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       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

            Monday, November 19 2001, Vol. 4, No. 226

                         Headlines


A U S T R A L I A

AUSTRALIAN MAGNESIUM: Public Offer Closes
GOODMAN FIELDER: Discloses AGM, Proxy Voting Results
GOODMAN FIELDER: Strategic Action Plan On Track
NEWCREST MINING: Appoints Managing Director, CEO
OMNI GROUP: ASIC Seeks Additional Prospectus Disclosure

PASMINCO LIMITED: Posts Administrators' Letter
SME GROWTH : In Merger Discussions
SOLUTION 6: Posts Approved Resolutions


C H I N A   &   H O N G  K O N G

CHINAKONG MANUFACTURING: Winding Up Sought By Da Lee
GROUP TALENT: Winding Up Petition Slated
NAM FONG: Unit Receives Business Tax Non-Payment Demand Notice
PACIFIC CENTURY: Price, Turnover Movements Inexplicable
PEARL ORIENTAL: Sees No Reason For Trading Volume Increase


I N D O N E S I A

GARUDA INDONESIA: Govt Weighs Garuda-Merpati Merger
SEMEN GRESIK: Locals Seek 51% Unit Stake, Control


J A P A N

ASAHI MUTUAL: Moody's Lowers IFSR To B2, Developing Outlook
CRAYFISH CO: Appoints New President and Chief Executive Officer
FUJITSU LIMITED: Sued By Cirrus Logic For Breach
JAPAN AIRLINES: Interim Profit Falls, Expects Losses For Year
MYCAL CORPORATION: Maruetsu To Purchase Unit

NEC CORPORATION: Moody's To Assign Y100B Baa1 Bond Rating


K O R E A

DAEWOO MOTOR: Final Contract With GM To Be Inked Dec 15
DAEWOO MOTOR: Hyundai To Be Invited For Daewoo FSO Sale
DAEWOO MOTOR: Indian Unit Denies Liquidation Report
HANVIT BANK: Merging With Peace Bank
HYNIX SEMICONDUCTOR: Unsecured Debt Value At 25%

HYNIX SEMICON: Speculations On Asset Sale To Samsung/LG Denied
KOREAN AIRLINES: Sets Up Cargo Tie-Up With Delta, Air France
SEROME TECHNOLOGY: Ponders U.S. Unit Bankruptcy
TAE KWANG: Strike, Falling Prices Force Restructuring


M A L A Y S I A

LION CORPORATION: Unit Takes Part In  Recurrent Transactions  
PAN PACIFIC: Posts Resolutions Passed at 11TH AGM
PANCARAN IKRAB: Proposed Revision Approval Pending
PANGLOBAL BERHAD: Court Grants Units' RO Extension
REKAPACIFIC BERHAD: Remains KLSE Listed

TAT SANG: Changes Company Secretary, Address
TIME dotCOM: Appoints Wan Ibrahim As BOD Chairman


P H I L I P P I N E S

BENPRES HOLDINGS: Posts P527M Q301 Profit VS Q300 P229M Loss
NATIONAL POWER: Denies Any Immediate Electricity Rate Hike
NATIONAL POWER: Privatization Plan To Be Submitted Soon
NATIONAL STEEL: Assets Sold to Cover Maintenance Cost
RFM CORPORATION: 9-Month Income Up 72% Despite Q301 Net Loss


S I N G A P O R E

ACMA LIMITED: Posts Notice Of Shareholder's Interest
FLEXTECH HOLDINGS: Voluntary Liquidates Subsidiary
SEMBCORB LOGISTICS: Posts Substantial Shareholding Changes


T H A I L A N D

EASTERN PRINTING: Court Calls Creditors' Meeting On Dec 12
HYDROTECH COMPANY: Business Reorganization Petition Filed
NATURAL PARK: Quarterly Financial Report Submission Exempted
SAMART CORPORATION: Clarifies Q301 Financial Statement
SIAM STEEL: Creditors Get 6th Interest, 5th Principal Payments

SIKARIN PUBLIC: Posts Q301 Financial Performance   
SUN TECH: Posts Reorganization Plan Implementation Progress
THAI HEAT: Explains Q301 Unusual Operating Performance
THAI DURABLE: Incurs Bt91.77M Q301 Net Loss

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN MAGNESIUM: Public Offer Closes
-----------------------------------------
Australian Magnesium Corporation Limited (AMC) closed Friday
afternoon, as scheduled, its public offer of Distribution
Entitled Securities.

The Company has received strong retail, broker and institutional
demand and will close the offer oversubscribed.

AMC notes its major shareholder Normandy Mining Limited is the
subject of a takeover offer by Newmont Mining Corporation. The
proposed takeover will not affect Normandy's existing
commitments and obligations with AMC as disclosed in AMC's
prospectus of 15 October 2001.


GOODMAN FIELDER: Discloses AGM, Proxy Voting Results
----------------------------------------------------
Goodman Fielder stated that at the 2001 Annual General Meeting
of the members of the Company, these resolutions were considered
by shareholders:

Reference numbers match those of the Notice of Meeting dated
21st September, 2001

ORDINARY BUSINESS

1. RECEIPT OF ACCOUNTS AND REPORTS - ORDINARY RESOLUTION

The Accounts and Reports for the year ended 30th June, 2001 were
received and approved.

2. APPOINTMENT OF DIRECTORS - ORDINARY RESOLUTIONS

(a) Ms C B Livingstone, having been appointed by the Board
during the year to fill a casual vacancy since the previous
Annual General Meeting and who retired in accordance with
Article 14.3(a) of the Company's Constitution was re-appointed
as a Director of the Company.

(b) Election of Mr D A McKay: This item was withdrawn from the
business of the meeting following Mr McKay's resignation as a
Director.

(c) Election of Mr J L Peterson: This item was withdrawn from
the business of the meeting as Mr Peterson did not seek re-
appointment at the meeting as a Director of the Company.

SPECIAL BUSINESS

3. GRANT OF OPTIONS TO MR T P PARK

The following resolution was placed before the meeting and
passed on a poll.

"THAT

A. Under and for the purposes of Listing Rule 10.11 of the
Listing Rules of the Australian Stock Exchange Limited for:-

(i) the grant to Mr T P Park of the options in accordance with
the terms of the Share Option Deed, a copy of which was set out
as Annexure "A" in the Notice of Meeting at which this
resolution was considered, to subscribe for up to 5,000,000
ordinary shares in the capital of the Company (or such adjusted
number and description of shares as may result from the
operation of the Share Option Deed); and

(ii) the allotment to Mr T P Park of up to 5,000,000 ordinary
shares in the capital of the Company (or such adjusted number
and description of shares as may result from the operation of
the Share Option Deed) upon the valid exercise of the options
described in paragraph (a) subject to and in accordance with
those terms; and

B. Under and for the purposes of Chapter 2E Part 2E.1 Division 3
of the Corporations Act for the Company to enter into a deed
with Mr T P Park substantially in the form of the Share Option
Deed a copy of which was set out as Annexure "A" in the Notice
of Meeting at which this resolution was considered, and for the
Company to confer on Mr T P Park the financial benefits the
Company is required to provide under that deed."

At the closure of the meeting, the Directors of the Company are:

Sir Dryden Spring (Acting Chairman)

Mr T P Park (Managing Director & Chief Executive Officer)

Mr J R Grant

Mrs J L Holmes a Court (AO)

Mr N C Lister

Ms C B Livingstone

In addition, prior to the vote being called for on each item of
business, the Chairman announced to the meeting, the number of
shareholder votes lodged by way of proxy as at 10.00am
Wednesday, 14th November 2001. Please refer to the attached
schedule for details of the proxies so lodged.


GOODMAN FIELDER: Strategic Action Plan On Track
------------------------------------------------
The acting Chairman of Goodman Fielder, Sir Dryden Spring, told
shareholders at the Annual General Meeting in Sydney that the
company's Strategic Action Plan is on track and there are early
signs that it is improving performance.

Sir Dryden also said the Company had made many changes this year
to improve returns to shareholders including the sale of non-
core businesses, a share buy-back, the appointment of a new
Chief Executive and Board renewal.

"We have re-organized and simplified our businesses, sold our GF
Ingredients businesses and, earlier this week, we announced the
first tranche of a share buy-back as part of our capital
management  program," Sir Dryden said.

"We have also appointed a new Managing Director and Chief
Executive, Tom Park, and a new non-executive Director, Sir Ross
Buckland, as part of our ongoing program of Board renewal."

Sir Dryden also told shareholders that all the businesses were
trading satisfactorily and that earnings before interest and tax
were ahead of last year.

"In line with recent practice, we will issue a specific forecast
for the new financial year at the interim results. But I can
already say that we are confident of a rebound in net profit as
a result of our better trading performance and no net abnormal
charges this year."


NEWCREST MINING: Appoints Managing Director, CEO
------------------------------------------------
The Board of Newcrest Mining Limited announced the appointment
of Mr Tony Palmer as Managing Director and Chief Executive
Officer, effective 1 December 2001.

Mr Palmer has extensive business and operational experience in
the resources sector, including as Managing Director of both
major  publicly listed and private companies.

This appointment is consistent with Newcrest's commitment to a
strategy of organic growth through the development of its
significant pipeline of projects. The Board believes Mr Palmer's
significant business skill and experience will make an important
contribution to Newcrest's future.

Mr Ian Johnson will resume his position as non-executive
Chairman when Mr Palmer commences at Newcrest.


OMNI GROUP: ASIC Seeks Additional Prospectus Disclosure
-------------------------------------------------------
As part of its ongoing campaign to improve disclosure and
protect investors, the Australian Securities and Investments
Commission (ASIC) has placed an interim stop order on the
prospectus lodged by Omni Group Ltd (Omni Group), to be renamed
ECSI Limited.

ASIC issued the interim stop order after identifying a number of
disclosure deficiencies in the prospectus.

Omni Group is wants to raise between A$8 and A$12 million
through the issue of ordinary shares at an issue price of $0.40
per share.

Omni Group, which is listed on the ASX but currently suspended
from quotation, intends to change its corporate focus from the
telecommunications industry to security monitoring in China.

ASIC's interim stop order was placed on the Omni Group
prospectus following concerns that the prospectus did not
contain adequate disclosure regarding certain balance sheet
items, in particular, the nature of a material intangible asset
and the basis of its valuation.

ASIC was also concerned there was inadequate disclosure
regarding licensing requirements and agreement terms, and the
prospects of the company with regards to its China operations.

ASIC found that the prospectus failed to disclose important
information concerning the prospects, financial statements and
business plan of Beijing Jeton Yangtze Technology Company Ltd, a
Chinese incorporated company closely aligned to the success of
subsidiaries of Omni Group.

These concerns are to be addressed at a hearing expected later
this month.


PASMINCO LIMITED: Posts Administrators' Letter
----------------------------------------------
Pasminco Limited (Administrators Appointed) (Pasminco) posted
the letter of Ferrier Hodgson:

       LETTER FROM FERRIER HODGSON

"Shareholders will know that John Spark and Peter McCluskey of
Ferrier Hodgson were appointed as Administrators of Pasminco on
19 September 2001.

"As Administrators, we are required by the Corporations Act to
investigate the affairs of the company and recommend a course of
action to creditors in relation to its future. In this regard,
we expect that a proposal will be put to creditors for the
restructure of Pasminco.

"Our report will be presented to a meeting of creditors no later
than 14 January 2002. Ultimately, it is the creditors who will
decide the future of Pasminco by either accepting or rejecting
the proposal made to them.

"While we are continuing to review the affairs of Pasminco, it
is too early for us to advise shareholders on the possible
proposal that will be put forward to creditors. There are,
however, a number of courses of action that can be followed
including:

# Creditors entering into a Deed of Company Arrangement that may
allow Pasminco to continue trading:

   * For a limited time to permit the orderly sale of the assets
for payment of liabilities; or

   * Indefinitely in a new form while either some cashflow from
operations and/or funds from the sale of assets are used to
reduce debt; or

# That Pasminco be liquidated.

"Pasminco is continuing to operate its mines and smelters in
Australia and overseas while we work with management to
determine the most appropriate way forward. Pasminco is being
supported financially by a $300 million finance facility
provided by a number of Pasminco's lenders to us as
Administrators, which ranks ahead of the company's other debts.

"The sale process for the Century mine in Queensland and the
Broken Hill mine in New South Wales is continuing and, at a
challenging point in the economic and commodity price cycle, we
are working to realize acceptable prices for those assets.

"However, Pasminco remains in a precarious financial position.
This is principally as a consequence of a number of key issues,
including:

   * The appointment of Administrators has crystallized the
position of the major part of Pasminco's existing currency
hedging position. It gave parties to the hedging contracts the
right to convert exchange losses to debt. To date, 70 percent of
these contracts have been converted and this has increased
Pasminco's debt by about $650 million.

"We expect that should the remainder of the contracts be
converted, this debt will be increased further given the current
value of the Australian dollar to the US dollar.

   * The world market for zinc continues to be depressed. On 14
November 2001, the zinc price was US$807 per tonne compared to
US$1,049 per tonne at the same time last year. The following
graph shows movements in the zinc price over this period. The
effect of these sustained low prices has been to depress sales
revenue and the value of Pasminco's assets.

"The effect of Pasminco's current financial position is to fully
erode the capital of shareholders in the company. This means
that even if all of the available Pasminco assets were sold, the
proceeds are unlikely to be sufficient to repay the total debt.

"Regrettably, there now appears to be no realistic prospect of
any funds becoming available for shareholders. As a result, it
is also unlikely that Pasminco as it currently exists will trade
again on the ASX.

"We are presently focused on the completion of our review of
Pasminco's affairs and the formulation of a proposal to be put
forward to creditors.

"Shareholders should also be aware that a 2001 annual report
will not be made available to shareholders at this stage. This
decision was based on the view that the status of Pasminco had
changed dramatically since 30 June 2001 and it would be
impractical, due to the difficulty in attributing appropriate
carrying values to major assets, to distribute a meaningful
report to shareholders. In addition, it was agreed with ASIC
that an annual general meeting would not be convened at least
until after the meeting of creditors which is expected to be
held no later than 14 January 2002.

"This letter to shareholders is being sent as a condition of
ASIC's support of the decision of the Administrators to delay
reporting to shareholders and to the postponement of the annual
general meeting until after the meeting of creditors which is to
be held by 14 January 2002.

"However, we will continue to keep you informed of any key
developments during, the coming months and will advise you of
the proposal we put forward to creditors and the outcome from
the meeting of creditors. Major announcements and information
will be posted on the Pasminco web site at www.pasminco.com.au
while any specific questions can be referred to pasminco on 1800
812 548."


SME GROWTH : In Merger Discussions
----------------------------------
SME Growth Limited was approached regarding a possible merger
with another group. The confidential negotiations are not as yet
finalized and are subject to a number of conditions, including
due diligence.

The Directors will provide details of any merger offer, should
it eventuate, and any recommendations in due course.

For further information, please contact Mr Peter Wallace,
Managing Director SME Growth Limited on (02) 9223-6958.


SOLUTION 6: Posts Approved Resolutions
--------------------------------------
Solution 6 Holdings Limited advised that these resolutions were
approved at the Company's Annual General Meeting held on 15
November 2001:

1. The Financial Report of Solution 6 Holdings Ltd and its
controlled entities and the Reports of the Directors and the
Auditor for the financial year ended 30 June 2001 be received
and adopted; and

2. that Andrew Day, a director retiring from office in
accordance with the Constitution of Solution 6 Holdings Ltd,
being eligible, is re-elected a director of Solution 6 Holdings
Ltd.


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C H I N A   &   H O N G  K O N G
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CHINAKONG MANUFACTURING: Winding Up Sought By Da Lee
----------------------------------------------------
Da Lee Kai Property Management Limited is seeking the winding up
of Chinakong Manufacturing Limited. The petition was filed on
September 10, 2001, and will be heard before the High Court of
Hong Kong on January 9, 2002 at 9:30 am.

Da Lee holds its registered office at Room 2500, Dominion
Centre, 43-59 Queen's Road East, Hong Kong.


GROUP TALENT: Winding Up Petition Slated
----------------------------------------
The petition to wind up Group Talent Holdings Limited is
scheduled to be heard before the High Court of Hong Kong on
November 28, 2001 at 9:30 am. The petition was filed with the
court on August 14, 2001 by Chan Yung Kin of Flat F, 3rd Floor,
6-8 Kennedy Town Plaza, Hong Kong.


NAM FONG: Unit Receives Business Tax Non-Payment Demand Notice
--------------------------------------------------------------
The Board of Directors of Nam Fong International Holdings
Limited (the Board) informed shareholders and the public that
on 13 November 2001, Guangzhou Sui Nan Property Development
Company Limited (Sui Nan), a major operating subsidiary of the
Company, received from the Guangzhou Tax Office (GTO) a notice
of enforcement for non-payment of outstanding balance of certain
business tax and other fees.

The total amount of such outstanding payment up to 8 November
2001 is approximately RMB15.4 million (equivalent to HK$14.5
million at an exchange rate of HK$1 = RMB0.94). However, no
deadline for payment has been imposed by the GTO in its notice
of enforcement. Sui Nan is a wholly-owned subsidiary of the
Company and is primarily engaged in the business of property
investment. The sole assets held by Sui Nan are the investment
properties at Liwan Plaza (Liwan Properties) in Guangzhou, the
PRC.

In its notice of enforcement, the GTO has indicated that in
order to ensure the full payment of all the outstanding amount
as aforesaid, all the Liwan Properties other than those which
have been sold and under legal charges will be subject to
enforcement action including compulsory disposal by way of
public auction in accordance with the applicable PRC laws. An
amount of approximately HK$32 million is secured by way of legal
charges over certain of the Liwan Properties.

The Board has also been informed by Sui Nan that it is already
in negotiation with the GTO regarding the payment of all the
outstanding amounts by instalments. On 15 November 2001, the GTO
has verbally agreed a repayment schedule proposed by Sui Nan
whereby Sui Nan will make installment payment of RMB500,000 each
(HK$470,000) to GTO for the next three consecutive months.

Thereafter, a monthly installment payment of not exceeding RMB3
million (HK$2.82 million) will be made until the full amount
outstanding is settled. It was further verbally agreed that the
notice of enforcement issued on 8 November 2001 shall be
withdrawn with immediate effect. The GTO will confirm the above
agreement in writing on 16 November 2001. Further announcement
will be made by the Company to inform the shareholders and the
public of any major developments relating to the above.


PACIFIC CENTURY: Price, Turnover Movements Inexplicable
-------------------------------------------------------
Pacific Century CyberWorks have noted the recent increase in the
price and trading volume of the shares of the Company and wish
to state that the Company is not aware of any reasons for such
movements.

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 nor may be of a price-sensitive
nature


PEARL ORIENTAL: Sees No Reason For Trading Volume Increase
----------------------------------------------------------
Pearl Oriental Holdings Limited noted the recent increase in the
price and trading volume of the shares of the Company and stated
that the Company is not aware of any reasons for such increase.

The Company 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.


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I N D O N E S I A
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GARUDA INDONESIA: Govt Weighs Garuda-Merpati Merger
---------------------------------------------------
Minister of State Enterprises, Laksamana Sukardi, revealed that
discussions within the government on the plan to merge flag-
carrier PT Garuda Indonesia with state-owned PT Merpati
Nusantara were continuing, Jakarta Post reported Friday.

"It's still too early to speculate (on the outcome), but
discussions are ongoing ... everything is possible," he said.

The final decision, Laksamana said, would entirely rest on the
recommendations of the management of the two airlines.

Meanwhile, Garuda Indonesia announced that it had reached an
agreement with creditors to reschedule some US$1.4 billion of
debt.

The successful lobbying of Garuda's creditors had succeeded in
rescheduling the payments with a relatively lower interest rate
lying between London Inter Bank Offered Rate (LIBOR) plus 0.5
percent and LIBOR plus 1.75 percent, Finance Director Emirsyah
Satar said.

Garuda's president Abdulgani said that the airline could now
concentrate on its planned privatization, scheduled for 2003, in
which the estimated value of Garuda at that time would be
approximately $1.1 billion.


SEMEN GRESIK: Locals Seek 51% Unit Stake, Control
-------------------------------------------------
The local community of South Sulawesi will not "take over" PT
Semen Gresik unit, PT Semen Tonasa, but will instead seek
control of a 51 percent stake in the company, AFX-Asia reported
Friday citing South Sulawesi Governor, Zainal Basri Palaguna.

"Semen Tonasa is a state company so for whatever reasons, it is
under the central government. But the local government is also
facing a dilemma due to the local people's demand for a spin-
off," he said.

Therefore, he said both sides must look for a resolution of the
issue and the people of South Sulawesi are considering the
possibility of acquiring a 51 percent stake in Semen Tonasa.

"Until now there is no conclusion yet from the central
government," he said.

According to Palaguna, selling a 51 percent stake to the local
community could be a problem for the central government because
it is desperately looking for fresh money, while on the other
hand, the local government also does not have enough money.

"We don't want to follow the West Sumatera people. All we want
is the central government to sell the 51 percent stake to us
gradually," he added.


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


ASAHI MUTUAL: Moody's Lowers IFSR To B2, Developing Outlook
-----------------------------------------------------------
Moody's Investors Service has downgraded the insurance financial
strength rating (IFSR) of Asahi Mutual Life Insurance Company
(Asahi Life) to B2 from Ba2. The rating outlook is now
developing. The rating agency also confirmed the Aa1 IFSR of The
Tokio Marine and Fire Insurance Company, Ltd. (Tokio Marine),
but changed its outlook to negative from stable.

The rating actions follow the announcement of the two companies'
possible alliance. According to the companies, Tokio Marine and
Asahi Life have discussed the following three issues. First,
Asahi Life would agree to sell its business franchise for
selling new insurance to Tokio Marine Life Insurance Company,
Ltd. (Tokio Marine Life, 100 percent-owned subsidiary of Tokio
Marine, not rated by Moody's) by March 2002. Second, Tokio
Marine would provide foundation funds to Asahi Life at the time
of the franchise transfer. Third and finally, Asahi Life and
Tokio Marine Life would agree to merge in March 2003.

The downgrade of Asahi Life's IFSR to B2 from Ba2 reflects
Moody's view of the company's significantly weakened capital
base. Asahi Life had Y165.4 billion of unrealized losses in its
general account as of March 2001. The further decline of the
Japanese stock market since March 2001 has placed Asahi Life
under greater pressure with greater uncertainty and volatility
regarding its capital base. In Moody's view, Asahi Life needs
substantial amounts of additional capital, which have not yet
been committed by Tokio Marine.

The developing outlook on Asahi Life reflects Moody's view that
its claims paying ability could either be improved or worsened
depending upon the structure and terms of the alliance with
Tokio Marine.

The credit strength of Asahi Life could improve through a
substantial capital injection and the proposed merger with Tokio
Marine Life (100 percent-owned by Tokio Marine) if guaranteed
crediting rates on Asahi Life's liabilities are not reduced.

The outlook change to negative from stable for Tokio Marine's
Aa1 IFSR reflects Moody's opinion that Tokio Marine's capital
and reputational support for Asahi Life could significantly
reduce its financial flexibility. As of now, Tokio Marine has
made no commitment to support Asahi Life with significant
capital contributions which is the primary reason Moody's
confirmed the rating on Tokio Marine.


CRAYFISH CO: Appoints New President and Chief Executive Officer
---------------------------------------------------------------
Crayfish Co., Ltd. ("Crayfish" or "the Company"), a leading
provider of e-mail and web-hosting and other Internet-related
services to small and medium-sized businesses in Japan,
announced that its board of directors approved a resolution to
make the following change of the Company's President and Chief
Executive Officer (CEO).

Effective Thursday, Mr. Koji Yamamoto has resigned as President
and CEO, having achieved his original targets of bringing the
Company to profitability by restructuring the Company. Mr.
Yamamoto will retain his position as a director of the Company
and focus on developing the Company's products and strengthening
the Company's marketing force. The Company's Chief Financial
Officer (CFO) and Managing Director of the Administration
Division, Shenqiu Liu, was appointed as the Company's new
President and CEO.

Mr. Shenqiu Liu was born in The People's Republic of China on
September 7, 1967. Mr. Liu holds a Master in Commerce degree
from the Graduate School of Commerce, Waseda University, Japan,
and has the following professional background:

Nomura Securities Co., Ltd. (April 1996 - March 1999 )

Hikari Tsushin, Inc. (April 1999 - May 2001)

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Crayfish Co., Ltd. , CFO & Managing

Director of Administration (June 2001 - current)

Intranets Kabushiki Kaisha, Director (July 2001 - current)


FUJITSU LIMITED: Sued By Cirrus Logic For Breach
------------------------------------------------
Fujitsu Limited is facing a lawsuit for breach of contract filed
by Cirrus Logic Inc., which is seeking damages amounting to
US$46 million, the Asian Wall Street Journal reported on
Thursday.

Fujitsu however insists on not paying for chips that it acquired
from Cirrus Logic saying that the said chips were defective to
begin with, a claim that Cirrus says is without merit.

During Cirrus Logic's fiscal second quarter ended Sept. 30,
sales to Fujitsu accounted for 11 percent of the total sales.


JAPAN AIRLINES: Interim Profit Falls, Expects Losses For Year
-------------------------------------------------------------
The adverse effects of the September 11 terrorist attacks have
caused Japan Airlines Co.'s interim net profit to fall 61.3
percent to Y16.4 billion and may lead the company into the red
by end of the fiscal year 2001, Japan Times reported Friday.

The airline's interim pretax profit was at Y23.87 billion, also
down sharply by 57.2 percent on operating revenues of Y871.26
billion, down 0.3 percent for the April-September period.

As a result, Japan's largest airline expects a net loss of Y40
billion for the full fiscal year compared to the Y41.02 net
profit posted a year ago.

A pretax loss of Y50 billion on revenues of Y1.6 trillion is
also expected, as compared to year-ago pretax profit of Y53.31
billion on revenues of Y1.704 trillion.


MYCAL CORPORATION: Maruetsu To Purchase Unit
--------------------------------------------
Maruetsu Inc, a member of the Daiei Inc. group intends to
purchase Pororoca, an Osaka-based unit of failed retail chain
operator Mycal Corp, for Y2 billion, PRNewsAsia reported
November 15, citing a Japanese paper.

Pororoca operates 54 small stores in Tokyo, Osaka and other
metropolitan areas. Maruetsu ultimately plans to sell Pororoca's
33 stores-all of which under 500 meters in size--to a new firm
to be set up by the Daiei Group sometime March 2002.


NEC CORPORATION: Moody's To Assign Y100B Baa1 Bond Rating
---------------------------------------------------------
Moody's Investors Service will assign a Baa1 rating to the
forthcoming Y100 billion convertible bond due 2010 issued by NEC
Corporation (NEC). At the time of assigning the Baa1 rating, it
will also be placed under review for possible downgrade.

NEC's senior unsecured Baa1 rating was placed under review for
possible downgrade on October 4, 2001. The rating review will
focus on NEC's ability to stabilize its profitability by
enhancing its soft/solution business, at the same time
minimizing earnings volatility in its semiconductor business.
The review will also focus on the degree to which NEC can
improve its balance sheet with cash flow from operations.

NEC Corporation, is the third largest integrated electronics
company in Tokyo, Japan.


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K O R E A
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DAEWOO MOTOR: Final Contract With GM To Be Inked Dec 15
-------------------------------------------------------
Daewoo Motor Co. and General Motors Co. are reportedly signing
their final contract on Dec. 15, the Asian Wall Street Journal
reported November 14, citing a local Internet news agency.

Officials from both camps were not available for comment
regarding the issue. But, an official for the Korea Development
Bank (KDB), the institution overseeing the sale of the ailing
Korean auto maker to GM, said that it plans to complete the
acquisition by the end of the year.

GM, along with other investors, agreed last September to pay
US$400 million to acquire a controlling stake in the Korean
carmaker.


DAEWOO MOTOR: Hyundai To Be Invited For Daewoo FSO Sale
-------------------------------------------------------
Polish economic minister, Jacek Piechota announced that his
government plans to invite Hyundai Motor Co. to negotiate the
sale of Daewoo FSO, the Warsaw unit of ailing Daewoo Motor Co.,
according to a Thursday report of the Asian Wall Street Journal.

Following the collapse of its parent company, Daewoo FSO is
facing a similar fate as it was rocked by financial problems
brought about by a drastic drop in automobile sales on the
domestic market.

The Daewoo Polish unit owes 591 million zlotys (PLZ) to six
Polish commercial banks and it has until mid-December to resume
payments, as mandated by its recently approved debt
restructuring agreement.

Last year, Daewoo FSO posted a net loss of PLZ2.03 billion,
compared with a PLZ28 million loss in 1999.


DAEWOO MOTOR: Indian Unit Denies Liquidation Report
---------------------------------------------------
Daewoo Motors India Ltd. (DMIL) recently denied a report by a
South Korean newspaper, which alleged that plans are in place to
liquidate the company, the Asian Wall Street Journal reported on
Wednesday.

In an official company statement, Daewoo Motors India said,
"Any report suggesting or hinting towards the liquidation of
DMIL is purely speculative and unsubstantiated. There has been
no official move to this effect from our side or by our Korean
counterpart," the company further added, "Our fundamentals are
strong in India and DMIL has the capacity to sustain its
operations independently."

The Seoul Economic Daily earlier this week reported that the
Indian plant of Daewoo Motor Corp. faces liquidation because its
capital was eroded by losses.




HANVIT BANK: Merging With Peace Bank
-------------------------------------
Hanvit Bank is set to merge with fellow Woori Finance unit,
Peace Bank of Korea, the Korea Herald reported Friday.

The merger has the approval of the board of Peace Bank and
parent company Woori Finance Holdings Co.

The merger calls for the transfer of the commercial banking
division of Peace to Hanvit, and its bad assets to an asset
management company of the state-run holding company. Moreover,
the credit card segment of Peace is to be transferred to an
envisioned credit card Woori subsidiary.

The merger completion is expected by the end of the year. The  
credit card company will be set up at about the same time.


HYNIX SEMICONDUCTOR: Unsecured Debt Value At 25%
------------------------------------------------
Following a due diligence study conducted by Arthur Andersen,
the liquidation value for the unsecured debts of Hynix
Semiconductor Inc. was fixed at 25.5 percent, PRNewsAsia
reported on November 15, citing Korea Exchange Bank officials.

The eight banks which had previously agreed to write off 3
percentage points lower than the liquidation value in exchange
for not providing new loans will now write off 71.5 percent of
their unsecured loans to Hynix and convert the remaining 28.5
percent of loans into equity.


HYNIX SEMICON: Speculations On Asset Sale To Samsung/LG Denied
--------------------------------------------------------------
Hynix Semiconductor Inc. denied persistent speculations that it
was trying to sell assets to Samsung Electronics Co. Ltd or the
LG Group, PRNewsAsia reported on November 15, citing Hynix
president Park Chong-sup.

Park said, "Although it's true that we have opened up the
chance for anyone both at home and abroad, we have not
considered such an idea to sell assets to Samsung Electronics or
LG group."

However, he confirmed that negotiations with Chinese investors
over the sale of a portion of the company's chip production
lines would likely generate results in 3-6 months.


KOREAN AIRLINES: Sets Up Cargo Tie-Up With Delta, Air France
------------------------------------------------------------
Korean Air has entered into a joint venture with Delta Airlines
and Air France to put up a U.S.-based air cargo marketing
company, according to the Korea Herald on Friday.

The new firm, U.S. Cargo Sales Joint Venture, was launched in
Atlanta recently. The three companies involved each invested one
third of the new firms capital of US2.65 million. The new CEO of
the company is Bernard Frattini, an Air France official.

The joint venture company aims to provide international cargo
reservation as well as sales and marketing services in the U.S.
market.

KAL earned approximately US$160 million in sales in the U.S. air
cargo market, a fairly large share compared to the US$120
million earned by Air France and US$100 million by Delta Air
Lines.
  

SEROME TECHNOLOGY: Ponders U.S. Unit Bankruptcy
-----------------------------------------------
Serome Technology Inc is seriously considering filing for
Chapter 11 Bankruptcy protection for its U.S. subsidiary,
Dialpad Communication Inc., according to a PRNewsAsia report on
Thursday.

In a disclosure to the KOSDAQ market, the company said, "With
the U.S. unit providing internet-to-phone services mired in
serious cashflow problems due to cumulative operating losses,
Serome is considering filing for chapter 11 Bankruptcy
protection for Dialpad."


TAE KWANG: Strike, Falling Prices Force Restructuring
-----------------------------------------------------
Tae Kwang Industry Co announced that it had decided to implement
an "unabridged overhaul" of its operations as it faces a crisis
following a devastating labor strike, the Korea Herald reported
on November 16.

The company's announcement came one day after it released its
third-quarter performance, which fell to its worst level since
the company's inception.

A protracted labor strike and a continued drop in Spandex prices
have contributed to Tae Kwang's current financial state. Once
one of Korea's healthiest companies, it posted a net loss of
Y82.4 billion won during the first nine months of the year.

A company official said, "We have set the year 2002 as the year
of restructuring," he further added that "The primary targets
of restructuring would be operations that have been exhibiting a
downward trend in profitability, or are equipped with outdated
facilities and hence show low productivity, or are labor-
intensive."


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


LION CORPORATION: Unit Takes Part In  Recurrent Transactions  
------------------------------------------------------------
Lion Corporation Berhad announced that a subsidiary of the
Company has entered into recurrent transactions of a revenue or
trading nature with its related parties as set out below
(Recurrent Transactions):

Subsidiary of the Company : Megasteel Sdn Bhd
Nature of Transaction  : Transportation and forwarding
  services1
Value Transacted   : RM1.4 million
Estimated Value*    : RM2.2 million
Related Party   : Amsteel Corporation Berhad
  Group
Refer to Note   : (i) and (ii)

* Estimated value of further transactions prior to obtaining
Shareholders' Mandate.

The aforementioned corporations are Related Parties as they are
persons connected (as indicated by the respective note) with:

Note:

i) Tan Sri Cheng Heng Jem and Datuk Cheng Yong Kim (Directors
and major Shareholders of the Company) who each has a direct
interest and/or indirect interest held via corporations in which
they each has more than 15 percent shareholding.

ii) The persons/companies listed below (major shareholders of
the Company) which have a direct and /or indirect interest held
via corporations in which they each has more than 15 percent
shareholding:

   (a) Lion Holdings Sdn Bhd
   (b) Mirzan bin Mahathir
   (c) Peringkat Prestasi (M) Sdn Bhd

Directors' Interest

The following Directors do not consider themselves to be
independent in respect of the Recurrent Transactions :

Tan Sri Cheng Heng Jem
Datuk Cheng Yong Kim
M. Chareon Sae Tang @ Tan Whye Aun

Other than as disclosed above, none of the Directors has any
interest direct or indirect in the Recurrent Transactions.

It is likely that the Recurrent Transactions will occur with
some degree of frequency and could arise at any time. In view of
the time sensitive and frequent nature of the Recurrent
Transactions, a circular will be issued in due course to procure
the Company's shareholders' mandate for the Recurrent
Transactions by 31 January 2002 (Shareholders' Mandate).


PAN PACIFIC: Posts Resolutions Passed at 11TH AGM
-------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd (PPAB or the
Company) announced that the shareholders present at the 11th AGM
of the Company held at Boardroom II, Level 3, Eastin Hotel, 13,
Section 16/11, Jalan Damansara, 46350 Petaling Jaya, Selangor
Darul Ehsan on Thursday, 15 November 2001 have passed the
following Special and Ordinary Resolutions:

(a) Special Resolution

Amendments to the Articles of Association

"That the deletions, alterations, modifications, variations and
additions to the Articles of Association of the Company as set
out in Appendix A, which could found at
http://www.bankrupt.com/misc/Pan_pacific.doc,be and are hereby  
approved."

(b) Ordinary Resolution

Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965

"That subject always to the Companies Act, 1965, the Articles
of Association of the Company and the approvals of the relevant
governmental/regulatory authorities, the Directors be and are
hereby authorized, pursuant to Section 132D of the Companies
Act, 1965, to allot and issue shares in the Company at any time
until the conclusion of the next Annual General Meeting and upon
such terms and conditions and for such purposes as the Directors
may, in their absolute discretion, deem fit provided that the
aggregate number of shares to be issued does not exceed 10
percent of the issued share capital of the Company for the time
being."


PANCARAN IKRAB: Proposed Revision Approval Pending
--------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of Pancaran Ikrab Bhd (PIB or Company)
announced that the Kuala Lumpur Stock Exchange has, vide its
letter dated 13 November 2001, approved PIB's application dated
31 October 2001 for an extension of one (1) month period from 1
November 2001 to 30 November 2001 for PIB to obtain all the
necessary approvals from the regulatory authorities for the
proposed revision to the original restructuring scheme (Proposed
Revision to the Original Restructuring Scheme).

Alliance has, on behalf of PIB, on 7 November 2001, announced
that the Securities Commission has, vide its letter dated 2
November 2001, approved the Proposed Revision to the Original
Restructuring Scheme, as proposed.

The Proposed Revision to the Original Restructuring Scheme is
currently pending the approvals of the following regulatory
authorities:

(1) the Foreign Investment Committee; and
(2) the Ministry of International Trade and Ministry.


PANGLOBAL BERHAD: Court Grants Units' RO Extension
--------------------------------------------------
On behalf of Panglobal Berhad (PGB), Commerce International
Merchant Bankers Berhad announced that the High Court of Malaya
has allowed the expired Restraining Order (RO) under Section 176
of the Companies Act, 1965 dated 21 September 1998 granted to
PGB and four (4) of its subsidiaries, PanGlobal Properties Sdn.
Bhd., Limbang Trading (Limbang) Sdn. Bhd., Global Minerals
(Sarawak) Sdn. Bhd. and Menara PanGlobal Sdn. Bhd be extended
for a further period of six (6) months from 15 November 2001.
This allowance is subject to the restraining order being served
on all the Scheme Creditors within fourteen (14) days from 13
November 2001 and that no objection is received from the Scheme
Creditors within fourteen (14) days thereafter.


REKAPACIFIC BERHAD: Remains KLSE Listed
---------------------------------------
The Board of Directors of RekaPacific Berhad (the Company)
wishes to state:

1. In a letter dated 9 November 2001, the Kuala Lumpur Stock
Exchange informed the Board, inter alia, of the following:

   i) In exercise of its powers under Section 392 of the Main
Board Listing Requirements (MBLR) and Paragraph 16.17 of the
Listing Requirements and upon consultation with the Securities
Commission, the Exchange has decided to de-list the securities
of the Company from the Official List in respect of the
Company's breaches of the MBLR.

   ii) The details of the Company's breaches are:

     a) Quarterly Report for the period ended 31 Oct 1999
pursuant to S. 56A MBLR;

     b) Quarterly Report for the period ended 31 Jan 2000
pursuant to S. 56A MBLR;

     c) Quarterly Report Period for the period ended 30 April
2000 pursuant to S. 56A MBLR;

     d) Annual Audited Accounts for the year ended 30 April 2000
pursuant to S. 60 (b) MBLR;

     e) Quarterly Report for the period ended 31 July 2000
pursuant to S. 56A MBLR;

     f) Quarterly Report for the period ended 31 Oct 2000
pursuant to S. 56A MBLR;

     g) Quarterly Report for the period ended 31 Jan 2001
pursuant to S. 56A MBLR; and

     h) Annual Report for the year ended 30 April 2000 pursuant
to S. 60 (a) MBLR.

   iii) The securities of the Company are to be removed from the
Official List on 23 November 2001.

   iv) In respect of the securities of the Company that are
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
the shareholders of the Company have the option to continue to
deposit their securities with MCD, or alternatively, to withdraw
their securities from MCD at any time after the securities of
the Company are removed from the Official List.

2. On 12 November 2001, the Board lodged an appeal on the
decision of the Exchange with the Exchange.

3. On 15 November 2001, the Board lodged an appeal on the
decision of the Exchange with the Securities Commission.

4. In the event that the appeals to the Exchange and the
Securities Commission are successful, the securities of the
Company will not be removed from the Official List.


TAT SANG: Changes Company Secretary, Address
--------------------------------------------
Tat Sang Holdings Berhad (TSHB or the Company), which appointed
Mr. Kenneth Teh Ah Kiam and Mr. Chew Hoy Ping of
PricewaterhouseCoopers (PwC) on 23 October 2001 as the joint and
several Receivers and Managers of the property of its
subsidiaries namely Mercuries & Muar Wooden Furniture Mfg Sdn.
Bhd., Techmax Industry Sdn. Bhd. and Jastaka Sdn. Bhd, posted
the following notices:

NOTICE OF CHANGE OF COMPANY SECRETARY

Date of change  : 25/10/2001  
Type of change  : Resignation
Designation  : Joint Secretary
License no.  : LS00823
Name    : SAW BEE TIN
Working experience and occupation during past 5 years : COMPANY
SECRETARY
   
NOTICE OF CHANGE OF ADDRESS

Change description  : Registered
Old address    : NO. 35-1, JALAN DATO HAJI HASSAN,
      84000 MUAR, JOHOR.
New address   : SUITE 11.2B, LEVEL 11, MENARA PELANGI,
      NO.2, JALAN KUNING, TAMAN PELANGI,
      80400 JOHOR BAHRU.
Telephone no   : 07-3341750
Facsimile no   : 07-3318617
Effective date   : 25/10/2001  


TIME dotCOM: Appoints Wan Ibrahim As BOD Chairman
-------------------------------------------------
TIME dotcom Berhad (the Company) announced these appointments:

1. Dato' Ir Wan Muhamad Wan Ibrahim as Chairman of the Board of
Directors (BOD).

2. En Kamaludin Abdul Kadir and Ms Gee Siew Yoong as Members of
the Audit Committee.

The Company applied on 10 August 2001 to the High Court of
Malaya (the Court), as part of the restructuring exercise, to
sanction the Capital Reduction under Section 64 of the Companies
Act 1965 of its subsidiaries namely, TT dotCom Sdn Bhd, TIMECel
Sdn Bhd, TIME Reach Sdn Bhd and TIMESat Sdn Bhd.


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


BENPRES HOLDINGS: Posts P527M Q301 Profit VS Q300 P229M Loss
------------------------------------------------------------
Benpres Holdings Corporation posted a profit of P527 million for
the third quarter of the year, registering a turnaround compared
to the P229 million loss posted during the same period of last
year, the Inquirer News Service said Friday.

However, during the first nine months of the year, Benpres still
posted a net loss totaling P182 million, slightly higher than
the P174 million net loss posted in the year-ago period.

The company cited weak performance of its major investments and
higher interest payments as major reasons for its poor nine-
month figures.


NATIONAL POWER: Denies Any Immediate Electricity Rate Hike
----------------------------------------------------------
National Power Corporation president Jesus Alcordo, in a
statement Friday said that there would be no immediate increase
in the price of electricity, ABS-CBN News said November 16.

Alcordo furthermore said, "As of now, we don't have plans to
increase our rates. The independent power producers have no plan
to adjust prices, which will move only if there is significant
fluctuation in foreign exchange."

The state-controlled National Power Corporation is up for
privatization sometime early next year.


NATIONAL POWER: Privatization Plan To Be Submitted Soon
-------------------------------------------------------
The final plan for the privatization of troubled National Power
Corporation is scheduled to be presented soon by the Department
of Energy to the Philippine Congress for final approval before
the end of this month, the Asian Wall Street Journal reported on
Thursday.

Department Undersecretary Jocot de Dios, said "We'll make the
formal presentation next week or the following week, I don't see
any opposition (from Congress); the purpose is to have a
dialogue with the Power Commission."

Once the plan is approved, the government intends to begin a
road show early next year to sell Napocor's transmission and
generation assets.


NATIONAL STEEL: Assets Sold to Cover Maintenance Cost
-----------------------------------------------------
The maintenance and preservation of the ailing National Steel
Corp.'s mothballed Iligan plant costs on the average about P10
million a month, and as a result, NSC liquidator Danilo L.
Conception has spent roughly P240 million for the maintenance of
the steel plant since it closed down two years ago, using funds
raised from the sale of NSC's free assets, according a report by
the Inquirer News Service Friday.

The sale of these assets, according to Concepcion, were made
with the approval of the Securities and Exchange Commission.
Concepcion added that the assets that were sold were not
necessary for the preservation of the Iligan Plant.

Employees of NSC were concerned that free assets that were sold
have already been set aside for the eventual settlement of all
unsecured liabilities, including claims of labor for separation
and retirement benefits.


RFM CORPORATION: 9-Month Income Up 72% Despite Q301 Net Loss
------------------------------------------------------------
Although it posted a P60 million net loss for the third quarter,
RFM Corporation still managed to a post a 72 percent increase in
its income at P188 million for the first nine months of the
year, the Inquirer News Service reported Friday.

The company attributes its profits to better sales mix, or
greater sales of higher margin products. Moreover, improved
prices of chicken, flour and processed meats helped RFM cover
rising costs.

Another major factor behind RFM's strong performance during the
nine-month period was the 7-percent reduction in the cost of
goods to P8.66 billion pesos from P9.347 billion pesos.


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


ACMA LIMITED: Posts Notice Of Shareholder's Interest
----------------------------------------------------
Acma Limited on Thursday disclosed a notice declaring
substantial shareholder United Overseas Bank Ltd.'s interests.
The notice appears below:

Notice Of Substantial Shareholder's Interests

Name of substantial shareholder: United Overseas Bank Limited
Date of notice to company: 13 Nov 2001
Date of change of interest: 12 Nov 2001
Name of registered holder: Overseas Union Bank Nominees  
                           (Private) Limited holding in trust
for Overseas Union Bank Limited
Circumstance giving rise to the change: Others
Please specify details: Acquired Acma shares pursuant to the
Management and Underwriting Agreement in
respect of Acma's rights issue with
warrants

Shares held in the name of registered holder

No. of shares of the change: 101,657,195
Percent of issued share capital: 13.02
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: S$0.095
No. of shares held before change: 0
Percent of issued share capital: 0
No. of shares held after change: 101,657,195
Percent of issued share capital: 13.02

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed              Direct
No. of shares held before change:      0  
Percent of issued share capital:       0  
No. of shares held after change:   101,657,195  
Percent of issued share capital:     13.02  
   
Total shares:                      101,657,195  

No. of Warrants - 14,522,456
No. of Options - Nil
No. of Rights - Nil
No. of Indirect Interest - 101,657,195


FLEXTECH HOLDINGS: Voluntary Liquidates Subsidiary
--------------------------------------------------
The Board of Directors of Flextech Holdings Limited (Flextech)
announced that STI Holdings Limited (STI Bermuda), a wholly-
owned subsidiary of Flextech incorporated in the Islands of
Bermuda, has been placed under members' voluntary liquidation.

STI Bermuda is an investment holding company. The liquidation of
STI Bermuda is part of the strategy of Flextech to streamline
and consolidate its group companies.

The liquidation of STI Bermuda is not expected to have a
material effect on the earnings of the Flextech Group for the
financial year ending December 31, 2001.

None of the Directors or substantial shareholders of Flextech
has declared to the Company that they have any interest, direct
or indirect, in the aforesaid transaction.


SEMBCORB LOGISTICS: Posts Substantial Shareholding Changes
----------------------------------------------------------
Sembcorp Logistics Limited announced a notice of changes in its
deemed substantial shareholding on Thursday. The announcement:
  
Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to company: 15 Nov 2001
Date of change of deemed interest: 08 Nov 2001
Name of registered holder: CDP:DBS Vickers Securities
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder

No. of shares of the change: 148,000
Percent of issued share capital:   
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: S$1.822
No. of shares held before change:  
Percent of issued share capital:  
No. of shares held after change:  
Percent of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed               Direct
No. of shares held before change: 536,603,912  
Percent of issued share capital:    63.04  
No. of shares held after change:  536,457,912  
Percent of issued share capital:    63.03  

Total shares:                     536,457,912  

Note:
1. The transaction was reported to Temasek Holdings (Private)
Limited on 13 Nov 01.

2. The percent of issued share capital after change was based on
851,169,496 shares.


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


EASTERN PRINTING: Court Calls Creditors' Meeting On Dec 12
----------------------------------------------------------
Eastern Printing Pubic Company Limited's planner submitted the
Company's Rehabilitation Plan on November 12, 2001 and the
Central Bankruptcy Court has called Creditors' Meeting on
December 12,2001 to consider the Rehabilitation Plan at 9.30
a.m. in room 1104 of the Bangkok Insurance Building.


HYDROTECH COMPANY: Business Reorganization Petition Filed
---------------------------------------------------------
Hydrotech Company Limited's (DEBTOR), engaged in environmental
engineering, Petition for Business Reorganization was filed in
the Central Bankruptcy Court:

     Black Case Number 608/2543

     Red Case Number 654/2543

Petitioner: HYDROTECH COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt343,749,858

Planner: EMC Power Company Limited

Date of Court Acceptance of the Petition: August 10, 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 1105, 11th
floor, Bangkok Insurance Building, South Sathorn

The Meeting of Creditors had passed a special resolution
accepting the reorganization plan

Court Order for Accepting the reorganization plan: March 30,
2001 and appointed EMC Power 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: April 11, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: May 10, 2001

Contact: Mr. Thummalort Tel, 6792525 ext 122


NATURAL PARK: Quarterly Financial Report Submission Exempted
------------------------------------------------------------
The Central Bankruptcy Court approved Natural Park Public
Company Limited's (the Company) Rehabilitation Plan and
appointed NPK Management Service Company Limited as its Plan
Administrator on December 18th, 2000. Previously the Company had
been under suspension (SP).

The Plan Administrator informed that the Company is exempted
from submitting Quarterly Financial Statements in accordance
with SEC's announcement due to the Company is under suspension
(SP) as a result from business rehabilitation and have entered
its rehabilitation process in accordance with The Bankruptcy
Act.

The Company is not required to submit quarterly financial
statements commencing from 3rd quarter of 2001.


SAMART CORPORATION: Clarifies Q301 Financial Statement
------------------------------------------------------      
Samart Corporation Public Company Limited submitted the
company's Q3/2001 consolidated financial statement as of
September 30, 2001 with clarification on better operating result
compared to same period last year of more than 20 percent:

1.   Total revenue of the Company and the subsidiaries was 31
percent increase due to the increased revenue contributed from
sales of mobile phones and premium phone service, 1900 via TOT
service, businesses;

2.   Cost of goods sold and Selling & Administrative expenses
increased due to  the above mentioned increased revenue
including expenses for new established companies such as
business for Air Traffic Control Services in Cambodia. In
addition, loss from exchange rate in this quarter decreased of
Bt294 million.

3. Total net loss of Bt144 million in Q3 was mainly
contributed by loss from the exchange rate and expenses for
the Company's debt restructuring which the agreements have
already been signed on October 25, 2001.


SIAM STEEL: Creditors Get 6th Interest, 5th Principal Payments
--------------------------------------------------------------
Siam Steel International Public Company Limited disclosed that
according to the Terms in the Rehabilitation Plan, the sixth
interest payment and the fifth repayment of principal to
financial institution creditors was made on September 27, 2001
for the period  June 29, 2001 to September 27, 2001.  

The interest payments amounted to Bt17.25 million and the
repayment of principal was Bt20 million, respectively, a total
of Bt37.25 million.


SIKARIN PUBLIC: Posts Q301 Financial Performance   
------------------------------------------------
Sikarin Public Company Limited posted its third quarter 2001
interim financial statements ending September 30,2001 indicates
a net profit amount of Bt16.04 million. Details are:

1. The revenue from sale increases amount of Bt29.09 million
from third quarter year 2000 or increase 21.91 percent.

2.  For the three month period ending September 30,2001,the
company did not recorded the compensation claimed by former
management. For the three month period ending September
30,2000,the company recorded the compensation claimed by former
management amounting to Bt6.51 million.

The compensation claimed by former management as remuneration
for management serviced provided and for which the litigation.
Such legal case was finalized on 1st November 2000,and the
company was required to pay a total compensation amount of
Bt5.12 million. It therefore made a reversal for the remaining
balance of Bt98.72 million and recorded this as other income in
the statements of earnings for the year 2000

On 3rd November, 2000 the same former management filed a legal
case against the company for Bt498.03 million for the accrued
management remuneration due from May 17 to October 2000. This is
addition to the above compensation case, and as it is still in
the legal process the company has not yet therefore set aside
any provision.

3.Interest decreases amount of Bt2.83 million from Third quarter
year 2000.

Year 2000, the company had restructuring with two bank.
Restructure debt by revised interest rate and term of payment.  
The company restructuring loan with one financial and paid by
cash with Financial Sector Restructure Authority. Year 2001,the
company had restructuring with one bank and two financial.        


SUN TECH: Posts Reorganization Plan Implementation Progress
-----------------------------------------------------------   
Reference to the Central Bankruptcy Court ordered an approval to
Sun Tech Group Public Company Limited's Business Reorganization
Plan (The Plan), having Srisongkram Planner Company Limited as
the Plan Administrator on May 3, 2001.

The Company informed the progress of the implementation of the
Plan for the last three months:

1. On September 28, 2001, the Steering Committee had a
resolution as the specified in clause 11.1 of the plan to expand
the implementation of the Plan in case of the condition
precedence  from September 30, 2001 to  March 31, 2002. The Plan
Administrator has informed the Central Bankruptcy Court about
the resolution on October 12,2001.

2. The Company has repaid to trade creditors and agricultural
creditors, during August  October 2001, in the amount of
Bt19,142,416.93.


THAI HEAT: Explains Q301 Unusual Operating Performance
------------------------------------------------------
Thai Heat Exchange Public Company Limited has submitted the
financial statement of the 3rd Quarter 2001, ended at 30
September 2001, which shows the operations loss. Due to the
company's rehabilitation process, it has stopped payment on the
interest to the finance institutions but recorded the interest
as the accrued expense at the rate MLR+5 percent since the 1st
Quarter of the year 2001. For the 3rd Quarter 2001 the company
accrued interest in the amount of Bt13.14 million and Bt38.94
million for 3 months and 9 months, respectively.

However, the rehabilitation plan would cut all the accrued
interest amounts and start calculating the interest at the rate
3 percent per annum after the Central Bankruptcy Court approves
the rehabilitation plan.


THAI DURABLE: Incurs Bt91.77M Q301 Net Loss
-------------------------------------------
Thai Durable Textile Public Company Limited incurred a loss
before extraordinary item of Bt91.77 million for the third
quarter of 2001, compared with a loss of Bt50.19 million for the
same period of last year.  

The increased loss of Bt41.58 million is mainly due to the sales
volume of only Bt142 million compared with Bt201 million of the
same period last year.  The spinning mill, which caught fired in
November 2000, was completely shut down.

The company could not open up the other spinning mill
(previously closed) since the company had to acquire sufficient
spare parts, equipment, and raw materials. In addition, both
local and export markets are bad due to the recent attack on
America in September this year. America is the important market
for the company.

As a result, the sales volume dropped tremendously.  However,
the company had a gain on debt restructuring of Bt35.55 million
in this third quarter. The Company had expenses related to the
fire insurance claim amounting to Bt4.80 million.  The company
thus incurred a net loss of Bt61.02 million or Bt0.47 per share
for the three-month period, and incurred a net loss of Bt33.42
million or Bt0.37 per share for the nine-month period.
      

S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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