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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      

      Friday, August 14, 1998, Vol. 1, No. 122

                    Headlines


C H I N A   &   H O N G   K O N G

JETOP COMPANY LIMITED: Winding-up petition
LEUNG KEE HOLDINGS LED: Results announcement
NATIONAL ELECTRONIC HOLDINGS LTD: Results announcement
ORIENTAL PRESS GROUP LTD: Results announcement
TAK WING INVESTMENT: Chartered calls off asset sale

YAOHAN INTERNATIONAL: Fails to settle debts, will wind up


J A P A N  

HITACHI METALS LTD: Hitachi Metals debt ratings reduced
HOKKAIDO TAKUSHOKU: Life companies contribute to takeover
MITA INDUSTRIAL: Mita faked profits for ten years


K O R E A

PEACE BANK: Former peace bank chief summoned by prosecutors
SAMJU CONSTRUCTION: Applies for creditor reconciliation
SAMJU DEVELOPMENT: Applies for creditor reconciliation


M A L A Y S I A

ALPHA PARADE (AUTO) SDN BHD: Winding-up petition
C S HIPLA (M) SDN BHD: Winding-up petition
FAQEH SDN BHD: Winding-up petition
GREENWORLD INDUSTRY SDN BHD: Winding-up order
HO HUP CONSTRUCTION: Renegotiating land purchase agreement

MENANG CORPORATION (M) BHD: Scheme of arrangement
RHY BINA CORPORATION SDN BHD: Winding-up petition
TANJONG TOKONG GARDEN: Winding-up petition
TECHNOLOGY RESOURCES INDUSTRIES: Results announcement
WIJAYA KANCHING SDN BHD: Winding-up petition


P H I L I P P I N E S

PHILIPPINE AIRLINES: PAL cuts in staff and fleet deepen


T H A I L A N D

ASIAN SEAFOOD COLDSTORAGE PCL: Results announcement
KCE ELECTRONICS PCL: Results announcement
KULTHORN KIRBY PCL: Results announcement
ORIENTAL LAPIDARY PCL: Results announcement
SIAM MAKRO: Results announcement

SIAM PANICH LEASING PCL: Results announcement
TEXTILE PRESTIGE PCL: Results announcement
TRANG SEAFOOD PRODUCTS PCL: Results announcement


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

JETOP COMPANY LIMITED: Winding-up petition
------------------------------------------
Notice is hereby given that a petition for the winding-up
of Jetop Company Limited by the High Court of Hong Kong
was, on the 31th day of July, 1988, presented to the said
Court by Chan Ming Siu. The petition is scheduled to be
heard on 2nd of September, 1998. Creditors who support or
oppose the making of the order may appear at the time of
the hearing.


LEUNG KEE HOLDINGS LED: Results announcement
--------------------------------------------
Leung Kee Holdings Ltd has announced year end result as of
March 31, 1998, which posted a loss of HK$11 million.


NATIONAL ELECTRONIC HOLDINGS LTD: Results announcement
------------------------------------------------------
National Electronic Holdings Ltd has announced year end
result as of March 31, 1998, which posted a loss of HK$25
million.


ORIENTAL PRESS GROUP LTD: Results announcement
----------------------------------------------
Oriental Press Company Ltd has announced year end result as
at March 31, 1998, which posted a loss of HK$16 million.


TAK WING INVESTMENT: Chartered calls off asset sale
---------------------------------------------------
According to the SCMP, Standard Chartered Bank made a last
minute cancellation of an auction for two properties
surrendered by troubled construction company Tak Wing
Investment (Holdings) after an announcement made by
controlling shareholder, Chung Chun-keung, that he had
entered into a letter of intent regarding the possible sale
of his entire 47 per cent interest in the company.

Tak Wing earlier said it was about $4 million in arrears on
interest payments to some banks, and the banks wished to
recover their money be selling certain assets pledged as
collateral.

Talks between Mr Chung and a potential investor is also
reported by the Hong Kong Standard. The reports says that
Tak Wing does not identify the potential purchaser, but
last September the company said its biggest shareholder was
speaking to a financial intermediary representing an
investor who might buy more than 10 per cent of the
company. Tak Wing shares resumed trading yesterday.


YAOHAN INTERNATIONAL: Fails to settle debts, will wind up
---------------------------------------------------------
According to the SCMP, Yaohan International Holdings is to
be wound up after failing to settle $500 million in
outstanding debts.

Its creditor Hidomi Holdings, which is also its wholly
owned subsidiary, filed a winding-up petition against
Yaohan yesterday.

The court appointed two partners from KPMG as provisional
liquidators and will hold a hearing on the liquidation on
September 16. The provisional liquidators will take charge
of Yaohan's assets.

Yaohan's limited assets on hand include a 24.47 per cent
stake in indoor amusement chain Whimsy Entertainment.
Yaohan closed at 3.9 cents on Monday, its last trading day.

Another subsidiary, Yaohan Hong Kong, went bankrupt in
February.

Kyodo News says the High Court will open hearings of the
case on Sept. 16.


=========
J A P A N  
=========

HITACHI METALS LTD: Hitachi Metals debt ratings reduced
-------------------------------------------------------
The Asian Wall Street Journal reported that Japan Rating &
Investment Information Inc. downgraded the long-term debt
ratings from Hitachi Metals Ltd. from AA- to A-. This
downgrade affects Hitachi Metal's total 70 billion yen of
unsecured convertible bonds and its shelf registration
worth 50 billion yen.  

Hitachi Metal's earning capability has been declining amid
the slump in the Japanese economy, and the company has been
projecting a 20 percent profit decline for the year ending
March 1999.  

The long-term debt rating of Hitachi Metals America's Euro
medium-term note program (under a keepwell program with
Hitachi Metal) was also cut from AA- to A+.


HOKKAIDO TAKUSHOKU: Life companies contribute to takeover
---------------------------------------------------------
Five Japanese life insurance companies may contribute over
40 billion yen in capital to North Pacific Bank Ltd., which
will take over failed Hokkaido Takushoku Bank Ltd., the
Nihon Keizai newspaper reported. Nippon Life Insurance Co.,
Dai-ichi Mutual Life Insurance Co., Meiji Mutual Life
Insurance Co. and Mitsui Mutual Life Insurance Co. may each
contribute 10 billion yen ($68.4 million), while Nippon
Dantai Life Insurance Co. may contribute 2.5 billion yen.


MITA INDUSTRIAL: Mita faked profits for ten years
-------------------------------------------------
According to the SCMP, industry sources said that Mita
Industrial may have window dressed its earnings reports in
the past three fiscal years, and the court-appointed
provisional administrator for the company has begun
thorough investigations to confirm the allegation.

After filing for court protection on Monday, Mita said it
registered 2.9 billion yen in pre-tax loss in the year
ended November 1995, and 1.3 billion yen in pre-tax loss in
the following year, but posted 400 million yen in profit
last year. However, it had previously published pre-tax
profits of 1.2 billion in fiscal 1995, two billion yen in
fiscal 1996, and 2.3 billion yen last year.

According to a report on the Hong Kong Standard, Mita's
court appointed receiver, Makoto Miyazaki, said that the
company had faked profits totalling 37.1 billion yen over
the past 10 years to get bank loans. Mr Miyazaki said he
suspected the firm had resorted to an illegal form of
window dressing since 1986. It concealed losses by an
utterly simple method of booking fake profits in its
earnings reports.

Mita's filing makes it the 40th largest Japanese company to
file for protection since World War II. Mita will
reportedly continue its operations in both Japan and
overseas while it undergoes a reorganization.

Analysts cited by the Asia Wall Street Journal point out
that Mita has been loosing its edge to more aggressive
rivals, and was behind in the launch of new products like
digital copiers.  


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

PEACE BANK: Former peace bank chief summoned by prosecutors
-----------------------------------------------------------
The Korea Herald reports that Mr. Park Chong-dae, the
former head of Peace Bank of Korea was summoned by the
Supreme Prosecutor's Office. Park is suspected of taking
hundreds of millions in won as bribes (or for commissions)
for granting 1994 loans and payment guarantees to a trading
firm.

The Peace Bank of Korea was one of the twelve banks
reviewed by a Financial Supervisory Commission (FSC)
evaluating committee established last June to determine the
fate of commercial banks which failed to meet the minimum 8
percent capital adequacy requirements set by the Bank for
International Settlements (BIS).

The FSC allowed the Peace Bank and six other banks to
remain open under the condition that their management
improvement plans be submitted and approved. Furthermore,
these seven banks must increase their BIS ratio to over 8
percent within the next two years.

However, the Korea Herald has earlier reported that FSC
officials stated that the Peace Bank is expected to fall
short of the 8 percent BIS capital ratio by the end of the
year 2000.


SAMJU CONSTRUCTION: Applies for creditor reconciliation
-------------------------------------------------------
According to the Korean language Maeil Kyungje, Samju
Construction Company and Samju Development Company, located
in the city of Taegu, have applied to the Taegu District
Court for a creditor reconciliation procedure. In order to
insure the creditor reconciliation application to be
accepted, the companies have a plan to sell its real estate
property and to resume construction. The companies have
provided more than 3,000 homes every year to the people of
Taegu area but went insolvent in July.


SAMJU DEVELOPMENT: Applies for creditor reconciliation
------------------------------------------------------
According to the Korean language Maeil Kyungje, Samju
Construction Company and Samju Development Company, located
in the city of Taegu, have applied to the Taegu District
Court for a creditor reconciliation procedure. In order to
insure the creditor reconciliation application to be
accepted, the companies have a plan to sell its real estate
property and to resume construction. The companies have
provided more than 3,000 homes every year to the people of
Taegu area but went insolvent in July.


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

ALPHA PARADE (AUTO) SDN BHD: Winding-up petition
------------------------------------------------
Asia Commercial Finance (M) Bhd on 11/7/98 petitioned for
the winding-up of Alpha Parade (Auto) Sdn Bhd. The petition
is directed to be heard on 3/12/98.


C S HIPLA (M) SDN BHD: Winding-up petition
------------------------------------------
Sunshine Construction Sdn Bhd on 7/8/98 petitioned for the
winding-up of C S Hipla (M) Sdn Bhd.


FAQEH SDN BHD: Winding-up petition
----------------------------------
Wee Electric Trading on 29/6/98 petitioned for the winding-
up of Faqeh Sdn Bhd. The petition is directed to be heard
on 25/11/98.


GREENWORLD INDUSTRY SDN BHD: Winding-up order
---------------------------------------------
A winding-up order was made against Greenworld Industry Sdn
Bhd on 4/8/98.


HO HUP CONSTRUCTION: Renegotiating land purchase agreement
----------------------------------------------------------
Singapore BusinessTimes reports Ho Hup Construction Company
Bhd, an associate of United Engineers (M) Bhd, said
yesterday it is renegotiating a land purchase agreement
with Renong unit Prolink Sdn Bhd.

Previously it said it would have difficulty honouring the
agreement.

Ho Hup said in its annual report that it "did not have the
financial resources to pay the third instalment of RM50.8
million (S$21 million)" on the land acquisition which was
due within 18 months. It said it planned to revise the
purchase terms and reschedule the instalment payments.

According to the report, the company's operating profit in
1997 totalled 54.49 million Malaysian ringgit, down 14 per
cent from a year ago.


MENANG CORPORATION (M) BHD: Scheme of arrangement
-------------------------------------------------
Menang Corporation Bhd (listed in the KLSE) and its
subsidiaries, Menang Development (M) Sdn Bhd and Menang
Saujana Sdn Bhd, applied to restrain proceedings against
the company (S. 176) on 31/7/98 in order for it to
undertake a scheme of arrangement.


RHY BINA CORPORATION SDN BHD: Winding-up petition
-------------------------------------------------
L.K. Ooi Construction Sdn Bhd on 28/7/98 petitioned for the
winding-up of RHY Bina Corporation Sdn Bhd. The petition is
directed to be heard on 1/9/98.


TANJONG TOKONG GARDEN: Winding-up petition
------------------------------------------
Mars Tower Sdn Bhd on 14/7/98 petitioned for the winding-up
of Tanjong Tokong Garden Develpoment Sdn Bhd. The petition
is directed to be heard on 14/10/98.


TECHNOLOGY RESOURCES INDUSTRIES: Results announcement
-----------------------------------------------------
TRI has incurred a group pre-tax loss of RM234.654mil for
the 6 months ended June 30, 1998 - a 206.58% drop from the
profit of RM220.51 previously.

The losses were attributable to high depreciation, bad
debts, foreign exchange losses and provision of a put
option on Eurobonds of RM90mil.


WIJAYA KANCHING SDN BHD: Winding-up petition
--------------------------------------------
Binatech Engineering on 13/3/98 petitioned for the winding-
up of Wijaya Kanching Sdn Bhd. The petition is directed to
be heard on 28/8/98.


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

PHILIPPINE AIRLINES: PAL cuts in staff and fleet deepen
-------------------------------------------------------
A report on the Hong Kong Standard says that troubled PAL
yesterday outlined a revised rehabilitation plan under
which the airline is likely to be left with a fleet of 21
planes, averaging 3 years in age, and a staff of 8,578,
including 200 pilots. This would mean a further cutback
from the 25 planes and the almost 9,000 staff that the
airline has retained. The plan will have to be submitted to
the Securities and Exchange Commission by September 21.

PAL, which used to fly to 16 international destinations,
now flies to 7 international destinations: San Francisco,
Los Angeles, Hong Kong, Tokyo, Fukuoka, Singapore and
Taipei. It said that by October it would be serving 10
international destinations. The airline would not say what
its new destinations would be but sources said one of them
would be Brunei.

Agence France-Presse reports tycoon Lucio Tan has assumed
the presidency of PAL in addition to being chairman and
owner of the financially-troubled firm, company sources
said Tuesday.

Tan replaced Jose Antonio Garcia, who resigned from the
company following a pilots' strike in June that forced the
airline to drastically cut its domestic and international
operations.

PAL sources, who asked not to be named, said the tobacco
and beer magnate decided to fill up the vacancy himself
instead of hiring a replacement to save on salary and other
perks.


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

ASIAN SEAFOOD COLDSTORAGE PCL: Results announcement
---------------------------------------------------
Asian Seafood Coldstorage PCL reports second quarter
financial statements for the period ending June 30, as a
net loss of bt869,000, which compares with a loss of bt13
million for the corresponding 1997 period.


KCE ELECTRONICS PCL: Results announcement
-----------------------------------------
KCE Electronics PCL reports second financial statements for
the ending June 30, as a net loss of bt357 million, which
compares with a net profit of bt70 million for the
corresponding 1997 period.


KULTHORN KIRBY PCL: Results announcement
----------------------------------------
Kulthorn Kirby PCL reports second quarter financial
statements ending June 30, as a net loss of bt228 million,
which compares with a net loss of bt4 million for the
corresponding 1997 period.


ORIENTAL LAPIDARY PCL: Results announcement
-------------------------------------------
Oriental Lapidary reports first quarter financial
statements ending March 31, as a net loss of bt891 million,
which compares with a net profit of bt7 million for the
corresponding 1997 period.


SIAM MAKRO: Results announcement
--------------------------------
The Nation reports Thai hypermarket operator Siam Makro Plc
reported 24 per cent lower net profits in its second-
quarter earnings against the same period a year ago.

Siam Makro recorded a 1998 second-quarter net profit of
Bt139.6 million compared to the profit of Bt184.5 million
the previous year. Net profit for the first half of the
year was Bt277.6 million against Bt373 million for the same
period in 1997.


SIAM PANICH LEASING PCL: Results announcement
---------------------------------------------
Siam Panich Leasing PCL reports second quarter financial
statements ending June 30 as a net loss of bt222 million,
which compares with a net profit of bt90 million for the
corresponding 1997 period.


TEXTILE PRESTIGE PCL: Results announcement
------------------------------------------
Textile Prestige PCL reports second financial statements
for the period ending June 30, as a net loss of bt28
million, which compares with a net profit of bt2 million
for the corresponding 1997 period.


TRANG SEAFOOD PRODUCTS PCL: Results announcement
------------------------------------------------
Trang Seafood Products PCL reports second quarter financial
statements for the period ending June 30, as a net loss of
bt47 million, which compares with a net profit of bt3
million for the corresponding 1997 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
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DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  ISSN: 1520-9482.  

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