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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 15, 2007, Vol. 10, No. 227

                            Headlines

A U S T R A L I A

ARROW ENERGY: To Jointly Acquires Queensland Pipeline Business
AVONCORE PTY: Members Agree on Voluntary Liquidation
COLES GROUP: Wesfarmers Won't Sell Kmart
COLOMBAS PTY: Liquidator to Give Wind-Up Report on November 16
EXACT METAL: Members Agree to Commence Liquidation Proceedings

FORTESCUE METALS: Optimistic About Shipping Iron Ore on Mid-May
HUTCHINSON INTERSTATE: Liquidator Presents Wind-Up Report
J M A CONCRETING: Supreme Court Issues Wind-Up Order
ONE.TEL: Liquidator Asks for Extension of Investigation
OPFS PTY: Members to Receive Wind-Up Report on November 20

OXFORD YACHTS: To Declare First Dividend on November 26
STEELCOM ENGINEERING: Liquidator Presents Wind-Up Report
TRAWAY PTY: Members and Creditors Receive Wind-Up Report
ZINIFEX LTD: Says Revenue Will Fall Due to Strong AU Dollar


C H I N A   &   H O N G  K O N G

BASIC & MORE: Commences Liquidation Proceedings
CHINA GLASS: Moody's Affirms B1 Ratings After Resumed Land Use
CHUNG SHING: Sept. 30 Balance Sheet Upside-Down by TWD3.09 Bil.
CHUNG SHING: Incurs TWD15.76-Million Loss Due to Typhoon Krosa
CHUNG SHING: September Sales Total TWD86.26 Million

CIS TECH: Sept. 30 Balance Sheet Upside-Down by TWD730 Million
CIS TECH: Court Sells Company Assets for TWD534.74 Million
CIS TECH: Continues Bleak Sales Record for Aug. 2007
CMC MAGNETICS: Incurs TWD140-Mil. Net Loss for Jan.-Sept. Period
CMC MAGNETICS: Increases Investment in Subsidiary

CMC MAGNETICS: Obtains Level A Laboratory Certification
CMC MAGNETICS: October Sales Hit TWD2.14 Billion
EXTRASURE INSURANCE: Liquidators Quit Post
FIAT SPA: CEO Marchionne Confirms Talks with Daimler
FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output

FOREVER EARNING: Creditors' Proofs of Debt Due on November 26
FORTUNE RANK: Creditors' Proofs of Debt Due on December 15
HISENSE KELON: Expects 300% Rise in Net Profit for FY2007
HUATONGTIANXIANG GROUP: Incurs CNY45-Mln Net Loss in 3rd Quarter
INT'L PAPER: Reports US$217MM Net Earnings in Third Quarter 2007

JP PROPERTIES: Members to Receive Wind-up Report on December 10
MALOWIN COMPANY: Creditors' Proofs of Debt Due on December 10
MUTUAL SHINE: Court to Hear Wind-Up Petition on November 28  
PLENTY POWER: Members Appoint Leung Kwok On as Liquidator
POLYMER GROUP: S&P Affirms Corporate Credit Rating at BB-

TIMBER INDUSTRIAL: Creditors' Proofs of Debt Due on November 23


I N D I A

BALLY TECH: Licenses Certicom for Next-Generation Casino Systems
CABLE & WIRELESS: Working w/ Innovative on Data Security Service
HAYES LEMMERZ: Selling Automotive Brake to Brembo for US$58 Mil.
ICICI BANK: Sees Retail Credit & SME Segments Growth in FY2008
IFCI LTD: Creditors Not Okay With Proposed OCD Conversion


I N D O N E S I A

BANK CENTRAL: Shareholders to Meet on November 28
EXCELCOMINDO PRATAMA: Installs US$10-Million Cable Network
FREEPORT-MCMORAN: Unit Pays Indonesia Gov't US$434 Mil. in Q3
PT INCO: Shareholders to Meet on Dec. 17 to Consider Stock Split
SUMBER SEGARA: Fitch Assigns Currency Issuer Default Rating at B

TELKOM INDONESIA: To Pay Interim Dividend of IDR48.45 Each


J A P A N

GAP INC: October Net Sales Down 1% at US$1.23 Billion
MITSUBISHI MOTORS: AU Unit to Decide on 380 Model's Next Step
NOVA CORP: SAMJ Chief Involved in School's JPY6.4BB Fundraising
* Japan's Consumer Lenders Return to Profit on Fewer Provisions


K O R E A

CHOROKBAEM MEDIA: Gains US$3.26 Million in TV-Series Export Deal
MAGNA INT'L: Third Quarter Operating Income Up to US$267 Million
MILACRON INC: Posts US$4.5-Mln Net Loss in Third Quarter of 2007
* Moody's Sees Stable Outlook for Korean Non-Life Insurers


M A L A Y S I A

SOLUTIA INC: Judge Beatty Approves US$25 Million Backstop Deal
SYARIKAT KAYU: Bursa Malaysia to Delist Firm on Nov. 22
THERMADYNE HOLDINGS: Earns US$1 Million in Qtr. Ended Sept. 30
TIME DOTCOM: DiGi to Buy Broadband Spectrum for MYR649 Million


N E W  Z E A L A N D

114 DOMINION: Taps Heath and Lamacraft as Liquidators
AIR NEW ZEALAND: Hikes Economy Fares on Rising Oil Prices
COMPUTER WORX: Court Sets Wind-Up Petition Hearing for Nov. 19
EDGEWATER ADVENTURES: Faces Cardrona Ski's Wind-Up Petition
EXPRESS CLEAN: Accepting Creditors' Proofs of Debt Until Oct. 19

FLETCHER BUILDING: Expects NZ$450-460 Million Annual Net Profit
HOME CLEAN: Court to Hear Wind-Up Petition Today
HOMEWORKZ LTD: Shareholders Agree on Voluntary Liquidation
IRON MOUNTAIN: High Debt Leverage Prompts S&P to Revise Outlook
KING PANELBEATERS: Creditors' Proofs of Debt Due on Nov. 22

LEONARDS LTD: Fixes Jan. 18 as Last Day to File Proofs of Debt
MAINLINE PAINTERS: Subject to CIR's Wind-Up Petition
TECC (AUCKLAND WEST): Creditors' Proofs of Debt Due November 22


P H I L I P P I N E S

ATOK BIG WEDGE: 3rd Quarter Net Loss Dips 18% to PHP1.251 Mil.
CENTRAL AZUCARERA: Posts PHP105.62-Mil. Net Loss for Sept. 30
FORUM PACIFIC: 3rd Quarter Net Loss Slips 90.38% to PHP412,626
IPVG CORP: PSE Lifts Trading Suspension on Shares
LEPANTO CONSOLIDATED: 3rd Quarter Net Loss Widens to PHP88 Mln.

MANILA MINING: Incurs 86% Less Net Loss for 3rd Qtr to PHP3.2MM
MIRANT CORP: Fitch Removes Ratings from Negative Watch
RIZAL COMM'L: Converts 465 Preferred Shares to 167 Common Shares
RIZAL COMM'L: Nine-Month Profit Climbs 154% to PHP2.54 Billion
* Monetary Board May Ease Policy Given Benign Inflation Outlook

* BOP Surplus Likely Hits US$7 Billion by End-October, BSP Says


S I N G A P O R E

ARINC INC: Moody's Assigns B3 Corporate Family Rating
FREESCALE SEMICONDUCTOR: Signs Joint Lab Deal with Zhuzhou CSR
ISV INVESTMENT: Receiving Proofs of Debt Until Nov. 21
HLG ENTERPRISE: Sept. 30 Balance Sheet Upside-Down by US$7.8MM
X-RITE INC: Incurs US$2.8-Mln Net Loss in Quarter Ended Sept. 29


T H A I L A N D

ITV PCL: Incurs THB105.22-Bil. Net Loss in Third Quarter 2007
TOTAL ACCESS: May Cancel Access Charge Deals with TOT PCL

     - - - - - - - -

=================
A U S T R A L I A
=================

ARROW ENERGY: To Jointly Acquires Queensland Pipeline Business
--------------------------------------------------------------
Arrow Energy NL, in conjunction with AGL Energy Limited, will
acquire the merchant gas and pipeline businesses of the
Queensland Power Trading Corporation from the Queensland
Government.  The business will be acquired in a 50/50 joint
venture with AGL for a total purchase price of AU$268 million
plus transaction costs of approximately AU$12 million (total
cost to Arrow of AU$140 million).

Arrow's Chief Executive Officer, Nick Davies said, "For a number
of years Arrow has been pursuing a high growth strategy both in
Queensland and internationally, focused on the acquisition and
development of world class coal seam gas projects and has built
a quality portfolio of assets with significant gas reserves.  
Recent initiatives have been directed at leveraging off this
solid foundation and targeting high margin value add
opportunities and this acquisition provides an immediate
exposure for Arrow to all components of the energy value chain
from gas production through to electricity sales.  The Enertrade
business acquisition is a natural addition to our existing
Moranbah coal seam gas project that was acquired through our
merger last year with CH4 Gas Limited.  Enertrade is currently
our major customer for gas produced at Moranbah and the
acquisition provides immediate upside value creation for the
Moranbah Gas Project Joint Venture (50% AGL) as well as
significant growth opportunities for our north Queensland
project portfolio."

"This deal effectively creates a mid-size integrated energy
company for us in the high growth energy market of the Gladstone
to Townsville corridor and further enhances the business
alignment of AGL and Arrow.  It will form the largest integrated
gas project of its type in Australia."

Mr. Davies added, "The acquisition will give Arrow immediate
exposure to the wholesale electricity generation market at a
time of historically high electricity pool prices."

"The acquisition of the North Queensland Gas Pipeline (NQGP)
which runs from Moranbah to Townsville is important to ensure
the joint venture can unlock maximum value from integration of
Enertrade's business, and will provide considerable value
upside, operational flexibility and cost savings to the joint
venture."

"The Central Queensland Gas Pipeline (CQGP) development
opportunity acquired will provide a strategic link for gas
supply between the North Bowen Basin and Gladstone and
interconnection of the NQGP to the existing state gas
transmission network.  This pipeline infrastructure when built
will facilitate the supply of gas to Gladstone from Arrow's
Bowen Basin project portfolio to underpin the proposed Gladstone
LNG export facility."

Under the terms of the agreement reached with AGL, Arrow will
manage the gas processing and compression facilities acquired
together with continuing the operation of the upstream Moranbah
Gas Project on behalf of the joint venture and AGL will manage
the merchant gas business for the joint venture and manage
dispatch of the output of electricity generated at the Yabulu
Power Station.  The existing operational team responsible for
the NQGP pipeline will transfer across to and be managed by the
joint venture.

Arrow will fund its approximately AU$140 million share of the
acquisition through existing cash reserves, debt facilities
being finalized and an equity raising.  The company, with its
advisers is evaluating various equity capital raising options.
The transaction is expected to be completed by November 30,2007.

The businesses being acquired had combined EBIT of AU$56m in the
year ended June 30, 2007 and will boost Arrow's revenues
considerably and will be immediately earnings per share
accretive to Arrow.

               Strategic Rationale-Summary

   * Provides substantial value benefits from integration with
     the JV's existing upstream gas position in the Moranbah Gas
     Project (MGP);

   * Provides ability to streamline and unlock maximum value
     from pipeline transportation arrangements and allows
     operational flexibility and cost savings to be realized by
     the joint venture's upstream gas business;

   * Delivers a material integrated wholesale gas and
     electricity portfolio in Queensland;

   * Well understood business/assets enables smooth and timely
     integration;

   * Strengthens relationship and alignment of the Arrow/AGL
     joint venture in the Bowen Basin;

   * Secures the rights for Arrow and AGL to develop the Central
     Queensland Gas Pipeline; and

   * Acquisition will be earnings per share accretive from day
     one.

                      About Arrow Energy

Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an
Australian company engaged in the undertaking of gas exploration
and development activities.  The Company is focused on coal seam
gas exploration and production in the Surat, Clarence-Moreton
and Ipswich Basins in southeast Queensland and northern New
South Wales and the Styx Basin and Nagoorin Graben in coastal
central Queensland.  Arrow Energy NL has been carrying out
exploration/appraisal drilling (over 50 wells) and has proven a
large CSG resource. The Company's projects include Kogan North,
Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale
and Boyne River.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
column on November 13, 2007, listed Arrow Energy's bond, with a
10.000% coupon and a March 31, 2008 maturity date, as trading at
2.83% on the AU dollar.


AVONCORE PTY: Members Agree on Voluntary Liquidation
----------------------------------------------------
The members of Avoncore Pty Ltd met on September 28, 2007, and
resolved to voluntarily wind up the company's operations.

Nick Combis and Peter Dinoris were appointed as liquidators.

The Liquidators can be reached at:

          Nick Combis
          Peter Dinoris
          Vincents Chartered Accountants
          Level 27, 239 George Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3854 4555
          Facsimile:(07) 3236 2452

                       About Avoncore Pty

Avoncore Pty Ltd provides business services.  The company is
located at Brisbane, in Queensland, Australia.


COLES GROUP: Wesfarmers Won't Sell Kmart
----------------------------------------
Wesfarmers Ltd. said that it is not likely to sell the Kmart
discount chain it acquired in its AU$19-billion takeover of
Coles Group Ltd., relates The Associated Press.

AP quotes Wesfarmers Chief Executive Officer Richard Goyder as
saying in a CNBC television program, "I think it's highly
unlikely.  We've got a strong bias to retaining the business."

Wesfarmers, which will take control of Coles on November 23,
will also own the discount chain Target, Coles supermarkets
stationery supplier Officeworks.  It already owns the home
improvement chain Bunnings, reports AP.

The Troubled Company Reporter-Asia Pacific reported on July 17,
2007, that rival Woolworths Ltd. expressed its interest to buy
Coles brands' Officeworks, Kmart or Target.

However, according to a subsequent report by the TCR-AP on
October 19, 2007, the Australian Competition and Consumer
Commission opposed any attempt by Woolworths to acquire Kmart
and Officeworks from Coles, explaining that if Woolworths were
to acquire Kmart, there would be a reduction in "competitive
tension in the relevant markets."
  
                     About Coles Group

Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in    
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions.  During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores.  In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group.  The
Company operates in Australia, New Zealand and Asia.

Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.


COLOMBAS PTY: Liquidator to Give Wind-Up Report on November 16
--------------------------------------------------------------
Colombas Pty Ltd, which is in liquidation, will hold a meeting
for its members and creditors on November 16, 2007, at 10:30
a.m. and 11:00 a.m., respectively.

At the meeting, Peter Gountzos, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          Peter Gountzos
          CJL Partners
          Level 3, 180 Flinders Lane
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9639 4779
          Facsimile:(03) 9639 4773

                      About Colombas Pty

Located at Williamstown, in Victoria, Australia, Colombas Pty
Ltd is an investor relation company.


EXACT METAL: Members Agree to Commence Liquidation Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on September 27, 2007,
the members of Exact Metal Fabrications Pty Ltd agreed to
voluntarily wind up the company's operations.

Brent Morgan of Rodgers Reidy was appointed as liquidator.

The Liquidator can be reached at:

          Brent Morgan
          Rodgers Reidy Chartered Accountants
          Level 10, 200 Queen Street
          Melbourne, Victoria 3000
          Australia

                        About Exact Metal

Exact Metal Fabrications Pty Ltd is a distributor of fabricated
structural metal.  The company is located at Dandenong, in
Victoria, Australia.


FORTESCUE METALS: Optimistic About Shipping Iron Ore on Mid-May
---------------------------------------------------------------
Fortescue Metals Group Ltd. claims that it is still on track for
a mid-May shipment of its first load of iron ore, Kevin
Andrusiak writes for The Australian.

Fortescue Chief Operating officer Graeme Rowley expressed that
the worst-case scenario for the company will be a delay of two
weeks, depending if the region will be hit by bad weather again
during the cyclone season.

During its annual meeting, Fortescue reiterated to its
shareholders that they they were still on track for the mid-May
deadline, states The Australian.

Mr. Rowley, according to the report, said extra resources such
as extra accommodation and labor costs from the increased
activity in the railway construction had been thrown at the
project.  However, Mr. Rowley admits, these could be easily
covered.

"There is no reason for us to expect that it would be any
different from mid-May at this stage.  We have more than
sufficient contingency funds in the parent company to handle the
cost of the  project.  I would hope to see an increase in
finished track-laying over the next month," Mr. Rowley is quoted
by The Australian.

The Troubled Company Reporter-Asia Pacific reported on Nov. 14,
2007, that Moody's Investors Service has downgraded Fortescue's
finance unit, FMG Finance Pty. Ltd.'s rating of its senior
secured debt to B1 from Ba3 reflecting the "increased
uncertainty surrounding the revised target completion date for
Fortescue's iron ore project."

                    About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the    
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                         *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.


HUTCHINSON INTERSTATE: Liquidator Presents Wind-Up Report
---------------------------------------------------------
The members and creditors of Hutchinson Interstate Pty Ltd met
on November 9, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          R. A. Sutcliffe
          Ground Floor
          192-198 High Street
          Northcote, Victoria 3070
          Australia
          Telephone:(03) 9482 6277

                  About Hutchinson Interstate

Hutchinson Interstate Pty Ltd is involved in the trucking
business, except local.  The company is located at Cobden, in
Victoria, Australia.


J M A CONCRETING: Supreme Court Issues Wind-Up Order
----------------------------------------------------
On October 3, 2007, the Supreme Court of Victoria entered an
order directing the wind-up of J M A Concreting Pty Ltd's
operations.

Gregory Stuart Andrews was appointed as liquidator.

The Liquidator can be reached at:

          Gregory Stuart Andrews
          G.S. Andrews & Associates
          Certified Practising Accountants
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                     About J M A Concreting

J M A Concreting Pty Ltd is a distributor of durable goods.  The
company is located at Taylors Lakes, in Victoria, Australia.


ONE.TEL: Liquidator Asks for Extension of Investigation
-------------------------------------------------------
One.Tel Ltd.'s special-purpose liquidator, Paul Weston, wants to
have his powers extended and is gearing up to sue various
parties, which could include PBL and News Limited, The
Australian reports.

The article says that Mr. Weston's lawyers told Judge Reg
Barrett of the New South Wales Supreme Court that they wanted
the court to be closed and for lawyers of the mooted defendants
and the public to be barred from hearing evidence relating to
the case.

However, lawyers of PBL and former One.Tel director James Packer
contested that they had the right to know what Mr. Weston was
planning, states The Australian.  

Mr. Weston, according to The Australian, was appointed by the
court to investigate whether there was any legal action that
could be taken in relation to a One.Tel board decision not to
continue with a planned AU$132-million rights issue on May 17,
2001.  In line with this, Mr. Weston has until November 28 to
decide whether or not to sue a number of parties.

Meanwhile, One.Tel founder Jodee Rich was successful in getting
another six months in which to consider suing parties over the
failure of the company, including PBL and News Ltd., which
publishes The Australian.

Mr. Rich, adds The Australian, is only likely to pursue his
court action if Mr. Weston firstly instigates legal proceedings.  
Mr. Rich's barrister, David Williams SC told Justic Barrett that
the extension of the time was needed as a decision in a separate
civil proceeding -- brought by the corporate regulator against
Mr. Rich -- had not yet been delivered.

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the
Australian telecommunications industry, most of which are
currently under external administration by court appointed
liquidators.

One.tel is currently in liquidation due to financial problems.  
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the
company was insolvent as of March 2001.  Accordingly, the
administrator terminated approximately 3,000 employees in June
that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.

The Liquidators can be reached at:

         Steve Sherman
         Peter Walker
         Joint Liquidators
         Ferrier Hodgson
         Level 17
         2 Market Street
         Sydney, NSW
         Australia 2000


OPFS PTY: Members to Receive Wind-Up Report on November 20
----------------------------------------------------------
The members of OPFS Pty Ltd will meet on November 20, 2007, at
10:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on April 4, 2007.

The company's liquidator is:

          D. R. Vasudevan
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne, Victoria 3000
          Australia

                          About OPFS Pty

OPFS Pty Ltd provides services to insurance agents and brokers.    
The company is located at Brighton, in Victoria, Australia.


OXFORD YACHTS: To Declare First Dividend on November 26
-------------------------------------------------------
Oxford Yachts Pty Ltd, which is in liquidation, will declare its
first dividend on November 26, 2007.

Creditors who were not able to file their proofs of debt by the
November 5 due date will be excluded from the company's dividend
distribution.

The company's liquidator is:

          W. J. Fletcher
          Bentleys MRI Chartered Accountants
          GPO Box 740
          Brisbane, Queensland 4001
          Australia

                       About Oxford Yachts

Oxford Yachts Pty Ltd, which is also trading as Southern
Hemispheare Shipyard, is a distributor of fabricated structural
metal.  The company is located at Morningside, in Queensland,
Australia.


STEELCOM ENGINEERING: Liquidator Presents Wind-Up Report
--------------------------------------------------------
The members and creditors of Steelcom Engineering Pty Ltd, which
is in liquidation, met on November 14, 2007, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Craig Crosbie
          PPB
          Level 10, 90 Collins Street
          Melbourne, Victoria 3000
          Australia

                   About Steelcom Engineering

Steelcom Engineering Pty Ltd is engaged in the welding repair
business.  The company is located at Sunshine North, in
Victoria, Australia.


TRAWAY PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
Traway Pty Ltd, which is formerly trading as Hughes Moulding,
held a meeting for its members and creditors on Nov. 8, 2007.

At the meeting, K. E. Barnet, the company's liquidator,
presented a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          K. E. Barnet
          Bentleys MRI Chartered Accountants
          GPO Box 740
          Brisbane, Queensland 4001
          Australia

                        About Traway Pty

Traway Pty Ltd is a distributor of durable goods.  The company
is located at Coopers Plains, in Queensland, Australia.


ZINIFEX LTD: Says Revenue Will Fall Due to Strong AU Dollar
-----------------------------------------------------------
Zinifex Ltd. said revenue will fall this year because of
declining prices and a stronger Australian dollar, Jesse
Riseborough, of Bloomberg News, reports.

Zinifex's acting chief executive officer, Tony Barnes, explains
that the price of zinc, which is used to galvanize steel,
may decline because of extra supply from new mines and
expansions.

Mr. Barnes is quoted by Bloomberg as saying, "Lower zinc
prices and higher Australian dollar, U.S. dollar exchange
rates will lower revenue.  Cost pressures persist, a similar
rate of increase to fiscal year 2007 is expected."

Bloomberg adds that Zinifex is seeking to buy new mines or
rivals after selling most of its majority stake in smelting
unit Nyrstar NV last month.

                      About Zinifex

Zinifex Limited, one of the world's largest integrated
zinc and lead companies -- http://www.zinifex.com/-- is    
headquartered in Melbourne, Australia.  The company owns and
operates two mines and four smelters.  The mines and two of the
smelters are located in Australia and supply the growing
industrial markets of the Asian-Pacific region, including China.  
The company also has a zinc smelter in the Netherlands and the
United States.  The company sells a range of zinc metal, lead
metal, and associated alloys in 20 countries.  More than 80% of
the company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  

Zinc is used for steel galvanizing and die-casting and lead for
lead acid batteries used mainly in cars and other vehicles.

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately
CDN$360 million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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

BASIC & MORE: Commences Liquidation Proceedings
-----------------------------------------------
Basic and More Manufacturing Limited commenced liquidation
proceedings on November 5, 2007.

The company's liquidators are:

          Man Mo Leung
          Kenneth Graeme Morrison
          Mazars CPA Limited
          34th Floor, The Lee Gardens
          33 Hysan Avenue, Causeway Bay
          Hong Kong


CHINA GLASS: Moody's Affirms B1 Ratings After Resumed Land Use
--------------------------------------------------------------
Moody's has changed the outlook to negative on the B1 corporate
family and senior unsecured ratings of China Glass Holdings Ltd.
This rating action follows the company's announcement that the
local authority in Weihai, China, is to resume the land use
rights in relation to certain production lines of China Glass'
subsidiary, Weihai Blue Star Glass Co Ltd, with compensation of
CNY360 million.  At the same time, Moody's has affirmed the B1
ratings.

"The negative outlook reflects the uncertainties with regard to
how quickly China Glass can recover its upfront relocation
expenditure, the magnitude of the uncompensated revenue loss due
to production disruptions and re-ramping of the relocated
production lines, and potential delay in the plant relocation,"
says Renee Lam, a Moody's Vice President/Senior Analyst.

"Given the materiality of the amount involved and in light of
the earnings of the company -- 1H07 operating profit was
CNY36.9 million -- unforeseen developments to any of the above
factors could potentially materially affect the company's
profits and cash flow," adds Lam.

The B1 ratings are underpinned by:

   1) the company's leading position in glass manufacturing in
      China;

   2) a diversified product range; and

   3) an experienced management team.

At the same time, the ratings also reflect the company's:

   1) highly cyclical profit and cash flow profile reflecting
      industry volatilities;

   2) exposure to a highly fragmented and competitive market;

   3) focus on the low-to-mid end segment (exacerbating  
      cyclicality in its financial performance); and

   4) small scale on a global basis.

The rating is unlikely to be upgraded in the short-to-medium
term given the negative outlook.  The negative outlook will be
stabilized when there is an observable track record of a timely
recovery of relocation expenditure, smooth relocation process,
manageable revenue and cash flow of those losses that are not
compensated by the relocation budget, and continued ability to
achieve its projected results.

The company may be downgraded if higher-than-expected revenue
losses or expenses are incurred by China Glass as a result of
the plant removals, or if there is material delay in relocation
cost recovery from the local government, resulting in a weakened
liquidity profile.  Furthermore, continued industry glass prices
disruptions such that the company continues to exhibit high
volatility in earnings and cash flow, or acquisitions that are
largely debt-funded, would also be negative for the rating.
Moody's would consider debt to EBITDA persistently above 4-4.5x
as indicative of a possible downgrade.

China Glass Holdings Ltd, publicly listed in Hong Kong, is the
second largest flat glass manufacturer in China in terms of
capacity, with 14 production lines across the country.  The flat
glass it produces is largely for use in the construction
industry.


CHUNG SHING: Sept. 30 Balance Sheet Upside-Down by TWD3.09 Bil.
---------------------------------------------------------------
Chung Shing Textile Co. Ltd. recorded a net loss of
TWD378.20 million for the nine months ended Sept. 30, 2007,
almost paring by half the TWD714.70-million net loss recorded
for the nine months ended Sept. 30, 2006.

The company had net sales of TWD2.71 billion for the period in
review.  Cost of goods sold and other operating expenses
amounted to TWD2.91 billion, giving the company an operating
loss of TWD207.60 million.

The company also paid TWD222.40 million in interest expenses for
the first nine months of 2007.

As of Sept. 30, 2007, the company had a shareholders' equity
deficit of TWD3.09 billion, on total assets of TWD10.37 billion
and total liabilities of TWD13.46 billion.


Taiwan-based Chung Shing Textile Co. Ltd. --
http://www.chung-shing.com.tw/-- is engaged in the manufacture  
and sale of various fibers, textiles and garments.  The
Company's products include knitting cotton apparels and knitting
synthetic fiber apparels, cotton yarns, synthetic fiber cloth,
plain woven cloth, polyester yarns, nylon filament yarns,
polyester staple fibers, textured yarns, polyester chips and
others.


CHUNG SHING: Incurs TWD15.76-Million Loss Due to Typhoon Krosa
--------------------------------------------------------------
Chung Shing Textile Co. Ltd. estimates a loss of
TWD15.76 million as a result of typhoon Krosa, Reuters Key
Developments reports.

Reuters, however, did not provide further details.

Taiwan-based Chung Shing Textile Co. Ltd. --
http://www.chung-shing.com.tw/-- is engaged in the manufacture  
and sale of various fibers, textiles and garments.  The
Company's products include knitting cotton apparels and knitting
synthetic fiber apparels, cotton yarns, synthetic fiber cloth,
plain woven cloth, polyester yarns, nylon filament yarns,
polyester staple fibers, textured yarns, polyester chips and
others.

As of Sept. 30, 2007, the company had a shareholders' equity
deficit of TWD3.09 billion, on total assets of TWD10.37 billion
and total liabilities of TWD13.46 billion.

The company has also incurred annual net losses TWD1.82 billion,
TWD988.70 million, TWD1.69 billion, TWD2.90 billion and
TWD1.13 billion from fiscal years ending Dec. 31, 2002, to 2006.


CHUNG SHING: September Sales Total TWD86.26 Million
---------------------------------------------------
Chung Shing Textile Co. Ltd.'s sales in September 2007 fell
88.06% year-on-year to TWD86.26 million from TWD722.69 million,
according to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD2.81 billion, 68.52%
less than the previous year's TWD8.93 billion.

The company's August 2007 sales also fell 90.70% year-on-year to
TWD111.44 million from TWD1.20 million a year earlier.


Taiwan-based Chung Shing Textile Co. Ltd. --
http://www.chung-shing.com.tw/-- is engaged in the manufacture  
and sale of various fibers, textiles and garments.  The
Company's products include knitting cotton apparels and knitting
synthetic fiber apparels, cotton yarns, synthetic fiber cloth,
plain woven cloth, polyester yarns, nylon filament yarns,
polyester staple fibers, textured yarns, polyester chips and
others.

As of Sept. 30, 2007, the company had a shareholders' equity
deficit of TWD3.09 billion, on total assets of TWD10.37 billion
and total liabilities of TWD13.46 billion.

The company has also incurred annual net losses TWD1.82 billion,
TWD988.70 million, TWD1.69 billion, TWD2.90 billion and
TWD1.13 billion from fiscal years ending Dec. 31, 2002, to 2006.


CIS TECH: Sept. 30 Balance Sheet Upside-Down by TWD730 Million
--------------------------------------------------------------
CIS Technology Inc. reported a net loss of TWD80.10 million for
the nine months ended Sept. 30, 2007, almost halving the
TWD164.8-million net loss reported for the nine months ended
Sept. 30, 2006.

The company had net sales of TWD0.10 million for the period in
review, while costs of goods sold and other operating expenses
amounted to TWD0.90 million and TWD18.50 million, respectively,
resulting in an operating loss of TWD19.30 million.

The company also paid TWD37.30 million in interest expenses.

As of Sept. 30, 2007, the company had total assets of
TWD1.03 billion and total liabilities of TWD1.76 billion,
resulting in a capital deficiency of TWD730.40 million.


Hsi Chih, Taiwan-based CIS Technology Inc. --
http://www.cis.com.tw/-- is principally engaged in the  
manufacture of computer peripheral products, as well as video
and audio products. The company's major products include crystal
display televisions and crystal computer monitors.


CIS TECH: Court Sells Company Assets for TWD534.74 Million
----------------------------------------------------------
Taiwan Taoyuan District Court has sold CIS Technology Inc.'s
land and building, with an area of 61,090 square meters, for
TWD534,741,000 in an auction, Reuters Key Development reports.

Reuters did not provide further details regarding the asset
sale.


Hsi Chih, Taiwan-based CIS Technology Inc. --
http://www.cis.com.tw/-- is principally engaged in the  
manufacture of computer peripheral products, as well as video
and audio products. The company's major products include crystal
display televisions and crystal computer monitors.

As of Sept. 30, 2007, the company had total assets of
TWD1.03 billion and total liabilities of TWD1.76 billion,
resulting in a capital deficiency of TWD730.40 million.

The company has also incurred annual net losses of
TWD307.9 million, TWD80.6 million, TWD630.2 million,
TWD445.2 million for the years ended Dec. 31, 2003, through
2006, respectively.


CIS TECH: Continues Bleak Sales Record for Aug. 2007
----------------------------------------------------
CIS Technology Inc. reported no sales for August 2007, according
to data obtained from Bloomberg.

The company virtually had no sales activity since the start of
the year, with only TWD97,000 in sales recorded for June 2007.

The company had sales of TWD30.46 million in the January to
August 2006 period.


Hsi Chih, Taiwan-based CIS Technology Inc. --
http://www.cis.com.tw/-- is principally engaged in the  
manufacture of computer peripheral products, as well as video
and audio products. The company's major products include crystal
display televisions and crystal computer monitors.

As of Sept. 30, 2007, the company had total assets of
TWD1.03 billion and total liabilities of TWD1.76 billion,
resulting in a capital deficiency of TWD730.40 million.

The company has also incurred annual net losses of
TWD307.9 million, TWD80.6 million, TWD630.2 million,
TWD445.2 million for the years ended Dec. 31, 2003, through
2006, respectively.


CMC MAGNETICS: Incurs TWD140-Mil. Net Loss for Jan.-Sept. Period
----------------------------------------------------------------
CMC Magnetics Corporation reported a net loss of
TWD140.0 million for the first nine months of 2007, a
disappointing turn from the TWD447.4-million net profit recorded
for the previous corresponding period.

The company also recorded a net profit of TWD146.9 million for
the half-year period ended June 30, 2007.

For the first nine months of the year, the company had sales of
TWD18.4 billion, which translated to an operating income of
TWD475.9 million after operating expenses of TWD17.9 billion
were deducted.

As of Sept. 30, 2007, the company had total assets of
TWD79.4 billion and total liabilities of TWD25.7 billion,
resulting in total equity of TWD53.7 billion.

Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and   
sale of media storage devices and opto-electrical products.  The
Company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and
rest of Asia.

The Troubled Company Reporter-Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


CMC MAGNETICS: Increases Investment in Subsidiary
-------------------------------------------------
CMC Magnetics Corporation will increase an investment of
US$54,110,000 by acquiring 10,822 shares in its subsidiary, EMC
Investment Holding Ltd., Reuters Key Developments reports.

In addition, EMC Investment Holding will invest THB1,831,000 in
Jet-Thai Hi-Tech Co., Ltd., as well as an additional US$510,000
in a Nantong-based materials technology company, which is
engaged in manufacturing and developing of alloy materials and
vacuum sputtering target materials, Reuters adds.

Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and   
sale of media storage devices and opto-electrical products.  The
Company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and
rest of Asia.

The Troubled Company Reporter-Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


CMC MAGNETICS: Obtains Level A Laboratory Certification
-------------------------------------------------------
Optical disc makers CMC Magnetics and Ritek Corp. recently
obtained level A laboratory certification for 4x Blu-ray Disc
(BD)-R SL discs, the Digitimes.Com reports.

Digitimes relates that CMC and Ritek are keeping apace with each
other in terms of their progress in R&D for blue-laser optical
discs, with each having so far secured level A laboratory
certification for 2x HD DVD-R SL, 1x HD DVD-RW SL, 2x BD-RE SL
and 4x BD-R SL, according to industry sources in Taiwan.

The report explains that CMC will focus on markets in North
America, Europe and Japan for its 4x BD-R SL discs for the time
being, and whether or not it expands its production capacity of
BD discs will hinge on global market conditions.  Ritek is
already poised to start volume production of HD DVD and BD
discs, the company indicated.


Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and   
sale of media storage devices and opto-electrical products.  The
Company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and
rest of Asia.

The Troubled Company Reporter-Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


CMC MAGNETICS: October Sales Hit TWD2.14 Billion
------------------------------------------------
CMC Magnetics Corporation's sales in October 2007 fell 15.29%
year-on-year to TWD2.14 billion from the TWD2.52 billion
recorded for October 2006, according to data obtained from
Bloomberg News.

The company's year-to-date sales amounted to TWD20.56 billion,
12.86% less than the TWD23.59 billion recorded a year ago.
The company's September 2007 sales totaled TWD2.21 billion, also
an 11.97% drop year-on-year.

Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and   
sale of media storage devices and opto-electrical products.  The
Company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and
rest of Asia.

The Troubled Company Reporter-Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


EXTRASURE INSURANCE: Liquidators Quit Post
------------------------------------------
Ying Hing Chui and Chung Miu Yin, Diana have stepped down as
Extrasure Insurance Services (international) Limited's
liquidators on November 5, 2007.   

The former liquidators can be reached at:

          Ying Hing Chui
          Chung Miu Yin, Diana
          Level 28, Three Pacific Place
          1 Queen's Road East
          Hong Kong


FIAT SPA: CEO Marchionne Confirms Talks with Daimler
----------------------------------------------------
Fiat S.p.A. CEO Sergio Marchionne confirmed that the company is
in talks with Daimler AG following speculations that Daimler
could seek a partner to work on the next generation of Mercedes-
Benz A-Class and B-Class compact cars, Gianni Montani writes for
Reuters.

"We're not just talking with Daimler about engines, we're
talking about everything," Mr. Marchionne was quoted by Reuters
as saying.

According to the report, Fiat disclosed in October 2007, that it
was in contact with automakers, particularly Mercedes-Benz,
about a possible alliance.  

In June 2007, Fiat signed a EUR2.4 billion agreement with
Daimler to supply truck engines as part of a strategic
agreement.

                         About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial    
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,  
Bulgaria, China, Czech Republic, Denmark, France, Germany,  
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,  
Netherlands, Poland, Portugal, Romania, Russia, Singapore,  
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised  
its long-term corporate credit rating on Italian industrial  
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,  
Standard & Poor's affirmed its 'B' short-term rating on Fiat.   
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output
----------------------------------------------------------------
The Turk Traktor plant, a 50-50 joint venture between Case New
Holland of the Fiat Group and the Koc Group, reached the goal of
500,000 tractors manufactured on Nov. 9, 2007.

Zafer Caglayan, the Turkish Minister of Industry,  Mustafa Koc
and Buelent Bulgurlu, the chairman and the CEO of Koc Group and
Sergio Marchionne, CEO of Fiat, attended the ceremony during
which, the tractor was presented to the Ministry of Agriculture.

The Turk Traktor factory in Ankara employs around 1,200 people.  
The plant manufactures approximately 20,000 tractors, engines,
transmissions, and axles each year.  More than a third of the
output is exported through Case New Holland’s global network.
Case New Holland leads the Turkish tractor market with a share
of over one third.  Its share of the combines market exceeds two
thirds and it holds approximately 50% of the cotton harvester
market.

The industrial cooperation between Fiat and the Koc Group in the
agricultural Sector dates back to 1963; originally set up as a
technical cooperation, it became a shareholder cooperation
starting from 1967.

In addition to the Turk Traktor joint venture, Fiat and the Koc
Group collaborate in other industrial and commercial initiatives
aimed at the manufacturing and sale of automobiles and
components.

The joint venture has an in-house R&D center and a sales network
made up by 130 dealers and 400 customer assistance centers.
All products manufactured by the joint venture are already
compliant with the new emission (Tier II), noise and safety
limits that will become effective in Turkey on Jan. 1, 2008.

"The Koc Group is a key industrial partner for Fiat and it has
made a major contribution to the development of the Fiat Group
presence in Turkey.  We are very proud to have contributed to
the growth of Turkey's industry and the modernization of its
agriculture," Sergio Marchionne CEO of Fiat Group and Chairman
of Case New Holland, said.

Case New Holland – http://www.cnh.com/-- is a world leader in  
the agricultural and construction equipment businesses.  
Supported by about 11,500 dealers in 160 countries, CNH brings
together the knowledge and heritage of its Case and New Holland
brand families with the strength and resources of its worldwide
commercial, industrial, product support and finance
organizations. CNH Global N.V., whose stock is listed at the New
York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary
of Fiat S.p.A. (FIA.MI).

                       About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial    
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,  
Bulgaria, China, Czech Republic, Denmark, France, Germany,  
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,  
Netherlands, Poland, Portugal, Romania, Russia, Singapore,  
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised  
its long-term corporate credit rating on Italian industrial  
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,  
Standard & Poor's affirmed its 'B' short-term rating on Fiat.   
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FOREVER EARNING: Creditors' Proofs of Debt Due on November 26
-------------------------------------------------------------
The creditors of Forever Earning Investments Limited, which is
in liquidation, are required to file proofs of debt by Nov. 26,
2007, in order to be included in the company's dividend and
distribution.

The company commenced liquidation proceedings on October 31,
2007.

The company's liquidator is:

          Ngan lin Chun Ester
          1902 Mass Mutual Tower
          38 Gloucester Road
          Wanchai, Hong Kong


FORTUNE RANK: Creditors' Proofs of Debt Due on December 15
----------------------------------------------------------
The creditors of Fortune Rank Limited, which is in liquidation,
are required to file proofs of debt by December 15, 2007, in
order to be included in the company's dividend and distribution.

The company commenced liquidation proceedings on November 2,
2007.

The Members, on November 6, 2007, appointed Chow Sheung Bing and
Keung Sai Tung as the company's liquidators.

The Liquidators can be reached at:

          Chow Sheung Bing
          Keung Sai Tung
          7th Floor San Toi Building
          139 Connaught Road
          Central Hong Kong


HISENSE KELON: Expects 300% Rise in Net Profit for FY2007
---------------------------------------------------------
Hisense Kelon Electrical Holdings Company Limited expects its
net profit for the year ended Dec. 31, 2007, to increase by
approximately 300% as compared to the MYR24,120,753.48 net
profit recorded for FY2006.

The Company says that it had disposed of some of its idle assets
and saw continuous improvement in its operations and management,
thus it expects to realize an annual profit for this year.

For the quarter ended Sept. 31, 2007, the company booked a net
profit of MYR5,086,024.56.


Headquartered in Foshan, Guangdong Province, China, and formerly
Guangdong Kelon Electrical Holdings Co., Ltd., Hisense Kelon
Electrical Hldngs Co., Ltd. --
http://en.kelon.com:8080/indexhome.jsp-- is principally engaged   
in the manufacture and distribution of refrigerators, freezers,
air conditioners and other small household electrical
appliances.

As reported in the Troubled Company Reporter-Asia Pacific's
“Large Companies with Insolvent Balance Sheets” column on
Nov. 9, 2007, Hisense Kelon has total assets of
US$596.71 million and total shareholders' equity deficit of
US$94.69 million.


HUATONGTIANXIANG GROUP: Incurs CNY45-Mln Net Loss in 3rd Quarter
----------------------------------------------------------------
HuaTongTianXiang Group Co., Ltd. (SSE:600225) recorded a net
loss of CNY44.79 million for the third quarter of 2007, which
figure is a 68.56% increase  from the net loss figure recorded
for the same period in 2006.

For first nine months of the fiscal year, the company incurred a
CNY57.72-million net loss.

As of September 30, 2007, the company recorded total assets of
CNY436.56 million, a rise of 9.67% from the total assets
recorded for the same period of 2006.

Headquartered in Tianjin, the People's Republic of China,
HuaTongTianXiang Group Co., Ltd., is principally engaged in
breeding, agriculture, trading and real estate businesses.
During the year ended December 31, 2006, the Company obtained
approximately 52%, 31% and 13% of its total revenue from its
agricultural products, breeding and trading businesses,
respectively.  In 2006, approximately 52% and 48% of the
Company's total revenue were from southwestern China and eastern
China respectively.

The Troubled Company Reporter-Asia Pacific's “Large Companies
with Insolvent Balance Sheets” column on Nov. 9, 2007, listed
HuaTongTianXiang, with total assets of US$52.77 million and
total shareholders' equity deficit of US$42.02 million.

HuaTongTianXiang Group announced on Oct. 24, 2007, that its
29,207,000 shares have been frozen by Shanghai No.1 Intermediate
People's Court.  The freeze period is from October 22, 2007, to
April 21, 2008.


INT'L PAPER: Reports US$217MM Net Earnings in Third Quarter 2007
----------------------------------------------------------------
International Paper has reported preliminary third-quarter 2007
net earnings of US$217 million (US$0.51 per share) compared with
net earnings of US$190 million (US$0.44 per share) in the 2007
second quarter and US$224 million (US$0.46 per share) in the
third quarter of 2006.  Amounts in all periods include special
items, most notably a gain of US$185 million (US$0.38 per share)
in the third quarter of 2006 from sales of U.S. forestlands
included in the transformation plan.

Earnings from continuing operations and before special items in
the third quarter of 2007 were US$243 million (US$0.57 per
share), compared with US$223 million (US$0.52 per share) in the
second quarter and US$216 million (US$0.45 per share) in the
third quarter of 2006.

Quarterly net sales were US$5.5 billion, up slightly from
US$5.3 billion in the second quarter and US$5.4 billion in the
third quarter of 2006.

Industry segment operating profits rose to US$610 million for
the 2007 third quarter versus US$572 million in the prior
quarter and US$686 million in the third quarter of 2006.  The
quarter-to-quarter increase reflects fewer planned maintenance
outages as well as improved price realizations in North America,
Europe and Brazil, offset somewhat by higher input costs.

"We had a solid third quarter," said International Paper
Chairman and Chief Executive Officer John Faraci.  "We continue
to improve paper and packaging business earnings and expand
margins, and we continue to improve earnings capacity from non-
U.S. operations.  Volumes were flat quarter-to- quarter, but we
saw overall price improvement, which more than offset some
increases in raw material and distribution costs."

Commenting on the fourth quarter of 2007, Mr. Faraci said, "We
expect slightly higher earnings from continuing operations.
Volumes will slow seasonally in most segments.  We expect modest
overall improvement in pricing with the realization of
previously announced price increases.  Costs for wood, energy
and transportation will continue to increase, and other costs
will remain high."

                   Segment Information

Third-quarter 2007 segment operating profits and business trends
compared with the previous quarter are as:

-- Operating profits for Printing Papers reached US$307 million,
   up from second-quarter operating profits of US$249 million,
   propelled by a 45 percent increase in United States uncoated
   papers, largely because of continuing price improvement and
   lower planned maintenance spending, as well as volume, price
   and mix improvements in Brazilian papers.  Pulp earnings were
   about flat, and European papers profits declined slightly,
   largely resulting from increased planned maintenance
   spending.

-- Industrial Packaging operating profits were US$115 million,
   down from US$139 million in the prior quarter.  The Pensacola
   linerboard machine start-up and one-time restructuring costs
   contributed to the decline, along with seasonal slowdown in
   European container, lower U.S. box volumes and higher
   converting costs.  Results were favorably impacted by fewer
   planned maintenance outages in the quarter.

-- Consumer Packaging operating profits were about flat at US$49
   million compared with US$48 million in the second quarter.
   The U.S. coated paperboard business experienced strong
   volumes, price and operations, and reduced planned
   maintenance spending, somewhat offset by higher input costs.
   Foodservice business profits declined slightly from
   seasonally strong second-quarter performance, and Shorewood
   Packaging results were flat.

-- The company's distribution business, xpedx, again reported
   strong quarterly sales and earnings, with operating profits
   of US$40 million, a 4 percent increase from prior-quarter
   results of US$38 million and a 16 percent increase year over
   year.  Volumes and margins increased, in part because of the
   addition of Central Lewmar to xpedx near the end of the
   quarter.

-- Forest Products operating profits were US$99 million, even
   with second-quarter operating profits of US$98 million.
   While land sales are difficult to forecast within a quarter,
   the company expects full-year 2007 earnings from land sales
   of approximately US$450 million.  The company's objective in
   selling its remaining 390,000 acres of forestland is to
   obtain maximum value for shareowners.

Net corporate expense totaled US$188 million for the quarter,
compared with US$179 million in the second quarter and US$221
million in the 2006 third quarter.  The increase compared with
the 2007-second quarter reflects small increases in various
expense categories.  The decrease from the 2006 third quarter
primarily reflects benefits from lower pension expenses.

                    Effective Tax Rate

The effective tax rate from continuing operations and before
special items for the third quarter of 2007 was 29 percent, even
with the second quarter, and up slightly from 28 percent in the
third quarter of 2006.

                 Effects of Special Items

Special items in the third quarter of 2007 included
restructuring and other charges totaling US$42 million before
taxes (US$26 million after taxes), including US$37 million of
pre-tax charges (US$23 million after taxes) related to the
closure of the company's Terre Haute, Indiana, mill.
Additionally, net pre- tax gains of US$8 million (US$6 million
after taxes) were recorded, principally to reduce estimated
transaction costs accrued in connection with the transformation
plan forestland sales in 2006, and a US$3 million increase to
the income tax provision was recorded related to the settlement
of a prior-year tax audit.

Special items in the second quarter of 2007 consisted of a
US$26 million pre-tax charge (US$16 million after taxes) for
organizational restructuring programs associated with the
company's transformation plan, including US$17 million
(US$11 million after taxes) of accelerated depreciation expense
for long-lived assets being removed from service, and a pre-tax
gain of US$1 million (a loss of US$7 million after taxes) for
adjustments to estimated losses on sales of businesses
previously sold.

Special items in the third quarter of 2006 included
restructuring and other charges totaling US$92 million before
taxes (US$56 million after taxes), including costs associated
with the company's transformation plan and charges for
adjustments to legal reserves; pre-tax credits of US$304 million
(US$185 million after taxes) from sales of U.S. forestlands; and
net pre-tax gains on sales and impairments of businesses
totaling US$74 million (US$44 million after taxes), including a
US$110 million pre-tax gain (US$68 million after taxes) related
to a previous forestland sale in Maine and a US$38 million pre-
tax charge (US$23 million after taxes) upon the completion of
the sale of the company's U.S. coated and supercalendered papers
business.

                   Discontinued Operations

The company completed the sale of the remainder of its beverage
packaging business in the third quarter of 2007.

Discontinued operations for the second quarter of 2007 included
pre-tax charges of US$6 million (US$4 million after taxes) and
US$5 million (US$3 million after taxes) relating to adjustments
to estimated losses on the sales of its wood products and
beverage packaging businesses, respectively.

Discontinued operations for the third quarter of 2006 included a
pre-tax credit of US$101 million (US$80 million after taxes) for
the gain on the sale of the Brazilian coated papers business,
pre-tax losses of US$115 million and US$165 million (US$82
million and US$165 million after taxes) to adjust the carrying
values of the beverage packaging and wood products businesses to
their estimated fair values, a net US$12 million pre-tax gain
(US$3 million after taxes) related to other smaller items, and
the operating results of these businesses and the kraft papers
business for the quarter.

                 About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest  
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers around the globe.  It also operates in China.
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                       *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  Moody's
assigned a stable outlook on the rating.


JP PROPERTIES: Members to Receive Wind-up Report on December 10
---------------------------------------------------------------
The members of JP Properties Limited will hold their general
meeting on December 10, 2007, at 1:00 a.m., at the 31st Floor,
Gloucester Tower, The Landmark, 11 Pedder Street, in Central,
Hong Kong.

During the meeting, the liquidators, Lai Tak Shing Jonathan and         
Chan Yuen Bik Jane, will give a report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on July 12, 2007.

The liquidators can be reached at:

         Lai Tak Shing Jonathan
         Chan Yuen Bik Jane
         Gloucester Tower, 31st Floor
         The Landmark
         11 Pedder Street, Central
         Hong Kong


MALOWIN COMPANY: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Malowin Company Limited, which is in
liquidation, are required to file proofs of debt by December 10,
2007, in order to be included in the company's dividend and
distribution.

The company's liquidators are:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Level 28, Three Pacific Place
          1 Queen Road East, Hong Kong


MUTUAL SHINE: Court to Hear Wind-Up Petition on November 28  
-----------------------------------------------------------
The High-Court of Hong Kong will hear on November 28, 2007, at
9:30 a.m., a petition to have Mutual Shine Limited's operation
wound up.

Chan Wing Leung William filed the petition on September 17,
2007.


PLENTY POWER: Members Appoint Leung Kwok On as Liquidator
---------------------------------------------------------
The members of Plenty Power Company Limited Wise Linkage  
Limited agreed on November 6, 2007, to appoint Leung Kwok On as
the company's liquidator.

Creditors are required to file proofs of debt by December 10,
2007, to be included in the company's dividend and distribution.

The Liquidator can be reached at:

          Leung Kwok On
          Room 402, 4th Floor Highgrade Building
          117 Chatham Road,TST, Kln


POLYMER GROUP: S&P Affirms Corporate Credit Rating at BB-
---------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
Polymer Group Inc., including its 'BB-' corporate credit rating.
The outlook is negative.

"If Polymer Group completes its proposed public offering of
common stock, including US$92 million of net proceeds to the
company, and it uses the proceeds to reduce debt, S&P will
revise the outlook to stable," said S&P's credit analyst Cynthia
Werneth.

The ratings on Polymer Group reflect the company's weak business
position and aggressive financial profile.  Although it has a
narrow product focus, Polymer Group is one of the top producers
of nonwoven and oriented polyolefin products.  The company has
leading positions in niche markets, good geographic sales and
manufacturing diversity, favorable long-term growth prospects in
certain end markets, and opportunities to increase sales and
earnings following several recently-completed capacity
expansions.

Polymer Group recently announced plans to sell 5,455,000 shares
of common stock, consisting of 3,636,000 shares to be sold by
the company and 1,819,000 shares to be sold by the selling
shareholders, primarily MatlinPatterson Global Advisors LLC.
Net proceeds to the company should be about US$92 million.  If
the transaction is consummated, MatlinPatterson would still own
roughly 50% of Polymer Group.  The company will use all the net
proceeds that it receives to repay outstanding debt under its
first-lien term loan.  This will reduce total debt (which S&P
adjusts to include capitalized operating leases as well as
modest off-balance-sheet receivables financing and
postretirement obligations) to about US$400 million, US$310
million of which consists of a first-lien term loan maturing in
2012.

Pro forma for the transaction, funds from operations to adjusted
total debt would strengthen to about 18% from about 15% at
Sept. 30, 2007.  This key ratio is still somewhat below S&P's
expectation of 20% at the current rating.  However, S&P believes
that incremental volume from recent capacity expansions should
lift earnings and cash flow to the appropriate level in 2008,
even if debt does not drop much further.  Total adjusted debt to
EBITDA would decline after the transaction, but remain
aggressive at 3.3.  Although S&P believes that operating cash
flow will strengthen during the next one to two years, S&P does
not expect significant additional debt reduction.

Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC  
Bulletin Board: POLGA/POLGB) develops, manufactures and markets
engineered materials.  The company operates 22 manufacturing
facilities in 10 countries throughout the world.  The company
has manufacturing offices in Argentina, China and France, among
others.


TIMBER INDUSTRIAL: Creditors' Proofs of Debt Due on November 23
---------------------------------------------------------------
The creditors of Timberland Industrial Limited, which is in
liquidation, are required to file proofs of debt by November 23,
2007, in order to be included in the company's dividend and
distribution.

The Liquidators can be reached at:

          Roderick John Sutton
          Kevin Edward Flynn
          14th Floor Honk Kong Club Building
          3A Carter Road, Hong Kong


=========
I N D I A
=========

BALLY TECH: Licenses Certicom for Next-Generation Casino Systems
----------------------------------------------------------------
Bally Technologies, Inc. has licensed Certicom Corp.'s Game
Guardian Server Based Gaming(TM) (SBG) security platform to
protect its next-generation casino systems.  Specifically, Bally
Technologies will use Certicom's Game Guardian SBG Certificate
Authority Server and Game Guardian SBG Client to enable secure,
authenticated connections between applications, gaming machines
and backend servers.
    
The Game Guardian SBG platform will be integrated into Bally
Technologies rapidly growing line of server-based gaming
solutions, allowing the company to perform security operations
and complex authentication demands in only a fraction of the
time of other commonly-used security schemes.  With Game
Guardian, Bally Technologies can easily submit software upgrades
to existing casinos without the undue burden of new hardware or
entirely new infrastructure to deploy.
    
Certicom's Game Guardian platform ensures the strongest level of
security through leading-edge cryptography, including Elliptic
Curve Cryptography.  In 2005, the NSA recommended ECC as the
public-key crypto-system to protect classified and unclassified
government communications.  Known as Suite B, these
recommendations are part of an initiative to upgrade the
security infrastructure of government communications to meet
present and future security needs.  ECC is used in a growing
number of sectors ranging from networking, consumer electronics,
wireless devices and semiconductors to government and financial
services.
    
Server based gaming is the next wave of casino technology that
is gaining tremendous interest, offering users a much more
dynamic and interactive gaming experience.  Because it is
centrally managed through a single console, casino owners can
use a main computer to instantly control and connect all the
machines on a casino floor, while tailoring each one to a
player's preference.  It offers players a way to play the games
they want at any location without having to switch machines. It
also saves casino owners money on personnel and staffing costs.
    
"Bally Technologies prides itself on being a leading innovator
in the next generation of gaming systems.  As the gaming
industry migrates toward networked-based systems and GSA-
protocol standards, network security becomes an ever-increasing
concern," said Bally Technologies' Vice President of Advanced
Product Development, Robert Crowder.  "We are pleased to partner
with Certicom, utilizing Game Guardian security algorithms to
protect the sensitive data moving through casino-floor networks
and gaming machines."
    
Certicom's Game Guardian SBG Certificate Authority Server is a
turnkey product that provides sub-root certificate authority
services for Bally Technologies' entire casino operator network.  
The Certificate Authority Server issues digital certificates
used to create digital signatures and public-private key pairs.  
It guarantees that the individual granted the unique certificate
is who he or she claims to be, so that users and relying parties
can trust the information in Certicom's certificates.  The Game
Guardian Certificate Authority Server is a highly customized and
high performance Gaming Certificate Authority 'end-to-end'
security solution, which also follows the rigorous security
standards set out by the Gaming Regulatory Agencies worldwide.
    
"We are pleased that Bally Technologies has selected our Game
Guardian security platform as it rolls out its next generation
casino gaming systems," said Certicom President and Chief
Executive Officer Bernard W. Crotty.  "The capabilities in our
Game Guardian platform will enable a complete new gaming
experience and our secure protocols allow casinos everywhere to
take advantage of all the benefits associated with server-based
gaming, for instance, increased efficiency to changing games on
the fly for customers.  Game Guardian has the potential to
become the gold standard of security in the gaming industry."

                        About Certicom
    
Certicom -- http://www.certicom.com-- protects the value of  
content, applications and devices with government-approved
security. Adopted by the National Security Agency (NSA) for
government communications, Elliptic Curve Cryptography (ECC)
provides the most security per bit of any known public-key
scheme.  As the global leader in ECC, Certicom security
offerings are currently licensed to more than 300 customers
including General Dynamics, Motorola, Oracle, Research In Motion
and Unisys. Founded in 1985, Certicom's corporate offices are in
Mississauga, Ontario, Canada with worldwide sales and marketing
headquarters in Reston, Virginia and offices in the U.S.,
Canada, Europe and China.

                  About Bally Technologies Inc.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,  
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services has raised its
corporate credit and senior secured debt ratings on Bally
Technologies Inc. to 'B+' from 'B-'.  Concurrently, S&P revised
the CreditWatch implications to positive from developing.


CABLE & WIRELESS: Working w/ Innovative on Data Security Service
----------------------------------------------------------------
Jamaican news daily The Jamaica Gleaner reports that Cable &
Wireless' Jamaican unit has entered into a partnership with US
information technology company Innovative Corporate Solutions
for OFFSite, its off-site data security service to businesses.

Business News Americas relates that Cable & Wireless Jamaica is
already offering off-site data security, hosting the information
of corporations at its J$65-million data center, which was
constructed in 2006.

According to The Gleaner, the partnership is due to high demand
in the local market from large firms seeking to ensure business
continuity and protect sensitive client and proprietary
information off base.

Innovative Corporate Chief Operations Officer Christopher
Reckord told The Gleaner that the company agreed to invest some
J$3.5 million to offer clients software programming and
technical support that transports data to a secure site in Cable
& Wireless' data center.

The Gleaner notes that Cable & Wireless will market the service
at "a one-time hookup fee" of up to US$270 and a monthly
subscription fee, payable to Innovative Corporate.

The service will be initially aimed at small and medium-sized
enterprises, The Gleaner says, citing Mr. Reckord.  Eventually
the service will be offered to a wider market like schools and
households.

"There is no data on the size of the market for data protection
services, nor the existing demand," The Jamaica Computer Society
told BNamericas.  

Internet penetration reached 40%, "seemingly to indicate that
there is scope for businesses offering products like OFFSite,"
BNamericas says, states, citing The Jamaica Computer head Nigel
Henry.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet  
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.  
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


HAYES LEMMERZ: Selling Automotive Brake to Brembo for US$58 Mil.
----------------------------------------------------------------
Hayes Lemmerz International Inc. is selling Hayes Lemmerz'
Automotive Brake Components division to Brembo North America
Inc. for approximately $58 million, debt-free.
    
Hayes Lemmerz' Automotive Brake Components division includes
production facilities in Homer, Michigan and Apodaca, Mexico
that manufacture brake rotors and drums for the North American
passenger car and light truck markets.  The division employs
approximately 250 people, including 64 technical associates. The
division's 2006 sales were approximately $120 million.
    
Under the agreement, Brembo North America Inc., a subsidiary of
Brembo S.p.A., has acquired all of the stock of two Hayes
Lemmerz subsidiary companies that own the brake manufacturing
operations in Homer and Apodaca and certain assets used in
connection with the division's sales, marketing and engineering
group located in Hayes Lemmerz' headquarters in Northville,
Michigan.
    
"We have built a strong business with a solid reputation for
quality products, delivery and performance," Daniel Sandberg,
president of Hayes Lemmerz' Automotive Components Group, said.
"Combining this business with an international, technically
dynamic brake company like Brembo will better position the
combined company to grow and compete in the global market.  Our
brake teams in Homer, Apodaca and Northville look forward to
leveraging our shared commitment to superior customer service,
product innovation and technology."
    
"I am very pleased with the acquisition of this well-managed and
successful business," Brembo chairman, Alberto Bombassei,
commented.
    
"This is another important step for Brembo in the NAFTA region,
where we already have a strong presence with 2006 sales of
approximately US$140 million,” Mr. Bombassei said.  “Our
purchase of Hayes Lemmerz' rotor business will greatly improve
Brembo's leadership position in the North American brake rotor
market.  We continue to believe that North America, as a mature
and sophisticated market, is one of the most important in the
world, which fits well with Brembo's strategic position.  This
transaction will provide Brembo with a solid manufacturing base
to supply all the North American operations of all of our
customers."

                     About Brembo S.p.A.

Brembo North America Inc. is a subsidiary of Italy-based Brembo
S.p.A. (Italian Stock Exchange: BRE) which is an innovator of
disc braking system technology for vehicles.  It supplies high
performance braking systems to the manufacturers of cars,
commercial vehicles and motorbikes around the world.  Brembo is
also into the racing sector.  The company currently operates in
12 countries, with 23 production and business sites and a pool
of over 4,700 associates, 9% of whom are engineers and product
specialists working in R&D and technical areas.  Brembo is the
owner of the Brembo, AP Racing and Marchesini brands.  The
company operates in this region with a manufacturing plant in
Puebla, Mexico, and business sites in Costa Mesa, CA and
Charlotte, NC.

               About Hayes Lemmerz International

Based in Northville, Michigan, Hayes Lemmerz International Inc.
(Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- is a
supplier of automotive and commercial highway wheels, brakes and
powertrain components.  The company has 30 facilities and
approximately 8,500 employees worldwide.  The company has
operations in India, Brazil and Germany, among others.

                        *     *     *

As reported on Sept. 26, 2007, Fitch Ratings placed Hayes-
Lemmerz International Inc.'s issuer default rating at 'B' with a
negative rating watch.


ICICI BANK: Sees Retail Credit & SME Segments Growth in FY2008
--------------------------------------------------------------
ICICI Bank Ltd anticipates 20% growth in its retail credit
portfolio and 55-60% in its SME segment in FY2008, the Press
Trust of India reports citing V. Vaidyanathan, the bank's
executive director.

The Business Standard noted that the expected growth in retail
loans for the current fiscal year is way down the around 40% in
the previous two years.

ICICI's retail lending fell back in the first six months of this
fiscal year after consecutive increases in interest rates
prescribed by the Reserve Bank of India, PTI relates.

The ICICI director, however, is hopeful and sees considerable
growth soon.  “Our customer base is expected to grow
significantly in the coming months,” PTI quotes Mr. Vaidyanathan
as saying.   “Our cluster banking model has been very
successful, as it is a real customer-centric model.”

According to the news agency, the bank has an SME portfolio of
almost US$4 billion and has more than one million SME clients.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


IFCI LTD: Creditors Not Okay With Proposed OCD Conversion
---------------------------------------------------------
IFCI Ltd's creditor banks and insurance companies have rejected
a plan to convert part of its dues into equity, the Hindustan
Times said yesterday.  

As previously reported by the Troubled Company Reporter-Asia
Pacific, IFCI's board of directors, on Oct. 15, 2007, proposed
the conversion of part of the company's 0% Optionally
Convertible Debentures into equity.  Creditor banks and
insurance firms hold a combined INR1,479 crore in debentures
that they provided to the company in 2002.

According to various media reports, the banks wanted all of the
zero-coupon OCDs they hold to be converted to equity.  The banks
were unanimous in asking for a 100% convertibility, the Business
Standard observes.

For the potential strategic partners who will be bidding for 26%
of IFCI, the conversion of the entire debt means they will have
to pay more for their stake, Jayati Ghose writes for The
Telegraph.  IFCI is currently in the process of choosing the  
investor to whom it will divest a 26% stake.

The insurance companies, however, demanded that a conversion
formula be used so that they will retain their holding after the
induction of the strategic investor.  

HT, citing “highly placed sources,” said Life Insurance Corp.,
which holds INR300 crore of the interest-free debentures, told
IFCI that it wanted to maintain its present 8.4% stake in the
company after the induction.  Insurance companies are optimistic
that a turnaround will happen and hence did not want their
stakes to be diluted, BS quoted an unnamed official of one of
the lenders as saying.

With the snags in the conversion, The Telegraph believes the
sale of the strategic stake in IFCI will be delayed until the
first quarter of the next fiscal.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


=================
I N D O N E S I A
=================

BANK CENTRAL: Shareholders to Meet on November 28
-------------------------------------------------
PT Bank Central Asia Tbk's shareholder's will meet on Nov. 28 to
agree on the company's  proposed a 2-for-1 share split and the
appointment of new vice president director, Thomson Financial
reports.

According to the report, Jahja Setiaatmadja, BCA finance
director, hopes the share split will allow more domestic
investors to have Bank Central's shares.  The bank's shares
gained 38% this year, the report notes.

Moreover, Mr. Setiaatmadja told the news agency that the
shareholders will also appoint a new vice-president director to
replace Aswin Wirjadi, who has resigned.

                       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: Installs US$10-Million Cable Network
----------------------------------------------------------
PT Exelcomindo Pratama installed a US$10-million submarine fiber
optic cable network linking Batam with Johor, The Jakarta Post
reports.

This company move, the report notes, aims to enhance services to
individual and corporate customers for Internet traffic and data
loading purposes.  President Director Hasnul Suhaimi told the
news agency that the Batam Rengit Cable System would maximize
the firm's performance at still competitive prices.

XL Network director Dian Siswarini said that the BRCS linked up
with the network of Telekom Malaysia, XL's main shareholder, so
that it now forms part of an international Internet network.

                       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.


FREEPORT-MCMORAN: Unit Pays Indonesia Gov't US$434 Mil. in Q3
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc.'s unit, PT Freeport
Indonesia paid the Indonesian government a total of
US$434 million in the third quarter this year, various reports
says.

The total amount paid, The Jakarta Post notes, includes
US$333 million in corporate income tax, employee income tax,
local taxes and other taxes; US$49 million in royalties; and
US$52 million in dividends.

In nine months to September this year, the company reportedly
paid a total of US$1.4 billion, which comprises US$1 billion
dollars in corporate income tax, employee income tax, regional
taxes and other taxes; US$141 million in royalties; and
US$216 million in dividends.

The obligations paid until September are higher than the amount
paid in the same period last year, which stood at
US$1.1 billion, The Post says.

PT Freeport Indonesia also claimed that from 1992 to the end of
September this year, the company had paid a total of
US$6.5 billion in taxes and other obligations to the government,
Xinhua News adds.

                     About Freeport-McMoRan

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,   
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2007, Fitch Ratings upgraded these ratings of Freeport-
McMoRan Copper & Gold Inc.

FCX

   -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
   -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
   -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
   -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

In addition, Fitch affirmed these ratings on FCX:

   -- Issuer Default Rating at 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver at 'BBB-';

   -- Convertible Preferred Stock at 'B+'.

Fitch also assigned a rating of 'BB+' to FCX's new US$2.45-
billion five-year term loan A.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s corporate family rating to Ba2 from
Ba3.

On March 27, 2007, Standard & Poor's Ratings Services assigned
its 'B' preferred stock rating to the proposed US$2.5 billion
US6.75% mandatory convertible preferred stock offering of
Freeport-McMoRan Copper & Gold Inc.


PT INCO: Shareholders to Meet on Dec. 17 to Consider Stock Split
----------------------------------------------------------------
PT International Nickel Indonesia Tbk will hold an Extraordinary
General Meeting of Shareholders on December 17, 2007 to consider
a stock split.  

The company is proposing a stock split with a ratio of 1:10
representing a change in the nominal value of the shares of the
company from IDR250 per share to IDR25 per share.

The notice of the Shareholders' meeting will be published at the
latest by November 30, 2007.  The Company has submitted the
proposed EGMS agenda to the Chairman of the Capital Market and
Financial Institution Supervisory Board.

                 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.


SUMBER SEGARA: Fitch Assigns Currency Issuer Default Rating at B
----------------------------------------------------------------
Fitch has assigned Long-term foreign currency and local currency
Issuer Default Ratings of 'B' to Indonesia-based PT Sumber
Segara Primadaya, which is an Independent Power Producer.  In
addition, Fitch has also assigned a National Long-term rating of
'BBB' to S2P.  The Outlooks on the IDRs and the National Long-
term rating are Positive.  

The agency has also assigned an expected rating of 'B' and
expected Recovery Rating of 'RR4' to the proposed senior
unsecured notes due 2012 to be issued by S2P Power B.V. and
guaranteed by S2P.  The ratings were assigned based on an
indicative issue size and tenor communicated to the agency by
S2P; any material deviations from these may result in a negative
rating action.  The final ratings are contingent upon receipt of
final documents conforming to information already received.

The ratings are supported by a robust 30-year take-or-pay Power
Purchase Power Agreement contract between S2P and Perusahaan
Listrik Negara, the state-owned electricity company which has a
monopoly of electricity transmission and distribution in
Indonesia.  "The PPA should provide S2P with stable cash flows
as PLN will purchase all electricity generated by coal-fired
power plants operated by S2P at a relatively fixed rate," notes
Ivan Sumampouw, Associate Director in Fitch's Asia-Pacific
energy and utilities team.  "The PPA provides S2P significant
protection against the risks of increasing coal prices and
foreign exchange movements, as these costs can be largely passed
on to PLN," added Mr. Sumampouw.  S2P has long term coal supply
agreements with leading coal supply producers in Indonesia,
reducing the risks of coal supply disruption.  The coal supply
agreements will mature in 2009, with options from S2P to extend
the contracts for another five years.

S2P operates a 2x300 MW coal-fired power plant in Cilacap, South
Java that connects to PLN's Java-Bali transmission grid.  The
Cilacap power plant is the only large-scale power plant in South
Java that connects to the grid, and consequently has a very
important role in meeting the shortfall of electricity supply in
South Java.  PLN expects Indonesia's electricity demand to grow
at a compounded annual growth rate of about 9% in 2007-2010.

Fitch expects similar growth levels beyond 2010, and for the
supply-demand balance to remain very tight; only three new power
plants are expected to be operational in South Java in 2012
onwards.  Thus, in the medium term, there is minimal risk that
PLN will source electricity from competing plants.

The ratings are however constrained by Cilacap power plant's
limited operating history. The power plant commenced its full
commercial operations in September 2006 and has since operated
at relatively low operating rates.  In the first six months of
2007, Cilacap power plant had average Availability Factor of
only 62.5% (2006: 64.5%).  This was a result of various
technical issues including interruptions in coal supply and
sedimentation in the power plant's water intake caused by the
tsunami.  While Fitch believes some of these technical problems
are one-off in nature, the power plant's operating performance
is still unproven.

The Positive Outlook for the ratings reflects Fitch's
expectation that the Cilacap power plant will improve its
operating performance as some of the technical issues described
above have been largely resolved.  The agency also expects that
S2P will start deleveraging from 2008; at end-H107, S2P's net
debt/EBITDA leverage ratio was 6.5x.  Fitch does not anticipate
that S2P will require additional debt in the future.  If S2P
demonstrates the sustained ability to meet operating and
financial performance targets, net debt/EBITDA could fall below
4.0x in 2008 and the ratings may be upgraded.  On the contrary,
a negative rating action could be triggered by changes in
electricity regulation that adversely affect S2P, a prolonged
disruption of coal supply, or lower-than-expected operational
performance rates, i.e. if AFa falls below 80% and Net
Dependable Capacity (NDC) falls below 562 MW on a sustained
basis.

S2P is jointly owned by PT Sumberenergi Sakti Sakti Prima (SSP)
and PT Pembangkitan Jawa Bali (PJB) with shares of 51% and 49%,
respectively. SSP is a private energy company, having interests
in a number of power plants outside Java. PJB is wholly owned by
PLN and engages in electricity generation in Java and Bali. At
end-H107, S2P had total revenue of IDR728bn and EBITDA of
IDR308bn.

                About PT Sumber Segara Primadaya

Headquartered in Jakarta, Indonesia, PT Sumber Segara Primadaya
-- http://www.sumbersegaraprimadaya.com/-- is an independent  
power producer.


TELKOM INDONESIA: To Pay Interim Dividend of IDR48.45 Each
----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk will pay an interim dividend of
IDR48.45 per share after posting strong nine-month earnings,
Thomson Financial reports.

The dividend, the report notes, will be paid on December 18 to
shareholders on record as of December 4.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 2, 2007, Telkom's third quarter net profit dipped 6.2% to
IDR3.19 trillion from last year's IDR3.4 trillion, which
decrease could be attributed to lower revenue at its mobile
phone business and foreign exchange losses.

The company net profit in  the first nine months increased to
IDR9.82 trillion from IDR9.22 trillion a year ago, Thomson
Financial adds.

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long           
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service has changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable.  At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.

On Sep. 12, 2007, Fitch Ratings has affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.


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J A P A N
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GAP INC: October Net Sales Down 1% at US$1.23 Billion
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Gap