/raid1/www/Hosts/bankrupt/TCRAP_Public/071120.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 20, 2007, Vol. 10, No. 230
Headlines
A U S T R A L I A
COLES GROUP: Wesfarmers in Search for Senior Retails Manager
JAMES HARDIE: Posts 32% Second Quarter Profit Drop for FY2007
ONE.TEL: Court Grants Liquidator More Time to Decide on Lawsuit
WESTPOINT GROUP: ASIC Bans Former Adviser for 7 Years
C H I N A & H O N G K O N G
ALLIED PACIFIC: Members to Receive Wind-up Report on December 11
ASIAN OPTOMETRIST: Liquidator to Give Wind-up Report on Dec. 16
AU OPTRONICS: Buys LCD Production Equipment for TWD1.53 Billion
AU OPTRONICS: To Build 8th Generation Plant
AU OPTRONICS: Introduces New Display Technologies
AU OPTRONICS: Books TWD22.57-Billion Net Income for 3rd Quarter
AU OPTRONICS: October 2007 Revenues Hit TWD53.12 Billion
AUDIO MAGNETICS: Members' Final Meeting Set for December 3
DEGUSSA PACIFIC: Commences Liquidation Proceedings
DEUTERON DEVELOPING: Commences Liquidation Proceedings
DONGXIN ELECTRICAL: Insolvent by CNY8.2 Million at June 30
DRESSEL INVESTMENT: Court to Hear Wind-Up Petition on Dec. 12
EASTERN SOURCES: Court to Hear Wind-Up Petition on Dec. 19
EVERLIGHT ELECTRONICS: Earns TWD1.44 Bil. for First Nine Months
EVERLIGHT ELECTRONICS: September 2007 Sales Up By 37%
EVERLIGHT ELECTRONICS: Increases Investment in Subsidiary
EVERLIGHT ELECTRONICS: To Issue TWD3 Billion in Bonds
FLANNEL (ASIA): Members to Meet on December 14
FOREFRONT INTERNATIONAL: Liquidators Resign from Post
GOLDTRON M.G.: Members and Creditors to Meet Today
GUANGDONG HUALONG: June 30 Debts Exceed Assets by CNY418 Mln
HEBEI BAOSHUO: June 30 Balance Sheet Upside-Down By CNY1.71 Bil.
HEBEI BAOSHUO: Announces Status of Frozen Shares
HONG KONG LIMITED: Court to Hear Wind-Up Petition on Dec. 19
HUATONGTIANXIANG GROUP: Insolvent by CNY411.78 Mil. at Sept. 30
HUATONGTIANXIANG GROUP: Communications Bank Sues for Arrears
HUATONGTIANXIANG GROUP: Court Freezes 29 Million Shares
HUNAN GENUINE: Sept. 30 Balance Sheet Upside-Down by CNY816.68MM
HUNAN GENUINE: Appoints Li Qing as New Chief Financial Officer
HUNAN GENUINE: Court Orders Payment of CNY12.8MM to China Citic
HUNAN GENUINE: Unit Becomes Party to Loan Dispute Lawsuit
KEGO TECHNOLOGY: Liquidators Quit Post
KEPO TIME: Liquidators Quit Post
LOK SHIPPING: Members to Hear Wind-up Report on December 12
MOLESWORTH INVESTMENTS: Members to Meet on December 14
NG CHAN: Court to Hear Wind-Up Petition on Dec. 19
OAKTREE INVESTMENT: Members to Meet Today
PROSPER TRADING: Members to Hold Final Meeting on December 3
QUANTA COMPUTER: Sales Hit TWD74.39 Billion in October 2007
QUANTA: Posts TWD12.88-Bil. Net Income for First Nine Months
QUANTA COMPUTER: Gets License for Soleus Platform
QUANTA COMPUTER: Wins Smart Phone Contracts From First Int'l
SAVE ON FOOD: Court to Hear Wind-Up Petition on Dec. 12
TAI TUNG: Court to Hear Wind-Up Petition on Dec. 12
TRION CHINA: Creditors' Proofs of Debt Due on December 10
TRION INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 10
WILSON DRAYAGE: Commences Liquidation Proceedings
WING HENG: Commences Liquidation Proceedings
I N D I A
AES CORP: Cash Tender Offer for US$1.24 Bil. Sr. Notes Expires
AFFILIATED COMPUTER: Extends E-ZPass New Hampshire Toll Contract
AGILENT TECH: Board Okays US$2-Billion Share-Repurchase Program
AGILENT TECH: Earns US$180 Million in 4th Quarter Ended Oct. 31
ARTSON ENGINEERING: Profit at INR6 Mil. in Qtr. Ended Sept. 30
CABLE & WIRELESS: Unveils Management Changes at Int'l. Business
CABLE & WIRELESS: Earns GBP134 Mln in Six Months Ended Sept. 30
CANARA BANK: Gov't Appoints G. S. Vedi as Executive Director
DEV'T CREDIT BANK: Fitch Gives 'D/E' Individual Rating
ESSAR OIL: Board Okays US$6-Bil. Vadinar Refinery Expansion
QUEBECOR WORLD: Considers Refinancing to Retire Some Loans
UTSTARCOM INC: Incurs US$55 Million Net Loss in Third Quarter
I N D O N E S I A
GARUDA INDONESIA: Taps Airline Marketing NZ as Gen. Sales Agent
GARUDA INDONESIA: Further Increases Perth-Bali Services
PT INCO: 100 Employees Remain on Strike at Sorowako Mine
H.M. SAMPOERNA: Sees Slow Market Share Growth Due to Competition
SUMBER SEGARA: S&P Assigns 'B-' Corporate Credit Rating
J A P A N
JAPAN AIRLINES: To Increase Int'l Fuel Surcharge for 1st Quarter
NOVA CORP: G.communication Opens Second School
SANYO ELECTRIC: To Invest JPY210 Bil. in Two Profitable Units
SANYO ELECTRIC: Lead in Microwave Cues BAIC to Order Recall
K O R E A
HYNIX SEMICON: 3Q Consolidated Revenue Up 24% to KRW2.44 Tril.
HYNIX SEMICON: Creditors Plans to Sell Convertible Bonds
MAGNA SEMICON: Files Registration Statement for Proposed IPO
M A L A Y S I A
ARK RESOURCES: Provides Update on Restructuring Scheme
FOREMOST HOLDINGS: To Hold General Meeting on Nov. 26
MBF HOLDINGS: Hong Kong Units Placed in Liquidation
OCI BERHAD: Wind-Up Petition Hearing Slated for Dec. 4
PUTERA CAPITAL: To Hold Annual General Meeting on Nov. 28
N E W Z E A L A N D
CLEAR CHANNEL: Providence Mulls Rescinding US$1.2-Billion Deal
P H I L I P P I N E S
GEOGRACE RESOURCES: Inks Management Services Deal with HK Firms
GEOGRACE RESOURCES: Moves Annual Stockholders Meeting to Jan. 18
LAFAYETTE MINING: Rapu-Rapu Residents Seek to Shut Down Project
METRO PACIFIC: Lists Additional 567,100 Common Shares in PSE
PHILCOMSAT HOLDINGS: Parent Calls for Responsible Gov't Nominees
RIZAL COMM'L: Lists Additional 167 Common Shares in Local Bourse
* Nat'l. Government Reports PHP106.809-Billion Tax Gap for 2006
S I N G A P O R E
LIMITED BRANDS: October 2007 Sales Drop 6% to US$644.7 Million
PACIFIC CENTURY: Posts SGD7.76MM Net Loss in Qtr. Ended Sept. 30
SEE HUP SENG: Posts SGD3.6MM Net Profit in Qtr. Ended Sept. 30
T H A I L A N D
G-STEEL: Expects Annual Revenues to Climb to THB100 Bil. in 2007
LIVE INC: Posts Annual Net Loss of PHP372.032-Mil. For 2006
LIVE INC: First Quarter Loss Drops 17% to THB60.904 Million
LIVE INC: Second Quarter Loss Drops 81% to THB63.691 Million
PICNIC CORP: Third Quarter Net Loss Drops 64% to THB90.394 Mil.
WYNCOAST IND'L: 3rd Quarter Net Loss Climbs 152% to THB38.6 Mil.
* BOND PRICING: For the Week 19 November to 23 November 2007
- - - - - - - -
=================
A U S T R A L I A
=================
COLES GROUP: Wesfarmers in Search for Senior Retails Manager
------------------------------------------------------------
Coles Group Ltd.'s procurer, Wesfarmers Ltd., is on the hunt
for world-class, highly experienced senior retail managers
to run its newly acquired supermarket chain, Rebecca LeMay
writes for The Courier-Mail.
According to Ms. LeMay, Wesfarmers managing director Richard
Goyder disclosed during the company's annual general meeting
that aside from looking for an experienced senior retail manager
for Coles, new acquisitions have been successfully bedded down
in the insurance division and tipped further bolt-on
acquisitions.
Wesfarmers Chairman Trevor Eastwood also expressed told
shareholders that the group might need to hire another director
after Wesfarmers got the nod from the meeting to lift its
remuneration pool for non-executive directors to AU$3 million,
The Courier-Mail relates. Mr. Eastwood added that the company
said this brought it into line with the levels of pay for
directors at other companies of its size, states the report.
The Courier-Mail adds that more than 14 new Bunnings stores,
which is part of Wesfarmers' home improvement division, would be
rolled out in Australia and New Zealand next year.
Bunnings accounted for 40% of Wesfarmers group earnings in the
2006 financial year, conveys Ms. LeMay.
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.
JAMES HARDIE: Posts 32% Second Quarter Profit Drop for FY2007
-------------------------------------------------------------
James Hardie announced a US$46.5 million net operating profit,
excluding asbestos, for the quarter ended September 30, 2007, a
decrease of 32% compared to the same period last year.
For the quarter, net operating profit including asbestos was
US$19.1 million compared to a net operating profit of
US$21.1 million for the same quarter last year.
For the half year, net operating profit excluding asbestos
decreased 12% to US$115.1 million from US$131.0 million.
Including asbestos, net operating profit increased 3% to
US$58.2 million.
Operating Performance
Second quarter net sales decreased 5% to US%390.1 million, gross
profit was down 11% to US$138.8 million and EBIT excluding
asbestos decreased 15% to US$74.7 million. EBIT including
asbestos increased 9% from US$41.0 million to US$44.7 million.
For the half year, net sales decreased 1% to US$814.5 million,
gross profit was down 2% to US$305.7 million and EBIT excluding
asbestos decreased 2% to US%180.4 million. EBIT including
asbestos increased 9% from US$109.9 million to US$119.7 million.
Housing construction activity in our major markets continued to
weaken during the quarter, with new construction in the United
Stated, our largest market, significantly below the level of
activity in the same quarter last year. Our USA Fibre Cement
business again partly offset the impact of the weaker market
through market share gains and a higher average net sales price.
Net sales fell 9% for the quarter and 5% for the half year.
EBIT was down 14% to US$84.3 million and 1% to US$198.7 million
for the quarter and half year respectively, due to lower volumes
and higher costs in the second quarter.
Despite weaker market condition in Australia, Asia Pacific Fibre
Cement net sales were up 19% for the quarter due to increased
demand for fibre cement, a higher average net sales price and
the strength of the Australian dollar against the US dollar.
Asia Pacific Fibre Cement EBIT increased 8% to US$12.4 million
for the quarter and 14% to US$24.8 million for the half year due
to improved operating performance in the Australia and New
Zealand Fibre Cement businesses and favorable currency
movements.
Diluted earnings per share for the quarter fell to US$4.1 cents
per share from US$4.5 cents in the same period last year and
increased by 2% from US$12.1 cents to US$12.4 cents for the half
year.
Diluted earnings per share excluding asbestos decreased by 32%
from US$14.7 cents to US$10.0 cents for the quarter and
decreased by 12% from US$28.1 cents to US$24.6 cents for the
half year.
Commentary
James Hardie's CEO, Louis Gries said: "Our major businesses
experienced a further deterioration in market conditions during
the second quarter, but they continued to perform well and
helped produce a solid half year operating result with EBIT down
only 2%, excluding asbestos.
"Sales in our USA Fibre Cement business were again affected by
the down-turn in US housing activity, but it continued to take
market share from alternative materials and outperform the
broader market.
"The outlook for North America is for further weakness in new
housing activity at least through the remainder of this fiscal
year. We recently announced the suspension of operations at our
Blandon, Pennsylvania, facility and we believe that this,
together with our earlier business reset, position us well to
address the weaker market conditions.
"Our Asia Pacific Fibre Cement business performed very well in
the first half, also outperforming the broader market and
growing both sales and EBIT. Its range of differentiated
products is helping to grow demand for fibre cement in Australia
and New Zealand," Mr. Gries said.
Dividend
The company announced an interim dividend of US$12 cents a
share. The dividend was declared in US currency and will be
paid on December 18, 2007, with a record date of December 4,
2007. The Australian currency equivalent of the dividend to be
paid to CUFS holders will be announced to the ASX on that date.
ADR holders will receive their dividend in US currency.
Share Purchase Program
On August 15, 2007, the company announced a share repurchase
program of up to 10% of the company's issued capital,
approximately 46.8 million shares. The company has repurchased
approximately 7.5 million shares of common stock having an
aggregate cost of AU$54.0 million (US$47.1 million) as of
September 2007. During the period between October 1, 2007 and
October 12, 2007, the company repurchased approximately 4.2
million shares of common stock having an aggregate cost of
AU$30.8 million (US$27.1 million). The company plans to
repurchase shares periodically, depending on market conditions.
USA Fibre Cement
Second quarter net sales were down 9% compared to the same
quarter last year, to US$308.0 million. Sales volume decreased
11% to 511.7 million square feet, and the average net sales
prices was higher at US$602 per thousand square feet.
For the half year, net sales were down 5% compared to the same
period last year, to US$654.1 million. Sales volume decreased
8% to 1,085.1 million square feet, and the average net sales
prices was higher at US$603 per thousand square feet.
The residential construction market weakened further during the
quarter due to high inventory levels of new houses for sales and
affordability issues associated with higher interest rates and
tightened lending standards in the mortgage market. Repair
and remodelling activity was slightly weaker compared to the
same quarter last year.
Geographically, the Western Division continued to perform well,
but sales were down for all divisions against the same quarter
last year. Market penetration against alternative materials and
a higher average net sales price again helped partly offset the
impact of the weaker market. There was moderate sales growth in
our ColorPlus(R) collection of products, XLD(R) trim and
Hardiebacker(TM) 500 underlayment, but sales of other higher-
priced, differentiated products decreased compared to the same
period last year. Sales in our interior products category were
slightly lower compared to the same quarter last year.
EBIT for the quarter was 14% lower at US$84.3 million, primarily
due to lower volume and higher manufacturing costs, partly
offset by lower SG&A spending compared to the same quarter last
year. The EBIT margin was 27.4%. For the half year, EBIT was
1% lower at US$198.7 million and the EBIT margin was 30.4%.
Asia Pacific Fibre Cement
Net sales increased 19% to US$76.1 million for the quarter. In
Australian dollars, net sales increased 7% due to a 4% increase
in sales volumes and a 3% increase in the average Australian
dollar net sales price.
For the half year net sales increased 20% to US$147.3 million.
In Australian dollars, net sales increased 7% due to a 5%
increase in sales volumes and a 2% increase in the average
Australian dollar net sales price.
Residential construction activity was slightly weaker in
Australia, flat in New Zealand and stronger in the Philippines
compared to the same quarter last year. In Australia, the
business continued to grow demand for fibre cement and increase
market share through increased sales of its Scyon(TM) product
range. In New Zealand, continuing strong growth in sales of
Linea(TM) weatherboards helped the business increase market
share. In the Philippines, net sales increased due to mainly to
higher domestic prices and an increased proportion of export
sales in the sales mix.
EBIT was 8% higher for the quarter at US$12.4 million and 14%
higher at US$24.8 million for the half year due to the improved
sales performance together with the increase in the Australian
dollar against the US dollar. The EBIT margin was 16.4% for
the quarter and 16.8% for the half year.
USA Hardie Pipe
Net sales for the quarter and half year decreased compared to
the same periods last year due to the impact of weaker
residential and non-residential construction activity in
Florida, partly offset by an increase in the average net sales
price. The business is continuing to focus on growing sales in
its core markets and expanding into other strategic markets. A
small negative EBIT was recorded for the quarter and half year.
Europe Fibre Cement
Sales continued to grow steadily during the quarter. EBIT
losses for the quarter and half year were materially reduced
compared to the same periods last year.
ASIC Proceedings
In February 2007, the Australian Securities and Investments
Commission (ASIC) commenced civil proceedings against JHI NV, a
former subsidiary and ten former officers and directors of the
James Hardie group. The civil proceedings concern alleged
contraventions of certain provisions of the Corporation Law
and/or the Corporations Act connected with the affairs of the
company and certain subsidiaries during the period February 2001
to June 2003.
The company has considered the impact of the ASIC proceedings
upon its current financial statements and believes that these
proceedings will have no material impact. However, there
remains considerable uncertainty surrounding the likely outcome
of the ASIC proceedings in the longer term and there is a
possibility that the related costs to the company could become
material. At this stage it is not possible to determine the
amount of any such liability.
Cash Flow
Operating cash flow for the half year ended September 30, 2007
increased from a utilization of US$22.3 million to cash provided
of US$231.0 million. The increase was driven primarily by the
payment of the initial ATO deposit during the six months ended
September 30, 2006 totaling US$141.4 million, compared to a
US$3.7 million payment in the current half year. In addition,
the increase was driven by an increased focus on working capital
management throughout the half year. Capital expenditures for
the purchase of property, plant and equipment decreased from
US$61.4 million to US$24.2 million.
Outlook
In North America, the outlook for residential construction
activity is for some further weakness through to at least the
end of this fiscal year. There is still a large backlog of new
houses for sale and indicators of future activity such as
housing permits and builder confidence all suggest that a
recovery is not likely in the near-term.
Further adjustments are being made to the US business with the
suspension of operations at our Blandon, Pennsylvania plant and
this, together with the earlier business reset in late 2006 and
early 2007, are expected to keep the company well-positioned for
dealing with the weaker market conditions. The business is now
being set on the basis that new housing starts will be at an
annual rate of 1.1 million, down from the earlier assumption of
1.3 million starts.
The business is continuing to focus on increasing primary demand
for fibre cement and growing its market share in both the
exterior and interior product categories to help reduce the
impact of weaker housing construction activity. Cost pressures,
particularly from higher input material costs are expected to
remain in the second half of this fiscal year.
In our Asia Pacific business, some further weakening in market
conditions is expected in Australia and New Zealand over the
short-term, but conditions in the Philippines are expected to
remain healthy. The business in continuing to focus on market
initiatives around its differentiated product range to grow
primary demand. Further manufacturing efficiencies and cost
savings are expected. Non-differentiated products are expected
to remain subject to strong competitive pressures.
We note the range of analysts' forecasts for operation profit
from continuing operations, excluding asbestos and the Blandon,
Pennsylvania plant impairment cost, for the year ended March 31,
2008 of between US$181 million and US$207 million. The company
is comfortable with the bottom end of this range, but notes
there is still a significant amount of uncertainty over the
outlook for US housing activity.
Changes to the Amended FFA liability to reflect changes in
foreign exchange rates or updates to the actuarial estimate may
have a material impact on the company's consolidated financial
statements.
About James Hardie
James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.
The company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL. In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims. The Foundation has
warned that it could run out of money within five years. The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund. James Hardie was later accused of topping
up the dwindling asbestos fund it established.
By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia. Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.
In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades. When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.
As reported by Asbestos Litigation on Feb. 16, 2007, the
Australian Securities & Investments Commission has sued
James Hardie Industries NV, claiming the Company misled
investors over the cost of compensating people sickened by
asbestos. The ASIC said that Chairman Meredith Hellicar, former
Chief Executive Officer Peter MacDonald and eight other
officials face bans from running a public company and fines of
more than AU$200,000 or US$160,000.
The suit centers on a Feb. 16, 2001 press release when the
Company said a newly created AUD293 million fund was
"sufficient" to compensate victims of asbestos poisoning. A
government inquiry later found the fund would have run out of
money in three years and the Company was forced to set up a new
AU$1.6 billion compensation fund.
ONE.TEL: Court Grants Liquidator More Time to Decide on Lawsuit
---------------------------------------------------------------
The New South Wales Supreme Court has granted One.Tel's special
purpose liquidator, Paul Weston, until May 2008 to decide
whether to proceed with damages suit against Publishing &
Broadcasting Ltd., News Ltd., and other potential defendants,
The Sydney Morning Herald reports.
Justice Reg Barrett also entered a similar order for One.Tel's
managing director, Jodee Rich.
SMH's Elisabeth Sexton writes that PBL lawyers wanted to
intervene in the hearing. PBL's barrister, Andrew Bell, SC,
claims that "real questions of potential abuse and unfairness
arise" from the possibility that Mr. Rich, a private litigant,
was "coat-tailing or free-riding on the extraordinary powers of
a court-appointed special purpose liquidator."
However, Judge Barrett ruled yesterday that PBL could not become
involved until Mr. Weston served his claims on the defendants,
saying that the court rules explicitly gave PBL the right to
challenge the extension of time "after the event," relates SMH.
Both Mr. Weston and Mr. Rich filed statements of claim in May,
which without the judge's extension would have lapsed later this
month if not served, adds SMH.
SMH further notes that Mr. Weston and Mr. Rich seek compensation
for a decision to abandon a AU$132-million rights issue, made on
the same day One.Tel went into administration in May 2001.
The Australian reports that Mr. Weston further added that "a
number of litigation funders" had expressed interest in
bankrolling any action he might decide to pursue against PBL,
News and some of their executives, including James Packer and
Lachlan Murdoch. The court, however, said that this was
unlikely to be made until February next year.
PBL and News Ltd., publisher of The Australian, are both large
shareholders in One.Tel, notes SMH.
About One.Tel
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
WESTPOINT GROUP: ASIC Bans Former Adviser for 7 Years
-----------------------------------------------------
The Australian Securites & Investments Commission has banned
Philip Gerard Wade, of Jandakot in Western Australia, from
providing financial services for seven years.
Mr. Wade provided financial planning services through Brighton
Hall Securities Pty. Ltd. (Brighton Hall) between September 24,
2001, and September 12, 2003. During this time, he was a proper
authority holder and then an authorized representative of
Brighton Hall.
Mr. Wade provided advice to clients from across the Perth
metropolitan area.
An ASIC investigation found that in 2001 and 2002, Mr. Wade:
* failed to provide appropriate advice about Westpoint
products to his clients, and
* engaged in conduct that was misleading and deceptive,
or likely to mislead and deceive, with respect to the
Westpoint products.
Mr. Wade has the right to lodge an application with the
Administrative Appeals Tribunal for a review of ASIC's decision.
Eleven banning briefs in relation to advisers who advised on
Westpoint products are currently under consideration.
About Westpoint
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group. ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings. ASIC contends that Westpoint projects
are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments. ASIC also sought
wind-up orders after the Westpoint companies failed to comply
with its requirement to lodge accounts for certain financial
years. These wind-up actions are still continuing.
In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty. Ltd. The ASIC had
applied to wind up the company on grounds of insolvency. The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.
The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected. Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.
================================
C H I N A & H O N G K O N G
================================
ALLIED PACIFIC: Members to Receive Wind-up Report on December 11
----------------------------------------------------------------
The members of Allied Pacific International Limited will hold
their final meeting on December 11, 2007, at 10:00 a.m. to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at the 5th Floor of Dah Sing Life
Building, 99-105 Des Voeux Road, in Central, Hong Kong.
The company's liquidator is Ko Chi Keung.
ASIAN OPTOMETRIST: Liquidator to Give Wind-up Report on Dec. 16
---------------------------------------------------------------
The members of Asian Optometrist Limited will hold their final
meeting on December 16, 2007, at 10:30 a.m. to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at Flat D, 6th Floor, Block 20, in Tai
Po, N.T.
AU OPTRONICS: Buys LCD Production Equipment for TWD1.53 Billion
---------------------------------------------------------------
AU Optronics Corp. has purchased liquid crystal display
production equipment for TWD1,528,784,000 from other companies,
including Hitachi Plant Technologies, Ltd., Reuters Key
Developments reports.
Reuters did not provide further details about the acquisition.
Taiwan-based AU Optronics Corp. --
http://www.auo.com/auoDEV/?ls=tc-- designs, develops,
manufactures, assembles and markets flat panel displays. The
company's principal products are thin-film transistor liquid
crystal display (TFT-LCD) panels.
Au Optronics' long-term local and foreign currency issuer
default carries Fitch Ratings' BB rating.
AU OPTRONICS: To Build 8th Generation Plant
-------------------------------------------
AU Optronics Corp. plans to build its 8th generation factory,
which the company expects to start mass production in 2010,
Reuters Key Developments reports, citing Dow Jones Chinese
Financial Wire.
Reuters adds that the company expects to complete its plans for
the construction of the factory by the end of this year. The
new factory will help the company meet demand for flat-panel
televisions measuring 50 inches or more, Reuters relates.
Taiwan-based AU Optronics Corp. --
http://www.auo.com/auoDEV/?ls=tc-- designs, develops,
manufactures, assembles and markets flat panel displays. The
company's principal products are thin-film transistor liquid
crystal display (TFT-LCD) panels.
Au Optronics' long-term local and foreign currency issuer
default carries Fitch Ratings' BB rating.
AU OPTRONICS: Introduces New Display Technologies
-------------------------------------------------
AU Optronics Corp. unveiled technologies for mobile device
applications, including two kinds of in-cell multi-touch panel
technologies and 1.9-inch mobile device panel of 0.69mm, Reuters
Key Developments reports.
Reuters says that the newly introduced small- and medium-sized
display technologies once again demonstrate the company's
aggressive approach towards strengthening self-developed
innovations and increasing its value-added products.
Taiwan-based AU Optronics Corp. --
http://www.auo.com/auoDEV/?ls=tc-- designs, develops,
manufactures, assembles and markets flat panel displays. The
company's principal products are thin-film transistor liquid
crystal display (TFT-LCD) panels.
Au Optronics' long-term local and foreign currency issuer
default carries Fitch Ratings' BB rating.
AU OPTRONICS: Books TWD22.57-Billion Net Income for 3rd Quarter
---------------------------------------------------------------
AU Optronics Corp. released unaudited results for the third
quarter of 2007.
All financial information was unaudited and was prepared by the
company in accordance with generally accepted accounting
principles in Taiwan.
For the third quarter ended Sept. 30, 2007, AUO's consolidated
revenue totaled TWD137.96 billion, consolidated net income
TWD22.57 billion, attributable to equity holders of the parent
company TWD22.53 billion and basic EPS TWD2.89 per common share.
For the first nine months of 2007, AUO's consolidated revenues
totaled TWD324.00 billion, consolidated net income after tax
TWD23.38 billion, attributable to equity holders of the parent
company TWD23.41 billion and basic EPS TWD3.00 per common share.
In terms of 3Q2007 panel shipments, large-sized panel increased
by 14.3% to 22.26 million from 2Q2007, while shipments of small-
and medium-sized panel amounted to 40.70 million with a 26.3%
QoQ increase, both once again set record high for the company's
single-quarter unit shipment.
Mr. Max Cheng, Vice President and Chief Financial Officer of
AUO, stated, “We are extremely pleased with the record high
operating results that we have reached today. The 3Q2007
consolidated after-tax net income of TWD22.5 billion was 1.5
times more than the previous record high of TWD14.3 billion in
2Q2004. In addition to the strong demand from end-user markets,
and stable even gradually increased panel ASP, the contributions
of post-QDI merger synergy with the result of the whole is
greater than the sum of the parts boosted the 3Q2007 gross
margin to 23% from 11.4% sequentially, while the operating
margin lifted to 18.7% from the earlier quarter of 6.5%.
Through over one year of several post-M&A integration
initiatives, such as R&D platform resource integration, better
supply chain management practice, optimization of complementary
production line strategy in different generation fabrications,
and implement of more competitive product mix, AUO successfully
reduced the 3Q2007 inventory turnover to 38 days from 43 days
sequentially, and further demonstrated its outstanding execution
to accomplished the extremely difficult QDI merger case as well
as its effective integration initiatives to maximize business
performance. “
Taiwan-based AU Optronics Corp. --
http://www.auo.com/auoDEV/?ls=tc-- designs, develops,
manufactures, assembles and markets flat panel displays. The
company's principal products are thin-film transistor liquid
crystal display (TFT-LCD) panels.
Au Optronics' long-term local and foreign currency issuer
default carries Fitch Ratings' BB rating.
AU OPTRONICS: October 2007 Revenues Hit TWD53.12 Billion
--------------------------------------------------------
AU Optronics Corp.'s October 2007 revenue with preliminary
consolidated revenue of TWD53.12 billion and unconsolidated
revenue of TWD53.06 billion, both slightly dropped 1.1%
sequentially from the previous month, the company said in a 6-K
filing with the United States Securities and Exchange
Commission.
On a year-over-year comparison, consolidated and unconsolidated
September 2007 revenues still increased significantly by 59.7%
and 59.5% respectively.
The company adds that in supporting the upcoming seasonal
demand, AUO's current loading rate remains to be full. In the
meanwhile, AUO shifted most of the shipments to be transited by
air from September resulted in the decrease of goods-in-transit
and lower inventory turnover days. With a much higher base
generated in September, the shipment of large-sized panels for
October experienced a slight 3.4% sequential decline and
amounted to 7.9 million.
Shipments of small-and-medium-sized panels set a new record of
15.5 million units, presented a 9.4% sequential increase.
The company's filing includes the following sales report (in
TWD, millions):
Net Sales
Consolidated Unconsolidated
---------------- ----------------
October 2007 53,121 53,062
September 2007 53,729 53,672
M-o-M Growth (1.1%) (1.1%)
October 2006 33,270 33,273
Y-o-Y Growth 59.7% 59.5%
Jan. to Oct. 2007 377,810 377,534
Jan. to Oct. 2006 231,731 231,700
Y-o-Y Growth 63.0% 62.9%
Taiwan-based AU Optronics Corp. --
http://www.auo.com/auoDEV/?ls=tc-- designs, develops,
manufactures, assembles and markets flat panel displays. The
company's principal products are thin-film transistor liquid
crystal display (TFT-LCD) panels.
Au Optronics' long-term local and foreign currency issuer
default carries Fitch Ratings' BB rating.
AUDIO MAGNETICS: Members' Final Meeting Set for December 3
----------------------------------------------------------
The members of Audio Magnetics (HK) Limited will hold their
final meeting on December 3, 2007, at 11:00 a.m. to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at the 31st Floor of The Center, 99
Queen's Road, in Central, Hong Kong.
DEGUSSA PACIFIC: Commences Liquidation Proceedings
--------------------------------------------------
Degussa Pacific Limited commenced liquidation proceedings on
October 26, 2007.
The company's liquidators is:
Natalia K M Seng
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
DEUTERON DEVELOPING: Commences Liquidation Proceedings
------------------------------------------------------
Deuteron Developing Company Limited commenced liquidation
proceedings on October 23, 2007.
The company's liquidators is:
Lin Chao Chein
No. 20, 59 Alley Chung Tai Street
Feng Shan City, Kaohsiung
Taiwan
DONGXIN ELECTRICAL: Insolvent by CNY8.2 Million at June 30
-------------------------------------------------------
Dongxin Electrical Carbon Co., Ltd., reported a net income of
CNY14.5 million for the first half of 2007, a turnaround from
the CNY16.0-million net loss recorded for the first half of
2006.
The company reported a 23.9% decline in sales to
CNY17.5 million, which translates to a CNY7.6 million operating
loss. The company, however, reported a net one-off gain of
CNY22.1 million for the first half of 2007.
As of June 30, 2007, the company had total assets of
CNY260.0 million and total liabilities of CNY268.2 million,
resulting in a capital deficiency of CNY8.2 million.
The company expects to report a net profit for the full year
2007, Reuters Key Developments reports.
Headquartered in Zigong, Sichuan Province, China, Dongxin
Electrical Carbon Co., Ltd. -- http://www.dt691.com/-- is
engaged in the manufacture and distribution of non-metallic
mineral products. The company's products include electrical
carbon products, mechanical seals and metallurgy powder
products.
DRESSEL INVESTMENT: Court to Hear Wind-Up Petition on Dec. 12
-------------------------------------------------------------
The High-Court of Hong Kong will hear a petition to have Dressel
Investment Limited's operation wound up on December 12, 2007, at
9:30 a.m.
The petition was filed by Elly Norindah Poerwanto On October 3,
2007.
EASTERN BROADCASTING: Revenues Reach TWD3.92 Billion in October
---------------------------------------------------------------
Eastern Broadcasting Co., Ltd.'s revenues in October 2007 fell
10.58% year-on-year to TWD393.62 million from TWD440.18 million,
according to data obtained from Bloomberg News.
Year-to-date revenues totaled TWD3.92 billion, down 25.22% year-
on-year, while revenues in September 2007 fell 23.59% year-on-
year to TWD385.10 million.
Based in Taiwan, Eastern Broadcasting Co., Ltd. --
http://www.ettv.com.tw/ettv2003/01/engindex.htm-- is engaged in
the planning, production, publishing and sale of satellite
broadcasting and television programs. The company also operates
cable television channels.
The Troubled Company Reporter-Asia Pacific reported on Jan. 12,
2007, that Fitch Ratings gave Eastern Broadcasting long-term
foreign and local currency issuer default ratings of BB.
EASTERN SOURCES: Court to Hear Wind-Up Petition on Dec. 19
----------------------------------------------------------
On October 8, 2007, Fung Ping Por filed a petition to have
Eastern Sources (Brothers) Plastic Products Company Limited's
operations wound up.
The petition will be heard before the High-Court of Hong Kong on
December 19, 2007, at 9:30 a.m.
EVERLIGHT ELECTRONICS: Earns TWD1.44 Bil. for First Nine Months
---------------------------------------------------------------
Everlight Electronics Co. Ltd. posted a net income of
TWD1.44 billion for the nine-month period ended Sept. 30, 2007,
slightly better than the net income of TWD1.34 billion posted
for the previous corresponding period.
The company reported sales of TWD7.03 billion, while cost of
goods sold and other operating expenses amounted to
TWD5.77 billion, giving the company an operating income of
TWD1.25 billion.
As of Sept. 30, 2007, the company had total assets of
TWD14.19 billion, total liabilities of TWD5.25 billion, and
total shareholders' equity of TWD8.94 billion.
Headquartered in Taipei, Taiwan, Everlight Electronics Co., ltd.
-- http://www.everlight.com/cht/index.asp-- is engaged in the
manufacture of light emitting diode devices. The company
distributes its products mainly in Asia, Europe and the
Americas.
The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Standard & Poor's Ratings Services assigned its BB
long-term corporate credit rating to Everlight Electronics. The
outlook is stable.
EVERLIGHT ELECTRONICS: September 2007 Sales Up By 37%
-----------------------------------------------------
Everlight Electronics Co., Ltd.'s sales in September 2007 rose
37.18% year-on-year to TWD991.46 million from TWD722.77 million,
the company said on its Web site.
Year-to-date sales totaled TWD7.03 billion, a 20.55% improvement
year-on-year.
The company's Web site provides the following monthly sales
report:
Month Sales (TWD in '000s)
----- --------------------
January 633,468
February 601,369
March 730,457
April 708,743
May 761,686
June 800,318
July 869,553
August 931,011
September 991,462
Headquartered in Taipei, Taiwan, Everlight Electronics Co., Ltd.
-- http://www.everlight.com/cht/index.asp-- is engaged in the
manufacture of light emitting diode devices. The company
distributes its products mainly in Asia, Europe and the
Americas.
The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Standard & Poor's Ratings Services assigned its BB
long-term corporate credit rating to Everlight Electronics. The
outlook is stable.
EVERLIGHT ELECTRONICS: Increases Investment in Subsidiary
---------------------------------------------------------
Everlight Electronics Co Ltd. will invest TWD311,250,000 in its
wholly owned investment subsidiary in Mainland China, Reuters
Key Developments reports.
Reuters, however, provided no further details.
Headquartered in Taipei, Taiwan, Everlight Electronics Co., ltd.
-- http://www.everlight.com/cht/index.asp-- is engaged in the
manufacture of light emitting diode devices. The company
distributes its products mainly in Asia, Europe and the
Americas.
The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Standard & Poor's Ratings Services assigned its BB
long-term corporate credit rating to Everlight Electronics. The
outlook is stable.
EVERLIGHT ELECTRONICS: To Issue TWD3 Billion in Bonds
-----------------------------------------------------
Everlight Electronics Co. Ltd. will issue TWD3 billion in
unsecured convertible corporate bonds with a par value of
TWD0.1 million per bond, due in five years, Reuters Key
Developments reports.
Reuters adds that the issue price is the same as the par value.
The coupon rate is 0%. The net proceeds will be used to
construct building and purchase mechanical equipments.
Headquartered in Taipei, Taiwan, Everlight Electronics Co., ltd.
-- http://www.everlight.com/cht/index.asp-- is engaged in the
manufacture of light emitting diode devices. The company
distributes its products mainly in Asia, Europe and the
Americas.
The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Standard & Poor's Ratings Services assigned its BB
long-term corporate credit rating to Everlight Electronics. The
outlook is stable.
FLANNEL (ASIA): Members to Meet on December 14
----------------------------------------------
The members of Flannel (Asia) Limited will have their final
meeting on December 14, 2007, at 3:00 p.m. to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at Room 1601-02, 16th Floor of One
Hysan Avenue, in Causeway Bay, Hong Kong.
The company's liquidator is James Wardell.
FOREFRONT INTERNATIONAL: Liquidators Resign from Post
-----------------------------------------------------
On October 18, 2007, Kelvin Edward Flynn and Cosimo Borelli
stepped down as liquidators for Forefront International Limited.
The members of the company proposed to appoint David Giles Maund
and Gaspar Fernando to replace the former liquidators.
GOLDTRON M.G.: Members and Creditors to Meet Today
--------------------------------------------------
The creditors of Goldtron M.G. Engineering Company Limited will
hold their final meeting on November 20, 2007, at 10:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The meeting will be held at Room 704, 7th Floor of The Boy's and
Girl's Clubs Association of Hong Kong, No. 3 Lockhart Road, in
Wanchai, Hong Kong.
GUANGDONG HUALONG: June 30 Debts Exceed Assets by CNY418 Mln
------------------------------------------------------------
Guangdong Hualong Groups Limited Company reported a net loss of
CNY19.0 million for the half-year ended June 30, 2007, a 75.4%
improvement against the CNY77.4-million net loss reported for
the half-year ended June 30, 2006.
The company reported a 90.2% drop in sale to CNY0.4 million for
the half-year to June 30, 2007, while operating expenses
amounted to CNY6.0 million, giving the company an operating loss
of CNY5.6 million, a 68.6% improvement year-on-year.
As of June 30, 2007, the company had total assets of
CNY69.1 million and total liabilities of CNY487.3 million,
resulting in a capital deficiency of CNY418.2 million.
Headquartered in Chengdu, Sichuan Province, China, Guangdong
Hualong Groups Limited Company is engaged in sea breeding, sea
fishing and repair of fishing boats. The company is also
engaged in providing Internet network services.
HEBEI BAOSHUO: June 30 Balance Sheet Upside-Down By CNY1.71 Bil.
----------------------------------------------------------------
Hebei Baoshuo Co., Ltd., reported a net loss of
CNY153.20 million for the first half of 2007, an increase
against the CNY122.70-million net loss recorded a year earlier.
The company had sales of CNY718.00 million, which translated to
an operating income of CNY10.50 million after operating expenses
of CNY707.50 million.
As of June 30, 2007, the company had total assets of
CNY2.28 billion and total liabilities of CNY3.99 billion,
resulting in a capital deficiency of CNY1.71 billion.
Net Loss Outlook
Reuters Key Developments reports that the company expects to
report another loss for fiscal year 2007, after the
CNY1.66-billion net loss recorded for fiscal year 2006.
According to Reuters, the company blames the problems in working
capital revolving as the reasons for this estimated outlook.
Headquartered in Baoding, Hebei Province, the People's Republic
of China, Hebei Baoshuo Co., Ltd. -- http://www.baoshuo.com.cn/
-- is engaged in the manufacture and sale of plastic products
and chemical products. The company offers thin polyethylene
film, polyvinyl chloride pipes, PVC profiles, PVC resin, caustic
soda, plastic-iron windows and doors, packaging film, chlor-
alkali products, xylitol and furfuryl alcohol.
HEBEI BAOSHUO: Announces Status of Frozen Shares
------------------------------------------------
Hebei Baoshuo Co., Ltd., said that its 24,020,610 shares, held
by its controlling shareholder, have been continuously frozen,
Reuters Key Developments reports. The shares were frozen on
Oct. 10, 2007, and will remain so until April 9, 2008.
Reuters also reports in a separate entry that 150,683,512
shares, owned by Hebei Baoshuo Group, have been unfrozen on
Oct. 22, 2007.
Headquartered in Baoding, Hebei Province, the People's Republic
of China, Hebei Baoshuo Co., Ltd. -- http://www.baoshuo.com.cn/
-- is engaged in the manufacture and sale of plastic products
and chemical products. The company offers thin polyethylene
film, polyvinyl chloride pipes, PVC profiles, PVC resin, caustic
soda, plastic-iron windows and doors, packaging film, chlor-
alkali products, xylitol and furfuryl alcohol.
As of June 30, 2007, the company had total assets of
CNY2.28 billion and total liabilities of CNY3.99 billion,
resulting in a capital deficiency of CNY1.71 billion.
HONG KONG LIMITED: Court to Hear Wind-Up Petition on Dec. 19
------------------------------------------------------------
On October 10, 2007, Hui Tao Shing filed a petition to have Save
On Food Limited's operations wound up.
The petition will be heard before the High-Court of Hong Kong on
December 12, 2007, at 9:30 a.m.
HUATONGTIANXIANG GROUP: Insolvent by CNY411.78 Mil. at Sept. 30
---------------------------------------------------------------
HuaTongTianXiang Group Co., Ltd., reported a net loss of
CNY44.79 million for the quarter ended Sept. 30, 2007.
Sales for the period amounted to CNY7.16 million while cost of
goods sold and other operating expenses amounted to
CNY10.86 million, giving the company an operating loss of
CNY2.70 million.
As of Sept. 30, 2007, the company had total assets of
CNY436.56 million and total liabilities of CNY839.03 million,
resulting in a capital deficiency of CNY411.78 million.
Headquartered in Tianjin, the People's Republic of China,
HuaTongTianXiang Group Co., Ltd., is engaged in breeding,
agriculture, trading and real estate businesses.
HUATONGTIANXIANG GROUP: Communications Bank Sues for Arrears
------------------------------------------------------------
The Fuzhou Jiaotong Road Sub-branch of Communications Bank of
China has filed a lawsuit against HuaTongTianXiang Group Co.,
Ltd., and another company with the Intermediate People's Court
of Fujian Province, regarding the arrears of a prepayment of
CNY12,062,407, Reuters Key Developments reports.
Reuters adds that the lawsuit is scheduled for trial on Dec. 12,
2007.
Headquartered in Tianjin, the People's Republic of China,
HuaTongTianXiang Group Co., Ltd. is engaged in breeding,
agriculture, trading and real estate businesses.
The company had annual losses of CNY30.5 million,
CNY298.0 million and CNY393.3 million for the years ended Dec.
31, 2004, 2005, and 2006.
As of Sept. 30, 2007, the company had total assets of
CNY436.56 million and total liabilities of CNY839.03 million,
resulting in a capital deficiency of CNY411.78 million.
HUATONGTIANXIANG GROUP: Court Freezes 29 Million Shares
-------------------------------------------------------
HuaTongTianXiang Group Co., Ltd.'s 29,207,000 shares have been
frozen by the Shanghai No.1 Intermediate People's Court, Reuters
Key Developments reports.
Reuters notes that the freeze period is from Oct. 22, 2007, to
April 21, 2008. The shares are currently held by the company's
second largest shareholder.
Headquartered in Tianjin, the People's Republic of China,
HuaTongTianXiang Group Co., Ltd. is engaged in breeding,
agriculture, trading and real estate businesses.
The company had annual losses of CNY30.5 million,
CNY298.0 million and CNY393.3 million for the years ended Dec.
31, 2004, 2005, and 2006.
As of Sept. 30, 2007, the company had total assets of
CNY436.56 million and total liabilities of CNY839.03 million,
resulting in a capital deficiency of CNY411.78 million.
HUNAN GENUINE: Sept. 30 Balance Sheet Upside-Down by CNY816.68MM
----------------------------------------------------------------
Hunan Genuine Material Group Co., Ltd., posted a net loss of
CNY14.35 million for the quarter ended Sept. 30, 2007.
The company incurred a CNY15.67-million net loss in the quarter
ended June 30, 2007.
Sales for the period in review amounted to CNY118.99 million,
while operating expenses totaled CNY123.86 million, resulting in
an operating loss of CNY4.87 million.
As of Sept. 30, 2007, the company had total assets of
CNY434.75 million and total liabilities of CNY1.25 billion,
resulting in a capital deficiency of CNY816.68 million.
Headquartered in Changsha, Hunan Province, China, Hunan Genuine
Material Group Co., Ltd., is primarily engaged in the production
of aluminum sections, polyvinyl chloride products, artificial
leather and plastic products. It also supplies biological
products.
HUNAN GENUINE: Appoints Li Qing as New Chief Financial Officer
--------------------------------------------------------------
Hunan Genuine Material Group Co., Ltd. appointed Li Qing as its
new chief financial officer, replacing Gu Shu'an, Reuters Key
Developments reports.
Headquartered in Changsha, Hunan Province, China, Hunan Genuine
Material Group Co., Ltd. is primarily engaged in the production
of aluminum sections, polyvinyl chloride products, artificial
leather and plastic products. It also supplies biological
products.
As of Sept. 30, 2007, the company had total assets of
CNY434.75 million and total liabilities of CNY1.25 billion,
resulting in a capital deficiency of CNY816.68 million.
HUNAN GENUINE: Court Orders Payment of CNY12.8MM to China Citic
---------------------------------------------------------------
Hunan Genuine Material Group Co., Ltd.'s unit, Hunan Dongting
Aquaculture Co., Ltd., has received a verdict from the High
People's Court of Hunan Province, regarding Hunan Dongting
Aquaculture's liabilities guarantee for Hunan Genuine New
Material Group Co., Ltd., from Changsha Branch of China Citic
Bank, Reuters Key Developments reports.
Reuters says that according to the judgment, Hunan Genuine New
Material Group should pay back CNY12,800,000 to the bank and the
suit will be discontinued.
Headquartered in Changsha, Hunan Province, China, Hunan Genuine
Material Group Co., Ltd. is primarily engaged in the production
of aluminum sections, polyvinyl chloride products, artificial
leather and plastic products. It also supplies biological
products.
As of Sept. 30, 2007, the company had total assets of
CNY434.75 million and total liabilities of CNY1.25 billion,
resulting in a capital deficiency of CNY816.68 million.
HUNAN GENUINE: Unit Becomes Party to Loan Dispute Lawsuit
---------------------------------------------------------
Hunan Genuine Material Group Co., Ltd.'s Changsha-based
subsidiary is a party in a loan dispute lawsuit filed by Yueyang
City Commercial Bank, Reuters Key Developments reports.
Hunan Genuine's subsidiary was included because it acted as
guarantor of the loan. Also included as defendants to the
bank's lawsuit are a Yueyang-based aluminum company and a Hunan-
based aluminum company.
The bank has demanded the return of the principal arrears
amounting to CNY24.92 million and CNY4.32 million in interest by
the Yueyang-based aluminum company.
Headquartered in Changsha, Hunan Province, China, Hunan Genuine
Material Group Co., Ltd. is primarily engaged in the production
of aluminum sections, polyvinyl chloride products, artificial
leather and plastic products. It also supplies biological
products.
As of Sept. 30, 2007, the company had total assets of
CNY434.75 million and total liabilities of CNY1.25 billion,
resulting in a capital deficiency of CNY816.68 million.
KEGO TECHNOLOGY: Liquidators Quit Post
--------------------------------------
On October 30, 2007, Jacky Chung Wing Muk and Gabriel Chi Kok
Tam stepped down as liquidators for Kego International Limited,
which is undergoing voluntary wind-up.
The company commenced voluntary liquidation on May 9, 2006.
KEPO TIME: Liquidators Quit Post
-------------------------------
On October 30, 2007, Jacky Chung Wing Muk and Gabriel Chi Kok
Tam stepped down as liquidators for Kepo Time Limited.
The company is currently undergoing a voluntary wind-up of its
operations.
LOK SHIPPING: Members to Hear Wind-up Report on December 12
-----------------------------------------------------------
The members of Lok Shipping Limited will hold their final
meeting on December 12, 2007, at 10:30 a.m. to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at 905 Silvercord, Tower 2, 30 Canton
Road, Tsimshatsui, in Kowloon, Hong Kong.
The company's liquidators are Ricky P.O. Chong and Cordelia
Tang.
The Liquidators can be reached at:
Ricky P.O. Chong
Cordelia Tang
905 Silvercord, Tower 2, 30 Canton Road
Tsimshatsui, Kowloon
Hong Kong
MOLESWORTH INVESTMENTS: Members to Meet on December 14
------------------------------------------------------
The members of Molesworth Investment Limited will hold their
final meeting on December 14, 2007, at 5:35 p.m.
During the meeting, the company's liquidators, Natalia K.M. Seng
and Susan Y.H. Lo, will give a report on the company's wind-up
proceedings and property disposal.
The meeting will be held at Level 28, Three Pacific Place, 1
Queen's Road, Hong Kong.
The Liquidators can be reached at:
Natalia K M Seng
Susan Y H LO
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
NG CHAN: Court to Hear Wind-Up Petition on Dec. 19
--------------------------------------------------
On October 8, 2007, Hop Chung Scaffolding filed a petition to
have Ng Chan Constuction Limited's operations wound up.
The petition will be heard before the High-Court of Hong Kong on
December 19, 2007, at 9:30 a.m.
OAKTREE INVESTMENT: Members to Meet Today
-----------------------------------------
The members of Oaktree Investment Limited, which is in
liquidation, will hold their final meeting today, November 20,
2007, at 11:30 a.m.
The company's liquidator will give a report on the company's
wind-up proceedings and property disposal during the meeting.
The meeting will be held at the 14th Floor of the Hong Kong Club
Building, 3A Charter Road, in Central, Hong Kong.
PROSPER TRADING: Members to Hold Final Meeting on December 3
------------------------------------------------------------
The members of Prosper Trading Limited will hold their final
meeting on December 3, 2007, at 12:00 p.m.
During the meeting, the company's liquidators, Kan, Tim Hei and
Fung,Tin Yau Felix, will give report on the company's wind-up
proceedings and property disposal.
The meeting will be held at 99 Queen's Road, in Central Hong
Kong.
The Liquidators can be reached at:
Kan, Tim Hei
Fung, Tin Yau Felix
The Center, 31st Floor
99 Queen's Road, Central
Hong Kong
QUANTA COMPUTER: Sales Hit TWD74.39 Billion in October 2007
-----------------------------------------------------------
Quanta Computer Inc. reported sales of TWD74.39 billion in
October 2007, bringing the year-to-date total to
TWD595.15 billion.
The October result was slightly lower than the sales of
TWD79.53 billion in September 2007. Bloomberg News reports that
Sept. 2007 saw record sales and shipments for the company.
Bloomberg News relates that parent company sales, excluding
affiliates, climbed 77% to TWD78.00 billion in September, from
TWD44.20 billion a year earlier. Bloomberg News adds that
notebook-computer shipments rose to 3.1 million units,
surpassing the previous record of 2.9 million, set in August
2007.
Bloomberg further adds that Quanta shipped a record 8.8 million
laptops in the third quarter.
Headquartered in Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the
manufacture, research, development and sale of laptop computers
and components. The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.
The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.
QUANTA: Posts TWD12.88-Bil. Net Income for First Nine Months
------------------------------------------------------------
Quanta Computer Inc. booked a net income of TWD12.88 billion for
the first nine months of 2007, exceeding the TWD8.72-billion net
income recorded for the first nine months of 2006.
For the nine-month period, the company posted record sales of
TWD507.37 billion, which translates to an operating income of
TWD8.91 billion after cost of goods sold and other operating
expenses of TWD498.45 billion.
Record Quarterly Income
Bloomberg News notes that the 2007 third quarter income climbed
36% to TWD5.24 billion from the TWD3.86-billion net income
recorded in the same period a year earlier.
Bloomberg adds that the company reported its highest quarterly
shipments in the three months through September as mobile-
computer sales in the U.S. outpaced desktops for the first time.
Bloomberg News further adds that laptops will continue to gain
share this quarter, with consumers opting for more mobility,
according to researcher Gartner Inc.
Shipment Forecast
Bloomberg also says that the computer maker's notebook shipments
for the third quarter rose 19% to 8.8 million from the previous
quarter's, outpacing the company's Aug. 31 guidance for growth
of 15%. Quanta forecast shipments of 30 million notebooks this
year, and predicted that in 2008 they would rise 20% to 36
million, Bloomberg adds.
The report also mentions that mobile computers accounted for
40.8% of worldwide shipments in the third quarter, up from 38.3%
in the second, and will probably rise to 42.8% this quarter.
About Quanta Computer
Headquartered in Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the
manufacture, research, development and sale of laptop computers
and components. The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.
The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.
QUANTA COMPUTER: Gets License for Soleus Platform
-------------------------------------------------
Intrinsyc Software International, Inc. and Quanta Computer Inc.
entered into an agreement to license the Soleus mobile handset
platform, Intrinsyc said in a press release.
Quanta is using Soleus to develop a Third Generation (3G)/High-
Speed Downlink Packet Access (HSDPA) mobile device, expected to
be a breakthrough in the design concept and user experience of
today's wireless communications electronics.
Quanta has also engaged Intrinsyc's wireless engineering
services to support development and accelerate this product's
time to market, which is expected to be in the third quarter of
2008. This marks the fourth Soleus SLA in 2007.
Headquartered in Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the
manufacture, research, development and sale of laptop computers
and components. The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.
The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.
QUANTA COMPUTER: Wins Smart Phone Contracts From First Int'l
------------------------------------------------------------
First International Telecom has awarded WiMAX smart phone
contracts to Quanta Computer Inc., TradingMarkets.Com reports,
citing the Commercial Times.
The report provided no further details regarding the contract.
Headquartered in Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the
manufacture, research, development and sale of laptop computers
and components. The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.
The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.
SAVE ON FOOD: Court to Hear Wind-Up Petition on Dec. 12
-------------------------------------------------------
The High-Court of Hong Kong will hear on December 12, 2007, at
9:30 a.m., a petition to have Save On Food Limited's operations
wound up.
Tam Hon Sam filed the petition on September 28, 2007.
TAI TUNG: Court to Hear Wind-Up Petition on Dec. 12
-----------------------------------------------------
On September 28, 2007, Cheng Wai Lim filed a petition to have
Tai Tung Transportation Limited's operations wound up.
The petition will be heard before the High-Court of Hong Kong on
December 12, 2007, at 9:30 a.m.
TRION CHINA: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------------
The creditors of Trion China Investments Limited are required to
file proofs of debt by December 10 2007, to be included in the
company's dividend and distribution.
The company went into liquidation on September 7, 2007.
The company's liquidator is:
Tang Chiu Shun
No. 19 Tai Kei Ling, Yuen Long
New Territories
Hong Kong
TRION INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 10
-------------------------------------------------------------
The creditors of Trion International (China) Limited are
required to file proofs of debt by December 10, 2007, to be
included in the company's dividend and distribution.
The company's liquidator is:
Tang Chiu Shun
No. 19 Tai Kei Ling, Yuen Long
New Territories
Hong Kong
WILSON DRAYAGE: Commences Liquidation Proceedings
-------------------------------------------------
Wilson Drayage Limited commenced liquidation proceedings on
November 2, 2007.
The company's liquidator is Cheung Cho Shun.
WING HENG: Commences Liquidation Proceedings
--------------------------------------------
Wing Heng Mercantile & Development Company Limited commenced
liquidation proceedings on October 29, 2007.
The company's liquidators is:
Lim Ching Wah
John Khoo Cheo Ping
17 Chi Fu Road, Hong Kong
=========
I N D I A
=========
AES CORP: Cash Tender Offer for US$1.24 Bil. Sr. Notes Expires
--------------------------------------------------------------
The AES Corporation disclosed that the offer to purchase up to
US$1.24 billion aggregate principal amount of its outstanding
senior notes in accordance with the terms and conditions
described in its Offer to Purchase and the related Letter of
Transmittal expired as scheduled at 12:00 midnight on Nov. 13,
2007.
As of such time, a total of approximately US$1.9 billion
aggregate principal amount of Notes had been validly tendered,
consisting of approximately:
(i) US$192.6 million principal amount of 8.75% Senior Notes
due 2008,
(ii) US$600.0 million principal amount of 9.00% Second
Priority Senior Secured Notes due 2015 and
(iii) US$1.1 billion principal amount of 8.75% Second Priority
Senior Secured Notes due 2013.
In accordance with the terms of the tender offer, since the
total amount of Notes tendered exceeded the Tender Cap, the
company accepted for purchase all of the 2008 Notes, all of the
2015 Notes and approximately US$447.4 million principal amount
of the 2013 Notes (representing a pro ration factor of 37.6714%,
with each amount tendered rounded down to the nearest US$1,000)
that were validly tendered prior to the expiration time.
Settlement of the tender offer occurred today at which time none
of the 2015 Notes, approximately US$9.3 million principal amount
of the 2008 Notes and approximately US$752.6 million principal
amount of the 2013 Notes remained outstanding.
AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries. Specifically, it also has operations
in India. Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.
* * *
As reported in the Troubled Company Reporter on Oct. 12, 2007,
Moody's Investors Service affirmed The AES Corporation's
Corporate Family Rating at B1 and the senior unsecured rating
assigned to its new senior unsecured notes offering at B1
following its upsizing to US$2 billion from US$500 million.
Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's
US$2 billion issuance of senior unsecured notes maturing 2015
and 2017. AES' long-term Issuer Default Rating is rated 'B+' by
Fitch. Fitch said the rating outlook is stable.
AFFILIATED COMPUTER: Extends E-ZPass New Hampshire Toll Contract
----------------------------------------------------------------
Affiliated Computer Services, Inc. has extened the E-ZPass
electronic toll collection contract with the New Hampshire
Department of Transportation.
The current contract allows for three additional three-year
options to be exercised for a total contract length of 12 years.
Affiliated Computer will continue to operate the E-ZPass toll
collection customer service center during the current option
period. The contract value for the option period is US$14.2
million.
"During the past three years, ACS has done an excellent job
managing the Customer Service Center functions for the New
Hampshire Department of Transportation," said Bureau of
Turnpikes Administrator, within the New Hampshire Department of
Transportation, Harvey Goodwin. "ACS' experience and
professionalism have helped make E-ZPass in New Hampshire a huge
success. We are extremely pleased that this contract has been
extended for an additional three years."
The company operates three walk-in service centers across the
state enabling citizens to enroll and maintain participation in
the pre-paid electronic toll collection system.
"Called one of the greatest innovations of our time, E-ZPass
dramatically reduces traffic congestion, as well as air
pollution caused by idling vehicles," said ACS managing director
of Transportation Solutions, Michael Huerta. "ACS congratulates
the New Hampshire Department of Transportation on its foresight
in employing this technology."
The New Hampshire E-ZPass program has 195,000 account holders
with 335,000 E-ZPass transponders logging 64 million electronic
toll transactions annually. The service center handles 290,000
phone calls and 70,000 walk-in customers each year.
About Affiliated Computer Services
Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --
provides business process outsourcing and information technology
solutions to world-class commercial and government clients. The
company has more than 58,000 employees supporting client
operations in nearly 100 countries. The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services has kept its
'BB' corporate credit and senior secured ratings on Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on Mar. 20, 2007.
AGILENT TECH: Board Okays US$2-Billion Share-Repurchase Program
---------------------------------------------------------------
Agilent Technologies Inc.'s Board of Directors has approved a
share-repurchase program of up to US$2 billion of its common
stock over the next two years. Agilent completed its previous
US$2 billion share buyback in October, bringing its cumulative
repurchases to US$6.466 billion since the program's inception in
2005.
"The Board's decision reflects our confidence in Agilent's
operating model and strong cash flow," said Bill Sullivan,
Agilent president and chief executive officer. "It also
demonstrates our continuing commitment to return excess cash to
the owners."
Agilent anticipates the share-repurchase program will be
implemented using a variety of methods, which may include open-
market purchases, block trades, accelerated share-repurchase
transactions or otherwise, or by any combination of such
methods. The number of shares to be repurchased and the timing
of any repurchases will depend on factors such as the stock
price, economic and market conditions, and corporate and
regulatory requirements. The stock-repurchase program may be
suspended or discontinued at any time.
About Agilent Tech
Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis. The company's 19,000 employees serve
customers in more than 110 countries.
The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has assigned a Ba1
rating to Agilent Technologies, Inc.'s proposed offering of
US$500 million senior notes due 2017 and affirmed its existing
ratings and stable outlook.
AGILENT TECH: Earns US$180 Million in 4th Quarter Ended Oct. 31
---------------------------------------------------------------
Agilent Technologies Inc. reported orders of US$1.48 billion for
the fourth fiscal quarter ended Oct. 31, 2007, 6 percent above
one year ago. Revenues during the quarter were US$1.45 billion,
9 percent above last year. Fourth quarter GAAP net income was
US$180 million. Last year's fourth quarter GAAP net income from
continuing operations was US$126 million.
Included in this quarter's GAAP income is US$36 million of
share-based compensation expense. Excluding this item and US$10
million of other net adjustments, Agilent reported fourth
quarter adjusted net income of US$206 million. On a comparable
basis, the company earned US$190 million one year ago.
"Agilent had a good fiscal fourth quarter, especially
considering the continued divergent trends of our markets," said
Bill Sullivan, Agilent president and chief executive officer.
"Bio-analytical markets were strong in both Chemical Analysis
and Life Sciences, and across all geographies. Electronic
measurement markets were very mixed, with strength in aerospace/
defense and wireless R&D, a flat profile for wireless handset
and electronic manufacturing test, and weakness in computer and
semiconductor markets."
Total fourth quarter revenues were up 9 percent from last year
to US$1.45 billion. Adjusted net income per share, at US$0.53,
was 18 percent above last year's results and near the top of the
US$0.50 - US$0.54 guidance range.
Mr. Sullivan noted that the Bio-Analytical segment grew at a
double-digit pace for the sixth consecutive quarter, and that
the segment operating margin was at a record level. "We are
seeing sustained strength in our new Liquid Chromatograph, Mass
Spectroscopy and Gas Chromatograph platforms, and Stratagene
integration activities continue to go well. Last week, we
announced the acquisition of Velocity11, adding lab automation
to our expanding workflow solutions."
"While the Electronic Measurement segment was flat overall, we
saw good growth in those areas where we have invested in
specific growth initiatives, such as aerospace / defense and
wireless R&D," said Mr. Sullivan.
Fourth quarter Return on Invested Capital reached a new high of
30 percent, a point better than last year's strong performance.
Both Receivables Days-Sales-Outstanding and Inventory Days-On-
Hand reached new historic lows. Cash generated from operating
activities was US$398 million in the fourth quarter. During the
period, the company repurchased US$631 million of its common
stock, completing its US$2 billion buyback program.
Full fiscal 2007 revenues grew 9 percent to US$5.4 billion.
Adjusted net income per share rose 22 percent to US$1.82.
Return on Invested Capital reached 27 percent, and cash
generated from operating activities during fiscal 2007 was
US$969 million.
Said Mr. Sullivan, "Today, Agilent's Board of Directors
authorized a new program to repurchase up to US$2 billion of
Agilent's common shares, reflecting its confidence in Agilent's
ability to create superior shareholder value, leveraging our
operating model through higher sustainable growth."
Looking ahead, Sullivan said the company was comfortable with
the range of analyst estimates for FY2008 revenues and adjusted
net income per share. For the fiscal first quarter of 2008,
revenues are expected to be in the range of US$1.35 billion to
US$1.40 billion, up 5 percent to 9 percent from last year.
Comparisons of this year's first quarter adjusted net income
will be affected by a change in the timing of Agilent's annual
compensation awards program, and by a shift toward more variable
compensation. Compared to last year, about US$32 million more
compensation-related expense will be recognized in First Quarter
Fiscal Year 20008. That US$0.06 per share cost increase will be
offset by a US$0.04 reduction in Q2 expense, and by US$0.01
reductions in FY08's third quarter and fourth quarter.
Reflecting this changed pattern of compensation expense, first
quarter adjusted net income is expected to be in the range of
US$0.38 to US$0.43 per share, 15 percent to 30 percent above
last year's comparable earnings.
About Agilent Tech
Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis. The company's 19,000 employees serve
customers in more than 110 countries. The company has
operations in India, Argentina, Puerto Rico, Bolivia, Paraguay,
Venezuela, and Luxembourg, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has assigned a Ba1
rating to Agilent Technologies, Inc.'s proposed offering of
USUS$500 million senior notes due 2017 and affirmed its existing
ratings and stable outlook.
ARTSON ENGINEERING: Profit at INR6 Mil. in Qtr. Ended Sept. 30
--------------------------------------------------------------
Artson Engineering Ltd's reported a slight improvement in its
net profit to INR6.16 million in the quarter ended Sept. 30,
2007, from the INR5.85 million booked in the same period last
year.
The improvement in the bottom line was not much when compared to
earnings that more than doubled in the latest quarter under
review. Artson Engineering reported total revenues of
INR80.95 million in July-Sept. 2007, up 105% the
INR39.42 million earned in the corresponding quarter in 2006.
What pulled down the earnings is the expenditures from
operations that soared 126% to INR72.5 million, leaving the
company with an operating profit (before depreciation) of
INR8.45 million.
The company recorded depreciation charges of INR2.25 million and
INR30,000 in taxes.
A copy of the company's financial results for the quarter ended
Sept. 30, 2007, is available for free at:
http://ResearchArchives.com/t/s?257a
Headquartered in Mumbai, India, Artson Engineering Limited --
http://www.artson.net/-- is a niche engineering company,
active in specialized area of refineries, ports and airports.
The company was referred to the Board for Industrial and
Financial Reconstruction as a sick company. It's restructuring
proposal is currently under review by BIFR.
CABLE & WIRELESS: Unveils Management Changes at Int'l. Business
---------------------------------------------------------------
Cable and Wireless plc disclosed changes to the management of
its International business in preparation for driving the next
phase of its value creation.
The key elements of the changes are:
* Harris Jones to step down as chief executive of
International and as a director of Cable and Wireless plc
from Nov. 13, 2007, and leave towards the end of the year
once handover is complete. A search to be initiated to
find a new chief executive for International;
* John Pluthero to become executive chairman of
International with immediate effect, while continuing his
similar role for Europe, Asia & US;
* Lord Robertson of Port Ellen to act as senior
international adviser to Cable & Wireless and to step down
as non-executive chairman of International; and
* All other aspects of the Group operating structure to
remain the same, with Tony Rice continuing as joint
managing director responsible for Central Activities and
finance director.
"On behalf of the Board, we are very grateful for the strong
contribution that Harris has made to the business," Richard
Lapthorne, chairman of Cable and Wireless plc, said. "Since he
joined in November 2004, Harris has successfully rebalanced
International towards the growth areas of mobile and broadband,
doubling mobile and tripling broadband customer numbers. At the
same time, the financial performance of International has
improved and International shareholder value has increased by
over GBP1 billion."
"We are now at the stage where we need to accelerate the
transformation of service and brand reputation, fueling further
growth in the value of International. John Pluthero has an
outstanding track record in this area and the capacity for the
role, with the turnaround of Europe, Asia & US now out of the
recovery phase, as evidenced by the strong interim results
reported separately today and by having installed a strong
management team, led by Europe, Asia & US Chief Executive Jim
Marsh.
"I am delighted that John has agreed to chair each of the two
operating businesses and drive the next stage of our value plan
within the existing organization structure that has served
shareholders so well since it was introduced in April 2006, with
an increase of nearly GBP2 billion in market capitalization and
a total shareholder return of 75%."
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, Japan, 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%
CABLE & WIRELESS: Earns GBP134 Mln in Six Months Ended Sept. 30
---------------------------------------------------------------
Cable and Wireless plc released financial results for the six
months ended Sept. 30, 2007.
The Group reported a net profit of GBP134 million on revenue of
GBP1.6 billion for the six months ended Sept. 30, 2007, compared
with a net profit of GBP58 million on revenue of GBP1.7 billion
for the same period in 2006.
At Sept. 30, 2007, the Group's condensed consolidated interim
balance sheet showed GBP4.5 billion in total assets, GBP2.4
billion in total liabilities and GBP2.1 billion in stockholders'
equity.
Outlook
For Europe, Asia & US (including C&W Access), due to the
improving trading performance and a GBP15 million full year
estimated net pension credit for 2007/08, the Group now
anticipates that its EBITDA for the full year 2007/08 will be
between GBP205 million and GBP215 million -- a GBP35 million
improvement from our previous EBITDA guidance. The Group has
reduced its International dollar guidance by US$20 million to
between US$820 million and US$840 million, primarily due to the
poor performance in Jamaica. It has also updated its forecast
US$:GBP exchange rate from 1.95 to 2.00. As a result sterling
Group EBITDA guidance is essentially unchanged.
"It's been another good six months," Richard Lapthorne, chairman
of Cable and Wireless, said. "The Europe, Asia & US turnaround
is ahead of our own, and market, expectations with the
successful execution of our strategy clearly visible in gross
margin and EBITDA. Turning cash flow positive in the second
half will be a significant milestone for the business.
International continues to deliver good growth from mobile and
broadband. I am pleased to announce that we intend to pay a
dividend of 2.5 pence, a further demonstration of our confidence
in the current performance and future potential of both our
businesses."
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, Japan, 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%
CANARA BANK: Gov't Appoints G. S. Vedi as Executive Director
------------------------------------------------------------
G. S. Vedi, general manager of Punjab and Sind Bank, is Canara
Bank's new executive director.
According to a filing with the Bombay Stock Exchange, India's
central government, after consultation with the Reserve Bank of
India, appointed Mr. Vedi as a whole time director (designated
as the executive director) from from Nov. 7, 2007, and until
further orders or until the date of his superannuation (June 30,
2010).
The new Canara executive director began his banking career with
Punjab and Sind Bank in 1969, where he held different positions
including general manager of invetment management and foreign
exchange, Asia Pulse Data Source relates.
Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com -- provides services to a diverse
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.
Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.
DEV'T CREDIT BANK: Fitch Gives 'D/E' Individual Rating
------------------------------------------------------
Fitch Ratings has affirmed India's Development Credit Bank
Ltd.'s National Long-term rating and its INR1.6 billion
subordinated debt at 'A-(ind)'. At the same time, the agency
has assigned DCB a 'D/E' Individual rating and a Support rating
of '5'. The Outlook on the ratings has been changed to Stable
from Evolving.
The change in outlook reflects DCB's improved capitalisation.
The ratings are, however, constrained by the bank's small size,
limited franchise, weak profitability and the evolving nature of
its business strategy. The bank recorded a modest profit in
FY07 (RoA: 0.16) and H108 (Annualised RoA: 0.71%) by reducing
its lower margin corporate portfolio, enhancing its focus on
retail assets and booking one-off gains on asset sales, although
standard asset provisions resulted in a loss in the last quarter
of FY07.
DCB pursued corporate lending aggressively in the late 1990s and
early 2000s in a bid to build up its balance sheet. Due to its
weak competitive position, this resulted in poor asset selection
which depressed margins, and more importantly led to high non-
performing asset accumulation. The new top management, which
took over in 2006, has since started focusing on the small
business and retail segments for asset growth. While such a
strategy is expected to support margins in the short term, its
long-term impact is less clear at this stage.
An aggressive reduction of legacy NPLs through recoveries and
write-offs has resulted in a significant decline in gross NPLs
(4.28% at end-June 2007; system median: 2.5% at end-March 2007),
although the bank's fast growing unsecured retail lending to the
self-employed segment is largely unseasoned and could lead to
higher credit losses in an adverse interest rate environment.
The business has higher regulatory standard asset provisioning
and risk weight requirements (compared to secured lending and
loans to corporates) that are expected to provide cushion in a
downturn; however, current yields are driven by strong
competitive forces and their appropriateness is yet to be tested
through a credit cycle.
The high losses from NPL write-offs resulted in DCB's equity
shrinking between FY04 and FY06. The bank's IPO of INR1.86bn
equity in FY07 and the subsequent issue of INR2.8bn equity to
institutional investors in August 2007 have boosted capital
levels (CAR: 13.54% in September 2007) and is expected to help
fund growth over the next 12 months. Further equity infusions
would however be necessary unless profitability improves, as the
bank plans to expand its network and size (assets of INR60.9bn
on 30 September 2007).
Established in 1930 as a co-operative society to service the
financing needs of a small community, DCB became a co-operative
bank in the 1980s and a private commercial bank in 1993. The
bank successfully completed its maiden equity issue in FY07 and
has subsequently augmented capital through private placements.
It is listed on major national stock exchanges and operates
through 75 branches, mostly in western India.
ESSAR OIL: Board Okays US$6-Bil. Vadinar Refinery Expansion
------------------------------------------------------------
Essar Oil Ltd's board of directors, at its meeting held on
Nov. 16, 2007, has approved plans to increase the capacity of
the refinery at Vadinar from 10.5 million tonnes (220,000 bbls
per day) to 34 million tonnes per annum (700,000 bbls per day).
The expansion is being carried out at a cost of approximately
US$6 billion (INR24,000 crore).
In order to meet part of the requirement of funds for the
expansion project and other corporate purposes, including
refinancing existing debt of the company, the board has approved
the issue of GDS to the Promoters/Promoter Group on a
preferential basis, up to a maximum of US$2 billion, at an
effective price of INR200 per share for the underlying equity
shares, subject to receipt of shareholders' and regulatory
approvals as may be required.
The current installed capacity of the refinery is 10.5 million
tonnes per annum (220,000 bbls per day) made at an investment of
approximately US$3 billion (INR12,000 crore). The refinery was
commissioned in November 2006 and has been operating at
approximately 7.5 million tonnes. The Fluid Catalytic
Conversion Unit anti Diesel Hydro De-sulphuriser Unit, which
will be fully operational shortly, will enable the refinery to
reach its full capacity i.e., 10.5 million tonnes. These units
will enable the company to process heavier crudes and meet the
stricter international emission norms.
The company will be expanding its capacity progressively to 34
million tonnes per annum by 2010. The first stage of expansion
will involve de-bottlenecking and the addition of more
sophisticated bottom upgrading units such as delayed coker. The
second phase of expansion will see a new set of distillation
units, including addition of all secondary units and another
coker.
Basic engineering design for the expansion has been completed.
The equipment will incorporate the latest in technology from
well renowned international suppliers. With the expansion, the
refinery will be able to handle a wide range of crudes from
light to heavy and take advantage of the market differential
between heavy and light crudes.
The Nelson Complexity Index of the refinery after the expansion
to 34 million tonnes per annum will be approximately 12.8.
(Nelson Complexity Index measures the ability of the refinery to
upgrade the crude to best quality and maximum quantity of value
added refined products).
On completion of the expansion, the refinery will produce
petroleum products of very high quality meeting the most
stringent environmental norms i.e. Euro IV and Euro V
internationally.
The refinery is supported by dedicated infrastructure that
includes utilities, terminals, crude intake and product
evacuation facilities.
The promoters have informed the company that they no longer
intend to proceed with the delisting of the equity shares of the
company from the stock exchanges.
About Essar Oil
Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,
production and marketing of oil and gas. The company's
principal activities are to develop, explore, produce, and
refine oil and gas. Vadinar Power Company Limited is a wholly
owned subsidiary of the company.
On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited. The
rating indicates that the instruments are in default.
QUEBECOR WORLD: Considers Refinancing to Retire Some Loans
----------------------------------------------------------
Quebecor World Inc. disclosed a refinancing plan pursuant to
which it intends to concurrently:
(i) offer approximately CDNUS$250 million of its equity
shares, consisting of a public offering of Subordinate
Voting Shares in Canada and the United States for
contemplated gross proceeds to the company of
approximately CDNUS$185 million (US$191 million) or
approximately CDNUS$213 million (US$220 million) if an
over-allotment option granted to the underwriters involved
is exercised in full; well as an issuance on a private
placement basis in Canada to Quebecor Inc., the
company's controlling shareholder, of a combination of
Multiple Voting Shares and Subordinate Voting Shares for
an aggregate amount of approximately CDNUS$65 million or
US$67 million) on the same terms as the Public Equity
Offering, in order to allow Quebecor Inc. to maintain
the level of its current economic interest in Quebecor
World;
(ii) offer on a private placement basis an aggregate of
US$500 million of new debt securities, consisting of:
(1) new senior unsecured notes of the company in an
aggregate amount of approximately US$400 million, and
(2) new senior unsecured convertible debentures in an
aggregate amount of approximately US$100 million; and
(iii) amend the company's credit facilities, pursuant to
which:
(a) the commitment of the company's syndicate of lenders
would be reduced to US$375 million;
(b) the maturities of such facilities would be extended
by one year to January 2010; and
(c) the company would be provided with greater financial
flexibility under its covenants.
The Equity Offering, the Senior Note Offering and the
Convertible Debenture Offering are conditional upon one another
and the Credit Facilities Amendment is conditional on the
completion of the Equity Offering, the Senior Note Offering and
the Convertible Debenture Offering.
The net proceeds of the Senior Note Offering and the Convertible
Debenture Offering and a portion of the net proceeds of the
Equity Offering will be used to repay indebtedness under the
company's credit facilities and the company intends to use the
remaining net proceeds of the Equity Offering to redeem its
Series 5 Cumulative Redeemable First Preferred Shares for an
aggregate redemption price of CDNUS$175 million or approximately
US$185 million, plus accrued and unpaid dividends.
The redemption of these preferred shares is conditional upon the
completion of each of the elements of the refinancing plan and
subject to re-confirmation by the company's board of directors.
Any remaining net proceeds of the Equity Offering will be used
for general corporate purposes, including for the repayment of
additional indebtedness.
The terms of both the new Senior Notes and the Convertible
Debentures will be settled between the company and the
respective initial purchasers of the notes. Both the Senior
Notes and the Convertible Debentures will be issued by the
company and will be unconditionally guaranteed on a senior
unsecured basis by Quebecor World (USA) Inc., Quebecor World
Capital ULC and Quebecor World Capital LLC, all wholly owned
subsidiaries of the company.
In addition, the company stated that it has re-filed its interim
financial statements for the period ended Sept. 30, 2007, well
as the corresponding management's discussion and analysis, in
order to make certain changes to Note 18 - Subsequent Events to
such financial statements relating to the company's disclosed
sale/merger of its European operation, including to correct the
amount reported for the estimated accounting (non-cash) loss on
disposal before cumulative translation adjustment impact
resulting from such sale/merger, from US$70 million to US$170
million.
A copy of the prospectus may be obtained from:
Quebecor World Inc.
Investor Relations Department
612 St-Jacques Street, Montreal
Quebec Canada H3C 4M8
Tel. (800) 567-7070
About Quebecor World Inc.
Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers. The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services. Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Moody's Investors Service rated Quebecor World
Inc.'s new USUS$400 million senior unsecured note issue Caa1.
At the same time, ratings for about USUS$1.6 billion of existing
senior unsecured notes for QWI and its wholly owned subsidiary
companies, Quebecor World Capital Corporation and Quebecor World
Capital ULC, were downgraded to Caa1 from B3.
Standard & Poor's assigned its 'B' debt rating to Quebecor
World's proposed USUS$400 million senior unsecured notes due
2014. The 'B' debt rating will be placed on CreditWatch with
negative implications.
UTSTARCOM INC: Incurs US$55 Million Net Loss in Third Quarter
-------------------------------------------------------------
UTStarcom, Inc. has reported financial results for the third
quarter of 2007.
Net sales for the third quarter 2007 were US$646 million. This
US$108 million increase over the second quarter of 2007 was
driven by strong sales in PCD as well as growth in our Broadband
and Wireless business units. Gross margins for the third
quarter of 2007 were 10%. The gross margins percentage was
impacted by a much larger percentage of PCD sales, as well as
approximately US$10 million of inventory reserves. The net loss
for the third quarter was US$55 million, or a loss of US$0.46
per share. This compares to a loss of US$62 million in the
second quarter of 2007 and US$43 million in the third quarter of
2006.
Our third quarter cash and short term investments totalled
US$644 million, an increase of US$116 million from the second
quarter of 2007. For this quarter, cash and short-term
investments include approximately US$115 million of investments
that were previously accounted for as long term equity
investments.
"Our third quarter results do not yet reflect the benefits of
changes we are in the process of implementing in UTStarcom,"
stated UTStarcom Chief Operations Officer, Peter Blackmore.
Mr. Blackmore added, "We have strong technology in IP
communications and are building momentum in IPTV, NGN and
optical infrastructure and access devices. Management has a
high sense of urgency about improving the operational
capabilities of the company to ensure profitable growth. Our
conference call will give details about our progress on this."
Guidance for the fourth quarter of 2007
-- Revenue flat to slightly up compared to third quarter
2007
-- Gross margins up 2 to 4 points from third quarter 2007
-- Operating expenses (excluding any special charges) down
sequentially
About UTStarcom, Inc.
Headquartered in Alameda, California, UTStarcom Inc. (Nasdaq:
UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support. The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world. The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.
* * *
As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.
Under the terms of the indenture, during the period beginning
Jan. 9, 2007, and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007, to the maturity date of the Notes, unless the
Notes are earlier repurchased or converted.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Taps Airline Marketing NZ as Gen. Sales Agent
---------------------------------------------------------------
PT Garuda Indonesia appointed Airline Marketing New Zealand Ltd
as its General Sales Agent in New Zealand from December 1, 2007.
The airline's General Manager Australia and South West Pacific,
Poerwoko Soeparyono, said that Airline Marketing New Zealand
will act as sole agent in New Zealand and be responsible for all
passengers sales and promotional activities.
Airline Marketing New Zealand Ltd will retain the current office
premises of Garuda Indonesia in Auckland, thereby ensuring a
seamless transfer.
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations. Under its
Citilink brand, it serves 10 other domestic routes. Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.
The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt. The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.
The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005. It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates. Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.
The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.
Garuda is currently undergoing debt restructuring. The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.
GARUDA INDONESIA: Further Increases Perth-Bali Services
-------------------------------------------------------
PT Garuda Indonesia, in response to overwhelming demand,
increased its Perth-Bali services with three extra return
flights a week from December 2, MICEBTN News reports.
As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 12, 2007, Garuda Indonesia added another 1,096 seats to its
capacity on the Perth-Bali route in October to cope with demand
that increased more than 50% on the same period last year.
MICEBTN relates that Garuda will step up to double daily direct
flights to and from Bali on every weekday except Wednesday, when
there is a single flight. It also operates four direct Jakarta
services a week, introduced earlier this year, the report adds.
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations. Under its
Citilink brand, it serves 10 other domestic routes. Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.
The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt. The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.
The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005. It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates. Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.
The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.
Garuda is currently undergoing debt restructuring. The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.
PT INCO: 100 Employees Remain on Strike at Sorowako Mine
--------------------------------------------------------
Around 100 employees of PT International Nickel Indonesia
remained on strike at its Sorowako mine of which a fifth of the
number that walked out on November 15 seeking higher bonuses,
Bloomberg News reports.
According to Bloomberg, Sorowako has 3,500 company employees,
and another 3,500 contract workers.
As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2007, a number of PT INCO's workers at the Sorowako
site walked off the job in an effort to persuade the company to
accept union demands for additional compensation. The TCR-AP
said the strike action is being undertaken by Labor Union FSP-
KEP UK PT Inco. Company management and union representative are
discussing the demands but have thus far not reached an
agreement, the report related.
Indra Ginting, director of investor relations and corporate
secretary, told Bloomberg that the mediation process is ongoing.
They are still assessing the impact, the report notes.
The TCR-AP reported that mining and processing activities at the
company's Sorowako site will partially continue. The company
remains hopeful that employees will return to work as soon as
possible.
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 holds Standard and Poor's
long-term foreign and local issuer credit ratings both at
BB- rating.
As of October 29, 2007, the company holds Fitch Rating's BB LT
Issuer Default rating and Foreign Currency LT Derb Rating at BB.
H.M. SAMPOERNA: Sees Slow Market Share Growth Due to Competition
----------------------------------------------------------------
PT H.M. Sampoerna expects market share growth to slow down as
competition intensifies and taxes increase, Bloomberg News
reports.
Company President Martin King said that that the company gained
4% to 5% growth over the last few years but it is unlikely that
they will grow quite that fast in the future, the report relates
Edwin Sinaga of PT Financorpindo Nusa told Bloomberg that
competition is getting tougher, and with PT Gudang Garam's plan
to win customers with its first new brand in three years, it
will get tougher for everyone in the industry.
Bloomberg noted that the government is planning to increase the
per-stick cigarette tax while cutting the percentage excise
levy.
As reported by the Troubled Company Reporter-Asia Pacific on
June 27, 2007,H.M. Sampoerna will begin selling kerek, clove-
flavored cigarettes, under the Marlboro brand name. According
to the report, the launch may help the company win a larger
share of the estimated US$10 billion market for kerek
cigarettes. Sampoerna's sales growth has been cut by tax
increases, the report added.
Sampoerna's third-quarter sales, Bloomberg notes, declined to
IDR7.6 trillion from IDR8.2 trillion in the year-earlier period,
after the government raised taxes twice to as much as 40% in the
previous 12 months.
The TCR-AP noted that the government expects to receive
IDR42 trillion of taxes, about 6% of revenue, from cigarette
production and sales this year.
About H.M. Sampoerna
Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk --
http://www.sampoerna.com/-- manufactures hand rolled and
machine rolled clove-blended cigarettes. The company
distributes its products in the domestic and international
market. Through its subsidiaries, the company also develops
properties.
HM Sampoerna currently carries Standard and Poor's Ratings
Services gave HM Sampoerna's Long Term Foreign Issuer Credit a
'BB+' and a 'B' rating for its Long Term Foreign Issuer Credit
SUMBER SEGARA: S&P Assigns 'B-' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to Indonesia's PT Sumber Segara Primadaya. The
outlook is stable.
At the same time, Standard & Poor's assigned its 'B-' rating to
the proposed US$300 million senior unsecured bond due in 2012 to
be issued by S2P Power B.V., a wholly owned subsidiary
incorporated in The Netherlands, established solely
for the purpose of issuing this debt instrument. The bond will
be irrevocably and unconditionally guaranteed by S2P. The
ratings are subject to final documentation.
"The ratings on S2P reflect the company's very limited track
record of operations, relatively weak contractual structure,
single counterparty exposure to PT Perusahaan Listrik Negara
(Persero), and regulatory environment uncertainties in
Indonesia," said Standard & Poor's credit analyst Joey Chew.
"These weaknesses are partly offset by the supportive
relationship S2P has with PLN, offtake security, low project
completion risk, and favorable demand outlook for electricity in
Indonesia."
Indonesia-based S2P is a coal-fired steam power plant with an
installed capacity of 600 MW providing electricity to its sole
offtaker and approximately 49% shareholder, PLN, for the Jawa-
Bali power grid in southern Java. For the half year to June 30,
2007, S2P reported revenues of IDR728 billion with EBITDA of
about IDR325 billion. The bond proceeds will be used primarily
to refinance existing bank borrowings and shareholders' loans,
fund additional working capital requirements, plant
improvements, proposed bond coupon reserves, equity investment
in a new power plant, and financing fees.
"Standard & Poor's expects S2P to achieve operational stability
within the targeted parameters and maintain adequate liquidity
in the short to medium term," Ms. Chew added. "Potential upside
to the ratings is limited until a track record of operational
stability and acceptable liquidity is established.
Conversely, significant deviations from expected operating
performance, shareholder-friendly actions, or major debt-funded
expansion plans, leading to further deterioration of the
company's liquidity and financial profile, may negatively impact
the ratings or outlook."
About PT Sumber Segara Primadaya
Headquartered in Jakarta, Indonesia, PT Sumber Segara Primadaya
-- http://www.sumbersegaraprimadaya.com/-- is an independent
power producer.
=========
J A P A N
=========
JAPAN AIRLINES: To Increase Int'l Fuel Surcharge for 1st Quarter
----------------------------------------------------------------
Japan Airlines International Co., Ltd., has requested the
Japanese Ministry of Land, Infrastructure and Transport's
approval to revise the fuel surcharge placed on all
international passenger tickets issued for the three-month
period starting January 1, 2008.
JAL has decided to increase the fuel surcharge for tickets
issued between January 1 and March 31, 2008, as the price of
Singapore kerosene-type jet fuel averaged US$90.65 per barrel
over the three-month period from August to October 2007.
Based on ticket sales in Japan, the new surcharges per person
per sector flown range from JPY2,400 on a Japan-Korea ticket (up
from JPY2,000) to JPY21,000 on a Japan-Brazil ticket (up from
17,000). The surcharge on a Japan-Europe ticket or a Japan-
North America ticket will be JPY17,000, up from JPY13,000.
JAL originally introduced the fuel surcharge on international
tickets in February 2005 in response to unprecedented rises in
the cost of fuel. The surcharge will be progressively reduced
as the price of fuel decreases, and will be canceled completely
when the price of Singapore kerosene stays below the benchmark
of US$45.00.
The fuel surcharge charged for tickets issued from April to June
2008 will be reviewed based on the average price of fuel for
November 2007 through to January 2008.
The company will continue conducting a wide range of
countermeasures to limit the full impact of the price increase
including fuel hedging, fuel consumption reductions, and the
introduction of more fuel-efficient small and medium-sized
aircraft to its fleet.
Despite these measures, the company is still reluctantly obliged
to ask its international passengers to bear part of the burden
caused by the unprecedented increase in the price of fuel over
the past few years.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/--was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Japan Airlines flies to the United States, Brazil and
France.
* * *
The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan. The outlook on the long-
term corporate credit rating is negative.
NOVA CORP: G.communication Opens Second School
----------------------------------------------
G.communication Co., which was selected to take over some of
Nova Corp.'s operations earlier this month, opened its second
foreign-language school on November 16 under the Nova name,
Japan Times reports.
According to Japan Times, the new school located in Nagoya's
Kita Ward is the first to be opened in a building once used by
Nova.
G.communication, which runs the EC language-school chain, opened
its first school under the Nova name on Nov. 14 near a major
Nagoya train station.
Japan Times adds that the Nagoya-based cram and language school
operator has hired 30 former Nova teachers in the Nagoya area
alone and is assigning them to the two local schools.
G.communication, according to Japan Times, plans to open 27
additional schools in Tokyo, Osaka, Shizuoka and other places by
the end of November, adopting the Nova brand for all of its
schools.
Meanwhile, a labor union representing former teachers at failed
Nova Corp. launched a program on Nov. 17 that enabled students
to pay for language lessons by buying them meals instead of
paying tuition fees, Kyodo News reports.
Nova, which closed its schools due to bankruptcy, left teachers
out of work and pinched for money and deprived nearly 300,000
students of classes.
About Nova Corp.
Osaka-based Nova Corporation-- http://www.nova.ne.jp/-- is
primarily engaged in the operation of language schools. The
Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally. The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.
Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.
The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation
Law with JPY43.9 billion in debt.
SANYO ELECTRIC: To Invest JPY210 Bil. in Two Profitable Units
-------------------------------------------------------------
Sanyo Electric Co., Ltd., will invest JPY210 billion in its
rechargeable battery and photovoltaic power generation
businesses over the three years from fiscal 2008, reports The
Yomiuri Shimbun.
In a company business strategy master plan obtained by The
Yomiuri Shimbun, Sanyo, which is undergoing some reconstruction,
aims to improve its business structure by focusing on these
profitable sectors.
The report states that the consumer electronics manufacturer's
global market for photovoltaic power generation is expected to
double in the 2006 to 2010 period.
In line with this, Osaka-based Sanyo, which initially planned to
increase its production capacity to 600 megawatts per year, will
now double its planned capacity to hit 1,200 megawatts per year
over the three years from fiscal 2008 to 2010 by investing
JPY110 billion, relates The Yomiuri Shimbun.
For its rechargeable battery unit, Sanyo, according to the
report, plans to invest JPY100 billion, mainly to improve its
production capacity for lithium ion rechargeable batteries that
are used for personal computers, cell phones and hybrid electric
vehicles.
The article notes that the company has earmarked a total of
JPY37 billion in the two business fields in fiscal 2007.
The master plan, which sets out the firm's planned direction for
the three years from fiscal 2008, will be officially announced
on Nov. 27, adds The Yomiuri Shimbun.
About Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.
SANYO ELECTRIC: Lead in Microwave Cues BAIC to Order Recall
-----------------------------------------------------------
Sanyo Electric Co., Ltd., was ordered by the Beijing
Administration for Industry and Commerce to stop selling
microwave ovens in Beijing that are made by a local joint
venture due to excessive amounts of lead found in them, Jiji
Press reports.
The report states that the Beijing authority has also ordered
Osaka-based Sanyo to recall all EM-2010EB1 microwave ovens
already sold.
Officials said that an inspection in March by the BAIC found
that the amount of lead in parts of the ovens were 30 times the
permitted level, relates Jiji Press.
Sanyo, according to the report, claims that the joint venture in
Anhui Province manufactures 80,000 microwave oven units
annually, mainly for the Chinese market.
About Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.
=========
K O R E A
=========
HYNIX SEMICON: 3Q Consolidated Revenue Up 24% to KRW2.44 Tril.
--------------------------------------------------------------
Hynix Semiconductor Inc.'s consolidated revenue for third
quarter ended September 30, 2007, increased 24% to
KRW2.44 trillion from KRW1.97 trillion.
The third quarter consolidated revenue also increased 30%
compared to the previous quarter's KRW1.87 trillion.
The increase in sales was primarily attributable to the improved
pricing environment owing to seasonal demand for both DRAM and
NAND flash in the earlier part of the quarter as well as the
Company's strategical movements to mitigate the rapid price drop
that happened during the later part of the quarter.
Such strategical movements include product mix shift to premium
products such as graphics and mobile and larger sales exposure
to long-term contract customers. As a result, the Company's
average selling price for DRAM increased 3% quarter-on-quarter.
In addition, the Company achieved 17% quarter-on-quarter bit
growth supported by the strong demand from the PC OEMs. For
NAND flash, the Company achieved 92% of bit growth which was
driven by the strong demand in the segments of video capable MP3
players and mobile phones that require high density NAND flash.
Nonetheless, such growth in bits was partially offset by 6% drop
in the average selling price.
Third quarter operating profits more than doubled to KRW254
billion from previous quarter's KRW109 billion. It is an
improvement by 133% sequentially but a drop of 44% compared to
the same period last year. Net profits for the third quarter
recorded KRW70 billion with 7% of net profit margin, sustaining
17 consecutive quarters of profits since the third quarter of
2003. Adding the depreciation and amortization expenses to the
operating profits, EBITDA came to KRW882 billion with EBITDA
margin of 36%.
Meanwhile, consolidated cash and short-term financial
instruments decreased by KRW576 billion sequentially to KRW1.2
trillion, and the total debt increased by KRW240 billion to
KRW4.4 trillion at the end of the third quarter. As a result,
debt to equity ratio and net debt to equity ratio showed 46% and
33%, respectively.
About Hynix Semiconductor Inc.
Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.
At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance. The
outlook for the ratings is stable.
On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.
The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.
HYNIX SEMICON: Creditors Plans to Sell Convertible Bonds
--------------------------------------------------------
Hynix Semiconductor Inc.'s creditors are considering to issue
convertible bonds worth between KRW500 billion to
KRW600 billion, various reports says.
Korea Exchange Bank Spokeswoman Lee Nahm Yon told Bloomberg News
that creditors are examining the company's plans to sell
convertible bonds to raise funds for capital spending next year.
The timing and exact scale of the funding are still to be
decided in detail, Reuters relates.
Bang Min Ho, a spokesman for Hynix said they are thinking of a
lot of options, Bloomberg adds.
About Hynix Semiconductor Inc.
Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.
At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance. The
outlook for the ratings is stable.
On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.
The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.
MAGNA SEMICON: Files Registration Statement for Proposed IPO
------------------------------------------------------------
MagnaChip Semiconductor has filed a registration statement on
Form S-1 with the U.S. Securities and Exchange Commission
relating to the proposed initial public offering of its common
stock. The shares of common stock to be sold in the offering
are expected to be offered by MagnaChip Semiconductor and
certain of its stockholders.
Goldman, Sachs & Co., UBS Investment Bank, Credit Suisse
Securities (USA) LLC, Citigroup Global Markets Inc. and Lehman
Brothers Inc. will serve as joint book-runners in the proposed
offering. The number of shares to be sold and the price range
for the proposed offering have not yet been determined.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not
yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time that the
registration statement becomes effective. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
The offering will be made only by means of a prospectus. Copies
of the preliminary prospectus related to the offering may be
obtained, when available, from the prospectus departments of:
-- Goldman, Sachs & Co., Attention: Prospectus Department, 85
Broad Street, New York, New York 10004, by fax at 212-
902-9316 or by e-mail at
http://prospectus-ny@ny.email.gs.com;
-- UBS Investment Bank, Attention: Prospectus Department, 299
Park Avenue, New York, New York 10171 or by phone at 212-
821-3884;
-- Credit Suisse Securities (USA) LLC, Attention: Prospectus
Department, One Madison Avenue, New York, New York 10010
or by phone at 1-800-221 1037;
-- Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
Brooklyn, New York 11220, by phone at 718-765-6732 or by
fax at 718-765-6734; and
-- Lehman Brothers Inc., c/o Broadridge, 1155 Long Island
Avenue, Edgewood, New York 11717, by e-mail at
http://qiana.smith@broadridge.comor by fax at 631-254-
7140.
About MagnaChip Semiconductor
Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices. MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs. MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents. As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.
* * *
The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC. At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:
1) B1 rating of the US$100 million five-year senior secured
credit revolver
2) B2 rating of the US$500 million aggregate floating and
fixed-rate second-priority senior secured notes due 2011
3) Caa1 rating of the US$250 million senior subordinated notes
due 2014
On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'. At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.
===============
M A L A Y S I A
===============
ARK RESOURCES: Provides Update on Restructuring Scheme
------------------------------------------------------
ARK Resources Berhad, formerly known as Lankhorst Berhad,
provided the Bursa Malaysia Securities Berhad with an update on
its approved corporate restructuring exercise pursuant to
Practice Note 17 of the Listing Requirements of Bursa Malaysia.
According to update, in line with the company's proposed
corporate restructuring scheme, the creditors of Lankhorst
Pancabumi Contractors Sdn. Bhd approved the disposal of ARK M&E
Sdn. Bhd. and ARK Development Sdn. Bhd to ARK Resources on
October 23, 2007. The creditors of Cardon Sdn. Bhd. approved on
July 19, 2007, the disposal of ARK Construction Sdn. Bhd to ARK
Resources.
Lankhorst and Cardon were placed in liquidation on May 15 and
July 19, respectively.
Presently, ARK Resources is in the midst of taking the other
steps in order to implement its restructuring scheme.
ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia. Through its
subsidiaries, the Company provides civil and geotechnical
engineering
On April 24, 2006, Lankhorst was classified as an affected
It was, therefore, required to submit and implement a plan to
listed issuer under the Bourse's Practice Note 17/2005 category.
regularize its financial condition.
FOREMOST HOLDINGS: To Hold General Meeting on Nov. 26
-----------------------------------------------------
Foremost Holdings Berhad will hold its extraordinary general
meeting on November 26, 2007, at 11:00 a.m..
At the meeting, these resolutions will be passed:
* that the company be allowed to undertake a proposed
capital reduction of its:
-- existing issued and paid up share capital from
MYR52,620,000 (comprising 52,620,000 ordinary shares of
the MYR1.00 each) to MYR26,310,000 (comprising
52,620,000 ordinary shares of MYR0.50 each), through the
cancellation of MYR0.50 from the par value of each
existing ordinary share with the credit arising from the
reduction and cancellation of MYR26,310,000 of the
issued shares' value to be applied towards setting off
and reducing an amount of MYR26,310,000 from the
company's accumulated losses as at December 31, 2006;
and
-- credit of up to MYR2,330,164 from the audited share
premium account of the company as at December 31, 2006,
of MYR3,630,164 be applied towards setting-off and
reducing an amount of MYR2,330,164 from the accumulated
losses of the Company as at December 31, 2006.
* that, subject to the passing of the first resolution, the
proposed amendments to the Memorandum and Articles of
Association of FHB, as set out in shareholders' circular,
Section 4, dated November 1, 2007, be approved and
adopted;
* that subject to the approvals of the relevant authorities
obtained, approval will be given for the exemptions of Ooi
Chieng Sim and the Person Acting In Concert from the
obligation to undertake a mandatory offer to acquire the
remaining shares in the company's issued and paid up share
capital;
* that the admission of the warrants to the Official List and
the listing of and quotation for all the new ordinary
shares of MYR0.50 each be approved and the warrants to be
issued and the new ordinary shares of the company be issued
upon exercise of those warrants; and
* that the terms of settlement be approved between the
company and CIMB Bank Berhad, whereby a sum of
approximately MYR15,400,000 owed by FHB as at Dec. 31,
2006, resulting from the crystallization of the corporate
guarantee given to CIMB Bank on the debts owing by its
subsidiary, Yaku Shin (Malaysia) Sdn Bhd pursuant to which
the company proposed to issue as full and final settlement
of the debt owed to CIMB Bank via the issuance of
15,400,000 new ordinary shares of MYR0.50 each in FHB at
par to CIMB Bank.
Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets. The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services. Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.
Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.
MBF HOLDINGS: Hong Kong Units Placed in Liquidation
---------------------------------------------------
MBf Holdings Berhad disclosed with Bursa Malaysia that its
wholly owned Hong Kong incorporated subsidiary companies,
Grogram Limited and MBf Properties Holdings (HK) Limited, were
placed under members' voluntary wind-up on November 12, 2007.
Ha Man Kit, Marcus of Room 2302, 23rd Floor, 99 Hennessy Road,
in Wan Chai, Hong Kong, was appointed as the sole liquidator of
these companies.
The wind up of Grogram and MBf Properties, which have ceased
operation, is part of the rationalization and streamlining
exercise of MBfH Group.
The liquidation of both subsidiaries will not have any material
effect on MBfH Group.
Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development. Other activity include investment holding.
The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively. The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.
The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.
OCI BERHAD: Wind-Up Petition Hearing Slated for Dec. 4
------------------------------------------------------
The High Court of Malaya at Kuala Lumpur will hear on Dec. 4,
2007, a petition to have OCI Berhad's operations wound up.
The petitioner, Transmare-Chemie (M) Sdn Bhd, had claimed
payment for the supply of goods made in February/March 2007,
amounting to MYR400,881.25.
If the petition will be upheld by the High Court, OCI would have
to make payment to Transmare.
OCI had appointed a solicitor to oppose the wind-up petition.
OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.
The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.
PUTERA CAPITAL: To Hold Annual General Meeting on Nov. 28
---------------------------------------------------------
Putera Capital Berhad will hold its annual general meeting on
November 28, 2007, at 10:00 a.m., at Room Tiara Zamrud, Hotel
Singgahsana, Persiaran Barat, Off Jalan Sultan, P.O Box 512,
46760 Petaling Jaya, in Selangor Darul Ehsan, Malaysia.
At the meeting, the members will be asked to:
-- receive the audited accounts for the year ended May 31,
2007, and the directors' and auditors' reports;
-- approve the payment of directors' fees of MYR65,333.33 for
the year ended May 31, 2007;
-- re-elect Encik Kamil bin Abdul Rahman who retires pursuant
to Article 49 of the Company's Articles of Association as
Director of the company;
-- re-elect Encik Abdul Jaliludin bin Jamalludin who retires
pursuant to Article 49 of the company's Articles of
Association as Director of the company;
-- re-elect YBhg Dato' Haji Hamzah bin Haji Ghazalli who
retires pursuant to Article 58 of the Company's Articles
of Association as Director of the company; and
-- consider and if thought fit, to pass these resolution in
accordance with section 129(6) of the Companies Act,
1965:
i. re-appoint Ching Eng Chin @ Ching Eng Ching as the
director of the company to hold office until the next
annual general meeting; and
ii. re-appoint Messrs Ernst & Young as Auditors of the
company and to authorize the directors to fix their
remuneration.
Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties. Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.
The company is classified as an Affected Listed Issuer due to
these reasons:
a) The shareholders' equity of the company on a
consolidated basis has fallen below 25% of its issued
and paid up capital as per its unaudited 3rd quarter
financial results as announced on April 28, 2006. As
such its shareholders equity is less than the minimum
issued and paid up capital.
b) The auditors have expressed a modified opinion with
emphasis on Putera's going concern in its audited
accounts as of May 31, 2005.
c) There are defaults in repayment of certain debt
obligation by Putera and its subsidiaries and Putera is
unable to provide a solvency declaration to Bursa
Malaysia Securities Berhad.
The Troubled Company Reporter-Asia Pacific reported in its
October 26, 2007 "Large Companies with Insolvent Balance Sheets"
column that Putera Capital had US$10.56 million of total assets
and US$4.70 million of stockholders' equity deficit.
====================
N E W Z E A L A N D
====================
CLEAR CHANNEL: Providence Mulls Rescinding US$1.2-Billion Deal
--------------------------------------------------------------
Clear Channel Communications Inc.'s merger agreement with
Thomas H. Lee Partners LP and Bain Capital Partners LLC
faces another complication after Providence Equity Partners
Inc. considered backing out from a US$1.2 billion deal to
acquire 56 of Clear Channel's television stations, The Wall
Street Journal reports.
The merger agreement, entered into in November 2006 by
Clear Channel and the private equity group, was approved
by Clear Channel shareholders on Sept. 25, 2007. The
transaction has yet to close pending regulatory approval.
According to WSJ, the Providence deal, although not related
to the buyout, is expected to slow down the pace of the
merger process in the event Providence walks away.
A person familiar with the transaction told WSJ that
Providence has reservations about the transaction because of
its view of the long-term prospects of Clear Channel's local
TV stations.
Providence, WSJ's source adds, may try to renegotiate the
purchase price, and should the deal fails, it would have to
pay a US$45 million break-up fee.
Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Fitch Ratings said it expects to downgrade Clear
Channel Communications Inc.'s Issuer Default Rating to 'B' from
'BB-'. The rating outlook is expected to be stable. Existing
ratings remain on rating watch negative pending the closing of
the merger transaction and review of final documentation.
=====================
P H I L I P P I N E S
=====================
GEOGRACE RESOURCES: Inks Management Services Deal with HK Firms
---------------------------------------------------------------
The Board of Directors of GEOGRACE Resources Philippines Inc.
has approved the execution of a management services agreement
with GEO Management (Hong Kong) Limited during a meeting held on
Nov. 16.
Under the agreement, GEO Management will provide specialized
management and technical services in the field of mining to
GEOGRACE and its affiliated group of mining companies.
Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.
As of Mar. 31, 2007, the company had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.
GEOGRACE RESOURCES: Moves Annual Stockholders Meeting to Jan. 18
---------------------------------------------------------------
GEOGRACE Resources Philippines Inc. has postponed its annual
stockholders' meeting from December 7, 2007, to January 18,
2008, at 2:00 pm.
The meeting will be held at the Ateneo Professionals Schools
Auditorium, #20 Rockwell Drive, in Rockwell Center, Makati City.
As reported by the Troubled Company Reporter-Asia Pacific on
October 17, 2007, only stockholders of record as of October 31
will be entitled to notice and to vote at the meeting.
Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.
As of Mar. 31, 2007, the company had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.
LAFAYETTE MINING: Rapu-Rapu Residents Seek to Shut Down Project
---------------------------------------------------------------
The residents of Rapu-Rapu, Albay, are now pursuing a petition
seeking payment of damages and the ultimate shutting down of the
Lafayette Mining Philippines Inc.'s mining project in the area.
The petition arises from the recently reported fishkill in the
area, in which Lafayette was blamed for.
In their petition, the residents claim of a massive fishkill in
the seas of Barangays Pagcolbon, Malobago, Sta. Barbara,
Carogcog and Poblacion. Because of this fishkill, the petition
says, three children were rushed to the hospital for severe
diarrhea due to food poisoning after eating poisoned seashell
from the seas of Brgy. Poblacion.
The petition also claims that the residents have lost their
livelihood because of the fishkill allegedly caused by
Lafayette's Rapu-Rapu project. They also denied the company's
earlier declarations that they have brought livelihood and
progress to the residents of Rapu-Rapu, saying that the company
hired outside personnel rather than those living in the area.
In conjunction with their request to shut down the operations of
Lafayette, the residents also clamor for the abolishment of the
Philippine Mining Act of 1995 claiming that it is anti-
Philippines and beneficial only to foreigners.
The Department of Environment and Natural Resources earlier
cleared the company of the accusations, stating that the
fishkill was isolated in an area 10 kilometers from the
company's Rapu-Rapu mining project.
Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997. Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.
The TCR-AP's "Large Companies with Insolvent Balance Sheets"
column on Nov. 16, 2007, reflected Lafayette Mining Limited as
having a US$190.86-million equity deficit, on total assets of
US$105.24 million.
METRO PACIFIC: Lists Additional 567,100 Common Shares in PSE
------------------------------------------------------------
Metro Pacific Investments Corp. has listed an additional 567,100
common shares in the Philippine Stock Exchange on November 19.
The new common shares reflect the equal number of subscription
warrant certificates that have been surrendered and converted to
common shares.
The company has now a total of 56,234,054 warrants converted.
Based in Makati City, Philippines, Metro Pacific Investments
Corp. -- http://www.mpic.com.ph/-- serves as a holding company
for Metro Pacific Corp., 96.6% of which it bought in 2006
through a tender offer to purchase majority of MPC's shares.
Metro Pacific Corporation -- http://www.metropacific.com/-- is
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines. The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.
Metro Pacific has these significant subsidiaries:
* Landco, Inc.
* Metro Tagaytay Land Co. Inc.
* Negros Navigation Co. Inc.
* Lucena Commercial Land Corporation
* First Pacific Realty Partners Corporation
* Landco Pacific Centers, Inc.
Metro Pacific Investments Corp. reported a loss of
PHP689.5 million for the year ended Dec. 31, 2006, compared with
the PHP209.151-million net income for 2005. The company had
also reported a net loss of PHP285.357 million in 2004.
PHILCOMSAT HOLDINGS: Parent Calls for Responsible Gov't Nominees
----------------------------------------------------------------
The shareholders of Philippine Communications Satellite Corp.,
which holds 80% of Philcomsat Holdings Corp., has urged
President Gloria-Macapagal Arroyo to appoint nominees that will
represent the government to the company, Balitapinoy.net
reports.
"We ask the president to please appoint responsible and
qualified people who will help the company grow rather than use
it as their personal milking cow," Erlinda Bildner,
representative of the company's shareholders, said. Ms. Bildner
then pointed out that the track record of PCGG nominees has been
marred with fraudulent corporate and banking transactions.
The company is set to hold its first shareholders' meeting today
since 2000, in which government nominees will be in attendance.
Ms. Bildner further said that PHC's equity has been depleted by
the PCGG nominees' tenure in the firm. Not only did they affect
the 2,500 shareholders of PHC from the investing public, but
diluted the value of the government's beneficial ownership in
PHC.
Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956. During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil. On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.
According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years. Philcomsat is involved in an
anomaly brought about by huge losses. The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.
RIZAL COMM'L: Lists Additional 167 Common Shares in Local Bourse
----------------------------------------------------------------
Rizal Commercial Banking Corp. has listed 167 additional common
shares in the Philippine Stock Exchange, which began trading
yesterday, November 19.
The shares reflect the 465 convertible preferred shareholders
which have been converted by its holders at a conversion ratio
of 1 common share for every 2.7736 preferred shares.
The company now has 46,300,765 common shares listed from the
conversion of convertible preferred shares.
Rizal Commercial Banking Corporation -- http://www.rcbc.com/
is a universal bank principally engaged in all aspects of
banking. It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services. In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.
On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a final rating of 'B-' to
Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million. The rating action follows the receipt of final
documents conforming to information previously received.
On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative. The outlook for RCBC's foreign currency
Not-Prime short-term deposit rating and bank financial strength
rating of E+ remains stable, the TCR-AP said.
The TCR-AP also reported on October 24, 2006, that Standard &
Poor's Ratings Services assigned its 'CCC' rating to
Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B)
US$100 million non-cumulative step-up callable perpetual capital
securities.
* Nat'l. Government Reports PHP106.809-Billion Tax Gap for 2006
---------------------------------------------------------------
The government has an estimated tax gap of PHP106.809 billion
from income tax last year due to the failure of individuals and
companies to pay the right amount of taxes, the Philippine Star
reports.
Tax gap is the difference between the amount of tax that
taxpayers should pay and the actual voluntary payment, the
article says. It can also be thought of as the sum of non-
compliance with the tax law, the article adds.
According to data from the Department of Finance, actual income
tax collections from compensation income stood at
PHP105.887 billion, PHP11.541 billion lower than the potential
tax collectibles from compensation income of PHP117.42 billion.
DOF data also show that tax collections from self-employed and
professional income stood at PHP19.722 billion in 2006,
PHP13.312 billion lower than the potential tax income tax
collection from the segment of PHP33.034 billion.
* * *
On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues. The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively. The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing. The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
=================
S I N G A P O R E
=================
LIMITED BRANDS: October 2007 Sales Drop 6% to US$644.7 Million
------------------------------------------------------------
Limited Brands, Inc. reported comparable store sales for the
four weeks ended Nov. 3, 2007 decreased 6% compared to the four
weeks ended Nov. 4, 2006.
The company reported net sales of US$644.7 million for the four
weeks ended Nov. 3, 2007, compared to sales of US$694.8 million
for the four weeks ended Oct. 28, 2006.
The company reported a comparable store sales decrease of 3% for
the 13 weeks ended Nov. 3, 2007. Net sales were US$1.9 billion
compared to net sales of US$2.1 billion last year.
The company reported a comparable store sales increase of 1% for
the 39 weeks ended Nov. 3, 2007. Net sales were US$6.8 billion
compared to net sales of US$6.6 billion last year.
Net sales in 2007 include Express sales through July 6, 2007,
the closing date of the sale of a majority interest to
affiliates of Golden Gate Capital, and Limited Stores sales
through Aug. 3, 2007, the closing date of the transfer of a
majority interest to affiliates of Sun Capital Partners.
Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork. The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy. The company has
operations in Singapore, China, Japan, South Korea, Taiwan, and
the United Kingdom.
* * *
As reported in the Troubled Company Reporter on Aug. 24, 2007,
Moody's Investors Service affirmed Tyson Foods Inc.'s ratings,
including its Ba1 corporate family rating and Ba1 probability of
default rating. The rating outlook is negative.
PACIFIC CENTURY: Posts SGD7.76MM Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Pacific Century Regional Developments Limited filed with the
Singapore Stock Exchange its financial results for the third
quarter ended September 30, 2007.
The company posted SGD7.76 million loss in the third quarter
ended Sept. 30, a 199.5%, compared to SGD2.59 million loss in
the third quarter of 2006.
For the third quarter ended Sept. 30, 2007, the company also
posted SGD630 thousand of turnover, an increase of 17.8%
compared to SGD535 thousand of turnover in the same quarter last
year.
Following the completion of the sale of PCIH, the Group’s
turnover and cost of sales now mainly relate to the operation of
its hotel in Vietnam. Net investment and other income for Q3
2007 was SGD0.01 million compared to SGD1.7 million for Q3 2006.
The decrease is mainly due to a reduction in interest income
following disposal of the Group’s interest in a property in
India for which the Group had made a loan on which interest was
previously charged.
Operating and administration expenses for Q3 2007 amounted to
SGD6.4 million compared to SGD2.2 million for Q3 2006. The
increase is mainly due to professional fees of approximately
SGD4.2 million incurred for ongoing strategic advisory services
provided in relation to PCRD’s assets, in particular its stake
in PCCW.
Net finance costs for Q3 2007 were significantly lower at SGD1.8
million compared to SGD8.9 million in Q3 2006. This reduction
is mainly due to the utilization of the proceeds from the sale
of PCIH in H1 2007 to repay borrowings.
Share of profit of associated companies for Q3 2007 was SGD58.0
million. This included the Group’s share of profit from PCCW
for H1 2007 of SGD51.5 million, compared to SGD41.6 million for
H1 2006. These results do not include the Group’s share of
results of PCCW for Q3 2007 as the Q3 results of PCCW are not
available because PCCW is not required to announce quarterly
results in Hong Kong. For the purposes of these results, the
Group’s share of PCCW Q3 2006 results is also not available for
inclusion.
The Group recorded a loss from continuing operations before
taxation of SGD7.7 million in Q3 2007 compared to a loss of
SGD9.0 million in Q3 2006. For the 9 months ended Sept. 30,
2007, the Group recorded a profit from continuing operations
before taxation of SGD355.2 million compared to SGD7.2 million
for the same period last year. The significant improvement was
due to the Group recording a net gain of SGD339.7 million
from the sale of its shares in PCIH in H1 2007.
After taking into account minority interests, the Group recorded
a loss attributable to equity holders of SGD8.5 million for Q3
2007 as compared to a loss of SGD6.2 million for Q3 2006. For
the 9 months ended Sept. 30, 2007 and 2006 the Group recorded
profits attributable to equity holders of SGD366.7 million and
SGD29.0 million respectively.
As of September 30, 2007, the company's consolidated balance
sheet showed SGD108.84 million of total assets, total
liabilities of SGD151.16 million, resulting in a shareholders'
equity deficit of SGD42.3 million.
About Pacific Century
Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India. The group's principal activities include the provision of
international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.
The Troubled Company Reporter-Asia Pacific reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.
SEE HUP SENG: Posts SGD3.6MM Net Profit in Qtr. Ended Sept. 30
--------------------------------------------------------------
See Hup Seng disclosed its financial results for the third
quarter ended September 30, 2007.
For the third quarter ended September 30, 2007, the company
posted SGD3.6 million net profit after income tax, a 193%
increase compared with SGD1.23 million net profit in the same
quarter last year.
Sales of the Group increased 243% in the third quarter largely
from the consolidation of newly acquired subsidiary, TAT
Petroleum Pte Ltd and the increase in corrosion prevention
services. The lower than expected increase in CP revenue is due
to the delay to Q42007 the arrival of vessels from our customer
for tank coating services.
Gross Profit for the Group increased from SGD3.89 million to
SGD7.38 million, an increase of SGD3.50 million or 90%. The
significant improvement is contributed by the improvement of the
operating margins and the increased sales of the corrosion
prevention segment and the consolidation of the newly acquired
subsidiary, Tat Petroleum Pte Ltd. Gross margin for Corrosion
Prevention segment in Q32007 increased to 43.7% as compared
to 39% in the corresponding period last year despite the
temporarily shortfall from tank coating contribution. Gross
margin for the distribution segment in Q32007 was lower than the
previous quarter due to the increased contribution of the lower-
margin solvents category.
As of September 30, 2007, the company's balance sheet reflected
SGD124.94 million of total assets and total liabilities of
SGD54.43 million, resulting SGD70.51 million of shareholders'
equity.
About See Hup Seng
See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods. Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding. The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.
Significant Doubt
As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed a significant doubt in the company's
ability to continue as going concern on April 7, 2006, citing
the company's losses and net current liabilities. Moore
Stephens adds that the ability of the group and the company to
continue as going concerns is dependent the company's debt
restructuring exercise.
===============
T H A I L A N D
===============
G-STEEL: Expects Annual Revenues to Climb to THB100 Bil. in 2007
----------------------------------------------------------------
G Steel PCL expects annual revenues to grow to THB100 billion
and its production capacity to rise to 5.9 million by 2009, G
Steel President Ryuzo Ogino told the Bangkok Post.
The company also plans to increase its holdings in Nakornthai
Strip Mill to 33% in March next year. Its ongoing consolidation
with NSM is expected to be completed within the next one or two
years, the Post adds.
According to G Steel's founder and chief executive officer, Dr.
Somsak Leeswadtrakul, combined revenues of both the company and
NSM are expected to be at THB38 billion this year. G Steel also
expects to increase production capacity to 3.4 milion tonnes
within two years, Dr. Somsak said, and added that increased
production capactiy will "boost [its] competitiveness in the
global market and also reduce operating costs as [G Steel]
prepare[s] for market liberalisation over the next two years."
G Steel PCL announces the refinancing agreement entered into by
its subsidiary, Oriental Access Co. Ltd., for its US$120-million
loan facility with foreign institutions for its investment in
Nakornthai Strip Mill PCL.
The loan has matured on October 30 and was temporarily extended
by the lenders until today.
Under the terms and conditions of the refinancing agreement, OA
is required to prepay US$20 million under the bridge loan
facility, which amounts to US$100 million. The facility has a
tenor of up to 30 months or until April 30, 2010, whichever is
earlier. The refinancing includes an amortization schedule with
semi-annual repayments, which will be in compliance with the
EBITDA and the existing covenants of the outstanding G Steel
Senior Unsecured Notes.
The facility has an interest of 4.5% of the principal amount
plus the Singapore Interbank Offered Rate.
Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in
different grades and gauges. G Steel is a stand-alone operating
entity with no related group companies.
On November 1, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on G Steel Public Co. Ltd.
to 'B-' from 'B+', and removed it from CreditWatch, where it was
placed with negative implications on Oct. 4, 2007. The outlook
is negative.
Standard & Poor's also lowered the long-term issue credit rating
on G Steel's US$170 million senior unsecured notes to 'B-' from
'B+' and removed it from CreditWatch, where it was placed on
Oct. 4, 2007, with negative implications.
On November 1, 2007, Moody's Investors Service lowered the
corporate family rating and senior unsecured bond rating of G
Steel Public Company Limited to B3 from B2. The outlook for
both ratings is negative.
The company is currently listed under the "Non-Performing Group"
sector of the Stock Exchange of Thailand.
LIVE INC: Posts Annual Net Loss of PHP372.032-Mil. For 2006
-----------------------------------------------------------
Live Inc. PCL has posted a THB372.032-million consolidated net
loss for the year ended December 31, 2006, an increase of 11.44%
from the THB333.855-million net loss reported for 2005.
For the January-December 2006 period, the company and its
subsidiaries earned only THB385.041 million in revenues while
incurring expenses of THB741.047 million, resulting in
PHP356.006 million in losses before interest expenses of
PHP16.906 million and income tax expenses of PHP19.537 million.
As of December 31, 2006, the company had THB706.107 million in
total assets and THB273.704 million in total liabilities,
resulting in an equity of THB432.403 million.
Going Concern Doubt
After auditing Live Inc.'s financial statements for the year
ended December 31, 2006, Chantra Wongsri-Udomporn raised
significant doubt on the company's ability to continue as a
going concern.
Ms. Chantra said that although the company and its subsidiaries
managed to cut its recurring operational losses of
THB1.289 billion to THB47.826 million by decreasing share
capital and improved its liquidity by increasing share capital
by PHP359.661 million, the new business structure and plans are
still unable to yield clearly the positive factors to the
operating result of the Company and its subsidiaries in the past
year. Moreover, the new businesses still bear material
uncertainties to some extent over their ability to operate
successfully in the future.
The going concern of the Company and its subsidiaries in the
future depends on the feasibility of the new business plan and
the effort ability to operate successfully in the future as well
as to ensure sufficient cash flow for operation, Ms. Chantra
concluded.
About Live Inc.
Live Incorporation PCL, formerly BNT Entertainment Public
Company Limited, is a Thailand-based manufacturing company. The
Company's business is categorized into four groups: radio
broadcasting, cable television broadcasting, movie production
and distribution as well as special business. The radio
broadcasting business manages The Radio 99.5 channels. The cable
television broadcasting provides services and contents under the
name Live TV with six channels nationwide. It also produces
music television program, Channel [V] Thailand. The movie
production and distribution offers various types of movies for
general theaters, home entertainment and cable television
broadcasting. It also distributes voice and motion recording on
cassette tapes, as well as video and compact discs. The special
business provides event marketing, out-of-home media and
concerts from abroad. Headquartered in Bangkok, it has seven
subsidiaries.
LIVE INC: First Quarter Loss Drops 17% to THB60.904 Million
-----------------------------------------------------------
Live Inc. PCL's consolidated net loss for the first quarter of
2007 decreased 17.44% from last year's THB73.771 million to this
year's THB60.904 million, its revised financial statements for
the period show.
For the period ending March 31, 2007, the company incurred
expenses of THB111.703 million while earning only
THB56.172 million in revenues. This has resulted to a
THB55.531 million loss before interest expenses of
THB1.178 million and income tax expenses of THB1.96 million.
As of March 31, 2007, the company had THB515.469 million in
total assets and THB122.837 million in total liabilities,
resulting in a shareholders' equity of THB392.632 million.
About Live Inc.
Live Incorporation PCL, formerly BNT Entertainment Public
Company Limited, is a Thailand-based manufacturing company. The
Company's business is categorized into four groups: radio
broadcasting, cable television broadcasting, movie production
and distribution as well as special business. The radio
broadcasting business manages The Radio 99.5 channels. The cable
television broadcasting provides services and contents under the
name Live TV with six channels nationwide. It also produces
music television program, Channel [V] Thailand. The movie
production and distribution offers various types of movies for
general theaters, home entertainment and cable television
broadcasting. It also distributes voice and motion recording on
cassette tapes, as well as video and compact discs. The special
business provides event marketing, out-of-home media and
concerts from abroad. Headquartered in Bangkok, it has seven
subsidiaries.
Live Inc. has posted a THB372.032-million consolidated net loss
for the year ended December 31, 2006, an increase of 11.44% from
the THB333.855-million net loss reported for 2005.
LIVE INC: Second Quarter Loss Drops 81% to THB63.691 Million
------------------------------------------------------------
Live Inc. PCL has posted a consolidated net loss of
THB63.691 million in its revised financial statements for the
second quarter of 2007, an 81.34% decrease from the
THB341.240-million net loss for the same period in 2006.
For the quarter ended June 30, 2007, the company and its
subsidiaries reported revenues of THB145.037 million, but its
total expenses exceeded its revenues at THB200.968 million
resulting in a THB55.930 million loss before interest expenses
of THB1.257 million and income tax expenses of THB2.916 million.
As of June 30, 2007, the company's consolidated balance sheets
show THB517.335 million in assets and THB126.136 million in
liabilities, resulting in a shareholders' equity of
THB391.198 million.
About Live Inc.
Live Incorporation PCL, formerly BNT Entertainment Public
Company Limited, is a Thailand-based manufacturing company. The
Company's business is categorized into four groups: radio
broadcasting, cable television broadcasting, movie production
and distribution as well as special business. The radio
broadcasting business manages The Radio 99.5 channels. The cable
television broadcasting provides services and contents under the
name Live TV with six channels nationwide. It also produces
music television program, Channel [V] Thailand. The movie
production and distribution offers various types of movies for
general theaters, home entertainment and cable television
broadcasting. It also distributes voice and motion recording on
cassette tapes, as well as video and compact discs. The special
business provides event marketing, out-of-home media and
concerts from abroad. Headquartered in Bangkok, it has seven
subsidiaries.
Live Inc. has posted a THB372.032-million consolidated net loss
for the year ended December 31, 2006, an increase of 11.44% from
the THB333.855 million net loss reported for 2005.
PICNIC CORP: Third Quarter Net Loss Drops 64% to THB90.394 Mil.
---------------------------------------------------------------
Picnic Corp. PCL's consolidated net loss for the third quarter
of 2007 declined 64.14% to THB90.394 million from the
THB252.097-million net loss reported for the same period in
2006.
For the July-September 2007 period, the company and its
subsidiaries earned revenues of THB3.026 billion while incurring
expenses of THB3.011 billion, resulting in a THB93.024 million
loss before interest expenses of THB103.058 million and income
tax of THB4.336 million.
The group's nine-month net loss also decreased 50.83% to
THB607.112 million this year from last year's THB1.234 billion.
For the January-September 2007 period, the company earned
revenues of PHP9.014 billion and incurred expenses of
THB9.283 billion, resulting in a THB268.961 million loss before
interest expenses of THB320.186 million and corporate income tax
of THB18.157 million.
As of September 30, 2007, the company had total assets of
THB8.034 billion and total liabilities of THB7.869 billion,
resulting in an equity of THB164.878 million. The company's
balance sheets also showed that its current liabilities of
THB5.994 billion exceeded its current assets of
THB1.835 billion.
Going Concern Doubt
After reviewing the company's 2007 third quarter financial
statements, Somchai Kurujitkosol at S.K. Accountant Services Co.
Ltd. raised significant doubt on the company's ability to
continue as a going concern.
Mr. Somchai said that the group had working capital deficits of
THB4.16 billion at September 30, 2007 and THB2.191 billion at
December 31, 2006. Mr. Somchai also said that the group has
various loans, some of which are already in default. The
company's management is now negotiating with various financial
institutions to jointly invest in the company to solve the
problem.
Mr. Somchai concluded that the company's ability to continue as
a going concern is dependent on its ability to negotiate debt
restructuring of the Company and share capital increment, as
well as on its ability to follow-up of debt collection from
trading account receivables and loans due from associated
companies.
About Picnic Corp.
Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.
WYNCOAST IND'L: 3rd Quarter Net Loss Climbs 152% to THB38.6 Mil.
----------------------------------------------------------------
Wyncoast Industrial Park PCL's consolidated income statements
showed a net loss of THB38.68 million for the third quarter of
2007, a 152.1% increase from the THB15.343-million net loss
reported for the same period in 2006.
For the quarter ended September 30, 2007, the company and its
subsidiaries reported revenues of THB30.676 million and expenses
of THB66.423 million, resulting in a THB35.747-million loss
before interest expenses of THB2.933 million.
The group also reported a 522% increase year-on-year in its
nine-month net loss, hitting THB112.877 million this year from
last year's THB18.143 million.
For the January-September 2007 period, the group reported
revenues of THB63.785 million and expenses of
THB169.487 million, resulting in a THB105.702 million loss
before interest expenses of THB7.175 million.
As of September 30, 2007, the company had total assets of
THB573.286 million and total liabilities of THB263.966 million,
resulting in an equity of THB309.32 million. The company's
equity has THB127.207 million in retained deficit.
Going Concern Doubt
After reviewing the company's third quarter and nine-month
financial statements, Ampol Chamnongwat at S.K. Accountant
Services Co. Ltd. raised points that may question the future
operations of the company.
In his opinion, Mr. Ampol cited the group's losses for the 3rd
quarter and nine-month periods ending September 30, 2007, as
well as its working capital deficit of THB183.99 million and
equity deficit of THB127.21 million.
The group also has a loan payable to financial institutions of
THB68.75 million.
The auditor also cited the working capital deficit and equity
deficits of THB104.24 million and THB127.62 million,
respectively, in the company's separate financial statements. He
also brought attention to the third-quarter and nine-month
losses in the separate financial statements of THB89.39 million
and THB113.29 million, respectively.
About Wyncoast Industrial
Wyncoast Industrial Park Public Company Limited, formerly
Capetronic International (Thailand) Public Company Limited, is a
Thailand-based company engaged in real estate development
business. The Company operates an industrial park under the name
Wyncoast Free Zone in Chachoengsao Province with the total area
of 38,566 square meters. It provides a custom free zone, which
grants certain tax and tariffs benefits, including custom
service available in the area as to reduce time and procedure
enhancing exports and imports. Its customers include investors
specializing in the combination of manufacturing, processing,
packaging - repackaging, warehousing, assembling, transshipment,
distribution centers, and exhibition centers. In addition, the
Company in also involved in the operations of railway loading
services. Wyncoast Industrial Park has three subsidiaries,
Wyncoast Service Co., Ltd., Wyncoast Logistics Co., Ltd. and
Wyncoast Transport Co., Ltd.
* BOND PRICING: For the Week 19 November to 23 November 2007
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd 8.000% 12/31/09 AUD 0.77
A&R Whitcoulls Group 9.500% 12/15/10 NZD 10.80
Antares Energy Limited 10.000% 10/31/13 AUD 1.76
Arrow Energy NL 10.000% 03/31/08 AUD 3.00
Babcock & Brown Pty Ltd 8.500% 11/17/09 NZD 9.90
Becton Property Group 9.500% 06/30/10 AUD 1.15
Bounty Industries Limited 10.000% 06/30/10 AUD 0.11
Capital Properties NZ Ltd 8.500% 04/15/09 NZD 10.50
Capital Properties NZ Ltd 8.000% 04/15/10 NZD 10.50
Cardno Ltd 9.000% 06/30/08 AUD 7.50
China Century Capital Ltd 12.000% 09/30/10 AUD 1.00
Chrome Corporation Ltd 10.000% 02/28/08 AUD 0.02
Clean Seas Tuna Ltd 9.000% 09/30/08 AUD 1.80
Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 5.10
FGL Finance 6.250% 03/17/10 AUD 7.92
First Australian 10.000% 01/31/09 AUD 0.72
Fletcher Building Ltd 8.600% 03/15/08 NZD 10.45
Fletcher Building Ltd 7.800% 03/15/09 NZD 9.15
Fletcher Building Ltd 7.550% 03/15/11 NZD 9.00
Futuris Corporation Ltd 7.000% 12/31/07 AUD 2.46
Heemskirk Consolidated
Limited 8.000% 09/30/11 AUD 3.07
Hy-Fi Securities Ltd 7.000% 08/15/08 NZD 9.90
Hy-Fi Securities Ltd 8.750% 08/15/08 NZD 10.25
IMF Australia Ltd 11.500% 06/30/10 AUD 0.80
Infrastructure & Utilities
NZ Ltd 8.500% 09/15/13 NZD 8.90
Kiwi Income Properties Ltd 8.000% 06/30/10 NZD 1.03
LongReach Group Limited 10.000% 10/31/08 AUD 0.20
Metal Storm Ltd 10.000% 09/01/09 AUD 0.12
Minerals Corp. 9.000% 03/31/08 AUD 0.95
Minerals Corp. 10.500% 09/30/08 AUD 1.00
Nylex Limited 10.000% 12/08/09 AUD 1.96
Primelife Corporation 10.000% 01/31/08 AUD 1.02
Record Funds Man 11.000% 09/01/10 AUD 50.00
Renison Consolidated
Mines N.L 10.000% 03/31/09 AUD 0.15
Salomon SB Aust 4.250% 02/01/19 USD 7.47
Silver Chef Limited 10.000% 08/31/08 AUD 1.00
Speirs Group Ltd. 13.160% 06/30/49 NZD 65.00
TrustPower Ltd 8.300% 12/15/08 NZD 9.75
TrustPower Ltd 8.500% 09/15/12 NZD 10.00
TrustPower Ltd 8.500% 03/15/14 NZD 10.00
CHINA
-----
China Govt. Bond 4.860% 08/10/14 CNY 0.00
CITIC Guoan Information
Indust. Co., Ltd 1.200% 09/14/13 CNY 68.50
Yunnan Yuntianhu Co., Ltd. 1.200% 01/29/13 CNY 74.35
JAPAN
-----
JPN Fin Muni Ent 1.700% 10/30/08 JPY 1.58
Nara Prefecture 1.520% 10/31/14 JPY 9.59
NIS Group Co., Ltd. 2.730% 02/26/10 JPY 66.79
KOREA
-----
Korea Dev. Bank 7.350% 10/27/21 KRW 46.90
Korea Dev. Bank 7.450% 10/31/21 KRW 46.86
Korea Dev. Bank 7.400% 11/02/21 KRW 46.85
Korea Dev. Bank 7.310% 11/08/21 KRW 46.80
Korea Dev. Bank 8.450% 12/15/26 KRW 70.05
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 1.21
Asian Pac Bhd 4.000% 12/21/07 MYR 1.00
Berjaya Land Bhd 5.000% 12/30/09 MYR 4.42
Bumiputra-Commerce
Holdings Bhd 2.500% 07/17/08 MYR 1.27
Eastern & Oriental Hotel 8.000% 07/25/11 MYR 2.10
Eden Enterprises (M) Bhd 2.500% 12/02/07 MYR 0.96
EG Industries Berhad 5.000% 06/16/10 MYR 0.58
Equine Capital 3.000% 08/26/08 MYR 1.80
Greatpac Holdings 2.000% 12/11/08 MYR 0.11
Gula Perak Bhd 6.000% 04/23/08 MYR 0.53
Huat Lai Resources Bhd 5.000% 03/28/10 MYR 0.53
Insas Berhad 8.000% 04/19/09 MYR 0.72
Kamdar Group Bhd 3.000% 11/09/09 MYR 0.35
Kretam Holdings Bhd 1.000% 08/10/10 MYR 1.51
Kumpulan Jetson 5.000% 11/27/12 MYR 0.50
Lebuhraya Kajang 2.000% 06/12/22 MYR 63.74
LBS Bina Group Bhd 4.000% 12/31/07 MYR 0.58
LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.52
LBS Bina Group Bhd 4.000% 12/31/09 MYR 0.52
Media Prima Bhd 2.000% 07/18/08 MYR 1.84
Mithril Bhd 8.000% 04/05/09 MYR 0.25
Mithril Bhd 3.000% 04/05/12 MYR 0.60
Nam Fatt Corporation Bhd 2.000% 06/24/11 MYR 0.57
Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.25
Pelikan International 3.000% 04/08/10 MYR 1.50
Pelikan International 3.000% 04/08/10 MYR 1.50
Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.77
Ramunia Holdings 1.000% 12/20/07 MYR 1.03
Rhythm Consolidated Berhad 5.000% 12/17/08 MYR 0.22
Rubberex Corporation Berhad 4.000% 08/14/12 MYR 0.64
Silver Bird Group Bhd 1.000% 02/15/09 MYR 0.53
Southern Steel 5.500% 07/31/08 MYR 1.62
Tenaga Nasional Bhd 3.050% 05/10/09 MYR 0.98
Tradewinds Corp. 2.000% 02/08/12 MYR 0.95
Tradewinds Plantation Berhad 3.000% 02/28/16 MYR 1.66
TRC Synergy Berhad 5.000% 01/20/12 MYR 2.10
Wah Seong Corp. 3.000% 05/21/12 MYR 6.50
WCT Land Bhd 3.000% 08/02/09 MYR 3.46
Wijaya Baru Global Berhad 7.000% 09/17/12 MYR 0.80
YTL Cement Bhd 4.000% 11/10/15 MYR 2.08
SRI LANKA
---------
Sri Lanka Govt 7.000% 10/15/11 LKR 74.03
Sri Lanka Govt 6.850% 04/15/12 LKR 71.22
Sri Lanka Govt 6.850% 10/15/12 LKR 69.03
Sri Lanka Govt 8.500% 01/15/13 LKR 73.09
Sri Lanka Govt 8.500% 07/15/13 LKR 72.38
Sri Lanka Govt 7.500% 08/01/13 LKR 69.56
Sri Lanka Govt 7.500% 11/01/13 LKR 66.79
Sri Lanka Govt 8.500% 02/01/18 LKR 68.46
Sri Lanka Govt 8.500% 07/15/18 LKR 66.83
Sri Lanka Govt 7.500% 08/15/18 LKR 61.55
Sri Lanka Govt 7.000% 10/01/23 LKR 53.36
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman,
Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***