T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, January 9, 2008, Vol. 11, No. 6 Headlines A U S T R A L I A AGRICULTURAL LICENSING: Liquidator to Present Wind-Up Report AUSTRALIAN : Liquidator to Present Wind-Up Report on Jan. 15 CHRYSLER LLC: International Markets Sell 599,618 Units in 2007 EMPEROR MINES: Gives Update on Tujuh Bukit Project in Indonesia EMPEROR MINES: Shareholders to Study Intrepid's Proposal FYSHWICK PTY: Federal Court Enters Wind-Up Order HAKUHODO AUSTRALIA: Members & Creditors Receive Wind-Up Report HASBRO INC: To Acquire Cranium for US$77.5 Million HAYKET PTY: Members Receive Wind-Up Report MOONFARE PTY: Members Opt to Shut Down Business MUSWELLBROOK EQUIPMENT: Placed Under Voluntary Liquidation PERFORMANCE TIMBER: Final Meeting Slated for Today PRINCETON HOUSE: Commences Liquidation Proceedings SCO GROUP: Wants Until May 11 to File Chapter 11 Plan SMARTRYD PTY: Final Meeting Set for January 15 TOOTH & CO: ATO to Assess Three-Year Worth of Assets WESTPOINT GROUP: ASIC Bans Another Adviser for Three Years C H I N A , H O N G K O N G & T A I W A N AU OPTRONICS: Books TWD480.19BB Consolidated Revenue for FY2007 CHINA SOUTHERN AIR: 2007 Profit Rises 10-Fold to CNY3 Billion CLEVER RICH: Court to Hear Wind-Up Petition on Jan. 9 COSMOS BANK: Does Not See Profit in 2008 GOLDEN ELEPHANT: Appoints New Liquidators HAINAN AIR: ICBC Leasing Unit Signs CNY1BB Deal with Subsidiary HONG KONG HAITIAN: Court to Hear Wind-Up Petition on Jan. 30 PETROLEOS DE VENEZUELA: Will Form Food Production Unit PDVAL PLEASANT SNOW: Court to Hear Wind-Up Petition on Jan. 16 SKY REGAL HOLDINGS: Court to Hear Wind-Up Petition on Feb. 6 TRIMAS CORP: Cequent Group Gets Rights to Let's Go Aero Products WIDE HARVEST: Court to Hear Wind-Up Petition on Jan. 16 I N D I A ARTSON ENGINEERING: Names Three New Directors to Board BAGALKOT UDYOG: Reduces Capital; Transfers Cement Division CABLE & WIRELESS: Workers Go on Strike After Failed Wage Talks ICICI BANK: Mulls IPO for Investment Banking and Brokerage Arm SHREE DIGVIJAY: Brings In Two New Directors to Board TATA MOTORS: Ford Talks Cue S&P to Put Ratings on Negative Watch TATA MOTORS: Long-Term Debt Ratings on CRISIL's Negative Watch TATA MOTORS: Bond Risk Rises on Focused Discussions With Ford TATA POWER: Board to Consider Oct.-Dec. 2007 Results on Jan. 29 I N D O N E S I A INDOSAT: CIMB-GK Securities Lowers Target Price by 8% TELKOM: CIMB-GK Securities Lowers Target Price by 23% TELKOMSEL: Singtel Maintains Business in Indonesia J A P A N BOSTON SCIENTIFIC: Closes Auditory Biz & Drug Pump Program Sales BOSTON SCIENTIFIC: Completes Sale of Stake in Auditory Business DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30 DELPHI CORP: Court Approves Downer and Co. as Financial Advisor DELPHI CORP: Reaches Settlement with Ad Hoc Trade Committee FORD MOTOR: To Equip Cars with Fuel-Efficient EcoBoost Engine MAZDA MOTOR: Sees Growth in 2008 ORIENT CORP: Ernst & Young Raises Going Concern Doubt * Moody's Sees Positive Outlook for Japan Property Firms K O R E A DURA AUTOMOTIVE: Court Defers DIP Financing Maturity to Jan. 31 DURA AUTOMOTIVE: Restructuring of Canadian Subsidiaries Approved KENERTEC: Amends Settlement Date for the Establishment of Unit KENERTEC: Decides 0.03 Share Per Share Annual Stock Dividend KRISPY KREME: James Morgan Replaces D. Brewster as Pres. & CEO LEADCORP: Shareholders Sells 37.49% Stake to Dkmarine Co LEADCORP: Converts First Convertible Bonds to 141,426 Shares M A L A Y S I A FCW HOLDINGS: Completes Restructuring Scheme PROTON HOLDINGS: May Get Strategic Partner in 3 to 5 Years SINORA INDUSTRIES: Ling Resigns as Director & Audit Team Member N E W Z E A L A N D AIR NEW ZEALAND: Agrees to Start Flights in Wairarapa CASTOR BAY: Liquidator Presents Wind-Up Report COLLEGE TRUST: Appoints Jordan and Vance as Liquidators J .N. CONSTRUCTION: Names Levin & Ries as Liquidators NZ GARDEN: Taps Levin and Vance as Liquidators SNS LOGGING: Taps Shephard & Dunphy as Liquidators SZENTI TRANSPORT: Appoints Shephard & Dunphy as Liquidators T & J TE HUNA: Court to Hear Wind-Up Petition on February 13 THE MOUSE FACTORY: Appoints Levin & Vance as Liquidators UNDER CAR: Commences Liquidation Proceedings WOODCRAFT CREATIONS: Creditors' Proofs of Debt Due Today P H I L I P P I N E S CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says IPVG CORP: Acquires U.S.-Based Prolexic Technologies for US$10MM JG SUMMIT: Commences Non-Deal Roadshow MANILA ELECTRIC: No Distribution Rate Hike Next Month, VP Says RIZAL COMMERCIAL: Lists 378 Additional Shares in Local Bourse SAN MIGUEL: Expects Continued Growth in South China Operations UNIVERSAL ROBINA: Buys Back 500,000 Shares WELLEX INDUSTRIES: Special Stockholders Meeting Set for March 14 WELLEX INDUSTRIES: Board Appoints New Directors and Officers WENDY'S INT'L: US Same-Store Sales Down 0.8% in 4th Quarter 2007 S I N G A P O R E EHS HEALTH: Creditors' Proofs of Debt Due on February 4 GMMC MARITIME: Creditors' Proofs of Debt Due on February 4 ONE GROUP: Court to Hear Wind-Up Petition on January 18 SCHERING ASIA-PACIFIC: Creditors' Proofs of Debt Due on Feb. 5 STATS CHIPPAC: Buys Back US$12.4-Million Convertible Notes T H A I L A N D ARVINMERITOR INC: S&P Holds BB Rating on US$700M Credit Facility G STEEL: ESOP Holders Cancel 14,012,300 Warrant Units * Stable Outlook for Asian Palm Oil Producers, Fitch Says * Upcoming Meetings, Conferences and Seminars - - - - - - - - ================= A U S T R A L I A ================= AGRICULTURAL LICENSING: Liquidator to Present Wind-Up Report ------------------------------------------------------------ The members and creditors of Agricultural Licensing Australia Pty Limited will have their meeting on January 15, 2008, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: R. J. Porter c/o Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta, New South Wales Australia About Agricultural Licensing Agricultural Licensing Australia Pty Limited is a distributor of flowers, nursery stock, and florists' supplies. The company is located at Sydney, in New South Wales, Australia. AUSTRALIAN : Liquidator to Present Wind-Up Report on Jan. 15 ------------------------------------------------------------ Australian Cargo Logistics Pty Limited will hold a meeting on January 15, 2008, at 10:00 a.m. At the meeting, the members and creditors will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: R. J. Porter c/o Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta, New South Wales Australia About Australian Cargo Australian Cargo Logistics Pty Limited, which is also trading as Acl, is involved with freight transportation arrangement. The company is located at Mascot, in New South Wales, Australia. CHRYSLER LLC: International Markets Sell 599,618 Units in 2007 -------------------------------------------------------------- Chrysler LLC posted sales of 599,618 units in 2007 for markets outside the U.S., an 8% increase versus 2006. In Canada, 232,859 units were sold, a 6% increase while in Mexico, there was an increase of 0.1%, with 128,541 units sold. "On behalf of our leadership team, I would like to extend my thanks and appreciation to Chrysler's global network for a strong 2007," Bob Nardelli, Chrysler chairman and CEO disclosed. "This global performance is a great demonstration of what can be done when all of our employees, dealers, distributors and suppliers are fully aligned and focused on meeting the needs of our customers and being competitive in the industry. As we continue to grow globally, it's our proud heritage that will continue to differentiate Chrysler in global markets and resonate with customers worldwide," Mr. Nardelli added. With the segment that it created, Chrysler LLC remains the minivan leader with Dodge Grand Caravan holding the number one position in the United States with 176,041 units sold in 2007 and ranking second in global sales with 232,000 units sold. With 30,937 units sold outside North America, Dodge Caliber was the highest sales volume vehicle for the company. "We are fortunate that in a tough industry, customers in the United States, Canada, Mexico and around the world have responded favorably to our Chrysler, Jeep® and more recently, Dodge brands,"Jim Press, Chrysler's vice chairman and president, said. "This is a revitalized organization, moving in the right direction, with a renewed emphasis on putting the global customer first at every step in the process—anxious to serve, proud of the value and quality of our products. I am pleased to say that our global results are beginning to show this." Sales increases in select markets were driven by the worldwide appeal and strong customer interest in Chrysler’s new vehicles, including the Jeep Wrangler, Jeep Compass and Jeep Patriot. Worldwide sales were down less than one percent during 2007 to 2,676,268 units versus 2,698,429 units in 2006. Chrysler International Markets Spurred by demand for new Chrysler, Jeep and Dodge products, Chrysler achieved record sales outside North America in 2007, outselling any previous year in the company’s history. Year-to- date sales increased 15% to 238,218 units from 2006 results of 206,925 units. The highest volume markets outside North America were: Italy (21,361 units); Venezuela (19,459 units); and the United Kingdom (18,623 units). Chrysler Canada Chrysler Canada sales rose 6% to 232,859 units in 2007 compared with 220,553 units sold in 2006, securing the automaker’s position as the No. 2 seller of cars and trucks in Canada. Furthermore, with the introduction of nine new models in 2007, Chrysler Canada's sales growth has exceeded that of the Canadian market by gaining more new customers than any other OEM. Chrysler Mexico Posting its best sales year since 2001, Chrysler Mexico sales rose slightly (0.1%) to 128,541 units during 2007. Chrysler Mexico sales and market share have been consistently increasing in a competitive market; this growth has been made possible by the complete product lineup offered by the Chrysler, Dodge and Jeep brands in the Mexican automotive market. Chrysler U.S. Market In the United States, Chrysler LLC sold 2,076,650 units in 2007, a decrease of 3% from the 2,142,505 units in 2006. Chrysler LLC continues to invest in new product, including new fuel-efficient powertrains. For 2008, the Company will offer six vehicles with 28 miles per gallon or better highway fuel economy including Jeep Compass, Jeep Patriot, Dodge Avenger, Dodge Caliber, Chrysler Sebring Sedan and Chrysler Sebring Convertible. This combined with the best-in-industry Lifetime Powertrain Warranty on Chrysler, Jeep, and Dodge vehicles is bringing more customers to showrooms. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. EMPEROR MINES: Gives Update on Tujuh Bukit Project in Indonesia --------------------------------------------------------------- Emperor Mines Limited reports that good progress is being made on exploration activities at the Tujuh Bukit Project in eastern Java, Indonesia. As previously reported, Emperor Mines signed an alliance agreement on August 19, 2007 allowing it to earn up to a 70% economic interest in the gold-silver-copper project. Diamond drilling commenced on September 20, 2007 and to date 5 holes have been completed for 2199m. Final assay results have been received for the first hole, GTD-07-015, and these confirm the results from historical drilling by Golden Valley and Placer Dome in 1999 & 2000. Hole GTD-07-015 is located approximately 80mNE of hole GT-11 (Placer hole; 68m @ 1.04g/tAu, 54 ppm Ag & 30m @ 0.22g/tAu). Holes GTD-07-016 to 20 have been drilled on 80m centers surrounding hole GT-11 so that data will be provided as soon as possible to calculate a resource from this area. The hole intersected oxidized silica-clay altered rock in the upper portions, overlying similar less oxidized rock containing chalcocite and other copper sulphide species. A similar vertical zonation has been observed in the other holes drilled as part of the current program. Elevated arsenic assays have been received from some intervals. This is geologically consistent with a high sulphidation system and at this stage does not appear to present any significant deleterious issues. Emperor is encouraged by the confirmation of results from previous explorers and by the indication of a gold-silver oxide zone overlying a gold-copper+/-silver zone in a highly brecciated "High Sulphidation" system. Additional drilling results will be released as they are received. A second drilling rig is expected to be mobilized to the area in late January. As the Indonesian Forestry Law restricts non forestry activities within protected forests and prohibits mining using an open pit method in protected forest areas, Emperor’s Alliance partner, PT IMN, is working with relevant Indonesian authorities to review forest land status and, where relevant, is working through a prescribed process for potential reclassification of land from protected forest to a status that could allow open pit mining if the exploration activities support such a decision. PT IMN and Emperor are also implementing local community development programmes and undertaking baseline environmental surveys. The Alliance partners are committed to responsible exploration and resource development programmes involving all stakeholders. About Emperor Mines Based in Sydney, Australia, Emperor Mines Limited -- http://www.emperor.com.au/-- is engaged in the exploration, development and exploitation of gold deposits. The Troubled Company Reporter-Asia Pacific, on January 4, 2008, included in its "Large Companies with Insolvent Balance Sheets" column Emperor Mines Ltd., with US$50.63 million in stockholders' equity deficit on total assets of US$138.99 million. EMPEROR MINES: Shareholders to Study Intrepid's Proposal -------------------------------------------------------- In a statement filed with the Australian Securities Exchange, Emperor Mines Ltd. said that the Brisbane Registry of the Federal court has ordered a meeting of the company's shareholders to be convened to consider the scheme of arrangement to effect the merger of Emperor and Intrepid Mines. Aside from the shareholder's meeting, the federal court also approved the explanatory statement to accompany the notice of meeting. The scheme booklet, which has already been registered with the Australian Securities and Investments Commission, will be dispatched to shareholders in mid-January. Tentatively, the scheme meeting for the Emperor shareholders will be conducted on February 28, 2008, and should the merger push through, the implementation date is scheduled to be on mid-March 2008. About Emperor Mines Based in Sydney, Australia, Emperor Mines Limited -- http://www.emperor.com.au/-- is engaged in the exploration, development and exploitation of gold deposits. The Troubled Company Reporter-Asia Pacific, on January 4, 2008, included in its "Large Companies with Insolvent Balance Sheets" column Emperor Mines Ltd., with US$50.63 million in stockholders' equity deficit on total assets of US$138.99 million. FYSHWICK PTY: Federal Court Enters Wind-Up Order ------------------------------------------------ On November 9, 2007, the Federal Court of Australia entered an order to have Fyshwick Pty Ltd's operations wound up. Steven Nicols was appointed as liquidator. The Liquidator can be reached at: Steven Nicols c/o Nicols + Brien Level 2, 350 Kent Street Sydney, New South Wales 2000 Australia Telephone:(02) 9299 2289 Facsimile:(02) 9299 2239 e-mail: mail@bankrupt.com.au About Fyshwick Pty Fyshwick Pty Ltd, which is also trading as Cafe Birkenhead, operates eating places. The company is located at Homebush, in New South Wales, Australia. HAKUHODO AUSTRALIA: Members & Creditors Receive Wind-Up Report -------------------------------------------------------------- The members and creditors of Hakuhodo Australia Pty. Limited met on January 7, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yukio Hayashi Yukio Hayashi & Associates Suite 2, Level 10 82 Elizabeth Street Sydney, New South Wales Australia About Hakuhodo Australia Hakuhodo Australia Pty Limited operates advertising agencies. The company is located at Moore Park, in New South Wales, Australia. HASBRO INC: To Acquire Cranium for US$77.5 Million -------------------------------------------------- Hasbro Inc. has entered into an agreement to acquire privately- held Cranium, Inc., and its wide range of Cranium branded games and related products. Hasbro will pay a base purchase price of US$77.5 million, which may be adjusted based on Cranium's net assets on the closing date. The deal is expected to close during the 1st quarter of 2008. "This acquisition is consistent with Hasbro's ongoing strategy to bring to market the most innovative toy and game brands in the world," said Brian Goldner, Chief Operating Officer for Hasbro, Inc. "As the global leader in games, Hasbro is in a unique position to maximize the long-term potential of the Cranium brand, with real opportunity for growth in international markets." Cranium brands such as CRANIUM, CRANIUM HULLABALOO, CRANIUM CADOO, CRANIUM CARIBOO, CRANIUM ZOOREKA, CRANIUM WHOONU and CRANIUM BALLOON LAGOON will now join such timeless classics as MONOPOLY, CLUE, SCRABBLE and TRIVIAL PURSUIT as part of Hasbro's games portfolio. Hasbro's global games and puzzles net revenues in 2006 were approximately US$1.3 billion. "A decade ago, we set out to create a brand that would give everyone the chance to shine. We've accomplished that and so much more, making history with great products that have won five Toy Industry Association Game of the Year awards," said Richard Tait, Cranium Inc. co-founder and Grand Poo Bah. "Now, the next chapter in Cranium's story begins. The Cranium brand will benefit from the expertise and global presence of an industry leader, Hasbro, who is as passionate about games as we are." The parties have signed a Merger Agreement, pursuant to which a newly-formed subsidiary of Hasbro will merge with Cranium, and Cranium will thereby become a subsidiary of Hasbro. Closing of the merger is subject to closing conditions, including the approval of Cranium's shareholders and obtaining necessary consents. The purchase price paid by Hasbro will be divided between repayment of Cranium's outstanding debt and payments to Cranium's shareholders. About Cranium Cranium Inc. -- http://www.cranium.com/-- is recognized as one of Washington State's Top 100 Privately Held Companies, and five-time winner of the Toy Industry Association's T.O.T.Y. Game of the Year award. With more than 22 million games, books, and toys sold worldwide, Cranium continues to fuel a global movement of more than half a million Craniacs in nearly 30 countries and more than 10 languages. About Hasbro Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE: HAS) -- http://www.hasbro.com/-- provides children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech. The company has operations in Australia, France, Hong Kong, and Mexico, among others. * * * Moody's Investors Service affirmed the Baa3 long-term debt rating of Hasbro, Inc., and changed the ratings outlook to positive from stable to reflect the expectation for continued- strong operating performance and cash flows, leading to further debt reduction and credit metric improvement over the near-to- intermediate-term. Ratings affirmed include the Baa3 senior unsecured debt rating and the (P)Ba1 rating for subordinated debt. HAYKET PTY: Members Receive Wind-Up Report ------------------------------------------ The members of Hayket Pty Ltd met on December 28, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Geoffrey Ellison Level 6, 1 Chifley Square Sydney, New South Wales 2000 Australia About Hayket Pty Hayket Pty Ltd operates non-classifiable establishments. The company is located at Sydney, in New South Wales, Australia. MOONFARE PTY: Members Opt to Shut Down Business ----------------------------------------------- During a general meeting held on November 20, 2007, the members of Moonfare Pty Limited resolved to voluntarily wind up the company's operations. P. Ngan was appointed as liquidator. The Liquidator can be reached at: P. Ngan Ngan & Co Chartered Accountants Level 5, 49 Market Street Sydney, New South Wales 2000 Australia About Moonfare Pty Moonfare Pty Limited is a general contractor of non-residential buildings, other than industrial buildings and warehouses. The company is located at Sydney, in New South Wales, Australia. MUSWELLBROOK EQUIPMENT: Placed Under Voluntary Liquidation ---------------------------------------------------------- During a general meeting held on November 23, 2007, the members of Muswellbrook Equipment Hire Pty Ltd resolved to voluntarily liquidate the company's business. John Robert Hallett was appointed as liquidator. About Muswellbrook Equipment Muswellbrook Equipment Hire Pty Ltd provides business services. The company is located at Muswellbrook, in New South Wales, Australia. PERFORMANCE TIMBER: Final Meeting Slated for Today -------------------------------------------------- Performance Timber & Hardware Pty Limited will hold a final meeting for its members and creditors today, January 9, 2008, at 10:00 a.m. At the meeting, Geoffrey McDonald, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Geoffrey McDonald Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales 2000 Australia About Performance Timber Performance Timber & Hardware Pty Limited is involved with single-family housing construction. The company is located at Wetherill Park, in New South Wales, Australia. PRINCETON HOUSE: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary general meeting held on November 26, 2007, the members of Princeton House Pty Limited resolved to voluntarily liquidate the company's business. Paul Hermon Slade and John Russell Slade were appointed as liquidators. The Liquidators can be reached at: Paul Hermon Slade John Russell Slade 304 Coonawarra Road Terry Hills, New South Wales 2084 2 Coolabah Drive Orange New South Wales 2800 Australia About Princeton House Located at Mona Vale, in New South Wales, Australia, Princeton House Pty Ltd is an investor relation company. SCO GROUP: Wants Until May 11 to File Chapter 11 Plan ----------------------------------------------------- The SCO Group Inc. and its debtor-affiliates ask the United States Bankruptcy Court for the District of Delaware to further extend their exclusive periods to: a) file a Chapter 11 plan until May 11, 2008; and b) solicit acceptances of that plan until July 11, 2008. The Debtors' exclusive period to file a plan expires on Saturday, Jan. 12, 2008. The Debtors tell the Court that they need more time to resolve an issue regarding Novell Inc.'s rights in connection with the sale of the Unix business. The Debtor said that Novell objected to the sale of that business and that the asset was a threshold issue that must be determined before any sale. Accordingly, the Debtors say that they have decided to allow the dispute to narrow before they file a Chapter 11 plan. The Debtors remind the Court that Novell obtained permission to prosecute its counterclaim against the Debtor in the United States Bankruptcy Court for the District of Utah. A hearing on Feb. 5, 2008, at 10:00 a.m., has been set to consider approval on the Debtors' request. Objections to the approval are due Jan. 29, 2008. Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SMARTRYD PTY: Final Meeting Set for January 15 ---------------------------------------------- Smartryd Pty Limited will hold a final meeting for its members on January 15, 2008, at 10:00 a.m. At the meeting, Simon M. Dorahy, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Simon M. Dorahy 6 Elliott Street North Sydney, New South Wales 2060 Australia About Smartryd Pty Smartryd Pty Limited provides provides repair services. The company is located at Rydalmere, in New South Wales, Australia. TOOTH & CO: ATO to Assess Three-Year Worth of Assets ---------------------------------------------------- The Federal Court of Australia has decided that certain units of Tooth & Co. Ltd. are entitled to challenge tax assessments with the Australian Taxation Office, according to a statement filed with the Australian Securities Exchange. The filing states that certain companies within the Dextran Pty. Limited/Industrial Equity Limited will undergo the tax assessments for the years 1991, 1993, and 1994. Tooth & Co. Limited operates in the investment industry in Australia. Tooth's principal investments are its one-third holding in Dextran Pty. Limited, which in turn owns all the capital of Industrial Equity Limited, and its 50% investment in Ortem (Holdings) Limited. The Company's wholly owned subsidiaries include Wright Heaton Limited, Parade Health Foods Pty. Limited, Associated Foods Limited, Approved Health Foods Pty. Limited, Property Resources Pty. Limited, WJ Bradshaw Constructions Pty. Limited, Hygienic Food Supplies Pty. Limited, Dizena Pty. Limited, Tooth Deposit Holder Pty. Limited and Konadell Pty. Limited. As of February 16, 2007, the company has a capital deficiency of US$70.08 million on total assets of US$97.05 million. Going Concern Doubt HLB Mann Judd, the company's independent auditors, have raised a significant doubt on the company's ability to continue as a going concern, owing to the fact that the financial statements of the consolidated entity have been prepared on a realization basis rather than a going concern basis in expectation of Residual Assco Group Limited, DJL Limited, Tooth & Co. Limited, Dextran Pty. Limited, Industrial Equity Limited and Ortem (Holdings) Limited and their wholly-owned controlled entities being placed into some form of administration at some point in the future. The realization basis, as the notes to the financial statements said, assumes that the company and the consolidated entity are not expected to continue as going concerns. WESTPOINT GROUP: ASIC Bans Another Adviser for Three Years ---------------------------------------------------------- Australian Securities & Investments Commission has banned Edward William Eikelboom, of Maddington in Western Australia, from providing financial services for three years. Mr. Eikelboom was banned after an ASIC investigation found that in 2002 and 2003, he provided inappropriate advice to clients about investing in Westpoint products, in breach of his duty to his clients to provide them with investment advice that was appropriate having regard to their personal circumstances, investment objectives, financial situation and needs. Mr. Eikelboom provided financial planning services through: * Brighton Hall Securities Pty. Ltd. between November 27, 2001 and September 12, 2003; and * EAS (WA) Pty. Ltd. between September 22, 2003 and May 9, 2006. During this time, he was a proper authority holder and then an authorized representative of Brighton Hall and an authorized representative of EAS. Mr. Eikelboom has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision. Background Seven banning briefs in relation to advisers who advised on Westpoint Group products are currently under consideration. Ten advisers who advised on Westpoint products have now been banned. Brighton Hall is now in liquidation. About Westpoint Group 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. The 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. The 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. The 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 ================================================ AU OPTRONICS: Books TWD480.19BB Consolidated Revenue for FY2007 --------------------------------------------------------------- AU Optronics Corp. (TAIEX: 2409; NYSE: AUO) released December 2007 revenue with preliminary consolidated revenue of TWD48,940 million and unconsolidated revenue of TWD48,828 million; decreasing 8.4% and 8.5% respectively from the previous month. On a year-over-year comparison, December 2007 consolidated and unconsolidated revenues increased by 73.6% and 73.5% correspondingly. For the year ended December 31, 2007, unaudited consolidated revenue totaled TWD480,188 million, representing historical record breaking result with a significant 63.8% Y-o-Y increase. Meanwhile, unconsolidated revenue amounted to TWD479,727 million, representing a Y-o-Y growth of 63.7%. In December 2007, shipments of large-sized panels used in desktop monitor, notebook PC, LCD TV and other applications reached around 7.39 million units, showing a 6.8% decrease from November 2007. Shipments of small- and medium- sized panels totaled 16.22 million, representing a slight 0.4 % sequential decrease. Preliminary shipments of large-sized panels for the fourth quarter of 2007 reached 23.21 million units, representing a 4.3% increase from last quarter. Shipments for small- and medium- sized panels increased to total 48.01 million units, revealing a 17.9 % sequential growth. Both broke the historical records. In terms of the 2007 full-year unit shipments, large-sized panels reached 80.9 million units with a significant 65.9% Y-o-Y increase. Meanwhile, small- and medium-sized panels had a remarkable amount of 143.07 million units, revealing a Y-o-Y growth of 80.7%. About AU Optronics Taiwan-based AU Optronics Corp. -- http://www.auo.com/-- designs, develops, manufactures, assembles and markets flat panel displays. The company's principal products are thin-film transistor liquid crystal display (TFT-LCD) panels. AU Optronics' long-term local and foreign currency issuer default carries Fitch Ratings' BB rating. CHINA SOUTHERN AIR: 2007 Profit Rises 10-Fold to CNY3 Billion ------------------------------------------------------------- China Southern Airlines' annual profit for 2007 soars 10-fold to a record CNY3 billion (US$411 million), eTravel Blackboard reports. According to eTravel, the results for 2007 is the second of two consecutive turnaround for China Southern, ending four years of losses. According to China View, China Southern carried 56.74 million passengers in 2007, an increase of 15.3% from 2006. This figure represents a 30.2% share in China's aviation industry. The volume of cargo transport on the other hand, rose 5.4% to 863,000 tonnes, the report adds. eTravel cites China Southern General Manager Liu Shaoyong as saying that a large part of the profit jump was attributed to expanded hub operations and through marketing the airline's networks. China Souther, the report notes, currently holds a cooperative agreement with Air France-KLM which connects their major hubs in Europe and China. The report further relates that China Southern was also able to cut operating costs by employing pilots with existing flying licenses, explaining that Chinese airlines typically spend CNY1 million for a four-year training per pilot. Headquartered in Guangzhou, China, China Southern Airlines Co. Ltd. -- http://www.cs-air.com-- engages in the operation of airlines, as well as in aircraft maintenance and air catering operations in the People's Republic of China and internationally. It provides commercial airlines, cargo services, logistics operations, air catering, utility service, hotel operation, travel services, aircraft leasing, and Internet services. On May 1, 2006, Fitch Ratings downgraded China Southern Airlines Company Limited's Foreign Currency and Local Currency Issuer Default Ratings to B+ from BB-. The Troubled Company Reporter-Asia Pacific reported in April 2006 that the carrier posted a net loss of CNY1.85 billion for 2005 versus a net loss of CNY48 million a year earlier. CLEVER RICH: Court to Hear Wind-Up Petition on Jan. 9 ----------------------------------------------------- On October 11, 2007, Third Office Company Limited filed a petition to have Clever Rich Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 9, 2008, to hear the petition. The petitioners' solicitor can be reached at: Victor Chui Tsang & Partners 8TH Floor, Club Lusitano 16 Ice House Street Central, Hong Kong COSMOS BANK: Does Not See Profit in 2008 ---------------------------------------- Cosmos Bank Taiwan will take longer than previously forecast to turn profitable, Reuters reports. Reuters notes that Cosmos Chairman Simon Williams said in September that he was "confident of turning the bank to profitability in 2008." Now, however, Mr. Williams says that a "turnaround to profitability won't be quick," and that the bank has no expectations it "could turn around something of this size overnight," Reuters writes. Mr. Williams adds that the bank would not make any large write- downs in 2008, the report adds. The Troubled Company Reporter-Asia Pacific reported on Nov. 14, 2007, that Cosmos Bank reported a net loss TWD8.98 billion for the first nine months of 2007, 62.67% higher than the TWD5.52-billion net loss reported for the first nine months of 2006. The loss marks another one of the bank's consecutive losses after mounting bad debts, which pushed it into the red starting in the first quarter of 2006. Things became rosier, however, when the bank completed its recapitalization with a US$900-million infusion from SAC Private Capital Group and GE Money, the TCR-AP reported on Jan. 3, 2008. Headquartered in Taipei, Taiwan, Cosmos Bank, Taiwan -- http://www.cosmosbank.com.tw/-- provides financial services for individuals and small and medium-sized enterprises in Taiwan. Cosmos reported a net loss of TWD11.29 billion (US$342.1 million) for FY2006. Its capital-adequacy ratio fell to 7.51% as of the end of March, below the 8% level required by Taiwan's regulator. In April, Cosmos said it planned to increase its capital by the third quarter to avoid being taken over by the government. The Troubled Company Reporter-Asia Pacific reported on Sept. 6, 2007, that Fitch Ratings downgraded the bank's individual rating of Cosmos Bank to F, reflecting Fitch Rating's view that Cosmos would have defaulted if it had not received external support. In order to distinguish failed banks more clearly, Fitch, in June 2007, added a sixth rating category to its Individual rating scale, i.e. 'F', which denotes a bank that has either defaulted or, in Fitch's opinion, would have defaulted if it had not received external support. GOLDEN ELEPHANT: Appoints New Liquidators ----------------------------------------- The members of Golden Elephant Holdings Limited appointed Alan Chung Wah and Wong Kwok Man as the company's liquidator. The Liquidator can be reached at: Alan Chung Wah Wong Kwok Man 13TH Floor, Gloucester Tower The Landmark No 11 Pedder Street Central, Hong Kong HAINAN AIR: ICBC Leasing Unit Signs CNY1BB Deal with Subsidiary --------------------------------------------------------------- A financial leasing company of Industrial and Commercial Bank of China <601398><1398>, signed a CNY1-billion aircraft leaseback agreement with Hainan Airline Group's <600221><900945> subsidiary, Xinhua Express Airlines Limited Group, China Knowledge reports, citing market sources. According to China Knowledge, this was the first transaction since ICBC's financial leasing company was established, which indicated that the company has achieved a major breakthrough in the aircraft leasing industry. Meanwhile, China Knowledge says that this symbols that China's financial leasing companies have made a significant progress in this specific market. Under the transaction, the ICBC unit provides financial leasing services for Hainan Airline Group based on its abundant experience and technology and promotes the further development of the group, the report relates. Based in Haikou, Hainan Province, the People's Republic of China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is an airline company that operates nearly 500 domestic routes in more than 80 major cities. It also provides scheduled and non- scheduled international flights from Hainan Province to Southeast Asia and other Asian countries. Xinhua Far East China Ratings gave the company a CC issuer credit rating on October 31, 2005. HONG KONG HAITIAN: Court to Hear Wind-Up Petition on Jan. 30 ------------------------------------------------------------ On November 28, Lo Po Yee Carlos filed a petition to have Hong Kong Haitian Trading Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on February 6, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chong Yan-tung Chris 34TH Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong PETROLEOS DE VENEZUELA: Will Form Food Production Unit PDVAL ------------------------------------------------------------ Venezuelan state-run oil firm Petroleos de Venezuela SA will be forming food production and distribution unit called PDVAL, Reuters reports, citing Venezuelan President Hugo Chavez. Reuters relates that Venezuela has been suffering shortages of basic food products. Businesses blame the shortage on government price controls. According to Reuters, President Chavez promised to resolve shortages of groceries like: -- beef, -- eggs, and -- milk. "They are going to belong to PDVSA [Petroleos de Venezuela], soon the PDVALs will start appearing, to produce and distribute food," President Chavez told Reuters. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PLEASANT SNOW: Court to Hear Wind-Up Petition on Jan. 16 -------------------------------------------------------- On November 8, 2007, Shanghai Commercial Bank Limited, filed a petition to have Pleasant Snow Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 16, 2008, to hear the petition. The petitioners' solicitor can be reached at: Joseph C.T. Lee & Co 10TH Floor, Euro Trade Center 21-23 Des Voeux Road Central, Hong Kong SKY REGAL HOLDINGS: Court to Hear Wind-Up Petition on Feb. 6 ------------------------------------------------------------ On December 3, 2007, Kwan Man Ki, Maggie, filed a petition to have Sky Regal Holdings Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on February 6, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chong Yan-tung Chris 34TH Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong TRIMAS CORP: Cequent Group Gets Rights to Let's Go Aero Products ---------------------------------------------------------------- TriMas Corporation has announced that its Cequent Group has acquired the rights to a number of Let's Go Aero product lines. Let's Go Aero is the sole operating subsidiary of LGA Holdings, Inc. "We are excited about this transaction because it will enhance Cequent's product offerings under our ROLA(R) and Highland(R) brands by providing innovative cargo management solutions to our customers, with the potential of adding several more of LGA's proprietary products to our portfolio in the future," said Cequent Group Vice President of New Business Development, Paul Caruso. "Partnering with the world's leading manufacturer of recreational accessories will provide a powerful market entrance for LGA's patented designs and strengthen our ability to develop innovative cargo management products, as well as position our company for long-term growth," said Let's Go Aero's President, Marty L. Williams. Under the terms of the licensing agreement, Let's Go Aero will grant Cequent Group an exclusive worldwide license to manufacture and sell product based on the licensed LGA intellectual property. In addition, the two companies have agreed to pursue the development of new product based on Let's Go Aero's core technology, in order to provide Cequent's customers with the best choices and value in cargo management solutions. About Cequent Cequent Group is a designer, manufacturer and marketer of a broad range of accessories for light trucks, sport utility vehicles, recreational vehicles, passenger cars and trailers of all types. Products include cargo management and rack systems, towing and hitch systems, and trailer and electrical brake systems. Cequent draws upon a 75-year-old heritage of superior cargo management and recreational accessory brands, including: ROLA(R), Highland(R), The Pro's Brand(R), Draw-Tite(R), Reese(R), Hidden Hitch(R), Fulton(R), Wesbar(R), Bull Dog(R), and Tekonsha(R). About TriMas Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified growth company of high-end, specialty niche businesses manufacturing a variety of products for commercial, industrial and consumer markets worldwide. TriMas Corporation is organized into five strategic business groups: Packaging Systems, Energy Products, Industrial Specialties, RV & Trailer Products, and Recreational Accessories. TriMas Corporation has nearly 5,000 employees at 80 different facilities in 10 countries. The company has manufacturing facilities in Indiana, Mexico, England, Germany, Italy, and China. * * * As reported on May 28, 2007, Standard & Poor's Ratings Services raised its ratings on Bloomfield Hills, Michigan-based TriMas Corp., including its corporate credit rating, which goes to 'B+' from 'B'. At the same time, all ratings were removed from CreditWatch, where they were placed with positive implications on Aug. 4, 2006, following the company's announcement that it had filed a registration statement for an IPO. S&P said the outlook is stable. WIDE HARVEST: Court to Hear Wind-Up Petition on Jan. 16 ------------------------------------------------------- On November 13, 2007, Madam Tam Wing Ching, filed a petition to have Wide Harvest Development Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on January 16, 2008, to hear the petition. The petitioners' solicitor can be reached at: Messrs. Lau & Chan 9TH Floor, Fung House 19-20 Connaught Road Central Hong Kong SAR ========= I N D I A ========= ARTSON ENGINEERING: Names Three New Directors to Board ------------------------------------------------------ Artson Engineering Ltd's board of directors, at its meeting on Jan. 4, 2008, has approved the appointment of three directors: 1. K. P. Singh Category: Nominee of Tata Projects Ltd (Strategic Investor). 2. Shailendra Krishan Category: Nominee of Tata Projects Ltd (Strategic Investor). 3. H. H. Malgham Category: Independent Director After effecting the changes, the company's board will be comprised of: 1. N. K. Jagasia Original Promoter Director of the Company 2. P. S. Chopde Original Promoter Director of the Company 3. K. P. Singh Nominee of Tata Projects Ltd (Strategic Investor). 4. Shailendra Krishan Nominee of Tata Projects Ltd (Strategic Investor). 5. H. H. Malgham Independent Director Mr. Jagasia has stepped down as chairman and took in the company's non-executive vice chairman post. In his place, Mr. Singh has been appointed as non-executive chairman. . The company has accepted the resignation of R. S. Medhi from his director and whole-time director posts. During the meeting, the board also agreed to allot 2,76,90,000 equity shares of INR1 each to Tata Projects Ltd pursuant to the terms of the company's rehabilitation scheme. As previously reported by the Troubled Company Reporter-Asia Pacific, India's Bureau of Industrial and Financial Reconstruction sanctioned on Dec. 18, 2007, the rehabilitation scheme submitted by Artson Engineering. Headquartered in Mumbai, India, Artson Engineering Limited -- http://www.artson.net/-- is a niche engineering company, active in specialized area of refineries, ports and airports. The company was referred to the Board for Industrial and Financial Reconstruction as a sick company. BAGALKOT UDYOG: Reduces Capital; Transfers Cement Division ---------------------------------------------------------- Bagalkot Udyog Ltd's board of directors has decided to reduce the nominal value of the company's equity shares from INR10 per share to INR1 per share. Hence, the authorized and paid up capital of the company is reduced accordingly. The move is pursuant to the order of Board for Industrial and Financial Reconstruction dated Oct. 12, 2007. To further comply with the BIFR Order, the board also agreed to transfer the assets and liabilities pertaining to the company's cement division as of June 30, 2007, to the resulting company viz. Bagalkot Cement Industries Ltd. As agreed by the board during the meeting, the shareholders of the company will have these effects to the shares they are holding: a. The nominal and paid-up value of each share will stand reduced from INR10 each to INR1 each. b. Against every 100 fully paid-up shares of INR10 each of Bagalkot Udyog held, the shareholder will get one fully paid up share of INR10 each of Bagalkot Cement. The fraction entitlement will be ignored and the same will be vested with the appointed Trustee. The Trustee will hold the same in Trust on behalf of the shareholder and will sell the same in the market at a time, or at a price and to those he may deem fit and pay to Bagalkot Cement the net sale proceeds. Bagalkot Cement in turn will distribute the net proceeds subject to taxes, if any, to the members in proportion to their respective fractional entitlements. Bagalkot Udyog Ltd manufactures cement, clinker and other by- products. The company incurred heavy losses that led to the erosion of its entire net worth. By order dated June 2, 2000, the Board for Industrial & Financial Reconstruction, New Delhi, had declared the company as a sick industrial unit under the provisions of Sick Industrial Companies (Special Provisions), Act 1985. On May 11, 2006, the operations of the company's cement plant at Bagalkot came to a total stop. The company booked net losses of INR12.68 million for the fiscal year ended March 31, 2007, and INR59.16 million in FY 2006. For the revival of Bagalkot Udyog, the BIFR sanctioned a Scheme for rehabilitation or Demerger pursuant to which the company's cement division is demerged and transferred to Bagalkot Cement & Industries Ltd on going concern basis with effect from July 1, 2007. Accounting effect for the demerger will be considered after complying with transfer formalities. CABLE & WIRELESS: Workers Go on Strike After Failed Wage Talks -------------------------------------------------------------- Cable & Wireless' workers in Barbados have launched demonstrations against the firm after negotiations over wages, retroactive payments and other "protracted issues" failed, Radio Jamaica reports. "The company's offer of 10.5% over two years was made up of 6% in year one and 4.5% in year two across all categories of staff. For some workers, the offer would eventually equate to as high as a 30% wage hike," The Nation Newspaper notes, citing Cable & Wireless's head, Donald Austin. These employees would benefit from "movement in scales of 4% and a proposed retro payment of around 4% -- translating to an increase of about 15% over two years on an ongoing basis." Mr. Austin commented to The Nation Newspaper, "No company and certainly not government has paid out in excess of 20% over two years and even the company's offer on the table will put extreme cost pressure on the business which will not be sustainable." The Nation reports that the union wants nine and a half in the first year and two and a half in the second. The Nation Newspaper relates that most of Cable & Wireless' employees joined the Barbados Workers' Union in the protest. According to Radio Jamaica, the protest closed down Cable & Wireless retail outlets in Barbados. Only the company's bmobile store at Carlisle House in Bridgetown continued doing business during the strike. Sir Roy Trotman -- general secretary of the Barbados Workers Union, which represents 750 of Cable & Wireless' 825 workers -- told Radio Jamaica that the employees planned the picket at the headquarters on a 24-hour basis until a resolution to the issues is reached. The union would continue the protest outside Cable & Wireless' Windsor Lodge complex and its offices at Carlisle House, Bridgetown, where the firm transacts most of its customer services, The Nation Newspaper says, citing the union's senior assistant general secretary Orlando "Gabby" Scott. The Nation Newspaper says the protest would affect Cable & Wireless' operations due to delays and disruptions of the business. The labor ministry has advised the two parties to reconsider their positions and return to the negotiating table, Radio Jamaica says, citing Mr. Roy. Mr. Austin said in a press statement that the company is ready to continue negotiations over wages for its employees at any time. Cable & Wireless told The Nation Newspaper that it never stopped negotiating with the union over the new wages contract. It believed an accord would be reached. Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% ICICI BANK: Mulls IPO for Investment Banking and Brokerage Arm -------------------------------------------------------------- ICICI Bank Ltd is mulling an initial public offering fort its investment banking and brokerage arm ICICI Securities, media reports say. The move, The Telegraph says, is designed to unlock the value of its wholly owned subsidiary, which handles corporate finance, fixed income business and equities. A flotation, The Telegraph continues, will boost the bank's stock with the current high valuations of investment banking and brokerage companies. Reuters says the source of talk on taking the unit public may be the bank's meeting on Monday with selected investors. There is a belief that if the subsidiaries are valued separately, the sum-of-the-parts business that is the listed entity ICICI Bank would have a far higher valuation than what the market currently reflects, Reuters quotes KRIS Director Arun Kejriwal as saying. The press, citing an unnamed ICICI spokesperson as source, relates that the bank is looking into various opportunities for its subsidiaries and an announcement would be made if there was any decision. Market speculations about the planned IPO lifted the banks shares by about 6%. Headquartered in Mumbai, India, ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * Fitch Ratings gave ICICI a 'C' Individual Rating. On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. On Oct. 16, S&P assigned its 'BB+' issue rating to its senior unsecured, five-year, fixed-rate U.S. dollar notes. SHREE DIGVIJAY: Brings In Two New Directors to Board ---------------------------------------------------- Shree Digvijay Cement Company Ltd brings in Joao Sande E. Castro Salgado and Alvaro Joao Serra Nazare as additional directors to the company's board. According to a regulatory filing with the Bombay Stock Exchange, the board appointed the two at at meeting held on Jan. 7, 2008. At the same meeting, O. P. Puranmalka and S. K. Maheshwari tendered their resignation from the board. Shree Digvijay Cement Company Limited -- http://www.digvijaycement.com--is an Indian Company engaged in cement business. The Company is a subsidiary of Grasim Industries Ltd, the Company of Aditya Birla Group. Its products include cements like Oil Well Cement, Sulphate Resisting Portland Cement and Railway Sleeper Manufacturing Cement in addition to other varieties of Ordinary Portland Cement, Birla Plus and Slag Cement. The Company operates through its brand, KAMAL. The Troubled Company Reporter-Asia Pacific reported on Nov. 2, 2007, that Shree Digvijay has a stockholder's equity deficit of US$32.38 million. TATA MOTORS: Ford Talks Cue S&P to Put Ratings on Negative Watch ---------------------------------------------------------------- Standard & Poor's Ratings Services, on Jan. 7, 2008, placed its 'BB+' long-term corporate credit ratings on India-based automaker Tata Motors Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'BB+' foreign currency rating on all of Tata Motor's rated debt issues on CreditWatch with negative implications. "This action follows the recent announcement by Ford Motor Co. (B/Stable/B-3) that the company is in focused discussions with Tata Motors on the potential sale of Ford Motor's Jaguar and Land Rover business units," said Standard & Poor's credit analyst Anshukant Taneja. "This would be a large scale acquisition for Tata Motors that could potentially have a negative impact on the corporate credit ratings on the company, especially if it is heavily funded by debt." Standard & Poor's notes that both parties are entering a period of more focused and detailed negotiations and that this acquisition has to cross several milestones with no binding agreement as yet. Tata Motors is India's largest manufacturer of commercial vehicles and the second largest in passenger vehicles. In fiscal 2007, the company sold a total of 589,428 vehicles with revenues of INR366.4 billion and net income of INR21.7 billion. For the financial year ended March 31, 2007, Tata Motors' adjusted total debt/EBITDA was 1.9x and FFO/total debt was 39.9%. Ford is the world's third-largest automaker (based on unit sales) after Toyota Motor Corp. (AAA/Stable/A-1+) and General Motors Corp. (B/Stable/B-3). Ford's wholesale shipments of 6.6 million vehicles in 2006 accounted for about 10% of vehicle shipments worldwide. "Before resolving the CreditWatch placement, Standard & Poor's would assess the financing structure of this potential acquisition and its impact on Tata Motors' financial risk profile. Standard & Poor's would also evaluate the change in the company's business risk profile given that, with the potential acquisition of the Jaguar and Land Rover units, Tata Motors would be entering into the luxury car segment with international exposure in addition to its domestic vehicle market business," noted Mr. Taneja. TATA MOTORS: Long-Term Debt Ratings on CRISIL's Negative Watch -------------------------------------------------------------- Credit Rating Information Services of India Limited, on Jan. 7, placed its ratings on Tata Motors Limited's non-convertible debenture programme and cash credit facilities on 'Rating Watch with Negative Implications': INR0.50 Billion Non-Convertible Debenture Issue: AA+ INR40 Billion Cash Credit Limit: AA+ The ratings on the company's short-term debt programme and non- fund based bank limits have been reaffirmed at 'P1+'. The rating action follows the announcement by Ford Motor Company (rated 'B/Stable/B-3' by Standard & Poor's) that it is committed to focused negotiations with Tata Motors on the potential sale of its combined Jaguar and Land Rover business units. This large acquisition, if successful, would give Tata Motors access to the luxury car segment, and to markets and technology that could benefit its automotive business over the long run. However, if it involves a high level of debt, the transaction would have an adverse impact on Tata Motors' financial risk profile over the short to medium term. It would also pose challenges to Tata Motors' business risk profile, since a significant proportion of the consolidated revenues will be driven by the acquired businesses where Tata Motors has yet to build and demonstrate its capabilities. CRISIL will take a final view on the rating once the sale is announced in favour of Tata Motors and details of the potential acquisition cost, future investments, and mode of funding, emerge. CRISIL will have detailed discussions with Tata Motors' management to better understand the implications of the acquisition for the company's business and financial profile. The deal is expected to be a complex one, and could encounter several obstacles; if it does not go ahead, CRISIL is likely to remove the ratings from watch and reaffirm them with a 'Stable' outlook. TATA MOTORS: Bond Risk Rises on Focused Discussions With Ford ------------------------------------------------------------- Tata Motors Ltd bond risk rose to a record with credit-default swaps on the company reaching 325 basis points on Tuesday morning from 300 basis points last week, The Economic Times reports. According to the report, the increase of the risk of the Tata Motors defaulting on its bonds was brought about by the concern that it will borrow to fund its acquisition of Ford Motor Co's Jaguar and Land Rover. Last week, Ford disclosed that it has entered into "focused negotiations at a more detailed level" with Tata Motors, signaling that the Indian carmaker has become the preferred bidder for the two brands. "It may not be a good time for Tata to enter into such a deal given the state of the credit market," ET quotes Aaron Low, a principal in Singapore at hedge fund Lumen Advisers as saying. The Ford negotiations cued rating agencies to place Tata Motors credit ratings on negative watch. Moody's Investors Service has placed the Ba1 Corporate Family Rating of the company on review for possible downgrade. Should Tata proceed with the transaction and acquire the two businesses, it will face considerable execution and integration challenges, Moody's Vice President/Senior Analyst Elizabeth Allen said. Standard & Poor's Ratings Services, on Jan. 7, 2008, placed on CreditWatch with negative implications its: -- 'BB+' long-term corporate credit ratings on Tata Motors; and -- 'BB+' foreign currency rating on all of Tata Motor's rated debt issues. Standard & Poor's Credit Analyst Anshukant Taneja said, Tata's acquisition of the brands could potentially have a negative impact on the corporate credit ratings on the company, especially if it is heavily funded by debt. India's rating agencies, ICRA and CRISIL also placed the carmaker's ratings on rating watch with negative implications. According to CRISIL, if the acquisition involves a high level of debt, the transaction would have an adverse impact on Tata Motors' financial risk profile over the short to medium term. It would also pose challenges to Tata Motors' business risk profile, since a significant proportion of the consolidated revenues will be driven by the acquired businesses where Tata Motors has yet to build and demonstrate its capabilities, CRISIL adds. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. TATA POWER: Board to Consider Oct.-Dec. 2007 Results on Jan. 29 --------------------------------------------------------------- Tata Power Company Ltd has informed the Bombay Stock Exchange that its board of directors will hold a meeting on Jan. 29, 2008. The board, among others, will consider and take on record the company's audited financial results for the quarter ended Dec. 31, 2007. As previously reported by the Troubled Company Reporter-Asia Pacific, Tata Power recorded a profit after tax of INR2.799 billion for the quarter ended Dec. 31, 2006. 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 ================= INDOSAT: CIMB-GK Securities Lowers Target Price by 8% ----------------------------------------------------- CIMB-GK Securities Indonesia has lowered its target price for PT Indosat Tbk's shares by 8% on fears that tighter competition will hurt earnings, Thomson Financial reports. The new end-2008 target price, the report relates, is now set at IDR9,300 rupiah per share from the old target of IDR10,100. The news agency quotes CIMB analyst Kelvin Goh, in a note to the clients, as stating that they maintain their neutral rating on the stock as they feel that increasing competition will erode its profitability. "We are now more cautious on Indosat as PT Excelcomindo is looking to lease its towers to the other operators. This would enable smaller operators to roll out their networks in half the time versus building their own towers, and erode the incumbent telcos' key competitive advantage of coverage," Mr. Goh reportedly said. According to the report, CIMB cut its 2008-09 core net profit estimates for Indosat by 3-9% after reducing net add estimates by 4-9 percent to account for stiffer competition. 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. TELKOM: CIMB-GK Securities Lowers Target Price by 23% ----------------------------------------------------- CIMB-GK Securities has lowered its end-2008 target price for shares of PT Telekomunikasi Indonesia Tbk by 23% as tighter competition is likely to eat into earnings, Thomson Financial reports. According to the report, the brokerage has set a new target price of IDR11,300 from IDR14,600 previously. CIMB analyst Kelvin Goh explained that they maintain our neutral rating on the stock as concerns over greater competition are likely to cap the stock's ability to outperform, the report relates. On the other hand, downside risks should be limited by its fairly attractive dividend yield of over 4%, he added. The brokerage, the report notes, is now more cautious on Telkom because PT Excelcomindo Pratama is looking to lease its towers to other operators. Thomson Financial notes that CIMB reduced its 2008-2009 core net profit estimates by 7-8% after cutting subscriber net add assumptions by 3% and 8% respectively to account for greater competition arising from smaller rivals gaining access to Excelcomindo's 8,000 towers nationwide. About PT Telkom Indonesia Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/-- provides local and long distance telephone service in Indonesia. Known as Telkom, the company also offers fixed wireless service, leased lines, and data transport through affiliates. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 24, 2007, that Moody's Investors Service changed the outlook on PT Telekomunikasi Indonesia's local currency corporate family rating to positive from stable. At the same time Moody's has affirmed Telkom's local currency corporate family rating at Ba1. On Sep. 12, 2007, Fitch Ratings affirmed Telekomunikasi Indonesia's Long-term foreign and local currency Issuer Default Ratings at 'BB-'. TELKOMSEL: Singtel Maintains Business in Indonesia -------------------------------------------------- Singapore Telecommunication Limited is still committed to maintain its telecommunication business in Indonesia through PT Telekomunikasi Selular, Tempo Interactive reports. According to the report, SingTel International CEO Lin Chuan Poh said that the decision of the Business Competition Commission (KPPU) did not have too much effect. "We're still committed to invest in Telkomsel", Mr. Poh added. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 23, 2007, Temasek Holdings, which owns 54% of SingTel, was found guilty by the Business Competition Monitoring Commission (KPPU) of violating Indonesia's anti-monopoly laws. Temasek violated the country's anti-monopoly laws through its ownership in PT Indosat Tbk and PT Telekomunikasi Selular Indonesia. Mr. Poh told Tempo that the telecommunication industry is an industry that is becoming more competitive and aggressive, and currently cellular phone tariffs are decreasing. The report adds that Mr. Poh is still optimistic with the cellular business in Indonesia, especially as regards growth managed by Telkomsel. About Telkomsel PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/ -- is the leading operator of cellular telecommunications services in Indonesia by market share. By the end of June 2006, Telkomsel had close to 29.3 million customers, which, based on industry statistics, represented a market share of more than 50%. Telkomsel provides GSM cellular services in Indonesia, through its own nationwide Dual band 900/1800 MHz GSM network, an internationally, through 259 international roaming partner in 53 countries as of June 2006. The company provides its subscribers with the choice between two prepaid cards-simPATI and kartuAs of a pre-paid simPATI service, or the post-paid kartuHALO service, as well as a variety of value-added services and programs. Fitch Ratings, in August 2006, upgraded PT Telekomunikasi Selular's long-term foreign currency issuer default rating to 'BB' from 'BB-'. ========= J A P A N ========= BOSTON SCIENTIFIC: Closes Auditory Biz & Drug Pump Program Sales ---------------------------------------------------------------- Boston Scientific Corporation has completed the sale of the controlling interests in its auditory business and drug pump development program to former principals and shareholders of Advanced Bionics. Boston Scientific acquired Advanced Bionics in 2004. The sale coincides with the closing of the amended merger agreement with Advanced Bionics announced on Aug. 9, 2007. As part of a new schedule of consolidated, fixed earnout payments, Boston Scientific has paid former Advanced Bionics shareholders US$650 million. A final payment of US$500 million will be paid in March 2009. The former Advanced Bionics principals and shareholders have paid Boston Scientific US$150 million for the controlling interests in the auditory business and drug pump development program. Under the amended merger agreement, Boston Scientific obtains sole management control of the Pain Management business, including the emerging indications program. The Pain Management business includes spinal cord stimulation technologies, as well as emerging technologies such as a variety of applications of the bion(R) microstimulator. The Pain Management business and emerging indications program will operate as Boston Scientific Neuromodulation under the leadership of Michael Onuscheck, currently head of the Pain Management business. The business will continue to be headquartered in Valencia, California. As part of the transactions, the parties have agreed to dismiss currently pending litigation between Boston Scientific and former Advanced Bionics shareholders. About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its ratings on Boston Scientific Corp., including the 'BB+' corporate credit rating, and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. S&P said the rating outlook is negative. BOSTON SCIENTIFIC: Completes Sale of Stake in Auditory Business --------------------------------------------------------------- Boston Scientific Corporation has completed the sale of the controlling interests in its auditory business and drug pump development program to former principals and shareholders of Advanced Bionics. As part of a new schedule of consolidated, fixed earnout payments, Boston Scientific has paid former Advanced Bionics shareholders US$650 million. A final payment of US$500 million will be paid in March 2009. The former Advanced Bionics principals and shareholders have paid Boston Scientific US$150 million for the controlling interests in the auditory business and drug pump development program. Under the amended merger agreement, Boston Scientific obtains sole management control of the Pain Management business, including the emerging indications program. The Pain Management business includes spinal cord stimulation technologies, as well as emerging technologies such as a variety of applications of the bion(R) microstimulator. The Pain Management business and emerging indications program will operate as Boston Scientific Neuromodulation under the leadership of Michael Onuscheck, currently head of the Pain Management business. The business will continue to be headquartered in Valencia, California. As part of the transactions, the parties have agreed to dismiss pending litigation between Boston Scientific and former Advanced Bionics shareholders. Boston Scientific acquired Advanced Bionics in 2004. The sale coincides with the closing of the amended merger agreement with Advanced Bionics disclosed on Aug. 9, 2007. About Advanced Bionics Headquartered in Sylmar, California, Advanced Bionics –- http://www.advancedbionics.com/-- makes the HiResolution Bionic Ear System, which includes a cochlear implant, sound processor, and other equipment that together can restore hearing to the deaf. The company also makes the Precision spinal cord stimulator, which can block pain signals. About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * * * As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its ratings on Boston Scientific Corp., including the 'BB+' corporate credit rating, and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. The rating outlook is negative. DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30 --------------------------------------------------------------- Delphi Corporation, et al. Unaudited Consolidated Balance Sheet As of November 30, 2007 (In Millions) ASSETS Current assets: Cash and cash equivalents US$13 Restricted cash 124 Accounts receivable, net: General Motors and affiliates 1,482 Other third parties 949 Non-Debtor affiliates 232 Notes receivable from non-Debtor affiliates 286 Inventories, net: Productive material, work-in-process & supplies 794 Finished goods 215 Other current assets 357 -------- TOTAL CURRENT ASSETS 4,452 Long-term assets: Property, net 1,756 Investment in affiliates 380 Investments in non-Debtor affiliates 4,046 Goodwill 152 Other intangible assets 25 Other 534 -------- TOTAL LONG-TERM ASSETS 6,893 -------- TOTAL ASSETS US$11,345 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise: Debtor-in-possession financing US$3,301 Accounts payable 1,279 Accounts payable to non-Debtor affiliates 525 Accrued liabilities 1,362 Notes payable to non-Debtor affiliates 66 -------- TOTAL CURRENT LIABILITIES 6,533 Long-term liabilities not subject to compromise: Employee benefit plan obligations and other 1,143 Liabilities subject to compromise 17,008 -------- TOTAL LIABILITIES 24,684 Stockholders' deficit: TOTAL STOCKHOLDERS' DEFICIT (13,339) -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT US$11,345 Delphi Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended November 30, 2007 (In Millions) Net sales: General Motors and affiliates US$660 Other customers 431 Non-Debtor affiliates 54 -------- Total net sales 1,145 -------- Operating expenses: Cost of sales 1,023 U.S. employee workforce transition program charges 41 Long-lived asset impairment charges - Depreciation and amortization 46 Selling, general and administrative 85 Securities & ERISA litigation charge - -------- Total operating expenses 1,195 -------- Operating loss (50) Interest expense (41) Loss on extinguishment of debt (4) Other (expense) income, net 12 -------- Loss before reorganization items, income tax expense, and equity income (83) Reorganization items (13) Income tax benefit (expense) (1) Equity income from non-consolidated affiliates 4 Equity income from non-Debtor affiliates (138) -------- NET LOSS (US$231) Delphi Corporation, et al. Unaudited Consolidated Statement of Cash Flows Month Ended November 30, 2007 (In Millions) Cash flows from operating activities: Net loss (US$231) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 46 Deferred income taxes (1) Pension and other postretirement benefit expenses 68 Equity income from unconsolidated affiliates (4) Equity income from non-Debtor affiliates 138 Reorganization items 13 U.S. employee workforce transition program charges 41 Loss on extinguishment of debt 4 Changes in operating assets and liabilities: Accounts receivable, net 55 Inventories, net 69 Other assets 3 Accounts payable, accrued and other long-term debt (138) Other 17 U.S. employee workforce transition program payments (37) Other postretirement benefit payments (20) Pension contributions (2) Payments for reorganization items (14) -------- Net cash used in operating activities 7 Cash flows from investing activities: Capital expenditures (37) Proceeds from divestitures 20 Increase in restricted cash 2 -------- Net cash used in investing activities (15) Cash flows from financing activities: Net proceeds from DIP facility 22 Repayments on borrowings from non-Debtor affiliates (1) -------- Net cash used in financing activities 21 &nbs