the year before

(3) As a result of these considerations, net income forecasts
have also been adjusted as shown above.

Note: Results forecasts represent the conclusions reached by the
management of Kyowa Hakko after careful consideration of the
information available at the time. Readers should be aware that
actual results can differ from forecasts for a wide variety of
reasons.

Kyowa Hakko Kogyo Co., Ltd.
Otemachi 1-6-1, Chiyoda-ku,
Tokyo, Japan
Stock market code: 4151
Listed on stock markets in: Tokyo, Osaka, Nagoya, Fukuoka, and
Sapporo

About Kyowa Hakko Kogyo Co. Ltd.

World leader in fermentation, biotechnology, and chemical
synthesis, Kyowa Hakko develops, manufactures and markets
pharmaceuticals, amino acids, nucleic acids, fine chemicals, and
food ingredients. Backed by more than half a century of
manufacturing innovation, advanced technology, and a commitment
to research, Kyowa Hakko's products are known for high quality,
reliability and cost-effectiveness. For further information,
please visit the Kyowa Hakko Kogyo Co. Ltd. home page at:
www.kyowa.co.jp

For more information, please contact

Kyowa Hakko Kogyo Co., Ltd.
Corporate Communications Department
Keiichi Yoshihara  Tel:+81 3 3282 0960

According to Wright Investor's Service, as of March 2001, the
Company's long-term debt was Y45.02 billion and total
liabilities were Y229.27 billion.


MITSUBISHI MATERIALS: Moody's Places Baa3 Rating Under Review
-------------------------------------------------------------
Moody's Investors Service on Tuesday has placed the Baa3 senior
unsecured long-term debt ratings of Mitsubishi Materials
Corporation's (MMC) under review for possible downgrade. The
ratings review reflects Moody's growing concern about the
stability of MMC's financial performance, especially its silicon
and advanced materials operations, which face increasingly
difficult business conditions.

The performance of MMC's silicon and advanced materials
operations has been under pressure from the rapidly
deteriorating semi-conductor market. Moody's is concerned that
the continuing weakness of the market, along with the capital
requirement to maintain competitiveness in the market, could
constrain MMC's ability to generate cash flow over the
intermediate term.

MMC has been implementing a medium-term business plan,
originally laid out in January 2001, to improve its overall
profitability by reducing its cost base and restructuring its
business portfolio. In its review, Moody's will reassess how the
plan will allow MMC to restore its profitability and capital
structure against the ongoing stressful business environment.

Mitsubishi Materials Corporation, headquartered in Tokyo, Japan,
is Japan's leading producer of various inorganic materials,
cement, and certain fabricated metal products.


MITSUBISHI MOTOR: DaimlerChrysler Mute on CEO Issue
----------------------------------------------------
DaimlerChrysler AG refused to comment on a report in Manager
Magazine that Rolf Eckrodt, the DaimlerChrysler-appointed chief
operating officer of Mitsubishi Motors Corp, will replace
Takashi Sonobe as its ceo and president on June 25, AFX News
reported Monday.

DaimlerChrysler holds a 37.3 percent stake in Mitsubishi Motors
and Eckrodt was its Chief Operating Officer since Jan 2001.

The Company posted a net loss of Y75.6 in 2000 and suffered
Y31.49 billion net loss in the first half of the current
business year. MMC said it would cut its procurement costs by 15
percent by 2003 and cut 9,500 jobs by March 31, 2004.


NAGASAKIYA CO: Compiles Installment Plan to Pay 17.5% of Debt
-------------------------------------------------------------
Retailer Nagasakiya Co. has compiled an installment plan to pay
off 17 percent or Y70 billion of its more than Y400 billion debt
over 16 years, Japan Times said Monday. The supermarket chain
operator wants to submit the plan to the Tokyo District Court by
the end of this month, but ongoing negotiations with financial
institutions could delay submission into April.

Nagasakiya will receive an investment of Y4 billion from
Kurahuto Co., a major shareholder in Nagasakiya's sponsor
Company Kyoden Corp., a manufacturer of printed circuit boards
based in the town of Minowa, Nagano Prefecture.

The Company filed for bankruptcy protection under the Corporate
Rehabilitation Law with the Tokyo District Court in February
2000.


ORIENT CORP: R&I Downgrades L-T Ratings
---------------------------------------
Rating and Investment Information, Inc. (R&I) on March 20
downgraded Orient Corp's Senior Long-term Credit Rating to B+
from BB-; Long-Term Bonds (1 series) to B from B+.

RATIONALE:

Faced with the serious deterioration in the financial
environment, Japan's banks have recently been adopting a more
critical credit stance toward companies whose financial
composition is fragile. As a result, Orient's previous policy of
writing off non-performing loans (NPLs) gradually is now no
longer feasible, and R&I is reflecting this factor in the
ratings. The Senior Long-term Credit Rating is being downgraded
to B+, and the rating for the long-term bonds to B. There is a
one notch differential between the ratings to reflect recovery
risk.

Orient Corp. has been disposing of large volumes of NPLs every
year, with the result that the total of corporate loans
outstanding, which used to stand at more than Y1,600 billion,
had shrunk to Y516.7 billion by the end of September 2001, or
Y183.3 billion after loan loss reserves are excluded
(consolidated base figures). Nevertheless, in view of factors
such as the decline in the rate of loan recovery in recent
years, there is still a possibility that further losses will
emerge in the future. The Company also has more than Y200
billion in real estate investments, and if it employs loss-
accounting in the future it may be forced to record further
losses on these holdings. Consolidated equity capital declined
to Y43.8 billion at the end of September 2001 even after Y146.8
billion in tax benefits. R&I considers tax benefits to be a
poor-quality form of capital since there is a possibility of
fluctuation in the future depending on changes to the forecasts
of future tax receipts on which they are based. In view of these
factors, Orient's financial composition must be said to be
extremely brittle, and it will be necessary to rapidly bolster
the capital base.

On the other hand, the profitability of Orient's mainstay
operations, in areas such as general installment sales,
especially auto loans, where the firm has high market shares,
and card-based cash advances, which have seen strong growth
recently, remains high. The firm's core business generates some
Y130 billion a year in cash flow prior to loan-loss related
costs, and after the deduction of the loan-loss costs of the
core business this is still sufficient to generate some Y60
billion in pretax profit. In the past, R&I has therefore been of
the opinion that even if further losses were to emerge from the
firm's loans and real estate investments, it could dispose of
these over time using annual profits.

However, the financial environment has deteriorated more than
R&I had predicted. In particular, fund procurement faces
difficulties, with a considerable decline in loans from lower
ranking banks, and there has thus been a sharp increase in the
degree of Orient's dependence on its main bank, The Dai-Ichi
Kangyo Bank, Ltd. Orient can generate high levels of cash flow
from its core business, while it also has excellent skills and
experience in asset securitization using asset-backed securities
and other means. As a result, it probably has a strong potential
to meet demands for further repayments, but in view of recent
attitudes toward lending there is a possibility that repayment
of loans will have to be achieved at a faster pace than is
appropriate.

TCR-AP reported last week that debt-saddled Orient Corp is
negotiating with creditor banks for a Y200-300 billion bailout
package. The consumer credit Company is saddled with more than
Y2 trillion in interest-bearing debts. Dai-Ichi Kangyo Bank
(DKB) and the Industry Bank of Japan under Mizuho Holdings Inc
have been devising the package, which features issuing new
shares to DKB, a debt-for-equity swap deal and a debt waiver.


PHOENIX RESORT: Closing Ocean Dome; Cuts Workforce by 200
---------------------------------------------------------
Seagaia resort operator Phoenix Resort Co. will close,
temporarily, its Ocean Dome indoor swimming complex in October,
as part of its restructuring scheme, Japan Times said Wednesday.
The Company also plans to fire 200 workers by May 31 as part of
its efforts to restructure.

Ocean Dome is 300 meters in length, 100 meters in width and 38
meters high. The Dome was the main feature of the Seagaia
complex, but high maintenance costs and a fall-off in tourism
due to an economic slump hit the Company's earnings.

Phoenix Resort, which was partly owned by the Miyazaki
Prefectural Government, filed for court protection in February
last year and was later bought by U.S. investment fund
Ripplewood Holdings LLC.


SNOW BRAND: Seeking New Loan From Norinchukin
---------------------------------------------
Ailing Snow Brand Milk Products Co (SBMP) is seeking additional
funds from Norinchukin Bank to aid its term-end account
settlements, Kyodo News said Tuesday. Meanwhile, the Company
said it is considering a joint venture with Nestle Japan Holding
Ltd to produce child-care products, such as baby formula and
baby food.

According to Just Food News, SBMP said in a statement: "In
addition to its global brand power and marketing strength,
Nestle also has abundant management resources and quality
control technology along with advanced know-how regarding food
product safety."

SBMP already has a chilled products tie-up with Nestle Japan.


TDK CORP: Will Liquidate German, Japanese Units
-----------------------------------------------
TDK Corp. will liquidate TDK Manufacturing Deutschland GmbH and
Fuji Kogyosho Corp, in Germany and Japan, respectively, as part
of its wide restructuring plan, Dow Jones reported Tuesday. The
Company sees a group operating loss of Y36 billion in the fiscal
year ending March 31.

TDK Manufacturing Deutschland GmbH will be halted at end-
December and Fuji Kogyosho Corp will stop production at end-May.
The Company will also halt operations of recording music and
education materials on tapes at Tamagawa Technical Center in
Kanagawa prefecture by the end of March.


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


DAEWOO MOTOR: Final GM Contract Could be Signed by April 20
-----------------------------------------------------------
Daewoo Motor creditors are now expecting to sign a final
contract to sell the firm's assets to General Motors Corp (GM)
for US$1.2 billion by April 20, Chosun Ilbo daily and AFX News
reported Wednesday, citing an unidentified creditor official.

According to the official, GM is "flexible" regarding labor
issues, suggesting that the talks are in their final stages.


HANBO IRON: KAMCO Signs MOU With AK Capital
-------------------------------------------
Korea Asset Management Corp (KAMCO), main creditor of Hanbo Iron
& Steel Co, has signed a memorandum of understanding (MOU) for
the steel maker's sale to AK Capital, for about US$401 million,
AFX News said Tuesday.

The final price, which will be fixed after a due diligence
study, is subject to change of up to 9.3 percent of the base
price in either direction, KAMCO said.

Apart from the sales price, AK Capital also put up US$10 million
as a guarantee, which KAMCO will take in the event AK Capital
abandons its bid.


HYNIX SEMICON: Recent DRAM Price Drop May Affect Chipmaker
----------------------------------------------------------
DebtTraders Analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reported that the recent drop in chip
prices may affect Hynix Semiconductor Inc. The price of a 128-
megabit DRAM chip fell to around $3 from $4 in a week's time.
Personal computer demand was weak ahead of summer sale and
pending for new products.

Hyundai Semiconductor's 8.250 percent bond due in 2004
(HYUS04KRA1) trades between 71 and 76. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRA1


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


CSM CORPORATION: EGM to be Held on April 11  
-------------------------------------------
The Board of Directors of CSM Corporation Berhad (CSM or the
Company) announced that the Extraordinary General Meeting (EGM)
of the Company will be held at the Dewan Parameswara, Ground
Floor, Shah's Village Hotel, No 3 & 5 Lorong Sultan, 46200
Petaling Jaya, Selangor Darul Ehsan on Thursday, 11 April 2002
at 10.00 a.m.

Go to http://www.bankrupt.com/misc/TCRAP_CSM0328.docfor the  
Notice of EGM.


IDRIS HYDRAULIC: Reaches Debt Settlement Agreement
--------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Idris Hydraulic (Malaysia) Berhad (IHMB or the Company),
announced on 17 August 2000 and 11 January 2001 that IHMB will
undertake a proposed restructuring exercise which involves,
inter-alia, a proposed debt reconstruction, a proposed capital
reconstruction and a proposed corporate restructuring in order
to meet its financial obligations and revive its financial
position (Proposed Restructuring Exercise).

Subsequently, on 8 September 2001, CIMB on behalf of IHMB,
announced that IHMB had revised the Proposed Restructuring
Exercise as announced on 11 January 2001 and to incorporate the
revisions arising from the foreclosure the Company's entire
equity interest in Prime Utilities Berhad (PUB) comprising
18,011,000 ordinary shares of RM1.00 each in PUB by Arab-
Malaysian Bank Berhad (AMBB), Arab-Malaysian Merchant Bankers
Berhad (AMMB) on 28 June 2001 and TA First Credit Sdn Bhd (TAFC)
on 17 August 2001 as part of the debt settlement for the total
amount owing to AMBB and AMMB of RM324.991 million and TAFC of
RM225.078 million (Foreclosure of PUB) and to extend the date of
fulfillment of all the conditions precedent to the Proposed
Restructuring Exercise to 28 February 2002.

Subsequently, on 5 March 2002, on behalf of the Board of
Directors of IHMB, CIMB announced that IHMB, Dato' Che Mohd.
Annuar bin Che Mohd. Senawi (the Investor) and a majority of the
various lenders of IHMB and certain of its subsidiaries
(Lenders) in number (holding no less than 75% of the aggregate
scheme liabilities) have mutually agreed to further extend the
date of fulfillment of all the conditions precedent to the
revised Proposed Restructuring Exercise in the new Debt
Restructuring Agreement to 30 June 2002.

The revised Proposed Restructuring Exercise involves the
novation of various of the Company's subsidiaries' debts to IHMB
or Idaman Unggul Sdn Bhd (Newco), a set-off of cash in various
fixed deposit accounts, a partial waiver of debt by IHMB and its
subsidiaries' (IHMB Group) creditors and the full settlement of
the remaining IHMB Group's indebtedness through six (6) separate
creditors' schemes of arrangements (following such novation,
set-off and partial waiver) by way of cash and issuance of new
securities by Newco, issuance of debt securities by a Special
Purpose Vehicle (SPV) to be incorporated to acquire the
remaining entire equity interest in IHMB together with all its
subsidiaries and associated companies and to undertake the
disposal of the remaining assets/investments to settle the
remaining debts (Proposed Debt Reconstruction).

The Proposed Debt Reconstruction will involve inter-alia, the
proposed settlement with Transwater Corporation Berhad (TCB), a
third party who has filed a claim against IHMB arising from the
breach by IHMB of its obligation under the promissory note to
pay the sum of RM40,641,000 relating to an "assignment fee" of
RM42,780,000 pursuant to a novation cum assignment agreement
entered into by IHMB with Rekapacific Berhad (Rekapacific) and
TCB for the proposed acquisition of 11,408,000 ordinary shares
of RM1.00 each in PUB representing 19.01% equity interest in PUB
for a total cash consideration (including the assignment fee) of
RM270,940,000. The novation cum assignment agreement entitles
TCB to an assignment fee of RM42,780,000 resulting from TCB
assigning and novating all its rights, title and interest to
IHMB in respect of the acquisition of the said PUB shares by
IHMB from Rekapacific. The acquisition of the said PUB shares by
IHMB did not materialize and IHMB has not settled the amount
payable under the promissory note amounting to RM40,641,000. The
High Court of Malaya dismissed a winding up petition filed
against IHMB by TCB on 24 March 2000. Subsequently, TCB has
filed an appeal to the Court of Appeal but no hearing date has
been fixed for the hearing of the appeal.

The proposed settlement with TCB will involve arrangements and
compromises with TCB, on a no admission of liability basis, to
settle the claims amounting to RM42.780 million as at 31
December 1999 (Unsecured Debt) on the following terms:

   (i) Approximately 58% or RM24.694 million will be waived;

   (ii) Approximately 7% or RM3.113 million will be paid via the
proceeds from the proposed rights issue;

   (iii) Approximately 35% or RM14.973 million will be converted
into RM14.973 million nominal value Irredeemable Convertible
Unsecured Loan Stock-A; and

   (iv) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with IHMB
shall be superseded by this scheme.

The proposed settlement will be implemented through a debt
settlement agreement between TCB, IHMB and Newco.

Accordingly, CIMB announced that on 26 March 2002, IHMB, Newco
and TCB entered into a Debt Settlement Agreement (DSA) to give
effect to the above.

DETAILS OF THE DEBT SETTLEMENT AGREEMENT

The salient terms of the DSA are as follows:

   (i) the parties agree that the Unsecured Debt shall, strictly
on a no admission of liability basis on the part of any party,
be settled by IHMB in the terms of the Proposed Debt
Reconstruction. The Unsecured Debt shall constitute the total
claim of TCB as at 31 December 1999 (Cut-Off Date). All
interests, costs, penalty charges and/or other liabilities
whatsoever if any, arising after the Cut-Off Date are to be
waived;

   (ii) in entering the DSA, TCB agrees to waive its rights to
enforce under the relevant agreement(s) entered into with IHMB
in relation to the Unsecured Debt except upon occurrence of an
event of default as stipulated in the DSA and TCB will not at
any time, unless so permitted under the DSA to:

     (a) demand payment of the Unsecured Debt, such further
interests, costs and other charges accrued and/or accruing
thereon (if any), or any part thereof, from IHMB;

     (b) institute or continue with proceedings or steps of any
kind against IHMB for, or with a view to, enforcing payment or
discharge of or recovery of the Unsecured Debt, such further
interests, costs and other charges accrued and/or accruing
thereon (if any), or any part thereof, or permit any such action
to be taken on its behalf;

     (c) in pursuance of a claim for, or in levying execution in
respect of, the Unsecured Debt, such further interests, costs
and other charges accrued and/or accruing thereon (if any), or
any part thereof, levy or enforce a distress or execution or
other similar process whatsoever against any of the assets of
IHMB;

     (d) enforce in any way whatsoever any of the right of
recourse held by it for the Unsecured Debt, such further
interests, costs and other charges accrued and/or accruing
thereon (if any), or any part thereof, which it may hold or
which it may become entitled over the whole or any part of the
assets of IHMB;

     (e) receive or recover any amounts under or in respect of
any right of recourse against IHMB or make any demand or take
any steps to enforce such right of recourse;

     (f) exercise against IHMB any right of set-off or
combination of accounts or counterclaim whatsoever in reduction
of the Unsecured Debt, such further interests, costs and other
charges accrued and/or accruing thereon (if any), or any part
thereof;

     (g) take any action whatsoever for, or with a view to, or
in contemplation of, the winding up or dissolution of IHMB; or

     (h) in order to better secure the Unsecured Debt, such
further interests, costs and other charges accrued and/or
accruing thereon (if any), or any part thereof, attempt to
obtain or obtain any guarantee, indemnity or any security
interest whatsoever from IHMB.

     (iii) if TCB had, prior to the date of the DSA, made demand
or commenced proceedings in respect of the Unsecured Debt, such
further interests, costs and other charges accrued and/or
accruing thereon (if any), or any part thereof, TCB shall upon
execution of the DSA immediately take such steps as may be
required to withdraw, discontinue or stay such proceedings
provided that if TCB shall stay such proceedings, TCB hereby
covenants and undertakes to Newco and IHMB that on settlement of
the Unsecured Debt pursuant to the revised Proposed
Restructuring Exercise, it shall immediately take such steps as
may be required to withdraw such proceedings;

   (iv) without prejudice to the generality of the provisions in
the DSA on the standstill arrangement stated in Sections 2(ii)
and (iii) above, TCB further agrees and covenants with IHMB and
Newco and IHMB and Newco agree and covenant with TCB that for
the duration of the DSA, it will not exercise any rights it may
have in respect of the Unsecured Debt which may have occurred
prior to the date of the DSA; and

   (v) Notwithstanding Sections 2(ii), (iii) and (iv) above, TCB
may take action if and to the extend necessary to preserve the
rights of TCB against any third party.

EFFECTS OF THE DSA

Please refer to the announcement made on 8 September 2001 of the
effects of the revised proposed restructuring exercise of IHMB
(including this DSA) on the share capital, shareholding
structure, net tangible assets, gearing and earnings of IHMB and
its subsidiaries and associated companies and Newco and its
proposed subsidiaries.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

As far as the Directors are aware, none of the Directors and
substantial shareholders of IHMB and/or persons connected to
them has any interest, direct or indirect, in the DSA.

DIRECTORS' RECOMMENDATION

The Board Directors of IHMB after careful deliberations on the
DSA is of the opinion that the DSA is in the best interest of
IHMB Group.

DOCUMENT FOR INSPECTION

The DSA can be inspected at the Registered Office of IHMB at 4th
Floor, No. 2, Jalan Dewan Sultan Sulaiman 1, Off Jalan Tuanku
Abdul Rahman, 50100 Kuala Lumpur from Mondays to Fridays (except
public holidays) during business hours for a period of three (3)
months from the date of this announcement.


KELANAMAS INDUSTRIES: Obtains KLSE's RA Time Extension
------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Kelanamas Industries Berhad (KIB or the Company), in
reference to the announcement on 19 February 2002 in relation an
application to the KLSE for an extension of time for a further
month from 13 February 2002 till 13 March 2002, announced that
the Company has on 25 March 2002 received an approval from the
KLSE for the abovementioned extension of time to make the
Requisite Announcement to the KLSE for public release.

Profile

At the time of listing the Company (KIB), then called Sungei
Besi Mines Malaysia Bhd (SBM), was one of the major tin
producers in Malaysia. SBM had been incorporated to take over
the business of the Sungei Besi Mines Ltd (Sungei Besi), a UK-
incorporated company. Effective on 1 November 1976, the issued
share capital of Sungei Besi was cancelled in exchange for
shares in SBM.

In December 1989, SBM ceased its mining operations to become an
investment holding company. The years 1991 to 1997 were a period
of diversification during which the SBM Group became involved in
property investment, trading and distribution of consumer
products, manufacture of cordials, fruit juices, soft drinks and
food products, granite quarrying and stockbroking. SBM changed
its name to Kelanamas Industries Bhd in 1993 to reflect its
diversification from tin mining into the new areas of business.

Subsequently, the Group's main contributor, Alor Setar
Securities Sdn Bhd (ASSEC), is now under Special Administrators
(SAs), Messrs Ernst & Young, appointed by Pengurusan Danaharta
Nasional Bhd on 12 February 1999. Trading in the Company's
shares was suspended effective from 10 September 1999.

During FYE 30 April 2001, ASSEC implemented a restructuring
exercise, which involved a capital reduction from RM40m to
RM100. Subsequent to the capital reduction, new shares amounting
to RM30m were issued to a new shareholder. The Group did not
subscribe for the new shares and ASSEC ceased to be an
associated company.

Following this, an agreement to restructure the Company entered
into with Dolomite Bhd (DB), lapsed on 8 November 2001. However,
on 26 November 2001, KIB entered into a MOU with MP Technology
Resources Bhd (MPTR), Tai Seng Plastic Industries Sdn Bhd (Tai
Seng) and other companies, in relation to a new proposal to
regularize its financial condition.

The new scheme would include: proposed capital reconstruction of
KIB; scheme of arrangement between MPTR and KIB shareholders
whereby the latter will be offered MPTR shares; scheme of
arrangement between MPTR and KIB creditors whereby the latter
will be offered MPTR shares in satisfaction of amounts owing by
KIB to the creditors; acquisition by MPTR of Tai Seng, Eng Zan
Machinery & Trading Sdn Bhd, Highlight Plastic Machinery Sdn
Bhd, VCM Precision Sdn Bhd, Tralvest (M) Sdn Bhd, HIM Marketing
Sdn Bhd, Hearngrange Packaging Industries Sdn Bhd and MP Recycle
Products Sdn Bhd; and the transfer of KIB's listing status to
MPTR.


L&M CORP.: Court Grants Extension Of Restraining, Stay Order
------------------------------------------------------------   
The Board of Directors of L & M Corporation (M) Bhd (the
Company) announced that the High Court of Malay has, on 25 March
2002, granted the Company and its wholly owned subsidiary, L & M
Geotechnic Sdn Bhd a further extension of Restraining and Stay
Order for a further period of six (6) months commencing from 30
March 2002 and expiring on 30 September 2002.


MBF CAPITAL: Creditors Approve Proposed Schemes at CCM
------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of MBf Capital Berhad (MBf Capital or Company),
further to the announcement of 1 March 2002 in relation to the
proposed scheme of compromise of MBf Capital and its two (2)
wholly owned subsidiaries, namely, MBf Leasing Sdn Bhd (MBf
Leasing) and MBf Factors Sdn Bhd (MBf Factors), announced that
all the schemes pertaining to the proposed scheme of compromise
of MBf Leasing, MBf Factors and MBf Capital have been approved
by their respective creditors at the court convened meetings
(CCM) of MBf Leasing, MBf Factors and MBf Capital held at Kelab
Century Paradise, Jalan Melawati 3, Taman Melawati, 53100 Kuala
Lumpur on 25 March 2002 and 26 March 2002, respectively.

Pursuant to Section 176(1) and 177 of the Companies Act, 1965,
the creditors of MBf Leasing, MBf Factors and MBf Capital have
approved their respective schemes of compromise, as a majority
in number representing three-fourths (75%) in value of the
scheme creditors present and voting either in person or by proxy
at the CCM, voted for the respective schemes.

The results of the CCM of MBf Leasing, MBf Factors and MBf
Capital are detailed out in Table found at
http://www.bankrupt.com/misc/TCRAP_MBf0328.doc


PERWAJA STEEL: May Break Even After Restructuring
-------------------------------------------------
Perwaja Steel Sdn Bhd hopes to break-even in year 2003 after
carrying out its internal restructuring by May end, AFX-ASIA
reported, quoting Chief Executive Officer Abu Talib Mohamed.

Abu Talib added the internal restructuring is expected to save
the company RM100 in overheads and shape the loss-making
manufacturer into a leaner and more focused organization.

The restructuring will make Perwaja become a wholly-owned
subsidiary of Maju Holdings Sdn Bhd, which currently holds a 70
percent stake in the Company, while the government holds the
remaining 30 percent.

"Maju plans to inject RM150 into Perwaja for working capital to
sustain the company's operations to December, after having spent
RM96 since its takeover of Perwaja in 1996," Abu Talib said,
adding that once operations resume at Perwaja next month after a
temporary closure of its two plants, the company will only be
operating a single optimized furnace at the Kemaman plant with a
full capacity of 500,000 tonnes of steel annually on a 24-hour
basis.


RNC CORPORATION: Unit Voluntarily Wound Up
------------------------------------------
The Special Administrators of RNC Corporation Berhad (Special
Administrators Appointed) (RNC or Company) advised that on 22
March 2002, Premium Capital Sdn Bhd (PCSB), a 71.43% owned
subsidiary company of RNC was wound-up by way of a creditor's
voluntary winding-up, and Mr Tan Kim Leong, JP was appointed as
the Liquidator.

The liquidation of PCSB will not have any material financial or
operational impact on RNC, as PCSB had ceased its operations
since the financial year ended 31 March 1999.


SIN HENG: Gets SC's Nod on Proposed Rights Issue Extension
----------------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of Sin Heng
Chan (Malaya) Berhad (Company)(Special Administrators
Appointed), in reference to the series of announcements from 23
June 2000 to 6 August 2001 in respect of the Proposals,
announced that the Securities Commission (SC), vide its letter
dated 20 March 2002, has approved the extension of time for the
completion of the Proposed Rights Issue for a period of ten (10)
months to 31 December 2002.

The "Proposals" comprises:

  * Proposed Rights Issue; and

  * Proposed Increase in Authorized Share Capital

Profile

The Company commenced operations at Jalan Kilang, Malacca, and
had been in the animal feeds business. It had over the years
expanded operations to cover Butterworth and Kuantan. In recent
years, the Company incurred losses, which were aggravated by the
currency crisis in 1997. As a result, on 11 August 1999
Danaharta Nasional Bhd appointed Special Administrators to
assume control of the assets and affairs of the Company. On 5
July 2000, the Company received a voluntary take-over offer from
FCW Holdings Bhd for the acquisition of its entire share
capital. However, the take-over offer was rejected by the SC on
6 November 2000 and hence aborted.

On 9 February 2001, Danaharta approved a proposed scheme of
arrangement to restructure the debts of the Group. The proposal
involves a rights issue, which has already been approved by the
SC on 30 August 2000 and is currently pending approval from
other relevant authorities for implementation. Subsequently, the
SC in August 2001 approved an extension of time for completion
of the rights issue to 29 February 2002.


TAP RESOURCES: Alters Nomination, Remuneration Committee
--------------------------------------------------------
The Board of Directors of TAP Resources Bhd (TAP or the Company)
announced the appointments and resignation of the following
Directors as Chairman/Member of the Nomination Committee and
Remuneration Committee of the Company with immediate effect:

   1) appointment of Mr. Tan Tong Heng as Chairman of the
Remuneration Committee. Mr Tan Tong Heng who currently a Member
of the Nomination Committee was re-designated as Chairman;

   2) appointment of En. Endee Bin Zakari as Member of the
Nomination Committee;

   3) resignation of En. Ishak Bin Hashim as the Chairman of the
Nomination Committee and Remuneration Committee.

In connection thereto, the Nomination Committee and Remuneration
Committee of TAP now comprises of the following Members:

Nomination Committee

Name of Directors and their designations

Tan Tong Heng - Independent and Non-Executive Director
(Chairman)
Endee Bin Zakari - Independent and Non-Executive Director
Roslan Bin Mohd Salleh - Independent and Non-Executive Director

Remuneration Committee

Name of Directors and their designations

Tan Tong Heng - Independent and Non-Executive Director
(Chairman)
Tan Shau Ming - Executive Director
Roslan Bin Mohd Salleh - Independent and Non-Executive Director

Profile

TAP's core businesses are construction and property development.
To complement the contracting and building construction
activities, TAP has ventured into ready-mixed concrete, non-
baked bricks and construction chemicals, general trading of
building materials and electrical goods, installation of air-
conditioners, process control and switch gear automation, and
mechanical and electrical services. TAP also undertakes design
and builds turnkey contracts in order to provide total services
in building construction. On the property development front, TAP
continues to reaffirm itself as an established housing developer
with projects in various parts of Malaysia. Over the years, TAP
has built a strong niche in the two core businesses of
construction and property development with design and build
capability. TAP's operations are located in Federal Territory,
Ipoh and Penang.

On 25 February 2000, the Company proposed to undertake a rights
issue of shares; restructuring of Group debts owing to financial
institutions, unsecured trade creditors and other creditors;
waiver of the profit guarantee for the financial year ending 30
April 000 via a proposed restricted issue of warrants to
entitled shareholders; and settlement of the debt owing to
subsidiary, TAP Construction Sdn Bhd amounting to approx. RM48m.

On 1 November 2000, however, the SC informed that it is unable
to consider the Company's proposed waiver of the profit
guarantee and TAP is required to submit a fresh application,
which meets all of the SC's guidelines. Subsequently, on 22
January 2001, the Company was advised by the SC that it is
unable to consider the proposed debt restructuring and rights
issue until TAP reverts with a new scheme that addresses the
profit guarantee obligation, debt restructuring and rights
issue.

As a result, on 28 August 2001, TAP unveiled its revised
proposal entailing the issue of loan stocks to financial
institutions and trade and other creditors and proposed waiver
of profit guarantee by way of compensation by the guarantors to
the entitled shareholders through the subsidy of RM0.57 per
share in respect of a proposed renounceable rights issue of
shares. These corporate exercises are currently pending approval
of shareholders and relevant authorities, and is expected to be
completed by mid-2002.

Concurrent with the proposals, the Group plans to launch three
projects in the financial year 2002, namely the Azuria
Apartments in Tanjong Bungah, mixed housing development in
Senawang and second phase of Canary Infoport on a 30-year
concession with University Putra Malaysia.


TECHNOLOGY RESOURCES: Shareholders OK Proposed Repayment Plan
-------------------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
(TRI) announced that the Special Resolution on the Proposed
Capital Repayment by the Company as set out in the Circular to
Shareholders dated 4 March 2002 was unanimously approved by the
shareholders at the Extraordinary General Meeting of the Company
held on 26 March 2002.

Barely days ago, TCR-AP reported that TRI announced that the
Foreign Investment Committee (FIC) has agreed to allow Celcom
(Malaysia) Berhad (formerly known as Celcom (Malaysia) Sdn Bhd)
(Celcom), an existing wholly owned subsidiary of TRI, to have a
foreign equity content of up to 49% pursuant to the Proposals.
The Proposals comprises the Restricted Issue, Rights Issue and
Proposed Internal Restructuring.


TRANSWATER CORP.: Enters Debt Settlement Agreement With Idris
-------------------------------------------------------------
The Board of Directors of Transwater Corporation Berhad
(Transwater or Company) announced that the Company has entered
into a Debt Settlement Agreement (Agreement) with Idris
Hydraulic (Malaysia) Berhad (Idris) and Idaman Unggul Sdn Bhd
("Newco") for the proposed settlement of debt owing pursuant to
a promissory note issued to Transwater arising from a novation-
cum-assignment agreement (Novation).

DETAILS OF THE PROPOSED SETTLEMENT

On 13th September 1997, the Board of Directors of Transwater
announced that the Company had entered into a Novation agreement
with Idris and RekaPacific Berhad (RekaPac) to assign and novate
to Idris all the rights, title and interest of Transwater under
the Share Sale Agreement dated 28 December 1996 together with
the full benefit granted thereby and liabilities and obligations
thereunder for a cash consideration of RM42,780,000.

The Share Sale Agreement relates to the proposed acquisition of
Resort Cruises Sdn Bhd (RCSB) comprising 2 ordinary shares of
RM1.00 each representing 100% of the issued and paid-up capital
of RCSB from RekaPac for a total cash consideration of RM2.00
and undertaking from the acquirer to repay all amounts to be
owed by RCSB to RekaPac and its 3 subsidiary companies arising
from the acquisition of 11,408,000 ordinary shares of RM1.00
each representing 19.01% stake in Prime Utilities Berhad by RCSB
for a total cash consideration of RM228,160,000.

Pursuant to the terms of the Novation, a sum of RM2,139,000
equivalent to 5% of the cash consideration of RM42,780,000 was
received by the Company following the signing of the Novation
agreement. The Novation agreement became absolute on 12th
September 1997 and the balance of RM40,641,000 was to be paid
within 3 months but is currently still outstanding.

In the process of recovering the outstanding amount, the Company
proceeded with a petition to wind-up Idris on 29 January 1999
and the same was served on Idris on 15th March 1999 upon
extraction of sealed copies thereof from the High Court. The
petition to wind-up was struck off by the High Court on 24th
March 2000. The Company has since filed an appeal against the
High Court's decision.

In line with Idris own proposed restructuring exercise, which
will involve Newco assuming the listed status of Idris, the
Company together with Newco and Idris have been in negotiation
for an amicable settlement. Idris proposes a restructuring
exercise which amongst others, involves a proposed rights issue
of Newco shares, issuance of Newco irredeemable convertible
unsecured loan stocks and a creditors' scheme of arrangement.
Idris and Newco propose to settle the outstanding debt arising
from the Novation for a sum of RM18,086,000 to be satisfied in
the following manner (Proposed Settlement):

RM'000
Cash proceeds to be received from proposed rights issue to be
undertaken by Newco 3,113

Issuance by Newco of 14,973,000 irredeemable convertible
unsecured
loan stocks - A at a nominal value of RM1.00 each (ICULS) 14,973
---------
18,086
=====

Newco propose to settle the ICULS's yield of 1% per annum (for
the entire 5-year tenure of the said debt security) by issuing
approximately 749,000 new Newco shares to Transwater.

The salient terms of the ICULS are as follows:

   (i) The ICULS will be issued at nominal value of RM1.00 each
with zero coupon but attract a yield of 1% per annum. The yield
will be distributed upfront via issuance of new shares to
creditors proportionately.

   (ii) The ICULS will be for a period of five(5) years and will
be traded on the KLSE.

   (iii) The ICULS are convertible into new shares at a price to
be determined after the, Securities Commission's approval by
tendering RM1.00 nominal amount of ICULS plus cash or tendering
nominal amount of ICULS to the value of the conversion price.
The conversion price is to be fixed at RM1.00.

   (iv) The ICULS to be issued will be unsecured and shall rank
pari pasu with other ICULS holders. The ICULS shall also rank
pari-pasu with other unsecured obligations of Newco.

   (v) The ICULS will be constituted by a trust deed to be
executed by Newco and a duly authorized trustee, who will act
for the benefit of the ICULS holders.

Idris will seek approvals from the relevant authorities
necessary to implement its proposed restructuring exercise and
in the event that approvals have not been obtained by 30th June
2002, (which shall include the approval of the shareholders of
Transwater in an extraordinary general meeting (EGM) to be
convened), unless extended by mutual consent or if any of the
approvals granted for implementing the scheme are varied or
granted subject to terms that will have an adverse effect on the
Company, Transwater shall be entitled to terminate the Agreement
whereupon:

   (i) each party shall immediately be discharged from all of
its obligations to the others; and

   (ii) Transwater shall immediately be entitled to enforce all
its rights and remedies under the law against Idris for the
recovery of all monies due to the Company pursuant to the
winding up petition.

The Board of Directors has adopted a policy of recognizing the
gain from the Novation agreement with Idris based on actual cash
consideration received. Transwater has recognized a gain of
approximately RM2,140,000 being the 5% of cash consideration for
the Novation agreement during the financial year ended 28th
February 1999.

However, for the Proposed Settlement, the Company has not
accrued or recognized any of the amount in the financial
statements.

EFFECTS OF THE PROPOSED SETTLEMENT

Share Capital and Substantial Shareholders

The Proposed Settlement will not have any effect on the issued
and paid-up share capital and substantial shareholders'
shareholdings of Transwater.

Earnings

The Proposed Settlement, when completed, would result in a gain
of RM18,086,000 and will increase the earnings per share of the
Transwater Group by RM1.39 for the financial year ending 28th
February 2003.

Net Tangible Assets

As at 28 February 2001, the audited consolidated net tangible
liabilities per share of Transwater was RM1.08 per share. The
Proposed Settlement will increase the Group's net tangible
assets per share by RM1.39 for the financial year ending 28
February 2003.

RATIONALE FOR THE PROPOSED SETTLEMENT

The Proposed Settlement would enable the Company to salvage part
of the amount owing to it by Idris.

UTILISATION OF THE PROCEEDS

The cash proceeds of RM3,113,000 from the Proposed Settlement
will be utilized to repay bank borrowings and/or working capital
of the Group. The proceeds from the realization in the open
market of the Newco shares and Newco ICULS and/or any new Newco
shares converted therefrom will also be used to repay bank
borrowings and/or working capital of the Group.

CONDITIONS OF THE PROPOSED SETTLEMENT

Where Transwater is concerned, the Proposed Settlement is not
subject to any relevant authorities' approval except for the
Transwater's shareholders' approval to be obtained at an EGM to
be convened.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors, substantial shareholders and/or person
connected with them have any interest, direct or indirect, in
the Proposed Settlement.

DIRECTORS' OPINION

The Directors are of the opinion that the Proposed Settlement is
in the best interest of the Transwater Group.

DOCUMENT FOR THE INSPECTION

The Agreement is available for inspection at the Registered
Office of the Company during normal office hours from Mondays to
Fridays (except for public holidays) for a period of 2 weeks
from the date of this Announcement.

EXTRAORDINARY GENERAL MEETING

A circular setting out the details of the Proposed Settlement
together with a notice of EGM will be dispatched to the
shareholders of Transwater in due course.


U-WOOD HOLDINGS: SC Approves Debt Restructuring Scheme
-------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of U-Wood Holdings Berhad (U-Wood or the Company), announced to
the Kuala Lumpur Stock Exchange that the Securities Commission
(SC), via its letter dated 21 March 2002, approved the Proposed
Restructuring of an Existing Syndicated Loan via the Issuance of
up to RM76,093,000 Nominal Value of 5% 8-Year Redeemable Secured
Loan Stock (RSLS) at Approximately 71% of the Nominal Value of
RM1.00 per RSLS (Proposed Debt Restructuring Scheme) whereby the
following main conditions are to be complied with pursuant to
the issue of the RSLS:

   a) Approval of the SC is to be obtained for any revision to
the terms and conditions of the RSLS;

   b) U-Wood is to disclose to the holders of the RSLS of any
potential conflict of interest situations and

   c) U-Wood is to inform the SC of any change in the interest
of the holders of the RSLS.


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


MONDRAGON INT'L: Reschedules Stockholders Meeting to Sept 16
------------------------------------------------------------
Mondragon International Philippines, Inc. informed that the
Annual Stockholders' Meeting is rescheduled from March 18, 2002
to September 16, 2002, 9:00 AM Mondragon House Ballroom, 324 Sen
Gil J. Puyat Avenue Makati City.

The meeting was rescheduled to give the Company sufficient time
to continue pursuing its negotiations with the government
agencies and new capital sources to normalize the operations of
Mimosa Leisure Estate, in view of the global economic and the
national political re-alignments.


PHILIPPINE AIRLINES: Profit Likely This Year
--------------------------------------------
Philippine Airlines (PAL) expects a profit this year after
traffic has bounced back since December 2001, according to
DebtTraders Analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300). The airline reported a loss of P1.5
billion ($29 million) in the quarter ended December 31, which
might affect its rehabilitation plan to service $2.3 billion of
debt.

Philippine Airline's 7.601 percent floating rate note due in
2000 (PHPA00PHN1) trades between 3.5 and 6.5. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


UNIWIDE HOLDINGS: Clarifies Debt Settlement Issue
-------------------------------------------------
Uniwide Holdings Inc, in reference to the news article published
in the March 14, 2002 of the Manila Bulletin, clarified in its
letter to Philippine Stock Exchange that the Company has
submitted to the SEC for approval the signed 'Agreement for
Dacion En Pago' with Land Bank of the Philippines.

The article entitled "LB Okays Uniwide Debt Settlement"
reported that:

"Land Bank of the Philippines has agreed for partial settlement
of the P723 million obligation of cash-troubled Uniwide Group to
the bank via a dacion en pago arrangement, but will ask for
regulatory approval of the same. Monico Jacob, the SEC
receivership Committee Chairman for Uniwide, said in a letter to
the SEC the terms indicated in the Deed of Dacion executed by
and between Land Bank and the retail chain operator 'are in
accordance with the Dacion en Pago' under the latter's
rehabilitation package. 'With the implementation (of the above),
the Uniwide Group will be able to partially settle its secured
obligation to LBP, amounting to P723 million, with the total
dacion value of P634.9 million, to be applied net of dacion
expenses,' said Jacob,...

He added that the remaining balance would be further reduced by
a second dacion en pago of Naic, Cavite properties, which are
currently being evaluated by Land Bank. 'The second dacion will
determine the final amount to be restructured in accordance with
the second amended rehabilitation plan,' Jacob further wrote."

The Company added that the agreement will settle the bulk of
Uniwide's secured obligation to LBP in the amount of P723
million, in accordance with Uniwide's Second Amendment to the
Rehabilitation Plan.


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


BIL INTERNATIONAL: Appoints Amarsi as Group Managing Director
-------------------------------------------------------------
Bill International on March 19 announced the appointment of Arun
Amarsi as Group Managing Director as follows:

Date of appointment: 1 April 2002 (DD/MM/YYYY)

Name: Arun Amarsi

Age: 45

Country of principal residence: New Zealand

Whether appointment is executive, and if so, the area of
responsibility:

Executive Position - Group Managing Director

Working experience and occupation(s) during the past 10 years:

July 1999 to date
Senior Executive at BIL. Responsible for investments and
operations.

November 1995 - June 1999
Chief Financial Officer and member of the Executive Board at
Electricity Corporation of New Zealand. Responsible for
financial, taxation, capital structure and treasury.

March 1988 - October 1995
Partner at Ernst & Young in New Zealand. Responsible for
servicing of corporate clients.

July 1982 - September 1987
Employed at Ernst & Young in Toronto, Canada. Responsible for
servicing corporate clients.

February 1977 - June 1982
Various roles at Ernst & Young and PwC

Other directorships
Past (for the last five years)

1) Intellectual Handicap Society of New Zealand (IHC Inc)
2) St Mark's Church School
3) Subsidiaries of Electricity Corporation of New Zealand

Present

BIL Group of Companies

Shareholding in the listed issuer and its subsidiaries: 50,000

Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None

Conflict of interest: None

Declaration by a Director, Executive Officer or Controlling
Shareholder as Required

If the answer to the following is "Yes", please provide full
details. If "No", please so indicate.

1(a) Were you in the last 10 years involved in a petition under
any bankruptcy laws in any jurisdiction filed against you?

No

1(b) Were you in the last 10 years a partner of any partnership
involved in a petition under any bankruptcy laws in any
jurisdiction filed against it while you were such a partner?
No

1(c) Were you in the last 10 years a director or an executive
director of any corporation involved in a petition under any
bankruptcy laws in any jurisdiction filed against it while you
were such a director or executive officer?

No

2. Are there any unsatisfied judgments outstanding against you?

No

3. Have you been convicted of any offence, in Singapore or
elsewhere, involving fraud or dishonesty punishable with
imprisonment for 3 months or more, or charged for violation of
any securities laws? Are you the subject of any such pending
criminal proceeding?

No

4. Have you at any time been convicted of any offence, in
Singapore or elsewhere, involving a breach of any securities or
financial market laws, rules or regulations?

No

5. Have you received judgment against you in any civil
proceeding in Singapore or elsewhere in the last 10 years
involving fraud, misrepresentation or dishonesty? Are you the
subject of any such pending civil proceeding?

No


6. Have you been convicted in Singapore or elsewhere of any
offence in connection with the formation or management of any
corporation?

No

7. Have you ever been disqualified from acting as a director of
any Company, or from taking part in any way directly or
indirectly in the management of any Company?

No

8. Have you been the subject of any order, judgment or ruling of
any court of competent jurisdiction, tribunal or governmental
body permanently or temporarily enjoining you from engaging in
any type of business practice or activity?

No

9. Have you, to your knowledge, in Singapore or elsewhere, been
concerned with the management or conduct of affairs of any
Company or partnership which has been investigated by an
inspector appointed under the provisions of the Companies Act,
or other securities enactments or by any other regulatory body
in connection with any matter involving the Company partnership
occurring or arising during the period when you were so
concerned with the Company or partnership?

No


L & M GROUP: Completes Ordinary Shares Placement
------------------------------------------------
The Board of Directors of L&M Group Investments Limited (L&M or
the Company) disclosed on Tuesday that all the 9,241,000 new
ordinary shares of S$0.10 each in the capital of the Company
which the Singapore Exchange Securities Trading Limited (SGX-ST)
had granted in-principle approval for placement to Kim Eng
Securities (Pte) Limited at S$0.1181 per share on 14 March 2002
were placed out on the 25 March 2002.

The placement of the 9,241,000 shares was completed on the 26
March 2002. The SGX-ST's in-principal approval herein is not an
indication of the merits of the placement.

L&M Group Investments Ltd disclosed on Monday that L&M Concrete
Specialists Pte Ltd (Concrete), a wholly owned subsidiary of
L&M, had on 13 March 2002 taken up an application in the High
Court of Singapore proposing to implement a scheme of
arrangement with its unsecured creditors to restructure debts
owed by Concrete to such creditors.


MEDIARING.COM: Reveals Audit Committee Members Resignations
-----------------------------------------------------------
The Board of Directors of Mediaring.com Ltd (the Company)
announced on March 26 the resignation and appointment of audit
committee members as follows:

(a) Mr. Khaw Kheng Joo has been appointed to replace Mr. Walter
J Sousa as a member of the Audit Committee with effect from 25
March 2002.

(b) Mr. Khaw Kheng Joo has also been appointed Chairman of the
Audit Committee with effect from 25 March 2002, in place of Mr.
Koh Boon Hwee who was Chairman since 24 September 2001;

(c) following Mr. Khaw's appointment and Mr Walter's
resignation, the Audit Committee will comprise:

Mr. Khaw Kheng Joo - Chairman (Independent Director)
Mr. Thomas Kalon Ng - Member (Independent Director)
Mr. Koh Boon Hwee - Member (Non-independent Director)

In January, Media Ring announced a corporate restructuring and a
35 percent reduction in its worldwide workforce and operations
as the Company moves to focus on its higher growth
telecommunications products and services. The worldwide
restructuring includes the move to centralize its engineering
and operations in Singapore.


TONG MENG: Shareholders Approve Delisting
-----------------------------------------
The Board of Directors of Tong Meng Industries Limited (the
Company) announced on Tuesday that the resolution relating to
the proposed voluntary delisting of the Company (the Resolution)
pursuant to Clause 208 of the Singapore Exchange Securities
Trading Limited Listing Manual, as set out in the Notice of
Extraordinary General Meeting (EGM) in the circular to
shareholders dated 27 February 2002, was approved by
shareholders of the Company at the EGM of the Company held on 26
March 2002.

Under Clause 208, the Resolution must be approved by a majority
of at least 75 percent. in nominal value of the shares held by
the shareholders present and voting, on a poll, either in person
or by proxy at the meeting and must have not been voted against
by 10 per cent. or more in nominal value of the shares held by
shareholders present and voting, on a poll, either in person or
by proxy at the meeting. The directors and controlling
shareholders of the Company need not abstain from voting on the
Resolution. At the EGM, the Resolution was approved by 99.9 per
cent in nominal value of the shares held by shareholders present
and voting, on a poll, either in person or by proxy.

As the requisite majority of shareholders at the EGM have
approved the Resolution, all conditions for the conditional
delisting exit offer (Delisting Exit Offer) are met. The
expected commencement and close of the Delisting Exit Offer are
28 March and 19 April 2002 respectively and the acceptance forms
for the Delisting Exit Offer will be dispatched to shareholders
as soon as practicable.


XPRESS HOLDINGS: Appointment of Chairman, Board Members
-------------------------------------------------------
The Board of Directors of Xpress Holdings Ltd announced on March
25 the appointment of Dr. Wang Kai Yuen as Chairman of the
Board, with effect from 25 March 2002. Dr Wang also chairs the
Audit and Compensation Committees, and sits on the Xpress
Holdings ESOS and Nominating Committees.

The Board is also pleased to announce the appointment of Members
of the Nominating Committee with effect from 25 March 2002. They
are:

a. Mr Sam Chong Keen - Chairman
b. Dr Wang Kai Yuen - Member
c. Mr Christopher Chong Meng Tak - Member
d. Mr Teo Ho Beng - Member

TCR-AP reported that printing firm 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.

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


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


B.G.E.S. ENGINEERING: Business Reorganization Petition Filed
------------------------------------------------------------
The Petition for Business Reorganization of B.G.E.S. Engineering
System Public Company Limited (DEBTOR), engaged in machinery
setting service and electronic system, was filed at the Central
Bankruptcy Court:

   Black Case Number 1082/2544

   Red Case Number 970/2544

Petitioner: B.G.E.S. ENGINEERING SYSTEM PUBLIC COMPANY LIMITED

Planner: B.G.E.S. PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,047,868,870.07

Date of Court Acceptance of the Petition: September 21, 2001

Date of Examining the Petition: October 22, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: October 22, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 2, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: November 20,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: February 20, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: March 20, 2002

Contact: Ms. Amornrhat Tel, 6792525 ext. 144


RAIMON LAND: Issues Additional Shares Disposal Information
----------------------------------------------------------
Seamico Securities Plc. provided additional information
concerning the disposal of common shares of Raimon Land Public
Company Limited, as follows:

Of Raimon Land's common shares, in the amount of 6,298,000
shares or 25.2 percentage of registered capital on 8th March
2002, the total value of transaction is Bt32.13 million (at the
price of Bt5.1016 per share).


THAI DURABLE: Suspends Dividend Payment
---------------------------------------
The Board of Directors Meeting No. 3/2002 of Thai Durable
Textile Public Company Limited held on 25th March 2002, between
11:00 a.m.-12:30 p.m., has passed the following resolutions:

1. That the operating results of the Company during the year
2001 be acknowledged and the Annual Report be approved.    

2. That the audited balance sheet and profit and loss
  statements of the Company for the year ended 31st
December, 2001 be approved.

3. That no dividend in respect of the 2001 operating results
and allocation of the legal reserve for the year 2001
shall be made since the Company still incurs an
accumulated loss.      

4. That Pol. Maj. Gen. Viraj Jutimitta, Mrs. Phakarat
Visudhimark, Miss Tasawan Denduangruedee, being the
Company's directors who retired by rotation, be re-elected
as the Company's directors and that the directors'
remuneration of Bt3,000,000 be approved.     

5. That the appointment of Mr. Pisit Chiwaruangrochg,
Certified Public Accountant No. 2803, and/or Miss Wipa
Jindanuwat, Certified Public Accountant No. 3296, and/or
Mr. Methee Ratanasrimetha Certified Public Accountant No.
3425 of SGV-Na Thalang & Co., Ltd. as the Company's
auditor with the remuneration of not more than Bt830,000
be approved.     

6. That the 2002 Annual General Meeting of Shareholders be
held on 29 April, 2002 at 11:00 a.m. and Sukhumvit Room 1-
2, 7th floor, the Landmark Hotel, 138 Sukhumvit Road,
Bangkok to consider the following agenda:         

1. To certify the Minutes of the Extraordinary General
Meeting of Shareholders, No 1/2001
2. To consider and acknowledge the report of operating
  results during the year 2001 and approve the Annual
Report.     
3. To consider and approve the balance sheet and profit
and loss statements for the year ended 31st
December, 2001.      
4. To consider and approve the non-distribution of
dividend.     
5. To consider and approve the election of directors
replacing those retired by rotation and to fix the
remuneration of the Board of Directors.      
6. To consider and approve the appointment of the
auditors and to fix the auditors' remuneration.
        7.  To consider any other business.

   7. That the share register book be closed on 12 April,
2002 at 12:00 noon until the conclusion of the Meeting in
order to determine the shareholders' entitlement to attend
the 2002 Annual General Meeting of Shareholders.


* 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    24 - 25        +0.5
APP China             14.0%   due 2010    25 - 27        +3
Asia Global Crossing  13.375% due 2006    19 - 22        +2
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    27 - 29        +4
Indah Kiat            10.0%   due 2007    22 - 24        +2
Paiton Energy         9.34%   due 2014    54 - 57        0
Tjiwi Kimia           10.0%   due 2004    19 - 21        +1.5
Zhuahi Highway        11.5%   due 2008    28 - 33        +5

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.

                 *** End of Transmission ***