T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, October 22, 2007, Vol. 10, No. 209 Headlines A U S T R A L I A A.P. GLOVER: Members and Creditors to Meet on October 31 COMMSCOPE INC: S&P Affirms BB- Corporate Credit Rating DEMAKS SHEETMETAL: Liquidators to Give Wind-Up Report on Oct. 31 DEPENDABLE AGRICULTURAL: Sets Final Meeting for October 29 FENTINA PTY: Members & Creditors Meeting Set for Oct. 31 HEYWOOD CONTRACTING: Final Meeting Slated for October 31 KENDLE INT'L: Names Mary Briggs Vice President for Global Sales KERATON PTY: Members & Creditors to Hold Meeting on Oct. 31 PANACHE IMPORTS: Liquidators to Give Wind-Up Report on Oct. 31 PERORAD DEVELOPMENTS: Members and Creditors to Meet on Oct. 31 PETER BRISTOW: Will Declare First Dividend on November 13 PORTA-FLUSH: Members and Creditors to Meet on Oct. 31 SCO GROUP: Files Schedules of Assets and Liabilities SCO Group: Terminates 16 Employees; Wants Names Filed Under Seal C H I N A & H O N G K O N G AMERSHAM HEALTH: Shareholders Resolve to Liquidate Business ANDREW CORP: Debt Refinancing Prompts S&P to Affirm Ratings BRI FINANCE: Members' Meeting Set for November 15 CHAODA MODERN: Steep Vegetable Price Boosts Profit by 28% CHARTER CITY: Requires Creditors to File Claims by November 12 FIAT SPA: Finance Unit to Repay EUR123.4 Million in Bonds FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz GLOBAL POWER: Exclusive Plan-Filing Period Extended to Oct. 24 GLOBAL POWER: Wants Court to Approve Plan Support Agreement MYWAY LIMITED: Subject to Chan Kai's Wind-Up Petition OME PRINTING: Wind-Up Petition Hearing Set for Dec. 5 ORIENTAL CRYSTAL: Court to Hear Wind-Up Petition on Dec. 5 RELIABLE WATCH: Huen Ho Yin Quits as Liquidator SINO LUCK: Chan Kong Ho Quits as Liquidator STREPHON COMPANY: Members' Final General Meeting Set for Nov. 13 TCL MULTIMEDIA: Sells Land in Huizhou for CNY162 Million UNIVERSAL TREND: Members to Hold Final Meeting on November 12 I N D I A AGILENT TECHNOLOGIES: Inks Marketing Agreement with BioTrove ICICI BANK: Reports 33% Year-on-Year Grown in Profit After Tax ICICI BANK: Promotes C. Kochhar to Joint Managing Director & CFO QUEBECOR MEDIA: S&P Rates Proposed US$450 Mil. Senior Notes at B RYERSON INC: S&P Holds 'B+' Rating and Removes Negative Watch RAIN CALCINING: Fitch Gives 'B' Long-Term Foreign Currency IDR RAIN CALCINING: Gets Moody's B2 Corporate Family Rating I N D O N E S I A ALCATEL-LUCENT: To Broaden Unified Communication Offer w/ Sagem BERLIAN LAJU: Plans to Raise US$350 Million for Debt Repayment COMVERSE TECHNOLOGY: Updates Organizational Appointments FREEPORT-MCMORAN: Moody's Revises Outlook to Positive PERUSAHAAN LISTRIK: Moody's Ups Corporate Family Rating to Ba3 MGTI FINANCE: Moody's Upgrades Sr. Secured Bond Rating to Ba2 J A P A N ALL NIPPON: To Take JPY66-Billion Charge Due to Depreciation ALL NIPPON: Mulls Joint Issue of Credit Card with Mizuho IHI CORP: To End Cement Plant Construction Business Abroad JAPAN AIRLINES: Three Firms Eye Credit Card Unit K O R E A ARROW ELECTRONICS: Earns US$99.2 Mil. in Quarter Ended June 30 DURA AUTOMOTIVE: Wants John Knappenberger Separation Pact Okayed M A L A Y S I A MEGAN MEDIA: Names Christopher Tan Chie Kiong as CEO MYCOM BERHAD: Acquires Two Dormant Companies SOLUTIA INC: Treatment of Claims Under Revised Plan N E W Z E A L A N D FML NO 1: Commences Liquidation Proceedings ICARUS TOTAL: Court to Hear Wind-Up Petition on Oct. 29 KHYBER AUTOS: Fixes November 30 as Last Day to File Claims KITOP NEW ZEALAND: Appoints Mason and Meltzer as Liquidators L C PROPERTY: Court Sets Wind-Up Petition Hearing for Oct. 29 LYNX HORTICULTURAL: Fixes Oct. 30 as Last Day to File Claims MIGA ENTERPRISES: Appoints Liquidator NERDSVILLE LTD: Taps John Francis Managh as Liquidator NORTHSIDE BOXING: Creditors' Proofs of Debt Due on Oct. 30 P H I L I P P I N E S ATOK-BIG WEDGE: Board Elects Lawyer as Asst. Corporate Secretary BANGKO SENTRAL: Gov't Mulls Ways to Settle PHP40-Billion Debt BANGKO SENTRAL: Singaporean Bank Sees Another 25-Basis Point Cut BAYAN TELECOMMS: Expects Landline Subscriber Base to Grow 10-15% CHIQUITA BRANDS: Fresh Express Acquires Verdelli Farms FEDDERS CORP: Committee Wants To Hire Brown Rudnick as Counsel FEDDERS CORP: Panel Taps Greenberg Traurig as Delaware Counsel FEDDERS CORP: Panel Wants Lowenstein Sandler as Special Counsel NIHAO MINERAL: Inks Botolan Mine Memoramdum Deal with QNI Phils. QUEZON POWER: Moody's Affirms 'B3' Rating for Series 1997 Bonds * Gov't Picks Assets Worth PHP80-Bil. For Privatization in 2008 S I N G A P O R E APPLIED AIR-CONDITIONING: Pays First and Final Dividend LEVI STRAUSS: S&P Rates US$750-Million Credit Facility at BB OMNI TECH: Members' Final Meeting Set for November 15 RED HAT: S&P Affirms B+ Corp. Credit Rating w/ Positive Outlook UNITED TEST: Moody's Affirms B1 Corporate Family Rating S R I L A N K A * Sri Lanka Enters Int'l Debt Markets with Five-Year Bond T H A I L A N D BLOCKBUSTER: Names E. Peterson as EVP, Gen. Counsel & Secretary TMB BANK: Board Approves ING's THB35-Billion Recapitalization TMB BANK: To Offer 5.586 Billion Shares to Ministry of Finance TMB BANK: Turns Around with THB2.53-Billion Net Loss for 3Q 2007 - - - - - - - - ================= A U S T R A L I A ================= A.P. GLOVER: Members and Creditors to Meet on October 31 -------------------------------------------------------- The members and creditors of A.P. Glover Pty. Ltd. will meet on October 31, 2007, at 9:15 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: V. R. Dye N. Giasoumi Dye & Co Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About A.P. Glover A.P. Glover Pty Ltd is in the business of masonry and other stonework. The company is located at Somerville, in Victoria, Australia. COMMSCOPE INC: S&P Affirms BB- Corporate Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services has affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The ratings on Andrew will be withdrawn following its acquisition and debt refinancing. The outlook is stable. At the same time, S&P assigned its bank loan and recovery ratings to CommScope's US$2.5 billion first-lien credit facilities. The US$2.1 billion term loan and US$400 million revolving credit facility are rated 'BB-', with a recovery rating of '3', indicating the expectation for meaningful (50%- 70%) recovery in the event of a payment default. Proceeds from the term loan will be used to partially fund its US$2.6 billion acquisition of Andrew. "The ratings on CommScope after the acquisition reflect an increase in leverage, a short operating track record at current profitability levels, and integration challenges," said S&P's credit analyst Lucy Patricola. "These are offset partially by solid market positions with major telecommunications providers and good cash flow." CommScope's market position in coaxial cable and environmentally secure cabinets used by wireline carriers complements Andrew's key business that provides antennae used in wireless base stations. CommScope's financing of the acquisition increases leverage substantially from recent levels of about 1.5. Based on the following assumptions, pro forma debt to EBITDA is about 4.0, within expectations for the rating. Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) -- http://www.commscope.com/-- designs and manufactures "last mile" cable and connectivity solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. Backed by strong research and development, CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with high-performance wired or wireless cabling solutions. CommScope has facilities in Brazil, Australia, China and Ireland. DEMAKS SHEETMETAL: Liquidators to Give Wind-Up Report on Oct. 31 ---------------------------------------------------------------- Demaks Sheetmetal Pty. Ltd. will hold a meeting for its members and creditors on October 31, 2007, at 11.30 a.m. At the meeting, V. R. Dye and N. Giasoumi, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: V. R. Dye N. Giasoumi Dye & Co Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About Demaks Sheetmetal Demaks Sheetmetal Pty Ltd is in the business of sheet metal work. The company is located at Campbellfield, in Victoria, Australia. DEPENDABLE AGRICULTURAL: Sets Final Meeting for October 29 ---------------------------------------------------------- A final meeting will be held for the members and creditors of Dependable Agricultural & Livestock Services Pty Ltd on Oct. 29, 2007, at 11:00 a.m. At the meeting, Geoff Ridgeway, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Geoff Ridgeway Jenkins Peake & Co Chartered Accountants PO Box 1570 Geelong, Victoria 3220 Australia Telephone:(03) 5223 1000 Facsimile:(03) 5221 4938 About Dependable Agricultural Dependable Agricultural & Livestock Services Pty Ltd is involved in general farms, primarily livestock and animal specialties. The company is located at Geelong, in Victoria, Australia. FENTINA PTY: Members & Creditors Meeting Set for Oct. 31 -------------------------------------------------------- A meeting will be held for the members and creditors of Fentina Pty. Ltd. on October 31, 2007, at 11:45 a.m. At the meeting, the members and creditors will hear the liquidators' report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: V. R. Dye N. Giasoumi Dye & Co Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About Fentina Pty Fentina Pty Ltd, which is also trading as Brownway Joinery, is involved with carpentry work. The company is located at Wendouree, in Victoria, Australia. HEYWOOD CONTRACTING: Final Meeting Slated for October 31 -------------------------------------------------------- A final meeting will be held for the members and creditors of Heywood Contracting Pty. Ltd. on October 31, 2007, at 12:30 p.m. At the meeting, V. R. Dye and N. Giasoumi, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: V. R. Dye N. Giasoumi Dye & Co Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About Heywood Contracting Located at Upwey, in Victoria, Australia, Heywood Contracting Pty Ltd is an investor relation company. KENDLE INT'L: Names Mary Briggs Vice President for Global Sales --------------------------------------------------------------- Kendle has appointed Mary Briggs, as Vice President for Global Sales. Ms. Briggs will lead the ongoing sales growth strategy as well as develop the global sales organization as Kendle continues to expand its worldwide presence. She will report directly to Vice President and Chief Marketing Officer Simon Higginbotham and will work closely with senior executives from across the company's core service brands -- Clinical Development, Regulatory Affairs, Biometrics and Late Phase -- to drive sales growth in each brand. "I am delighted to welcome Mary to this new and crucial role as Kendle continues to grow to meet the needs of both customers and shareholders," said Mr. Higginbotham. "She has established a track record of outstanding sales leadership in the drug development industry, including significant roles within large global CROs and top biopharmaceutical companies. Her considerable reputation throughout the industry coupled with extensive experience make her uniquely qualified to maintain and grow Kendle's record sales environment, which delivered results at triple the reported sector growth rate for Phase I- IV clinical development services in 2006." Ms. Briggs brings more than two decades of sales, management and consulting experience in the biopharmaceutical industry to the position. She is an accomplished speaker, having served on numerous speakers' bureaus, including ongoing speaking engagements for the Drug Information Association, National Pharmacists Association and several leading biopharmaceutical companies. Furthermore, Ms. Briggs has trained hundreds of investigators on building their clinical trial business as well as nontraditional approaches to patient recruitment. Since joining Kendle in 2005 as Senior Director, Strategic Accounts, Ms. Briggs has developed sales growth strategies that have lead to outstanding relationships with customers and propelled her team to best-in-class sales achievement. About Kendle Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) -- http://www.kendle.com/-- is a global clinical research organization and provides Phase II-IV clinical development services worldwide. The company's global clinical development business is focused on five regions -- North America, Europe, Asia/Pacific (including Australia), Africa and Latin America including Brazil. * * * As of July 3, 2007, the company carried Moody's B1 long-term corporate family rating, B1 bank loan debt, and B2 probability of default rating. Moody's said the outlook is stable. In addition, the company also carried Standard & Poor's B+ long- term foreign and local issuer credits. S&P said the outlook is stable. KERATON PTY: Members & Creditors to Hold Meeting on Oct. 31 ----------------------------------------------------------- The members and creditors of Keraton Pty. Ltd. will hold their final meeting on October 31, 2007, at 12:45 p.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: V. R. Dye N. Giasoumi Dye & Co Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About Keraton Pty Keraton Pty Ltd operates nonclassifiable establishments. The company is located at Richmond, in Victoria, Australia. PANACHE IMPORTS: Liquidators to Give Wind-Up Report on Oct. 31 -------------------------------------------------------------- Panache Imports Pty. Ltd. will hold a meeting for its members and creditors on October 31, 2007, at 2:45 p.m. At the meeting, V. R. Dye and N. Giasoumi, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: V. R. Dye N. Giasoumi Dye & Co Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About Panache Imports Panache Imports Pty Ltd, which is also trading as Salon Supplies, is a distributor of drugs, drug proprietaries and druggists' sundries. The company is located at Abbotsford, in Victoria, Australia. PERORAD DEVELOPMENTS: Members and Creditors to Meet on Oct. 31 -------------------------------------------------------------- The members and creditors of Perorad Developments Pty. Ltd will hold a final meeting on October 31, 2007, to hear the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: V. R. Dye N. Giasoumi Dye & Co Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About Perorad Developments Perorad Developments Pty Ltd is an operative builder. The comapny is located at Carrum, in Victoria, Australia. PETER BRISTOW: Will Declare First Dividend on November 13 --------------------------------------------------------- Peter Bristow & Associates Pty Ltd will declare its first dividend on November 13, 2007. Creditors who were not able to file their proofs of debt by the October 12 due date will be excluded from the company's dividend distribution. The company's deed administrator is: Norman K. Jones c/o Courtney Jones & Associates Insolvency & Forensic Accountants Level 1, Suite 5 443 Little Collins Street Melbourne, Victoria 3000 Australia Telephone:(03) 9602 2133 About Peter Bristow Peter Bristow & Associates Pty Ltd, which is also trading as Bristow Laser Systems, is a distributor of electrical machineries, equipments and supplies. The company is located at Campbellfield, in Victoria, Australia. PORTA-FLUSH: Members and Creditors to Meet on Oct. 31 ----------------------------------------------------- Porta-Flush Systems Pty Ltd will hold a final meeting for its members and creditors on October 31, 2007, at 3:15 p.m. At the meeting, V. R. Dye and N. Giasoumi, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: V. R. Dye N. Giasoumi Dye & Co Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About Porta-Flush Porta-Flush Systems Pty Ltd provides business services. The company is located at Altona North, in Victoria, Australia. SCO GROUP: Files Schedules of Assets and Liabilities ---------------------------------------------------- The SCO Group Inc. submitted to the U.S. Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ---------- ----------- A. Real Property B. Personal Property US$4,772,875 C. Property Claimed as Exempt D. Creditors Holding Secured Claims E. Creditors Holding Unsecured Priority Claims F. Creditors Holding Unsecured Non-priority Claims 2,141,258 ---------- ----------- TOTAL US$4,772,875 US$2,141,258 SCO Operations' Schedules In a separate filing, SCO Operations Inc., a debtor-affiliate, also filed its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ---------- ----------- A. Real Property B. Personal Property US$9,549,519 C. Property Claimed as Exempt D. Creditors Holding Secured Claims E. Creditors Holding Unsecured Priority Claims US$484,514 F. Creditors Holding Unsecured Non-priority Claims 2,533,975 ---------- ----------- TOTAL US$9,549,519 US$3,018,489 Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq., and Arthur Spector, Esq., at Berger Singerman P.A., represent the Debtors. James O'Neill Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, is the Debtors' local counsel. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. An Official Committee of Unsecured Creditors has yet to be appointed in these cases by the Office of the United States Trustee. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. SCO Group: Terminates 16 Employees; Wants Names Filed Under Seal ---------------------------------------------------------------- In a filing with the U.S. Bankruptcy Court for the District of Delaware, SCO Group Inc. and SCO Operations Inc. disclosed that they were terminating 16 of their 123 employees. The Debtors, in this regard, ask the Court for authority to continue their prepetition severance policy and payment of severance and accrued benefits to the terminated employees. The Debtors say that to filing bankruptcy, they had a severance policy generally applicable to all full-time employees terminated without cause. At the same time, the Debtors also ask the Court that copies of their severance policy as well as the names and specific severance amounts to be paid to terminated employees be filed under seal. The Debtors contend that the information contained in these documents consitute confidential information that is not in the public realm. The Debtors fear that their current employees as well as the identified terminated employees may experience harrasment from other companies in the Debtors' industry. The Debtors further argue that "poaching" of the remaining employees by competitors may occur if the information is made public. Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq., and Arthur Spector, Esq., at Berger Singerman P.A., represent the Debtors. James O'Neill Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, is the Debtors' local counsel. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. An Official Committee of Unsecured Creditors has yet to be appointed in these cases by the Office of the United States Trustee. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. ================================ C H I N A & H O N G K O N G ================================ AMERSHAM HEALTH: Shareholders Resolve to Liquidate Business ----------------------------------------------------------- On October 5, 2007, the shareholders of Amersham Health Limited passed a resolution to liquidate the company's business. Creditors who can file their proofs of debt by November 2, 2007, will be included in the company's dividend distribution. The company's liquidators are: Chan Mi Har Yeung Yuen, Betty Level 28, Three Pacific Place 1 Queen's Road East Hong Kong ANDREW CORP: Debt Refinancing Prompts S&P to Affirm Ratings ----------------------------------------------------------- Standard & Poor's Ratings Services has affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The ratings on Andrew will be withdrawn following its acquisition and debt refinancing. The outlook is stable. At the same time, S&P assigned its bank loan and recovery ratings to CommScope's US$2.5 billion first-lien credit facilities. The US$2.1 billion term loan and US$400 million revolving credit facility are rated 'BB-', with a recovery rating of '3', indicating the expectation for meaningful (50%- 70%) recovery in the event of a payment default. Proceeds from the term loan will be used to partially fund its US$2.6 billion acquisition of Andrew. "The ratings on CommScope after the acquisition reflect an increase in leverage, a short operating track record at current profitability levels, and integration challenges," said S&P's credit analyst Lucy Patricola. "These are offset partially by solid market positions with major telecommunications providers and good cash flow." CommScope's market position in coaxial cable and environmentally secure cabinets used by wireline carriers complements Andrew's key business that provides antennae used in wireless base stations. CommScope's financing of the acquisition increases leverage substantially from recent levels of about 1.5. Based on the following assumptions, pro forma debt to EBITDA is about 4.0, within expectations for the rating. Headquartered in Westchester, Illinois, Andrew Corporation (NASDAQ: ANDW) -- http://www.andrew.com/-- designs, manufactures and delivers and essential equipment and solutions for the global communications infrastructure market. The company serves operators and original equipment manufacturers from facilities in 35 countries including China, India, Italy, Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda and Brazil. BRI FINANCE: Members' Meeting Set for November 15 ------------------------------------------------- The members of Bri Finance Limited will meet on November 15, 2007, at 11:00 a.m., at the 27th Floor of Alexandra House, 16-20 Chater Road, in Central, Hong Kong. At the meeting, Gabriel Ck Tam, the company's liquidator, will give a report on the report on the company's wind-up proceedings and property disposal. CHAODA MODERN: Steep Vegetable Price Boosts Profit by 28% --------------------------------------------------------- Chaoda Modern Agriculture posted a net profit of CNY1.73 billion (HK$1.785 billion) for the year ended June 30, 2007, up 28% from the previous fiscal year mainly due to the increasing price of vegetables, The Standard reports. Turnover of the company surged 38% to CNY3.85 billion while gross profit increased 39% to CNY2.637 billion, the company said in a statement obtained by the news agency. The company also reported earnings per share of 73 sen and declared a final dividend of HK$5.6 cents per share. In addition, the company also disclosed that changes in fair value of biological assets and convertible bonds brought a gain of CNY149 million and a loss of CNY247 million respectively, compared with a gain for biological assets of CNY153 million and a loss on convertible bonds of CNY5 million a year earlier. Chaoda said excluding changes in fair value of biological assets and convertible bonds, net profit would have soared 51% to CNY1.831 billion. Executive director and chief financial officer Andy Chan Chi-po said land purchases are being eyed with capital expenditure of between HK$2 billion and HK$2.5 billion next fiscal year. Meanwhile, Chairman Kwok Ho, whose share sales twice this year have weighed on the stock performance, said he was considering share buybacks, The Standard relates. Executive vice president and chief executive officer Jerry Lu Xiaoxun said vegetable prices will continue to rise and that average selling prices have risen 2% so far. Mr. Kwok also said the company is discussing a project with a Japanese firm. Headquartered in Wanchai, Hong Kong, Chaoda Modern Agriculture (Holdings) Ltd. -- http://www.chaoda.com/-- through its subsidiaries, is engaged in growing, distribution and sale of crops, breeding and sales of livestock in the People's Republic of China. It is also engaged in investment holding and agency services. The Company's directly held subsidiaries include Timor Enterprise Limited, Insight Decision Limited, Huge Market Investments Limited, Worthy Year Investments Limited and Great Challenge Developments Limited. Some of the Company's indirectly held subsidiaries include Fuzhou Chaoda Modern Agriculture Development Company Limited, Fujian Chaoda Livestock Company Limited and Chaoda Vegetable & Fruits Limited. On June 26, 2007, Moody's Investors Service changed the outlook for Chaoda Modern Agriculture (Holdings) Ltd's Ba2 corporate family rating and its foreign currency debt rating to negative from stable. This is in response to the company's announcement regarding a change of auditors. The TCR-AP also reported that on July 26, 2006, Standard & Poor's Ratings Services said that its rating on Chaoda Modern Agriculture (Holdings) Ltd (BB/Stable/--) would not be affected by a company announcement that it is planning to invest in Hong Kong-listed Innomaxx Biotechnology Group Ltd. CHARTER CITY: Requires Creditors to File Claims by November 12 -------------------------------------------------------------- At an extraordinary general meeting held on October 2, 2007, the members of Charter City Development Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt by Nov. 12, 2007, to be included in the company's dividend distribution. The company's liquidator is: Brian Jackson China Merchants Tower, 12th Floor Shun Tak Centre 168-200 Connaught Road Central Hong Kong FIAT SPA: Finance Unit to Repay EUR123.4 Million in Bonds --------------------------------------------------------- Fiat S.p.A.'s Fiat Finance & Trade Ltd. S.A., a company organized under the laws of Luxembourg, will repay EUR123,400,000 equal to the first amortization installment of the outstanding "Fiat Step Up Amortizing 2001-2011" bonds of EUR617,000,000 on Nov. 7, 2007. The repayment is in compliance with the provisions of the instructions to the rules of the markets organized and managed by Borsa Italiana S.p.A. In accordance with the conditions of the bond, the repayment will reduce by one-fifth the face value of each outstanding bond. As a result, the face value will then amount to EUR800 each for a total residual amount of EUR493,600,000. Consequently, the smallest denomination of each bond will thus be reduced from EUR1,000 to EUR800. About Fiat SpA Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Aug. 24, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook on all long-term ratings was maintained. The short term Not Prime rating remains unchanged. FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz ----------------------------------------------------- Fiat S.p.A. and JSC Avtovaz signed a memorandum of understanding as the basis for the establishment of cooperation initiatives aimed at supporting the expansion of Avtovaz, in the area of passenger cars encompassing engineering and technological processes, development, manufacturing, product sourcing, engines and other components. Fiat's involvement in the development of the Fiat brand in Russia based on prior agreements with other parties continues to be strong and is not affected by this MoU. Following the MoU, joint teams would be set up by the two groups to determine the feasibility and specificity of the nature of cooperation, both in the short and long term. The two companies expect to sign definitive agreements in the course of the coming months. "A cooperation with AUTOVAZ represents a significant step forward in our industrial strategy of targeted alliances. It is our view that Autovaz will re-emerge as a strong automotive player in a market that is showing significant growth potential. And we are delighted to be able to assist and participate in this process," Sergio Marchionne, Fiat Group's CEO, disclosed. "The memorandum signed is the most important stage in the Russian-European cooperation in the sphere of automobile production. Now we are entering a brand new level of relations with the Fiat Corporation, which played the most decisive role in the construction of VAZ in the 60s of the last century. Fiat helped to design the most popular car in Russia which won the hearts and souls of our automobilists," Sergey Chemezov chairman of AvtoVAZ board of directors. "We hope that we shall obtain success once again, revive the authority and glory of AUTOVAZ," Mr. Chemezov added. About Fiat SpA Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Aug. 24, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook on all long-term ratings was maintained. The short term Not Prime rating remains unchanged. GLOBAL POWER: Exclusive Plan-Filing Period Extended to Oct. 24 -------------------------------------------------------------- The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware issued a sixth bridge order extending Global Power Equipment Group Inc. and its debtor- affiliates' exclusive period to file a chapter 11 plan of reorganization to Oct. 24, 2007. Judge Shannon also extended the Debtors' exclusive period to solicit acceptances of that plan to Dec. 24, 2007. Headquartered in Oklahoma, Global Power Equipment Group Inc. (Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design, engineering and manufacturing firm providing an array of equipment and services to the energy, power infrastructure and process industries. The company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, and has over 40 years of power generation industry experience. The company's equipment is installed in power plants and in industrial operations in more than 40 countries on six continents. In addition, the company provides routine and specialty maintenance services to nuclear, coal-fired, fossil, and hydroelectric power plants and other industrial operations. The company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China; Nanjing, China; and Heerleen, The Netherlands. The company filed for chapter 11 protection on Sept. 28, 2006 (Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq., Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham, Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M. Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq., at The Bayard Firm, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' noticing and claims agent. At Oct. 31, 2006, Global Power's balance sheet showed total assets of US$177,758,000 and total debts of US$99,017,000 Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official Committee of Unsecured Creditors. The Official Committee of Equity Security Holders is represented by Howard L. Siegel, Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels LLP. GLOBAL POWER: Wants Court to Approve Plan Support Agreement ----------------------------------------------------------- Global Power Equipment Group Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware to approve an agreement in support of the Debtors' Joint Chapter 11 plan of Reorganization. The agreement was entered into by the Debtors, the Official Committee of Unsecured Creditors, the Official Committee of Equity Security Holders, and holders of 100% of Global Power's 4.25% Convertible Senior Subordinated Notes. The Debtors relate that the Plan Support Agreement contemplates and provides the basis for the Parties' support for confirmation and consummation of the Plan and is based on a rights offering on private placement of up to US$90 million. The proceeds of which, the Debtors say, will be used to fund the Plan. The rights offering and private placement will be memorialized in a Backstop Stock Purchase Agreement, the Debtors add. The Court has set a hearing for October 24 to consider the Debtors' request. About Global Power Headquartered in Oklahoma, Global Power Equipment Group Inc. (Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design, engineering and manufacturing firm providing an array of equipment and services to the energy, power infrastructure and process industries. The company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, and has over 40 years of power generation industry experience. The company's equipment is installed in power plants and in industrial operations in more than 40 countries on six continents. In addition, the company provides routine and specialty maintenance services to nuclear, coal-fired, fossil, and hydroelectric power plants and other industrial operations. The company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China; Nanjing, China; and Heerleen, The Netherlands. The company filed for chapter 11 protection on Sept. 28, 2006 (Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq., Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham, Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M. Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq., at The Bayard Firm, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' noticing and claims agent. At Oct. 31, 2006, Global Power's balance sheet showed total assets of US$177,758,000 and total debts of US$99,017,000 Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official Committee of Unsecured Creditors. The Official Committee of Equity Security Holders is represented by Howard L. Siegel, Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels LLP. MYWAY LIMITED: Subject to Chan Kai's Wind-Up Petition ----------------------------------------------------- On September 28, 2007, Chan Kai Wing filed a petition to have Myway Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on November 7, 2007, at 9:30 a.m. Chan Kai's solicitors are: HK Diamond Exchange Building, 11th Floor 8-10 Duddell Street, Central Hong Kong OME PRINTING: Wind-Up Petition Hearing Set for Dec. 5 ----------------------------------------------------- The High Court of Hong Kong will hear on September 20, 2007, at 9:30 a.m., a petition to have Ome Printing Company Limited's operations wound up. The petitioner's solicitors are: Knight & Ho Admiralty Centre, Tower 1 Room 904B, 9th Floor No. 18 Harcourt Road Admiralty, Hong Kong ORIENTAL CRYSTAL: Court to Hear Wind-Up Petition on Dec. 5 ---------------------------------------------------------- The High Court of Hong Kong will hear on December 5, 2007, at 9:30 a.m., a petition to have Oriental Crystal Finance Company Limited's operations wound up. The petition was filed by Catic International Finance Limited on September 24, 2007. Catic International's solicitors are: K.M. Lai & Li Regent Centre, 23rd Floor No. 88 Queen's Road Central Hong Kong RELIABLE WATCH: Huen Ho Yin Quits as Liquidator ----------------------------------------------- On October 5, 2007, Huen Ho Yin quit as liquidator of Reliable Watch Co Limited. The former Liquidator can be reached at: Huen Ho Yin West Tower Units 3309-3311, 33rd Floor Shun Tak Centre 168-200 Connaught Road Central Sheung Wan Hong Kong SINO LUCK: Chan Kong Ho Quits as Liquidator ------------------------------------------- Chan Kong Ho quit as liquidator of Sino Luck Industries Limited on October 4, 2007. The former Liquidator can be reached at: Chan Kong Ho Skyview Cliff Flat B, 16th Floor 49 Conduit Road, Mid-Level Hong Kong STREPHON COMPANY: Members' Final General Meeting Set for Nov. 13 ---------------------------------------------------------------- A final general meeting will be held for the members of Strephon Company Limited on November 13, 2007, at 11:00 a.m., at Suite 2202, 22nd Floor of Chinachem Tower, 34-37 Connaught Road, Central, Hong Kong. At the meeting, Ng Kwong Hung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TCL MULTIMEDIA: Sells Land in Huizhou for CNY162 Million -------------------------------------------------------- TCL Multimedia Technology Holdings Limited has agreed to dispose of the land used right of a land located at Huizhou to Huizhou Land Reserve Centre for CNY162.282 million (US$167.15 million), Infocast News reports. The proceeds from the disposal will be used as general working capital. TCL Multimedia expects to record a gain of CNY52.968 million ($54.557 million) from the disposal, the report says. According to Infocast, the land, comprising of a total area of 276,899 square meters, was previously used by the company as production plant, staff quarters and staff canteen. Headquartered in New Territories, Hong Kong, TCL Multimedia Technology Holdings Limited -- http://www.tclhk.com/-- designs, manufactures and sells electronic products like colored TV, DVD players, VCD players, home cinema hi-fi systems, mobile handsets, Internet-related information technology products, refrigerators and washing machines. Its other activity includes trading electronic parts and components used in the production of color television sets. On Aug. 31, 2006, the Troubled Company Reporter-Asia Pacific reported that TCL Multimedia Technology Holdings Limited's European operations posted a CNY763 million loss, which caused losses of the TCL Corp. group to widen to CNY737.56 million. Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is expecting to post a loss for the full-year because first-half losses had been so large. In the first half of 2006, TCL reported a net loss of CNY737.56 million, after a loss of CNY320.24 million in 2005. The TCR-AP report recounted that in 2004, TCL acquired the TV unit of French electronics firm Thomson, which uses the Thomson brand in Europe and RCA in North America. TCL grouped all its TV businesses under TMT. TTE Europe SAS, TCL's European unit, filed a declaration of insolvency on May 24, 2007, in France after it failed to settle a number of outstanding liabilities. UNIVERSAL TREND: Members to Hold Final Meeting on November 12 ------------------------------------------------------------- Universal Trend Development Limited will hold a meeting for its members on November 12, 2007, at 10:00 a.m., at Room 1701 of Olympia Plaza, 255 King's Road, in North Point, Hong Kong. At the meeting, Lui Wan Ho, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AGILENT TECHNOLOGIES: Inks Marketing Agreement with BioTrove ------------------------------------------------------------ Agilent Technologies Inc. and BioTrove Inc. have signed an agreement to co-market the Agilent 6410 Triple Quadrupole Mass Spectrometer with BioTrove's RapidFire high-throughput sample preparation systems. The two systems together provide an integrated solution for ultra-high-throughput preparation and analysis of in vitro biological assays in pharmaceutical drug research. "This relationship enables clients to integrate the fastest sample-preparation system on the market with the strength of leading-edge analytical mass spectrometry," said Guenter Nill, Agilent general manager, pharmaceutical and biotech market. "It significantly benefits pharmaceutical companies that want to spend less time and money discovering new leads and developing more effective medicines." Using innovative microfluidic technology for sample preparation and analysis faster than eight seconds per sample, RapidFire Mass Spectrometry eliminates bottlenecks created by traditional mass spectrometry throughput. It has been used by 10 of the top 15 pharmaceutical companies as an established drug-discovery tool for more than four years. RF-MS is routinely used in applications including the high-throughput screening of previously intractable drug targets, cytochrome P450 inhibition and other pre-clinical ADME assays, as well as in directed evolution studies. The Agilent 6410 Triple Quadrupole LC/MS establishes a new standard for value in a triple quadrupole mass spectrometer, delivering outstanding sensitivity and great ease of use along with traditional Agilent reliability. Femtogram-level sensitivity and rugged, reliable performance make this the instrument of choice for drug discovery and development. "The Agilent-BioTrove collaboration provides an improved, integrated high-throughput screening solution, enabling biopharmaceutical companies to better use their talent, time and targets," said Al Luderer, Ph.D., president and CEO, BioTrove. "BioTrove's expertise in sample preparation for high-throughput screening and early ADME is a natural complement to Agilent's strength in analytical mass spectrometry. Together, we are enabling walk-away analysis of lead compounds against valuable targets that would be otherwise impossible to screen, helping biopharma clients meet the challenge of accelerating drug discovery research." The combined solutions can be seen at the following events: -- Chemical and Pharmaceutical Structure Analysis Conference in Langhorne, Pa., on Oct. 22-25; and -- American Association of Pharmaceutical Scientists Conference in San Diego on Nov. 11-15. About BioTrove Inc. BioTrove Inc. -- http://www.biotrove.com/-- offers two innovative technology platforms: RapidFire(TM), which enables the acceleration of drug discovery and pipeline decisions, and OpenArray(TM), which advances genomic research in a wide range of life science fields, including agriculture, disease research, bio-defense, and public health. With more than half of the world's ten largest pharmaceutical companies as clients, and partnerships with prestigious research and public health centers around the world, BioTrove's products and services ensure that an industry committed to accuracy and speed can meet business goals. RapidFire(TM) Mass Spectrometry (RFMS) uses an innovative microfluidic technology to facilitate analysis at faster than 10 seconds per sample, eliminating the bottleneck created by traditional mass spectrometry throughput. RFMS is routinely used in many applications including the high-throughput screening of previously intractable drug targets, cytochrome P450 inhibition and other ADME assays and directed evolution studies. The OpenArray(TM) Platform enables genomics researchers to generate SNP and real time qPCR data in the hundreds of thousands of data points per day, significantly increasing the number of samples analyzed while significantly decreasing the time and cost required. The flexible format and nanoliter scale of the OpenArray(TM) system allows for easy adjustment of sample and assay numbers, achieving economical, high-throughput genomics. About Agilent Technologies Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/ -- is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company's 19,000 employees serve customers in more than 110 countries. The company has operations in India, Argentina, Puerto Rico, Bolivia, Paraguay, Venezuela, and Luxembourg, among others. * * * Agilent Technologies Inc. carries Moody's Investors Service 'Ba1' corporate family rating. ICICI BANK: Reports 33% Year-on-Year Grown in Profit After Tax -------------------------------------------------------------- The Board of Directors of ICICI Bank Limited at its meeting held at Mumbai on Oct. 19, 2007, approved the audited accounts of the bank for the quarter ended September 30, 2007 (Q2-2008). Highlights * Operating profit excluding treasury income increased 52% in Q2-2008 to INR1,712 crore (US$430 million) from INR1,129 crore (US$283 million) in the quarter ended September 30, 2006 (Q2-2007). * Profit after tax for Q2-2008 increased 33% to INR1,003 crore (US$252 million) from INR755 crore (US$189 million) for Q2-2007. * Net interest income increased 34% to INR1,786 crore (US$448 million) for Q2-2008 from INR1,334 crore (US$335 million) for Q2-2007. * Total advances increased 33% to INR207,121 crore (US$52.0 billion) at September 30, 2007 from INR155,403 crore (US$39.0 billion) at September 30, 2006. * Current and savings account deposits increased 38% to INR57,827 crore (US$14.5 billion) at September 30, 2007 from INR41,997 crore (US$10.5 billion) at September 30, 2006. Operating review Credit Growth The Bank's total advances increased 33% to INR207,121 crore (US$52.0 billion) at September 30, 2007 from INR155,403 crore (US$39.0 billion) at September 30, 2006. The advances of the Bank's international branches increased 146% to INR36,994 crore (US$9.3 billion) at September 30, 2007 from INR15,025 crore (US$3.8 billion) at September 30, 2006, reflecting the combination of the Bank's strong corporate franchise, and its international presence. This has led to an increase in the proportion of advances of the Bank's international branches in total advances from 9.7% at September 30, 2006 to 17.9% at September 30, 2007. The Bank's retail advances were INR131,014 crore (US$32.9 billion) at September 30, 2007 and constituted 63% of total advances. The Bank is also extending its reach in the small and medium enterprises segment with advances increasing by 56% to INR5,205 crore (US$1.3 billion) at September 30, 2007 from INR3,326 crore (US$0.8 billion) at September 30, 2006. Deposit Growth The Bank's total deposits increased 20% to INR228,307 crore (US$57.3 billion) at September 30, 2007 from INR189,499 crore (US$47.6 billion) at September 30, 2006. During this period, current and savings account deposits increased 38% to INR57,827 crore (US$14.5 billion) at September 30, 2007 from INR41,997 crore (US$10.5 billion) at September 30, 2006. The Bank had 950 branches and extension counters and about 3,600 ATMs at September 30, 2007. International Operations The Bank has wholly-owned subsidiaries, branches and representative offices in 17 countries, and an offshore banking unit in Mumbai. At September 30, 2007 the Bank's international operations accounted for about 22% of its consolidated banking assets. The Bank's remittance business volumes were about INR8,600 crore (US$2.2 billion) during Q2-2008. ICICI Bank UK's profit after tax for the six-month period ended September 30, 2007 (H1-2008) was US$36.0 million. Capital Adequacy The Bank's capital adequacy at September 30, 2007 was 16.8%1 (including Tier-1 capital adequacy of 13.0%), well above RBI's requirement of total capital adequacy of 9.0%. Asset Quality At September 30, 2007, the Bank's net non-performing assets constituted 1.4% of customer assets. Unaudited Consolidated Results The unaudited consolidated profit after tax was INR1,642 crore (US$412 million) for the six-month period ended September 30, 2007 (H1-2008) compared to INR1,319 crore (US$331 million) for the six-month period ended September 30, 2006 (H1-2007). ICICI Prudential Life Insurance Company continued to maintain its market leadership among private sector life insurance companies with a market share of about 26% on the basis of weighted received new business premium in April-August 2007. Life insurance companies worldwide make losses in the initial years, in view of business gestation and customer acquisition costs as well as reserving for actuarial liability. While the growing operations of ICICI Life had a negative impact of INR406 crore (US$102 million) on the unaudited consolidated profit after tax in H1-2008 on account of the above reasons, the company's unaudited New Business Profit in H1-2008 was INR432 crore (US$108 million). NBP is a metric for the economic value of the new business written during a defined period. It is measured as the present value of all the future profits for the shareholders, on account of the new business based on standard assumptions of mortality, expenses and other parameters. Actual experience could differ based on variance from these assumptions especially in respect of expense overruns in the initial years. ICICI Lombard General Insurance Company maintained its leadership position with a market share of about 32% among private sector general insurance companies and an overall market share of about 12% during April-August 2007. ICICI General's profit after tax was INR81 crore (US$20 million) in H1-2008. At September 30, 2007, ICICI Prudential Asset Management Company (ICICI AMC) had assets under management of about INR50,400 crore (US$12.6 billion). ICICI AMC's profit after tax was INR53 crore (US$13 million) in H1-2008. A copy of the company's audited financial results for the quarter ended Sept. 30, 2007, is available for free at: http://ResearchArchives.com/t/s?2466 About ICICI Bank 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. ICICI BANK: Promotes C. Kochhar to Joint Managing Director & CFO ---------------------------------------------------------------- The Board of Directors of ICICI Bank Limited at its meeting on Oct. 19, 2007, elevated Chanda Kochhar, Deputy Managing Director as Joint Managing Director & Chief Financial Officer of ICICI Bank. She will be responsible for the Corporate Centre and will be the official spokesperson for ICICI Bank. The Board of Directors has appointed Sonjoy Chatterjee, presently Managing Director & CEO of ICICI Bank UK plc as an Executive Director of ICICI Bank Limited effective October 22, 2007, subject to approval of Reserve Bank of India and other necessary approvals. He will take over responsibility for wholesale and international banking. V. Vaidyanathan, Executive Director will take over responsibility for rural banking in addition to his current responsibility for retail banking. ICICI Lombard General Insurance Company (ICICI General), the Bank's general insurance subsidiary, has achieved robust growth and market share. In order to further strengthen the top management of this business in line with its growing scale, ICICI Bank and its joint venture partner, Fairfax, have decided to recommend to the Board of Directors of ICICI General the appointment of Vishakha Mulye, Group Chief Financial Officer as Executive Director on the Board of ICICI General, subject to necessary approvals. About ICICI Bank 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. Headquartered in Montreal, Canada, Quebecor Media Inc. is a privately held leading Canadian media holding company. Through its operating companies, QMI has activities in cable distribution, business, residential and mobile wireless telecommunications, newspaper publishing, television broadcasting, book, magazine and video retailing, publishing and distribution, music recording, production and distribution and new media services. QMI is 54.7% owned by Quebecor Inc, a publicly traded communications holding company, and 45.3% owned by Capital CDPQ. Quebecor Inc.'s primary assets are its interests in Quebecor Media and in Quebecor World, one of the world's largest commercial printers (B3 Negative). Quebecor World has approximately 29,000 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. QUEBECOR MEDIA: S&P Rates Proposed US$450 Mil. Senior Notes at B ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' debt rating to Montreal, Quebec-based Quebecor Media Inc.'s proposed US$450 million 7.75% senior unsecured notes due 2016. The notes are rated two notches below the 'BB-' long-term corporate credit rating, reflecting their junior position in the company's debt capital structure with debt at wholly owned subsidiaries, Videotron Ltee and Sun Media Corp. (both rated BB-/Stable/--), ranking ahead of the proposed notes. The ratings and outlook on all companies are unchanged. "The proceeds from the notes will be used to refinance the CDN US$420 million bridge loan and related fees to fund the acquisition of Osprey Media Income Fund, a leading publisher of newspapers, magazines, and specialty publications in Ontario," said Standard & Poor's credit analyst Madhav Hari. The debt-financed acquisition closed on Aug. 8, 2007, at CDN US$8.45 per unit, representing an equity value of CDN US$414 million, and a total purchase price of CDN US$576 million, including the assumption of debt outstanding. Although the Osprey acquisition results in weaker credit protection metrics on a pro forma basis, credit measures remain consistent with the rating category given pro forma adjusted debt leverage (debt to EBITDA) of about 4x. The acquisition of Osprey's 20 daily and 34 nondaily community newspapers will position Quebecor Media as the largest newspaper publisher in Canada and should improve Sun Media's newspaper market position, which consists of eight paid urban dailies, seven free commuter dailies, and 193 community newspapers and specialty publications. Although Osprey participates in the challenging newspaper industry, it is somewhat insulated against economic factors as its revenues are derived from the community newspaper segment. This segment relies less on customer subscriptions and national advertising revenues, which tend to be more volatile than local advertisers. Despite some integration risk from the acquisition, Standard & Poor's expects Quebecor Media will be able to effectively manage the integration process, which should take up to 12 months to complete. The stable outlook reflects S&P's expectation that Quebecor Media's operating assets will maintain their solid market positions, that credit measures will be in line with the ratings in the medium term, and that the company will successfully manage the Osprey integration. S&P could revise the outlook to positive or raise the ratings if Quebecor Media improves its financial risk profile and is able to sustain better operating performance and stronger credit measures. Alternatively, S&P could revise the outlook to negative if the company fails to meet expectations, resulting in the weakening of Quebecor Media's operating performance and credit measures. Headquartered in Montreal, Canada, Quebecor Media Inc. is a privately held leading Canadian media holding company. Through its operating companies, QMI has activities in cable distribution, business, residential and mobile wireless telecommunications, newspaper publishing, television broadcasting, book, magazine and video retailing, publishing and distribution, music recording, production and distribution and new media services. QMI is 54.7% owned by Quebecor Inc, a publicly traded communications holding company, and 45.3% owned by Capital CDPQ. Quebecor Inc.'s primary assets are its interests in Quebecor Media and in Quebecor World, one of the world's largest commercial printers (B3 Negative). Quebecor World has approximately 29,000 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. RYERSON INC: S&P Holds 'B+' Rating and Removes Negative Watch ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on Chicago, Illinois-based metals processor and distributor Ryerson Inc., including its 'B+' corporate credit rating. S&P removed all ratings from CreditWatch, where they had been placed with negative implications on July 24, 2007, after the company announced that it had agreed to be acquired by Platinum Equity for around US$2 billion. S&P also assigned its 'B+' senior secured rating and '4' recovery rating to Ryerson's proposed US$575 million senior secured notes, comprised of US$150 million of floating-rate senior secured notes due 2014 and US$425 million senior secured notes due 2015. The recovery rating indicates expectations of average (30% to 50%) recovery in the event of a payment default. The outlook is negative. "The affirmation incorporates the prospects for debt repayment as a result of improved operating results and inventory management, due to a new information system, and further cash generation from tighter inventory management and asset sales," said Standard & Poor's credit analyst Marie Shmaruk. "Still, we remain cautious about the company's heavy debt burden and its ability to continue to generate and sustain further meaningful cash flow from working capital improvement." Pro forma for the transaction, Ryerson will have book debt of around US$1.4 billion. After adjustments for postretirement benefits and operating leases, total debt will approximate US$1.7 billion. Also pro forma for the transaction, the company will have more than US$300 million available under its US$1.35 billion revolving credit facility due 2012 and US$35 million in cash. "The ratings are predicated on the rapid and permanent reduction of debt during the next 12 months to attain credit metrics more in line with the rating, with debt to EBITDA in the 5x to 5.5x range," Ms. Shmaruk said. "A downgrade is possible if the company does not make reasonable progress in meeting these objectives or if end markets and operating performance deteriorate. We would change the outlook to stable if the company achieves improved credit metrics that we believe are sustainable for the longer term." Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI) -- http://www.ryerson.com/-- is a distributor and processor of metals in North America. The company services customers through a network of service centers across the United States and in Canada, Mexico, India, and China. RAIN CALCINING: Fitch Gives 'B' Long-Term Foreign Currency IDR -------------------------------------------------------------- Fitch Ratings, on Oct. 19, 2007, assigned Long-term foreign currency Issuer Default Ratings of 'B' to both Rain Calcining Ltd and its wholly-owned subsidiary, CII Carbon L.L.C. The Outlook on the ratings is Stable. Fitch views the legal, operational and strategic linkages between the two entities as strong and has assessed the consolidated financials in assigning the ratings. However, as both entities would be rated in the 'B' category on a stand-alone basis, potential intra-group support is not a material factor in equalising the ratings. Fitch has also assigned expected ratings to the following debt issues of the two entities: -- RCL's US$175 million senior secured facilities (US$54.3m revolving credit facility and US$120.7m term loan): 'B+'/ 'RR3'; -- CII's US$220m senior secured facilities (US$40m revolving credit facility and US$180m term loan): 'B+'/ 'RR3'; -- US$235m senior subordinated notes (unsecured): 'B-'(B minus)/'RR5' The final ratings of the instruments are contingent upon receipt of documents conforming to information already received. The ratings reflect the combined entity's (RCL-CII) global leadership in the calcined petroleum coke market, the relatively stable spreads between CPC and its primary raw material, green petroleum coke (GPC), over the past few years as well as a favourable demand/supply outlook for the industry, driven by anticipated growth in aluminium production of 3.5-4.0% over the medium term. The ratings also reflect the relatively low integration costs for the acquisition, and the clearly identified synergies in sourcing and distribution, location advantages with assets in the US and India, as well as the benefits from fine tuning the waste heat recovery from the manufacturing process, which adds significant stability to margins. Fitch anticipates material de-levering over the medium term from the consequent stronger cash flows. With the structure in place for a sweep of the reasonably strong positive free cash flows over the next year, Fitch expects the company's total debt/ EBITDAR ratio to improve to around 4-5x by December 2008. While any major delays in the realisation of these synergies would act as a negative trigger, any greater than expected de-levering could act as a positive rating trigger. Key risks to the industry would include a reversal in the current global demand trend for base metals, and specifically aluminium. The risk of major new CPC capacities affecting demand/supply dynamics is partly mitigated by the industry-wide consolidation over the past few years. With GPC supply being tight globally, sourcing linkages act as effective barriers to new capacities. The consolidated entity benefits from CII's strong relationships and long-term contracts with major GPC suppliers. In July 2007, RCL acquired 100% of CII for US$619.3m (adjusting for US$11.4m of working capital, and including refinancing of existing debt at CII), primarily using debt finance. All existing debt of RCL and CII will be replaced by the rated debt issues, barring US$92m Series A preferred interests in CII held by an affiliate of RCL and US$12.9m Seller notes (essentially deferred consideration to the earlier sponsor of CII). RCL has proposed a comprehensive restructuring of its holding structure to enable the ring-fencing of the cash-flows within the calcining business i.e. RCL, CII and the intermediate holding companies. Furthermore, the senior secured facility, aggregating US$395m, will be secured against a pledge of 100% of the post- restructuring shareholdings in RCL, CII, intermediate holding companies and the US$92m Series A preferred interests, in addition to a first charge on all assets in these entities. The rating reflects the corporate structure post this initiative, although any material delay in the restructuring could act as a rating trigger inasmuch as it could have an impact on the proposed security package. The senior secured facility has strict covenants, including ring fencing of the cash flows within the two entities, financial covenants monitored on a quarterly basis, a cash flow sweep for debt repayments, and cross-default and counter guarantee provisions between RCL and CII. With regards to the Recovery Ratings assigned to the individual debt instruments, by applying appropriate discounts to both the EBITDA and the Enterprise Value/EBITDA multiple, Fitch expects that in a distress scenario there would be sufficient value within the combined group for the senior secured creditors to achieve full recovery by selling the Rain-CII business on a going concern basis. Fitch anticipates that the senior unsecured bondholders at CII would achieve relatively low recoveries, reflecting their subordination to the secured lenders. Notwithstanding the apparently high level of recoveries for senior lenders derived from the enterprise value calculation, the uncertainty related to achieving recoveries through the relatively unpredictable Indian insolvency process would generally result in Fitch capping Recovery Ratings for senior secured debt in India at 'RR4', reflecting no better than average recoveries. However, in this case, the domicile of the majority of assets and cash flows of the combined group at CII in the more creditor-friendly US jurisdiction, together with the comprehensive security package over all such assets, results in greater certainty for the recovery prospects of the senior secured lenders. Accordingly, the senior facilities have been assigned a Recovery Rating of 'RR3', with the instrument ratings raised by a notch from the IDR to 'B+'. The US$235m senior subordinated note (unsecured) has been assigned a Recovery Rating of 'RR5', reflecting the relatively low level of residual value accruing from the anticipated going concern sale of the business in a distress scenario. Accordingly, the senior subordinated note (unsecured) has been rated a notch lower than the CII IDR at 'B-'. Fitch notes that the creation of security for RCL's assets for any non-Indian senior secured holder is subject to Indian regulatory approval. While any material delay/non-approval is not an event of default within the terms of the senior facilities documentation, the absence of such approval, leading to an inability by the senior lenders to take control of RCL and sell it as part of a combined RCL-CII going concern, could reduce overall recoveries, and consequently act as a negative rating trigger for the unsecured bond. On a combined production volume of 2.5m metric tonnes per annum, RCL-CII is the world's largest CPC manufacturer, with combined revenues of US$540m and an expected total debt/ EBITDAR of around 6x (pro forma) for the twelve months ended June 2007. RAIN CALCINING: Gets Moody's B2 Corporate Family Rating ------------------------------------------------------- Moody's Investors Service, on Oct. 19, 2007, assigned a B2 corporate family rating to CII Carbon LLC, and a B2 probability of default rating. At the same time, Moody's assigned a B1 rating to CII Carbon's secured bank facility and a B3 rating to CII's and CII Carbon Corp.'s (co-issuers) US$235 million guaranteed senior subordinated notes due 2015. Moody's also assigned a B2 CFR to Rain Calcining Limited (RCL, the parent of CII) and a B1 rating to RCL's secured bank facility. CII was acquired by RCL in July 2007 in a primarily cash transaction valued at US$619 million. The equalization of the two CFRs incorporates Moody's view that RCL's acquisition of CII Carbon has strategic benefits that will inure to the benefit of both companies, and that there will be interdependence and business activity between the two companies. CII will represent a significant proportion of RCL's consolidated operations. RCL's CFR reflects Moody's opinion on RCL's ability to honor its financial obligations as if it had a single class of debt and a single consolidated legal entity structure. The ratings outlook is stable. This is the first time Moody's has assigned a rating to RCL. Moody's had withdrawn CII's ratings (B1 corporate family rating) following its acquisition by RCL and repayment of its prior bank facilities. "The effective downgrade of CII's CFR to B2 from B1 reflects the almost doubling in debt levels at CII resulting in a LTM June 30, 2007 pro-forma debt/EBITDA ratio of roughly 6x, and its relatively small revenue base", notes Carol Cowan, lead analyst for CII. However, the rating incorporates CII's position as the second largest producer of anode grade calcined petroleum coke globally, its strong contract position for both raw material (green petroleum coke) requirements and CPC offtake and the relative stability of revenues and margins, even during periods of weakness in the aluminum industry. CPC is a critical raw material required for the production of carbon anodes used in the aluminum smelting process. Green coke, a petroleum refining by-product, represents approximately 70% of the cost of making calcined coke. There is no known economic substitute for anode grade calcined coke. As aluminum cannot be produced without calcined coke consumption in the smelting process, CII's performance is more sensitive to aluminum production levels than it is to aluminum price. Aluminum production continues to grow year to year and Moody's does not expect significant cutbacks in production. Consequently Moody's expects CII to continue to evidence free cash flow generating ability and focus on debt reduction. Using the Moody's Global Chemical Industry Methodology, CII maps to a "B" rating level with key drivers being its small size and debt levels relative to EBITDA and its limited capital base. "The B2 CFR on RCL reflects the combined entity's position as the world's largest producer of CPC, with an approximate 13% market share, with this strong market position further reinforced by the company's well-established and geographically diverse operations" says Elizabeth Allen, lead analyst for RCL. Upon the successful integration of CII's acquisition, RCL should benefit from a competitive cost structure, stemming from the expected improvement in integrated operations, good access to key raw material (GPC) sources, and efficient logistics given the favorable location of operations and accessibility to end- user markets." "Also underpinning the ratings is the long-term relationships established with key customers and the diversified customer base," adds Cowan. However, key challenges for the ratings include (a) the high financial risk profile, in light of the substantially debt financed acquisition of CII that results in consolidated gearing (as denoted by debt/EBITDA) peaking at 6x in FY2007, before recovering to the mid-4x range in the medium term; and (b) execution and integration risks, which include achieving anticipated synergies, considering the size of CII and that it is domiciled in a developed market. Also, the majority of RCL's business is exposed to the risk of a single end-user industry -- that is, exposure to the cyclical demand and production rates of the primary aluminum industry. When mapped to Moody's Global Chemical Industry Methodology, RCL's consolidated performance indicates a Ba rating category. However, the biggest drivers of the B2 rating outcome are: 1) the significant rise in financial risk profile (given the largely debt financed acquisition transaction), 2) the resultant higher debt service requirements and 3) the execution and integration risks embedded in the CII acquisition. The rating also incorporates Moody's moderately favorable outlook of the CPC industry that is correlated to the expected continuing increase in aluminum production. The ratings on CII's bank facilities reflect the application of Moody's loss given default rating methodology. The secured bank facility totals US$395 million and contains tranches available to CII Carbon (US$220 million) and RCL (US$175 million). The CII lenders have security interests in all CII assets and a limited secured guarantee of US$150 million from RCL (subject to a RCL net worth formula as per Indian central bank regulations) while the RCL lenders have security interests in all of CII and RCL assets as well as guarantees from CII and RCL. Based upon the guarantee level (which is not subject to reduction should net worth decline from current levels), Moody's views the CII and RCL lenders positions as relatively equal and given the level of deficiency on the collateral base relative to the level of debt, the ratings on the CII bank tranches and RCL bank tranches are equalized at a B1 rating and are only one notch above the corporate family ratings. The B3 rating on CII's/CII Carbon Corp's guaranteed senior subordinated notes also reflects the application of Moody's loss given default rating methodology and considers the position of the notes behind the US$395 million secured bank facility. While the notes are guaranteed by RCL (subject to a RCL net worth formula as per Indian central bank regulations), Moody's sees no residual asset value in the guarantee supporting the notes given the size of the bank facility and deficiency levels in its collateral package. While the notes are subordinated to the bank facility, they are at parity with trade payables and senior to more junior instruments in the capital structure and are viewed as a senior unsecured instrument. The stable outlook is premised on the likelihood of a timely and smooth integration of CII operations, and RCL's ability to harness the synergistic benefits arising from the acquisition. The outlook also incorporates the expectation that post acquisition, the combined RCL group would sustain its position as the world's largest calcined coke producer, and use the expected free cash flows to pare down debts. Given the tight market conditions for GPC and the strong demand for CPC based upon aluminum production levels, Moody's expects fundamentals for the calcining industry to remain strong over the next two years, thereby contributing to free cash flows at both CII and RCL for debt reduction. Assignments: Issuer: CII Carbon LLC Corporate Family Rating, Assigned B2 Probability of Default Rating, Assigned B2 Senior Secured Bank Credit Facility, Assigned B1 LGD 3, 35% Issuer: CII Carbon LLC and CII Carbon Corp Gtd Senior Subordinated Regular Bond/Debenture, Assigned B3, LGD 4 , 62% Issuer: Rain Calcining Limited Corporate Family Rating, Assigned B2 Senior Secured Bank Credit Facility, Assigned B1 CII, formed in 1988 and headquartered in Kingwood, Texas, is the second largest producer of calcined coke globally with approximately 1.9mt capacity and seven operating locations in the United States. Fiscal 2006 revenues were USUS$355 million. RCL, established in 1989, is primarily involved in the production of calcined coke (CPC), is one of the top five calciners globally, and the largest producer in Asia. It has an annual production capacity of 0.6 million tons, and its plant is located in Visakhapatnam (India). It recorded a net profit of INR0.7 billion (USUS$16.8 million equiv) on a turnover of INR7.0 billion for FYE March 31, 2007. RCL is listed in the National Stock Exchange and Mumbai Stock Exchange. ================= I N D O N E S I A ================= ALCATEL-LUCENT: To Broaden Unified Communication Offer w/ Sagem -------------------------------------------------------------- Alcatel-Lucent and Sagem Communications have launched an embedded version of Sagem-Interstar's Fax over IP server technology XMediusFAX within the Alcatel-Lucent OmniTouch Unified Communication suite. The combined solution is aimed at offering customers worldwide a Fax over IP solution fully integrated into their communication environment. Users can easily send/receive faxes directly from their email client. Faxes are easier to track, manage and archive. For many industries, faxing is and remains a legally binding and essential means of communication in business-to-business exchanges. The XMediusFax technology complements the OmniTouch UC solution with simple, flexible and field-proven capabilities. The T.38 FoIP technology is a globally accepted, secure,and reliable way to quickly transmit faxes over IP networks and the Internet. Customers benefit from the advantages of a packaged "ready to go" solution that features greater optimization between fax, voice, email, calendaring, instant messaging and collaboration. The joint solution boosts employee productivity by providing rapid fax delivery and an efficient means of fax broadcasting. It streamlines workflow management and creates an audit trail fully in line with security & regulatory requirements. It also reduces hardware and maintenance costs, as its full boardless Fax over IP solution eliminates dedicated analog fax lines, as well as specialized fax equipment, maintenance and supplies. Additionally, both resellers and customers benefit from simplified ordering and improved cost structure of an integrated solution. "Sagem-Interstar's FoIP platform is a simple and elegant solution that is easily customizable for OEM integrations on platforms such as Windows and Linux. Our FoIP server, which pioneered the boardless IP fax market, is the most widely-tested and field-proven FoIP solution in the industry," said Patrick Sevian, CEO Sagem Communications. "Sagem Communications is proud of having Alcatel-Lucent broadening its already leading solution with our technology." "At Alcatel-Lucent, we believe building the right relationships and joint solutions to support our customers goals is critical in today's market. With Sagem, we are bringing our customers the first IP Telephony offer with a fully integrated Fax over IP and multimedia solution as part of our OmniTouch Unified Communication suite." said Tom Burns, President of the Alcatel- Lucent's Enterprise activities. "By integrating simple yet business critical tasks like faxing, which is still an essential means of communication for many industries, we allow our customers to leverage their investment in communications to streamline the business processes." About Sagem Communications Sagem Communications is a major player in the fields of communication, having acquired international positions thanks to a high innovative potential. The SAGEM products benefit from a particular awareness in the following activities: printing terminals, residential terminals, digital TV set-top boxes, systems, electronic metering. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * The Troubled Company Reporter-Asia Pacific reported on Sep. 19, 2007, that Standard & Poor's Ratings Services revised its outlook on international equipment supplier Alcatel-Lucent and related entity Lucent Technologies Inc. to stable from positive. At the same time, the 'BB-' long-term corporate credit ratings on the group were affirmed. The 'B' short-term corporate credit rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent Technologies were also affirmed. As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. BERLIAN LAJU: Plans to Raise US$350 Million for Debt Repayment -------------------------------------------------------------- PT Berlian Laju Tanker Tbk plans to raise up to US$350 million via asset sales and a convertible bond or equity issue to repay debt linked to an acquisition of a chemical tanker company, Reuters reports, citing Finance Director Keving Wong. Mr. Wong told the news agency that the asset sales is estimated to raise US$250 million and a convertible bond issue or equity issue about US100 million. The Troubled Company Reporter-Asia Pacific reported on Oct 18, 2007, that Berlian Laju has agreed to buy Chembulk Tankers LLC for US$850 million. According to the report, the purchase of Chembulk will be funded by cash and loans from several banks, and will be immediately accretive to the company's earnings, the report relates. Reuters notes that Mr. Wong said the firm had got US$750 million of funding for the acquisition from four international banks -- Fortis Bank, DnB NOR, and Nordic NIB. The completion of the acquisition would come after an extraordinary shareholder meeting likely to be held in December, he added. About PT Berlian Laju PT Berlian Laju Tanker Tbk is the largest Indonesian shipping company, focusing on liquid bulk cargo, with operations primarily in Asia with some expansion into the Middle East and Europe. In 2006, BLT achieved revenue of US$335 million, EBITDA of US$154 million and net income of US$107 million. The founder, Hadi Surya, has a 48.7% beneficial interest in BLT. The Troubled Company Reporter-Asia Pacific reported on Oct 17, 2007, that Standard & Poor's Ratings Services lowered its ratings on PT Berlian Laju Tanker Tbk to 'B+' from 'BB-' and placed them on CreditWatch with negative implications. At the same time, Standard & Poor's lowered the issue ratings on US$400 million senior unsecured notes due 2014 and on a US$125 million five-year convertible bond due 2012, issued earlier this year by BL TFinance B.V., a wholly owned subsidiary of BLT, were also lowered to 'B+' from 'BB-' and placed on CreditWatch with negative implications. BLT guarantees both issues; BLT's covered subsidiaries also guarantee the senior notes. On Oct 16, 2007, Fitch Ratings has placed PT Berlian Laju Tanker Tbk's Long-term foreign and local currency Issuer Default Ratings of 'BB-' on Rating Watch Negative, following the company's disclosure on October 14, 2007, that it plans to acquire Chembulk LLC, a Marshall Islands-registered chemical tanker company, for US$850 million. Fitch has also placed the 'BB-' rating of the US$400m senior unsecured notes due 2014 issued by BLT Finance B.V. and guaranteed by BLT on RWN. COMVERSE TECHNOLOGY: Updates Organizational Appointments -------------------------------------------------------- Comverse Technology Inc. reported several organizational appointments. John Bunyan has been named chief marketing officer, reporting to the company's president and CEO, Andre Dahan, effective Oct. 22, 2007. In his new role, Mr. Bunyan also will be responsible for the marketing function at Comverse Inc. The Comverse Inc. marketing staff will report to Mr. Bunyan, and it is expected that the company will designate a marketing vice president reporting to both Mr. Bunyan and Comverse Inc. president Yaron Tchwella. Mr. Bunyan has more than 20 years of senior management experience. He was senior vice president of Mobile Multimedia Services at AT&T Wireless and was responsible for the consumer wireless data business. In this role he helped develop messaging, mobile internet, and other consumer services. He also served as senior vice president of Marketing at Dun & Bradstreet, and prior to that, as executive vice president of marketing at Reuters Americas. Mr. Bunyan has also consulted for a number of venture-funded firms in wireless and other industries. Earlier in his career, he held senior positions with McGraw-Hill/Standard & Poor's and managed a marketing communications firm. He is a graduate of Stanford University. Benny Einhorn, currently president of EMEA and chief marketing officer at Comverse Inc., will continue as president of EMEA, and will focus his efforts on managing operations in this important region, while working with Mr. Bunyan to transition the marketing function. Also, as announced on Sept. 4, 2007, Cynthia Shereda joined Comverse Technology as executive vice president, general counsel and corporate secretary. Reuven Friedman, general counsel at Comverse Inc., reports to both Ms. Shereda and Mr. Tchwella. Ms. Shereda has more than 20 years experience in the legal and accounting professions. Recently, she was executive vice president, chief legal officer and secretary at ATMI Inc., a semiconductor materials company, and prior to that, served as transaction and finance counsel at General Electric, focusing on mergers, acquisitions and divestitures. In addition, she held a variety of positions in securities and M&A law, and as a certified public accountant, in public and private accounting. She holds a J.D. from the University of Texas and a B.S. from New York University. Mr. Dahan said, "We welcome John and Cynthia to our team, confident that they will be key contributors to our efforts to achieve operational excellence and maximize shareholder return. John is a proven marketing performer with deep knowledge of the telecom business. He will support our management team as we pursue our goal of making Comverse a more agile, market-driven company. Cynthia is an accomplished executive, with experience in both the legal and accounting fields, with a background that is well-suited to Comverse's challenges and opportunities." About Comverse Technology Inc. Comverse Technology, Inc. (NASDAQ: CMVT) -- http://www.comverse.com/-- provides software and systems that enable network-based multimedia enhanced communication and billing services. Over 450 communication and content service providers in more than 120 countries use Comverse products to generate revenues, strengthen customer loyalty and improve operational efficiency. Comverse has offices all over the world, including Indonesia, Malaysia and the Philippines. * * * As reported in the Troubled Company Reporter on Feb. 5, 2007, Standard & Poor's Ratings Services kept its 'BB-' corporate credit and senior unsecured debt ratings on New York-based Comverse Technology Inc. on CreditWatch with negative implications, where they were placed on March 15, 2006. FREEPORT-MCMORAN: Moody's Revises Outlook to Positive ----------------------------------------------------- Moody's Investors Service revised Freeport-McMoRan Copper & Gold Inc.'s and Phelps Dodge's outlooks to positive and affirmed all of Freeport's and Phelps Dodge's other ratings. The ratings reflect the overall probability of default of Freeport, to which Moody's assigns a PDR of Ba2. The change in outlook reflects the very strong earnings and cash flow of Freeport in the current metals market, Freeport's use of free cash flow to reduce debt since the acquisition of Phelps Dodge, and Moody's assumption that free cash flow will be sufficient to permit repayment of much of the company'sUS$2.45 billion Term Loan A over the next two to three quarters. The Ba2 corporate family rating reflects Freeport's high debt level of aboutUS$11.3 billion, including Moody's adjustments, the high concentration in copper and resultant variability in earnings and cash flow, significant capital expenditures, and a high level of reliance on the Grasberg mine in Indonesia. The Ba2 rating favorably considers the company's leading positions in copper and molybdenum, a significant amount of gold production, the low cost, long-life reserves at PT-FI, and improved operating and political diversity. Outlook Actions: Issuer: Freeport-McMoRan Copper & Gold Inc. -- Outlook: Changed To positive from stable Issuer: Phelps Dodge Corporation -- Outlook: changed to positive from stable Ratings affirmed: Issuer: Freeport-McMoRan Copper & Gold Inc. -- Corporate Family Rating: Ba2 -- Probability of Default Rating: Ba2 -- US$0.5 billion Senior Secured Revolving Credit facility, Baa2, LGD1, 2% -- US$1 billion Senior Secured Revolving Credit Facility, Baa3, LGD2, 17% -- US$2.45 billion Senior Secured Term Loan A, Baa3, LGD2, 17% -- US$339.7 million 6.875% Senior Secured Notes due 2014, Baa3, LGD2, 17% -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80% Issuer: Phelps Dodge Corporation -- US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3, 36% -- US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3, 36% -- US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3, 36% -- US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3, 36% Moody's last rating action on Freeport was to assign a Baa3 rating to its Term Loan A and upgrade the Phelps Dodge notes to Ba1 in July 2007. Freeport-McMoRan Copper & Gold Inc. is a Phoenix based producer of copper, gold and molybdenum and had revenue in 2006 of US$5.8 billion. PERUSAHAAN LISTRIK: Moody's Ups Corporate Family Rating to Ba3 -------------------------------------------------------------- Moody's Investors Service has upgraded to Ba3 from B1 the corporate family rating and senior unsecured bond rating of PT Perusahaan Listrik Negara. At the same time, PT Moody's Indonesia has upgraded to Aa2.id from A1.id PLN's national scale rating. This rating action follows Moody's decision to upgrade to Ba3 from B1 the Indonesian government's long-term foreign- currency and local-currency ratings. The rating outlook is stable, consistent with the outlook on the government ratings. "Given PLN's 100% ownership by the Ministry of State-Owned Enterprises, its strategic importance as Indonesia's only vertically integrated electricity utility, as well as the ongoing government support through subsidies to ensure its financial viability and operational soundness, Moody's considers PLN's rating to be closely integrated with, and strongly linked to, the government's credit quality," says Moody's lead analyst for the company, Jennifer Wong, adding "Accordingly, an upgrade in the rating of the Indonesian government led to an upgrade in PLN's rating." PT Perusahaan Listrik Negara is an Indonesian state-owned vertically integrated electricity utility with a generation capacity of over 22,000MW. It is a monopoly operator of transmission and distribution networks and is the country's largest electricity producer. The government - represented by the Ministry of State-Owned Enterprises (MSOE) - has complete ownership. Moody's National Scale Ratings are not intended to be globally comparable. Moody's also emphasizes that its National Scale Ratings are not opinions on absolute default risk. In this respect, they are different to the Moody's global scale ratings which have been assigned to Indonesian or other national institutions, and which do not carry the ".id" suffix. Only Moody's global scale ratings are directly comparable to the Moody's global ratings assigned elsewhere in the world, and they also address absolute default risk. MGTI FINANCE: Moody's Upgrades Sr. Secured Bond Rating to Ba2 ------------------------------------------------------------- Moody's Investors Service has upgraded MGTI Finance Company Ltd's senior secured foreign currency bond rating to Ba2 from Ba3. The bond is guaranteed by P.T. Mitra Global Telekomunikasi Indonesia and MGTI Finance B.V. This rating action follows Moody's decision to upgrade Indonesia's Ba3 foreign currency sovereign ceiling to Ba2. The rating outlook is stable, consistent with the outlook on the country foreign currency ceiling. At the same time, Moody's has affirmed the Ba1 local currency corporate family rating of MGTI with a stable outlook. Established in 1995, MGTI was the original operator of fixed line services in Central Java and Yogyakarta, Indonesia. MGTI owns the KSO territory IV concession, which provides the company ownership over the fixed telecommunication lines in central Java. Under the KSO agreement, the operating rights for KSO IV are held by P.T. Telkomunikasi Indonesia, Indonesia's incumbent fixed-line telecommunications service provider. ========= J A P A N ========= ALL NIPPON: To Take JPY66-Billion Charge Due to Depreciation ------------------------------------------------------------ All Nippon Airways Co. said that it will take a charge of JPY66 billion (US$565 million) in the current fiscal year due largely to a change in the way it depreciates its aircraft and other equipment, Bruce Stanley of the Wall Street Journal reports. However, the airline said that an extraordinary gain from a sale of hotels will more than offset the expected loss. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 2, All Nippon had a one-time gain of JPY130 billion from the sale of 13 hotels to Morgan Stanley in July. That covered an JPY11.1-billion surge in fuel costs and a drop in the percentage of seats occupied by paying passengers. Moreover, All Nippon said that its earlier JPY64-billion annual net income forecast remains, WSJ notes. According to WSJ, All Nippon said it would apply JPY22.3 billion of the charge to its results for the first half of the year ending March 31, 2008, while the remainder of the charge will be booked in the second half. Most of the nonrecurring charge -- JPY50 billion -- resulted from the airline's decision to harmonize the various schedules at which it has depreciated its planes, parts and related equipment in the past. ANA made this accounting change at its own discretion in order simplify its bookkeeping, WSJ cites company spokesman Rob Henderson as saying. The remaining JPY16 billion of the nonrecurring charge for this year relates to pensions and other costs, Mr. Henderson told WSJ. About All Nippon Airways Headquartered in Tokyo, All Nippon Airways Co., Limited -- http://www.ana.co.jp/eng/-- is Japan's second-largest airline company in terms of revenue. The company, which was founded in 1952, provides these services: 1. Scheduled air transportation business;