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, November 5, 2007, Vol. 10, No. 219 Headlines A U S T R A L I A GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter GMAC AUSTRALIA: Moody's Downgrades GMAC to Ba2 C H I N A & H O N G K O N G ACA TRADING: Commences Wind-Up Proceedings ADVERTASIA STREET: Appoints Law Yui Lun as Liquidator AGILE PROPERTY HOLDING: To Sell US$400 Million in Bonds AGILE PROPERTY HOLDING: Moody's Assigns Ba3 Rating to USD Notes AGILE PROPERTY: S&P Gives Proposed Notes 'BB' Rating BEAUTY SQUARE: Starts Wind-Up Proceedings BEST UNITED: Proofs of Claim Filing Deadline is Nov. 23 BLISS NOVA: Final Meeting Scheduled for Nov. 30 BRIGHT SMOOTH: Proofs of Claim Due on Nov. 26 CHALLENGE POINT: Members Opt to Wind Up Business CHINA E-BUSINESS: Sets Final Meeting for Nov. 26 DAWN TIME: Final Meeting Slated for Nov. 26 DURA DUCT: Commences Winding-Up Operations ECR EUROCURRENCY: Proofs of Claim Due on Nov. 30 ELEGANT PLEASURE: Final Meeting Slated For Nov. 27 GEFCO OVERSEAS: Final Meeting Set on Nov. 27 GTI FINANCIAL: Appoints Timothy Lau as Liquidator HARMONY MOULD: Final Meeting Slated for Dec. 1 JIANGXI COPPER: Aluminum Corp Eyes Copper Assets JUST YIELD: Proofs of Claim Due on Nov. 23 LDI (HONG KONG): Commences Wind-Up Proceedings LEAN GIAP: Starts Liquidation Proceedings LEOPARD HONG KONG: Names Bruce and Corkhill as New Liquidators LFD (CHINA): Lam and Toohey Resign as Liquidators MAP NAVOTAS: Sole Member Opts to Wind Up Business MAP PAGBILAO: Sole Member Opts to Wind Up Business MATTEL VENDOR: Gilligan Ceases to be Liquidator ORIENTAL CHANCE: Final Meeting Slated on Nov. 26 ORIENTAL MERCHANT: Names Briscoe and Chen as Liquidators PACIFIC OPTICAL: Members to Meet on Nov. 30 PERKINS COIE: Final Meeting Set on Nov. 28 PREMAIN LTD: To Hold Final Meeting on Nov. 26 QING XIN: Final Meeting Date is Nov. 26 SEA WAVE: Creditors to Decide on Wind-Up on Nov. 26 SHE & HE: Proofs of Claim Filing Deadline is Nov. 30 SINODATA (H.K): Final Meeting Scheduled for Nov. 28 SOCIETE GENERALE: Enters Voluntary Wind Up SOUTH CHINA BINDING: Names Briscoe and Chen as Liquidators SOUTH CHINA PRINTING: Names Briscoe and Chen as Liquidators START CLO LTD: Fitch Affirms BB Rating of Class E Notes START III CLO: Fitch Affirms Class E Notes BB+ Rating SUN FUNG: Creditors to Meet on Nov. 29 SWISSRE ADVISERS: Enters Wind-Up Proceedings TRAWLNET LIMITED: Final Meeting Scheduled for Nov. 30 VALIANT PRINTING: Proofs of Claim Due on Nov. 23 WAH FUNG: Proofs of Claim Due on Nov. 30 WOLSTENHOME CHINA: Names Ming and Li As Liquidators WORLD CONNECT: Taps Chan Chi Ho & Lau Wai Fung as Liquidators YAN WING: Appoints Cheung Kwok Sun as Liquidator I N D I A AFFILIATED COMPUTER: Names Ron Gillette as Sr. Managing Director AFFILIATED COMPUTER: Cerberus Withdraws Acquisition Offer AFFILIATED COMPUTER: Five Directors Resign on Chairman's Call AXIS BANK: To Incorporate Two Companies as Subsidiaries NAVISTAR INT'L: Unit Bags US$68.8-Mln Deal from Marine Corps RAIN CALCINING: Unit Prices US$235-Mil. Sr. Subordinated Bonds STATE BANK OF INDIA: Earns INR16 Bil. in Quarter Ended Sept. 30 TATA STEEL: Signs MOU with Vietnam Steel for Cold Rolling Mill I N D O N E S I A BANK CENTRAL: 9-Month Net Profit Rises 7.7% to IDR3.36 Trillion EXCELCOMINDO PRATAMA: Posts IDR156BB Nine-Month Net Income INCO LTD: To Up Nickel Output by 11% to 290,000 Tonnes in 2008 PT INCO: To Build Hydroelectric Power Plant in Sulawesi Island MEDCO ENERGI: To Sell 21.3% Stake in Cambodia Oil Block MEDCO ENERGI: Unit Discovers Oil in 3rd Exploration Well PERUSAHAAN LISTRIK: To Purchase Gas From Energi Mega's Unit J A P A N FIDELITY NATIONAL: Earns $245.3 Million in Third Quarter 2007 FORD MOTOR: UAW Contract Negotiations Continue ICONIX BRAND: 3rd Qtr. Net Income Climbs to US$17 Mil. in 2007 MAZDA MOTOR: 2007 2nd Quarter Profit Rises 29% to JPY26.6 Bil. NOVA CORP: Negative Net Worth to Total JPY100BB If Liquidated SENSATA TECH: Third Quarter Net Revenue Up 24.4% to US$357.4MM K O R E A HYNIX SEMICONDUCTOR: Signs Consulting Deal with Ecoeye HYNIX SEMICON: Seeks Partners for Image Chip Production LG TELECOM: Outperforms Rival KTF Co. in Luring New Customers M A L A Y S I A LITYAN HOLDINGS: Court Fixes Case Hearing on January 15, 2008 MEGAN MEDIA: Auditor Resignation Cues Delay in Filing Financials MEGAN MEDIA: Presents Proposal to Creditors Regarding Default N E W Z E A L A N D CER GROUP: Included in Deloitte/Unlimited Fast 50 List GLASS EARTH: To Raise CCND5 Million by Private Placement IRON MOUNTAIN: Earns US$51 Million in Third Quarter 2007 PROPERTY FINANCE: Proposes Restructuring to Debenture Holders P H I L I P P I N E S BANK OF THE PHIL ISLANDS: Posts PHP7.6-Bil. 9-Month Net Profit LAFAYETTE MINING: Faces Inquiry on Alleged Fishkill in Albay RIZAL COMMERCIAL: Board OKs PHP520-Mil. Purchase of Thrift Bank VULCAN IND'L: Stockholders Okay Increasing of Capital Stock VULCAN IND'L: Stockholders Appoint SGV & Co. as Auditors S I N G A P O R E CATERINGX PTE: Creditors Set to Meet on November 9 INTEGRATED TECHNIQUE: Accepting Proofs of Debt Until Nov. 9 UNIFIZE PTE: Creditors' Meeting Set for November 9 UNISON PROJECTS: Liquidators to Present Wind-Up Report ZHEJIANG HOLDING(S): Court to Hear Wind-Up Petition on Nov. 9 T H A I L A N D G STEEL: Moody's Places B3 Ratings on Review for Downgrade - - - - - - - - ================= A U S T R A L I A ================= GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale --------------------------------------------------------------- Freeport-McMoRan Copper & Gold Inc. has completed the sale of its international wire and cable business, operated in the name of Phelps Dodge International Corporation, to General Cable Corporation for US$735 million. FCX expects to use the proceeds estimated to approximate US$620 million, net of taxes and other transaction costs, to repay debt. General Cable acquired 100% of the shares held by FCX and its subsidiaries in the entities comprising the wire and cable business. PDIC operates factories and distribution centers in 19 countries throughout Latin America, Asia and Africa and is engaged in the manufacturing and distribution of engineered products, principally for the global energy sector. FCX expects to record charges of up to approximately US$20 million (US$12 million to net income) for transaction and related costs associated with the disposition. About Freeport-McMoran Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- is an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum. Freeport- McMoRan has one of the most dynamic portfolios of operating, expansion and growth projects in the copper mining industry. The Grasberg mine in Indonesia, the world's largest copper and gold mine in terms of reserves, is the company's key asset. Freeport-McMoRan also operates significant mining operations in North and South America and is developing the world-class Tenke Fungurume project in the Democratic Republic of Congo. The completion of Freeport-McMoran's acquisition further expands the company's global operations. The former Phelps Dodge Corp. has mining operations in Chile, Peru, Colombia, Venezuela and Ecuador, among others. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service has assigned a rating of B1 to the proposed USUS$400 million senior unsecured convertible notes of General Cable Corporation. As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. S&P said the outlook is stable. GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter ---------------------------------------------------------- General Cable Corporation has recorded net income of US$61.1 million for the third quarter of 2007, compared to US$37.0 million in the third quarter of 2006. Net sales for the third quarter of 2007 were US$1.1 billion, an increase of US$194.0 million or 20.6% compared to the third quarter of 2006 on a metal-adjusted basis. Without the impact of acquisitions, revenue growth was approximately 12.1% in the third quarter of 2007 compared to 2006. This growth was principally due to the continuing strength of the company's global electrical infrastructure and electric utility businesses, as well as favorable foreign exchange translation, which together more than offset the impact of declining telecommunications and residential construction demand. Revenues from acquired businesses contributed US$80.3 million in the third quarter. The average price per pound of copper in the third quarter was US$3.48, an increase of US$0.02 from the second quarter of 2007, and a decrease of US$0.06 or 1.7% from the third quarter of 2006. The average price per pound of aluminum in the third quarter was US$1.19, a decrease of US$0.09, or 7% from the second quarter of 2007, and equal to the third quarter of 2006. Third quarter 2007 operating income was US$92.3 million compared to operating income of US$65.8 million in the third quarter of 2006, an increase of US$26.5 million or 40.3%. Operating margin was 8.1% in the third quarter of 2007, an increase of approximately 110 basis points from the operating margin percentage of 7.0% in the third quarter of 2006 on a metal- adjusted basis. This improvement was principally due to better price realization in many of the company's product lines, operating improvements in acquired businesses, cost improvements from LEAN initiatives, and approximately US$2.4 million in LIFO gains from the liquidation of lower cost inventory, all of which more than offset the impact of lower capacity utilization rates for certain construction and telecommunications product lines. Included in the earnings results for the third quarter of 2007 was approximately US$0.08 per share of tax benefits resulting from prior year tax provision true-ups. In addition, the 2007 estimated full year effective tax rate has been reduced to 36% as a result of the increasing relative mix of income generated in lower tax rate countries and the impact of effective tax planning strategies. Market Update In North America, revenues increased 9.7% in the third quarter compared to 2006 on a metal-adjusted basis. This top line improvement is net of nearly a 20% drop in metal-adjusted revenues for telecommunications products sold primarily to telephone operating companies. Without the impact of telecommunications products, North American metal-adjusted revenue grew at 16.1% in the third quarter of 2007 compared to 2006. Operating margin has increased by 190 basis points to 8.7%. With the exception of telecommunications products, all North American businesses reported increased revenues and earnings during the third quarter of 2007 compared to the prior year. The company has continued to benefit from its exposure to a wide range of strong end markets including electric utility, electrical infrastructure, networking, and electronics that are more than offsetting continued telecommunications product declines and the impact of a weak housing market on certain utility cable product families. The company is examining its telecommunications footprint in the context of various demand scenarios. European electric utility and electrical infrastructure markets broadly continue to remain robust with the exception of Spanish construction. Operating earnings in the Company's European business grew by 35% to US$36.8 million in the third quarter of 2007 compared to the prior year. Operating margin was 7.5% in the third quarter, equal to the same period in 2006 on a metal adjusted basis. Revenues were up 35% in the quarter on a metal- adjusted basis. Before the impact of acquired businesses and favorable changes in exchange rates, organic growth was 7.5%, despite approximately a 20% decline in demand for cables used in Spanish residential construction since the end of 2006. The company has initiated growth strategies in other European markets for these low voltage products including the European do-it-yourself markets. "The Company's European operations are showing strong results, particularly from businesses recently acquired. NSW is actively developing products for submarine power and long-haul fiber optic communications markets and Silec's high voltage solid dielectric underground cable systems continue to gain momentum globally. Both businesses are booking projects into the 2009 timeframe. At ECN, we are nearing completion of an important technology transfer, which will allow ECN to manufacture the company's trapezoidal design hardened steel core overhead transmission cable. This cable effectively provides about 75% more capacity compared to a similar sized cable of a traditional design, perfect for the congested rights of way in Europe," Gregory B. Kenny, the company's President and Chief Executive Officer, said. Completion of Acquisition The company has completed the acquisition of PDIC from Freeport- McMoRan Copper & Gold Inc. "This is a transformative transaction for General Cable and one that accelerates our globalization plans by many years. The developing economies that are served by PDIC are continuing to grow much faster than the developed world. During the planning process for the integration of this acquisition, the management teams of both General Cable and PDIC have been encouraged by the level of common business philosophies and the opportunities this transaction presents for more efficient utilization of our combined manufacturing capacity, the ability to enter new markets, and improvements in raw material and equipment costs," Mr. Kenny said. In connection with the acquisition of PDIC, the Company recently completed an offering of US$475 million of 1% Senior Convertible Notes due 2012. Proceeds from this offering were used to partially fund the acquisition of PDIC. Additionally, as part of the funding of the acquisition of PDIC, the Company increased the borrowing capacity of its United States revolving asset backed loan from US$300 million to US$400 million, effective Oct. 31, 2007. This increase will provide additional liquidity to fund future acquisitions and internal growth opportunities. Management Announcements The company has announced several management changes effective Nov. 1, 2007, which will align the company's management structure along geographic lines. The company welcomes Mathias Sandoval to General Cable as Executive Vice President and Chief Executive Officer of our combined operations in Latin America, Sub-Saharan Africa and the Middle East/Asia Pacific. This includes the historical General Cable Asia Pacific and Central and South American businesses of the company, as well as Mexico. Domingo Goenaga has been promoted to Executive Vice President and Chief Executive Officer of General Cable Europe and North Africa and will continue in his current capacity. Gregory Lampert has been promoted to Executive Vice President and Group President of the North American Electrical and Communications Infrastructure Group. This business includes products supporting data, telephone, industrial power, assemblies and electronic applications. J. Michael Andrews has been promoted to Executive Vice President and Group President of the North American Energy Infrastructure and Technology Group. This business includes products supporting energy exploration, production, transmission, and distribution applications. Roddy Macdonald has been promoted to Executive Vice President of Global Sales and Business Development. In addition to leading our North American Sales organization, Mr. Macdonald will work with our business and sales leaders around the globe to align our commercial strategies and ensure that we will present one face to global customers across all regions and businesses. Each of these individuals will report directly to Mr. Kenny. "Over the last decade, the General Cable management team has successfully grown the Company from a U.S. centric business focused on communications and construction cables, to a truly international Company with approximately two-thirds of its projected revenues generated outside of the United States and a product range and geographic diversity second to none," Mr. Kenny said. "I expect these leaders to be relentless in their drive for continuous improvement; have the vision to identify new markets and business opportunities before they become popular; and have the strength and wisdom to profitably navigate the Company into the future through all market conditions. I believe we have one of the most thoughtful and energetic management teams in the business that we can continue to leverage as we expand globally." Preferred Stock Dividend In accordance with the terms of the company's 5.75% Series A Convertible Redeemable Preferred Stock, the Board of Directors has declared a regular quarterly preferred stock dividend of approximately US$0.72 per share. The dividend is payable on Nov. 24, 2007, to preferred stockholders of record as of the close of business on Oct. 31, 2007. The company expects the quarterly dividend payment to approximate US$0.1 million Fourth Quarter 2007 Outlook The company continues to benefit from strong global demand for many of our products. The North American Electric Reliability Corporation recently suggested that many regions in North America will fall below their target electricity capacity margins within the next two or three years. Additionally, NERC suggested that planned transmission projects are significantly higher than projected a year ago. The Company believes this assessment supports our view of a continuation of a long-term upgrade cycle for the aging transmission grid. However, demand for low voltage utility products in North America will likely continue to be weak as a result of continued new home construction weakness with particular impact on low voltage distribution products. As a result, the company expects growth in the overall utility segment to moderate. The company will be lowering production levels of certain utility products in North America in the fourth quarter in an effort to better align its production and inventory mix with end market demand, which will have the benefit of increasing operating cash flows. While this will result in some short-term inefficiency in certain manufacturing facilities, overall the Company is expected to grow operating earnings by 20% or more in the fourth quarter compared to the prior year before the benefit of PDIC. Revenues for the fourth quarter without PDIC are expected to be approximately US$1.05 billion, an increase of 12% from the fourth quarter of 2006 on a metal adjusted basis. In addition, PDIC will contribute approximately US$220 million of revenues for the balance of the fourth quarter. For the fourth quarter, the Company expects to report earnings per share of approximately US$0.80 to US$0.85, including estimated contributions from the PDIC operations, the related financing impact, and purchase accounting related expenses. "Looking forward, we are increasing our accretion guidance for 2008 related to the acquisition of PDIC from a range of US$0.20 to US$0.30 to a range of US$0.40 to US$0.50 due to the continuing strength of PDIC's end markets," Mr. Kenny concluded. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service has assigned a rating of B1 to the proposed USUS$400 million senior unsecured convertible notes of General Cable Corporation. As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. S&P said the outlook is stable. GMAC AUSTRALIA: Moody's Downgrades GMAC to Ba2 ---------------------------------------------- Moody's Investors Service downgraded the senior, unsecured rating of GMAC LLC to Ba2 from Ba1. The downgrade is in connection with a two-notch rating downgrade of Residential Capital LLC, GMAC's wholly-owned residential mortgage company, to Ba3 from Ba1. The outlook on GMAC's ratings remains negative. Moody's said the downgrade of GMAC's ratings reflects heightened and continuing risks at ResCap that could negatively affect GMAC's capitalization, liquidity profile, and profitability. Affected ratings include: Senior Unsecured: to Ba2 from Ba1 Preferred Stock: to B1 from Ba3 During the third quarter, GMAC injected US$1 billion into ResCap to restore capital lost because of weakened performance. The impact of the injection on GMAC's stand-alone (excluding ResCap) capital profile is minimized by GMAC's owners' conversion of approximately US$1.1 billion of GMAC preferred stock into common interests as well as by other intended capital management initiatives. On this occasion GMAC's capital position is preserved by these actions. However, Moody's believes that there exists a continuing possibility that GMAC could be required to provide support to ResCap that is not backed by a commensurate investment from GMAC's owners. In Moody's view, GMAC has insufficient capital to provide support to ResCap without weakening its leverage beyond levels that are appropriate for the current credit grade. Moody's analyst Mark Wasden said, "GMAC's leverage, which Moody's evaluates on a stand-alone basis net of GMAC's investment in ResCap, is high relative to peers, despite some improvement during 2007. We think it is likely to remain high in the intermediate term, given management's operating tolerances regarding levels and uses of capital." Moody's also said that an extension of support by GMAC to ResCap that weakens GMAC's stand-alone credit profile, particularly its capitalization, would indicate a weakening of the firm's resolve to maintain operating and financial protocols that are distinct and separate from ResCap's. Should GMAC provide such support, Moody's would likely equalize GMAC ratings with ResCap's ratings. GMAC's auto finance and insurance businesses have performed well in 2007. However, Moody's is concerned that ResCap's deepened operating challenges now pose risks to GMAC's profitability and liquidity for a longer period of time than previously anticipated. GMAC's borrowing costs have moved higher in tandem with ResCap's, constraining the GMAC's profitability. Additionally, investor appetite for aggregate GMAC and ResCap credit exposure may undergo further contraction in light of ResCap's impaired performance, which could challenge GMAC's ability to efficiently access the capital markets and maintain backup sources of liquidity. Though GMAC has changed its funding profile so that structured debt markets and whole loan sale arrangements satisfy a substantial portion of its needs, the firm has a continuing need for unsecured indebtedness given the composition of its assets, in Moody's view. A stabilization of ResCap's condition, together with a continuation of improvements at GM, would lead to a stabilization of Moody's rating outlook for GMAC. GMAC LLC is a Detroit-based provider of retail and wholesale auto financing, residential mortgage financing, and auto extended warranty and insurance products. GMAC reported a consolidated nine-month net loss of US$1.6 billion. ================================ C H I N A & H O N G K O N G ================================ ACA TRADING: Commences Wind-Up Proceedings ------------------------------------------ Members of ACA Trading International Ltd. has approved the wind- up of the company's business at an extraordinary general meeting on Oct. 16, 2007. The voluntary wind-up was due to the company's liabilities. Kwan Pak Kong was appointed as liquidator of the company. The Liquidator can be reached at: Kwan Pak Kong RSM Nelson Wheeler Room 1304, CC Wu Building, 302-8 Hennessy Rd. Wanchai, Hong Kong ADVERTASIA STREET: Appoints Law Yui Lun as Liquidator ----------------------------------------------------- Advertasia Street Furniture Limited has appointed Law Yui Lun as liquidator of the company on Oct. 16, 2007. The company's creditors were also informed that they have until Nov. 25, 2007, to prove their claims, or be excluded from receiving any distribution or payment. The Liquidator can be reached at: Law Yui Lun Room 502, 5F Prosperous Bldg. 48-52 Des Voeux Rd. Central, Hong Kong AGILE PROPERTY HOLDING: To Sell US$400 Million in Bonds ------------------------------------------------------- Agile Property Holdings Ltd plans to sell US$400 million in senior unsecured notes through an international offering, Reuters reports. According to Reuters, Agile's deal comes as rival Country Garden is expected to price an offshore bond offering of around US$1.5 billion next week. Country Garden's bond offering would make it the biggest high-yield bond sale from a mainland Chinese firm. The report explains that Chinese property firms have been on a capital-raising binge in the public markets as Beijing has clamped down on bank loans to developers in order to cool the sector. Reuters relates that Agile's senior notes will include floating rates and fixed rates. The company will use the proceeds from the bond sale to finance existing and new property projects. Agile disclosed that it would start a roadshow to meet institutional investors on Monday, with stops in Asia, Europe and the United States. HSBC will be the sole bookrunner for the deal, various reports say. With principal offices in Kowloon, Hong Kong, Agile Property Holdings Limited -- http://www.agile.com.cn-- is a land developer of Guangdong Province, China. It was established in 1985 as a furniture maker in Zhongshan City, and entered the property business in 1992. On December 15, 2005, Agile Property was listed on the Hong Kong Stock Exchange. Agile holds a range of properties, such as villas, duplexes, apartments and condominiums. Besides residential property business, Agile is also engaged in the development of commercial properties, including retail shops and commercial complexes. Agile carries Moody's Investors Service's Ba3 corporate family rating. AGILE PROPERTY HOLDING: Moody's Assigns Ba3 Rating to USD Notes --------------------------------------------------------------- Moody's Investors Service has assigned its Ba3 rating to Agile Property Holding Limited's proposed senior unsecured notes of up to US$400 million. At the same time, Moody's has affirmed Agile's Ba3 corporate family rating. The ratings outlook is stable. The proceeds of the notes will primarily be used to fund new land acquisitions and general corporate activities. "The Ba3 rating factors in Agile's established position in the Pearl River Delta Region, particularly Zhongshan and Guangzhou, both of which have exhibited solid growth in past years," says Kaven Tsang, Moody's lead analyst for Agile, adding, "The company also has a long operating track record and strong brand equity in developing quality mid-to-high-end residential properties." At the same time, the rating considers the business and financial risks associated with its rapid expansion against the backdrop of an evolving operating environment. "Agile has actively diversified outside Guangdong province in the past 2 years, but an operating track record for replicating success in these new areas is at an early stage," comments Tsang. "Furthermore, long-term sustainable demand in certain newly developed cities such as Heyuan and Hainan remains unproven," says Tsang, adding, "Partly mitigating its exposure, Agile shows strong execution capacity, demonstrated in its development and management of large-scale projects in Guangzhou and Zhongshan." Moody's expects Agile's debt/capitalization ratio will rise to 50-55% over the next two years after the proposed bond issuance and further drawdown of construction financing. This ratio is at the high-end of the expectations, but remains appropriate for the current rating level. The rating outlook is stable, reflecting Moody's expectation that Agile will execute and manage its expansion and land acquisitions, such that adjusted leverage will remain at 50-55%. The ratings could undergo a downgrade if Agile: 1) experiences a significant downturn in China's property market; 2) materially accelerates development without a correspondent rise in cash inflow; and 3) executes an aggressive land acquisition plan, which is beyond Moody's expectations, such that its balance sheet further gears up. Moody's sees adjusted leverage consistently above 55% or EBITDA/interest under 4x as signals of downward rating pressure. Upward rating pressure could emerge if Agile: 1) establishes a sustainable track record in achieving planned sales; 2) demonstrates strong financial discipline and soundly monitors its business and financial risks; and/or 3) builds a sizable portfolio of stable recurring income. Moody's sees adjusted leverage consistently below 45-50% and EBITDA/interest coverage above 5.5-6x as signals of upward rating pressure. Agile Property Holdings Limited (Agile) is one of the major property developers in China, targeting the mid-to-high-end segment. It has a land bank with gross floor area (GFA) of 24.5 million sqm. It listed on the Stock Exchange of Hong Kong in December 2005 and has a market capitalization of around HK$70 billion as of October 30, 2007. AGILE PROPERTY: S&P Gives Proposed Notes 'BB' Rating ---------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' issue rating to a proposed issue of up to US$400 million in senior unsecured notes by Agile Property Holdings Ltd. The issue will rank pari passu with an outstanding US$400 million bond issued in September 2006. The bond proceeds will be primarily used to fund land acquisitions. Standard & Poor's has also revised its outlook on Agile to positive from stable, and affirmed its 'BB' long-term corporate credit rating on the company. "The outlook revision reflects Standard & Poor's expectation that Agile will continue to benefit from its sizable, low cost land bank and market position to execute its growth strategy as planned," said Standard & Poor's credit analyst Bei Fu. "The rating affirmation reflects our comfort that, despite Agile's plans to increase debt to funds its rapid growth, the company's business growth and financial results in 2006 and the first half of 2007 met our expectations." The affirmation also reflects our expectations that Agile will have ample liquidity over the medium term, partly due to its committed bank facilities. In addition, compared with a year ago, execution risk outside of its home base of Guangdong has fallen, as presales of some projects will start soon. The rating on Agile also reflects the company's established presence in the Pearl River Delta region of China and good growth potential. These strengths are partly offset by its fast expansion plan and limited track record in new markets. Agile has a large, low-cost land bank, which increased to 24.5 million square meters (sqm) in gross floor area as of Sept. 30, 2007, from 5.9 million sqm at the end of 2005. The average cost of its land bank was less than renminbi 700 per sqm--less than 10% of its average selling price. In addition to its focus on Guangdong (76% of land bank), Agile is rapidly expanding in other regions, which could exert pressure on the company's resources and operational management. To mitigate such risks, the company is developing an IT system that adopts international standards and strengthening its internal controls. BEAUTY SQUARE: Starts Wind-Up Proceedings ----------------------------------------- The board of directors of Beauty Square Ltd. has approved the wind-up of the company's business on Oct. 15, 2007. The company has filed the statutory declaration to the Companies Register. Chan Kin Hang Danvil has been appointed as a provisional liquidator. He may be reached at: Chan Kin Hang Danvil Ginza Square Room 2301, 23rd Floor 565-567 Nathan Road Yaumatei, Kowloon BEST UNITED: Proofs of Claim Filing Deadline is Nov. 23 ------------------------------------------------------- Creditors of Best United Limited have until Nov. 23, 2007, to file proofs of claim, or be excluded from receiving any distribution or payment. The company's liquidator is: Stephen Briscoe Allied Kajima Building, 7th Floor 138 Gloucester Road Hong Kong BLISS NOVA: Final Meeting Scheduled for Nov. 30 ----------------------------------------------- The final meeting of members of Bliss Nova Co. Ltd. will be held on Nov. 30, 2007, for the purpose of examining the liquidators' accounts. The company's liquidator is: KY Yip Flat J, 7/F. Block 3 Greenwood Terrace Chai Wan, Hong Kong BRIGHT SMOOTH: Proofs of Claim Due on Nov. 26 --------------------------------------------- Bright Smooth Development Ltd.'s creditors are required to submit proofs of claim by Nov. 26, 2007, to the company's liquidator, Pang Wai Kui, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. The Liquidator may be reached at: Pang Wai Kui Suite A, 12.F Ritz Plaza 122 Austin Rd., Tsimshatsui Kowloon, Hong Kong CHALLENGE POINT: Members Opt to Wind Up Business ------------------------------------------------ Members of Challenge Point Limited have approved the voluntary wind up of the company during an extraordinary general meeting held on Oct. 22, 2007. Mr. Cheng Alexander Chiu Wang was appointed liquidator. The company's creditors were also informed that they have until Nov. 26 to prove their claims, or be excluded from receiving any distribution or payment. Mr. Cheng may be reached at: Room 810, Argyle Centre 688 Nathan Road Kowloon, Hong Kong CHINA E-BUSINESS: Sets Final Meeting for Nov. 26 ------------------------------------------------ The final meeting of the members of China eBusiness Tech. Limited will be held on Nov. 26, 2007, at 10:00 a.m. The company's liquidator, Chen You, will give a report on the company's wind-up proceedings and property disposal. The Troubled Company Reporter-Asia Pacific reported on Sept. 5 that at an extraordinary general meeting held on Aug. 31, the shareholders of the company passed a resolution to liquidate the company's business. The Liquidator can be reached at: Chen You Lian Hua Bei Cun, Shenzhen Shi Room 801, Block 12 Guangdong Province, China DAWN TIME: Final Meeting Slated for Nov. 26 ------------------------------------------- The final meeting of the members of Dawn Time Limited will be held on Nov. 26, 2007, at 11:00 a.m. The company's liquidator, Iain Ferguson Bruce, will give a report on the company's wind-up proceedings and property disposal. The liquidator can be reached at: Iain Ferguson Bruce Gloucester Tower, 8th Floor 15 Queen's Road Central, Hong Kong DURA DUCT: Commences Winding-Up Operations ------------------------------------------ Dura Duct International, Ltd., commenced wind-up proceedings on Oct. 22, 2007. Chan Kim Hang Danvil was appointed as a provisional liquidator by virtue of a special resolution passed by the board. The Liquidator can be reached at: Chan Kin Hang, Danvil Ginza Square Room 2301, 23rd Floor 565-567 Nathan Road Yaumatei, Kowloon Hong Kong ECR EUROCURRENCY: Proofs of Claim Due on Nov. 30 ------------------------------------------------ ECR Eurocurrency Research Ltd. has been placed under wind-up proceedings on Oct. 12, 2007. Kan Tim Hei was appointed liquidator of the company. Consequently, the company's creditors are required to submit proofs of claim by Nov. 30 to the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Ms. Kan may be reached at: Kan Tim Hei 31F The Center 99 Queen's Rd. Central, Hong Kong ELEGANT PLEASURE: Final Meeting Slated For Nov. 27 -------------------------------------------------- The final meeting of the members of Elegant Pleasure Limited will be held on Nov. 27, 2007, at 10:00 a.m. The company's liquidators, Chan Chi Bor and Li Fat Chung, will give a report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: Chan Chi Bor Li Fat Chung Malaysia Building Unit 1202, 12th Floor No. 50, Gloucester Road Wanchai, Hong Kong GEFCO OVERSEAS: Final Meeting Set on Nov. 27 -------------------------------------------- The final meeting of the members of Gefco Overseas-Hong Kong Limited will be held on Nov. 27, 2007, at 10:00 am. The company's liquidators, Wu Shek Chun Wilfred and Yu Tak Yee Beryl, will give a report on the company's wind-up proceedings and property disposal. The company went into liquidation on July 12, 2007. The company's liquidator is: Wu Shek Chun, Wilfred YWC and Partners Empire Land Commercial Centre, 15th Floor 81-85 Lockhart Road Wanchai, Hong Kong GTI FINANCIAL: Appoints Timothy Lau as Liquidator ------------------------------------------------- GTI Financial Information Limited's members approved on Oct. 16, 2007, the wind-up of the company's business. Lau Cheuk Man Timothy was appointed as liquidator for the company. Consequently, the company's creditors are required to submit proofs of claim by Dec. 15 to the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Mr. Lau can be reached at: Unit 9, 17/F CitiCorp Centre, 18 Whitfield Road Causeway Bay, Hong Kong HARMONY MOULD: Final Meeting Slated for Dec. 1 ---------------------------------------------- Harmony Mould Manufacturing Co. Ltd. will be holding its final general meeting on Dec. 1, 2007, at 11:00 a.m. The company's final general meeting for creditors will follow at 11:30 a.m. At the meeting, the company's liquidators, Law Yui Lun and Wong Man Chung Francis, will give a report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: Law Yui Lun Wong Man Chung Francis Room 502, 5F Prosperous Bldg. 48-52 Des Voeux Rd. Central, Hong Kong JIANGXI COPPER: Aluminum Corp Eyes Copper Assets ------------------------------------------------ Aluminum Corp. of China could look to buy Jiangxi Copper Corp. as part of a plan to consolidate China's fragmented copper industry, Reuters reports. According to Reuters, industry officials have suggested Aluminum Corp., or Chinalco -- parent of Aluminum Corp of China Ltd -- is best placed to lead consolidation to secure supplies of copper for the world's top consumer of the industrial metal, and compete with international metals firms. Jiangxi, the report points out, is China's largest copper maker. Reuters explains that gathering copper smelters together would give the country more bargaining power on imports of copper concentrate, the main raw material for making copper, and allow Beijing to tighten controls over copper mining in the country. China produced around 2.9 million tonnes of refined copper in 2006, according to Reuters Metal Production Database, a third of which comes from a myriad of smaller producers. "This means Chinalco could acquire smelters and mines. That would increase its competitiveness in overseas copper markets," Reuters notes, citing one of its industry analyst in China. He believed Chinalco, already the world's third-biggest alumina producer, had been in talks with some copper smelters, including Jiangxi Copper, for some time. Fueled by economic growth of more than 11%, Chinese demand for refined copper, used extensively in construction, electronics and electrical products, is expected to rise to between 4.2 and 4.5 million tonnes this year versus about 3.9 million tonnes in 2006, the report relates. Jiangxi Copper Company Limited -- http://www.jxcc.com/english/enjtgs/enindex.htm-- is an integrated producer of copper in the People's Republic of China. The company's operations consist of copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver. It also provides smelting and refining services pursuant to tolling arrangements for customers. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. JUST YIELD: Proofs of Claim Due on Nov. 23 ------------------------------------------ Just Yield Limited's creditors are required to submit their proofs of claim by Nov. 23, 2007, to the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. The Troubled Company Reporter-Asia Pacific reported on Oct. 24, 2007, that a special resolution was passed appointing Tsoi Ching Ching as liquidator of the company. The liquidator can be reached at: Tsoi Ching Ching Witty Commercial Building Rooms 12C-E, 11th Floor 1A-1L Tung Choi Street Mongkok, Kowloon Hong Kong LDI (HONG KONG): Commences Wind-Up Proceedings ---------------------------------------------- On Oct. 11, 2007, LDI (Hong Kong) Limited's members passed a resolution to wind up the company's business. The company also appointed Chiu Wai Hon and Lau Wai Ming as joint and several liquidator. The liquidators can be reached at: Rooms 603-4, 6/F Hang Seng Wanchai Building 200 Hennessy Rd. Wanchai, Hong Kong LEAN GIAP: Starts Liquidation Proceedings ----------------------------------------- At an extraordinary general meeting held on Oct. 12, 2007, the members of Lean Giap Investment (HK) Limited agreed to voluntarily liquidate the company's business. Wong Poh Weng and Wong Tak Man, Stephen, were named liquidators. Consequently, the company's creditors are required to submit proofs of claim by Nov. 27, 2007, to Pang Wai Kui, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. The liquidators can be reached at: Wong Poh Weng Wong Tak Man, Stephen Allied Kajima Building, 7th Floor 138 Gloucester Road Hong Kong LEOPARD HONG KONG: Names Bruce and Corkhill as New Liquidators -------------------------------------------------------------- Iain Ferguson Bruce and Thomas Andrew Corkhill have been appointed as joint and several liquidators of Leopard Hong Kong Ltd. on Oct. 11, 2007. The Troubled Company Reporter-Asia Pacific reported that Suen Pui Yee resigned as liquidator of Leopard Hong Kong on July 27. The new liquidators can be reached at: Iain Ferguson Bruce Thomas Andrews Corkhill Gloucester Tower, 8th Floor 15 Queen's Road Central, Hong Kong LFD (CHINA): Lam and Toohey Resign as Liquidators ------------------------------------------------- Rainier Hok Chung Lam and John James Toohey ceased to be LFD (China) Ltd.'s joint and several liquidators. The Troubled Company Reporter-Asia Pacific reported that on Dec. 31, 2006, the shareholders of LFD (China) passed a special resolution voluntarily winding up the company's operations and appointed Mr. Lam and Mr. Toohey as joint and several liquidators. The former liquidators can be reached at: Rainier Hok Chung Lam John James Toohey Prince's Building Central, Hong Kong MAP NAVOTAS: Sole Member Opts to Wind Up Business ------------------------------------------------- Map Navotas I Limited's sole member has opted that the company be put in voluntary liquidation on Oct. 15, 2007. Iain Ferguson Bruce and Thomas Andrew Corkhill have been appointed as joint and several liquidators. The company's creditors are required to submit proofs of claim by Nov. 26 to the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. The liquidators can be reached at: Iain Ferguson Bruce Thomas Andrews Corkhill Gloucester Tower, 8th Floor 15 Queen's Road Central, Hong Kong MAP PAGBILAO: Sole Member Opts to Wind Up Business -------------------------------------------------- Map Pagbilao Limited's sole member has opted on Oct. 15, 2007, that the company be put in voluntary liquidation. Iain Ferguson Bruce and Thomas Andrew Corkhill have been appointed as joint and several liquidators. The company's creditors are required to submit proofs of claim by Nov. 26 to the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. The liquidators can be reached at: Iain Ferguson Bruce Thomas Andrews Corkhill Gloucester Tower, 8th Floor 15 Queen's Road Central, Hong Kong MATTEL VENDOR: Gilligan Ceases to be Liquidator ----------------------------------------------- Philip Brendan Gilligan has resigned as Mattel Vendor Operations China Ltd.'s liquidator on Oct. 15, 2007. The Troubled Company Reporter - Asia Pacific reported on Dec. 12, 2006, that at an extraordinary general meeting, the members of Mattel Vendor Operations passed a special resolution appointing Mr. Gilligan as liquidator. The former liquidator can be reached at: Philip Brendan Gilligan 7/F, Alexandra House 18 Chater Road Central, Hong Kong ORIENTAL CHANCE: Final Meeting Slated on Nov. 26 ------------------------------------------------ The final meeting among members of Oriental Chance Development Ltd. will be held on Nov. 26, 2007, at 10:00 am. At the meeting, the company's liquidator, Iain Ferguson Bruce, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Iain Ferguson Bruce Gloucester Tower, 8th Floor 15 Queen's Road, Central, Hong Kong ORIENTAL MERCHANT: Names Briscoe and Chen as Liquidators -------------------------------------------------------- Oriental Merchant Limited went into liquidation on October 11, 2007. Stephen Briscoe and Chen Yung Ngai Kenneth were appointed liquidators of the company on the same date. The company's creditors are required to submit proofs of claim by Nov. 23 to the liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. The Liquidators can be reached at: Stephen Briscoe Chen Yung Ngai Kenneth Allied Kajima Building, 7th Floor 138 Gloucester Road Hong Kong PACIFIC OPTICAL: Members to Meet on Nov. 30 ------------------------------------------- The final meeting of Pacific Optical (H.K.) Company Limited's members will be held on Nov. 30, 2007, at 3:00 p.m. At the meeting, the company's liquidators, Ho Hoi Lam and Man Fung Ying, will give a report on the company's wind-up proceedings and property disposal. The members of Pacific Optical passed a resolution to voluntarily liquidate the company's business on July 25, 2007. The company's liquidators are: Ho Hoi Lam Man Fung Ying Gold & Silver Commercial Building, 8th Floor 12-18 Mercer Street Central, Hong Kong PERKINS COIE: Final Meeting Set on Nov. 28 ------------------------------------------ Perkins Coie (Hong Kong) Ltd. will be holding its final general meeting on Nov. 28, 2007, at 10:00 a.m. At the meeting, the company's liquidators, Yeung Betty Yuen and Chung Miu Yin Diana, will give a report on the company's wind-up proceedings and property disposal. The Liquidators can be reached at: Yeung Betty Yuen Chung Miu Yin Diana Level 28, Three Pacific Place 1 Queen's Road East Hong Kong PREMAIN LTD: To Hold Final Meeting on Nov. 26 --------------------------------------------- Premain Limited will hold the final general meeting for members on Nov. 26, 2007. At the meeting, the company's liquidator, Lam Ying Sui, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Lam Ying Sui Room 1004-1005 Allied Kajima Bldg. 138 Gloucester Road Wanchai, Hong Kong QING XIN: Final Meeting Date is Nov. 26 --------------------------------------- Qing Xin Cheng Shi Co. Ltd. will hold its final meeting on Nov. 26, 2007, at 10:00 am. At the meeting, the company's liquidators, Lee Kar Yum and Tsang Hin Fai, will give a report on the company's wind-up proceedings and property disposal. As reported by the Troubled Company Reporter - Asia Pacific, the company was placed under liquidation on Dec. 20, 2006. The joint and several liquidators can be reached at: Lee Kar Yum Tsang Hin Fai Rooms 1910-1913, 19th/F Hutchison House Central, Hong Kong SEA WAVE: Creditors to Decide on Wind-Up on Nov. 26 --------------------------------------------------- Sea Wave International Limited will hold a meeting for creditors on Nov. 26, 2007. A resolution for the voluntary winding up of the company is to be proposed. SHE & HE: Proofs of Claim Filing Deadline is Nov. 30 ---------------------------------------------------- She & He Limited has appointed Law Yui Lun as liquidator on Oct. 12, 2007. The company's creditors were also informed that they have until Nov. 30, 2007, to prove their claims, or be excluded from receiving any distribution or payment. The liquidator can be reached at: Law Yui Lun Room 502, 5F Prosperous Bldg. 48-52 Des Voeux Rd. Central, Hong Kong SINODATA (H.K): Final Meeting Scheduled for Nov. 28 --------------------------------------------------- The final meeting for members of Sinodata (H.K.) Ltd. will be held on Nov. 28, 2007, at 11:00 am. At the meeting, the company's liquidator, Law Pui Cheung, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Law Pui Cheung Room 1021, Sun Hung Kai Centre 30 Harbour Road Wanchai, Hong Kong SOCIETE GENERALE: Enters Voluntary Wind Up ------------------------------------------ Members of Societe Generale Asia Investment Ltd. approved the voluntary wind up of the company at an extraordinary general meeting on Oct. 15, 2007. Patrick Cowley and Paul Jeremy Brough, both of KPMG, have been appointed as joint and several liquidators. Consequently, creditors are required to submit proofs of claim by Nov. 12 to the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Mr. Cowley and Mr. Brough may be reached at: KPMG 8th Floor, Prince's Bldg. 10 Chater Rd., Central Hong Kong SOUTH CHINA BINDING: Names Briscoe and Chen as Liquidators ---------------------------------------------------------- Stephen Briscoe and Chen Yung Ngai Kenneth were appointed liquidators of South China Binding Limited on Oct. 11, 2007. The liquidators can be reached at: Stephen Briscoe Chen Yung Ngai Kenneth Allied Kajima Building, 7th Floor 138 Gloucester Road Hong Kong SOUTH CHINA PRINTING: Names Briscoe and Chen as Liquidators ----------------------------------------------------------- Stephen Briscoe and Chen Yung Ngai Kenneth were appointed liquidators of South China Printing Company Limited on Oct. 11, 2007. The company's creditors are required to submit proofs of claim by Nov. 23 to the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. The liquidators can be reached at: Stephen Briscoe Chen Yung Ngai Kenneth Allied Kajima Building, 7th Floor 138 Gloucester Road Hong Kong START CLO LTD: Fitch Affirms BB Rating of Class E Notes ------------------------------------------------------- Fitch Ratings affirmed START CLO Limited's notes due November 2014 (with a scheduled maturity of November 2011) as follows: -- US$100 million Class A notes: 'AAA' -- US$20 million Class B notes: 'AAA' -- US$12 million Class C notes: 'AA-' (AA minus) -- US$18 million Class D notes: 'BBB' -- US$12 million Class E notes: 'BB' The transaction is a synthetic balance sheet CLO by Standard Chartered Bank (SCB, rated 'A+'/'F1') linked to a pool of senior and predominantly unsecured loans primarily located in the United States, the United Kingdom and Hong Kong. START CLO referenced a USD2 billion portfolio of mainly investment grade loans from 166 geographically diversified reference obligations at closing. With loan reductions exceeding replenishments, the reference portfolio has been reduced to US$1.5 billionn with 137 obligations at the end of September 2007. The balances of all rated notes remain unchanged as portfolio reductions have reduced the notional of the super-senior tranche. Whilst the weighted average portfolio credit quality is maintained at 'A- '(A minus)/ 'BBB+', the weighting of sub- investment grade assets on a notional basis has increased to 6.1% from 2.4% at the last review. There have been no credit events to date. The transaction is subject to replenishments by SCB in the first three years, subject to certain conditions being met, including the Fitch Vector Test. Upon the occurrence of a regulatory change, SCB has the option to redeem the notes at any time by giving 30 days notice. Should this occur, SCB will be required to repay noteholders any accrued interest and outstanding principal in accordance with the documentation of the transaction. The rating affirmation is based on the credit quality of the portfolio which has remained largely unchanged since closing, and a review of the mapping of SCB's internal credit scoring system to Fitch equivalent ratings. In addition, the relevant counterparties and collateral continue to maintain appropriate ratings. The rating affirmation is also based on the arrangements provided under the CDS, the available credit enhancement and the sound legal and financial structure of the transaction. The ratings address the likelihood of receiving timely payment of interest and ultimate repayment of principal by legal maturity, in accordance with the transaction documentation. Proceeds from the issuance of the notes remain deposited with the account bank, Deutsche Bank AG ('AA-' (AA minus)/ 'F1+'). However, this can be switched to a repo agreement, where eligible securities can be purchased and held by the issuer in exchange for repo premiums paid by a repo counterparty rated at least 'A'/'F1'. The repo counterparty is subject to downgrade triggers. There is no swap counterparty trigger in the transaction as a guarantor or replacement swap counterparty cannot be sought. However, to mitigate any failure to pay interest, SCB will post the next period's interest in advance. This meets Fitch swap counterparty criteria for swap counterparties with ratings of 'BBB+'/'F2' and above. It is likely that the notes will be credit-linked to the rating of SCB, should SCB be downgraded to below 'BBB+'/'F2' given the absence of downgrade protection below this rating threshold. START III CLO: Fitch Affirms Class E Notes BB+ Rating ----------------------------------------------------- Fitch Ratings has affirmed START III CLO Limited's notes due June 2011 (with a scheduled maturity of June 2010) as follows: -- US$56.25 million Class A notes: 'AAA' -- US$41.25 million Class B notes: 'AAA' -- US$22.5 million Class C notes: 'A+' -- US$37.5 million Class D notes: 'BBB+' -- US$30.0 million Class E notes: 'BB+' The transaction is a synthetic balance sheet CLO by Standard Chartered Bank (SCB, 'A+'/'F1') linked to a diverse pool of senior and predominantly unsecured loans primarily located in Asia. START III CLO referenced a US$1.5 billion portfolio of mainly sub-investment grade loans from 520 diversified reference obligations at closing. With loan reductions exceeding replenishments, the reference portfolio has been reduced to US$1.2 billion with 439 obligations at the end of September 2007. The balances of all rated notes remain unchanged as portfolio reductions have reduced the notional of the super-senior tranche. There have been no credit events to date. The portfolio credit quality remains broadly unchanged with a weighted average rating maintained at 'BB+'/ 'BB'. The transaction is subject to replenishments by SCB in the first two-and-a-half years, subject to certain conditions being met, including the Fitch Vector Test. Upon the occurrence of a regulatory change, SCB has the option to redeem the notes at any time by giving 30 days notice. Should this occur, SCB will be required to repay noteholders any accrued interest and outstanding principal in accordance with the documentation of the transaction. The rating affirmation is based on the credit quality of the portfolio which has remained largely unchanged since closing, and a review of the mapping of SCB's internal credit scoring system to Fitch equivalent ratings. In addition, the relevant counterparties and collateral continue to maintain appropriate ratings. The rating affirmation is also based on the arrangements provided under the CDS, the available credit enhancement and the sound legal and financial structure of the transaction. The ratings address the likelihood of receiving timely payment of interest and ultimate repayment of principal by legal maturity, in accordance with the transaction documentation. Proceeds from the issuance of the notes remain deposited with the account bank, Deutsche Bank AG ('AA-' (AA minus)/ 'F1+'). However, this can be switched to a repo agreement, where eligible securities can be purchased and held by the issuer in exchange for repo premiums paid by a repo counterparty rated at least 'A'/'F1'. The repo counterparty is subject to downgrade triggers. There is no swap counterparty trigger in this transaction as a guarantor or replacement swap counterparty cannot be sought. However, to mitigate any failure to pay interest, SCB will post the next period's interest in advance. This meets Fitch swap counterparty criteria for swap counterparties with ratings of 'BBB+'/'F2' and above. It is likely that the notes will be credit-linked to the rating of SCB, should SCB be downgraded to below 'BBB+'/'F2' given the absence of downgrade protection below this rating threshold. SUN FUNG: Creditors to Meet on Nov. 29 -------------------------------------- A meeting of Sun Fung Plastic Factory Ltd.'s creditors will be held on Nov. 29, 2007, at 3:30 p.m. The company's liquidators, Yu Kwong Fat, will report on the act and dealings of the conduct of the winding up during the preceding year. The liquidator can be reached at: Yu Kwong Fat Rooms 1304-5, Easey Commercial Building 253-261 Hennessy Road Wanchai, Hong Kong SWISSRE ADVISERS: Enters Wind-Up Proceedings -------------------------------------------- On Oct. 22, 2007, the members of SwissRe Advisers Ltd. approved the wind-up of the company's business. Paul David Stuart Moyes and Yeung Betty Yuen were appointed as liquidators. The liquidators can be reached at: Paul David Stuart Yeung Betty Yuen Three Pacific Place, Level 28 1 Queen's Road East Hong Kong TRAWLNET LIMITED: Final Meeting Scheduled for Nov. 30 ----------------------------------------------------- The final meeting for members of Trawlnet Ltd. will be held on Nov. 30, 2007, for the purpose of examining the liquidators' wind-up accounts. The liquidator can be reached at: KY Yip Flat J, 7/F. Block 3 Greenwood Terrace Chai Wan, Hong Kong VALIANT PRINTING: Proofs of Claim Due on Nov. 23 ------------------------------------------------ Valiant Printing (Far East) Ltd.'s creditors are required to submit proofs of claim by Nov. 23, 2007, to the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Valiant Printing entered into voluntary wind-up on Oct. 11, 2007. The company's liquidator is: Stephen Brisco Chen, Yung Ngai Kenneth Allied Kajima Building, 7th Floor 138 Gloucester Road Hong Kong WAH FUNG: Proofs of Claim Due on Nov. 30 ---------------------------------------- Wah Fung Productions Limited's creditors are required to submit proofs of claim by Nov. 30, 2007, to To Fung Wo, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Mr. To may be reached at: 31F Chinachem Century Tower 178 Gloucester Rd. Wanchai, Hong Kong WOLSTENHOME CHINA: Names Ming and Li As Liquidators --------------------------------------------------- Li Man Pong and Yu Kam Ming were appointed joint and several liquidators of Wolstenholme China Ltd., after the company's members passed a resolution Oct. 12, 2007, to wind-up the company's business. Consequently, the company's creditors are required to submit proofs of claim by Nov. 30 to the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. The liquidators may be reached at: Units 3802-04, 38/F Cosco Tower 181 Queen's Road Central, Hong Kong WORLD CONNECT: Taps Chan Chi Ho & Lau Wai Fung as Liquidators ------------------------------------------------------------- The final meeting for members and creditors of World Connect Limited will be held on Nov. 26, 2007, at 2:45 p.m. and 3:00 p.m., respectively. The company's liquidators, Chan Chi Ho and Lau Wai Fung, will give a report on the company's wind-up proceedings and property disposal. The liquidators can be reached at: Chan Chi Ho Lau Wai Fung Room 1501, 397 Hennessy Road Hong Kong YAN WING: Appoints Cheung Kwok Sun as Liquidator ------------------------------------------------ Cheung Kwok Sun has been appointed liquidator of Yan Wing Fibre and Accessory Co. Ltd. The company's creditors are required to submit proofs of claim, by Nov. 27, 2007, to the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Mr. Cheung may be reached at: 21/F Fee Tat Commercial Centre No. 613 Nathan Rd. Kowloon, Hong Kong ========= I N D I A ========= AFFILIATED COMPUTER: Names Ron Gillette as Sr. Managing Director ---------------------------------------------------------------- Affiliated Computer Services, Inc. has appointed Ron Gillette senior managing director, finance and accounting, to lead and transform its global F&A outsourcing business. His focus will be on standardizing the company's F&A processes and management to enable rapid growth in the expanding F&A outsourcing market. He reports to Ann Vezina, president of the company's Commercial Solutions Group. "F&A outsourcing continues to grow, particularly in Europe, and taking advantage of these emerging opportunities will be an important part of our growth strategy," Ms. Vezina said. "Ron has an exceptional blend of operations, sales, and general management expertise and more than 18 years of global IT and business process outsourcing experience. I look forward to working with him to provide the innovative services and solutions our clients need as we pursue long-term strategic growth and success." Prior to joining ACS, Mr. Gillette was a senior partner with Accenture, responsible for growing their global business process outsourcing, including F&A and procurement outsourcing. Before that, he was a managing partner at Deloitte Consulting, where he built and led that company's global IT outsourcing, creating a network of 21 delivery centers that provide applications and outsourcing services. He was also a partner at Ernst & Young, spearheading their outsourcing efforts with a focus on technology, business process, and applications, and served as managing director for EDS in Russia and Eastern Europe. Mr. Gillette said, "ACS has a number of innovations and advantages that separate us from our competition in the F&A space, including a global delivery model, proprietary software and technology, and an exceptional team of experienced professionals dedicated to client service. We have the controls and processes in place to manage our clients' F&A work as well or better and at a lower cost, and I am excited about leveraging our innovations and expertise to grow our F&A business in markets and industries across the world." Mr. Gillette has a Bachelor of Science degree from the United States Military Academy in West Point, New York, and is also a graduate of the U.S. Army Command & Staff College at Fort Leavenworth, Kansas. He holds an MBA degree from Marymount University in Arlington, Virginia. About Affiliated Computer Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * Affiliated Computer Services currently carries Fitch Ratings' BB Issuer Default Rating. AFFILIATED COMPUTER: Cerberus Withdraws Acquisition Offer --------------------------------------------------------- Affiliated Computer Services, Inc., disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that on Oct. 30, 2007, the Special Committee of its Board of Directors receive a letter from Cerberus Capital Management, L.P., stating that Cerberus was withdrawing its offer to acquire the company. In the letter, Cerberus said that although it believes that the company is an attractive investment opportunity, it had to withdraw its offer due to the continuation of poor conditions in the debt financing markets. Cerberus further said that had the company\u2019s Special Committee engaged with Cerberus and Mr. Darwin Deason, Chairman of the Board of ACS, on the schedule proposed in the original offer letter, the acquisition would been approved and closed months ago. Cerberus however stated that it market conditions change, it may consider proposing another transaction with ACS. Cerberus Offer As reported in the Troubled Company Reporter on March 23, 2007, the company confirmed that it received a proposal from Mr. Deason and Cerberus to acquire, for a cash purchase price of $59.25 per share, all of the outstanding shares of the company's common stock, other than certain shares and options held by Mr. Deason and members of the company's management team that would be rolled into equity securities of the acquiring entity in connection with the proposed transaction. Mr. Deason and Cerberus stated that their proposed price represented a premium of 15.5% over the closing price of the company's class A common stock on March 19, 2007, and an 18.3% premium over the 90-day average closing price. The proponents had anticipated to execute a merger agreement in early May 2007. In connection with their proposal, Mr. Deason and Cerberus entered into an Exclusivity Agreement, dated March 20, 2007, pursuant to which Mr. Deason agreed to work exclusively with Cerberus to negotiate an acquisition of the company. Citigroup Commitment Letter In order to further support their offer, Mr. Deason and Cerberus disclosed that they received a letter from Citigroup Global Markets Inc. stating that it is highly confident of its ability to raise the debt necessary to complete the transaction. Suspension of Exclusivity Agreement However, as reported in the Troubled Company Reporter on June 12, 2007, the company reached an agreement with Mr. Deason to suspend the Exclusivity Agreement between Mr. Deason and Cerberus. Lawsuit As reported in the Class Action Reporter on April 12, 2007, the company disclosed in a regulatory filing that it was facing two class actions filed in the Court of Chancery of the State of Delaware, New Castle County against the company and certain directors. The lawsuits were filed by purported shareholders opposed to a proposal to acquire the company presented by Mr. Deason and Cerberus. In each of the lawsuits, the plaintiff claims to be a shareholder of the company purporting to bring the action on behalf of all public shareholders of the company and alleges that the proposal is "inadequate and to have resulted from an unfair process." About Cerberus Capital Management Headquartered in New York City, and established in 1992, Cerberus Capital Management LP is one of the world's leading private investment firms with approximately $25 billion of capital under management in funds and accounts. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform its portfolio companies into industry leaders for long-term success and value creation. Cerberus has offices in Los Angeles, Chicago and Atlanta, well as advisory offices in London, Baan, Frankfurt, Tokyo, Osaka and Taipei. About Affiliated Computer Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * Affiliated Computer Services currently carries Fitch Ratings' BB Issuer Default Rating. The company also carries Moody's Investors Service's long term rating of Ba2. AFFILIATED COMPUTER: Five Directors Resign on Chairman's Call ------------------------------------------------------------- Affiliated Computer Services Inc. chairman Darwin Deason has sent a letter asking five independent directors to resign saying that the Board of Directors has come under increasing shareholder criticism for its failure to consummate a transaction based on Cerberus Capital Management LP's offer. Specifically, Mr. Deason seeks resignation of Robert B. Holland, J. Livingston Kosberg, Dennis McCuistion, Joseph P. O'Neill, and Frank A. Rossi. "[T]hey clearly demonstrate that the Board has lost the trust and support of the Company's shareholders. It is in the shareholders' best interests to provide the Company with new strategic leadership," Mr. Deason argues. Mr. Deason went on to say that the Board, despite its efforts, has failed to produce any other bidders or superior strategic alternatives. Such failure to produce another bidder or superior strategic alternative has called into question the significant time and resources dedicated to the Board's repeat auction and extensive meetings to consider strategic alternatives, Mr. Deason avers. ACS Directors Respond The independent directors accepted Mr. Deason's call, saying that "the best way for us to discharge our fiduciary duties is to resign in favor of a new majority of independent directors." However, the five directors contended that from the outset, Mr. Deason has attempted to subvert the acquisition process in order to prevent superior alternatives to the Cerberus offer from being consummated. The directors also noted that they have engaged Mr. Deason and Cerberus in an effort to modify the proposal in a way that would make sense for all of the company's shareholders, including increasing the offer price, which Mr. Deason refused. Calling his move as "remarkable piece of bullying and thuggery," the directors argued that Mr. Deason have made it impossible for them to continue to effectively serve as directors of ACS. "We could fire you and the entire management team, but that would not help our shareholders, customers or employees," the directors avered. About Affiliated Computer Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE:ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * Affiliated Computer Services currently carries Fitch Ratings' BB Issuer Default Rating. The company also carries Moody's Investors Service's long term rating of Ba2. AXIS BANK: To Incorporate Two Companies as Subsidiaries ------------------------------------------------------- AXIS Bank Ltd's board of directors has decided to incorporate: 1. a public limited company, as a wholly owned subsidiary of the bank to undertake among others, the Trustee Services Business; and 2. an asset management company as the bank's subsidiary to carry out the activities of Asset/Fund Management and Advisory and other related activities. The board also proposed to establish a mutual fund, in the form of a Trust, in accordance with the provisions of the SEBI (Mutual Funds) Regulations, 1996 and other applicable laws. The incorporation of the two subsidiary companies and establishment of the Mutual Fund is still subject to the approval of the Reserve Bank of India, SEBI and other regulatory authorities. Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in treasury and other banking operations. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Revenues of the treasury services segment primarily consist of fees and gains or losses from trading operations and interest income on the investment portfolio. Other banking operations principally comprise the lending activities (corporate and retail) of the bank. The corporate lending activity includes providing loans and transaction services to corporate and institutional customers. The retail lending activity includes raising of deposits from customers and providing loans and advisory services to customers through branch network and other delivery channels. * * * The bank's Foreign Long Term Bank Deposits carry Moody's Investors Service's Ba2 rating, which was placed on July 1, 2005. NAVISTAR INT'L: Unit Bags US$68.8-Mln Deal from Marine Corps ------------------------------------------------------------ Navistar International Corporation's military affiliate, International Military and Government, LLC, has won a contract from the U.S. Marine Corps for US$68.8 million to provide field service support for the Marine Corps' International(R) MaxxPro(TM) mine-resistant ambush protected (MRAP) vehicles. The contract builds on a US$71.5 million contract awarded in September to provide parts support for the Marine Corps' International(R) MaxxPro(TM) MRAP vehicles. Navistar has been awarded more than US$1 billion in total contracts for Navistar to deliver 2,971 MaxxPro units to the Marine Corps and already has more than a dozen people on the ground in the Iraq theater to provide training and field support. The MaxxPro is designed to protect troops from roadside bombs, improvised explosive devices and other threats. "This contract award is another example of our track record for providing parts to support our military vehicles," said Daniel C. Ustian, Navistar's chairman, president and chief executive officer. In addition to its parts and service contracts, Navistar has established dealerships in Iraq and Afghanistan. Archie Massicotte, president of International Military and Government, LLC said: "Providing solid support after delivery is essential - just as we do for our commercial business. We have the expertise, infrastructure and global supply network to keep the MaxxPro(TM) vehicles mission ready." Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) -- http://www.nav-international.com/-- is the parent company of Navistar Financial Corp. and International Truck and Engine Corp. The company produces International brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV market. The company also provides truck and diesel engine parts and service sold under the International brand. A wholly owned subsidiary offers financing services. The company has operations in Brazil, Iceland and India. * * * As reported in the Troubled Company Reporter on Oct. 29, 2007, Standard & Poor's Ratings Services said that its 'BB-' corporate credit ratings on North American truck and diesel engine producer Navistar International Corp. and subsidiary Navistar Financial Corp. remain on CreditWatch with negative implications, where they were placed on Jan. 17, 2006. RAIN CALCINING: Unit Prices US$235-Mil. Sr. Subordinated Bonds -------------------------------------------------------------- Rain Calcining Ltd's subsidiary CII Carbon LLC has priced its US$235 million senior subordinated bonds due 2015, Reuters reports citing a source close to the deal. According to Reuters' source, the bonds, which will not be redeemable for four years, will have a yield of 11.125 percent and a spread of 672 basis points over similar Treasury issuance. As previously reported by the Troubled Company Reporter-Asia Pacific, Standard & Poor's assigned its 'CCC+' rating to the bonds while Moody's Investor Services assigned it a B3 rating and Fitch Ratings gave it 'B-'. Proceeds from the notes will be used to refinance the outstanding amount from a bridge loan availed to complete RCL's acquisition of CII. Rain Calcining acquired the Texas-based CII in July 2007 in a primarily cash transaction valued at US$619 million. Headquartered in Hyderabad, India, Rain Calcining Ltd -- http://www.raincalcining.com/-- is one of the top five producers of calcined coke globally, and is the largest in Asia. It has an annual production capacity of 0.6 million tons, and its plant is located in Visakhapatnam (India). Aside from calcining, the company also operates in the power and trading segments. Standard & Poor's Ratings Services on Oct. 29, 2007, assigned its 'B' corporate credit rating on Rain Calcining Ltd. and its subsidiary, CII. The outlook is stable. On Oct. 19, 2007, Moody's Investors Service assigned a B2 corporate family rating to Rain Calcining and a B1 rating to its secured bank facility. On the same date, Fitch gave the company a 'B' long-term foreign currency issuer default rating. STATE BANK OF INDIA: Earns INR16 Bil. in Quarter Ended Sept. 30 --------------------------------------------------------------- State Bank of India has disclosed its unaudited results for the quarter ended Sept. 30, 2007. The bank, on a standalone basis, posted a net profit of INR16.11 billion for the three months ended Sept. 30, 2007, an improvement compared to the INR11.84 billion for the same quarter in 2006. Total income has increased from INR10.24 billion in the July-Sept. 2006 quarter to INR13.66 billion in the latest quarter under review. With the bank's expenditures totaling INR109.45 billion, it booked a profit before tax of INR27.13 billion. The bank incurred taxes of INR10.16 billion for the July-Sept. 2007 quarter and provided INR857.1 million for provisions and contingencies. A copy of the bank's unaudited financial results for the quarter ended Sept. 30, 2007, is available for free at: http://ResearchArchives.com/t/s?24ca Headquartered in Mumbai, State Bank of India -- http://www.sbi.co.in/-- is a financial services group operating primarily in the banking industry. Its core operations include Treasury Operations, Corporate Banking Group, National Banking Group and International Banking Group. * * * Standard & Poor's Ratings Services, on June 18, 2007, assigned its 'BB' issue rating to the State Bank of India's proposed US$225 million Hybrid Tier I perpetual notes under its US$5 billion MTN program. The Hybrid Tier I notes will be perpetual notes with a call option 10 years from the date of issue. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual rating. Moody's Investors Service placed a Ba2/Not Primerating on State Bank of India's foreign currency bank deposits, Ba2/Not Prime on Financial Strength Rating in June 2006. TATA STEEL: Signs MOU with Vietnam Steel for Cold Rolling Mill -------------------------------------------------------------- Tata Steel Ltd has signed a Memorandum of Understanding with Vietnam Steel Corporation for the proposed Cold Rolling Mill in Vietnam. Earlier, the company had signed the MoU with Vietnam Steel Corporation on May 29, 2007, for the Steel Project in the Ha Tinh Province of Vietnam. The company is further strengthening this relationship by partnering with VSC in establishing a Cold Rolling Mill. The company already has a Joint Venture with VSC through NatSteel, which is a Singapore-based wholly owned subsidiary of the company. Vietnam, with a buoyant economy, significant market for steel and raw material resources, is an attractive destination for steel making and value added steel production. The size of the Cold Rolling Mill, the scope and the investment will be determined after the feasibility study. The company will have a stake of 65% in the CRM project, which will be initiated on the successful completion of feasibility study and financial closure. Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. In April 2007, the company completed the acquisition of Corus Group plc. Corus' main steelmaking operations are located in the United Kingdom and the Netherlands with other plants located in Germany, France, Norway and Belgium. Corus produces carbon steel by the basic oxygen steelmaking method at three integrated steelworks in the United Kingdom at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd, and changed the outlook to negative from stable. ================= I N D O N E S I A ================= BANK CENTRAL: 9-Month Net Profit Rises 7.7% to IDR3.36 Trillion --------------------------------------------------------------- PT Bank Central Asia Tbk's net profit in the nine months ended September 30, 2007, rose 7.7% to IDR3.36 trillion, from IDR3.12 trillion of the same period last year, Thomson Financial reports. The report notes that the bank's fee-based income rose 19% to IDR1.44 trillion, while net interest income grew 1.3% to IDR7.135 trillion. Bank Central Asia's net interest margin narrowed to 6.3% from 7.3%, Thomson Financial says. BCA President Djohan Emir Setijoso told the news agency that the decrease in the bank's net interest margin is a consequence of falling interest rates. The report relates that Bank Central invested a huge amount of funds in Bank Indonesia Certificates that become less popular over the past year because the SBI rate is pegged to the benchmark BI rate, and the BI rate has gone down significantly after aggressive cuts by the central bank. Bank Central's holdings of SBIs stood at IDR27 trillion as of end-September, the report adds. The bank also generated lower interest income from its holdings of floating-rate government bonds, whose interest rate also changes in line with the BI rate, The report posts. As of end-September, BCA's outstanding loans stood at IDR68.8 trillion, up 28.2% from last year, the report adds. Mr. Setijoso also told Thomson Financial that the bank's loan to deposit ratio improved to 40.7% at end-September from 38.3% last year, far below the industry average of 65%. Bank Central Asia Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk -- http://www.klikbca.com/-- offers individual and business products and services. The bank's individual services consist of savings accounts, home loans and car loans, remittance, collection and safe deposit facilities. The bank's business services consist of working capital loans, investment loans and bank guarantee for small and medium-sized enterprises. In addition, it provides export import facilities such as letters of credit, negotiation and discounting. The bank's subsidiaries include PT BCA Finance, BCA Finance Limited and BCA Remittance Limited. It has 772 branches in Indonesia, Singapore and New York, 42,958 EDCs and operates 4,425 ATMs. The bank serves 6.6 million accounts throughout Indonesia. * * * The Troubled Company Reporter-Asia Pacific reported on Nov. 2, 2006, that Fitch Ratings has affirmed all the ratings of Bank Central Asia as follows: * Long-term foreign currency Issuer Default rating: BB- * Short-term foreign currency rating: B * Individual: C/D and * Support: 4. EXCELCOMINDO PRATAMA: Posts IDR156BB Nine-Month Net Income ---------------------------------------------------------- PT Excelcomindo Pratama posted IDR156 billion profit for the nine months ended September 30, 2007, Bloomberg News reports. According to the report, the company's gross revenue in the first nine months of this year increased 32% to IDR5.43 trillion. Excelcomindo's total subscribers increased 53% to 12.8 million as of Sept. 30, from 8.4 million a year earlier, Bloomberg relates. President Director Hasnul Suhaimi said the company expects to have as many as 15 million users by the end of this year, the report adds. About Excelcomidndo Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk -- http://www.xl.co.id/ -- provides wireless telecommunications services, leased lines and corporate services, which include Internet Service Provider (ISP) and Voice over Internet Protocol services. In addition, Excelcomindo provides voice, data and other value-added cellular telecommunications services. Its product lines include jempol, bebas and xplor. The company also provides services that allow its customers to purchase electronic voucher reloads at all of its centers and outlets, automated teller machines of various major banks and through its all centers. Excelcomindo starter packs and voucher reloads are also sold by independent retailers. Excelcomindo is Indonesia's third-largest cellular operator; as at the first quarter of 2006 the company had 8.2 million subscribers representing total market share of around 15% but with cellular revenue market share of approximately 10%. TM and its parent Khazanah together hold 73.7% in XL. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service has upgraded Excelcomindo Finance Company B.V.'s foreign currency senior unsecured bond rating to Ba2 from Ba3. The bond is irrevocably and unconditionally guaranteed by PT Excelcomindo Pratama. At the same time, Moody's has affirmed the Ba2 local currency corporate family rating of XL with a positive outlook. On Oct. 03, 2007, Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Indonesia's cellular operator, Excelcomindo Pratama, on CreditWatch with negative implications following the disclosure that its parent, Telekom Malaysia Bhd. (foreign currency A-/Watch Neg/--; local currency A/Watch Neg/--), intends to separate its cellular and international operations from its fixed-line business. At the same time, Standard & Poor's 'BB-' rating on Excelcomindo's outstanding senior unsecured notes has been placed on CreditWatch with negative implications. On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo Pratama Tbk's Long- term Foreign Currency and Local Currency Issuer Default Ratings at 'BB-'. The Outlook remains Stable. At the same time, Fitch has affirmed the 'BB-' rating on its senior unsecured notes programme. INCO LTD: To Up Nickel Output by 11% to 290,000 Tonnes in 2008 -------------------------------------------------------------- Inco Limited expects to increase nickel output by 11.5% to 290,000 tonnes next year, Reuters reports citing CVRD Investor Relations Director Roberto Castello Branco. According to the report, Mr. Branco said the company is increasing capacity globally, which should lift nickel output from 260,000 tonnes this year. They expect it will contribute an increase in revenue, he added. Parent company Campanhia Vale do Rio Doc 's overall capital spending budget for 2007 is US$7.4 billion, about US$5.4 billion of which is to be spent on projects and research and development, the report says. Inco Ltd the news agency said that it is also working on its Goro nickel project in New Caledonia with estimated spending at US$3.2 billion, US$1.4 billion of which was spent between 2001 and 2006. US$938 million is allocated this year, the report adds. About Inco Limited Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) -- http://www.inco.com/-- produces nickel, which is used primarily for manufacturing stainless steel and batteries. Inco also mines and processes copper, gold, cobalt, and platinum group metals. It makes nickel battery materials and nickel foams, flakes, and powders for use in catalysts, electronics, and paints. Sulphuric acid and liquid sulphur dioxide are produced as byproducts. The company's primary mining and processing operations are in Canada, Indonesia, and the U.K. Inco Limited's 3-1/2% Subordinated Convertible Debentures due 2052 carry Moody's Investors Service's Ba1 rating. PT INCO: To Build Hydroelectric Power Plant in Sulawesi Island -------------------------------------------------------------- PT International Nickel is in the process of expanding its nickel production by building a hydroelectric power plant in Indonesia's Sulawesi island, Reuters reports. According to the report, the plant is expected to be completed by 2010 and will allow the PT Inco to boost production of nickel in matte to 200 million pounds per year. The firm aims to produce between 160-165 million pounds of nickel in matte this year, the report adds. About PT International Nickel Headquartered in Jakarta, Indonesia, PT International Nickel Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer with a production facility and mine are in Sorowako, Sulawesi, where it has a contract agreement until 2025. It produces nickel matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Sorowako on the island of Sulawesi. Inco Limited of Canada holds a 60.8% stake of the company and Sumitomo Metal Mining Co Ltd. holds a 20.1% stake. * * * As of October 29, 2007, the company currently holds Standard and Poor's long-term foreign and local issuer credit ratings both at BB- rating. As of As of October 29, 2007, the company currently holds Fitch Rating's BB LT Issuer Default rating and Foreign Currency LT Derb Rating at BB. MEDCO ENERGI: To Sell 21.3% Stake in Cambodia Oil Block ------------------------------------------------------- PT Medco Energi International Tbk will sell 21.3% stake in Block E to Lundin Cambodia BV, an affiliated company of Lundin Petroleum AB, Thomson Financial reports. According to the report, the sale-and-purchase agreement was signed on October 24, but the value of the transaction was not disclosed. Transfer of the company's stake are subject to approval by the government of Cambodia through the Cambodia National Petroleum Authority, the report says. Thomson Financial adds that after the transaction, Medo Energi's stake will decrease to 41.3%. About Medco Energi Headquartered in Jakarta, Indonesia, PT Medco Energi Internasional Tbk -- http://www.medcoenergi.com/-- is engaged in the exploration, production of, and support services for oil and natural gas and other energy industries, including onshore and offshore drilling. Other activities include production of methanol and its derivatives and raising funds by issuing debt securities and marketable securities. Medco Energy also has operations in the United States and in Libya. The Troubled Company Reporter-Asia Pacific reported on Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Medco Energi. The outlook remains negative. According to S&P, the negative outlook on Medco reflects the company's weak financial profile due to its increased debt burden to fund its aggressive capital expenditure. A TCR-AP report on Aug. 16, 2006, said that Moody's Investors Service changed the outlook on Medco Energi's ratings to negative from stable. The ratings affected by the outlook change are: * B1 local currency corporate family rating -- Medco * B2 foreign currency long-term rating -- MEI Euro Finance Ltd (guaranteed by Medco). MEDCO ENERGI: Unit Discovers Oil in 3rd Exploration Well -------------------------------------------------------- PT Medco Energi Internasional Tbk's unit Medco International Ventures Ltd has discovered oil in a third exploration well, Thomson Financial reports, citing Medco Energi President Hilmi Panigoro. According to the report, Mr. Panigoro said flow rates were measured through a small, restrictive choke size and "these choke-restricted rates totaled 8,718 barrels of oil per day (gross) from the five intervals tested," he said. About Medco Energi Headquartered in Jakarta, Indonesia, PT Medco Energi Internasional Tbk -- http://www.medcoenergi.com/-- is engaged in the exploration, production of, and support services for oil and natural gas and other energy industries, including onshore and offshore drilling. Other activities include production of methanol and its derivatives and raising funds by issuing debt securities and marketable securities. Medco Energy also has operations in the United States and in Libya. The Troubled Company Reporter-Asia Pacific reported on Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Medco Energi. The outlook remains negative. According to S&P, the negative outlook on Medco reflects the company's weak financial profile due to its increased debt burden to fund its aggressive capital expenditure. A TCR-AP report on Aug. 16, 2006, said that Moody's Investors Service changed the outlook on Medco Energi's ratings to negative from stable. The ratings affected by the outlook change are: * B1 local currency corporate family rating -- Medco * B2 foreign currency long-term rating -- MEI Euro Finance Ltd (guaranteed by Medco). PERUSAHAAN LISTRIK: To Purchase Gas From Energi Mega's Unit ----------------------------------------------------------- PT Perusahaan Listrik Negara signed a US$1.36 billion contract to buy gas from Energi Mega Persada unit Kangean Energi Indonesia Ltd, Antara News reports. Energy Minister Purnomo Yusgiantor