T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, October 12, 2007, Vol. 10, No. 203 Headlines A U S T R A L I A AKYMAN FINANCIAL: Members and Creditors to Meet on Oct. 19 ALL TIMBER: Joint Meeting Set for October 23 BAYVIEW HOTEL: Will Declare First and Final Dividend on Oct. 22 J.A.K. NOMINEES: Members Resolve to Liquidate Business JANONA INVESTMENTS: Members to Hear Wind-Up Report on Oct. 29 JOHN REEVES: To Declare First & Final Dividend on Oct. 22 MAINEX PTY: Members to Hold Final Meeting on October 29 PERTWEE PRODUCTIONS: Sets Final Meeting for October 19 RISCHITELLI TRANSPORT: Members & Creditors to Meet on Oct. 11 SOUTH EASTERN: Sets Joint Annual & Final Meeting on October 18 SUNCORP-METWAY: Tightens Guidance on Sterling Bond * Credit Quality of Materials & Energy Sector Cools, S&P Says C H I N A & H O N G K O N G AGRICULTURAL BANK: Plans to Cut Ownership in Rural Branches AGRICULTURAL BANK: Issues CNY12 Bil. Bonds Thru Public Bidding BALL CORP: Reports Settlement Over Breach of Contract Dispute EASTERN WOOD: Annual Meeting Set for Oct. 18 EMI GROUP: Converts US$243 Million Guaranteed Bonds FERRO CORP: Opens Solar Paste Production Facility in China HERCULES INC: Earns US$34.5 Million in Second Qtr. Ended June 30 HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion HONG KONG FUJIDENKI: Members' General Meeting Set for Oct. 31 INTELSAT LTD: Inks National Hockey Network Transmission Pact INT'L PAPER: Paying US$0.25 Per Share Quarterly Dividends INT'L PAPER: Lower Land Sales Earnings to Impact 3Qtr. Profits INTERNATIONAL PAPER: Earns US$190 Mil. in Quarter Ended June 30 JIANGXI COPPER: Prices A Share at CNY31.3 in Shanghai IPO LAURENTIAN ASIA: Liquidator to Present Wind-Up Report on Nov. 5 MAN CHEONG: Creditors' Meeting Set for October 23 NATIONAL STARCH: Members to Hold Final Meeting on Oct. 29 REGENT BONUS: Members & Creditors to Meet on Oct. 18 SHANGHAI ZENDAI: Moody's Keeps B2 Ratings on Disposal of Assets SHENZHEN SEG: Prepares to Launch Share Offering SUNBEAM REALTY: Members to Hold General Meeting on October 31 TRI-BEST: Members' Final General Meeting Set for Oct. 30 WORLD UNIVERSAL: Annual Meetings Set for October 18 XINHUA FINANCE: Appoints Dr. Chen as Head of Ratings Division YMT OVERSEAS: Liquidator to Give Wind-Up Report on Oct. 30 I N D I A AES CORP: Prices US$2 Billion Private Debt Placement AES CORP: Moody's Rates Proposed US$500MM Sr. Unsec. Notes at B1 AES CORP: S&P Affirms BB- Credit Ratings with Stable Outlook AES CORP: Fitch Rates US$500 Million Senior Notes at BB GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified ICICI BANK: Slashes Interest Rates on Retail Loans STATE BANK OF INDIA: Cuts Interest Rates on Home and Car Loans TATA MOTORS: Enters Into Industrial JV With Fiat Group TATA POWER: To Put in INR6,000 Crore in Jojobera Plant TATA STEEL: Jharkhand Government Extends MOU by Three Years I N D O N E S I A ANEKA TAMBANG: To Buy 10% Stake of Newmont Mining's Gold Mine BANK NEGARA: Pefindo Upgrades Bond I/2003's Rating to "idA" BANK NISP: To Sell Great Eastern Insurance Products in 2008 BANK NISP: Pefindo Upgrades Company Ratings to "idAA-" CILIANDRA PERKASA: Pefindo Assigns "idA-" Company Ratings GOODYEAR TIRE: Extends Procurement Outsourcing Deal with ICG INDAH KIAT: To Import Pulp from Finland and New Zealand GARUDA INDONESIA: To Add 1,096 Seats on Perth-Bali Route J A P A N ALL NIPPON: Says Dreamliner Delivery Delay Has No Huge Impact IHI CORP: Admits Delay in Stating H1 Results is Due to Losses SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit SOJITZ CORP: To Spend AU$250MM for Coal Mine Project w/ Marubeni K O R E A DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal REMY WORLDWIDE: Receives Court Approval on First-Day Motions M A L A Y S I A CNLT (FAR EAST): Defaults on MYR60-Million Bank Loan OCI BERHAD: Unit Placed Under Receivership by CIMB Bank PECD BERHAD: Senior Executive Remains in Jail on Fraud STAR CRUISES: Sale of Superstar Gemini to Conclude Soon SHAW GROUP: Bags Deals fron Army Corps & Dept. of Agriculture SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17 SOLUTIA INC: Named as Co-Defendant in US$685MM Cancer Lawsuits TENGGARA OIL: Faces Malayan Banking's Wind-Up Petition N E W Z E A L A N D BRUCE HAYWARD: Wind-Up Petition Hearing Set for Nov. 12 CATWALK PRODUCTIONS: Court to Hear Wind-Up Petition on Oct. 18 CNI TECH: Court Sets Wind-Up Petition Hearing for Dec. 6 CONSTANT TRENDZ: Fixes October 19 as Last Day to File Claims DALE PROPERTIES: Commences Liquidation Proceedings EMPOWER TRUSTEE: Shareholders Agree on Voluntary Liquidation FORTEC PERFORMANCE: Subject to CIR's Wind-Up Petition LAKE TAUPO: Faces CIR's Wind-Up Petition LDC FINANCE: Secured Investors to Recoup Investment in Full SATCOM TELEVISION: Shareholders Resolve to Liquidate Business SETTLEMENT BEVERAGE: Court to Hear Wind-Up Petition on Oct. 18 P H I L I P P I N E S CHINA BANKING: To Sell Off Remaining 12.5% of Manila Bank NAT'L POWER: Fitch Affirms 'BB' Rating to Fixed Rate Notes * 8-Month Exports Rise 4.8% Despite Declining Figures in August * Measures to Polish Revenue May Cue Positive Outlook, S&P Says S I N G A P O R E AV NEWCO: Requires Creditors to File Proofs of Debt by Nov. 12 DOMINION TEXTILE: Requires Creditors to File Claims by Nov. 4 MANDATE HOLDINGS: Court to Hear Wind-Up Petition on Oct. 19 SEA CONTAINERS: Wants to Allocate Funds to Two Non-Debtor Units SUMMERWIND TRADING: Wind-Up Petition Hearing Set for Oct. 19 T H A I L A N D ARVINMERITOR INC: Signs Six-Year Contract with Electronic Data TRUE CORP: Reports on Conversion of Preferred to Ordinary Shares * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= AKYMAN FINANCIAL: Members and Creditors to Meet on Oct. 19 ---------------------------------------------------------- A final meeting will be held for the members and creditors of Akyman Financial Services Pty Ltd on October 19, 2007, at 10:30 a.m. At the meeting, B. A. Secatore, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: B. A. Secatore Cor Cordis Chartered Accountants 406 Collins Street Melbourne, Victoria 3000 Australia About Akyman Financial Akyman Financial Services Pty Ltd is a distributor of computer peripheral equipments. The company is located at Brighton, in Victoria, Australia. ALL TIMBER: Joint Meeting Set for October 23 -------------------------------------------- The members and creditors of All Timber (Aust) Pty Ltd will hold their joint meeting on October 23, 2007, at 10:30 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Lindholm Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia Telephone:(03) 9600 4922 Facsimile:(03) 9642 5887 About All Timber All Timber (Aust) Pty Ltd is a distributor of lumber and other building materials. The company is located at Sunshine, in Victoria, Australia. BAYVIEW HOTEL: Will Declare First and Final Dividend on Oct. 22 --------------------------------------------------------------- Bayview Hotel Pty Ltd will declare its first and final dividend on October 22, 2007. Creditors who were not able to file their claims by that day will be excluded from sharing the company's dividend distribution. The members will also hold their final meeting on October 29, 2007, at 9:45 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia About Bayview Hotel Bayview Hotel Pty Ltd, which is also trading as Locanda Venta, is in the business of hotels and motels. The company is located at South Melbourne, in Victoria, Australia. J.A.K. NOMINEES: Members Resolve to Liquidate Business ------------------------------------------------------ During a general meeting held on August 31, 2007, the members of J.A.K. Nominees Pty Limited resolved to voluntarily liquidate the company's business. James Patrick Downey was appointed as liquidator. The Liquidator can be reached at: James Patrick Downey J P Downey & Co Level 1, 22 William Street Melbourne, Victoria 3000 Australia JANONA INVESTMENTS: Members to Hear Wind-Up Report on Oct. 29 ------------------------------------------------------------- The members of Janona Investments Pty Ltd will meet on Oct. 29, 2007, at 10:15 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company will also declare the first dividend on October 22, 2007. The company's liquidator is: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia About Janona Investments Janona Investments Pty Ltd operates holding companies. The company is located at Toorak, in Victoria, Australia. JOHN REEVES: To Declare First & Final Dividend on Oct. 22 --------------------------------------------------------- John Reeves Pty Ltd will declare its first and final dividend on October 22, 2007. Creditors must file their proofs of debt by that day to be included in the company's dividend distribution. The company's members will also hold a meeting on Oct. 29, 2007, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia About John Reeves John Reeves Pty Ltd operates auto and home supply stores. The company is located at Yarrawonga, in Victoria, Australia. MAINEX PTY: Members to Hold Final Meeting on October 29 ------------------------------------------------------- The members of Mainex Pty Ltd will hold a final meeting on October 29, 2007, at 10:45 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. Creditors are also required to file their proofs of debt by October 22, 2007, to be included in the company's dividend distribution that will be held on that day. The company's liquidator is: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham, Victoria 3192 Australia About Mainex Pty Mainex Pty Ltd operates metals service centers and offices. The company is located at North Sydney, in New South Wales, Australia. PERTWEE PRODUCTIONS: Sets Final Meeting for October 19 ------------------------------------------------------ Pertwee Productions Pty Ltd will hold its final meeting on October 19, 2007, at 10:00 a.m. At the meeting, A. L. Dunner, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: A. L. Dunner Andrew Dunner & Associates Chartered Accountants 23 Erin Street, Richmond Australia About Pertwee Productions Pertwee Productions Pty Ltd provides business services. The company is located at St Kilda, in Victoria, Australia. RISCHITELLI TRANSPORT: Members & Creditors to Meet on Oct. 11 ------------------------------------------------------------- A joint meeting will be held for the members and creditors of Rischitelli Transport Pty Ltd on October 11, 2007, at 10:00 a.m. At the meeting, John Lindholm, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: John Lindholm Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia Telephone:(03) 9600 4922 Facsimile:(03) 9642 5887 About Rischitelli Transport Rischitelli Transport Pty Ltd is involved in the business of trucking, except local. The company is located at Fairfield, in Victoria, Australia. SOUTH EASTERN: Sets Joint Annual & Final Meeting on October 18 -------------------------------------------------------------- South Eastern Elastomers Pty Ltd will hold a joint annual and final meeting for its members on October 18, 2007, at 10:00 a.m. At the meeting, the members and creditors will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: G. M. Rambaldi Pitcher Partners Level 19, 15 William Street Melbourne, Victoria 3000 Australia About South Eastern South Eastern Elastomers Pty Ltd is a distributor of fabricated rubber products. The company is located at Dandenong, in Victoria, Australia. SUNCORP-METWAY: Tightens Guidance on Sterling Bond -------------------------------------------------- Suncorp-Metway Ltd. has tightened guidance on its planned GBP325 million 10-year lower tier 2 bond, callable after five years, reports Reuters. The company, Reuters says, tightened guidance to mid-swaps plus 95 basis points from initial guidance of mid-swaps plus 100 to 105 basis points. Reuters, citing an official at one of the banks managing the sale, conveys that the deal is expected to be launched and priced later on Wednesday. Joint lead managers for the deal are JP Morgan and UBS. About Suncorp-Metway Brisbane, Australia-based Suncorp-Metway Ltd. -- http://www.suncorp-metway.com.au/-- is engaged in retail and business banking, general insurance, life insurance, superannuation and funds management with a focus on retail consumers and small to medium businesses. Its brand offering includes Suncorp and GIO, with GIO being the main insurance brand outside of Queensland. On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's Individual Rating. Subsequently, on May 4, 2007, Moody's Investors Service rated Suncorp-Metway's bank financial strength a 'B-'. * Credit Quality of Materials & Energy Sector Cools, S&P Says ------------------------------------------------------------- Credit quality across Australia's materials and energy sectors is expected to remain subdued in the near term, even though many companies are benefiting from the ongoing resources boom, Standard & Poor's Ratings Services said in a report published on October 10, 2007. The report, titled "Industry Report Card: Red-Hot Miners Buoy Australian Materials And Energy Sector, But Credit Quality Cools", examines the credit profiles of companies operating in the following sectors: building products, construction and engineering, packaging, chemicals, mining and metals, and oil and gas. "A range of factors are keeping a firm lid on credit quality," Standard & Poor's credit analyst Peter Stephens said. "For example, debt-funded M&A, rising capital expenditure, and shareholder friendly capital-management initiatives are soaking up excess liquidity generated by higher commodity prices. At the same time, rising costs for energy, shipping, skilled labor, and other inputs are adding further pressure." Although rating downgrades are likely to continue to outpace upgrades in the near term, we expect financial policies and credit metrics among the majority of the industry's rated players to remain relatively sound and supportive of underlying credit quality. Furthermore, although global credit markets have tightened in the past six months, most of Australia's rated materials and energy corporates have adequate or strong liquidity to meet any upcoming debt maturities and capital- spending requirements. ================================ C H I N A & H O N G K O N G ================================ AGRICULTURAL BANK: Plans to Cut Ownership in Rural Branches ---------------------------------------------------------- Agricultural Bank of China may move some of its 14,500 rural branches to independent companies in order to speed up a government bailout and sell shares for the first time, Bloomberg News reports. According to the report, the bank plans to reduce its ownership in unprofitable offices to trim delinquent debt, a draft of a government proposal obtained by Bloomberg News reveals. The draft proposal, which is being reviewed by the State Council and was translated by Bloomberg News, didn't indicate who will take stakes in the new companies that own the branches. Agricultural Bank spokesman Liu Hengbao said he's unaware of the document. Agricultural Bank had almost 500,000 employees and 25,000 branches at the end of last year. That compares with 351,000 workers and 18,000 outlets for ICBC, the country's third-largest company by market value, whose assets are 42% bigger than those of Agricultural Bank. By separating offices in cities from rural areas and reorganizing 7,250 branches, Agricultural Bank can reduce employees and cut as much as CNY11 billion (US$1.5 billion) of costs a year, the proposal said. The firm earned CNY5.8 billion in 2006. The company would keep rural branches in more profitable areas. Those in the less-developed northeastern region near North Korea, the Midwest and the least-developed western parts close to Nepal, will become independent, according to the document. Rural operations contribute "very little" to profit, Vice President Han Zhongqi said at a press conference in February. The restructuring proposal said the independent banks in the countryside will receive government support, without being more specific. China, according to Bloomberg, has spent about US$500 billion bailing out its biggest lenders over the past decade. The three largest -- Industrial & Commercial Bank of China Ltd., Bank of China Ltd., and China Construction Bank Corp. -- raised a combined US$53 billion selling shares in the past two years. Agricultural Bank's cleanup has been delayed because 235 of its loans aren't getting paid, according to its latest annual report. "It allows the restructuring to proceed quickly to the next stage," said Liao Qiang, a Beijing-based analyst at Standard & Poor's. "There are still uncertainties about any responsibility to aid subsidiaries suffering difficulties." Agricultural Bank's bad-loan ratio is four times the average of its Chinese rivals, according to data from the industry regulator and annual reports, the news agency reveals. Its cost-to-income ratio exceeds 50 percent, compared with about 40 percent at competitors. Standard & Poor's estimates the government may have to spend US$200 billion to bail out the company by removing bad loans and injecting capital. That's almost double what China spent recapitalizing ICBC in 2005. China's cabinet decided in December to keep Agricultural Bank whole rather than break it up to preserve financial services to farmers. The new proposal would allow the government to keep its commitment and the bank would remain the biggest shareholder in its local network. The Agricultural Bank of China -- http://www.abchina.com/en/hq/index.jsp/index.html-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of last year. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. AGRICULTURAL BANK: Issues CNY12 Bil. Bonds Thru Public Bidding -------------------------------------------------------------- The Agricultural Bank of China issued the 17 batch of financial bonds valued at CNY12 billion this year by public bidding, Thomson Financial reports. The financial bonds issued have a term of three years and will have floating interest rates. The benchmark interest rate for bonds issued this time will be the five-day average of Shibor in three months, and the interest will be paid quarterly. The Agricultural Bank of China -- http://www.abchina.com/en/hq/index.jsp/index.html-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of last year. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. BALL CORP: Reports Settlement Over Breach of Contract Dispute ------------------------------------------------------------- Ball Corporation has announced today that Ball Metal Beverage Container Corp. and Miller Brewing Company had settled their dispute regarding an alleged breach of contract by Ball Metal. Under the settlement, Ball Metal will continue to supply all of Miller's beverage can and end requirements through 2015. Miller Brewing Co. is one of Ball Metal's largest customers. Ball Metal will make a one-time payment to Miller in January 2008 of approximately US$70 million to resolve various business issues between the parties, who have also agreed to make certain adjustments to the provisions of Ball Metal's supply arrangements with Miller. Further details of the settlement are confidential. The overall settlement will result in a third quarter charge to Ball of approximately US$86 million (approximately US$52 million after tax). "We are pleased to have this dispute behind us and that the good faith mediation process resulted in this settlement," said R. David Hoover, chairman, president and CEO of Ball Corporation. "We value Miller Brewing Company's business and are proud to have been a past recipient of numerous supplier awards from Miller. We look forward to performing to the same high level that merited these awards during the remaining eight-plus years of our contract." Ball Corporation is a supplier of high-quality metal and plastic packaging products for beverage, food and household customers, and of aerospace and other technologies and services, primarily for the U.S. government. Ball Corporation and its subsidiaries employ more than 15,500 people worldwide and reported 2006 sales of US$6.6 billion. Headquartered in Broomfield, Colorado, Ball Corp. -- http://www.ball.com/-- is a supplier of high-quality metal and plastic packaging products. It owns Ball Aerospace & Technologies Corp. -- a developer of sensors, spacecraft, systems and components for government and commercial customers. Ball Corp. reported sales of US$5.7 billion in 2005 and the company employs about 13,100 people worldwide, including Argentina, Hong Kong and China. * * * As of July 30, 2007, the company holds Moody's Ba1 long-term corporate family rating, bank loan debt, senior unsecured debt, and probability of default rating. Moody's said the outlook is stable. Standard & Poor's rates the company's long-term foreign and local issuer credits at BB+ with a stable outlook. Fitch also rates the company's bank loan debt at BB+ and long- term issuer default rating and senior unsecured debt at BB. Fitch said the outlook is stable. EASTERN WOOD: Annual Meeting Set for Oct. 18 -------------------------------------------- The members and creditors of Eastern Wood Investment Limited will hold their annual meeting on October 18, 2007, at 9:15 a.m. and 10:30 a.m., respectively. At the meeting, the members and creditors will receive a report on the company's wind-up proceedings and property disposal. The meeting will be held at the 27th Floor of Alexandra House, 18 Chater Road, in Central, Hong Kong. EMI GROUP: Converts US$243 Million Guaranteed Bonds --------------------------------------------------- EMI Group Finance (Jersey) Limited announced Oct. 8, 2007, that all of the outstanding US$243,343,000, 5.25% guaranteed convertible bonds due 2010 have been converted in accordance to the terms and conditions of the bonds. The bonds were guaranteed by EMI Group Ltd. (fka. EMI Group Plc) and Capitol Records, Inc. and convertible into 5.25% exchangeable redeemable preference shares of EMI Group Finance (Jersey) Ltd., which are immediately exchangeable for ordinary shares in EMI Group Ltd. The bonds will be delisted from the London Stock Exchange and there are no further bonds outstanding. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. The company issued two profit warnings since January 2007. * * * As reported on Aug. 6, 2007, Moody's Investors Service downgraded EMI Group plc's corporate family and senior debt ratings to B1 (from Ba3). All ratings remain under review for downgrade. Ratings downgraded to B1 (under review for further downgrade) are: EMI Group plc -- CFR and the ratings of the 8.25% GBP bonds due 2008 and the 8.625% Euro notes due 2013 Capitol Records Inc. (gtd. by EMI Group plc) -- the rating of the 8.375% guaranteed notes due 2009. All ratings remain under review for possible downgrade. Maltby has not yet signaled whether any of the rated instruments are expected to form part of EMI's capital structure to the extent they remain outstanding under their terms. Moody's ongoing review will now be focused on : (i) the new entity's capital structure and financial policies (ii) the relative position of the rated instruments within the new capital structure and their relative ranking amongst each other and relative to other classes of debt (to the extent they remain outstanding) and (iii) the outlook for the global music markets and the company's operational plans. In February 2007, Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on U.K.-based music group EMI Group PLC to 'BB-' from 'BB'. The 'B' short-term rating was affirmed. At the same time, the long-term corporate credit rating and debt ratings were put on CreditWatch with negative implications. FERRO CORP: Opens Solar Paste Production Facility in China ---------------------------------------------------------- Ferro Corporation will begin construction in fourth quarter 2007 on a 16,500-square-meter (177,604-square-foot) facility in Suzhou, China, where it will produce aluminum pastes for the Southeast Asia solar cell manufacturing market. The new site is expected to begin production in the third quarter of 2008 and will include expansion capacity to accommodate expected growth of Ferro Electronic Material Systems' business positions in China and Asia for products such as silver pastes, surface technology products, multi-layer materials, electronic glass, and precious metal powders. "Ferro currently is the leading supplier of conductive pastes to the worldwide solar industry," noted Barry Russell, Vice President, Electronic Material Systems. "This project positions us to better serve the booming Southeast Asian market, where solar cell production is forecast to grow at over 40% through 2011. A local site will allow us to more cost-efficiently produce and deliver our high-demand aluminum pastes to the market. It is yet another step in our key strategy to move support closer to our customers." Russell noted that this new production capability will be complimented by Ferro's existing local applications laboratories in Suzhou and in Tsukuba, Japan, which serve customers with custom paste production, technical support and application problem solving. Ferro's new solar paste production site will adjoin other Ferro facilities in the Suzhou Industrial Park, where the company currently produces frits and colors used in tile and porcelain enamel coatings and electrolytes used in the manufacture of lithium batteries and other specialty chemical products. Ferro Electronic Material Systems has been supplying high-value conductive pastes to the solar industry for more than 25 years. About Ferro Electronic Ferro Electronic Material Systems produces metal pastes and powders for solar energy applications, advanced packaging and thick film conductors; chemical mechanical planarization slurries for semiconductors and advanced integrated circuits; dielectrics used in passive chip components and multilayer ceramic capacitors; and surface finishing materials for LCD, hard disk and ophthalmic lens polishing. Ferro Electronic Material Systems is based in Cleveland, and has production, laboratory, sales, and technical support facilities around the world, including Vista, CA; Penn Yan and Niagara Falls, NY; South Plainfield, NJ; Haverhill, United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba, Japan; and Suzhou, China. About Ferro Corp. Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a global producer of an array of specialty chemicals including coatings, enamels, pigments, plastic compounds, and specialty chemicals for use in industries ranging from construction, pharmaceuticals and telecommunications. Ferro operates through the following five primary business segments: Performance Coatings, Electronic Materials, Color and Performance Glass Materials, Polymer Additives, and Specialty Plastics. Revenues were US$2 billion for the FYE ended Dec. 31, 2006. Ferro Corp. has global locations in Argentina, Australia, Belgium, Brazil, China, among others. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Moody's Investors Service assigned a B1 corporate family rating to Ferro Corporation. Moody's also assigned a B1 rating to the company's US$200 million senior secured notes (issued as unsecured notes in 2001) due in January 2009 and an SGL-3 speculative grade liquidity rating. HERCULES INC: Earns US$34.5 Million in Second Qtr. Ended June 30 ---------------------------------------------------------------- Hercules Incorporated reported net income for the quarter ended June 30, 2007, of US$34.5 million as compared to a net loss of US$52.3 million for the second quarter of 2006. Net sales in the second quarter of 2007 were US$549.0 million, an increase of 10% from the same period last year. Net sales for the six months ended June 30, 2007 were US$1.05 billion, an increase of 10% from the prior year, excluding the impact of the FiberVisions transaction. For the second quarter, volume and pricing increased by 7% and 1%, respectively. Rates of exchange increased sales by 3% during the quarter, while mix was 1% unfavorable. Net sales in the second quarter of 2007 increased in all major regions of the world versus the prior year. Sales increased 4% in North America, 18% in Latin America, 15% in Europe, and 11% in Asia Pacific. Reported profit from operations in the second quarter of 2007 was US$74.5 million, an increase of 14% compared with US$65.6 million for the same period in 2006. Cash flow from operations for the six months ended June 30, 2007, was US$140.5 million as compared to US$64.0 million for the same period last year. The company has now received US$221.7 million, including US$23.2 million in July, of a total US$240 million in expected federal and state tax refunds. The company also paid US$124 million in May 2007 in connection with the Vertac litigation. "The second quarter results demonstrate continued strong sales, earnings and cash flow growth," said Craig A. Rogerson, president and chief executive officer. "Both business franchises, Aqualon and Paper Technologies and Ventures, continue to deliver solid performance." Interest and debt expense was US$17.8 million in the second quarter of 2007, an increase of US$1.1 million or 7% compared with the second quarter of 2006, reflecting increased variable short term rates, partially offset by lower outstanding debt balances and improved debt mix. Net debt was US$721.2 million at June 30, 2007, a decrease of US$102 million from year-end 2006. Cash and cash equivalents were US$237.9 million at June 30, 2007, as compared to US$171.8 million at year-end 2006. Capital spending was US$53.8 million for the first six months of the year as compared to US$22.9 million in the same period last year. The increase in spending is directed toward growth and expansion projects in our businesses globally. Balance Sheet At June 30, 2007, the company's consolidated balance sheet showed US$2.77 billion in total assets, US$2.36 billion in total liabilities, and US$403.5 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?241f About Hercules Inc. Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures and markets chemical specialties globally for making a variety of products for home, office and industrial markets. The company has its regional headquarters in China and Switzerland, and a production facility in Brazil. * * * As reported in the Troubled Company Reporter-Latin America on July 2, 2007, Standard & Poor's Ratings Services revised its outlook on Wilmington, Delaware-based Hercules Inc. to positive from stable and affirmed the existing 'BB' corporate credit rating. HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion ------------------------------------------------------------- Hexcel Corporation will expand its carbon fiber production capacity through the addition of both new carbon fiber lines and a new precursor line. The construction will be completed within two years, increasing Hexcel's carbon fiber production nameplate capacity by approximately 70% to a total of about 16 million pounds. The expansion is needed to meet existing customer forecasts in commercial aerospace, space & defense and strategic industrial applications such as the recently announced contract for rotor tubes for the American Centrifuge Plant. Commenting on the expansion investment, Mr. David E. Berges, Hexcel's Chairman and Chief Executive Officer said, "We are excited by the accelerating demand for carbon fiber composites, driven by market growth and the increasing penetration of these materials, particularly in commercial aerospace. As a world leader in advanced structural materials, Hexcel is committed to supporting this growth through product development and capacity expansion. The expansion will cost about US$180 million spread over 2007, 2008 and 2009. Our team has done an outstanding job on our first expansion, and the knowledge gained has enabled us to continue to drive down capital costs per pound and shorten the time for construction and qualification." Headquartered in Stamford, Connecticut, Hexcel Corporation (NYSE: HXL) -- http://www.hexcel.com/-- is an advanced structural materials company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications. The company has operations in Australia, Brazil, China, France, Japan, among others. * * * As reported in the Troubled Company Reporter on April 5, 2007, Moody's Investors Service has raised the ratings of Hexcel Corporation, Corporate Family Rating to Ba3 from B1. The ratings on Hexcel's senior secured credit facility have been upgraded to Ba1 from Ba2, while the subordinated notes ratings were upgraded to B1 from B3. Moody's said the ratings outlook is stable. HONG KONG FUJIDENKI: Members' General Meeting Set for Oct. 31 ------------------------------------------------------------- The members of Hong Kong Fujidenki Co. Limited will hold their final general meeting on October 31, 2007, at 11:00 a.m., at the 20th Floor of Prince's Building, in Central, Hong Kong. At the meeting, Rainier Lam Hok Chung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. INTELSAT LTD: Inks National Hockey Network Transmission Pact ------------------------------------------------------------ Intelsat Ltd. has signed a contract with the National Hockey League Network for distribution services of its new HD channel. The NHL Network transmission agreement is for full-time Intelsat capacity throughout the continental United States. The NHL Network, the League's 24-hour HD sports network, will transmit via Intelsat's Galaxy 15 satellite, located at 133 degree W. Intelsat's Galaxy 15 satellite resides within Intelsat's Galaxy neighborhood, and reaches thousands of cable headends, making it ideal for this channel launch. "Key cable distribution access is paramount for us as we begin the launch campaign for our HD channel," said Patti Fallick, NHL Group Vice President of Media Operations and Planning. "Intelsat's flexible network, market access and in-orbit redundancy helps ensure near- and long-term business growth for our new channel." "High Definition is truly at its tipping point and its growth continues to be fueled by sports programming," said Ron Rosenthal, Intelsat's Regional Vice President, Broadcast Solutions. "Our ability to tailor customized solutions for both full-time and occasional use HD and SD video services is what continues to set us apart from other operators." The NHL Network joins a list of anchor tenants, such as FOX, ESPN and HBO, who rely on Intelsat's Galaxy neighborhood for transmission of their HD programming. Globally, Intelsat currently supports more than 26 HD channels. Intelsat, headquartered in Bermuda, is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. Intelsat has sales offices in Australia, China, Japan, and Singapore. As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Moody's Investors placed the long-term debt ratings of the Intelsat Ltd. group of companies on review for possible downgrade. Issuer: Intelsat (Bermuda), Ltd. -- Senior Unsecured Bank Credit Facility, Placed on Review for Possible Downgrade, currently B2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Intelsat Corporation -- Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Secured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2 Issuer: Intelsat Holding Corporation -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Intelsat Intermediate Holding Company, Ltd. -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B3 Issuer: Intelsat Subsidiary Holding Co. Ltd. -- Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2 Issuer: Intelsat, Ltd. -- Probability of Default Rating, Placed on Review for Possible Downgrade, currently B2 -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently B2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Outlook Actions: Issuer: Intelsat, Ltd. -- Outlook, Changed To Rating Under Review From Stable As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings on Rating Watch Negative: -- Issuer Default Rating 'B'; -- Senior unsecured notes 'CCC/RR6'. Fitch also placed the ratings of Intelsat's subsidiaries on Rating Watch Negative. Fitch placed these ratings of Intelsat subsidiaries on Rating Watch Negative: Intelsat (Bermuda), Ltd. -- Issuer Default Rating 'B'; -- Senior unsecured guaranteed notes 'BB-/RR2'; -- Guaranteed Term Loan 'BB-/RR2'; -- Senior unsecured non-guaranteed notes 'CCC+/RR6'. Intelsat Intermediate Holding Company, Ltd. (Int Holdco) -- Issuer Default Rating 'B'; -- Senior unsecured discount notes 'B-/'RR5'. Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco) -- Issuer Default Rating 'B'; -- Senior secured credit facilities 'BB/RR1'; -- Senior unsecured notes 'BB-/RR2'. Intelsat Corporation (f/k/a PanAmSat Corporation) -- Issuer Default Rating (IDR) 'B'; -- Senior secured credit facilities 'BB/RR1'; -- Senior secured notes 'BB/RR1'; -- Senior unsecured notes 'B/RR4'. As reported in the Troubled Company Reporter-Latin America on June 21, 2007, Standard & Poor's Ratings Services lowered its ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated entities, including the corporate credit rating, which was lowered to 'B+' from 'BB-'. All ratings were immediately placed on CreditWatch with negative implications. INT'L PAPER: Paying US$0.25 Per Share Quarterly Dividends --------------------------------------------------------- International Paper has declared a regular quarterly dividend of US$0.25 per share for the period from Oct. 1, 2007, to Dec. 31, 2007, inclusive, on its common stock. This dividend is payable on Dec. 14, 2007, to holders of record at the close of business on Nov. 16, 2007. The company also declared a regular quarterly dividend of US$1 per share for the period from Oct. 1, 2007, to Dec. 31, 2007, inclusive, on its preferred stock. This dividend is also payable on Dec. 14, 2007, to holders of record at the close of business on Nov. 16, 2007. About International Paper Headquartered in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is an uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, Asia and North Africa. International Paper employs approximately 54,000 people in more than 20 countries, including China, and serves customers worldwide. * * * International Paper Co. carries Moody's Investors Service's Ba1 senior subordinate rating and Ba2 Preferred Stock rating. INT'L PAPER: Lower Land Sales Earnings to Impact 3Qtr. Profits -------------------------------------------------------------- International Paper disclosed Tuesday that third-quarter earnings will be less than analysts' consensus estimates due to lower land sales than previously estimated in the quarter. While the company previously estimated that third-quarter land sales earnings would be approximately US$110 million to US$140 million, it now expects third-quarter land sales earnings of approximately US$100 million and full-year 2007 land sales earnings in the range of US$450 million to US$500 million. Separately, the company announced that fourth-quarter earnings from its recently completed 50:50 joint venture with Ilim Group will be included in International Paper's first-quarter 2008 financial statements; thereafter, the company will continue to report the joint venture results on a one-quarter lag. About International Paper Headquartered in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is an uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, Asia and North Africa. International Paper employs approximately 54,000 people in more than 20 countries, including China, and serves customers worldwide. * * * In December 2005, Moody's Investors Service placed International Paper Co.'s senior subordinate rating at 'Ba1'. The rating still holds to date with a stable outlook. INTERNATIONAL PAPER: Earns US$190 Mil. in Quarter Ended June 30 --------------------------------------------------------------- International Paper reported second-quarter 2007 net earnings of US$190 million compared with net earnings of US$83 million in the second quarter of 2006. Earnings from continuing operations and before special items in the second quarter of 2007 were US$223 million, compared with US$145 million in the second quarter a year ago. Quarterly net sales were US$5.3 billion, down slightly from US$5.7 billion in the second quarter of 2006, primarily reflecting 2006 sales from the U.S. coated papers business, which was sold in August 2006. Industry segment operating profits rose to US$572 million for the 2007 second quarter versus US$552 million in the second quarter of 2006. The increase reflects continued strong average price realizations and solid manufacturing operations. "We had a solid second quarter, our best since 2000," said International Paper chairman and chief executive officer John Faraci. "We're seeing continued margin expansion quarter-to- quarter, because of solid operations improvement, improved pricing and stable volumes. In our business outside North America, demand for papers and packaging continues to grow. Earnings were impacted somewhat by higher raw material costs, planned maintenance outage costs, and expenses at our Pensacola, Fla., mill related to maintenance and the conversion of a paper machine to lightweight linerboard production; however, those factors were offset by ongoing results of profit-improvement initiatives." Commenting on the third quarter of 2007, Faraci said, "We expect somewhat stronger earnings from continuing operations, with continued cost reduction and pricing improvement in some markets, including pulp and packaging, as well as higher land sales. Input costs will remain high, but we anticipate continued operations improvement and cost reduction across our global manufacturing base, as well as lower mill maintenance shutdown expenses in the quarter." The effective tax rate from continuing operations and before special items for the second quarter of 2007 was 29%, compared with a tax rate of 34% in the second quarter of 2006. The 2007 second-quarter rate includes US$7 million of benefits related to tax audit settlements and other matters during the quarter. Discontinued Operations Discontinued operations for the 2007 second quarter include pre- tax charges of $11 million for adjustments related to the previously sold wood products and beverage packaging businesses, and the second-quarter operating losses of these businesses. Discontinued operations for the 2006 second quarter included a US$16 million pre-tax charge to reduce the carrying value of the kraft papers business to its estimated fair value, and the second-quarter operating results of the kraft papers, wood products, beverage packaging and Brazilian coated papers businesses. Special Items Special items in the second quarter of 2007 consisted of a US$26 million pre-tax charge for organizational restructuring programs associated with the company's transformation plan, including US$17 million of accelerated depreciation expense for long-lived assets being removed from service, and a pre-tax gain of US$1 million, for adjustments to estimated losses on sales of businesses previously sold. Special items in the second quarter of 2006 included a pre-tax charge of US$53 million consisting of US$49 million for severance and other charges associated with the company's transformation plan and a US$4 million pre-tax charge for legal settlements, a pre-tax credit of US$62 million for gains on sales of U.S. forestlands included in the transformation plan, and a pre-tax loss of US$137 million on sales and impairments of businesses held for sale. Balance Sheet At June 30, 2007, the company's consolidated balance sheet showed US$23.15 billion in total assets, US$15.31 billion in total liabilities, US$242 million in minority interest, and US$7.60 billion in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?2429 About International Paper Headquartered in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is an uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, Asia and North Africa. International Paper employs approximately 54,000 people in more than 20 countries, including China, and serves customers worldwide. * * * In December 2005, Moody's Investors Service placed International Paper Co.'s senior subordinate rating at 'Ba1'. The rating still holds to date with a stable outlook. JIANGXI COPPER: Prices A Share at CNY31.3 in Shanghai IPO --------------------------------------------------------- Jiangxi Copper priced its Shanghai initial public offering at CNY31.3 per A share, to raise almost CNY4 billion, Infocast News reports. The net proceeds from the Shanghai IPO is projected to be at CNY3.95 billion. Infocast recounts that as at September 22, its parent Jiangxi Copper Company (JCC) transferred assets in the amount of CNY1.79 billion to subscribe for 57.039 million A Shares at CNY31.30 per share. Jiangxi Copper Company Limited -- http://www.jxcc.com/english/enjtgs/enindex.htm-- is an integrated producer of copper in the People's Republic of China. The company's operations consist of copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver. It also provides smelting and refining services pursuant to tolling arrangements for customers. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. LAURENTIAN ASIA: Liquidator to Present Wind-Up Report on Nov. 5 --------------------------------------------------------------- Laurentian Asia Limited will hold the final general meeting for its members on November 5, 2007, at 10:00 a.m., at Level 28 of Three Pacific Place, 1 Queen's Road, in East, Hong Kong. At the meeting, Yeung Betty Yuen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MAN CHEONG: Creditors' Meeting Set for October 23 ------------------------------------------------- The creditors of Man Cheong Construction Engineering Company Limited will meet on October 23, 2007, at 4:00 p.m., for the purposes mentioned in sections 241, 242, 243, 244 and 255A of the Companies Ordinance. The meeting will be held at Room B, 4th Floor of Kiu Fu Commercial Building, 300 Lockhart Road, in Wanchai, Hong Kong. NATIONAL STARCH: Members to Hold Final Meeting on Oct. 29 --------------------------------------------------------- National Starch & Chemical Limited will hold a meeting for its members on October 29, 2007, at 10:00 a.m., at the 8th Floor of Gloucester Tower, The Landmark, 15 Queen's Road, in Central, Hong Kong. REGENT BONUS: Members & Creditors to Meet on Oct. 18 ---------------------------------------------------- An annual meeting will be held for the members and creditors of Regent Bonus Investment Limited on October 18, 2007, at 9:30 a.m. and 11:00 a.m., respectively, at the 27th Floor of Alexandra House, 18 Chater Road, in Central, Hong Kong. At the meeting, Jacky CW Muk, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SHANGHAI ZENDAI: Moody's Keeps B2 Ratings on Disposal of Assets --------------------------------------------------------------- On October 11, 2007, Moody's Investors Service has affirmed Shanghai Zendai Property Limited's B2 corporate family and senior unsecured bond ratings. The outlook on both ratings is stable. The affirmation follows the company's announcement of the acquisition of the remaining 20% interest in Shanghai Zendai Real Estate Company Limited for CNY305 million from the chairman, who will in return inject CNY370 million into Shanghai Zendai Himalaya Real Estate Company Limited, which owns a commercial project in Pudong, Shanghai. As a result, Zendai's interest in HLCL will be diluted from 48% to 30%. As part of the transaction, the chairman will receive a special dividend of CNY75 million from Zendai Land. "Zendai Land will be wholly owned by Zendai after the acquisition and this could alleviate part of the original concern over possible risk of fund leakage," says Kaven Tsang, Moody's lead analyst for Zendai, adding, "Nevertheless, the company's small-scale operation, geographic concentration, and potentially material amount of related-party transactions will continue to restrain the rating at the current level. "Zendai's overall financial profile will remain largely unaffected, as the acquisition and dividend payment will mostly be funded by internal reserves," says Tsang. New capital injection by the chairman into HLCL could help lower the company's immediate financing requirements, but additional debts would be drawn over the medium term as the development progresses. Shanghai Zendai Property Limited is a property developer focusing on mid-to-high end residential and commercial developments in the Yangtze River Delta area, mainly in Shanghai. The company is also developing residential and commercial projects in Jilin and Changchun. Currently, it has a development land bank with an attributable gross floor area ("GFA") of around 2.95 million sqm, around 1 million sqm of which is fully paid and with land ownership certificates. SHENZHEN SEG: Prepares to Launch Share Offering ----------------------------------------------- Shenzhen Seg Samsung Glass Co., Ltd., a joint venture between South Korean electronics giant Samsung and China Shenzhen Seg Group, disclosed its share reform plan on October 7. According to the plan obtained by China Business Daily, the Shenzhen-listed company plans to distribute 3.1605 shares to every ten shares to its tradable shareholders and offer 0.1758 shares to every ten shares to Samsung Corning Investment Co., Ltd. and Samsung Corning (Malaysia) SDN BHD, two of the company's non-tradable shareholders, on the base of the capital reserve and capital stock by June 30, 2007. The delayed plan should be mainly attributed to the price of the shares, revealed a senior executive of the company, stating it is difficult for the company's domestic and foreign shareholders to come to a conclusion on the final price of the shares. Samsung Corning Co., Ltd., which takes a 35.46% stake in Shenzhen Samsung Glass, is the controlling shareholder of the company. Headquartered in Shenzhen, China, Shenzhen Seg Samsung Glass Co., Ltd. -- http://www.ssg.com.cn/-- is principally engaged in the manufacture and sale of colored glass substrates for color televisions and computer display panels. The company offers its products under two categories: color picture tube (CPT) glass substrates, including 20-inch, 21-inch and 25-inch models, and cathode ray display terminal (CDT) glass substrates, including 14-inch, 15-inch and 17-inch models. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating on October 28, 2005. SUNBEAM REALTY: Members to Hold General Meeting on October 31 ------------------------------------------------------------- Sunbeam Realty Development Limited will hold a final general meeting for its members on October 31, 2007, at 11:00 a.m., at the 11th Floor of South China Building, 1 Wyndham Street, in Central, Hong Kong. At the meeting, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. TRI-BEST: Members' Final General Meeting Set for Oct. 30 -------------------------------------------------------- A final general meeting will be held for the members of Tri-Best Limited on October 30, 2007, at 3:00 p.m., at Room 901, One Hysan Avenue, in Causeway Bay, Hong Kong. At the meeting, Chiu Man Wai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WORLD UNIVERSAL: Annual Meetings Set for October 18 --------------------------------------------------- An annual meeting will be held for the members and creditors of World Universal Investment Limited on October 18, 2007, at 9:45 a.m. and 11:30 a.m., at the 27th Floor of Alexandra House, 18 Chater Road, in Central, Hong Kong. At the meeting, the members and creditors will hear the liquidator's report on the company's wind-up proceedings and property disposal. XINHUA FINANCE: Appoints Dr. Chen as Head of Ratings Division ------------------------------------------------------------- Xinhua Finance Limited, on October 11, 2007, appointed Dr. Chen Chung-Hsing as head of its Ratings Service Line. He also takes a position as vice-chairman of Shanghai Far East Credit Rating, a Chinese credit ratings agency and an affiliated company of Xinhua Finance since 2005. Dr. Chen joins XFL from Bank of Overseas Chinese Leasing Co. in Taiwan where he was chairman and president. He has strong experience as a regulator, academician and senior executive at various leading financial institutions. Dr. Chen's expertise in ratings is evidenced by his establishment in 1997 of Taiwan Ratings Corporation (TRC), Taiwan's first ratings agency, now 51% controlled by Standard and Poor's, and in 2001 his pioneering effort as one of the founding members of the Asian Association of Credit Rating Agencies. Within four years of their launch, TRC's ratings were recognized by 90% of the financial institutions in Taiwan and endorsed by related local government bureaus. Dr. Chen served as president and chief executive officer of TRC from founding until 2003. Following that, he worked in various senior executive positions at leading financial conglomerate Fuhwa, including president of its financial consulting group, chairman of its asset management company and president of its commercial bank. In 2005, he joined the Bank of Overseas Chinese Leasing. In his new roles, Dr. Chen will be responsible for strengthening Xinhua Finance's capabilities in providing ratings assessments and opinions on Chinese companies and sectors to financial institutions. Dr. Chen possesses extensive expertise in the financial services sector, particularly in fixed income and credit. Throughout his career, he has been instrumental in promoting the development of Taiwan's bonds and futures markets, furthering financial policy research and strengthening the operations of the various top institutions for which he has served. XFL CEO Ms. Fredy Bush said, "We are pleased to be joined by Dr. Chen Chung-Hsing, whose leadership in Taiwan's credit markets and pioneering spirit are a perfect supplement to Xinhua Finance's own endeavors. His expertise will be of special importance to Xinhua Finance as we continue to roll out and refine ratings and research offerings that are fashioned to meet the evolving conditions in China's bond and credit markets." Dr. Chen will oversee the further integration of Xinhua Finance and Shanghai Far East, as ratings committee head of their collaborative ratings venture, Xinhua Far East China Ratings ("XFE"). He will play a key role in shaping both SFE and XFE's macro-economic views in China and expanding its research and commentary on the country's rapidly growing sectors and individual companies. He is appointed to advance the company's efforts in undertaking strategic initiatives that promote market transparency and efficiency in China amidst the backdrop of its liberalizing credit markets. Dr. Chen said, "It is a pleasure to join Xinhua Finance, an organization that has worked to improve information disclosure practices in China. The ratings processes and analytic framework of Xinhua Finance, developed through the collaborative venture Xinhua Far East, are well grounded in international standards. XFE's competitive advantage lies in its ability to derive independent, objective and forward-looking ratings assessments and timely updates, which are based on Xinhua Finance's comprehensive economic and corporate data." As of the second quarter of 2007, Xinhua Far East has provided ratings based on public information for 107 of China's largest domestically and overseas-listed corporations. XFE aims to provide a definitive stance on the credit profile of Chinese securities issuers, enabling market participants to model the risks of investment or lending. XFE specializes in issuing national scale ratings to provide greater differentiation among issuers within China, regardless of the country ranking on a global basis. Other positions Dr. Chen has held include president of Taiwan's Securities & Futures Institute, general counsel at Taiwan's Securities and Exchange Commission and associate professor at the Graduate School of Risk Management and Insurance of National Chengchi University. He was also very active in promoting standards for just, efficient and sound capital markets in developing countries, including China, while chairing various committees of the International Organization of Securities Commissions (IOSCO). Dr. Chen holds a doctorate in the science of jurisprudence from Southern Methodist University. Xinhua Finance Limited (XFL) was listed on the Mothers Board of the Tokyo Stock Exchange in October 2004 after its incorporation as the holding company of Xinhua Financial Network (XFN). The latter was incorporated and registered in Hong Kong in 1999. XFL is an integrated provider of indices, ratings, financial news, investor relations, and distribution and media especially in regard to China. It has 20 offices and 20 news bureaus across Asia, Australia, North America and Europe. It covers key Chinese and international markets. Moody's Investors Service upgraded Xinhua Finance Limited's corporate family rating and senior unsecured bond rating to B1 from B2. This concludes the review for possible upgrade, which began on March 15, 2007. The outlook for both ratings is stable. On Sept. 14, 2007, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Xinhua Finance Ltd to 'B' from 'B+'. The rating was removed from CreditWatch, where it had been placed with negative implications on May 23, 2007, following a series of senior executive departures. The outlook is stable. At the same time, Standard & Poor's lowered its issue rating on Xinhua Finance's US$100 million senior unsecured notes due 2011 to 'B' from 'B+' and removed it from CreditWatch. YMT OVERSEAS: Liquidator to Give Wind-Up Report on Oct. 30 ---------------------------------------------------------- A final general meeting will be held for the members of YMT Overseas Limited on October 30, 2007, at 7:00 p.m., at Room 707 of Wing On Plaza, 62 Mody Road, Tsimshatsui East, in Kowloon, Hong Kong. At the meeting, Chang Ching Hsin, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AES CORP: Prices US$2 Billion Private Debt Placement ---------------------------------------------------- The AES Corporation has priced its previously announced private placement of senior unsecured notes, consisting of: -- US$500 million principal amount of 7.75% senior notes due 2015, and -- US$1.5 billion principal amount of 8% senior notes due 2017. The size of the offer has been increased to US$2 billion from the US$500 million previously announced on Oct. 9, 2007. The Company intends to use the net proceeds from the sale of the senior notes primarily to refinance a portion of its recourse debt. However, depending on the timing of the sources and uses of parent-level funds, up to US$600 million of the net proceeds may be used to support the Company's near-term investment requirements, such as the potential purchase of the Brazilian National Development Bank's (BNDES) interest in Brasiliana and anticipated investments in the Philippines, South Africa and Northern Ireland, or for general corporate purposes. As previously disclosed in the Company's Form 10-K/A dated Aug. 7, 2007, AES has a right of first refusal under the Brasiliana shareholders' agreement to acquire BNDES's interest in Brasiliana. BNDES has begun the process to sell its interest in Brasiliana. The Company may also use its internally- generated free cash flow, additional financing transactions and portfolio management transactions, including (but not limited to) asset sales and subsidiary recapitalization transactions to fund its investments and for the refinancing of its recourse debt. The senior notes will not be registered under the Securities Act of 1933, or any state securities laws. Therefore, the senior notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable securities laws. This announcement is neither an offer to sell nor a solicitation of an offer to buy the senior notes. About AES Corporation Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES CORP: Moody's Rates Proposed US$500MM Sr. Unsec. Notes at B1 ---------------------------------------------------------------- Moody's Investors Service assigned a B1 senior unsecured rating to The AES Corporation's proposed issuance of US$500 million senior unsecured notes due 2017. In addition, Moody's has affirmed the ratings of AES, including the company's Corporate Family Rating at B1, its Probability of Default Rating at B1, its senior secured credit facilities at Ba1, its second priority senior secured notes at Ba3, its senior unsecured notes at B1 and its trust preferred securities at B3. The rating outlook for AES is stable. The rating affirmation reflects an expectation that AES will use proceeds from the proposed offering to fund new investment opportunities that are expected to provide appropriate returns. Furthermore, the rating affirmation acknowledges the company's success in restructuring existing businesses and investing in new electric generation projects that, in the near-term, are expected to generate incremental cash flows. These efforts, which include the restructuring of AES's businesses in Brazil, the elimination of a cash trap at its Brazilian holding company plus the construction and commercial operation of approximately 350 megawatts of United States-based wind generation, have been funded without incremental recourse debt. As a result of the above, and in combination with increased distribution from several existing subsidiaries, the aggregate amount of subsidiary distributions to AES in 2008 is expected to exceed the approximate US$1 billion received in each of 2005 and 2006. Moody's notes that the historical results include distributions from C.A. La Electricidad De Caracas, which AES recently sold to Petroleos de Venezuela S.A. Furthermore, the expected commercial operation of various generating stations currently under construction beginning 2009/2010 should further improve the level of subsidiary distributions. That being said, the proposed senior unsecured offering will constrain upward movement in AES's current rating levels over the near-to-intermediate term. The ratings could be pressured should the expected increase in subsidiary distributions not materialize. Rating assigned: * The AES Corporation -- US$500 million of new senior unsecured notes, B1 (LGD4, 57%); Ratings affirmed/LGD assessments revised: * The AES Corporation -- Corporate Family Rating -- B1; -- Probability of Default Rating -- B1; -- Senior secured credit facilities -- Ba1 (LGD1, 3%) from (LGD, 2%); -- Second priority senior secured notes -- Ba3 (LGD3, 41%) from (LGD3, 40%); and -- Senior unsecured notes -- B1 (LGD4, 57%) from (LGD4, 55%). * AES Trust III and AES Trust VII -- Convertible trust preferred securities -- B3 (LGD6, 94%) from (LGD6, 93%). About AES Corporation Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES CORP: S&P Affirms BB- Credit Ratings with Stable Outlook ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on the diversified energy company, AES Corp., following its annual review of the company. The outlook is stable. S&P also assigned its 'B' rating to the company's US$500 million senior unsecured notes due 2017. At the same time, Standard & Poor's raised the rating on AES' US$1.8 billion second-lien senior secured debt to 'BB+' from 'BB-', two notches above the corporate credit rating. Standard & Poor's also assigned a recovery rating of '1' to the second- lien senior secured debt, indicating the expectation of very high (90%-100%) recovery in a payment default scenario. The first-lien senior secured debt is unrated. All other debt ratings were affirmed. As of June 30, 2007, Arlington, Va.-based AES had about US$4.7 billion of recourse debt and trust-preferred securities, reflecting its reliance on substantive distributions from jurisdictions with considerable regulatory and operating uncertainties and its exposure to merchant power markets, most notably through its AES Eastern Energy L.P. (BB+/Stable/--) subsidiary. The ratings on AES reflect the need for large expenditures for growth, which are partly serviced by residual distributions from project investments and dividends from operating subsidiaries, and the continuing need for financing that should be funded in a credit-neutral manner. S&P believe's that the significant investment requirements, which will likely entail leverage, will slow the favorable credit momentum of the past two years. Partly mitigating these weaknesses are benefits of regional and operational diversification, which help to reduce the company's exposure to any one regulatory regime or commodity. The stable outlook on AES reflects our expectation of consistent performance over the next 18 months to 24 months. "We believe that as a result of large investment needs, the positive credit momentum has eased and further debt reduction is unlikely," noted Standard & Poor's credit analyst Aneesh Prabhu. "We could revise the outlook to negative if cash flow distributions deteriorate as a result of substantial investments that do not generate expected distributions, or if project-level financing results in lower distributions," he continued. Substantial loss of distributions from major contributors could also affect credit quality. About AES Corporation Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES CORP: Fitch Rates US$500 Million Senior Notes at BB ------------------------------------------------------- Fitch Ratings has assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. The Rating Outlook is Stable. Fitch views this transaction as the pre-funding of growth capital spending and debt refinancing. For high-yield issuers, Fitch believes that pre-funding can be prudent during times of uncertain capital market access. Fitch's rating is based on its expectation that AES will use the proceeds during the next two quarters to pay down debt and/or to invest in several different generation projects. The company has US$415 million of debt maturing in 2008, and will complete several new projects that should create sufficient cash flows to offset the additional debt and interest expense and allow the company to maintain relatively stable credit metrics. The ratings of AES reflect the high degree of parent-company recourse debt, the structural subordination of that debt to project level debt, and the reliance on distributions from its subsidiaries for parent-company debt service. Offsetting, in part, the company's financial risk is the solid base of utility and contracted generation as well as the diversity of cash flow sources. The current Stable Rating Outlook reflects Fitch's expectation that credit metrics will stay within parameters for the current rating. AES is one of the world's largest global power companies, with 2006 revenues of US$11.6 billion. With operations in 28 countries on five continents, the company is active in the generation, transmission and distribution of electricity. The company controls more than 42,000 mw of capacity. About AES Corporation Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified ------------------------------------------------------------- General Motors Corp. confirmed that its UAW-represented employees have ratified the GM-UAW 2007 national labor agreement. As reported in the Troubled Company Reporter on Sept. 27, 2007, GM and the UAW reached a tentative agreement on Wednesday, Sept. 26, after more than two months of bargaining. The new four-year agreement covers approximately 74,000 hourly employees located in more than 80 U.S. facilities. "We are very pleased that our UAW-represented employees have ratified the new labor contract," Rick Wagoner, GM CEO and Chairman of the Board, said. "I especially thank UAW President Ron Gettelfinger and Vice President Cal Rapson, as well as the members of the GM and UAW negotiating teams, for their hard work in reaching an innovative agreement that effectively addresses the needs of our employees and retirees, while providing a basis for improved competitiveness that will support future U.S. investments." GM intends to file a current report on Form 8-K with the Securities and Exchange Commission within the next four business days that will outline the key terms of the healthcare agreement. In addition, an analyst and media conference call is scheduled for Monday, Oct. 15, 2007 at 9:30 a.m. Eastern Daylight Time. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Sept. 28, 2007, Fitch Ratings has affirmed and removed the Issuer Default Rating and debt ratings of General Motors from Rating Watch Negative following the announcement that GM has reached an agreement on a new contract with the United Auto Workers. Fitch currently rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior unsecured 'B- /RR5'. GM's Rating Outlook is Negative. As reported in Troubled Company Reporter on Sept. 26, 2007, Moody's Investors Service is maintaining its current ratings of General Motors Corporation -- B3 Corporate Family, Caa1 senior unsecured and Ba3 senior secured, and Negative Outlook following the announcement of a strike against the company by the United Auto Workers Union. Following the decision of the United Auto Workers union to go out on strike against General Motors Corp., Fitch Ratings placed General Motors Corporation's 'B' issuer default rating, 'BB/RR1' senior secured debt rating; and 'B-/RR5' senior unsecured debt rating on Rating Watch Negative. ICICI BANK: Slashes Interest Rates on Retail Loans -------------------------------------------------- ICICI Bank Ltd has cut interest rates on various retail loans following the Finance Minister's request to banks to slash rates on some term deposits, media reports say. According to the Business Standard, ICICI lowered interest rates on floating rate home loans by 50 basis points to 11% and on other retail loans by 25-50 basis points. But there is no change in its peak deposit rate, BS notes. The new rates took immediate effect. Headquartered in Mumbai, India, ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * Fitch Ratings gave ICICI a 'C' Individual Rating. On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. On Oct. 16, S&P assigned its 'BB+' issue rating to its senior unsecured, five-year, fixed-rate U.S. dollar notes. STATE BANK OF INDIA: Cuts Interest Rates on Home and Car Loans -------------------------------------------------------------- The State Bank of India has reduced interest rates on new home, car, truck and farm equipment loans by 50 to 200 basis points from October 8 as a special offer up to December 31 this year and reduced peak deposit rate by 25 basis points to 9%, the Business Standard reports. The slash in interest rates came after India's Finance Minister P. Chidambaram asked banks to have a re-look at interest rates to stimulate demand in the economy, The Financial Express relates. 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 June 18, 2007, assigned its 'BB' issue rating to the State Bank of India's proposed US$225 million Hybrid Tier I perpetual notes under its US$5 billion MTN program. The Hybrid Tier I notes will be perpetual notes with a call option 10 years from the date of issue. 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 Primerating on State Bank of India's foreign currency bank deposits, Ba2/Not Prime on Financial Strength Rating in June 2006. TATA MOTORS: Enters Into Industrial JV With Fiat Group ------------------------------------------------------ Fiat Group Automobiles and Tata Motors Ltd have signed a definitive agreement for the establishment of the industrial Joint Venture, located at Ranjangaon in Maharashtra (India) to manufacture passenger cars, engines and transmissions for the Indian and overseas markets. Assembly of the new Fiat Palio at Ranjangaon has already commenced. The Joint Venture will manufacture Fiat's premium cars, Grande Punto and Linea (respectively in the B and C segments), its successful 1.3 litre Multijet diesel engine, its 1.2 and 1.4 litre Fire gasoline engine and matching transmissions. The Joint Venture will also manufacture one of Tata's next generation vehicles. The Ranjangaon facilities at regime are expected to exceed an overall output of 100,000 cars and 200,000 engines and transmissions. The overall investment will exceed EUR650 million. The plant will directly and indirectly employ more than 4,000 people. The distribution and service of Fiat branded cars in India will continue to be managed by Tata Motors in line with the agreement signed in March 2006. The Tata-Fiat dealership network, which is currently distributing and servicing the Fiat Palio, today numbers 65 dealers and is meant to expand to 100 dealers by mid- 2008, when the new Fiat models are expected to be launched. The Joint Venture will be governed by a Board of Directors with equal representation from the two partners. The Managing Director of Tata Motors, Ravi Kant, will be the Chairman of the Joint Venture. The Vice Chairman will be Alfredo Altavilla, the CEO of Fiat Powertrain Technologies and Senior Vice President Business Development of Fiat Group Automobiles. Rajeev Kapoor has been appointed as the President and CEO of the Joint Venture. He will be in charge of the operations of the new entity, and will be responsible to the Board of Directors of the Joint Venture. Mr. Kapoor comes with a vast experience of over thirty years in the automotive field. Commenting on the signing of the agreement, Alfredo Altavilla, CEO of Fiat Powertrain Technologies and Senior Vice President Business Development of Fiat Group Automobiles, said, "The signature of the Joint Venture in India and the continuous development of new opportunities confirms the strong motivation and understanding between Fiat Group and Tata Motors." Mr. Kant, Managing Director of Tata Motors, said, "The progress of all the joint initiatives between the Fiat Group and Tata Motors reflects the strong potential of our relationship in India and abroad." About Fiat Group Automobiles Fiat built its first car in 1899. Approximately 90 million cars and light commercial vehicles have been produced since that date. Many of its models have marked important milestones in motoring history. The Sector, which changed its name into Fiat Group Automobiles on February 1, 2007, produces and sells vehicles under the Fiat, Alfa Romeo, Lancia and Abarth brands and light commercial vehicles under the Fiat Professional brand. Each brand has a specific identity with defined, recognized characteristics, and applies distinct commercial and market policies. Fiat is known for its creativity, versatility and practicality. Lancia features an elite and exclusive line of models. Alfa Romeo combines sportiness, technology and elegance in a unique design. Abarth is the answer to the quest for sporty versions and Fiat Professional's light commercial vehicles are a reference point for easier, more productive and gratifying working experiences. Fiat Group Automobiles comprises five companies: Fiat Automobiles, Alfa Romeo Automobiles, Lancia Automobiles, Abarth & C and Fiat Light Commercial Vehicles. All these companies are 100% owned by Fiat Group Automobiles S.p.A. For more information, visit: http://www.fiatautopress.com; http://www.fiat.com;http://www.lancia.com; http://www.alfaromeo.com;http://www.abarth.com About Fiat Powertrain Technologies Born in March 2005, Fiat Powertrain Technologies is the Sector of the Fiat Group that includes all the Powertrain activities of: -- Fiat Auto(Fiat Powertrain) -- Iveco(Iveco Motors) -- Fiat Research Center and Elasis With its annual output of around 2.8 million engines and 2.1 million transmissions, FPT is one of the most significant players in the automotive sector on a worldwide basis. The technological excellence of FPT powertrains is ensured by the activities of Powertrain Research & Technology. Almost 3,000 highly skilled technicians are dedicated to the development and engineering of innovative technologies for new generation powertrains; their work is focused on the development of clean and efficient engines, with the aiming of at the reduction of engine and vehicle emission and fuel consumption, anticipating the introduction of increasingly stringent emission legislation. The quality and reliability of this great effort are confirmed by more than 40 patents filed each year. Thanks to an extremely wide range of products and applications, FPT can satisfy almost any powertrain request, ensuring performance, reliability and efficiency to its Customers. On the net http://www.fptpowertrain.com About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia, and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed USUS$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. TATA POWER: To Put in INR6,000 Crore in Jojobera Plant ------------------------------------------------------ Tata Power Ltd will put in INR6,000 crore to generate 1,300MW electricity in Jojobera, Jharkhand, in the next three to four years, Zee News reports citing the company's Managing Director Prasad R. Menon. Mr. Menon estimates investing INR640 for the plant having a 120MW capacity, which plant is the company's fifth unit at the Jojobera facility. The plant is expected to be commissioned by mid 2009. Mr. Menon also told the news agency of Tata Power's future plans in Jharkhand. The company has plans to invest INR6,000 crore for power plants which included the 2x120MW plant in a period of three-four years, he told Zee News. Everything, however, would depend on the allotment of land and coal blocks linkage, the news agency quotes the director as saying. Tata Power Company Ltd. -- http://www.tatapower.com/-- is a licensee engaged in generation and supply power to bulk consumers in the Mumbai metropolitan area. The company operates four thermal plants with a combined capacity of 1,350 MW, and three hydroelectric plants aggregating 447 MW; all of these supply power to the Mumbai licence area. The company also has a plant that supplies power to Tata Steel. In addition, Tata Power has an 81-MW independent power project at Belgaum that sells power to Karnataka Power Transmission Corporation Limited. * * * Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered its corporate credit rating on India's Tata Power Co. Ltd. to 'BB-' from 'BB+'. The outlook is stable. At the same time, the rating on Tata Power's US$300 million senior unsecured bonds have been lowered to 'BB-' from 'BB+'. Moody's Investors Service, on July 3, 2007, downgraded the corporate family rating of Tata Power Company to Ba3 from Ba1. At the same time, Moody's has downgraded its senior unsecured bond rating to B1 from Ba2. The ratings outlook is negative. TATA STEEL: Jharkhand Government Extends MOU by Three Years ---------------------------------------------------------- The Jharkhand government has extended the memorandum of understanding with Tata Steel by three years, Indo-Asian News Service reports. According to the report, the state government extended the company's MOU and that entered into with Arcelor Mittal to enable the companies to set up steel plants in the state. Pursuant to the Tata Steel MoU, which was signed in September 2005, the company will set up a INR10-million tonne steel plant in the state. Tata agreed to start work on the plant within two years from the signing of the deal. However, the steel company has yet to do so. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. In April 2007, the company completed the acquisition of Corus Group plc. Corus' main steelmaking operations are located in the United Kingdom and the Netherlands with other plants located in Germany, France, Norway and Belgium. Corus produces carbon steel by the basic oxygen steelmaking method at three integrated steelworks in the United Kingdom at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd, and changed the outlook to negative from stable. ================= I N D O N E S I A ================= ANEKA TAMBANG: To Buy 10% Stake of Newmont Mining's Gold Mine -------------------------------------------------------------- PT Aneka Tambang Tbk plans to buy as much as 10% of a gold mine operated by Newmont Mining Corp to top up its gold reserves, Reuters reports. The gold resources and reserves of Aneka Tambang at its Pongkor mine in West Java are expected to run out in 2013, the news agency notes. According to the report, Antam President Dedi Aditya Sumanagara said the firm is looking to acquire any asset which is suitable with its size, cash, business strategy, and Newmont Nusa Tengara is one of them. Only 10% of Newmont Nusa is being offered for sale presently, although a further 21% in the company is likely to be put up for sale, the report notes. The Troubled Company Reporter-Asia Pacific reported on Oct. 9, 2007, that Aneka Tambang plans to reduce its nickel dependency and step up its gold and bauxite business in coming years. Antam Finance Director Kurniadi Atmosasmito said that the firm expects nickel to account for 60-70% of its revenue within 10 years, while gold and bauxite will contribute around 40% to its coffers. Depending in one commodity is difficult, and nickel has been dominant in the company's revenue, he added. Reuters relates that U.S.-based Newmont owned 100% of Newmont Nusa but must reduce its stake to 49% by 2010 to comply with Indonesian law. Newmont is obliged to offer the shares in its Indonesian unit first to the central government. If the central government does not want to buy them, then they will offer the stake to the provincial government. 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. Moody's Investors Service gave Aneka Tambang a local currency B1 corporate family rating, and a B2 foreign currency bond rating. BANK NEGARA: Pefindo Upgrades Bond I/2003's Rating to "idA" ----------------------------------------------------------- Pefindo upgraded its ratings for PT Bank Negara Indonesia (Persero) Tbk and the Bank's Bond I/2003 maturing on July 10, 2011 to "idA+" from "idA", while the rating for the Bank's Subordinated Bond I/2003 maturing on July 10, 2013 is upgraded to "idA". The rating actions reflect continuing support from Government of Indonesia as the majority shareholder, the Bank's strengthening capital base and liquidity after right issue, as well as BBNI's strong business position. However, the ratings are still constrained by the Bank's weak assets quality. Up to now, the Bank provides a broad range of commercial banking activities through its 972 offices and 2,325 proprietary ATMs scattered all over the country. To support its daily banking activities, the Bank employs around 18,649 staffs. As of August 2007 after right issue, GOI's share ownership in BBNI was 73.26% while the remaining 26.74% was held by others, including public. The ratings actions reflect the Bank's: * Continuing strong support from the government. Pefindo is strongly confident that the government will provide supports to BBNI if it experiences financial difficulties, as proven by huge capital injection amounting to IDR61.8 trillion through a recapitalization program during the crisis. Given the high degree of importance of the Bank to the country, government's support should continue in the future. Failure to help the Bank from bankruptcy should adversely affect not only the country's banking system but also the whole economic system. * Strengthening capital base and liquidity after right issue. BBNI's capitalization and liquidity should be stronger following the recent right issue in August 2007. This corporate action has raised additional capital of around IDR 4 trillion, which could be translated into CAR increase by 3.85% from that as of 1H07 of 15.9%. Stronger capital base should enable the Bank to absorb potential losses from its NPL. BBNI's favorable liquidity position which was reflected by LDR and liquid asset/customer and ST funding ratios of 55.2% and 61.9%, respectively as of 1H07 should also be strengthened following the additional equity injection from the right issue proceeds. * Strong business position. BBNI recorded total assets of IDR 176.4 trillion as of 1H07, maintaining its position as the 3rd largest bank in the country with market share of 10.0%. The Bank is also considered as the 3rd largest bank in terms of total loans (IDR 78.3 trillion which represented 9.1% market share) and total deposits (IDR 141.6 trillion, 10.5%). During the past several years, BBNI has tried to diversify its loan portfolio by reducing corporate loans and enlarging commercial and consumer loans. As of 1H07, the Bank's loan portfolio mainly came from SME and corporate segment which respectively contributed 42.0% and 35.2% of total loans. In consumer segment, the Bank was able to strengthen its position in mortgage and credit card segments. To support this new strategy, the Bank has also further improved its integrated IT system, which recently has been completed and implemented in all of its outlets to support the Bank's product and service developments. The Bank itself is also committed to achieve its new vision and mission formulated in "Navigation Map 2004-2018" in an effort to reposition its branding and improve its performance going forward. The ratings are constrained by the Bank's: * Weak assets quality. Despite BBNI's ability to reduce its non-performing loans, NPL ratio was still higher than industry's average. As of 1H07, the Bank recorded NPL ratio of 9.1%, much higher than peers' average of 4.7%. In addition to that, the Bank's Loan Loss Reserve over NPL (3-5) ratio was still low at the level of around 50%, far below the period prior the year 2004 when it reached above 100%. The Bank's bad debts mostly came from corporate sector which has become delinquent since financial crisis in the late 1990s. Given the huge amount of the bad debts, it will take years for the Bank to bring its NPL down to a healthy level. Outlook A'stable' outlook is assigned to the above ratings. The Bank should have better flexibility and liquidity in expanding its business following additional capital injection from the right issue, which in turn will result in its stronger business position in the industry. As one of the largest banks in the country, GOI will provide support to the Bank during financial distress situation. Should BBNI could not find proper solutions to restructure its existing bad debts, its asset quality will remain unfavorable in the medium term. About Bank Negara Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia (Persero) Tbk -- http://www.bni.co.id/-- is a financial institution with products and services that include: Individual, Business, Syariah, Micro Banking, and Online Feature. The Bank has approximately 700 correspondent banks, 914 local branches and five oversea branches located in New York, London, Tokyo, Hong Kong and Singapore. The bank has five subsidiaries: PT BNI Multi Finance, a financial services company; PT BNI Securities, securities company; PT BNI Life Insurance, an insurance provider; PT BNI Nomura Jafco Manajemen Ventura, a venture capital company, and PT BNJI Ventura Satu, a venture capital company. As reported in the Troubled Company Reporter-Asia Pacific on April 20, 2007, Standard & Poor's Ratings Services raised PT Bank Negara Indonesia (Persero) Tbk's long-term counterparty credit ratings to 'BB-' from 'B+'. The outlook is stable. At the same time, the Bank Fundamental Strength Rating of the bank remains unchanged at 'D'. BANK NISP: To Sell Great Eastern Insurance Products in 2008 ----------------------------------------------------------- PT Bank NISP Tbk has agreed to exclusively sell PT Great Eastern Life Insurance Indonesia's insurance product, including Term Life, Endowment, Investment Link Product, Whole Life and Universal Life in 2008, The Jakarta Post reports. According to the report, Bank President Director Pramukti Surjaudaja said the bank will receive, from the joint venture, a fee income of IDR25 billion from the IDR390 billion in premium income expected from the sale of GeLIndo's insurance products in 2008. Mr. Surjaudaja hoped the 'bancassurance' contribution to revenue will rise to about 30% in 2008 compared to the 25% in 2007, the report relates. The Post adds that in a shareholdings meeting shareholders' said the bank would harmonize its banking transactions -- including foreign exchange, micro finance, derivative and money market transactions -- with OCBC and its affiliates. PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html -- categorizes its products into two groups: Funding, which consists of savings and deposits, and Lending, consisting of working capital loans, investment loans and consumer loans. In addition, the bank has three service categories: Individual, Corporate and Others. As of January 18, 2006, the bank has 29 branch offices, 101 representative offices and 26 cash offices throughout the country. The Bank is headquartered in Jakarta, Indonesia. * * * The Troubled Company Reporter-Asia Pacific reported on Feb. 1, 2007, that Fitch Ratings affirmed all the ratings of PT Bank NISP Tbk as follows: * Long-term foreign and local currency Issuer Default ratings 'BB-', * Short-term rating 'B', * National Long-term rating 'AA+(idn)', * Individual 'C/D', and * Support '3'. The Outlook for the ratings was revised to Positive from Stable. BANK NISP: Pefindo Upgrades Company Ratings to "idAA-" ------------------------------------------------------ Pefindo upgraded its ratings for PT Bank NISP Tbk to "idAA-" from "idA+", while the Bank's subordinated debt I/2003 is upgraded to "idA+" from "idA". Outlook for those ratings is stable. The upgrades reflect the Bank's strong business position, manageable asset quality, as well as its sound capitalization. However, the Bank's mediocre profitability still constrains the ratings. NISP is regarded as one of the oldest banks in the country as the Bank was established on April 28, 1941 in Bandung, West Java. With total assets of IDR 25.6 trillion as of June 30, 2007, the Bank was supported by 5,031 employees and total service network of 682 offices and ATMs. Since 2004, OCBC Bank Singapore (OCBC) through its wholly owned subsidiary, OCBC Overseas Investment Pte. Ltd. has become NISP's shareholder and as of June 30, 2007 it held 72.4% share