/raid1/www/Hosts/bankrupt/TCRAP_Public/011116.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, November 16 2001, Vol. 4, No. 225

                         Headlines

A U S T R A L I A

ALLSTATE EXPLORATIONS: Continues Beaconsfield Joint Venture Ops
ANSETT AUSTRALIA: Proposed Changes To TPC Handicaps Qantas
AUSTAR UNITED: TelstraSaturn To Acquire Clear Communications
AUSTRALIAN HEALTHCARE: ASX OKs Official List Removal Application
AUSTRALIAN MAGNESIUM: Posts Option Issue Prospectus Timetable

DIGITAL NOW: Director Soon Teh Resigns, Pattison Replaces Post
IOCOM LIMITED: Releases Additional AGM Information
NORMANDY MINING: Newmont Proposed Takeover Offer Of Shares
NORMANDY MINING: Posts Proxy Results Of Meeting
POWERLINE GES: Joint Administrators Appointed

UECOMM LIMITED: Commences Services In South Australia


C H I N A   &   H O N G  K O N G

HINET HOLDINGS: Price, Turnover Movements Unexplainable
INTERACTIVE AUDIENCE: Web Survey Firm Set To Close
KUNMING MACHINE: Enters Asset Restructuring Agreement
KUNMING MACHINE: EGM To Be Held On December 31
MANSHIONLY INTERNATIONAL: Hearing Of Winding Up Petition Set

RESOURCES ELECTRICAL: Winding Up Sought By Asia Commercial


I N D O N E S I A

BANK CENTRAL: Bank Of China Likely To Win Bid
DAVOMAS ABADI: To Issue 283.97M Shares At Rp500 Nominal Value
TELEKOMUNIKASI INDONESIA: Asks Shareholders' Nod On Share Sale
TELEKOMUNIKASI INDONESIA: Selling Most of 21 Units


J A P A N

JAPAN AIRLINES: Moody's Review Ratings For Possible Downgrade
JAPAN AIRLINES: Will Cut Employee Hiring Numbers By 5,000
MITSUBISHI MOTORS: H101 Loss Down 50% On Cost Cuts
NEC CORPORATION: To Raise Y200B Through Bond Issues, PEC's
SOFTBANK CORPORATION: Seen To Post H101 Losses On Stock Woes


K O R E A

ASIANA AIRLINES: Posts W191B Net Loss For 9-Month Period
DAEWOO INTERNATIONAL: Discloses W100B 9-Month Net Loss
HANVIT BANK: W112B In Project Financing Offered
HYUNDAI CONSTRUCTION: Recent Financial Results On The Upswing
HYUNDAI ENGINEERING: Losses Blamed On Write-Offs, Other Costs

HYUNDAI ENGINEERING: HQ Parts Sold To Hyundai Motor For W94B
HYUNDAI ENGINEERING: Posts 9-Month Net Loss Of W274B
HYUNDAI HEAVY: Net Losses Down To W51B
KOREA AIRLINES: Losses Increasing Due To Travel Demand Drop
SSANGYONG MOTOR: Issues Q301 Results, Posts Net Loss


M A L A Y S I A

BERJAYA SPORTS: Director, CEO Chee Yioun Buys Shares
PAN MALAYSIAN: Soo Lay Purchases 307K Ordinary Shares
PERBADANAN JOHOR: Fails To Redeem RM110M CP Facility
SINMAH RESOURCES: Cites No Reason For Unusual Market Activity
TAIPING CONSOLIDATED: Posts Proposed Acquisition Revisions


P H I L I P P I N E S

NATIONAL BANK: Incurs Q301 Net Loss Of P1.4B
NATIONAL BANK: Tan To Sign Deal This Week
NATIONAL BANK: Tan, Government Disclose Rehab Terms
NATIONAL STEEL: Evaluation Committee Criticized
RFM CORPORATION: Posts Q301 P60M Net Loss


S I N G A P O R E

ST ASSEMBLY: Posts Q301 Financial Results


T H A I L A N D

NAKORNTHAI STRIP: Exempted from Financial Statement Submission
PROPERTY PERFECT: Explains Q301 Operation Result
RAIMON LAND: Clarifies Loss Variance
SINO-THAI: Reports Q301 Rehabilitation Plan Progress
SRIVARA REAL: Financial Statement Submission Exempted

THAI PETROCHEMICAL: Clarifies 20% Plus Net Profit Change
THAMMARIN COMPANY: Files Business Reorganization Petition

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ALLSTATE EXPLORATIONS: Continues Beaconsfield Joint Venture Ops
---------------------------------------------------------------
The creditors of Allstate Explorations NL, placed in
Voluntary Administration by its Directors on 8 June 2001, and
its subsidiary companies met on 4 October 2001 and resolved that
the company enter a Deed of Company Arrangement with the Deed
Administrators being Antony Leslie John Woodings and Michael
Joseph Patrick Ryan. The Directors have agreed to the terms of
those Deeds of Company Arrangement, copies of which will be
lodged with the Australian Stock Exchange.

The purpose of the Deeds is to provide for the business,
property and affairs of Allstate and its subsidiaries to be
administered in a way that either maximizes the chances of as
much as possible of Allstate's business continuing in existence
as a going concern or results in a better return for the
creditors, and possibly the members, than would result from an
immediate winding up of the companies.

The Deeds of Company Arrangement will terminate when (i) in the
Deed Administrators' reasonable opinion, all of the assets or
claims (including the BBR Claim) of Allstate and its
subsidiaries have been realized (or finalized) or (ii) all of
the creditors have been paid in full, whichever is the earlier.
It may also be terminated as contemplated by the Corporations
Law.

In normal circumstances the control of Allstate and its
subsidiaries will revert to the present Directors on termination
of the Deeds of Company Arrangement. In the event there are
remaining assets at this time, your Directors will consider the
most appropriate way of realizing such assets for the benefit of
the members.

On 13 November 2001, the Deed Administrator advised that, in
conjunction with the Receiver and Manager of Beaconsfield Gold
NL, "the decision has been taken to continue operating the
Project and to withdraw the Project from the market for sale".

Trading of Allstate shares on the ASX remains suspended.


ANSETT AUSTRALIA: Proposed Changes To TPC Handicaps Qantas
----------------------------------------------------------
Requests from the possible new owners of Ansett Australia
Airlines to have radical changes introduced to the Trade
Practices Act would severely handicap Qantas just for being
efficient.

The "Fox/Lew" Syndicate has proposed wording changes, from
"purpose" to "effect" in Section 46 of the Act and also
requested to allow the ACCC to issue "cease and desist" notices.

Qantas Chairman Margaret Jackson said Wednesday the changes
would "clearly not be in the national interest".

"The House of Representatives Standing Committee on Economics,
Finance and Public Administration, Competing Interests said
after a September 2001 inquiry that `the proposal to move to an
effects test had been considered on five occasions since 1989
during various reviews of the TPA. All five inquiries expressed
concern that the effects test would not be able to
satisfactorily distinguish between desirable and undesirable
competitive activity by firms.'

"This is a critical and legitimate issue for Qantas," Ms Jackson
said.

"At a time of unprecedented turmoil in the aviation industry,
now is not the time to experiment with extremely wide and
draconian powers that do not, and cannot, adequately distinguish
between legitimate competitive and efficient behavior and anti-
competitive behavior.

"Handicapping Qantas' competitive behavior may be beneficial to
the private interests of Ansett's proposed new owners, but is
contrary to the national interest."

Ms Jackson said Qantas had worked extremely hard since its
privatization six years ago to become competitive, both
domestically and internationally.

This had been achieved through sound economic and operational
decisions, wise investment and a competitive strategy well
within the confines of the Trade Practices Act.

Ms Jackson said the ACCC had wide ranging power and significant
resources to ensure Qantas did not misuse market power.

"Qantas has a proud record of operational excellence and ethical
business practices. This will not change," she said.


AUSTAR UNITED: TelstraSaturn To Acquire Clear Communications
-------------------------------------------------------------
Austar United Communications Limited announced Thursday that its
New Zealand joint venture company with Telstra Corporation,
TelstraSaturn had agreed to acquire Clear Communications from
British Telecom.

The acquisition, which is subject to regulatory approvals, will
be funded without a requirement for further equity contributions
by Austar.

As a result of the acquisition, Austar's share in TelstraSaturn
will be reduced to approximately 38%. Austar will continue to
have two of the six board seats and retain certain rights under
the shareholders agreement, including the put and call options
referred to in Austar's announcement of 1 October 2001.

"This is an excellent development for TelstraSaturn and its
shareholders" said John Porter, Chief Executive Officer of
Austar United Communications. "It will cement TelstraSaturn's
position as dynamic challenger and bring enough scale to really
take on Telecom in the New Zealand communications market.

"There are obvious synergies between the two companies which
will reduce the capital requirements of TelstraSaturn in the
future and bring forward achievement of positive EBITDA. Clear
also brings an excellent customer base, especially in the SME
and corporate markets" said Mr Porter.

"As a result of these benefits we believe that the value of
Austar's shareholding in the new entity will be significantly
enhanced," Mr Porter concluded.


AUSTRALIAN HEALTHCARE: ASX OKs Official List Removal Application
----------------------------------------------------------------
Application has been made for the removal of Australian
Healthcare Investment Fund from the official list of the
Australian Stock Exchange Limited under Listing Rule 17.11. That
application has been approved by the ASX subject to a number of
conditions including notifying unitholders of the delisting by
letter.

The proposed timetable for delisting and distribution of the net
assets of AHIF to unitholders is as follows:

16 November 2001 Letter to unitholders
30 November 2001 Suspension of trading from close of trade
7 December 2001  Record date for payment of capital distribution
14 December 2001 Removal from official list of ASX
17 December 2001 Capital distribution


AUSTRALIAN MAGNESIUM: Posts Option Issue Prospectus Timetable
-------------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) has lodged a
prospectus with the Australian Securities and Investments
Commission for an issue of options at no cost.

The option issue will be conducted as a non-renounceable rights
issue to existing AMC ordinary shareholders registered as at 23
November 2001. Accepting shareholders must return their
acceptances by no later than Wednesday 9 January 2002.

As previously foreshadowed, investors in AMC's current Offer of
Distribution Entitled Securities, scheduled to close Friday 16
November, will not be entitled to participate in the option
Offer unless they are a holder of AMC's fully paid ordinary
shares.

The key aspects of the Offer are;

Issue Terms   :  Non-renounceable, one option for
                     every two fully paid ordinary shares.
Exercise Price  :  $1.25 per option.
Entitlement Record Date :  23 November 2001.
Expected Allotment :  16 January 2002.
Exercise Period  :  Anytime before 31 July 2005.
Maximum Issue  :  55,501,724 options.

To provide shareholders with greater flexibility, the option may
be exercised at any time before 31 July 2005. AMC had previously
announced the exercise period would only be in the month of July
2005.

The option issue is conditional upon completion of AMC's current
$525 million capital raising and the allotment of the
Distribution Entitled Securities which is scheduled for 23
November 2001.

As outlined in the prospectus dated 15 October 2001 the Offer of
Distribution Entitled Securities is conditional. If prior to the
allotment of the securities either the Ford Motor Company
terminates its supply agreement or AMC's project banks give
notice either terminating their financing agreements or amending
the pricing or terms on an unacceptable basis, AMC will withdraw
the offer and return all application funds.

AMC shares will be quoted as ex-entitlement from 19 November
2001. The prospectus for the option issue is expected to be
mailed to AMC shareholders on 28 November 2001.

Shareholders may accept the offer by lodging their Entitlement
and Acceptance Form with the Share Registrar by 5.00 p.m. 9
January 2002. ASX member organizations may accept the offer by
5.00 p.m. 14 January 2002.

Trading in the listed options is expected to commence on 17
January 2002.

If all of the options are issued and subsequently exercised
before 31 July 2005, gross proceeds of approximately $69.38
million would be raised. AMC would expect to use those funds, if
raised, for working capital purposes including debt reduction.


DIGITAL NOW: Director Soon Teh Resigns, Pattison Replaces Post
--------------------------------------------------------------
Digital Now Inc announced Thursday the resignation of Dr
Soon Teh from the Company's Board of Directors effective
immediately. Mr Catalano, chairman of Digital Now, thanked Dr
Teh for his contribution to the company.

Mr Ian D R Pattison, a Director of Chimaera Capital Pty Ltd, has
been appointed to the board as a Director.

The Board also announced that Mr Ian D R Pattison has been
appointed Company Secretary.


IOCOM LIMITED: Releases Additional AGM Information
--------------------------------------------------
Iocom Limited requested shareholders to note the additional
information in relation to resolutions 4 and 5, which are
proposed for the Company's forthcoming Annual General Meeting to
be held on 30 November 2001.

ORDINARY RESOLUTION 4 - Issue of Options to Robert Biancardi

* The Company advises that in accordance with ASX Listing Rule
10.13.3 the issue of these options will be not later than 1
month after the date of the meeting.

ORDINARY RESOLUTION 5 - Ratification of 3,571,430 share
placement

* The Company advises that in relation to the placement these
shares and in accordance with ASX Listing Rules 7.5.2, 7.5.4 and
7.5.6:

- the shares were issued at $0.14 each;

- the allottees were professional investors and private clients
of the stockbrokers (Austock & Shaw Stockbroking); and

- the allottees will be subject to the following voting
exclusion for votes cast in relation to this resolution.

VOTING EXCLUSION STATEMENT

The company will disregard any votes cast on resolution 5 by any
professional investor or private client of Austock & Shaw
Stockbroking who were issued securities on 11 April 2001 and any
associate of such persons.

However the company will not disregard any vote if:

a. It is cast by a person as proxy for a person entitled to
vote, in accordance with the directions on the proxy form;

b. It is cast by the person chairing the meeting as proxy for a
person who is entitled to vote in accordance with a direction on
the proxy form to vote as the proxy decides.


NORMANDY MINING: Newmont Proposed Takeover Offer Of Shares
----------------------------------------------------------
Newmont Mining Corporation (Newmont) announced its intention
to make a predominantly scrip-based takeover offer for all of
Normandy Mining Limited (Normandy) issued shares in parallel
with a merger with Franco-Nevada Mining Corporation Limited
('Franco-Nevada'). If successful, the transaction will create
one of the world's biggest and best international gold
companies.

Following completion of the transactions Newmont would rank
first in the world gold industry with respect to annual
production and reserves, and would have one of the lowest cash
cost profiles in the industry. Newmont's future growth profile
and its balance sheet would be significantly enhanced and should
attract considerable investor attention.

TRANSACTION DETAILS

Newmont is intending to offer 3.85 Newmont shares for every 100
Normandy shares. It will also offer an additional 5 cents per
share in cash if it achieves acceptances for 90% (fully diluted)
of Normandy shares and obtains a necessary ASIC modification
concerning compulsory acquisition. This equates to $1.70 per
Normandy share (based on the closing price of Newmont on the New
York Stock Exchange on Tuesday 13 November 2001 and assuming a
90% acceptance). Newmont has advised that the offer will be
subject to a 50.1% (fully diluted) minimum acceptance condition.
There are other conditions and requirements as outlined in their
announcement including a break fee in certain circumstances.

Newmont has also announced an intention to make a concurrent
offer for Franco-Nevada through a Plan of Arrangement. This
offer has the full support of the Franco-Nevada Board. The offer
is conditional on Newmont acquiring a minimum of 50.1% of
Normandy and other conditions and requirements as outlined in
their announcement.

The Newmont offer for Normandy is not conditional in any way on
the outcome of its offer for Franco-Nevada.

A RECOMMENDED, VALUE-CREATING TRANSACTION

Based on the implied $1.70 offer price, the Chairman and Chief
Executive Officer, and each of the Directors of Normandy will,
subject to their fiduciary duties, recommend that Normandy
shareholders accept the Newmont offer. Based on this price, Mr
Champion de Crespigny and each of the other Normandy Directors
also intend to accept the Newmont offer in respect of the
Normandy shares they hold.

The Newmont offer (equivalent to $1.70) is at a premium to
Normandy's share price and AngloGold's scrip offer. It
represents:

1. a premium of 16% to Normandy's last closing share price in
Australia on Wednesday, 14 November, 2001 of $1.46;

2. a premium of 54% to Normandy's closing share price of $1.10
on 4 September 2001, the last trading day prior to the
announcement of AngloGold's offer;

3. a premium of 20% to the AngloGold offer price of $1.42 on 4
September, the last trading day prior to AngloGold's offer
announcement; and

4. a premium of 21% to the current AngloGold offer price of
$1.41.

The offer is valued at $1.78 per Normandy share based on the
volume weighted average price of Newmont over the five day
period up to the close of trade on Tuesday, 13 November, 2001
(assuming a 90% acceptance).

Mr Champion de Crespigny said that:

"This is a very exciting opportunity for Normandy shareholders.
The $1.70 in value that Newmont is offering better represents
the unique position of our Company, the quality assets it holds
and the underlying value of its shares. The company resulting
from the merger of Normandy and Franco-Nevada with Newmont will
be the world's leading gold company with substantial size,
liquidity, quality producing and exploration assets, growth
potential and capital to expand."

TIMING AND NEXT STEPS

Shareholders should wait to receive Newmont's formal offer and
Normandy's bid response document, which are both expected within
the next two months. The offer is expected to remain open for at
least one month from the date of dispatch.


NORMANDY MINING: Posts Proxy Results Of Meeting
-----------------------------------------------
Normandy Mining Limited advised that all of the resolutions
contained in the Notice of Meeting dated 28 September 2001
placed before the shareholders at the Annual General Meeting of
the company were carried on a show of hands.

Proxy results were:

                   FOR        OPEN          AGAINST    ABSTAIN

Resolution 1   %    45.22%     54.77%         0.00%
          No   418,379,782  506,737,796      14,819   24,118,828

Resolution 2   %    93.28%      6.51%         0.21%
          No   868,588,899   60,587,489   1,934,729   19,715,638

Resolution 3   %    93.32%      6.50%         0.17%
          No   868,965,276   60,541,636   1,628,011   19,691,832

Resolution 4   %    93.28%      6.51%         0.21%
          No   868,534,122   60,621,597   1,966,139   19,704,897


POWERLINE GES: Joint Administrators Appointed
---------------------------------------------
Australian Innovation Limited announced that Mr Ron Dean-
Willcocks and Mr Ian Purchas, of Star Dean-Willcocks, have been
appointed Joint Administrators to Powerline GES Pty Limited.

Australian Innovation Limited is a secured creditor of Powerline
under a Convertible Note facility and is considering its options
following the appointment.


UECOMM LIMITED: Commences Services In South Australia
-----------------------------------------------------
Uecomm announced Thursday that it had signed an infrastructure
Wholesale Agreement, which will enable the Company to commence
data services in the Adelaide market by the end of this month.

The Agreement will enable Uecomm to rapidly connect services to
network customers, without the need for it to commit to
substantial capital expenditures. The Company currently has a
number of customers awaiting immediate connection.

Uecomm Chief Executive Officer Peter McGrath, said the Agreement
marks a very positive initiative for both Uecomm and businesses
in the Adelaide area. It is expected that the data and Internet
services market in Adelaide will comprise approximately 7% of
Australia's $4.4 billion market.

"This Agreement will enable Uecomm to utilize an existing
infrastructure in both the CBD and metropolitan areas of
Adelaide, which will have a significant impact on the speed and
cost effectiveness with which we are able to enter into this
market. The network in Adelaide will be fully integrated into
Uecomm's national network capability, providing advanced nation-
wide data and internet solutions for Australian based corporate
and government organizations"

"It is also a very positive outcome for businesses in the CBD
and metropolitan areas of Adelaide, as it means they will have
rapid access to one of the most advanced and extensive data
telecommunications networks in Australia," Mr McGrath said.


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C H I N A   &   H O N G  K O N G
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HINET HOLDINGS: Price, Turnover Movements Unexplainable
--------------------------------------------------------
HiNet Holdings Limited have noted the recent increases in the
price and trading volume of the shares of the Company and stated
that we are not aware of any reasons for such increases.

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

Made by the order of the Board of HiNet Holdings Limited, the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.


INTERACTIVE AUDIENCE: Web Survey Firm Set To Close
--------------------------------------------------
Hong Kong-based web measurement company Interactive Audience
Measurement Asia Ltd., or iamasia, is set to close, according to
a company spokesman.  Director Steve Yap said the details were
still being finalized yesterday.  About 20 people are expected
to lose their jobs.

Iamasia, founded in 1999, was the first firm to measure Internet
audience behavior in Hong Kong and China. The privately held
company initially was backed by consultancy firm BDA China and
venture-capital company Partners-e.  In July, techpacific.com
became the majority partner with an investment of US$2M. At the
time, iamasia chief executive Kevin Tan said the company planned
to expand into Southeast Asia and Japan. He said the funding
also would be used to diversify services.

However, the economic slowdown, coupled with wariness about
investing in Internet-related activities, hit web metrics
companies hard. Iamasia's main competitors in the region, US-
based AC Nielsen NetRatings and French NetValue, have both laid
off staff recently.


KUNMING MACHINE: Enters Asset Restructuring Agreement
-----------------------------------------------------
The Directors of Kunming Machine Tool Company Limited (the
Company) announced that the Company has entered into the Asset
Restructuring Agreements pursuant to which:

(1) the Company has conditionally agreed to acquire from
Jiaoda Resources the Automatic Machinery Department Assets, the
Intelligence Electrical Department Assets and 80% equity
interest in Xian Ser at a total consideration of RMB49,109,600
(equivalent to about HK$46,286,145) under the Acquisition
Agreement;

(2) the Company has conditionally agreed to acquire from the
Hengtong Shareholders 90% equity interest in Hengtong at a total
consideration of RMB6,108,606 (equivalent to about HK$5,757,404)
under the Share Transfer Agreement;

(3)  the Company has conditionally agreed to acquire from
Jiaotong Group the Technological Knowhow at a total
consideration of RMB26,360,000 (equivalent to about
HK$24,844,486) under the Technology Transfer Agreement; and

(4)  the Company has conditionally agreed to dispose to the
Yunnan Government the Disposed Assets at a total consideration
of RMB91,581,000 (equivalent to about HK$86,315,740) under the
Disposal Agreement.

Pursuant to the Settlement Agreement, the Company and the
Jiaotong Group (on behalf of itself and as assignee of the
consideration payable to Jiaoda Resources and the Hengtong
Shareholders under the Acquisition Agreement and the Share
Transfer Agreement, respectively) has agreed to set-off the
aggregate consideration payable under the Acquisition Agreement,
the Share Transfer Agreement and the Technology Transfer
Agreement with that under the Disposal Agreement by way of an
assignment from the Company to Jiaotong Group of the entire
amount of the consideration payable under the Disposal Agreement
by the Yunnan Government.

As the consideration payable under the Disposal Agreement is
expected to exceed the aggregate consideration payable under the
Acquisition Agreement, the Share Transfer Agreement and the
Technology Transfer Agreement, the surplus will be settled by
Jiaoda Group to the Company within 14 days after the completion
of the Asset Restructuring Agreements. The Asset Restructuring
Agreements are expected to be completed on 31 December 2001.

Implementation of the Asset Restructuring will result in the
disposal of certain ancillary production facilities and non core
inventories of the Group and the acquisition of certain new
business of the design, development, production and sales of
computerized embroidery machines, intelligent electrical
appliances, turbo-machinery and other high-technology products.
Upon completion of the Asset Restructuring, the Group will
continue to engage in its existing business in the design,
development, production and sales of digital control machine
tools, digital scanning machine tools, precision measuring
equipment and precision transducers and the existing product
lines of the Group will be expanded to cover other
technologically advanced machinery.

The Asset Restructuring constitutes discloseable and connected
transactions of the Company under the Listing Rules and is
subject to the approval by the Independent Shareholders.

The Group has also entered into the Premises Lease Agreement,
the Land Use Rights Lease Agreement, the SER Technology License
Agreement, the Hengtong Technology License Agreement and the
Composite Services Agreement on 12 November 2001, upon the
taking effect of which will constitute Ongoing Connected
Transactions. The Ongoing Connected Transactions will be carried
out in the ordinary course of business of the Group and on
normal commercial terms.

The aggregate amount of the transactions under the SER
Technology License Agreement, Hengtong Technology License
Agreement, Premises Lease Agreement and Land Use Rights Lease
Agreement each year will exceed the higher of HK$1,000,000 or
0.03% of the consolidated net tangible assets of the Group but
will fall below the higher of HK$10,000,000 or 3% of the
consolidated net tangible assets of the Group. The Company will
make an application to the Stock Exchange for a waiver from the
disclosure requirements applicable to the transactions under the
SER Technology License Agreement, Hengtong Technology License
Agreement, Premises Lease Agreement and Land Use Rights Lease
Agreement.

In view of the Yunnan Government and Jiaotong Group's interests
in the Asset Restructuring and certain of the Ongoing Connected
Transactions and, having regard to the waiver sought, an
Independent Board Committee will be appointed to advise the
Independent Shareholders on the Asset Restructuring Agreements
and the Ongoing Connected Transactions. An independent financial
adviser will also be appointed to advise the Independent Board
Committee.

A circular containing, among other things, details of the Asset
Restructuring and the Ongoing Connected Transactions, the
recommendations of the Independent Board Committee and the
letter of advice from the independent financial adviser will be
dispatched to the Shareholders of the Company as soon as
practicable. The EGM will be convened for the purpose of
considering and, if thought fit, approving, among other matters,
the Asset Restructuring Agreements. Jiaotong Group, the Yunnan
Government and their respective associates will abstain from
voting at the EGM.


KUNMING MACHINE: EGM To Be Held On December 31
----------------------------------------------
Kunming Machine Tool Company Limited (the Company) announced
that an Extraordinary General Meeting of the Company will be
held at 9:00 a.m. on Monday, 31 December 2001 at No. 5
Conference Hall at 23 Ciba Road, Kunming, Yunnan Province, the
People's Republic of China.  for the purpose of considering and,
if thought fit, passing, with or without amendments.

Please check http://www.bankrupt.com/misc/Kunming_egm.docfor
further details of the EGM.


MANSHIONLY INTERNATIONAL: Hearing Of Winding Up Petition Set
------------------------------------------------------------
The petition to wind up Manshionly International Limited is
scheduled to be heard before the High Court of Hong Kong on
January 23, 2002 at 9:30 am. The petition was filed with the
court on  October 8, 2001 by China National Aero-Technology
Import and Export Guangzhou Corporation, 39-1 Zhusigang 2St.,
Dongshan, Guangzhou, China.


RESOURCES ELECTRICAL: Winding Up Sought By Asia Commercial
-----------------------------------------------------------
Asia Commercial Bank Limited is seeking the winding up of
Resources Electrical & Machinery Company Limited. The petition
was filed on October 29, 2001, and will be heard before the High
Court of Hong Kong on January 30, 2001. Asia Commercial holds
its registered office at 120 Des Voeux Road Central, Hong Kong.


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I N D O N E S I A
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BANK CENTRAL: Bank Of China Likely To Win Bid
---------------------------------------------
Bank of China will likely win the bid for the Indonesian
government's 51% in Bank Central Asia, but China's largest
retail bank still needs to do a due diligence, Bisnis Indonesia
reported on November 15. IBRA chief I Putu Gde
Ary Suta has neither confirmed nor denied the possibility.

The Chinese central bank chief has reportedly met with President
Megawati accompanied by BI governor Syahril Sabirin.
Bank of China, which "plans to open a branch in Indonesia in
the next six months, has not put any sort of conditions" on the
planned bid.


DAVOMAS ABADI: To Issue 283.97M Shares At Rp500 Nominal Value
-------------------------------------------------------------
Cocoa beans manufacturer PT Davomas Abadi Tbk will issue
283,967,750 shares with nominal value of Rp500 in a limited
offering I to its shareholders, where every holder of 3 Davomas
Abadi's shares has 5 rights to buy 5 new shares at Rp1,350 per
share, Indoexchange reported on November 15. The
limited offering I will become effective upon approval from the
shareholders in its extraordinary meeting of shareholders on
November 19, 2001.

Funds generated from the rights issue will be used to strengthen
Davomas Abadi's working capital.

The rights offering, which will allow creditors to convert their
invoices to Davomas Abadi into shares, is a follow up from
Davomas Abadi's debt restructuring program set by Central
Jakarta's Commercial Court on September 2000. Some Rp383.36
billion of the company's debt will be converted into
shares.

Creditors, including Krigler Holdings Ltd, Polar Cap. Investment
Ltd, Templeton Assets Ltd, Catnera Int. Ltd, Hassocks Entr. Ltd,
and Caterpillar Ass. Ltd, are currently willing to convert their
invoices into shares at Rp1,350 per share.


TELEKOMUNIKASI INDONESIA: Asks Shareholders' Nod On Share Sale
--------------------------------------------------------------
PT Telekomunikasi Indonesia (Telkom) will seek shareholders'
approval, at the coming shareholders extraordinary meeting in
March next year, for its plan to sell a portion its 77.72% stake
in PT Telkomsel to Singapore Telecom, PRNewsAsia reported on
November 14, which quoted Telkom president
Mohammad Nazif.

Nazif, however, declined to comment on the exact number of
shares the company proposes to sell to SingTel, but said, "What
is clear is that we will remain majority shareholder in
Telkomsel."


TELEKOMUNIKASI INDONESIA: Selling Most of 21 Units
--------------------------------------------------
PT Telekomunikasi Indonesia plans to keep only 4 or 5 of its 21
subsidiaries, which are engaged in three business areas; fixed
line, mobile phone service, and internet-related services. The
Company intends to divest the rest by 2005, PRNewsAsia reported
on November 14, which quoted the company's Director.
The divestment is in line with aim of focusing on the core
businesses of cellular, fiber-optic backbone and fixed line,
cable, and satellite networks.

The company's fixed-line business includes PT Daya Mitra and
Probis Enterprise, while its mobile phone business includes
units Telkomsel, Komselindo, Metrosel and Telesera, and its
internet-related business includes units Infomedia, Napsindo,
Patrakom, Indonsa, Probis VoIP, Telkom Fund and Telkom Chain
Shop.


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


JAPAN AIRLINES: Moody's Review Ratings For Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the Baa3 senior unsecured
long term ratings of Japan Airlines Co., Ltd. (JAL) on review
for possible downgrade. At the same time, the B2 issuer rating
of Japan Air System Co., Ltd. (JAS) was placed on review for
possible upgrade.

The ratings actions are in response to the announcement on
November 12, 2001 that JAL and JAS will jointly establish a
holding company by September 2002. JAL and JAS will fully
integrate operations by April 2004, with separate divisions
focusing on international routes, domestic routes and cargo
services.

Moody's review will focus on the new organization structures;
the impact of the integration on the new company's operating
franchises and cost competitiveness; and its fundamental credit
profile and financial flexibility.

Moody's says that it will also analyze the debt structures of
the new entity, in terms of whether the debt will reside in the
international, domestic or cargo services divisions under the
new scheme.

Japan's airline industry has been dominated by three major
firms: JAL, All Nippon Airways (ANA) and JAS. Of the three
carriers, JAL has the most exposure to international routes,
which places severe operating and financial burdens on JAL.

Japan Airlines Co., Ltd., headquartered in Tokyo, is the largest
airline company in Japan. Japan Air System, headquartered in
Tokyo, is one of the three major airline companies in Japan.


JAPAN AIRLINES: Will Cut Employee Hiring Numbers By 5,000
---------------------------------------------------------
As part of their impending 2004 merger, Japan Airlines Co. and
Japan Air System Co. plan to cut their combined work force by
nearly 5,000 over the next five years, News On Japan reported on
Thursday.

The reductions will be achieved by hiring fewer people.

On Monday, Japan Airlines, the country's biggest airline, and
Japan Air System announced the merger plan, which would result
in both companies cornering nearly half of the domestic marker.

As a prelude to the actual merger, to happen sometime in the
year 2004, the carriers plan to form a holding company next
September.


MITSUBISHI MOTORS: H101 Loss Down 50% On Cost Cuts
--------------------------------------------------
Japanese auto giant Mitsubishi Motors Corp.'s first-half loss
dropped to Y31.5 billion, as compared to the Y75.6 billion-loss
posted for the year-ago period, Bloomberg.Com reported
Wednesday.

The 58 percent loss-drop may be due in part to controlling
shareholder DaimlerChrysler's decision to dispatch Rolf Eckrodt
to facilitate cost cutting measures amid a boost in sales as the
yen weakened.

Analysts surveyed by Bloomberg previously forecast that the
company would incur a loss of Y25.5 billion, while Mitsubishi,
meanwhile expected a loss of Y50 billion.

Eckrodt was appointed Chief Operating Officer in October last
year by DaimlerChrysler, which owns 37 percent of Mitsubishi
Motors.

During the period, Mitsubishi reduced costs by Y27.4 billion,
partly through staff cuts. A gain of Y22.4 billion as a result
of the weakening yen was also achieved.


NEC CORPORATION: To Raise Y200B Through Bond Issues, PEC's
----------------------------------------------------------
NEC Corp plans to generate Y200 billion through issues of
preferred equity certificates (PEC) and corporate bonds in order
to boost the company's financial structure, according to a
report by PRNewsAsia Thursday.

The company expects to raise Y100 billion through the issuance
of preferred equity certificates, while the other Y100 billion
is to be raised by the issuance of 20-year corporate bonds.

Merrill Lynch Securities Co Ltd, Daiwa Securities, SMBC
Securities Co. Ltd., and Shinko Securities Co. Ltd. have been
appointed by the company to lead manage the preferred equity
certificates issue.


SOFTBANK CORPORATION: Seen To Post H101 Losses On Stock Woes
------------------------------------------------------------
Citing heavy losses on its stockholdings due to the prolonged
depression of high-tech shares brought about by the global
economic downturn, Softbank Corp is forecast to post losses for
the first business half of the year, according to News On Japan
yesterday.

Just last month, the Japanese internet investor said it planned
to write down some Y45 billion in stock appraisal losses and as
a result, expects to post a group net loss of Y55 billion for
the April-September period.

During the same period last year, the company posted a profit of
Y36.3 billion.


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


ASIANA AIRLINES: Posts W191B Net Loss For 9-Month Period
--------------------------------------------------------
During the January to September period of this year, Korea's
second largest national flag carrier, Asiana Airlines Company,
announced that it posted a net loss of W191 billion, compared to
the W74.8 billion net profit released during the same period for
last year, the Asian Wall Street Journal reported on November
14.

During the same period, operating profit was also set at W30
billion, drastically lower than the year-ago figures pegged at
W167.5 billion.


DAEWOO INTERNATIONAL: Discloses W100B 9-Month Net Loss
------------------------------------------------------
In the first nine months to September, Daewoo International
Corporation announced a net loss of W100.6 billion on sales of
W5.02 trillion, PRNewsAsia reported Wednesday.

An operating profit of W105.8 billion was also posted by Daewoo,
but it also announced a recurring loss of W27.4 billion in the
nine months. No comparable figures for last year were available
considering that the company was recently separated from parent
firm Daewoo Corporation only last December.

At the end of September, total debt dropped to W1.7 trillion
from W2.6 trillion at the end of last year.

The company's debt-to-equity ratio was up 972 percent compared
to the previous 940 percent on reduced equity.


HANVIT BANK: W112B In Project Financing Offered
-----------------------------------------------
Hanvit Bank has recently managed the provision of W112 billion
in project financing to Daewoo Engineering & Construction
Company, the operator of a tunnel in Busan, the Korea Herald
reported November 15.

Hanvit together with five other financial institutions namely;
National Agricultural Cooperatives Federation, Daegu Bank, Pusan
Bank, Samsung Fire & Marine Insurance Co. and LG Insurance Co.,
extended the syndicated loan to Daewoo.

Hanvit Bank plans to continue extending loans to companies
actively participating in infrastructure projects in the city.


HYUNDAI CONSTRUCTION: Recent Financial Results On The Upswing
-------------------------------------------------------------
Daewoo Construction announced that its operating income
increased 254 percent during the first nine months of the year
as compared to figures posted last year, according to the Korea
Herald yesterday.

The construction company's operating income reached W204.3
billion, significantly higher to the 57.6 billion won posted in
the same period last year.

For the third quarter alone, a total of W44.1 billion in
operating profit on sales of W693.5 billion was registered.

Company officials said that Daewoo Construction's financial
results have steadily been on a rise since its break up with
ailing parent company Daewoo Corporation last year.


HYUNDAI ENGINEERING: Losses Blamed On Write-Offs, Other Costs
-------------------------------------------------------------
Mainly due to write-offs of bad assets, depreciation and other
non-recurring losses, Hyundai Engineering & Construction Co Ltd
recorded an operating loss of W187.3 billion during the nine
months to September period, compared with year-ago figures of
W208.7 billion, PRNewsAsia said on Wednesday.

The company announced that it had booked a total of W283.3
billion of non-recurring losses during the said period,
including W162 billion in costs spent in the write-off of bad
assets and an additional W49.3 billion in depreciation costs.

Without including the non-recurring losses, the company posted
an operating profit of W96.2 billion in the period.

Total borrowings from financial institutions incurred by the
company fell to W2.2 trillion at the end of September from W4.5
trillion at the end of December due to a debt-for-equity swap by
creditors.


HYUNDAI ENGINEERING: HQ Parts Sold To Hyundai Motor For W94B
------------------------------------------------------------
As part of its ongoing self-rescue program, Hyundai Engineering
& Construction Co Ltd has sold several floors and other
facilities of its 14-story Seoul headquarters to Hyundai Motor
Co and unit Hyundai Mobis for a reported W94.6 billion,
according to a PRNewsAsia report on Wednesday.

The company agreed to sell three floors of its headquarters
building to Hyundai Mobis for W33.6 billion and it has also
signed a deal selling one underground floor, the parking lot and
the swimming pool to Hyundai Motor for W61 billion.

Proceeds of the sale are expected within the next two months
will most likely increase Hyundai Engineering's self-rescue
funds to W332 billion.


HYUNDAI ENGINEERING: Posts 9-Month Net Loss Of W274B
----------------------------------------------------
Hyundai Engineering & Construction Company Limited posted a net
loss of W274.2 billion for the nine months to September period,
higher than the W250.2 billion posted in the same period for
last year, PRNewsAsia said Wednesday.

Hyundai also posted an operating loss of W187.3 billion on sales
of W4.63 trillion for the same period, compared to last year's
operating profit of W208.7 billion on sales of W5.17 trillion.


HYUNDAI HEAVY: Net Losses Down To W51B
--------------------------------------
Hyundai Heavy Industries announced that as of the end of
September, its net loss was reduced to W50.9 billion from W53.1
billion posted during the end of June, according to a Thursday
Korea Herald report.

Furthermore, the company posted a net profit of W2.2 billion on
sales of W1.81 trillion during the third quarter.

Aggregate sales until September were also up 8.3 percent from
year ago figures at W5.337 trillion but its aggregate operating
income dropped 22.1 percent at W487.4 billion.


KOREA AIRLINES: Losses Increasing Due To Travel Demand Drop
-----------------------------------------------------------
Due to a large drop in travel demand as well as increased fuel
costs, Korea's biggest national flag carrier, Korea Airlines
(KAL) announced that its losses for the first nine months of the
year have been steadily increasing, the Korea Herald reported
Thursday.

For the nine-month period, KAL's net loss amounted to W449
billion, compared to the year-ago loss of W184.6 billion.

An operating loss of W137.5 billion was also posted in the nine-
month period as compared to the profit of W5.1 billion issued
during the same period for last year.

However, sales rose 4.7 percent to W4.3 trillion from W4.11
trillion in the same period last year.


SSANGYONG MOTOR: Issues Q301 Results, Posts Net Loss
----------------------------------------------------
Ssangyong Motor Company Limited announced its three months to
September results, comparing it at the same time with figures
posted during the last quarter.

PRNewsAsia reported on Wednesday that Ssangyong posted a net
loss for the third quarter totaling W8.7 billion, significantly
lower than last quarter's W18.6 billion profit. Operating profit
for this quarter was also down at W27.8 billion compared to the
W57.8 billion registered during second quarter results.

Production line adjustments for new sports vehicle model,
Rexton, were cited as probable reasons for the company's weak
third quarter results. Ssangyong however expects to post a
strong performance in the fourth quarter.


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


BERJAYA SPORTS: Director, CEO Chee Yioun Buys Shares
----------------------------------------------------
Berjaya Sports Toto Berhad (Btoto), further to the announcement
dated 31st October 2001 in relation to directors' dealings in
the securities of their public listed companies, informed that
Tan Sri Dato' Seri Vincent Tan Chee Yioun, a Director and Chief
Executive Officer of BToto, has purchased shares in BToto as
follows:

DIRECT INTEREST

Date     Price per share  No. of shares %

12 November 2001   RM5.420 278,000  0.050

INDIRECT INTEREST

Date     Price per share  No. of shares %

12 November 2001   RM5.340 100,000  0.018


PAN MALAYSIAN: Soo Lay Purchases 307K Ordinary Shares
-----------------------------------------------------
Pan Malaysian Industries Berhad (PMIB), informed that, pursuant
to paragraph 14.08(c) of the Listing Requirements of Kuala
Lumpur Stock Exchange, Soo Lay Holdings Sdn Bhd (Soo Lay) had
informed PMIB that Soo Lay had purchased the ordinary shares of
PMIB:

1) Date of dealing - 12 November 2001

2) Consideration of dealing - Average price of RM0.2450 per
share

3) Number of shares acquired - 307,000 ordinary shares of RM0.50
each

4) Percentage of issued share capital of PMIB - 0.016%


PERBADANAN JOHOR: Fails To Redeem RM110M CP Facility
----------------------------------------------------
Rating Agency Malaysia Berhad had on 8 June 2001 downgraded the
long- and short-term ratings for all of Perbadanan Johor's
(JCORP) private debt instruments, from BBB3 to C3 and P3 to NP,
respectively.

The downgrades were premised on JCORP's failure to redeem its
RM55 million Notes Issuance Facility, which had matured on 17
May 2001 coupled with the possibility of cross-default
declarations by the respective trustees of the other remaining
debt instruments.

JCORP failed to redeem the RM400 million Fixed-Rate Bonds, which
matured on 19 September 2001. Similarly, JCORP will not be able
to redeem the RM110 Commercial Paper (CP) Facility, which
matured on 9 November 2001. JCORP, in consultation with the
Corporate Debt Restructuring Committee, Bank Negara Malaysia and
the Ministry of Finance is still in the midst of finalizing its
comprehensive corporate and debt restructuring scheme.

JCORP's remaining private debt issue, its RM500 million Zero
Coupon (Murabahah) Islamic Debt Securities will mature on 30
June 2002. Although the Johor State Government has issued a
Letter of Comfort to JCORP's lenders in respect of the
Corporation's debt, RAM believe that JCORP's financial position
is not likely to change until the debt restructuring scheme is
implemented.


SINMAH RESOURCES: Cites No Reason For Unusual Market Activity
-------------------------------------------------------------
The Board of Directors of Sinmah Resources Berhad, pursuant to
Paragraph 9.11 of the Listing Requirements on the Corporate
Disclosure Policy on Response to Unusual Market Activity,
advised:

1. There is no material development in the Company's business
and affairs not previously disclosed;

2. We have no knowledge and have not been notified of any
impending change in the major shareholders of the Company; and

3. There is no other reasons to account for the unusual market
action.

In addition, the Board also declared that upon due inquiry, none
of the situations/events has transpired pursuant to Paragraphs
9.03, 9.04 and 9.07 of the KLSE's Listing Requirements.

The Board is also not aware of any rumor or report (whether true
or false) which contains information which is likely to have an
effect on the trading of the Company's Securities. However, in
an effort to enhance its shareholders' return, the Company is
constantly exploring business opportunities.


TAIPING CONSOLIDATED: Posts Proposed Acquisition Revisions
----------------------------------------------------------
The Board of Directors of Taiping Consolidated Berhad announced
that the purchase price of the proposed acquisition of a
freehold residential land held under C.T. 21247 Lot No. 1839,
Mukim of Ampang, District of Kuala Lumpur (now referred to as
District of Gombak), Selangor Darul Ehsan measuring
approximately 21,045 square feet (Proposed Acquisition) from
Datin Ramona Suleiman nee Lee Lai Wah, has been revised from
RM5.8 million to RM5.4 million.

The revision of the purchase price was arrived at on a willing
buyer willing seller basis after taking into account the
prevailing property market condition.

The other terms and conditions of the acquisition remain
unchanged and the revision of purchase price has no effect on
the Share Capital, Net Tangible Asset and Earnings of the
Company.

The Proposed Acquisition is subject to and conditional upon:

i) the approval of shareholders of the Company at an
Extraordinary General Meeting to be convened;

ii) the Foreign Investment Committee; and

ii) any other relevant authority or regulatory body, if any.


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


NATIONAL BANK: Incurs Q301 Net Loss Of P1.4B
--------------------------------------------
The ailing former state bank, Philippine National Bank had
posted a net loss of P1.422 billion during the three months to
September period, reduced compared to the P13.246 million marked
during the same period for last year, PRNewsAsia reported on
November 14.

During the nine months to September period, the controversial
bank also incurred a net loss of P5.346 billion, critically
higher than the P1.433 billion set during the year-ago period.


NATIONAL BANK: Tan To Sign Deal This Week
-----------------------------------------
Barring any new issues by the national government that might
delay the sale, taipan Lucio Tan announced he was ready to sign
the debt-to-equity agreement with the government on Philippine
National Bank (PNB) anytime this week, the Inquirer News Service
reported Thursday.

Both parties also have jointly assured the public that they have
agreed on major items already involving the conversion into
equity of the government's P25 billion in advances to the former
government cash cow.

The bank has so far paid the government's Central Bank P1.1
billion of the P25 billion in advances. Of the P25 billion
granted to PNB in October 2000, P15 billion came from the
central bank the other P10 billion from the Philippine Deposit
Insurance Corp (PDIC).


NATIONAL BANK: Tan, Government Disclose Rehab Terms
---------------------------------------------------
The National Government as well as Lucio Tan's group had finally
issued a joint statement disclosing some of the terms agreed
upon by both parties to rehabilitate the ailing Philippine
National Bank (PNB), ABS-CBN News reported yesterday.

Both parties on Wednesday announced a debt-to-equity swap
involving P7.8 billion of a P25-billion loan previously extended
to PNB by the government. Conversion price was set at P40 per
share.

The swap will result into the reduction of Tan's 67 percent
share in PNB to 44.98 percent, while the government will up its
stake to the same level as Tan's, from the original 16 percent.

Both parties will now own, 44.98 percent, with management
control left to the government's hands.

More importantly, the parties also agreed that a maximum P10
billion of the P25-billion loan should be used to offset PNB's
outstanding loans to several government entities.

Lastly, both parties agreed that the remainder of P6.1 billion
will then be restructured over 10 years at Treasury-bill rate
plus 1 percent.


NATIONAL STEEL: Evaluation Committee Criticized
-----------------------------------------------
Allengoal Steel, leading bidder for the lease and immediate
operation of the mothballing Iligan plant of National Steel
Corp. (NSC) criticized the evaluation committee (EC) for its
being inconsistent in providing criteria for the selection of
the appropriate bidder, according to a Thursday report of ABS-
CBN News Service.

Allengoa said that EC's behavior "would only serve to confirm
long standing and increasingly widespread suspicions that the EC
and the entire evaluation process is nothing more than an
elaborately contrived scheme to purposely exclude Allengoal and
ensure the award of the lease contract to a favored project
proponent."

Allengoal insists through their president, Alexander Delmo, that
they have submitted the best bid, during the first round of
bidding held on May 23 2001, winning over two other project
bidders Cathay Pacific Steel Corp. (Capasco) and Glencore Far
East AG.

"Our far superior offer was inexplicably disregarded at the
instance of Trade Secretary Manuel Roxas II," Delmo said.


RFM CORPORATION: Posts Q301 P60M Net Loss
-----------------------------------------
Food giant RFM Corporation announced on Wednesday that it posted
a net loss of P60 million for the first three months to
September as compared to a year-ago net profit of P58 million,
PRNewsAsia reported on Thursday.

Moreover, operating expenses for the company were up P907
million on net sales of P4.055 billion compared to the operating
expenses for the same period of last year set at P863 million on
net sales of P4.176 billion.


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


ST ASSEMBLY: Posts Q301 Financial Results
------------------------------------------
ST Assembly Test Services Limited yesterday posted a net loss of
US$32.2 million during the three months ended September 30, as
compared the year-ago net income of US$16.4 million. During the
same period, it also posted a pre-tax loss of US$32.3 million
compared to the year-ago pre-tax profit of US$17.3 million.

Moreover, the company also posted an operating loss of US$33.7
million for the three months ended September 30, much lower than
the operating income of US$13 million posted during the same
period for the year 2000.


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


NAKORNTHAI STRIP: Exempted from Financial Statement Submission
--------------------------------------------------------------
Maharaj Planner Co., Ltd., Planner of Nakornthai Strip Mill
Public Company Limited (the Company), revealed that due to the
temporary suspension from shares trading on the SET (SP sign)
and the rehabilitation process under the Bankruptcy law, the
Company does not have to submit the Company's quarterly
Financial Statement.

The exemption period will begin from the Quarter 3 (ended
September 30, 2001) and end up at the time when the Company's
shares start to be traded in the SET. (SP sign has been removed)
or the Company's rehabilitation process has been completed,
whenever comes first.


PROPERTY PERFECT: Explains Q301 Operation Result
------------------------------------------------
Property Perfect Public Company Limited (the Company) clarified
the results of the Company's financial performance for the 9
months period  ending on September 30,2001.

The Company reported net loss of Bt1,166 million, a decrease in
net loss by Bt1,363 million or 117% less than the net loss
reported in the corresponding period of last year. The decrease
in net loss was a result of:

1. The Company had higher gross margin in the amount of Bt27
million due to the increased selling price.

2. Loss from equity method from an officiated company was
decrease in the amount of Bt655 million.

3. Other income was increased in the amount of Bt53 million due
to reversing certain losses from diminution in value of assets
in amount of Bt34 million.

4. Loss from exchange rate decreased in the amount of Bt330
million.

5. Interest expense was decreased by Bt239 million.

6. Selling and administrative expenses and doubtful debt
decreased in the amount of Bt34 million.

7. Loss from diminution in value of project development costs
increased in the amount of Bt200 million.

8. As the Court has ordered the Company to enter the
rehabilitation process, the claims which has been filed in the
proof of debt process was higher than the amount recorded by the
Company.

Thus the Company made an additional allowance in year 2000 in
the amount of Bt240 million for this purpose and recorded in the
income statement.

9. In the year 2000, the company had gain on debt restructuring
in amount of Bt135 million and loss form transferring assets for
restructuring in the amount of Bt120 million.


RAIMON LAND: Clarifies Loss Variance
------------------------------------
Raimon Land Public Company Limited clarified the loss difference
in the financial statement between third quarter 2000 and the
third quarter this year. The difference is exceeding 25 percent,
caused by the company transferring collateral to AMC as per
contract on 15th May 2000. Resulting in profit from
restructuring debt of Bt168.23 million.

Raimon Land has set up provision for doubtful accounts for loans
to subsidiary and associated companies, but subsidiary and
associated companies did not record the provision as income.
Therefore the statement of income for the company only and the
consolidated statement of income for Quarter 3/2001 show
different loss amounts.


SINO-THAI: Reports Q301 Rehabilitation Plan Progress
----------------------------------------------------
Sino-Thai Resources Development Public Company Limited (the
Company) in coordination with Yuanta Securities (Thailand)
Company Limited (the Financial Advisor) reported actual
performance for the 9 months of year 2001 compared with the
projection on the Company's Rehabilitation Plan in compliance
with the Stock Exchange of Thailand requirements to refrain from
the grounds of delisting.

Summary the actual performance for the 3rd Quarter of year 2001
For the 3rd quarter of year 2001, the Company recorded total
revenue of Bt30.42 million, relatively lower than the projection
by Bt8.77 million or 22.37%.  According to the revenue from Tin
Ore decreased lower than the sale target, because of rainy
season and windy, relatively the volume sale of Tin Ore
decreased lower than the projection.  However the Company
recorded total expenses of Bt28.65 million, relatively lower
than the projection by Bt10.04 million or 25.95%.  According to
the cost of Tin Ore production decreased by the volume sale of
Tin Ore.  Thus the Company recorded the net profit of Bt1.77
million, increased higher than the projection by Bt1.27 million
or 256.21%

Summary of the actual performance for the 9 months of year 2001


For the 9 months of year 2001, the Company recorded total
revenue of Bt129.28 million, relatively higher than the
projection by Bt11.86 million or 10.10%.  According to the past
quarter, the Company recorded the revenue from Tin Ore increased
higher than the sale target, but the revenue from Construction
Stones decreased lower than the sale target.  Total revenue
generated from approximately 90% revenue of Tin Ore, thus the
decreased revenue from Construction Stones was not affected the
projection.  The Company had other income of Bt4.89 million,
relatively higher than the projection by Bt3.98 million or
438.07%.  The Company recorded the dividend income of Thai
Maintenance Contracting Co., Ltd. Bt2.96 million, fee from the
Arbitration Committee Bt0.32 million and other income Bt0.70
million. Whilst the Company must recorded Bt2.24 million from
the depreciation of excess revaluation assets by the IAS No.32.
Finally the Company recorded the net profit of Bt2.72 million,
relatively increased higher than the projection by Bt1.38
million or 102.65%.

Explanation on the significant variance of the actual
performance for the 9 months of year 2001 and the projection on
rehabilitation plan

Revenue from Tin Ore

Revenue from Tin Ore of Bt106.41 million was significantly
higher than the projection by Bt13.09 million or 14.03%.
According to the Company operated efficiency performance
and the past quarter the Company discovered the high quality of
Tin Ore, then the Company recorded the revenue from Tin Ore
increased higher than the sale target.

Revenue from Construction Stones

Revenue from Construction Stones of Bt14.84 million was lower
than the projection by Bt5.07 million or 25.47%. According to
the Company can sold the Dust Stone and Stone size B for
construction work, low-priced products, which the revenue from
Construction Stones decreased.  However the third quarter, the
Company can sold Construction Stones, increased higher volume
than the projection.

Other Income

Other income of Bt4.89 million was favorably higher than the
projection by Bt3.98 million  or 438.07%.  According to the
dividend income of Thai Maintenance Contracting Co., Ltd. Bt2.96
million, fee from the Arbitration Committee Bt0.32 million and
other income Bt0.70 million.

Cost of Sales and other Expenses

The Company recorded total cost of sales and other expenses
Bt126.56 million, higher than the projection by Bt10.48 million
or 9.03%  as the following causes :

-Cost of Tin Ore production of Bt97.58 million was higher than
the projection by Bt12.58 million or 14.80% mainly resulting
from the increased volume of Tin Ore.

-Cost of Construction Stones production of Bt15.59 million was
lower than the projection by Bt3.67 million or 19.07% mainly
resulting from the decreased volume of Construction Stones.

-Selling and administrative expenses of Bt9.26 million was lower
than the projection by Bt0.67 million or 6.72%.  Resulting from
the Company adjusted taxation item  and allowance for bad debt.

-Depreciation of excess revaluation assets recorded Bt2.24
million, higher over than the projection.  The Company recorded
this item under the IAS No.32.

Comparison of the actual performance

For the quarter of Year 2001 and Year 2000

Revenue from Tin Ore

            SALE  (Baht '000)                QUANTITY  (Habs)
             2001        2000                 2001        2000
Quarter 1  44,466      20,959               4,207        2,202
Quarter 2  42,469      21,181               4,128        2,231
Quarter 3  19,471      24,945               2,265        2,458
Total     106,406      67,085              10,600        6,891

Revenue from Construction Stones

           SALE  (Baht '000)                QUANTITY  (Tons)
             2001        2000                 2001        2000
Quarter 1   3,305       4,485               43,748      59,431
Quarter 2   4,234       5,378               57,577      77,241
Quarter 3   7,298       4,296              101,762      63,323
Total      14,837      14,159              203,087     199,995


SRIVARA REAL: Financial Statement Submission Exempted
-----------------------------------------------------
Srivara Real Estate Group Public Company Limited, (the Company)
informed that the Company is exempted from submitting quarterly
financial statements in accordance with clause 2 of the SEC's
notification.

The Company has posted the trading stock suspension sign (SP) as
a result of being in the business reorganization process
regarding the Bankruptcy Act B.E. 2483 and the Amendment B.E.
2542.

The Company will not submit quarterly financial statements
commencing from the third quarter of year 2001.


THAI PETROCHEMICAL: Clarifies 20% Plus Net Profit Change
--------------------------------------------------------
Thai Petrochemical Industry Public Company Limited announced
that for the third quarter ended September 30, 2001,the
consolidated net loss was Bt1,012.87 million, this compares with
the result for the same period last year of a loss of Bt8,618.38
million, a different of Bt7,605.51 million.

The majority of this change can be accounted for by:

1. Net gain of foreign exchange in 3rd quarter of 2001 of
Bt1,081.94 million compared to a foreign exchange loss of
Bt4,553.63 million in the equivalent period in 2000. This
reflects from the fluctuated of exchange rate and the amount of
long term debt, which were foreign currencies.

2. The company and its subsidiaries had Bt2,262.48 million
interest expenses compare to Bt4,172.35 million interest
expenses for the same period of last year. This was due to the
fact that the company and its subsidiaries had recorded interest
expenses in 2000 at the default rates while this year
the standard base rate in the debt restructuring plan had been
used.

3. Net gain form affiliated companies under the equity method in
3rd quarter of 2001 of Bt8.82 million compared to equity in
distributed net loss of affiliated companies of Bt1,293.02
million in the equivalent period in 2000. This because of the
effected form changing the accounting record for a n affiliated
company which is required to record by using equity method but
after 31 December 2000, the Plan Administrator has
not yet received formally and updated financial information form
the aforementioned associated company therefore, from then, the
record has been changed to use mark to market method.


THAMMARIN COMPANY: Files Business Reorganization Petition
---------------------------------------------------------
Thammarin Company Limited's (DEBTOR) Petition for Business
Reorganization was filed in the Central Bankruptcy Court:

     Black Case Number 600/2543

     Red Case Number 656/2543

Petitioner: THAMMARIN COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,649,543,640.08

Planner: S.K. Accountant Services Company Limited

Date of Court Acceptance of the Petition: August 9, 2000

Date of Examining the Petition: September 4, 2000 at 13.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: September 4, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: September 11, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 26,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: December 26, 2000

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: January 26, 2001

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd: February 26, 2001

Appointment date for the Meeting of Creditors to consider the
plan: March 27, 2001 at 9.30 am. Convention Room 1104, 11th
floor, Bangkok Insurance Building, South Sathorn

The Meeting of Creditors had passed the resolution accepting the
reorganization plan pursuant to Section 90/46

Court Order for Accepting the reorganization plan: May 11, 2001
and appointed Thammarin Planner Company Limited to be the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: May 21, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: June 21, 2001

Contact: Mr. Somkit Tel, 6792525 ext 144


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
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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