/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/070531.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, May 31, 2007, Vol. 10, No. 107 Headlines A U S T R A L I A CREATIVE VENTURES: Taps Peter Ngan as Liquidator DREAMSHEETS INTERNATIONAL: Will Declare Dividend on June 20 GAMESTOP CORP: Earns US$24.7 Million in First Qtr. Ended May 5 GRIFFITH LANDSCAPES: Members & Creditors to Meet on June 20 GRIFFITH LANDSCAPE MANAGEMENT: Joint Meeting Set for June 20 HICOM INTERNATIONAL: Members’ Final Meeting Set for June 30 HICOM SALES: Liquidator to Give Wind-Up Report on June 30 ROWE FABRICS: Shareholders Resolve to Close Business SUTTER PTY: Members Agree on Voluntary Liquidation TOWNSVILLE HOTEL: Members to Receive Wind-Up Report on June 29 TREETOP PROJECTS: Sets Final Meeting for June 29 ZINIFEX: Rosebery Drilling Results Exceed Expectations C H I N A & H O N G K O N G CHINA EASTERN: Singapore Air & Temasek May Pay US$930 Million FEDFLOUR TRADING: Leung Shiu Tong Quits Liquidator Post GREEN LEAF: Members & Creditors to Meet on June 28 JI LONG: Members’ Final General Meeting Set for June 25 ROAD KING: Raises Stake in Sunco Property for HK1.32 Billion S-TECH: TRC Assigns twBB to Credit and Bond Ratings SINO UNION: Final Meeting Set for June 28 SIVER AGE ELECTRONICS: Appoints Joint Liquidators TREASURE PROPERTIES: Liquidators Quit Posts XINAO GAS: Parent Wants Overseas Listing of Joint Venture I N D I A PUNJAB NATIONAL BANK: Earns INR2.4 Bil. in Qtr. Ended March 31 STATE BANK OF INDIA: Earns INR15 Billion in Qtr. Ended Mar. 31 STATE BANK OF INDIA: Seeks Gov’t. Approval of Merger With Units STATE BANK OF INDIA: M. S. Swaminathan Quits Director Post SYNDICATE BANK: Mulls Further Increase in Equity Capital SYNDICATE BANK: Shareholders' Annual Meeting Set for June 21 I N D O N E S I A ANEKA TAMBANG: To Build Five Alumina & Nickel Smelters BANK NIAGA: To Issue IDR1.5 Trillion in Bonds This Year BERLIAN LAJU: Pefindo Ugrades IDR340-Bil. Bond Rating to idAA- PERUSAHAAN GAS: Allies With Pertamina for Price Gas Negotiation TELKOM INDONESIA: Director Forecasts 19% Revenue Growth in 2007 J A P A N ALL NIPPON: Inks Strategic Partnership With Asiana CNET NETWORKS: Names PricewaterhouseCoopers LLP as New Auditor HITACHI ZOSEN: R&I Revises Rating Outlook to Stable ITOCHU CORP: Signs US$20 Million Deal With Innovo Unit NOMURA HOLDINGS: Doubles Europe Staff to Obtain Russian Deals K O R E A BHK INC: Injects Additional KRW11.4 Billion Capital to Bio Heart CURON INC: Converts Fifth Convertible Bonds Into Shares M A L A Y S I A CHIN FOH: Securities Commission Junks Proposed Reform Plan LITYAN HOLDINGS: March 31 Balance Sheet Upside Down by MYR83-Mil MANGIUM INDUSTRIES: Unit’s Default Reaches MYR16.69 Million N E W Z E A L A N D ANDRE HODGSKIN: Taps Sargison and Rea as Liquidators BRIDGEND HOLDINGS: Liquidator to Receive Claims Until June 14 CCR TRANSPORT: Creditors’ Proofs of Debt Due by June 30 G.L.B.SHERWOOD: Enters Liquidation Proceedings QUATRO CONSTRUCTION: Fixes June 15 as Last Day to Receive Claims RUBY INVESTMENTS: Creditors’ Proofs of Debt Due by June 19 SCOPE ENTERPRISES: Placed Under Voluntary Liquidation SSS TRADE: Appoints Fatupaito and McCloy as Liquidators WILBOW CORPORATION: Receiving Proofs of Debt Until June 20 P H I L I P P I N E S ASIA AMALGAMATED: Unable to Hold 2007 Stocholders’ Meeting BANCO DE ORO: PSE Suspends Trading on EPCI Stocks Due to Merger EQUITABLE PCI: PSE Suspends Trading on Stocks Due to Merger MANILA ELECTRIC: Elects Directors & Auditors for 2007 PHIL. NATIONAL BANK: Elects Directors & Auditors for 2007 PHILIPPINE REALTY: Annual Stockholders Meeting Set for July 31 SECURITY BANK: Elects Directors & Officers for 2007 S I N G A P O R E DEVONSHIRE STONE: Court to Hear Wind-Up Petition on June 29 ESCHBACH INDOCHINE: Wind-Up Petition Hearing Set for June 29 ISP SERVICES: Receiving Proofs of Debt Until June 8 L&M INTERNATIONAL: Will Declare Dividend on June 1 VISION ONE: Creditors’ Proofs of Debt Due by June 8 T H A I L A N D SAS AB: Union Ends Strike & Signs New CBA as Flights Resume SRITHAI FOOD & BEVERAGE: Closes Business, Lays Off 144 Workers THAI WAH: Shareholders’ Meeting Set for June 18 THANACHART BANK: Posts THB128 Mil. Net Income for 1st Qtr. 2007 THANACHART CAPITAL: Posts THB576MM Net Income for 1st Qtr. 2007 TMB BANK: Posts THB220.16 Mil. Net Income for 1st Quarter 2007 - - - - - - - - ================= A U S T R A L I A ================= CREATIVE VENTURES: Taps Peter Ngan as Liquidator ----------------------------------------------- During a general meeting held on May 9, 2007, the members of Creative Ventures (Niv) Pty Limited decided to wind up the company’s operations and appointed Peter Ngan as liquidator. The Liquidator can be reached at: Peter Ngan Ngan & Co Chartered Accountants 49 Market Street, Level 5 Sydney, New South Wales 2000 Australia About Creative Ventures Creative Ventures (Niv) Pty Limited is involved with food preparations. The company is located in New South Wales, Australia. DREAMSHEETS INTERNATIONAL: Will Declare Dividend on June 20 ----------------------------------------------------------- Dreamsheets International Pty Limited will declare a final dividend on June 20, 2007. Creditors are required to file their proofs of debt by June 19, 2007, to be included in the company’s dividend distribution. In a report by the Troubled Company Reporter – Asia Pacific, the company went into liquidation on April 27, 2007. The company’s liquidators are: Christopher R. Campbell David J. F. Lombe Deloitte Touche Tohmastu Grosvenor Place 225 George Street Sydney, New South Wales 2000 Australia About Dreamsheets International Dreamsheets International Pty Limited operates broadwoven fabric mills. The company is located in New South Wales, Australia. GAMESTOP CORP: Earns US$24.7 Million in First Qtr. Ended May 5 -------------------------------------------------------------- GameStop Corp. disclosed financial results for the first quarter ended May 5, 2007. GameStop's net earnings were US$24.7 million for the first quarter of 2007, including debt retirement costs of US$6.7 million, or US$4.2 million, net of tax benefits, a 111% increase over net earnings of US$11.7 million for the first quarter of 2006. Total company sales increased 23% to US$1.3 billion in comparison to US$1 billion in the prior year quarter. Comparable store sales increased 15.3% during the first quarter, also beating previously released guidance of 12% to 14%. Hardware sales grew 75.1% in the first quarter, driven by overwhelming demand for Nintendo's Wii and DS Lite systems, and strong sales of Microsoft's Xbox 360 and Sony's PS3. As of May 5, 2007, the company's balance sheet showed total assets of US$3.2 billion, total liabilities of US$1.7 billion, and total stockholders' equity of US$1.5 billion. The company held US$307.3 million in cash and cash equivalents at May 5, 2007, as compared with US$224.9 million at April 29, 2006. R. Richard Fontaine, GameStop's chairman and chief executive officer, stated, "Our first quarter results were driven by the strong growth of next generation hardware despite both Nintendo products, the Wii and DS Lite, being in short supply throughout the quarter. Our business is benefiting from unmatched platform expansion. For much of the quarter, seven different platforms were represented among our top 25 best sellers. Not only was this unprecedented, but there is every indication that the Wii and DS Lite titles are attracting a new audience of gamers, while the allure of genre breakthrough titles like Guitar Hero II are expanding the audience for video game product. "The quarter also reflected strong operational control and efficiencies. Our operating margins increased by 100 basis points even in the face of lower gross margins due to the very strong sale of lower margin hardware. SG&A expenses decreased by 260 basis points due to the excellent expense leveraging of our increasing sales, continued distribution efficiencies as a result of our synergies from the EB Games merger, and an improved system of in-store scheduling. "I am also happy to announce that during the first quarter GameStop was added to the Fortune 500 list of largest U.S. corporations," concluded Fontaine. The top selling video games during the quarter were Nintendo's POKEMON DIAMOND and PEARL, Sony's GOD OF WAR II, Activision's GUITAR HERO II, Microsoft's CRACKDOWN, and Ubisoft's GHOST RECON: ADVANCED WARFIGHTER 2. The company had a Class B share conversion and two-for-one stock split subsequent to Feb. 3, 2007. Updated Guidance For the second quarter of fiscal 2007, the company expects comparable store sales to range from +16% to +18%. About GameStop Corp. Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME) -- http://www.gamestop.com/-- sells video games. The company operates 4,778 retail stores throughout the United States, Austria, Australia, Canada, Denmark, Finland, Germany, Italy, Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden, Switzerland and the United Kingdom. The company also owns commerce-enabled Web properties, GameStop.com and ebgames.com, and Game Informer(R) magazine, a leading video and computer game publication. GameStop sells the most popular new software, hardware and game accessories for the PC and next generation video game systems from Sony, Nintendo, and Microsoft. In addition, the company sells computer and video game magazines and strategy guides, action figures, and other related merchandise. * * * As reported in the Troubled Company Reporter on May 22, 2007, Standard & Poor's Ratings Services raised its corporate credit and senior unsecured debt ratings on GameStop Corp. to 'BB-' from 'B+'. At the same time, the ratings on the US$475 million fixed- rate and the US$475 million floating-rate notes were also changed to 'BB-'. The rating change is based on the company's successful integration of EB Games, strengthened cash flow protection measures, and continued debt reduction. The outlook is positive. GRIFFITH LANDSCAPES: Members & Creditors to Meet on June 20 ----------------------------------------------------------- Griffith Landscapes Pty Ltd will hold a joint meeting for its members and creditors on June 20, 2007, at 10:00 a.m. P. Hillig, the company’s liquidator, will present a report about the company’s wind-up proceedings and property disposal during the meeting. The Liquidator can be reached at: P. Hillig Smith Hancock 88 Phillip Street, Level 4 Parramatta, New South Wales 2150 Australia About Griffith Landscapes Griffith Landscapes Pty Ltd provides business services. The company is located in New South Wales, Australia. GRIFFITH LANDSCAPE MANAGEMENT: Joint Meeting Set for June 20 ------------------------------------------------------------ A joint meeting will be held for the members and creditors of Griffith Landscape Management Pty Limited on June 20, 2007, at 10:30 a.m. The members and creditors will receive at the meeting a report about the company’s wind-up proceedings and property disposal. The company’s liquidator is: P. Hillig Smith Hancock 88 Phillip Street, Level 4 Parramatta, New South Wales 2150 Australia About Griffith Landscape Management Griffith Landscape Management Pty Ltd provides business services. The company is located in New South Wales, Australia. HICOM INTERNATIONAL: Members’ Final Meeting Set for June 30 ----------------------------------------------------------- The members of Hicom International Pty Ltd will have their final meeting on June 30, 2007, at 10:30 a.m., to hear the liquidator’s report about the company’s wind-up proceedings and property disposal. According to the Troubled Company Reporter – Asia Pacific, the company commenced liquidation proceedings on April 23, 2007. The company’s liquidator is: Grahame Hill Hill's Insolvency Services Pty Ltd 581 Princes Highway Rockdale, New South Wales 2216 Australia Telephone:(02) 9599 7945 Facsimile:(02) 9599 7946 e-mail: grahame@hillsinsolvency.com.au About Hicom International Hicom International Pty Ltd provides engineering services. The company is located in New South Wales, Australia. HICOM SALES: Liquidator to Give Wind-Up Report on June 30 --------------------------------------------------------- A final meeting will be held for the members of Hicom Sales Pty Ltd on June 30, 2007, at 10:00 a.m. Grahame Hill, the company’s liquidator, will give a report about the company’s wind-up proceedings and property disposal at the meeting. As reported by the Troubled Company Reporter - Asia Pacific, the company entered wind-up proceedings on April 23, 2007. The Liquidator can be reached at: Grahame Hill Hill's Insolvency Services Pty Ltd 581 Princes Highway Rockdale, New South Wales 2216 Australia Telephone: (02) 9599 7945 Facsimile: (02) 9599 7946 e-mail: grahame@hillsinsolvency.com.au About Hicom Sales Located in New South Wales, Australia, Hicom Sales Pty Ltd is an investor relation company. ROWE FABRICS: Shareholders Resolve to Close Business ---------------------------------------------------- On April 12, 2007, the shareholders of Rowe Fabrics Pty Limited passed a resolution winding up the company’s operations and appointed Ian A. Jolly as liquidator. The Liquidator can be reached at: I. A. Jolly 222 Clarence Street, Level 4 Sydney, New South Wales 2000 Australia About Rowe Fabrics Rowe Fabrics Pty Limited is a distributor of piece goods, notions and other dry goods. The company is located in New South Wales, Australia. SUTTER PTY: Members Agree on Voluntary Liquidation -------------------------------------------------- At an extraordinary general meeting held on May 18, 2007, the members of Sutter Pty. Limited resolved to liquidate the company’s business. The creditors appointed Brent Trevor Alex Kijurina as the company’s liquidator at the meeting held later that day. The Liquidator can be reached at: Brent Trevor Alex Kijurina Smith Hancock Chartered Accountants 88 Phillip Street, Level 4 Parramatta, New South Wales 2150 Australia TOWNSVILLE HOTEL: Members to Receive Wind-Up Report on June 29 -------------------------------------------------------------- The members of Townsville Hotel Pty Limited will meet on June 29, 2007, at 10:00 a.m., to receive the liquidators’ report about the company’s wind-up proceedings and property disposal. The Troubled Company Reporter - Asia Pacific previously reported that the company started winding up its operations on December 29, 2005. The company’s liquidators are: Timothy James Cuming David Clement Pratt PricewaterhouseCoopers 201 Sussex Street, Level 15 Sydney, New South Wales 2000 Australia About Townsville Hotel Townsville Hotel Pty Limited is a distributor of durable goods. The company is located in New South Wales, Australia. TREETOP PROJECTS: Sets Final Meeting for June 29 ------------------------------------------------ Treetop Projects Limited will hold a final meeting for its members and creditors on June 29, 2007, at 10:00 a.m. The members and creditors will receive at the meeting a report about the company’s wind-up proceedings and property disposal. The company’s liquidator is: G. W. Hall c/o PricewaterhouseCoopers Darling Park Tower 2 201 Sussex Street Sydney Australia About Treetop Projects Treetop Projects Limited grows deciduous tree fruits. The company is located in New South Wales, Australia. ZINIFEX: Rosebery Drilling Results Exceed Expectations ------------------------------------------------------ Zinifex Limited's Rosebery zinc and silver mine in Tasmania has expanded its resource by 65% to 11.7 million tonnes following an exploration drilling for the past 12 months. Paul Daniel of Hemscott reported that the estimate of ore, which is classified as economically mineable or reserves, has also increased 50% to 3.8 million tonnes a year. Zinifex Chief Executive Officer, Greg Gailey said that the increase in resource has "exceeded our expectations" as this is by far the highest level that Zinifex has experienced. Mr. Gailey added that this is just the first year of the 3-year Project Horizons -- a program aiming to increase the life of the Rosebery Mine -- and with the outcome of these past 12 months, he is optimistic that Zinifex's goal to mine at Rosebery in 2020 "looks very achievable." The lead and zinc company relates that the westcoast of Tasmania is an essential part of the company's long-term strategy to grow its mining business. The CEO further relates that "if we are successful in further increasing the size of the resource over the next two years we will contemplate investing to expand the output from Rosebery." About Zinifex Limited Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's 'BB+' Issuer Default rating with a Stable Outlook, following its offer to buy Wolfden Resources Inc for approximately CDN$360 million (approximately AU$385m). Wolfden's board has unanimously recommended that shareholders accept Zinifex's offer. ================================ C H I N A & H O N G K O N G ================================ CHINA EASTERN: Singapore Air & Temasek May Pay US$930 Million ------------------------------------------------------------- Singapore Airlines Ltd and parent Temasek Holdings Pte may pay about US$930 million for a combined 24% stake in China Eastern Airlines Corp, various reports say. According to the reports, Singapore Airlines would invest about US$600 million and Temasek about US$330 million for the combined stake. The Troubled Company Reporter - Asia Pacific, citing Bloomberg News, reported on May 28 that Temasek Holdings Pte may join its 56% owned unit, Singapore Airlines, to bid for a stake in China Eastern Airlines. According to the TCR-AP, Singapore Air could benefit from Temasek's involvement by acquiring a stake from the Chinese airline without putting a huge capital upfront. Chan Sue Ling and Cathy Chan of Bloomberg News note that China Eastern has a market value of US$4.89 billion, meaning a 24% stake would be valued at about US$1.17 billion. A deal may be announced this week, sources told Bloomberg, ending at least 10 months of talks. Singapore Airlines spokesman Stephen Forshaw, Temasek spokeswoman Lim Siow Joo and China Eastern board secretary Luo Zhuping all declined to comment, Bloomberg relates. * * * Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com/-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's Foreign Currency and Local Currency Issuer Default Ratings to B+ from BB-. The outlook on the IDRs is stable. FEDFLOUR TRADING: Leung Shiu Tong Quits Liquidator Post ------------------------------------------------------- Leung Shiu Tong quit as the liquidator of Fedflour Trading Company Limited on May 17, 2007. The former Liquidator can be reached at: Leung Shiu Tong Jonsim Place, 16th Floor 228 Queen’s Road East Wanchai, Hong Kong GREEN LEAF: Members & Creditors to Meet on June 28 -------------------------------------------------- The members and creditors of Green Leaf Limited will have their final meetings on June 28, 2007, at 3:00 p.m. and 3:30 p.m., respectively, in Office B on the 4th Floor of Kiu Fu Commercial Building at 300 Lockhart Road in Wan Chai, Hong Kong. The members and creditors will receive at the meeting a report about the company’s wind-up proceedings and property disposal. JI LONG: Members’ Final General Meeting Set for June 25 ------------------------------------------------------- The members of JI Long Enterprises Investment Limited will have their final general meeting on June 25, 2007, at 11:00 a.m., on the 31st Floor of Gloucester Tower, The Landmark at 11 Pedder Street in Central Hong Kong. The members will receive at the meeting a report about the company’s wind-up proceedings and property disposal. ROAD KING: Raises Stake in Sunco Property for HK1.32 Billion ------------------------------------------------------------ Road King Infrastructure Ltd. would pay HK$1.32 billion (US$169 million) to raise its stake in Chinese property firm, Sunco Property Holdings Co., to 88.46% from 49%, Reuters reports. According to the report, Road King will transfer into equity the loan amounting to HK$1.32 billion provided to Sunco as it exercised options to buy the shares in the company. In addition, Reuters relates, Road King will provide a new HK$800 million loan with an interest rate of 8% per annum to Sunco to fund its property projects. * * * Road King Infrastructure Limited -- http://www.roadking.com.hk/-- is a publicly listed company in Hong Kong with its core business in the investment, development, operation and management of toll roads and bridges in China. Road King has a toll road investment portfolio comprising over 20 toll roads and bridges spanning approximately 1,100 kilometers in 8 provinces of China. In 2004, Road King entered the property development business in China and the developing property projects have reached total gross floor area of 1.6 million square meters. The company carries Moody's Investors Service Ba1 corporate family rating. On May 1, 2007, Moody's downgraded the senior unsecured rating on Road King Infrastructure Finance (2004) Ltd's bonds to Ba2 from Ba1. The outlook for the ratings is negative. In addition, Standard & Poor's Ratings Services lowered its corporate credit rating on Road King Infrastructure Ltd. to BB from BB+. The rating was also removed from CreditWatch, where it had been placed with negative implications on Jan. 26, 2007, following RKI's announcement that it planned to increase its stake in a Chinese property developer, Sunco Binhai Land Ltd., (Sunco A) to 90% and the possible acquisition of 100% of Sunco Real Estate Investment Ltd. (Sunco B). The outlook is stable. Fitch Ratings on May 4, 2007, downgraded Hong Kong-based Road King Infrastructure Limited's Long-term Foreign Currency Issuer Default Rating to 'BB' from 'BB+' and removed the company from Rating Watch Negative on which it was placed on January 30, 2007. The issue rating on the USD200 million senior unsecured notes due 2011 guaranteed by Road King has also been downgraded to 'BB' from 'BB+'. The Outlook on the IDR is Stable. The rating actions follow greater clarity on the company's progress in the acquisition of Sunco Binhai Land Limited. S-TECH: TRC Assigns twBB to Credit and Bond Ratings --------------------------------------------------- Taiwan Ratings Corp. assigned its twBB long-term and twB short-term corporate credit ratings on S-Tech Corp. The outlook on the long-term rating is stable. At the same time, Taiwan Ratings assigned its 'twBB-' issue rating on S-Tech's upcoming five-year NT$200 million unsecured convertible bond. The unsecured convertible bond is rated one notch lower than the corporate credit rating, as it is ranked junior to outstanding secured borrowings. The ratings on S-Tech reflect the company's emerging but limited position in the global titanium market, its small operating scale, and exposure to volatile feedstock costs and industry cyclicality. In addition, the company has a large capital-spending plan that could weaken its financial risk profile over the next two years. Counterbalancing factors include S-Tech's improving profitability and cash flow, favorable industry growth prospects, and operating support from Gloria Material Technology Corp. (GMTC). S-Tech has a limited operating scale as a producer of titanium and specialty steel products. The company registered an 87.6% increase in revenues in 2006, reflecting its growing presence in the global titanium market. However, its annual combined capacity of 479 metric tons and total 2006 sales of NT$906 million are substantially lower than those of its global peers. S-Tech's lack of vertical integration as a midstream manufacturer makes it vulnerable to volatile raw material costs, which accounts for 60-70% of its total production costs. S-Tech has experienced difficulties to secure reliable procurement since its establishment, as a small number of global integrated producers control the supply of upstream materials (titanium sponge and titanium ingots). The company's lack of product diversity also constrains its ability to weather industry volatility. S-Tech's operating margin (before depreciation and amortization) is stable, ranging between 13.5% and 16.5% over the past three years. Over the medium term, the company's profitability is likely to continue improving due to a favorable market environment and the capacity expansion plan, which will raise its revenue potential. Taiwan Ratings Corp. believes that S-Tech's rising debt usage to fund its capital expenditure will lower the company's ratio of funds from operation to total debt to below 15% in 2007 from 41.5% in 2006. GMTC is the largest shareholder of S-Tech with a stake holding of 39.6% as of the end of 2006. S-Tech relied on GMTC to provide key technology and management resources during its start-up phase after it was separated from GMTC in 2002. GMTC is one of the leading specialty steel manufacturers in Taiwan with consolidated revenues of NT$8.7 billion and net income of NT$1 billion in 2006. Liquidity S-Tech maintains adequate liquidity. As of March 31, 2007, the company had cash on hand of NT$82 million, while its long-term debt due within one year was NT$20 million. S-Tech's liquidity position is enhanced by unused credit facilities of NT$640 million at the end of March 2007. Free operating cash flow is likely to be negative as a result of large capital spending totaling about NT$1.3 billion over the next two years, which will be funded by the upcoming NT$200 million convertible bond, and NT$900 million senior secured syndicated loan facility arranged in January 2007. Outlook The outlook is stable. Taiwan Ratings expects S-Tech to benefit from improving operating scale and favorable industry prospects over the medium term. However, the company operates in a highly cyclical and competitive industry and remains exposed to volatile raw material costs. The company's large capital spending program is likely to result in rising leverage and constrain upside potential over the medium term. Conversely, significant deterioration in the company's profitability or capital structure, caused by future industry downturns, could result in downward pressure on the rating. SINO UNION: Final Meeting Set for June 28 ----------------------------------------- Sino Union Far East Limited will hold the final meeting for its members and creditors on June 28, 2007, at 2:00 p.m. and 2:30 p.m., respectively. The meeting will be held in Office B on the 4th Floor of Kiu Fu Commercial Building at 300 Lockhart Road on Wan Chai, Hong Kong. Leung Chi Wing, the company’s liquidator, will give a report about the company’s wind-up proceedings and property disposal at the meeting. SIVER AGE ELECTRONICS: Appoints Joint Liquidators ------------------------------------------------- On May 14, 2007, Cheng Kwok Wai David and Chan Yuen Bik Jane were appointed as liquidators of Silver Age Electronics (HK) Limited, through a special resolution passed on that day. The Liquidators can be reached at: Cheng Kwok Wai David Chan Yuen Bik Jane Gloucester Tower, The Landmark, 31st Floor 11 Pedder Street Central, Hong Kong TREASURE PROPERTIES: Liquidators Quit Posts ------------------------------------------- Desmond Chung Seng Chiong and Roderick John Sutton quit as the liquidators of Treasure Properties Limited on April 3, 2007. The former Liquidators can be reached at: Desmond Chung Seng Chiong Roderick John Sutton Ferrier Hodgson Limited Hong Kong club Building, 14th Floor 3A Chater Road Central, Hong Kong XINAO GAS: Parent Wants Overseas Listing of Joint Venture --------------------------------------------------------- Xinao Group is considering an overseas listing for the coal-to-chemical business it jointly owns with Xinao Gas, The Standard reports. Xinao Gas owns 15% of the business, which has a total asset value of about US$99 million. However, The Standard relates, chief executive Yang Yu said after the company’s annual general meeting that: "We will not begin studying the listing plan before the operation becomes profitable." The Standard recounts that Zou Benzhen, assistant to the chairman of the parent company, had said that the company was considering spinning off the coal-to-chemical business in New York or London, and the coal mining business in Toronto. But Mr. Yang, according to the report, said it would be too early to talk about the listing timetable and the amount of funds to be raised. * * * Xinao Gas -- http://www.xinaogroup.com/-- principal activities are investment in gas pipeline infrastructure and provision of piped gas. Other activities include distribution of bottled liquefied petroleum gas, manufacture of stored value card gas meter and sourcing of compressed pipeline gas. The Group also provides after sale services such as repairs and maintenance in connection with gas supply. Operations are carried out in Hong Kong, the British Virgin Islands and the People's Republic of China. The Troubled Company Reporter - Asia Pacific reported on May 22, 2006, that a lower than expected financial performance and deteriorating credit metrics for Xinao Gas led Moody's Investors Service to change its Ba1 corporate family rating and senior unsecured bond rating to negative from stable. A rating upgrade is unlikely in the next 12 months, Moody's said. ========= I N D I A ========= PUNJAB NATIONAL BANK: Earns INR2.4 Bil. in Qtr. Ended March 31 -------------------------------------------------------------- Punjab National Bank's net profit dipped to INR2.38 billion for the quarter ended March 31, 2007, from INR2.89 billion in the same quarter in 2006. Total income increased from INR29.27 billion in the quarter ended March 31, 2006, to INR37.13 billion in the latest quarter under review. For the year ended March 31, 2007, the bank posted a net profit of INR15.40 billion on revenues of INR125.8 billion. Headquartered in New Delhi, India, Punjab National Bank -- http://www.pnbindia.com/-- is a public sector commercial bank in India, offering banking products and services to corporate and commercial, retail and agricultural customers. The bank has expanded its operations to provide products and services to over 36 million customers across India through more than 4,510 branches. Its banking operations for corporate and commercial customers include a range of products and services for large- corporate customers, as well as for small- and middle-market businesses and government entities. It also caters to the financing needs of the agricultural sector and other priority sectors, including small-scale industries. Its retail credit products include home loans, personal loans and automobile loans. Through its subsidiaries and joint ventures, the Bank deals in Indian government securities and provides housing finance and asset-management services. Fitch Ratings gave Punjab National Bank a 'D' individual rating on June 1, 2005. STATE BANK OF INDIA: Earns INR15 Billion in Qtr. Ended Mar. 31 -------------------------------------------------------------- State Bank of India’s net profit for the quarter ended March 31, 2007, grew 75% to INR14.93 billion from the INR8.53 billion in the same quarter in 2006. Total income increased 29% to INR144.36 billion, the bulk of which comes from interest earned on operating income, which aggregated INR115.41 billion. For the January-March 2007 period, the bank recorded expenses totaling INR104.67 billion and also booked provisions and contingencies of INR141.26 billion and taxes of INR10.63 billion. For the year ended March 31, 2007, the bank posted a net profit of INR45.4 billion on revenues of INR452.6 billion. The bank’s expenditures for the year totaled INR352.6 billion while taxes, and provisions and contingencies aggregated INR30.49 billion and INR24.09 billion, respectively. According to a filing with the Bombay Stock Exchange, the bank’s central board has declared a dividend of INR14 per share for FY2007. Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services on March 26, 2007, assigned ratings to State Bank of India's proposed debt issues under its US$5 billion medium-term note program. Standard & Poor's rated SBI's proposed senior unsecured notes 'BBB-', its lower Tier II subordinated notes 'BB+', and its upper Tier II subordinated notes and hybrid Tier I notes 'BB'. As reported in the Troubled Company Reporter - Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Prime rating on State Bank of India's foreign currency bank deposits, a Ba2/Not Prime Financial Strength Rating in June 2006. STATE BANK OF INDIA: Seeks Gov’t. Approval of Merger With Units --------------------------------------------------------------- The State Bank of India is planning to merge with seven units and expand its network of branches before 2009, when overseas banks are allowed to take control of private banks in India, the UNI Global Union said in its Web site. According to union-netweork.org, the bank is currently seeking government approval to merge with seven units, add 50% more branches and boost lending. The bank currently owns 100% of four of its seven associate banks namely, State Bank of Hyderabad, State Bank of Indore, State Bank of Saurashtra and State Bank of Patiala; 75% of State Bank of Bikaner & Jaipur and State Bank of Travancore; and 92.33% of State Bank of Mysore, UNI Global said. Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services on March 26, 2007, assigned ratings to State Bank of India's proposed debt issues under its US$5 billion medium-term note program. Standard & Poor's rated SBI's proposed senior unsecured notes 'BBB-', its lower Tier II subordinated notes 'BB+', and its upper Tier II subordinated notes and hybrid Tier I notes 'BB'. As reported in the Troubled Company Reporter - Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Prime rating on State Bank of India's foreign currency bank deposits, a Ba2/Not Prime Financial Strength Rating in June 2006. STATE BANK OF INDIA: M. S. Swaminathan Quits Director Post ---------------------------------------------------------- The State Bank of India informed the Bombay Stock Exchange that Prof. M. S. Swaminathan has resigned as director on the bank's central board. The resignation, which took effect on April 11, 2007, was accepted by the central board on May 12. Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services on March 26, 2007, assigned ratings to State Bank of India's proposed debt issues under its US$5 billion medium-term note program. Standard & Poor's rated SBI's proposed senior unsecured notes 'BBB-', its lower Tier II subordinated notes 'BB+', and its upper Tier II subordinated notes and hybrid Tier I notes 'BB'. As reported in the Troubled Company Reporter - Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Prime rating on State Bank of India's foreign currency bank deposits, a Ba2/Not Prime Financial Strength Rating in June 2006. SYNDICATE BANK: Mulls Further Increase in Equity Capital -------------------------------------------------------- Syndicate Bank Ltd plans to increase its capital by issuing additional equity shares, a filing with the Bombay Stock Exchange reveals. At its meeting on May 21, 2007, the bank’s board of directors, approved the issuance of 8,00,00,000 equity shares with face value of INR10 each at a price to be determined later. The capital increase and the related issuance of shares are still subject to necessary approvals, including that of the Reserve Bank of India and the shareholders. Syndicate Bank Ltd -- http://syndicatebank.in/-- provides a range of banking services. The bank's services include deposits, loans, recoveries and electronic funds transfer. The bank has also tied up with United India Insurance Company to provide general insurance. As of March 31, 2006, the bank had 2006 branches. The bank has 38 specialized branches, which focus on business segments, such as small and medium enterprises. Syndicate Bank carries Fitch Ratings' D individual rating since June 1, 2005. SYNDICATE BANK: Shareholders' Annual Meeting Set for June 21 ------------------------------------------------------------ Syndicate Bank informed the Bombay Stock Exchange that the 8th Annual General Meeting of its shareholders will be held on June 21, 2007. During the meeting, shareholders will, inter alia: 1. discuss, approve and adopt: -- the bank’s balance sheet as at March 31, 2007, and the profit & loss account for the year ended on that date; -- the report of the board of directors on the working and activities of the bank for the period covered by the accounts; and -- the auditors’ report on the balance sheet and accounts; 2. consider declaring a dividend for the financial year 2006-07; and 3. consider the issuance and allotment of equity shares of INR10 each and in any case not exceeding 8,00,00,000 and aggregating to not more than INR80,00,00,000. Syndicate Bank Ltd -- http://syndicatebank.in/-- provides a range of banking services. The bank's services include deposits, loans, recoveries and electronic funds transfer. The bank has also tied up with United India Insurance Company to provide general insurance. As of March 31, 2006, the bank had 2006 branches. The bank has 38 specialized branches, which focus on business segments, such as small and medium enterprises. Syndicate Bank carries Fitch Ratings' D individual rating since June 1, 2005. ================= I N D O N E S I A ================= ANEKA TAMBANG: To Build Five Alumina & Nickel Smelters ------------------------------------------------------ PT Aneka Tambang will build five alumina and nickel smelters at a total cost of US$2.9 billion in a bid to add value to its mining operations, The Jakarta Post reports. According to the report, an alumna smelter is planned to be built in Tayan, West Kalimantan, and another one in Bintan with installed capacities of 300,000 tons per year and 600,000 tons a year, respectively. The US$ $220-million Tayan project will be supported by the Marubeni and Swadenco while the $500-million Bintan project will be financed by a number of Chinese companies. The two projects are expected come onstream by 2010, the report relates. Antara News notes that the company also plans to build a nickel smelter worth US$50 million, a ferronickel plant worth US$650 million and $US1.5-billion nickel refinery producing nickel and cobalt, which will be built at the company's mines in Maluku. The projects would increase the company's nickel production to more than 50,000 tons per year for the current 20,000 tons. About Aneka Tambang PT Aneka Tambang Tbk -- http://www.antam.com/-- mines, processes, develops, and explores natural deposits. The company operates six mines. They are located in Riau (bauxite), Sulawesi and Maluku (nickel), Central Java (iron sand), and WestJava (gold). The company also operates a precious metal refinery and a geology unit in Jakarta. * * * The Troubled Company Reporter - Asia Pacific reported on Dec. 4, 2006, that Standard & Poor's Ratings Services raised its long- term corporate credit rating on Indonesian state-owned mining company PT Antam Tbk. to 'B+' from 'B'. The outlook is stable. At the same time, Standard & Poor's also raised to 'B+', from 'B', the rating on the senior unsecured notes issued by Antam Finance Ltd. and guaranteed by Antam. On July 14, 2005, Moody's gave Aneka Tambang's long-term corporate family rating of B1. As of May 16, 2007, the company still carries that rating. BANK NIAGA: To Issue IDR1.5 Trillion in Bonds This Year ------------------------------------------------------- PT Bank Niaga Tbk plans to issue IDR1 trillion to IDR1.5 trillion of bonds this year for long-term loans expansion, Antara News reports. According to the report, Bank Niaga President Director Hashemi Albakri said that bank's bonds were likely to be issued when Bank Indonesia again cut its short-term promissory notes. Bank Niaga's planned bond issue is not an indication that the bank is are short of liquidity funds but actually it is part of prudential loan management, the report points out. Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk -- http://www.bankniaga.com/-- has a license to operate as a commercial bank, a foreign exchange bank and a bank engaged in activities based on Syariah principles. The bank's products and services include: Funding, Consumer Financing, Business Financing, Credit and Debit Cards, Private Banking, Preferred Circle, e-Banking, Corporate Trust, Bancassurance and Treasury Indicator. The bank's subsidiaries consist of: PT Niaga Aset Manajemen and PT Saseka Gelora Finance. As of January 31, 2006, the Bank operates 54 domestic branches, 145 domestic supporting branches, 22 domestic payment points, seven Syariah units and one overseas branch. * * * As reported by the Troubled Company Reporter - Asia Pacific on May 8, 2007, Moody's Investors Service upgraded PT Bank Niaga Tbk's bank financial strength rating to D from E+. Foreign Currency Deposit Ratings are unchanged at B2/Not Prime. Foreign Currency Issuer Rating and Foreign Currency Debt Rating for subordinated obligations are unchanged at Ba3. Foreign Currency Deposit and Foreign Currency Debt Ratings have positive outlooks in line with the outlook on the country's sovereign ratings outlook. Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as: Long-term foreign Issuer Default ratings at 'BB-'; Individual at 'C/D'; and Support '4'. The Outlook for the ratings was revised to Positive from Stable. BERLIAN LAJU: Pefindo Ugrades IDR340-Bil. Bond Rating to idAA- -------------------------------------------------------------- Pefindo upgraded the ratings for PT Berlian Laju Tanker Tbk. and the Company's Bond II/2003 of IDR340 billion to 'idAA-', while the Company's Syariah Bond/2003 of IDR60 billion due 2008 is upgraded to 'idAA-(sy)' from 'idA+' and 'idA+(sy)', respectively. At the same time, PEFINDO assigned the same rating of 'idAA-' to BLTA's proposed Bond III/2007 amounting to a maximum of IDR1.0 trillion. The outlook of the ratings is 'stable'. The rating actions reflect the Company's strong existence in liquid shipping business and favorable business diversification as well as sustainable cash flow protection and strong liquidity. However, the ratings are still mitigated by the Company's exposure to freight rate volatility risk and high leveraged capital structure position due to aggressive vessels acquisition. BLTA is a shipping company, focusing on shipment of liquid products which include variety of chemicals, oil, gas and vegetable oil. BLTA is a member company of Bina Surya Group, engaged in diversified businesses, including shipping, timber, plantation, mining, oil and gas. BLTA is a public company listed at the Jakarta Stock Exchanges and Singapore Stock Exchanges. The current shareholders consist of PT Tunggaladhi Baskara and public. About Berlian Laju PT Berlian Laju Tanker Tbk is the largest Indonesian shipping company, focusing on liquid bulk cargo, with operations primarily in Asia with some expansion into the Middle East and Europe. In 2006, BLT achieved revenue of US$335 million, EBITDA of US$154 million and net income of US$107 million. The founder, Hadi Surya, has a 48.7% beneficial interest in BLT. PERUSAHAAN GAS: Allies With Pertamina for Price Gas Negotiation --------------------------------------------------------------- PT Perusahaan Gas Negara and PT Pertamina have been negotiating the price of gas produced from the Cirebon field in West Java and Rantau fields in North Sumatra, Antara News reports. According to the report, Perusahaan Gas Secretary Widyatmiko Bapang said Pertamina had offered a price of US$4 per MMBTU with an annual 3% increase until expiry of the contract. During the April 2006-March 2007 period, the price of gas was set at US$2.55 per MMBTU for the Western part of Java and US$2.50 per MMBTU for the Northern part of Sumatra, the report recounts. The gas sale and purchase contract for the two Pertamina fields covers the April 4, 2001 - April 2011 period. The volume of gas under the contract for the Cirebon field reached 98 MMSCFD, and in Rantau 14 MMSCFD, the report adds. Perusahaan Gas Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara (Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy company that is comprised of two core businesses: distribution and transmission. For distribution, PGN signs long-term supply agreements with upstream operators, which give the company scheduled and reliable gas volumes and fixed gas prices. These volumes are subsequently sold to commercial and industrial customers under gas sales agreements. Under these agreements, sales volumes are take-or-pay and the gas pricing is fixed and in US dollar. On the transmission business, PGN ships gas on behalf of the upstream suppliers under a fixed US dollar tariff with ship-or-pay volumes agreements. The company is 59.4% owned by the Government of Indonesia. The Troubled Company Reporter - Asia Pacific reported on Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2 corporate family rating of PT Perusahaan Gas Negara (Persero) Tbk. At the same time, Moody's affirmed the Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed by PGN. The ratings outlook is stable. This affirmation followed the recent announcement of a delay in the South Sumatera West Java gas commercialization. The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's Ratings Services revised the outlook on Perusahaan Gas to positive from stable. The ratings on the company are affirmed at 'B+'. On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency assigned these ratings to PT Perusahaan Gas Negara Tbk: -- Long-term foreign currency Issuer Default Rating 'BB-'; -- Long-term local currency IDR 'BB-'; and -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due 2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN and its subsidiaries 'BB-'. TELKOM INDONESIA: Director Forecasts 19% Revenue Growth in 2007 --------------------------------------------------------------- Sudiro Asno, PT Telekomunikasi Indonesia Tbk's Company Director, forecasted a "conservative" revenue growth of 19% this year, Reuters reports. Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/ -- provides local and long distance telephone service in Indonesia. Known as Telkom, the company also offers fixed wireless service, leased lines, and data transport through affiliates. As reported in the Troubled Company Reporter - Asia Pacific on Jan. 31, 2007, Fitch Ratings revised the outlook on Telekomunikasi Indonesia's long-term foreign and local currency issuer default ratings to positive from stable and affirmed the ratings at 'BB-'. Moody's Investors Service gave Telekomunikasi Indonesia a Ba1 local currency corporate family rating. Standard & Poor's Ratings Services gave the company 'BB+' foreign and local currency corporate credit rating. ========= J A P A N ========= ALL NIPPON: Inks Strategic Partnership With Asiana -------------------------------------------------- All Nippon Airways Co., Limited and Asiana Airlines have entered into a cross-shareholding agreement as part of their strategic alliance to strengthen bilateral ties across the board. The scope and level of cooperation was agreed by a specially commissioned task force team, following months of preparation that resulted from the signing of a memorandum of understanding by the CEOs of both companies on December 5, 2006. Speaking at a press conference, ASIANA President Mr. Joo-an Kang said, “We are delighted to be here and reveal the next step in our relationship with fellow Star Alliance partner, ANA. What we have announced today will bolster our respective route networks and create synergies for improved profitability and greater customer satisfaction. And the mutual holding of shares in each other’s company is a symbol of our commitment to work ever more closely together to the benefit of our passengers.” ANA President and CEO Mineo Yamamoto, who with Mr. Kang signed the agreement on behalf of both companies, added, “ASIANA has been a valued partner of ANA since 1990, and we share similar ideals, histories and service ethos. It is our sincere wish that this new stage in our partnership will serve the needs of customers traveling between both nations and, while bringing commercial advantages to ASIANA and ANA, further the friendly ties between the people of Korea and Japan.” Collaboration will extend to these areas: * Cross-shareholding Each company will take a US$12,000,000 stake in the other * Code-sharing One of the first decisions of the task-force team was to implement an extension of the existing ASIANA-ANA code- sharing agreement to all 18 Korea-Japan routes operated by both companies -- 154 flights per week -- in February this year. In a further move, from July 1 this year, ANA operated international flights between Narita and Honolulu will begin carrying the ASIANA flight code. The companies first began code-sharing on passenger flights between Seoul and Japan in 2000, and on also on all freighter flights between the two countries in March 2005. * Sales and Marketing The two companies will begin preparations for a future ‘triangle service’ between Seoul Gimpo, Tokyo Haneda and Shanghai Honqiao, to provide added convenience to passengers and contribute to a more active exchange between the three countries. To further increase revenue, ASIANA and ANA also will fortify joint corporate sales efforts and share mid- and long-term corporate goals. * Operations and Airport Services Cooperation at the 19 overseas airports served by both ASIANA and ANA to explore avenues to reduce costs and improve airport services. The airlines will also share information on spare parts at major overseas gateways, and create a system to support each other in case operational irregularities or emergencies should arise. * Purchasing Joint purchasing of fuel in designated regions, and exchange of related information. * In-flight Services Joint cabin crew training and co-development of in-flight materials and entertainment programmes in both Korean and Japanese. * Human Resources Exchange of personnel and joint training programs where deemed mutually beneficial. About All Nippon Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * The Troubled Company Reporter - Asia Pacific reported on Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. The outlook on the long- term corporate credit rating is negative. The TCR-AP reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. The rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. CNET NETWORKS: Names PricewaterhouseCoopers LLP as New Auditor -------------------------------------------------------------- CNET Networks Inc. disclosed that PricewaterhouseCoopers LLP has accepted an appointment as the company's independent registered public accounting firm to audit CNET's financial statements for the year ending Dec. 31, 2007, and succeeding periods. PwC will also review the company's interim financial statements beginning with the financial statements for the quarter ending June 30, 2007. As disclosed on May 2, 2007, the audit committee of CNET's Board of Directors recommended appointing PwC as the company's independent registered public accounting firm to audit the company's annual report for 2007 and to review the company's interim report for the quarter ending June 30, 2007. The appointment of PwC was dependent upon the firm's satisfactory completion of certain customary pre-client acceptance procedures. During the two fiscal years ended Dec. 31, 2006, and the subsequent interim period through May 23, 2007, neither the company, nor anyone on the company's behalf, consulted with PwC regarding: i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the company's financial statements, nor did PwC provide written or oral advice to the company that PwC concluded was an important factor considered by the company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a "disagreement" as defined in Regulation S-K Item304(a)(1)(iv) and the related instructions), or a "reportable event" as defined in Item304(a)(1)(v) of Regulation S-K). About CNET Networks Inc. CNET Networks, Inc. (Nasdaq: CNET) -- http://www.cnetnetworks.com/-- is an interactive media company that builds brands for people and the things they are passionate about, such as gaming, music, entertainment, technology, business, food, and parenting. The company's leading brands include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet and TechRepublic. Founded in 1993, CNET Networks has a strong presence in the US, Asia and Europe. The company has locations in Japan, China, Korea, Australia, Germany and France, among others. * * * On Oct. 23, 2006, Standard & Poor's Ratings Services lowered its ratings on CNET Networks Inc., including lowering the corporate credit rating to 'CCC+' from 'B', and placed the ratings on CreditWatch with developing implications. HITACHI ZOSEN: R&I Revises Rating Outlook to Stable --------------------------------------------------- Ratings and Investment Inc. upgraded the issuer rating of Hitachi Zosen Corporation to Stable from Negative. On August 31, 2006, Troubled Company Reporter-Asia Pacific reported that R&I affirmed the BB- issuer rating on Hitachi. Hitachi Zosen manufactures a wide variety of heavy machinery including environmental systems, plants, steel structures, precision tools, and general, construction, and process machinery. Its strengths lie in the areas of machinery and process tools including auto factory presses, marine engines, and garbage incineration and other environmental systems. During the fiscal year 2005, the company posted extraordinary losses worth JPY34 billion, which greatly impaired its equity capital, but by converting JPY30 billion worth of convertible corporate bonds issued in March 2006 to shares, it has managed to raise its equity ratio to 14.9% in fiscal year 2006. In terms of revenues, the machinery and process tools businesses are expanding, led by auto-factory presses and marine engines among others. Apart from this, the environmental systems and plant businesses are also recovering, having posted profits for the year ending in March 2007 owing to an increase in revenues from after-sales services. The steel structures and construction machinery businesses, now facing increasing price competition against a backdrop of lackluster public-sector demand, need to be revitalized. This and a few other issues do remain to be addressed, but R&I believes that fears of a major deterioration in the company's finances or balance of payments have receded for the moment. It has, therefore, changed the Rating Outlook from Negative to Stable. R&I will pay attention to the company's assets and its success in strengthening its revenue base and will take them into account on future ratings. About Hitachi Zosen Headquartered in Osaka, Japan, Hitachi Zosen Corporation -- http://www.hitachizosen.co.jp-- develops, manufactures, sells and maintains machinery and systems. The company has five business segments. The Environment and Plant segment offers refuse incineration plants, industrial waste treatment plants, biomass energy systems, water and sludge treatment plants and others. The Ship and Sea segment is involved in the building, improvement and repair of ships, and the creation of ocean structures. The Steel, Construction and Logistics segment offers bridges, hydraulic gates, steel chimneys, water pressure pipes, offshore engineering, disaster prevention systems, and others. The Machinery and Motors segment includes steel-making machinery, food machines, medical equipment, power generators and internal combustion engines. The Others segment is involved in electronic and control systems, package software, information systems and other businesses. ITOCHU CORP: Signs US$20 Million Deal With Innovo Unit ------------------------------------------------------ According to a Business Week report, Itochu Corporation has entered into a three-year exclusive distribution and non-exclusive license agreement with Joe's and Joe's Jeans, Inc., a subsidiary of Innovo Group Inc. As agreed, Itochu is obligated to purchase a minimum of US$20 million of Joe's and Joe's Jeans products for distribution, and will pay a license royalty of 6% of net sales of all bottoms and 5% of net sales of all tops for both men's and women's products, the article relates. Itochu Corporation -- http://www.itochu.co.jp-- is a Japan-based trading company. It operates in eight business segments. The Textile segment offers clothing and interior products, such as wool, synthetic fabrics, silk and others. The Machinery segment is engaged in the automobile, industrial machinery, plants and related businesses. The Space, Information and Multimedia segment is involved in the media network, high technology and related businesses. The Metal and Energy segment is involved in the mining, metal, energy and related businesses. The Living Materials and Chemicals segment is involved in the precision chemistry, rubber, timber, glass, cement and other related businesses. The Food segment is involved in the production, distribution and sale of wheat, rice, corn, frozen food and others. The Financial, Real Estate, Insurance and Logistics segment provides financial consultation, real estate, transportation and other services. The Overseas Corporation segment is involved in various trading activities. The company has operations in Bulgaria, France, Colombia, and Argentina, among others. Fitch Ratings gave Itochu Corp's long-term local credit issuer a BB+ rating on October 2, 2005. Fitch had earlier given the company a BB+ rating for its senior unsecured debt and long-term foreign credit default on March 10, 2004. Moody's Investors Service gave the company a Ba1 rating on its issuer rating and local currency long term debt and an NP on its short term rating on February 7, 2005. Moody's had earlier given the company's senior unsecured debt a Ba1 rating. NOMURA HOLDINGS: Doubles Europe Staff to Obtain Russian Deals ------------------------------------------------------------- Nomura Holdings Inc. doubled its investment-banking staff in Europe to win more business selling shares in Asia for Russian companies, Takahiko Hyuga of Bloomberg News reports. According to Mr. Takahiko, Nomura International Plc in London doubled its banking staff to 140 in the past 18 months. In a phone interview, Yoshiyuki Numano, co-head of investment banking at Nomura International, conveyed to Mr. Takahiko that this move is part of the company’s goal to increase its share of global stock sales. Kazuhiro Shimamura of Marketwatch reports that Nomura plans to expand its overseas operations. The Troubled Company Reporter-Asia Pacific reported on May 28, 2007, that Nomura is looking at acquiring the Philippine government’s shares in San Miguel Corp. (24%) and Manila Electric Corp. (29%). Nomura posted its biggest loss in at least two years on overseas operations in the quarter ended March 31, Mr. Takahiko relates. About Nomura Holdings Nomura Holdings, Inc. -- http://www.nomura.com/-- is a securities and investment banking firm in Japan and have worldwide operations in more than 20 countries and regions including Japan, the United States, the United Kingdom, Singapore and Hong Kong through its subsidiaries. Nomura operates in five business segments: Domestic Retail, which includes investment consultation services to retail customers; Global Markets, which includes fixed income and equity trading and asset finance businesses in and outside Japan; Global Investment Banking, which includes mergers and acquisitions advisory and corporate financing businesses in and outside Japan; Global Merchant Banking, which includes private equity investments in and outside Japan, and Asset Management, which includes development and management of investment trusts, and investment advisory services. As of May 11, 2007, Nomura Holdings still carries Fitch Ratings' 'C' individual rating that was given on April 13, 2006. ========= K O R E A ========= BHK INC: Injects Additional KRW11.4 Billion Capital to Bio Heart ---------------------------------------------------------------- BHK Inc. has made an additional capital injection of KRW11,443,518,930 into Bio Heart Menu Facturing Co., Ltd., Reuters reports. According to the report, following the transaction, BHK holds a 70% stake in Bio Heart Menu Facturing. Bio Heart Menu Facturing's capital is worth KRW527,220,000. Seoul, Korea-based BHK Inc. is engaged in international trading. The company's products consist of liquid crystal display televisions (LCD-TV's), electronic products, bed sheets, pillows, pillowcases, curtains and clothing. The company sells its bedding products in the department stores under the brand name Pierre Cardin. Currently, the company is also in the development stage for launching of a new business segment, which specializes in biomedical products, namely MyoCell, for heart muscle regeneration. The Troubled Company Reporter - Asia Pacific reported on March 2, 2007, that the company has a shareholders' equity deficit of US$17.38 million on total assets of US$24.36 million. CURON INC: Converts Fifth Convertible Bonds Into Shares ------------------------------------------------------- Curon Inc. has converted its fifth convertible bonds into 469,483 shares at the price of KRW 1,065 per share, Reuters reports. According to the report, the company's total shares outstanding became 31,944,500 shares. The listing date of the shares is June 11, 2007. Seoul-based Curon Inc. -- http://www.curon.co.kr-- is engaged in the provision of diaphragms, vaporizers and Video On Demand servers. The company provides three main products: diaphragms and vaporizers, which are used in gas meters, speakers, automobiles, medical applications, heavy machinery, industrial valves and pumps; VOD servers such as StreamXpert, which supply High Definition Television (HDTV) multimedia content; and Telematics, which are used in entertainment, games, digital multimedia players, traffic information, satellites, digital versatile discs, TVs and radios. =============== M A L A Y S I A =============== CHIN FOH: Securities Commission Junks Proposed Reform Plan ---------------------------------------------------------- Chin Foh Bhd disclosed with the Bursa Malaysia Securities Bhd that the Securities Commission did not approve the company’s proposed reform plan. According to the company, it received a letter from the Securities Commission on May 29, 2007, stating its decision to reject the proposal. The Securities Commission noted that the company did not sufficiently address paragraph 13.02 of the Policies and Guidelines on Issue/Offer of Securities. The company’s board assured the bourse that it will deliberate on the next course of action to be taken including an appeal to the commission. In February 2007, the Troubled Company Reporter – Asia Pacific reported that Chin Foh disclosed to the Bursa Malaysia Securities Bhd a restructuring plan, which involves: -- a transfer of the company's listed status to a new company, -- the issuance of new shares to its creditors, -- the acquisition of subsidiaries, and -- a share capital decrease. Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my-- is principally involved in trading and distribution of metal base and non-metal base products, construction materials, panels and non-ferrous metal products. Its other activities include manufacturing of glass, aluminium extrusions, stainless steel and related products, rotary aluminium ventilators, providing, cutting and slitting of metal and other related services, general contracting, design, fabrication, supply and installation of curtain wall and cladding and holding properties and investments. Operations are carried out in Malaysia, Australia, and China. Chin Foh is listed under Bursa Malaysia's Amended Practice Note 17 category and is therefore required to submit a regularization plan to the Securities Commission and other relevant authorities for approval. LITYAN HOLDINGS: March 31 Balance Sheet Upside Down by MYR83-Mil ---------------------------------------------------------------- Lityan Holdings Bhd’s unaudited balance sheet as of March 31, 2007, went upside down with an equity deficit of MYR83.07 million, from total assets of MYR62.01 million and total liabilities of MYR145.08 million. As of March 31, 2007, the company’s balance sheet is illiquid with current assets of MYR30.88 million available to pay current liabilities of MYR142.56 million. For the first quarter ended March 31, Lityan Holdings posted a net loss of MYR3.22 million on MYR8.33 million of revenues, compared with a net loss of MYR597,000 on MYR8.95 million of revenues in the same period in 2006. * * * Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings Berhad -- http://www.lityan.com.my/-- sells and provides maintenance services and rental of computer equipment, peripherals, telecommunication equipment and related services. The Company's other activities include provision of building maintenance and management services, developing and marketing of new client-server programming tools and application software, operation of public mobile data network, property investment and investment holding. The Group carries out its operations in Malaysia and the Philippines. On May 10, 2005, the Company was classified as an affected listed issuer pursuant to Bursa Malaysia Securities Berhad's Practice Note 17 category. On January 16, 2006, the Company entered into a conditional Restructuring Agreement to undertake the Proposed Restructuring Scheme with the intention of restoring itself onto stronger financial footing via an injection of new viable businesses. MANGIUM INDUSTRIES: Unit’s Default Reaches MYR16.69 Million ----------------------------------------------------------- Mangium Industries Bhd Mangium Industries Bhd’s wholly owned subsidiary, Mangium Sawmill Sdn Bhd, has not paid and has defaulted in its repayments on facilities granted by Standard Chartered Bank Malaysia Berhad and Southern Bank Berhad, which are unsecured. In a disclosure with the Bursa Malaysia Securities Bhd, Mangium said that “due to the unfavorable timber market and depressed prices for timber and timber related products throughout Asia since the financial crisis in the year 1997, many of the Group's buyers were adversely affected and are facing financial difficulties leading to their inability to settle their outstanding balances despite efforts made by the management to collect these outstanding debts with the Group. As a result, the cash flow generated from operations was not sufficient to service the interest and principal obligations to the lenders as and when they fell due.” The estimated total outstanding default as at April 30, 2007, amounts to MYR16,691,418.87. Since Mangium Industries is the guarantor for these loans, the group is liable for the full amount and any further interest and financial cost accumulated until the settlement of the debt. * * * Mangium Industries Berhad's principal activities are the manufacturing and trading of timber and timber related products. Other activities include provision of printing services, publisher, printer consultants and advertisers, trading of alcoholic beverages, general trading of office furniture, operation and development of the plantation and investment holding. Operations of the Group are carried out in Malaysia. The Troubled Company Reporter – Asia Pacific on May 25, 2007, reported that Mangium Industries on May 22, 2007, became an affected listed issuer pursuant to the provisions of Amended Practice Note 17/2005, as its shareholders' equity on consolidated basis is less than 25% of its issued and paid-up capital. As an affected listed issuer, Mangium is required to formulate and implement a plan to regularize its financial condition within a timeframe stipulated by relevant authorities. ==================== N E W Z E A L A N D ==================== ANDRE HODGSKIN: Taps Sargison and Rea as Liquidators ---------------------------------------------------- On May 18, 2007, Paul Graham Sargison and Gerald Stanley Rea were appointed as liquidators of Andre Hodgskin Architects Ltd. Messrs. Sargison and Rea require the company’s creditors to file their proofs of debt by June 19, 2007. The Liquidators can be reached at: Paul Graham Sargison Gerald Stanley Rea c/o Gerry Rea Associates PO Box 3015, Auckland New Zealand Telephone: (09) 377 3099 Facsimile: (09) 377 3098 BRIDGEND HOLDINGS: Liquidator to Receive Claims Until June 14 ------------------------------------------------------------- Henry David Levin, as the liquidator of Bridgend Holdings Ltd., requires the company’s creditors to file their proofs of debt by June 14, 2007. The Liquidator can be reached: Henry David Levin c/o Jennifer Ji PPB McCallum Petterson Forsyth Barr Tower, Level 11 55-65 Shortland Street Auckland New Zealand Telephone:(09) 336 0000 Facsimile:(09) 336 0010 CCR TRANSPORT: Creditors’ Proofs of Debt Due by June 30 ------------------------------------------------------- CCR Transport Engineering Limited requires its creditors to file their proofs of debt by June 30, 2007. The company went into liquidation on May 14, 2007. The company’s liquidators are: Stephen John Tubbs Warren Michael Johnstone Jim Barber BDO Spicers Spicer House, Level 6 148 Victoria Street, Christchurch New Zealand Telephone:(03) 943 9064 Facsimile:(03) 353 5526 E-mail: jim.barber@chc.bdospicers.com G.L.B.SHERWOOD: Enters Liquidation Proceedings ---------------------------------------------- G.L.B.Sherwood & Sons Ltd. entered liquidation proceedings on May 17, 2007. Creditors are required to file their proofs of debt by June 18, 2007. The company’s liquidator is: Michael Soutar Soutar & Associates Chartered Accountants BNZ Building, Level 9 137 Armagh Street PO Box 13223, Christchurch New Zealand Telephone:(03) 366 0829 Facsimile:(03) 379 3876 e-mail: admin@soutar.co.nz QUATRO CONSTRUCTION: Fixes June 15 as Last Day to Receive Claims ---------------------------------------------------------------- Quatro Construction Ltd. requires its creditors to file their proofs of debt by June 15, 2007. The company commenced liquidation proceedings on May 17, 2007. The company’s liquidators are: Karen Betty Mason Jeffrey Philip Meltzer Meltzer Mason Heath, Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 New Zealand Telephone:(09) 357 6150 Facsimile:(09) 357 6152 RUBY INVESTMENTS: Creditors’ Proofs of Debt Due by June 19 ---------------------------------------------------------- Robert Laurie Merlo was appointed as liquidator of Ruby Investments NZ Ltd. on May 17, 2007. Mr. Merlo requires the company’s creditors to file their proofs of debt by June 19, 2007. The Liquidator can be reached at: Robert Laurie Merlo Merlo Burgess & Co. Limited PO Box 51486, Pakuranga Auckland New Zealand Telephone:(09) 520 7101 Facsimile:(09) 529 1360 e-mail: merloburgess&co@xtra.co.nz SCOPE ENTERPRISES: Placed Under Voluntary Liquidation ----------------------------------------------------- Scope Enterprises Ltd. entered liquidation proceedings on May 9, 2007. Lyndsay Tait was appointed to oversee the liquidation proceedings. The Liquidator can be reached at: Lyndsay Tait Westpac Building, 2nd Floor 11 Watt Street, Wanganui PO Box 46, Wanganui New Zealand Telephone:(06) 345 8474 Facsimile:(06) 345 2054 SSS TRADE: Appoints Fatupaito and McCloy as Liquidators ------------------------------------------------------- Vivian Judith Fatupaito and Colin Thomas McCloy were appointed as liquidators of SSS Trade Ltd. on May 17, 2007. Creditors are required to file their proofs of debt by Aug. 17, 2007, to be included in the company’s dividend distribution. The Liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy PricewaterhouseCoopers PricewaterhouseCoopers Tower, Level 8 188 Quay Street, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 WILBOW CORPORATION: Receiving Proofs of Debt Until June 20 ---------------------------------------------------------- Wilbow Corporation (NZ) Ltd. is receiving the creditors’ proofs of debt until June 20, 2007. The company went into liquidation on May 15, 2007. The company’s liquidator is: Lyle Richmond Irwin Prince & Partners PO Box 3685, Auckland 1001 New Zealand Telephone:(09) 379 5324 Facsimile:(09) 307 0778 e-mail: office@prince.co.nz ===================== P H I L I P P I N E S ===================== ASIA AMALGAMATED: Unable to Hold 2007 Stocholders’ Meeting ---------------------------------------------------------- Asia Amalgamated Holdings Corp. will not hold its annual stockholders meeting, which was supposed to be held any day in May according to the company’s by-laws. In a letter addressed to the Philippine Stock Exchange, the company said that it lacked funds necessary to notify its stockholders and to hold the meeting. Asia Amalgamated Holdings Corporation was originally incorporated as Sulu Sea Development Corporation on October 7, 1970 and later changed its name to Asia Amalgamated Holdings Corporation after majority ownership transferred from the National Development Corporation to the present majority stockholders. During the first years of its operation as an investment holding company, Asia Amalgamated has made significant investments in various businesses such as financial and banking services, distribution of household water filtration equipment and industrial wastewater treatment, water transport services and non-life insurance brokerage. The company has incorporated four subsidiaries namely: (1) Ecology Savings Bank, Inc., (2) Unikleen International Corporation, (3) Marilag Transport Systems, Inc., and (4) ESBI Insurance Brokers, Inc. The economic crisis in the late 1990s adversely affected the company's main affiliate and business client, the Uniwide Group, and ultimately, the company itself. From 1998 until the present, the company's subsidiaries ceased operations one by one due to continued financial losses. First it was Ecology Bank, which was acquired by Equitable PCI Group in 1998. The following year, Unikleen began winding up its operations until cessation of operations in 2000. In 2001, ESBI Insurance Brokers did not renew its license with the Insurance Commission. Marilag Transport Systems, Inc. also ceased operations within that year. BANCO DE ORO: PSE Suspends Trading on EPCI Stocks Due to Merger --------------------------------------------------------------- The Philippine Stock Exchange will suspend trading on Equitable PCI Bank’s securities effective today, May 31, in view of its merger with Banco de Oro Universal Bank. Under the merger, the new entity will be known as Banco de Oro-EPCI Inc. Banco de Oro Universal Bank -- http://www.bdo.com.ph/-- provides a wide range of corporate, commercial and retail banking services in the Philippines, which include traditional loan and deposit products, as well as treasury, trust banking, investment banking, cash management, insurance, remittance, retail cash cards and credit card services. Banco de Oro is a member of the SM Group of Companies, one of the Philippines' largest conglomerates, and is currently ranked among the top 10 banks in the Philippines in terms of assets, capital, deposits and loans. Its asset quality indicators (non-performing loans & non-performing assets) are among the lowest in the industry. * * * The Troubled Company Reporter – Asia Pacific reported on November 9, 2006, that Fitch Ratings affirmed these ratings of Banco De Oro Universal Bank: * Individual 'C/D', and * Support '3' The TCR-AP reported that on November 2, 2006, Moody's Investors Service revised the outlook of Banco de Oro Universal Bank's foreign currency senior debt rating of Ba3 and foreign currency long-term deposit rating of B1 from negative to stable. EQUITABLE PCI: PSE Suspends Trading on Stocks Due to Merger ----------------------------------------------------------- The Philippine Stock Exchange will suspend trading on Equitable PCI Bank’s securities effective today, May 31, in view of its merger with Banco de Oro Universal Bank. Under the merger, the new entity will be known as Banco de Oro-EPCI Inc. Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a universal bank formed from the consolidation of Equitable Banking Corporation and PCI Bank on September 2, 1999. EBC and its subsidiaries provide a wide range of commercial, corporate, and retail banking and financial services, including lending and deposit taking, branch banking, international banking, electronic banking, trade finance, cash management, and trust and treasury services. Aside from commercial banking, the bank also capitalizes in credit card, investment banking, leasing, trust banking, and remittance business. * * * The Troubled Company Reporter – Asia Pacific reported on November 17, 2006 that Moody's Investors Service placed Equitable-PCI Bank's D- rating on review for possible upgrade. Equitable-PCI's constrained debt rating of Ba3 and deposit rating of B1 were also affirmed with stable outlooks. The TCR-AP reported on November 9, 2006 that Fitch Ratings affirmed these ratings of Equitable PCI Bank: * Long-term foreign currency Issuer Default rating 'BB'/Outlook Stable; * Individual 'D', * Support '3', and * Long-term senior unsecured rating 'BB' In November 2006, Standard & Poor's Ratings Services raised its long-term counterparty credit ratings on Equitable PCI Bank Inc. to 'B+' from 'B'. The outlook is stable. Standard & Poor's also raised its ratings on EPCI's senior unsecured debt to 'B+' from 'B' and subordinated debt to 'B-' from 'CCC+'. The 'B' short-term counterparty credit rating and the bank Fundamental Strength Rating of 'D' were affirmed. MANILA ELECTRIC: Elects Directors & Auditors for 2007 ----------------------------------------------------- Manila Electric Co. elected 11 directors during its annual stockholders’ meeting held May 29, and appointed Sycip, Gorres, Velayo & Co. as its independent auditor. The company’s stockholders elected these directors for 2007: * Mr. Bernardino R. Abes (Independent) * Mr. Felipe B. Alfonso * Mr. Arthur R. Defensor * Mr. Gregory L. Domingo * Mr. Jesus P. Francisco * Mr. Manuel M. Lopez * Mr. Christian S. Monsod * Mr. Federico E. Puno (Independent) * Mr. Washington Z. Sycip (Independent) * Mr. Emilio A. Vicens * Mr. Cesar A. Virata (Independent) The stockholders also approved these matters during the meeting: * Increase in authorized capital stock to PHP15.5 billion and the corresponding amendment of Article VII of the Company’s Articles of Incorporation; * Stock dividend equivalent to 10% of the company’s common Capital stock, but rounded down to whole number to avoid Resulting fractional shares, out of the unrestricted Earnings of the Company as of December 31, 2006, in favor of common stockholders as of record date to be determined by the Securities and Exchange Commission and subject to approval of the regulatory bodies concerned; * Declassification of Class A and Class B shares, and the corresponding amendment to Article VII of the articles of incorporation; and * Allocation of about 15 million shares for the Meralco Employees Stock Purchase Plan and the waiver of stockholders’ pre-emptive rights over the issuance of shares under the plan. About Manila Electric Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/-- is the largest utility in the Philippines, providing power to 4.1 million customers in Metropolitan Manila and more than 100 surrounding communities. As deregulation takes effect, Meralco is reducing its dependence on state-owned National Power Corp. by increasing the amount of power it purchases from independent power producers. Meralco is also preparing for competition by moving into non-regulated activities, including energy consulting, independent power production, engineering, fiber optics, e-commerce, and real estate. * * * A March 31, 2006, report by the Troubled Company Reporter - Asia Pacific stated that the company posted a 79.7% decrease in its 2005 net losses to PHP411 million from PHP2.03 billion in 2004, due to provisions for probable losses while awaiting a Supreme Court final decision on a pending unbundling rate case, and the adoption of new accounting standards. In a TCR-AP report on April 24, 2006, it was noted that Manila Electric cannot seek a loan to expand its facilities unless it repays outstanding short-term debts amounting to around PHP4.7 billion. PHIL. NATIONAL BANK: Elects Directors & Auditors for 2007 --------------------------------------------------------- Philippine National Bank elected 11 directors and appointed an independent auditor for 2007 during its annual stockholders’ meeting held on May 29. The company’s stockholders elected these directors for 2007: * Mr. Florido P. Casuela (Independent) * Mr. Domingo T. Chua * Ms. Carmen G. Huang * Mr. Omar Byron T. Mier * Mr. Feliciano L. Miranda, Jr. (Independent) * Mr. Michael A. Osmena * Mr. Eric O. Recto (Independent) * Mr. Washington Z. Sycip * Mr. Lucio C. Tan * Ms. Florencia G. Tarriela * Mr. Macario U. Te The company’s stockholders appointed SGV & Co. as external auditor and approved the amendment of the articles of incorporation to withhold stockholders’ pre-emptive right to subscribe to any new or additional shares of the bank. During the organizational meeting held after the annual shareholders’ meeting, the Board of Directors elected these officers for 2007: * Florencia G. Tarriela - Chairman of the Board * Omar Byron T. Mier - Vice Chairman & President * Ma. Paz D. Lim - Treasurer * Renato J. Fernandez - Corporate Secretary * Alvin C. Go - Chief Legal Counsel * Cris S. Cabalatungan - Internal Auditor About PNB Philippine National Bank -- http://www.pnb.com.ph/-- is the Philippine's first universal bank established on July 22, 1916. The bank's core business consists of lending and deposit-taking activities from corporate, middle market and retail customers, as well as various government units. Its other principal activities include bill discounting, fund transfers, remittance servicing, foreign exchange dealings, retail banking, trust services, treasury operations and trade finance. Through its subsidiaries, PNB engages in a number of diversified financial and related businesses such as international merchant banking, investment banking, life/non-life insurance, leasing, financing of small-and-medium-sized industries, and financial advisory services. It introduced innovations such as the bank on wheels, computerized banking, ATM banking, mobile money changing and domestic travelers' checks. * * * The Troubled Company Reporter – Asia Pacific reported on November 6, 2006, that Moody's Investors Service revised the outlook of Philippine National Bank's foreign currency long-term deposit rating of B1, local currency senior debt rating of Ba2, and local currency subordinated debt rating of Ba3 to stable from negative. The outlook for PNB's foreign currency Not-Prime short-term deposit rating and bank financial strength rating of E remains stable. The TCR-AP reported on Nov. 1, 2006, that Fitch Ratings affirmed Philippine National Bank's Individual rating at 'E' and Support rating '3' after a review of the bank. Standard and Poor's Ratings Services gave PNB 'B' Short-Term Foreign Issuer Credit and Short-Term Local Issuer Credit Ratings, as well as 'B-' Long-Term Foreign Issuer Credit and Long-Term Local Issuer Credit Ratings effective as of April 26, 2006. PHILIPPINE REALTY: Annual Stockholders Meeting Set for July 31 -------------------------------------------------------------- Philippine Realty & Holdings Corp. will hold its annual stockholders meeting on July 31, 2007, at 9:30 a.m. The venue will be in Ballroom A of the Penthouse, Philippine Stock Exchange, East Tower, Exchange Road, Ortigas Center in Makati City. The meeting will take up these matters: * Certification of notice and quorum; * Reading and approval of the minutes of the July 31, 2006 Meeting and action taken thereof; * Report of the Board of Directors; * Ratification of the acts, contracts and deeds of the directors and officers; * Election of directors for 2007; * Appointment of external auditor; and * Other matters. Stockholders of record as of June 20, 2007, will be eligible to attend and to vote during the meeting. Headquartered in Quezon City, Philippine Realty and Holdings Corporation is one of the leading real estate developers in the country. It was incorporated on July 13, 1981, but development activities began only in 1986 when capitalization was increased to PHP100 million from the initial PHP2 million to accommodate the entry of new stockholders. The company's main real estate activity since it started operations has been the development and sale of residential/office condominium projects and to a limited extent, the lease of commercial and office spaces. Subsidiaries include: * Tektite Insurance Brokers, Inc. * PRHC Property Managers, Inc. * Meridian Assurance Corporation * Universal Travel Corporation * Le Cheval Holdings, Inc. * Alexandra (U.S.A), Inc. * A. Brown Company, Inc. * International Exchange Bank The Parent-Company's Going Concern After auditing Philippine Realty's annual report for the fiscal year ended December 31, 2005, Ofelia Garnad, of C.L. Manabat & Co. notes the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. According to Ms. Garnad, the going concern doubt is brought about by the fact that the company has suffered recurring losses from operations and its financial position indicates that sufficient cash flows have to be generated to fully service its liabilities and finance its working capital requirements. Status of the Parent Company's Operations The Parent Company's operations have been severely affected by the slump in the local real estate industry that started when the regional economic crisis hit the country in the middle of 1997. It has experienced a continued decline in sales and has to contend with higher interest rates. With the property market being heavily dependent on bank financing -- and the economic crisis not only brought prohibitive lending rates but also restricted credits to the real estate industry -- the Parent Company registered a net income of PHP323.5 million in 2005, which is not enough to cover a deficit of PHP2.24 billion as of December 31, 2005. The Parent Company is also burdened by its debt obligations. As of December 31, 2005, it had a debt-to-equity ratio of 1.56:1, better than the 2.32:1 in 2004. Total interest expense for 2005 and 2004 are PHP4.8 million and PHP78 million. Parent Company's Plan of Operations Starting in 1998, Philippine Realty has offered its land properties and certain condominium units to the banks and other major creditors as payment for its obligations through dacion en pago to substantially reduce its unpaid obligations. It has also suspended the development and completion of several of its real estate projects, and had implemented cost-cutting measures including the substantial reduction of its workforce. Stay Order and Rehabilitation Plan In December 2002, the Parent Company's Board of Directors resolved to file a petition for a corporate rehabilitation with the Regional Trial Court in Quezon City. A Stay Order was granted on December 16, 2002, after the petition was deemed sufficient both in form and in substance. On February 6, 2003, the Court conducted a series of hearings for the purpose of receiving various inputs from the company, the creditors and the rehabilitation receiver as well. In the course of the proceedings, the Court noted that all the creditor banks were in agreement that the company is susceptible to rehabilitation as it is solvent and its business is viable. Status of Debt Service As of December 31, 2005, the Parent Company's total debts stood at PHP2.2 billion inclusive of accrued interest of PHP232.27 million, of which PHP1.31 million would be repaid via dacion en pago and the remaining PHP890.57 million by way of debt restructuring. The Parent Company has already settled its debts with International Exchange Bank and Equitable PCI Bank. SECURITY BANK: Elects Directors & Officers for 2007 --------------------------------------------------- Security Bank Corp. elected 11 directors for 2007 during its annual stockholders’ meeting held May 29. The bank’s stockholders elected these individuals as directors for 2007: * Frederick Y. Dy * Paul Y. Ung * Anastasia Y. Dy * Jose R. Facundo * James J.K. Hung * Fe T. Palileo * Eduardo I. Plana * Rafael F. Simpao, Jr. * Alberto S. Villarosa * Philip T. Ang – Independent Director * Jose Perpetuo M. Lotilla – Independent Director Results of the Organizational Board meeting: * Chairman – Frederick Y. Dy * Vice Chairman – Paul Y. Ung * President/CEO – Alberto S. Villarosa * Exec. Director – Anastasia Y. Dy * Exec. Vice Pres. – Jesus Roberto S. Reyes * Corporate secretary - Joel Raymond R. Ayson SENIOR VICE PRESIDENTS * Rafael S. Algarra Jr. - Treasurer * Carlos M. Borromeo - Chief Financial Officer * Gina S. Go - Chief Risk Officer * Belen W. Au * Belen C. Lim * Patricia May T. Siy * William C. Whang * Benjamin Y. Young FIRST VICE PRESIDENTS * Melissa R. Aquino - Asst. Corporate Secretary * Joselito E. Mape - Controller * Jason T. Ang * Elisa O. Go * Jeanette S. Keh * Primitivo Noel S. Lagman, Jr. * Celso Bernard G. Lopez * Maximo N. Madridejos Jr. * Loretta G. Mangilit * Raul Martin A. Pedro * Gregorio V. Rubio * Evylene C. Sison * Wilfredo S. Talastas * Ma. Cristina A. Tingson * Antonio O. Tiu * Olivia B. Yao * Daniel U. Yu VICE PRESIDENTS * Numeriano Manuel V. Amparo * Mariza E. Arcilla * Ralph B. Cadiz * Hilaria L. Ceniza * Bee Bee S. Chua * Helen L. Chua * Marie Rose A. Claudio * Teresita L. Cordova * Eduardo C. Cortes * Luis s. Elizaga * Randall Rogelio A. Evangelista * Cesar G. Evasco * Teresita I. Jarlos * Irahlyn S. Lariba * Roman G. Leus * Francia Lina E. Marcelo * Victor O. Martinez * Jose Ma. G. Montinola * Angel G. Muyot Jr. * Neliza Ma. R. Oñate * Estrellita V. Ong * Rosemarie S. Ong * Danilo V. Palugod * Marlette A. Pineda * Rolando T. Reyes * Ricardo G. Torres * Emmanuel A. Tuazon * Sonia T. Ureta EXECUTIVE COMMITTEE * Rafael F. Simpao Jr. – Chairman * Frederick Y. Dy - Member * Paul Y. Ung - Member * Alberto S. Villarosa - Member * Philip T. Ang - Member * James J.K. Hung - Alt. Member AUDIT COMMITTEE * Jose Perpetuo M. Lotilla – Chairman * Philip T. Ang - Member * James J.K. Hung - Member * Eduardo I. Plana - Member TRUST COMMITTEE * Jose R. Facundo - Chairman * Paul Y. Ung - Member * Alberto S. Villarosa - Member * Fe T. Palileo - Member * Wilfredo S. Talastas - Member RESTRUCTURING COMMITTEE * Rafael F. Simpao Jr. – Chairman * Paul Y. Ung - Member * Alberto S. Villarosa - Member RISK MANAGEMENT COMMITTEE * Paul Y. Ung - Chairman * Jose R. Facundo - Member * Rafael F. Simpao Jr. – Member * Alberto S. Villarosa - Member * Jose Perpetuo M. Lotilla – Member * Carlos M. Borromeo - Member * Gina S. Go - Member CORPORATE GOVERNANCE COMMITTEE * Paul Y. Ung - Chairman * Philip T. Ang - Member * Jose Perpetuo M. Lotilla - Member * Anastasia Y. Dy - Member * Eduardo I. Plana - Member These officers will be promoted effective June 16, 2007: To Senior Vice President: * Evelyn C. Sison * Daniel U. Yu To First Vice President: * Marie Rose A. Claudio To Vice President: * Alesandra E. Tiaoqui About Security Bank Makati City-based Security Bank Corporation -- http://www.securitybank.com.ph/-- offers a wide variety of financial products and services. The bank's services include peso, dollar and third currency deposits, domestic and international fund transfers, deposit pick-up and payroll services, and ancillary services. Security Bank also provides working capital financing, term arrangements and loan syndication services. Fitch Ratings gave Security Bank a 'BB' Long-Term Foreign Currency Issuer Default Rating, a 'BB' Long-Term Local Currency Issuer Default Rating, a 'D' Individual Rating and a '4' Support Rating. ================= S I N G A P O R E ================= DEVONSHIRE STONE: Court to Hear Wind-Up Petition on June 29 ----------------------------------------------------------- The High Court of Singapore will hear a petition to wind up the operations of Devonshire Stone Pte. Ltd. on June 29, 2007, at 10:00 a.m. The petition was filed by BCS Business Consulting Services Pte Ltd on May 14, 2007. BCS Business’ solicitor is: CH Partners 230 Orchard Road #07-232A Faber House, Singapore 238854 ESCHBACH INDOCHINE: Wind-Up Petition Hearing Set for June 29 ------------------------------------------------------------ BCS Business Consulting Services Pte Ltd filed a petition to wind up the operations Eschbach Indochine Pte. Ltd. on May 14, 2007. The petition will be heard before the High Court of Singapore on June 29, 2007, at 10:00 a.m. BCS Business’ solicitor is: CH Partners 230 Orchard Road #07-232A Faber House, Singapore 238854 ISP SERVICES: Receiving Proofs of Debt Until June 8 --------------------------------------------------- ISP Services Pte Ltd, which is in liquidation, requires its creditors to file their proofs of debt by June 8, 2007. The company’s liquidator is: Tam Chee Chong c/o Deloitte & Touche 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 L&M INTERNATIONAL: Will Declare Dividend on June 1 -------------------------------------------------- L&M International Limited will declare a first dividend for its creditors on June 1, 2007. The company will pay 100% to all preferential dividends while 0.0775% to ordinary dividends. The company’s liquidators are: Chia Soo Hien Ng Geok Mui BDO Raffles 5 Shenton Way #07-01 UIC Building Singapore 068808 VISION ONE: Creditors’ Proofs of Debt Due by June 8 --------------------------------------------------- Vision One Audio Visual Pte Ltd. requires its creditors to file their proofs of debt by June 8, 2007, to be included in the company’s dividend distribution. The company’s liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 =============== T H A I L A N D =============== SAS AB: Union Ends Strike & Signs New CBA as Flights Resume ----------------------------------------------------------- The Swedish Salaried Employees' Union has called off its strike, effective immediately, after several days of negotiations with SAS AB management over workers’ demands resulted in the signing of a new collective agreement for Scandinavian Airlines Sverige's cabin employees, the company disclosed in a statement posted on its Web site. Accordingly, Scandinavian Airlines Sverige will resume all traffic effective Wednesday, May 30, 2007. The collective agreement will apply form March 1, 2007, through April 30, 2010. The agreement is in line with the level applicable in the Swedish labor market, that is, 10.3 percent over 38 months, the company added in the statement. "I am pleased and relieved that we can take to the air again,” said Anders Ehrling, President of Scandinavian Airlines Sverige. “We have reached agreement with the Salaried Employees' Union regarding a new collective agreement and will focus all of our energy on restarting operations. As of Wednesday, May 30, 2007, we will once again be operating in accordance with our ordinary timetable.” The TCR-Europe reported on May 28, 2007, that SAS AB's Scandinavian Airlines unit in Sweden had cancelled some 150 flights in Europe and Sweden on Sunday, as well as more than 275 flights affecting some 20,000 passengers on Monday because of a strike by cabin staff. The Associated Press reported that the strike could cost the carrier as much as SEK20 million (US$3 million) per day in lost ticket sales. The Swedish unit has 2,500 staff and flies 6 million passengers a year to more than 50 domestic and international destinations. About SAS Headquartered in Stockholm, Sweden, SAS AB -- http://www.sasgroup.net/-- is the Nordic region's largest listed airline and travel group and the fourth-largest airline group in Europe, in terms of passengers. It had revenues of SEK60.78 billion in fiscal year 2006. The company has operations in China, Japan, Thailand, and the United States. * * * On April 4, 2007, in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, the rating agency confirmed its B1 Corporate Family Rating for SAS AB. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. * Issuer: SAS Denmark-Norway-Sweden Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- EUR1-billion Sr. Unsecured Medium-Term Note Program B2 B1 LGD3 48% 1% Senior Unsecured Regular Bond/ Debenture Due 2007 B2 B1 LGD3 48% 1.305% Sr. Unsecured Regular Bond/ Debenture Due 2008 B2 B1 LGD3 48% 1.12% Sr. Unsecured Regular Bond/ Debenture Due 2007 B2 B1 LGD3 48% CZK750-million Sr. Unsecured Regular Bond/ Debenture Due 2008 B2 B1 LGD3 48% EUR500-million 6% Senior Unsecured Regular Bond/ Debenture Due 2008 B2 B1 LGD3 48% CHF200-Million 2.375% Sub. Regular Bond/ Debenture B3 B3 LGD6 96% SRITHAI FOOD & BEVERAGE: Closes Business, Lays Off 144 Workers -------------------------------------------------------------- Srithai Food & Beverage PCL has permanently closed down its business and laid off 144 employees, paying THB6.4 million in severance payments, the company said in a regulatory filing with the Stock Exchange of Thailand. The move was due to the negative effects of the Avian Influenza outbreak in Thailand. The company’s subsidiary Srithai Food Product Co. Ltd., however, will continue to operate. Since the company has its operations in the production of young chicken, breeding and processed food from chicken, the company felt the effects as a 30% reduction in its production. This is due to the outbreak’s effect on the purchase and price level in foreign countries. Major importers like Japan and the European Union only allow importation of frozen cooked chicken with limited volume, and the company’s trade partners announced the prohibition of the importation of Thai frozen butchered chicken pending the end of the outbreak. As a result, the company and its partners were unable to adapt to the changes, causing advantage to be given to its competitors. This, coupled with its failures to get creditor’s consent in the debt restructuring at the Central Bankruptcy Court, made it impossible to continue with its business. About Srithai Food & Beverage Headquartered in Amphoe Bang Phli Samut Prakarn, Thailand, Srithai Food & Beverage Public Co Ltd -- http://www.srithaifood.thailand.com/-- markets and manufactures seasoning, sauce, beverages, and personal care products. The Troubled Company Reporter - Asia Pacific reported that the securities of Srithai Food & Beverages Public Co Ltd were placed in the "Non-Performing Group" sector of the Stock Exchange of Thailand on August 29, 2006. According to TCR-AP, SRI has been subjected to a rehabilitation plan under the REHABCO sector of the SET since June 9, 2004. The SET, after reviewing the latest financial statements of the company submitted on August 15, 2006, said that SRI did not resolve its problems in line with the SET criteria. THAI WAH: Shareholders’ Meeting Set for June 18 ----------------------------------------------- Thai Wah PCL’s official receiver will hold a shareholders’ meeting on June 18, 2007, at 10:00 a.m., at the 10th floor of the Banyan Tree Bangkok Hotel, Banyan Ballroom, located at the South Sathorn Road, Kwaeng Thungmahamek, Khet Sathorn, Bangkok. The meeting will consider these agenda: * Determination of the number of directors * Appointment of directors, and audit committee members * Authorized signatory of the directors * Other business Closing of the share register book and suspension of share transfer will be on June 4, 2007. Thai Wah Public Company Ltd's principal activity is the manufacturing and marketing of various food products using mung beans. Products includes mung bean vermicelli, bean sheet (Shanghai noodle) and salim starch. Brands and trademarks of the group include Double Dragon, Phoenix, Double Kilin and Double Eagle brands for vermicelli; Double Dragon brand for salim starch and bean sheet; and New Grade brand for tapioca starch, tapioca pearls and rice flours. It operates a factory in Thailand located in Banglane District, Nakorn Pathom Province. On May 17, 2007, the Central Bankruptcy Court canceled the company’s rehabilitation plan due to its failure to implement the plan with the allotted period. On November 13, 2006, the Troubled Company Reporter - Asia Pacific reported the company's consolidated balance sheet at September 30, 2006, showed THB538.466 million in current assets and THB257.803 million in current liabilities. In addition the company is facing solvency problem with THB4.954 billion in total liabilities as compared to THB4.479 billion in total assets. Going Concern Doubt After auditing the company's financial report, Sophon Permsirivallop of Ernst & Young Office Ltd raised doubt on the company's ability to continue as a going concern. Mr. Sophon specifically pointed out Thai Wah's ability to pay liabilities from debt restructuring which it must settle in installments and the company's ability to dispose of assets to repay indebtedness. THANACHART BANK: Posts THB128 Mil. Net Income for 1st Qtr. 2007 --------------------------------------------------------------- Thanachart Bank PCL posted a net income of THB128.75 million for the quarter ended March 31, 2007, as compared to the THB50.36-million net income it posted for the same period in 2006. For the January-March 2007 period, the company earned THB4.22 billion in interest and dividend income and THB409.92 million in non-interest income. The company incurred THB2.65 billion in interest expenses and THB1.47 billion in non-interest expenses. As of March 31, 2007, the Company had total assets of THB274.03 billion and total liabilities of THB258.54 billion, resulting in a shareholders’ equity of THB15.49 billion. Headquartered in Bangkok, Thailand, Thanachart Bank PCL provides both personal and corporate banking services. The personal banking includes fixed, current, foreign currency and savings deposits, residential new home loans and residential refinancing home loans. The corporate banking offers commercial loans and other financial services to its business clients. The Bank also offers services to its customers to make money transfers via automated teller machines (ATMs) and via phones. As of December 31, 2006, TBANK operated 133 branches and 242 ATMs, as well as 46 foreign exchange centers throughout the country. On April 2, 2007, Fitch Ratings (Thailand) gave TBANK the following ratings: * A- National Long-term rating * F2 Short-term rating * D Individual rating and * 5 Support rating THANACHART CAPITAL: Posts THB576MM Net Income for 1st Qtr. 2007 --------------------------------------------------------------- Thanachart Capital PCL’s consolidated income statements reported a net income of THB576.81 million for the quarter ended March 31, 2007, a 22.8% increase from the THB748.04-million net income reported for the same period in 2006. For the January-March 2007 period, the company earned total interest and dividend income of THB4.51 billion and total non-interest income of THB1.90 billion. The company also incurred THB2.74 billion in interest expenses and THB2.9 billion in operating expenses for the quarter. As of March 31, 2007, the company’s consolidated balance sheets show THB302.56 billion in total assets and THB277.92 billion in total liabilities, resulting in a total shareholders’ equity of THB24.64 billion. Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd -- http://www.tmbbank.com/-- is a commercial bank that renders financial services to all groups of customers. TMB Bank had total assets of about THB717 billion as at December 31, 2005. Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency Issuer Default Rating; 'B' Short-Term Foreign Currency Rating; 'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual Rating; and Support rating of 3. On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign currency hybrid Tier 1 rating to B from B+ and revised the Outlook on TMB's Long-term foreign currency Issuer Default rating to Stable from Positive. On May 4, 2007, Moody’s retained the following ratings for TMB: * BSFR is at D-. * Foreign currency deposit ratings remains at Baa2/P-2. Standard & Poor's Ratings Services gave TMB Bank's US$200- million hybrid Tier 1 securities a 'BB' rating. TMB BANK: Posts THB220.16 Mil. Net Income for 1st Quarter 2007 -------------------------------------------------------------- TMB Bank PCL posted a net income of THB220.16 million for the quarter ended March 31, 2007, an 89% decrease from the THB2.13 billion reported for the same quarter in 2006. For the January-March 2007 period, the company earned interest and dividend income of THB9.62 billion and THB2.04 billion. Interest expenses increased from THB3.99 billion in the first quarter of 2006 to THB5.73 billion in the first quarter of 2007. Non-interest expenses also increased from THB3.37 billion in the March 2006 quarter, to THB4.44 billion for the three months ended March 31, 2007. As of March 31, 2007, the company had total assets of THB698.76 billion and total liabilities of THB649.88 billion, resulting in a THB48.87-billion shareholders’ equity. Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd -- http://www.tmbbank.com/-- is a commercial bank that renders financial services to all groups of customers. TMB Bank had total assets of about THB717 billion as at December 31, 2005. Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency Issuer Default Rating; 'B' Short-Term Foreign Currency Rating; 'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual Rating; and Support rating of 3. On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign currency hybrid Tier 1 rating to B from B+ and revised the Outlook on TMB's Long-term foreign currency Issuer Default rating to Stable from Positive. On May 4, 2007, Moody’s retained the following ratings for TMB: * BSFR is at D-. * Foreign currency deposit ratings remains at Baa2/P-2. Standard & Poor's Ratings Services gave TMB Bank's US$200- million hybrid Tier 1 securities a 'BB' rating. ********* 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., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Mark Andre Yapching, Azela Jane Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara Eliza Tecarro, Freya Natasha Fernandez, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2007. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***