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 Wednesday, December 5, 2007, Vol. 10, No. 241 Headlines A U S T R A L I A A. BICKERTON: Members Hear Wind-Up Report ABSOLUTE CAPITAL: Large Investors May See Little Returns AED OIL: Wants to Quell Fears About Puffin Project ATCO ELECTRONIC: Liquidator Presents Wind-Up Report BRIGHTPOINT INC: Appoints Three Executive Officers CHRYSLER LLC: Invests US$48 Million to Support New Production CHRYSLER LLC: Overall November 2007 U.S. Sales Down 2 Percent CLOUGH LTD: Indonesian Unit Expands Contract Mining Activities CONSOLIDATED BULK: Members to Receive Wind-Up Report on Dec. 7 CRESCENT GOLD: Issues 1.3 Million Employee Options CUSTOMERS LIMITED: Hunter Hall Increases Stake to 18.87% DIROSI PTY: Members and Creditors Receive Wind-Up Report ERG LTD: Sees AU$10 Million Loss for Year Ended June 30, 2008 JABIRU METALS: Wants to Expand Oxiana Deal KIMBERLEY DIAMOND: Releases Quarterly Activities Report MINERAL DEPOSITS: Gets OK to Develop Zircon Project in Senegal NEW HOPE: Liquidator to Give Wind-Up Report on Dec. 7 PAN AUSTRALIAN: Phu Kham Mine Still Within US$241-Mil. Budget PEABODY ENERGY: Names Director of International Gov't Relations PERSERVERANCE: Posts Activities Report for September Quarter PERSERVERANCE CORP: Chairman Details Firm's Struggles PLESSEY DUCON: Members Hear Liquidator's Report QUEENSLAND GAS: Enters into Hedge Deal with AGL Energy RIP CAP: To Declare First Dividend on December 14 SILVER CEDAR: Members Agree to Voluntary Liquidate Operations TRANSURBAN GROUP: US Operations Earn US$4 Mil. in Sept. Quarter U BUILD AUSTRALIA: Members & Creditors Receive Wind-Up Report WESTERN AREAS: Finds High Grade Ore at Flying Fox Mine C H I N A & H O N G K O N G AGRICULTURAL BANK: Establishes Investment-Banking Department BANK OF OVERSEAS CHINESE: Citigroup Completes Acquisition BELTON INDUSTRIAL: Commences Liquidation Proceedings CAPITAL ACE: Members Final Meeting Slated for Dec. 31 CONNECTIVE EMPIRE: Commences Liquidation Proceedings DEEPER CHRISTIAN LIFE: Commences Liquidation Proceedings DURA DUCT: Members Appoint Chan Kin Hang as Liquidator FASTUP GARMENT Creditors' Proofs of Debt Due on Jan. 4 FUYAO GROUP: Goldman Sachs Wants to Buy 10% Stake for CNY890 Mln GREENTOWN CHINA: Land Buys Cue S&P to Downgrade Rating to 'BB-' HAI XIN: Commences Liquidation Proceedings HENDERSON STRATECH: Members to Have Final Meeting on Dec. 31 HONG KONG SKI: Creditors' Proofs of Debt Due on Dec. 21 JDC CORPORATION: Pays Second Ordinary Dividend on Dec. 12 KAUFMANN CONTINENTAL: Members Final Meeting Fixed on Dec. 10 KOWLOON-CANTON: Creditors' Proofs of Debt Due on Dec. 31 KYOTO JAPAN: Liquidator Ng Kwok Wai Quits LAURENTIAN ASIA: Liquidators Quit Post LEHMAN BROTHERS: Commences Liquidation Proceedings LOHART TRADING: Liquidator Quits Post M.H.-U.D.G.: Members Final Meeting Slated for Dec. 31 M & T INTERNATIONAL: Members Final Meeting Fixed on Dec. 20 NEW JAPAN: Members to Hold Final Meeting on Dec. 31 ORIENTFIELDS ENTERPRISES: Members Receive Wind-Up Report QI CAPITAL: Commences Liquidation Proceedings ROBERTSON PRODUCTS: Liquidators Quit Post SENTROL LIFESAFETY: Commences Liquidation Proceedings SOUND YEAR: Liquidator Quits Post STAR YIELD: Members Final Meeting Slated for December 31 VIDGO TRADING: Creditors' Proofs of Debt Due on Dec. 28 I N D I A DCM SHRIRAM: Auditors Disclose Observations on Limited Review DRESSER-RAND: Employees Back to Work at Painted Post Facility EMCO LTD: Postpones Considering Preferential Issue to Promoter ESSAR OIL: NSE Bans Trading in Stock Futures GARWARE POLYESTER: Schedules 15th AGM on December 18 HINDUSTAN COPPER: To Consider Preferential Allotment to Pres. IFCI LTD: Resolves Issues on Conversion of Zero-Coupon OCDs IFCI LTD: Four Shortlisted Bidders Carry Out Due Diligence QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction RYERSON INC: Plans to Restructure Chicago Business by Late 2008 RYERSON INC: To Gradually Restructure Chicago Operations by 2008 TATA STEEL: Not Into Hostile Takeovers, Managing Director Says I N D O N E S I A BANK MANDIRI: Plans to Acquire Bank Sinar Harapan GARUDA INDONESIA: May Seek KLM Air's Help on EU Safety Standards INDOSAT: Lawyer's Group Slams Competition Watchdog's Ruling J A P A N ALITALIA SPA: Ryanair Suing European Commission over Volare Aid ALL NIPPON: To Use Cash in Buying Boeing to Limit Debt DELPHI CORP: Reserves US$120MM at 3Q07 for Probe & Cleanup DELPHI CORP: Seeks 3-Month Extension of Excl. Plan Filing Period FORD MOTOR: Overall November 2007 U.S. Sales Up 0.4 Percent LOPRO CORP: Fitch Lowers Rating to B- with Negative Outlook MAZDA MOTOR: Planned Sales Consolidation Will Not Push Through NOVA CORP: G.education to Continue Nova's "Satellite Classes" SHINGINKO TOKYO: Incurs H1 After-Tax Loss of JPY8.7 Billion * Japanese Government Unveil Banks' Subprime Exposures * Japan Regional Turnaround Body to Buy Up JPY2 Tril. in Loans K O R E A BURGER KING: Board Declares US$0.0625 Per Share Common Stock C&M CO: Macquarie Group Joins MBK Partners to Buy 61.17% Stake EVEREX: Adjusts Price of Sixth Bonds w/ Warrants to KRW900 each FRESH DEL MONTE: Names Elias Hebeka as Director on Board KAFCO C&I: Signs KRW99.22-Million Contract w/ Consulting Company KAFCO C&I: Signs KRW97.9-Million Contract w/ PCA Life Insurance KAFCO C&I: Discloses Change in Shareholding Structure M A L A Y S I A ARK RESOURCES: Sept. 30 Balance Sheet Upside-Down by MYR87.7MM EKRAN BERHAD: Discloses Default in Payment for November 2007 FCW HOLDINGS: Turns Around with MYR1.35MM Profit for 1st. Qtr. SOLUTIA INC: Court Confirms Consensual Reorganization Plan SYARIKAT KAYU: Inks Purchase Agreement with Harta & Langkawi N E W Z E A L A N D C B COLLECTIONS: Commences Liquidation Proceedings CAFE CON LECHE: Court to Hear Wind-Up Petition on January 24 CARECLEAN SERVICES: Wind-Up Hearing Set for Feb. 28, 2008 GULF HARBOUR: Fixes Dec. 13 as Last Day to File Proofs of Debt HILLWEST GROUP: Shareholders Agree on Voluntary Liquidation INDIAN FOOD: Creditors' Proofs of Debt Due on December 15 INDONZ ENTERPRISES: Appoints Shephard & Dunphy as Liquidators SEALEGS CORP: Books NZ$545,907 Loss in Half-Year Ending Sept. 30 T & J HEADLAND: Shareholders Resolve to Liquidate Business VIKING STONE: Court to Hear Wind-Up Petition on Dec. 13 * New Zealand Finance Company Asset Growth at Eight-Year Low P H I L I P P I N E S EXPORT AND INDUSTRY: Posts Net Loss of PHP166.634 Mil. for 2006 EXPORT AND INDUSTRY: 2nd Qtr. Net Loss Dips 56.8% to PHP112 Mil. EXPORT AND INDUSTRY: 3rd Qtr. Net Loss Up 146% to PHP132 Million PHILCOMSAT HOLDINGS: PCGG Group Seeks to Void New Board Election PHIL LONG DISTANCE: Board Approves Proposed Management Changes WARNER MUSIC: Sept. 30 Balance Sheet Upside-Down by US$36 Mln * Local Currency Reaches PHP42.27 per US$1 Level on Remittances S I N G A P O R E ALLIANCE SERTECH: Court to Hear Wind-Up Petition on January 18 KEN AGENCIES: Pays First Dividend to Creditors PROGEN: Creditors and Contributories to Meet on December 13 SEA CONTAINERS: SCSL Panel Hires Attride-Stirling as Counsel SEA CONTAINERS: Marathon Discloses 10.7% Equity Stake T H A I L A N D KRUNG THAI: Third Quarter Net Income Dips 78.81% to THB1.07 Bil. V I E T N A M VIETCOMBANK: IPO Scheduled on Dec. 26 at US$6.20 Per Share * Upcoming Meetings, Conferences and Seminars - - - - - - - - ================= A U S T R A L I A ================= A. BICKERTON: Members Hear Wind-Up Report ----------------------------------------- During a meeting on November 30, 2007, the members of AB Bickerton Pty. Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Archdall c/o Cooper Grace Ward Lawyers GPO Box 834 Brisbane, Queensland 4001 Australia Telephone:(07) 3231 2562 Facsimile:(07) 3231 8562 About A. Bickerton A. Bickerton Pty Ltd is involved in the business of beef cattle feedlots. The company is located at Kumbia, in Queensland, Australia. ABSOLUTE CAPITAL: Large Investors May See Little Returns -------------------------------------------------------- One of Absolute Capital Group Ltd.'s administrators, Tony McGrath, is optimistic the company will be able to find a buyer, Katherine Jimenez writes for The Australian. Mr. McGrath, however, also cautions that large investors are likely to see only a small return on the debts, the report says. The report explains that some 50 corporations, including Westpac Banking, are owed up to AU$5 million, and the 50% owner of Absolute -- ABN Amro -- has not voiced any interest in acquiring the rest. The company has fund assets of about AU$350 million, but had been affected by the deterioration of the U.S. sub-prime mortgages market, The Australian adds. The Troubled Company Reporter-Asia Pacific reported on Nov. 30, 2007, that Absolute Capital had to temporarily freeze redemptions in mid-2007 on its yield strategies fund product, due to the global credit crisis. The company used collateralized debt obligations for about half of its investments. The TCR-AP report also stated that administrators McGrath Nicol may attempt to divest the fund products to a new owner. About Absolute Capital Absolute Capital Group Limited -- http://www.absolutecapital.com/Home.htm-- is an Australian investment manager and holds an Australian Financial Services Licence (No. 245504). Absolute Capital Limited is a wholly- owned subsidiary of Absolute Capital Group Limited. The Absolute Capital Group is 50% owned by ABN AMRO Australia Limited, and 50 per cent owned by Absolute Capital Management Holdings Limited. The Troubled Company Reporter-Asia Pacific reported on Dec. 3, 2007, that Absolute Capital has been put into administration after a sharp decline in revenues in the wake of the U.S. subprime mortgage crisis. Absolute Capital's board of directors has appointed Tony McGrath and Joseph Hayes, of McGrathNicol. AED OIL: Wants to Quell Fears About Puffin Project -------------------------------------------------- AED Oil Limited has moved to allay fears that it had reservoir- related problems at its Puffin project in the Timor Sea, the Sydney Morning Herald reports. AED revealed continuing commissioning problems at its Puffin North-East field and an expected delay to first production from its Puffin South-East project, the SMH says. According to the SMH report, the company said that Puffin North- East, which was expected to produce about 30,000 barrels of oil per day, would only achieve a flow rate of 20,000 bpd without the drilling of more wells. SMH quotes AED Chief Operating Officer Peter Behrenbruch as explaining that the problems at Puffin North-East were not related to the reservoir or reduced reserves. Mr. Behrenbruch said the company was aiming to drill additional wells at Puffin North-East next year in a bid to lift production rates to 30,000 bpd, the report notes. SMH relates that first production was slated originally for the first half of 2008. The company had earlier reported in a corporate disclosure that drilling at the Puffin-10 well intersected minor sand-bearing oil. AED Oil Limited -- http://www.aedoil.com/-- operates solely in the oil production, and oil and gas exploration industry in Australia. The company is engaged in the planning and development of the Puffin Field. The company has incurred net losses of AU$20.56 million, AU$4.53 million and AU$0.91 million for the years ended June 30, 2007, 2006 and 2005. ATCO ELECTRONIC: Liquidator Presents Wind-Up Report --------------------------------------------------- On November 27, 2007, the members of Atco Electronic Controls Pty Ltd had their final meeting and received the liquidator's report on the company's wind-up proceedings and property disposal. The company has been undergoing liquidation since April 12, 2006. The company's liquidator is: A. Thomas Fernandez Fernandez Partners Pty Ltd Chartered Accountant PO Box 711 Glen Waverley, Victoria 3150 Australia Telephone:(03) 9886 1200 About Atco Electronic Atco Electronic Controls Pty ltd is a distributor of electronic components. The company is located at Tullamarine, in Victoria, Australia. BRIGHTPOINT INC: Appoints Three Executive Officers -------------------------------------------------- Brightpoint Inc., in connection with its ongoing integration following its transaction with Dangaard Telecom, the duties and responsibilities of certain executives are modified effective immediately: -- Jac Currie has been appointed as the company's Chief Information Officer and will lead the company's global IT team. -- R. Bruce Thomlinson will continue in his role of President, Asia Pacific but will have his scope expanded to include the Middle East, Africa and India. -- David O'Connell has been appointed as Chief Financial Officer for Brightpoint Europe. Prior to his appointment as CIO, Mr. Currie had been President of Emerging Markets since January 2006. From August 2002 to December 2005, Mr. Currie was the chairman and chief executive officer of Persequor Limited, a holding company for investments in wireless telecommunications that the Company subsequently acquired and which is now one of the Company's wholly owned subsidiaries. From January 1998 to August 2002, Mr. Currie served as the managing director of Brightpoint Middle East FZE, then one of the Company's wholly owned subsidiaries. Mr. Currie also serves on the board of directors of several of the Company's subsidiaries. Mr. Currie is a wireless industry veteran, having been involved in the industry since 1988. Prior to joining Brightpoint, he was employed by Deutsche Telecom in the Philippines. He also worked with Millicom International Cellular from 1988 to 1995, in various senior marketing and management roles throughout Europe, Asia and Latin America. Mr. Thomlinson has served the Company in various capacities, most recently as President, Asia-Pacific. Prior to the integration with Dangaard, Mr. Thomlinson served as President, International Operations from August 2005. Previously, he served as President of the Company's Asia-Pacific division from October 1998 and as Managing Director of Brightpoint Australia since October 1996, when Brightpoint acquired Hatadicorp Pty Ltd. Prior to that time, Mr. Thomlinson held the position of Managing Director for Hatadicorp. He has been engaged in the wireless communications industry since 1989. Prior to his appointment as CFO for Brightpoint Europe, Mr. O'Connell served as Vice President Integration and Communication since November 2006. Prior to that, Mr. O'Connell served as Vice President of Taxation, Global Credit and Risk Management for Brightpoint since April of 2003. From August of 1997 to April of 2003 he was the company's Director of Taxation. Prior to joining the Company, Mr. O'Connell was Tax Manager for Allison Engine Company (now Rolls-Royce) in Indianapolis, Indiana. Prior thereto, he held various tax positions with Ernst & Young. About Brightpoint Headquartered in Plainfield, Indiana, Brightpoint, Inc. -- http://www.brightpoint.com/-- distributes wireless devices and accessories, as well as provision of customized logistic services to the wireless industry. The company primarily operates in Australia, Colombia, Finland, Germany, India, New Zealand, Norway, the Philippines, the Slovak Republic, Sweden, United Arab Emirates and the United States. The company's customers include mobile operators, mobile virtual network operators, resellers, retailers and wireless equipment manufacturers. Brightpoint was incorporated in 1989 under the name Wholesale Cellular USA, Inc. and changed its name to Brightpoint Inc. in 1995. * * * On April 12, 2006, Standard & Poor's placed Brightpoint's long- term local and foreign issuer credit ratings at BB- with a stable outlook. CHRYSLER LLC: Invests US$48 Million to Support New Production ------------------------------------------------------------- Production of the all-new 2008 Dodge Ram 4500 and 5500 Chassis Cabs is underway at Chrysler LLC's Saltillo Assembly Plant in Saltillo, Mexico. To support new commercial vehicle production, Chrysler recently invested an additional $48 million into the plant, resulting in a 120,000 square-foot expansion that allows the plant to produce commercial vehicles and accommodate new frame configurations. This follows an additional US$210 million investment into the plant for production of the all-new 2006 Dodge Ram Mega Cab in 2005. Dodge Ram 4500/5500 production got underway in July 2007, with the first vehicles reaching Dodge commercial vehicle dealerships in November. The Saltillo Plant, which also produces the Dodge Ram Mega Cab, Dodge Ram Power Wagon, Dodge Ram Heavy Duty 2500 and 3500 models, and Dodge Ram 3500 Chassis Cab, takes on production of the Dodge Ram 4500 and 5500 Chassis Cabs as part of Chrysler's Flexible Manufacturing Strategy. In addition to increased production capacity, the expansion enables the plant to manage the greater complexity of the all- new 2008 Dodge Ram 4500 and 5500 Chassis Cabs. This includes commercial-grade chassis and suspensions, four wheelbases and cab-axle lengths, regular cab and Quad Cab(R) configurations, two-wheel-drive and four-wheel-drive models, and three trim lines' SLT, SLT and Laramie. All models are 'Job-rated,' meaning they are designed, engineered, tested and built to meet the rigid standards of commercial truck buyers. "A continuous showcase of advanced manufacturing capability and adaptability, the Saltillo facility is one of our most versatile plants and a great example of Chrysler's flexible manufacturing ability," Frank Ewasyshyn, Executive Vice President - Manufacturing, said. "Even with the added complexities of commercial vehicle production, we're not only able to adjust operations to better respond to customer needs, but we're also better positioned to build a positive business case for new products and derivatives as each plant is able to maximize production capacity." The Saltillo Assembly Plant has 2,100 employees working on two shifts and is one of five Chrysler production facilities in Mexico. Flexible Manufacturing Strategy Chrysler's Flexible Manufacturing Strategy allows the company to produce a high-quality product faster and at a lower cost. In order to balance production with demand, the FMS approach allows the company to efficiently build lower-volume vehicles that take advantage of market niche and to quickly shift production volumes between different models within a single plant or among multiple plants. FMS has been implemented product-by-product and plant-by-plant across the Chrysler manufacturing enterprise. Creating enhanced efficiencies, new investment is introducing state-of-the-art technology to Chrysler plants, enabling the company to produce more than one vehicle on a production line and conduct rolling launches of new models. Chrysler's workforce is also becoming more flexible with the implementation of team concepts and an increased emphasis on supporting assembly line operators. Dodge Commercial Vehicles Dodge continues to increase the breadth of its commercial products and offers a comprehensive array of vehicles and services designed with business customers in mind. Along with the Dodge Ram 2500/3500 Box-Off models and the Dodge Ram 3500, 4500 and 5500 Chassis Cabs -- the Class 3-5 segments' most powerful, capable and upfit-friendly work-trucks -- Dodge Grand Caravan cargo vans complement a growing Dodge commercial lineup that includes the class-leading Dodge Sprinter, which continues its legacy and leadership as the top-performing commercial van in the marketplace. Dodge Brand With a U.S. market share of 6%, Dodge is Chrysler's best-selling brand and the fifth largest nameplate in the U.S. automotive market. In 2006, Dodge sold more than 1.3 million vehicles in the global market. Dodge continues to lead the minivan market with a 20% market share in the U.S. In the highly competitive truck market, Dodge has an 18% market share. Dodge is also entering key European volume segments with Nitro, Caliber and Avenger. About Chrysler 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: Overall November 2007 U.S. Sales Down 2 Percent ------------------------------------------------------------- Chrysler LLC dealers delivered 161,088 new vehicles to U.S. customers in November 2007, down 2% compared with a year ago. All sales figures are reported as unadjusted. "Despite consumer concerns, Chrysler LLC sales are off only 2% showing customers are still purchasing quality and value. High fuel prices and falling home prices continue to impact vehicle sales in November which remain below trend," Darryl Jackson, Vice President � U.S. Sales, said. "We remain optimistic moving into December due to the growing availability of new models, including Chrysler Town & Country, Dodge Grand Caravan and the Jeep Liberty." Chrysler brand car sales were led by the Sebring Convertible, which increased sales to 2,039 units compared with 195 units a year ago, up 946%. Chrysler Town & Country sales rose 10% to 12,629 units versus November 2006 with 11,507 units. High fuel prices impacted Jeep(R) brand results, down 2% versus November of last year. Large SUVs saw the greatest impact with Jeep(R) Commander down 45% at 4,391 units versus November 2006. Dodge brand car sales increased 75% over last year by steady sales of the Dodge Charger with 10,341 units delivered. "The recently launched 'Event of a Lifetime' program has resonated well with customers and will be continued through January 2, 2008," Michael Keegan, Vice President � Volume Planning and Sales Operations, said. "We continue to offer customers a great value package and on select 2008 models we will extend the 0% APR through 60 months." Chrysler finished the month with 480,424 units of inventory, or an 75-day supply. Inventory is down by 4% compared to November 2006 when it was at 499,036 units. 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. CLOUGH LTD: Indonesian Unit Expands Contract Mining Activities -------------------------------------------------------------- Clough Limited's Indonesian subsidiary, PT Petrosea Tbk, has reached an agreement with PT Sanga Coal Indonesia to expand contract mining activities at the Sanga Sanga Operations, the company said in a corporate disclosure with the Australian Stock Exchange. The company says that this follows SCI's acquisition of additional mining areas adjacent to the current mining operation. The requirements of the amended contract schedule will see the overburden and coal targets increasing by approximately 70% on an annualized basis, with revenues increasing by approximately US$36 million over the remaining life of the Sanga Sanga Coal Mining Project. �Petrosea continues to enjoy strong demand for its mining and mine development capabilities. This contract extension is pleasing and demonstrates Petrosea's proven capability to deliver real value to its clients,� Clough Chief Executive Officer John Smith said. The company adds that Petrosea will expand its mining fleet with investment in US$16 million of new plant and equipment to support the contract extension. Additional revenues from the extension contract will start immediately. The company explains that Petrosea initially commenced a four- year Mine Services Contract at the Sanga Sanga Mine Site with PT Mitra Internusa Persada in September 2005. In agreement with Petrosea, the Mine Services Contract was assigned by MIP to SCI in July 2006. SCI coal is primarily shipped to offshore customers within the Asian region. Perth, Australia-based Clough Limited -- http://www.clough.com.au/-- is an engineering and construction contractor providing full project lifecycle solutions primarily to the oil and gas industry in Australia and South East Asia. Its services range from front-end engineering design, construction, installation and commissioning to long-term operations and asset management. The company incurred net losses of AU$105.26 million, AU$15.08 million, and AU$57.64 million for the years ended June 30, 2007, 2006, and 2005. CONSOLIDATED BULK: Members to Receive Wind-Up Report on Dec. 7 -------------------------------------------------------------- The members of Consolidated Bulk Handling Pty Ltd will have a meeting on December 7, 2007, at 9:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company declared dividend on November 22, 2007. Only creditors who were able to file their proofs of debt by the Nov. 21 deadline were included in the company's dividend distribution. The company commenced liquidation proceedings on April 19, 2007. The company's liquidator is: Ian Richard Hall PricewaterhouseCoopers Riverside Centre 123 Eagle Street Brisbane, Queensland 4001 Australia About Consolidated Bulk Consolidated Bulk Handling Pty Ltd operates miscellaneous business credit institutions. The company is located at Brisbane, in Queensland, Australia. CRESCENT GOLD: Issues 1.3 Million Employee Options -------------------------------------------------- Crescent Gold Limited has issued 1,275,000 employee options exercisable at either AU$0.35 or AU$0.40 until Nov. 30, 2010. Employee options are given pursuant to the terms and conditions of employment contracts and the company's employee option plan, the company says. Headquartered in Perth, Australia, Crescent Gold Limited's -- http://www.crescentgold.com/-- assets comprises mineral exploration tenements and agreements concerning 58 tenements and three tenement applications covering an area of 8,592 square kilometers within Australia. The principal metal commodity exploration emphasis is on gold in Western Australia, gold copper-uranium in South Australia, and uranium in the Northern Territory. The Company's subsidiaries include RAB Projects Pty Ltd, RAB Mining Ltd, Xinjiang Tianau Joint Venture Company, Uranium West Holdings Ltd, Laverton Nickel Pty Ltd, RAB Tian Shan Ltd and RAB Altay Shan Ltd. The company had total assets of AU$198.38 million as of June 30, 2007. The company incurred net losses of AU$2.06 million, AU$4.29 million, and AU$2.82 million for the years ended June 30, 2007, 2006 and 2005. CUSTOMERS LIMITED: Hunter Hall Increases Stake to 18.87% -------------------------------------------------------- Hunter Hall Investment Management Limited and its affiliates have increased its stakeholding in Customers Limited from 216,160,669 ordinary shares to 232,014,444 ordinary shares. The Hunter Hall Group, composed of HHIM, Hunter Hall International Limited, Hunter Hall Global Value Ltd., Hampshire Assets and Services Pty. Ltd, and Peter James Hall, now has 18.87% of the company's issued shares. Headquartered in Sydney, Australia, Customers Limited -- http://www.customers.com.au/-- provides automated teller machine and payment system services. The company incurred net losses of AU$6.16 million, AU$0.91 million, and AU$4.19 million for the years ended June 30, 2007, 2006, 2005. DIROSI PTY: Members and Creditors Receive Wind-Up Report -------------------------------------------------------- The members and creditors of Dirosi Pty Ltd, which is in liquidation, met on Nov. 26, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morgan Lane Worrells Solvency & Forensic Accountants 8th Floor, 102 Adelaide Street Brisbane, Queensland 4000 Australia Telephone:(07) 3225 4300 Facsimile:(07) 3225 4311 Web site: http://www.worrells.net.au About Dirosi Pty Dirosi Pty Ltd is involved with the trucking business, except local. The company is located at Carole Park, in Queensland, Australia. ERG LTD: Sees AU$10 Million Loss for Year Ended June 30, 2008 ------------------------------------------------------------- ERG Ltd. has repeated its prediction of a AU$10-million loss for the current financial year ending June 30, 2008, the Sydney Morning Herald reports. The Troubled Company Reporter-Asia Pacific reported that ERG incurred a net loss of AU$14.84 million for the year ended June 30, 2007, a decrease against the net loss of AU$74.77 million for the year ended June 30, 2006. The company also reported accumulated losses of AU$597.32 million as of June 30, 2007. ERG Chairman Colin Henson acknowledged that "most shareholder interest will be in the Sydney project and on the sensitivity of the company's position to the continuation of that project," the Sydney Morning Herald writes. SMH explains that the Tcard project remains under a cloud after the New South Wales Government made public its decision to issue the company with a notice of intention to terminate after lengthy project delays. The card was to have been fully tested and delivered by November last year but is now not expected to be widely available until 2009, SMH explains further. Headquartered in Balcatta, Australia, ERG Limited -- http://www.erggroup.com/-- markets, installs, services and operates automated fare collection equipment and systems, and smart card systems and services. The company has operations in the United States and Italy. The company incurred net losses of AU$14.84 million, AU$74.77 million, and AU$7.36 million for the years ended June 30, 2007. JABIRU METALS: Wants to Expand Oxiana Deal ------------------------------------------ Jabiru Metals Limited hopes to extend its shared marketing and offtake agreement with Oxiana Ltd beyond its Jaguar zinc, copper and silver mine in Western Australia to a new exploration project in Victoria, The Age reports. Jabiru managing director Gary Comb says that "it made good sense to eventually bring the Stockman zinc-copper project, which was previously known as Benambra, under the same agreement as the Jaguar mine", The Age relates. Under the Jaguar agreement, zinc and copper concentrates are trucked from Jaguar to the Port of Geraldton, along with concentrates from Oxiana's Golden Grove base and precious metals mine, for export to China, The Age explains. In a statement last month, Jabiru said the agreement has provided significant marketing and shipping advantages as well as efficient loading and shipping processes, The Age relates. Headquartered in West Perth, Australia, Jabiru Metals Limited. -- http://www.jabirumetals.com.au/-- is engaged in mineral exploration and mining of base metals. The company suffered net losses of AU$14.51 million, AU$5.41 million, and AU$7.39 million for the years ended June 30, 2007, 2006 and 2005. KIMBERLEY DIAMOND: Releases Quarterly Activities Report ------------------------------------------------------- Kimberley Diamond Company NL has released its quarterly activities report for the period ended Sept. 30, 2007. Highlights: * 1,542,000 tonnes treated and 114,900 carats produced during the quarter for an average grade of 7.5 carats per hundred tonnes (cpht); * Run-of-mine sales average A$163 per carat generating revenue of A$18.7 million for the quarter; * The strong AUD against the USD continues to adversely impact results and the Company; and * Continuing downward trends in unit site operating costs. The company's quarterly report may be obtained from its Web site at: http://www.kimberleydiamondco.com.au/PDFS/KDC%20SEPT%2007%20QTLY.pdf West Perth, Australia-based Kimberley Diamond Company NL -- http://www.kimberleydiamondco.com.au/-- is engaged in diamond mining, processing, marketing and exploration. The company is listed at both Australian Securities Echange Ltd. and London Stock Exchange. The company has incurred net losses of AU$31.87 million, AU$13.13 million, and AU$3.5 million for the years ended June 30, 2007, 2006, and 2005. Going Concern Doubt After reviewing the company's financial statements for FY2007, DP McComish at KPMG raised significant uncertainty on the company's ability to continue as a going concern citing uncertainty in the outcomes of the company's funding sourcing activities. MINERAL DEPOSITS: Gets OK to Develop Zircon Project in Senegal -------------------------------------------------------------- Senegal President Abdoulaye Wade has signed a presidential decree granting Mineral Deposits Ltd. a concession for its Grande Cote Zircon Project, Mineral Deposits said in a corporate disclosure filed with the Australian Securities Exchange Ltd. The presidential decree enables the company to start the investment and development phase of the project. The company expects the GCZP to have an annual output of some 85,000 tonnes of zircon and will enjoy a competitive freight advantage given Dakar's proximity to principal markets in Europe. The company also announced that it is currently establishing a company to operate the GCZP, to be named Grande Cote Operations SA. The Republic of Senegal is entitled to a 10% non- contributing interest in the new entity, while the MDL Group will hold the remaining 90%. Headquartered in Melbourne, Australia, Mineral Deposits Limited -- http://www.mineraldeposits.com.au/-- is a producer of mineral sands commodities, principally zircon and rutile. The company operates mainly in Australia and Senegal, west Africa. The company suffered net losses of AU$20.82 million, AU$1.04 million, and AU$7.15 million for the years ended June 30, 2007, 2006 and 2005. NEW HOPE: Liquidator to Give Wind-Up Report on Dec. 7 ----------------------------------------------------- The members of New Hope Finance Pty Ltd, which is in liquidation, will meet on December 7, 2007, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company declared dividend on November 22, 2007. Only creditors who were able to file their proofs of debt by the Nov. 21 deadline were included in the company's dividend distribution. The company's liquidator is: Ian Richard Hall PricewaterhouseCoopers Riverside Centre 123 Eagle Street Brisbane, Queensland 4001 Australia About New Hope New Hope Finance Pty Ltd is involved with functions related to deposit banking. The company is located at Ipswich, in Queensland, Australia. PAN AUSTRALIAN: Phu Kham Mine Still Within US$241-Mil. Budget ------------------------------------------------------------- Pan Australian Resources Ltd. managing director Gary Stafford answers questions from the Australian Stock Exchange regarding the latest on the company's Phu Kham Copper-Gold Mine in Laos. Mr. Stafford, according to the ASX interview, attributes the success of the US$241-million Phu Kham Copper-Gold Mine in Laos for recruiting a high quality management team through the feasibility study that they have delivered on the schedule for construction of the project, but have also turned around the heap leach gold operation, achieving record levels of gold production. When asked regarding the risks to meeting the schedule of the Laos project, Mr. Stafford recognizes that fact that the mining company has to put a big effort into operational readiness through the recruitment of highly experienced team of operators to takeover the operation through the commissioning and ramp-up phases. As for the budget, Mr. Stafford admits that there is only a remote risk that they will run over the US$241 million budget given the fact that most commitments have been made and construction is nearly complete. Jesse Riseborough of the Bloomberg News that the Phu Kham mine is estimated to produce 50,000 metric tons of copper, 50,000 ounces of gold and 400,00 ounces of silver next year. In a separate statement by the company, the completion of date for the expansion of the Phu Kham mine has been brought forward by six months to the December quarter 2009 after Citic Heavy Machinery Company Limited China placed an order for a ball mill and the confirmation of an earlier than anticipated delivery date for this long lead item. Accelerating Phu-Kham Project In order to finance the acceleration of the Laos mine's expansion, Pan Australian has agreed terms for a US$75 million subordinated debt facility with Goldman Sachs JBWere. The subordinated revolving facility will also provide the company with funding flexibility through the first year of production. According to the statement, US$40 million will be used for the capital works of the Phu Kham expansion, while US$30 million will be used up for the company's substantially increased expenditure on exploration and evaluation for future projects. Terms of the US$75 million Subordinated Debt Facility The revolving debt facility with Goldman Sachs JBWere will have a term of 12 months and will be subordinated to the Phu Kham Project debt finance. The subordinated facility is subject to due diligence, documentation and the approval of the Project debt financiers. The Phu Kham Copper-Gold Mine is expected to generate significant cash-flow by mid-2008 although most of that cash-flow will be initially directed to retire Project debt. The US$75 million facility will therefore provide the necessary funding for Pan Australian�s growth projects through 2008 and provide the Company funding flexibility until such time as the Project debt becomes non-recourse to Pan Australian in late 2008. At that time, 55% of the free cash-flow from Phu Kham can be directed to fund non-Project activities. Under the facility agreement, five million share options in Pan Australian will be issued to Goldman Sachs JBWere on the date of entering into the facility agreement. A second five million tranche of share options will be issued on the date that drawings under the facility exceed US$25 million or on June 30, 2008 (whichever is the earlier date); and a third final five million tranche of share options will be issued should drawings under the facility exceed US$50 million. The exercise price for all options will be established at a 10% premium to the VWAP (volume weighted average price) for shares traded on ASX over the five days up to and including the issue date. All of the options will have a term of 12 months. Should all 15 million options be issued and exercised under the facility agreement, then the additional shares would increase the current shares on issue by approximately 1%. About Pan Australian Headquartered in Brisbane, Australia, Pan Australian Resources Limited �http://www.panaustralian.com.au/-- is a mineral exploration company. The company is engaged in gold mining operations, mine development, precious and base metal project evaluation and mineral exploration. The company owns and operates mineral resource and exploration bases in Laos and Thailand. The company has incurred net losses of AU$4.52 million, AU$4.99 million, AU$1.21 million, and AU$0.84 million for the years ended Dec. 31, 2006, 2005, 2004, and 2003. PEABODY ENERGY: Names Director of International Gov't Relations --------------------------------------------------------------- L. Cartan Sumner, Jr. has been named to the new position of Director of International Government Relations for Peabody Energy Corp. Mr. Sumner will be responsible for working with governments to create a policy friendly framework for the greater use of coal to meet growing global energy needs. He will report to Senior Vice President of Government Relations Fredrick D. Palmer. Coal has been the world's fastest-growing fuel the past five years. Coal use is expected to increase nearly 75 percent over the next 25 years, driven by huge growth in China and India. Peabody Energy is increasing its commercial presence to serve Asia markets through its Australia growth platform and expanded coal trading, coal marketing and business partnerships. Mr. Sumner previously served as Director of Corporate Development, participating in Peabody Energy's recent international expansion efforts. Prior to joining the company, he held corporate development positions with RPM, Inc., a specialty chemicals holding company based near Cleveland, Ohio, and its St. Louis-based subsidiary Carboline Company. He also was an attorney in private practice in St. Louis. Mr. Sumner has a Bachelor of Arts from Vanderbilt University in Nashville, Tennessee, a Master of Business Administration from the John M. Olin School of Business at Washington University in St. Louis, and a Juris Doctorate from the Washington University School of Law. Mr. Sumner is a member of the Missouri Bar and the Illinois State Bar Association, and he is admitted to practice before the United States Supreme Court. About Peabody Headquartered in St. Louis, Missouri, Peabody Energy Corporation (NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's largest private-sector coal company, with 2005 sales of 240 million tons of coal and US$4.6 billion in revenues. Its coal products fuel 10% of all U.S. and 3% of worldwide electricity. The company has coal operations in Australia and Venezuela. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2007, Fitch has affirmed these ratings for Peabody Energy Corporation's: -- Issuer Default Rating at 'BB+'; -- Senior unsecured notes at 'BB+'; -- Senior unsecured revolving credit and term loan at 'BB+'; -- Convertible junior subordinated debentures due 2066 at 'BB-'. Fitch's outlook is stable. PERSERVERANCE: Posts Activities Report for September Quarter ------------------------------------------------------------ Perseverance Corporation Limited released its activities report for the quarter ended Sept. 30, 2007. Highlights: * The company's merger with Northgate Minerals Corp.; * Gold production for the September quarter was 43,391 oz at a cash cost of AU$597 per oz; * Fosterville: -- Underground development 1,676 meters of decline and lateral development. -- Total gold production 19,981 oz, an increase of 23% over the previous quarter. -- Cash cost AU$677 per oz, an increase of 9% over the previous quarter. * Stawell: -- Gold production 23,410 oz, a decrease of 8% against the previous quarter. Gold production was in line with mine plans. -- Cash cost AU$529 per oz, a reduction of 8% from the previous quarter. * Exploration: -- Resources increased by 23% over the 12 months to the end of June 2007 to 37.8 million tonnes at 3.1 g/t Au containing 3,723,000 oz gold. Company Reserves (within Resources) grew by 12% to 8.1 million tonnes at 4.3 g/t Au containing 1,121,000 oz of gold. -- At Stawell ongoing drilling has further extended the high-grade GG6 mineralization. Results received during the September quarter include 11.3 meters at 13.1 g/t Au in hole MD5094 and 24.7 meters at 7.1 g/t Au in hole MD5078. -- Underground drilling at Fosterville has identified a new mineralized zone between the Fosterville Fault and the Phoenix Fault, the Shamrock Zone. Drilling has extended the known strike of this zone to 150 meters with recent intersections including 12.4 meters at 23.2 g/t Au in hole UD051 and 11.7 meters at 18.9 g/t Au in hole UD109. The company's full report is available for download at: http://bankrupt.com/misc/PCLSeptQtr07.pdf Fosterville, Australia-based Perseverance Corporation Limited -- http://www.perseverance.com.au/-- is a gold mining and exploration company. The company owns and operates gold mines at Fosterville and Stawell in Victoria, Australia, and has exploration tenements covering over 7,000 square kilometers along the Victorian goldfields. The company suffered net losses of AU$20.82 million, AU$1.04 million, and AU$7.15 million for the years ended June 30, 2007, 2006 and 2005. After reviewing the company's financial statements for FY2007, Brett Croft at Ernst and Young, the company's independent auditors, raised an inherent uncertainty regarding the company's ability to continue as a going concern. PERSERVERANCE CORP: Chairman Details Firm's Struggles ----------------------------------------------------- Perseverance Corporation Limited said that it had been through a difficult period since June 2007, Egoli News reports. Egoli explains that the company has been experiencing liquidity problems, changes to the board and management and a change of emphasis in the development of its Fosterville underground mine. The company said, however, that it had made some progress since then. Perseverance Chairman J.C. Quinn said the company has made significant progress with the new mine plan at Fosterville, which is meeting its operating schedule, Egoli relates. Mr. Quinn adds that the development at its Phoenix orebody is being accelerated and is therefore weighing on cashflows. The Egoli report relates that the company's Stawell operation reported a decrease in gold output compared to the June quarter, attributable to lower grades from stoping blocks in the period. Mr. Quinn, however, noted that grades are currently showing a marked improvement. Egoli explains that exploration activities were constrained by cash availability with drilling limited to the GG6 and Falcon North areas, despite a relatively upbeat exploration and production results. Egoli adds that the company continues to be cash flow negative. Fosterville, Australia-based Perseverance Corporation Limited -- http://www.perseverance.com.au/-- is a gold mining and exploration company. The company owns and operates gold mines at Fosterville and Stawell in Victoria, Australia, and has exploration tenements covering over 7,000 square kilometers along the Victorian goldfields. The company suffered net losses of AU$20.82 million, AU$1.04 million, and AU$7.15 million for the years ended June 30, 2007, 2006 and 2005. After reviewing the company's financial statements for FY2007, Brett Croft at Ernst and Young, the company's independent auditors, raised an inherent uncertainty regarding the company's ability to continue as a going concern. PLESSEY DUCON: Members Hear Liquidator's Report ----------------------------------------------- The members of Plessey Ducon Australia Pty Ltd met on Nov. 27, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: A. Thomas Fernandez Fernandez Partners Pty Ltd Chartered Accountant PO Box 711 Glen Waverley, Victoria 3150 Australia Telephone:(03) 9886 1200 About Plessey Ducon Plessey Ducon Australia Pty Ltd is a distributor of electronic capacitors. The company is located at Tullamarine, in Victoria, Australia. QUEENSLAND GAS: Enters into Hedge Deal with AGL Energy ------------------------------------------------------ Queensland Gas Company Limited has entered into a hedge with AGL Energy for approximately 66% of the Condamine Power Station output for the first three years, the company said in a press release. The strike price for the hedge takes advantage of the current strength in the electricity market by locking in pricing for three years that is approximately 40% higher than pricing assumed for financing purposes, the company said. The hedge is on an as available �generation following� basis which reduces the risk to QGC if it is unable to generate electricity at any particular time, and applies to only �sent out� electricity which preserves all potential value available through Gas Electricity Certificates. Headquartered in Brisbane, Australia, Queensland Gas Company Limited -- http://www.qgc.com.au/-- is a coal seam gas producer. The company's principal activities consisted of the ongoing development of the Berwyndale South producing area, the development of the Berwyndale, Bellevue and Kenya-Argyle producing area, and the ongoing exploration and appraisal for coal seam gas in the Surat Basin in southern Queensland. The company incurred net losses of AU$12.22 million, AU$6.25 million, and AU$12.17 million for the years ended June 30, 2007, 2006 and 2005. RIP CAP: To Declare First Dividend on December 14 ------------------------------------------------- Rip Cap Closure Systems Pty Ltd, which is in liquidation, will declare its first dividend on December 14, 2007. Creditors who were not able to file their proofs of debt by the November 15 deadline will be excluded from the company's dividend distribution. The company's liquidator is: V. R. Dye Dye & Co. Pty Ltd 165 Camberwell Road Hawthorn East, Victoria 3123 Australia About Rip Cap Rip Cap Closure Systems Pty Ltd is a distributor of die-cut paper and paperboard and cardboard. The company is located at Seaford, in Victoria, Australia. SILVER CEDAR: Members Agree to Voluntary Liquidate Operations ------------------------------------------------------------- On October 15, 2007, the members of Silver Cedar Pty Ltd resolved to voluntarily liquidate the company's business. K.L. Sutherland was appointed as liquidator. The Liquidator can be reached at: K.L. Sutherland Bent & Cougle Pty Ltd Chartered Accountants 332 St Kilda Road Melbourne, Victoria 3004 Australia About Silver Cedar Located at Balwyn North, in Victoria, Australia, Silver Cedar Pty Ltd is an investor relation company. TRANSURBAN GROUP: US Operations Earn US$4 Mil. in Sept. Quarter --------------------------------------------------------------- Transurban Group's revenue for its Pocahontas Parkway operations went up 8.9% year-on-year to US$3.5 million for the quarter ended Sept. 30, 2007, the company said in a regulatory filing with the Australian Stock Exchange. Average Daily Traffic volumes and year-on-year growth rates for the September 2007 quarter were: Quarter Ending September 2007 2006 % Change ----------- ----------- -------- Average Daily Revenue (US$) 37,872 34,787 8.9% Average Workday Trips (US$) 19,239 17,640 9.1% Average Daily Trips (US$) 17,620 16,173 8.9% * Transurban owns 50.61% of M4. * The September quarter 2007 had one less workday than the corresponding period last year due to the public holiday declared for the APEC conference. Melbourne, Australia-based Transurban Group -- http://www.transurban.com.au/-- is engaged in the operation of CityLink, Hills M2 and the Pocahontas Parkway, provision of the tolling and customer management system for the Westlink M7 Motorway project, tendering for participation in and/or acquisition of other toll roads, development of electronic tolling and other intelligent transport systems for implementation in both domestic and international markets, and identification and development of infrastructure projects. The company also has a controlling interest in the Sydney Roads Group. Transurban has incurred net losses of AU$90.44 million, AU$60.90 million, and AU$152.18 million for the years ended June 30, 2005 through 2007. U BUILD AUSTRALIA: Members & Creditors Receive Wind-Up Report ------------------------------------------------------------- The members and creditors of U Build Australia Pty Ltd met on October 23, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton, Victoria 3053 Australia Telephone:(03) 9662 2666 Facsimile:(03) 9662 9544 About U-Build Australia U-Build Australia Pty Ltd is a dealer of lumber and other building materials. The company is located at Campbellfield, VIC, Australia. WESTERN AREAS: Finds High Grade Ore at Flying Fox Mine ------------------------------------------------------ Western Areas NL's board of directors announced that the Flying Fox mine has reached the high grade T1 nickel ore body, the company said in a press release. Massive nickel sulphide exposed in the first ore face at T1 is approximately 4.7m wide with an estimated average grade of 7.7% nickel based on Niton analyses. Ore widths in the T1 ore body reach up to 10m in some areas. Delivery of ore from T1 to Norilsk's Lake Johnston concentrate plant has already commenced. Production is expected to ramp up rapidly to reach the target of 15,000 tonnes of ore per month as ore drives are established into T1. Ground conditions in the mine continue to be very good. Perth, Australia-based Western Areas NL -- http://www.westernareas.com.au/-- is an international mid-tier nickel sulphide producer. The company's core asset is the 100%- owned Forrestania Nickel Project, located 400 kilometers east of Perth, Western Australia. The company has offices in Australia and Canada The company incurred net losses of AU$12.11 million, AU$4.84 million, and AU$3.19 million for the years ended June 30, 2007, 2006, and 2005. ================================ C H I N A & H O N G K O N G ================================ AGRICULTURAL BANK: Establishes Investment-Banking Department ------------------------------------------------------------ Agricultural Bank of China has established an investment-banking department and is seeking full cooperation with a foreign company, the Wall Street Journal reports. According to WSJ, the official Xinhua news agency quoted Agricultural Bank President Xiang Junbo as saying that an investment-banking group will help the bank "develop business related to the capital market and boost its strategic transition in its operation." The creation of an investment-banking department expands the purview of an institution that was set up to help serve China's rural masses, WSJ notes. In addition, WSJ cites a statement posted on the bank's Web site as disclosing that Mr. Xiang signed a memorandum of understanding a week ago with Credit Agricole SA on "overall cooperation." The statement, WSJ notes, did not provide further information. Despite the bank's latest developments, WSJ says, its officials and executives at other related parties all said that the Cabinet has yet to approve its stockholding-overhaul proposal. WSJ recounts that since 2006, the Chinese Government has been studying a plan to overhaul the debt-ridden lender. Agricutural Bank is the only one of the country's four major state banks that has not listed shares. Agricultural Bank, WSJ explains, is expected to hold an initial public offering after completing the overhaul. The overhaul includes a proposed capital injection from state-owned China Central Huijin Investment Co. and introducing strategic investors. The Agricultural Bank of China -- http://www.abchina.com/en/hq/index.jsp/index.html-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of 2006. According to XFN-Asia, at the end of September 2007, Agricultural Bank had outstanding loans of CNY3.44 trillion, of which 22.11% were bad loans. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. BANK OF OVERSEAS CHINESE: Citigroup Completes Acquisition --------------------------------------------------------- Citigroup Inc. has completed its acquisition of Bank of Overseas Chinese, Yu-huay Sun writes for Bloomberg News. Bloomberg relates that Citigroup paid NTD13.9 billion (US$431 million), or NTD11.63 per share, for the acquisition. According to Reuters, Citigroup said that it sees strong growth in its Taiwan banking business in 2008 after it completed the acquisition. "Citi (in Taiwan) is poised for growth stronger than ever," Reuters quotes Stephen Bird, chief executive of Citi's global consumer group in Asia Pacific, as saying. Bloomberg notes that Citigroup's takeover of BOOC bolstered the number of Citigroup branches in Taiwan to 66 from 11, bringing access to 1 million additional clients. Citigroup has also announced acquisitions in Japan and China as it competes with international banks including Standard Chartered Plc in Asia, Bloomberg adds. According to the report, Taiwan's financial regulator said that Citigroup earned NTD4.85 billion before tax in Taiwan last year, almost three times as much as its nearest overseas rival, JPMorgan Chase & Co. 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. BELTON INDUSTRIAL: Commences Liquidation Proceedings ---------------------------------------------------- Belton Industrial (International) Limited commenced liquidation proceedings on November 23, 2007. The company's liquidators are: Stephen Liu Yui Keung Chan Wai Hing 18th Floor, Two International Finance Centre 8 Finance Street Central, Hong Kong CAPITAL ACE: Members Final Meeting Slated for Dec. 31 ----------------------------------------------------- The members of Capital Ace Development Limited will have their final general meeting on December 31, 2007, at 10:10 a.m., at the 76th Floor of the Two International Finance Centre, in 8 Finance Street, Central Hong Kong. During the meeting, the company's liquidator, Chun Pak Chee, Patrick, will give a report on the company's wind-up proceedings and property disposal. The company has been undergoing liquidation since June 15, 2007. The Liquidator can be reached at: Chu Pak Chee, Patrick Two International Finance Centre, 72-76th Floor 8 Finance Street, Central Hong Kong CONNECTIVE EMPIRE: Commences Liquidation Proceedings ---------------------------------------------------- Connective Empire Company Limited commenced liquidation proceedings on November 20, 2007. The company's liquidators are: Law Pui Cheung Wai Lin Winnie Room 1021 Sun Hung Kai Centre 30 Harbour Road, Wanchai, Hong Kong DEEPER CHRISTIAN LIFE: Commences Liquidation Proceedings -------------------------------------------------------- Deeper Christian Life Ministry (H.K.) Limited commenced liquidation proceedings on November 21, 2007. The company's liquidator is: Kwok Lai Ngor Unit 805-6, 8th Floor Swire & Maclaine House 19-23, Austin Avenue Tsimshatsui, Kowloon Hong Kong DURA DUCT: Members Appoint Chan Kin Hang as Liquidator ------------------------------------------------------ The members of Dura Duct International Limited appointed Chan Kin Hang on November 14, 2007, as the company's liquidator. The Liquidator can be reached at: Chan Kin Hang Room 2301, 23rd Floor, Ginza Square 565-567 Nathan Road, Yaumatei Kowloon, Hong Kong FASTUP GARMENT Creditors' Proofs of Debt Due on Jan. 4 ------------------------------------------------------ The creditors of Fastup Garment Factory Limited are required to file their proofs of debt by January 4, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 23, 2007. The company's liquidator is: Sze Sau Wan Room 602, 447 Lockhart Road Hong Kong FUYAO GROUP: Goldman Sachs Wants to Buy 10% Stake for CNY890 Mln ---------------------------------------------------------------- Goldman Sachs Group, a global investment banking and securities firm, plans to buy a 10% stake in Fuyao Group Glass Industries <600660> for CNY890 million (US$113 million), China Knowledge reports. China Knowledge, citing a statement filed by Fuyao with the Shanghai Stock Exchange, relates that Goldman Sachs intends to buy 111.28 million Fuyao shares valued at CNY8 each, representing 19.9% lower than the closing price of CNY9.99 on Nov. 28. According to reports, Goldman Sachs will hold Fuyao's shares for the next three years. The report notes that Goldman Sachs purchases strategic stakes in publicly traded Chinese companies with aims to expand in the world's fastest-growing major car market. Headquartered in Fuqing, Fujian Province, Fuyao Group Glass Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a manufacturer of automotive and industrial safety glass. The company provides laminated and tempered glass for automobiles, encapsulation products, bulletproof glass, laminated and tempered glass for buildings, furniture and decorative glass products, front panel glass for electrical appliances and panel glass for other specialty industrial applications. The Company has seven production bases in the People's Republic of China and two wholly owned subsidiaries in the United States. FYG mainly exports to North America and Asia Pacific. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating on June 29, 2005. GREENTOWN CHINA: Land Buys Cue S&P to Downgrade Rating to 'BB-' --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Greentown China Holdings Ltd. to 'BB-' from 'BB'. The outlook is stable. At the same time, Standard & Poor's lowered the long-term debt ratings on the company's US$400 million senior unsecured notes and its CNY2.31 billion convertible notes to 'BB-' from 'BB'. "We have downgraded Greentown to reflect its increasingly aggressive land acquisitions, which together with a delay across some projects have contributed to the company's key financial metrics weakening beyond a level consistent with the previous rating," said Standard & Poor's analyst Peter Sikora. Greentown's aspirations to improve key credit metrics over the next few years are dependent on property market conditions remaining favorable. Any improvement would also be reliant on the company maintaining its sound brand and market positioning in order to achieve strong sales targets and profit margins across property development projects. In addition, Greentown continues to display a strong appetite for adding to its land bank holdings, which could further delay any anticipated improvement in the company's financial metrics. The progressive introduction of new government regulations aimed at stemming further overheating of the property market could affect Greentown's operating performance, particularly as many recently introduced government measures have been aimed at the high end of the market, a key focus for Greentown. The rating on Greentown continues to recognize the company's strong presence in Hangzhou, the capital city of Zhejiang province; its experience in other first- and second-tier cities; its large, well-located land bank; and diverse development projects. These strengths are partly offset by the above-average risks facing residential property developers in China, including the cyclical nature of the real estate market, evolving government regulations and tightening policies, and fierce competition. Other major risks include the company's rapid expansion plan, concentrated activities in Zhejiang province, a lack of stable recurring income, and high use of borrowings to fund business expansion. HAI XIN: Commences Liquidation Proceedings ------------------------------------------ Hai Xin Investment Limited commenced liquidation proceedings on November 19, 2007. The company's liquidator is Law Ka Lok C.P.A. HENDERSON STRATECH: Members to Have Final Meeting on Dec. 31 ------------------------------------------------------------ The members of Henderson Stratech Limited will have their final general meeting on December 31, 2007, at 11:45 a.m. During the meeting, the company's liquidator, Lee King Yue, will give a report on the company's wind-up proceedings and property disposal. The meeting will be held at the 76th Floor of the Two International Finance Centre, in 8 Finance Street, Central Hong Kong. The Liquidator can be reached at: Lee King Yue Two International Finance Centre, 72-76th Floor 8 Finance Centre, Central Hong Kong HONG KONG SKI: Creditors' Proofs of Debt Due on Dec. 21 ------------------------------------------------------- The creditors of Hong Kong Ski Club Limited are required to file their proofs of debt by December 21, 2007, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 20, 2007. The company's liquidator is: Wu Wallen 7th Floor, Hong Kong Trade Center 161-167 Sed Voeux Road Central Hong Kong JDC CORPORATION: Pays Second Ordinary Dividend on Dec. 12 --------------------------------------------------------- JDC Corporation, which is in liquidation, will pay its second ordinary dividend on December 12, 2007. The company's liquidator is: Kong Chi How, Johnson 25th Floor, Wing On Centre, 11 Connaught Road Central, Hong Kong KAUFMANN CONTINENTAL: Members Final Meeting Fixed on Dec. 10 ------------------------------------------------------------ The members of Kaufmann Continental Limited will have their final general meeting on December 10, 2007, at 2:00 p.m. The meeting will be held at Room B, 14th Floor, Wah Hen Commercial Centre, in 383 Hennessy Road, Wanchai. At the meeting, the company's liquidator will present a report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lee Chi Fai Room B, 14th Floor Wah Hen Commercial Centre 383 Hennessy Road, Wanchai Hong Kong KOWLOON-CANTON: Creditors' Proofs of Debt Due on Dec. 31 -------------------------------------------------------- The creditors of Kowloon-Canton Railway Athletic and Social Club, which is in liquidation, are required to file their proofs of debt by December 31, 2007, to be included in the company's dividend distribution. The company's liquidators are: Chan Wah Tip, Michael Ho Man Kei, Keith 600 Prince's Building Charter Road, Central Hong Kong KYOTO JAPAN: Liquidator Ng Kwok Wai Quits ----------------------------------------- On August 24, 2007, Ng Kwok Wai stepped down as liquidator for Kyoto Japan Restaurant Limited. The company has been under a Court-ordered liquidation since July 6, 2005. The former liquidator can be reached at: Ng Kwok Wai Unit A, 14/F., JCG Building 16 Mongkok Road, Mongkok Kowloon, Hong Kong LAURENTIAN ASIA: Liquidators Quit Post -------------------------------------- On November 19, 2007, Yeung Betty Yuen and Chung Miu Yin Diana stepped down as liquidators for Laurentian Asia Limited. The company has been undergoing liquidation proceedings since April 20, 2007. The former liquidators can be reached at: Yeung Betty Yuen Chung Miu Yin Diana Level 28, Three Pacific Place 1 Queen's Road East Hong Kong LEHMAN BROTHERS: Commences Liquidation Proceedings -------------------------------------------------- Lehman Brothers South Asia Limited commenced liquidation proceedings on November 21, 2007. The company's liquidators are: Messrs. Lai Kar Yan (Derek) Darach E. Haughey 35th Floor, One Pacific Place 88 Queensway, Hong Kong LOHART TRADING: Liquidator Quits Post ------------------------------------- On November 30, 2007, Tsang Chi Fai, Peter, stepped down as liquidator for Lohart Tradong (H.K.) Company Limited, which is undergoing liquidation. The former liquidator can be reached at: Tsang Chi Fai Unit 701, 7/F. Join-in Hang Sing Centre 71-75 Container Port Road Kwai Chung, New Territories Hong Kong M.H.-U.D.G.: Members Final Meeting Slated for Dec. 31 ----------------------------------------------------- The members of M.H.-U.D.G. (Far East) Limited will have their final general meeting on December 31, 2007, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the 8th Floor of the Gloucester Tower, The Landmark, in 15 88 Queen's Road, Hong Kong. M & T INTERNATIONAL: Members Final Meeting Fixed on Dec. 20 ----------------------------------------------------------- The members of M & T International Limited will have their final general meeting on December 20, 2007, at 2:30 p.m., while the company's creditors will meet at 3:00 p. m. on the same day. At the meeting, both groups will hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at 2nd Floor. Wing Yee Commercial Building, in 5 Wing Kut Stree, Central Hong Kong. NEW JAPAN: Members to Hold Final Meeting on Dec. 31 --------------------------------------------------- The members of New Japan Securities International (Hong Kong) Limited will hold their final general meeting on December 31, 2007, at 9:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at 35th Floor, One Pacific Place, in 88 Queensway, Hong Kong. ORIENTFIELDS ENTERPRISES: Members Receive Wind-Up Report -------------------------------------------------------- The members of Orienfield Enterprises Limited met on November 30, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mo Pui Lam Champion Building, Flat E 15th Floor Nos. 287-297 Des Voeux Road, Central Hong Kong QI CAPITAL: Commences Liquidation Proceedings --------------------------------------------- QI Capital (HK) Limited commenced liquidation proceedings on November 15, 2007. The company's liquidators are: Rainier Hok Chung Lam John James Toohey 22nd Floor, Prince's Building Central, Hong Kong ROBERTSON PRODUCTS: Liquidators Quit Post ----------------------------------------- On November 20, 2007, Alan C W Tang and Wong Kwok Man stepped down as liquidators for Robertson Products Limited, which is undergoing liquidation. SENTROL LIFESAFETY: Commences Liquidation Proceedings ---------------------------------------------------- Sentrol Lifesafety China Limited commenced liquidation proceedings on November 20, 2007. The company's liquidators are: Yeung Betty Yuen Ying Hing Chui Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong SOUND YEAR: Liquidator Quits Post --------------------------------- On November 23, 2007, Tai Hay Yuen stepped down as liquidator for Sound Year International Limited. The company has been undergoing liquidation since April 26, 2007. The former liquidator can be reached at: Tai Hay Yuen Tai Kong Corporate Advisory Limited Chinachem Tower, 21st Floor 34-37 Connaught Road Central, Hong Kong STAR YIELD: Members Final Meeting Slated for December 31 --------------------------------------------------------- The members of Star Yield Development Limited, which is in liquidation, will have their final general meeting on Dec. 31, 2007, at 10:15 a.m. During the meeting, the company's liquidator, Chu Pak Chee, Patrick, will give a report on the company's wind-up proceedings and property disposal. The meeting will be held at 76th Floor of the Two International Finance Centre, in 8 Finance Street, Central Hong Kong. The Liquidator can be reached at: Chu Pak Chee, Patrick Two International Finance Centre, 72-76th Floor 8 Finance Street, Central Hong Kong VIDGO TRADING: Creditors' Proofs of Debt Due on Dec. 28 ------------------------------------------------------- The creditors of Vidgo Trading (HK) Company Limited, which is in liquidation, are required to file proofs of debt by December 28, 2007, to be included in the company's dividend distribution. The company's liquidator is: Lau Siu Hung 2nd Floor, Wing Yee Commercial Building 5 Wing Kut Street, Central Hong Kong ========= I N D I A ========= DCM SHRIRAM: Auditors Disclose Observations on Limited Review ------------------------------------------------------------- The auditors of DCM Shriram Industries Ltd in their limited review report of the company for the quarter ended Sept. 30, 2007, made these observations: 1. The auditors observation in the audit report on July 30, 2007, on the accounts for the year ended March 31, 2007, which has not been resolved is summarized as: There are various issues relating to sales tax, income- tax, interest etc. arisen / arising out of the reorganisation arrangement of the undivided DCM Ltd which will be settled and accounted for in terms of the Scheme of Arrangement of DCM Ltd as and when the liabilities / benefits are finally determined. The ultimate effect of these is not ascertainable at this stage. (refer note 3(a) of the accompanying statement) 2. As per the policy followed by the company for preparation of quarterly results, the sugar off-season expenditure amounting to INR12.57 crore and INR17.67 crore for the quarter and half year ended Sept. 30, 2007 respectively have been deferred for inclusion in the cost of sugar to be produced in remaining part of the financial year. Had the company charged expenditure so incurred to the accounting period in which such expenses were incurred, the decrease in stock in trade would have been higher by INR13.39 crore and INR17.67 crore for the quarter and half year ended Sept. 30, 2007, respectively and loss after tax would have been higher by INR8.83 crore and INR11.66 crore for the quarter and halt-year ended Sept. 30, 2007, respectively. As previously reported by the Troubled Company Reporter-Asia Pacific, DCM Shriram reported a net loss in the quarter ended Sept. 30, 2007, compared to the net profit booked in the same period in 2006. 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. DRESSER-RAND: Employees Back to Work at Painted Post Facility ------------------------------------------------------------- Dresser-Rand Group Inc. has began an orderly process of calling bargaining unit employees back to work after a 17 week work stoppage involving approximately 400 employees at its Painted Post facility in New York State. On Nov. 29, 2007, the company announced that, after reaching impasse in its negotiations with IUE-CWA Local 313, it was implementing the terms of its last offer and inviting bargaining unit employees to return to work. The union offered, on behalf of its membership to end the strike by unconditionally offering to return to work under the terms of the implemented company offer. The company has released its temporary workforce. According to Dan Meisner, "Total production from all sources is expected to continue at pre-strike levels as we replace temporary workers and subcontracted work with returning employees. Approximately 75 employees are expected to return to work on Tuesday, Dec. 4. Additional employees will be scheduled to return to work over the next few days and weeks as we identify and fill vacancies. We look forward to the return of our employees." Doug Rich, Director of Operations, said, "We recognize that this has been a difficult situation for all of us that have been affected by the work stoppage -- our employees who have been on strike and their families, the Painted Post community and our salaried and new employees who have been working tremendous hours to continue providing uninterrupted service to our clients. We now have an opportunity to move forward and forge a bright future by working together in an environment of mutual respect, cooperation and teamwork." Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). EMCO LTD: Postpones Considering Preferential Issue to Promoter -------------------------------------------------------------- A meeting of Emco Ltd's Preferential Issue Committee, supposedly set on Nov. 28, is postponed to an undetermined date pending the in-principle approval from regulatory authorities, the company said in a filing with the Bombay Stock Exchange. The Committee was supposed to consider at the meeting the allotment of 17,00,000 warrants to Promoter Shailesh Jain who is also the company's managing director. The warrants carry an option to acquire equivalent number of equity shares at a price of not less than INR1,150 as per Guidelines for Preferential Issues � Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000. Headquartered in Jalgaon, India, Emco Ltd. -- http://www.emcoindia.com-- offers transmission and distribution solutions within the power sector in India. Through its Transformer Division, Emco offers power transformers, specialized rectifier transformers, furnace transformers, and locomotive and traction transformers. Through its Meters Division, the company offers metering solutions like tamper- proof electronic energy meters, automatic meter reading solutions like drive by, walk by or fixed network, pre-payment metering solutions and high-end metering like trivector meters. It also offers energy and revenue management solutions. Through its Projects Division, Emco offers turnkey solutions from concept to commissioning for electrical substation projects. It also undertakes entire industrial electrification work from designing to execution. Emco offers information technology solutions for power distribution management. Through its International Division, EMCO offers transformers and energy meters confirming to international specifications. Emco's senior unsecured debt carries Credit Analysis and Research Limited's BB rating, effective May 23, 2007. ESSAR OIL: NSE Bans Trading in Stock Futures -------------------------------------------- India's National Stock Exchange has banned the trading in stock futures of Essar Oil along with seveno other firms, the Press Trust of India reports. They have crossed the 95% of market-wide position limit, hence restricted from making any fresh contracts, NSE explained. The derivative contracts in the underlying Essar Oil, state-run Bongaigoan Refinery, Tata Teleservices (Mah), JP Hydro, Reliance Petroleum Ltd, NIIT Technologies, IFCI and Adlabs Film are also banned, PTI relates. According to the news agency, NSE will only allow shareholders to trade in the derivative contracts of Tata Teleservices, JPHydro, RPL, NIIT Tech, IFCI, Adlabs Films and GMR Infrastructure only to decrease their positions through offsetting positions. Any increase in open positions would merit appropriate penal and disciplinary action, the stock exchange warned. Headquartered in Jamnagar, India, Essar Oil Limited -- http://www.essar.com-- is engaged in the exploration, production and marketing of oil and gas. The company's principal activities are to develop, explore, produce, and refine oil and gas. Vadinar Power Company Limited is a wholly owned subsidiary of the company. On August 23, 2005, CRISIL Ratings reaffirmed the outstanding "D" rating on the INR5.65 billion and INR2 billion Non- Convertible Debenture programmes of Essar Oil Limited. The rating indicates that the instruments are in default. GARWARE POLYESTER: Schedules 15th AGM on December 18 ---------------------------------------------------- Garware Polyester Ltd informed the Bombay Stock Exchange that it will hold the 15th annual general meeting of its members on Dec. 18, 2007. Among others, the shareholders will consider these businesses at the meeting: 1. To receive, consider and adopt the company's audited balance sheet as at March 31, 2007, and the Profit and Loss Account for the year ended on that date and the related reports of the directors and the auditors. 2. To appoint directors in place of M. Garware Modi, Gautam Doshi and N. P. Chapalgaonkar, who retire by rotation and, being eligible, offers themselves for re-appointment. 3. To appoint auditors and to fix their remuneration. 4. To appoint Sonia Garware, Dilip J. Thakkar, Nimish G. Pandya as directors, liable retire by rotation. 5. To re-appoint A. B. Bhalerao to the office of whole-time director designated as director-technical for a period commencing from Oct. 1, 2006, to May 31, 2007, on remuneration, terms and conditions. 6. To appoint M. S. Adsul: a. as a director, liable to retire by rotation; and b. to the office of whole-time director designated as director-technical for a period from Aug. 1, 2007. for a tenure of five years, on remuneration, terms and conditions. 7. To the approval of the Central Government, Article 117(b) of the Articles of Association of the Company be altered by substituting the word "twelve" with the words "fifteen". Headquartered in Aurangabad, India, Garware Polyester Ltd. -- http://www.garwarepoly.com/-- produces polyester film. Its products range includes films that cater to the solar control industry, packaging industry and reprographic industry. In addition, the company's bi-axially oriented polyethylene teraphthalate film range includes sun control films, overhead projector films and film for packaging, cable insulation, audiotapes, tracing and drafting. The Troubled Company Reporter-Asia Pacific reported on July 13, 2007, that Credit Rating Information Services of India Limited has reaffirmed its 'D' rating on Garware's non-convertible debenture programme. The rating continues to indicate that the instrument is in default. The arrears on interest and principal repayments have not been entirely cleared. HINDUSTAN COPPER: To Consider Preferential Allotment to Pres. ------------------------------------------------------------- Hindustan Copper Ltd's shareholders will consider, on their 40th annual general meeting set on Dec. 24, 2007, the issuance of 15,70,00,000 shares of INR5 each in the share capital of the company to the President of India on preferential allotment basis, a filing filed with the Bombay Stock Exchange says. The shares is proposed to be issued for cash at par aggregating to INR78.50 crore against conversion of govt. loan into equity for INR50 crore and plan equity support of INR28.50 crore received from the government upon receipt of approval for capital reduction from the Ministry of Corporate Affairs, Government of India, subject to necessary provisions & approvals. Also during the AGM, the shareholders will consider transacting these businesses: 1. To receive, consider and adopt the audited balance sheet as on March 31, 2007, and the profit and loss account for the year ended March 31, 2007, together with the directors' report, auditors' report and C&AG's comments. 2. To fix the remuneration of the auditors. 3. To appoint Sanjiv Kumar Mittal as director on the board with effect from April 18, 2007, in terms of Ministry of Mines order dated April 18, 2007. 4. To appoint Kailash Dhar Diwan as director (operations) of the company with effect from Sept. 14, 2007, in terms of Ministry of Mines order dated June 28, 2007. 5. To alter the existing article no. 69 of the Article of Association of the company to read as: 69. The number of directors of the Company shall not be less than three and more than fourteen. The Directors are not required to hold any qualification shares. Based in Kolkata, India, Hindustan Copper Limited -- http://www.hindustancopper.com/-- is an undertaking of the Government of India. The company is the sole fully integrated copper manufacturer in India. On November 18, 2005, CRISIL Ratings upgraded its outstanding rating on the non-convertible bond program of Hindustan Copper Limited to 'C' from 'D'. Since July 2004, Hindustan Copper has met its interest obligations on the rated instrument on time. The upward revision in the rating is in line with CRISIL's policy of revising ratings, post-default only after monitoring timely debt servicing for a year. Hindustan Copper, however, continues to default on its interest obligations relating to its unrated debt. IFCI LTD: Resolves Issues on Conversion of Zero-Coupon OCDs ----------------------------------------------------------- IFCI Ltd says its board of directors, at its meeting on Dec. 1, 2007, has resolved issues issues relating to recompensation and conversion of INR1,479 crore held in the form of Zero Coupon Optionally Convertible Debentures by banks and financial institutions repayable on April 1, 2022. As previously reported by the Troubled Company Reporter-Asia Pacific, IFCI's board on Oct. 15, 2007, proposed the conversion of part of the company's 0% OCDs into equity. Public sector banks and insurance firms, who hold a combined INR1,479 crore in zero-coupon debentures that they provided to to IFCI in 2002 to restructure liabilities, weren't happy with the proposal. In light of the plan to induct a strategic investor through sale of fresh equity amounting to 26% on a post-diluted basis, IFCI believed a need had arisen to obtain clarity on convertibility and recompensation clauses. Accordingly, a meeting was held, under the aegis of the government, presided by the Joint Secretary to Government of India in October. Thereafter, a consensus among those banks and insurance firms regarding convertibility and recompensation of the ZCOCDs was sought to be achieved through one-on-one meetings and finally a meeting of the financial institutions on IFCI. In a regulatory filing with the Bombay Stock Exchange, IFCI disclosed the consensus that emerged in those meetings: (i) Life Insurance Corp., General Insurance Corp. and associates agreed to convert that part of ZCOCDs into equity, which would retain their holding in IFCI in percentage terms at existing levels. The balance amount held by LIC and other financial institutions would carry an interest rate of 75 basis points below 15 year G�Sec from the first three years and 75 basis points above 15 years G-Sec, after three years post induction of strategic investors. (ii) Public sector banks have agreed to convert their entire holdings in ZCOCDs into equity. IFCI's board of directors has approved the arrangement. IFCI Limited -- http://www.ifciltd.com/-- is established to cater the long-term finance needs of the industrial sector. The principal activities of IFCI include project finance, financial services, non-project specific assistance and corporate advisory services. Project finance involves providing credit and other facilities to green-field industrial projects (including infrastructure projects), as well as to brown-field projects. Financial services covers a range of activities wherein assistance is provided to existing concerns through various schemes for the acquisition of assets, as part of their expansion, diversification and modernization programs. Non-project specific assistance is provided in the form of corporate/short-term loans, working capital, bills discounting, etc to meet expenditure, which is not specifically related to any particular project. Its investment portfolio includes equity shares, preference shares, security receipts and government securities. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 3, 2007, India's Credit Analysis & Research Ltd. retained a CARE D rating to IFCI's Long & Medium Term Debt aggregating INR91.36 crore. The amount represents the outstanding non- restructured amount under the Bonds series, which have been rated by CARE. Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating at '4'. The outlook on the rating is stable. IFCI LTD: Four Shortlisted Bidders Carry Out Due Diligence ----------------------------------------------------------- IFCI Ltd informed the Bombay Stock Exchange that four of the eight shortlisted bidders for the 26% stake in the company have carried out due diligence. The four firms are: 1. Sterlite Industries and Morgan Stanley and Co. 2. WL Ross, US Capital Partners VI Fund, Standard Chartered Bank and HDFC. 3. Cargill Financial Services Corporation and Texas Pacific Group 4. Shinsei Bank Ltd, PNB and JC Flowers & Co. As reported by the Troubled Company Reporter-Asia Pacific on Aug. 8, 2007, IFCI invited expressions of interest for a strategic investor in whom the company will divest the 26% stake. IFCI wants to raise as much as US$250 million from the sale of the stake. Out of of the 10 applications received, eight were shortlisted. The last date of submission for financial bids has been fixed at Dec. 14, 2007. IFCI further informed BSE that it is also in discussion with multilateral institutions to take a stake in the company. �However, the firm did not mention the name of the institutions or the stake it wants to offer,� Reuters observed. Reuters, citing The Economic Times as source, said that IFCI's board has decided to bring in International Finance Corp who will hold less than 20%. IFCI Limited -- http://www.ifciltd.com/-- is established to cater the long-term finance needs of the industrial sector. The principal activities of IFCI include project finance, financial services, non-project specific assistance and corporate advisory services. Project finance involves providing credit and other facilities to green-field industrial projects (including infrastructure projects), as well as to brown-field projects. Financial services covers a range of activities wherein assistance is provided to existing concerns through various schemes for the acquisition of assets, as part of their expansion, diversification and modernization programs. Non-project specific assistance is provided in the form of corporate/short-term loans, working capital, bills discounting, etc to meet expenditure, which is not specifically related to any particular project. Its investment portfolio includes equity shares, preference shares, security receipts and government securities. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 3, 2007, India's Credit Analysis & Research Ltd. retained a CARE D rating to IFCI's Long & Medium Term Debt aggregating INR91.36 crore. The amount represents the outstanding non- restructured amount under the Bonds series, which have been rated by CARE. Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating at '4'. The outlook on the rating is stable. QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction ----------------------------------------------------------- In light of media reports and questions from some Members of Parliament, Quebecor Media Inc. issues this statement: "Quebecor Media Inc. and its subsidiary, Videotron Ltd., fully respected the integrity of the public consultation process concerning the establishment of rules to be applied to the auction of spectrum for mobile wireless services. All representations made to various government authorities were conducted by persons who were duly registered as lobbyists." "In addition, Quebecor Media Inc. confirms that its President and Chief Executive Officer, Mr. Pierre Karl Peladeau, met on two occasions with the Hon. Maxime Bernier when he was Minister of Industry to discuss different issues including the company's perspective on the wireless file, specifically that it is in the interest of Canadian consumers to have greater competition in this area. The meetings were organized by company representatives who were duly recorded in the Lobby Registry, as were Mr. Peladeau and individuals who accompanied him to these meetings. The two meetings took place in the winter and the summer of 2006." "Mr. Peladeau and other senior officials of the company and its subsidiaries also met with other members of the Cabinet, of the public service as well as MPs including members from opposition parties. All individuals involved in the organization of these meetings and in the meetings themselves acted in accordance with the applicable legislation." "Quebecor Media Inc. is pleased with the decision announced earlier this week by the Minister of Industry, the Hon. Jim Prentice, that allows new competitors to enter the wireless market since this decision is clearly in the interest of all Canadian consumers." Quebecor Media Inc., a subsidiary of Mortsel, Belgium-based, Quebecor Inc. -- http://www.quebecor.com/-- owns operating companies in numerous media-related businesses: Videotron Ltd., a cable operator in Quebec and a major Internet Service Provider and provider of telephone and business telecommunications services; Sun Media Corporation, Canada's chain of tabloids and community newspapers; TVA Group Inc., operator of French- language general-interest television network in Quebec, a number of specialty channels, and the English-language general-interest station Sun TV; Canoe Inc., operator of a network of English- and French-language Internet properties in Canada; Nurun Inc., a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia; companies engaged in book publishing and magazine publishing; and companies engaged in the production, distribution and retailing of cultural products, namely Archambault Group Inc., chain of music stores in eastern Canada, TVA Films, and Le SuperClub Videotron ltee, a chain of video and video game rental and retail stores. Headquartered in Montreal, Canada, the company has global facilities in India, France and Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service rated Quebecor Media Inc.'s US$700 million add-on senior unsecured note issue B2. Ratings on the underlying 7.75% senior unsecured notes due in March of 2016 were affirmed at the same B2 level. At the same time, QMI's Ba3 corporate family rating and stable ratings outlook were affirmed. RYERSON INC: Plans to Restructure Chicago Business by Late 2008 --------------------------------------------------------------- Ryerson Inc. has disclosed plans to restructure its Chicago operations in a series of carefully phased moves by the end of 2008. These moves bring the company closer to its customers with improved service levels. The companu will keep its corporate headquarters in the Chicago area and would maintain at least 500 jobs in the Chicago area. The transition of Ryers