TCRAP_Public/980225.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      

          Wednesday, February 25, 1998, Vol. 1, No. 7

                        Headlines

C H I N A

CHENGDU AIRCRAFT: Northrop Grumman Dallas Forms Alliance
DAH CHONG HONG: Perdue Chicken in Joint Venture
LIAONING SECURITIES: Duke & Company Announces Business Alliance.

H O N G   K O N G  


I N D O N E S I A


J A P A N  

ASAHI BREWERIES: Moody's Assigns Baa3 Rating to Unsecured Notes
CHUO TRUST: Consolidating Branch Operations
DAI-ICHI SECURITIES: Company Profile
DAI-ICHI SECURITIES: Financial Overview
DAI NIPPON: Financial Overview

DAIEI INC: Reverses Forecast to Pretax Loss of 25 Billion Yen
DENKI KAGAKU: Moody's Assigns Ba3 Rating to Unsecured Notes
KOBE STEEL: Moody's Assigns Baa3 Rating to Unsecured Notes
MATSUYADENKA CO.: Financial Overview
MAZDA MOTOR: Moody's Assigns Baa3 Rating to Unsecured Notes

MITSUBISHI ELECRIC: Quitting the U.K. Consumer PC Market
MITSUBISHI MOTORS: May Close Three Pick-Up Truck Lines
MITSUBISHI PLASTIC: Yen 1 Billion Annual Loss Expected
MITSUI CHEMICALS: Moody's Assigns Baa3 Rating to Unsecured Notes
NIEHIEI CO.: Financial Overview

NOZAKI & CO.: Financial Overview
RYOBI, LTD.: Company Profile
RYOBI, LTD.: Financial Overview
SEIBU SAISON: Britain's Bass Group Close to Acquisition
SHIMURA KAKO: Company Profile

SHIMURA KAKO: Financial Overview
SHOKUSAN JUTAKU: Company Profile
SHOKUSAN JUTAKU: Financial Overview
SUMITOMO OSAKA: Moody's Assigns Ba2 Rating to Unsecured Notes
TAKA-Q CO.: Financial Overview

TOHO MUTUAL: Financial Overview
TOKYO TEKKO: Financial Overview
TOSHOKU, LTD.: Financial Overview
TOSHOKU LTD.: Investors Hope for Toyota Bailout
UCHIDA YOKO: Financial Overview

YAMAICHI SECURITIES: Moody's Withdraws Debt Ratings
YAMAICHI SECURITIES: Shareholders Hopeful for Recovery

K O R E A

DAEWOO: Joint Venture Dispute
HYUNDAI MOTOR: Suspends Production of All Models Except One
MANDO MACHINERY: In Talks to Sell Factories to Foreigners
MANDO MACHINERY: Unionists Call Off a Strike
SK TELECOM: 42 Percent Fall in 1997 Net Earnings
SAMSUNG: Denies Reports of Intel Taking Equity Stake


M A L A Y S I A

COMMERCE ASSET-HOLDING: Can Remain Viable
RAM: Launches Malaysian Government Securities Index

P H I L I P P I N E S

ORIENT COMMERCIAL: Rizal Commercial May Be New Owner


S I N G A P O R E


T H A I L A N D

NAKOMTHAI STRIP MILL: Junk Bond Status to Proposed US$400 M Bond
NAKORNTHON BANK: Bank of Nova Scotia Considers Buying Stake
SIAM CITY BANK: Financial Overview
THAI DANU: First Bank with Foreign Majority Partner


========
C H I N A
=========

CHENGDU AIRCRAFT: Northrop Grumman Dallas Forms Alliance
--------------------------------------------------------
China's economic "reform and opening" have produced a far-flung
partnership between one of its major state-owned enterprises in
Chengdu and the Dallas-based commercial aircraft division of
Northrop Grumman Corp.  Both parties say the arrangement is paying
dividends.  

In 1995, Northrop Grumman entered into a partnership with Chengdu
Aircraft to build tail-section components for Boeing 757
airplanes. The first components produced by the partnership - the
757's vertical fin or stabilizer - are scheduled for delivery in
July, said Mr. Malooly, general manager of Commercial Aircraft
Co., Northrop Grumman's subsidiary for its China
production.

Delivery of horizontal stabilizers will begin in October, and a
third 757 component, the aft cabin, will be shipped beginning in
2000, he said. The life of the agreement with Chengdu Aircraft
will be eight to 12 years, he said, depending on Boeing's rate of
production.  For Chengdu Aircraft, the arrangement produces 300
full-time assembly-line jobs, Mr. Wang said, as well as work for
many employees in support jobs and in other product lines.

Chengdu Aircraft, whose primary job is to produce fighter aircraft
for the Chinese government, has similar commercial arrangements to
produce parts for Boeing's MD-80 line, which is being
discontinued, and for Europe's Airbus consortium.
The commercial arrangements are needed, Mr. Wang said, to make up
for shrinking levels of government support for his company.

For Northrop Grumman, a "tier one" supplier for Boeing, the China
partnership is a result of Boeing's decision to locate aspects of
its aircraft production in China. Once the decision was made to go
into China, Chengdu was selected from among the Chinese cities
with aircraft production facilities after an in-depth Northrop
Grumman audit, Mr. Malooly said. Several factors went into the
decision, including the quality of the facilities and people and
on the Chengdu plant's ability to perform specific processes, such
as metal bonding.

Another factor was the cost of labor, which was low enough to
offset high costs in other areas such as transportation, and
housing and support for Northrop Grumman employees, he said.
The structures that Northrop Grumman are producing in Chengdu are
the same ones that it now builds in Grand Prairie, Mr. Malooly
said, but this was not simply a case of shipping production
overseas to take advantage of lower labor costs. He described the
move as part of the cost of doing business with China.

"Boeing's in China to sell airplanes," Mr. Malooly said. "The more
airplanes Boeing sells, the more airplanes we build, so we support
any of those initiatives." At any rate, production in the Dallas-
Fort Worth area will continue, he said.

"We're going to continue producing that structure in Dallas for a
long time," he said. "We don't feel you can turn it over to China
as a single source. There's too much risk involved.  . . . We're
going to protect our interest by producing it here."
(Dallas Morning News-22-Feb-1998)


DAH CHONG HONG: Perdue Chicken in Joint Venture
-----------------------------------------------                           
Perdue Farms Inc., the Salisbury-based company that has been given
much of the credit for putting chicken on the American dinner
table, would like to put more in Chinese homes.  The company
announced yesterday that it has entered into a joint venture with
a Chinese company to establish a fully integrated poultry
processing complex near Shanghai similar to its operations on
Maryland's Eastern Shore.

The complex, which is expected to be completed by the end of the
year, will have a hatchery and a chicken processing plant. The
chickens will be raised by contract growers, as in the United
States.  "We will be bringing U.S. poultry processing techniques
to China," said Dick Auletta, a spokesman for Perdue.
The arrangement with Dah Chong Hong, a large trading company that
is also involved with marketing such diversified items as
automobiles and cosmetics, will be Perdue's first production
operation overseas.

Perdue declined to disclose its investment in the complex or say
how many chickens it will process annually. Auletta said the China
complex "will be a significant operation," but not as large as its
Eastern Shore facilities.  Perdue produces abut 87 million
chickens in Maryland each year. It employs about 2,300 workers,
and its annual payroll is about $65 million.

"The current market in Shanghai is fragmented and growing
dramatically, especially for yellow chicken products," James A.
Perdue, the third-generation chief executive of the family-owned
business, said in a prepared statement.  The yellow chicken in
China won't be the same as those grown in the United States,
according to Auletta. He said the "yellow chicken" to be processed
at the complex is "highly prized" in the Shanghai market but not
as broad-breasted as the one grown here.

Given the nature of the Chinese market, fresh processed chickens
as well as live birds will be sold.  Perdue chicken is no stranger
to Chinese consumers. The company has been exporting its chicken
products there for seven years. Each week Perdue processes in
excess of 42 million pounds of chicken products and 3.5 million
pounds of turkeys.

About 10 percent of the company's output is exported, which has
become the fastest-growing segment of its business. Its export
business has more than doubled in the past four years.
Perdue ships to more than 30 countries around the world. China is
a big market, but not the company's biggest, said Auletta.
(Baltimore Sun 20-Feb-1998)


LIAONING SECURITIES: Duke & Company Announces Business Alliance
---------------------------------------------------------------
Duke & Company, a boutique investment banking firm that provides
private placement, municipal bond, retail brokerage, equity
research, and IPO services, announced the formation of a new
business entity with China Liaoning Securities Company.  The newly
formed entity will be called Duke Liaoning Investment Consulting
Company and will have its main office in Beijing.

Under the arrangement, Duke & Company will, among other things,
provide investment banking and consulting services to assist in
the reorganization, listing and merging of Chinese state-owned
enterprises.  Duke will also provide consulting services to
promote foreign investment in China and the United
States, and support Chinese enterprises in raising funds in the
U.S. capital markets.

Shao Rongdi, Chairman of the Board of Directors of China Liaoning
Securities Company, and Zhi Xingfu, Liaoning's President, together
with Dr. James Wang, Duke's senior consultant, were instrumental
in negotiating the business alliance.



=================
H O N G   K O N G  
=================



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



=========
J A P A N  
=========

ASAHI BREWERIES: Moody's Assigns Baa3 Rating to Unsecured Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Baa3 rating to Yen 10 billion
of 2.5% Series 12 Japan Bonds due 2003 issued by Asahi Breweries,
Ltd.  Moody's assigns a Baa rating to debt instruments it
considers to be medium-grade obligations (i.e., they are neither
highly protected nor poorly secured).  Interest payments and
principal security appear adequate for the present but certain
protective elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.   (Moody's 17-Feb-1998)


CHUO TRUST: Consolidating Branch Operations
-------------------------------------------
Chuo Trust & Banking Ltd. will consolidate operations of more than
10 outlets out of the 115 it will have after taking over
operations from bankrupt Hokkaido Takushoku Bank Ltd., the Nihon
Keizai newspaper said, without citing sources.  The bank will
review the operations of 11 outlets in the Tokyo area and five in
the Osaka area. The bank aims to make some six billion yen in
annual net operating profit from former Hokkaido Takushoku
branches in the year ending March 2001, the paper said. (Nihon
Keizai and Bloomberg News 21-Feb-1998)


DAI-ICHI SECURITIES: Company Profile
------------------------------------
Dai-Ichi Securities Co., Ltd.                
6-2 Nihonbashi-Muromachi 1-chome             
Chuo-ku, Tokyo, 103, JAPAN                   
Telephone: (03) 3244-4701      Fax: (03) 5620-4675      

Business: Securities brokerage business, with links to      
          financial markets and research institutions       
          worldwide.  Also offers full range of underwriting
          services for bonds and IPOs.                      
          Founded 1938; Employs 1424 workers.


DAI-ICHI SECURITIES: Financial Overview
---------------------------------------
Dai-Ichi Securities Co., Ltd.                
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues            22,210        24,795        21,044
Operating Income          -4,846        -2,286        -8,938
Net Income                -8,617          -923        -3,598

Current Assets           186,115       158,807       163,483
Current Liabilities      178,345       141,860       137,176
Working Capital            7,770        16,947        26,307

Total Assets             209,692       184,031       186,651
Total Liabilities        185,719       151,442       152,926
Shareholder Equity        23,973        32,589        33,725


DAI NIPPON: Financial Overview
------------------------------
Dai Nippon Construction                      
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues           302,529       295,556             0
Operating Income           5,402         7,800             0
Net Income                  -102           477             0

Current Assets           306,589       305,383             0
Current Liabilities      286,687       264,650             0
Working Capital           19,902        40,733             0

Total Assets             349,321       342,323             0
Total Liabilities        321,734       313,835             0
Shareholder Equity        27,587        28,488             0


DAIEI INC: Reverses Forecast to Pretax Loss of 25 Billion Yen
-------------------------------------------------------------
Daiei Inc. (8263 JP ) fell 108 yen, or 16 percent, to 559. The
supermarket chain operator reversed its previous forecast to a
pretax loss of 25 billion yen for the year ending Feb. 28. That's
457.1 percent less than the most recent forecast by Toyo Keizai.
The sharp decline in the retailer's profits, even amid floundering
consumption, took investors by surprise. "The plunge in its
profits, given the mild decline in its sales, is sign of
management problems. Given the problems retailers are facing amid
the tightening of credit, I don't see investors lining up to buy
the company's stock," said Shigeru Kurabe, a fund manager at
Taiheiyo Investment Trust Co. Ltd.


DENKI KAGAKU: Moody's Assigns Ba3 Rating to Unsecured Notes
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Yen 5 billion
of 2.35% Series 5 Japan Bonds due 2001 issued by Denki Kagaku
Kogyo KK.  Moody's assigns a Ba rating to bonds judged to have
speculative elements; their future
cannot be considered as well-assured.  Often the protection of
interest and principal payments may be very moderate, and thereby
not well safeguarded during both good and bad times over the
future. Uncertainty of position characterizes bonds in this class.  
(Moody's 17-Feb-1998)


KOBE STEEL: Moody's Assigns Baa3 Rating to Unsecured Notes
----------------------------------------------------------
Moody's Investors Service assigned a Baa3 rating to:

     (a) Yen 3 billion of 3.5% Series 18 Japan Bonds due 2008 and

     (b) Yen 5 billion of 3.0% Series 19 Japan Bonds due 2006

issued by Kobe Steel, Ltd.  Moody's assigns a Baa rating to debt
instruments it considers to be medium-grade obligations (i.e.,
they are neither highly protected nor poorly secured).  Interest
payments and principal security appear adequate for the present
but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time.  Such
bonds lack outstanding investment characteristics and in fact have
speculative characteristics as well.   (Moody's 17-Feb-1998)


MATSUYADENKA CO.: Financial Overview
------------------------------------
Matsuyadenka Co., Ltd.                       
Amounts stated are in thousands of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues       137,578,702   120,771,801             0
Operating Income       4,592,088     3,927,910             0
Net Income              -270,502     3,099,372             0

Current Assets        62,632,935    56,064,268             0
Current Liabilities   44,699,816    40,006,639             0
Working Capital       17,933,119    16,057,629             0

Total Assets         118,491,209   119,511,395             0
Total Liabilities     79,788,800    79,794,688             0
Shareholder Equity    38,702,409    39,716,707             0



MAZDA MOTOR: Moody's Assigns Baa3 Rating to Unsecured Notes
-----------------------------------------------------------
Moody's Investors Service assigned a Baa3 rating to:

     (a) Yen 5 billion of 3.0% Series 13 Japan Bonds due 2003 and

     (b) Yen 5 billion of 2.5% Series 12 Japan Bonds due 2001

issued by Mazda Motor Corp.  Moody's assigns a Baa rating to debt
instruments it considers to be medium-grade obligations (i.e.,
they are neither highly protected nor poorly secured).  Interest
payments and principal security appear adequate for the present
but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time.  Such
bonds lack outstanding investment characteristics and in fact have
speculative characteristics as well.   (Moody's 17-Feb-1998)


MITSUBISHI ELECRIC: Quitting the U.K. Consumer PC Market
--------------------------------------------------------
Japanese electronics giant Mitsubisihi Electric Corp. is quitting
the U.K. consumer personal-computer market because of declining
profits and Asia's financial crisis.  It says it will focus
instead on selling it's Apricot-brand PCs to businesses, hoping to
tap into the market for Internet-related services. (The Wall
Street Journal 24-Feb-1998)


MITSUBISHI MOTORS: May Close Three Pick-Up Truck Lines
------------------------------------------------------
Japan's Mitsubishi Motors Corp may close three of its four pick-up
truck manufacturing lines in Thailand because of weak demand, a
spokesman said yesterday. "We have suspended operations at the
three lines since autumn," a Mitsubishi Motors spokesman said. He
said it is still unclear if, or when, the company will resume
production of pick-up trucks at the production lines.
(Xinhua China Daily 11-Feb-1998)


MITSUBISHI PLASTIC: Yen 1 Billion Annual Loss Expected
------------------------------------------------------
Shares in Mitsubishi Plastic Inc. (4213 JP ) fell 24 yen in
trading Monday to 221.  The plastic producer forecast a pretax
loss of 1 billion yen for the full year ending in March.  That's
190.9 percent less than the most recent forecast by Toyo Keizai.  
(Bloomberg News 23-Feb-1998)


MITSUI CHEMICALS: Moody's Assigns Baa3 Rating to Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Baa3 rating to:

     (a) Yen 10 billion of 2.25% Series 3 Japan Bonds due 2003 and

     (b) Yen 10 billion of 2.70% Series 4 Japan Bonds due 2005

issued by Mitsui Chemicals, Inc.  Moody's assigns a Baa rating to
debt instruments it considers to be medium-grade obligations
(i.e., they are neither highly protected nor poorly secured).  
Interest payments and principal security appear adequate for the
present but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time.  Such
bonds lack outstanding investment characteristics and in fact have
speculative characteristics as well.   (Moody's 17-Feb-1998)


NIEHIEI CO.: Financial Overview
-------------------------------
Niehiei Co., Ltd.                            
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues           311,084       284,108        59,549
Operating Income           2,527        -4,660         7,744
Net Income               -10,159          -189         2,418

Current Assets           143,574       306,954             0
Current Liabilities      133,926       288,745             0
Working Capital            9,648        18,209             0

Total Assets             222,265       418,033             0
Total Liabilities        173,261       358,908             0
Shareholder Equity        49,004        59,125             0


NOZAKI & CO.: Financial Overview
--------------------------------
Nozaki & Co., Ltd.                           
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues           154,409       151,937       167,828
Operating Income           1,070         1,650          -295
Net Income                -2,390            23        -4,560

Current Assets            63,101        65,757        68,509
Current Liabilities       71,908        70,840        75,864
Working Capital           -8,807        -5,083        -7,355

Total Assets              74,731        76,309        81,392
Total Liabilities         75,972        74,706        79,758
Shareholder Equity        -1,241         1,603         1,634


RYOBI, LTD.: Company Profile
----------------------------
Ryobi, Ltd.                                  
762, Mesaki-cho, Fuchu                       
Hiroshima, 726, JAPAN                        
Telephone: (0847) 41-1111      Fax:                     

Business: Manufacture of die castings for automobiles,      
          electrical appliances, and office automation      
          equipment.  Manufactures printing equipment, power
          tools and building hardware (e.g., hinges).       
          Founded 1943; Employs 2403 workers.

RYOBI, LTD.: Financial Overview
-------------------------------
Ryobi, Ltd.                                  
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues           208,189       196,417       197,624
Operating Income           6,153         1,301         7,197
Net Income                -3,775        -4,166          -457

Current Assets           126,880       123,753       123,753
Current Liabilities      128,069       124,033       124,033
Working Capital           -1,189          -280          -280

Total Assets             225,504       227,006       227,006
Total Liabilities        188,737       185,217       185,217
Shareholder Equity        36,767        41,789        41,789


SEIBU SAISON: Britain's Bass Group Close to Acquisition
-------------------------------------------------------
Britain's Bass Group is  reportedly close to an agreement to
acquire the Inter-Continental Hotels & Resorts chain from Japan's
Seibu Saison Group. The Wall Street Journal reports executives
tracking the auction process quote a price of more than $2.8
billion. The Journal adds Bass appears to have won a
bidding war with Patriot American Hospitality and Marriott
International.


SHIMURA KAKO: Company Profile
-----------------------------
Shimura Kako Co., Ltd.                       
3-1-1 Marunouchi, Chiyoda-ku                 
Tokyo, 100, JAPAN                            
Telephone: (03) 3216-6431      Fax: (03) 3214-3630      

Business: Manufacture and sale of nickel, cobalt, other     
          metals and metal chlorides, special steels, and   
          alloys.  Also involved in real estate management,
          lending, leasing and securities trading.          
          Founded 1946; Employs 32 workers.


SHIMURA KAKO: Financial Overview
--------------------------------
Shimura Kako Co., Ltd.                       
Amounts stated are in thousands of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Dec-1996   31-Dec-1995
                     -----------   -----------   -----------
Total Revenues         2,800,374     9,534,993    12,253,256
Operating Income          49,196       -75,689       187,399
Net Income              -309,650        76,170       126,330

Current Assets         3,664,228     3,871,642     8,672,069
Current Liabilities    3,516,787     3,061,613     5,448,226
Working Capital          147,441       810,029     3,223,843

Total Assets           6,861,658     6,913,591     9,375,626
Total Liabilities      4,147,362     3,757,102     6,162,737
Shareholder Equity     2,714,296     3,156,489     3,212,889




SHOKUSAN JUTAKU: Company Profile
--------------------------------
Shokusan Jutaku Sogo Co., Ltd.               
11-17 Yoyogi 2-chome                         
Shibuya-ku, Tokyo, 151, JAPAN                
Telephone: (03) 3370-1216      Fax: (03) 3370-1886      

Business: Construction, sale and financing of houses.  Sale
          of construction materials, furniture, hot springs
          and water supplies.  Parking lot management.      
          Casualty, life and automobile insurance.          
          Founded 1950; Employs 1752 workers.

SHOKUSAN JUTAKU: Financial Overview
-----------------------------------
Shokusan Jutaku Sogo Co., Ltd.               
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues           150,511       139,223       149,812
Operating Income            -169           666           270
Net Income                -4,908        -5,778        -8,185

Current Assets           126,934       180,601       204,383
Current Liabilities      115,094       138,870       144,022
Working Capital           11,840        41,731        60,361

Total Assets             175,318       232,537       249,681
Total Liabilities        151,369       203,582       214,944
Shareholder Equity        23,949        28,955        34,737



SUMITOMO OSAKA: Moody's Assigns Ba2 Rating to Unsecured Notes
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Yen 5 billion
of 2.6% Series 2 Japan Bonds due 2001 issued by Sumitomo Osaka
Cement Co., Ltd.  Moody's assigns a Ba rating to bonds judged to
have speculative elements; their future
cannot be considered as well-assured.  Often the protection of
interest and principal payments may be very moderate, and thereby
not well safeguarded during both good and bad times over the
future. Uncertainty of position characterizes bonds in this class.  
(Moody's 17-Feb-1998)


TAKA-Q CO.: Financial Overview
------------------------------
Taka-Q Co., Ltd.                             
Amounts stated are in thousands of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     28-Feb-1997   29-Feb-1996   28-Feb-1995
                     -----------   -----------   -----------
Total Revenues        32,714,898    40,236,643             0
Operating Income      -1,191,205    -1,569,430             0
Net Income              -691,523    -2,798,306             0

Current Assets        17,555,877    17,652,090             0
Current Liabilities   23,487,337    23,611,504             0
Working Capital       -5,931,460    -5,959,414             0

Total Assets          50,481,530    53,808,286             0
Total Liabilities     29,532,050    31,108,633             0
Shareholder Equity    20,949,480    22,699,653             0


TOHO MUTUAL: Financial Overview
-------------------------------
Toho Mutual Life Insurance Co.               
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues                 0             0             0
Operating Income       1,314,320     1,125,435             0
Net Income                     0             0             0

Current Assets                 0             0             0
Current Liabilities            0             0             0
Working Capital                0             0             0

Total Assets           4,509,524     4,994,121             0
Total Liabilities      4,495,561     4,976,794             0
Shareholder Equity        13,963        17,327             0



TOKYO TEKKO: Financial Overview
-------------------------------
Tokyo Tekko Co., Ltd.                        
Amounts stated are in thousands of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Mar-1997   31-Mar-1996   31-Mar-1995
                     -----------   -----------   -----------
Total Revenues        33,295,326    29,594,482    28,702,157
Operating Income      -1,277,317    -4,397,780    -5,049,303
Net Income            -1,870,948    -4,850,094    -5,560,162

Current Assets        30,396,022    46,546,813    46,546,813
Current Liabilities   30,554,305    26,882,173    26,882,173
Working Capital         -158,283    19,664,640    19,664,640

Total Assets          69,196,143    86,178,897    86,178,897
Total Liabilities     54,744,891    69,856,697    69,856,697
Shareholder Equity    14,451,252    16,322,200    16,322,200


TOSHOKU, LTD.: Financial Overview
---------------------------------
Toshoku, Ltd.                                
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Oct-1997   31-Oct-1996   31-Oct-1995
                     -----------   -----------   -----------
Total Revenues                 0       824,898       810,073
Operating Income               0         6,031         5,501
Net Income                     0         1,661         1,318

Current Assets                 0       792,024       757,670
Current Liabilities            0       621,118       566,646
Working Capital                0       170,906       191,024

Total Assets                   0       837,405       801,915
Total Liabilities              0       756,130       720,806
Shareholder Equity             0        81,275        81,109


TOSHOKU LTD.: Investors Hope for Toyota Bailout
-----------------------------------------------
Shares in Toshoku Ltd. (8034 JP ) rose 4 yen to 6 in trading
Friday after a report surfaced indicating Toyota Tsusho Corp., a
midsize trading company affiliated with Toyota Motor Corp., may
bailout Toshoku, a food company which went bankrupt in December.  
The report appeared in the Nihon Keizai newspaper said without
citing sources.  Toyota Tsusho said no decision had been reached
and Toshoku said it couldn't comment on the report. Toyota Tsusho
is expected to say by next week if it will rescue the failed food
company. (Bloomberg News 21-Feb-1998).


UCHIDA YOKO: Financial Overview
-------------------------------
Uchida Yoko Co., Ltd.                        
Amounts stated are in millions of Yen for the year ending on each
date indicated.  Zeros generally indicate financial data is not
available.

                     20-Jul-1997   20-Jul-1996   20-Jul-1995
                     -----------   -----------   -----------
Total Revenues           168,684       159,645       145,839
Operating Income           1,791           401         1,474
Net Income                  -376           833           917

Current Assets            78,547        77,690             0
Current Liabilities       82,340        81,349             0
Working Capital           -3,793        -3,659             0

Total Assets             132,463       132,500             0
Total Liabilities        101,255       101,282             0
Shareholder Equity        31,208        31,218             0


YAMAICHI SECURITIES: Moody's Withdraws Debt Ratings
---------------------------------------------------
Moody's Investors Service announced that it has withdrawn its
ratings on all senior unsecured notes and commercial paper issued
by Yamaichi Securities Co., Ltd.  (Moody's 17-Feb-1998)


YAMAICHI SECURITIES: Shareholders Hopeful for Recovery
------------------------------------------------------
Shares in Yamaichi Securities Co. (8602 JP ) were unchanged at 3
yen in active trading Friday.  The failed brokerage's shares have
been among the Tokyo Stock Exchange's six most actively traded
stocks on 11 of the last 16 days.  Yamaichi's popularity is driven
by speculation the company still has net assets to pay out to
shareholders.  "To make the argument that there's net worth, you
have to accept the reported numbers at face value," said David
Richards, vice  president of Goldman Sachs (Japan) Ltd.  "It's not
clear to me that's a fair assumption," Richards added.  (Bloomberg
News 21-Feb-1998)



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


DAEWOO: Joint Venture Dispute
-----------------------------
South Korean car maker Daewoo is in a dispute with a Philippine
joint venture partner over a stalled assembly plant project and
the partner's dealership deal with US rival Chrysler, industry
officials said yesterday.

Daewoo demanded that Transfarm and Co Inc convert the South Korean
firm's US$15 million (S$25.2 million) exposure to the joint
venture, Trans-Daewoo Automotive Manufacturing Corp into equity to
enable it to gain control.

Trans-Daewoo is building an assembly plant in the central island
of Cebu but the project is now three years behind its scheduled
completion. The Asian financial crisis has aggravated problems,
with Daewoo cars sold by Transfarm plunging 45 per cent to 1,687
in 1997. (The Straits Times, Feb 17,98-- AFP.)


HYUNDAI MOTOR: Suspends Production of All Models Except One
-----------------------------------------------------------
Hyundai Motor Co., South Korea's largest vehicle maker, suspended
production over the weekend of all its models except a newly
introduced minicar while awaiting tires from manufacturers,
company sources said Sunday, in an impasse that threatens to halt
all motor-vehicle production in the country.

A spokesman confirmed that three major tiremakers  Kumho Tire Co.,
Hankook Tire Co. and Woosung Tire Co. had refused to deliver the
tires. The tiremakers, hit hard in the country's economic crisis,
are demanding to be paid 15 percent to 80 percent more for their
products.  The country's second-ranking automaker, Daewoo Motor
Co., said it would have to suspend production Monday if talks with
the tire suppliers failed, and the third-largest manufacturer, Kia
Motors Corp., said it might have to suspend its assembly lines by
the end of the week.

Compounding the uncertainty, workers at Mando Machinery, the
country's largest maker of automotive components and a unit of the
Halla Group, said they would go on strike Monday if the company
failed to provide a "special agreement" providing job security.
Mando, which is on the brink of bankruptcy after failing to pay
off debts due in December, makes components such as transmission
gears, brakes, alternators and generators for all three vehicle
manufacturers.

A Kia spokesman said he expected the motor-vehicle companies to
come to terms with the tiremakers but added, "It's inevitable we
will stop production on Friday if Mando goes on strike."
The difficulties confronting the South Korean vehicle industry
illustrate the weakness of the entire economy as banks and
companies struggle to meet debt payments.

Hyundai, Daewoo and Kia employ about 100,000 workers; several
times that many are on the payrolls of hundreds of other companies
of various sizes that supply materials and parts needed for the
automakers' products.  While negotiating with suppliers, all three
major vehicle manufacturers have also suffered from sharply
declining domestic sales. Daewoo, with a debt-equity
ratio of at least 5-to-1, is negotiating to sell as much as 50
percent of its equity to General Motors Corp.; Kia has said it
hopes that Ford Motor Co., which has a 9 percent stake in the
company, will substantially increase its investment.

The problems of the tire manufacturers as well as of Mando
dramatize the way in which the economic crisis can bring an
industry to its knees. The tire companies and Mando are all units
of chaebol, or conglomerates, that are suffering from rapidly
mounting debts. They have all cited increases in the price of oil
as the reason they have to charge more just to stay in
business.  Managers at Mando, which employs about 8,000 workers,
said they hoped to maintain 70 percent of production by putting
white-collar workers on assembly
lines.

The move threatened a standoff between management and labor that
could set a precedent for other industries. More than half of
Mando's employees belong to a company union that is affiliated
with the Korea Confederation of Trade Unions. That group canceled
plans Feb. 12 for a nationwide general strike to protest
a new law authorizing layoffs but has warned it will renew calls
for strikes if companies "abuse" their new right.

While suspending its other lines, Hyundai plans to keep producing
the tiny ATOZ, which has emerged as the country's biggest-selling
car in a time of economic duress. The name is actually "A to Z" in
capital letters, a spokesman said, which is intended to signify
that the car "can do anything."

Hyundai, which accounts for about half of all sales of South
Korean-made cars, trucks and buses, last year sold 1.25 million
vehicles, about 52 percent of them in South Korea. Hyundai's
domestic sales plunged from 38,186 units in December to 17,677 in
January but were still well ahead of those of Daewoo and
Kia.(InternationalHeraldTribune23-Feb-1998)


MANDO MACHINERY: In Talks to Sell Factories to Foreigners
---------------------------------------------------------
South Korea's largest car parts manufacturer, the insolvent Mando
Machinery Corp, said yesterday that it was in talks to sell some
of its seven factories to foreigners. "Negotiations are under way
with major foreign firms on our offers to sell some of our
factories," said Kim Kyong-taek, a spokesman for Mando's parent
conglomerate, Halla Group, which went bankrupt in December.
Kim said Mando might even sell more than 50 per cent of its equity
to foreign partners. "Each of Mando's seven factories is seeking
foreign partners, with no restrictions on offers," he said. "We
will allow any form of tie-ups as long as Mando can keep
managerial control." (Xinhua China Daily 11-Feb-1998)


MANDO MACHINERY: Unionists Call Off a Strike
--------------------------------------------
Unionists at South Korea's largest auto parts maker
Mando Machinery Corp. on Monday called off a strike which would
have paralyzed the country's troubled auto industry.
The union said it had reached a last-minute agreement with
management to cancel the strike, which was supposed to start
Monday. Mando was declared insolvent in January.

The agreement followed concessions by managers who promised to
resume negotiations on the union's proposal for new company rules
to protect workers from lay-offs.  Mando's union has called for a
separate union-management accord, refusing to endorse a new labor
law allowing the mass dismissal of workers for restructuring
efforts such as mergers and acquisitions.

The demand was in line with new tactics pushed by the militant
Korean Confederation of Trade Unions (KCTU), one of the country's
two umbrella union groups.  South Korea legislated the landmark
lay-offs bill in early February. But the militant KCTU has refused
to approve the bill, contending it did not contain concrete
provisions for job safety.

Mando provides parts to almost all South Korean auto firms, which
have been hit by a backlog of unsold cars, sluggish domestic
consumption and the country's prolonged currency crisis.
(AgenceFrancePresse-23-Feb-1998)


SK TELECOM: 42 Percent Fall in 1997 Net Earnings
------------------------------------------------
SK Telecom, South Korea's largest mobile phone service provider
reported a 42 per cent fall in 1997 net earinings as it confronts
a threatened shareholder revolt by US institutional investors next
month.

SK Telecom blamed the unexpected fall in profits to Won 113.6 bn
($68.5m) from Won 195.5bn in 1996 on increases in operating costs
and losses from the devaluation of the Korean currency.

Profit margins were down because of increased competition.  This
raised market costs for SK Telecom, which also increased capital
spending as it switched its network to a digital system from an
analogue one.  Korea's Fair Trade Commission recently found that
the SK Group, the parent for SK Telecom was allegedly using the
cellular phone operator to provide hidden subsidies to other
weaker group affiliates. The FTC said that SK Telecom paid
inflated prices for equipment and services provided by other SK
units, which cut its 1996 operating profit and resulted in lower
dividend and tax payments.

The US institutional investors, which hold nearly 10% of SK
Telecom are demanding the right to appoint two outside directors.  
They also want shareholders to approve any overseas investments,
foreign-denominated loans, and share issues abroad.

The demands by the US investor funds represent the first serious
challenge by foreigners against Korean corporate practices to
protect share values.  Foreign Investors hold a combined 33 per
cent of SK Telecom.  The deciding vote will be held by Korea
Telecom, the state-run group with 19 per cent, and other Korean
institutional investors. (Financial Times 24-Feb-1998)


SAMSUNG: Denies Reports of Intel Taking Equity Stake
----------------------------------------------------
Samsung Electronics Co. has held talks with Intel Corp. about
various forms of mutual cooperation, but isn't in negotiations
with the U.S. company about the latter's taking an equity stake in
the South Korean elecronics giant.



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

COMMERCE ASSET-HOLDING: Can Remain Viable
-----------------------------------------
Commerce Asset-Holding Bhd (CAHB) can still remain a viable and
independent entity should it decide to accept cash for the
proposed sale of Bank of Commerce (M) Bhd (BOC) to Rashid Hussain
Bhd (RHB), according to sources close to CAHB.


RAM: Launches Malaysian Government Securities Index               
---------------------------------------------------
The development of the Malaysian bonds market into a transparent
trading system as an alternative to the equity market would
provide a more balanced financing structure to fund portfolio
managers, said Rating Agency Malaysia Bhd chief executive officer
Datuk C. Rajandram.

To this end, RAM, in collaboration with an Australian portfolio
management firm, launched the country's first monthly Malaysian
Government Securities (MGS) index to provide a benchmark against
measuring government bond performance.

RAM is also keen in introducing an index to measure corporate bond
performance. Rajandram also called for more transparency in the
dealing of corporate bonds. He was speaking to journalists in
Kuala Lumpur yesterday after RAM and its Australian partner, The
Quant Shop Pty Ltd, launched the MGS index.

The RAM-Quant Shop MGS Index aims to act as an analytical tool
which allows fund managers to create portfolios incorporating
government bonds. Equivalent to an equity market index, it
measures the performance of the credit risk-free Malaysian
Government Securities based on the monthly returns
of each security, plus the coupons received, change in bond price
and interest on coupons.

The MGS index comprises three individual indices, namely the
"short" (for securities covering one to three years), "medium"
(three to seven years) and "long" (seven years and above) indices,
plus the "all series" index incorporating the three.

It is an accumulated index which means that price and income
components are incorporated. The index starts at the 1,000 level
from January 1994. The total outstanding value of MGS as at Dec
31, 1997 was RM66.3 billion.  As at January 1998, the all series
MGS index dropped to 1,132.357 from 1,132.868 at the end of
December 1997. The short MGS index rose to 1,226.331 from
1,225.824, the medium index fell to 1,126.376 from 1,130.624 and
the long MGS index rose to 1,110.594 from 1,108.158.

The index is revalued based on data available up to the last
working day of the month and then released within three days.
"The bonds market is in a stage of development. With the MGS
index, perhaps there will be possible changes in the way people
run their portfolios.  As at December 1997, the total outstanding
value of MGS amounted to RM66.3 billion compared to RM21.5 billion
of Cagamas bonds and about RM47.5 billion of corporate bonds.

Asked if the amount of bonds issuance in Malaysia would fall due
to the current economic scenario, Rajandram said there would be
shrinkage in the sector but statutory regulations would ensure the
continuance of bond issuance.

On a similar index for corporate bonds, he said RAM is interested
to explore this area but would first need to have access to
information on the trading of such bonds.

The MGS index obtains the required data on government bond trading
from Bank Negara. Quant Shop managing director Larry Shepherd said
the historical data for the period January 1994 to December 1997
showed that Malaysian domestic bonds have a one per cent chance of
making a loss compared with seven per cent for international bonds
and 33 per cent for domestic equities.
(NewStraitsTimes-21-Feb-1998)



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

ORIENT COMMERCIAL: Rizal Commercial May Be New Owner
----------------------------------------------------
Rizal Commercial Banking Corp. (RCBC) submitted the highest bid
and may well be on its way to becoming the new owner of the cash-
strapped Orient Commercial Banking Corp. (Orient Bank).
In a press conference late yesterday afternoon, Bangko Sentral
Gov. Gabriel C. Singson said RCBC offered to buy Orient Bank for
1.85 billion Philippine pesos (PhP). Of this purchase price,
PhP700 million will be infused into the bank as fresh equity while
the remaining PhP1.1 billion will be applied against its non-
performing loans (NPLs), originally estimated at PhP4.9 billion.

Mr. Singson said another PhP1.1 billion representing the
withdrawals of deposits when Orient Bank experienced a bank run
will also be deducted from the total bad debts, bringing it down
to approximately PhP2.8 billion. The Bangko Sentral ng Pilipinas
(Central Bank of the Philippines) and the Philippine Deposit
Insurance Corp. (PDIC) will then decide on the mode of payment for
the bad loans. "This is still a hanging question since the PDIC
has yet to decide on the amount of NPLs (it will absorb). Not all
of these loans will be absorbed by the Bangko Sentral since they
have been collateralized by assets of both the Orient Bank and its
owner, Jose Go," Mr. Singson said.

He said that as soon as the bad debts are paid, the Orient Bank-
owned collateral will be returned to the bank. On the other hand,
collaterals owned by Mr. Go will be retained by the Bangko Sentral
to cover for any remaining bad debts. The bank's new owner is
expected to pay the emergency loans extended by the central bank
within six months. Some PhP2 billion in emergency loans was
extended to the bank in early January. Despite these details, Mr.
Singson emphasized the purchase price and the repayment scheme for
Orient Bank's bad debts and emergency loans still have to be
formally approved by the RCBC board of directors and the Monetary
Board, the policy-making body of the Bangko Sentral.

Representatives from RCBC and Orient Bank are expected to meet
with the Monetary Board this Wednesday to discuss details of the
sale. RCBC president Francisco Dizon could not be reached for
comment as of presstime. Orient Bank has not been declared
insolvent as its assets still exceed its liabilities. However,
should the PDIC opt not to take in Orient Bank's bad debts, there
is still a possibility that the bank may be closed, Mr. Singson
said. With up to 99% of Orient Bank to be sold to RCBC, he added
that Mr. Go "will not benefit from the exercise since the purchase
price will go to the bank as fresh capital infusion while the rest
will be used to reduce its NPLs." (Philippines - Business World -
24-Feb-1998)



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



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

NAKOMTHAI STRIP MILL: Junk Bond Status to Proposed US$400 M Bond
----------------------------------------------------------------
THAI debt instruments were delivered yet another body blow over
the weekend when Moody's Investors Service assigned junk bond
status to a proposed US$400 million bond (S$663 million) issue by
Nakornthai Strip Mill (NSM Steel).

Although Moody's had downgraded Thai debt to junk bonds last year,
analysts felt that some major corporate players such as NSM Steel
may be viewed favourably by the American debt markets. NSM Steel,
the owner, developer, and operator of one of the most advanced and
lowest cost thin-slab/flat-rolled steel mini-mills in the world,
is headquartered in Chonburi, Thailand.

Moody's assigned a B3 rating to NSM Steel's proposed US$250
million issue of mortgage notes due in 2006. The US ratings agency
also accorded a Caa2 rating to the steel mill's proposed US$150
million issue of mortgage notes due in 2008.

Analysts said that the news came as a blow to NSM Steel, which
operates a 1.35 million tonne modern plant that was recently
constructed. Moody's describes a B3 rating as being non-investment
grade, and at the bottom of its "distinctively speculative, low
credit-worthiness" junk bonds. A Caa2 rating is even further down
the ladder and is "predominantly speculative with substantial
risk, or in default".

The bonds are to be issued by NSM Steel (Delaware) Inc, a wholly-
owned subsidiary of NSM Steel Company which is registered in the
Cayman Islands, and was set up to maintain offshore accounts for
the bond issues. The Cayman firm is, in turn, a wholly-owned unit
of NSM Steel.

The funds raised from the bonds are to be used to finance a second
phase completion of the mill, and repay US$50 million previously
borrowed under a credit facility from a consortium of Thai banks
and finance companies, as well as US$8 million in past interest.
Moody's said that its ratings took into account NSM Steel's highly
leveraged capital structure, and the risk that the full amount of
bonds envisioned to be issued at this time would not be
successfully placed, resulting in a shortage of funds needed to
complete a second phase of the construction of the mill.
The risk-fraught ratings further reflected the fact that one-third
of NSM Steel stock is owned by the financially troubled
Horrungruang Group, and other interests.

However, on the positive side, Moody's noted that the design of
NSM Steel's mini-mill was technically unique, buttressed by a low-
cost operation, and high anticipated margins. Moreover, the mini-
mill is assured of sales under an eight-year off-take agreement
with Preussag Handel GmbH and Klockner Stahl-und Metallhandel
GmbH, two of the largest international steel trading firms. Both
these firms will buy 100 per cent of the mini-mill's output for
the next three years, coming down to 25 per cent for the remaining
years of the contract.

However, Moody's is concerned that periodic gluts in the steel
markets would squeeze the NSM Steel's margins in the international
arena. Domestic steel demand in Thailand is highly uncertain
following the 50 per cent decline in the value of the baht, and
the massive crisis in the automobile and property sectors.
In 1996, Thailand consumed some 5.7 million tonnes of flat-rolled
steel, making the country the world's sixth-largest steel
importer.


NAKORNTHON BANK: Bank of Nova Scotia Considers Buying Stake
-----------------------------------------------------------
Canada's Bank of Nova Scotia has expressed interest in acquiring a
stake in Nakornthon Bank Plc, which plans to complete its capital
raising within three weeks, a report said Monday. Nakornthon Bank
president Thamnu Wanglee said the bank would increase its capital
by up to four billion baht (88.8 million dollars) and offer its
increased shares to a foreign investor, Krung Thep Thurakij
newspaper reported.

"Bank of Nova Scotia of Canada has clearly expressed that it wants
to invest in the bank," he was quoted as saying. "The selected
investors will be allowed to hold 40 percent in the bank."
Thamnu also said the bank's capital adequacy ratio would be
increased to 12 percent after the capital increase.

The central bank of Thailand last week said it would tighten its
definition of non-performing loans, making it harder for debt-
ridden Thai banks to meet the government's capital adequacy
requirements. So far this year the central Bank of Thailand (BoT)
has taken over three commercial banks which failed to recapitalise
by deadlines set by the government.

Other banks are frantically searching for foreign partners to take
major equity stakes and provide injections of fresh capital to
boost reserves. Recapitalisation of the country's banking sector
is a key condition of the International Monetary Fund's 17.2-
billion-dollar bailout package to Thailand.
(AgenceFrancePresse-23-Feb-1998)


SIAM CITY BANK: Financial Overview
----------------------------------
Siam City Bank Public Co., Ltd.              
Amounts stated are in thousands of Baht for the year ending on
each
date indicated.  Zeros generally indicate financial data is not
available.

                     31-Dec-1997   31-Dec-1996   31-Dec-1995
                     -----------   -----------   -----------
Total Revenues                 0             0             0
Operating Income               0             0             0
Net Income                     0     3,509,057     3,160,333

Current Assets                 0             0             0
Current Liabilities            0             0             0
Working Capital                0             0             0

Total Assets                   0   239,575,962   206,651,469
Total Liabilities              0   218,641,209   187,166,947
Shareholder Equity             0    20,934,753    19,484,522


THAI DANU: First Bank with Foreign Majority Partner
---------------------------------------------------
Thai Danu Bank PLC, Thailand's 12th-largest bank, has formed a
strategic alliance with Development Bank of Singapore whereby DBS
will take a 50.4% stake in TDB and pump cash into the operation to
keep it afloat.  This alliance marks the first foreign majority-
stake investment in a Thai bank since Thailand revised its laws
last year to permit foreign majority-stake investments in the
country's banking institutions.  An analysts with UBS Securities
praised the TDB/DBS alliance and predicted that other foreigners
will flock to Thailand to form alliances with Thailand's
government-owned and commercial banks.  (The Asian Wall Street
Journal 16-Feb-1998)


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., Princeton, NJ USA, and Beard Group, Inc., Washington
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  This material is
copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-
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contained herein is obtained from sources believed to be
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