/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040319.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, March 19, 2004, Vol. 7, No. 56 Headlines A U S T R A L I A ARISTOCRAT LEISURE: Releases Dividend Reinvestment Pricing ARISTOCRAT LIMITED: Ex-chairman Breaks Vow, Seeks Reelection CARTER HOLT: Releases Annual Report CARTER HOLT: Enters Deal With Hokushin and Kanematsu HRIMATOTHOTIS PROPERTY: Appoints John Hart as Liquidator NATIONAL AUSTRALIA: Fitch Assigns Long-Term AA Rating NATIONAL AUSTRALIA: One More Exec Quits NATIONAL AUSTRALIA: Taps Peacock for Senior Management Team PARMALAT AUSTRALIA: Gives Pauls Key Role in "New" Parmalat C H I N A & H O N G K O N G DIGITEL GROUP: Fails to Submit 2002 Financial Results FORWAY INTERNATIONAL: Faces Winding Up Petition GREAT SHANGHAI: Schedules Winding Up Hearing GREAT WEB: Winding up Hearing Set April 14 MANY TARGET: Winding up Hearing Set April 14 NEWSHINE LIMITED: To Chi Ho Initiates Winding up Petition SPEED UNITED: Winding up Hearing Set April 14 STARBOW HOLDINGS: Proposes Capital Reorganization Plan TOP POWER: Winding up Petition Slated for April 14 VERTEX COMMUNICATIONS: Incurs $35.552M Loss for 2003 WAH HING: Faces Winding Up Petition WAI MING: Faces Winding Up Petition Before H.K. High Court I N D O N E S I A BANK DANAMON: Moody's Rate Outlook Stable GARUDA INDONESIA: Expects Profits to Double in '04 J A P A N FUJI KIKAKU: Money Lending Business Enters Bankruptcy FURUKAWA ELECTRIC: S&P Downgrades Rating to 'BB-' ISHIKAWAJIMA-HARIMA: Inks Tech Coop Deal With Samsung Heavy JAPAN AIRLINES: Issues JPY80B Bonds MATSUKYU SOGO: Office Space Leasing Firm Enters Bankruptcy MIZUHO CORPORATE: Eyes Liquidation of Four U.S. Units TISHIEMU K.K.: Consumer Credit Firm Files for Bankruptcy TOSHIBA CORPORATION: To Fully Engage in Autoparts Business K O R E A DONGBU GROUP: Granted KRW1TR in Syndicated Loans HANBO STEEL: Eyed By INI Steel HYUNDAI MERCHANT: To Revise Loss Figures for '03 SK CORPORATION: Rating Could Be Downgraded: S&P M A L A Y S I A ACTACORP HOLDINGS: High Court Extends Restraining Order BESCORP INDUSTRIES: Clarifies Previous Announcement FARLIM GROUP: Issues Financial Aid Update GEAHIN ENGINEERING: Issues Litigation Update MEGA FIRST: Unit Enters Liquidation TRU-TECH HOLDINGS: In Talks With RULS Holders UNZA HOLDINGS: Must Comply With MSEB Listing Requirements P H I L I P P I N E S ABS-CBN BROADCASTING: Unveils 2003 Financial Report NATIONAL POWER: Government Fills US$500M Bond Issue NEGROS NAVIGATION: In Talks With Tsuneishi Over Debt S I N G A P O R E EIDOS INTERACTIVE: Creditors Must Submit Claims by April 5 KISMIS PROPERTIES: Issues Debt Claim Notice to Creditors KN WELL: Releases Winding up Order Notice LIGHTWEIGHT CONCRETE: Issues Winding Up Order Notice POLIKEN INDUSTRIES: Releases Dividend Notice SANYO INDUSTRIES: Issues Debt Claim Notice to Creditors SASDELL PTE: Releases Dividend Notice T H A I L A N D BANGCHAK PETROLEUM: Refinery Up For Maintenance MILLENNIUM STEEL: Targets to Raise Capital by THB4.60M SAMART CORPORATION: Sets 2004 Ordinary General Meeting * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= ARISTOCRAT LEISURE: Releases Dividend Reinvestment Pricing ---------------------------------------------------------- The pricing for the issue of shares under Aristocrat Limited's Dividend Reinvestment Plan is $2.7150. The price (before discount) was determined in accordance with the rules of the Dividend Reinvestment Plan and, in the event, no adjustment was made in light of the average of the prices on the five Business Days following the record date. The 5 percent discount was then applied to determine the price as $2.7150. Yours sincerely, FWE Bush Company Secretary Aristocrat Leisure Limited Contact: Aristocrat Leisure Limited 71 Longueville Rd. Lane Cove, New South Wales 2066, Australia Telephone: +61-2-9413-6300 Fax: +61-2-9420-1352 Website: http://www.aristocrat.com.au ARISTOCRAT LIMITED: Ex-chairman Breaks Vow, Seeks Reelection ------------------------------------------------------------ Despite accepting the blame for the company's profit plunge and an 83% plunge in market value, Aristocrat's former chairman John Ducker has reneged on his promise to leave the poker machine maker and is even seeking reelection to the company's board at Aristocrat's annual meeting in May, reports The Age newspaper. Aristocrat also confirmed that Mr. Ducker stood to receive at least AU$555,000 in retirement payments even if he did not serve the minimum five-year term required. Under the terms of his contract, Mr. Ducker will receive AU$22,000 more if shareholders vote him off the board. Australian Shareholders Association deputy chairman Stephen Matthews branded the payments ludicrous, and said: "Mr. Ducker has nothing constructive to give the board whatsoever." For his part, Paul Ainsworth, son of Aristocrat founder Len Ainsworth, said "Politicians tricks don't cut it with shareholders." "When it comes to the vote, shareholders have to decide for themselves if they believe Ducker, and some other directors, add value to Aristocrat. All I have seen is red ink," he added. The Ainsworth family may hold a 40% stake in Aristocrat, but its rights are restricted, and that prevents the family from voting on most matters, boardroom appointments included. Mr. Ducker promised to fall on his sword at last year's shareholders meeting after a profit warning led to the company shedding $1.73 billion in market value between February and May. "In the current circumstances someone needs to take responsibility and I intend to do that on behalf of the company," Mr. Ducker was quoted as saying during last year's meeting. In a statement to the Australian Stock Exchange Wednesday, Aristocrat Chairman John Pascoe sidestepped the issue, saying that the timing of Mr. Ducker's retirement "is a matter for him and the shareholders." He did not indicate whether he would direct proxy votes against Mr. Ducker at the annual meeting. Aristocrat shares traded as high as $4.45 in February last year before its plunge. Yesterday they gained 11› to $3.05. CARTER HOLT: Releases Annual Report ----------------------------------- The Annual Meeting of shareholder of Carter Holt Harvey Limited, held at Newmarket Room, Ellerslie Convention Centre, Ellerslie Racecourse, 80-100 Ascot Avenue, Greenlane, Auckland, New Zealand on Wednesday, May 2004 commenced at 10:00 a.m. The company's annual report is dated March 8, 2004 and is signed in behalf of the Board by: John Maasland Chairman of Directors Peter M. Springford Chief Executive Officer and Managing Director For a full copy of the annual report, click http://bankrupt.com/misc/carterholt031804.pdf CARTER HOLT: Enters Deal With Hokushin and Kanematsu ---------------------------------------------------- Carter Holt Harvey (CHH) announced on Thursday, it would partner with Hokushin and Kanematsu-NNK in a new sales and marketing joint venture to sell Medium Density Fibreboard (MDF) to the important Japanese market. In early April - the start of the Japanese financial year - C&H Corporation will be the exclusive Japanese distributor of CHH Customwood MDF and Hokushin MDF. CHH Pinepanels Chief Executive Mr. Ian Myers said the joint venture would bring together the three partners' technical, logistics, sales and strategic marketing expertise to deliver high quality MDF to the Japanese market. "The creation of C&H Corporation deepens the relationship our three companies have forged over nearly 30 years of working together to serve the Japanese market." Mr. Myers also said the new venture demonstrates CHH's long-term commitment to the Japanese market. C&H Corporation will help CHH to build its local presence in Japan, at the same time enhancing our market knowledge and customer relationships. "The venture also brings CHH's manufacturing sites much closer to their market - our MDF facilities in Rangiora (NZ), Bell Bay and Oberon (Australia) will work with Japanese customers through C&H Corporation to better match our capabilities with their needs." "These sites will now play an even bigger role in the company's efforts to build the Customwood brand in the important Japanese market," Mr. Myers said. CHH will contribute 5 percent of C&H Corporation's authorized capital (ť5 million), with Hokushin (60%) and Kanematsu-NNK (35%) the remaining shareholders. CHH will also be represented on the Board of Directors and provide a senior executive on secondment to the venture. For further information please contact: Nigel Glennie Manager - Communications & Media Carter Holt Harvey Tel: +61 3 9823 1635 Mob: +61 410 044 514 Email: nigel.glennie@au.chh.com HRIMATOTHOTIS PROPERTY: Appoints John Hart as Liquidator -------------------------------------------------------- The Supreme Court of South Australia has ordered that a liquidator be appointed to wind up Hrimatothotis Pty Limited (Hrimatothotis), following proceedings brought by the Australian Securities and Investments Commission (ASIC). Mr. John Hart, of Ferrier Hodgson, was appointed liquidator of Hrimatothotis. Hrimatothotis, a company based in South Australia, was involved in the building industry. Its sole director, Mr. Tom Manolakis, is also the sole director of Kenurios Zoi Pty Limited, which was placed into liquidation on January 20, 2004, and Thomiki Pty Limited, which was placed into liquidation on February 17, 2004. ASIC intervened in the application to wind up Thomiki Pty Limited and placed further evidence before the Supreme Court of South Australia in support of that application. ASIC's winding up proceedings against Hrimatothotis followed inquiries made by its National Insolvency Coordination Unit, and were supported by a creditor of the company. ASIC was of the view that the company was insolvent, and relied on an affidavit by Mr. Manolakis in support of its application to have the company wound up. NATIONAL AUSTRALIA: Fitch Assigns Long-Term AA Rating ----------------------------------------------------- Fitch Ratings, the international rating agency, has removed from Rating Watch Negative and affirmed the following ratings for National Australia Bank (NAB): AA Long-term, with a Stable Outlook; F1+ Short-term; and A/B Individual. NAB's Support 2 rating remains unchanged. While not underestimating the seriousness of the situation, in affirming the rating Fitch expects that NAB can and will successfully address, over a relatively short time frame, procedural and cultural issues that precipitated trading losses of AUD360m. The affirmation also recognizes that NAB operates a highly profitable and relatively diversified banking and wealth management franchise - as one of Australia's four major banks, NAB, on average, is almost double the size of its peers in terms of profit after tax and assets, and is also the most strongly capitalized (the losses equate to around 6% of NAB's FY03 pre- tax profit and around 1% of equity). NAB's ratings were placed on Rating Watch Negative on February 2 2004, following an announcement that the bank had incurred losses on trading in foreign exchange options. In order to resolve the Rating Watch Negative, Fitch has held discussions with senior NAB management concerning the findings of an independent inquiry conducted by PricewaterhouseCoopers (PWC) into the cause of the trading losses. While PWC identified serious deficiencies in NAB's risk management process and a culture that lacked vigilance as the main causes of the losses, in Fitch's opinion, NAB can adequately address both issues. With regard to NAB's risk management process, Fitch notes that the bank has long been a very effective manager of risk in its core retail and small business banking business, however, controls put in place to manage trading activities failed in the following ways: - There were suitable limits and checks in place, but they were not strictly enforced by those responsible for risk management oversight - There were holes in the checking process that the traders were able to exploit - Finance and Internal Audit failed to escalate (to CEO and the Board) unusual trader activity; and - Warnings from external parties were ignored. Serious as the losses may be, the causes are identifiable and readily rectified. NAB is closing holes in the checking process and more clearly defining risk management responsibilities, but the most significant move is granting greater authority to the bank's Risk Management Division to investigate trader activities and enforce limits. Fitch takes comfort from the decision to appoint the bank's most senior credit risk manager to this role, as NAB's credit risk management is exemplary in terms of being prudent and proactive. Armed with greater authority, NAB's Risk Management Division should be a much more effective manager of trading activities. With respect to cultural shortcomings identified by PWC, NAB has plans to address the problems, but remedies are more subjective and success is difficult to measure. Arrogance, in the form of an utter disregard for risk management controls, appears to be a trait that exists only within certain parts of NAB's Corporate and Institutional Banking division (CIB). Traders responsible for the losses, their immediate supervisors and the Head of CIB have been removed and interim management appointed. A key responsibility of the new CIB management is to promote a culture of transparency and responsibility, but, importantly, this will be carried out within the confines of a more imposing risk management framework. Finally, Fitch also notes an apparent lethargy in NAB's broader risk management culture, which resulted in warning signs of irregular trading activity either being ignored or not escalated to the Managing Director and the Board. Reshaping this culture will be a priority for the newly appointed Head of Risk Management. Contact: National Australia Bank Limited Fl.24, 500 Bourke St. Melbourne, 3000, Australia Telephone Number: +61-3-8641-4200 Fax Number: +61-3-8641-4927 Website: http://www.national.com.au/ NATIONAL AUSTRALIA: One More Exec Quits --------------------------------------- Peter Cunningham, head of National Australia Bank's global foreign exchange division, has stepped down from his post Wednesday, The Age newspaper reports. NAB officials, however, clarified that Mr. Cunningham's resignation has nothing to do whatsoever with the bank's AU$360 million foreign exchange options trading scandal. The PricewaterhouseCoopers investigation into the scandal did not implicate Mr. Cunningham. "Following a discussion with Shaun Dooley, the new head of markets, it's been mutually agreed that (Mr. Cunningham) seeks opportunities outside the bank," a spokesman said. "The PwC report doesn't name Peter and we are not seeking to make any association with that." NAB fired five foreign exchange traders, while three senior executives left last week after the PwC report's release. Chief executive Frank Cicutto and chairman Charles Allen had already resigned. Mr Dooley was brought in last week as an interim replacement for Ron Erdos, NAB's head of global markets, who was one of the three executives who left after the PwC report was made public. NATIONAL AUSTRALIA: Taps Peacock for Senior Management Team ----------------------------------------------------------- National Australia Bank Chief Executive Mr. John Stewart has appointed Mrs. Lynne Peacock to the Group Executive Forum, the senior management team at the National. 'Lynne was previously a senior executive with Barclays Bank and a director of Woolwich. As Executive Director of the National in the United Kingdom and Ireland Lynne has a significant role to play in our growth. 'I look forward to the strong contribution Lynne will make to the senior management team,' Mr. Stewart said. Mrs. Peacock will continue to work with Mr. Ross Pinney, who has overall responsibility for the National's UK and Irish businesses. Ross is also a member of the Group Executive Forum. For further information: Brandon Phillips Corporate Relations Manager Group Corporate Affairs 03 8641 3857 work 0419 369 058 mobile Or visit www.nabgroup.com PARMALAT AUSTRALIA: Gives Pauls Key Role in "New" Parmalat ---------------------------------------------------------- Under a restructuring package announced Wednesday for bankrupt Italian giant Parmalat Finanziaria S.p.A., Pauls milk products in Australia are set to become a key part of a revamped international Parmalat, The Age newspaper reports. Parmalat said in a statement that focusing on health foods and markets where it can charge premium prices for its brands should triple its core profit margin to 10 per cent of sales by 2007. Enrico Bondi, Parmalat administrator, said the plan includes concentrating on "healthy lifestyle" drinks and milk-related products and cutting down the number of brands from 120 to 30. Six of the retained brands now account for about 80% of the group's sales. Parmalat's Australian brands include Pauls drinking milk, Rev, Skinny Milk, PhysiCAL, Icebreak iced coffee, Rush, Breaka and the Vaalia range of probiotic yoghurts. Parmalat's creditors or the Italian government, however, could still block the administrator's proposal. Speculations abound in Australia that the local Parmalat arm would be sold and thus spark a rationalisation of the Australian dairy sector. Parmalat Australia, which is expected to have AU$680 million sales revenue this financial year, vies with National Foods as leader in the branded milk market. Parmalat outbid National Foods in 1998 to buy Pauls for AU$436 million, giving it dairy plants in Victoria at Bendigo and Rowville. ============================ C H I N A & H O N G K O N G ============================ DIGITEL GROUP: Fails to Submit 2002 Financial Results ----------------------------------------------------- At a disciplinary hearing held on February 10, 2004, the Listing Committee of the Growth Enterprise Market of the Exchange (the GEM Listing Committee) conducted a hearing into the conduct of DigiTel Group Limited. In a disclosure to the Growth Enterprise Market (GEM), the Company was required under: (i) Rule 18.03 of the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (the "GEM Listing Rules") to send to its shareholders its annual report and audited accounts within three months of the end of its financial year; (ii) Rule 18.49 of the GEM Listing Rules to publish on the GEM website a preliminary announcement of the audited results for its financial year no later than three months after the date upon which the financial year ended; and (iii) Rule 18.66 of the GEM Listing Rules to publish its quarterly report within 45 days after the end of the relevant quarter. For the financial year ended December 31, 2002, the Company's annual results and annual report (including audited accounts) were not published and sent until August 5, 2003 and August 6, 2003 respectively and for the three months ended March 31, 2003, the Company's quarterly results were not published until August 13, 2003. The Disciplinary Hearing was conducted into possible breaches by the Company of its obligations under Rules 18.03, 18.49 and 18.66 of the GEM Listing Rules. The Company acknowledged breaching the said provisions. The GEM Listing Committee attaches great importance to compliance with these provisions, which are designed to ensure prompt dissemination of essential financial information on the affairs of the Company to the shareholders and the public. The GEM Listing Committee concluded that the Company was in breach of Rules 18.03, 18.49 and 18.66 of the GEM Listing Rules. Accordingly, the GEM Listing Committee hereby publicly criticizes the Company for breaching Rules 18.03, 18.49 and 18.66 of the GEM Listing Rules. For the avoidance of doubt, the Exchange confirms that this public statement, which involves criticism, applies only to the Company and not to any other past or present members of the Board of Directors of the Company. FORWAY INTERNATIONAL: Faces Winding Up Petition ----------------------------------------------- The petition to wind up Forway International Limited is set for hearing before the High Court of Hong Kong on April 28, 2004 at 9:30 in the morning. Cheung Yuk Ching of Room 3018, Ching On House, Tsz Ching Estate, Tsz Wan Shan, Kowloon, Hong Kong, filed the petition on March 1, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 27th day of April 2004 (the day before the petition hearing). GREAT SHANGHAI: Schedules Winding Up Hearing -------------------------------------------- The petition to wind up Great Shanghai Restaurant Company Limited is set for hearing before the High Court of Hong Kong on April 7, 2004 at 9:30 in the morning. Au Yeung Kwong Kam of Room 137, Block 11, Lower Ngau Tau Kok Estate, Kowloon, Hong Kong, filed the petition on February 4, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 6th day of April 2004 (the day before the petition hearing). GREAT WEB: Winding up Hearing Set April 14 ------------------------------------------ The petition to wind up Great Web Limited is set for hearing before the High Court of Hong Kong on April 14, 2004 at 9:30 in the morning. Fung Wing Yee of Flat 5, Block S. 14/F., Amoy Gardens, Ngau Tau Kok, Kowloon, Hong Kong, filed the petition on February 11, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 13th day of April 2004 (the day before the petition hearing). MANY TARGET: Winding up Hearing Set April 14 -------------------------------------------- The petition to wind up Many Target Enterprises Limited is set for hearing before the High Court of Hong Kong on April 14, 2004 at 9:30 in the morning. Li Sai Chung of Room 114, 1/F., Kai Sin House, Upper Wong Tai Sin Estate, Kowloon, Hong Kong, filed the petition on February 9, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 13th day of April 2004 (the day before the petition hearing). NEWSHINE LIMITED: To Chi Ho Initiates Winding up Petition --------------------------------------------------------- The petition to wind up Newshine Limited is set for hearing before the High Court of Hong Kong on April 21, 2004 at 10 o'clock in the morning. To Chi Ho Arthur of Flat A, 8/F., Block II, 9 Koteall Road, Hong Kong, filed the petition on February 23, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 20th day of April 2004 (the day before the petition hearing). SPEED UNITED: Winding up Hearing Set April 14 --------------------------------------------- The petition to wind up Speed United Transportation Company Limited is set for hearing before the High Court of Hong Kong on April 14, 2004 at 9:30 in the morning. Li Kai Wai of Room 2209, 22/F., Tat Fung House, Po Tat Estate, Sau Mau Ping, Kowloon, Hong Kong, filed the petition on February 9, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 13th day of April 2004 (the day before the petition hearing). STARBOW HOLDINGS: Proposes Capital Reorganization Plan ------------------------------------------------------ The Board of Directors of Starbow Holdings Limited proposed a capital reorganization plan as follows: 1.) A reduction in the nominal value of the shares of HK$0.01 each by HK0.008 to HK$0.002; 2.) A consolidation of every 10 shares of HK$0.002 each created by the capital reduction into one consolidated share of HK$0.02; and 3.) A cancellation of the entire amount standing to the credit of the share premium account of the Company. The total credit arising from the capital reduction and the share premium cancellation will be credited to the contributed surplus account of the Company. The contributed surplus account will be used for setting off accumulated losses of the Company. Amendments to Bye-Laws The Board also proposes certain amendments to be made to the Bye-Laws. The proposed capital reorganization and amendments to the Bye- Laws are subject to approval of the shareholders by way of special resolution respectively at the SGM. A circular containing details of the capital reorganization and the trading arrangements, particulars of the proposed amendments to the Bye- Laws and a notice convening the SGM will be dispatched to the shareholders as soon as practicable. Reasons for the Capital Reorganization The audited financial statements of the Comapny for the year ended March 31, 2003 showed that the Company had accumulated losses of approximately HK$549.1 million. The accumulated losses of the Company, based on the unaudited management accounts as of September 30, 2003, were approximately HK$550.3 million. The Directors believe that it is unlikely that the Company will generate sufficient profits in the immediate future to eliminate this deficit and that it would be inappropriate for the Company to pay dividends while the deficit remains. By order of the Board Starbow Holdings Limited Chi Chi Hung, Kenneth Chairman For more information, go to http://bankrupt.com/misc/tcrap_starbow0318.pdf TOP POWER: Winding up Petition Slated for April 14 -------------------------------------------------- The petition to wind up Top Power Construction (China) Limited is set for hearing before the High Court of Hong Kong on April 14, 2004 at 9:30 in the morning. Chau Chung Yee of Room 2614, 26/F., Tak Yue Houe, Hau Tak Estate, Tseung Kwan O, New Territories, Hong Kong, filed the petition on February 9, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 13th day of April 2004 (the day before the petition hearing). VERTEX COMMUNICATIONS: Incurs $35.552M Loss for 2003 ---------------------------------------------------- Vertex Communications & Technology posted a net loss of $35.552 million for 2003, versus a loss of $22.007 million a year earlier, Infocast reported on Thursday. No final dividend was declared. WAH HING: Faces Winding Up Petition ----------------------------------- The petition to wind up Wah Hing Roast, Freeze Meat Company Limited is set for hearing before the High Court of Hong Kong on April 7, 2004 at 9:30 in the morning. Chan Yuk Lung of Room 1001, 10/F., Hang Yee House, Cheng Hang Estate, Tsing Yi, New Territories, Hong Kong, filed the petition on February 4, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 6th day of April 2004 (the day before the petition hearing). WAI MING: Faces Winding Up Petition Before H.K. High Court ---------------------------------------------------------- The petition to wind up Wai Ming Infrastructure Limited is set for hearing before the High Court of Hong Kong on April 14, 2004 at 10 o'clock in the morning. Lau Yam Hin of Room 3,17/F., Shing Wo House, Kwai Shing East Estate, Kwai Chung, New Territories, Hong Kong, filed the petition on February 13, 2004. The Petitioners' solicitors are Chau Ming Wai of 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Chau Ming Wai a notice in writing not later than six o'clock in the afternoon of the 13th day of April 2004 (the day before the petition hearing). ================= I N D O N E S I A ================= BANK DANAMON: Moody's Rate Outlook Stable ------------------------------------------ Moody's Investors Service has assigned a B3 rating to Bank Danamon Indonesia's (BDI) proposed US$300 million subordinated notes due 2014. The rating outlook is stable. The rating is underpinned by the subordinated status of the notes and the banks own capacity to service its debt obligations given its moderate liquidity, improving profitability and recapitalized balance sheet. The rating also incorporates anticipated support - in terms of financial and technology transfer - from major shareholder, Temasek Holdings of Singapore (Temasek), for the bank. The backing of a financially strong and reputable shareholder provides greater comfort of expected support in light of its position as fifth-largest bank in the system and hence, relatively lowers systemic importance. Note that this rating is subject to receipt of final documentation, which isn't changed in any material way from the draft documents we reviewed. The subordinated notes represent unsecured, subordinated obligations of the bank and will be issued through the bank's Cayman Islands branch. The notes also contain a step-up interest rate feature in 2009 if the notes aren't redeemed. In liquidation, the ranking of the notes is subordinated to the claims of depositors and senior obligations. The bank may redeem the notes, subject to the prior approval of Bank Indonesia: (1) Upon tax changes in Indonesia or Cayman Islands; (2) Following a Change of Control. This is deemed to occur if Asia Financial Indonesia doesn't own at least 51% of voting stock; or (3) At the option of the bank on the call date. BDI is the fifth-largest bank in the country with a 5 percent deposit market share. At end-2003, it had assets of IDR53 trillion. The bank has an established brand name in the consumer market, relatively healthy financial fundamentals and a professional management team. As of December 2003, the Asia Financial Indonesia consortium (comprising Temasek Holdings of Singapore with 85 percent and Deutsche Bank 15 percent) had acquired 61.8 percent stake in the bank. Since new management entered the bank in June 2003, they have honed the bank's strategy and are redefining the bank's competitive position in the banking landscape. While the bank will remain a consumer and small and medium sized enterprises bank, it intends to concentrate on the lower income customers and self-employed segment. To help it in these areas, the bank proposes to acquire a 75 percent stake in Adira Finance for IDR850 billion in cash in the first quarter of 2004. Adira Finance specializes in auto and motorcycle financing and holds a 12 percent market share in motorcycle financing business. The following rating was assigned: subordinated debt rating of B3. The rating carries a stable outlook. Bank Danamon Indonesia's other ratings are: long-term/short-term deposit of B3/Not Prime and bank financial strength rating (BFSR) of E+. The debt and deposit ratings carry a stable outlook, but the outlook on the BFSR was changed to positive on March 12, 2004. GARUDA INDONESIA: Expects Profits to Double in '04 -------------------------------------------------- Garuda Indonesia, the country's flag carrier, said it expects its pre-tax profits to skyrocket by more than 100% this year, thanks to a surge in passenger volumes and improved operating efficiency, Yahoo Asia reports. Garuda President Indra Setiawan said the company was targeting a profit of IDR500 billion (US$58.8 million) this year, up from IDR238.7 billion last year. Its operating revenue, on the other hand, is projected to increase to from IDR8.3 trillion to IDR11 trillion. "We expect our profit to surge this year on the back of greater efficiency and optimism over the country's and the region's economies," said Mr. Indra Wednesday. The projected rise in profits is expected to help the company repay its huge dollar-denominated debts, which as of December last year totaled US$928.9 million. This year, the company was planning to repay US$115 million of that debt, Indra said. In 2001, Garuda underwent a major debt restructuring program to break free of its debt trap, which resulted from years of inefficient operations. The airline is expected to complete the debt restructuring program in 2010. Garuda paid off debts totaling US$111.8 million last year, including both principal and interest, as agreed under its restructuring program. Garuda remains the country's largest airline with 54 jets. The state-owned carrier serves 21 domestic and 22 international destinations. ========= J A P A N ========= FUJI KIKAKU: Money Lending Business Enters Bankruptcy ----------------------------------------------------- Fuji Kikaku K.K. has been declared bankrupt, according to Teikoku Databank America. The money-lending firm, which is located at Minato-ku, Tokyo 107-0052, Japan, has total liabilities of US$268.56 million. FURUKAWA ELECTRIC: S&P Downgrades Rating to 'BB-' ------------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term corporate and debt ratings on Furukawa Electric Co. Ltd. to 'BB- ' from 'BB', reflecting the deteriorating performance of the optical fiber solutions (OFS) unit that the company acquired from Lucent Technologies Inc. The outlook on the corporate credit rating remains negative. On March 15, 2004, Furukawa announced an additional JPY40.1 billion in extraordinary losses from devaluation of fixed assets at the OFS unit for fiscal 2003 (ending March 31, 2004). As a result, consolidated net losses are expected to total JPY141.9 billion, up from JPY114 billion in fiscal 2002. Standard & Poor's expects Furukawa's total debt to capital to deteriorate to about 76% in March 2004 from 63% in March 2003. In addition to the earnings revision announcement, Furukawa unveiled a three-year management plan, with goals to return its telecommunications business to profitability and reduce debt by JPY150 billion by fiscal 2006. The company also aims to return to operating profitability on a consolidated basis for fiscal 2004. The prospects for meeting these goals, however, remain uncertain. The ratings on Furukawa could be lowered further if its telecommunications business performs worse than expected, resulting in operating losses for fiscal 2004, or the OFS unit fails to recover as planned, and significant additional capital injections by Furukawa become necessary. ISHIKAWAJIMA-HARIMA: Inks Tech Coop Deal With Samsung Heavy ----------------------------------------------------------- A technology cooperation agreement has been signed between Samsung Heavy Industries Co. Ltd. and Japanese shipbuilder Ishikawajima-Harima Heavy Industries Co (IHI), announced the South Korean shipbuilder Wednesday, reports Digital Chosun. Under the agreement signed Tuesday, IHI will provide Samsung with technology to build super-large liquefied natural gas (LNG) tankers. The two firms will also cooperate in production and securing orders. According to analysts, IHI's alliance with Samsung will help make its technology the global standard in building large-scale LNG tankers. Samsung, the world's No. 1 LPG ship builder in 2003, plans to use the technology in projects currently under development such as LNG-FPSO (Floating Production, Storage and Offloading) and LNG-FSRU (Floating Storage and Re-gasification Unit) tanks building. A Samsung official said "With the deal, we can expect to drastically boost the safety of the tank and in particular, self-supporting prismatic-shape IMO Type B (SPB) LNG tank system, which will be co-produced with IHI, is known for its safety despite lower production cost, helping Samsung consolidate its top spot in the field." JAPAN AIRLINES: Issues JPY80B Bonds ----------------------------------- Japan Airlines System Corporation, the holding company of the JAL Group, is to issue euro yen convertible bonds for 80 billion yen, with an option for a further 20 billion yen, the Company said in a statement. The purpose of the issue is to provide low cost financing and to strengthen the financial position of the JAL Group through raising the ratio of shareholder equity. The funds raised will be used for capital expenditure primarily in relation to investments in furthering the integration of Japan Airlines and Japan Air Systems, which includes fleet renewal, IT systems integration, brand unification, and restructuring of subsidiary companies. Some of the funds will be used for repayment of a portion of the Group's interest-bearing debt. OUTLINE The offering: 80 Billion yen zero coupon guaranteed convertible bonds (with option to increase up to a further 20 billion yen up to March 29 2004) Issue price: 100% Offer price: 102.5% Closing date: April 5 2004 (launch date March 17, 2004) Maturity date: March 25, 2011 Principal managers: UBS Investment Bank Listing: London Stock Exchange MATSUKYU SOGO: Office Space Leasing Firm Enters Bankruptcy ---------------------------------------------------------- Matsukyu Sogo Kaihatsu K.K. has been declared bankrupt, according to Teikoku Databank America. The office space leasing firm, which is located at Minato-ku, Tokyo 105-0004 Japan, has total liabilities of US$133.33 million. MIZUHO CORPORATE: Eyes Liquidation of Four U.S. Units ----------------------------------------------------- Mizuho Financial Group Inc said Wednesday its subsidiary, Mizuho Corporate Bank, will liquidate four real estate and financial subsidiaries in the United States in May and June with their completion of the sale of assets held by them, reports Japan Today, citing Kyodo News. The four units are ONKD Inc, 10822 Toller Drive LLC, K2 Trust and SI-II LLC, Mizuho Financial said. TISHIEMU K.K.: Consumer Credit Firm Files for Bankruptcy -------------------------------------------------------- Tishiemu K.K. has been declared bankrupt, according to Teikoku Databank America. The consumer credit and finance firm, which is located at Nagano-shi, Nagano 380-0935 Japan, has total liabilities of US$155 million. TOSHIBA CORPORATION: To Fully Engage in Autoparts Business ---------------------------------------------------------- With a deal to supply motors to Ford Motor Co. Ltd. for use in hybrid vehicles, Toshiba Corp. has indicated its planned entry into full-scale operations in the auto parts business, the Nihon Keizai Shimbun reported, without citing sources. The plan involves the production from April by its subsidiary, Toshiba Industrial Products Manufacturing Corp, of 2,000 motors a month for delivery to Aisin AW Co Ltd, an affiliate of Toyota Motor Corp. Aisin AW will then incorporate the motors with other equipment and supply the drive systems to Ford for use in the Escape HEV, the financial daily reported. To improve the torque of electric motors, Toshiba used permanent magnets, which enabled smaller models to be used in hybrid vehicles such as the Ford Escape HEV. Toshiba hopes that autoparts will generate JPY50 billion in sales by fiscal 2006, the newspaper said. The firm only used to produce and market equipment used in cars, such as semiconductors and LCD panels, but none of them are specifically designed as auto parts. With its entry into the auto parts business, Toshiba now plans to commercialize exhaust systems, onboard communications and broadcast receivers, and collision avoidance systems, said the report. ========= K O R E A ========= DONGBU GROUP: Granted KRW1TR in Syndicated Loans ------------------------------------------------ The Korea Development Bank and 14 other financial institutions have granted the Dongbu Group syndicated loans totaling KRW1.17 trillion, said the Dongbu Group, the Maeil newspaper reports. "The syndicated loans include KRW1 trillion (US$150 million)," a KDB official said on Wednesday. The company said the funds will be used for its semiconductor business unit. HANBO STEEL: Eyed By INI Steel ------------------------------ To clarify market rumours, South Korean steel maker INI Steel announced Wednesday it was mulling the acquisition of bankrupt Hanbo Steel to boost capacity, Yahoo News Asia reports. In a notice to the Korea Stock Exchange, INI Steel said, "An acquisition of Hanbo Steel is under consideration. We'll report again if more details are fixed," it added. Ahead of the announcement, shares in INI Steel closed 4.1% higher at KRW11,350 outperforming a 2.62 % gain in the broader index. For six years, creditors have been trying to sell Hanbo, which collapsed under a US$4.4 billion debt in 1997 and moved into court receivership. Late last year, their efforts to sell the company went for naught as AK Capital LLC, a special-purpose company set up by a leasing firm to acquire the steel maker, failed to make a promised $377 million payment. HYUNDAI MERCHANT: To Revise Loss Figures for '03 ------------------------------------------------ A major upward revision is likely to be made by South Korean shipping firm Hyundai Merchant Marine Co. to its net loss figure last year, after its accounting firm called on it to include potential losses in its 2003 financial statement, says Yahoo News, citing the Korea Economic Daily and Reuters. With the adjustment, Hyundai's net loss figure for 2003 could rise from the KRW21.1 billion it reported last year to about KRW200 billion (US$170 million). The report, however, did not elaborate on the potential losses that needed to be included. No comment was immediately available from the company. Before the report came out, the company's shares fell 1.1 percent to close at KRW8,800 on Wednesday, while Seoul's broader market index rose 2.6 percent at the close of trading hours. SK CORPORATION: Rating Could Be Downgraded: S&P ----------------------------------------------- Should SK Corp. fail to improve its corporate governance, global credit risk evaluator Standard and Poor's warned its credit rating could be sharply downgraded, reports Channel News Asia. In a statement, S&P said SK Corp.'s long-term BB-plus rating is on creditwatch with negative implications, as the firm's scandal-tainted founding family and its backers voted down a bid by a foreign investment fund to seize control at last week's annual shareholders' meeting. "The ability of the founding family to retain management control only prolongs concern over SK Corp.'s business and financial strategies," S&P credit analyst Kim Eun-Jin said. "The complex inter-company transactions and support for troubled affiliates are indicative of significant downside risk," she added. The rating was placed on creditwatch on December 22 after SK Corp. announced an aid package for troubled affiliate SK Shipping, said an S&P statement. To affirm its rating, the company should prove its commitment "to improving transparency, distancing itself from family interests, and operating solely for the benefit of shareholders and creditors" the statement pointed out. In addition, it also warned that the company's "rating could be lowered by up to several notches if the measures appear incomplete or unenforceable." One of the more controversial figures in South Korea's largest oil refining firm is Chey Tae-Won, the Chairman of SK Corp. himself. Mr. Chey, heir to the founding family of the firm's parent SK Group, was sentenced last year to three years in prison on charges of illicit stock tradings and bookkeeping aimed at tightening his control of the family-run business. He was freed later on bail. Under Mr. Chey's management, the board of SK Corp. approved a controversial debt-for-equity swap to save the group's ailing trading unit, SK Networks, from bankruptcy last year. The move sparked a row with Sovereign Asset Management, a key foreign shareholder in SK Corp. Sovereign, which has sought to oust Mr. Chey, claimed the bailout only benefited the controlling family at the expense of minority shareholders. =============== M A L A Y S I A =============== ACTACORP HOLDINGS: High Court Extends Restraining Order ------------------------------------------------------- Actacorp Holdings Berhad informed the Kuala Lumpur Stock Exchange that on March 17, 2004, the Company obtained an extension of the Restraining Order from the Kuala Lumpur High Court via Suit No:D6-24-86-2003 for a further ninety (90) days until 15th May 2004 pursuant to Section 176 (1) and Section 176(10A) of the Companies Act 1965. BESCORP INDUSTRIES: Clarifies Previous Announcement --------------------------------------------------- The Kuala Lumpur Stock Exchange refers to the announcement made by Bescorp Industries Berhad on 16 March 2004 in relation to Waktu Cerah Sdn. Bhd. Bescorp Industries Berhad clarified March 17 that Waktu Cerah Sdn. Bhd. is a 60% subsidiary company of BIB instead of 80% as stated in the previous announcement. FARLIM GROUP: Issues Financial Aid Update ----------------------------------------- Pursuant to Paragraphs 8.23 and 10.08 of the Listing Requirements of Malaysia Securities Exchange Berhad, Farlim Group (Malaysia) Bhd announced the financial assistance rendered on the Company was made on March 17, 2004. For more information, go to http://bankrupt.com/misc/tcrap_farlim0318.xls GEAHIN ENGINEERING: Issues Litigation Update -------------------------------------------- Geahin Engineering Berhad announced that on March 16, 2004 the Company has been served by hand with a Statutory Notice under Section 218 of the Companies Act dated February 27, 2004 by Glastech (Malaysia) Sdn. Bhd. Glastech is claiming from the Company for the alleged sum of RM399,598.74 for goods alleged to have been delivered ( wherein notwithstanding the amounts due above said, other claims and imposition of interest from the due date, upon all outstanding amounts wherein Glastech reserve its right to the same ) to be paid to them within twenty-one (21) days from the date of service, failing which, Glastech will commence winding-up proceedings against the Company and without further reference to us. The Company has instructed its solicitors to dispute and contest the notice and oppose any petition filed pursuant to the said Notice and the Company will keep all relevant parties informed about its outcome in due course. Except that the Company is exposed to a contingent loss on the total alleged sum of RM399,598.74, and any claims as mentioned above, there are no other and additional financial and operational impacts on the Geahin Group. MEGA FIRST: Unit Enters Liquidation ----------------------------------- Mega First Corporation Berhad (MFCB) announced that Bloxwich Forgings (Pty.) Limited (BFPL), a 96.9% owned subsidiary of MFCB was liquidated on March 10, 2004 pursuant to an Order of the High Court of South Africa. BFPL is a wholly-owned subsidiary of Bloxwich Engineering Limited, which in turn is a 96.9% owned subsidiary of MFCB. BFPL, incorporated in the Republic of South Africa on 29 June 1993, was principally involved in the manufacturing of forged components mainly for the container and automotive industry, and has been recording losses for several years. The liquidation of BFPL has resulted in a MFCB Group loss of approximately RM4.8 million in respect of the financial year ending 30 June 2004, and accordingly will reduce the Group earnings and net tangible assets per MFCB share by about 2.0 sen respectively. This announcement is dated 17 March 2004. TRU-TECH HOLDINGS: In Talks With RULS Holders --------------------------------------------- Pursuant to Practice Note 1/2001, the Board of Directors of Tru- Tech announced that there is no material development since the last announcement dated February 17, 2004. The Company is still in discussion with the Redeemable Unsecured Loan Stocks (RULS) holders to address the Default and in negotiation with several parties in an effort to restructure the debts of the Company to improve its cashflow position. As at the date of this announcement, there is no finalised debt-restructuring plan. The Company also wishes to announce that the Company has not made its monthly deposit of RM1, 200,000 due on 17 March 2004 into the sinking fund account maintained for the purposes of redemption of the RULS, in accordance with the terms of the Trust Deed dated 18 October 1996 as amended by the Supplemental Trust Deed dated 16 November 2001 and the 2nd Supplemental Trust Deed dated 10 September 2003 (collectively Trust Deed) (Deposit Default). The financial and legal implications to Tru-Tech in respect of the Deposit Default are similar to that of the Default, which had been set out in the announcement dated 17 February 2004. The Company is also presently in discussion with RULS holders to address the Deposit Default. The principal outstanding of all other credit facilities granted to Tru-Tech and its subsidiaries as at February 29, 2004 is set out in Table 1 at http://bankrupt.com/misc/tcrap_trutech0318.doc This announcement is dated 17 March 2004. UNZA HOLDINGS: Must Comply With MSEB Listing Requirements --------------------------------------------------------- On behalf of the Board of Directors of Unza Holding Berhad (UHB), Hwang-DBS Securities Berhad announced that Malaysia Securities Exchange Berhad (MSEB) had via a letter dated March 8, 2004, notified the Company that it has been determined by the MSEB as an affected listed issuer pursuant to Paragraph 2.1 of PN10 of the MSEB LR and that the Company is required to comply with the provisions and requirements under PN10 of the Listing Requirements Of The Malaysia Securities Exchange Berhad (MSEB LR). Accordingly, on behalf of the Board, Hwang-DBS wishes to make an announcement in compliance with the requirements of PN10 (Initial Announcement) as follows: a) UHB has an inadequate level of operations arising from the transfer of its operating subsidiaries and cessation of its entire business operations on 27 February 2004. b) UHB must comply with the obligations as set out in PN10, as follows: (i) Make an announcement (i.e. Initial Announcement) within 7 market days from MSEB notice dated 8 March 2004; (ii) Within nine (9) months from the date of this Initial Announcement, make an announcement to MSEB of a detailed proposal, the implementation of which will enable UHB to ensure a level of operations that is adequate to warrant continued trading and/or listing on the Official List (Proposal). This announcement (Requisite Announcement) must be made by a merchant bank or a Member Company approved by the Securities Commission (SC) to act as an adviser in the same manner as advisers under the SC's Policies and Guidelines on Issue/Offer of Securities and include a timeline for the completion of the proposal. Prior to the making of the Requisite Announcement, UHB must ensure that all agreements to be entered into with third parties as part of the proposal have been duly executed by all parties to such agreements; (iii) Upon announcing a detailed proposal to ensure adequate level of operations, UHB must submit the same to the relevant authorities for approval within two (2) months from the date of the Requisite Announcement; and (iv) Upon submission of the detailed proposal to the relevant authorities, in accordance with subparagraph (iii) above, UHB must obtain all approvals necessary for the implementation of such detailed proposal within four (4) months from the date of submission of such detailed proposal for approval. c) UHB will do such other acts or things as may be required by MSEB. d) If UHB fails to comply with any obligations imposed on it by MSEB pursuant to PN10, the MSEB may de-list UHB. MSEB has since suspended the trading in UHB's securities pursuant to Paragraph 11.09 of the MSEB LR with effect from 22 December 2003. e) As at the date of this announcement, UHB is currently actively negotiating and formulating a detailed proposal with a third party to acquire new viable businesses to ensure UHB maintains an adequate level of operations. Full details of the outcome of such negotiations will be announced as and when appropriate. This announcement is made on 17 March 2004. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Unveils 2003 Financial Report --------------------------------------------------- Abs-Cbn Broadcasting Corporation provides the Philippine Stock Exchange a copy of the management discussion and analysis of the company's financial condition and results of operations for 2003. The company also provides a copy of the financial statements for the years ended December 31, 2003, 2002 and 2001. For a copy of the document, click http://bankrupt.com/misc/abscbn031804.pdf NATIONAL POWER: Government Fills US$500M Bond Issue --------------------------------------------------- The national government plans to tap the international debt market anew to shore up the finances of state-run National Power Corporation, Today newspaper reported, citing a government source. The source said government is priming a fresh US$500 million bond issue in favor of the state-run power firm before the May 10 general elections. The government recently sold US$500 million worth of 11-year global bonds at a coupon rate of 8.875 percent to yield 9.0 percent. The Napocor bond issue is expected to be slightly more expensive than the state's recent bond deal since foreign creditors view the power firm as a higher credit risk, the source added. The bonds will mature in March 2015. NEGROS NAVIGATION: In Talks With Tsuneishi Over Debt ---------------------------------------------------- Negros Navigation Company (NN.PH), or Nenaco, the shipping unit of Philippine holding concern Metro Pacific Corporation (MPC.PH), is in talks with Tsuneishi Heavy Industries to settle the company's 100 million-peso debt. Tsuneishi filed a suit to regain the unpaid dues Negros Navigation owes them, but a lower court ordered both parties to settle the matter amicably. Late last year, the SEC asked Negros Navigation to explain some accounting lapses in its 2002 financial statement. The regulator though is yet to decide whether the firm will be penalized for its reportorial mistakes, according to BusinessWorld. The company will continue with its shipping schedule despite its rifts with Tsuneishi. ================= S I N G A P O R E ================= EIDOS INTERACTIVE: Creditors Must Submit Claims by April 5 ---------------------------------------------------------- The creditors of Eidos Interactive Pte Limited (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before April 5, 2004 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the liquidator of the said Company and, if so required by notice in writing by the said liquidator are, by their solicitors or personally, to come in and prove their 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. ERIK EUGENE FORD Liquidator. c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. The Singapore Government Gazette announcement is dated March 5, 2004. KISMIS PROPERTIES: Issues Debt Claim Notice to Creditors -------------------------------------------------------- The creditors of Kismis Properties Private Limited (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before April 7, 2004 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 Liquidator of the said company, and, if so required by notice in writing by the said Liquidator, are by their solicitors, or personally, 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. STEVEN TAN HOCK CHOON Liquidator. c/o 65 Chulia Street #28-01/04 OCBC Centre Singapore 049513. The Singapore Government Gazette announcement is dated March 5, 2004. KN WELL: Releases Winding up Order Notice ----------------------------------------- KN Well Engineering Pte Ltd issued a notice of winding up order made on February 27, 2004. Name and address of Liquidator: Official Receiver 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118. Messrs RAMDAS & WONG Solicitors for the Petitioner. 9 Raffles Place #07-01 Republic Plaza Singapore 048619. NDK/sd/IL.3146 Note: (a) All creditors of the company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the company should be forwarded to the liquidator. The Singapore Government Gazette announcement is dated March 5, 2004. LIGHTWEIGHT CONCRETE: Issues Winding Up Order Notice ---------------------------------------------------- Lightweight Concrete Pte Ltd issued a notice of winding up order made on February 20, 2004. Name and Address of Liquidator: Messrs Lim Lee Meng & Chee Yoh Chuang of Messrs Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. Messrs WEE SWEE TEOW & CO. Solicitors for the Petitioner. The Singapore Government Gazette announcement is dated March 5, 2004. POLIKEN INDUSTRIES: Releases Dividend Notice -------------------------------------------- Poliken Industries Pte Ltd (In Creditors' Voluntary Liquidation) issued a notice of intended dividend: Address of former registered office: 36 Sungei Kadut Street 1 #00-B5/B6 Singapore 729341. Last day of receiving proofs: 19th March 2004. Name of liquidators: CHEE YOH CHUANG AND LIM LEE MENG. Address of liquidators : c/o Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. CHEE YOH CHUANG LIM LEE MENG Liquidators. The Singapore Government Gazette announcement is dated March 5, 2004. SANYO INDUSTRIES: Issues Debt Claim Notice to Creditors ------------------------------------------------------- The creditors of Sanyo Industries (Singapore) Private Limited (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before April 5, 2004 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the liquidator of the said Company and, if so required by notice in writing by the said liquidator are, by their solicitors or personally, to come in and prove their 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. LEE KAY BENG Liquidator. c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581. The Singapore Government Gazette announcement is dated March 5, 2004. SASDELL PTE: Releases Dividend Notice ------------------------------------- Sasdell Pte Ltd. (In Creditors' Voluntary Liquidation) issued a notice of intended dividend: Address of former registered office: 31 Kaki Bukit Road 3 #02-01 Singapore 417818. Last day of receiving proofs: 19th March 2004. Name of liquidators: CHEE YOH CHUANG AND LIM LEE MENG. Address of liquidators: c/o Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. CHEE YOH CHUANG LIM LEE MENG Liquidators. The Singapore Government Gazette announcement is dated March 5, 2004. =============== T H A I L A N D =============== BANGCHAK PETROLEUM: Refinery Up For Maintenance ----------------------------------------------- An official for the Bangchak Petroleum PCL (BCP.TH) said Wednesday that Thailand's state-owned refiner will be shutting down its 120,000 barrel-a-day refiner for maintenance starting May 20, reports Yahoo Asia, citing Dow Jones. "Our refinery will be shut down for three to four weeks," said the official. Maintenance work at 40,000 b/d crude topping unit is also being planned, the official said. Two of its crude topping units underwent a similar scheduled shutdown for maintenance in February last year. Bangchak expects its refinery production in 2004 to average 90,000 b/d, up from 75,000 b/d last year. The company expects to soon close a new crude oil supply agreement with Unocal (Thailand) Ltd. for the supply of 30,000 b/d of crude from a local offshore production project. MILLENNIUM STEEL: Targets to Raise Capital by THB4.60M ------------------------------------------------------ Millennium Steel PCL (MS.TH), Thailand's largest construction steel maker, said Wednesday it plans to offer up to 1.82 billion shares by the second quarter to raise new funding for debt repayment, Dow Jones reports. "We are targeting to raise new capital of as much as 4.60 billion baht at the upcoming share offering. The timing will be determined later when the market sentiment improves," Santi Charnkolrawee, the company's president, told reporters, quoted by Dow Jones. Mr. Charnkolrawee said that the company conducted a roadshow in Asia and Europe to seek long-term institutional investors. The share offering would decrease the company's total debt to THB6.4 billion from the current THB11 billion. After the capital raising, the company will refinance its remaining debt to lower its interest costs at THB600 million annualy. The company plans to raise its output this year to around one million metric tons, from 750,000 tons in 2003. Increased production, coupled with higher prices, will help boost the company's total sales to over THB15 billion, from THB10 billion last year, Mr. Santi said. SAMART CORPORATION: Sets 2004 Ordinary General Meeting ------------------------------------------------------ Samart Corporation Public Company Limited, reports certain resolutions adopted at the Board of Directors' meeting No. 2/2004 held on March 18, 2004 to the SET as follows. (1) Scheduled for the Ordinary General Meeting of Shareholders 2004 at 1:00 p.m. on April 29, 2004, at Venus Room, Miracle Grand Hotel, No. 99 Vibhavadi-Rangsit Road, Laksi, Donmuang, Bangkok 10210 Details of the agenda: (1) To consider and approve the Minutes of the Extraordinary General Meeting of Shareholders No. 1/2003; (2) To consider the Company's 2003 operating results and the annual report; (3) To consider the Company's financial statements for the accounting period ended December 31, 2003; (4) To consider the appropriation of legal reserve and dividend payment for 2003; (5) To consider the election of Company's directors to replace of those who will retire by rotation and fixing the remuneration of the Board of Directors and the audit committee; (6) To consider the appointment of Company's auditors and fixing the remuneration; (7) Other matter (if any) (2) Dividend payment for fiscal year ended December 31, 2003 will not be declared due to the Company still has retained deficit. (3) Scheduled for closing date of share registration book, to determine the eligible shareholders to attend the Ordinary General Meeting of Shareholder 2004, on April 8, 2004 starting from 12:00 p.m. until the meeting is adjourned. Please be informed accordingly. Yours sincerely, (Signature) (Mr. Sirichai Rasameechan) Executive Vice Chairman * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------- ------ ------------ ------- CHINA & HONG KONG ----------------- Guangdong Sunrise Holdings Co., Ltd. 000030 (184.24) 23.04 Guangdong Sunrise Holdings Co., Ltd. 200030 (184.24) 23.04 Jinan Qingoi Motorcycle Co., Ltd. 600698 (193.08) 113.96 Jinan Qingoi Motorcycle-A Co., Ltd. 600646 (-193.08) 113.96 Shenzhen China Bicycles-B Co., Ltd. 200017 (-239.91) 60.39 Shenzhen China Bicycles-A Co., Ltd. 000017 (-239.91) 60.39 JAPAN --------- Cats Incorporated 9786 (26.33) 175.35 Fujitsu Comp Ltd 6719 (-40.85) 308.9 Kanebo Limited 3102 (40.44) 5820.67 Prime Systems 4830 (-100.79) 130.2 MALAYSIA -------- CSM Corporation Bhd CSM (-8.40) 41.55 Faber Group Bhd FAB (-7.16) 504.98 Kemayan Corp Bhd KOP (-289.67) 114.38 Panglobal Bhd PGL0 (-41.07) 187.79 Sri Hartamas Bhd SHB (-118.91) 99.76 PHILIPPINES ----------- C & P Homes, Inc. CMP (324.94) 2.45 Pilipino Telephone Co PLTL (-356.17) 122.97 SINGAPORE --------- Pacific Century Regional Developments Ltd PAC (-931.65) 7369.85 THAILAND -------- Christiani & Nielsen CNT/F (-24.03) 35.80 (Thai) PCL-F Datamat PCL DTM (9.53) 13.66 Datamat PCL-F DTM/F (9.53) 13.66 Jutha Maritime-F PCL JUTHA/F (-3.70) 31.60 National Fertilizer PCL NFC (-30.82) 297.40 National Fertilizer PCL-F NFC/F (-30.82) 297.40 Nakornthai Strip Mill PCL NSM (654.33) 608.46 Nakornthai Strip Mill PCL-F NSM/F (-654.33) 608.46 Siam Agro-Industry Pineapple And Others PCL SAIC (-13.88) 14.02 Siam Agro-Industry Pineapple And Others PCL-F SAICO/F (-13.88) 14.02 Thai Nam Plastic-F TNPC/F (-2.00) 24.33 Thai Wah Public Company Limited TWC (-61.48) 155.47 Thai Wah Public Company Limited-F TWC/F (-61.48) 155.47 Tuntex (Thailand) PCL TUNTEX (-26.82) 381.43 Tuntex (Thailand) PCL-F TUNTEX/F (-26.82) 381.43 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Editors. Copyright 2004. 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 ***