HITACHI LIMITED

Top Troubled Companies in Asia Pacific
September 2001

Korea Electric Power Company (Korea)
Fujitsu Limited (Japan)
Mycal Corp (Japan)
Cable and Wireless Optus (Australia)
HIH Insurance (Australia)
Daewoo Motor Corp (Korea)
Pasminco Limited (Australia)
Wing Tai Holdings Limited (Singapore)

Korea Electric Power Company (Korea) back

Status:

The Ministry of Commerce, Industry and Energy said that Korea Electric Power Company (KEPCO) is close to selling its affiliate, Korea Electric Power Corporation (KOPEC), to five prospective buyers, including Doosan Heavy Industries and Construction, Hyosung Corp. and Hanjin Transportation Co.
According to a restructuring proposal by the state-run energy research institute Korea Energy Economics, KEPCO's power transmission facilities should be divided into four to seven independent companies.

Principal Activities:

Power generation; electric utility

Address:

167 Samsong-Dong
Kangnam-Ku, Seoul 135-791
Korea, South Korea

Contact Persons:

Soo Choi - President, CEO
Yong Park - Exec. VP
Haeng Yoon - Exec. VP
Jin Kim - VP
In Koh - VP

Contact Numbers:

Phone: (223) 456-3114
Fax: (223) 456-5981

Website:

http://www.kepco.co.kr/en/Welcome.html

Financials (US$M):

Assets: US$52,143 Million

Remarks:

Dates Reported:

September 24,18,13,6

Fujitsu Limited (Japan) back

Status:

Fujitsu Ltd will close its semiconductor plant in Dublin this November due to severe downturn in global
semiconductor demand. The company, which may report an operating loss for the three months ending in September as the U.S. terrorist attacks contributed to slumping sales, already expects a full-year loss and a cut in its forecast for the quarter.

Principal Activities:

Fujitsu is a leading provider of Internet-focused information technology solutions for the global marketplace.

Address:

Marunouchi Center Building
1-6-1 Marunouchi, Chiyoda-ku
Tokyo 100-8211, Japan

Contact Persons:

Tadashi Sekizawa - Chairman
Naoyuki Akikusa - President & CEO

Contact Numbers:

Tel: +81-3-3216-3211

Website:

http://www.fujitsu.com/about

Financials (US$M):

http://pr.fujitsu.com/en/ir/finance/2001q1/pdf/results.pdf
http://pr.fujitsu.com/en/ir/finance/2000/0426-1.html
http://pr.fujitsu.com/en/ir/finance/2000h/1025-1.html

Remarks:

Dates Reported:

September 24, 30, 13

Mycal Corp (Japan) back

Status:

Seino Transportation Co., which holds Y3 billion in bonds of failed Japanese retailer Mycal Corp., doesn't expect to be repaid. Seino is one of many Mycal creditors, ranging from suppliers to banks, likely to get little or none of their money back. Mycal, which has sold more than Y345 billion in bonds to investors, will become Japan's biggest bond defaulter ever.

Principal Activities:

Mycal is one of Japan's largest supermarket operators with more than 230 stores. Mycal's mainstay Saty supermarkets feature basic apparel, food, and household items, and its Vivre apparel and accessories chain offers trendier high fashion aimed at younger shoppers. Mycal's other operations include a credit card arm (which it is selling), real estate, and cinema complex joint venture Warner Mycal Corp.

Address:

2-9 Awajimachi 2-Chome Chuo-ko
Osaka 541-8555, Japan

Contact Persons:

Kozo Yamashita - President and CEO

Contact Numbers:

Head Office Phone: 81 6 6203 5072
Head Office Fax: 81 6 6223 1396

Website:

http://www.mycal.co.jp

Financials (US$M):

At the end of 2001, Mycal had negative working capital, as current liabilities were Y767.58 billion, while total current assets were only ¥438.33 billion. The fact that the company has negative working capital could indicate that the company will have problems in expanding. However, negative working capital in and of itself is not necessarily bad, and could indicate that the company is very efficient at turning over inventory, or that the company has large financial subsidiaries.
As of February 2001, the company's long-term debt was Y715.88 billion and total liabilities (i.e., all monies owed) were Y1.60 trillion. The long-term debt to equity ratio of the company is 5.13. This is significantly higher than where the long term debt to equity ratio was in February 2000, when the long term debt to equity ratio was only 2.67.
As of February 2001, the accounts receivable for the company were Y159.27 billion, which is
equivalent to 34 days of sales. This is slightly higher than at the end of 2000, when Mycal had 32 days of sales in accounts receivable.

Remarks:

Filed for protection against creditors in September. Creditors are currently discussing plans to sell the company to several interested parties, including U.S. retail giant Wal-Mart.

Dates Reported:

September 28,25,24,20,19,18,17,5,4

Cable and Wireless Optus (Australia) back

Status:

Singapore Telecommunications has received more than 98% acceptances from Cable & Wireless Optus shareholders in its US$9 billion takeover of Australia's second-largest telecom.

Principal Activities:

Integrated communications - serving more than four million customers. Its broad range of communications services includes mobile, national and long distance services, local telephony, international telephony, business network services, internet and satellite services and pay television.

Address:

Cable & Wireless Optus Systems Pty. Ltd.
101 Miller Street
North Sydney NSW 2060

Contact Persons:

Sir Ralph Robins - Chairman
Christopher J. Anderson - CEO, Director
J. Norman Gillespie - Deputy CEO and CFO

Contact Numbers:

Phone: +61-2-93427800
Fax: +61-2-93427100
Local Calls 13 30 66
Local access resale 1300 300 469
Long Distance calls 1300 300 990

Website:

http://www.cwo.com.au
http://www.optus.com.au

Financials (US$M):

US$5.1194 billion total assets.

Balance Sheet As at 31 March 2001
Note Consolidated
	2001	2000
	$m	$m
Current assets
Cash	278.6	155.9
Receivables	1,160.60	839.3
Inventories	73.4	109.1
Other	476.1	321.3
Total current assets	1,988.70	1,425.60

Non-current assets
Receivables	144.4	98
Inventories	184.3	182.2
Investments	61.9	44
Property, Plant and Equipment	6,898.40	5644.4
Telecommunication licences	683.4	683.4
Other intangibles	390	102.3
Other	583	249.9
Total non-current assets	8,945.40	7,004.20
Total assets	10,934.10	8,429.80

Current liabilities
Accounts payable	1,791.00	1,182.40
Borrowings	100.2	73.3
Provisions	87.5	69.8
Total current liabilities	1,978.70	1325.5

Non-current liabilities
Accounts payable	-	2.5
Borrowings	3,262.30	2,123.40
Provisions	315.9	14.2
Total non-current liabilities	3,578.20	2140.1
Total liabilities	5,556.90	3,465.60
Net assets	5,377.20	4,964.20

Equity
Share capital	5,305.50	5,305.50
Reserves	12.9	22.4
Retained profits (accumulated losses)	58.8	-365
Total equity attributable
to members of the company	5,377.20	4962.9
Outside equity interests
in controlled entities –	-	1.3
Total equity	5,377.20	4,964.20

Remarks:

SingTel's offer to acquire all the ordinary shares in Cable & Wireless Optus
Limited (Optus) by its wholly-owned subsidiary, SingTel Australia Investment Ltd (SingTel Australia), has closed, with SingTel Australia having received acceptances for more than 98 percent of Optus shares.

Dates Reported:

September 28, 20, 19, 18, 17, 13, 12, 4

HIH Insurance (Australia) back

Status:

An inquiry into the collapse of HIH Insurance Ltd has been undertaken, with the commission to "focus on the reasons for and the circumstances surrounding the demise of HIH in March this year." The commission has set up a website: www.hihroyalcom.gov.au to keep all parties and the public fully informed of the inquiry's progress.

Principal Activities:

HIH did insurance business throughout the Pacific Rim, the US, the UK, and Argentina.

Address:

Level 42, 50 Bridge St.
Sydney 2000, Australia

Contact Persons:

Randolph Wein, CEO
Dominic Fodera, CFO

Contact Numbers:

Phone: 61-2-9650-2000
Fax: 61-2-9650-2030
Info hotline : 1800 600 400 (toll free).

Website:

http://www.hih.com.au/

Financials (US$M):

	Jun-00	Jun-99
Revenue	1,712.00	2,212.50
Operating Income	33.4	33.4
Operating Margin	1.90%	1.60%
Total Net Income	-34.3	-17.5
Cash	275.6	422.2
Net Receivables	957.3	925.9
Total Current Assets	2,059.90	2360.1
Total Assets	4,971.30	5,321.80
Short-Term Debt	11.7	108.7
Total Current Liabilities	1,806.70	2156.7
Long-Term Debt	301.1	222
Total Liabilities	4,410.60	4,696.20
Total Equity	560.6	625.6

*Losses of Australian insurer could hit A$5.3 billion (US$2.8 billion).
Assets: A$940 million (June-end 2000)

Remarks:

Creditors include JP Morgan which is owed about US$90 million from insurance policies against losses from financing unsuccessful films.
There are also potentially thousands of creditors in workers' compensation schemes in California. Within Australia, the federal and state governments are the biggest creditors, after their decision to fund a A$640 million bail-out providing immediate relief to victims. US creditors have successfully activated orders preventing HIH's US assets being brought to Australia to settle the group's debts.

Dates Reported:

September 20,14

Daewoo Motor Corp (Korea) back

Status:

A memorandum of understanding sealing

Principal Activities:

A memorandum of understanding sealing negotiations between Daewoo Motor and GM that lasted nearly a year has been signed.

Address:

199 Chongchoo-dong, Pupyong-ku
Inchon, South Korea

Contact Persons:

Kong Byung-Ho - President

Contact Numbers:

Head Office Phone: 82 32 520 2114
Head Office Fax: 82 32 520 4658

Website:

http://www.daewoomotor.com

Financials (US$M):

Annual Financials
Income Statement
(All amounts in millions of US Dollars, except per share amounts.)

	Dec-00	Dec-99	Dec-98

Revenue	197.8	3,142.70	3,652.80
Cost of Goods Sold	189.3	--	--
Gross Profit	8.5	--	--
Gross Profit Margin	4.30%	--	--
SG&A Expense	2.9	--	--
Operating Income	5.6	--	--
Operating Margin	2.80%	--	--
Total Net Income	2	--	--
Net Profit Margin	1.00%	--	--
Diluted EPS ($)	--	--	--

Balance Sheet	Dec-00	Dec-99	Dec-98
Cash	--	--	--
Net Receivables	--	--	--
Inventories	157.3	--	--
Total Current Assets	1,283.90	--	--
Total Assets	2,139.60	--	--
Short-Term Debt	--	--	--
Total Current Liabilities	1,070.60	--	--
Long-Term Debt	847.6	--	--
Total Liabilities	1,918.20	--	--
Total Equity	221.3	--	--
Shares Outstanding (mil.)	--	--	--

Remarks:

Dates Reported:

September 28 (Last reported)

Pasminco Limited (Australia) back

Status:

Principal Activities:

One of the largest integrated base metals groups in the world. Its operations cover exploration, mining, smelting, processing and reprocessing, transport, research and product development, and marketing. Its products are zinc and lead concentrates, zinc, lead and silver metals and a variety of alloys and by-products. One quarter of the company's revenues are derived from operations conducted outside Australia.

Address:

Level 7, Royal Domain Centre
380 St Kilda Road
Melbourne 3004
Australia

Contact Persons:

Mr David D M Stewart - CEO/Managing Dir.
Mr Mark M R Rayner - Non-Exec. Chairman

Contact Numbers:

Phone 61 3 9288 0245
Fax 61 3 9288 0205

Website:

http;//www.pasminco.com.au

Financials (US$M):

Profit and Loss Statements
http://www.pasminco.com.au/resources/uploads/financial_2000.pdf

Remarks:

Dates Reported:

September 28, 26, 21, 14, 12, 11, 5, 4

Wing Tai Holdings Limited (Singapore) back

Status:

Winwards Investment Pte Ltd (Winwards), on 25 May 2001, wound up voluntarily. Winwards is an 85%-owned subsidiary of Wing Tai Land Pte. Ltd., which in turn is a wholly-owned subsidiary of the company.

Principal Activities:

It is one of the leading property developers in Singapore, widely recognized for quality in its property developments. The Group and its associated companies are currently developing some 3.0 million square feet of property in Singapore, Malaysia, Hong Kong and China.

Address:

107 Tampines Rd.
535129 Singapore

Contact Persons:

Cheng Wai Keung - Chairman and Managing Director
Ivan C. Hoyes Jr. - CFO

Contact Numbers:

Phone: +65-280-9111
Fax: +65-383-8940

Website:

http://www.wingtaiasia.com.sg

Financials (US$M):

http://www.wingtaiasia.com.sg/finance/finance.html
- Latest Results
- Financial Highlights
- Financial charts & graph
- Annual Reports

Remarks:

Dates Reported:

September 28, 27, 26, 19