Top Troubled Companies in Asia Pacific
November 2002

Nippon Telegraph and Telephone Corporation (NTT) (Japan)
     US$161.0 Billion Total Assets as of March 2002
AMP Limited (Australia)
     US$88.6 Billion Total Assets as of December 2001
 Matsushita Electric Industrial Co., Ltd. (Japan)
     US$57.3 Billion Total Assets as of March 2002
Korea Electric Power Corporation (Korea)
     US$43 Billion Total Assets as of June 2001
Fujitsu Limited (Japan)
     US$34.5 Billion Total Assets as of March 2002
Mitsubishi Electric Corporation (Japan)
     US$30.5 Billion Total Assets as of March 2002
Mitsubishi Heavy Industries, Ltd (Japan)
     US$29.3 Billion Total Assets as of March 2002
Hyundai Motor Company (South Korea)
     US$16.2 Billion Total Assets as of September 2002
Hyundai Merchant Marine Co., Ltd. (South Korea)
     US$15.4 Billion Total Assets as of September 2002
Mazda Motor Corporation (Japan)
     US$13.0 Billion Total Assets as of March 2002

Status:   In late November the Company reported profits of 33.16 billion yen ($275.5 million) the first half of this year, a marked improvement from last year's loss of 232.07 billion yen in the same period. The company credited its restructuring efforts for the rebound.

Faced with deteriorating demand at home for its fixed-line business and unit DoCoMo's growth momentum slowing in the maturing domestic market, the Company is turning to overseas markets for further growth by taking stakes in several foreign carriers.

Principal Activities:   The Group is into the provision of telecommunication services including telephone, telegraph, leased circuit, digital data exchange, pocket pager, data communications and other services as well as the operation of telecommunications-related businesses. The company is also into engineering, real estate, finance and information dealing. Mobile phone line accounted for 44% of fiscal 2002 revenues; local phone line service, 35%; long distance service, 10%; data transmission, 6% and others, 5%.
Address:   3-1, Otemachi 2-chome, Chiyoda-ku Tokyo 100-8116, Japan
Contact Persons:   Norio Wada - President and CEO
Haruki Matsuno - Senior Executive Vice President
Hiromi Wasai - Senior Executive Vice President
Toyohiko Takabe - Senior Executive Vice President and CFO
Contact Numbers:  

Tel: +81-3-5205-5111 
Fax: +81-3-5205-5589

Website:   http://www.ntt.co.jp 
Financials (US$M):   Financial Highlights
billions of yen millions of U.S. dollars
2002 2001 2002
Total assets (at year-end) ¥21,425 ¥21,759 $161,089
 

Source: http://bankrupt.com/misc/nippon_telegraph.pdf 
Accountant:   PricewaterhouseCoopers
Status:   The Company's stocks sank to all time lows beginning September as investors reacted to revelations that the group had not revealed the full extent of the financial troubles of its UK units. These subsidiaries include struggling life insurance units Pearl, London Life and National Provident Life. This slide eventually led to the resignation of CEO Paul Batchelor. Now headed by new CEO Andrew Mohl, the company is slowly gaining back credibility, but at the expense of sweeping changes at its operations, including substantial job cuts.
Principal Activities:   The Group's principal activities are provision of pensions, superannuation, insurance services and asset management products and services; banking; and financial planning. Its main brands are Henderson Global Investors, AMP Henderson Global Investors, AMP, Hillross Financials, AMP London Life, AMP Pearl, AMP NPI, Towry Law, Liquid, Ample and Virgin Money.
Address:   Level 24, 33 Alfred Street, Sydney, NSW 2000 GPO Box 4134, Sydney, NSW 2001
Contact Persons:   Stan Wallis - Chairman
Andrew Mohl - Chief Executive
Paul Leaming - Chief Financial Officer
Christine McLoughlin - Secretary
Contact Numbers:  

Tel: +61 2 9257 2700; +61 2 9257 5000

Website:   http://www.ampgroup.com/ 
Financials (US$M):  
Income Statement Dec 01 Dec 00 Dec 99
Revenue 13,690.4 15,434.5 18,151.3
Cost of Goods Sold -- -- --
Gross Profit -- -- --
Gross Profit Margin -- -- --
SG&A Expense -- -- --
Depreciation & Amortization -- -- --
Operating Income (300.1) 355.7 67.6
Operating Margin -- 2.3% 0.4%
Net Income 352.7 2,507.5 2,186.8
Net Profit Margin 2.6% 16.2% 12.0%
Diluted EPS ($) -- -- --
Balance Sheet Dec 01 Dec 00 Dec 99
Cash 4,337.5 3,332.8 4,074.3
Net Receivables 4,003.7 3,312.7 2,643.6
Inventories -- -- --
Total Current Assets -- -- --
Total Assets 88,624.2 99,060.6 86,132.8
Short-Term Debt -- -- --
Total Current Liabilities -- -- --
Long-Term Debt -- -- --
Total Liabilities 79,771.7 94,148.0 76,109.8
Total Equity 8,852.5 4,912.6 5,008.9
Shares Outstanding (mil.) -- -- --
 

Source: http://fin.hoovers.com/hbn/co/annuals.xhtml?ID=56480 
Status:   The Company bared in November an operating profit of 45.37 billion yen in the first half to September. This compared with a loss of 75.71 billion yen a year earlier. The company plans to buy back shares of up to 100 billion year by end of February next year, part of its 300 billion yen annual share buyback ceiling set at the shareholders' meeting in June.
Principal Activities:   The Group's principal activities are manufacturing of consumer electric and electronic products. The Group's operations are carried out through the following divisions: (1) AVC Network: includes video, audio equipment and information and communication equipment; (2) Home Appliances: includes televisions, VCRs and camcorders, DVD players and disks, audio equipment, refrigerators, washing machines, vacuum cleaners, microwave ovens and air conditioners; (3) Industrial Equipment: includes PCs and related equipment, communications and networking equipment; (4) Components and Devices: includes display devices, electric motors and batteries. Products of the Company are sold under the brand names National Panasonic, Technics, Quasar, Victor and JVC. Video and audio equipment accounted for 54% of fiscal 2002 revenues; components and devices, 26%; home appliances, 16% and industrial equipment, 4%.
Address:   1006, Oaza Kadoma Kadoma-shi  Osaka  571-8501 Japan
Contact Persons:   Yoichi Morishita - Chairman of the Board
Masayuki Matsushita - Vice Chairman of the Board
Kunio Nakamura - President
Atsushi Murayama - Executive Vice President
Takashi Kawada - Executive Vice President
Contact Numbers:   Tel: +81 6 6908 1121
Fax: +81 6 6908 2351
Website:   http://www.panasonic.co.jp/global/ 
Financials:   Financial Highlights
millions of yen millions of U.S. dollars
2002 2001 2002
Total assets (at year-end) ¥7,627,159 ¥8,156,288 $57,347
Stockholders' equity ¥3,243,084 ¥3,772,680 $24,384
Some figures may not add up due to rounding.

Source: http://bankrupt.com/misc/matsushita_electric.pdf 

Accountant:   KPMG
Status:   The Company announced in November a plan to issue US$250 million worth of bonds to repay debts. This new bonds will mature on December 20, 2007 with interest based on 3 month Libor + 75 basis points. The issue price is 99.8. Barclays and Hyundai Securities have been appointed lead managers. Moody's rates the bonds 'Baa2'; S&P, 'A-'; and Fitch, 'BBB+'.

In September, the Company also issued a $650 million 4.25 percent five-year bond. Deutsche Bank Securities Inc.,
Goldman Sachs & Co., Salomon Smith Barney Inc. and UBS Warburg jointly lead managed the bond offering.
Principal Activities:   The Group's principal activities are the transmission and distribution of electricity, provision of engineering services for utility plant and utility plant maintenance, and disposal of power-plant ash. The company also offers financing and information services.
Address:   167 Samsong-dong, Kangnam-gu Seoul 135-791, South Korea
Contact Persons:   Choi Soo-byung - President
Contact Numbers:   Tel: +82-2-3456-3633
Fax: +82-2-3456-3699
Website:   http://www.kepco.co.kr/en/Welcome.html
Financials (US$M):  
In thousands of U.S. Dollars
2001 2000
ASSETS
Property, Plant and Equipment
Utility plant $40,375,874 $40,502,911
Non-utility plant 938,333 604,308
41,314,207 41,107,219
Less: accumulated depreciation 3,787,726 6,115,305
Less: construction grants 1,238,706 933,929
36,287,775 34,057,985
Construction in-progress 8,773,787 9,126,689
Nuclear fuel 1,142,242 1,173,919
46,203,804 44,358,593
Investments and others
Long-term financial instruments 81,965 7,838
Investment securities 902,895 984,600
Long-term loans 155,350 135,777
Deferred income tax assets 235,945 271,099
Currency and interest rate swaps 144,188 89,510
Intangibles 377,781 286,207
Other non-current assets 166,814 353,919
2,064,938 2,128,950
Current assets
Cash and cash equivalents 1,033,872 356,065
Accounts receivable, net of allowance for doubtful accounts of 29,105 million in 2001 and 25,212 million in 2002 1,222,765 1,304,689
Marketable securities 9,960 3,067
Short-term financial instruments 234,412 112,606
Short-term loans 8,590 9,337
Inventories 539,121 472,029
Prepayment 20,321 55,292
Other current assets 186,494 179,519
TOTAL ASSETS $51,524,277 $48,980,147
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' Equity
Common stock $2,456,258 $2,456,258
Capital surplus 11,448,339 11,386,349
Retained earnings
   Appropriated 10,525,402 9,336,892
   Unappropriated 530,077 1,103,358
Capital adjustments 22,276 (94,132)
Minority interest in consolidated subsidiaries 120,628 2,817
   Total Shareholders' Equity 120,628 2,817
Long-term liabilities
Long-term debt 15,690,093 16,304,685
Accrued severance indemnities, net 151,449 66,753
Reserve for decommissioning costs 2,849,185 2,445,729
Reserve for self-insurance 56,770 47,672
Currency and interest rate swaps 273,140 202,235
Financing lease liabilities 12,651 ---
Other long-term liabilities 186,103 113,305
Current liabilities
Trade payables 420,800 411,511
Other  accounts payable 524,355 700,080
Short-term borrowings 383,398 434,454
Current portion of long-term debt 4,752,586 3,189,446
Income taxes payable 390,879 217,978
Accrued expenses 250,916 260,040
Dividends payable 2,455 1,415
Other current liabilities 476,517 393,302
   Total liabilities 26,421,297 24,788,605
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES $51,524,277 $48,980,147

Source: http://www.kepco.co.kr/en/Welcome.html 
Accountant:   Anjin & Co.
Remarks:   Korea Electric Power Corporation is offering $650 million yen of 5-year bonds maturing on September 12, 2007. The lead managers are Deutsche Bank, Goldman Sachs, Schroder Salomon Smith Barney and UBS Warburg.
Status:   The Company bared in late November that it plans to sell some overseas plants and may reorganize production in China to cope with slowing demand from phone operators. In the U.S., Fujitsu plans to spin off a division of a Texas business and move some functions to a plant in Kawasaki, Japan. It also plans to sell a plant in Springvale, Northern Ireland to a U.S. electronics maker. The Company expects its telecommunications equipment business to post a loss for the second straight year in March 2003.
Principal Activities:   The Group is primarily into the manufacturing of computers and information processing systems, communications systems and electronic devices. The Group is also involved in the computer rental services. Operations are carried out through the following sectors: (1) SERVICE & SOFTWARE: Software services; (2) INFORMATION PROCESSING: Personal Computers, laptop personal computers; (3) TELECOMMUNICATIONS; (4) ELECTRONIC DEVICES: Data processing equipment; (5) FINANCE; and (6) OTHER OPERATIONS: Radar sensor. Service & software accounted for 42% of fiscal 2002 revenues; information processing, 28%; telecommunications, 13%; electronic devices, 11%; finance, 2% and other operations, 4%.
Address:   6-1, Marunouchi 1-chome, Chiyoda-ku Tokyo 100-8211, Japan
Contact Persons:   Tadashi Sekizawa - Chairman
Naoyuki Akikusa - President & CEO
Takashi Takaya - SEVP, Finance and Administration
Tadayasu Sugita - SEVP, CTO and Corporate 
Contact Numbers:   Tel: +81-3-3216-3211
Fax: +81-3-3216-9365   
Website:   http://www.fujitsu.com/
Financials (US$M):  
Millions of yen Thousands of U.S. Dollars
2000 2001 2001
ASSETS
Current Assets:
Cash and cash equivalents ¥316,176 ¥309,984 $2,499,871
Short-term investments 11,438 9,744 78,580
Receivables, trade 1,158,478 1,188,597 9,585,460
Allowance for doubtful accounts (15,484) (18,839) (151,927)
Inventories 805,626 896,842 7,232,597
Current portion of lease receivables 75,723 60,637 489,008
Other current assets 248,434 290,539 2,343,056
   Total current assets 2,600,391 2,737,504 22,076,645
Investments and long-term loans:
Affiliates 361,510 334,984 2,701,484
Lease receivables 151,572 110,410 890,403
Other investments and long-term loans 283,833 338,865 2,732,782
   Total investments & long-term loans 796,915 784,259 6,324,669
Property, plant and equipment
Land 134,347 137,205 1,106,492
Buildings 781,668 804,525 6,488,105
Machinery and equipment 2,551,347 2,576,415 20,777,540
Construction in progress 44,600 82,194 662,855
3,511,962 3,600,339 29,034,992
Less accumulated depreciation 2,233,104 2,216,544 17,875,355
   Property, plant and equipment, net 1,278,858 1,383,795 11,159,637
Intangible assets
Goodwill 186,320 131,422 1,059,855
Software 136,460 149,143 1,202,766
Other intangible assets 19,650 13,948 112,484
   Total intangible assets 342,430 294,513 2,375,105
Other assets
Discounts on bonds 1,150 --- ---
   Total other assets 1,150 --- ---
Total assets ¥5,019,744 ¥5,200,071 $41,936,056
 
Liabilities, minority interests and shareholders' equity
Current liabilities
Short-term borrowings ¥429,431 ¥452,219 $3,646,927
Current portion of long-term debt 132,255 231,716 1,868,677
Payable, trade 876,438 977,018 7,879,177
Accrued expenses 381,202 407,056 3,282,710
Customers' advances 33,461 31,018 250,145
Accrued income taxes 51,077 113,932 918,807
Other current liabilities 173,522 230,714 1,860,597
   Total current liabilities 2,077,386 2,443,673 19,707,040
Long-term liabilities
Long-term debt 1,163,389 952,289 7,679,750
Accrued retirement benefits 175,998 102,863 829,540
Provision for loss on repurchase of computers 89,007 88,860 716,613
Other long-term liabilities 123,874 181,012 1,459,774
   Total Long-term liabilities 1,552,268 1,325,024 10,685,677
Minority interests in consolidated subsidiaries 213,562 216,991 1,749,928
Shareholders' equity
Common stock, Authorized -- 5,000,000,000 shares Issued (¥50 par value) 2000 --1,962,939,607 shares 2001 -- 1,977,227,929 shares 306,246 314,352 2,537,516
Capital surplus 495,073 505,449 4,076,202
Retained earnings 490,409 483,709 3,900,879
Unrealized gains on securities, net of taxes --- 19,035 153,508
Foreign currency translation adjustments (114,904) (108,451) (847,605)
Treasury stock (296) (11) (89)
   Total shareholders' equity 1,176,528 1,214,383 9,793,411
Total liabilities, minority interests and shareholders' equity ¥5,019744 ¥5,200,071 $41,936,056

Source: http://pr.fujitsu.com/en/ir/annual/index.html 
Accountant:   Shin Nihon & Co.
Status:   As part of its ongoing restructuring, the Company announced in November that it will shut down its plant in France next year. It expects to post an operating loss of 30 billion yen for the year on sales of only 420 billion.
Principal Activities:   The Company develops, manufactures and distributes electronic and electrical equipment. The Group operates under the following divisions; (1) Energy and Electric Systems: includes turbine generators, water-wheel generators and nuclear-power equipments; (2) Industrial Automation System: includes programmable controllers, inverters and factory automation system; (3) Information and Communication Systems: includes wireless communication equipment, mobile handsets and wire communication equipment; (4) Electronic Devices: memory IC's, display monitors and printed circuit boards; (5) Home Appliances: includes televisions, video projectors, VCR's and air conditioners; and (6) Other: includes finance, distribution, real estate advertising and other services. Energy and electric systems accounted for 23% of fiscal 2002 revenues; information and communication systems, 19%; home appliances, 18%; industrial automation system, 15%; electronic devices, 12% and other, 13%.
Address:   Mitsubishi Denki Bldg., 2-3, Marunouchi 2-chome, Chiyoda-ku Tokyo 100-8310, Japan
Contact Persons:   Ichiro Taniguchi - Chairman
Tamotsu Nomakuchi - President & CEO
Masaaki Nangaku - Senior Executive Vice President
Contact Numbers:   Tel: +81-3-3218-2111
Fax: +81-3-3218-2185
Website:   http://www.mitsubishielectric.com/ 
Financials (US$M):  
Yen (millions) U.S. dollars (thousands)
Assets 2002 2001 2002
Current assets:
Cash and cash equivalents ¥454,890 ¥394,375 $3,420,225
Short-term investments 13,793 18,047 103,707
Trade receivables 818,817 976,379 6,156,519
Inventories 643,642 714,529 4,839,413
Prepaid expenses and other current assets 226,747 250,044 1,704,865
Total current assets 2,157,889 2,353,374 16,224,729
Long-term receivables and investments
Long-term trade receivables 40,150 43,154 301,880
Investments in securities and other 342,781 403,503 2,577,301
Investments in and advances to affiliated companies 104,502 99,493 785,729
487,433 546,150 3,664,910
Property, plant and equipment
Land 108,592 101,958 816,481
Buildings 608,694 586,314 4,576,646
Machinery and equipment 2,378,325 2,347,227 17,882,143
Construction in progress 35,676 60,368 268,241
3,131,287 3,095,867 23,543,511
Less accumulated depreciation 2,237,322 2,161,108 16,821,970
Net property, plant and equipment 893,965 934,759 6,721,541
Other assets 518,117 347,346 3,895,617
Total assets ¥4,057,404 ¥4,181,629 $30,506,797
Liabilities  and Shareholders' Equity
Current liabilities:
Bank loans 507,794 482,043 3,818,000
Current portion of long-term debt 306,071 291,037 2,301,286
Trade payables 667,078 894,792 5,015,624
Accrued expenses 307,832 326,989 2,314,526
Accrued income taxes 31,503 42,710 236,865
Other current liabilities 140,585 141,895 1,057,030
Total current liabilities 1,960,863 2,179,466 14,743,331
Long-term debt 740,180 630,544 5,565,263
Retirement and severance benefits 748,779 633,514 5,629,917
Other liabilities 10,639 10,706 79,993
Total liabilities 3,460,461 3,454,230 26,018,504
Minority interests 55,233 49,226 415,286
Shareholders' equity 175,820 175,820 1,321,955
Capital surplus 210,644 210,644 1,583,789
Legal reserve 51,054 49,561 383,865
Retained earnings 311,622 403,968 2,343,021
Accumulated other comprehensive loss (207,420) (161,820) (1,559,548)
Treasury stock, at cost  (10) -- (75)
Total shareholders' equity 541,710 678,173 4,073,007
Total liabilities  and shareholders' equity ¥4,057,404 ¥4,181,629 $30,506,797
 

Source: http://bankrupt.com/misc/mitsubishi_electric.pdf 

Accountant:   KPMG
Status:   The Company announced in November that it will shutdown a loss-making plant in Hiroshima. The unidentified plant, which produces machine tools, will be integrated with the Ritto plant in Shiga Prefecture beginning September next year.
Principal Activities:   The Company manufactures heavy industrial machinery. Operations are carried out through the following sectors: (1) shipbuilding/offshore structures (car ferries, LPH ships, ships); (2) power systems (gas turbine, boiler turbines, diesel engines, wind mills, water mills); (3) machinery/steel structures (petrochemical plants, petroleum, gas production plants, tank, culture and sports leisure facilities); (4) aerospace (space ships, airplane engines); (5) mass/medium-lot manufactured machinery (fork lifts, medium size engines, agricultural machinery, tractors, air-conditioners, freezer, industrial robots); and (6) others (real estate, printing, information service and leasing). Power systems accounted for 31% of fiscal 2002 revenues; mass/medium-lot manufactured machinery, 24%; aerospace, 16%; machinery/steel structures, 15%; shipbuilding/offshore structures, 10% and others, 4%. Oversea sales accounted for 35.6% of fiscal 2002 revenues.
Address:   5-1, Marunouchi 2-chome, Chiyoda-ku Tokyo 100-8315, Japan
Contact Persons:   Nobuyuki Masuda- Chairman
Takashi Nishioka - President
Naochika Namba - Executive Vice President
Kiyoshi Kondo - Managing Director
Akio Kishi - Managing Director
Contact Numbers:   Tel: 81-3-3212-3111
Fax: 81-3-3212-9800
Website:   http://www.mhi.co.jp 
Financials (US$M):  
In millions of yen In thousands of U.S. dollar
2002 2001 2002
ASSETS
Current Assets
Cash and deposits ¥ 221,287 ¥ 203,055 $1,660,691
Trade receivables
   Notes 48,137 56,259 361,251
   Accounts 1,044,140 1,019,906 7,835,950
   Allowance for doubtful receivables (9,531) (6,549) (71,526)
Securities 2,827 75,965 21,219
Inventories 1,039,519 1,290,684 7,801,265
Advances to suppliers 56,358 51,068 422,948
Deferred income taxes 101,197 87,527 759,450
Prepaid expenses & other current assets 94,592 113,356 709,888
Total current assets  2,598,526 2,891,271 19,501,136
Property, plant and equipment
Land 139,862 138,612 1,049,619
Buildings and structures 641,298 633,817 4,812,747
Machinery and equipment 1,350,443 1,321,158 10,134,653
Construction in progress 25,999 17,368 195,117
2,157,602 2,110,955 16,192,136
Less accumulated depreciation 1,399,537 1,355,183 10,503,089
Net property, plant and equipment 758,065 755,772 5,689,047
Investments and advances
Investments in unconsolidated subsidiaries and affiliates accounted for under the equity method of accounting 139,405 111,688 1,046,192
Long-term loans and advances 90,713 103,788 680,773
Investment securities 283,651 337,288 2,128,714
Deferred income taxes 40,258 32,680 302,120
Allowance for doubtful advances (62,737) (62,477) (470,822)
Net investments and advances 491,290 522,967 3,686,977
Other assets 67,395 66,624 505,775
Total assets ¥3,915,2576 ¥4,236,634 $29,382,935
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade payables;
   Notes ¥ 83,591 ¥ 143,851 $ 627,324
   Accounts 610,403 599,431 4,580,889
Bank loans 339,172 340,047 2,545,378
Current portion of long-term debt 226,795 70,802 1,702,025
Advance payments received on contracts 394,099 552,023 2,957,591
Accrued expenses 126,397 117,541 948,569
Accrued income taxes 16,907 16,343 126,883
Allowance for losses on construction contracts 9,685 52,043 72,683
Other current liabilities 74,177 73,727 556,672
Total current liabilities 1,881,226 1,965,808 14,118,014
Long-term liabilities:
Long-term debt 484,031 679,847 3,632,506
Reserve for retirement allowance 222,468 268,474 1,669,550
Other long-term liabilities 30,683 31,250 230,269
Total long-term liabilities 737,182 979,571 5,532,325
Total liabilities 2,618,408 2,945,379 19,650,339
Minority interests 14,141 13,013 106,125
Stockholders' equity:
Common stock:
Authorized- 6,000,000,000 shares;
Issued: 2002- 3,373,646,980 
2001- 3,373,646,980 		265,609 265,455 1,993,312
Capital surplus 203,853 203,701 1,529,859
Retained earnings 759,773 747,614 5,701,858
Net unrealized gains on investment securities 63,204 78,269 474,333
Foreign currency translation adjustments (9,696) (16,797) (72,768)
Treasury stock (16) - (123)
Total stockholders' equity 1,282,727 1,278,242 9,626,471
Total liabilities, minority interest and stockholders' equity ¥3,915,2576 ¥4,236,634 $29,382,935

Source: http://www.mhi.co.jp/efin/a2002/pdf/011.pdf 

Accountant:   Shin Nihon & Co.
Status:   The discovery of a defect in the automatic rolling system of the New Grandeur XG, Starex Club, and Optima Regal models forced the company to voluntarily recall 22,656 units in November. The firm is obliged to replace the rolling system for free over a period of one year starting November 11, 2002.

The recall comes as the company reported in the same month that the number of its unsold cars in the U.S. had snowballed to 117,000 units as of October 1 from 47,800 in January. Unsold cars of Kia Motors, a subsidiary of Hyundai Motor, rose from 40,300 to 59,600 in the same period.

According to Wright Investor's Service, at the end of 2001, Hyundai Motor Company Limited had negative working capital, as current liabilities of 17.88 trillion Korean Won exceeded total current assets of 12.04 trillion Korean Won.

Principal Activities:   South Korea's No.1 carmaker, Hyundai produces about a dozen models of cars and minivans, as well as trucks, buses, and other commercial vehicles. The company reestablished itself as Korea's leading carmaker in 1998 by acquiring a 51% stake in Kia Motors (since reduced to about 46%). Hyundai's exports include the Accent and Sonata, while its Korean models include the Atoz sub-compact. The company also manufactures machine tools for factory automation and material handling equipment.
Address:   231, Yangjae-Dong, Seocho-Gu Seoul 137-938, South Korea
Contact Persons:   Mong-Koo Chung - Chairman & CEO
Dong-Jin Kim - President & CEO
Lee Choong-ku - Joint President
Chun Bok-gil - Managing Director
Choi Jong-shik - Managing Director
Contact Numbers:   Phone: +82-2-3464-2545
Fax: +82-2-3463-3484
Website:   http://www.hyundai-motor.com/eng/index.html 
Financials (US$M):   Financial Highlights:
Billions of yen Millions of U.S. dollars
At the year end: 2001 2000 2001
Total assets ¥19,633 ¥17,968 $14,805
Shareholders' equity 9,098 7,623 6,861

Source: http://bankrupt.com/misc/hyundai_motor.pdf   
Accountant:   Anjin & Co.
Status:   The Company suffered a serious liquidity shortage in October after two local savings banks' demanded for the immediate repayment of 8.6 billion won worth of floated commercial papers that matured on October 10. It, however, steered clear of bankruptcy after convincing the two savings banks to accept the shipping firm's and its creditor banks' requests to delay the maturity.

Currently, the shipping firm's commercial papers held by non-bank financial institutions totals 40 billion won, of which 3.5 billion won are held by savings banks. Main creditor Korea Exchange Bank is drawing up necessary measures to ease the firm's temporary liquidity shortage, which is expected to be resolved a month later after receiving the proceeds from the sale of the company's auto-shipping vessels worth 1.8 trillion won (US$1.47 billion). The Company's bonds are currently rated 'BBB-' by both Korea Investors Service and National Information & Credit Evaluation, Inc.
Principal Activities:   The Group's principal activity is the provision of marine transportation services. It operates 1 head office and 4 domestic branches.
Address:   66 Jeokseon-dong, Jongno-gu, Seoul 110-052, Korea
Contact Persons:   Chang Chul-soon - President & Chief Executive
Lee Jae-hyun - Managing Director
Yoo Chang-keun - Managing Director
Kang Sung-ho - Managing Director
Park Jae-young - Managing Director
Contact Numbers:   Tel:(02) 3706-5114
Fax:(02) 736-8517
Website:   http://www.hmm21.com/hmm/jsp/eng/index.jsp 
Financials (US$M):  
Korean Won U.S. Dollars
ASSETS
Current assets:
Cash and cash equivalents W74,416,025 $59,074
Short-term financial instruments 194,565,257 154,454
Marketable Securities 61,687,609 48,970
Trade receivables, less allowance for doubtful accounts 1,030,861,707 818,339
Other accounts receivables, less alowance for doubtful accounts 54,418,063 43,199
Inventories 62,595,751 49,691
Prepaid expenses 49,519,371 39,310
Advance payment 112,517,602 89,321
Other 60,429,142 47,971
Total current assets 1,701,010,527 1,350,329
Investments, including long-term accrued income 787,736,861 625,337
Guarantee deposits 43,066,975 34,188
Long-term financial instruments 58,778,200 46,660
Property, vessels and equipment, net of accumulated depreciation 4,540,842,842 3,604,702
ong-term other accounts receivables, less discount on present value and other 8,395,473 6,665
Intangible assets 66,160,604 52,521
Deferred income tax assets 129,631,649 102,907
Other 37,268,735 29,586
Total assets W7,372,891,866 $5,852,895
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade payables W268,827,667 $213,406
Short-term borrowings 1,555,301,609 1,234,660
Current portion of long-term debt 229,572,971 182,244
Current portion of debentures and convertible bonds 848,999,664 673,970
Advances from customers 47,876,831 38,007
Accrued expenses 38,278,269 30,387
Unearned income 66,367,250 52,685
Income taxes payable
Other 23,991,425 19,045
Total current liabilities 3,079,215,686 2,444,404
Debentures and convertible bonds net of current maturities 481,228,319 382,018
Long-term borrowings, net of current maturities 66,525,002 52,810
Long-term other accounts payables, less discount on present value 2,973,814,843 2,360,733
Long-term advances from customers 80,010,880 63,516
Accrued severance benefits, less transfer to National Pension Fund and other 14,751,290 11,710
Shareholders' equity
Common stock 515,366,145 409,118
Capital surplus 858,876,087 681,810
Retained earnings legal reserve 37,990,353 30,158
Other statutory reserves 73,555,170 58,391
Unappropriated retained earnings 151,725,880 120,446
263,271,403 208,995
Capital adjustments (960,167,789) (762,219)
Total shareholders' equity 677,345,846 537,704
Total liabilities and shareholders' equity W7,372,891,866 $5,852,895

Source: http://bankrupt.com/misc/hyundai_merchant.pdf 
Accountant:   Samil Accounting Corporation
Status:   The Company plans to convert up to 133 billion yen of subordinated debt into equity. This plan forms part of a broader restructuring exercise that includes, among others, a reorganization of its domestic dealership network. Meanwhile, the Company also announced in November that it is closing its truck and van plants in Hiroshima. It blamed the sluggish truck business condition for the decision to close the plants next year.
Principal Activities:   Mazda makes cars, minivans, pickup trucks, and commercial vehicles. Models sold by Mazda in the US include sedans (Millenia, 626), minivans (MPV), sports cars (Miata, RX-7), and pickup trucks (B-Series). Operating from two Japanese and 17 international manufacturing plants, Mazda sells some 330,000 vehicles annually in Japan, and more than 630,000 abroad. Ford Motor owns a controlling 33% of Mazda.
Address:   3-1, Shinchi, Fuchu-cho, Aki-gun Hiroshima 730-8670, Japan
Contact Persons:   Kazuhide Watanabe - Chairman
Lewis Booth - President & CEO
Hizakazu Imaki - Executive Vice President
Robert Shanks - Senior Managing Executive Officer & CFO
Contact Numbers:   Tel: +81-82-282-1111
Fax: +81-82-287-5190
Website:   http://www.mazda.com/
Financials (US$M):   Financial Highlights
Millions of yen Thousands of U.S. dollars
At the year end: 2001 2000 2001
Total assets ¥1,734,895 ¥1,743,627 $13,044,323
Shareholders' equity 172,837 158,872 1,299,526

Source: http://bankrupt.com/misc/mazda_motor.pdf

Accountant:   Asahi & Co.

 

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