/raid1/www/Hosts/bankrupt/TCRAP_Public/040219.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

         Thursday, February 19, 2004, Vol. 7, No. 34

                         Headlines

A U S T R A L I A

HUTCHISON TELECOMMUNICATIONS: Losses Balloon to AU$400 Million
MINARA RESOURCES: Posts AU$57.5 Million Maiden Operating Profit
SOUTHCORP LIMITED: First-half Net Profit up Sevenfold
THOMIKI PTY: Ferrier Hodgson Appointed Liquidator
VILLAGE ROADSHOW: ASIC Calls for Expressions of Interest


C H I N A  & H O N G K O N G

CHIU WAI: Faces Winding Up Petition
FAIRVIEW CONTRACTING: Winding Up Hearing Set for March 17
WAH SHING: Winding Up Petition Slated for March 24


I N D O N E S I A

DOK & PERKAPALAN: Local Shipbuilders Air Gripes in Congress
LIPPO BANK: To Offer More Loans to SMEs This Year
LIPPO BANK: Postpones Shareholder's Meeting to February 25


J A P A N

FUJITSU LIMITED: Exel Acquires Subsidiary
KOBE STEEL: Restructures Machinery Business Operations
MARUTAKU KENSETSU: Construction Firm Enters Bankruptcy
MITSUBISH MOTORS: Shutting Down Plant in Japan
MITSUBISHI MOTORS: Eckrodt Resignation Rumors Not True

SASEBO MIRUKU: Dairy Product Processing Firm Enters Bankruptcy
SEIYU LIMITED: Posts Y7.09B Loss
WAKAYAMA SEIKI: Meter Production Firm Enters Bankruptcy

* Japan Corporate Bankruptcies Down 16.1% in January


K O R E A

DAEWOO COMMERCIAL: Tata Motors Acquires Firm for US$102M
HYNIX SEMICONDUCTOR: Miracom Buys 31.63% Stake in Unit
LG CARD: Names Park Hae-choon as New President


M A L A Y S I A

FARLIM GROUP: Receives Financial Assistance
LONG HUAT: Seeks New Independent Director
PANCARAN IKRAB: Kerajaan Malaysia Files Suit Against Unit
TENGGARA OIL: TKCC Provides Financial Assistance
UNITED CHEMICAL: Revises Restructuring Scheme


P H I L I P P I N E S

JG SUMMIT: Hopes to Cut Losses This Year
MANILA ELECTRIC: Welcomes ERC Decision on Refund Scheme
NATIONAL STEEL: GIHL Seeks Tariff Protection for Steel Firm
PHILIPPINE LONG: Expects Php9-13B Net Profit in 2003
PRYCE GASES: Hikes Capital to Implement Rehab Plan  


S I N G A P O R E

ISOFTEL LIMITED: Posts Changes in Shareholder's Interest
JIANGSHAN INVESTMENT: Creditors Meeting Set February 26
LEA TOOL: Issues First & Final Dividend
NEPTUNE ORIENT: Sells Tanker Unit to Titan for US$55M
ONG RESEARCH: Issues Notice of Final Meeting

RHINETREE ENTERPRISES: Issues Debt Claim Notice to Creditors
UPF INTERNATIONAL: Releases Winding Up Order Notice
YUTAKA FUTURES: Creditors Must Submit Claims by March 15


T H A I L A N D

BANGCHAK PETROLEUM: Nears Supply Deal with Unocal Thailand

     -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================


HUTCHISON TELECOMMUNICATIONS: Losses Balloon to AU$400 Million
--------------------------------------------------------------
Hutchison Telecommunications (Australia) bared 2003 net losses
of AU$409.84 million, a twofold increase from AU$197.3 million
the year before.  The balloon is mainly due to the company's
launching of its third-generation network "3".

According to The Age, the company spent AU$3 billion in
launching the network, which has attracted 411,938 customers
thus far.  More than 100,000 customers have signed up to "3"
since it was launched last April, the paper said.  But analysts,
interviewed by The Age, doubt the investment was worthwhile.

"While 100,000 is a nice number, it's nowhere near the sort of
numbers they need before they can come close to making a return
on their investment," independent telco analyst Paul Budde told
The Age.

Hutchison CEO Kevin Russell admits the company faces heavy
losses over the next few years, but this will be offset by the
projected number of users this network will attract.

"We are working towards exiting 2004 in a position to achieve
over 1 million mobile customers across 3 and Orange by the end
of 2005," he said.  He said average revenue per user (ARPU)
rates for 3 were AU$80 a month, above the industry average,
although barely 50 percent of 3 customers are using the 3G
network's data services.

Commonwealth Securities analyst, Graeme Woodbridge, said this
was a concern.  "At the end of the day if all they are is a very
cheap voice network, then I can't see that they are going to be
able to be successful," he told The Age. "What we were looking
for was either attraction to the network on the basis of the
data product and if you weren't attracted originally by the data
product, converting to be using more of the data product. That,
in the early days, doesn't seem to be happening."

To view highlights of the full-year results, click
http://bankrupt.com/misc/hutchison.pdf


MINARA RESOURCES: Posts AU$57.5 Million Maiden Operating Profit
---------------------------------------------------------------
Minara Resources Limited posted a strong maiden net operating
profit of AU$57.5 million for the 6 months to December 2003.  
EBITDA of AU$71.7 million was achieved on revenues of AU$198
million and nickel production of 15,793 tonnes, the best result
to date.

Commenting on the result, CEO Peter Johnston said, "Minara
Resources has delivered a strong maiden operating profit of 12.5
cents per share.  The Company is now debt free and generating
strong cash flows at current nickel prices.  The financial
restructuring completed last year has enabled management to
focus on completing the capital program and ramping up the plant
to achieve 40,000 tpa production rates by mid year."

Mr. Johnston said, "Strong nickel and cobalt prices driven by
increased demand out of China and a lack of new nickel
production on the world market have more than offset the impact
of the strengthening Australian dollar."

He added, "After making the payment to Central Exchange and
repaying the Glencore working capital facility ahead of time,
the Company had AU$42 million in the bank at the end of January
and is completely debt-free.  Minara is now in a position to
begin examining growth opportunities, including increasing
nickel and cobalt production at Murrin Murrin."

The 5-year arbitration case between Minara and Flour Corporation
is drawing closer to finalization with final submissions for
Phase 2 heard in London on 5/6 February.  The international
arbitration panel is expected to make its determination by mid
year.  No provision for any proceeds arising from claims
associated with Phase 2 of the arbitration case have been made
in the half year financial results.

For additional information, contact:

John Quayle (Company Secretary)
Phone: (08) 9212 8400

Tony Dawe, Ward Holt Corporate Communication
Phone: (08) 9221 8722


SOUTHCORP LIMITED: First-half Net Profit up Sevenfold
-----------------------------------------------------
Southcorp Limited reported Wednesday net profit of AU$40.5
million for the first half ended December 2003, up from AU$5.7
million in the previous comparable period.  EBITA before
significant items was AU$75.1 million, down 11 percent.  

In an interview with Corporatefile, CEO John Ballard credited
the stabilization of the business during the last six months for
the positive results.  He also underscored the "fundamental
change" in the way the company spends money.

"We're now very cash and returns focused.  Whether it's
promotional spending or capital expenditure, all spending is
assessed and measured against its ability to return above our
cost of capital, which of course is necessary for us to add
value over the long term."

The transcript of this interview is available at
http://bankrupt.com/misc/southcorp_limited.pdf

To view earnings guidance of the company, click
http://bankrupt.com/misc/southcorp_limited02.pdf

To view full copy of the half-year report, click
http://bankrupt.com/misc/southcorp_limited03.pdf


THOMIKI PTY: Ferrier Hodgson Appointed Liquidator
-------------------------------------------------
The Supreme Court of South Australia yesterday ordered that a
liquidator be appointed to wind up Thomiki Pty Ltd (Thomiki)
following the intervention by the Australian Securities and
Investments Commission (ASIC) in proceedings commenced by a
creditor of Thomiki.

ASIC's intervention in the winding up proceedings resulted
following inquiries made by its National Insolvency Coordination
Unit.  ASIC provided the Court with additional evidence
indicating that Thomiki was insolvent.

Bruce Carter, of Ferrier Hodgson, was appointed liquidator of
Thomiki, which formerly carried on business in South Australia
as a builder. Thomiki ceased trading in 2003. The sole director
of Thomiki, Tom Manolakis is also the sole director of Kenurios
Zoi Pty Ltd, which was placed into liquidation on 20 January
2004.

ASIC has also applied to wind up Hrimatothotis Pty Ltd, another
company of which Mr. Manolakis is the sole director. That
application is listed for hearing in the Supreme Court of South
Australia on 27 February 2004.

Mr. Manolakis did not oppose the application to have a
liquidator appointed to Thomiki.


VILLAGE ROADSHOW: ASIC Calls for Expressions of Interest
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
yesterday called for expressions of interest from licensed
brokers who wish to be considered for appointment as the broker
for approximately 10 percent of Village Roadshow Limited
(Village) ordinary shares.

This follows a decision of the Takeovers Panel to make orders
vesting 23,923,878 Village shares in ASIC.  The Takeovers Panel
made the orders after finding that Swissfirst Bank AG, Schroders
and Co Zuerich and 001Invest World Currency Fund Ltd, who had an
interest in the shares as nominees, had failed to comply with
section 672B of the Corporations Act in connection with the
shares.

Section 672B requires a person who has a relevant interest in
voting shares to disclose information regarding the shares in
response to a notice, including the identity of any other party
who has a relevant interest in the shares or has given the
person instructions regarding the shares.

The broker will be required to sell the shares into the market
through a book build process. Further details about how the
shares are to be sold can be found in Annexure B to the Panel's
Media Release No. 13/2004.

Expressions of interest from interested brokers should provide
the following information:

(1) The full name of the interested broker, the type of license
held by the broker and the license number;

(2) Details of the relevant experience in relation to the:
sale of similar sized or larger parcels of shares into the
market; conduct of bookbuild processes; and trading in Village
shares in the past 12 months;

(3) A description of the broker's client base and evidence that
those clients would be willing and able to take up Village
shares;

(4) An indication as to whether the broker considers it would
have any conflict of interest in selling the shares. In
particular, the broker will need to provide a statutory
declaration that, having made proper inquiries, it believes that
neither it nor any of its related entities has traded any shares
or otherwise acted on behalf of Village, Schroders and Co
Zuerich, Swissfirst Bank AG, GNI Limited or SIS Segaintersettle
AG or any associate of any of those entities in the past 12
months; and

(5) Any other information the broker considers would support its
expression of interest.

Written expressions of interest should be addressed to Allan
Bulman, ASIC Corporate Finance, and either faxed to 03 9280 3666
or e-mailed to allan.bulman@asic.gov.au by close of business on
Friday 27 February 2004.


============================
C H I N A  & H O N G K O N G
============================


CHIU WAI: Faces Winding Up Petition
-----------------------------------
The petition to wind up Chiu Wai Holdings Limited is set for
hearing before the High Court of the Republic of Singapore on
March 17, 2004 at 10 in the morning. Chan Kam Hung, a creditor,
of Room 2025, Shing Lok House, Kwai Shing East Estate, Kwai
Chung, New Territories, Hong Kong, filed the petition on January
19, 2004.

The Petitioners' solicitor is Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Tam Lee Po Lin a
notice in writing not later than twelve o'clock noon of the 23rd
day of March 2004 (the day before the petition hearing).


FAIRVIEW CONTRACTING: Winding Up Hearing Set for March 17
---------------------------------------------------------
The petition to wind up Fairview Contracting Limited is set for
hearing before the High Court of the Republic of Singapore on
March 17, 2004 at 10 in the morning. Tong Wai Hang, a creditor,
of of Flat B6, 17/F., Block B, Hutchison Estate, 482 Castle Peak
Road, Kwai Chung, New Territories, Hong Kong, filed the petition
on January 19, 2004.

The Petitioners' solicitor is Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Tam Lee Po Lin a
notice in writing not later than twelve o'clock noon of the 16th
day of March 2004 (the day before the petition hearing).


WAH SHING: Winding Up Petition Slated for March 24
--------------------------------------------------
The petition to wind up Wah Shing (H.K.) Investment Limited is
set for hearing before the High Court of the Republic of
Singapore on March 24, 2004 at 9:30 in the morning. The Bank of
China (Hong Kong) Limited, a creditor, situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong,
filed the petition on January 21, 2004.

The Petitioners' solicitors are Rowland Crow, Chan & Co. of 15th
Floor, Wing Lung Bank Building, 45 Des Voeux Road Central, Hong
Kong. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Rowland Crow, Chan &
Co. a notice in writing not later than twelve o'clock noon of
the 23rd day of March 2004 (the day before the petition
hearing).


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


DOK & PERKAPALAN: Local Shipbuilders Air Gripes in Congress
-----------------------------------------------------------
State-owned shipyards, PT Dok & Perkapalan Kodja Bahari (DKB)
and PT PAL Indonesia (PAL), complained about the lack of
government support for the local shipping industry during a
congressional hearing Tuesday.

DKB, whose pre-tax losses ballooned to IDR44.7 billion last year
from IDR43.4 billion in 2002, said local ship operators are
turning to foreign shipyards that manufacture cheaper vessels
and provide soft loan facilities.  

Appearing before the House of Representatives Commission V,
executives from the two shipbuilders revealed that the local
shipbuilding industry is experiencing a severe downturn.  
Accordingly, there two major reasons for this: (1) the
government's refusal to provide loan facilities to shipping
operators and (2) the absence of regulations requiring local
shipping operators to buy vessels from local shipbuilders.

"The limited funds available to local shipping operators have
made them to turn to foreign shipyards, because these provide
soft loan facilities.  Local shipyards cannot compete with
this," The Jakarta Post quoted PAL President Adwin H.
Suryohadiprojo as saying.

Mr. Suryohadiprojo also underscored the recent dispute between
government officials over the procurement of tankers for state-
owned oil and gas company PT Pertamina.  While the Ministry of
Trade and Industry wanted Pertamina to buy most of the tankers
from local shipyards, the office of the State Minister of State
Enterprises urged the company to import cheaper vessels, he
said.  

PAL's operational revenue dropped 23 percent last year due to
lower orders for new ships.  Its unaudited shipbuilding revenues
declined to IDR735 billion (US$87 million) from IDR906 billion
in 2002, with net profits dropping to IDR29.3 billion from
IDR331 billion.  As for DKB, it managed to book a 14 percent
increase in operational revenues to IDR247 billion from IDR216
billion, but its huge IDR2 trillion debt is hampering expansion
plans.

PAL employs 3,021 workers, while DKB has 2,864, according to the
paper.


LIPPO BANK: To Offer More Loans to SMEs This Year
-------------------------------------------------
Recently re-privatized Lippo Bank plans to boost consumer
lending by at least 80% this year, according to Jakarta Post.  

"As soon as we settle all (of our) tax debts and other
obligations, we will increase our loan-to-deposit ratio, which
currently stands at a low rate of 22 percent," said bank
President Joseph Luhukay told the paper.

Last year, Lippo Bank's new lending volume slipped to IDR4.8
trillion (US$571.43 million) from IDR5 trillion in 2002.  He
said the bank would continue to focus its lending on consumer
loans and credit for small- and medium-sized enterprises.

Meanwhile, Mr. Joseph predicts transactions done through e-
banking will continue increase and may even replace transactions
in person.  Right now the bank processes no less than IDR300
trillion in payment transactions a month, IDR15 trillion of
those done through e-banking.  Recognizing an upward trend in e-
banking, the bank recently signed a joint business agreement
with three cellular operators -- PT Excelcomindo Pratama, PT
Telkomsel and PT Indosat -- for its new service called Lippo
Bank Instant Refill on Tuesday.

"With the new service, 2.6 million of Lippo Bank's customers
will be able to add credit to their cell phones by sending a
message through their cell phones," Jakarta Post said.

Mr. Joseph said the bank would boost its e-banking services
rather than install more ATMs, which would cost millions of
rupiah.  With e-banking, he said, the bank could save 90 U.S.
cents in operational costs for every transaction done in branch
offices or 9 cents for every transaction done through an ATM. He
added that banking through the Internet would only cost the bank
1 cent for every transaction.

The government recently named a consortium led by Swissfirst
Bank AG the winning bidder for its 52 percent stake in Lippo
Bank.  The foreign investor has yet to complete the necessary
documents to allow the central bank to complete a crucial fit
and proper test, the paper said.


LIPPO BANK: Postpones Shareholder's Meeting to February 25
----------------------------------------------------------
A meeting of shareholders in PT Bank Lippo Tbk has been
rescheduled to February 25, according to Reuters, citing the
Indonesian Bank Restructuring Agency (IBRA). Previously, the
bank had planned to have its shareholders meeting on Thursday.
IBRA, the major shareholder in the bank, recently picked a
consortium Swissasia Global to buy 52 percent of the bank for
1.205 trillion rupiah ($143 million).

The consortium consists of bank Swissfirst AG, Chaffron Ltd,
which is wholly owned by Austria's Raiffeisen Zentralbank
Osterreich AG, Matrix Asia Holdings Limited, ASM Investment Ltd
and Ferrell Opportunity Capital Ltd.


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


FUJITSU LIMITED: Exel Acquires Subsidiary
-----------------------------------------
Exel, the UK-based, world leader in supply chain management and
Fujitsu Limited, a leading provider of customer-focused IT and
communications solutions for the global marketplace, announced
that they have agreed, in principle, for Exel to acquire
Fujitsu's wholly owned subsidiary company, Fujitsu Logistics Ltd
(FJL).

FJL provides a range of logistics services to Fujitsu companies
in Japan. The proposed agreement supports Fujitsu's strategy to
enhance the management of the global supply chain for its
products, by selecting a logistics outsourcing partner with whom
it can develop a truly global relationship. Through the
partnership, which would include an outsourcing agreement under
which FJL, as an Exel company, would continue to provide
logistics services to Fujitsu in Japan, Fujitsu will enhance the
competitiveness of its supply chain management capabilities for
both domestic and global customers. All FJL staff will be
transferred to Exel.

For Exel, this move represents a continuation of its strategy to
build its contract logistics business across Asia Pacific and to
strengthen its position in the important Japanese market, the
second largest economy in the world. Exel will be poised to
offer more extensive and higher value-added services to its many
customers through the combination of FJL's logistics expertise
in the Japanese IT industry with its own global network and
advanced technologies. The acquisition will triple the size of
Exel's current operations in Japan.

John Allan, Chief Executive, Exel commented, "Over the past 30
years that Exel has operated in Japan, it has developed a strong
position in international freight management. Recently it had
developed domestic contract logistics services for technology
sector customers and sees significant opportunity to expand this
business. This acquisition of FJL, with its combination of
nationwide distribution and service centres, together with
extensive road transport operations and a skilled workforce,
will provide an excellent platform from which Exel can achieve
the growth it is seeking in the region."

Hiroaki Kurokawa, President of Fujitsu Limited, stated "To date,
FJL's focus has been the provision of domestic logistics
services exclusively to Fujitsu companies. Going forward,
however, FJL's technical expertise and service offering will be
further expanded and strengthened through its effective
integration into Exel's global network. At the same time, I
expect that Fujitsu's global supply chain management
capabilities, resulting in reduced product cost and improved
service for our customers."

Fujitsu and Exel will continue discussions on the details of the
agreement, which they expect to conclude by the end of April
this year.

Fujitsu Limited incurred a group net profit of 7.6 billion yen
(US$71.7 million) in the December quarter, versus a net loss of
24.9 billion yen a year earlier, TCR-AP reported recently. For
the nine months to December, the company said it made a net loss
of 50.9 billion yen compared with 172.3 billion yen a year
earlier.

For further information, please contact:

For Exel:
John Allan, Chief Executive +44 1344 744409
John Dawson, Corporate Affairs +44 1344 744409
Local Contact for Exel:
Simon Millington, Managing Director, Far East Region +81-3-5762-
2953

For Fujitsu:
Public & Investor Relations +81-3-6252-2175


KOBE STEEL: Restructures Machinery Business Operations
------------------------------------------------------
Kobe Steel, Ltd. and its subsidiary Kobelco Construction
Machinery Co., Ltd. will reform the crane operations of Kobelco
Construction Machinery into a 100% owned subsidiary of Kobe
Steel. The new company will be called Kobelco Cranes Co., Ltd.

Kobelco Construction Machinery, centered on the excavator
business, and Kobelco Cranes will each operate as independent
businesses. Separating the crane segment will speed up decision-
making and implementation as well as promote globalization of
the business. Creating a management system responsive to
changing business conditions and specific to the industry is
anticipated to increase profitability and corporate value.

Plans call for Kobelco Cranes to be established on April 1,
2004. The new company will carry on the manufacturing and sale
of crawler cranes, rough terrain cranes, civil engineering
machines, work vessels and other machines. To be based in Tokyo,
Kobelco Cranes will be capitalized at 12 billion yen, which will
include additional paid-in capital, and employ 270 people. The
president will be Takashi Ishida.

Kobelco Cranes will be a world center for crawler crane
technology. The new company plans to develop global products and
meet regional needs as it aims to become the world's top crawler
crane manufacturer.

In Japan's construction crane market, the total value of crane
shipments is anticipated to rise in the year ending March 2004,
the first increase in seven years. Overseas, sales in the
Americas and Europe are high, and Kobelco is maintaining the
same level of sales as the previous year in these markets.

To enlarge its sales and profits in the crane business, Kobelco
Construction Machinery formed an OEM agreement last year to
supply the Manitowoc Crane Group of The Manitowoc Company, Inc.
with a range of crawler cranes for the American market from
fiscal 2004. Manitowoc is one of the world's largest providers
of lifting equipment.

Both Kobelco Construction Machinery and Kobelco Cranes will
operate as independent businesses with each company having its
own decision-making criteria. Plans also call for the formation
of a management council for the two companies, which will enable
the Kobe Steel Group to benefit from the synergy derived from
the collaborative framework.

OUTLINE OF KOBELCO CRANES CO., LTD.

Head office: Tokyo

Plant: Okubo Plant in Akashi, Hyogo

Capital: 12 billion yen, including additional paid-in capital

Equity: 100% to be held by Kobe Steel, Ltd.

Foundation: April 1, 2004

President: Takashi Ishida

Employees: About 270 people

Business:   Development, manufacture, sale and servicing of
crawler cranes, rough terrain cranes, civil engineering
machines, work vessels, other machines

OUTLINE OF KOBELCO CONSTRUCTION MACHINERY CO., LTD.

Head office: Tokyo

President: Takashi Ishida

Established: October 1, 1999

Capital: 16 billion yen

Equity: Kobe Steel 80%, CNH Global N.V. 20%

Business: Manufacturing, sales and servicing of construction
equipment and materials handling equipment

Sales: 157.4 billion yen (consolidated, year ended March 2003)
Estimated 180 billion yen (consolidated, year ending
March 2004) (of which cranes sales comprise 23 billion yen)

Employees: 2,700

About Kobe Steel, Ltd.

Kobe Steel, Ltd. (TSE: 5406) is one of Japan's leading
steelmakers and producers of aluminum and copper products. Other
businesses include welding consumables, infrastructure and plant
engineering, machinery, and real estate. For further
information, please visit the Kobe Steel, Ltd. home page at:
www.kobelco.co.jp/index_e_wi.htm

Contact:
Kobe Steel, Ltd.
Gary I. Tsuchida
Communication Center
9-12 Kita- Shinagawa 5-chome
Shinagawa-ku, Tokyo  141-8688
Japan

Tel  +81-(0)3-5739-6010
Fax  +81-(0)3-5739-5971
E-mail  www-admin@kobelco.co.jp
Website:  www.kobelco.co.jp

Kobelco Construction Machinery Co., Ltd.
Tel +81-(0)3-5789-2112


MARUTAKU KENSETSU: Construction Firm Enters Bankruptcy
------------------------------------------------------
Marutaku Kensetsu K.K. has been declared bankrupt, according to
Teikoku Databank America. The general civil engineering and
construction firm located at Higashiiwai-gun, Iwate, Japan, has
total liabilities of US$30.83 million.


MITSUBISH MOTORS: Shutting Down Plant in Japan
----------------------------------------------
Mitsubishi Motors Corporation plans to close one of its three
Japanese plants and may sell its joint ventures in Thailand,
Malaysia and the Philippines, the Malaya Newspaper reports.
Mitsubishi Motors Philippines spokesman Froilan Dytianquin said
the Company would not comment pending official communication
from headquarters. The report added that Mitsubishi planned to
close a domestic plant in the next three years and transfer
production of Pajero recreational vehicles to China.

Mitsubishi may post a group operating loss of about 100 billion
yen ($950 million) this year, more than double what the firm had
projected three months ago, hit by poor sales of new cars in
North America. The company is expected to unveil a fund-raising
plan by the end of March.


MITSUBISHI MOTORS: Eckrodt Resignation Rumors Not True
------------------------------------------------------
Mitsubishi Motors Corporation (MMC) denied press reports Tuesday
that its President Rolf Eckrodt may step down to take the blame
for poor results at the automaker, Kyodo News reports. The
Company said that there is no foundation for the articles, which
are based purely on speculation.


SASEBO MIRUKU: Dairy Product Processing Firm Enters Bankruptcy
--------------------------------------------------------------
Sasebo Miruku Puranto K.K. has been declared bankrupt, according
to Teikoku Databank America. The dairy product-processing firm
located at Saseno-shi, Nagasaki, Japan, has total liabilities of
US$30.83 million.


SEIYU LIMITED: Posts Y7.09B Loss
--------------------------------
Supermarket operator Seiyu Limited posted a group net loss of
7.09 billion yen for the March-December period, Kyodo News
reports. Comparable figures from a year earlier were unavailable
as last year Seiyu changed its accounting period to run through
the end of December rather than the end of February to bring its
earnings report more in line with that of Wal-Mart.


WAKAYAMA SEIKI: Meter Production Firm Enters Bankruptcy
-------------------------------------------------------
Wakayama Seiki K.K. has been declared bankrupt, according to
Teikoku Databank America. The industrial meter production firm
located at Gobou-shi, Wakayama, Japan, has total liabilities of
US$50.63 million.


* Japan Corporate Bankruptcies Down 16.1% in January
----------------------------------------------------
The number of corporate bankruptcies in Japan fell 16.1 percent
in January from a year earlier to 1,205, marking the 13th
consecutive month of decline, Teikoku Databank Ltd reports.
Combined debts left by the failed companies also dropped a sharp
62.8 percent to 453.55 billion yen, falling below 500 billion
yen for the second consecutive month, the credit research firm
said in a report covering failures involving liabilities of 10
million yen or more.


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


DAEWOO COMMERCIAL: Tata Motors Acquire Firm for US$102M
-------------------------------------------------------
Tata Motors, a unit of India's largest conglomerate Tata Group,
has acquired Daewoo Commercial Vehicle Co. on Wednesday for
120.6 billion won (US$102 million), Yonhap News reports. Tata
has agreed to buy a 100 percent stake in the unit formerly
belonging to the now-defunct Daewoo Motor Co., which went
bankrupt in November 2000.


HYNIX SEMICONDUCTOR: Miracom Buys 31.63% Stake in Unit
------------------------------------------------------
Software firm Miracom emerged as the second-largest shareholder
of Hyundai Information Technology (HIT), a system integration
unit of Hynix Semiconductor Inc., Yonhap News reports. In a deal
totaling 15 billion won (US$13 million), Miracom bought a 31.63
percent stake in HIT from Hyundai Investment Trust & Securities.


LG CARD: Names Park Hae-choon as New President
----------------------------------------------
Park Hae-choon will be the new President of LG Card, JoongAng
Daily reports, citing the Korea Development Bank (KDB). The
government-run KDB is the new overseer of LG Card, whose
liquidity problems rattled the financial sector in South Korea
recently. Park vowed to revive LG Card by getting rid of the
Company's huge portfolio of bad or overdue debts by cardholders.

Park Hae-choon, a graduate of Yonsei University, earlier worked
as an executive at Samsung Fire & Marine Insurance. In November
1998, he became the president of Seoul Guarantee Insurance,
which had nearly failed but received a government bailout in the
wake of the 1997 financial crisis. At that time Lee Hun-jai, now
the new deputy prime minister for economic affairs but then the
head of the Financial Supervisory Commission, chose Park to
assume control of the ailing loan guarantor.


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


FARLIM GROUP: Receives Financial Assistance
-------------------------------------------
Pursuant to Paragraphs 8.23 and 10.08 of the Listing
Requirements of Malaysia Securities Exchange Berhad, the Farlim
Group announced that the financial assistance rendered on the
Company was made on February 17, 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_farlim021804.xls


LONG HUAT: Seeks New Independent Director
-----------------------------------------
Long Huat Group Berhad (LHuat) is seeking a suitable candidate
to act as its independent Director as the Company has yet to
complete its restructuring scheme and is still classified under
Practice Note 4 of the Listing Requirements (LR), a Company
statement said.

Following LHuat's application on 26 January 2004 and 4 February
2004 for further extension of time of four (4) months to comply
with the abovementioned requirements, the Kuala Lumpur Stock
Exchange has on February 12, 2004 granted an extension of time
of four (4) months with effect from February 1, 2004 until May
31, 2004.


PANCARAN IKRAB: Kerajaan Malaysia Files Suit Against Unit
---------------------------------------------------------
Pancaran Ikrab Bhd announced that its wholly owned subsidiary,
RC Consultancy Sdn Bhd had on February 16, 2004 received an
unsealed copy of a "Saman Dalam Kamar Aturan 14" dated 30
January 2004 filed by Kerajaan Malaysia for unpaid taxes of RC
Consultancy Sdn Bhd totaling RM2,321,374.44. The hearing date
has not been fixed.

The Company has meanwhile appointed Messrs. Chin Hin Lam &
Anthonysamy as its solicitors to act on the case. Further
announcement will be made accordingly in due course.


TENGGARA OIL: TKCC Provides Financial Assistance
------------------------------------------------
Pursuant to Paragraph 8.23 (2)(b) of the Listing Requirements of
the Malaysia Securities Exchange Berhad (MSEB), Tenggara Oil
Berhad (TOB) announced that its direct 92.8 percent subsidiary,
Tenggara-KCC Concrete (M) Sdn Bhd (KCC), has on February 16,
2004 provided financial assistance to the Company.

1. Details of the Financial Assistance

On 16 February 2004, TKCC has agreed to grant an advance of
RM1,500,000/- to meet the working capital requirements of TOB
(Financial Assistance). The advance is interest free and has no
fixed term of repayment.

The Boards of TOB and TKCC have approved the provision of the
said Financial Assistance.

2. Information on TKCC

TKCC is a private limited company incorporated in Malaysia on 22
July 1991. It has an authorized share capital of RM5,000,000/-
comprising 5,000,000 ordinary shares of RM1.00 each and a
present issued and paid-up capital of RM2,500,000/- comprising
2,500,000 ordinary shares of RM1.00 each. TKCC's principal
activity is that of manufacturing and supplying of ready-mixed
concrete.

3. Financial Effects of the Financial Assistance

The provision of Financial Assistance to TOB will not have any
financial effect on TOB Group.

4. Interests of Directors and/or Major Shareholders and/or
Persons Connected to Directors and/or Major Shareholders

Datuk Dr. Kamal bin Mat Salih, the Executive Chairman and major
shareholder of TOB, is also a director of TKCC. By virtue of his
interest in the shares of TOB, he is also deemed interested in
shares of TKCC to the extent that TOB has an interest.

Save as disclosed above, none of the other Directors and/or
major shareholders and/or persons connected to the said
Directors and/or major shareholders have any interest, direct or
indirect, in the provision of Financial Assistance.


UNITED CHEMICAL: Revises Restructuring Scheme
---------------------------------------------
Further to the approval granted by the Ministry of International
Trade and Industry (MITI) on April 9, 2003, in respect of the
Proposed Restructuring of United Chemical Industries Berhad
(UCI), MITI informed that it has no objection to the revisions
made to the Proposed Restructuring of UCI, subject to the
Company obtaining the approval of the Securities Commission on
the restructuring scheme and the compliance with guidelines on
acquisition of interests, mergers and take-overs.

MITI also requires Geotextiles (M) Sdn Bhd (GMSB), a wholly
owned subsidiary of UCI, to return its manufacturing license to
the Malaysian Industrial Development Authority. GMSB had ceased
its manufacturing operations in April 2003.

Save for the above, other decisions/ terms of the MITI, as
stated in its letter dated 9 April 2003 to UCI and announced on
10 April 2003 in respect of the Proposed Restructuring, remain
unchanged.

UCI is currently awaiting the outcome of its application to the
SC (on behalf of the Foreign Investment Committee) in respect of
the revisions to the Proposed Restructuring.

This announcement is dated 17 February 2004.


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


JG SUMMIT: Hopes to Cut Losses This Year
----------------------------------------
JG Summit Petrochemical Corporation (JGSPC), losing in the past
four years, plans to cut losses this year as it improves
capacity from 60 percent to 75 percent, the Malaya Newspaper
reports, citing Executive Vice President and Chief Operating
Officer Wilfredo Paras.

Marubeni Corporation, which owns 20 percent of JGSPC, has last
year recapitalized the company by $26 million to improve its
balance sheet. The Gokongweis flagship firm JG Summit Holdings
holds the 80 percent. JG Summit in fiscal year 2003 implemented
a quasi-reorganization to clean up its balance sheet.

   
MANILA ELECTRIC: Welcomes ERC Decision on Refund Scheme
-------------------------------------------------------
The Manila Electric Co. (Meralco) has welcomed the Energy
Regulatory Commission (ERC)'s decision extending the payment of
Meralco's Phase III refund program for one year, the Philippine
Star reports.

At the same time, Meralco President Jesus Francisco said they
expect the Supreme Court to act on the temporary restraining
order (TRO) issued on Meralco's provisional authority (PA) to
collect an additional 12 centavos per kilowatthour (kwh) from
its customers starting last January.

The Energy Regulatory Commission (ERC) said over the weekend
that it would just await the SC decision before proceeding with
the public hearing on Meralco's PA for the 12-centavo power rate
hike.


NATIONAL STEEL: GIHL Seeks Tariff Protection for Steel Firm
-----------------------------------------------------------
Global Infrastructure Holdings Ltd. (GIHL) wants the Philippine
government to provide some form of tariff protection for
National Steel Corporation (NSC), the mothballed steel plant
recently acquired by the Indian conglomerate, the Philippine
Star reported on Wednesday.

However, GIHL Chairman Pramod Mittal admitted that they are
still studying how much tariff they would need to be able to
rehabilitate NSC before facing competition. The GIHL chairman
stressed though that their request for tariff protection was
aimed at being able to have a stable business environment for
NSC while it is being rehabilitated.


PHILIPPINE LONG: Expects Php9-13B Net Profit in 2003
----------------------------------------------------
The Philippine Long Distance Telephone Co. (PLDT) expects to
post an estimated net profit of 9 to 13 billion pesos in 2003,
boosted by the robust performance of its wireless unit Smart
Communications Inc., AFX Asia reports. The report said the
results were still being audited.


PRYCE GASES: Hikes Capital to Implement Rehab Plan  
--------------------------------------------------
Pryce Corporation said its unit Pryce Gases Inc. would increase
its authorized capital to 4 billion pesos from 400 million to
implement its court-approved rehabilitation plan. The plan calls
for the parent to offer its real estate assets as partial
payment for the unit's loan obligations. The capital hike
involves 4 billion shares at 1 peso par value. No other details
were made available in Pryce Corp's disclosure to the Philippine
Stock Exchange.
            

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


ISOFTEL LIMITED: Posts Changes in Shareholder's Interest
-------------------------------------------------------
Isoftel Limited posted a notice of changes in substantial
shareholder Harry Fox' interests:

PART I

1. Date of notice to issuer: 17/02/2004
  
2. Name of Substantial Shareholder: Harry Fox

3. Please tick one or more appropriate box(es):

PART II

1. Date of change of interest:  
  
2. Name of Registered Holder:  
  
3. Circumstance(s) giving rise to the interest or change in
interest:  

4. Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:  
As a percentage of issued share capital:  
  
No. of shares which are the subject of this notice:  
As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  
As a percentage of issued share capital:  

PART III

1. Date of change of deemed interest: 16/02/2004
  
2. The change in the percentage level: From 9.81% to 8.37%
  
3. Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Sale in open market via married deal

4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

PART IV

1. Holdings of Substantial Shareholder, including direct and
deemed interest: -

                                   Direct Deemed
No. of shares held before change: 0       31,967,489
% of issued share capital:        0       9.81
No. of shares held after change:  0       27,285,489
% of issued share capital:        0       8.37

Percentage of shareholding calculated based on 325,911,902
shares in issue as at 17 February 2004.


JIANGSHAN INVESTMENT: Creditors Meeting Set February 26
-------------------------------------------------------
Jiangshan Investment Consortium Ltd (In Liquidation) issued a
notice that the meeting of creditors and contributories in the
above matter will be held at Messrs BDO International, 5 Shenton
Way, #07-00 UIC Building, Singapore 068808 on 26th February 2004
at 3:30 p.m. Agenda.

1. To receive the liquidators' report on the progress of the
liquidation.

2. To consider and if thought fit to appoint of a committee of
inspection, and

3. Any other matters.

Dated this on 10th day of February 2004.

CHIA SOO HIEN
Liquidator.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.

(1) Proxies to be used at the meeting must be lodged not later
than 5 p.m. on 24th February 2004.

(2) To entitle you to vote thereat, your proof must be lodged
with the liquidators not later than 5 p.m. on 24th February 2004
if you have not submitted your proof earlier.


LEA TOOL: Issues First & Final Dividend
---------------------------------------
Lea Tool & Moulding Industries Pte Ltd. issued a notice of first
and final dividend as follows:

Address of Registered Office: Formerly of 35 Lorong 33 Geylang,
Singapore 387990.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 124 of 1997.

Amount Per Centum: 2.5255%.

First and Final or otherwise: First & Final Dividend.

When Payable: 6th February 2004.

Where Payable: The Official Receiver, The URA Centre (East
Wing), 45 Maxwell Road #06-11, Singapore 069118.

Dated: 13th February 2004.

CHAN WANG HO
Assistant Official Receiver.


NEPTUNE ORIENT: Sells Tanker Unit to Titan for US$55M
-----------------------------------------------------
The Board of Directors of Neptune Orient Lines Limited (NOL)
announced that on February 17, 2004 the Company entered into a
conditional stock purchase agreement (the Agreement) with Titan
Orient Lines Pte Ltd, a wholly-owned subsidiary of Titan
(Holdings) Limited (the Purchaser), pursuant to which the
Company will sell and the Purchaser will acquire 60 million
ordinary shares of par value S$1.00 per share (the Sale Shares)
in the capital of NAS, being the entire issued and paid-up share
capital of NAS (the Sale). NAS is a wholly owned subsidiary of
the Company incorporated in Singapore.

The Sale is considered to be a "Non-discloseable transaction"
under the relevant bases set out in Chapter 10 of the SGX-ST
Listing Manual.

PURCHASE PRICE

The Purchaser will pay a purchase price of US$55.1 million (the
Purchase Price) for the Sale Shares and the settlement of the
inter-company debt as at close of business on the closing date
of the Sale (the Closing Date). The Purchase Price is net of the
interim dividends of US$6.4 million declared by NAS for the
financial year ended 31 December 2003 (FY2003), which was
settled on 23 December 2003. The Purchase Price was negotiated
on a willing buyer, willing seller basis, after taking into
account, inter alia, the net asset value and future prospects of
NAS. The Purchase Price is subject to adjustment by reference to
the provisions of the Agreement.

Arising from the Sale, a book profit of about US$8m (net of
transaction costs) will be realized. The proceeds from the Sale
will be used for the repayment of existing debts and for general
working capital purposes.

CONDITIONS PRECEDENT

Unless waived by the relevant parties in accordance with the
terms of the Agreement, the parties' obligations to close the
Sale is conditional upon, inter alia:

(i) Titan obtaining the release of certain NOL guarantees
provided in respect of NAS's operations;

(ii) third party owner of two medium range product tankers not
breaching its obligations under the existing contractual
arrangement with NAS to sell these two vessels to NAS or its
nominee on or before the Closing Date;

(iii) no breach of the representations and warranties by the
parties that would reasonably be expected to have a Material
Adverse Effect on the Company;

(iv) the parties shall have performed and complied in all
material respects with all of their covenants and obligations to
be performed or complied with at or prior to Closing;

(v) Titan to repay by way of payment of the purchase price all
intercompany indebtedness owed by NAS and its subsidiaries to
NOL or any of its affiliates.

INFORMATION ON NAS

NAS is one of the leading providers of petroleum transportation
in the Asia Pacific region, offering tanker chartering services
and ship management services. NAS's 22-strong tanker fleet
consists of three medium-range product tankers, nine coastal
tankers and 10 harbour tankers with a total capacity of 205,000
DWT.

RATIONALE FOR THE SALE

The Company's strategy is to focus on its two core businesses,
liner and logistics. In July 2003, NOL completed the sale of its
crude oil transportation company, American Eagle Tankers Inc.
Limited (AET). The divestment of NAS thus completes NOL's exit
from the tanker business.

Interests of Directors and Controlling Shareholders in relation
to the Acquisition

None of the Directors and controlling shareholders of the
Company has any interest, direct or indirect, in the
acquisition, save in respect of their shareholdings (if any) in
the Company.


ONG RESEARCH: Issues Notice of Final Meeting
--------------------------------------------
Notice is hereby given pursuant to Section 308 of the Companies
Act, Cap. 50, that a final meeting of the members of Ong
Research Pte Limited (In Liquidation) will be held at 138 Cecil
Street, #15-00 Cecil Court, Singapore 069538 on 12 March 2004 at
10 a.m. for the purpose of laying before the Meeting an account
showing how the winding up has been conducted, and the property
of the Company disposed of and of hearing any explanation that
may be given by the Liquidators, and also of determining by
resolution the manner in which the books, accounts and documents
of the Company and of the Liquidators shall be disposed of.

Dated this 12th day of February 2004.

STEVEN TAN CHEE CHUAN
DOUGLAS TAN KAY YEOW
Joint Liquidators.

Note: Pursuant to Section 181 of the Companies Act, Cap. 50, a
member entitled to attend and vote at this Meeting is entitled
to appoint another person or persons (whether a member or not)
as his proxy to attend and vote in his stead.


RHINETREE ENTERPRISES: Issues Debt Claim Notice to Creditors
------------------------------------------------------------
Notice is hereby given that the creditors of Rhinetree
Enterprises Pte Ltd (In Members' Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before 15th March 2004 to submit particulars of their debts
or claims and any security held by them to its liquidator.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 13th day of February 2004.

LIM SAY WAN
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


UPF INTERNATIONAL: Releases Winding Up Order Notice
---------------------------------------------------
U P F International (Singapore) Pte Ltd issued a notice of
winding up order made on 6th February 2004.

Name and Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

TAN PENG CHIN LLC
Solicitors for the Petitioner.


YUTAKA FUTURES: Creditors Must Submit Claims by March 15
--------------------------------------------------------
Notice is hereby given that the creditors of Yutaka Futures Pte.
Ltd. (In Members' Voluntary Liquidation), which is being wound
up voluntarily are required on or before the 15th day of March
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidator of the
said Company and, if so required by notice in writing by the
said liquidator are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

Dated this 13th day of February 2004.

CHAN LIAN CHIN
Liquidator.
c/o 10 Anson Road
#22-04 International Plaza
Singapore 079903.


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


BANGCHAK PETROLEUM: Nears Supply Deal with Unocal Thailand
----------------------------------------------------------
An agreement finalization regarding cheap crude oil supply for
Bangchak Petroleum Plc is expected in two weeks, according to
Business Day.

The state-owned refinery, which has just upgraded its oil
refining lines, is aiming to increase oil supply to about 30,000
barrels a day.  An agreement with Unocal (Thailand) Co. will
help achieve this, in addition to shoring up its profits.  Under
the proposed deal, Unocal will supply Bangchak 30,000 barrels of
crude oil a day at a discounted rate of US$1 per barrel.  If
this proposal pushes through, Bangchak will be able to reduce
the cost of crude oil by about THB140 million a year per every
10,000 barrels, or about THB420 million a year for 30,000
barrels, Bangchak Managing Director Pichai Chunhavajira told
Business Day.

Mr. Pichai said Bangchak's income could increase by about
THB1.2-1.3 billion if refining fee increases by US$1 a barrel.  
He projects the average refining fee for the whole year of 2004
to be about US$1.30 a barrel which is higher than last year by
nearly 10 cents, and the average price of crude oil is projected
at US$25 a barrel this year.   He said Bangchak's 2004 income is
expected to be higher than last year as the firm has increased
its refining capacity to about 90,000 barrels a day from
previously 75,000 barrels.

"Originally we planned to increase our oil output to 100,000
barrels a day but since then we had to close our refinery for
annual maintenance for an entire month in the first quarter, the
output can be made at only 90,000 barrels a day," Business Day
quoted Mr. Pichai.

Meanwhile, Mr. Pichai revealed the company has acquired a
THB12.5 billion loan from the Krung Thai Bank Plc.  The money
will be used to refinance the firm's outstanding debt in order
to strengthen its financial status and ensure sufficient
liquidity.  The company had previously restructured its THB19.5
billion outstanding debt by selling THB3 billion depository
receipts (DR) of common shares and THB4 billion DR of
convertible debentures.  

After completing the debt refinancing schemes, the group's
interest burden will be reduced by about THB400-500 million
annually.







                  *********


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., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Editors.

Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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