T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, November 22, 2007, Vol. 10, No. 232 Headlines A U S T R A L I A CALSONIC AUSTRALIA: Members' Final Meeting Slated for Nov. 26 CHRYSLER LLC: Officially Seals New Labor Agreement with UAW CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007 COSTLESS CARPETS: Court Enters Liquidation Order EUREKA BIOCHEMICALS: Commences Liquidation Proceedings FLOWSERVE CORP: Selling Rail Business-Related Assets to Vossloh FRANCHI BROTHERS: Placed Under Voluntary Liquidation GEORGIA CLEARY: Members Receive Wind-Up Report ICA GROUP: Supreme Court Enters Wind-Up Order NORDISK AVIATION: Members to Receive Wind-Up Report on Nov. 23 PAUL BOWDEN: Members and Creditors to Meet on Nov. 23 RUMBERG NOMINEES: Appoints Gregory Stuart Andrews as Liquidator SCO GROUP: Court OKs Dorsey & Whitney as Special Corp. Counsel SCO GROUP: Hearing on Asset Sale Protocol Deferred to December 5 WMC 360 DEGREES: Liquidator to Give Wind-Up Report on Nov. 23 C H I N A & H O N G K O N G ACXIOM CORP: Acquires MKTG; Expands SMB Marketing Capabilities ARIMA COMPUTER: Net Loss Rises 38% in First Nine Months ARIMA: Sells Notebook and Server Businesses to Flextronics Unit ARIMA COMPUTER: Sales Rise 54.4% to TWD1.4 Billion in October B D ALUMINUM: Court to Hear Wind-Up Petition on November 28 BANK OF OVERSEAS CHINESE: Net Loss Widens 341% to TWD2.2 Billion BANK OF OVERSEAS CHINESE: To Merge with Citibank Subsidiary BANK OF OVERSEAS CHINESE: Revenues Rise 60% in October CARNIVAL IND'L: Turns Around w/ TWD23MM Income for 9-Month Pd. CARNIVAL INDUSTRIAL: October Sales Rise 12% YoY to TWD95 Million CHINA LIAONING: Insolvent by CNY320 Million at Sept. 30, 2007 CHINA TELEVISION: Incurs TWD213-Mil. Loss in First Nine Months CHINA TELEVISION: Provides Taiwanese Content for YouTube CRUISER ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 15 CTL TOOLS: Liquidator to Give Wind-up Report on December 17 EASTERN MEDIA INT'L: Fitch Downgrades & Withdraws BB Rating GUANGDONG ARTS: Creditors' Proofs of Debt Due on December 7 HING MING: Court to Hear Wind-Up Petition on December 19 HONG HO: Non-Operating Gain Drives Up Net Income to TWD137 Mil. HONG HO: Sales Reach TWD138.5 Million in October 2007 JAPAN LEASING: Creditors to Meet on December 12 KONYUEN LIMITED: Liquidator to Give Wind-up Report on December 4 LANE CRAWFORD (BEIJING): Creditors to Meet on January 4 LEALEA ENTERPRISE: Earns TWD272.1 Mil. for First Nine Months LEALEA ENTERPRISE: October Sales Rise 42.2% to TWD724.7 Million MEGA GLORY: Creditors to Meet on December 17 MERCATOR MARINE: Court to Hear Wind-Up Petition on Dec. 12 METAL COMPANY: Court to Hear Wind-Up Petition on January 2 OPTO TECH: Earns TWD21 Million for Nine Months Ended Sept. 30 OPTO TECH: Puts US$10-Million Investment in Chinese Semicon Firm OPTO TECH: October Sales Continue Falling Trend to TWD569.7MM ORIENT SEMICONDUCTOR: 9-Month Period Net Loss Widens to TWD410MM ORIENT SEMICONDUCTOR: October Sales Reach TWD779.68 Million PETROLEOS DE VENEZUELA: Gov't To Spend US$10B To Raise Output PMM TECHNOLOGY: Court to Hear Wind-Up Petition on January 2 SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on December 18 SHIHLIN PAPER: Turns Around w/ TWD243MM Profit for 1st 9 Months SHIHLIN PAPER: October Sales Total TWD160.42 Million SUNLIGHT CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 19 SUPER PANG: Court to Hear Wind-Up Petition on January 2 TAISUN ENTERPRISE: Earns TWD175 Mil. for September 2007 Quarter TAISUN ENTERPRISE: Sales Continue Rising Trend in October TAIWAN TEA: Nine-Month Net Income Drops 87.6% to TWD14.4 Million TAIWAN TEA: October Sales Fall 30.1% to TWD49.8 Million TRENDING INTERNATIONAL: Commences Liquidation Proceedings VE WONG CORP: Earns TWD3.4 Million for First Nine Months of 2007 VE WONG CORP: October Sales Hit TWD157.6 Million WILSON DRAYAGE: Creditors' Proofs of Debt Due on December 15 I N D I A AES CORP: Moody's LGD Point Estimate Revision Won't Affect Rtgs. CANARA BANK: Net Profit Up 11% in Qtr. Ended Sept. 30, 2007 DECCAN AVIATION: Talks of Reverse Merger Lifts Stock by 23.3% DCM SHIRAM: Weak Sugar Scenario Cues CRISIL to Cut Rating to BB+ DCM SHIRAM: Posts INR1.44 Bil. Loss in Qtr. Ended Sept. 30 DUERR AG: Earns EUR5.7 Million for Nine Months Ended Sept. 30 GERDAU SA: Acquires Quanex for US$1.67 Billion GERDAU SA: Makes Offer for Employee's Stake in Units PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB SUN MICROSYSTEMS: Partners with Zeus Tech to Offer Traffic Mgmt. I N D O N E S I A BANK UOB BUANA: To Merge With PT UOB Indonesia BANK CENTRAL: To Pay IDR55/Share 2007 Interim Dividend on Dec. 4 BANK INTERNASIONAL: UBS AG London Branch Buys Shares BANK MANDIRI: Increases 2007 Net Profit Target to IDR4 Trillion BANK NEGARA: Gets US$75-Million Loan From Sumitomo Mitsui BANK NEGARA: To Sell Stake in Bank Finconesia for US$57.60 Mil. INDOSAT: Moody's Says KPPU Ruling Won't Impact LCC Family Rating PT INCO: Says No Impact of Employees Strike on Output Goal TELKOMSEL: Moody's Says KPPU Ruling Won't Impact Rating * R&I Upgrades Indonesia's FC Issuer Rating to BB+ J A P A N ADVANCED MEDICAL: Names Richard Meier as President BOMBARDIER RECREATIONAL: Moody's Withdraws Ratings on Term Loans DELPHI CORP: Reaches Agreement with Investors on Plan Amendments FORD MOTOR: Names Tata, Mahindra & One Equity as Final Bidders FORD MOTOR: S&P Holds 'B' Rating and Removes Positive Watch KRATON POLYMERS: Moody's Affirms B1 Corporate Family Rating NIPPON SHEET: Posts JPY51.5-Bil. Net Income for 2007 First Half NUANCE COMMS: Posts US$3.4 Mil. Net Loss in Qtr. Ended Sept. 30 XEROX CORP: Solid Position Prompts Moody's to Lift Ratings XEROX CORP: Declares US$0.0425 Per Share Quarterly Dividend K O R E A EUGENE SCIENCE: Shipments to Archer Daniels Doubles 3Q Revenue DURA AUTOMOTIVE: U.S. Trustee Objects to Chapter 11 Plan DURA AUTOMOTIVE: Noteholders Support U.S. Trustee's Objections DURA AUTOMOTIVE: Second Lien Group Objects to Chapter 11 Plan HANAROTELECOM: S&P Places 'BB' LTC Credit Rating on Creditwatch HANAROTELECOM: Fitch Places 'BB' LTFC Rating on Positive Watch TOWER AUTOMOTIVE: Reaches Settlement Resolving Michigan's Claim TRIGEM COMPUTER: Representatives File 3RD Section 1518(1) Report M A L A Y S I A AVAYA INC: Moody's Places Corporate Family Rating at B2 MYCOM BHD: Turns Around w/ MYR1.4-Mil. Net Profit in 3rd Quarter OLYMPIA INDUSTRIES: Subsidiary Receives Wind-Up Petition SELOGA HOLDINGS: Posts MYR1.6MM Net Loss in Qtr. Ended Sept. 30 SINORA: Posts MYR1.4-Mil. Net Profit in Qtr. Ended Sept. 30 TANCO HOLDINGS: Enters Into Facility Deal with Lehman Brothers TECHVENTURE BHD: Sept. 30 Balance Sheet Upside-Down by MYR33MM N E W Z E A L A N D BLIS TECHNOLOGIES: Says It Is On Track; Remains Optimistic BRUMAC ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 22 CER GROUP: Brings Evan Davies to Board as Non-Executive Director GREAT SOUTH: Shareholders Resolve to Liquidate Business HERITAGE GOLD NZ: Registers Prospectus and Investment Statement HOWICK LAND: Commences Wind-Up Proceedings ICARUS TOTAL: Taps Parsons and Kenealy as Liquidators IMPACT PLASTERING: Subject to CIR's Wind-Up Petition L C PROPERTY: Appoints Parsons and Kenealy as Liquidators MCM QUALITY: Creditors' Proofs of Debt Due on December 3 RAKIURA GROUP: Fixes Dec. 14 as Last Day to File Proofs of Debt SETTLEMENT BEVERAGE: Placed Under Voluntary Liquidation STEWART ISLAND: Creditors' Proofs of Debt Due on Dec. 14 P H I L I P P I N E S LAPANDAY AGRICULTURAL: High Costs Cue Retrenchment of Workers PHILCOMSAT HOLDINGS: Delayed Financials Cue Trading Suspension PHIL NAT'L CONSTRUCTION: PSE Bars Stocks on Delayed Financials SAN MIGUEL: Board Approves Plan to Bid in PNOC-EDC Privatization WELLEX INDUSTRIES: Elects Board, Officers and External Auditors * Government's October Deficit Dips to PHP1.5 Billion * Peso Continues To Rise Amidst Tumble in Wall Street Stocks S I N G A P O R E ADVANCED MICRO: Secures US$622 Mln Investment from Mubadala Unit ATOP HOLDINGS: Court to Hear Wind-Up Petition on Nov. 30 EMC BUILDING: Wind-Up Petition Hearing Set for Nov. 30 FLEXTRONICS: Unit Buys Arima's Notebook and Server Businesses GERMAN DISTRICENTRE: Creditors' Proofs of Debt Due on Dec. 3 MINAMI ENGINEERING: Court to Hear Wind-Up Petition on Nov. 30 SILKROUTE VENTURES: Creditors' Proofs of Debt Due on Dec. 16 T H A I L A N D ADKINSON SECURITIES: Merrill Lynch Buys 99% of Apex Securities DOLE FOOD: To Pay US$2.5 Million in Punitive Damages KRUNG THAI: Aims 5% Growth in Loans Next Year SR TELECOM: Files for Creditor Protection Under CCAA SR TELECOM: Incurs CDN$30.8-Million Deficit at September 30 TRUE CORP: Expects to Spend THB8-THB10 Bil. for Expanding Units - - - - - - - - ================= A U S T R A L I A ================= CALSONIC AUSTRALIA: Members' Final Meeting Slated for Nov. 26 ------------------------------------------------------------- A final meeting will be held for the members of Calsonic Australia Pty. Ltd. on November 26, 2007, at 10:00 a.m. At the meeting, Salvatore Algeri and Timothy B Norman, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. The company commenced liquidation proceedings on June 12, 2007. The Liquidators can be reached at: Salvatore Algeri Timothy B Norman Deloitte Touche Tohmatsu 180 Lonsdale Street Melbourne, Victoria 3000 Australia Telephone:(03) 9208 7000 About Calsonic Australia Calsonic Australia Pty Ltd is a distributor of industrial and commercial machineries and equipments. The company is located at Port Melbourne, in Victoria, Australia. CHRYSLER LLC: Officially Seals New Labor Agreement with UAW ----------------------------------------------------------- Leaders of Chrysler LLC and the United Auto Workers union officially sealed a new four-year national labor agreement at a signing ceremony Monday, Nov. 19, 2007 in Detroit, Michigan. After the contract was signed, top members of the bargaining teams -- UAW President Ron Gettelfinger, Chrysler Vice Chairman and President Tom LaSorda, UAW Vice President General Holiefield, and Chryler Senior Vice President Employee Relations John Franciosi -- shook hands, officially ending the process that began last spring. As reported in the Troubled Company Reporter on Oct. 31, 2007, Chrysler confirmed that on Oct. 27, 2007, a new Chrysler-UAW 2007 national labor agreement, in response to UAW's ratification results. UAW members voted to ratify the new collective bargaining agreement with Chrysler, with 56% votes in favor of the four- year pact among production workers, and 51% in favor among skilled trades workers. About 94% of office and clerical workers voted in favor of the agreement, and 79% of UAW- represented Chrysler engineering workers approved the contract. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007 ------------------------------------------------------------- Chrysler LLC's Jeep(R) brand sales outside North America have grown 15 percent in 2007, and the brand led Chrysler LLC sales outside North America with 79,520 units sold through October. The Company's International sales increased 14 percent (19,797 units) for the month and were up 18 percent for the year (196,626 units). That added a 29th month to the Company's record of consecutive months of year-over-year sales increases. Markets with a growing auto industry have been promising for Chrysler. Through October 2007, sales in regions such as Asia Pacific, Latin America and the Middle East have seen growth of 17 percent, 25 percent and 65 percent respectively. The increased sales in emerging markets, especially China, Brazil and Russia, have contributed significantly to the Company's overall growth outside North America. "It is important to recognize opportunities outside North America to balance the impact any one region can have on the business," said Michael Manley, Executive Vice President - International Sales, Marketing and Business Development. Mr. Manley added "Our focus on growth is not only to increase sales internationally, but also to ensure that the growth is balanced among the Company's three brands. Our continued focus must be on developing great products that are appropriate for our markets, world-class quality and the development of the most competitive distribution channels." Year-to-date, Jeep has claimed the place as top-Chrysler LLC selling brand with 79,520 units sold, an increase of 15 percent over the same time period last year. Many of the recently- introduced products for the brand have been posting solid sales. The all new Jeep Wrangler has doubled the sales of it predecessor model, and Grand Cherokee continues to gather strong sales numbers ranking it as the number-two selling vehicle for Chrysler LLC outside North America. "The expanded portfolio for the Jeep brand has resulted in a sales increase of more than 10,000 units so far this year, and established it as the Company's highest volume brand outside North America," said Thomas Hausch, Vice President - International Sales. "Replacements for existing models, such as Grand Cherokee and Wrangler have been very well received; and this month in Morocco, we are launching the all-new Jeep Cherokee to International markets, which we believe will help the brand grow its global presence even further. Overall, with 197,000 units sold year to date, we have already surpassed the total calendar year sales for 2005, and Jeep has contributed significantly to this accomplishment." About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. Chrysler is a unit of Cerberus Capital Management. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. COSTLESS CARPETS: Court Enters Liquidation Order ------------------------------------------------ The Supreme Court of New South Wales, on September 28, 2007, entered an order directing the wind-up of Costless Carpets Pty Ltd's operations. Steven Nicols was named as liquidator. The Liquidator can be reached at: Steven Nicols Level 2, 350 Kent Street Sydney, New South Wales 2000 Australia About Costless Carpets Costless Carpets Pty Ltd operates floor covering stores. The company is located at Bonnyrigg, in New South Wales, Australia. EUREKA BIOCHEMICALS: Commences Liquidation Proceedings ------------------------------------------------------ During a general meeting held on September 26, 2007, the members and creditors of Eureka Biochemicals Pty Ltd resolved to voluntarily liquidate the company's business. Gregory Stuart Andrews was appointed as liquidator. The Liquidator can be reached at: Gregory Stuart Andrews G S Andrews & Associates 22 Drummond Street Carlton, Victoria 3053 Australia Telephone:(03) 9662 2666 Facsimile:(03) 9662 9544 About Eureka Biochemicals Eureka Biochemicals Pty Ltd is a distributor of drugs, drug proprietaries and druggists' sundries. The company is located at Melbourne, in Victoria, Australia. FLOWSERVE CORP: Selling Rail Business-Related Assets to Vossloh --------------------------------------------------------------- Flowserve Corporation has reached a tentative agreement to sell the rail business related assets of its wholly owned Australian subsidiary Thompsons Kelly & Lewis Pty Ltd., to Vossloh AG. Terms of the sale were not disclosed. The transaction is expected to be finalized by mid-December and is subject to approval by Vossloh AG's Supervisory Board. The TKL rail operations are a part of Flowserve's Australian pump business. Rail assets that are part of the sale include those at Castlemaine, Orange and Kewdale. Total revenue in 2006 related to these assets was approximately US$11 million. The affected rail assets were originally acquired when Flowserve purchased TKL in 2004. Based on Flowserve's current set of core strategies in the fluid motion and control industry, these assets were considered non-core to the business. The pump assets at TKL, however, remain a core part of Flowserve. TKL rail is a leading rail switch brand in Australia and is known for its product quality and expertise. The rail business currently is experiencing growth based on the demand for rail infrastructure in the country. "A strategic divestiture of this nature to a company whose core operations are more strongly aligned with the rail business should offer better future opportunities for the business in market share, capital investment and access to technology," said Lewis Kling, Flowserve President and CEO. The company will operate as Vossloh Cogifer Australia. About Flowserve Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) -- http://www.flowserve.com/-- provides fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 20, 2007, Moody's Investors Service affirmed Flowserve Corporation's corporate family rating at Ba3 and probability of default at B1. Moody's also affirmed the Ba2 rating to the company's senior secured term loan and assigned a Ba2 rating to Flowserve's senior secured revolving credit facility. FRANCHI BROTHERS: Placed Under Voluntary Liquidation ---------------------------------------------------- Franchi Brothers Pty Ltd went into liquidation on October 8, 2007. Gregory John Shilton was then named as liquidator. The Liquidator can be reached at: Gregory John Shilton Gregory J Shilton & Co Suite 4, 58 Dow Street South Melbourne, Victoria 3205 Australia About Franchi Brothers Franchi Brothers Pty Ltd provides plumbing, heating and air- conditioning services. The company is located at Toorak, in Victoria, Australia. GEORGIA CLEARY: Members Receive Wind-Up Report ---------------------------------------------- The members of Georgia Cleary Pty Limited met on November 19, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: J. F. Taylor c/o WHK Horwath Sydney Australia About Georgia Cleary Georgia Cleary Pty Limited deals with real estate agents and managers. The company is located at Paddington, in New South Wales, Australia. ICA GROUP: Supreme Court Enters Wind-Up Order --------------------------------------------- On September 21, 2007, the Supreme Court of New South Wales entered an order directing the winding up of Ica Group Pty Ltd's operations. Steven Nicols was appointed as liquidator. The Liquidator can be reached at: Steven Nicols Level 2, 350 Kent Street Sydney, New South Wales 2000 Australia About Ica Group Ica Group Pty Ltd is a land subdivider and developer, except for cemeteries. The company is located at St Ives, in New South Wales, Australia. NORDISK AVIATION: Members to Receive Wind-Up Report on Nov. 23 -------------------------------------------------------------- The members of Nordisk Aviation Products Australia Pty Ltd will meet on November 23, 2007, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Lord PKF Chartered Accountants Level 10, 1 Margaret Street Sydney, New South Wales 2000 Australia About Nordisk Aviation Nordisk Aviation Products Australia Pty Limited operates repair shops and provides related services. The company is located at St Peters, in New South Wales, Australia. PAUL BOWDEN: Members and Creditors to Meet on Nov. 23 ----------------------------------------------------- Paul Bowden Productions Pty Ltd will hold a meeting for its members and creditors on November 23, 2007, at 10:40 a.m. At the meeting, Bruce Mulvaney, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The company commenced voluntary liquidation on December 7, 2006. The Liquidator can be reached at: Bruce Mulvaney Bruce Mulvaney & Co 1st Floor, 613 Canterbury Road Surrey Hills, Victoria 3127 Australia Telephone:(03) 9896 9000 Facsimile:(03) 9896 9001 About Paul Bowden Paul Bowden Productions Pty Ltd, which is also trading as Melbourne Kung Fu & Tai Chi Academy, provides amusement and recreation services. The company is located at Collingwood, in Victoria, Australia. RUMBERG NOMINEES: Appoints Gregory Stuart Andrews as Liquidator --------------------------------------------------------------- During a general meeting held on October 11, 2007, the members of Rumberg Nominees Pty Ltd agreed to voluntarily liquidate the company's operations. Gregory Stuart Andrews was named liquidator for the company. The Liquidator can be reached at: Gregory Stuart Andrews G S Andrews & Associates 22 Drummond Street Carlton, Victoria 3053 Australia Telephone:(03) 9662 2666 Facsimile:(03) 9662 9544 About Rumberg Nominees Rumberg Nominees Pty Ltd is a distributor of durable goods. The company is located at Elsternwick, in Victoria, Australia. SCO GROUP: Court OKs Dorsey & Whitney as Special Corp. Counsel -------------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. obtained authority from the United States Bankruptcy Court for the District of Delaware to employ Dorsey & Whitney LLP as their special corporate and securities counsel, nunc pro tunc to Sept. 14, 2007. As reported in the Troubled Company Reporter on Nov. 1, 2007, Dorsey & Whitney is expected to: a. advise and counsel the Debtors with respect to their responsibilities in complying with the requirements of regulatory authorities and general corporate matters; b. give advice with respect to continued compliance with securities matters, specifically with respect to the Debtors' continued compliance with the Securities Act of 1033 and the Securities and Exchange Act of 1934, including the preparation and filing of quarterly and annual reports required by federal law that will be necessary during the pendency of the cases; c. give advice with respect to general corporate governance, transactional, finance, labor and employment, and other related general outside counsel matters; and d. assist lead bankruptcy counsel as may be needed to protect the interests of the estates in all matters pending before the Court. The Debtors will pay the firm at its standard hourly rate. Professional Designation Rate ------------ ----------- ---- Nolan S. Taylor, Esq. Partner US$440 Devan Padmanabhan, Esq. Partner US$495 Eric Lopez Schnabel, Esq. Partner US$450 Samuel P. Gardner, Esq. Partner US$330 David Marx, Esq. Associate US$270 In addition, Dorsey had unbilled fees and expenses owed by the Debtors totaling US$53,128 and other expenses already billed totaling US$1,622. Prior to the bankruptcy filing, Dorsey received a US$100,000 retainer, however Dorsey was not able to issue an invoice for its unbilled expenses. The Debtors and Dorsey has requested for authority to apply the unbilled claim against the retainer and the remainder of the retainer against fees approved for payment pursuant to Court orders. The Debtors believe that the employment of Dorsey & Whitney is necessary and in the best interest of the Debtors' estates. The firm can be reached at: Nolan S. Taylor, Esq. Dorsey & Whitney LLP 170 South Main Street, suite 900 Salt Lake, Utah http://www.dorsey.com/ About The SCO Group Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SCO GROUP: Hearing on Asset Sale Protocol Deferred to December 5 ---------------------------------------------------------------- The hearing to consider approval of the procedures governing the sale of The SCO Group Inc. and SCO Operations Inc.'s business has been rescheduled to Dec. 5, 2007, at 10:00 a.m. The hearing was originally set for Nov. 16, at 4:00 p.m. As reported in the Troubled Company Reporter on Nov. 9, 2007, the Debtors sought authority from the U.S. Bankruptcy Court for the District of Delaware to sell certain of their assets to JGD Management Corp., dba York Capital Management, subject to higher and better offers. The assets for sale are: -- the Debtors' Unix operating system; -- certain related claims in litigation; as well as -- certain transfer, cross-license and related agreements pertaining to the Hipcheck product line and Me Inc. Mobile intellectual property owned by Me Inc., a non-debtor affiliate. Pursuant to an asset purchase agreement dated Oct. 22,2007, JGD offered to buy the assets for US$36,000,000 and agreed to post an earnest money deposit of US$1,800,000 or 5% of the purchase price. To participate in the auction, competing bids must accompany a good faith cash deposit of not less than US$1,800,000. In the event a competing bid outbids JGD's offer, JGD will be entitled to an all cash breakup fee of US$780,000 plus reimbursement of expenses incurred up to US$300,000. Court documents did not disclose specific date and place of the auction. IBM and Novell Object The proposed sale is facing opposition from creditors International Business Machines Corporation and Novell Inc. IBM told the Court that the Debtors' proposed procedure for the sale is deficient and that the bidder protections are based on a misleading characterization of the purchase price. IBM argued that the sale is improper and itself cannot be approved because the Debtors propose to sell assets they don't own. Additionally, Novell contended that the sale is "ill-advised at every level." According to Novell, the Debtors have not "established an adequate justification for emergency consideration of the proposed sale on shortened notice, relying instead on unsubstantiated claims of urgent circumstances allegedly dictated by" JGD. About The SCO Group Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. WMC 360 DEGREES: Liquidator to Give Wind-Up Report on Nov. 23 ------------------------------------------------------------- WMC 360 Degrees Pty. Ltd., which is in liquidation, will hold a meeting for its members and creditors on November 23, 2007, at 10:30 a.m. At the meeting, R. G. Mansell, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: R. G. Mansell R.G. Mansell & Associates Level 3, 118 Queen St Melbourne Australia About WMC 360 Degrees WMC 360 Degrees Pty Ltd provides business services. The company is located at South Melbourne, in Victoria, Australia. ================================ C H I N A & H O N G K O N G ================================ ACXIOM CORP: Acquires MKTG; Expands SMB Marketing Capabilities -------------------------------------------------------------- Acxiom(R) Corporation has expanded its consumer and business data assets and marketing capabilities within small and medium business markets through the acquisition of MKTG Services, Inc., an affiliate of CBCInnovis. The acquisition pairs Acxiom -- a global leader in customer information management and technology -- with MKTG Services, which has 35 years of direct marketing data compilation and marketing services experience. MKTG Services' key areas of expertise include marketing solutions for credit risk, bankruptcy identification, turnkey marketing systems, data sales and data processing services. MKTG Services' management team, led by Senior Vice President Stacey Girt, will join Acxiom to provide leadership for the MKTG Services team. The MKTG Services sales team will remain intact as well to carry on the exceptional customer care to which MKTG Services' clients are accustomed. The customers will continue to benefit from access to the most comprehensive and accurate marketing information and data services in the industry. "MKTG Services not only compiles data, but also develops new marketing solutions that will complement Acxiom's existing capabilities," said Alex Dietz, Acxiom Information Products Division Leader. "This acquisition also brings us an experienced sales force that specializes in compiled data sales, list brokerage and data processing services that support a strong client base, as well as new data assets to integrate with Acxiom InfoBase-X(TM)." "Our experience in helping clients grow and develop loyal relationships with customers mirrors the work that Acxiom has done for many years," Ms. Girt said. "We believe that we will be able to broaden and deepen our database marketing and analytics services to clients by leveraging Acxiom's data and solutions." MKTG Services' headquarters are in Newtown, Pa., with offices in Florida and New York. Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Europe, Australia and China. Acxiom has a team of specialists with sales and business development associates based in the largest Latin American markets: Brazil, Argentina and Mexico. * * * As reported in the Troubled Company Reporter on Oct. 3, 2007, Standard & Poor's Ratings Services said its 'BB' corporate credit rating on Little Rock, Arkansas-based Acxiom Corp. remains on CreditWatch with negative implications, where it was placed on May 17, 2007. At the same time, S&P also placed the 'BB' senior secured debt ratings on CreditWatch with negative implications, because the debt will no longer be refinanced as part of the LBO financing. ARIMA COMPUTER: Net Loss Rises 38% in First Nine Months ------------------------------------------------------- Arima Computer Corp. reported a net loss of TWD1.7 billion for the nine months ended Sept. 30, 2007, 38.0% higher than the TWD1.2-billion net loss reported for the nine-month period ended Sept. 30, 2006. The company's sales totaled TWD14.0 billion, while cost of goods sold and selling, general and administrative expenses totaled TWD13.6 billion and TWD808.9 million, respectively, resulting in an operating loss of TWD399.2 million, 27.4% less than the operating loss of TWD550.0 million a year earlier. The company, however, almost doubled its net non-operating loss from TWD604.8 million for the January-September 2006 period to TWD1.2 billion for the period in review. Taiwan-based Arima Computer Corp. -- http://www.arima.com.tw/index.asp-- is engaged in the design, manufacture and distribution of notebook computers and peripherals, as well as related components. The company has design centers in Arima in Taiwan, United Kingdom, Switzerland, Russia, the United States, Japan and China, and it distributes its products in the domestic market and to overseas markets, including the rest of Asia, the Americas and Europe. The company has incurred annual net losses of TWD902.0 million, TWD1.9 billion, TWD1.8 billion, and TWD2.0 billion for the years ended Dec. 31, 2003 through 2006. ARIMA: Sells Notebook and Server Businesses to Flextronics Unit --------------------------------------------------------------- Arima Computer Corp.'s board of directors decided, on Nov. 12, 2007, to sell the company's notebook- and server-related businesses to Flextronics Computing Sales and Marketing Ltd., Digitimes reports. The report says that the transaction is expected to be completed in the first quarter of 2008. Reuters Key Developments explains that Arima will sell at book value, plus US$59.5 million: i. the specific liabilities and assets, including operation, factories, dormitories, equipment, products, technology, customers of notebook and server; ii. all equities of Arima Computer (Japan) Corporation, Arima Computer (Texas) Corporation, Arima Computer (U.K.) Ltd. and Arima Computer (California) Corporation. Reuters adds that if Flextronics obtains certain business volume from the operations above, Flextronics should pay the company additional US$10.5 million. Digitimes relates that after the transfer, Arima will strengthen its investment business, while focusing on the communication, optoelectronics and energy saving industries, said Stephen Lee, president of Arima. Flextronics Computing Sales is a subsidiary of Flextronics International. About Flextronics International Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. About Arima Computer Taiwan-based Arima Computer Corp. -- http://www.arima.com.tw/index.asp-- is engaged in the design, manufacture and distribution of notebook computers and peripherals, as well as related components. The company has design centers in Arima in Taiwan, United Kingdom, Switzerland, Russia, the United States, Japan and China, and it distributes its products in the domestic market and to overseas markets, including the rest of Asia, the Americas and Europe. The company has incurred annual net losses of TWD902.0 million, TWD1.9 billion, TWD1.8 billion, and TWD2.0 billion for the years ended Dec. 31, 2003 through 2006. ARIMA COMPUTER: Sales Rise 54.4% to TWD1.4 Billion in October ------------------------------------------------------------- Arima Computer Corp.'s sales for October 2007 rose 54.4% year- on-year to TWD1.4 billion from TWD921.9 million, according to data obtained from Bloomberg News. The company's year-to-date sales reached TWD15.4 billion, 24.0% better than the TWD12.4-billion sales a year earlier. The company's September 2007 sales also rose 82.9% year-on-year to TWD1.8 billion. Taiwan-based Arima Computer Corp. -- http://www.arima.com.tw/index.asp-- is engaged in the design, manufacture and distribution of notebook computers and peripherals, as well as related components. The company has design centers in Arima in Taiwan, United Kingdom, Switzerland, Russia, the United States, Japan and China, and it distributes its products in the domestic market and to overseas markets, including the rest of Asia, the Americas and Europe. The company has incurred annual net losses of TWD902.0 million, TWD1.9 billion, TWD1.8 billion, and TWD2.0 billion for the years ended Dec. 31, 2003 through 2006. B D ALUMINUM: Court to Hear Wind-Up Petition on November 28 ----------------------------------------------------------- The High Court of Hong Kong will convene at 9:30 a.m. on November 28, 2007, to hear a petition seeking to have the operations of B D Aluminum wound up. OG Development Company Limited filed the petition on August 16, 2007. The petitioners' solicitor can be reached at: Clyde & CO 18th Floor, CITIC Tower 1 Tim Mei Avenue Central, Hong Kong BANK OF OVERSEAS CHINESE: Net Loss Widens 341% to TWD2.2 Billion ---------------------------------------------------------------- Bank of Overseas Chinese incurred a net loss of TWD2.2 billion for the nine months ended Sept. 30, 2007, a 340.8% increase from the TWD510.4-million net loss recorded for the nine months ended Sept. 30, 2006. The bank reported a net interest income of TWD2.6 billion on interest income of TWD6.2 billion and interest expense of TWD3.7 billion. Provisions on doubtful debts, however, amounted to TWD1.8 billion while other operational losses amounted to TWD1.5 billion. Operating expenses also totaled TWD2.5 billion, pushing the bank's operating losses to TWD2.1 billion. Headquartered in Taipei, Taiwan, Bank of Overseas Chinese -- http://www.booc.com.tw/-- is a commercial bank that provides a range of financial services and products for individuals and corporations. The bank has had four consecutive net losses of TWD1.4 billion, TWD2.5 billion, TWD783.4 million, and TWD1.3 billion for the years ended Dec. 31, 2003 through 2006. BANK OF OVERSEAS CHINESE: To Merge with Citibank Subsidiary ----------------------------------------------------------- Bank of Overseas Chinese will merge with a subsidiary of Citibank N.A. -- Citibank Overseas Investment Corporation -- for a consideration price of TWD11.63 per share, Reuters Key Developments relates. The final price is lower than the TWD11.80 per share agreed on by Citibank and Bank of Overseas Chinese on April 9, 2007. In its Web site, Citibank explains that it had received approval from the board of directors of Bank of Overseas Chinese to proceed with the acquisition of 100% of the Taiwan bank for approximately TWD14.1 billion, via a cash-out merger, at a price of TWD11.80 (US$0.36) per share in cash. The Citibank statement further relayed that a group of major shareholders, including Polaris Securities Co., Ltd., Far Glory Life Insurance Co., Ltd. and APEX International Financial Engineering Research & Technology Co., Ltd., has agreed to vote in favour of the proposed transaction, in a shareholders' meeting to be held by BOOC. The operations of Citi Taiwan and BOOC will be combined following the consummation of the merger. Citibank relates that the combination of Citi Taiwan and BOOC will create a combined business with 66 branches and assets of US$22.8 billion, making it the largest international bank and 13th largest among all domestic Taiwan banks by total assets. Headquartered in Taipei, Taiwan, Bank of Overseas Chinese -- http://www.booc.com.tw/-- is a commercial bank that provides a range of financial services and products for individuals and corporations. The bank has had four consecutive net losses of TWD1.4 billion, TWD2.5 billion, TWD783.4 million, and TWD1.3 billion for the years ended Dec. 31, 2003 through 2006. BANK OF OVERSEAS CHINESE: Revenues Rise 60% in October ------------------------------------------------------ Bank of Overseas Chinese's revenues in October 2007 rose 60.1% year-on-year to TWD353.1 million from TWD220.5 million, according to data obtained from Bloomberg News. The bank's year-to-date revenues amounted to TWD2.2 billion, down 12.4% year-on-year. The bank's revenues in September 2007 also rose 31.9% year-on- year to TWD295.3 million. Headquartered in Taipei, Taiwan, Bank of Overseas Chinese -- http://www.booc.com.tw/-- is a commercial bank that provides a range of financial services and products for individuals and corporations. The bank has had four consecutive net losses of TWD1.4 billion, TWD2.5 billion, TWD783.4 million, and TWD1.3 billion for the years ended Dec. 31, 2003 through 2006. CARNIVAL IND'L: Turns Around w/ TWD23MM Income for 9-Month Pd. -------------------------------------------------------------- Carnival Industrial Corporation reported a net income of TWD23.3 million for the nine months ended Sept. 30, 2007, a turnaround from the TWD48.1-million net loss recorded for the nine months ended Sept. 30, 2006. The company reported net sales of TWD885.2 million, which translated to an operating loss of TWD142.8 million for the period in review, a 23.0% improvement against the TWD185.4-million operating loss recorded a year earlier. The company reported a net non-operating gain of TWD176.5 million for the period in review. Taipei, Taiwan-based Carnival Industrial Corporation -- http://www.carnival.com.tw/-- manufactures and trades apparels, as well as the aparel agency business. The company distributes its products within the domestic and to overseas markets, including the Americas. The company has suffered three consecutive net losses of TWD293.2 million, TWD678.7 million, and TWD139.6 million for the years ended Dec. 31, 2004 through 2006. CARNIVAL INDUSTRIAL: October Sales Rise 12% YoY to TWD95 Million ---------------------------------------------------------------- Carnival Industrial Corporation's sales in October 2007 rose 12.0% year-on-year to TWD94.7 million from TWD84.5 million, according to data obtained from Bloomberg News. The company's year-to-date sales amounted to TWD981.3 million, a 35.0% fall year-on-year from TWD1.5 billion. The company's September sales fell 44.0% to TWD81.2 million, while August sales also fell 62.7% to TWD91.2 million. Taipei, Taiwan-based Carnival Industrial Corporation -- http://www.carnival.com.tw/-- manufactures and trades apparels, as well as the aparel agency business. The company distributes its products within the domestic and to overseas markets, including the Americas. The company has suffered three consecutive net losses of TWD293.2 million, TWD678.7 million, and TWD139.6 million for the years ended Dec. 31, 2004 through 2006. CHINA LIAONING: Insolvent by CNY320 Million at Sept. 30, 2007 ------------------------------------------------------------- China Liaoning International Cooperation (Group) Holdings Ltd. reported a net loss of CNY0.6 million for the third quarter of 2007. Sales for the quarter in review amounted to CNY43.6 million, while operating expenses amounted to CNY43.9 million, giving the company an operating loss of CNY0.4 million. As of Sept. 30, 2007, the company's balance sheet had total assets of CNY151.7 million and total liabilities of CNY471.3 million, resulting in a capital deficiency of CNY319.5 million. Based in Shenyang, Liaoning, China, China Liaoning International Cooperation (Group) Holdings Ltd. -- http://www.cn-clic.com/-- is an investment holding company. Thorugh its subsidiaries, the company undertakes domestic and international construction projects, manufactures concrete iron, develops real estate and operates import and export trading. CHINA TELEVISION: Incurs TWD213-Mil. Loss in First Nine Months -------------------------------------------------------------- China Television Co., Ltd., reported a net loss of TWD213.4 million for the nine months ended Sept. 30, 2007, cutting by more than half the TWD458.3-million net loss recorded for the nine months ended Sept. 30, 2006. Net sales for the period in review amounted to TWD1.2 billion, while costs of goods sold and selling, general and administrative expenses amounted to TWD994.3 million and TWD379.7 million, respectively. Headquartered in Taipei, Taiwan, China Television Co., Ltd. -- http://www.chinatv.com.tw/-- is engaged in the provision of media services. The company offers broadcasting time slots for commercials and advertisings. The company also broadcasts and distributes the rights of the news and other programs it produces, as well as the providing integrated marketing service. The company has incurred net losses of TWD147.3 million, TWD974.7 million, TWD738.0 million, and TWD767.0 million for the years ended Dec. 31, 2003, through 2006. CHINA TELEVISION: Provides Taiwanese Content for YouTube -------------------------------------------------------- Five Taiwanese companies -- including China Television Co., Ltd., Public Television Co., Ltd., and Lion Travel Service Co., Ltd. -- will be tapped by YouTube, Inc., in an alliance that would bring Taiwan's localized content of movies to billboards, Reuters Key Developments reports, citing Taiwan Economic News. Reuters adds that the cooperation will proceed in several steps, with Taiwanese media companies serving as content providers and the Chinese site offering platform in the initial stage. The China Post reports that YouTube's Taiwan move followed the launch of other versions in local language interfaces -- Portuguese (Brazil), French, Italian, Japanese, Dutch, Polish, and Spanish. The China Post relates citing media sources that YouTube took this initiative because it is facing several copyright- infringement lawsuits, including a US$1 billion action filed by Viacom Inc. The media industry conglomerate denounced YouTube and Google for passing on thousands of videos illegally copied from popular TV shows owned by Viacom. The China Posts adds that the local content will also be featured online at http://www.youtube.com.tw/ Headquartered in Taipei, Taiwan, China Television Co., Ltd. -- http://www.chinatv.com.tw/-- is engaged in the provision of media services. The company offers broadcasting time slots for commercials and advertisings. The company also broadcasts and distributes the rights of the news and other programs it produces, as well as the providing integrated marketing service. The company has incurred net losses of TWD147.3 million, TWD974.7 million, TWD738.0 million, and TWD767.0 million for the years ended Dec. 31, 2003, through 2006. CRUISER ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 15 ------------------------------------------------------------- The creditors of Cruiser Enterprises Limited are required to file proofs of debt by December 15, 2007, to be included in the company's dividend distribution. The company's liquidator is: Seto Sau Kuen Christine Room 1509, C C Wu Building 302-8 Hennessy Road Wanchai, Hong Kong CTL TOOLS: Liquidator to Give Wind-up Report on December 17 ----------------------------------------------------------- The members of CTL Tools & Equipment Limited will hold their final meeting on December 17, 2007, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Room 1307-8 Dominion Center, 43-59 Queen's Road East, in Wanchai, Hong Kong. The company's liquidators are: Poon Chi Woo Poon Chin Chung, Philip Dominion Centre, Room 1307-8 43-59 Queen's Road East Wanchai, Hong Kong EASTERN MEDIA INT'L: Fitch Downgrades & Withdraws BB Rating ----------------------------------------------------------- Fitch Ratings has removed the 'BB' Long-term Issuer Default Rating and 'BBB+(twn)' National Long-term rating of Eastern Media International Corporation from Rating Watch Negative. At the same time, Fitch has downgraded its Long-term IDR to 'BB-' from 'BB' and National Long-term rating to 'BBB(twn)' from 'BBB+(twn)', and assigned a Negative Outlook to these ratings. The ratings have been listed on RWN since July 5, 2007. Fitch has simultaneously withdrawn these ratings and will no longer provide rating coverage of EMI. The rating downgrades mainly reflect Fitch's concerns about EMI's corporate governance (its lack of independent directors and the numerous transactions it has with related parties), as well as weakened banking support as a result of prosecutions relating to the company's senior executives; although EMI currently maintains good liquidity with abundant cash on hand. The Negative Outlook reflects Fitch's view that EMI's existing credit profile could be affected by possible changes in its long term business strategies or investment decisions. EMI is one of the main Panamax bulk shipping service providers in Taiwan. Marine transportation business contributed 79% of its consolidated gross profit in the first half of 2007. GUANGDONG ARTS: Creditors' Proofs of Debt Due on December 7 ----------------------------------------------------------- The creditors of Guangdong Arts and Crafts Company Limited, which is in liquidation, are required to file their proofs of debt by December 7, 2007, to be included in the company's dividend distribution. The company's liquidators are: Kennic Lai Hang Lui Lau Wu Kwai King, Lauren 5th Floor, Ho Lee Commercial Building 38-44 D' Aguilar Street Central Hong Kong HING MING: Court to Hear Wind-Up Petition on December 19 -------------------------------------------------------- The High Court of Hong Kong will convene at 9:30 a.m. on December 19, 2007, to hear a petition seeking to have Hing Ming Gondola (HK) Company Limited's operations wound up.. Chow Yat Tim filed the petition on August 19, 2007. The petitioners' solicitor can be reached at: Kenneth Sit Room 1203, 12th Floor Euro Trade Centre 13-14 Connaught Road Central Hong Kong HONG HO: Non-Operating Gain Drives Up Net Income to TWD137 Mil. --------------------------------------------------------------- Hong Ho Precision Textile Co., Ltd., reported a net income of TWD137.3 million for the nine months ended Sept. 30, 2007, a turnaround against the TWD83.5-million net loss recorded for the nine months ended Sept. 30, 2006. The company recorded net sales for the period in review at TWD1.0 billion, while operating expenses amounted to TWD985.7 million, giving the company an operating income of TWD41.1 million. The company recorded a TWD118.4-million net non-operating gain. Tainan, Taiwan-based Hong Ho Precision Textile Co., Ltd. manufactures a variety of fabrics and clothes. The company incurred net losses of TWD770.4 million and TWD109.5 million for the years ended Dec. 31, 2005 and 2006, respectively. HONG HO: Sales Reach TWD138.5 Million in October 2007 ----------------------------------------------------- Hong Ho Precision Textile Co., Ltd.'s sales in October 2007 rose 6.12% year-on-year to TWD138.5 million from TWD130.5 million, according to data obtained from Bloomberg News. The company's year-to-date sales totaled TWD1.2 billion, a slight 1.1% decrease from sales a year earlier. The company's September sales, on the other hand, fell 46.8% to TWD71.6 million, while August sales also fell 19.9% to TWD99.7 million. Tainan, Taiwan-based Hong Ho Precision Textile Co., Ltd. manufactures a variety of fabrics and clothes. The company incurred net losses of TWD770.4 million and TWD109.5 million for the years ended Dec. 31, 2005 and 2006, respectively. JAPAN LEASING: Creditors to Meet on December 12 ----------------------------------------------- The members of Japan Leasing (Hong Kong) Limited will hold their final meeting on December 12, 2007, at 4:30 p.m. to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the 12th Floor of Alexandra House, 18 Charter Road, in Central, Hong Kong. KONYUEN LIMITED: Liquidator to Give Wind-up Report on December 4 ---------------------------------------------------------------- The creditors and contributors of Konyuen Limited will hold their final meeting on December 4, 2007, to hear the liquidator's report on the company's wind-up proceedings and property disposal. Paul Jeremy Brough is the company's liquidator. The meeting will be held at Room 1636, 16th Floor of One Grand Tower, 639 Nathan Road, in Kowloon, Hong Kong. The Liquidator can be reached at: Paul Jeremy Brough 27/F Alexandra House 18 Chater Road, Central Hong Kong LANE CRAWFORD (BEIJING): Creditors to Meet on January 4 ------------------------------------------------------- The members of Lane Crawford (Bejing) Limited will hold their final meeting on January 4, 2008, 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 23rd Floor of the Wheelock House, 20 Pedder Street, in Central Hong Kong. The company's liquidators are: Katherine Fung Wai Yee Chan Man To 23rd Floor, Wheelock House 20 Pedder Street Cental, Hong Kong LEALEA ENTERPRISE: Earns TWD272.1 Mil. for First Nine Months ------------------------------------------------------------ Lealea Enterprise Co. Ltd. reported a net income of TWD272.1 million for the nine-month period ended Sept. 30, 2007, a turnaround against the TWD48.5-million net loss recorded a year earlier. Net sales amounted to TWD6.2 billion. Cost of goods sold amounted to TWD5.7 billion while selling, general and administrative expenses amounted to TWD358.4 million, giving the company an operating income of TWD179.2 million. The company recorded a net non-operating gain of TWD112.4 million. Taipei, Taiwan-based Lealea Enterprise Co. Ltd. -- http://www.lealea.com.tw/-- manufactures and markets textile products. The company distributes its products within the domestic market and to overseas markets, including Asia, South America and Europe. The company has incurred net losses of TWD215.7 million, TWD373.1 million, and TWD5.5 million for the years ended Dec. 31, 2004 through 2006. LEALEA ENTERPRISE: October Sales Rise 42.2% to TWD724.7 Million --------------------------------------------------------------- Lealea Enterprise Co. Ltd.'s sales in October 2007 rose 42.2% to TWD724.7 million from the TWD509.7 million in October 2006, according to data obtained from Bloomberg News. The company's year-to-date sales amounted to TWD6.9 billion, a 24.8% improvement against TWD5.5 billion recorded a year earlier. September sales rose 37.5% to TWD669.8 million, while August sales rose 36.4% to TWD815.4 million. Taipei, Taiwan-based Lealea Enterprise Co. Ltd. -- http://www.lealea.com.tw/-- manufactures and markets textile products. The company distributes its products within the domestic market and to overseas markets, including Asia, South America and Europe. The company has incurred net losses of TWD215.7 million, TWD373.1 million, and TWD5.5 million for the years ended Dec. 31, 2004 through 2006. MEGA GLORY: Creditors to Meet on December 17 ------------------------------------------- The members of Mega Glory Trading Limited will hold their final meeting on December 17, 2007, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the 10th Floor of the Euro Trade Centre, 21-23 Des Voeux Road, in Central, Hong Kong. The company commenced liquidation proceedings on July 30, 2007. The company's liquidator is: Liu Kit Man 10th Floor, 21-23 Des Voeux Road Central, Hong Kong MERCATOR MARINE: Court to Hear Wind-Up Petition on Dec. 12 ----------------------------------------------------------- On September 28, 2007, FP Marine Risks filed a petition to have Mercator Marine Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on December 12, 2007, to hear FP Marine's petition. The petitioners' solicitor can be reached at: Pinsent Masons 5th Floor, Central Plaza 18 Harbour Road, Hong Kong METAL COMPANY: Court to Hear Wind-Up Petition on January 2 ---------------------------------------------------------- On October 26, 2007, Chung Shan Investment and Development Company Limited filed a petition to have Metal Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on Nov. 21, 2007, to hear Chung Shan's petition. The petitioners' solicitor can be reached at: Richard Butler 20th Floor, Alexandra House No. 16-20 Charter Road Central, Hong Kong OPTO TECH: Earns TWD21 Million for Nine Months Ended Sept. 30 ------------------------------------------------------------- OPTO Tech Corporation reported a TWD20.9-million net income for the nine months ended Sept. 30, 2007, a 96.3% decrease from the TWD568.6-million net income reported for the nine-month period ended Sept. 30, 2006. The company posted a net income of TWD554.9 million in the first half of 2007, and a TWD1.1-billion net loss for the full year 2006. The company had net sales of TWD5.2 billion, operating expenses of TWD4.4 billion, giving it an operating income of TWD769.1 million, 41.3% better than the TWD544.3-million operating income a year before. The company had an extraordinary loss of TWD742.3 million. Hsinchu, Taiwan-based OPTO Tech Corp. -- http://www.opto.com.tw/ -- manufactures and markets optoelectronic semiconductor components, including light emitting diodes chips, silicon phototransistor chips, silicon photodiode chips, LED traffic signals and LED lighting products. The company has suffered from four consecutive annual losses of TWD796.3 million, TWD1.1 billion, TWD1.2 billion, and TWD1.1 billion for the years ended Dec. 31, 2003 through 2006. OPTO TECH: Puts US$10-Million Investment in Chinese Semicon Firm ---------------------------------------------------------------- OPTO Tech Corporation will invest an additional US$10.1 million in a Ningbo-based semiconductor technology company, Reuters Key Developments reports. According to the report, the Chinese semiconductor technology company is engaged in the business of LED crystalline grain. Reuters provided no further details regarding OPTO's investment. Hsinchu, Taiwan-based OPTO Tech Corp. -- http://www.opto.com.tw/ -- manufactures and markets optoelectronic semiconductor components, including light emitting diodes chips, silicon phototransistor chips, silicon photodiode chips, LED traffic signals and LED lighting products. The company has suffered from four consecutive annual losses of TWD796.3 million, TWD1.1 billion, TWD1.2 billion, and TWD1.1 billion for the years ended Dec. 31, 2003 through 2006. OPTO TECH: October Sales Continue Falling Trend to TWD569.7MM ------------------------------------------------------------- OPTO Tech Corporation's sales in October 2007 fell 6.4% year-on- year to TWD569.7 million from TWD608.9 million, according to data obtained from Bloomberg News. Year-to-date sales totaled TWD5.8 billion, a slight decrease from the TWD5.9 billion year-to-date sales a year before. Sales in September 2007 similarly fell 13.7% to TWD504.1 million from TWD584.2 million, while sales in August 2007 fell 7.0% to TWD618.6 million. Hsinchu, Taiwan-based OPTO Tech Corp. -- http://www.opto.com.tw/ -- manufactures and markets optoelectronic semiconductor components, including light emitting diodes chips, silicon phototransistor chips, silicon photodiode chips, LED traffic signals and LED lighting products. The company has suffered from four consecutive annual losses of TWD796.3 million, TWD1.1 billion, TWD1.2 billion, and TWD1.1 billion for the years ended Dec. 31, 2003 through 2006. ORIENT SEMICONDUCTOR: 9-Month Period Net Loss Widens to TWD410MM ---------------------------------------------------------------- Orient Semiconductor Electronics Ltd. reported a net loss of TWD410.4 million for the nine months ended Sept. 30, 2007, a 136.8% increase from the TWD173.3-million net loss for the nine months ended Sept. 30, 2006. The company reported sales of TWD5.6 billion for the period in review, while cost of goods sold amounted to TWD5.1 billion and other operating expenses totaled TWD542.3 million, giving the company an operating loss of TWD29.4 million, a 92.9% improvement against the TWD412.8 million operating loss recorded a year earlier. Taiwan-based Orient Semiconductor Electronics Ltd. -- http://www.ose.com.tw/-- manufactures and markets plastic integrated circuits, computer motherboards, personal computer memory card interface adapter cards, and local area network devices. The company operates in the United States, the Philippines, Japan and Taiwan. The company incurred annual losses of TWD3.4 billion, TWD3.2 billion, TWD839.0 million, and TWD176.3 million for the years ended Dec. 31, 2003 through 2006. ORIENT SEMICONDUCTOR: October Sales Reach TWD779.68 Million ----------------------------------------------------------- Orient Semiconductor Electronics Ltd.'s sales in October 2007 rose 4.02% year-on-year to TWD779.68 million from TWD749.56 million, according to data obtained from Bloomberg News. Year-to-date sales amounted to TWD6.45 billion, a 4.78% decrease year-on-year from TWD6.77 billion. The company recorded sales of TWD638.79 million and TWD594.86 million for September and August 2007, respectively. Taiwan-based Orient Semiconductor Electronics Ltd. -- http://www.ose.com.tw/-- manufactures and markets plastic integrated circuits, computer motherboards, personal computer memory card interface adapter cards, and local area network devices. The company operates in the United States, the Philippines, Japan and Taiwan. The company incurred annual losses of TWD3.4 billion, TWD3.2 billion, TWD839.0 million, and TWD176.3 million for the years ended Dec. 31, 2003 through 2006. PETROLEOS DE VENEZUELA: Gov't To Spend US$10B To Raise Output ------------------------------------------------------------- Petroleumworld.com reports that Venezuela, through its energy company Siembra Petrolera, will spend over US$10 billion to boost state-run oil firm Petroleos de Venezuela SA's oil production to 5.8 million barrels per day by 2012. Venezuela's daily oil production was reportedly expected to decrease from the current 3.2 million barrels. Venezuelan Energy Minister Rafael Ramirez told Petroleumworld.com that Petroleos de Venezuela spent nearly US$10 billion on energy development this year, which is 67% higher compared to 2006. Petroleumworld.com notes that almost a third of the US$10- billion investment went into oil production facilities, while another third was allocated for the gas subsidiary of Petroleos de Venezuela. The Venezuelan government wants to produce some 3.67 million barrels per day and export about 2.9 million barrels daily next year, selling it at an average price of US$35 per barrel, Petroleumworld.com relates. Venezuela has earned about US$8.7 billion in oil and gas royalties so far this year. Much of the royalties are channeled to the Economic Development Fund for social projects. The fund got US$6.8 million in 2006 and US$6.7 million in 2007, Petroleumworld.com states. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PMM TECHNOLOGY: Court to Hear Wind-Up Petition on January 2 ----------------------------------------------------------- On September 25, 2007, Fung Chow Ming and Yip Tsz Kon filed a petition to have PMM Technology Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on Nov. 28, 2007, to hear the petition. The petitioners' solicitor can be reached at: Gallant Y. T. Ho & Co 5th Floor, Jardine House No. 1 Connaught Place Central, Hong Kong SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on December 18 ---------------------------------------------------------------- Sanmina-SCI Corporation has called for redemption on Dec. 18, 2007, US$120 million in aggregate principal amount of its Senior Floating Rate Notes due 2010. The aggregate principal amount of the Notes currently outstanding is US$300 million. The CUSIP numbers for the Notes being called for redemption are 800907 AL1and U80024 AC3. Upon redemption, holders of the Notes being redeemed will receive the principal amount of the Notes being redeemed, plus accrued and unpaid interest to but excluding the redemption date. "This is the first step in our debt reduction initiative and we remain committed to utilizing our positive cash flow to further reduce debt in fiscal 2008," Jure Sola, chairman and CEO of Sanmina-SCI Corporation, stated. Copies of the Notice of Redemption may be obtained from U.S. Bank National Association, the Paying Agent, by calling (800) 934-6802. Headquartered in San Jose, California, Sanmina-SCI Corporation (NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. Service offerings include product design and engineering, test solutions, manufacturing, logistics and post-manufacturing repair/warranty services. The company has locations in Brazil, China, Ireland, Finland, Malaysia, Mexico and Singapore, among others. * * * As reported in the Troubled Company Reporter on Sept. 27, 2007 Standard & Poor's Ratings Services revised its outlook Sanmina- SCI Corp. to negative from stable. The corporate credit and senior unsecured ratings are affirmed at 'B+', and the subordinated debt rating is affirmed at 'B-'. SHIHLIN PAPER: Turns Around w/ TWD243MM Profit for 1st 9 Months --------------------------------------------------------------- Shihlin Paper Corp. reported a net income of TWD307.9 million for the nine-month period ended Sept. 30, 2007, a turnaround against the TWD243.2-million net loss recorded for the nine months ended Sept. 30, 2006. The company reported net sales of TWD1.3 billion for the period in review, which translated to an operating loss of TWD175.7 million after operating expenses of TWD1.4 billion. Taipei, Taiwan-based Shihlin Paper Corp. -- http://www.shihlin.com.tw/-- is engaged in manufacturing and distributing paper and related products. The company incurred annual losses of TWD246.3 million, TWD357.9 million, TWD320.8 million, TWD33.1 million for the years ended Dec. 31, 2003 through 2006. SHIHLIN PAPER: October Sales Total TWD160.42 Million ---------------------------------------------------- Shihlin Paper Corp.'s sales for October 2007 rose 65.43% year- on-year to TWD160.42 million from TWD96.97 million, according to data obtained from Bloomberg News. The company's year-to-date sales totaled TWD1.42 billion, a 27.56% improvement year-on-year. The company's sales also rose 44.11% year-on-year in September 2007 to TWD165.20 million and 49.07% year-on-year in August 2007 to TWD164.59 million. Taipei, Taiwan-based Shihlin Paper Corp. -- http://www.shihlin.com.tw/-- is engaged in manufacturing and distributing paper and related products. The company incurred annual losses of TWD246.3 million, TWD357.9 million, TWD320.8 million, and TWD33.1 million for the years ended Dec. 31, 2003 through 2006. SUNLIGHT CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 19 ---------------------------------------------------------------- On October 8, 2007, Tung Kee Garden Horticulture Limited filed a petition to have Sunlight Construction Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m., on December 19, 2007, to hear the petition. The petitioners' solicitor can be reached at: Lam Pui King & Company Tai Po Commercial Centre 152-172 Kwong Fuk Road Tai Po, New Territories Hong Kong SUPER PANG: Court to Hear Wind-Up Petition on January 2 ------------------------------------------------------- On October 18, 2007, Sonnix Limited filed a petition to have Super Pang International Limited's operations wound up. The High Court of Hong Kong will hear the petition on January 2, 2007, at 9:30 a.m.. The petitioners' solicitor can be reached at: Kenneth Sit Room 1203, 12th Floor Euro Trade Centre 13-14 Connaught Road, Central Hong Kong TAISUN ENTERPRISE: Earns TWD175 Mil. for September 2007 Quarter --------------------------------------------------------------- Taisun Enterprise Co., Ltd., recorded a net profit of TWD174.9 million for the quarter ended Sept. 30, 2007. Sales for the quarter amounted to TWD1.7 billion, which translates to an operating income of TWD58.0 million. The company reported a net non-operating gain of TWD136.3 million for the quarter ended Sept. 30, 2007. Headquartered in Taipei, Taiwan, Taisun Enterprise Co., Ltd. -- http://www.taisun.com.tw/-- manufactures soy bean powder, cooking oils, animal feeds, snacks, soft drinks, and frozen food. The company also invests in real estate. The company has suffered net losses of TWD49.6 million, TWD80.8 million, and TWD42.4 million for the fiscal years ended Mar. 31, 2005 through 2007. TAISUN ENTERPRISE: Sales Continue Rising Trend in October --------------------------------------------------------- Taisun Enterprise Co., Ltd.'s sales in October 2007 rose 39.1% year-on-year to TWD515.4 million from TWD370.7 million, according to data obtained from Bloomberg News. Year-to-date sales amounted to TWD4.8 billion, a 24.0% rise year-on-year from TWD3.9 billion. The company's September 2007 sales rose 70.3% year-on-year to TWD673.9 million, while August sales also rose 24.1% year-on- year to TWD536.7 million. Headquartered in Taipei, Taiwan, Taisun Enterprise Co., Ltd. -- http://www.taisun.com.tw/-- manufactures soy bean powder, cooking oils, animal feeds, snacks, soft drinks, and frozen food. The company also invests in real estate. The company has suffered net losses of TWD49.6 million, TWD80.8 million, and TWD42.4 million for the fiscal years ended Mar. 31, 2005 through 2007. TAIWAN TEA: Nine-Month Net Income Drops 87.6% to TWD14.4 Million ---------------------------------------------------------------- Taiwan Tea Corporation reported a net income of TWD14.4 million for the nine months ended Sept. 30, 2007, a 87.6% decrease from the TWD116.2-million net income reported for the nine months ended Sept. 30, 2006. The company lost TWD65.4 million in the third quarter ended Sept. 30, 2007. The company had net sales of TWD294.4 million, which translated to an operating loss of TWD105.7 million after operating expenses of TWD400.1 million. Taipei, Taiwan-based Taiwan Tea Corporation -- http://www.ttch.com.tw/-- is engaged in diversified distribution business. The company imports and sells motorcycles, building materials, frozen meats, and copper wires. It also provides tea and operates in the commercial building leasing business. The company has incurred four annual net losses of TWD98.4 million, TWD2.6 billion, TWD600.4 million, and TWD114.2 million for the years ended Dec. 31, 2003 through 2006. TAIWAN TEA: October Sales Fall 30.1% to TWD49.8 Million ------------------------------------------------------- Taiwan Tea Corporation's sales in October 2007 fell 30.1% year- on-year to TWD49.8 million from TWD71.2 million, according to data obtained from Bloomberg News. The company's year-to-date sales amounted to TWD344.2 million, a 70.9% drop year-on-year from TWD1.2 billion. Sales in September and August 2007 similarly fell 32.9% and 61.4% to TWD52.4 million and TWD37.7 million, respectively. Taipei, Taiwan-based Taiwan Tea Corporation -- http://www.ttch.com.tw/-- is engaged in diversified distribution business. The company imports and sells motorcycles, building materials, frozen meats, and copper wires. It also provides tea and operates in the commercial building leasing business. The company has incurred four annual net losses of TWD98.4 million, TWD2.6 billion, TWD600.4 million, and TWD114.2 million for the years ended Dec. 31, 2003 through 2006. TRENDING INTERNATIONAL: Commences Liquidation Proceedings --------------------------------------------------------- Trending International Limited commenced liquidation proceedings on November 12, 2007. The company's liquidators are: Chiu Soo Ching, Katherine Cho Che Kwong 3806 Central Plaz 18 Harbour Road Wanchai, Hong Kong VE WONG CORP: Earns TWD3.4 Million for First Nine Months of 2007 ---------------------------------------------------------------- Ve Wong Corp. reported a net income of TWD3.4 million for the nine months ended Sept. 30, 2007, a turnaround against the TWD54.7-million net loss reported for the nine months ended Sept. 30, 2006. The company recorded net sales of TWD1.4 billion for the period in review, which translates to an operating income of TWD25.5 million after operating expenses of TWD1.3 billion. Taipei, Taiwan-based Ve Wong Corp. -- http://www.vewong.com/-- manufactures and markets food products. The company produces monosodium glutamate, instant noodles, soy sauce, canned foods, and soft drinks. The company incurred net losses of TWD76.7 million and TWD138.5 million for the years ended Dec. 31, 2005 and 2006. VE WONG CORP: October Sales Hit TWD157.6 Million ------------------------------------------------ Ve Wong Corp.'s sales for October 2007 rose 21.51% year-on-year to TWD157.6 million from TWD129.7 million, according to data obtained from Bloomberg News. The company's year-to-date sales totaled TWD1.5 billion, a 7.8% rise year-on-year from TWD1.4 billion. Sales in Sept. 2007 also rose 19.4% year-on-year to TWD162.2 million, while sales in August rose 16.2% year-on-year to TWD186.4 million. Taipei, Taiwan-based Ve Wong Corp. -- http://www.vewong.com/-- manufactures and markets food products. The company produces monosodium glutamate, instant noodles, soy sauce, canned foods, and soft drinks. The company incurred net losses of TWD76.7 million and TWD138.5 million for the years ended Dec. 31, 2005 and 2006. WILSON DRAYAGE: Creditors' Proofs of Debt Due on December 15 ------------------------------------------------------------ The creditors of Wilson Drayage Limited are required to file their proofs of debt by December 15, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 2, 2007. The company's liquidator is: Chan Man Chung Room 2401, 24th Floor 280 Portland Street Mongkok, Kowloon Hong Kong ========= I N D I A ========= AES CORP: Moody's LGD Point Estimate Revision Won't Affect Rtgs. ---------------------------------------------------------------- The AES Corporation (AES: B1 Corporate Family Rating) has completed its previously announced offer to purchase up to US$1.24 billion of outstanding senior notes. While no ratings changed as a result, the LGD point estimate on its senior secured credit facilities were revised to LGD 1, 2%, from LGD 1, 3%, its second priority secured notes to LGD 3, 38% from LGD 3, 41% and its senior unsecured notes to LGD 4, 53% from LGD 4, 57%. 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. The company's Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. CANARA BANK: Net Profit Up 11% in Qtr. Ended Sept. 30, 2007 ----------------------------------------------------------- Canara Bank's net profit rose 11% to INR4.02 billion in the three months ended Sept. 30, 2007, from the INR3.62-billion profit booked in the same quarter in 2006. Revenues soared 94% to INR40.55 billion, the bulk of which comes from interest earned/operating income aggregating INR34.83 billion. With expenditures of INR34.04 billion, the company posted a INR6.5-billion operating profit in the July- Sept. 2007 quarter. Aside from taxes of INR700 million, the company also set aside INR1.78 billion in provisions and contingencies. A copy of Canara Bank's financial result for the quarter ended ended Sept. 30, 2007, is available for free at: http://ResearchArchives.com/t/s?259c 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. 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. DECCAN AVIATION: Talks of Reverse Merger Lifts Stock by 23.3% ------------------------------------------------------------- Deccan Aviation Ltd's stock rose by 23.3% on the stock exchange on Tuesday amidst a falling market, various reports say. The excitement in the airline's stock reportedly came after expectations that UB Group company Kingfisher Airlines is considering a reverse merger. According to the Business Line daily, the rumors rose from the news that Deccan Aviation might get clearance to fly international routes as it completes the mandatory five years of operating locally. As the UB Group owns nearly 46% stake in Deccan Aviation and is ready to operate international routes, it wants to piggyback on the aviation company to start its operations, K. Giriprakash writes for the Business Line. The UB Group, according to BL, prefers Kingfisher to operate the overseas routes because business travelers, who bring in the revenues for international airlines, wouldn't prefer riding Deccan with its low-cot image, writes A merger of Kingfisher and Deccan could make the latter the airline with the largest market share (28.4%) piping Jet Airways' 21.5%, Ranju Sarkar of the Business Standard says. The UB Group, however, denies merger rumors. �We are not thinking of any legal issues, but just examining how we can explore operational synergies,� BS quotes UB Group CFO Ravi Nedugandi as saying. �We are looking at how to profitably integrate route networks, engineering and operations of the two airlines.� Bangalore, India-based Deccan Aviation Limited -- http://www.deccanair.com/-- is a charter aviation company in the private sector. Deccan Aviation provides company charters, tourism, medical evacuation, off-shore logistics and a host of other services. The Troubled Company Reporter - Asia Pacific reported on Nov. 2, 2007, that Deccan Aviation has a stockholder's equity deficit of US$2.83 million. DCM SHIRAM: Weak Sugar Scenario Cues CRISIL to Cut Rating to BB+ ---------------------------------------------------------------- CRISIL has revised its ratings on DCM Shriram Industries Ltd's debenture programmes to 'BB+/Negative' from 'BBB-/Negative'. The rating revision reflects CRISIL's expectation that the weak scenario prevailing in the sugar industry will adversely affect DCM Shriram's financial risk profile over the next 12 months. Moreover, the stress on cash flows, coupled with high loan repayment obligations of about INR300 million per annum over the medium term, is likely to affect the company's liquidity. CRISIL has combined the financial profiles of DCM Shriram and its subsidiary, Daurala Food & Beverages Ltd, for arriving at its rating decision. Weak sugar prices have affected DCM Shriram's revenues and profitability since the second half of 2006-07 (refers to financial year, April 1 to March 31); sugar prices have declined by about 35 per cent in the domestic market since September 2006 due to last year's record output, and the ban on exports between June 2006 and January 2007. Consequently, DCM Shriram's finances registered a steep decline during 2006-07 as well as the first half of 2007-08. The company's net profitability declined significantly in 2006-07 vis-a-vis 2005-06; it also made a loss of INR74 million in the first half ended Sept. 30, 2007. Lower accretion to reserves has resulted in deterioration in DCM Shriram's capital structure and debt protection measures CRISIL expects the sluggish trend in sugar prices to continue for the next 12 months, negatively impacting DCM Shriram's cash accruals. Further, maturing debt obligations of more than INR300 million per annum over the medium term would also put a strain on its liquidity position. Unutilized bank lines of around INR10 million, though, will provide some financial flexibility to the company. Other divisions of DCM Shriram -- rayon tyre cord fabric and chemicals -- have shown a consistent performance. CRISIL believes that stable cash flows from these divisions will partially mitigate the losses in the sugar division. Outlook: Negative CRISIL expects that the weak sugar scenario and high debt repayment obligations will result in a tight cash flow position for DCM Shriram in the near term. A further significant decline in sugar prices will result in the rating being revised downwards. The outlook could be revised to 'stable', should sugar prices recover from their current low levels. About DCM Shiram DCM Shriram Industries Ltd is the flagship company of the DCM Shriram Industrial Group, and was established in 1990, following the restructuring of the former DCM group. The group's product portfolio includes sugar, alcohol, industrial fibres, and organic chemicals. DCM Shriram has sugar and chemical plants at Daurala in Meerut district in Uttar Pradesh, and an industrial fibre unit at Kota in Rajasthan. Other DSIG companies are Daurala Food and Beverages Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance Ltd. For the year ended March 31, 2007, DCM Shriram reported a net profit of INR15.8 million on net sales of INR5.97 billion, as against a net profit of INR290.9 million on net sales of INR7.03 billion for 2005-06. The company reported a net loss of INR74 million on net sales of INR2.79 billion for the six months ended September 30, 2007; net profit of INR104.6 million on net sales of INR2.97 billion for the corresponding half year of 2006-07. DCM SHIRAM: Posts INR1.44 Bil. Loss in Qtr. Ended Sept. 30 ---------------------------------------------------------- DCM Shriram Industries Ltd reported a net loss in the second quarter ended Sept. 30, 2007, compared to the net profit booked in the same period in 2006. In July-Sept. 2007, DCM Shriram incurred a net loss of INR36.8 million on revenues of INR1.44 billion. The revenue figure in the latest quarter under review is actually slightly up compared to last year's INR1.42 billion but much higher operating expenses pulled it down. The company incurred expenditures from operations of INR1.41 billion, 8% more than the same quarter last year. Steep decline in free sale sugar prices as a result of unprecedented sugar production coupled with high State Advised Price for cane in Uttar Pradesh and relatively lower sugar recoveries in the last season continue to severely affect margins of the sugar business, the company said. The company's operating profit of INR26.9 million was further pulled down with higher interest charges, depreciation and taxes: 2Q FY2008 2Q FY2007 --------------- --------------- Interest INR70.8 million INR39.0 million Depreciation 36.6 million 31.9 million Taxes 43.7 million 16.9 million 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?259a DCM Shriram Industries Ltd is the flagship company of the DCM Shriram Industrial Group, and was established in 1990, following the restructuring of the former DCM group. The group's product portfolio includes sugar, alcohol, industrial fibres, and organic chemicals. DCM Shriram has sugar and chemical plants at Daurala in Meerut district in Uttar Pradesh, and an industrial fibre unit at Kota in Rajasthan. Other DSIG companies are Daurala Food and Beverages Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance Ltd. In November 2007, CRISIL revised its ratings on DCM Shriram's debenture programmes to 'BB+/Negative' from 'BBB-/Negative'. The rating revision reflects CRISIL's expectation that the weak scenario prevailing in the sugar industry will adversely affect the company's financial risk profile over the next 12 months. Moreover, the stress on cash flows, coupled with high loan repayment obligations of about INR300 million per annum over the medium term, is likely to affect the company's liquidity. DUERR AG: Earns EUR5.7 Million for Nine Months Ended Sept. 30 ------------------------------------------------------------- Duerr AG released its financial results for the nine-month and third quarter periods ended Sept. 30, 2007. Duerr posted EUR5.7 million in net profit on EUR1.02 billion in net revenues for the first nine months of 2007, compared with EUR0.1 million in net profit on EUR984 million in net revenues for the same period in 2006. The company reported EUR5.7 million in net income on EUR364.7 billion in net revenues for the third quarter of 2007, compared with EUR3.4 million in net profit on EUR357.6 million in net revenues for the same period in 2006. "We have got off to a good start in the fourth quarter," said Ralf Dieter, CEO of Duerr AG. "So we now expect growth of at least 10% in new orders compared with last year." The earnings situation was burdened for the last time in the third quarter by delays on projects in India. This caused the gross margin in the first nine months to dip to 16.0% as compared with 16.5% in the same period last year. Cost reductions were achieved through the improvements in internal processes which Duerr has implemented under the Group-wide FOCUS program, with administrative and selling expenses declining overall by 1.5% to EUR132.2 million. Operating cash flow (-EUR32.7 million) improved appreciably by EUR47.1 million in the first nine months of 2007. An even stronger improvement was prevented by a temporary build-up in net working capital. This was due to growth in trade receivables and inventories as a result of the increased volume of business. Owing to the good order situation the number of employees has risen by 3.9% versus Dec. 31, 2006, to 5,869. The increase was primarily in the growth region of Asia, where the number of employees rose by 20.0% to 721 (Dec. 31, 2006: 601). At 22.4%, the equity ratio as of Sept. 30, 2007 was little changed versus the end of 2006 (23.6%). Net financial debt amounted to EUR170.5 million at the end of the third quarter of 2007, as compared with EUR164.4 million as of Sept.30, 2006. Unchanged Positive Outlook for 2007 Duerr expects a strong improvement in earnings in fiscal 2007. At the operating level (EBIT before one-time expenses) the margin should rise to 3.5% from 2.9% last year, while sales growth of between 5% and 10% is forecast. Among the factors contributing to the earnings improvement will be the marked turnaround at the Cleaning and Filtration Systems business unit and in the U.S.A. Operating cash flow should be clearly positive in 2007. Duerr is still aiming to pay a dividend. Duerr expects a further earnings improvement in 2008. The target margin for 2008 is 5% based on earnings at the operating level. About Duerr Headquartered in Stuttgard, Germany, The Duerr Group -- http://www.durr.com/en/-- supplies products, systems, and services for automobile manufacturing. Duerr designs and builds paint shops and final assembly plants. The Duerr Group also operates in Czech Republic, France, U.K., Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey, Australia, Brazil, China, India, Japan, Mexico, South Africa, South Korea and the U.S.A. * * * As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2 Probability of Default and Caa1 Senior Subordinate ratings from Moody's Investor Service. Moody's said the outlook is stable. The company also carries B Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. S&P said the outlook is stable. GERDAU SA: Acquires Quanex for US$1.67 Billion ---------------------------------------------- Gerdau SA inked an agreement for the purchase of Quanex Corp.'s vehicular metals unit, Macsteel, for US$1.67 billion, in a bid to boost its presence in North America's automobile steel parts industry. Bloomberg News says Quanex's shareholders will get US$39.20 a share in cash, an offer which is higher than Friday's US$36.74 closing price on the New York Stock Exchange. Quanex, according to the Associated Press, is the second-largest producer of special-bar-quality steel in the United States. These bars are used to manufacture auto parts. Xinhua News Agency adds that Macsteel, with 1,600 employees, is capable of producing 1.2 million tons of steel and 1.1 million tons of rolled steel per year. Gerdau has been expanding its business through acquisitions this year. This latest transaction, once it passes the customary hurdles, will "consolidate Gerdau as a global supplier and opens new possibilities for growth in the globalized market," the Brazilian company said in a statement. "This is a totally different business than Gerdau has so far pursued in North America," Charles Bradford of Soleil Securities in New York told Bloomberg. He added that purchase faces difficulties in the market in the face of increasing demand to use fuel-efficient parts. Automakers are likely to use more aluminum and plastic in place of steel. Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India, and the United States. * * * As reported on Oct. 1, 2007, Moody's Investors Service confirmed the Ba1 corporate family ratings of Gerdau S.A. and Gerdau Ameristeel Corporation. The ratings agency also confirmed the Ba1 corporate family rating of the Brazilian operations of Gerdau, represented by Gerdau Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos S.A. Meanwhile, the ratings for Chaparral Steel Company were withdrawn as all its rated debt will be retired. Moody's said the outlook for all ratings is stable. GERDAU SA: Makes Offer for Employee's Stake in Units ---------------------------------------------------- Gerdau SA has offered to acquire shares in Gerdau Acos Longos, Gerdau Acominas, Gerdau Acos Especiais and Gerdau Comercial de Acos from the Clube dos Empregados da Acominas workers group, Business News Americas reports. Gerdau said in a statement that the Clube dos Empregados owns 2.89% of the stock in each of the four firms. The firm said it would pay BRL675 million in 36 equal installments, adjusted to 102% of CDI, the average interest rate on loans between Brazilian banks. Gerdau told Reuters that it will pay for the stakes over a three-year period. Reuters notes that Gerdau would complete the transaction by Dec. 14, 2007. BNamericas relates that the transaction is awaiting authorization from the workers club members. "The offer is a response to the CEA [the workers club] administration's desire to sell its stake, since they understand that the consolidation process of Gerdau Acominas into the Gerdau Group is accomplished," Gerdau said in a statement. The acquisition of the shares in the units is part of the privatization process of the Brazilian steel sector, which used to be completely state-owned. The privatization started in the 1990s, BNamericas states. About Gerdau Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As reported on Oct. 1, 2007, Moody's Investors Service confirmed the Ba1 corporate family ratings of Gerdau S.A. and Gerdau Ameristeel Corporation. The ratings agency also confirmed the Ba1 corporate family rating of the Brazilian operations of Gerdau, represented by Gerdau Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos S.A. Meanwhile, the ratings for Chaparral Steel Company were withdrawn as all its rated debt will be retired. Moody's said the outlook for all ratings is stable. PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB ----------------------------------------------------------- Standard & Poor's Ratings Service raised its corporate credit rating on offshore contract drilling firm Pride International Inc. to 'BB+' from 'BB'. At the same time, S&P raised the rating on the company's unsecured debt to 'BB+' from 'BB-'. The outlook is stable. The rating action followed a full review of Pride in light of 2007 strategic initiatives that have included the recent divestiture of its Latin American onshore business units and the announcement of two newbuild ultradeepwater drillships. "The upgrade reflects continued improvement in cash flow and credit metrics and a strengthening backlog of contract revenues," said Standard & Poor's credit analyst Jeffrey B. Morrison. "The raising of Pride's unsecured rating to the same level as the corporate credit rating reflects S&P's expectation that secured debt will remain at less than 15% of assets, on a book value basis, over the intermediate term." As of Sept. 30, 2007, Houston, Texas-based Pride had about US$1.2 billion in adjusted debt, incorporating operating leases. The ratings on Pride reflect a large, well-diversified fleet of mobile offshore drilling units, a fairly broad geographic scope of operations, a growing backlog, and an improving financial risk profile. Strengths are partially tempered by expanding near- to-intermediate-term capital spending requirements, concerns regarding the longer term earnings prospects for Pride's older, mat-supported jackup units (particularly those operating in the U.S. Gulf of Mexico), and participation in a historically cyclical and capital-intensive industry. Headquartered in Houston, Texas, Pride International, Inc. -- http://www.prideinternational.com/-- is a drilling contractor. The company provides onshore and offshore drilling and related services in more than 25 countries, operating a diverse fleet of 278 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackup rigs, 18 tender-assisted, barge and platform rigs, and 218 land rigs. The company has worldwide operations, including India and Malaysia. SUN MICROSYSTEMS: Partners with Zeus Tech to Offer Traffic Mgmt. ---------------------------------------------------------------- Sun Microsystems and Zeus Technology have entered into a partnership to deliver Zeus' best-of-breed Application Delivery Controller deployed on Sun's latest CoolThreads and x64 systems hardware running the Solaris 10 operating system. Sun's global distribution network will carry the new end-to-end application traffic management system, a powerful new combination of Sun hardware and ZXTM (Zeus Extensible Traffic Manager). The new offering represents an entirely new level of scalability and performance for traffic management systems, with the combined Sun hardware and ZXTM software solution able to outperform most dedicated hardware appliances, while at the same time offering an unparalleled ability to manage application traffic -- even XML -- using traffic scripting. Large enterprises, service providers, and online media companies will use the solution to deliver high-performance, reliable applications that meet service level agreements while minimizing operational costs. Zeus Technology's ZXTM application traffic management software directs incoming requests to the fastest server available and directs traffic away from slower or inactive servers, while dramatically increasing the number of users a server can support. Using software to load balance traffic across multiple servers makes it easy for enterprises to scale their applications. Thanks to ZXTM's built-in redundancy features, users can access applications even in the event of a failure. Applications that are not designed for clustering can be scaled with session persistence, improving availability and response times, and application servers can be isolated from external networks, protecting the systems from external security threats, even including denial of service attacks and application-level hacking. "This partnership is an excellent opportunity to bring the benefits of ZXTM to a broader market. Sun leads the industry in both price and performance, and running our award winning software on these platforms provides a robust, flexible application traffic management solution that can evolve to meet growing business needs", said Paul Brennan, Chairman, Zeus Technology. The combination of ZXTM running on Sun platforms provides a best-of-breed application delivery controller, enabling service providers to offer reliable, high-performance network and Web services. Optimized for speed on Sun sy