T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, January 10, 2008, Vol. 11, No. 7 Headlines A U S T R A L I A A A A FINANCE: Commences Liquidation Proceedings BOMBARDIER TRANSPORTATION: Commences Wind-Up Proceedings COMMUNICON TELEVISION: Placed Under Voluntary Liquidation INDOPHIL RESOURCES: Tampakan Project Raided by Communist Rebels JESTON PTY: Members & Creditors Receive Wind-Up Report LOUIS PHOENIX: To Declare First Dividend on January 18 MUERMANN PHOENIX: To Declare First Dividend on January 18 NOT JUST STATIONERY: Liquidator Presents Wind-Up Report REPLY 2 AUSTRALIA: Members & Creditors Receive Wind-Up Report SPLASH GROUP: Declares First and Final Dividend TEMPERAIR SERVICES: Liquidator Presents Wind-Up Report VANALPO PTY: Final Meeting Set for Today C H I N A , H O N G K O N G & T A I W A N ABLE REACH: Commences Liquidation Proceedings ARIMA COMPUTER: December 2007 Sales Up by 29.39% ASAT HOLDINGS: Has Until July 1 to Comply With Nasdaq Rules BOSAN DEVELOPMENT: Proofs of Debt Due on February 28 BRIGHT TOWN INVESTMENT: Appoints New Liquidator BUILD SKY DEVELOPMENT: Appoints New Liquidator CHINA EASTERN: Shareholders Reject Singapore Air Tie-Up Plan CHINA EASTERN: Needs Quick Outcome, Fitch Says COUNTRY TRADE: Proofs of Debt Due on February 5 DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30 DANA HOLDING: Moody's Assigns (P)B1 Corporate Family Rating FILMKO PICTURES: Names Chan K.H. as Liquidator FULLYWELL HOLDINGS: Liquidators Quit Post HKS MACAU: Commences Liquidation Proceedings HOI YUEN INVESTMENT: Proofs of Debt Due on January 31 OCEAN COURT: Proofs of Debt Due on February 1 PERMTEK LIMITED: Commences Liquidation Proceedings PIZZAVEST SHENZHEN: Proofs of Debt Due on February 4 PO FAT: Proofs of Debt Due on February 4 QISDA CORP: December 2007 Sales Drop 9.41% RITEK CORP: Signs Licensing Agreement with Qflix Technology SEARCH ASIAN: Commences Liquidation Proceedings SEFAIR BROKERS: Members Meeting Fixed for Jan. 31 SELL POINT: Proofs of Debt Due on January 21 SILICONWARE PRECISION: December 2007 Sales Rise 16.91% STAR CRUISES: Moody's Confirms B1 Corporate Family Rating SUNNY TOP: Members and Creditors Meeting Fixed for Jan. 28 TAIWAN BUSINESS: December Revenues Rise 80.4% TRUE KIN DEVELOPMENT: Proofs of Debt Due on February 4 UNICORN MARK: Liquidator Quits Post WORKPLACE CO. LTD: Members & Creditors Meeting Fixed for Feb. 5 YIEH HSING: 2007 Sales Total TWD10.59 Billion I N D I A AXIS BANK: Net Profit Soars 66% in Qtr. Ended Dec. 31 BAGALKOT UDYOG: Sets Feb. 5 as Record Date for Capital Reduction EASTMAN KODAK: Signs Tech License Pacts with Matsushita Electric EMCO LTD: Board to Consider Stock Split on Jan. 17 GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles ICICI BANK: Board to Consider Q3 Results on Jan. 19 ROLLATAINERS LTD: Re-Appoints Manoj Mohan as Auditors ROLLATAINERS LTD: Converts Debentures into Shares SAURASHTRA CEMENT: Gujarat High Court Approves CDR Scheme SHYAM TELECOM: Re-appoints Mehra Goel as Auditors I N D O N E S I A ALCATEL-LUCENT: Remi Thomas Joins as VP of Investor Relations AVNET INC: Selects Four New Corporate Vice Presidents BANK CENTRAL ASIA: Aims to Disburse IDR5-Tril. Loans in 2008 BANK INTERNASIONAL: Opens New Branch in Pekanbaru J A P A N TYSON FOODS: Ties Up with Kemin to Produce Pet Food Ingredient K O R E A HYNIX SEMICON: Partner MunEDA to Integrate Tool Family Wicked HYNIX SEMICON: Change in Personnel Attracts Attention MIJI STEEL: Changes 21st Convertible Bonds into Shares NDCORP CO: Adjusts Exercise Price of Seventh Bonds with Warrants M A L A Y S I A ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State OCI BERHAD: Sets Annual General Meeting on January 30 PAN MALAYSIAN: Completes Capital Reconstruction Exercise N E W Z E A L A N D AUTOWAYS LTD: Creditors' Proofs of Debt Due Today BAD IDEA: Fixes Feb. 29 as Last Day to File Claims GLAMIS HOSPITAL: Shareholders Agree on Voluntary Liquidation HAURAKI NORFOLK: Taps Toon & Finnigan as Liquidators LICKERISH HOLDINGS: Undergoes Liquidation Proceedings RENDELL PROPERTIES: Commences Liquidation Proceedings SPECIAL MANAGED: Appoints Toon & Finnigan as Liquidators T & J TE HUNA: Court to Hear Wind-Up Petition on February 13 T5 CONSTRUCTION: Creditors' Proofs of Debt Due on January 14 WENDSLEYDALE HOLDINGS: Appoints Bastion as Liquidator P H I L I P P I N E S LAFAYETTE MINING: Reveals Pending Copper Shipment to China MIRANT CORP: Court Enters Final Decree Closing 21 Chap. 11 Cases PHIL. LONG DISTANCE: Lists 9,000 New Common Shares with PSE PHIL. NATIONAL BANK: S&P Keeps B and B1 Credit Ratings S I N G A P O R E AVAGO TECH: Completes Redemption of Sr. Floating Notes Due 2013 CIRCLE INFOCOM: Pays First and Final Dividend FREESCALE SEMI: Will Develop Power Management Chip for Intel ISV INVESTMENT: Pays First and Final Dividend LAURA ASHLEY: Placed Under Voluntary Liquidation LAZARD LTD: Appoints John Rutherford as Managing Director SEMITECH ELECTRONICS: Unveils Shareholders' Change of Interest SHENTON MEDICAL: Requires Creditors to File Claims by Feb. 4 WIN BO: Court to Hear Wind-Up Petition on January 18 T H A I L A N D BANGKOK RUBBER: Faces Possible Delisting of Shares by SET SAFARI WORLD: Rents Land from Bird Circus to Plant Animal Foods THAI WAH: 1st Half 2007 Profit Falls 28.94% to THB384.3 Million THAI WAH: 2007 3rd Quarter Profit Falls 91% to THB11.805 Million - - - - - - - - ================= A U S T R A L I A ================= A A A FINANCE: Commences Liquidation Proceedings ------------------------------------------------ The creditors of A A A Finance Services Pty Limited met on August 28, 2007, and resolved to voluntarily wind up the company's operations. Martin John Green was then appointed as liquidator. The Liquidator can be reached at: Martin John Green c/o GHK Green Krejci Pty Ltd Chartered Accountants Level 13, 1 Castlereagh Street Sydney, New South Wales 2000 Australia About A A A Finance A A A Finance Services Pty Limited provides services for insurance agents and brokers. The company is located at Drummoyne, in New South Wales, Australia. BOMBARDIER TRANSPORTATION: Commences Wind-Up Proceedings -------------------------------------------------------- At an extraordinary general meeting held on November 13, 2007, the members of Bombardier Transportation (Signal) Australia Pty Ltd resolved to voluntarily wind up the company's operations. John Georgakis and Kathryn Warwick were then appointed as liquidators. The Liquidators can be reached at: John Georgakis Kathryn Warwick Ernst & Young Level 26, 8 Exhibition Street Melbourne, Victoria 3000 Australia Telephone:(03) 9288 8000 About Bombardier Transportation Bombardier Transportation (Signal) Australia Pty Ltd provides communications equipments. The company is located at Milton, in Queensland, Australia. COMMUNICON TELEVISION: Placed Under Voluntary Liquidation --------------------------------------------------------- During a general meeting held on November 19, 2007, the members of Communicon Television Pty Limited agreed to voluntarily liquidate the company's business. David Gregory Young was then appointed as liquidator. The Liquidator can be reached at: David G. Young Pitcher Partners Level 3, 60 Castlereagh Street Sydney, New South Wales 2000 Australia About Communicon Television Communicon Television Pty Limited is involved with motion picture and video production. The company is located at Crows Nest, in New South Wales, Australia. INDOPHIL RESOURCES: Tampakan Project Raided by Communist Rebels --------------------------------------------------------------- Indophil Resources NL and partner Xstrata's joint Tampakan project in the Philippines is facing further raids after communist rebels warned of a campaign to stop the mine going ahead, Andrew Trounson writes for The Australian. Mr. Trounson says that in the early hours of New Year's Day, 40 communist rebels of the New People's Army raided the Tampakan base camp on the island of Mindanao, burning two buildings and firing off automatic weapons, although causing no harm to workers. According to the report, the attack, which was deliberately timed to coincide with only the skeleton staff present, was "an important milestone in the effort to put a stop to the firm's destructive and plunderous mining operations," claims the Communist Party of the Philippines. The Australian relates that the rebels are supporting "local folk" who are opposed to the proposed US$52 billion Tampakan open-cut mine development, claiming that it threatens ancestral lands, the environment and the water supply. However, Xstrata rejects suggestions that there is significant opposition to the development and has a strong government and community support, says The Austraian. Xstrata adds that it will remain committed to the project. Meanwhile, non-executive director John O'Reilly decided to step down from his position effective December 31, 2007, states the company in a filing with the Australian Securities Exchange. No reason was stated for Mr. Reilly's resignation. Also, Anita Krauser and Amber Rivamonte have joined Indophil as Chief Financial Officer and Company Secretary respectively. About Indophil Resources Headquartered in Melbourne, Australia, Indophil Resources NL -- http://www.indophil.com/-- conducts mineral exploration and evaluation activities in the Philippines. On April 12, 2005, Indophil and Xstrata Queensland Limited (Xstrata Copper) signed a binding letter of agreement to amend the option granted to Xstrata Copper to acquire a 62.5% interest in the Tampakan Copper-Gold Project. According to the revised agreement, Indophil is required to sole fund an agreed pre-feasibility study work program. The Troubled Company Reporter-Asia Pacific's "Large Companies with Insolvent Balance Sheets" column on April 20, 2007, listed Indophil Resources with US$37.79 in assets and US$69.96 million in capital deficiency. JESTON PTY: Members & Creditors Receive Wind-Up Report ------------------------------------------------------ The members and creditors of Jeston Pty Ltd met on January 9, 2007, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Dean R. Mcveigh Foremans Business Advisors (Southern) Pty Ltd Suite 8, 56-60 Bay Road Sandringham, Victoria 3191 Australia About Jeston Pty Jeston Pty Ltd provides business services. The company is located at Wantirna South, in Victoria, Australia. LOUIS PHOENIX: To Declare First Dividend on January 18 ------------------------------------------------------ Louis Phoenix Pty Ltd, which is in liquidation, will declare its first dividend on January 18, 2008. Only creditors who are able to file their claims by Dec. 17, 2007, will be included in the company's dividend distribution. The company's liquidator is: Dean R. Mcveigh Foremans Business Advisors (Southern) Pty Ltd Suite 8, 56-60 Bay Road Sandringham, Victoria 3191 Australia MUERMANN PHOENIX: To Declare First Dividend on January 18 --------------------------------------------------------- Muermann Phoenix Australia Pty Ltd, which is in liquidation, will declare first dividend on January 18, 2007. Only creditors who are able to file their claims by Dec. 17, 2007, will be included in the company's dividend distribution. The company's liquidator is: Dean R. Mcveigh Foremans Business Advisors (Southern) Pty Ltd Suite 8, 56-60 Bay Road Sandringham, Victoria 3191 Australia About Muermann Phoenix Muermann Phoenix Australia Pty Ltd is a distributor of men's and boys' clothing and furnishings. The company is located at Melbourne, in Victoria, Australia. NOT JUST STATIONERY: Liquidator Presents Wind-Up Report ------------------------------------------------------- The members and creditors of Not Just Stationery Pty Ltd met on January 9, 2007, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Dean R. Mcveigh Foremans Business Advisors (Southern) Pty Ltd Suite 8, 56-60 Bay Road Sandringham, Victoria 3191 Australia About Not Just Stationery Not Just Stationery Pty Ltd operates stationery stores. The company is located at Mulgrave, in Victoria, Australia. REPLY 2 AUSTRALIA: Members & Creditors Receive Wind-Up Report ------------------------------------------------------------- The members and creditors of Reply 2 Australia Pty Limited met on January 9, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Lord PKF Chartered Accountants Level 10, 1 Margaret Street Sydney, New South Wales 2000 Australia Telephone:(02) 9251 4100 Facsimile:(02) 9240 9821 Web site: http://www.pkf.com.au About Reply2 Australia Reply2 Australia Pty Limited is a distributor of durable goods. The company is located at East Sydney, in Victoria, Australia. SPLASH GROUP: Declares First and Final Dividend ----------------------------------------------- Splash Group Pty Limited, which is in liquidation, declared its first and final dividend on December 19, 2007. Only creditors who were able to file their proofs of debt by December 17, 2007, were included in the company's dividend distribution. The company's liquidator is: Jamieson Louttit c/o Jamieson Louttit & Associates Suite 73, Level 15 88 Pitt Street Sydney, New South Wales 2000 Australia Telephone:(02) 9231 0505 Facsimile:(02) 9231 0303 About Splash Group Splash Group Pty Limited operates advertising agencies. The company is located at Darwin, in NT, Australia. TEMPERAIR SERVICES: Liquidator Presents Wind-Up Report ------------------------------------------------------ The members and creditors of Temperair Services Pty Limited met on January 7, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Roderick Mackay Sutherland Jirsch Sutherland Level 4, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9236 8333 Facsimile:(02) 9236 8334 About Temperair Services Temperair Services Pty Limited operates automotive repair shops. The company is located at Erskineville, in New South Wales, Australia. VANALPO PTY: Final Meeting Set for Today ---------------------------------------- The members and creditors of Vanalpo Pty Limited will have their final meeting today, January 10, 2008, at 10:15 a.m., pursuant to Section 509 of the Corporations Act 2001. The company's liquidator is: Roderick Mackay Sutherland Jirsch Sutherland Level 4, 55 Hunter Street Sydney, New South Wales 2000 Australia Telephone:(02) 9236 8333 Facsimile:(02) 9236 8334 e-mail:admin@jirschsutherland.com.au About Vanalpo Pty Vanalpo Pty Limited operates non-classifiable establishments. The company is located at Dubbo, in New South Wales, Australia. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ ABLE REACH: Commences Liquidation Proceedings --------------------------------------------- Able Reach Limited commenced liquidation proceedings on December 27, 2007. The company's liquidator is: Sung Mi Yin Suite No A 11th Floor, Ritz Plaza 122 Austin Road, Tsimshatsui Kowloon, Hong Kong ARIMA COMPUTER: December 2007 Sales Up by 29.39% ------------------------------------------------ Arima Computer Corp.'s sales in December 2007 rose 29.39% to TWD1.37 billion from TWD1.06 billion a year earlier, according to data obtained from Bloomberg News. The company's year-to-date sales totaled TWD17.94 billion, a 23.05% increase from TWD14.58 billion in sales posted a year earlier. Taiwan-based Arima Computer Corp. -- http://www.arima.com.tw/index.asp-- is engaged in the design, manufacture and distribution of notebook computers and peripherals, as well as related components. The company has design centers in Arima in Taiwan, United Kingdom, Switzerland, Russia, the United States, Japan and China, and it distributes its products in the domestic market and to overseas markets, including the rest of Asia, the Americas and Europe. The company has incurred annual net losses of TWD902.0 million, TWD1.9 billion, TWD1.8 billion, and TWD2.0 billion for the years ended Dec. 31, 2003 through 2006. ASAT HOLDINGS: Has Until July 1 to Comply With Nasdaq Rules ----------------------------------------------------------- ASAT Holdings Limited received a letter from the Nasdaq Staff stating that for the prior 30 consecutive business days, the bid price of the company's American Depositary Shares had closed below the minimum US$1 per ADS requirement for continued inclusion on the Nasdaq Capital Market as set forth in Nasdaq Marketplace Rule 4320(e)(2)(E)(ii). Therefore, in accordance with the Rule, the company was provided with 180 calendar days, until July 1, 2008, to regain compliance with the Rule. If at any time before July 1, 2008, the bid price of the company's ADSs closes at US$1 per ADS or more for a minimum of 10 consecutive business days, the Nasdaq Staff will provide written notification that the company complies with the Rule. If compliance with the Rule cannot be demonstrated by July 1, 2008, the Nasdaq Staff will determine whether the company meets the initial listing criteria for the Nasdaq Capital Market, other than the bid price requirement. If the company meets the initial listing criteria, the Nasdaq Staff will notify the company that it has been granted an additional 180 calendar day period to regain compliance with the Rule. If the company is not eligible for an additional compliance period, the Nasdaq Staff will provide written notification that the company's ADSs will be delisted, and, at that time, the company may appeal the Nasdaq Staff's determination to delist to a Listing Qualifications Panel. In addition, on Jan. 3, 2008, the company received a letter from the Nasdaq Staff stating that the value of its listed securities has been below US$35,000,000 as required for inclusion by Marketplace Rule 4320(e)(2)(B). Therefore, in accordance with Marketplace Rule 4320(e)(2)(D), the company will be provided 30 calendar days, or until Feb. 4, 2008, to regain compliance. If, at any time before Feb. 4, 2008, the market value of listed securities of the company's ADSs is US$35,000,000 or more for a minimum of 10 consecutive business days, the Nasdaq Staff will determine if the company regains compliance. If compliance cannot be demonstrated by Feb. 4, 2008, the Nasdaq Staff will provide written notification that the company's securities will be delisted. At that time, the company may appeal the Nasdaq Staff's determination to delist to a Listing Qualification Panel. The company was also notified by Nasdaq on Jan. 3, 2008 that it does not comply with the minimum stockholders' equity of US$2,500,000 or net income from continuing operations of US$500,000 in the completed fiscal year or in two of the last three completed fiscal years, which are requirements for continued listing on the Nasdaq Capital Market. About ASAT Holdings Limited Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of semiconductor package design, assembly and test services. With 18 years of experience, the company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in- package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company has operations in the United States, Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. BOSAN DEVELOPMENT: Proofs of Debt Due on February 28 ---------------------------------------------------- The creditors of Bosan Development Limited are required to file their proofs of debt by February 28, 2008, so they can be included in the company's dividend distribution. The company commenced liquidation proceedings on December 28, 2007. The company's liquidator is: Pun Ying Tong Room B, 17th Floor Great Smart Tower 230 Wanchai Road Wanchai, Hong Kong BRIGHT TOWN INVESTMENT: Appoints New Liquidator ----------------------------------------------- The members of Bright Town Investment Limited, on December 19, 2007, appointed Stephen Liu Yiu Keung and Chan Wai Hing as liquidators for the company. The Liquidators can be reached at: Liu Yiu Keung Chan Wai Hing 18th Floor Two International Finance Centre 8 Finance Street Central, Hong Kong BUILD SKY DEVELOPMENT: Appoints New Liquidator ---------------------------------------------- The members of Build Sky Development Consultancy Limited, on December 19, 2007, appointed Stephen Liu Yiu Keung and Chan Wai Hing as the company's liquidator. The Liquidators can be reached at: Liu Yiu Keung Chan Wai Hing 18th Floor Two International Finance Centre 8 Finance Street Central, Hong Kong CHINA EASTERN: Shareholders Reject Singapore Air Tie-Up Plan ------------------------------------------------------------ Shareholders of China Eastern Airlines Corp. rejected a bid by Singapore Airlines to buy a minority stake after rival Air China pledged a higher offer, the Associated Press reports. According to AP, China Eastern supported Singapore Air's bid, which would have brought it foreign expertise. However, nearly 78% of shareholders rejected the deal at a meeting in Shanghai on Tuesday. As reported by the Troubled Company Reporter-Asia Pacific on Jan. 8, 2008, Air China's parent -- China National Aviation Holding Co. -- vowed to pay at least 32% more than what Singapore Airlines agreed to pay for a holding in China Eastern. Specifically, CNAHC pledged to pay at least HK$5.00 a share if stockholders were to reject Singapore Air's and Temasek Holding Pte Ltd's proposal to buy a 24% stake in China Eastern for HK$3.80 per share, or HK$7.2 billion (US$923 million) in aggregate. The New York Times writes that the shareholders' move �could remake the shape of China's aviation industry with the possible emergence of one dominant Chinese carrier.� The report says that the decision by minority shareholders of China Eastern to reject a tie-up with Singapore Airlines and a Singapore government investor has set the stage for an unusual corporate battle in China. The rejection, according to NY Times, paves the way for a possible counterbid for China Eastern by CNAHC, but China Eastern has vowed to fight any counteroffer to retain its independence. Bloomberg News cites China Eastern Chairman Li Fenghua as telling reporters at a press conference that the carrier will continue to pursue cooperation with Singapore Air instead of a tie-up with Air China. "We will never consider Air China as a strategic investor," AP quotes Mr. Li as addressing reporters. "The most important thing is not the price. The most important thing is to improve China Eastern Airlines' brand and management." Singapore Air Chief Executive Officer Chew Choon Seng, in December, said that the airline won't raise its offer, which followed at least a year of talks, Bloomberg recounts. However, the report contends, scrapping the bid will hamper Singapore Air's ability to challenge Air China in a battle for foothold in China's air travel market, which, according to Boeing Co., may grow fivefold by 2026. AP explains that the Chinese aviation market is currently dominated by three state-owned carriers -- Air China, China Eastern and the biggest, China Southern Airlines -- all of which have sold shares to public investors on the Hong Kong and Shanghai stock markets. The government, the report says, has yet to issue a blueprint for consolidation, but officials have talked about possibly going so far as to create a single, giant Chinese airline. The previous TCR-AP reported cited the Wall Street Journal as indicating that Cathay Pacific Ltd may play a role in Air China's possible bid. The report said that although CNAHC didn't mention Cathay Pacific directly, it said that Air China "and its business partners" would cooperate in any strategic partnership with China Eastern. 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. CHINA EASTERN: Needs Quick Outcome, Fitch Says ---------------------------------------------- Fitch Ratings said that China Eastern Airlines Company Limited (CEA, 'B+'/Stable) needs a quick outcome to the ongoing battle over who will become its main partner so that it can start tackling its serious operational problems. The ratings, however, will not be immediately impacted by the successful blocking of a strategic tie-up between CEA and Singapore Airlines yesterday by Air China Limited, through its parent, China National Aviation Holding Company. The majority of CEA's voting shareholders voted against the deal, primarily as the price offered by SIA was considered too low. Before the voting, Air China said it would launch its own bid for CEA, within two weeks, with the per share price no lower than HKD5.0, about 32% higher than SIA's offer of HKD3.8. "CEA has to take quick actions to remedy its poor operating results," commented Jinqing Li, associate director in Fitch's Asia Pacific Corporates group. "It will be difficult for CEA's management to take strategic decisions until there is a clear outcome over its shareholding structure and, consequently, on the industry structure itself," added Mr. Li. The long-term competitive environment in the Chinese market will be drastically different, depending on whether CEA ultimately teams up with a foreign partner to form a major competitor to the Air China/Cathay Pacific alliance or if CEA joins Air China to become part of a super-carrier dominating the Chinese market. Fitch considers strategic partnerships with strong international players as an important step for Chinese airlines to improve their management expertise, in terms of operational efficiency, route allocation and yield management. This is especially important to the Chinese airlines amidst the process of industry deregulation, given that they need to boost their competitiveness, ahead of an "open skies" policy. Nevertheless, the speed of the process is contingent upon changes in the regulatory environment. Air China has been aiming to forge a close working relationship with, or even take over, CEA and strengthen its presence in Shanghai, which is one of largest aviation markets in China and is of strategic importance to airlines. Collectively, Air China and CEA accounted for about 40% of the market share in China's domestic market, in terms of overall passenger traffic at the end of 2006. CEA's current 'B+' rating has already factored in the company's weaknesses in operational efficiency and financial leverage. Given the management's demonstrated willingness to improve CEA's business and financial profile, Fitch believes that the airline will continue to seek strategic partner(s), in order to repair its balance sheet and enhance its management skills. COUNTRY TRADE: Proofs of Debt Due on February 5 ----------------------------------------------- The creditors of Country Trade Investment Limited are required to file their proofs of debt by February 5, 2008, for them to be included in the company's dividend distribution. The company's liquidator is Lam Yat Chung. DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30 -------------------------------------------------------------- Dana Corp. and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for November 2007, disclosing: Dana Corporation Unaudited Condensed Balance Sheet At November 30, 2007 ASSETS CURRENT ASSETS Cash and cash equivalent assets US$1,174,000,000 Accounts receivable Trade 1,407,000,000 Other 293,000,000 Inventories 832,000,000 Assets of discontinued operations 41,000,000 Other current assets 154,000,000 -------------- Total current assets 3,901,000,000 Investments and other assets 0 Investments in equity affiliates 430,000,000 Net property, plant and equipment 1,752,000,000 Other noncurrent assets 1,048,000,000 -------------- TOTAL ASSETS US$7,131,000,000 LIABILITY AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES DIP Financing US$900,000,000 Notes payable, including current portion of long-term debt 177,000,000 Accounts payable 1,115,000,000 Liabilities of discontinued operations 18,000,000 Other accrued liabilities 847,000,000 -------------- Total current liabilities 3,057,000,000 Liabilities subject to compromise 4,009,000,000 Deferred employee benefits and other non-current liabilities 487,000,000 Long-term debt 13,000,000 Minority interest in consolidated subsidiaries 99,000,000 Total liabilities 7,665,000,000 Shareholders' equity (534,000,000) -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY US$7,131,000,000 Dana Corporation Unaudited Condensed Statement of Operations For the Month Ended November 30, 2007 Net Sales US$778,000,000 Costs and expenses Costs of sales 745,000,000 Selling, general and administrative expenses 22,000,000 Realignment charges 5,000,000 Other income, net 6,000,000 -------------- Income from operations 12,000,000 Interest expense 10,000,000 Reorganization charges 8,000,000 -------------- Loss before income taxes (6,000,000) Income tax (expense) benefit 9,000,000 Minority interest 2,000,000 Equity in earnings of affiliates 0 -------------- Loss before continuing operations (17,000,000) Loss from discontinued operations (12,000,000) -------------- Net loss (US$29,000,000) Dana Corporation Unaudited Condensed Statement of Cash Flow For the Month Ended November 30, 2007 OPERATING ACTIVITIES Net loss (US$29,000,000) Depreciation and amortization 24,000,000 Loss on sale of business 0 Non-cash portion of U.K. pension charge 0 Increase in working capital (19,000,000) Unremitted equity earnings in affiliates 3,000,000 Other 26,000,000 -------------- Net cash flow provided by (used for) operating activities 5,000,000 -------------- INVESTING ACTIVITIES Purchases of property, plant and equipment (24,000,000) Proceeds from sale of assets 0 Other 0 Net cash flow provided by (used for) operating activities (24,000,000) -------------- FINANCING ACTIVITIES Net change in short-term debt 11,000,000 Proceeds from DIP facility 0 -------------- Net cash flow provided by (used for) financing activities 11,000,000 Net increase (decrease) in cash equivalents (8,000,000) Cash and cash equivalents, beginning of period 1,182,000,000 -------------- Cash and cash equivalents, end of period US$1,174,000,000 Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American region and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed $6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court confirmed the Debtor's Plan on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DANA HOLDING: Moody's Assigns (P)B1 Corporate Family Rating ----------------------------------------------------------- Moody's Investors Service has assigned prospective ratings to the reorganized Dana Holding Corporation -- Corporate Family, (P)B1; Probability of Default rating, (P)B1; senior secured credit facilities, (P)Ba3, and Speculative Grade Liquidity Rating, SGL-2. The outlook is stable. In assigning prospective ratings, Moody's notes that Dana continues to pursue a planned emergence from Chapter 11 protection during January 2008, but that the effectiveness of the new debt facilities remains subject to final court approval. Absent any significant changes in the company's reorganization plan or capital structure, Moody's will confirm the ratings and remove the prospective designation upon completion of the emergence from bankruptcy. The (P)B1 Corporate Family rating reflects expectations that Dana Corp. will emerge from bankruptcy protection with a moderately leveraged capital structure that will be more readily serviced with the earnings and cash flows generated by its restructured operations. During the reorganization process the company negotiated long-term customer pricing increases that will eliminate significant losses that the company had been incurring on portions of its business. At the same time, the company was able to achieve important labor and wage savings, including the elimination of post retirement benefits, the freezing of pensions, and other labor contract savings that will make the company more cost competitive going forward. The company has also begun to implement manufacturing footprint improvements utilizing lower cost production facilities; and other SG&A cost reductions that should enhance overall margins beginning in 2008. However, the full effect of some of these initiatives will only be achieved with the passage of time. Given the weakening economic outlook, Moody's believes that the company's automotive and heavy duty truck end markets will remain under significant pressure during 2008, which could constrain the company's ability to fully achieve anticipated operating improvements. Nevertheless, Moody's believes that the company should sustain strong single digit EBITDAR margins and debt service metrics that are consistent with the B1 rating. Dana Holding has entered into an agreement with Centerbridge Partners, L.P. and certain of Dana Corp.'s existing bondholders, the Preferred Equity Investors, whereby the Preferred Equity Investors would provide an investment of US$790 million of preferred equity to the reorganized Dana. The Exit Facilities combined with the preferred equity investment and certain cash on hand will be used to repay the company's existing debtor-in- possession facilities, make one-time contributions to union and non-union "voluntary employee benefit associations", retire remaining Dana Credit Corporation liabilities, and pay transaction related fees, expenses, settlements and convenience class claims. The company expects to emerge from Chapter 11 on or about Jan. 31, 2008. The stable outlook reflects the adequacy of Dana's credit metrics within the assigned ratings combined with the expected good level of liquidity over the near term. The company's diverse platform mix and broad geographic revenue base should help to mitigate production pressures in North America. EBIT/interest coverage is expected to approximate 2.2 and debt/EBITDA would approximate 3.2 at year-end 2008. In addition, the company is expected to be free cash flow positive in 2008 after restructuring expenses and dividends. Dana is expected to have good liquidity upon emergence with satisfactory borrowing base availability under its new US$650 million asset based revolving credit facility, after about US$200 million of letters of credit. Cash balances of approximately US$900 million -- US$1 billion should be more than sufficient to absorb negative quarterly cash flow swings. Dana is expected to be free cash flow positive for 2008. Covenants under the term loan are expected to be set with sufficient cushions over the near-term. Alternative liquidity is limited as all of the company's domestic assets and 66% of the non- domestic subsidiaries secure the revolving credit and term-loan. Assigned Ratings: -- (P)B1, Corporate Family Rating; -- (P)B1, Probability of Default Rating; -- (P)Ba3 (LGD3, 35%) rating for the US$650 million senior secured asset based revolving credit facility; -- (P)Ba3 (LGD3, 35%) rating for the US$1.350 billion senior secured term loan; -- Speculative Grade Liquidity Rating, SGL-2 Future events that have potential to drive the company's outlook or ratings higher include operating performance improvements that result in EBIT/Interest coverage sustained at 2.2, or in leverage being reduced to 3.0. Future events that have potential to drive Dana outlook or ratings lower include production volume declines at the company's OEM customers, material increases in raw materials costs that cannot be passed on to customers or mitigated by restructuring efforts, or deteriorating liquidity. Consideration for a lower outlook or rating could arise if any combination of these factors were to increase leverage over 5.0, or result in EBIT/Interest coverage below 1.8 times. About Dana Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court confirmed the Debtors' Chapter 11 Plan on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) FILMKO PICTURES: Names Chan K.H. as Liquidator ---------------------------------------------- The members of Filmko Pictures Limited, on December 21, 2007, appointed Chan Kin Hang, Danvil as the company's liquidator. The Liquidator can be reached at: Chan Kin Hang , Danvil Room 2301 23rd Floor, Ginza Square 565-567 Nathan Road Yaumatei, Kowloon Hong Kong FULLYWELL HOLDINGS: Liquidators Quit Post ----------------------------------------- On December 24, 2008, Lui Wan Ho and To Chi Man stepped down as liquidators for Fullywell Holdings Limited, which is undergoing liquidation. HKS MACAU: Commences Liquidation Proceedings -------------------------------------------- HKS Macau Holdings Limited commenced liquidation proceedings on December 28, 2007. The company's liquidator is: Chan Sun Kwong 102, 1st floor, Oriental Centre 67-71 Chatham Road Tsimshatsui, Kowloon Hong Kong HOI YUEN INVESTMENT: Proofs of Debt Due on January 31 ----------------------------------------------------- The creditors of Hoi Yuen Investment Company Limited are required to file their proofs of debt by January 31, 2008, so they can be included in the company's dividend distribution. The company commenced liquidation proceedings on December 28, 2007. The company's liquidator is: Leung Wing Ching, Winston Room 1115, 11th Floor Bank of America Tower 12 Harcourt Road Hong Kong OCEAN COURT: Proofs of Debt Due on February 1 --------------------------------------------- The creditors of Ocean Court Limited are required to file their proofs of debt by February 1, 2008, so they can be included in the company's dividend distribution. The company commenced liquidation proceedings on December 28, 2007. The company's liquidator is: Ho Tak Sang Room 303, East Ocean Centre 98 Granville Road TST East Kowloon PERMTEK LIMITED: Commences Liquidation Proceedings -------------------------------------------------- Permtek Limited commenced liquidation proceedings on Dec. 27, 2007. The company's liquidators are: Nathalia K M Seng Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East Hong Kong PIZZAVEST SHENZHEN: Proofs of Debt Due on February 4 ---------------------------------------------------- The creditors of Pizzavest Shenzhen (H.K.) Limited are required to file their proofs of debt by February 4, 2008, so they can be included in the company's dividend distribution. The company commenced liquidation proceedings on December 27, 2007. The company's liquidators are: Thomas Andrew Corkhill Iain Fegurson Bruce 8th Floor, Goucester Tower The Landmark 15 Queen's Road Central Hong Kong PO FAT: Proofs of Debt Due on February 4 ---------------------------------------- The creditors of Po Fat Company Limited are required to file their proofs of debt by February 4, 2008, so they can be included in the company's dividend distribution. The company commenced liquidation proceedings on December 24, 2007. The company's liquidator is: Kenneth Raymond Deayton 38th Floor, Tower One 89 Queensway Hong Kong QISDA CORP: December 2007 Sales Drop 9.41% ------------------------------------------ Qisda Corp.'s sales in December 2007 fell 9.41% to TWD8.50 billion from TWD9.38 billion a year earlier, according to data obtained from Bloomberg News. Year-to-date sales also dropped 6.08% year-on-year to TWD122.41 billion from TWD130.33 billion. Headquartered in Taiwan, Republic of China, Qisda Corp., fka BenQ Corp., Inc. -- http://www.benq.com/-- is principally engaged in manufacturing developing and selling of computer peripherals and telecommunication products. It is also a major provider of 3G handset, camera phones, and other products. BenQ Mobile GmbH & Co., the company's German-based wholly owned subsidiary, filed for insolvency in Munich on Sept. 29, 2006, after BenQ Corp.'s board decided to discontinue capital injection into the mobile unit in order to stem unsustainable losses. The collapse follows a year after Siemens sold the company to Taiwanese technology group BenQ. BenQ Mobile has lost market share against giant competitors. A Munich Court opened insolvency proceedings against BenQ Mobile GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a buyer for the company by the Dec. 31, 2006 deadline. * * * The Troubled Company Reporter-Asia Pacific reported on Jan. 3, 2008, that Taiwan Ratings Corp. affirmed its twBB+ long-term corporate credit rating and twB short-term rating on Qisda Corp. At the same time, the rating agency also affirmed its twBB+ ratings on the company's unsecured corporate bonds and unsecured exchangeable bond. The outlook on the long-term rating is negative. RITEK CORP: Signs Licensing Agreement with Qflix Technology ----------------------------------------------------------- RITEK Corporation and Sonic Solutions have signed a Qflix(TM) technology and IP licensing agreement, Sonic Solutions said in a press release. RITEK is now taking orders on specialized DVDs that will enable the on-demand recording of digitally distributed entertainment with Content Scramble System encryption -- the same protection found on commercially mass-produced titles. The Qflix DVDs will be used by duplication system operators providing custom DVD publishing services to Internet retailers and in movie kiosks that will offer retail customers touch-screen access to a vast virtual inventory of rich content. The Qflix media will also be available for consumer use in the home as a way to legally record premium entertainment downloaded from the Internet. Headquartered in Hsinchu County, Taiwan, Ritek Corporation -- http://www.ritek.com/-- is engaged in the manufacture, processing and sale of optical products. The company's major products include electronic storage media products, such as flash memory cards; information technology products; optoelectronic components, such as indium tin oxide conductive glasses, as well as optical discs and their peripherals. The company distributes its products in the domestic market and to overseas markets, including the rest of Asia, the Americas and Europe. Ritek Corp. reported annual losses of TWD12.27 billion, TWD2.35 billion, TWD6.67 billion for the years ended Dec. 31, 2004 through 2006. SEARCH ASIAN: Commences Liquidation Proceedings ----------------------------------------------- Search Asian Mezzanine Limited commenced liquidation proceedings on December 28, 2007. The company's liquidator is: Wong Lam Kit Yee Unit 1601, 16th Floor Malaysia, Building 50 Gloucester Road Wanchai, Hong Kong SEFAIR BROKERS: Members Meeting Fixed for Jan. 31 ------------------------------------------------- The members Sefair Brokers Limited will have their final general meeting on January 31, 2008, at 3:00 p. m., at the 8th Floor of Gold & Silver Commercial Building, 12-18 Mercer Street, in Central, Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are Ho Hoi Lam and Man Fung Ying. SELL POINT: Proofs of Debt Due on January 21 -------------------------------------------- The creditors of Sell Point Holdings Limited are required to file their proofs of debt by January 21, 2008, for them to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 24, 2007. The company's liquidator is: Tang Tse Yee 2804, China Resources Building 26 Harbour Road, Wanchai Hong Kong SILICONWARE PRECISION: December 2007 Sales Rise 16.91% ------------------------------------------------------ Siliconware Precision Industries Ltd.'s sales in December 2007 rose 16.91% to TWD5.53 billion from TWD4.73 billion in sales posted for a year earlier. The company's full-year 2007 sales amounted to TWD64.62 billion, a 14.67% increase from the TWD56.35 billion in sales posted for the full-year 2006. The Troubled Company Reporter-Asia Pacific reported on Nov. 14, 2007, that Siliconware Precision Industries expected its fourth- quarter sales to grow 2%-5% from the previous quarter after it reported a 61% rise in third-quarter profits. Siliconware Precision Industries Ltd. -- http://www.spil.com.tw -- is a leading provider of comprehensive semiconductor assembly and test services. The company's long-term foreign and local issuer credit carries Standard and Poors' BB+ rating since Dec. 5, 2006. STAR CRUISES: Moody's Confirms B1 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service confirmed the B1 corporate family rating of Star Cruises Limited. The rating outlook is stable. This concludes the rating review initiated on August 20, 2007. This rating action follows the closing of the US$1 billion cash investment in NCL Corporation Limited (NCL) for a 50% equity interest by private equity group, Apollo Management, LP. After the transaction, SCL will continue to own the remaining 50% stake. The cash proceeds will be used to repay NCL's existing debts and fund upcoming new builds. "The confirmation reflects SCL's improved key financial metrics as a result of the pro-rata consolidation -- rather than full consolidation -- of NCL and, at the same time, factors in the implied support of its major shareholders, particularly Genting Berhad (rated Baa1/Stable)," says Kaven Tsang, Moody's lead analyst for SCL. In its assessment, Moody's consolidates 50% of NCL into SCL's financial position, given the lower equity interest but, at the same time, incorporates the expectation that NCL will remain a key asset of the company. "SCL's projected adjusted debt/EBITDA of around 5.5-6.5x and adjusted EBITDA interest coverage of around 2.5-3x are comparable with mid-B rated companies," says Tsang, adding "The final B1 rating reflects Moody's view of ongoing support, if necessary, for SCL from its shareholders, including Genting, through Resorts World Bhd, as the company remains strategically important to the group." SCL's diversification into gaming in Macau is consistent with the business direction and strategy of the overall group. However, Moody's considers that a one-notch uplift will be appropriate in view of the continuous reduction in Genting's effective equity interest in SCL. The ratings outlook is stable, reflecting Moody's expectation of ongoing support from Genting in accordance with its shareholding interests in the company. Downgrade pressure will evolve if: 1) evidence emerges that support from Genting and/or the Lim family for SCL weakens further; 2) SCL provides additional support to NCL beyond its equity interest; 3) material delays or cost overruns occur at the Macau project, such that SCL has to raise additional debt to fund increased capital requirements; or 4) SCL conducts further debt-funded acquisitions, thereby weakening its financial profile. In terms of financial metrics, Moody's sees adjusted EBITDA interest coverage consistently below 2x and adjusted debt/EBITDA high above 7x over the next 2 years as signals for a downgrade. The rating is unlikely to be upgraded over the medium term in view of SCL's modest financial profile and the high execution and development risks associated with the Macau project. Star Cruises Limited, publicly listed in Hong Kong, is 19.3% owned by Resorts World Bhd, which is, in turn, 49.2% owned by Genting Berhad. SCL operates 21 ships with some 33,300 lower berths under five brands: Star Cruises and Cruise Ferries, which service Asia Pacific, and three brands under NCL. SUNNY TOP: Members and Creditors Meeting Fixed for Jan. 28 ---------------------------------------------------------- The members and creditors of Sunny Top (HK) Limited will have their final general meeting on January 28, 2008, at 8:30 a.m., at Room 1705 of Ginza Plaza, 2A Sai Yeung Choi Street Mongkok, in Kowloon, Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on November 30, 2007. The company's liquidator is: Charles Kong Cheung Room 1705, Ginza Plaza 2A Sai Yeung Choi Street Mongkok, Kowloon Hong Kong TAIWAN BUSINESS: December Revenues Rise 80.4% --------------------------------------------- Taiwan Business Bank's unconsolidated revenues in December 2007 rose 80.4% to TWD1.6 billion from TWD859.6 million a year before, according to data obtained from Bloomberg News. The bank's year-to-date revenues also rose 19.3% to TWD12.8 billion from TWD10.7 billion a year earlier. Taipei, Taiwan-based Taiwan Business Bank -- http://www.tbb.com.tw/-- provides corporate financial services personal financial services. The bank's domestic branch network covers the whole island of Taiwan. In additon there are three overseas units,including Los Angeles Branch in US, Hong Kong Branch in Hong Kong and Sydney Branch in Australia. The Troubled Company Reporter-Asia Pacific reported that Fitch Ratings, on Jan. 22, 2007, affirmed the bank's long-term issuer default rating at BB+, and short-term rating at B. TRUE KIN DEVELOPMENT: Proofs of Debt Due on February 4 ------------------------------------------------------ The creditors of True Kin Development Limited are required to file their proofs of debt by February 4, 2008, so they can be included in the company's dividend distribution. The company's liquidators are: Leung Shu Yin, William Au Wing Fai Rooms 904-908 Kai Tak Commercial Building 317-319 Des Voeux Road Central Hong Kong UNICORN MARK: Liquidator Quits Post ------------------------------------ On January 4, 2008, Chan Sin Yui stepped down as liquidator for Unicorn Mark Hong Kong Limited, which is undergoing liquidation. WORKPLACE CO. LTD: Members & Creditors Meeting Fixed for Feb. 5 --------------------------------------------------------------- The members and creditors of Workplace Company Limited will have their final general meeting on February 5, 2008, at 5:00 p.m., at the 2nd Floor of Jonsim Place, 228 Queen's Road East, in Wanchai, Hong Kong, to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company, which is in liquidation, will pay its second ordinary dividend on January 14, 2008. The company's liquidator is Ip Pui Lam. YIEH HSING: 2007 Sales Total TWD10.59 Billion --------------------------------------------- Yieh Hsing Enterprise Co., Ltd.'s sales in December 2007 fell 36.43% to TWD591.28 million from TWD930.10 million a year earlier. The company's year-to-date sales totaled TWD10.59 billion, a 15.02% increase from TWD9.20 billion sales posted a year earlier. Kaohsiung Taiwan-based Yieh Hsing Enterprise Co., Ltd. -- http://www.yheco.com.tw/-- is a stainless steel and carbon steel producer. The company distributes its products in the domestic market and to overseas markets, including mainland China, Southeast Asia, the United States and northeastern Asia. The company has incurred net losses of TWD619.0 million and TWD688.3 million for the years ended Dec. 31, 2005 and 2006. ========= I N D I A ========= AXIS BANK: Net Profit Soars 66% in Qtr. Ended Dec. 31 ----------------------------------------------------- AXIS Bank Ltd yesterday disclosed its unaudited results for the three months ended Dec. 31, 2007. The bank's net profit increased 66% to INR3.07 billion in the third quarter ended Dec. 31, 2007, from the INR1.85-billion profit booked in the same quarter in 2006. Total income increased from INR14.46 billion to INR22.90 billion in the current quarter under review, which figure is comprised of: Interest on Advances INR12.30 billion Income on Investment 5.35 billion Interest on Balances 0.27 billion Other Interests 0.10 billion Other Income 4.88 billion The bank booked operating expenses totaling for INR5.63 billion and interest expenditures of INR10.55 billion. A copy of the bank's financial results for the three months ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?26ea Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in treasury and other banking operations. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Revenues of the treasury services segment primarily consist of fees and gains or losses from trading operations and interest income on the investment portfolio. Other banking operations principally comprise the lending activities (corporate and retail) of the bank. The corporate lending activity includes providing loans and transaction services to corporate and institutional customers. The retail lending activity includes raising of deposits from customers and providing loans and advisory services to customers through branch network and other delivery channels. * * * The bank's Foreign Long Term Bank Deposits carry Moody's Investors Service's Ba2 rating, which was placed on July 1, 2005. BAGALKOT UDYOG: Sets Feb. 5 as Record Date for Capital Reduction ---------------------------------------------------------------- Bagalkot Udyog Ltd has fixed Feb. 5, 2008, as the record date of the reduction of share capital of the company to 10% of its existing paid-up capital. The date will also be the record date to determine the shareholders' entitlement in the capital of the resulting company, Bagalkot Cement & Industries Ltd. As reported yesterday by the Troubled Company Reporter-Asia Pacific, Bagalkot Udyog's board of directors, pursuant to the order of the Board for Industrial and Financial Reconstruction, has agreed to reduce the nominal value of the company's equity shares from INR10 per share to INR1 per share. 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 Bagalkot Cement. For every 100 fully paid-up shares of INR10 each of Bagalkot Udyog held, its 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. EASTMAN KODAK: Signs Tech License Pacts with Matsushita Electric ---------------------------------------------------------------- Eastman Kodak Company has entered into technology license agreements with Matsushita Electric Industrial Company and with Victor Company of Japan, Limited that will allow each company access to the other's patent portfolio. The license agreements, which provide significant benefits to all companies, is royalty bearing to Kodak. Additional financial terms were not disclosed. "We are pleased to have reached a mutually beneficial arrangement that advances the interests of Kodak and of MEI and JVC," said Laura G. Quatela, Chief Intellectual Property Officer, and Vice President, Eastman Kodak. "Each cross-license agreement provides the companies with access to each other's technology, and validates the strength of Kodak's intellectual property portfolio." About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China and India, among others. As reported in the Troubled Company Reporter-Latin America on Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed its 'B+' corporate credit rating on Eastman Kodak Co. and removed the ratings from CreditWatch, where they had been placed with negative implications on Aug. 2, 2006. S&P said the outlook is negative. EMCO LTD: Board to Consider Stock Split on Jan. 17 -------------------------------------------------- Emco Ltd's board of directors will hold a meeting on Jan. 17, 2008, to, among others, consider sub-division of the company's equity share capital, a filing with the Bombay Stock Exchange states. During the meeting, the board also will discuss and consider allotment of shares to the company's employees and shareholders of transferor companies. The issuance of shares to employees is pursuant to the company's Employee Stock Option Scheme 2006. The proposed allotment to shareholders is pursuant to the scheme of amalgamation entered into by the company with Urja Engineers Ltd. and India Energy Investments Pvt Ltd. The scheme already got the approval of the High Court of Judicature at Bombay. On Jan. 17, the board will also be taking on record the company's unaudited financial results for the quarter and nine months ended Dec. 31, 2007. Headquartered in Jalgaon, India, Emco Ltd. -- http://www.emcoindia.com-- offers transmission and distribution solutions within the power sector in India. Through its Transformer Division, Emco offers power transformers, specialized rectifier transformers, furnace transformers, and locomotive and traction transformers. Through its Meters Division, the company offers metering solutions like tamper- proof electronic energy meters, automatic meter reading solutions like drive by, walk by or fixed network, pre-payment metering solutions and high-end metering like trivector meters. It also offers energy and revenue management solutions. Through its Projects Division, Emco offers turnkey solutions from concept to commissioning for electrical substation projects. It also undertakes entire industrial electrification work from designing to execution. Emco offers information technology solutions for power distribution management. Through its International Division, EMCO offers transformers and energy meters confirming to international specifications. Emco's senior unsecured debt carries Credit Analysis and Research Limited's BB rating, effective May 23, 2007. GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles --------------------------------------------------------------- General Motors Corp. Certified Used Vehicles disclosed a new nationwide GMAC rate incentive program on select GM Certified Used Vehicles, including GMC Envoy, Chevrolet Malibu, Impala and Trailblazer models. The new rate incentive offer, effective Jan. 3, 2008, through March 31, 2008, provides well-qualified GM Certified Used Vehicles buyers with 2.9% APR financing for terms up to 48 months or 3.9% APR financing for terms up to 60 months from GMAC Financial Services on 2003-2008 models of Chevrolet Malibu, Impala and Trailblazer and GMC Envoy purchased from participating GM Certified Used Vehicles dealers. Or well-qualified customers can receive GMAC 4.9% APR financing for terms up to 60 months on 2003-2008 models of Chevrolet Tahoe and Suburban, GMC Yukon, Pontiac Grand Prix and Buick LaCrosse vehicles at participating GM Certified dealers. A monthly payment at 2.9% APR financing for 48 months is US$22.09 for every US$1,000 financed. Average example down payment is 10%. A monthly payment at 3.9% APR financing for 60 months is US$18.37 for every US$1,000 financed. Average example down payment is 10%. A monthly payment at 4.9% APR financing for 60 months is US$18.83 for every US$1,000 financed. Some customers will not qualify. Not available with other offers. Customers must take delivery from a participating GM Certified Used Vehicles dealer by March 31, 2008. "These incentives on some of our most popular models offer great value for customers, who have the opportunity to purchase a high-quality, low-mileage, like-new vehicle at affordable finance rates," Paul Pejza, manager, GM Certified Used Vehicles, said. About GM Certified Used Vehicles GM Certified Used Vehicles -- http://www.gmcertified.com/-- are high-quality, reconditioned vehicles, available at participating Buick, Chevrolet, Pontiac and GMC dealers. All models are six years old or newer, have 60,000 miles or less, are reconditioned to stringent GM Certified Used Vehicles quality standards and must undergo a rigorous 117-point inspection and reconditioning process. About GM 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. ICICI BANK: Board to Consider Q3 Results on Jan. 19 --------------------------------------------------- ICICI Bank Ltd's board of directors will consider approving the bank's audited financial results for the third quarter ended Dec. 31, 2007, at a meeting on Jan. 19. As previously reported by the Troubled Company Reporter-Asia Pacific, ICICI Bank posted a net profit of INR9.10 billion in the Oct.-Dec. 2006 quarter, a 42% increase from the INR6.401- billion booked in the corresponding period in 2005. 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. ROLLATAINERS LTD: Re-Appoints Manoj Mohan as Auditors ----------------------------------------------------- Rollatainers Ltd.'s members have approved the re-appointment of Manoj Mohan & Associates, Chartered Accountants, as the company's auditors for another year, the company said in a corporate disclosure. The members made the re-appointment at the company's 36th annual general meeting on December 31, 2007. Other resolutions passed at the AGM include: * the adoption of the directors� report and profit & loss Account for the financial year ended September 30, 2007, the balance sheet at that date and the auditors� report thereon; * the appointment of Vinod Kumar Uppal, Ashish Pandit, Katessary Thomas James & Chandra Prakash Nagpal as directors of the company, liable to retire by rotation; and * the appointment of Chandra Prakash Nagpal as whole-time director of the company for three years starting on December 01, 2007, on remuneration, terms & conditions. Rollatainers Ltd. -- http://www.rolapak.com/-- is a paper manufacturer whose primary products are packaging cartons and polycoated packing material. The company also manufactures duplex paper board, writing and printing paper and packaging and weighing machines. The company has two annual net losses of INR58.9 million and INR151.6 million for the years ended Sept. 30, 2007 and 2006. The Troubled Company Reporter - Asia Pacific's Large Companies with Insolvent Balance Sheets column on Jan. 4, 2008, indicates that Rollatainers Ltd. has a capital deficiency of US$3.88 million on total assets of US$20.68 million. ROLLATAINERS LTD: Converts Debentures into Shares ------------------------------------------------- Rollatainers Ltd.'s board of directors have approved the conversion of 90,00,000 optional fully convertible debentures of INR10 each, held by its strategic investor, W.L.D. Investments Pvt Ltd., into 90,00,000 equity shares of INR10 each, the company said in a corporate disclosure with the Bombay Stock Exchange Ltd. The move is in accordance with the implementation of the company's rehabilitation scheme sanctioned by BIFR vide its order dated May 15, 2007 and amendment order dated August 6, 2007. The OFCDs were issued pursuant to Corporate Debt Restructuring Package approved under Corporate Debt Restructuring System. The company will proceed to issue the equity shares upon conversion of Optional Fully Convertible Debentures (OFCD) after receipt of statutory approval. Rollatainers Ltd. -- http://www.rolapak.com/-- is a paper manufacturer whose primary products are packaging cartons and polycoated packing material. The company also manufactures duplex paper board, writing and printing paper and packaging and weighing machines. The company has two annual net losses of INR58.9 million and INR151.6 million for the years ended Sept. 30, 2007, and 2006. The Troubled Company Reporter - Asia Pacific's Large Companies with Insolvent Balance Sheets column on Jan. 4, 2008, indicates that Rollatainers Ltd. has a capital deficiency of US$3.88 million on total assets of US$20.68 million. SAURASHTRA CEMENT: Gujarat High Court Approves CDR Scheme --------------------------------------------------------- Saurashtra Cement Ltd disclosed in a filing with the Bombay Stock Exchange that the Gujarat High Court has approved the CDR Scheme for restructuring the debts of the company's secured lenders. The filing, however, did not provide details of the scheme. The High Court gave its nod on Dec. 24, 2007. The cement manufacturer is presently awaiting a certified copy of the order. The flagship company of The Mehta Group, Saurashtra Cement Ltd. -- http://www.mehtagroup.com/scement.htm-- manufactures and exports cement including Ordinary Portland Cement, Pozzolana Portland Cement, Sulphate Resistant Cement and Portland Slag Cement. SCL markets cement under the brand name "HATHI CEMENT". The company also exports clinker. On Dec. 9, 2006, Credit Rating Information Services of India Ltd changed the outstanding rating of Saurashtra Cement's INR477.6-million Non-Convertible Debenture Issue from 'D' to 'Not Meaningful.' The revision followed the company's registration in the Board of Industrial and Financial Reconstruction as a Sick Industrial Company pursuant to the SIC (SP) Act, 1985. Saurashtra Cement is currently restructuring its debts. Its proposal for restructuring under the Corporate Debt Restructuring Mechanism was approved through the letters issued by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006. SHYAM TELECOM: Re-appoints Mehra Goel as Auditors ------------------------------------------------- Shyam Telecom Ltd.'s members have re-appointed Mehra Goel & Co., Chartered Accountants as the company's auditors for another year, Shyam said in a corporate disclosure. The company's members also adopted the company's audited balance sheet as of March 31, 2007, the profit and loss account for the year ended on that date, the directors report and the auditors report thereon. The company's members also re-appointed Ravikant Jaipuria, Rajiv Mehrotra & Alok Tandon as directors. New Delhi, India-based Shyam Telecom Limited -- http://www.shyamtelecom.com/index.html-- and its subsidiaries' operations relate to investments, providing telecommunication and information technology services. The telecom products and services segment comprise of manufacturing and services in the related area. The turnkey projects and trading services segment includes the turnkey projects and trading in telecom products. The investment segment includes investments in the subsidiaries, which are dealing in telecommunication sectors. The software products and services segment includes the services in the area, including software and information technology related and information technology enabled services. It also offers Internet-related products, including data on wire, data on air and data on cable. The company's balance sheet as of March 31, 2007 showed a capital deficiency of INR1.02 billion on total assets of INR6.57 billion and total liabilities of INR7.59 billion ================= I N D O N E S I A ================= ALCATEL-LUCENT: Remi Thomas Joins as VP of Investor Relations ------------------------------------------------------------- Remi Thomas will join Alcatel-Lucent as Vice President of Investor Relations, responsible for communication with the investment community, including financial analysts, institutional investors and retail shareholders. Mr. Thomas will report to Hubert de Pesquidoux, Alcatel-Lucent's Chief Financial Officer. This appointment becomes effective Jan. 21, 2008. Since 2005, Mr. Thomas has served as deputy research director at CA Cheuvreux. He joined CA Cheuvreux in 1996 as a financial analyst, and has lead the firm's Technology sector, including Alcatel-Lucent and French telecom operators. Prior to that he focused on the capital goods sector. From 1992 to 1995, Mr. Thomas was financial analyst at Cholet Dupont (Credit Lyonnais). "We are pleased to welcome Remi Thomas, one of the most respected financial analysts covering the telecom industry, to Alcatel-Lucent," said Alcatel-Lucent CFO, Mess. de Pesquidoux. "Remi's comprehensive knowledge of our industry combined with his first-hand experience and understanding of the financial community and its needs will be a clear asset for our company." Mr. Thomas holds a MBA from Warwick University, GB, and is a graduate from the ESC business school in Toulouse, France. He is a member of the French financial analysts society (Societe francaise des analystes financiers). About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short-term debt of Alcatel-Lucent. Moody's said the outlook for the ratings is stable. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. AVNET INC: Selects Four New Corporate Vice Presidents ----------------------------------------------------- Avnet Inc. has elected four new corporate officers and the promoted two others. John Paget, president, Avnet Technology Solutions Global; Jim Smith, president, Avnet Logistics; and K.P. Tang, president, Avnet Technology Solutions Asia Pacific, have all been elected as new corporate vice presidents for Avnet, Inc. In addition, Jill Wysolmierski was elected chief tax officer. Phil Gallagher, president, Avnet Electronics Marketing Americas, was promoted to corporate senior vice president for Avnet, Inc., and Jun Li, assistant general counsel, was promoted to secretary from assistant secretary. "These promotions reflect the substantial contributions each of these executives has made to the success of Avnet," said Roy Vallee, chairman and CEO, Avnet, Inc. "By demonstrating exceptional performance in their respective areas of responsibility, they have earned the respect of their peers, both as leaders and colleagues, with a commitment to excellence." John Paget, president, Avnet Technology Solutions Global, joined Avnet in 2007 and is responsible for leading Avnet's growing US$6 billion computing business worldwide. He came to Avnet from Synnex Corporation, where he was president of the Technology Solutions Division and had also served as president of Synnex North America and chief operating officer. Prior to that position, he had worldwide responsibility for GE Technology Financial Services as senior vice president and general manager. He reports to Rick Hamada, chief operating officer for Avnet, and is a member of the Avnet Executive Board. Jim Smith was promoted to president of Avnet Logistics in 2006 after serving as senior vice president of Warehousing & Distribution Worldwide for Avnet. Mr. Smith oversees logistics services globally and is a member of the Avnet Executive Board. He joined Avnet in 2000 and was responsible for logistics operations for Avnet Electronics Marketing in the Americas. Prior to joining Avnet, he served in leadership positions with Marshall Industries, Kierulff Electronics, Wyle Electronics Marketing Group and Atlas Services North America. He also reports to Rick Hamada and is a member of the Avnet Executive Board. K.P. Tang, president, Avnet Technology Solutions Asia Pacific, is responsible for the strategic direction and growth of Avnet Technology Solutions' Asia Pacific region. Mr. Tang joined Avnet in 2005 and has had a distinguished career, most recently serving as vice president of Asia Business and Development and Sales for Celestica, Inc., a global provider of electronics manufacturing services with operations in Asia, Europe and the Americas. His career also includes more than 30 years with IBM. He reports to Mr. Paget. Jill Wysolmierski, CPA, is vice president of Corporate Tax for Avnet, Inc. She has responsibility for managing all aspects of global income tax matters. Ms. Wysolmierski joined Avnet in 1998 and previously served in tax management positions with AT&T, Hoke Incorporated and KPMG. She reports to Ray Sadowski, Avnet chief financial officer. Phil Gallagher, president, Avnet Electronics Marketing Americas, is responsible for leading Avnet Electronics Marketing in the Americas, a position he has held since 2004. He previously served as senior vice president, global business development, Avnet Electronics Marketing, where he was responsible for the group's global supplier relationships. He has been with Avnet for more than 25 years, holding a series of progressively more responsible positions. He was first named a corporate officer in November 1997 and reports to Harley Feldberg, president of Avnet Electronics Marketing Global. Jun Li, vice president and assistant general counsel, joined Avnet in April 2005. Mr. Li's responsibilities include managing core entity information for the company's 200 plus subsidiaries globally and counseling the Board of Directors and senior management on corporate governance. He joined Avnet in April 2005 as associate general counsel with primary responsibility for providing legal support in the areas of securities law, capital market transactions and corporate governance. He first became a corporate officer in 2006 and reports to David Birk, Avnet general counsel. About Avnet Inc. Headquartered in Phoenix, Arizona, Avnet, Inc. -- http://www.avnet.com/-- distributes electronic components and computer products, primarily for industrial customers. It has operations in the following countries: Australia, Belgium, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand, Philippines, Singapore, and Sweden, Brazil, Mexico and Puerto Rico. * * * Moody's Investors Service affirmed Avnet's Ba1 corporate family long-term debt ratings in March 2007. Moody's said the outlook is positive. BANK CENTRAL ASIA: Aims to Disburse IDR5-Tril. Loans in 2008 ------------------------------------------------------------ PT Bank Central Asia aims to disburse IDR5 trillion in new corporate credits this year, Asia Pulse reports. Bank Central Corporate Director Dhalia Ariotedjo told the news agency that the oil and gas and telecommunication sectors would be the main targets of credit expansion. Ms. Ariotedjo is optimistic that the target would be reached with improvement in economic conditions, the report notes. According to the report, Bank Central Asia had IDR85 trillion in outstanding credit by the end of 2007, up from the IDR61.59 trillion a year before. Asia Pulse further cites Ms. Ariotedjo as saying that the bank is negotiating with PT Aneka Tambang on large credits needed by the state mining company. The bank has also agreed to finance construction of toll road projects and power generating projects worth trillions of rupiahs, Asia Pulse adds. About Bank Central Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk -- http://www.klikbca.com/-- offers individual and business products and services. The bank's individual services consist of savings accounts, home loans and car loans, remittance, collection and safe deposit facilities. The bank's business services consist of working capital loans, investment loans and bank guarantee for small and medium-sized enterprises. In addition, it provides export import facilities such as letters of credit, negotiation and discounting. The bank's subsidiaries include PT BCA Finance, BCA Finance Limited and BCA Remittance Limited. It has 772 branches in Indonesia, Singapore and New York, 42,958 EDCs and operates 4,425 ATMs. The bank serves 6.6 million accounts throughout Indonesia. * * * The Troubled Company Reporter-Asia Pacific reported on Nov. 2, 2006, that Fitch Ratings affirmed all the ratings of Bank Central Asia as follows: * Long-term foreign currency Issuer Default rating: BB- * Short-term foreign currency rating: B * Individual: C/D and * Support: 4. BANK INTERNASIONAL: Opens New Branch in Pekanbaru ------------------------------------------------- PT Bank Internasional Indonesia Tbk has opened a new sub-branch in Jalan Riau, Pekanbaru. Deputy Head of BI Pekanbaru Djoko Wahyudiono said that by including this new BII sub-branch, there are 50 registered sub- branches in Pekanbaru. "Hopefully this sub-branch can compete healthily with other banks branches and also can create more conducive economic situation," Mr. Wahyudiono said. Bank Internasional has three sub-branches and one main branch in Pekanbaru. Channel Management Group Head Sudono J. Wong said that hopefully this new sub-branch can give maximum services to BII loyal customers. "The transactions in main branch in Sudirman street are very high. By the presence of this new sub-branch, quality services will become even better because part of customer traffics will divert to this new sub-branch," Mr. Wong said. Mr. Wong also added that, "this sub-branch does not only provide saving transaction, but also other banking transactions, such as loans within prudential corridors." About Bank Internasional PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/-- engages in general banking services and in other banking activities based on Syariah principles. The bank's services are divided into three categories: Personal Services, consisting of Funding, Credit Card Services, Loan, Reksadana and Bancassurance; Corporate Services, consisting of Funding, Credit Card Services, Loan and Investment Banking, and Platinum Services, consisting of Platinum Access, Syariah Platinum Access and Platinum MasterCard. The bank is headquartered in Jakarta, Indonesia. With a total customer deposit base of more than IDR34 trillion and over IDR47 trillion in assets, Bank Internasional is one of the largest banks in Indonesia with an international network that comprises over 230 branches and 700 ATMs across Indonesia, as well as a banking presence in Mauritius, Mumbai and the Cayman Islands. The Troubled Company Reporter-Asia Pacific reported on October 19, 2007, that Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of