/raid1/www/Hosts/bankrupt/TCRAP_Public/071228.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, December 28, 2007, Vol. 10, No. 256
Headlines
A U S T R A L I A
A E FORBES: Members' Final Meeting Set for Jan. 18
ACCORD PROJECTS: Members' General Meeting Set for Jan. 18
ACCOUNTING RIGHT: Creditors & Members to Meet on Jan. 18
ANAWIND PTY: Members' General Meeting Set for Jan. 21
C. P. BALL: Final Dividend Will Be Declared on Jan. 10
CONTEMPORARY ENTERPRISES: Creditors & Members to Hold Meeting
DODINGTON PTY: Members' Final Meeting Set for Feb. 4
FIREZONE PROTECTION: Creditors & Members to Meet on Jan. 15
HAIER ELECTRICAL: Final Dividend Will Be Declared on Jan. 21
KIJABR PTY LIMITED: Liquidator to Present Wind-Up Report
KINTEC DESIGN: Creditors & Members to Meet on Jan. 25
LONGSIGHT (AUSTRALIA): Court Enters Wind-Up Order
MONDI PAPER: Members' Final Meeting Set for Jan. 21
NORTHSIDE CLEANING: Commences Voluntary Wind-Up
O'CONNOR AIR: Parties Express Interest in Parts of Businesses
PALADIN ENERGY: Two Directors Make AU$35 Million in Paper Profit
PAN LABORATORIES: Final Dividend Will Be Declared on Jan. 10
POPPERS CHARGRILL CHICKENS: Final Meeting Set for Jan. 18
SOLAR SYSTEMS HOLDINGS: Creditors Resolve to Commence Wind-Up
TALDEN PTY: Members' Final Meeting Set for Jan. 22
TWEED BYRON SCAFFOLDING: Creditors & Members to Meet on Jan. 15
VARI INVESTMENTS: Liquidator to Present Wind-Up Report
WESTPOINT GROUP: ASIC Begins Phase Two of Legal Action
C H I N A , H O N G K O N G & T A I W A N
ADVERTISING SERVICE: High Court to Hear Wind-Up Petition
BALDWING WATCH: Members Will Hold Final Meeting on Jan. 24
CENTRAL HILL: Shareholders Appoint Liquidators
CHIAO TUNG UNIVERSITY ALUMNI: Liquidator Quits Post
CHINA EASTERN: Domestic Carriers Anxious Over Singapore Air Deal
CS INDUSTRIAL CO: High Court to Hear Wind-Up Petition on Jan. 30
FOOK PO ENTERPRISES: Creditors Must File Claims by Jan. 25
FORD MOTOR: Works With Chinese Suppliers to Improve Conditions
GENERAL MOTORS: Sets Record Vehicle Sales in China
HOUSELY INDUSTRIES: High Court to Hear Wind-Up Petition
HOUTOKU FURNITURE: Liquidator Quits Post
INTERNATIONAL SHOE AGENCIES: Members to Meet on Jan. 21
PACIFIC OPTICAL: Liquidators Quit Posts
QUALITY DATA NETWORK: Creditors & Members Will Meet on Jan. 15
SANMINA-SCI: Calls for Redemption of US$120 Million Senior Notes
I N D I A
BANK OF BARODA: To Raise INR25 Bil. for Capital Requirements
BALLARPUR INDUSTRIES: Registers Reorganization Scheme
NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31
TATA POWER: To Raise INR4,000 Crore for Shipping & Logistics Biz
I N D O N E S I A
BANK PERMATA: Pefindo Upgrades General Obligation Rating to idA+
INDOSAT: Pefindo Says Watchdog's Ruling Won't Affect Ratings
PERUSAHAAN LISTRIK: Pefindo Upgrades Corporate Rating
* Moody's Issues Annual Report on Indonesia
J A P A N
ALL NIPPON: Maintains Rating Lead Over JAL, Moody's Says
FUJI HEAVY: Aims to Sell 630,000 Units Worldwide in 2008
GOODWILL GROUP: Founder to Step Down as CEO Amid Scandals
JAPAN AIRLINES: Must Continue Implementing Reforms, Moody's Says
NOVA CORP: G.communication Fails to Rehire 600 Foreign Teachers
SHINKI CO: Solid Financial State Cues JCR to Up Rating to BBB-
UNIDEN CORP: Moody's Withdraws Ba2 Issuer Rating
* Moody's Sees Abating Business Profiles for Construction Firms
K O R E A
ACTUANT CORP: Earns US$27.4 Mil. in First Quarter Ended Nov. 30
ARROW ELECTRONICS: Expands Distribution Agreement with Delta
MILACRON INC: Weak Credit Metric Cues Moody's to Cut Ratings
M A L A Y S I A
ARK RESOURCES: Creditors Approve Debt Restructuring Scheme
MANGIUM INDUSTRIES: Board Okays Use of US$6-Bil. Sale Proceeds
N E W Z E A L A N D
AFS (2002) LIMITED: Commences Liquidation Proceedings
AQ LIMITED: Board Decides to Liquidate Business
ASKEW AND ASSOCIATES: High Court to Hear Petition on Jan. 28
B D S GROUP: Appoints D.C. Parsons & K.L. Kenealy as Liquidators
BEACH ROAD CORPORATION: Commences Liquidation Proceedings
CHELTENHAM TRUSTEE: High Court to Hear Petition on Feb. 14
CONNEXIONZ: Books NZ$356,025 Loss for Half-Year Ended Sept. 30
DOMESTIC COMMERCIAL: Shareholders Appoint Liquidators
GARRY BARNES INTERIORS: High Court to Hear Wind-Up Petition
GLASS EARTH: Changes Name to Glass Earth Gold Limited
GLASS EARTH: Completes 1st Tranche of Private Placement
IMPACT MATERIALS: Shareholders Appoint Liquidators
K M S INTERNATIONAL: Creditors Must File Claims by Jan. 30
MANAWATU DIVE CENTRE: Claims Filing Deadline Set for Feb. 10
PROLINE CONSTRUCTION: Shareholders Appoint Liquidator
REDWOOD BUILDERS: Shareholders Appoint Liquidators
SAND PIPER LODGE: Shareholders Appoint Liquidators
SPECIALISED LABOUR FORCE: High Court Appoints Liquidators
STRUCTURED CABLING: Commences Liquidation Proceedings
T & A WHOLESALERS: High Court to Hear Wind-Up Petition
T & M (1997) LTD: High Court to Hear Petition on Jan. 31
TNF LIMITED: High Court to Hear Wind-Up Petition on Jan. 31
TRUSTEE HOLDINGS: High Court to Hear Wind-Up Petition
WIDWALK LTD: Shareholders Appoint Liquidator
P H I L I P P I N E S
ATLAS CONSOLIDATED: Inks Deal With TVI Resource on Canatuan Mine
EIB REALTY: Douglas Chew Leaves Post as Director
IPVG CORP: Signs MOA to Acquire 70% Stake in Influent
JG SUMMIT: Robinson Bank Opens 38th Branch in Angeles City
PHILCOMSAT HOLDINGS: Court Bars Takeover by Private Shareholders
S I N G A P O R E
ACOPIA NETWORKS: Creditors Must File Claims by Jan. 21
ASSOCIATED DEVELOPMENT: Contributories' Meeting Set for Jan. 3
CHOW CHO POON: Contributories' Meeting Set for Jan. 3
EPL DISTRIBUTION: High Court to Hear Wind-Up Petition on Jan. 4
FUJITRANS (SINGAPORE): High Court to Hear Wind-Up Petition
HANWAY INVESTMENT: Declares First and Final Dividend
ITC GLOBAL HOLDINGS: High Court Enters Wind-Up Order
LEE TUNG: Contributories' Meeting Set for Jan. 3
NANO IMAGING DEVICES: High Court to Hear Petition on Jan. 11
T H A I L A N D
KRUNG THAI BANK: Natural Park Repays THB150.98 Million of Debt
SIAM CITY BANK: Natural Park Repays THB775.22-Million Debt
TMB BANK: Sells 2,000 Preferred Shares in Electrical Lamp
* Large Companies with Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
A E FORBES: Members' Final Meeting Set for Jan. 18
--------------------------------------------------
Members of A E FORBES & CO PTY LIMITED will have their final
meeting on January 18, 2008, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at the office of:
Williamson Chaseling Pty Ltd
47 Bolton Street, 1st Floor, Unit 4
Newcastle
The company's liquidator is D. C. WILLIAMSON.
ACCORD PROJECTS: Members' General Meeting Set for Jan. 18
---------------------------------------------------------
Members of ACCORD PROJECTS PTY LTD will have their general
meeting on January 18, 2008, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at:
491 Kent Street, Level 5
Sydney, New South Wales
The company's liquidator is:
IAN D. KELLAWAY
Minett & Partners Services Pty Limited
PO Box A173
Sydney, South NSW 1235
ACCOUNTING RIGHT: Creditors & Members to Meet on Jan. 18
--------------------------------------------------------
Creditors and members of ACCOUNTING RIGHT (NSW) PTY LIMITED will
have their Final Meeting on January 18, 2008, at 10:00 a.m., to
consider the Liquidator's final account and any other business
brought before the meeting.
The meeting will be held at:
Frasers Insolvency Advisory
99 Elizabeth Street, Level 5
Sydney NSW 2000
The company's liquidator is M. F. COOPER.
ANAWIND PTY: Members' General Meeting Set for Jan. 21
-----------------------------------------------------
Members of ANAWIND PTY LTD will have their general meeting on
Jan. 21, 2008, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The meeting will be held at the offices of:
Arthur Yip & Associates
Regis Towers, Level 3, Suite 140
418 Pitt Street
Sydney NSW 2000
The company's liquidator is ARTHUR YIP.
C. P. BALL: Final Dividend Will Be Declared on Jan. 10
------------------------------------------------------
A first and final dividend will be declared on January 10, 2008,
for C. P. BALL & CO PTY LIMITED.
Creditors have until January 8, 2008, to prove their debts or
claims. If they do not, they will be excluded from the benefit
of the dividend.
The company's deed administrator is:
BRYAN COLLIS
Deed Administrator
O'Brien Palmer
Currency House, Level 4
23-25 Hunter Street
Sydney NSW 2000
Telephone: (02) 9232 3322
Facsimile: (02) 9232 3388
CONTEMPORARY ENTERPRISES: Creditors & Members to Hold Meeting
-------------------------------------------------------------
Members and Creditors of CONTEMPORARY ENTERPRISES PTY LIMITED
will have their Final Meeting on January 18, 2008, at 10:30
a.m., to consider the Liquidator's final account and any other
business brought before the meeting.
The meeting will be held at:
Frasers Insolvency Advisory
99 Elizabeth Street, Level 5
Sydney NSW 2000
The company's liquidator is M. F. COOPER.
DODINGTON PTY: Members' Final Meeting Set for Feb. 4
----------------------------------------------------
Members of DODINGTON PTY LIMITED will have their final meeting
on Feb. 4, 2008, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.
The meeting will be held at 32 Carlotta Street in Greenwich.
FIREZONE PROTECTION: Creditors & Members to Meet on Jan. 15
-----------------------------------------------------------
Creditors and Members of FIREZONE PROTECTION SERVICES PTY LTD
will have their final meeting on January 15, 2008, at 10:00
a.m., to receive the liquidator's report about the company's
wind-up proceedings and property disposal.
The meeting will be held at the offices of:
Hamiltons Chartered Accountants
25 Bligh Street, Level 17
Sydney, New South Wales
The company's administrators are:
W. J. HAMILTON
PINO FIORENTINO
c/o Hamiltons Chartered Accountants
25 Bligh Street, Level 17
Sydney, New South Wales 2000
Telephone: (02) 9232 6611
Facsimile: (02) 9232 6166
HAIER ELECTRICAL: Final Dividend Will Be Declared on Jan. 21
------------------------------------------------------------
A first and final dividend to unsecured creditors of HAIER
ELECTRICAL AUSTRALIA PTY LTD will be declared on Jan. 21, 2008.
Creditors whose debts or claims have not already been admitted
are required on or before January 7, 2008, to formally prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
The company's liquidator is:
D. J. F. LOMBE
Deloitte Touche Tohmatsu
225 George Street, Level 3
Sydney NSW 2000
KIJABR PTY LIMITED: Liquidator to Present Wind-Up Report
--------------------------------------------------------
Members and creditors of KIJABR PTY LIMITED trading as BILLY
BAXTER'S MT DRUITT will have their final meeting on Jan. 18,
2008, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The meeting will be held at the offices of:
Hall Chadwick Chartered Accountants
31 Market Street, Level 29
Sydney NSW 2000
The company's liquidator is RICHARD ALBARRAN.
KINTEC DESIGN: Creditors & Members to Meet on Jan. 25
-----------------------------------------------------
Members and Creditors of KINTEC DESIGN PTY LIMITED will have
their final meeting on Jan. 25, 2008, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at:
Ngan & Co
49 Market Street, Level 5
Sydney NSW 2000
The company's liquidator is P. NGAN.
LONGSIGHT (AUSTRALIA): Court Enters Wind-Up Order
-------------------------------------------------
On December 3, 2007, the Supreme Court of New South Wales
entered an order to wind up the operations of LONGSIGHT
(AUSTRALIA) PTY LIMITED.
The Court appointed Paul Cook as Liquidator. Mr. Cook can be
reached at:
Paul Cook & Associates
105 Macquarie Street
Hobart TAS 7000
and
ABN AMRO Tower
88 Phillip Street
Sydney NSW 2000
Telephone: (03) 6223 2555
Facsimile: (03) 6223 2556
E-mail: info@pjc.com.au
MONDI PAPER: Members' Final Meeting Set for Jan. 21
---------------------------------------------------
Members of MONDI PAPER SALES AUSTRALIA PTY LTD will have their
final meeting on January 21, 2008, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at the offices of:
McGrathNicol
10 Shelley Street, Level 9
Sydney
The company's liquidator is:
MURRAY SMITH
McGrathNicol
10 Shelley Street, Level 9
Sydney NSW 2000
Telephone: +61 2 9338 2600
http://www.mcgrathnicol.com/
NORTHSIDE CLEANING: Commences Voluntary Wind-Up
-----------------------------------------------
On November 30, 2007, members and creditors of NORTHSIDE
CLEANING PTY LTD resolved that as the company is unable to pay
its debts as and when they fall due, the company be wound up
voluntarily.
Richard Albarran was appointed as liquidator.
The liquidator can be reached at:
RICHARD ALBARRAN
Hall Chadwick Chartered Accountants
31 Market Street, Level 29
Sydney NSW 2000
O'CONNOR AIR: Parties Express Interest in Parts of Businesses
-------------------------------------------------------------
O'Connor Airlines ceased operations on the evening of
December 14, 2007, voluntary administrators disclose.
"Despite significant initial interest, there were no offers to
acquire the airline as a going concern," says Administrator Sam
Davies of McGrathNicol.
"Ongoing trading losses, declining customer support, flight crew
shortages and significant aircraft maintenance issues also
contributed to the decision to immediately cease operations.
"Passengers affected by the imminent closure are being contacted
by O'Connor Airlines staff.
"All bookings made after 11 a.m. on November 21, 2007, for
travel that has been cancelled will be refunded by the
Administrators.
"Bookings made prior to this time cannot be refunded, and as
such, customers will become creditors of the administration.
They should make contact with O’Connor Airlines staff
immediately."
O'Connor Airlines, a regional airline that serviced flights from
Adelaide to Mount Gambier and Port Augusta in South Australia
and Mildura in Victoria, was placed in Voluntary Administration
at the request of the Company's Directors late last month.
It is understood the collapse of the airline has been caused by
a number of factors, including the significant competition on
some routes resulting in price discounting, which had in turn
caused cash losses.
"There have been a number of parties interested in buying
specific parts of the O'Connor Airlines business," Mr. Davies
said.
"The sale will now progress on the break up of the Company's
assets."
Mr. Davies thanked the key stakeholder groups for their
assistance and co-operation during the past three weeks,
including employees of O'Connor Airlines, CASA, each of the
regional councils, the South Australian Government, Qantas and
key suppliers.
McGrathNicol is an independent advisory firm specializing in
Corporate Advisory, Forensic, Transaction Services and Corporate
Recovery. McGrathNicol has approximately 240 staff with offices
in all major Australasian cities.
O'Connor Airlines had provided regional airline services for 34
years and operated flights under an exclusive license from
Adelaide to Port Augusta, and the Mildura and Mount Gambier
routes.
PALADIN ENERGY: Two Directors Make AU$35 Million in Paper Profit
----------------------------------------------------------------
Azela/3rd Party
Paladin Energy Ltd. directors has made an instant paper profit
totaling about AU$35.5 million after they exercised their share
option, Anna Moreau writes for WA Business News.
WA Business reports that Managing Director John Borshoff and
Chairman Rick Crabb made instant paper profit of almost AU$19
million and almost AU$16.5 million respectively.
Mr. Borshoff, WA Business relates, exercised 3.7 million Paladin
options at AU$1 per share while Mr. Crabb exercised 3.25 million
options at the same price, as the company's share price reached
AU$6.06. Mr. Borshoff currently holds 21.6 million shares while
Mr. Crabb holds 12 million shares, according to Ms. Moreau.
The report explains that the big difference between the exercise
price and the current market price provided an instant paper
profit to the directors.
About Paladin Resources
Headquartered in Subiaco, Australia, Paladin Energy Ltd. --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia. Its wholly owned projects
include the Langer Heinrich Uranium Project, which is located in
Namibia, Southern Africa, and hosts surficial, calcrete type
uranium deposit; the Kayelekera Uranium Project, which is
located in northern Malawi, Southern Africa; the Manyingee
Uranium Project, which is located in the north west of Western
Australia, and hosts sandstone deposits, and the Oobagooma
Project, which is located in the West Kimberley region of
Western Australia, and hosts sandstone deposits. Its joint
venture with Quasar Resources Pty Ltd covers two exploration
licenses in the northern Frome Basin in South Australia. During
the fiscal year ended June 30, 2006, it completed resource
drilling programs at Langer Heinrich and Kayelekera Uranium
Projects. As of June 1, 2007, Paladin held an 81.82% interest in
Summit Resources Limited.
The company reported net losses of AU$37.6 million, AU$5.5
million and AU$7.1 million for the years ended June 30, 2006,
2005 and 2004.
PAN LABORATORIES: Final Dividend Will Be Declared on Jan. 10
------------------------------------------------------------
A second and final dividend for unsecured creditors of PAN
LABORATORIES (AUSTRALIA) PTY LTD will be declared on January 10,
2008, for the company.
Creditors have until Jan. 8, 2008, to prove their debts or
claims. If they do not, they will be excluded from the benefit
of the dividend.
The company's liquidator is:
CHRIS HONEY
McGrathNicol
10 Shelley Street, Level 9
Sydney NSW 2000
http://www.mcgrathnicol.com/
POPPERS CHARGRILL CHICKENS: Final Meeting Set for Jan. 18
---------------------------------------------------------
Members of POPPERS CHARGRILL CHICKENS PTY LIMITED will have
their final meeting on January 18, 2008, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The meeting will be held at the offices of:
Satill & Miller Services Pty Limited
222 Pitt Street, Level 2
Sydney
SOLAR SYSTEMS HOLDINGS: Creditors Resolve to Commence Wind-Up
-------------------------------------------------------------
At a meeting of creditors of SOLAR SYSTEMS HOLDINGS PTY LTD held
on November 28, 2007, it was resolved that the company be wound
up as a creditors’ voluntary winding up.
The company's liquidator is:
Simon A Wallace-Smith
Deloitte Touche Tohmatsu, Chartered Accountants
180 Lonsdale Street, Level 14
Melbourne, VIC 3000
TALDEN PTY: Members' Final Meeting Set for Jan. 22
--------------------------------------------------
Members of TALDEN PTY LIMITED will have their Final Meeting on
Jan. 22, 2008, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The meeting will be held at the offices of:
Ngan & Co
49 Market Street, Level 5
Sydney NSW 2000
The company's liquidator is P. NGAN.
TWEED BYRON SCAFFOLDING: Creditors & Members to Meet on Jan. 15
---------------------------------------------------------------
Members and creditors of TWEED BYRON SCAFFOLDING PTY LTD will
have their final meeting on Jan. 15, 2008, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The meeting will be held at the office of:
Nicholls & Co, Chartered Accountants
459 Peel Street, Suite 6
Tamworth NSW 2340
The company's liquidator is A. R. NICHOLLS.
VARI INVESTMENTS: Liquidator to Present Wind-Up Report
------------------------------------------------------
Members of VARI INVESTMENTS PTY LIMITED will meet on Jan. 14,
2008, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The meeting will be held at the offices of:
DFK Laurence Varnay
131 York Street, 7th Floor
Sydney
The company's liquidator is RAPHAEL GRAHAM MENDELS.
WESTPOINT GROUP: ASIC Begins Phase Two of Legal Action
------------------------------------------------------
The Australian Securities & Investments Commission has started
the second phase of its Westpoint compensation actions. This
follows the regulator's November 8, 2007, announcement that it
would take legal actions seeking compensation for investors in
Westpoint Group.
The second phase involves Australian financial services
licensees and a trustee. ASIC will commence proceedings against
Strategic Joint Partners Pty. Ltd. and State Trustees Limited.
It is also working with the liquidator of Brighton Hall
Securities Pty. Ltd. to facilitate recoveries.
The proceedings seek approximately AU$6.5 million in damages
from Strategic Joint Partners, based on the amounts that their
clients invested in Westpoint products and subsequently lost
when Westpoint collapsed.
As with the initial actions against financial services
licensees, ASIC will allege that, in selling products with the
risk and financial characteristics of Westpoint, Strategic Joint
Partners did not comply with its obligations under the
conditions of its Australian financial services license and
under the law.
ASIC expects the total amount of damages claimed from State
Trustees to be approximately AU$17.9 million.
ASIC will allege that State Trustees, as the trustee of an
unsecured mezzanine note issue by Market Street Mezzanine Ltd.
(In Liquidation), breached its duty to the mezzanine note
holders and failed to comply with its obligations under the
Corporations Act.
In regard to Brighton Hall Securities, ASIC will initiate
actions to ensure assets of the company are made available to
compensate investors as well as potential recoveries against
third parties.
ASIC is principally using its power under section 50 of the ASIC
Act, which enables it to begin and carry on civil proceedings
for damages for investors where it appears to ASIC that those
proceedings are in the public interest. ASIC expects these
proceedings to be filed in the first quarter of 2008.
Filing of Actions
The first phase proceedings announced in November identified an
initial five Australian financial services licensees and
approximately AU$63.2 million in damages.
ASIC has now commenced proceedings against Masu Financial
Management Pty. Ltd., Bongiorno Financial Advisers (Aust) Ltd.
and Professional Investment Services Pty. Ltd., three of the
licensees named as part of ASIC's Phase One proceedings.
In the proceedings before the Federal Court, ASIC alleges that
all three were negligent and made misleading and deceptive
representations in relation to their investigation of Westpoint
products and their subsequent recommendation to their clients to
invest in Westpoint products.
ASIC expects to file an action in respect to the two remaining
licensees in the New Year.
Investor Information
ASIC is continuing to liaise with investors who were clients of
the licensees to confirm details of their investments.
Investors with questions about ASIC's compensation proceedings
should call 1300 300 630.
ASIC is posting updated FAQs on its Web site at
http:www.asic.gov.au/westpoint on a regular basis and has posted
an updated version covering these Phase Two proceedings.
ASIC is continuing to investigate matters arising from the
Westpoint collapse, including possible further claims for
compensation against other financial service licensees,
unlicensed entities and the auditors. ASIC expects to be able
to make further announcements in February 2008 in relation to
these matters.
ASIC is also continuing to investigate possible criminal action.
The first phase of the regulator's legal action is seeking to
recover damages from various directors and officers of certain
companies in the Westpoint Group and entities associated with
one of the directors.
About Westpoint
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group. ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings. ASIC contends that Westpoint projects
are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments. ASIC also sought
wind-up orders after the Westpoint companies failed to comply
with its requirement to lodge accounts for certain financial
years. These wind-up actions are still continuing.
In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd. The ASIC had
applied to wind up the company on grounds of insolvency. The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.
The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected. Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.
================================================
C H I N A , H O N G K O N G & T A I W A N
================================================
ADVERTISING SERVICE: High Court to Hear Wind-Up Petition
--------------------------------------------------------
On Nov. 21, 2007, Wu Siu Kwan filed a petition to wind up
Advertising Service and Production Limited.
The High Court of Hong Kong will hear the wind-up petition at
9:30 a.m. On Jan. 30, 2008.
BALDWING WATCH: Members Will Hold Final Meeting on Jan. 24
----------------------------------------------------------
Members of Baldwing Watch Co. Limited will hold their final
general meeting on January 24, 2008, at 11:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The meeting will be held at:
113 Argyle Street, 28th Floor, Room 2810
Kowloon
The company's liquidator is Cheuk Yee Man.
CENTRAL HILL: Shareholders Appoint Liquidators
----------------------------------------------
Shareholders of Central Hill Limited, on Dec. 10, 2007,
appointed Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee as
liquidators.
The liquidators can be reached at:
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
CHIAO TUNG UNIVERSITY ALUMNI: Liquidator Quits Post
---------------------------------------------------
Sung Mi Yin ceased to act as liquidator of Chiao Tung University
Alumni Association (Hong Kong) Limited on Dec. 21, 2007.
The former liquidator can be reached at:
Ritz Plaza, 11th Floor, Suite No. A
122 Austin Road
Tsimshatsui
Kowloon, Hong Kong
CHINA EASTERN: Domestic Carriers Anxious Over Singapore Air Deal
----------------------------------------------------------------
Winny Wang of Shanghai Daily reported that "[d]omestic carriers
are anxiously awaiting China Eastern Airlines' shareholder
meeting on January 8, as the result will indicate the future
direction of the aviation industry."
The Troubled Company Reporter-Asia Pacific previously reported
that shareholders will vote on the proposed sale of a 24% stake
in China Eastern Airlines Corporation Ltd to Singapore Airlines
Ltd and Temasek Holdings for HK$7.16 billion. Various reports
last week said Air China, a shareholder of China Eastern, is not
supporting the deal.
Shanghai Daily, however, relates that Air China hasn't declared
whether it will accept or veto the deal.
The report noted that Air China's parent increased its holding
in China Eastern's H-shares to 12.07% on November 29; if
shareholders with more than 33.3% of China Eastern's H-shares
veto the deal on January 8, the plan falls apart.
Winny Wang writes that "Air China's Board Secretary Huang Bin
said the firm has no plan to acquire China Eastern and that the
purchase of shares was an independent initiative made by a Hong
Kong-based investment arm under the parent company."
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.
On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-. The outlook on the IDRs is stable.
Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.
CS INDUSTRIAL CO: High Court to Hear Wind-Up Petition on Jan. 30
----------------------------------------------------------------
Leung Shing Wah filed on Nov. 21, 2007, a petition to wind up CS
Industrial Company Limited.
The High Court of Hong Kong will hear the win-up petition on
Jan. 30, 2008, at 9:30 a.m.
FOOK PO ENTERPRISES: Creditors Must File Claims by Jan. 25
----------------------------------------------------------
Creditors of Fook Po Enterprises Company Limited, which is being
voluntarily wound up, are required to file their proofs of claim
on or before Jan. 25, 2008.
The company's liquidator is:
Man, Kwok Leung
The Sun's Group Centre, 7th Floor, Unit 701
200 Gloucester Road
Hong Kong
FORD MOTOR: Works With Chinese Suppliers to Improve Conditions
--------------------------------------------------------------
Ford Motor Company has delivered another record year in China,
not only in terms of sales, but also with the ongoing
introduction of a pioneering program that helps improve the
standards and working conditions of companies in its supply
network.
Roughly 300 suppliers to Ford's joint-ventures in China have
implemented its advanced supplier management program. This
includes a series of tough review and inspection systems, backed
by comprehensive training focused on raising awareness of
working conditions issues throughout the supply chain, provide
best practice examples and practical exercise that would support
labor law compliance. The aim is to help suppliers meet Ford's
comprehensive global supply chain requirements and adhere to
local laws and regulations that cover work environment, health
and legal employment.
Ford operates worldwide under the belief that as globalization
increases, companies need to effectively and actively manage the
relationships between their operations, employees and the
broader communities on which they depend. The Company's concern
and responsibility for employee welfare goes well beyond those
it directly employs.
Ford is also among a number of global automotive companies
working with the Automotive Industry Action Group (AIAG) and
China Association of Automobile Manufacturers (CAAM) to
collaborate in the joint delivery of training for their
respective suppliers. AIAG is a nonprofit organization of car
manufacturers and part suppliers that promotes cooperation and
effective communication between customers and suppliers to
improve the business process.
In 2003, China became the first market in Asia to implement
Ford's new global program for training, monitoring and managing
the working conditions and labor laws of its supply chain. The
program was later rolled out across other markets within the
company's Asia Pacific & Africa region, including India and
Thailand.
This year in China, the AIAG/CAAM training program has been
delivered to nearly 300 suppliers of Changan Ford Mazda
Automobile Co. across China.
"Our goal is to have all of our suppliers in China participate
in this management program," said Mei-Wei Cheng, chairman and
CEO of Ford China. “Ford sees it as our direct responsibility to
ensure that each of our partners are providing their staff with
a legal and decent work environment and working conditions. It's
a part of doing good business and we're willing to make an
investment to help achieve this."
Ford's labor law training in China has received strong support
from the China Association of Automobile Manufacturers. The
training mainly aims to convey relevant regulations of the Labor
Law of China and encourage all suppliers to meet safety
standards in their production processes and working environment.
In addition to suppliers, Ford has global programs that provide
relevant training to in-house staff guidance to purchasing and
engineering staff every year, providing timely updates on labor
laws and regulations.
Darrell Doren, Ford's Regional Manager for Supply Chain
Sustainability, Asia Pacific & Africa, explained: “We strive to
maintain long-term relationships with our suppliers, which
provides a real advantage for a mutual understanding of our
supplier management program. It also provides additional
benefits, as adherence to the policies helps deliver increased
quality and has a positive impact on their employee retention.”
In addition to the supply chain program, Ford continues to
invest in various corporate responsibility programs in China
that include environmental protection, road transportation
safety, health and education.
About Ford Motor in China
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents. With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The
company provides financial services through Ford Motor Credit
Company.
Ford Motor Company’s history in China can be traced to 1913,
when its first Model T was imported and sold in Shanghai.
Currently, Ford's wholly owned subsidiaries and JVs in China
include Ford Motor (China) Limited, Ford Motor Research &
Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China)
Ltd., Changan Ford Mazda Automotive Co., Ltd., Changan Ford
Mazda Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda
Engine Co., Ltd., and Jiangling Motors Co., Ltd. Ford Motor has
introduced a number of exciting models to the Chinese market,
including Ford Mondeo, Ford Focus, Ford S-MAX, Ford Transit,
Volvo S40, Mazda3, as well as several imported models from
Jaguar, Land Rover, Lincoln and Volvo, and service brand, Ford
Service.
Ford Motor China is actively involved in various programs to
support the environment, road safety, health and education.
Since 2000, it has organized the Ford Motor Conservation and
Environmental Grants (CEGC), which to date has sponsored more
than 130 groups/individuals with more than 25 million yuan to
assist environmental protection efforts in the country.
The company also has operations in Japan. In Europe, the
company maintains a presence in Sweden, and the United Kingdom.
The company also distributes its brands in various Latin
American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative. These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.
GENERAL MOTORS: Sets Record Vehicle Sales in China
--------------------------------------------------
General Motors became the first global automaker to sell 1
million vehicles in China in a single year today when GM China
Group President and Managing Director Kevin Wale handed the keys
to a Buick Park Avenue to Mr. Zhang Jianping at Shanghai GM’s
corporate showroom in Shanghai.
"Becoming the first global manufacturer to sell 1 million
vehicles in China is a demonstration of the strength of our
product, our people and our partnerships," said GM Chairman and
CEO Rick Wagoner. "China is a very important market, and we’re
extremely proud of the contribution we have been able to make to
the growth and development of its automotive industry. It’s been
an extremely beneficial relationship for both sides."
GM sales in China first surpassed 100,000 units annually back in
2002. Since then, GM sales have enjoyed steady growth, topping
500,000 annual sales in 2005, thanks to its growing lineup of
brands and vehicles. The milestone million mark featured GM’s
best-known and strongest brand in China, Buick.
"I'm extremely honored to be the one millionth customer in 2007
for General Motors," Mr. Zhang said. "This is my second Buick
and I appreciate the performance, safety and durability of
Buick. In addition, I was very satisfied with the fuel economy
of my first car. After comparing other products in the premium
segment for my next car, it made perfect sense to choose the
Park Avenue."
"From day one, GM and our partners have been committed to
continually rolling out new and upgraded models, with specific
engineering done in China for China to satisfy the needs of
Chinese vehicle buyers across the country," Wagoner added.
This year, GM and its joint venture partners have begun offering
several new products, including the Cadillac SLS luxury business
sedan, Buick Park Avenue premium sedan, Chevrolet Captiva SUV,
all-new Chevrolet Epica intermediate sedan and Wuling Hong Tu
minivan.
According to Wagoner, reaching the new sales mark in 2007 is
especially significant as it is taking place in a year in which
GM has celebrated several milestones in China. Both Shanghai GM,
the automaker’s flagship manufacturing joint venture, and the
Pan Asia Technical Automotive Center (PATAC), GM’s engineering
and design joint venture with Shanghai Automotive Industry
Corporation (SAIC), marked their 10th anniversaries earlier this
year. SAIC-GM-Wuling, GM’s mini-vehicle joint venture, also
celebrated its fifth anniversary.
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India. In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.
* * *
As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive. In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.
As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract. The outlook is stable.
HOUSELY INDUSTRIES: High Court to Hear Wind-Up Petition
-------------------------------------------------------
On Nov. 14, 2007, TUV Rheinland Hong Kong Limited filed a
petition to wind up Housely Industries Limited.
The High Court of Hong Kong will hear the petiton at 9:30 a.m.,
on Jan. 23, 2008.
The petitioner's solicitors can be reached at:
Boase Cohen & Collins
2303-7 Dominion Centre
43-59 Queen's Road East
Hong Kong
HOUTOKU FURNITURE: Liquidator Quits Post
----------------------------------------
Wan Kwok Ming ceased to act as liquidator of Houtoku Furniture
H.K. Limited on Dec. 15, 2007.
The former liquidator can be reached at:
Unicorn Trade Centre, Rooms 801-2
127-131 Des Voeux Road
Central, Hong Kong
INTERNATIONAL SHOE AGENCIES: Members to Meet on Jan. 21
-------------------------------------------------------
Members of International Shoe Agencies (HK) Limited will hold
their final general meeting on January 21, 2008, at 10:00 a.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The meeting will be held at:
Chevalier House, Suite 606
45-51 Chatham Road
Tsimshatsui
Kowloon, Hong Kong
The company's liquidator is Yeung Chun Sing.
PACIFIC OPTICAL: Liquidators Quit Posts
---------------------------------------
Ho Hoi Lam and Man Fung Ying ceased to act as liquidators of
Pacific Optical (H.K.) Company Limited on Nov. 30, 2007, the
date of the final meeting of the members.
The former liquidators can be reached at:
Gold & Silver Commercial Building, 8th Floor
12-18 Mercer Street
Central, Hong Kong
QUALITY DATA NETWORK: Creditors & Members Will Meet on Jan. 15
--------------------------------------------------------------
Members and creditors of Quality Data Network Solution (HK)
Limited will hold their final general meeting on January 15,
2008, at 9:00 a.m. and 9:30 a.m., to hear the liquidator's
report on the company's wind-up proceedings.
The meeting will be held at:
West Tower, 33rd Floor, Units 3307-3312
Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong
The company's liquidator is Huen Ho Yin.
SANMINA-SCI: Calls for Redemption of US$120 Million Senior Notes
----------------------------------------------------------------
Sanmina-SCI Corporation called for redemption US$120 million in
aggregate principal amount of its Senior Floating Rate Notes due
2010.
The aggregate principal amount of the Notes outstanding is
US$300 million. The CUSIP numbers for the Notes being called
for redemption are 800907 AL1and U80024 AC3. Upon redemption,
holders of the Notes being redeemed will receive the principal
amount of the Notes being redeemed, plus accrued and unpaid
interest to but excluding the redemption date.
Copies of the notice of redemption may be obtained from U.S.
Bank National Association, the paying agent, by calling (800)
934-6802.
About Sanmina-SCI
Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world. Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.
The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Moody's Investors Service downgraded Sanmina SCI
Corporation's corporate family rating and senior notes ratings
to B1 from Ba3 and the senior subordinated notes to B3 from B2.
=========
I N D I A
=========
BANK OF BARODA: To Raise INR25 Bil. for Capital Requirements
------------------------------------------------------------
Bank of Baroda is planning to raise as much as nearly INR25
billion in the next few months, the Economic Times reports,
citing an unnamed senior official as saying.
Specifically, the officer told the news agency, the bank will
raise:
-- INR5 billion in perpetual bonds;
-- INR15 billion in upper-tier 2 debt; and
-- INR5 billion in lower-tier 2 bonds.
The bank's wholly owned subsidiary, BoB Capital Markets, is
reportedly the sole banker to the issue.
According to the report, the bank will use the money for its
operational needs and to meet the new Basel II requirements.
In a filing with the Bombay Stock Exchange, the bank disclosed
that Ranjit Kumar Chatterjee was appointed as officer employee
director on its board for a period of three years. The
appointment is pursuant to the nomination of the Government of
India, Ministry of Finance, Department of Economic Affairs,
Banking Division, via notification dated Dec. 20, 2007.
Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India. Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.
Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme. Fitch said the outlook on all
ratings is stable.
BALLARPUR INDUSTRIES: Registers Reorganization Scheme
-----------------------------------------------------
As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 3, 2007, the High Court of Bombay, Nagpur Branch has
approved the Scheme of Arrangement and Reorganization between
Ballarpur Industries Ltd and BILT Graphic Paper Products Ltd.
In an update, Ballarpur said that, on Dec. 26, it filed with the
Registrar of Companies in Mumbai the order approving the Scheme,
to make it effective.
Currently, the company is awaiting other necessary procedural
approvals. On receipt of the same, the company's board of
directors or committee of the board will determine the Record
Date.
Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery. There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products. The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.
On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit. As of Dec. 2, 2007, the company
still carry those ratings.
NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31
---------------------------------------------------------------
Novell Inc. disclosed financial results for its fourth fiscal
quarter and full fiscal year ended Oct. 31, 2007.
The company reported net loss of US$17.9 million for the quarter
ended Oct. 31, 2007, compared to a net income of US$19.8 million
for the same quarter last year.
For the quarter, Novell reported net revenue of US$245 million,
which excludes US$6 million of revenue from its Swiss-based
business consulting unit, which Novell agreed to sell during the
quarter. This compares to net revenue of US$234 million for the
fourth fiscal quarter 2006. The loss from operations for the
fourth fiscal quarter 2007 was US$13 million, compared to income
from operations of US$4 million for the fourth fiscal quarter
2006. The loss available to common stockholders from continuing
operations in the fourth fiscal quarter 2007 was US$9 million.
This compares to income available to common stockholders from
continuing operations of US$21 million for the fourth fiscal
quarter 2006. Foreign currency exchange rates favorably
impacted total revenue by approximately US$6 million and did not
materially impact the loss from operations year-over-year.
In the fourth fiscal quarter 2007, Novell entered into an
agreement to sell its Swiss-based business consulting unit.
Accordingly, all financial results for this unit were excluded
from Novell's continuing operations for income statement
reporting purposes and are reported as discontinued operations.
For the full fiscal year 2007, Novell reported net revenue of
US$932 million and a loss available to common stockholders from
continuing operations of US$26 million. Comparatively, net
revenue for the full fiscal year 2006 was US$919 million and
income available to common stockholders from continuing
operations was US$4 million. Foreign currency exchange rates
favorably impacted total revenue by approximately US$15 million
and negatively impacted the loss from operations by US$5 million
year-over-year.
"We are pleased with our overall results for 2007," Ron
Hovsepian, president and CEO of Novell said. "While undergoing
transformational change, we grew revenue and exceeded our
operating targets. We are on the right path to long-term,
sustainable profitability."
Cash, cash equivalents and short-term investments were
approximately US$1.9 billion at Oct. 31, 2007, up from US$1.5
billion last year. Days sales outstanding in accounts
receivable was 77 days at the end of the fourth fiscal quarter
2007, down from 86 days at the end of the year-ago quarter.
Total deferred revenue was US$768 million at the end of the
fourth fiscal quarter 2007, up US$341 million, or 80%, from Oct.
31, 2006. Cash flow from operations was US$77 million for the
fourth fiscal quarter 2007, compared to US$62 million in the
fourth fiscal quarter 2006.
At Oct. 31, 2007, the company's balance sheet total assets of
US$2.8 billion and total liabilities of US$1.6 billion,
resulting in total stockholders' equity of US$1.1 billion.
Financial Outlook
Novell management issued this financial guidance for the full
fiscal year 2008:
* Net revenue is expected to be between US$920 million and
US$945 million.
About Novell Inc.
Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise. Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.
The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.
* * *
Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.
TATA POWER: To Raise INR4,000 Crore for Shipping & Logistics Biz
----------------------------------------------------------------
Tata Power Company Ltd plans to go into shipping and logistics,
and raise as much as INR4,000 crore, various reports say.
According to The Hindus Business Line, Tata Power wants to
venture into the shipping and logistics business to facilitate
coal shipment for the company's power plants.
Tata Power's plans to foray into shipping comes after its
acquisition of 30% stake in three Indonesian coal firms early
this year for US$1.1 billion, the Press Trust of India notes.
The company intends to ship coal from Indonesia for its power
plants, including the 4,000 MW Mundra project in Gujarat, PTI
adds.
The company disclosed in a filing with the Bombay Stock Exchange
that in addition to the proposed entry into shipping,
shareholders will consider approval by postal ballot of the
company's plans to raise as much as INR4,000 crore through the
offering of securities in the local or international markets.
"The company is in an aggressive expansion phase and, in the
next five years, plans to add 10,000 MW capacity based on
thermal coal," Business Line relates.
To conduct the postal ballot, the company's board of directors
appointed Ms. Shirin Bharucha as scrutinizer. Shareholders
have until Jan. 16, 2008, to give their consent to the
proposals.
The scrutinizer will submit a report to the chairman after
completion of the scrutiny and the results of the postal ballot
will be announced on or before Jan. 18.
About Tata Power
Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area. The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area. The company also has a
plant that supplies power to Tata Steel. In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.
* * *
Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'. The outlook is stable. At the same time, the
rating on Tata Power's US$300 million senior unsecured bonds
have been lowered to 'BB-' from 'BB+'.
Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2. The ratings outlook is negative.
=================
I N D O N E S I A
=================
BANK PERMATA: Pefindo Upgrades General Obligation Rating to idA+
----------------------------------------------------------------
Pefindo upgraded the general obligation rating of PT Bank
Permata Tbk. from "idA" to "idA+", and at the same time also
upgraded the rating of the Bank's subordinated Bond I/2006
amounted of IDR 500 bn from "idA-" to "idA". The upgrades
reflect the support from strong shareholders and steady business
position among top tier banks in the country. Nevertheless, the
increasing credit risk and below average profitability have
constrained the ratings.
Bank Permata was established at the end of 2002 as a result of
the merger of 5 banks, namely PT Bank Bali Tbk., PT Bank
Universal Tbk., PT Bank Prima Express, PT Bank Artamedia, and PT
Bank Patriot. With total assets as of 1H07 of IDR39.1 trillion
or 2.2% market share in the banking industry, BNLI is the tenth
largest bank in Indonesia. BNLI is 89.02% owned by the
consortium of PT Astra International Tbk ("AI") and Standard
Chartered Bank ("SCB"), and 10.99% is owned by public. The Bank
employs 4,555 permanent employees to deliver its products and
services to customers through 262 offices, electronic banking
and 557 self-owned ATMs that are on-line connected with ATM
Bersama network, ATM BCA network, VisaPlus, Visa Electron,
Master Card and ALTO network.
The upgrades reflect the Bank's:
* Support from strong shareholders. The presence of SCB and
AI as the majority shareholders has brought positive
impacts on the Bank business position. Standard Chartered
Bank is a well known global bank with strong performance
as reflected by A+ rating from S&P. While PT. Astra
International Tbk (Astra Group) is one of the largest
diversified companies in Indonesia with business divisions
including automotive, retail financial services,
agribusiness, heavy equipment, information technology and
infrastructure. The SCB and AI have placed well-
experienced commissioners and professional bankers to run
the Bank, which is expected to provide knowledge transfer
in term of good corporate governance and risk management.
Beside business strategy, both shareholders are believed
to have strong capability and commitment to support the
Bank if it faces financial difficulties. Strong support
of the shareholders has been proven by the increase of
their ownerships through acquiring GoI shares divested in
September 2006.
* Steady Business Position. BNLI's steady business position
is underpinned by its strong market position, better
business diversification, adequate infrastructure and
excellence quality of service. Despite the tightened
competition, the Bank has been able to maintain its market
share in total loan of 3% during 2006 and first half of
2007. By focusing its business on SME and consumer
financing, the bank‘s business concentration risk is
relatively low. However, the Bank also continued to
pursue business opportunities in wholesale banking for
selective sectors such as palm oil industry and
automotive. To support its operation and greater
accessibility to its customers, the bank also continues to
upgrade its infrastructure including IT improvement and
delivery channel expansion. As a result, the Bank has
been able to deliver a complete range of banking products
at high quality of services.
However, the ratings are constrained by:
* Increasing credit risk. The NPL category 5 (the Bad Debt)
increased from IDR362.85 billion in FY05 to IDR675.93
billion in FY06 and continued to jump to IDR1,178 billion
as of 1H07. This Bad Debt increase mainly resulted from
the Bank's business expansion and legacy non performing
loan of around IDR455 billion. Although the Bank
continued to improve its loan processing and credit risk
management, the Bank's NPL should remain at risk in line
with the inflation pressure from high oil price.
* Below Average Profitability. Despite its sound business
profile, BNLI could only generate below average
profitability figures. The bank's ROAA of 1.0% in 1H07
and 0.9% in FY06 were lower compared to industry's average
of around 2.0% and 1.6% during the same period. The
Bank's cost to income ratio (CIR) at end of 1H07 was also
high at 70.6%. This was mainly due to the Voluntary
Employee Separation Program for around 1,900 employees,
increasing general and administrative expense as well as
network and IT system expansion activities. Despite its
strong commitment to improve business efficiency, BNLI's
CIR should remain high at levels of around 65-70%, well
above the industry's average of around 52.7% at end of
1H07.
OUTLOOK
A "stable" outlook is assigned to the ratings. It is believed
that BNLI's shareholders would continue its support in terms of
business synergy, knowledge transfer even strengthening the
bank's capitalization to maintain its business position as a top
tier bank that focuses on SME and consumer financing. However,
seeing that the bank continued to expand its business, the bank
also faces stiff competition in the industry as well as higher
inherent credit risk and market risk.
About Bank Permata
Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking. The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country. The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.
As reported by the Troubled Company Reporter-Asia pacific on
Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Permata.
The detailed ratings are:
-- The foreign currency long-term deposit rating was raised
to B1 from B2.
-- The Not Prime foreign currency short-term deposit rating,
Baa3 global local currency deposit rating and D- BFSR were
unaffected.
INDOSAT: Pefindo Says Watchdog's Ruling Won't Affect Ratings
------------------------------------------------------------
Pefindo said that the decision made by the Commission for the
Supervision of Business Competition (KPPU) has no immediate
impact on the ratings of PT Indosat Tbk and its outstanding
bonds, as it will have impact more on the Company's shareholders
level.
On November 19, 2007, KPPU stated that Temasek has violated a
regulation No. 5/1999 article 27 letter a, and required it to
divest its ownership in either PT Telekomunikasi Selular or PT
Indosat Tbk. within two years. If Temasek divests its ownership
in ISAT, the Company's ability to fulfill its financial
obligations should remain strong as it is expected that in the
medium term the Company's operational activities would not be
affected. Therefore, the ratings are still maintained at
"idAA+" with a "stable" outlook.
About Indosat
PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia. The
company provides international long-distance services in
Indonesia. It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers. The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers. Airtime is sold through
postpaid and prepaid plans. It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services. MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.
* * *
The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service affirmed PT Indosat Tbk's
Ba1 local currency issuer rating and has also changed the
outlook to stable. At the same time, Moody's affirmed Indosat's
Ba3 senior unsecured foreign currency rating. The rating
outlook on the bond remains positive which is in line with the
outlook on Indonesia's foreign currency country ceiling.
A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'. The outlook on the ratings is
stable.
PERUSAHAAN LISTRIK: Pefindo Upgrades Corporate Rating
-----------------------------------------------------
Pefindo upgraded corporate rating of PT (Persero) Perusahaan
Listrik Negara (PLNG or the Company), the Company's Bond
VIII/2006 of IDR2.2 trillion and the Company's Ijarah Bond
I/2006 of IDR200 billion to "idA+" and "idA+sy" from "idA" and
"idAsy". The ratings upgrade reflects strong and proven
supports from the Government of Indonesia, the Company's
superior market position and relatively strong liquidity.
However, the ratings are still constrained by inflexible tariff
adjustments, large exposures to foreign exchange currency risks
and high production cost in the medium term. PLNG is a wholly
state owned company, engaging in generation, transmission and
distribution of electricity throughout the country. Following
the cancellation of law No. 20/2002, PLNG remains the monopoly
holder of electricity sector in Indonesia.
The ratings upgrade reflects the following factors:
* Strong and proven support from the Government. Strong
government support to PLNG has been proven and is expected
to continue going forward given its important role to the
country. The Government has continued to provide and
distribute subsidy more timely and has helped the company
reduce its operating deficit. For 2008, the Government
has committed to provide another subsidy for the amount of
IDR28.5 trillion. The Government also agreed to give full
guarantee for loans that are dedicated to 10,000 MV fast
track power plant through the issuance of Presidential
Decree No.86/2006 and the new amendment No.91/2007. Trough
Fast Track Program, PLNG is now in the phase of tendering
and constructing several coals based power plants in Jawa-
Bali with total capacity of 6,900 MW, which is expected
to be in service by the end of 2009-2010. The projects
should reduce PLNG's dependency on oil-generated power
plants. Historically, the Government has shown its
support by various forms, such as conversion of the
government loans into equity, giving a subsidy for the
low-income level customers, and a waive of interest on
asset revaluation tax.
* Superior market position. As the only provider of
electricity throughout the country, PLNG will continue to
enjoy a perfectly superior market position. PLNG is
estimated to control around 85% of national power capacity
and hold full monopoly in electricity transmition and
distribution. PLNG will be benefited from the favorable
demand driven by better economy condition, growing
population and current low electricity penetration. This
has been shown by PLNG's increased electricity production
(to 133,108 GWH in 2006 from 127,370 GWH in 2005),
increased electricity sales (to 112,609 GWH from 107,032
GWH), and larger number of costumers (to 35.75 million
from 34.56 million).
* Relatively strong liquidity. With cash balance of
IDR23.45 trillion, including balance from latest global
bond issuance of US$2.1 billion, at end of June 2007,
PLNG will have sufficient capability to fulfill its
maturing financial obligation within one year totaling to
IDR3.24 trillion. PLNG also has fully repaid domestic
bond VI amounting to IDR600 billion due last August 2007.
Meanwhile, payable from Pertamina amounting to
IDR14 trillion at end of March 2007 is expected to be
converted into long term debt.
The ratings are constrained by the following factors:
* Inflexible tariff adjustments. Given its very sensitive
impacts on the country's social and political stability,
the adjustment to increase electricity tariff has never
been easy. Government does not have any clear plan when
the next tariff adjustment will be implemented. Without
the tariff increase, the company's capacity expansion
should be very dependent on borrowing, which in turn
should weaken PLNG's financial profile.
* Large exposure to foreign exchange risks. PLNG is largely
exposed to foreign currency risks, as majority of its
production costs are related to foreign currency. Cost of
source energy for electricity (diesel, natural gas, coal,
geothermal and diesel) and power purchase from private
sectors as well as several of maintenance cost are
denominated or directly linked to foreign currency rates.
Added with significant foreign debt portion, while its
entire revenues that are quoted in IDR, the fluctuation of
foreign exchange currency would have a major impact on the
company's financial performance. At end of December 31,
2006, PLNG's production cost and debt borrowing in foreign
currency rate accounted to around 20% and 75%
respectively.
* High dependency on fuel price in the medium term. Until
significant energy conversion take places, the company
should still be faced with unfavorable production cost
structure. In 2006, the Company recorded loss operating
profit of IDR501.61 billion as compared to
IDR519.72 billion in 2005 mainly due to soaring oil price.
Fuel and lubricant cost accounted for 60.6% of PLNG's
operating cost during the year. PLNG's average production
cost in 2006 of IDR790.55/kWH was still higher than its
average revenue of IDR531.41/kWH, equivalent to 67.22%
cost recovery, lower than 83.91% a year earlier. Large
portion of fuel consumption for power source generation
will continue to challenge the Company's operating cost.
OUTLOOK
A "stable" outlook is assigned to the ratings. The absence of
tariff adjustments in the medium term and high production cost
will remain the major factors that could significantly affect
the company's overall performance. However, the Government is
believed to continue its support to PLNG should the latter face
serious financial difficulties.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook
is stable. At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.
* Moody's Issues Annual Report on Indonesia
--------------------------------------------
In its annual report on Indonesia, Moody's Investors Service
says its Ba3 government bond ratings and stable outlook balance
declining government and external debt burdens, better economic
policy performance, and an improved political environment
against a diminished but lingering vulnerability to external
shocks, natural disasters, and governance issues.
The government bond ratings, which were upgraded from B1 in
October, and Moody's assessment of a high risk of a payments
moratorium in the event of a government bond default form the
basis for Indonesia's Ba2 country ceiling for foreign-currency
bonds.
"The rating upgrade reflect a track record that, along with real
effective appreciation of the Indonesian rupiah, has been
instrumental in improving the government's debt burden," said
Moody's Vice President Aninda Mitra, author of the report. "The
ratings also reflect fundamental improvements in the country's
external position that have heightened its resilience to balance
of payments shocks."
He said structural fiscal reforms and more prudent policy and
monetary management have enhanced domestic economic flexibility,
improved price stability, and supported the economy's ongoing
growth momentum against several challenges that Indonesian
authorities continue to face.
Foremost among remaining challenges will be the continued
maintenance of price stability amidst high energy and food
prices, volatile external markets, and an uptrend in the
domestic economic cycle. Improving the implementation capacity
of provincial authorities for supporting fiscal decentralization
and coping with the recent rapid fiscal shift toward more
capital expenditure will also be priorities.
"Another important area will be the effort to enhance the depth
of capital markets and the absorptive capacities of the economy
for tackling potentially large inflows of foreign capital," said
Mitra.
At Ba3, Indonesia's government bond ratings are now rated ahead
of such traditional peers as B1-rated Pakistan and the
Philippines, and are on par with Ba3 countries such as Turkey
and Vietnam. They still lag Ba2-rated Peru and Colombia, and
Ba1-rated Brazil.
Moody's report, "Indonesia: 2007 Credit Analysis," is a yearly
update to the markets and is not a rating action.
=========
J A P A N
=========
ALL NIPPON: Maintains Rating Lead Over JAL, Moody's Says
--------------------------------------------------------
Moody's Investors Service said, in a new report, that the credit
gap between Japan's two major airlines continues to grow as All
Nippon Airways Co., Ltd., has this year significantly improved
its credit capital structure through the sale of its hotel
assets.
Accordingly, Moody's upgraded its rating of ANA to Baa3 from Ba1
in July, while that for Japan Airlines International Co., Ltd.
has stayed at Ba3, the report says. The rating outlook for both
companies is stable.
The just-released report on Japan's airline industry says the
difference in the ratings reflects Moody's recognition that
ANA's stable profitability and strong financial profile will
strengthen cash flow and allow for timely capital expenditures.
Meanwhile, Japan Airlines Corporation, the parent company of
JALI, has started to implement its restructuring plan with the
support of its creditors. The Moody's report says that for JALI
to maintain its rating it must be able to successfully implement
this plan.
At the same time, the report notes both airlines have been
increasing unit prices and reducing the number of unprofitable
routes to drive revenue growth as well as improve cash flow
against the backdrop of increasing market pressure. For
example, high fuel prices continue to pressure the airlines to
cut costs.
In Moody's view, it will be increasingly important for both
companies to implement continuous cost reductions as well as
maintain or improve their market positions as demand is expected
to remain stagnant and the outlook for fuel priced is uncertain.
The report, titled "Japan's Airline Industry: ANA Maintains
Rating Lead Over JAL", can be found at http://www.moodys.com/
Headquartered in Tokyo, All Nippon Airways Co., Limited
-- http://www.ana.co.jp/eng/-- is Japan's second-largest
airline company in terms of revenue. The company, which was
founded in 1952, provides these services:
1. Scheduled air transportation business;
2. Nonscheduled air transportation business and business
utilizing aircraft;
3. Business of buying, selling, leasing and maintenance of
aircraft and aircaft parts; and
4. Aircraft transportation ground support business, including
passenger boarding procedures and loading of hand baggage.
This concludes the Troubled Company Reporter's coverage of All
Nippon Airways Co., Ltd. until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.
FUJI HEAVY: Aims to Sell 630,000 Units Worldwide in 2008
--------------------------------------------------------
Fuji Heavy Industries Ltd. President Ikuo Mori said the company
aims to sell 630,00 units worldwide in 2008, up 8% from an
estimated 586,000 units this year, Jiji Press reports.
Noriyuki Hirata of Reuters reports that the automaker's forecast
is helped by the new Impreza hatchback and a remodelled Forester
sport utility vehicle.
Mr. Mori, at a press conference, estimated initial sales of 100
units for the electric vehicle to be launched in 2009, mainly
targeting companies and municipalities, relates Jiji Press.
Jiji Press states that Fuji Heavy hopes to reduce the electric
vehicle price to less than JPY3 million in three to four years
of the launch, and hopefully lower it below JPY1.5 million in
mid-2010 to make the vehicle affordable to general users.
About Fuji Heavy
Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four
business segments. The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles. The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment. The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates. The Company distributes its products
in both domestic and overseas markets. As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.
Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.
GOODWILL GROUP: Founder to Step Down as CEO Amid Scandals
---------------------------------------------------------
Goodwill Group Inc. founder Masahiro Origuchi will resign as
chief executive officer of the company following a series of
scandals involving the group, Bruce Porter reports for the Japan
Corporate Network.
Mr. Porter relates that aside from stepping down as CEO, Mr.
Origuchi will also give up his right to represent the company
while staying on as chairman.
The move, states Kyodo News, comes as the government is set to
order Goodwill's staffing service unit, Goodwill Inc., to
suspend operations as punishment for its illegal practices,
which included the placement of registered workers to jobs not
allowed for temporary staffing services.
Kyodo News notes that Goodwill Inc. was punished in June 2005
over illegal dispatches of workers to the construction industry.
Also, the company's nursing care service provider, Comsn Inc.,
faced an administrative punishment earlier this year for its
fraudulent applications for nursing care service fee receipts
under Japan's public nursing insurance system, relates Kyodo
News. Comsn has effectively withdrawn from its nursing care
business after selling most of its operations, adds Kyodo.
According to the report, criticism of Mr. Origuchi is unlikely
to subside as he will remain the company's chairman and
according to industry sources interviewed by JCN, Goodwill
Group's business plight would become more serious if the
staffing service unit is slapped with the government's business
suspension order.
About Goodwill Group
Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is a involved
in five business segments. The Staffing segment offers
recruitment services for technicians, senior workers and others.
The Human Resources-related segment provides employee-hiring
support services to corporate clients, counseling services to
workers and outplacement services to retired and retiring
workers. The Nursing-care and Medical Support segment is
engaged in the provision of home-care services, care services in
facilities and dental examination services at home, as well as
the sale of nursing-care goods and equipment, among others. The
Senior Residence and Restaurant segment operates nursing home
under the name THE BARRINGTON HOUSE, and also operates
restaurant in both domestic and overseas markets. The Others
segment is engaged in the planning, designing and management of
pet care facilities, the operation of pet care shops, the
operation and management of nurseries, the provision of baby-
sitting services and others.
The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the Japanese government
banned it from renewing its licenses due to its involvement in a
fraud scandal. The article conveyed that the firm allegedly
obtained some of the licenses for nursing-care service operators
certified under a public insurance program through fraudulent
applications, including those with an inflated number of
employees.
JAPAN AIRLINES: Must Continue Implementing Reforms, Moody's Says
----------------------------------------------------------------
Moody's Investors Service said, in a new report, that the credit
gap between Japan's two major airlines continues to grow as All
Nippon Airways Co., Ltd. has this year significantly improved
its credit capital structure through the sale of its hotel
assets.
Accordingly, Moody's upgraded its rating of ANA to Baa3 from Ba1
in July, while that for Japan Airlines International Co., Ltd.
has stayed at Ba3, the report says. The rating outlook for both
companies is stable.
The just-released report on Japan's airline industry says the
difference in the ratings reflects Moody's recognition that
ANA's stable profitability and strong financial profile will
strengthen cash flow and allow for timely capital expenditures.
Meanwhile, Japan Airlines Corporation, the parent company of
JALI, has started to implement its restructuring plan with the
support of its creditors. The Moody's report says that for JALI
to maintain its rating it must be able to successfully implement
this plan.
At the same time, the report notes both airlines have been
increasing unit prices and reducing the number of unprofitable
routes to drive revenue growth as well as improve cash flow
against the backdrop of increasing market pressure. For
example, high fuel prices continue to pressure the airlines to
cut costs.
In Moody's view, it will be increasingly important for both
companies to implement continuous cost reductions as well as
maintain or improve their market positions as demand is expected
to remain stagnant and the outlook for fuel priced is uncertain.
The report, titled "Japan's Airline Industry: ANA Maintains
Rating Lead Over JAL", can be found at http://www.moodys.com/
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Japan Airlines flies to the United States, Brazil and
France.
NOVA CORP: G.communication Fails to Rehire 600 Foreign Teachers
---------------------------------------------------------------
Nova Corp.'s chosen sponsor, G.communication Co., will not be
able to rehire around 600 foreign teachers who formerly worked
for the school from January as planned, Kyodo News reports.
G.communication, who initially targeted to take over 200
schools, said it will end its rehiring with the 1,447
individuals including Japanese staff that it has already hired
because the number of schools it will take over from Nova will
only be 126, relates Kyodo News.
The Troubled Company Reporter-Asia Pacific reported on Nov. 14,
2007, that the Nagoya-based sponsor decided to employ all 1,760
former instructors and other staff of Nova and is ready to hire
nearly 700 other Nova workers who have not yet decided on
whether to pursue their application.
According to Kyodo News, classes have resumed to only 116
schools as of December 24 because many of the 200 schools have
rental debts for long periods and negotiations with the
landlords have hit snags. G.communication, states Kyodo News,
adds that 10 more schools will resume operations, but it will be
almost impossible for the remaining schools to do so.
Kyodo News further relates that G.communication will take on
about 200 of about 800 foreign instructors who applied to work
in or after January after commencing interviews.
G.communication claims that it will refer those instructors, who
will not be hired, to other language school operators, says
Kyodo News.
About Nova Corp.
Osaka-based Nova Corporation-- http://www.nova.ne.jp/-- is
primarily engaged in the operation of language schools. The
Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally. The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.
Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and JPY2.89
billion for the year ended March 31, 2007.
The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation Law
with JPY43.9 billion in debt.
SHINKI CO: Solid Financial State Cues JCR to Up Rating to BBB-
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has removed ratings on Shinki
Co., Ltd from Credit Monitor and has upgraded them to BBB- with
Negative outlook, preliminary BBB-, BBB- and J-2 ratings for
senior debts, shelf registration, bonds and CP program with
maximum amount increased from JPY8 billon to JPY20 billon from
#BB+/Developing, preliminary #BB+/Developing, #BB+/Developing
and #J-3/Developing, respectively.
JCR placed ratings on Shinki under Credit Monitor with
Developing direction on September 13, 2007, upon announcement of
the Company's downward revision of the operating performance for
the first half and full fiscal year ending March 31, 2008 along
with announcement of its extinguishment of treasury stock and
new common stock issue through allotments to its shareholders.
JCR reviewed ratings for Shinki based on completion of capital
increase through allotments to the shareholders and the
operating results for the first half of fiscal year ending
March 31, 2008 and then upgraded both long-term and CP ratings
on the Company, removing them from Credit Monitor. The upgrade
of the ratings this time reflects the strengthened financial
footing through capital increase and the increased position in
Shinsei Bank Group. On the other hand, there remain
uncertainties about prospect for future business environment
surrounding consumer finance industry against a background of
reforms of regulations on money lending business, fundraising
environment due to the stricter attitudes of financial
institutions towards the industry and synergy to be created by
coordination between Shinki and the bank group. Accordingly,
JCR put rating outlook for Shinki Negative.
Headquartered in Tokyo, Shinki Co., Ltd.--
http://www.shinki.co.jp-- is a Japan-based company principally
engaged in the loan and insurance agency businesses and has two
subsidiaries. The Company operates in two business segments.
The Loan segment offers small funds to the general public, as
well as leases business funds to small- and medium-sized
enterprises and sole proprietors. The Insurance Agency segment
provides life insurance and non-life insurance services.
This concludes the Troubled Company Reporter's coverage of
Shinki Co., Ltd. until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty
at a level sufficient to warrant renewed coverage.
UNIDEN CORP: Moody's Withdraws Ba2 Issuer Rating
------------------------------------------------
Moody's Investors Service has withdrawn Uniden Corporation's Ba2
issuer rating for business reasons.
Headquartered in Tokyo, Japan, Uniden Corporation --
http://www.uniden.co.jp/-- is an electronics manufacturing
company. It is principally involved in the development,
manufacture and sale of telephone-related equipment,
telecommunications and application equipment, as well as digital
appliances. The company's major products encompass cordless
phones, which include 900-megahertz digital cordless phones,
2.4-gigahertz digital cordless phones and 5.8-gigahertz digital
cordless phones; Internet protocol (IP) phones, business phones,
radar detectors, marine transceivers, scanners and citizen band
(CB) transceivers. It has three divisions: Telephone-Related
Equipment, Telecommunications and Application Equipment, as well
as Digital Appliances. The company has operations in Hong Kong,
China, New Zealand, and the United States.
* Moody's Sees Abating Business Profiles for Construction Firms
---------------------------------------------------------------
Moody's Investors Service, in a new report, said weakening
business profiles will constrain the balance sheets of Japanese
construction companies over the medium term.
Improvements to balance sheets will slow in the near to medium
term as the prolonged contraction in domestic construction
investment remains a major challenge.
"The profitability of civil engineering works -- mainly public
investment, which has tended to be more profitable than private
sector work -- has dropped sharply in recent years following
changes to public sector construction market practices," the
report says.
"We view this as a structural industry problem and so we believe
that the construction companies will find it difficult to regain
the kind of profitability they enjoyed until recently," the
report says.
Since the business environment in Japan is unlikely to improve,
construction companies have looked to expanding their overseas
and development endeavors, according to the report.
"We don't incorporate the companies' overseas businesses as
positive into their ratings -- they have yet to yield sufficient
profits," the report says, adding, "We also view the development
business as neutral for ratings so far, although this could
become a positive if companies can manage stable returns."
To compensate for their relatively low profitability, the
construction companies must maintain sound balance sheets, the
better to absorb increased risk. Balance sheets have improved
markedly in the last several years, due mainly to increased
securities evaluation gains in equity -- the large construction
companies hold large amounts of investment securities.
In addition, the report says this equity component is vulnerable
to economic and market factors and is not always -- as it is now
-- a resource.
Thus, companies will need to increase equity by retaining
earnings in an increasingly difficult operating environment.
And if they hope to continue to strengthen their balance sheets
in such an environment, the improvement will also depend on debt
reductions.
The "Japanese Construction Industry Outlook" can be accessed at
http://www.moodys.com/
=========
K O R E A
=========
ACTUANT CORP: Earns US$27.4 Mil. in First Quarter Ended Nov. 30
---------------------------------------------------------------
Actuant Corporation reported first quarter fiscal 2008 net
earnings of US$27.4 million compared to prior year net earnings
of US$25.1 million. Fiscal 2008 first quarter results include a
US$5.5 million charge covering a portion of the company's
European Electrical restructuring, versus US$100,000 in the
first quarter of fiscal 2007.
For the first quarter ended Nov. 30, 2007, the company's net
sales increased 21% to US$415 million from US$343 million in the
prior year, reflecting the combination of core growth, business
acquisitions and the weaker U.S. dollar. Excluding the impact
of foreign currency rate changes (5%) and acquisitions (13%),
core sales growth was 3%. Both the Industrial and Engineered
Products segments generated double-digit core sales growth.
Robert Arzbaecher, President and CEO of Actuant commented,
"Actuant is off to a solid start in fiscal 2008 with core sales
growth slightly ahead of expectations and excellent conversion
to earnings. Robust Industrial segment sales as well as
continued strength in the European truck market had a favorable
impact on our core sales growth in the quarter. These results
reinforce the benefits of Actuant's end market, geographic and
customer diversification. Excluding restructuring charges,
first quarter EPS increased 27% from last year, driven by higher
sales, the benefit of acquisitions and margin expansion. We
were especially pleased with the breadth of the year-over-year
EBITDA margin increase as all of our business segments
contributed to the improvement."
Excluding European Electrical restructuring charges, operating
margins in the first quarter improved 90 basis points, to 13.6%
from 12.7% in the prior year. Higher gross profit margins as
well as controlled selling, administrative and engineering
spending were the primary drivers. The gross profit margin
expansion reflects higher volume, favorable sales mix and the
Company's continuous improvement initiatives including Lean
Enterprise Across Discipline.
Financial Position
Net debt at Nov. 30, 2007, was US$505 million (total debt of
US$574 million less US$69 million of cash), an increase of
US$30 million from the beginning of the quarter. Strong cash
flow in the quarter was used to fund the US$47 million
investment in TK Simplex as well as US$9 million of capital
expenditures. Actuant's first quarter cash flow was impacted by
seasonal trends including working capital growth and the payment
of prior year employee incentive compensation.
Outlook
The company also announced that it has increased its full year
sales and earnings guidance and provided guidance for the second
quarter of fiscal 2008. Mr. Arzbaecher stated, "We expect
second quarter sales and EPS to be lower than the first quarter
due to normal seasonality, but do anticipate year-over-year
growth. Excluding future acquisition activity and European
Electrical restructuring charges, we are projecting second
quarter sales and EPS to be in the range of US$385 - US$395
million, and US$0.39-0.42 per share, respectively."
Mr. Arzbaecher continued "Our full year fiscal 2008 sales and
earnings outlook, excluding future acquisitions and European
Electrical restructuring charges, is being increased to reflect
actual first quarter results, the weaker U.S. dollar and current
business conditions. Our increased guidance is for sales and
EPS in the range of US$1.625-1.660 billion and US$1.95-2.05 per
share, respectively. This translates to 13-18% EPS growth over
the US$1.73 fiscal 2007 EPS, excluding 2007 tax gains and
European Electrical restructuring charges. We are pleased with
our first quarter performance and remain committed to delivering
outstanding customer and shareholder value."
About Actuant Corp.
Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea. The Actuant businesses are
market leaders in highly engineered position and motion control
systems and branded hydraulic and electrical tools and supplies.
The company employs a workforce of approximately 6,000
worldwide.
* * *
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017 on June 2007. Rating still hold to date.
ARROW ELECTRONICS: Expands Distribution Agreement with Delta
------------------------------------------------------------
The North American Components business of Arrow Electronics Inc.
has expanded its distribution agreement with Delta Electronics
Inc., provider of switching power supplies, to include Delta's
Delphi Series of standard DC/DC converters.
Offering up to 700 watts of power in a single unit, the Delphi
DC/DC converters provide high efficiency and high-density power
for the commercial, industrial and military markets.
"The expanded agreement between Delta, one of the world's
largest power manufacturers, and Arrow, one of the largest
power-supply distributors, enables customers to access products
and services from a world-class team," said Arrow Electronics
vice president of marketing for passives, electromechanical and
connector products, Mike Calabria. "Delta will compliment
Arrow's industry-leading power-supply line card and strong
market presence."
"We are pleased to expand our association with Arrow to include
DC/DC converters. Our customers will benefit from the support
and program expertise Arrow provides," said Delta Electronics
senior vice president of sales, Graham Hunter.
About Delta Electronics, Inc.
Delta Group -- http://www.deltaww.com/-- is the world's largest
provider of switching power supplies and a major source for
power management solutions, components, visual displays,
industrial automation, networking products, and renewable
energy. Established in 1971, Delta Group has sales offices
worldwide and manufacturing plants in Taiwan, Thailand, China,
Mexico and Europe. As a global leader in power electronics,
Delta is committed to environment protection and has implemented
green, lead-free production and recycling and waste management
programs for many years. Delta's mission continues to be: "To
provide innovative energy-saving products for a better quality
of life."
About Arrow Electronics
Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products. Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.
The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.
* * *
Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating. The company's senior
preferred stock is rated at Ba2.
MILACRON INC: Weak Credit Metric Cues Moody's to Cut Ratings
------------------------------------------------------------
Moody's Investors Service lowered the ratings of Milacron Inc.
Corporate Family, to Caa2 from Caa1; Probability of Default, to
Caa2 from Caa1; and senior secured notes, to Caa2 from Caa1.
The lowered ratings reflect the company's weak credit metrics
and ongoing cash flow pressures. Milacron continues to face
cyclical pressures in its plastics machinery markets and ongoing
required pension payments.
Without additional actions by the company's management, Moody's
views the company's liquidity over the next twelve months to be
at risk of deterioration resulting from stagnant free cash flow
prospects over the intermediate term, and required pension
payments and interest costs. Milacron will continue to have
required pension payments after 2008. The company's ongoing cash
requirements combined with a continued liquidity pressures could
limit the company's operating flexibility over the intermediate
term.
The negative outlook reflects the company's weak operating
metrics and the expectation that absent new cash sources the
company's liquidity profile will narrow following the scheduled
pension payments due in 2008. Milacron's current liquidity is
sufficient to make the required pension payments in 2008. In
addition, the company has frozen its current U.S. defined
pension plan. However, operating flexibility could be impaired
if the company's liquidity profile deteriorates. As of Sept.
30, 2007, Debt/EBITDA was 10.6x, and EBIT/Interest Coverage of
0.7x.
As of Sept. 30, 2007, Milacron maintained US$37.5 million of
cash on its balance sheet and approximately US$42 million
available under its asset based revolving credit facility. The
asset based facility requires the company to maintain US$10
million of excess availability, limits capital expenditures, and
contains a springing minimum fixed charge coverage ratio in the
event that excess availability is less than US$5 million. There
is moderate availability under the company's senior secured
notes' debt incurrence test for Milacron to obtain additional
financing.
* The ratings lowered are:
-- Corporate Family rating, to Caa2 from Caa1
-- Probability of Default, to Caa2 from Caa1
-- US$225 million of 11.5% guaranteed senior secured notes due
2011, to Caa2 (LGD3 45%) from Caa1 (LD3 44%)
-- Milacron maintains a US$105 million asset based revolving
credit facility which is not rated by Moody's.
The prior press release was on Jan. 10, 2006, confirming
Milacron's ratings and changing the outlook to negative.
Factors that could contribute to a stabilization of the rating
outlook include: substantial growth in new business priced at
profitable margins; stabilized raw material costs resulting in
improved margins; additional equity contributions; or actions
taken to improve liquidity. Consideration for a stabilized
rating outlook or upward rating migration would arise if any
combination of these factors were to result in leverage
approaching 6.0x, or result in EBIT/interest coverage
approaching 1x.
Factors that could result in ratings downgrades include:
liquidity not being adequately maintained over the next twelve
months; increases in raw material prices which are not passed on
to customers; deterioration in the company's plastic machinery
end markets; or the inability to security additional liquidity
and or financing to mitigate the minimum pension funding
requirements in 2008. Consideration for downward rating
migration would arise if any combination of these factors were
to result in deteriorating liquidity.
Milacron, headquartered in Cincinnati, Ohio, is a leading global
manufacturer and supplier of plastics-processing equipment and
related supplies. Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications. The company has major manufacturing
facilities in North America, Europe and Asia. Milacron's annual
revenues approximated US$789 million over the last twelve
months.
The company has an office in South Korea, and joint ventures in
China and India. In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.
===============
M A L A Y S I A
===============
ARK RESOURCES: Creditors Approve Debt Restructuring Scheme
----------------------------------------------------------
ARK Resources Berhad's creditors approved the company's proposed
Debt Restructuring Scheme at their meeting on Dec. 21, 2007.
As previously reported, the High Court of Malaya has directed a
meeting for ARK Resources' unsecured scheme creditors class 1 in
order to consider and if thought fit, agree on the scheme of
arrangement proposed between them and the company.
ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia. Through its
subsidiaries, the Company provides civil and geotechnical
engineering
On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005. It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.
MANGIUM INDUSTRIES: Board Okays Use of US$6-Bil. Sale Proceeds
--------------------------------------------------------------
Mangium Industries Bhd's board of directors has approved the
proposal to use the US$6.025 million that was raised in the
disposal of its unit.
As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2007, Mangium Industries entered into a conditional sale
and purchase agreement with Global Emerging Markets Forestry
Investors LLC involving the disposal of its wholly owned unit,
Mangium Plantations Bhd. The deal will be satisfied through a
cash consideration of US$6.025 million and is expected to be
completed within the first half of 2008.
The proceeds raised from the disposal will be used:
-- to partially repay MIB Group's borrowings,
-- for working capital; and
-- to defray expenses related to the disposal.
Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding. Operations of the Group are carried out in Malaysia.
The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital. As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.
Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million. Shareholders' equity deficit totaled
MYR46.11 million.
====================
N E W Z E A L A N D
====================
AFS (2002) LIMITED: Commences Liquidation Proceedings
-----------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of AFS (2002) Limited on
December 13, 2007.
The liquidators can be reached at:
Indepth Forensic Limited, Insolvency Practitioners
PO Box 278
Hamilton
Telephone: (07) 957 8674
Web site: http://www.indepth.co.nz/
AQ LIMITED: Board Decides to Liquidate Business
-----------------------------------------------
On December 17, 2007, AQ Limited's board of directors decided to
liquidate the company and appointed Kenneth Charles Oliver as
liquidator.
The liquidator can be reached at:
Kenneth Charles Oliver, M.B.A., Liquidator
Contract Management Limited
46A Tanner Street
PO Box 8253
Havelock North, Hastings
Telephone: (06) 877 7561
Facsimile: (06) 877 7562
ASKEW AND ASSOCIATES: High Court to Hear Petition on Jan. 28
------------------------------------------------------------
The Commissioner of Inland Revenue filed on November 14, 2007,
submitted an application to put Askew and Associates Limited
into liquidation.
The High Court at Christchurch will hear the application on
January 28, 2008, at 10:00 a.m.
The plaintiff's solicitor is:
Julia Beech
Inland Revenue Department
Legal and Technical Services
224 Cashel Street, First Floor Reception
PO Box 1782
Christchurch 8140
Telephone: (03) 968 0809
Facsimile: (03) 977 9853
B D S GROUP: Appoints D.C. Parsons & K.L. Kenealy as Liquidators
----------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed as joint and several liquidators of B D S Group
Limited on December 10, 2007.
The liquidators can be reached at:
Indepth Forensic Limited
PO Box 278
Hamilton
Telephone: (07) 957 8674
Web site: http://www.indepth.co.nz/
BEACH ROAD CORPORATION: Commences Liquidation Proceedings
---------------------------------------------------------
On December 10, 2007, it was resolved by special resolution that
Beach Road Corporation Limited be liquidated and that Paul
Andrew de Lacey of de Lacey & Associates Limited, Chartered
Accountants, be appointed liquidator.
The liquidator proposes that no meeting of creditors be held,
unless a creditor gives notice in writing to the liquidator
requiring a meeting to be called.
Creditors have until February 8, 2008, to prove their debts or
claims.
The liquidator can be reached at:
P. A. de Lacey, Liquidator
PO Box 28054
Remuera, Auckland
Telephone: (09) 522 1069
Facsimile: (09) 522 1806
CHELTENHAM TRUSTEE: High Court to Hear Petition on Feb. 14
----------------------------------------------------------
Body Corporate No. 205963, on October 4, 2007, filed an
application before the High Court at Auckland to put Cheltenham
Trustee Limited into liquidation.
The application will be heard before the High Court at Auckland
on February 14, 2008, at 10:45 a.m.
The plaintiff's solicitor is:
Mark Andrew Edward Sullivan
Jackson Russell
9 Princes Street, 3rd Floor
Auckland
CONNEXIONZ: Books NZ$356,025 Loss for Half-Year Ended Sept. 30
--------------------------------------------------------------
Connexionz Ltd has incurred a consolidated loss of NZ$356,025 in
the six months ended Sept. 30, 2007, compared to a loss of
NZ$317,531 in the corresponding period last year.
Chairman Craig Boyce attributed the losses to:
-- the board's decision to write down a portion of its
intangible assets (NZ$214,099);
-- unavoidable delays to the deployment of the
Charlottesville contract;
-- the additional cost for the development required to
fulfill the Reading Borough Council project; and
-- the decision of the Greater Manchester Public Transport
Executive, for the time being, to discontinue fiscal
support to maintain their RTPI system while they review
their strategic plans.
On the other hand, for the first time, Connexionz is
simultaneously deploying three contracts, being Charlottesville,
the University of Virginia and Reading Borough Council,
collectively worth approximately NZ$2.2 million, the chairman
continued. Consequently the company has had to incur
considerable expenses in equipment and component purchases in
addition to upfront technology development. The projects will
be completed during 2008.
Mr. Boyce pointed out that Connexionz traded profitably in
October and November as revenues from the three contracts came
on stream. The Reading Borough Council GBP370,000 (NZ$997,000)
order involves upgrading all the existing buses with on board
computers capable of displaying full motion video as well as
supporting their new citywide WiMAX communications network.
About Connexionz Ltd
Christchurch, New Zealand-based Connexionz Limited --
http://www.connexionz.co.nz/-- is a technology company that
develops real-time vehicle tracking systems for the local and
international markets. The company's products include city-side
systems, airport buses, bus interchanges, the BusFinder and
technical papers. Connexionz has a real time system for
tracking a fleet of buses across a city, handling up to 10,000
vehicles and up to 2,500 routes. The Company's BusFinder signs
provide passengers with information citywide at bus stops,
within interchange buildings and in malls and restaurants. The
Company has also customized their system to provide real time
information for airport bus services.
For the 12 months ended March 31, 2007, Connexionz reported a
net loss of NZ$975,463, a 262% increase from the NZ$268,802 loss
incurred in the previous fiscal year.
DOMESTIC COMMERCIAL: Shareholders Appoint Liquidators
-----------------------------------------------------
Shareholders of Domestic Commercial Maintenance Limited
appointed Malcolm Grant Hollis and John Howard Ross Fisk,
chartered accountants of Christchurch, as joint and several
liquidators on December 14, 2007.
Creditors have until January 16, 2008, to make their claims and
to establish any priority their claims may have.
Claims are to be forwarded and creditors and shareholders may
direct inquiries to:
Domestic Commercial Maintenance Limited
c/o PricewaterhouseCoopers
119 Armagh Street
PO Box 13244
Christchurch
Telephone: (03) 374 3000
Facsimile: (03) 374 3001
Attention: Rebecca Almond
GARRY BARNES INTERIORS: High Court to Hear Wind-Up Petition
-----------------------------------------------------------
On November 21, 2007, Accident Compensation Corporation filed an
application before the High Court at Invercargill to put Garry
Barnes Interiors Limited into liquidation.
The application will be heard before the High Court at
Invercargill on January 30, 2008 at 9:15 a.m.
The plaintiff's solicitor is:
Dianne S. Lester
Maude & Miller
McDonald’s Building, 2nd Floor
Cobham Court
Porirua City
GLASS EARTH: Changes Name to Glass Earth Gold Limited
-----------------------------------------------------
Glass Earth Limited has changed its name to Glass Earth Gold
Limited. According to the company, the name change ties in its
primary objective, which is to locate gold, while continuing
with the concept of the company using advanced geophysical
techniques to "see through" the earth's crust. The name change
has been accepted by the TSX Venture Exchange.
Trading codes on the Toronto and New Zealand stock exchanges
will remain the same: TSX-V: GEL and NZAX: GEL. Web site
linkages will remain unchanged also.
Glass Earth Ltd, now known as Glass Earth Gold Ltd --
http://www.glassearthlimited.com/-- and its subsidiaries'
principal activity is the exploration for and mining of gold
deposits in New Zealand. Glass Earth has established a large
portfolio of gold prospecting and exploration permits in New
Zealand, including advanced gold prospects in the Hauraki-Waihi
area; advanced and greenfields gold prospects at the Mamaku-
Muirs Reef area between Rotorua and Tauranga; Greenfield gold
prospects in the Central Volcanic Region between Rotorua and
Taupo, and advanced and greenfields gold prospects in the Otago
mesothermal gold fields, including priority over a 20,550km2
prospecting permit area which it believes is prospective for
Macraesstyle gold mineralisation.
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited. As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.
As of June 30, 2007, the company booked a deficit of
CND3,422,000, compared with the CND1,953,000 deficit as of
May 31, 2006.
GLASS EARTH: Completes 1st Tranche of Private Placement
-------------------------------------------------------
Glass Earth Gold Limited has completed the first tranche of a
non-brokered private placement previously announced on Nov. 1,
2007, the company said in a filing with the New Zealand Stock
Exchange.
In the first tranche a total of 22,140,000 units at a price of
CD$0.20 per Unit were issued, for gross proceeds of
CD$4,428,000. Each Unit consists of one common share priced at
CD$0.20 and one-half of one share purchase warrant; each whole
warrant entitling the holder to purchase one additional common
share at a price of CD$0.30 expiring two years from the closing
date.
The proceeds from the financing will be used:
-- To undertake drilling of targets within Glass Earth's
Exploration Permits in the Central Volcanic Region in the
North Island. These targets have been developed as a
result of ground geophysical and geochemical programmes
recently completed. A continuous drilling programme
started in October 2007 will carry through to the end of
the New Zealand summer (April/May). Drilling has
commenced at Ohakuri, with a list of other prioritised
prospects targeted.
-- To accelerate ground based exploration programmes in the
Otago Region following up targets identified from the
recently completed C$3M airborne geophysics campaign in
that Region.
-- For general corporate purposes and working capital.
All the securities are subject to a hold period and may not be
traded until April 5, 2008.
The company will be make another when the second tranche of the
private placement is completed.
Glass Earth Gold Ltd formerly known as Glass Earth Ltd --
http://www.glassearthlimited.com/-- and its subsidiaries'
principal activity is the exploration for and mining of gold
deposits in New Zealand. Glass Earth has established a large
portfolio of gold prospecting and exploration permits in New
Zealand, including advanced gold prospects in the Hauraki-Waihi
area; advanced and greenfields gold prospects at the Mamaku-
Muirs Reef area between Rotorua and Tauranga; Greenfield gold
prospects in the Central Volcanic Region between Rotorua and
Taupo, and advanced and greenfields gold prospects in the Otago
mesothermal gold fields, including priority over a 20,550km2
prospecting permit area which it believes is prospective for
Macraesstyle gold mineralisation.
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited. As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.
As of June 30, 2007, the company booked a deficit of
CND3,422,000, compared with the CND1,953,000 deficit as of
May 31, 2006.
IMPACT MATERIALS: Shareholders Appoint Liquidators
--------------------------------------------------
Shareholders of Impact Materials Limited appointed Iain Bruce
Shephard and Christine Margaret Dunphy as liquidators of the
company on December 6, 2007.
The liquidators can be reached at:
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street
Wellington
Telephone: (04) 473 6747
Facsimile: (04) 473 6748
K M S INTERNATIONAL: Creditors Must File Claims by Jan. 30
----------------------------------------------------------
K M S International Limited was placed into liquidation on
December 10, 2007, with the appointment of Scott Greer as
liquidator for the company.
The liquidator fixed January 30, 2008, as the last day for
creditors to prove their debts or claims.
The liquidator can be reached at:
Scott Greer
PO Box 2422
Shortland Street, Auckland
Telefax: (09) 526 0748
MANAWATU DIVE CENTRE: Claims Filing Deadline Set for Feb. 10
------------------------------------------------------------
The High Court appointed John Howard Ross Fisk, chartered
accountant, and Craig Alexander Sanson, insolvency practitioner,
as joint and several liquidators of Manawatu Dive Centre
Limited, on December 10, 2007.
The liquidators fixed Feb. 10, 2008, as the last day for
creditors to make their claims.
Claims may be forwarded to:
Manawatu Dive Centre Limited
c/o PricewaterhouseCoopers
113-119 The Terrace
PO Box 243
Wellington
Telephone: (04) 462 7238
Facsimile: (04) 462 7492
Attention: Aaron Gardner
PROLINE CONSTRUCTION: Shareholders Appoint Liquidator
-----------------------------------------------------
On December 12, 2007, shareholders of Proline Construction
Limited resolved to liquidate the company and appoint Peter
Jansen Oborn of Oborn & Johnson Limited, Chartered Accountants,
as liquidator.
The liquidator can be reached at:
Peter Jansen Oborn, Liquidator
46B Taharoto Road
Takapuna, Auckland
Telephone: (09) 486 2775
Facsimile: (09) 486 4629
REDWOOD BUILDERS: Shareholders Appoint Liquidators
--------------------------------------------------
Shareholders of Redwood Builders Limited appointed Iain Bruce
Shephard and Christine Margaret Dunphy as liquidators of the
company on November 28, 2007.
The liquidators can be reached at:
Shephard Dunphy Limited
Zephyr House, Level 2
82 Willis Street
Wellington
Telephone: (04) 473 6747
Facsimile: (04) 473 6748
SAND PIPER LODGE: Shareholders Appoint Liquidators
--------------------------------------------------
Shareholders of Sand Piper Lodge Limited on December 11, 2007,
appointed John Trevor Whittfield and Boris van Delden,
insolvency practitioners of Auckland, as liquidators of the
company.
Creditors have until January 28, 2008, to prove their debts or
claims.
The liquidators can be reached at:
McDonald Vague
PO Box 6092
Wellesley Street Post Office
Auckland
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Web site: http://www.mvp.co.nz/
SPECIALISED LABOUR FORCE: High Court Appoints Liquidators
---------------------------------------------------------
The High Court at Auckland appointed on Dec. 13, 2007, Vivien
Judith Madsen-Ries, insolvency specialist, and David Stuart
Vance, chartered accountant, as liquidators of Specialised
Labour Force Limited.
The liquidators fixed January 17, 2008, as the last day for
creditors to make their claims and establish any priority their
claims may have.
Inquiries for information relating to the liquidation may
be made to:
Monique Nielsen
PPB McCallum Petterson
Forsyth Barr Tower, Level 11
55-65 Shortland Street
Auckland
Telephone: (09) 336 0000
Facsimile: (09) 336 0010
STRUCTURED CABLING: Commences Liquidation Proceedings
-----------------------------------------------------
Shareholders of Structured Cabling Limited passed a special
resolution on December 11, 2007, and placed the company into
liquidation.
Daran Nair, chartered accountant of Auckland, was appointed as
liquidator.
Creditors have until January 28, 2008, to make their claims.
The liquidator can be reached at:
Nair & Associates Chartered Accountants Limited
280 Great South Road
Greenlane, Auckland
Telephone: (09) 522 5182
Facsimile: (09) 522 5183
T & A WHOLESALERS: High Court to Hear Wind-Up Petition
------------------------------------------------------
On August 16, 2007, Nichibo Japan Trading Company Limited filed
an application before the High Court at Auckland to put T & A
Wholesalers Limited into liquidation.
The High Court will hear the application on January 31, 2008, at
10:00 a.m.
The plaintiff's solicitor is:
R. B. Hucker
Hucker & Associates
55-65 Shortland Street, Level 7
Auckland
T & M (1997) LTD: High Court to Hear Petition on Jan. 31
--------------------------------------------------------
On August 10, 2007, Accident Compensation Corporation filed an
application before the High Court at Auckland to put T & M
(1997) Limited into liquidation.
The application will be heard before the High Court at Auckland
on January 31, 2008 at 10:00 a.m.
The plaintiff's solicitor is:
Dianne S. Lester
Maude & Miller
McDonald's Building, 2nd Floor
Cobham Court
PO Box 50555 or DX SP 32505
Porirua City
TNF LIMITED: High Court to Hear Wind-Up Petition on Jan. 31
-----------------------------------------------------------
On August 30, 2007, Ontrak Building Supplies Limited filed an
application before the High Court at Auckland to put TNF Limited
into liquidation.
The application will be heard before the High Court at Auckland
on January 31, 2008, at 10:45 a.m.
The plaintiff's solicitor is
K. Barr
O’Sheas, Barristers and Solicitors
70 Rostrevor Street
PO Box 460
Hamilton
Facsimile: (07) 838 3494
TRUSTEE HOLDINGS: High Court to Hear Wind-Up Petition
-----------------------------------------------------
Masters Civil Engineering Limited, on November 26, 2007, filed
an application before the High Court at Auckland to put Trustee
Holdings Limited into liquidation.
The application will be heard before the High Court at Auckland
on April 9, 2008 at 10:00 a.m.
The plaintiff's solicitor is:
Mark T. Davies
Meredith Connell
Forsyth Barr Tower, Level 17
55-65 Shortland Street
Auckland
Telephone: (09) 336 7610
WIDWALK LTD: Shareholders Appoint Liquidator
--------------------------------------------
Shareholders of Widwalk Limited appointed John Francis Managh,
of Napier, on December 12, 2007, as liquidator.
The liquidator can be reached at:
John Managh, Liquidator
50 Tennyson Street
PO Box 1022
Napier
Telefax: (06) 835 6280
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Inks Deal With TVI Resource on Canatuan Mine
----------------------------------------------------------------
Atlas Consolidated Mining and Development Corp. has executed an
agreement with TVI Resource Development (Phils.) Inc. and TVI
International Marketing Ltd. regarding the operation of the
Canatuan Copper/Zinc Suplhide Project.
The agreement embodies the terms of the PHP42-million advance to
be extended by Atlas to TVIRD regarding the project's operation.
It also covers the pledge by TVIM in favor of Atlas of its
shares in TVIRD as security for the advance.
The advance is intended as a convertible loan subject to the
conclusion of the negotiations between Atlas and TVIRD on the
formation of a joint venture with respect to the Canatuan
Project.
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm.
In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.
As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million. Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.
EIB REALTY: Douglas Chew Leaves Post as Director
------------------------------------------------
Douglas Chew has resigned as director of EIB Realty Developers
Inc. effective December 27.
Mr. Chew said he wishes to focus on his obligations and
responsibilities as Executive Vice President and Directors of
EIBR's parent company, Export and Industry Bank Inc.
EIB Realty Developers, Inc. (EIBR) is engaged in real estate
development, including building and development of residential,
industrial and commercial properties. The company owns 55% of
Urban Property Holdings Inc., which also engages in the
development of real estate. Export and Industry Bank, Inc. owns
71.7567% of the Company.
EIBR incurred net losses of PHP126.3 million in the year ended
December 31, 2006, and PHP8.28 million in the year ended
Dec. 31, 2005.
IPVG CORP: Signs MOA to Acquire 70% Stake in Influent
-----------------------------------------------------
IPVG Corp. executed a Memorandum of Agreement with the
stockholders owning at least seventy percent of Interactive
Teleservices Corporation, known as Influent, a leading U.S.
based contact center, for the acquisition of their 70% stake in
the company, subject to the approval of IPVG’s Board of
Directors.
Influent, which is ranked among the top 20 global BPO companies,
operates ten call centers in three countries with a total of
approximately 1,400 seats in the United States, Panama and the
Philippines. It is a leading provider of multi-lingual
outsourced business processes solutions catering solely to
Fortune 500 companies in the Financial Services market.
Influent averages annual revenues of approximately US$45
Million, and at EBITDA of approximately US$4 Million.
Target completion of the transaction is in the first quarter of
2008, after IPVG completes its financial and legal due diligence
on ITC.
IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing. IPVG reaches its
customers through collaboration with international corporations
that have proven to be market leaders in their respective
geographic markets and industries. Its current partners include
Fortune 1000 companies listed on the New York Stock Exchange,
such as Pacific Century Cyberworks Inc. and IDT. The company
can offer established product and proprietary business knowledge
to the Philippine market by pairing each of its business
subsidiaries with strategic partners.
The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.
JG SUMMIT: Robinson Bank Opens 38th Branch in Angeles City
----------------------------------------------------------
Robinsons Bank, a wholly owned subsidiary of the JG Summit
Group, recently opened its 38th branch along with its 65th ATM
at Level 1 Robinsons Place Angeles, McArthur Highway, in
Balibago, Angeles City.
The establishment of the new office is part of the Bank’s
continuous expansion program as it marks its 10th founding
anniversary. Likewise, RSB is geared towards opening more
branches and ATMs nationwide within the year and early 2008.
According to Mr. Emil Ruff, RSB’s Cluster Head for Luzon, the
opening of Angeles branch will help strengthen the bank’s
product offerings in:
* Loans -- Home, Auto, Personal and Jewelry
* Deposits -- Checking & Savings and Term Deposits
* Store Card
* Cardless ATM Banking
A pioneer in the field, RSB offers its Jewelry Loan, where
customers can get instant cash for their personal or business
requirements using their jewelries as collateral. Furthermore,
proving its worth as one of the continuously innovating thrift
bank in the industry, RSBank is proud of its Cardless ATM
Banking product, which serves as the Bank’s response in the
increasing developments that come along with technological
advancements.
A unique product of RSB, the Store Card allows customers to
purchase on credit from Robinsons stores (Robinsons Department
Store, Robinsons Supermarket, Topman, Handyman, Robinsons
Appliances and Toys R’ Us) and earn 5% commission on purchases
of their cardholders, payable in four semi-monthly installments.
Ruff adds that the new programs are expected to further boost
the bank’s fast growing operations in consumer banking.
JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.
At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit. The notes are irrevocably and
unconditionally guaranteed by JG Summit.
PHILCOMSAT HOLDINGS: Court Bars Takeover by Private Shareholders
----------------------------------------------------------------
The Sandiganbayan has ordered the group of private shareholders
in the Philcomsat group of companies from taking over control of
the Philcomsat Holdings Corp. from the Locsin-Poblador group of
directors appointed by the Presidential Commission of Good
Government, the Philippine Daily Inquirer reports.
The Inquirer relates that according to the PCGG-backed
directors, the Sandiganbayan had ordered the PCGG to take as
void the November 19 election of the Ilusorio-Africa group to
the boards of the Philippine Communications Satellite Corp. and
Philippine Overseas Telecommunications Corp., the parent
companies of PHC.
Almost immediately, the newspaper added, the head of the private
shareholders group Erlinda Ilusorio Bildner sent a text message
to the Inquirer, disputing the grounds on which the
Sandiganbayan based its injunction.
In a report published on November 21, 2007, the Troubled Company
Reporter-Asia Pacific said that the government appointed new
nominees into the boards of both POTC and Philcomsat, reportedly
replacing the Locsin-Poblador group as government
representatives on the boards of these companies. Presidential
Management Staff Undersecretary Enrique Perez and Department of
Justice lawyers represented the government's 35% holdings during
the stockholders meeting.
In another report on December 26, citing the Inquirer as a
source, the TCR-AP outlined the PCGG group of directors' protest
against the forced takeover of PHC's board by the private
shareholders. Through Atty. Pitero Reig, the group told the
Inquirer that the Ilusurio-Bildner group used letters signed by
Bernardo Aves, former Government Service Insurance System
chairman, and Solicitor General Agnes Devanadera to vote
themselves onto the boards of POTC and Philcomsat. Atty. Reig
also said that only the Presidential Commission on Good
Government could vote the shares in the sequestered companies,
and added that they have critical appointment documents signed
by the President herself.
About Philcomsat Holdings
Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956. During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil. On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.
According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years. Philcomsat is involved in an
anomaly brought about by huge losses. The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.
=================
S I N G A P O R E
=================
ACOPIA NETWORKS: Creditors Must File Claims by Jan. 21
------------------------------------------------------
Creditors of Acopia Networks Pte Ltd., which is being wound up
voluntarily, are required on or before January 21, 2008, to file
their claims.
The liquidators of the company are:
Chee Yoh Chuang
Lim Lee Meng
c/o 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
ASSOCIATED DEVELOPMENT: Contributories' Meeting Set for Jan. 3
--------------------------------------------------------------
A meeting of contributories in Associated Development Private
Limited will be held on Jan. 3, 2008, at 3:00 p.m. at:
6 Shenton Way
#32-00 DBS Building Tower 2
Singapore 068809
At the meeting, contributories will, among others:
1. receive a status update from the Liquidator;
2. appoint a Committee of Inspection;
3. appoint a solicitor to assist the Liquidator;
4. authorize the Liquidator to compromise debts; and
6. consider the disposal of the assets of the Company.
The company's liquidator is Tam Chee Chong.
CHOW CHO POON: Contributories' Meeting Set for Jan. 3
-----------------------------------------------------
A meeting of contributories in Chow Cho Poon (Private) Limited
will be held on Jan. 3, 2008, at 3:00 p.m. at:
6 Shenton Way
#32-00 DBS Building Tower 2
Singapore 068809
At the meeting, contributories will, among others:
1. receive a status update from the Liquidator;
2. appoint a Committee of Inspection;
3. appoint a solicitor to assist the Liquidator;
4. authorize the Liquidator to compromise debts; and
6. consider the disposal of the assets of the Company.
The company's liquidator is Tam Chee Chong.
EPL DISTRIBUTION: High Court to Hear Wind-Up Petition on Jan. 4
---------------------------------------------------------------
On December 12, 2007, Neville Trading & Manufacturing Pte Ltd, a
creditor, filed an application to wind up EPL Distribution
Private Ltd's operations.
The application will be heard before the High Court in Singapore
at 10:00 a.m. on Jan. 4, 2008.
The plaintiff's solicitor is:
M/S David Nayar and Vardan
24B(2) Temple Street
Singapore 058569
FUJITRANS (SINGAPORE): High Court to Hear Wind-Up Petition
----------------------------------------------------------
Banque Cantonale Vaudoise of Switzerland, a creditor, filed an
application on Dec. 14, 2007, to wind up the operations of
Fujitrans (Singapore) Pte Ltd.
The High Court will hear the application on Jan. 11, 2008.
The plaintiff's solicitor is:
Rajah & Tann
4 Battery Road
No. 26-01 Bank of China Building
Singapore 049908
HANWAY INVESTMENT: Declares First and Final Dividend
----------------------------------------------------
Hanway Investment Pte Ltd declared its first and final dividend
on Dec. 26, 2007, in the amount of 1.05%.
The company's liquidator is:
LAI SENG KWOON
8 Robinson Road
#13-00 ASO Building
Singapore 048544
ITC GLOBAL HOLDINGS: High Court Enters Wind-Up Order
----------------------------------------------------
The High Court of Singapore entered an order to wind up the
operations of ITC Global Holdings Pte Ltd. on November 30, 2007.
The wind-up petition was filed by Chay Foo Kyuen and Tham Sai
Choy. The plaintiff's solicitor is Rajah & Tann.
The company's liquidator is:
Neo Ban Chuan
151 Chin Swee Road
#14-04 Manhattan House
Singapore 169876
LEE TUNG: Contributories' Meeting Set for Jan. 3
------------------------------------------------
A meeting of contributories in Lee Tung Company (Private)
Limited will be held on Jan. 3, 2008, at 3:00 p.m. at:
6 Shenton Way
#32-00 DBS Building Tower 2
Singapore 068809
At the meeting, contributories will, among others:
1. receive a status update from the Liquidator;
2. appoint a Committee of Inspection;
3. appoint a solicitor to assist the Liquidator;
4. authorize the Liquidator to compromise debts; and
6. consider the disposal of the assets of the Company.
The company's liquidator is TAM CHEE CHONG.
NANO IMAGING DEVICES: High Court to Hear Petition on Jan. 11
------------------------------------------------------------
On Nov. 12, 2007, Quek Tai Teck Oliver, a creditor, filed an
application to wind up the operations of Nano Imaging Devices
Pte Ltd.
The High Court will hear the application on Jan. 11, 2008, at
10:00 a.m.
The plaintiff's solicitor is:
M/S Patrick Tan & Associates
101 Upper Cross Street
#06-05 People's Park Centre
Singapore 058357
===============
T H A I L A N D
===============
KRUNG THAI BANK: Natural Park Repays THB150.98 Million of Debt
--------------------------------------------------------------
Natural Park PCL has paid THB150.98 million of its debt to Krung
Thai Bank PCL. Natural Park disclosed to the Stock Exchange of
Thailand that it now has THB860 million remaining in debt to the
bank, with which the company is negotiating for an extension of
repayment.
Natural Park used the THB993.6-billion proceeds from its sale on
December 21, 2007, of 208,739,547 ordinary shares in Pacific
Assets PCL to ADM Galleus Fund Ltd. and GMW Holding Co. Ltd. to
repay the debt.
Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.
The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.
* * *
The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).
SIAM CITY BANK: Natural Park Repays THB775.22-Million Debt
----------------------------------------------------------
Natural Park PCL has paid in full its remaining THB775.22-
million debt to Siam City Bank PCL, a disclosure with the Stock
Exchange of Thailand says.
The company used the THB993.6-million proceeds from its sale on
December 21, 2007, of 208,739,547 ordinary shares in Pacific
Assets PCL to ADM Galleus Fund Ltd. and GMW Holding Co. Ltd., to
repay the debt.
Siam City Bank Public Company Limited's --
http://www.scib.co.th/-- principal activity is the provision of
commercial banking services which includes deposits, payments,
credit cards, consumer loans and e-banking. Other activities
include real estate development, computer consultancy and
provision of capital market services.
Operations are carried out primarily in Thailand.
The Troubled Company Reporter-Asia Pacific reported on Dec. 6,
2007, that Fitch affirmed these ratings of Thailand's Siam City
Bank:
-- Long-term foreign currency Issuer Default rating at 'BB',
-- Short-term foreign currency rating at 'B',
-- National Long-term rating at 'A-(tha)',
-- National Short-term rating at 'F1(tha)',
-- Individual rating at 'D',
-- Support rating at '4', and
-- Support Rating Floor at 'B+'.
The Outlook on the ratings is Stable.
TMB BANK: Sells 2,000 Preferred Shares in Electrical Lamp
---------------------------------------------------------
TMB Bank PCL has sold 2,000 preferred shares in Electrical Lamp
Manufacturers Thailand Ltd. to Puman Panruksah for THB500,000.
The shares represent the bank's 10% holdings in the company.
The bank owns no stake in Electrical Lamp after the transaction.
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers. TMB Bank had
total assets of about THB717 billion as at December 31, 2005.
On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
On October 11, 2007, the Troubled Company Reporter-Asia Pacific
said that Standard & Poor's Ratings Service lowered its long-
term counterparty credit rating on Thailand's TMB Bank Public
Co. Ltd. to 'BB+' from 'BBB-' and the short-term rating to 'B'
from 'A-3'. The rating has been removed from CreditWatch, where
it was placed with negative implications on July 6, 2007. The
outlook is negative.
On October 30, 2007, Fitch Ratings placed TMB Bank Public
Company Limited's Long-term foreign currency Issuer Default
Rating of 'BB+', Short-term foreign currency IDR of 'B', foreign
currency subordinated debt rating of 'BB', foreign currency
hybrid Tier 1 rating of 'B', Individual 'D', Support '3',
Support Rating Floor of 'BB', national Long-term 'A(tha)',
national Short-term 'F1(tha)', national subordinated debt 'A-
(tha)' (A minus (tha)) rating on Rating Watch Evolving.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker ($MM) ($MM)
------- ------ ------ ------------
AUSTRALIA
Advance Healthcare Group Ltd AHG 15.65 -6.78
Allstate Exploration ALX 12.65 -51.62
Austar United Communications
Limited AUN 411.16 -43.72
Emperor Mines Limited EMP 138.99 -50.63
Hutchison Telecommunications
(Aust) Ltd. HTA 1637.04 -1443.69
Intellect Holdings Limited IHG 15.25 -10.88
KH Foods Ltd KHF 38.40 -6.79
Lafayette Mining Limited LAF 105.24 -190.86
Renison Consolidated Mines NL RSN 38.83 -3.94
RMG Ltd. RMG 22.33 -2.16
Tooth & Co. Ltd. TTH 99.25 -74.39
UnderCoverWear Limited UCW 28.92 -16.07
ViaGOLD Capital Limited VIA 15.49 -3.11
CHINA AND HONG KONG
Asia Telemedia Limited 376 16.97 -7.53
Baiyin Copper Commercial
Bldg (Group) Co 672 24.47 -2.40
Beiya Industrial (Group)
Co., Ltd 600705 462.13 -20.57
Brilliant Arts Multi-Media
Holding Ltd 8130 11.62 -2.32
Cangzhou Chemical Industrial
Co.Ltd 600722 496.98 -91.41
Chang Ling Group 561 85.06 -80.88
Changjiang Sec-A 783 357.75 -84.57
Chia Tai Enterprises
International Ltd. 121 316.12 -8.92
China Force Oil & Grains
Industrial Co 1194 92.02 -7.43
China HealthCare Holdings Ltd 673 25.44 -3.37
China Liaoning International
Cooperation (Group) Ltd 638 20.46 -41.24
Chinese.com Logi 805 13.75 -32.33
CIS Technology Inc. 2326 33.74 -18.91
Chongqing Int'l Enterprise
Investment Co 000736 19.88 -15.67
Compass Pacific Holdings Ltd 1188 46.98 -14.92
Chun Sung Text 1408 443.43 -100.26
Datasys Technology
Holdings Ltd 8057 14.10 -2.07
Dongxin Electrical Carbon
Co., Ltd 600691 34.19 -2.90
Dynamic Global Holdings Ltd. 231 44.64 -9.70
Everpride Biopharmaceutical
Company Limited 8019 14.19 -0.02
Ever Fortune Intl.
Hldgs. Limited 875 14.41 -4.03
Fujian Changyuan Investment
Holdings Limited 592 34.52 -66.85
Fujian Sannong Group Co. Ltd 732 42.50 -100.37
Fujian Start Computer
Group Co.Ltd 600734 114.76 -16.98
Guangzhou Oriental
Baolong Automotive Co 600988 15.78 -11.11
Guangdong Hualong Groups
Co., Ltd 600242 15.23 -46.94
Guangdong Kel-A 921 596.71 -94.69
Guangdong Meiya Group
Co., Ltd. 529 70.62 -59.86
Guangxia (Yinchuan) Industry
Co. Ltd. 557 48.71 -59.63
Hainan Dadonghai Tourism
Centre Co., Ltd 613 18.34 -8.39
Hainan Overseas Chinese
Investment Co., Ltd 600759 28.97 -9.90
Hans Energy Company Limited 554 85.00 -0.49
Hebei Baoshuo Co.,Ltd 600155 293.56 -199.47
Heilongjiang Black Dragon
Co., Ltd 600187 113.45 -74.67
Hisense Kelon Electrical
Hldngs. Co., Ltd 921 596.71 -94.69
Hualing Holdings Limited 382 262.90 -32.17
HuaTongTianXiang Group
Co., Ltd. 600225 52.77 -42.02
Huda Technology & Education
Development Co. Ltd. 600892 17.12 -0.39
Hunan Anplas Co. 156 77.57 -77.92
Innovo Leisure Recreation
Holdings Ltd. 703 13.40 -4.50
Jiaozuo Xin'an-a 719 56.77 -6.52
Junefield Department
Store Group Limited 758 12.93 -5.39
Lan Bao Technology
Information Co.,Ltd 631 110.09 -78.89
Loulan Holdings Limited 8039 11.14 -2.21
Mianyang Gao Xin Industrial
Dev (Group) 600139 23.90 -15.65
New City China Development
Limited 456 253.47 -25.03
Orient Power Holdings Ltd. 615 176.86 -64.20
Paladin Ltd. 495 167.43 -6.23
Plus Holdings Ltd. 1013 18.52 -3.34
Qinghai Xiancheng Industry
Stock Co.,Ltd 600381 55.58 -55.04
Regal Real Estate
Investment Trust 1881 945.38 -234.68
Sanjiu Yigong Biopharmaceutical
& Chem 000403 218.51 -3.48
Shanghai Worldbest
Pharmaceutical Co.Ltd 600656 66.75 -13.42
Shenyang Hejin Holding
Company Ltd. 633 103.86 -3.16
Shenz China BI-B 20017 34.21 -238.76
Shenzhen China Bicycle Co.,
Hlds. Ltd. 17 34.21 -238.76
Shenzhen Dawncom Business
Tech. and Service Co., Ltd. 863 32.57 -137.55
Shenzhen Shenxin Taifeng
Group Co., Ltd. 34 69.92 -53.39
Shenzhen Koda-a 48 112.05 -15.98
Shijiazhuang Refining-Chemical
Co., Ltd 783 357.75 -84.57
Sichuan Langsha Holding Ltd. 600137 13.82 -62.11
Sichuan Direct-A 575 143.71 -94.34
Stellar Megaunion Corporation 000892 54.33 -152.43
Success Information Industry
Group Co. 517 77.23 -17.78
Suncorp Tech Ltd. 1063 75.28 -5.03
Suntek Technology Co., Ltd 600728 49.03 -14.65
Suntime International
Economic Trading 600084 359.49 -47.93
Swank International
Manufacturing Co Ltd 663 29.31 -1.13
Taiyuan Tianlong Group Co.
Ltd 600234 19.47 -89.51
The First Investment &
Merchant Co, Ltd 600515 90.66 5.98
Tianjin Marine Shipping
Co. Ltd 600751 111.03 -3.59
Tianyi Science & Technology
Co., Ltd 600703 45.82 -41.20
Tibet Summit Industry
Co., Ltd 600338 90.92 -4.05
Winowner Group Co. Ltd. 600681 23.34 -72.39
Xiamen Eagle Group Co., Ltd 600711 18.82 -2.74
Yueyang Hengli Air-Cooling
Equipment Inc. 622 40.61 -17.21
Zarva Technology Co. Ltd. 688 25.83 -175.37
Zhejiang Haina Science & Tech
Co., Ltd. 925 28.53 -36.27
INDIA
Andrew Yule & Co. Ltd ANY 81.41 -30.90
Ashima Ltd. NASHM 104.15 -35.01
ATV Projects India Ltd. ATV 68.25 -30.17
B S Refrigerator NBPLE 75.91 -10.23
Balaji Distiller BLD 45.66 -74.20
Baroda Rayon Corp. Ltd. BR 41.16 -26.62
Birla VXL Ltd NVXL 98.77 -14.62
CFL Capital Financial
Services Ltd CEATF 25.42 -47.32
Core Healthcare Ltd. CPAR 185.37 -241.91
Dish TV India Limited DITV 239.48 -12.62
Dunlop India Ltd DNLP 52.75 -65.30
GKW Ltd. GKW 35.75 -13.52
Gujarat Sidhee Cement Ltd. GSCL 59.44 -0.66
Himachal Futuris HMFC 574.62 -38.68
HMT Limited HMT 316.41 -175.33
JCT Electronics Ltd. JCTE 117.60 -50.17
Jenson & Nic Ltd JN 14.81 -81.79
JK Synthetics Ltd JKS 17.99 -2.61
Kothari Sugars and
Chemicals Ltd. NKTSG 43.24 -29.24
JOG Engineering VMJ 50.08 -10.08
Lloyds Metals LYDM 70.72 -10.25
Lloyds Steel Ind LYDS 404.38 -86.45
LML Ltd. LML 81.21 -11.89
Mafatlal Ind. MFI 95.67 -85.81
Malanpur Steel Ltd. HDC 82.08 -52.01
Modern Threads MRT 78.18 -20.71
Modi Rubber Ltd NMDR 62.67 -9.22
Mysore Cements MYC 82.02 -14.57
Mysore Kirloskar Ltd. MK 23.71 -3.04
Panchmahal Steel Ltd. PMS 51.02 -0.33
Panyam Cements PYC 17.18 -18.32
Parekh Platinum PKPL 59.20 -75.23
Rollataners Ltd RLT 20.68 -3.88
RPG Cables Ltdd NRPG 51.43 -20.19
Saurashtra Cemen SRC 112.31 -4.57
Shree Rama Multi Tech Ltd. NSRMT 79.66 -7.83
Shyam Telecom NSHY 147.34 -22.80
Sil Businesse
Enterprises Ltd. SILB 12.46 -19.96
SIV Ind. Ltd. NSIV 101.16 -66.27
Steel Tubes Ltd NSTU 30.47 -26.45
Synthetics & Che SYNC 54.94 -6.90
Tata Teleservices (Maharashtra)
Limited NTTLS 657.28 -73.89
UB Engineeering UBE 47.78 -2.77
VKL Instrument VXLI 12.20 -0.62
Western India Sh WISL 39.34 -22.78
INDONESIA
Ades Waters Indonesia Tbk ADES 21.35 -8.93
Agro Pantes Tbk ARGO 217.96 -15.7
Eratex Djaja Ltd. Tbk ERTX 30.30 -1.21
Hotel Sahid Jaya SHID 71.05 -4.26
Jakarta Kyoei Steel Works Tbk JKSW 44.72 -38.57
Panca Wiratama Sakti Tbk PWSI 39.72 -18.82
Sekar Bumi Tbk SKBM 23.07 -41.95
Steady Safe Tbk SAFE 19.65 -2.43
Suba Indah Tbk SUBA 85.17 -9.18
Surya Dumai Industri Tbk SUDI 105.06 -30.49
Toba Pulp Lestrari Tbk INRU 403.58 -198.86
Tejin Indonesia TFCO 279.56 -10.58
Unitex Tbk UNTX 29.08 -5.87
Wicaksana Overseas
International Tbk WICO 43.09 -46.36
JAPAN
Banners Co., Ltd 3011 46.33 -14.11
C4 Technology, Inc 2355 33.71 -1.24
NIWS Co., HQ Ltd. 2731 541.08 -33.01
Orient Corporation 8585 37956.19 -1109.02
Tasco System Co., Ltd 2709 48.80 -13.52
Trustex Holdings, Inc. 9374 102.84 -7.81
KOREA
Cosmos PLC Co., Ltd 053170 19.31 -4.95
DaiShin Information &
Communication Co. 20180 740.50 -158.45
Dong Yang Gang 1780 108.79 -9.80
E-Rae Electronics Industry
Co., Ltd 45310 45.47 -10.37
E Star B Co., Ltd. 55250 186.00 -1.50
EG Semicon Co. Ltd. 38720 166.70 -12.34
Everex Inc 47600 35.66 -0.66
Hyundai IT Corp. 48410 137.08 -48.10
Inno Metal Izirobot Inc. 70080 28.56 -0.33
Oricom Inc. 10470 82.65 -40.04
Rocket Electric Co., Ltd. 420 77.37 -4.76
Seji Co., Ltd 53330 37.25 -0.31
Starmax Co., Ltd 17050 76.61 -1.50
Tong Yang Magic Co., Ltd. 23020 355.15 -25.77
Unick Corporation 11320 36.54 -4.45
MALAYSIA
Boustead Heavy Industries
Corp. Bhd BHIC 57.34 -152.51
Chin Foh Berhad CFOH 53.19 -13.88
FED Furniture FFHB 38.27 -5.11
Harvest Court Industries
Bhd HAR 10.17 -3.85
Lityan Holdings Berhad LIT 18.84 -23.22
Mangium Industries Bhd MANG 14.24 -12.15
Megan Media Holdings Berhad MMHB 47.76 -232.89
MP Technology Resources Berhad MPT 16.89 -16.29
Pan Malay Industries PMRI 185.98 -6.91
PanGlobal Berhad PGL 181.15 -125.36
Paxelent Corp PAXE 13.16 -4.51
Putera Capital Berhad PCAP 10.56 -4.70
Sino Hua-An International Bhd HUAAN 184.60 -98.30
Sunway Infrastructure Berhad SIB 399.84 -10.08
Sycal Ventures Berhad SYC 58.76 -85.36
TAP Resources Bhd TAP 13.05 -1.33
Techventure Bhd TECH 36.31 -6.21
Tenggara Oil Bhd TENG 12.87 -0.34
Wembley Industries
Holdings Bhd WMY 111.72 -204.61
PHILIPPINES
APC Group Inc. APC 71.75 -218.13
Atlas Consolidated Mining and
Development Corp. AT 61.14 -16.74
Benguet Corp. BC 55.45 -44.94
Central Azucarera de Tarlac CAT 35.74 -1.80
Cyber Bay Corporation CYBR 12.49 -64.98
East Asia Power Resources Corp. PWR 92.55 -64.61
Fil Estate Corp. FC 36.10 -7.75
Filsyn Corporation FYN 20.88 -9.68
Gotesco Land, Inc. GO 18.68 -10.86
Mariwasa Manufacturing, Inc. MMI 71.98 -0.78
Prime Orion Philippines Inc. POPI 99.69 -82.12
Unioil Resources & Holdings
Company Inc. UNI 14.96 -11.44
United Paragon UPM 22.80 -29.23
Universal Rightfield Property UP 45.12 -13.48
Uniwide Holdings Inc. UW 62.99 -38.58
Victorias Milling Company Inc. VMC 151.59 -37.48
SINGAPORE
ADV Systems Auto ASA 14.32 -8.54
Compact Metal Industries Ltd. CMI 47.42 -36.47
Falmac Limited FAL 10.51 -2.30
Gul Technologies GUL 155.76 -15.21
HLG Enterprise HLGE 116.77 -8.71
Informatics Holdings Ltd INFO 20.42 -11.65
Lindeteves-Jacoberg Limited LJ 185.49 -46.43
L&M Group Inv LNM 56.91 -10.59
Pacific Century Regional PAC 1569.35 -88.20
Semitech Electronics Ltd. SEMI 11.01 -0.23
TAIWAN
CIS Technology Inc. 2326 33.74 -18.91
Chung Shing Textile 1408 433.43 -100.26
Pacco Tech Co Ltd 5510 16.01 -7.00
Protop Technology Co., Ltd. 2410 55.69 -13.46
Yeu Tyan Machine 8702 39.57 -271.07
THAILAND
Bangkok Rubber PCL BRC 70.19 -56.98
Bangkok Steel Industry
Public Co. Ltd BSI 378.66 -120.56
Central Paper Industry PCL CPICO 12.29 -186.37
Circuit Electronic
Industries PCL CIRKIT 20.37 -64.80
Daidomon Group PLC DAIDO 12.92 -8.51
Datamat Public Co., Ltd DTM 17.55 -1.72
Kuang Pei San Food Products
Public Co. POMPUI 15.77 -11.32
Safari World Public Company
Limited SAFARI 10.75 -1.98
Sahamitr Pressure Container
Public Co. Ltd. SMPC 26.36 -28.88
Sri Thai Food & Beverage Public
Company Ltd SRI 18.29 -43.37
Tanayong PCL TYONG 178.27 -734.30
Thai-Denmark PCL DMARK 19.57 -3.02
Universal Starch PCL USC 91.56 -41.24
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman,
Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
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