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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Tuesday, November 18, 2003, Vol. 6, No. 228

                         Headlines

A U S T R A L I A

ASHBURTON MINERALS: Frankfurt Stock Exchange Grants Listing
ASHBURTON MINERALS: Answers Price, Volume Query
DWYER AUTOMOTIVE: PwC Discloses Case Profile  
TRANZ RAIL: Panel Deals With Directors' Defensive Tactics
VILLAGE ROADSHOW: Posts Preference Share Scheme Update


C H I N A  &  H O N G K O N G

JILIN CHEMICAL: Acknowledges Exceptional Turnover Movement
JILIN CHEMICAL: Inks Purchase Agreement With JCGC
JILIN CHEMICAL: Dec 30 EGM Scheduled
MILLION RAINBOW: Nov 26 Winding Up Hearing Scheduled
PROSPERITY TRANSPORTATION: Winding Up Petition Pending

QUALITY HEALTHCARE: Proposes Capital Reorganization
YUEN FUNG: Petition to Wind Up Scheduled


I N D O N E S I A

TEXMACO GROUP: IBRA May Modify Restructuring Plan


J A P A N

JAPAN AIRLINES: Posts 1H03 Y57.59B Net Loss
MARUBENI CORPORATION: Moody's to Review Rating
MITSUBISHI MOTORS: R&I Places Rating on Monitor Scheme
RESONA BANK: Moody's Reviews Rating For Possible Upgrade
RESONA HOLDINGS: Expects Y1.71Tr Net Loss

RESONA HOLDINGS: Eyes Profitability in 2004
RESONA HOLDINGS: Formulates New Business Plan
RESONA HOLDINGS: Holds Alliance Talks With Credit Saison

* Moody's Reviews Six Banks for Possible Upgrade


K O R E A

HANARO TELECOM: Posts First Profit Since 1988 Launch
HYUNDAI GROUP: KCC Takes Over Management
HYUNDAI MOTOR: S&P Assigns Proposed Sr Notes 'BB+' Rating


M A L A Y S I A

AUTOINDUSTRIES VENTURES: Comments on Unusual Market Activity
CSM CORPORATION: Time Extension Approval Lapses
GULA PERAK: Conversion Listing Granted
IDRIS HYDRAULIC: ICULS, Rights Share Issue Oversubscribed
METACORP BERHAD: Clarifies Sun Article  

PAN PACIFIC: Provides Default in Payment Status Update
PLANTATION & DEVELOPMENT: Securities Removed From Official List
SASHIP HOLDINGS: SA Extends MOU Expiry Date to Nov 28
SOUTHERN PLASTIC: Incurs Quarterly Loss RM2.93M
TAP RESOURCES: KLSE Grants Conversion Listing Today


P H I L I P P I N E S

MAYNILAD WATER: Expects to Pay Debts After 9 Years
NATIONAL STEEL: May Start Rehab by Next Year


S I N G A P O R E

LEE PRIVATE: Petition to Wind Up Pending
NEPTUNE ORIENT: Issues 236 Million New Ordinary Shares
POWER LAND: Winding Up Hearing Set November 28
SABROE SOUTH: Releases Debt Claim Notice to Creditors
SOON LOONG: Creditors Must Submit Claims by December 15

SOUND ENGINEERS: Creditors Meeting Set November 21
T4 CONSTRUCTION: Issues Winding Up Order Notice
THAKRAL CORPORATION: Launches New Subsidiary
UGOTACALL PTE: Issues Dividend Notice to Creditors


T H A I L A N D

CENTRAL PAPER: Q303 Net Loss Swells to Bt157.63M
CENTRAL PAPER: Posts Report on Auditor's Opinion
M.D.X. PUBLIC: SET Suspends Securities Trading
PREECHA GROUP: Widens Q303 Operations Net Loss to Bt81.45M
ROBINSON DEPARTMENT Generates Bt114.50M Q303 Net Profit

SAHAMITR PRESSURE: Explains Actual, Projection Variance
SINO-THAI RESOURCES: Gains Q303 Bt184.74M Profit
TCJ ASIA: Clarifies Performance Difference
THAI PETROCHEMICAL: Margin Trading Prohibition Extended

* SET Posts SP, NP Signs Against Listed Companies
* BOND PRICING: For the week of November 17 - 21, 2003

     -  -  -  -  -  -  -  -

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


ASHBURTON MINERALS: Frankfurt Stock Exchange Grants Listing
----------------------------------------------------------
Ashburton Minerals Ltd wishes to advise the market that its
securities have been granted a listing on the Frankfurt stock
exchange in Germany.

The listing came about as a result of strong interest and demand
for the Company's shares by European investors stemming from the
recent acquisition of the Drummond Basin gold assets in
Queensland from Placer Dome Asia Pacific, and the Company's
stated intent of aiming to recommence gold mining operations in
the first half of 2004 from remaining oxide resources at the
Wirralie mine.

The move to list the Company's securities in Frankfurt was
initiated by European shareholders and not by the Company. The
listing allows the German-based shareholders to trade a foreign
company's securities on their local (Frankfurt) market, with the
proviso that the foreign company complies with and maintains a
valid listing on a recognised stock exchange in its domicile
country.

In a recent (12 November 2003) article in the leading German
weekly finance magazine, Der Aktionar, (circulation >100,000)
the Company was described as having "Enormes Potenzial"
(Enormous Potential) and was selected as the speculative stock
of the week.

In the first day of trading on the Frankfurt exchange, being 13
November 2003 (Central European Time), the Company's shares
closed at Euro 0.12 (A$0.192 at an exchange rate of 1.6) having
traded shares to the value of Euro 72,194.40 (A$115,551,04).
Details of trading on the Frankfurt stock exchange can be
obtained from the German stock exchange website at
www.exchange.de.

The Company joins a small list of other Australian resource
companies listed on the Frankfurt stock exchange, which includes
Consolidated Minerals Ltd, Jubilee Mines NL, Kingsgate
Consolidated Ltd, Sino Gold Ltd, Redback Mining NL, Dragon
Mining NL, Equigold NL, Oxiana Limited, Gallery Gold Ltd and
Macmin Silver Ltd.

According to Wrights Investors' Service, the company has paid no
dividends during the last 12 months. During the 12 months ending
12/31/02, the company has experienced losses totaling A$0.08 per
share.


ASHBURTON MINERALS: Answers Price, Volume Query
-----------------------------------------------
Ashburton Minerals Ltd, in reply to the Price and Volume Query
Letter of Australian Stock Exchange dated 14 November 2003,
responded to the questions as follows:

1. Is the Company aware of any information concerning it that
has not been announced which, if known, could be an explanation
for recent trading in the securities of the Company?

On Thursday, 13 November 2003, the Company received information
by facsimile from an investment advisor in Switzerland that
suggested the Company's securities were about to be listed on
the Frankfurt stock exchange in Germany.

We responded by facsimile that afternoon that the Company did
not wish to be listed on the Frankfurt stock exchange until we
understood the full implications of that listing and,
accordingly, that the Company does not authorize the listing of
its securities on the Frankfurt stock exchange.

The following morning, Friday 14 November, we received a further
facsimile indicating that the listing had, in fact, already
occurred.

That morning we sent by courier a letter to the ASX that
included the above facsimiles so as to make you aware of these
developments and to find out if the ASX had information on the
process.

Later in the day on Friday 14 November 2004, the Company itself
obtained confirmation that the listing had actually occurred by
way of a search on the internet under "Frankfurt stock exchange"
and accessing a website titled "www.exchange.de". It appears
that Ashburton shares to the value of Euro72,194.40
(A$115,511.04 at a 1.6 exchange rate) with a closing price of
E0.12 (A$0.192) were traded on the first day of trade on the
Frankfurt exchange, being 13 November 2003 (Central European
time) namely, the period from late afternoon 13 November 2003 to
early morning 14 November 2003 WST.

As explained to you in our letter, this listing was not
instigated by the Company nor was authorization for the listing
requested of the Company by the Frankfurt stock exchange.
From our understanding of the process, such consent or
authorization is not, in fact, necessary. We have since come to
believe that it is possible for the securities of a foreign
company to be listed on the Frankfurt stock exchange at the
request of local (German) investors who hold shares in that
company and wish to trade those shares amongst themselves on the
local (Frankfurt) exchange, with the proviso that the foreign
company maintains a valid listing on a recognized stock exchange
in its domicile country.

It appears this increase in interest in the Company amongst
German investors was sparked by a recent article in a leading
German weekly finance magazine, Der Aktionar, a copy of which,
together with a literal translation, was attached to our cited
letter to you. In essence, this article describes Ashburton
Minerals as having "Enormes Potenzial" (Enormous Potential) on
the back of our recent acquisition of the Drummond Basin assets
in Queensland and our stated intent to aim to recommence gold
mining operations in the first half of 2004 based on the
remaining oxide resources at the Wirralie mine.

Notwithstanding the manner in which the listing on the Frankfurt
stock exchange came about, the Company is pleased to have
attracted such strong and positive interest in Europe, which we
regard as a further vote of confidence in our projects, our
strategy, our growth potential and the management.

2. If the answer to question 1 is yes, can an announcement be
made immediately? If not, why not and when is it expected that
an announcement will be made?

The Company is not ready to make an announcement immediately.
Due to the short time frame, in conjunction with the weekend, it
has not been possible to obtain due advice, nor to consult with
the ASX, on the form and content of such an announcement. It is
expected that an appropriate announcement to the market will be
made by noon (WST) Monday 17 November 2004.

3. Is there any other explanation that the Company may have for
the price change and increase in volume in the securities of the
company?

No.

4. Please confirm that the Company is in compliance with the
listing rules and, in particular, listing rule 3.1.

The Company believes that it is in compliance with the listing
rules, including listing rule 3.1.

We became aware of the article in Der Aktionar and the
possibility of the listing on the Frankfurt stock exchange after
close of trading on Thursday, 13 November 2003. We made
available to the ASX that information, and additional
information that became available to us in the interim, by
courier on the morning of Friday, 14 November 2003. It was not
until that afternoon that the scope of the effect on the
Company's share price and trading volume became apparent.
The Company's ability to respond before the close of trade was
affected by the increased time difference with the eastern
states and the resultant early closing time in WST terms.
As a consequence of the events of late last week, the Company
intends requesting a trading halt on Monday 17 November 2004
(see separate letter) to allow for time to formulate an
appropriate announcement to the market.


DWYER AUTOMOTIVE: PwC Discloses Case Profile  
--------------------------------------------
PricewaterhouseCoopers (PwC) disclosed this case profile:

Territory   :  Australia  
Company Name:  Dwyer Automotive (Mackay) Pty Ltd  
Lead Partner:  Ian Hall  
Case Manager:  Nicholas Carter  
Date of Appointment:  3 March 2003  
Normal Contact     :  Laura Bray  
Contact Phone No   :  (07) 3257 5360  

PRICEWATERHOUSECOOPERS OFFICE  

Location:  Brisbane  
PO Box  :  GPO Box 150  
Street Address:  Waterfront Place, 1 Eagle Street  
City    :  BRISBANE  
State   :  QLD  
Postcode:  4001  
DX      :  DX 77 Brisbane  
Phone   :  (07) 3257 5000  
Fax     :  (07) 3257 8004  
Appointor:  National Australia Bank Limited  
Registered Office of company:  22 Walker Street Townsville QLD
4810  
Company No / ACN   :  095 316 313  
Type of Appointment:  Liquidator  
Lead Partner - Full Name  :  Ian Hall  
Second Partner - Full Name:  Peter James Hedge  

CASE INFORMATION (LAST UPDATED 20/10/2003)

Time       :  12:00 PM  
Return time:  12:00 PM  
Time       :  12:00 PM  
Return time:  12:00 PM  
Time       :  12:00 PM  
Return time:  Brisbane  
Time       :  Brisbane  

Other Key Information  

Report as to Affairs received from directors:  
The director submitted a Report as to Affairs of the Company on
20 March 2003.

Dates of trading by insolvency practitioner:  
None  
Business sold/ceased trading :  
Business ceased prior to appointment on 28 February 2003  

BACKGROUND INFORMATION  

Ian Hall and Peter Hedge of PricewaterhouseCoopers were
appointed joint and several Voluntary Administrators of Dwyer
Automotive (Mackay) Pty Ltd (Dwyer Auto) on Tuesday 11 March
2003 at the first meeting of creditors. Prior to this
appointment, the Voluntary Administrator was Jessup and
Partners, who were appointed on Monday 3 March 2003.
At the second meeting of creditors held on 28 March 2003, it was
resolved to place the company into Liquidation, retaining Ian
Hall and Peter Hedge as Liquidators.

Dwyer Auto traded under the name Canelan Auto Centre.

CURRENT STATUS OF ASSIGNMENT AND ACTIONS REQUIRED BY CREDITORS  

At this stage, it appears unlikely that there will be a return
to unsecured creditors. Due to this, we are not calling for
Proofs of Debt. Should the situation change, we will notify
creditors and call for Proofs of Debt.

Outstanding employee entitlements have been reviewed and
finalization of claims from employees are a priority. As there
does not appear to be sufficient assets to cover entitlements,
eligible employees have been referred to the governments General
Employee Entitlements and Redundancy Scheme (Geers) in order to
obtain payment for outstanding wages, annual leave, pay in leiu
of notice and redundancy. Superannuation entitlements are not
covered by Geers. Employees will be contacted should there be
sufficient assets to make a distribution of employee
entitlements. (www.pwcrecovery.com)


TRANZ RAIL: Panel Deals With Directors' Defensive Tactics
---------------------------------------------------------
Code Word, the newsletter of the New Zealand Takeovers Panel,
published this article regarding the possible defensive tactics
being used by the directors of Tranz Rail Holdings Limited
(Tranz Rail):

The Panel dealt with two issues involving alleged or possible
defensive tactics being used by the directors of Tranz Rail
Holdings Limited (Tranz Rail).

The first concerned the agreement between the Crown and Toll
Group (NZ) Limited/Toll Holdings Limited (Toll) relating to the
sale of the rail network to the Crown once Toll obtained control
of Tranz Rail. The Panel received a complaint that this action
amounted to a defensive action by the "directors" of Tranz Rail.

The second concerned Tranz Rail's wish to sell the Wellington
Railway Station to the Crown during the course of Toll's
takeover offer for Tranz Rail. Tranz Rail sought the approval of
the Panel to the proposed sale.

Rules 38 and 39 of the Code deal with defensive tactics by the
directors of a target company. Rule 38 aims to ensure that
directors of Code companies do not take action which could, once
notice of an offer has been given or an offer is believed to be
imminent, effectively frustrate that offer. Rule 39 specifies
the circumstances in which the directors of a Code company can
take defensive actions.

On 7 July 2003 the Crown and Toll entered into an agreement,
which provided that, if a takeover offer to be made by Toll in
July became unconditional:

   * Toll would use its best endeavors to procure Tranz Rail to
enter an agreement with the Crown under which Tranz Rail would
sell its rail network to the Crown; and

   * the Crown would commit to improving that rail network and
rolling stock (an investment of $300 million).

Under the Toll/Crown agreement neither party could enter into a
similar agreement with any other party until Toll's July
takeover offer was withdrawn or lapsed.

Infratil Limited was a shareholder of Tranz Rail. Infratil
alleged that Toll's entry into the agreement constituted a
defensive tactic under rule 38 because:

   * the agreement conferred significant economic benefits on
Tranz Rail; and

   * the exclusive nature of the agreement effectively denied
those benefits to any potential rival bidders.

Neither Tranz Rail nor its then current directors were a party
to the Toll/Crown Agreement. However Infratil argued that Toll
could be considered to be acting as the directors of Tranz Rail
for the purposes of the Code because the directors of Tranz Rail
may be required to act in accordance with Toll's directions or
instructions.

The Panel held a meeting under s32 of the Act to consider the
issue. The Panel did not agree with the interpretation of the
term "director" put forward by Infratil. For the Toll/Crown
Agreement to have constituted defensive tactics under rule 38,
it must have been shown that the agreement was the result of
action taken or permitted by the directors of Tranz Rail.

The Panel did not accept that "directors" for the purposes of
rule 38 can include persons in accordance with whose
instructions the directors of Tranz Rail may have been required
to act at some point in the future, particularly if that
"requirement" to act could only occur after control has passed.

Rule 38 required the directors of Tranz Rail to take some action
in relation to that company's affairs, which frustrated the
offer or denied its shareholders the opportunity to decide on
the merits of the offer. The directors of Tranz Rail did not
take any such action.

Notwithstanding that Infratil's complaint failed, the Panel
expressed concern that the agreement between Toll and the Crown
may effectively frustrate rival bidders. Subsequently the Crown
announced that it considered that it was free to negotiate with
parties other than Toll.

Later Tranz Rail directors sought the Panel's approval under
Rule 39 of the Code of its prospective sale of the Wellington
Railway Station to the Crown.

Under Rule 39 there are certain circumstances where apparently
defensive tactics by a Code company during the course of a
takeover can still proceed. These circumstances are:

   (a) if the action has been approved by an ordinary resolution
of the Code company; or

   (b) the action is taken or permitted under a contractual
obligation entered into by the Code company, or in the
implementation of proposals approved by the directors of the
Code company, and the obligations were entered into, or the
proposals were approved, before the Code company received the
takeover proposal or became aware that the offer was imminent;

   (c) if paragraphs (a) and (b) do not apply, the action is
taken or permitted for reasons unrelated to the offer with the
prior approval of the Panel.

The issue with the sale of the station was that Toll Holdings'
offer for Tranz Rail included a condition that:

   * Neither Tranz Rail nor any of its subsidiaries enters into
any agreement or incurs any commitment or liability in
connection with the business of Tranz Rail or its subsidiaries
having a value or involving an amount, or providing for payments
over its term, which are in excess of $5,000,000.

Tranz Rail told the Panel that:

   * the sale price of the station exceeded that $5M level and
that it needed to complete the transaction within a short
period; and

   * that Toll Holdings would not consent to waive its condition
to allow the transaction to proceed without jeopardizing the
offer.

The Panel sought the views of Toll Holdings on Tranz Rail's
request. It also told both parties it would make the request
public and seek the views of Tranz Rail's shareholders on how it
should deal with the request.

In the end the Panel did not need to decide the matter because
Toll Holdings withdrew its opposition to the sale.

The Panel makes the following points:

   * the Code does not prescribe the approach that the Panel
should take when considering an application for approval under
rule 39;

   * competitors may try to use takeovers to frustrate the
legitimate commercial aspirations of target companies,
potentially for lengthy periods;

   * the Panel will generally seek the views of the offeror and
the target company shareholders, before approving an application
under rule 39; and

   * in considering an application under rule 39 the Panel will
take into account whether the transaction is being undertaken in
the normal course of the target company's business and the
application has been necessitated by a particularly restrictive
condition in the offer.


VILLAGE ROADSHOW: Posts Preference Share Scheme Update
------------------------------------------------------
Further to Village Roadshow Limited's announcement on 12
November 2003, at the Supreme Court of Victoria hearing on
Friday in relation to the Scheme, the Court decided as follows:

1. It was not prepared to approve the Scheme at the present time
because of concerns with one only of the three resolutions put
to shareholders (Resolution 2.1 of the General Meeting - the
Buyback approval).

2. It held that all shareholders (whether they held ordinary
shares, preference shares, or both) should have been entitled
(should they have wished) to vote in respect of Resolution 2.1
of the General Meeting (Buyback approval).

3. It further held that those shareholders were entitled to vote
in the following manner only under the Corporations Act and the
constitution of the Company in respect of Resolution 2.1 of the
General Meeting (Buyback approval):

   - Ordinary shareholders (who held no preference shares): may
have voted in favor or against;

   - Combined shareholders* (who held both ordinary and
preference shares): may only have voted (should they have
wished) against but not in favor;

   - Preference shareholders* (who held no ordinary shares): may
only have voted (should they have wished) against but not in
favor.

*The Court held that no votes cast in favor by combined
shareholders and preference shareholders who held no ordinary
shares may be counted.

4. It confirmed that the interests of combined shareholders are
not dissimilar, or not sufficiently dissimilar, to the interests
of preference shareholders who hold no ordinary shares, as would
justify separate class meetings. Therefore, no additional class
meetings were required.

5. The Court has jurisdiction to exercise its discretion to
approve the Scheme but was not prepared to do so on Friday in
light of these findings. However, the Court has raised the
possibility of reconvening the general meeting in respect of
Resolution 2.1 (Buyback approval), upon the Company giving
appropriate notice to all ordinary and all preference
shareholders, and to put the buyback resolution (Resolution 2.1)
and any other appropriate resolutions to them afresh. The Court
considered submissions in respect of this proposal this
afternoon and will consider further submissions next Tuesday 18
November 2003. If approved, the present application for approval
of the Scheme will be adjourned until that has been done.

The Company remains committed to a restructure of its capital
for the benefit of all shareholders. The Company believes it is
important to note that:

1. The Scheme resolutions have, in the Company's view, been
overwhelmingly supported by shareholders (including the
preference shareholders). The Court's concerns relate to
Resolution 2.1 of the General Meeting only.

2. The voting exclusions adopted by the Company in the Scheme
booklet in respect of Resolution 2.1 of the General Meeting
(Buyback approval) were consistent with those adopted by a
number of Top 100 ASX listed companies for their buybacks in
recent years.

3. The objecting shareholder, Boswell Filmgesellschaft mbH,
acquired 1,000 ordinary shares and 1,000 preference shares
approximately one week before the Scheme meeting. In the
Company's opinion, it would have purchased those shares in full
knowledge of the information provided to shareholders in the
Scheme Booklet. No other shareholder, and specifically no other
preference shareholder, has appeared in support of Boswell's
position.

The Company remains committed to ensuring the will of
shareholders (as demonstrated by the Scheme Meetings) is
achieved.


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


JILIN CHEMICAL: Acknowledges Exceptional Turnover Movement
----------------------------------------------------------
Jilin Chemical Industrial has noted the recent increases in the
trading volume of the shares of the Company and states that it
is not aware of any reasons for an increase.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature, saved as the announcement of connected transaction of
the Company dated on November 14, 2003.


JILIN CHEMICAL: Inks Purchase Agreement With JCGC
-------------------------------------------------
The Board of Jillian Chemical Industrial Company Limited wishes
to announce that on 13 November, 2003, it has entered into an
agreement for the purchase of certain assets from JCGC. As JCGC
is an associate of PetroChina, the controlling shareholder of
the Company, the transaction constitutes a connected transaction
of the Company under the Listing Rules. As the estimated
aggregate value of the transaction is expected to exceed 3 per
cent of the net tangible assets of the Company, the transaction
is subject to the disclosure requirements and approval of the
Independent Shareholders as provided in Rule 14.26 of the
Listing Rules.

REASONS FOR AND BENEFITS OF THE PURCHASE OF THE ASSETS

The Company's principal business comprises the production of
petroleum products, petrochemical and organic products,
synthetic rubber products, chemical fertilizer and other
chemical products in the PRC. In the first half of 2003, the
Company's 300,000 ton/year synthetic ammonia facilities formally
commenced operation. In order to fully utilize the 300,000
ton/year synthetic ammonia facilities and further reduce overall
operation costs of the Company, the Company, after due
consideration, proposed to purchase JCGC's water filtering
systems and the 781 workshop section ammonia liquefaction
facilities, and the purchase price shall be offset against the
accounts receivable from JCGC.

JCGC is the downstream enterprise of the Company and its
products require acrylic as raw material, which is supplied by
the Company for production. Due to the fact that the operating
result of JCGC has not been quite satisfactory for the past few
years, accounts receivables are incurred. As at 30 June 2003,
the accounts receivable of the Company was RMB342,600,000
(HK$320,193,960) in accordance with the PRC accounting
standards.

The accounts receivable, which are applied for the payment of
the purchase of assets, are those incurred prior to the year
2000 with a history of more than three years. The Company did
not make any provision for bad debt in respect of the above
accounts receivable.

IMPACT OF THE PURCHASE OF ASSETS ON THE FINANCIAL SITUATION
OF THE COMPANY

After the completion of the purchase of assets, the fixed assets
of the Company will increase by RMB159,500,000 (HK$149,069,000).
As at 30 June, 2003, the audited net book value of the fixed
assets of the Company was RMB10,240,759,480 (HK$9,571,013,810)
based on the PRC accounting standards. Based on the average
depreciation of 14 years, it is expected that the amount of
depreciation in respect of the fixed assets will increase to
RMB11,000,000 (HK$10,280,600). However, the production cost of
the Company will be lowered by RMB12,000,000 (HK$11,215,200)
annually after the purchase of the assets. As the consideration
in connection with the purchase of the assets shall be satisfied
by offsetting against certain accounts receivables from JCGC,
this will reduce the accounts receivables of the Company by
RMB159,500,000 (HK$149,069,000) and the level of the accounts
receivable of the Company from JCGC will be reduced to
RMB183,100,000 (HK$171,125,260), thereby further mitigating the
risk borne by the Company with regard to the accounts
receivable. The purchase of assets does not involve relocation
of staff, leasing of land and any other related matters.

In December last year, Troubled Company Reporter - Asia Pacific
reported that Jillian Chemical recorded losses of RMB879 million
and RMB1,083 million in the years 2001 and 2002 respectively in
accordance with PRC accounting standard.


JILIN CHEMICAL: Dec 30 EGM Scheduled
------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Jillian Chemical Industrial Company Limited (the "Company") will
be held on 30 December, 2003, at 9:00 at No. 9 Longtan Street,
Longtan District, Jillian City, Jillian Province, the People's
Republic of China, for the purpose of considering and, if
thought fit, passing the following resolution as ordinary
resolution of the Company:

"THAT the agreement dated 13 November, 2003 entered into between
the Company and Jillian Chemical Group Corporation for the
purchase of certain assets including equipment and machinery at
an aggregate consideration of RMB159.5 million to be satisfied
by way of set off against accounts receivables of the Company
from Jillian Chemical Group Corporation be and is hereby
approved and the directors of the Company (or any of them) be
and are hereby authorized to take such actions and execute such
documents as they may consider necessary or desirable to carry
out and complete the transaction."


MILLION RAINBOW: Nov 26 Winding Up Hearing Scheduled
----------------------------------------------------
The High Court of Hong Kong will hear on November 26, 2003 at
10:00 in the morning the petition seeking the winding up of
Million Rainbow Limited.

Shek So Tai of House No. 106, Sam Mun Tsai Tsuen, Tai Po, New
Territories, Hong Kong on October 3, 2003.  Tam Lee Po Lin, Nina
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


PROSPERITY TRANSPORTATION: Winding Up Petition Pending
------------------------------------------------------
Prosperity Transportation Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on November 26, 2003 at 10:00 in the morning.

The petition was filed on October 6, 2003 by Ng Chun Manof Room
120, Yiu Ming House, Wah Ming Estate, Fanling, New Territories,
Hong Kong.  


QUALITY HEALTHCARE: Proposes Capital Reorganization
---------------------------------------------------
The Directors of Quality HealthcCare Asia Limited have reviewed
the current capital structure of the Company and have decided
that in the light of the Company's profitable position as
reported in the last interim report for the six months ended
30th June, 2003 and the annual report for the year ended 31st
December, 2002, following the disposal of the Company's interest
in Wanji Pharmaceutical Holdings Limited (formerly known as
ehealthcareasia Limited) on 4th October, 2002, it is in the
interests of the Shareholders to effect a Capital Reorganization
to better reflect the Company's financial position and to
better enable it to establish a responsible dividend policy for
the future.

The Directors propose to effect a Capital Reorganization of the
Company to be implemented by way of the Capital Reduction, the
Share Premium Reduction and the Share Consolidation.
The Directors propose that the nominal value of each issued
Share be reduced from HK$0.10 to HK$0.01 by cancellation of
HK$0.09 paid up capital on each issued Share and the unissued
Shares of HK$0.10 each in the authorized share capital of the
Company be subdivided into 10 unissued shares of HK$0.01 each.

As a result of the Capital Reduction and based upon
2,164,068,848 Shares presently in issue, a credit of
approximately HK$194,766,196 arising from the Capital Reduction
will be applied to set off against the unaudited accumulated
losses of approximately HK$412,889,000 of the Company as
at 30th June, 2003.

The Directors also propose a reduction of an amount of
approximately HK$293,094,448, representing the entire amount
standing to the credit amount of the unaudited balance of share
premium account of the Company as at 30th June, 2003, and to
apply such credit to set off against the unaudited accumulated
losses of approximately HK$412,889,000 of the Company as at 30th
June, 2003.

Immediately after the completion of the Capital Reduction, the
Directors will then effect the Share Consolidation whereby every
10 Reduced Shares of HK$0.01 each will be consolidated into one
New Share of HK$0.10 each.

The Capital Reduction and the Share Consolidation are inter-
conditional.

PROPOSED BONUS WARRANT ISSUE

The Directors also propose, immediately after the Capital
Reorganization, a conditional Bonus Warrant Issue to the
Shareholders whose names appear on the Register of Members of
the Company on the Record Date (other than the Overseas
shareholders) on the basis of one (1) Warrant for every five (5)
New Shares in the Company then held by them.

Each Warrant will entitle the holder thereof to subscribe in
cash for one New Share at an initial subscription price of
HK$2.50, subject to adjustment, at any time between the date
when dealings in the Warrants on the Stock Exchange commence,
which is expected to be on 14th January, 2004 and up to 13th
January, 2007 (both days inclusive).

GENERAL MANDATES TO REPURCHASE AND ISSUE SECURITIES

At the special general meeting, a resolution will also be put to
the Shareholders to grant the general mandates to the Directors
to repurchase and issue the securities of the Company.

CIRCULAR

A circular containing, among other things, information of the
proposed Capital Reorganization and details of the Bonus Warrant
Issue together with a notice convening the SGM at which
resolutions will be proposed to approve the Capital
Reorganization, the Bonus Warrant Issue and the general mandates
to the Directors to repurchase and issue securities of the
Company will be dispatched to the Shareholders as soon as
practicable.

For details of the Proposes Capital Reorganization and
Proposed Bonus Warrant Issue, go to
http://bankrupt.com/misc/QHA1118.pdf.


YUEN FUNG: Petition to Wind Up Scheduled
----------------------------------------
The petition to wind up Yuen Fung Noodle Factory Limited is set
for hearing November 26, 2003 at 10:00 in the morning.

The petition was filed with the court on October 3, 2003 by Lam
Fook Ho of Room 1523, Fu Loy House, Fu Cheong Estate,
Shamshuipo, Kowloon, Hong Kong.


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


TEXMACO GROUP: IBRA May Modify Restructuring Plan
-------------------------------------------------
Indonesian Bank Restructuring Agency (IBRA) might change the
restructuring scheme of Texmaco Group Tbk as there must be some
revisions on assumption in restructuring the company, Bisnis
Indonesia reported Monday, quoting IBRA Deputy Chairman Mohammad
Syahrial

"We may change the restructuring system if the machineries of
Newco Engineering are modern enough," Syahrial said, denying the
criticism saying that the rescue of Texmaco has created a new
burden on the government.

By restructuring some debt of Rp29.04 trillion, IBRA hold 70%
shares of PT Bina Prima Perdana (new textile holding company of
Texmaco) while Marimutu Sinivasan hold the rest 30%. Sinivasan
still holds 100% shares of PT Jaya Perkasa Engineering (new
company on engineering of Texmaco).

Syafruddin Arsyad Temenggung, the chairman of IBRA, also had
urged Marimutu Sinivasan to pay its obligation to the
government.

"Texmaco has to pay its debt. IBRA is just a creditor of
Texmaco. Basically all debt has to be repaid," Syahrial said,
adding that IBRA would also be ready to become the shareholder
of Texmaco.

Apart from Rp29.04 trillion debt that had been restructured,
Texmaco also owned some debts of US$50 million to PT Perusahaan
Gas Negara, PLN and the Directorate General of Tax.


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


JAPAN AIRLINES: Posts 1H03 Y57.59B Net Loss
-------------------------------------------
Japan Airlines System Corporation (JAL) incurred a net loss of
57.59 billion yen the first half ended March 31 due to the
severe acute respiratory syndrome outbreak and the Iraq war,
which dealt a heavy blow to international passenger flights,
according to Japan Times.

The SARS outbreak and the Iraq war had a negative impact on its
revenue worth 170 billion yen in the first half. In May, JAL
forecast a full-year net loss of 43 billion yen.


MARUBENI CORPORATION: Moody's to Review Rating
----------------------------------------------
Moody's Investors Service placed the long-term ratings of
Marubeni Corporation and its supported subsidiaries on review
for possible upgrade. Its short-term rating at Not-Prime is not
affected by the review. Rating action is prompted by its return
to profitability after large net losses for FYE 3/2002, positive
credit implications of recently announced re-capitalization
plan, and the continued availability of core lenders' liquidity
support to Marubeni. Review will focus on its business plan
beyond its re-capitalization, its risk appetite, and the medium
term strength of its capital and earnings in relation to the
remaining areas of balance sheet risks.

The following ratings are placed on review for possible upgrade.

Marubeni Corporation--the B1 unsecured senior debt rating, the
B1 issuer rating

Marubeni International Finance Plc--the B2 unsecured senior debt
rating

Marubeni Corporation is one of the large Japanese trading
companies.


MITSUBISHI MOTORS: R&I Places Rating on Monitor Scheme
------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
following ratings of Mitsubishi Motors Corporation on the Rating
Monitor scheme, with a view to downgrading them:

Senior Long-term Credit Rating: (BB); Placed on the Rating
Monitor scheme with a view to downgrading

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 3 Dec 12, 1996 Dec 12, 2003 Yen 30,000
Unsec. Str. Bonds No. 5 May 28, 1997 May 28, 2009 Yen 30,000
Unsec. Str. Bonds No. 6 May 28, 1997 May 28, 2007 Yen 10,000
Unsec. Str. Bonds No. 7 May 28, 1997 May 28, 2004 Yen 20,000

R&I RATING: (BB); Placed on the Rating Monitor scheme with a
view to downgrading

ISSUE: Domestic Commercial Paper Programme
Issue Limit: Yen 250,000 million

RATIONALE:

On November 11, Mitsubishi Motors Corp. announced consolidated
net losses of 80.2 billion yen for the half year to September
2003 and at the same time announced projections for a net loss
of 11 billion yen for the full year through March 2004. The
Company's previous forecast for the same period was for a 10
billion yen profit. Because of concern over deterioration of its
North American sales finance receivables and other problems, R&I
had downgraded the Company's rating in February this year from
(BB+) to BB. Since that time, however, revamping of its already
fragile earnings base has been delayed due to a worsening of the
business environment stemming from various reasons including
intense incentive competition in North America.

In addition to this setback, the massive losses posted for the
September midterm are causing capital impairment and a rise in
interest bearing debt in its automotive business. In view of
these factors, R&I placed the Company's Senior Long-term Credit
Rating and other ratings on the rating monitor scheme. After
carefully studying the situation to determine whether Mitsubishi
Motors can quickly restore its earning power and secure
stability in both financial and fund areas under its alliance
with Daimler-Chrysler Corp., R&I will assign a new rating.

R&I RATINGS:


RESONA BANK: Moody's Reviews Rating For Possible Upgrade
--------------------------------------------------------
Moody's Investors Service placed the ratings, including the E
bank financial strength rating, of Resona Bank, Ltd. (RSBK), and
Saitama Resona Bank (SRBK) on review for possible upgrade.
However, the Caa1 preferred stock rating of AB International
Cayman Trust and the ratings of Resona Trust & Banking Co., Ltd.
(RSTB: A3/Prime-1 deposit ratings) are not affected by the
review, and will maintain their stable outlooks.

The rating action reflects Moody's increased confidence in
Japan's regulatory support mechanism of Japanese banks. This was
evident in large injection of government capital to Resona Bank,
and the effectively authorized use of injected capital to
accelerate balance sheet problems of not only Resona Bank but
also those of its sibling regional banks. The regulatory support
was also made in the form of the flexibility granted in the
continued servicing of the interest of junior subordinated debts
of Resona Bank, and accordingly, many different classes of
creditors were consequently supported.

As a result of this re-capitalization, Resona Holdings is now
almost 80 percent effectively owned by the government, and was
able to substantially accelerate its balance sheet risk
reduction. Furthermore, the rating review is also prompted by
recent Resona Holding's official announcement of its revised
rationalization plan.

The review will focus on whether Resona Banks could better
position itself to cope with the continued challenging operating
environment. Particular focus will be placed on whether the new
capitalization and revised rationalization plan of Resona
Holdings will be sufficient to meet the future business risks of
both Resona and Saitama Resona banks. Also, the review will
explore the proper level of deposit rating for very large, and
effectively nationalized, retail oriented banking institution,
and appropriate notchings for the different classes of rated
debt of such institution.

The reason for the exclusion of preferred stock rating from the
review reflects continued suspension of dividends for its
preferred stock obligations.

The following ratings were placed on review for possible
upgrade:

Resona Bank Ltd.: E bank financial strength rating, Baa3 long-
term deposit rating; Prime-3 short-term deposit rating; Ba1
senior unsecured debt rating, Ba2 senior subordinated debt
rating, B1 junior subordinated debt rating,

Saitama Resona Bank Ltd.: E bank financial strength rating, Baa3
long-term deposit rating, and Prime-3 short-term deposit rating.

Asahi Finance (Cayman) Ltd.: Ba2 senior subordinated debt
rating, B1 junior subordinated debt rating

Daiwa International Finance (Cayman): Ba2 senior subordinated
debt rating.

Daiwa PB Limited: B1 junior subordinated debt rating

The following ratings were not affected by the review:

AB International Cayman Trust: Caa1 preferred stock rating

Resona Trust & Banking Co., Ltd.: C bank financial strength
rating, A3 and Prime-1 long and short-term deposit ratings


RESONA HOLDINGS: Expects Y1.71Tr Net Loss
-----------------------------------------
Bailed-out banking group Resona Holdings Inc. expects a group
net loss of 1.71 trillion yen for the year to March 31,
reversing its June estimate of a 63.5 billion yen profit,
reports the Japan Times. Resona will need a year to try out new
business models to get itself on a track to profitability,
Resona Chairman Eiji Hosoya said.

Resona aims to return to profit in fiscal 2004 and has targeted
a group net profit of 160 billion yen. It will divide its branch
network into 50 blocks, giving one manager complete
responsibility and decision-making power over an entire block.


RESONA HOLDINGS: Eyes Profitability in 2004
-------------------------------------------
Struggling Resona Holdings Inc. expects to post 160 billion yen
profit in the fiscal year 2004 to March 2005 by implementing a
new two-year business improvement plan, according to Kyodo News.

Under the new management plan, the major banking group will cut
2,700 jobs during the current fiscal year in a bid to bring its
workforce to 15,279 at the end of fiscal 2004, down from 19,307
at the end of fiscal 2002 and two years ahead of the target date
under the previous management plan.


RESONA HOLDINGS: Formulates New Business Plan
---------------------------------------------
Resona Holdings Inc. (Resona HD, President: Kenji Kawada) on
Friday submitted the Business Revitalization Plan of which the
outline is explained in the following.

The new business plan is manifestation of commitments by the new
management, covering the period of Resona's Intense
Revitalization. Resona Group will realize its management goals
of attaining "transformation for sustainable profits" and
"speedy and transparent management" by steadily implementing the
new management plan. In addition to the basic management goals
above, Resona Group will endeavor to transform itself from a
conventional banking institution to a true financial services
Company.

For a copy of the outline of the New Plan, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/031114_1a.pdf


RESONA HOLDINGS: Holds Alliance Talks With Credit Saison
--------------------------------------------------------
Resona Holdings, Inc. (resona) on Friday announced that it will
grant Preferred Negotiation Rights to Credit Saison Co., Ltd.
(Credit Saison), and that the two will commence negotiations on
a strategic capital alliance with the aim of strengthening
Resona's credit card business.

1. Preferred Negotiation Rights

Resona is undertaking a wide-raning review of its subsidiaries
and affiliates to determine the best use of resources. In this
context, Resona regards credit cards as being core to its retail
strategy. Resona will therefore seek to father strengthen this
business, by working together with the expertise of an external
partner to offer convenient and customer-focused card products
to a wider customer base.

Resona has reviewed potential partners with its Financial
Advisor (Dresdner Kleinwort Wasserstein) and has on Friday
decided to grant Preferred Negotiation Rights to Credit Saison,
a leading credit card player with excellent marketing and
product development capabilities.

For more information, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/031114_3a.pdf


* Moody's Reviews Six Banks for Possible Upgrade
------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the credit ratings of six regional Japanese banks -
Ashikaga Bank, Hokuriku Bank, Hokkaido Bank, Kiyo Bank, Fukuoka
City Bank and Nishi-Nippon Bank. The credit ratings of overseas
subsidiary guaranteed by these entities have also been placed on
review for possible upgrade. Their bank financial strength
ratings are excluded from the review process.

The review is based on Moody's renewed view that adequate
regulatory support mechanisms will be available for these banks
on an ongoing basis. Since the downgrade of the six's deposit
ratings to Ba1 in early 2002, Moody's has noted the following
regulatory developments: 1) regulators are holding back from the
introduction of market discipline involving a pay-off system for
bank deposits, 2) regulatory forbearance is available for
regional banks as a whole in terms of asset quality assessments,
given the ongoing importance of small- and medium-sized
companies in Japan, and 3) the government's strong willingness
to provide capital support, as evidenced in the case of Resona.

In the review process, Moody's will examine the implications of
the aforementioned developments for these banks, which exhibit
relatively small operational scales compared to the major banks.

The following banks and ratings were placed on review for
possible upgrade:

Ashikaga Bank, Limited - Long- and short-term deposit ratings of
Ba1/Not Prime, long-term issuer rating of Ba2.

Ashikaga Bank, Limited, headquartered in Utsunomiya, is the
largest regional bank in Tochigi Prefecture. Its consolidated
total asset size was around JPY5.3 trillion as of March 31,
2003.

Fukuoka City Bank, Limited -- Long- and short-term deposit
ratings of Ba1/Not Prime.

Fukuoka City Bank, Limited, headquartered in Fukuoka, is the
third largest regional bank in Fukuoka Prefecture. Its
consolidated total asset size was around JPY3.0 trillion as of
March 31, 2003.

Hokkaido Bank, Limited -- Long- and short-term deposit ratings
of Ba1/Not Prime.

Hokkaido Bank, Limited, headquartered in Sapporo, is the second
largest regional bank in Hokkaido Prefecture. Its consolidated
total asset size was around JPY3.4 trillion as of March 31,
2003.

Hokuriku Bank, Limited -- Long- and short-term deposit ratings
of Ba1/Not Prime.

Hokuriku International Cayman Limited -- Senior and junior
subordinated debt ratings of B1/B3.

Hokuriku Bank, Limited, headquartered in Toyama, is the largest
regional bank in Toyama Prefecture. Its consolidated total asset
size was around JPY5.6 trillion as of March 31, 2003.

Kiyo Bank, Limited - Long- and short-term deposit ratings of
Ba1/Not Prime.

Kiyo Bank, Limited, headquartered in Wakayama, is the largest
regional bank in Wakayama Prefecture. Its consolidated total
asset size was around JPY2.8 trillion as of March 31, 2003.

Nishi-Nippon Bank, Limited - Long- and short-term deposit
ratings of Ba1/Not Prime, senior unsecured debt rating of Ba2,
senior subordinated debt rating of B1.

Nishi-Nippon Bank, Limited, headquartered in Fukuoka, is the
second largest regional bank in Fukuoka Prefecture. Its
consolidated total asset size was around JPY4.0 trillion as of
March 31, 2003.


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


HANARO TELECOM: Posts First Profit Since 1988 Launch
----------------------------------------------------
Hanaro Telecom, Inc., one of Korea's largest broadband Internet
access and local call service providers, announced the results
of its operations for the third quarter ended September 30,
2003. The results are un-audited, unconsolidated, and prepared
in accordance with generally accepted accounting principles in
Korea.

Hanaro's Vice-President, Mr. Young Wan Cho, commented, "This has
been a very noteworthy quarter within Hanaro's history. We are
thrilled to provide our shareholders with a net income result,
having steadily moved towards this goal through a resolute
approach of balancing creative revenue generating activities
while remaining focused on costs-control measures. In addition
to reaching operational profitability within a challenging
market environment, we have also overcome our immediate cash
requirement issues by securing significant foreign investment.
The record results achieved this quarter, together with the
recent strategic and restructuring initiatives, give Hanaro's
management further confidence in the company's compelling
offering and ability to provide shareholder value."

OPERATIONAL REVIEW

RECORD RESULTS

Hanaro outperformed this quarter by recording its first net
income result of KRW 5.7 billion and operating profit of KRW
42.2 billion. EBITDA jumped to a record high of KRW 151.3
billion with an EBITDA margin of 42.9%. Such outstanding records
are largely due to overall cost reduction of 4.9% quarter-on-
quarter, mainly resulting from a substantial drop in marketing
costs.

3Q03 HIGHLIGHTS

    --  Net income was recorded for the first time of KRW 5.7
billion (US$ 5.0 million).

    --  EBITDA increased 23.5% in 3Q03 to KRW 151.3 billion (US$
131.5 million) from KRW 122.5 billion in 2Q03, recording a
significant EBITDA margin of 42.9%.

    --  Revenues increased 2.4% to KRW 352.6 billion (US$ 306.6
million) in 3Q03 from KRW 344.4 billion in 2Q03.

    --  Operating costs decreased by 4.9% to KRW 310.4 billion
(US$ 269.9 million) in 3Q03 from KRW 326.4 billion in 2Q03.


HYUNDAI GROUP: KCC Takes Over Management
----------------------------------------
Kumgang Korea Chemical (KCC), a leading producer of construction
materials, has taken over the management of the Hyundai Group by
acquiring a controlling stake in Hyundai Elevator Co., the
group's de facto holding Company, according to Asia Pulse.

The report said that its founder and honorary Chairman Chung
Sang-yung was solely responsible for Shinhan-BNP investment
fund's recent purchase of a 12.82 percent stake in Hyundai
Elevator.

Hyundai Elevator is the largest shareholder in Hyundai Merchant
Marine, with a 15.16 percent stake in the firm. Hyundai Merchant
and Hyundai Elevator are the two main pillars of the Hyundai
Group, which was formerly the nation's largest conglomerate in
assets, but has been reduced to No. 15 in the wake of Hyundai
founder Chung Ju-yung's death in 2001 and the subsequent spin-
off of profitable units, such as Hyundai Motor and Hyundai Heavy
Industries.


HYUNDAI MOTOR: S&P Assigns Proposed Sr Notes 'BB+' Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned Monday its 'BB+'
rating to the proposed senior notes due 2010 to be issued by
Hyundai Motor Manufacturing Alabama, LLC. The notes are
unconditionally and irrevocably guaranteed by Hyundai Motor Co.
(BB+/Positive/--).

"The rating on Hyundai is supported by the company's dominant
position in Korea's automobile market and its ability to
withstand the current downturn in the U.S. and European auto
markets," said Standard & Poor's credit analyst Eun Jin Kim.

"The rating is constrained by Hyundai's limited market presence
in the global auto industry, the increasing competitive pressure
it faces in the U.S., and the possibility that the company will
need to provide further support to its credit-card  
subsidiaries," Ms. Kim added.

The rating also reflects potential benefits from Hyundai's
alliance with DaimlerChrysler AG (BBB/Negative/A-2).

The positive outlook on the issuer rating on Hyundai reflects
the likelihood of improvement in the credit quality of the
company over the next few years, if it is able to continue
profitably expanding its presence in overseas auto markets,
which would reduce its dependence on the Korean automobile
market. Achieving this goal is likely to hinge on Hyundai's
ability to further improve its product quality and brand image.

Standard & Poor's expects Hyundai's consolidated operating
margin to remain at about 6%-7% in the medium term. Cash flow is
expected to remain satisfactory, with funds from operations to
total debt (adjusted for captive finance debt) between 55%-65%.
The group's cash flows should also exceed its relatively high
capital investment requirements, including spending on the
construction of an assembly plant in the U.S.


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


AUTOINDUSTRIES VENTURES: Comments on Unusual Market Activity
------------------------------------------------------------
Autoindustries Ventures Berhad, in reply to the KLSE's Query
Letter reference ID: ME-031113-64030 dated 13 November 2003, is
unaware of the reason(s) that may have caused the sharp increase
in the price and volume in the trading of its shares.

However it is the Company's policy to constantly look for other
business ventures. On the 12 November 2003, the Company made a
formal application to the Government of Malaysia to participate
in the second national oil consortium.

Query Letter content:

We draw your attention to the sharp increase in price and high
volume in your Company's shares today. In accordance with
paragraph 9.11 of the Exchange's Corporate Disclosure Policy
on Response To Unusual Market Activity, you are requested to
furnish the Exchange with an announcement for public release
after a due enquiry seeking the cause of the unusual market
activity in the Company's securities. When considering your
response and when making the required announcement, your
attention is particularly drawn to the continuing disclosure
requirements set out in Chapter 9 of the KLSE's Listing
Requirements.

The announcement is to reach the Exchange within one (1) market
day via KLSE Listing Information Network (KLSE Link).

Yours faithfully,
CH'NG BOON HUAT
Development and Sector Head
Listing Compliance
CBH/Ami


CSM CORPORATION: Time Extension Approval Lapses
-----------------------------------------------
This announcement refers to paragraph 5.1(c) of the Practice
Note No. 4/2001 of the KLSE Listing Requirements whereby CSM
Corporation Berhad, an affected issuer is required to obtain all
relevant approvals necessary for the implementation of its plan
to regularize its financial conditions within 4 months from the
date of submission of such plan for approval.

The Board of Directors of CSM hereby announces that CSM has
applied to the KLSE for an extension of time to obtain such
approvals as the 4 months period has lapsed. CSM shall announce
accordingly once the extension of time is granted by the KLSE.


GULA PERAK: Conversion Listing Granted
--------------------------------------
Kindly be advised that Gula Perak Berhad's additional 30,000 new
ordinary shares of RM1.00 each issued pursuant to the Conversion
Of Rm36,000 Irredeemable Convertible Secured Loan Stocks Into
30,000 New Ordinary Shares will be granted listing and quotation
with effect from 9:00 a.m., Tuesday, 18 November 2003.

COMPANY PROFILE

Hotelier, Gula Perak, was originally an integrated sugar group.
It commenced operations in 1971 but incurred losses leading to
receivership and suspension of the trading of its shares in
1975. The receivership was lifted in 1981 and the Company
commenced operations but was again put under receivership in
1986. As part of a reconstruction scheme in 1987, approval was
obtained to convert land use of the Company's estates from sugar
to oil palm cultivation. In 1988, the 1987 scheme of financial
reconstruction was approved and launched. As a result, the
Company's receivers were discharged in February 1989 and the
share suspension was lifted. The Company subsequently commenced
contracting work and disposed of two of its estates.

In 1994, the Company diversified into property development
through the acquisition of several parcels of freehold
industrial and residential land in Selangor and Wilayah
Persekutuan.

Two years later, the Company diversified into the hotel business
via its acquisition of Dynawell Corporation (M) Sdn Bhd, the
owner of a condominium project, commercial space and the Dynasty
Hotel in Kuala Lumpur. In March 1998, the Company acquired a 70%
interest in KSB Requirement & Rest Sdn Bhd, which owns the
Empress Hotel Sepang.

The Company has, in 2000, proposed to undertake a proposed debt-
restructuring scheme with lenders to settle its RM150m 1995/2000
redeemable guaranteed bonds, RM25m Revolving Credit Facility and
RM21m Syndicated Term Loan.

CONTACT INFORMATION: Level 7, Dynasty Hotel
        Kuala Lumpur
        218, Jln Ipoh,
        51200 Kuala Lumpur
        Tel : 03-4044 2828;
        Fax : 03-4044 6688


IDRIS HYDRAULIC: ICULS, Rights Share Issue Oversubscribed
---------------------------------------------------------
- Renounceable Rights Issue o 42,027,729 New Ordinary Shares o
Rm1.00 Each i Idaman Unggul Berhad (formerly known as Idaman
Unggul Sdn Bhd) (Idaman Unggul)(Idaman Unggul Shares) (Rights
Shares) at an Issue Price of Rm1.00 Per Rights Share, Payable in
Full Upon Acceptance, on the Basis of Three (3) New Rights
Shares for Everyone (1) Existing Idaman Unggul Share, other than
the Subscription Shares and Yield Shares Held After the Share
Exchange (Rights Share Issue); and

- Renounceable Rights Issue of Rm21,044,928 of Rm0.10 Nominal
Value Zero Coupon Irredeemable Convertible Unsecured Loan
Stocks-B 2003/2008 (ICULS-B) at 100% of its Nominal Value
(Rights Issue of ICULS-B), Payable In Full Upon Acceptance, on
The Basis Of Rm0.10 Nominal Value of ICULS-B for:

   (i)   Every One (1) Subscription Share Held; and
   (ii)  Every One (1) Yield Share Held; and
   (iii) Every One (1) Rights Share Successfully Subscribed and
         Allotted Under the Rights Share Issue

On behalf of Idaman Unggul, Idris Hydraulic (Malaysia) Bhd
wishes to announce that at the close of acceptance and payment
for the Rights Share Issue and Rights Issue of ICULS-B at 5:00
p.m. on 10 November 2003, total acceptances and excess
applications received for the Rights Share Issue and Rights
Issue of ICULS-B were 82,821,757 Rights Shares and 280,283,091
ICULS-B respectively. This represents an over-subscription of
40,794,028 Rights Shares and 69,833,812 ICULS-B or 97.06% and
33.18% above the total number of 42,027,729 Rights Shares and
210,449,279 ICULS-B respectively available for subscription
under the Rights Share Issue and Rights Issue of ICULS-B.

Details of acceptances and excess applications received as at
the close of acceptance and payment for the Rights Share Issue
and Rights Issue of ICULS-B at 5:00 p.m. on 10 November 2003 are
set out in Table 1 at http://bankrupt.com/misc/Idris1118.pdf.


METACORP BERHAD: Clarifies Sun Article  
--------------------------------------
Metacorp Berhad, in Reply to Query Letter by KLSE reference ID:
ZO-031113-36707 on the article entitled, "Metacorp Shareholders
Due For A Windfall" appearing in the Sun, page 23, on Thursday,
13 November 2003, clarified that the Company is considering
various options to reward shareholders including the possibility
of proposals for bonus issue and special dividend. However, the
Board of Directors of the Company has yet to deliberate and
decide on the proposals.

Accordingly, the Company will notify the Exchange should there
be any material development in accordance with the disclosure
requirement.

KLSE' Query Letter content:

We refer to the above news article appearing in The Sun, page
23, on Thursday, 13 November 2003, a copy of which is enclosed
for your reference.

In particular, we would like to draw your attention to the
underlined sentences, which are reproduced as follows:

"... possibility of a generous payout in the form of a bonus
issue and a special dividend."

"The bonus issue could be in the ratio of up to two-for-one ..."
In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully,
KOAY LEAN LEE
Senior Manager, Issues & Listing
KLL/ZOOS
c.c. Securities Commission (via fax)


PAN PACIFIC: Provides Default in Payment Status Update
------------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad announced the
Default in Payment as at 31 October 2003 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001.
Click http://bankrupt.com/misc/PPAB1118.xlsfor details.

The Company also informed that there are no material changes in
PPAB's status of default from the date of the last announcement
until 31 October 2003.


PLANTATION & DEVELOPMENT: Securities Removed From Official List
---------------------------------------------------------------
Plantation & Development (Malaysia) Berhad refers to the
Proposals, which involve:

   (i) Reduction of the existing issued and paid-up share
capital of P&D from RM159,828,000 comprising 159,828,000
ordinary shares of RM1.00 each to RM7,991,400 comprising
159,828,000 ordinary shares of RM0.05 each, by canceling RM0.95
of the par value of every existing share and subsequent
consolidation of every 20 ordinary shares of RM0.05 each into
one (1) ordinary share of RM1.00 each resulting in 7,991,400
ordinary shares of RM1.00 each;

   (ii) Incorporation of FOUTAIN;

   (iii) Exchange of P&D shares with FOUTAIN shares, between the
existing shareholders of P&D and FOUTAIN, on the basis of one
(1) consolidated share in P&D for one (1) new FOUTAIN ordinary
share of RM1.00 each (Share);

   (iv) Restructuring of debts of P&D and Redztikah Sdn Bhd, a
wholly-owned subsidiary of P&D, due to certain financial
institution creditors, Pengurusan Danaharta Nasional Berhad,
Danaharta Managers Sdn Bhd, Danaharta Urus Sdn Bhd, and non-
financial creditors in relation to corporate guarantees provided
to creditors of the P&D group satisfied by issuance of
RM92,777,477 and RM17,425,000 nominal value of Redeemable
Convertible Secured Loan Stock and Irredeemable Convertible
Unsecured Loan Stock (ICULS) respectively;

   (v) Acquisition of the entire issued and paid-up share
capital of Everange Sdn Bhd (Everange) comprising 35,800,002
shares for a total purchase consideration of RM161,696,000 to be
satisfied via the issuance of 150,000,000 new FOUTAIN Shares and
RM11,696,000 nominal value of the ICULS;

   (vi) Settlement of debts to certain creditors of Mujur Zaman
Sdn Bhd, a subsidiary of Everange amounting to RM244,000,000
satisfied by issuance of 104,000,000 new FOUTAIN Shares and
RM140,000,000 nominal value of ICULS;

   (vii) Exemption to certain vendors of Everange and persons
deemed acting in concert with them, from the obligation to
undertake a mandatory offer pursuant to Malaysian Code on Take-
Overs and Mergers 1998 for the remaining shares not held in
FOUTAIN, after the acquisition of Everange and/or the settlement
of debts to creditors of the Everange Group;

   (viii) Offer for sale and/or placement of 60,000,000 FOUTAIN
Shares and RM100,000 nominal value of the FOUTAIN ICULS;

Kindly be advised that:

Following the completion of the Proposals, P&D, a PN4 Condition
company, will be removed from the Official List of KLSE and
FOUTAIN will be admitted in place of P&D with effect from 9.00
a.m., Tuesday, 18 November 2003.

In this connection, FOUTAIN's entire issued and paid-up share
capital of RM261,991,402 comprising 261,991,402 Shares and
RM169,121,000 nominal value of ICULS arising from the aforesaid
Proposals, will be admitted to the Official List of the Exchange
and the listing and quotation of FOUTAIN's Shares and ICULS on
the Main Board under the "Property" and "Loans" sectors
respectively, on a "Ready" basis pursuant to the Rules of the
Exchange, will be granted with effect from 9.00 a.m., Tuesday,
18 November 2003.

The Stock Short Name, Stock Numbers and ISIN Codes of FOUTAIN's
Shares and ICULS are as follows:

Securities Stock Short Name Stock Number ISIN Code
Shares FOUTAIN 6335 MYL6335OO003
ICULS FOUTAIN-LA 6335LA MYL6335LAGB1

The reference prices for both FOUTAIN's Shares and ICULS are
RM1.00 and the trading limit will be 500%.

The FOUTAIN ICULS can be converted into new FOUTAIN Shares at
any time from the date of listing (i.e. 18 November 2003) up to
2 November 2006 at 5 p.m.. All outstanding ICULS shall be
converted into new Shares on the Maturity Date.

The Conversion Price of the ICULS is RM1.00 to be satisfied by
tendering RM1.00 nominal value of ICULS for each Share.

Kindly be advised that the FOUTAIN Shares and ICULS are
prescribed securities. Dealings in the aforesaid Shares and
ICULS should be carried out in accordance with Securities
Industry (Central Depositories) Act, 1991 and the Rules of
Malaysian Central Depository Sdn Bhd.

Kindly also be reminded that only "free securities" can be
utilized for settlement of trades involving the aforesaid Shares
and ICULS.


SASHIP HOLDINGS: SA Extends MOU Expiry Date to Nov 28
-----------------------------------------------------
Reference is made to the amended Requisite Announcement dated 5
November 2003 and Clause 5 of the Memorandum of Understanding
between SHB and Ramunia Energy & Marine Corporation Sdn Bhd
dated 31 October 2003 (MOU).

AmMerchant Bank Berhad, on behalf of the Special Administrators
of Saship Holdings Berhad (Special Administrators Appointed),
announced that the Special Administrators, at their absolute
discretion, has agreed to extend the expiry date of the MOU for
a further fourteen (14) days until 28 November 2003.


SOUTHERN PLASTIC: Incurs Quarterly Loss RM2.93M
------------------------------------------------
Southern Plastic Holdings Berhad disclosed its unaudited
quarterly report for the financial period ended 31/08/2003.
Below is an excerpt from the said report:

The Group incurred a loss before tax of RM2.93 million for the
period ended 31 August 2003. The overall performances had been
affected due to the working capital squeeze that is affecting
the Group. The Group's financial facilities have been
temporarily frozen due to its negotiations with the financial
institutions to restructure their loans. The sales revenue is
not sufficient to cover the fixed operating costs which included
among others the cost of borrowings and depreciation.

The Group's revenue of RM1.96 million for the period is low. The
plastic and the timber division continue to be making losses
principally due to high financial cost and reasons stated above.

Sale and demand for the plastic division's household appliances,
electrical components and packaging products are correlated with
the festive seasons. The timber operation is affected by the
weather condition in which supply will be low during the monsoon
months that generally decrease sales. Export sales of timber to
the European countries are generally low during the summer
season.

The demand for timber related products are expected to remain
constant due to cautious buying from the European market and the
general slow down of economic conditions in Europe and due to
the war in Middle East. The plastic industry is expected to
remain competitive.

For full copy of the Condensed Consolidated Income Statement
For the 1st Quarter Ended 31 August 2003, go to
http://bankrupt.com/misc/SPLAS1118.pdf.


TAP RESOURCES: KLSE Grants Conversion Listing Today
---------------------------------------------------
Kindly be advised that TAP Resources Berhad's additional 549,300
new ordinary shares of RM1.00 each issued pursuant to the
Conversion of RM549,300 Nominal Value of 2% 3 Year Irredeemable
Convertible Unsecured Loan Stocks 2003/2006 (ICULS) into 549,300
New Ordinary Shares (Conversion) will be granted listing and
quotation with effect from 9:00 a.m., today, 18 November 2003.

BACKGROUND

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 build turnkey contracts in order
to provide total services in building construction. On the
property development front, TAP is involved in housing
development projects in various parts of Malaysia.

In 2003, the Company has implemented a restructuring scheme
which included a rights issue, debt restructuring, issue of loan
stocks to financial institutions, trade and other creditors and
waiver of profit guarantee by way of compensation by the
guarantors to the entitled shareholders.



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


MAYNILAD WATER: Expects to Pay Debts After 9 Years
--------------------------------------------------
Cash-strapped Maynilad Water Services, Inc. will only be able to
fully pay its government debts after nine years and its other
maturing loans after 11 years, according to Business World.
As of October 31, Maynilad said it has 17.59 billion pesos in
liabilities against 16.94 billion pesos in assets.

The Company said if it could not meet all liabilities within the
given period, it should be given a grace period of up to five
years, extending the payment schedule to as long as 16 years. On
top of these, it sought the waiver of interests and penalties
during the grace period.

Among Maynilad's liabilities are $25.5-million loans from Credit
Agricole Indosuez Merchant Bank Asia Ltd.; a $100-million bridge
loan from a syndicate of foreign banks including Credit
Agricole, Citibank N.A., Barclays Bank PLC. and Paribas; and
PhP1.88 billion in short-term peso loans from Equitable PCI
Bank, Rizal Commercial Banking Corp., East West Bank and
Development Bank of the Philippines.


NATIONAL STEEL: May Start Rehab by Next Year
--------------------------------------------
The Department of Trade and Industry Secretary Mar Roxas
announced that the rehabilitation of the National Steel
Corporation (NSC) could possibly start by March 2004 if
negotiations with Global Infrastructure Holdings Ltd. (GIHL)
push through, DTI said in a statement.

According to Secretary Roxas, the bank group led by the
Philippine National Bank (PNB) is in serious discussions with
GIHL on the sale of NSC. The banks plans to provide a 90-day
period on which it will exclusively negotiate with GIHL and
discuss the terms of sale.

The negotiating team composed of bank creditors led by PNB have
asked GIHL to improve its terms of offer it originally submitted
foremost of which is the shortening of the terms of payment.

"Upon the signing of the Heads of Agreement within the 90 day
period, GIHL can swiftly assume the possession of the plant for
the commencement of the of pre-operating rehabilitation
activities, Secretary Roxas said.

"I am hopeful that GIHL and the banks can strike a deal within
that period so that we can put this vital industry into
operation and put back to work immediately at least 500
workers," Secretary Roxas said.

Moreover, closing this deal will also give a strong signal to
the business community that investments could still be made even
during the election campaign period, Roxas said

"Critics have been saying that with the election fever heating
up, investors will have a 'wait and see' attitude. But, a done
deal like this big ticket project will embolden investors to go
ahead with their investment plans in the first semester of
2004," Roxas said.


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


LEE PRIVATE: Petition to Wind Up Pending
----------------------------------------
The petition to wind up Lee Private Limited is set for hearing
before the High Court of the Republic of Singapore on November
28, 2003 at 10 o'clock in the morning. Bank of China, a
creditor, whose address is situated at Battery Road, Bank of
China Building, Singapore 049908, filed the petition with the
court on November 5, 2003.

The petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref:
RCH/PYF/lsc/104854/5061). Any person who intends to appear on
the hearing of the petition must serve on or send by post to
Messrs RAJAH & TANN a notice in writing not later than twelve
o'clock noon of the 27th day of November 2003 (the day before
the day appointed for the hearing of the Petition).


NEPTUNE ORIENT: Issues 236 Million New Ordinary Shares
------------------------------------------------------
Further to the announcement of 10 November 2003 in relation to
the placement agreement (the Placement Agreement) entered into
between Neptune Orient Lines Limited and Credit Suisse First
Boston (Singapore) Limited (the Placement Agent), the Company
wishes to announce that it has allotted and issued an aggregate
of 236 million new ordinary shares of $1.00 par value each in
the capital of the Company (the Placement Shares) pursuant to
the Placement Agreement. The listing and quotation of the
Placement Shares on the Singapore Exchange Securities Trading
Limited (the SGX-ST) will commence on 17 November 2003.

In this announcement, "Loaned Securities" means the 236 million
ordinary shares in the capital of the Company lent by Temasek
Holdings (Private) Limited (Temasek) to the Placement Agent
pursuant to a share borrowing agreement dated 10 November 2003
and "Reference Price" means a price equal to the last transacted
price of such Loaned Securities on the SGX-ST as derived from
Bloomberg or such other reputable pricing information service
reasonably chosen in good faith by Temasek.

In connection with the securities lending arrangement, Temasek
will receive a borrowing fee from the Placement Agent of
S$81,856.44. The borrowing fee is calculated on the basis of a
rate of two per cent. per annum (on a 365-day year basis) of the
daily Reference Price multiplied by the aggregate number of
outstanding Loaned Securities. The fee accrues daily in respect
of the period commencing on and inclusive of 14 November 2003
and terminating on and exclusive of the business day upon, which
all Equivalent Securities (being securities of an identical
type, nominal value, description and amount as the Loaned
Securities) are redelivered by the Placement Agent to Temasek.

Further to the Company's announcement dated 13 November 2003 on
the approval in-principle by the SGX-ST for the listing and
quotation of the Placement Shares on the SGX-ST, the Company
confirms that the conditions imposed by the SGX-ST for the
approval in-principle have been fulfilled.


POWER LAND: Winding Up Hearing Set November 28
----------------------------------------------
The petition to wind up Power Land Pte Ltd. is set for hearing
before the High Court of the Republic of Singapore on November
28, 2003 at 10 o'clock in the morning. Bank of China, a
creditor, whose address is situated at Battery Road, Bank of
China Building, Singapore 049908, filed the petition with the
court on November 5, 2003.

The petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref:
RCH/PYF/lsc/104854/5061). Any person who intends to appear on
the hearing of the petition must serve on or send by post to
Messrs RAJAH & TANN a notice in writing not later than twelve
o'clock noon of the 27th day of November 2003 (the day before
the day appointed for the hearing of the Petition).


SABROE SOUTH: Releases Debt Claim Notice to Creditors
-----------------------------------------------------
The creditors of Sabroe South East Asia Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up, are required on
or before the 16th day of December 2003 to send in their names
and addresses, with particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the said Company, and, if so
required by notice in writing by the said Liquidator, are
personally or by their solicitors, to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 14th day of November 2003.

RAMASAMY SUBRAMANIAM IYER
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


SOON LOONG: Creditors Must Submit Claims by December 15
-------------------------------------------------------
Notice is hereby given that the creditors of Soon Loong Pte Ltd
(In Voluntary Liquidation) which is being voluntarily wound up
are required on or before the 15th day of December, 2003 to send
in their names and addresses with particulars of their debts and
claims and the names and addresses of their solicitors (if any)
to the undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1
Coleman Street, #06-10 The Adelphi, Singapore 179803 and, if so
required by notice in writing from the said Liquidator, are by
their solicitors or personally to come and prove their debts and
claims at such time and place as shall be specified in such
notice or in default thereof, they will be excluded from the
benefit of any distribution made before such debts and claims
are proved.

WEE HUI PHENG
Liquidator.
Singapore, 13th November 2003.


SOUND ENGINEERS: Creditors Meeting Set November 21
--------------------------------------------------
Notice is hereby given that a meeting of the creditors of Sound
Engineers Pte Ltd. will be held at 141 Market Street, Level 13
Prince 5 International Factors Building, Singapore 048944, on
the 21st day of November 2003 at 11.30 a.m. for the following
purposes:

AGENDA

1. To receive a full statement of the Company's affairs together
with a List of Creditors and the estimated amount of their
claims.

2. To nominate Liquidator(s) or confirm members' nomination of
Liquidator(s).

3. To consider and if thought fit, appoint a Committee of
Inspection for the purpose of winding up the Company.

Dated this 10th day of November 2003.
By Order of the Board
GIAN CHIN HUI
Director.

Notes

Particulars of the claims of any creditors wishing to attend and
vote at this meeting shall be lodged at the office of Messrs Tay
Swee Sze & Associates, 30 Robinson Road, #04-01 Robinson Towers,
Singapore 048546 before 4 P.M. on the day before the meeting.

For the purpose of voting at the meeting, secured creditors
(unless they surrender their security) must lodge at the above
office before the meeting the particulars of their security, the
date it was received and its value.

A creditor may appoint a proxy to attend and vote instead of him
and that proxy needs not himself be a creditor. Forms of General
and Special Proxy are enclosed which, if intended to be used,
must be duly completed and lodged at the above office before 4
P.M. on the day before the meeting.


T4 CONSTRUCTION: Issues Winding Up Order Notice
-----------------------------------------------
T4 Construction Pte Ltd. issued a winding up order made on the
7th day of November 2003.

Name and Address of Liquidator: Mr Don Ho Mun-Tuke
c/o Don Ho & Associates
Certified Public Accountant
20 Cecil Street
Equity Plaza #12-02/03
Singapore 049705.

RAYMOND LAM & LIM PARTNERSHIP
Solicitors for the Petitioner.
39A Duxton Road
Singapore 089503.
[Ref: RL/234/03/00/dc]


THAKRAL CORPORATION: Launches New Subsidiary
--------------------------------------------
The Board of Directors of Thakral Corporation Ltd announced that
its wholly-owned subsidiary, Thakral Corporation (HK) Limited,
has established a new wholly-owned subsidiary, Suns Greater
China Limited.

Details of the subsidiary are as follows:
Name: Suns Greater China Limited  
   
Date of Incorporation: 12 November 2003
   
Place of Incorporation: Hong Kong
   
Issued & Paid-up Capital: HK$ 2.00
   
Shareholder: (a) Thakral Corporation (HK) Limited; and
(b) Thakral Realty (HK) Limited (as nominee of Thakral
Corporation (HK) Limited)  
   
Principal Activity: Trading & distribution of electronic
products

The above investment is not expected to have a material impact
on the Company's earnings per share and the net tangible assets
for the financial year ending 31 March 2004.


UGOTACALL PTE: Issues Dividend Notice to Creditors
-------------------------------------
Ugotacall Pte Ltd. (In Creditors' Voluntary Liquidation) issued
a notice to creditors of its intention to declare dividend as
follows:

A first and final dividend will be declared in the above matter.
You are mentioned in the statement of affairs, but you have not
proved your debt. If you do not prove your debt by the 14th day
of November 2003, you will be excluded from this dividend.

Dated this 7th day of November 2003.
LAI SENG KWOON
Liquidator.
100 Cecil Street
#11-01 The Globe
Singapore 069532.


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


CENTRAL PAPER: Q303 Net Loss Swells to Bt157.63M
------------------------------------------------
Central Paper Industry Public Company Limited announced that the
difference in its loss in the third quarter of 2003 from the
same period last year is more than 20 percent. Below are reasons
for such difference:

   * The company had recorded the loss from making agreement to
a financial institution for guarantee liabilities of a trade
payable for default on debt repayment in additional accrued
interest expenses amount of Bt47.99 million.      

   * Fluctuation in selling price of world pulp and paper in
this quarter thus increasing net revenues by Bt 20.19 million or
13.62% compared to the same period of 2002.        

   * The cost of goods sales increased Bt44.53 million or
29.39%, which came from the paper production volume in the third
quarter in 2003 amounts 10,730.32 tons compared to the  amount
of 13,309.91 tons the same quarter in 2002. It caused the
product cost per unit increased, so the cost of sales per unit
and total cost of sales increased too.               

Moreover, the interest expense only decreased Bt0.10 million but
the selling and administrative expenses increased by Bt1.54
million.  Therefore, the company widens its net loss in the
third quarter of 2003 to Bt157.63 million compared to Bt90.99
million at the same quarter in 2002.


CENTRAL PAPER: Posts Report on Auditor's Opinion
------------------------------------------------
Central Paper Industry Public Company Limited would like to
inform that the reason why the auditor has not concluded the
reviewed result on the financial statement for the nine months
ended September 30,2003 is the uncertainty of the ability to
continue as a going concern. The significance factors affected
this ability are as follows:

   -   The company has incurred a loss for several year, which
has led to a capital deficiency, amounting to 1,663 million bath
in Q303. The main cause for the company's great loss was the
financial and economic crisis in Thailand and the slowdown in
the demand for P.C. Wire. Moreover, the financial and economic
situation affected to the recoverability of the receivables,
which causes the company to provide the allowance for doubtful
accounts, totaling 1,870.24 million bath, for the long-term
loans to related company (Bt1,688.19 million) and the trade
account receivables (Bt182.05 million).

   -   On May 29,2003, the company asked the court for the
business rehabilitation and on June 23,2003, the court has
issued an order for the company's business rehabilitation and
appointed Thai Wire Products Public Company Limited to be the
planner. Therefore, the ability to continue as going concern
depend on the success of the rehabilitation.

Although all loans to related company have been fully provided
for doubtful accounts, most of loans (62.88%) are granted for
the project of Thai Lao Lignite Co,. Ltd (TLL), the lignite
electricity generating power plant project in Lao. All the
electricity produced from this project will be sold to Thailand
through Electricity Generating Authority of Thailand (EGAT)
under the joint agreement between Lao (PDR) and Thai government.

Presently, TLL has under its various preparations to develop the
lignite mining and the environmental impact and the strategic
partner.

For strategic partners preparation, in August 2002 TLL has
signed a Memorandum of Understanding (MOU) with its strategic
partners and now the Shareholder Agreement and Assignment
Agreement are in the process to prepare. The partners are in the
electricity generating industry. Therefore, if the project can
be developed, the company will receive the settlement from such
loans.

Moreover, although the capital deficit, the company's revenues
in Q203 has been increased compared to the same period of
previous year. In additional, the demand for P.C. Wire has been
expected to improve. The company's management has a confidence
that the creditors will support the company's rehabilitation and
the company will be able to continue its business without going
concern question.   


M.D.X. PUBLIC: SET Suspends Securities Trading
----------------------------------------------
M.D.X. Public Company Limited (MDX)has submitted to the SET its
reviewed financial statements for the period ending 30 September
2003. As the company's auditor was unable to reach any
conclusion on the financial statements, it can be considered
that the numbers, which represent the company's financial status
and operating outcome as presented in its financial statements,
failed to adequately and/or properly reflect the actual position
of the Company. Due to these discrepancies, the Securities and
Exchange Commission (SEC) is considering requiring that the
Company amend its financial statements on the issues raised
by its auditor.

Therefore, the SET has posted an SP" (Suspension) sign to
suspend trading on the securities of MDX on 17 November 2003 to
enable shareholders and general investors to have sufficient
time to scrutinize an auditor's report on the review of its
financial statements.

However, the SET will post an "NP" (Notice Pending) sign
effective from the first trading session of 18 November
2003until the Company has the opportunity to submit its amended
financial statements or the SEC concludes that it will not be
necessary to amend its financial statements.

The SET has still suspended trading on the securities of MDX
in view of the fact that the Company must prepare a
rehabilitation plan.


PREECHA GROUP: Widens Q303 Operations Net Loss to Bt81.45M
----------------------------------------------------------
According to Preecha Group Public Company Limited's submitted
reviewed financial statement for the 3rd quarter 2003, the
company and its subsidiaries incurred operations net loss of
Bt81.45 million. In comparison, the company had a net loss from
the operation of Bt47.31 million at the end of the 3rd quarter   
2002.  

The net loss incurred last year was lower compared to this year
because in the year 2002 the company gained Bt52.52 million from
debt restructuring and the interest expenses has reduce in the
year 2002 to Bt18.75 million.


ROBINSON DEPARTMENT Generates Bt114.50M Q303 Net Profit
-------------------------------------------------------
Robinson Department Store Public Company Limited submitted the
Interim Financial Statements of the Company and its subsidiaries
for the 3-month period ended September 30, 2003 (with
comparative Balance Sheets as at December 31, 2002), which had
already been reviewed by the Company's auditor.

As shown in the Profit & Loss Statements, the Company and its
subsidiaries generated profit before interest and tax of
Bt114.50 million in the third quarter of 2003, or Bt25.57
million increased from a profit of Bt88.92 million in the same
quarter of 2002.  This was mainly resulted from:

1. The Company and its subsidiaries have started overall store
renovation since the third quarter of 2002 in order to
facilitate the Re-launching campaign of Robinson which planed to
be started in May 2003. As a result, a certain of sales were
reduced during that period. In third quarter of 2003 however,
the success of Re-launching campaign implemented in May 2003 in
connection with on-going marketing activities have driven the
sales increase of Bt157.70 million, or 8.93% increase from the
same period of last year.

2. Gross profit generated by the Company and Bt40.55 million
increased its subsidiaries for the third quarter of 2003, or
10.90% increase from the same period of 2002. This was resulted
from the sales increase.

3. Loss from investments recorded by the equity method of Bt1.39
million, compared to profit of Bt5.76 for the same period of 200

4. The increase in selling and administrative expenses of Bt
10.02 million in the third quarter 2003, or 1.91% increase
compared to the same period of 2002. This was mainly due to the
increase in marketing expenses incurred from continued marketing
activities since the Re-launching event in second quarter, the
increase in  personnel expenses to facilitate the development of
credit merchandises, and the increase in utility expenses as a
result of adjustment in selling area of each store. However,
such increase was setoff by the income from reversal of
provision for stock shrinkage since the actual shrinkage was
lesser than the amount of provision.

For the first 9-month period, the Company and its subsidiaries
generated profit before interest and tax of Bt435.91 million in
2003, compared to Bt368.85 million in the same period of 2002,
an increase of Bt67.06 million or 18.18%. This was mainly due to
an increase in gross profit of Bt50.43 million and the increase
in share of profits from investments recorded by the equity
method of Bt43.82 million, compared to the same period of 2002.
Apart from the increase in revenue, the administrative expenses
were also increased of Bt26.75 million, or 1.68% compared to the
same period of 2002.

For interest expense of 9-month period in 2003, it should be
noted that the Company and its subsidiaries incurred interest
expense of only Bt6.04 million which was paid to a certain local
financial institutions according to the restructuring agreements
of the Company's subsidiaries.  This was not the interest
payable to the Notes issued in accordance with the Company's
Business Reorganization Plan. The Company had already included
all accrued interest expense portion being fall due from the
issue date to the maturity date of new Notes over the par value
of the Notes, thus there would be no interest expense incurred
from the Notes shown in the Profit & Loss Statement until its
maturity date.  For the year 2003 to 2005, the interest rate of
7%, 8%, and 9% shall be applied to the Notes respectively.

In consideration of profit after interest, tax, and Minority
Interests (excluded debt restructuring gain in 2002 of
Bt15,103.44 million,) the Company and its subsidiaries recorded
a net profit of Bt391.76 million in the first 9-month of 2003,
compared to a net profit of Bt309.14 million in the same period
of 2002, an increase of Bt82.62 million or 26.73%.


SAHAMITR PRESSURE: Explains Actual, Projection Variance
-------------------------------------------------------      
Reference to Sahamitr Pressure Container Public Company
Limited's submitted Rehabilitation Plan in solving causes of
being de-listed from the SET and following to the regulations of
the SET regarding rules, conditions and procedures of listing
and de-listing (No. 7) notified on 15 January 1997, the Company
would like to submit the second quarter performance comparing to
the financial projection as follows:

          Projection           Actual          Difference from
                                               projection
               Baht       %       Baht       %            Baht

Net Sales  
      324,405,000  99.64  295,945,074  98.99      (28,459,926)
Other Revenue             
        1,165,128   0.36    3,024,615   1.01        1,859,487
Total Revenue           
      325,570,128 100.00  298,969,689 100.00      (26,600,439)
Cost of Sales           
      231,570,094  71.13  252,249,295  84.37       20,679,201
Selling and Admin. Exp.  
       67,079,351  20.60   49,273,631  16.48      (17,805,720)
Interest Expenses            
           65,625   0.02    2,128,676   0.71        2,063,051
Director Fee                 
           30,000   0.01       30,000   0.01           0
Income Tax
        5,534,822   1.70          0       0       (5,534,822)
Net Profit (Loss)
       21,290,236   6.54   (4,711,913)(1.57)     (26,002,149)

1. Net Sales

In Q3/2003, the Company's domestic sales was 62% higher than the
projection whereas export sale was 33% lower than the projection
resulting in the Company's total sales of Bt295.95 million which
was Bt28.46 million or 9% lower than projection, largely as a
result of the following:

   1.1 The Company's domestic sales in unit was 174,018 units or
107% higher than projection whereas export sales in unit was
65,926 or 17% lower than  the projection.

   1.2  Despite higher than projection of sales in units, the
average selling price was Bt144.11 per unit lower than
projection. This was primarily a result of lower than projection
in selling price of both domestic and export sales at Bt43.41
and Bt122.31 per unit respectively. The lower than projection of
average selling price are due largely to the smaller size of
product sales.

2. Cost of Sales

The actual cost of sales was Bt252.25 million, Bath 20.68
million or 9% higher than the projection at Bt231.57 million due
to the followings;

   2.1 The increasing number of units sold making actual cost of   
sales was Bt42.07 million higher than projection.

   2.2 The lower than projection of average selling price per
unit at Bt21.39 million or 9%, largely a result from smaller of
sale size than projection.

3. Selling and Administrative Expenses

The actual selling and administration expenses of Bt49.27
million was Bt17.81 million or 27% lower than projection. The
causes of different are following;

   3.1 Lower than projection of transportation cost at Bt16.78
million as most of export selling price did not include
transportation cost (FOB).

   3.2 Lower than projection of commission expense at Bt6.59
million due to the lower than projection of export sales.

   3.3 Personal and other expenses was Bt0.38 million higher
than the projection.

   3.4 Reserved for loan repayment at Bt5.18 million as a
guarantor of related company according to Debt Restructuring
Agreement dated 29 June 2001.

4. Interest Expense

Actual interest expenses at Bt2.13 million which was
Bath 2.06 million higher than the projection as a result of
interest incurred from loan for working capital.

5. Income Tax

The Company had no income tax expenses due to net losses from
operation.


SINO-THAI RESOURCES: Gains Q303 Bt184.74M Profit
------------------------------------------------
Sino-Thai Resources Development Public Company Limited, in
relation to the Reviewed Financial Statements for nine-month
periods ended September 30, 2003, incurred a net profit of
Bt184.74 million compared to the net loss of Bt15.58 million in
the nine-month periods of 2002. The Company's performance
increased by Bt 200.32 million or is equal to 1,285.75%.

The reasons for differences in its performance:

   * the Company had signed the Revised Debt Restructuring
Agreement with the Bank (a creditor) on March 27, 2003, which
was revised from the Debt Restructuring Agreement on November 4,
1999; and

   * the debt of Bt186 million and accrued interest of Bt53.8
million had been paid off.

With aforementioned factor, the Company's performance for the
nine-month periods of year 2003 was report profit from asset
transferring of Bt87.9 million and profit from debt
restructuring of Bt108.6 million and loss on diminution in value
of assets Bt8.2 million.

The Company registered its changing of registered capital to
Bt200 million and ordinary share to 20 million shares with
Ministry of Commerce on September 17, 2003.


TCJ ASIA: Clarifies Performance Difference
------------------------------------------
TCJ Asia Public Company Limited's Planner Ms. Rivilai
Chatjuthamard, in reference to the third quarter operations
results as at 30 September 2003, would like to explain the
performance difference from the same period of last year.        

TCJ and its subsidiaries had the net loss of Bt30.78 million
compared to the Bt51.97 million in the same period of the year
2002. The reasons for the 40.77% decreased in net loss are as
follows:

1. The group had the net loss before interest expenses of the
third quarter for the year 2003, which amounts to Bt2.48
million, while in the same period of the year 2002 the net loss
was Bt39.33 million or 93.69% less.        

2. The interests expenses in the third quarter of the year 2003
amounts to Bt28.30 million while in the same period of the year
2002 was Bt12.64 million or 123.94% more.

The reason was because, at present the company is under
rehabilitation and the interests were calculated at the default          
rate of 14 - 15%.


THAI PETROCHEMICAL: Margin Trading Prohibition Extended
-------------------------------------------------------
As the Stock Exchange of Thailand (SET) have prohibited from
providing margin loans for the Thai Petrochemical Industry
Public Company Limited (TPI) securities from Nov 3 to Nov 14,
2003 due to its extraordinary changes in both price and volume
and the magnitude of these changes might negatively impact the
overall market

However, such extraordinary changes have still occurred in the
"TPI" security trading. To prevent such negative repercussions,
member firms of the SET are hereby prohibited from providing
margin loans for the TPI securities for the further 10  trading
days, from the date of Nov 17 to Nov 28 , 2003.


* SET Posts SP, NP Signs Against Listed Companies
-------------------------------------------------
The following listed companies have submitted to the SET their
reviewed financial statements for the period ending 30 September
2003. As the companies' auditors were unable to reach any
conclusion on the financial statements, it can be considered
that the numbers, which represent the companies' financial
status and operating outcome as presented in their financial
statements, failed to adequately and/or properly reflect the
actual position of the Companies. Due to these discrepancies,
the Securities and Exchange Commission (SEC) is considering
requiring that the Companies amend their financial statements on
the issues raised by their auditor.

    1. Central Paper Industry Public Company Limited (CPICO)
    2. Thai Wire Products Public Company Limited ((TWP)

Therefore, the SET has posted an "SP" (Suspension) sign to
suspend trading on the securities of the above companies on 14
September 2003 to enable shareholders and general investors to
have sufficient time to scrutinize an auditors' report on the
review of their financial statements.

However, the SET will post an "NP" (Notice Pending) sign
effective from the first trading session of 17 November 2003
until the Companies have the opportunity to submit their amended
financial statements or the SEC concludes that they will not be
necessary to amend their financial statements.

The SET has still suspended trading on the securities of above
companies in view of the fact that the Companies must prepare a
rehabilitation plan.


* BOND PRICING: For the week of November 17 - 21, 2003
------------------------------------------------------

Issuer                                Coupon   Maturity  Price
------                                ------   --------  -----

AUSTRALIA
---------

Advantage Group Ltd                   10.000%     4/15/06     1
Amcor Ltd                              6.500%    10/29/49    12
Amcom Telecommunications Ltd          10.000%    10/28/07     1
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    62
Austrim National Radiators Ltd         9.500%    10/31/04    47
Bendigo Bank Ltd                       8.000%     5/29/49     8
BIL Finance Ltd                        8.000%    10/15/07    10
BIL Finance Ltd                        8.250%    10/15/04    10
BIL Finance Ltd                        8.750%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/05    10
BIL Finance Ltd                        9.000%    10/15/04    10
BIL Finance Ltd                        9.250%    10/15/06     9
BIL Finance Ltd                        10.000%   10/15/04    10
Capital Properties NZ Ltd              8.500%     4/15/05     7
Capital Properties NZ Ltd              8.500%     4/15/07     9
Capital Properties NZ Ltd              8.500%     4/15/09     8
Consolidated Minerals Ltd              11.250%    3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.300%    10/31/06     9
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Fletcher Building Ltd                 10.800%    11/30/03     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                           12.000%    12/31/03    1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     8
Hy-Fi Securities Ltd                   8.750%     8/15/08     9
Hutchison Telecoms Australia           5.500%     7/12/07     1
JB Were Capital Markets Ltd            8.750%    12/31/03    29
Macquarie Bank Ltd                     1.800%     8/15/15    65
New South Wales Treasury Corporation   0.500%     2/16/10    71
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    10
Port Douglas Reef Resorts Limited      9.000%      4/1/04     1
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     8
Queensland Treasury Corporation        0.500%     5/19/10    70
Richmond Ltd                          10.750%    12/15/04     9
Salomon Smith Barney Australia         4.250%      2/1/09     9
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Tower Finance Ltd                      8.750%    10/15/07     9
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     9

CHINA & HONG KONG
-----------------

Teco Electric & Machinery Co Ltd       2.750%      4/15/04   74

KOREA
-----

Korea Electric Power Corporation       7.950       4/1/96    63
Kolon Industries Inc                   0.250%     12/31/04   52

MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    1
Equine Capital Bhd                     3.000%      8/26/08    1
Furqan Business Organisation Bhd       2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    4
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
Media Prima Bhd                        2.000%      7/18/08    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pantai Holdings Bhd                    5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
VTI Vintage Bhd                        4.000%      8/22/06    2
Wah Seong Corporation Bhd              3.000%      5/21/12    3

PHILIPPINES
-----------

Bacnotan Consolidated Industries, Inc.  5.500%    6/21/04    42

SINGAPORE
---------

CSC Holdings Ltd                        6.500%     4/27/05    1
Tampines Assets Ltd                      5.625%    12/7/06    1
Tincel Ltd                               5.000%    6/13/11    1
Tincel Ltd                               7.400%    6/13/11    1
Rabobank Singapore                       1.000%    1/15/13   69
Sengkang Mall Ltd                        4.880%   11/20/04    1

THAILAND
--------

Asia Credit PCL                          3.750%   11/17/03   54
Bangkok Bank PCL                         4.589%     3/3/04   64
Bangkok Land PCL                         3.125%    3/31/01   15
Bangkok Land PCL                         4.500%    3/31/01   13
Bank of Asia PCL                         3.750%     2/9/04   63
Kiatnakin Finance and Securities PCL     4.000%   11/30/03   58
MDX Public Co., Ltd.                     4.750%    9/17/03    8
Property Perfect PCL                     3.250%    3/25/49    8
Siam Commercial Bank PCL                 3.250%    1/24/04   64
Tanayong PCL                             3.500%    3/01/04    7

Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a variety
of outside sources during the prior week we think are reliable.
Those sources may not, however, be complete or accurate.  The
Tuesday Bond Pricing table is compiled on the Saturday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR editor holds some
position in the issuers' public debt and equity securities about
which we report.


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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina
Pernites-Lao, Editors.

Copyright 2003.  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 ***