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 Tuesday, February 5, 2008, Vol. 11, No. 25 Headlines A U S T R A L I A CARIMOO PTY: Members' & Creditors' Meeting Slated for Feb. 18 CURTIS NATIONWIDE: Placed Under Voluntary Liquidation JEM DEVELOPMENTS: Court Enters Wind-Up Order QUEENSLAND GAS: Shares Up 21% Due to Fuel-Export Project With BG RALLY TASMANIA: Creditors' Proofs of Debt Due on February 8 RPRA PROPERTIES: Members' Final Meeting Slated for February 19 SKYBLAZE HOLDINGS: Members' Final Meeting Set for February 12 SUNRAYSIA GROWERS: Commences Liquidation Proceedings THE LENTIL COMPANY: Final Meeting Set for February 8 WINGSOAR PTY: Members' Final Meeting Set for February 12 ZENITH IDENTI-T: Liquidator to Present Wind-Up Report Today C H I N A , H O N G K O N G & T A I W A N AGRICULTURAL BANK: Negates Rumors of US$50-Billion Fresh Capital AMERICAN ACOUSTIC: Appoints New Liquidators BRIDGETECH: Sept. 30 Balance Sheet Upside-Down by US$6.9 Mil. CHINGTUNG FUTURES: Members Meeting Fixed for Feb. 6 EQUIPMENT SOLUTION: Appoints New Liquidators ELITE RISE: Members Meeting Fixed for Feb. 5 ICBC: Gets Regulatory Approval to Buy 20% Stake in Standard Bank JOINT CAPITAL: Liquidators Quit Post NEO-CHINA: Resignations Cue Moody's to Monitor Developments NIN HING: Court to Hear Wind-Up Petition on Feb. 27 ORIENTAL PLAN: Schedules Members Meeting on Feb. 6 TECHNOSTORE LTD: Liquidator to Present Wind-Up Report on Feb. 19 TUNG TAT: Court to Hear Wind-Up Petition on Feb. 27 WITEX INDUSTRIAL: Court to Hear Wind-Up Petition on March 12 I N D I A AGILENT TECH: Files Lawsuit to Protect Liquid Chormatography IP AFFILIATED COMPUTER: Earns us$81.6M in 2nd Qtr. Ended Dec. 31 BHARTI AIRTEL: Allots 11,675 Shares to Employees HERCULES OFFSHORE: Earns US$31.3 Million in Fourth Quarter 2007 ICICI BANK: Calls Off Plans for Proposed New Subsidiary ICICI BANK: Arun Ramanathan to Replace Vinod Rai STRATOS GLOBAL: Improved Credit Prompts Moody's Outlook Change TATA MOTORS: January Passenger Car Sales Down 12% TATA STEEL: Posts INR10.69-Bil. Net Profit in Qtr. Ended Dec. 31 WESTERN INDIA: Loss Narrows to INR36 Mil. in Qtr. Ended Dec. 31 I N D O N E S I A ANEKA TAMBANG: Fourth Qtr. Revenue Up 63% to IDR3.6 Trillion BANK NIAGA: Sees 20% Growth in Lending Portfolio BANK NIAGA: Partners With Telkom Indonesia for Load Purchase CA INC: Earns US$163 Million in Third Quarter Ended Dec. 31 FOSTER WHEELER: Selects Three New Directors on Board MARSH & MCLENNAN: Increases Quarterly Dividend to US$.20/Share MARSH & MCLENNAN: Appoints Brian Duperreault as Pres. & CEO PERUSAHAAN: 10,000MW Project Threatened by High Steel Prices * INDONESIA: Fitch Issues Stable Outlook for Coal Producers J A P A N NIS GROUP: R&I Says Loss Is Within Expectation SHINSEI BANK: Reports Consolidated Financial Results for 3Q07 * JAPAN: Fitch Sees Modest Growth in Structured Finance Market K O R E A DAEWOO ELECTRONIC: Amends Date for Establishment of JV Company DAEWOO ELECTRONIC: Completes Public Offering of Common Shares KAFCO C&I: Enters Into KRW121-Mil. Supply Deal With SK C&C SUN SAGE: Moody's Affirms Ba2 Rating of US$200-Mil. Sr. Notes M A L A Y S I A ARK RESOURCES: Updates Bursa on Default Status as of Jan. 31'08 EKRAN BERHAD: Owes MYR59 Million to Four Lenders LITYAN HOLDINGS: Payment Default Totals MYR27 Mil. as of Jan. 31 MALAYSIAN AIRLINE: Served with Complaints from Abrams and Adlin MEGAN MEDIA: Tan Chie Kiong to Quit as Deputy Chief Executive SYARIKAT: Turns Around w/ MYR11MM Profit in Qtr. Ended Nov. 30 N E W Z E A L A N D BLACKHAND STUDIO'S: Wind-Up Petition Hearing Set for Feb. 21 BLACK ROCKS: Wind-Up Petition Hearing Slated for February 11 ELITE BUILDING: Court to Hear Wind-Up Petition on April 24 EXCEL PAINTERS: Subject to CIR's Wind-Up Petition FORREST HILL: Faces CIR's Wind-Up Petition H4 CONSTRUCTION: Subject to Midway Timber's Wind-Up Petition HUA KANG: Wind-Up Petition Hearing Slated for February 18 STEALTH SOLUTIONS: Faces CIR's Wind-Up Petition TAURANGA ABATTOIR: Placed Under Voluntary Liquidation P H I L I P P I N E S LAND BANK: Moody's Puts E+ BFSR on Review for Likely Upgrade PHIL. LONG DISTANCE: NTC Denies Extension to Operate in Iloilo * PHILLIPINES: S&P Affirms 'BB-' Rating on US$1-Bil. Global Bond S I N G A P O R E HOLA DEVELOPMENT: Creditors' Proofs of Debt Due on February 15 HUP HIN: Pays First and Final Dividend HWA LEONG: Requires Creditors to File Claims by February 24 LAWSONS DELIVERY: Court to Hear Wind-Up Petition on February 15 STATS CHIPPAC: Earns US$41 Million in Fiscal Year 2007 V I E T N A M * VIETNAM: Fitch Sees More Growth on Foreign Direct Investments * Fitch Gives Outlook Stable for Asia-Pacific Oil & Gas Sector * Fitch Holds Stable Outlook on Asia-Pacific Utilities in 2008 * BOND PRICING: For the Week 04 February to 08 February 2008 - - - - - - - - ================= A U S T R A L I A ================= CARIMOO PTY: Members' & Creditors' Meeting Slated for Feb. 18 ------------------------------------------------------------- The members and creditors of Carimoo Pty Limited will meet on February 18, 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: D. M. Morgan c/o Clout & Associates 144-148 West High Street, Level 1 Coffs Harbour New South Wales 2450 Australia About Carimoo Pty Carimoo Pty Limited, which is also trading as P J's Mower Service, operates retail nurseries, lawn and garden supply stores. The company is located at Toormina, in New South Wales, Australia. CURTIS NATIONWIDE: Placed Under Voluntary Liquidation ----------------------------------------------------- At an extraordinary general meeting held on December 21, 2007, the members of Curtis Nationwide Pty Ltd resolved to voluntarily liquidate the company's business. Christopher Michael Williamson and Kimberley Andrew Strickland were then tapped as liquidators. The Liquidators can be reached at: Christopher Michael Williamson Kimberley Andrew Strickland SimsPartners Level 12, 40 St George's Terrace Perth, Western Australia 6000 Australia About Curtis Nationwide Curtis Nationwide Pty Ltd, which is also trading as Curtis Brothers, is involved in the business of local trucking with storage. The company is located at Maddington, in Western Australia, Australia. JEM DEVELOPMENTS: Court Enters Wind-Up Order -------------------------------------------- On December 21, 2007, the Federal Court of Australia entered an order to have Jem Developments Pty Ltd's operations wound up. Steven Nicols was then 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 Web site: http://www.bankrupt.com.au About Jem Developments Jem Developments Pty Ltd operates non-classifiable establishments. The company is located at Miranda, in New South Wales, Australia. QUEENSLAND GAS: Shares Up 21% Due to Fuel-Export Project With BG ---------------------------------------------------------------- Angela Macdonald-Smith at Bloomberg News relates that Queensland Gas Co.'s shares gained yesterday as much as 21% to AU$4.14 on the Australian Stock Exchange. The same report adds that the shares are positively affected by the company's latest AU$8 billion fuel-export project with BG Group Plc. Queensland Gas' venture with BG Group raises the company's reserves at a time when demand for liquefied natural gas is forecasted to rise annually to 400 million metric tons by 2015, Bloomberg says. Under the plan, BG and Queensland will construct an LNG plant near Gladstone, a coal seam gas fields, and a 380-km pipeline, according to the same report. The facility is expected to process three to four million metric tons of gas a year beginning 2013. Meanwhile, BG Group has also bought a 9.9% stake in Queensland Gas for AU$250 million, and a 20% stake in the company's coal seam operations in the Surat Basin for AU$415 million. BG Group will also buy 10% of the LNG project for AU$207 million once it got approval, Bloomberg states. About BG Group Headquartered in the United Kingdom, BG Group Plc operates in 25 countries over five continents. The company operates on four key business sectors: Exploration and Production; Liquefied Natural Gas; Transmission and Distribution; and Power. About Queensland Gas Headquartered in Brisbane, Australia, Queensland Gas Company Limited -- http://www.qgc.com.au/-- is a coal seam gas producer. The company's principal activities consisted of the ongoing development of the Berwyndale South producing area, the development of the Berwyndale, Bellevue and Kenya-Argyle producing area, and the ongoing exploration and appraisal for coal seam gas in the Surat Basin in southern Queensland. The company incurred net losses of AU$12.22 million, AU$6.25 million, and AU$12.17 million for the years ended June 30, 2007, 2006 and 2005. RALLY TASMANIA: Creditors' Proofs of Debt Due on February 8 ----------------------------------------------------------- The creditors of Rally Tasmania Promotions Pty Ltd are required to file their proofs of debt by February 8, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 14, 2007. Rally Tasmania's liquidator is: Christopher Paul Mitchell WHK Pinnacle 117 Wilson Street Burnie, Tasmania 7320 Australia About Rally Tasmania Rally Tasmania Promotions Pty Ltd is involved with professional sports clubs business. The company is located at Natone, in Tasmania, Australia. RPRA PROPERTIES: Members' Final Meeting Slated for February 19 -------------------------------------------------------------- RPRA Properties Pty Limited will hold a final meeting for its members on February 19, 2008, at 10:00 a.m. At the meeting, Geoffrey Reidy, RPRA's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Geoffrey Reidy Rodgers Reidy Level 8, 333 George Street Sydney, New South Wales 2000 Australia About RPRA Properties RPRA Properties Pty Limited operates investment offices. The company is located at Lane Cove, in New South Wales, Australia. SKYBLAZE HOLDINGS: Members' Final Meeting Set for February 12 ------------------------------------------------------------- A final meeting will be held for the members of Skyblaze Holdings Pty Ltd on February 12, 2008, at 9:20 a.m. At the meeting, Anthony Stevens Smith, Skyblaze's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Anthony Stevens Smith Ernst & Young Level 21, 91 King William Street Adelaide, South Australia 5000 Australia Telephone:(08) 8233 7143 About Skyblaze Holdings Located at Perth, in Western Australia, Australia, Skyblaze Holdings Pty Ltd is an investor relation company. SUNRAYSIA GROWERS: Commences Liquidation Proceedings ---------------------------------------------------- After a Special Postal Ballot of Sunraysia Growers Co-operative Ltd's members, it was resolved to voluntarily liquidate the company's business. Des Munro of SimsPartners was then appointed as liquidator. The Liquidator can be reached at: Des Munro SimsPartners Level 4, 12 Pirie Street Adelaide, South Australia 5000 Australia About Sunraysia Growers Sunraysia Growers Co-Operative Ltd is involved with business associations. The company is located at Mildura, in Victoria, Australia. THE LENTIL COMPANY: Final Meeting Set for February 8 ---------------------------------------------------- The Lentil Company Pty Ltd will have its final meeting on February 8, 2008, at 10:00 a.m. At the meeting, George Divitkos, The Lentil's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: George Divitkos BDO Kendalls (South Australia) 248 Flinders Street Adelaide, South Australia 5000 Australia About The Lentil Company The Lentil Company Pty Ltd, which is also trading as TLC Exports, is a distributor of grains and field beans. The company is located at Horsham, in Victoria, Australia. WINGSOAR PTY: Members' Final Meeting Set for February 12 -------------------------------------------------------- Wingsoar Pty Ltd will hold a final meeting for its members on February 12, 2008, at 9:30 a.m. At the meeting, Anthony Stevens Smith, Wingsoar's liquidator, will give a report on the company's wind-up proceedings and property disposal. The Liquidator can be reached at: Anthony Stevens Smith Ernst & Young Level 21, 91 King William Street Adelaide, South Australia 5000 Australia Telephone:(08) 8233 7143 About Wingsoar Pty Located at Osborne, in South Australia, Australia, Wingsoar Pty Ltd is an investor relation company. ZENITH IDENTI-T: Liquidator to Present Wind-Up Report Today ----------------------------------------------------------- The members and creditors of Zenith Identi-T Pty Ltd will meet today, February 5, 2008, at 11:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Martin Jones Ferrier Hodgson BankWest Tower, Level 26 108 St George's Terrace Perth, Western Australia Australia About Zenith Identi-T Zenith Identi-T Pty Ltd is a distributor of durable goods. The company is located at Brigadoon, in Western Australia, Australia. ================================================ C H I N A , H O N G K O N G & T A I W A N ================================================ AGRICULTURAL BANK: Negates Rumors of US$50-Billion Fresh Capital ---------------------------------------------------------------- The Agricultural Bank of China has denied media reports saying that it had a US$50 billion capital injection from Central Huijin, a government-sponsored investment company, Xinhua News Bureau reports. Zhou Qingyu, the bank's spokesperson told Xinhua that the rumored capital injection by April is untrue. Mr. Qingyu disclosed that the bank's listing plan and restructuring are still being discussed. Chen Xiwen, head of the Office of the Central Leading Group on Rural Work, noted to Xinhua that the amount needed to restructure the bank would be known after the plan gets government approval. As previously reported, China Knowledge said that the Agricultural Bank would launch an IPO within three years to become a public company. With regards to going public, the spokesperson clarified that it will do so when the time is right, and once the company restructuring is completed, Xinhua says. The Agricultural Bank of China -- http://www.abchina.com/en/hq/index.jsp/index.html-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of 2006. According to XFN-Asia, at the end of September 2007, Agricultural Bank had outstanding loans of CNY3.44 trillion, of which 22.11% were bad loans. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. AMERICAN ACOUSTIC: Appoints New Liquidators ------------------------------------------- The members of American Acoustic Development Limited appointed Yeo Boon Ann and Robert Armor Moris as the company's liquidators. BRIDGETECH: Sept. 30 Balance Sheet Upside-Down by US$6.9 Mil. ------------------------------------------------------------- Bridgetech Holdings International Inc.'s consolidated balance sheet at Sept. 30, 2007, showed US$1,498,967 in total assets, and US$8,367,455 in total liabilities, resulting in a US$6,868,488 total stockholders' deficit. At Sept. 30, 2007, the company's consolidated balance sheet also showed strained liquidity with US$733,918 in total current assets available to pay US$8,347,130 in total current liabilities. The company reported a net loss of US$4,109,771 on revenues of US$44,665 for the third quarter ended Sept. 30, 2007, compared with a net loss of US$1,766,355 on revenues of US$127,487 in the same period of 2006. Cost of goods sold was US$117,448 for the three months ended September 2007, up from cost of goods sold of US$68,953 in the comparable three months of 2006. Operating loss increased to US$3,078,588 for the three months ended Sept. 30, 2007, versus an operating loss of US$1,642,299 in the comparable three months of 2006. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?27a2 Going Concern Doubt Jewett, Schwartz, Wolfe & Associates, in Hollywood, Fla., expressed substantial doubt about Bridgetech Holdings International Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements as of the years ended Dec. 31, 2006, and 2005. The auditing firm reported that the company has operating and liquidity concerns, has incurred an accumulated deficit of approximately US$17.2 million through the period ended Dec. 31, 2006, and current liabilities exceeded current assets by approximately US$2.3 million at Dec. 31, 2006. About Bridgetech Holdings Headquartered in San Diego, Bridgetech Holdings International Inc. (Other OTC: BGTH.PK) -- http://www.bridgetechholdings.com/ -- engages in the transfer of medical drugs, devices, and diagnostics from the United States to China, with a primary focus on oncology. The company also offers medical technology transfer, nurse recruitment and training, medical imaging, and healthcare radio frequency identification solutions. It operates its own clinical research organization in Hong Kong. The company has offices in Hong Kong and Beijing. CHINGTUNG FUTURES: Members Meeting Fixed for Feb. 6 --------------------------------------------------- The members of Chintung Future's Limited will have their final general meeting on February 6, 2008, at 29th Floor, Caroline Centre, lee gardens Two, 28 yun Ping Road, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Ian Robinson. EQUIPMENT SOLUTION: Appoints New Liquidators -------------------------------------------- The members of Equiptment Solution Limited appointed Lai Kar Yan Derek and Darach E. Haughey as the company's liquidators. The Liquidators can be reached at: Lai Kar Yan Derek Darach E. Haughey 35th Floor, One Pacfic Place 88 Queensway Hong Kong ELITE RISE: Members Meeting Fixed for Feb. 5 -------------------------------------------- The members of Elite Rise Investment Limited will have their final general meeting on February 5, 2008, at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, in Hong Kong. Among others, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Lee Mei Yee May. ICBC: Gets Regulatory Approval to Buy 20% Stake in Standard Bank ---------------------------------------------------------------- The Industrial and Commercial Bank of China has gotten approval from the China Banking Regulatory Commission for the purchase of a twenty percent stake in South Africa's Standard Bank, Xinhua reports. ICBC, the country's biggest lender, announced in October last year its agreement to purchase a stake in South Africa's largest commercial bank for US$5.46 billion. The transaction has already gotten approval from both the banks' shareholders, the South African Registrar of Banks, and the Johannesburg Securities Exchange, the same report says. Once the purchase is completed, the Chinese bank will become the top shareholder of Standard Bank, Xinhua says, citing ICBC's Chairmain Jiang Jianqing. "As many of our large clients seek investments in Africa, the demand for cross-border financial services is accelerating. Standard Bank, with its market leading position in South Africa and a true-pan-African footprint, represents the best organization with which ICBC can partner," Mr. Jiang was quoted by Xinhua as saying. Meanwhile, Standard Bank's Chief Executive Officer Jacko Maree viewed the transaction as way for both parties to share expertise and gain access to each other's market, Xinhua relates. The Industrial and Commercial Bank of China -- http://www.icbc.com.cn/-- is the largest state-owned commercial bank, and is authorized by the State Council and the People's Bank of China. ICBC conducts operations across China as well as in major international financial centers. On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific reported that Fitch Ratings affirmed ICBC's Individual D/E rating. Moody's Investors Service upgraded on December 6, 2006, to D- from E+ the Bank Financial Strength Rating for Industrial and Commercial Bank of China. The D- BFSR has a stable outlook. The upgrade concludes a review of ICBC's BFSR started on Aug. 9, 2006. JOINT CAPITAL: Liquidators Quit Post ------------------------------------ On January 2, 2008, Stephen Lui Yui Keung and Yeo Boon Ann stepped down as liquidators for Joint Capital Limited. The former liquidator can be reached at: Stephen Lui Yui Keung Yeo Boon Ann 18th Floor Two International Finance Centre 8 Finance Street Central, Hong Kong NEO-CHINA: Resignations Cue Moody's to Monitor Developments ----------------------------------------------------------- Moody's Investors Service says it is monitoring developments at Neo-China Group (Holdings) Limited and the possible impact on its ratings following the company's announcement of the resignations of its Company Secretary and Qualified Accountant. "The two resignations, in view of the prolonged suspension of trading in its shares, have added to our concerns over any potential negative developments within the company, and which could eventually affect its operating and financial profiles," says Kaven Tsang, Moody's lead analyst for the company. "However, given the current lack of news to justify an imminent rating change, Moody's will for now continue to monitor developments and respond to the company's announcements in due course," says Tsang, adding, "The ratings could come under pressure if any material adverse development is observed." Neo-China Group (Holdings) Limited is a Chinese property developer engaged in residential and mixed-use developments. It has 16 major projects under development in 12 cities in China and a land bank of around 13.6 million sqm in GFA. It also has two primary land development projects in Tianjin and Chengdu with a total area of 8.4 million sqm. * * * Moody's Investors Service affirmed on Oct. 9, 2007, its B1 corporate family and senior unsecured ratings for Neo-China Group (Holdings) Limited. The outlook is stable. NIN HING: Court to Hear Wind-Up Petition on Feb. 27 --------------------------------------------------- On December 24, 2007, Lai Tat Lung filed a petition to have Nin Hing Electronic Engineering Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on February 27, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chung Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong ORIENTAL PLAN: Schedules Members Meeting on Feb. 6 -------------------------------------------------- The members of Oriental Plan Development Limited will have their final general meeting on February 6, 2008, at 118th Floor, Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai, in Hong Kong. During the meeting, the members will hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is Kwok Tai Wai. TECHNOSTORE LTD: Liquidator to Present Wind-Up Report on Feb. 19 ---------------------------------------------------------------- The creditors and contributors of Technostore Limited will have their final general meeting on February 19, 2008, at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, in Hong Kong. At the meeting, the liquidator will report on the company's wind-up proceedings and property disposal. The company's liquidator is Lee Mei Yee May. TUNG TAT: Court to Hear Wind-Up Petition on Feb. 27 --------------------------------------------------- On December 27, 2007, Lai Tat Lung filed a petition to have Tung Tat Development Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on February 27, 2008, to hear the petition. The petitioners' solicitor can be reached at: Chung Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong WITEX INDUSTRIAL: Court to Hear Wind-Up Petition on March 12 ------------------------------------------------------------ On January 9, 2008, Lai Tat Lung filed a petition to have Witex Industrial Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on March 12 2008, to hear the petition. The petitioners' solicitor can be reached at: Chung Yan-tung Chris 34th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong ========= I N D I A ========= AGILENT TECH: Files Lawsuit to Protect Liquid Chormatography IP --------------------------------------------------------------- Agilent Technologies Inc. has filed litigation against Advanced Materials Technology Inc. in the Delaware Court of Chancery to protect confidential and proprietary information relating to its high-performance liquid chromatography technology. The complaint contends that three former Agilent employees, now with AMT, breached the confidentiality of their employment agreements, misappropriated Agilent trade secrets and breached their fiduciary duties with respect to Agilent�s HPLC intellectual property. The litigation filing alleges that Agilent trade secrets and confidential information were used by AMT in developing its Halo HPLC columns. "Agilent is built on a long-standing foundation of integrity and high ethical standards by our employees in both their external and internal interactions," said Mike McMullen, vice president and general manager of Agilent�s Chemical Analysis Solutions Unit. "This is an unfortunate, but reasonable and necessary action to vigorously protect our intellectual property." Agilent is a leading global supplier of HPLC instruments, consumables and support. HPLC is a form of liquid chromatography used frequently in biochemistry and analytical chemistry. Sometimes referred to as high-pressure liquid chromatography, it is used to separate components of a mixture by using a variety of chemical interactions between the substance being analyzed and the chromatography column. About Agilent Tech Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/ -- is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company's 19,000 employees serve customers in more than 110 countries. The company has operations in India, Argentina, Puerto Rico, Bolivia, Paraguay, Venezuela, and Luxembourg, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 26, 2007, Moody's Investors Service has assigned a Ba1 rating to Agilent Technologies, Inc.'s proposed offering of USUS$500 million senior notes due 2017 and affirmed its existing ratings and stable outlook. AFFILIATED COMPUTER: Earns us$81.6M in 2nd Qtr. Ended Dec. 31 ----------------------------------------------------------- Affiliated Computer Services Inc. reported net income of us$81.6 million for second quarter ended Dec. 31, 2007, compared to net income of us$72.1 million for the same period in the previous year. "I am very pleased with our second quarter results," said Lynn Blodgett, ACS president and chief executive officer. "With the uncertainty of ownership behind us we were able to focus on selling more business, collecting our cash and growing earnings per share. Our financial goal is to deliver consistent, good growth in revenue, signings and earnings." "I feel we made very positive progress toward those goals this quarter. We need to continue improving our revenue growth rates and I am confident that our improved signings this quarter and in the future will be the main catalyst for accelerating our growth. We also demonstrated we can manage our collections and capital expenditures. I'm proud of the results our great team delivered this quarter." For six months ended Dec. 31, 2007, the company reported net income of us$147.7 million, compared to net income of us$133.5 million for the same period in the previous year. Key highlights from ACS' fiscal year 2008 second quarter: -- Cash flow from operations during the second quarter was approximately us$323 million. Free cash flow during the quarter was us$248 million. This quarter's cash flow results benefited from improved collections on accounts receivable. Capital expenditures and additions to intangible assets were approximately us$74 million. -- During the quarter, the company's board of directors endorsed a us$1 billion share repurchase program and authorized a us$200 million share repurchase program. The company used free cash flow to complete the us$200 million share repurchase program during the second quarter, purchasing approximately 4.5 million shares at an average price of us$44 per share. Key year-to-date highlights for fiscal 2008: -- Cash flow from operations for year-to-date fiscal 2008 was approximately us$331 million and free cash flow was us$181 million. Capital expenditures and additions to intangibles were approximately us$150 million. At Dec. 31, 2007, the company's balance sheets showed total assets of us$6.03 billion, total liabilities of us$3.98 billion and total stockholder's equity of us$2.05 billion. About Affiliated Computer Services Inc. Headquartered in Dallas, Texas, Affiliated Computer Services Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business process outsourcing and information technology services to commercial and government clients. The company has two segments based on the clients it serves: commercial and government. The company provides services to a variety of clients including healthcare providers and payers, manufacturers, retailers, wholesale distributors, utilities, entertainment companies, higher education institutions, financial institutions, insurance and transportation companies. * * * As reported in the Troubled Company Reporter on Jan. 30, 2008, Moody's Investors Service confirmed Affiliated Computer Services' Ba2 corporate family rating with a stable rating outlook. This rating confirmation concludes a review for possible downgrade initiated on March 20, 2007. The ratings of ACS remained under review for possible downgrade. BHARTI AIRTEL: Allots 11,675 Shares to Employees ------------------------------------------------ Bharti Airtel Ltd's board of directors, at a meeting yesterday, alloted 11,675 equity shares to employees: -- 8,650 fully paid up shares of INR10 each at an exercise price of INR221; -- 775 fully paid up equity shares of INR10 each at an exercise price of INR313; -- 800 fully paid up shares of INR10 each at an exercise price of INR357; -- 1,150 fully paid up equity shares of INR10 each at an exercise price of Rs 390; and -- 300 equity shares of INR10 each fully paid up at an exercise price of INR412. The board issued the shares upon the employee's exercise of stock options pursuant to the company's ESOP Scheme 2005. With the allotment, the equity base of the company increased from present level of 1,897,883,246 shares to 1,897,894,921 shares of INR10 each. Headquartered in New Delhi, India, -- http://www.bhartiairtel.in-- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services (B&TS) and Enterprise Services. * * * Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel Limited's Long-term foreign currency Issuer Default Rating at 'BB+'. Fitch said the outlook on the rating is stable. HERCULES OFFSHORE: Earns US$31.3 Million in Fourth Quarter 2007 --------------------------------------------------------------- Hercules Offshore Inc. has reported net income of US$31.3 million on revenues of US$262.9 million for the fourth quarter 2007, compared to net income of US$35.5 million on revenues of US$114.7 million for the fourth quarter 2006. Net income was US$136.5 million, or US$2.29 per diluted share, on revenues of US$766.8 million for the twelve months ended Dec. 31, 2007, compared to net income of US$119.1 million or US$3.70 per diluted share, on revenues of US$344.3 million for the twelve months ended Dec. 31, 2006. The results from the twelve month period ended Dec. 31, 2007 include US$3.1 million in severance costs and other costs related to our July 2007 acquisition of TODCO, and a loss of US$1.5 million related to the early retirement of debt, net of a US$0.7 million gain on interest rate derivatives. On an after-tax basis, these items approximated US$3.0 million, or US$0.05 per diluted share. Excluding the effect of these items, net income for the year ended Dec. 31, 2007, was US$139.5 million or US$2.34 per diluted share. A one-time gain of US$18.6 million, net of tax, related to an insurance claim settled on the loss of Rig 25 in Hurricane Katrina, was included in the 2006 results. Excluding this gain, net income was US$100.4 million or US$3.12 per diluted share for the twelve month period ended Dec. 31, 2006. Hercules Offshore Chief Executive Officer and President, Randy Stilley stated, "2007 was a transformative year for Hercules Offshore. Our company grew dramatically, tripling the size of our offshore drilling fleet as a result of our acquisition of TODCO. We quickly completed the integration of TODCO into our operations, using the best of both companies to form a leader in the industry. The acquisition also enhanced our financial flexibility and expanded our geographic footprint. Furthermore, in line with our strategy of focusing on shallow water offshore services, we divested of the nine legacy TODCO land rigs late last year." "The past year also marked a period of transition for the US Gulf of Mexico. It was a year in which many of our customers retrenched, focusing on strengthening their balance sheets or digesting recent property acquisitions. Importantly however, supply also adjusted downward to reflect decreased demand. Going forward, based on our customers' indications of higher activity, and supported by the recent improvem ent in natural gas prices, we are confident that activity levels will commence a gradual upturn during 2008. Additionally, we will remain focused on managing our operating costs as we did so effectively during 2007, as well as seeking opportunities to further enhance our international presence." Mr. Stilley added. Offshore Highlights During the fourth quarter 2007, revenues from Domestic Offshore increased by 44% to US$70.7 million, from US$49.1 million in the fourth quarter 2006. The increase was driven by additional operating days as a result of the TODCO acquisition, partially offset by a decline in utilization to 55.6% compared to 99.5% during the fourth quarter 2006 and a reduction in average daily revenue per rig of US$26,563 to US$62,796 in the fourth quarter 2007 as a result of softer demand. Average operating expense per rig per day declined to US$23,408 in the fourth quarter 2007 from US$25,824 in the prior year period largely due to the warm stacking of several idle rigs. Operating income decreased to US$6.5 million in the fourth quarter 2007 from US$30.4 million in the fourth quarter of 2006. International Offshore revenues increased 194% during the fourth quarter of 2007 to US$53.8 million from US$18.3 million in the prior year period due to increased operating days stemming from the acquisition of TODCO. The average daily revenue per rig declined by US$16,945 to US$89,458 during the fourth quarter 2007 compared with the prior year period due to a mix shift in the type of rigs in this segment. The average operating expense per day declined to US$32,622 in the fourth quarter 2007 from US$41,999 in the fourth quarter of 2006. Operating income increased by US$16.0 million to US$24.6 million in the fourth quarter 2007 from US$8.6 million in the prior year period. Inland Highlights During the fourth quarter 2007, the company generated revenues of US$53.5 million and operating income of US$14.1 million in the company's inland segment. Average daily revenue per rig in this segment was US$47,312 on utilization of 72.3%. Prior to the third quarter of 2007, the company did not have inland barge operations. Liftboat Highlights Domestic Liftboats generated revenues of US$32.2 million in the fourth quarter 2007 versus US$38.1 million in the fourth quarter 2006. Operating income decreased to US$10.9 million in the fourth quarter 2007 from US$17.2 million in the same period of 2006. The results were impacted by a decline in the utilization to 65.2% during the fourth quarter 2007 from 74.2% in the same period in 2006, as well as a decline in the company's average revenue per liftboat per day to US$11,656 from US$12,398 over the same periods as the company have largely completed repair work from the active 2005 hurricane season. The average operating expenses per liftboat per day also declined to US$3,379 in the fourth quarter 2007 from US$3,777 in the fourth quarter 2006. The company's International Liftboats segment posted revenues of US$17.3 million for the three-month period ended Dec. 31, 2007, a significant increase from US$9.2 million in the fourth quarter 2006. This increase is largely attributed to an increase in the company's operating days to 1,280 compared with 818 in the fourth quarter of 2006 as a result of its acquisition of eight liftboats and the bareboat charter of an additional five liftboats in late 2006. Average revenue per liftboat per day also increased to US$13,480 from US$11,277 for the same period of 2006 as the company increased its dayrates due to robust demand. Operating income increased to US$5.2 million in the fourth quarter 2007 from US$2.2 million in the fourth quarter 2006. Other Highlights Other segment includes the results of the company's wholly owned subsidiary, Delta Towing, and its former fleet of nine onshore drilling rigs, both of which were assumed as part of the TODCO acquisition. During the fourth quarter 2007, this segment generated revenues of US$35.6 million and operating income of US$6.5 million. As previously announced, the company sold its fleet of nine land drilling rigs and related assets in late December 2007 for US$107.0 million. These assets contributed US$18.7 million in revenue and approximately US$600,000 in operating income to the company's fourth quarter results. Balance Sheet Highlights At Dec. 31, 2007, the Company's balance sheet reflected total assets of US$3.6 billion, including cash & equivalents and marketable securities totaling US$251.7 million, total debt of US$928.6 million and stockholders' equity of US$2.0 billion. About Hercules Offshore Headquartered in Houston, Texas, USA, Hercules Offshore, Inc. (Nasdaq: HERO) provides shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry in the United States Gulf of Mexico and internationally. It operates a fleet of nine jack-up rigs that are capable of drilling in maximum water depths ranging from 85 to 250 feet and a fleet of 64 lift boats with leg lengths ranging from 105 to 260 feet. Its services are organized in four segments, Domestic Contract Drilling Services, International Contract Drilling Services, Domestic Marine Services and International Marine Services. The company's Domestic Contract Drilling Services and Domestic Marine Services are conducted in the United States Gulf of Mexico, its International Contract Drilling Services are conducted offshore Qatar and India, and its International Marine Services are conducted in West Africa. The company also has operations in Venezuela, Trinidad and Mexico. * * * On June 2007, Standard and Poor's Ratings Services raised the corporate credit rating on Hercules Offshore Inc. to 'BB-' from 'B'. The outlook on the long-term issuer credit rating was stable. At the same time, the ratings on Hercules Offshore were removed from CreditWatch with positive implications, where they were placed on March 19, 2007. Standard & Poor's also assigned its 'BB' rating and '2' recovery rating to Hercules Offshore's proposed US$1.05 billion bank facilities. ICICI BANK: Calls Off Plans for Proposed New Subsidiary ------------------------------------------------------- ICICI Bank Ltd has canceled plans to list shares of proposed subsidiary after the bank did not get the Reserve Bank of India's required approval, the Press Trust of India relates. ICICI Bank proposed to transfer its equity shareholding in ICICI Prudential Life Insurance Company Ltd, ICICI Prudential Asset Management Company Ltd, and ICICI Prudential Trust Ltd, to a new subsidiary, ICICI Financial Services, the bank relates in a filing with the Bombay Stock Exchange. According to the bank, the arrangement was subject to the receipt of regulatory and other approvals including that of the Reserve Bank of India, the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board, and was to terminate failing receipt of those approvals within a mutually agreed date. IRDA and FIPB have already given their nods on the proposal. The bank, however, has not received RBI's approval and the agreed date has already elapsed. The company had received definitive offers from investors for subscription to shares of the proposed new subsidiary and for entering into definitive agreements for this purpose. With the bank's failure to get RBI's nod, however, it has terminated its offer. 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. ICICI BANK: Arun Ramanathan to Replace Vinod Rai ------------------------------------------------- The Government of India has nominated Arun Ramanathan to replace Vinod Rai on ICICI Bank Ltd's board effective Jan. 18, 2008. Mr. Rai resigned from the board on Jan. 6. He quit to enable to take oath of office for the post of the comptroller and auditor general of India. 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. STRATOS GLOBAL: Improved Credit Prompts Moody's Outlook Change -------------------------------------------------------------- Moody's Investors Service has revised the outlook for Stratos Global Corporation to stable from negative and upgraded the SGL rating to SGL-3 from SGL-4. The outlook change and SGL upgrade reflect better than anticipated performance, which has improved the company's credit profile and mitigated concern over compliance with financial reporting covenants. Moody's also affirmed the B1 corporate family rating and all other ratings. -- Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4 -- Outlook, Changed To Stable From Negative -- Affirmed B1 Corporate Family Rating -- Affirmed B1 Probability of Default Rating -- Affirmed Ba2 Senior Secured Bank Rating, LGD 2, 23% -- Affirmed B3 Unsecured Bonds Rating, LGD 5, 77% The ratings reflect revenue concentration, some revenue volatility related to the "on-demand" nature of most products, price pressure, expectations for flat to declining EBITDA and high leverage. Diversification by end-user customers and geographic markets and expectations for modestly positive free cash in 2007 and 2008 support the ratings. Furthermore, Moody's expects that Inmarsat plc (Ba2 corporate family rating) will exercise its call option to acquire Stratos Global in 2009, which reduces the risk associated with renewal of its distribution agreement and provides clarity on the company's longer term prospects. Stratos Global Corporation -- http://www.stratosglobal.com/-- is a provider of a range of advanced mobile and fixed-site remote telecommunications solutions for users operating beyond the reach of traditional networks. The company serves the voice and high-speed data connectivity requirements of a diverse array of markets, including government, military, energy, industrial, maritime, aeronautical, enterprise, media and recreational users throughout the world. Stratos operates in two segments: Mobile Satellite Services, which provides mobile telecommunications services, primarily over the Inmarsat plc satellite system, and Broadband Services, which provides very small aperture terminal services, sourced on a wholesale basis from a number of the fixed satellite system operators. The company has offices the following regions: Europe -- Italy, Germany, Norway, Spain, United Kingdom Asia-Pacific -- India, Hong Kong, Singapore, Australia and Japan Latin America -- Brazil. TATA MOTORS: January Passenger Car Sales Down 12% ------------------------------------------------- Tata Motors reported a total sale of 54,796 vehicles (including exports) for the month of January 2008, nearly flat compared to 55,440 vehicles sold in January last year. The monthly sales -- both domestic and total (including exports) -- crossed the 50,000 mark for the first time this fiscal. Cumulative sales for the company were flat at 4,61,725 units. Commercial Vehicles The company's sales of commercial vehicles in January 2008 in the domestic market were 30,530 units, a growth of 6% compared to 28,896 vehicles sold in January last year. M&HCV sales stood at 15,633 units, a decline of 8.6% over January 2007, while LCV sales were 14,897 nos., a growth of 26% over January 2007. Cumulative sales of commercial vehicles in the domestic market for the fiscal were 2,46,060 units, a growth of 2% over last year. Cumulative M&HCV sales stood at 1,28,504 units, a decline of 7.8% over last year, while LCV sales for the fiscal were 1,17,556 units, an increase of 16% over last year. Passenger Vehicles The passenger vehicle business achieved total sales of 20,119 vehicles in the domestic market in January 2008, the highest during the fiscal with a previous average of 17,000 vehicle sales per month till December, but a decline of 11.8% over 22,801 units sold in January 2007. The Indica reported sales of 12,360 units, a decline of 14.6% over January 2007. The Indigo family registered sales of 2,901 units, a decline of 9.5% over January 2007. The new Indica Dicor and the Indigo CS (Compact Sedan) launched in January have received an encouraging reception, with production being in a ramp up mode. The Sumo and Safari accounted for sales of 4,858 units, a decline of 5% over January 2007. The Safari recorded a 23% growth over January 2007, with its highest ever sales of 2,550 units in a month. Cumulative sales of passenger vehicles in the domestic market for the fiscal were 1,71,255 units, a decline of 4.8% over the same period last year. Cumulative sales of the Indica at 1,12,471 units, reported a decline of 3.7%. Cumulative sales of the Indigo family were 22,959 units, a decline of 13%. Cumulative sales of Sumo and Safari were 35,825 units, a decline of 1.8%. The Safari recorded a 24% growth with sales of 14,406 units Exports The company's sales from exports at 4,147 vehicles in January 2008 grew by 11% compared to 3,743 vehicles in January 2007. The cumulative sales from exports in the current period at 44,410 units have recorded a growth of 6% over the previous year. About Tata Motors 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. * * * On Jan. 7, 2008, Standard & Poor's Ratings Services 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. As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd on review for possible downgrade. TATA STEEL: Posts INR10.69-Bil. Net Profit in Qtr. Ended Dec. 31 ---------------------------------------------------------------- Tata Steel Ltd posted a net profit of INR10.69 billion for the quarter ended Dec. 31, 2007, just about the same compared to the INR10.64-billion profit earned in the corresponding quarter in 2006. Total income increased from INR45.68 billion in Oct.-Dec. 2006, to INR50.41 billion in the latest quarter under review. With operating expenses of INR28.94 billion, the company booked an operating profit of INR21.47 billion. Interest charges for the quarter totaled INR3.63 billion, while depreciation was at INR2.09 billion and taxes at INR5.06 billion. A copy of the company's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?27b9 Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- manufactures steel, and ferro alloys and minerals. Tata Steel's products are targeted at the auto sector and construction industry. With wire manufacturing facilities in India, Sri Lanka and Thailand, the company plans to emerge as a major global player in the wire business. As reported in the Troubled Company Reporter-Asia Pacific, Standard & Poor's Ratings Services, on July 10, 2007, lowered its corporate credit rating on Tata Steel to 'BB' from 'BBB.' The outlook is positive. The rating is removed from CreditWatch, where it was placed on Oct. 18, 2006, with negative implications after its announcement on acquiring Corus Group PLC (Corus, BB-/Stable/--). Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1 corporate family rating of Tata Steel Ltd., and changed the outlook to negative from stable. WESTERN INDIA: Loss Narrows to INR36 Mil. in Qtr. Ended Dec. 31 --------------------------------------------------------------- Western India Shipyard Ltd narrows its net loss to INR36.09 million in the three months ended Dec. 31, 2007, from the INR61.7-million loss incurred in the same period in 2006. The bottom line improved even even with lower revenues and higher expenses because of lower interest charges -- INR1.22 million in the Oct.-Dec. 2007, compared to 2006's INR41.49 million. Total revenues decreased from INR104.59 million in Oct.-Dec. 2006, to INR93.63 million in the latest quarter under review. With operating expenses rising to INR101.9 million (INR99.14 million in 2006), the company posted an operating loss of INR8.27 million. A copy of the company's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?27b8 Operating as a composite ship repair facility in India, Western India Shipyard Ltd -- http://www.westinshp.com/-- offers ship routine maintenance and damage repairs; cargo hold/tank space blasting and coating; main engine overhauls; rudder, propeller, and tailshaft repairs; cargo gear overhaul and repairs; heating coil hydro test and electric works; hatch cover modifications and container cell guide conversions; and auxiliary machinery overhauls. The company has incurred at least two years of consecutive net losses -- INR207.58 million in the year ended Mar. 31, 2007, and INR233.68 million in the year ended Mar. 31, 2008. ================= I N D O N E S I A ================= ANEKA TAMBANG: Fourth Qtr. Revenue Up 63% to IDR3.6 Trillion ------------------------------------------------------------ PT Aneka Tambang Tbk's fourth quarter revenue climbed 63% to IDR3.6 trillion, beating forecasts for the full year amid higher nickel production, Reuters News reports. Harry Suhartono of Reuters writes that the company's fourth quarter sales and production increased 112% to IDR11.9 trillion from 2006. The result is better than a forecast by Reuters Estimates of IDR10.2 trillion, the report relates. An investor relations' official told the news agency that the company produced 6,274 tonnes of nickel contained in ferronickel for the three months ended December 2007, up from 4,551 tonnes in the same period of 2006. About Aneka Tambang PT Aneka Tambang Tbk -- http://www.antam.com/-- mines, processes, develops, and explores natural deposits. The company operates six mines. They are located in Riau (bauxite), Sulawesi and Maluku (nickel), Central Java (iron sand), and WestJava (gold). The company also operates a precious metal refinery and a geology unit in Jakarta. * * * The Troubled Company Reporter-Asia Pacific reported on Jan 17, 2008, Moody's Investors Service has upgraded PT Aneka Tambang (Persero) Tbk's corporate family rating to Ba3 from B1. This concludes the review for possible upgrade which commenced on October 22, 2007. On Dec. 4, 2006, that Standard & Poor's Ratings Services raised its long-term corporate credit rating on Indonesian state-owned miningcompany PT Antam Tbk. to 'B+' from 'B'. The outlook is stable. At the same time, Standard & Poor's also raised to 'B+', from 'B', the rating on the senior unsecured notes issued by Antam Finance Ltd. and guaranteed by Antam. BANK NIAGA: Sees 20% Growth in Lending Portfolio ------------------------------------------------ Bank Niaga is expecting a 20% growth in its lending portfolio this year due to higher demands for mortgages, The Jakarta Post reports. According to the report, Bank Niaga Vice President Director Daniel James Rompas said that demands for mortgages would remain promising, following a trend of declining interest rates set by the central bank. In 2007, the bank's growth in mortgages reached around 27% to to IDR11 trillion from IDR9 trillion, the report recounts. Mr. Rompas told the news agency that this year they are expecting around IDR14 trillion in growth. The bank's accumulated loans reached IDR36.55 trillion in the third quarter last year, up from IDR31.13 trillion for the same period in 2006, The Post notes. The report points out that Bank Niaga is targeting to secure 25% of the market share in mortgage lending, up from just 10% last year. Mr. Rompas was quoted by the news agency as saying, "I'm optimistic we can meet the target, due to our competitive lending interest rates." The bank's current rates for mortgages were at 4.99%. About Bank Niaga Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk -- http://www.bankniaga.com/-- has a license to operate as a commercial bank, a foreign exchange bank and a bank engaged in activities based on Syariah principles. The bank's products and services include: Funding, Consumer Financing, Business Financing, Credit and Debit Cards, Private Banking, Preferred Circle, e-Banking, Corporate Trust, Bancassurance and Treasury Indicator. The bank's subsidiaries consist of: PT Niaga Aset Manajemen and PT Saseka Gelora Finance. As of January 31, 2006, the Bank operates 54 domestic branches, 145 domestic supporting branches, 22 domestic payment points, seven Syariah units and one overseas branch. * * * The bank also has the following existing global scale ratings assigned by Moody's Investors Service: -- issuer/foreign currency subordinated debt of Ba3; -- global local currency deposit of Baa3; -- foreign currency long-term/short-term deposit of B2/Not Prime; -- and bank financial strength of D. Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as: Long-term foreign Issuer Default ratings at 'BB-'; Individual at 'C/D'; and Support '4'. The Outlook for the ratings was revised to Positive from Stable. BANK NIAGA: Partners With Telkom Indonesia for Load Purchase ------------------------------------------------------------ PT Bank Niaga Tbk and PT Telekomunikasi Indonesia Tbk collaborated in Flexi Trendy mobile reload purchase through electronic delivery channel facility. Flexi Trendy is a Telkom Flexi prepaid product. The customers of Flexi Trendy who are also Bank Niaga's can do the Flexi Trendy mobile reload through Self Service Terminal Niaga, Niaga Access 14041 (phone banking), Niaga Global@ccess (internet banking), and Niaga Ponsel Access (mobile banking). The agreement was signed by Paul S. Hasjim, IT & System Head of Bank Niaga, and Tri Djatmiko, Vice President Sales Telkom. It was also witnessed by Ananda Barata, Operation & IT Director of Bank Niaga and Ermady Dahlan, Consumer Director of TELKOM. Previously, Bank Niaga has signed agreements with Telkom in electronic channel payment facility usage and autodebt facility through debt card and Bank Niaga's credit card to pay Telkom (fixed line), Telkom FlexiClassy (postpaid product) and internet Speedy service's bills. In line with people's need and demand toward continuous change in banking services, Bank Niaga and Telkom agreed to add simplicity and access through other facilities in Bank Niaga. Paul S. Hasjim from Bank Niaga said that as one of the foremost bank in Indonesia, Bank Niaga always apply technology as the important component in its strategy, such as comprehensive electronic delivery channel facility. "Niaga e-banking as a one stop service facility can be used by customers of TELKOM Flexi to purchase Flexi Trendy mobile reload", said Paul. In addition, starting 15 January, it is also launched "Purchase Flexi Credit, Get 100% + 50% Bonus Credit." Through this program, every Flexi Trendy's mobile reload through SST Niaga will get 100% bonus credit, and get additional 50% bonus credit of 4 (four) times of credit purchase for the same amount and mobile's number. This program is valid from 15 January to 29 February 2008 for Flexi's number in Jabodetabek, West Java and Banten. Furthermore, Vice President Public & Marketing Communication of Telkom, Eddy Kurnia said this collaboration is to show Telkom's care to its customers, particularly the customers of Flexi Trendy. "This agreement will give convenience because it gives simplicity by purchasing Flexi Trendy's mobile reload," he said. Eddy Kurnia appealed to Flexi's customers to use the simplicity given by TELKOM and Bank Niaga. He said that TELKOM and Bank Niaga will continuously innovate to give a positive value to Flexi and Bank Niaga's customers. About Bank Niaga Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk -- http://www.bankniaga.com/-- has a license to operate as a commercial bank, a foreign exchange bank and a bank engaged in activities based on Syariah principles. The bank's products and services include: Funding, Consumer Financing, Business Financing, Credit and Debit Cards, Private Banking, Preferred Circle, e-Banking, Corporate Trust, Bancassurance and Treasury Indicator. The bank's subsidiaries consist of: PT Niaga Aset Manajemen and PT Saseka Gelora Finance. As of January 31, 2006, the Bank operates 54 domestic branches, 145 domestic supporting branches, 22 domestic payment points, seven Syariah units and one overseas branch. * * * The bank also has the following existing global scale ratings assigned by Moody's Investors Service: -- issuer/foreign currency subordinated debt of Ba3; -- global local currency deposit of Baa3; -- foreign currency long-term/short-term deposit of B2/Not Prime; -- and bank financial strength of D. Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as: Long-term foreign Issuer Default ratings at 'BB-'; Individual at 'C/D'; and Support '4'. The Outlook for the ratings was revised to Positive from Stable. CA INC: Earns US$163 Million in Third Quarter Ended Dec. 31 ----------------------------------------------------------- CA Inc. reported US$163 million of net income for the three months ended Dec. 31, 2007, compared to US$50 million of net income for the same period in 2006. "CA has recorded another solid quarter � our fifth in a row," said John Swainson, CA's president and chief executive officer. "Most importantly, we remain on course to finish the year with revenue and earnings per share exceeding the updated annual outlook provided at our financial analyst day last December. "I am very satisfied with our continued performance improvement, and I am very proud of the people of CA for their efforts and accomplishments," Mr. Swainson continued. "Our EITM strategy enables us to communicate CA's value proposition to customers in a clear and compelling way, and we have made considerable progress in our efforts to cross-sell and up-sell a broader portfolio of CA products to new and existing customers. "I am confident that CA's stable customer base and rich product portfolio puts us in a strong position in today's competitive environment. Our results are clearly showing the benefits of the transformation efforts we began three years ago. We continue to manage our business prudently: controlling costs, increasing efficiency and improving margins at the same time as we focus on delivering innovative products and driving revenue growth," Mr. Swainson concluded. Third Quarter Results Total revenue for the third quarter was US$1.100 billion, an increase of 10 percent, or 4 percent in constant currency, compared to US$1.002 billion reported in the comparable prior year period. For the first three quarters of fiscal year 2008, total revenue was US$3.192 billion, up 9 percent, or 5 percent in constant currency, over the first three quarters of fiscal year 2007. Total North American revenue was up 5 percent in the third quarter while revenue from international operations was up 17 percent, or 4 percent on a constant currency basis, compared to the same period last year. Total product and services bookings in the third quarter were US$1.228 billion, compared to US$1.553 billion reported in the comparable prior year period, and, as expected, declined 21 percent on a year-over-year basis. During the third quarter of fiscal year 2008, the company renewed 16 license agreements greater than US$10 million, totaling US$303 million, compared to 18 such deals, totaling US$700 million, in the prior year period. The weighted average duration of new direct bookings in the third quarter was 3.16 years, compared to 3.74 years in the prior year's third quarter. When annualized, the year-over-year decrease from new direct bookings was 9 percent. For the first three quarters of fiscal year 2008, total product and services bookings were US$3.069 billion, up 9 percent from the US$2.805 billion reported in the first three quarters of fiscal year 2007. In addition, annualized direct bookings for the first three quarters of the fiscal year increased 17 percent over the same period last year. The company now expects total product and services bookings for the full 2008 fiscal year to grow at a percentage in the mid-teens over the prior year. Total expenses, before interest and income taxes, for the third quarter were US$851 million, a decrease of 6 percent, compared to US$907 million in the prior year period. The third quarter was positively affected by a decrease in amortization of capitalized software from the comparable quarter last year. In the third quarter, GAAP operating income was US$249 million, representing an operating margin of 23 percent, a 14 percentage point improvement from the prior year period. Total expenses, before interest and income taxes, for the first three quarters were US$2.488 billion, a decrease of 8 percent, compared to the US$2.712 billion reported in the first three quarters of fiscal year 2007. The decline in expenses was driven primarily by a decrease in amortization of capitalized software, lower restructuring costs and improved expense management. On a non-GAAP basis, which excludes purchased software and intangibles, amortization, restructuring and other costs, the company reported third quarter operating expenses of US$800 million, up one percent from the US$791 million reported in the prior year period. Excluding the negative impact of currency, non-GAAP operating expenses were down 3 percent year-over-year. In the third quarter, non-GAAP operating income was US$300 million, up 42 percent from the prior year period and representing a non-GAAP operating margin of 27 percent � a 6 percentage point improvement from the third quarter of fiscal year 2007. The company recorded GAAP income from continuing operations of US$163 million for the third quarter compared to US$52 million in the prior year period. This improvement is a result of higher revenue, expense control and the decrease in amortization of purchased software and restructuring costs. For the first three quarters of fiscal year 2008, GAAP income from continuing operations was US$429 million, up from the US$141 million reported in the same period in fiscal year 2007. The company recorded non-GAAP income from continuing operations of US$192 million for the third quarter compared to US$133 million reported a year earlier. For the first three quarters of fiscal year 2008, non-GAAP income from continuing operations was US$524 million, up 34 percent from the first three quarters of fiscal year 2007, while non-GAAP earnings per diluted common share were US$0.97 in the first three quarters of fiscal year 2008, an increase of 43 percent, over the US$0.68 reported in the same period in fiscal year 2007. For the third quarter of fiscal year 2008, CA reported cash flow from operations of US$233 million, compared to US$587 million in cash flow from operations in the third quarter of fiscal year 2007. The year-over-year decline was due primarily to last year's stronger than usual bookings in the third quarter, the result of a catch-up from a weaker than normal first half of fiscal year 2007. Cash flow also was affected by an investment in working capital in the third quarter, the majority of which the Company expects to recover in the fourth quarter of 2008. Additionally, third quarter cash flow was affected by lower than expected cash taxes due principally to a tax refund. For the first three quarters of the fiscal year, the Company recorded US$413 million in cash flow from operations compared to US$547 million reported in the prior year period. Capital Structure The balance of cash, cash equivalents and marketable securities at Dec. 31, 2007, was US$2.078 billion. With US$2.575 billion in total debt outstanding, the company has a net debt position of US$497 million. The company anticipated approximately 514 million shares outstanding at fiscal year-end and a weighted average diluted share count of approximately 541 million shares for the fiscal year. The company also expected a full-year tax rate on non-GAAP income of approximately 36 percent. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 19, 2007, Fitch Ratings affirmed these ratings of CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility at 'BB+'; -- Senior unsecured debt at 'BB+'. Additionally, Fitch revised the Rating Outlook on CA Inc. to Stable from Negative. Fitch's actions affect approximately US$2.8 billion of total debt, including the company's US$1.0 billion revolving credit facility. FOSTER WHEELER: Selects Three New Directors on Board ---------------------------------------------------- Foster Wheeler Ltd. has elected three new directors, effective with the Feb. 1 board meeting. Edward G. Galante, 57, retired from ExxonMobil in 2006 as senior vice president and member of the Management Committee after a 34-year career at that firm. His responsibilities included worldwide Refining and Supply, Fuels and Lubricants Marketing and Research and Engineering. His earlier experience at ExxonMobil included progressively responsible assignments in engineering, sales, product line coordination and terminal operations. He also held positions in Corporate Planning, Supply, and served as manager of the company's Baton Rouge, Louisiana, refinery and as managing director of Esso Thailand. Currently he serves on the board of Praxair, Inc. and of Junior Achievement Worldwide. He is a member of the 25-Year Club of the Petroleum Industry. He held a B.S. degree in civil engineering from Northeastern University and serves on the Board of Overseers for that institution. He also served as executive in residence at the university's College of Business Administration. Jack A. Fusco, 45, is retired chairman and chief executive officer of Texas Genco LLC, which owned and operated a diverse portfolio of 69 power generating units before its acquisition by NRG Energy in 2006. Mr. Fusco has more than 20 years of electric utility experience, including service as president, chief executive officer and director of Orion Power Holdings, Inc. Prior to that, he had been vice president of the Fixed Income Commodity and Currency Trading Division for Goldman Sachs & Co, where he specialized in wholesale electric commodity trading and marketing. He held a B.S. in mechanical engineering from California State University of Sacamento. Steven J. Demetriou, 49, is chairman and chief executive officer of Aleris International, Inc., a global producer of aluminum rolled products that was formed in 2004 through the merger of Commonwealth Industries, Inc. and IMCO Recycling Inc. Prior to the merger, he had served as president, chief executive officer and board member at Commonwealth. Before joining Commonwealth, he had served as president and chief executive officer of privately held Noveon, Inc., a specialty chemical company. His career spans more than 25 years and includes management and senior leadership positions at ExxonMobil Corporation, Cytec Industries, IMC Global. He serves on the board of OM Group, Inc and is chairman of the Aluminum Association's Executive Committee. He held a B.S. degree in chemical engineering from Tufts University and is active in numerous philanthropic organizations in the Cleveland, Ohio, area. "These appointments significantly strengthen our board of directors," said Raymond J. Milchovich, chairman and chief executive officer of Foster Wheeler Ltd. "Throughout their long and distinguished careers, Ed, Jack and Steve have all demonstrated consistent achievement across a range of markets and businesses that are very relevant to our business. We look forward to the innovative thinking, sound judgment and rich experience they will provide and the many contributions they will make to the future success of Foster Wheeler." About Foster Wheeler Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/-- offers a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey. The company has offices in China, India, Indonesia, Malaysia, Singapore, Thailand, and Vietnam. * * * As reported in the Troubled Company Reporter on Dec. 18, 2006, Standard & Poor's Ratings Services revised its outlook on Foster Wheeler Ltd. to positive from stable. At the same time, Standard & Poor's affirmed its 'B+' corporate credit rating and other ratings on the company. The company had about US$217 million of total debt at Sept. 29, 2006. MARSH & MCLENNAN: Increases Quarterly Dividend to US$.20/Share -------------------------------------------------------------- The Board of Directors of Marsh & McLennan Companies, Inc. has increased the company's dividend to US$.20 per share on outstanding common stock, up from US$0.19 per share. The dividend is payable on February 15, 2008 to shareholders of record on January 28, 2008. About Marsh & McLennan Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a global professional services firm with annual revenues of approximately US$12 billion. It is the parent company of Marsh, the world's leading risk and insurance services firm; Guy CaIDRenter, the world's leading risk and reinsurance specialist; Kroll, the world's leading risk consulting company; Mercer, a major global provider of human resource and specialty consulting services; and Putnam Investments, one of the largest investment management companies in the United States. Approximately 55,000 employees provide analysis, advice, and transactional capabilities to clients in over 100 countries, including Indonesia, Australia, China, India, Japan, Korea and Singapore. As reported in the Troubled Company Reporter on Aug. 25, 2006, Standard & Poor's Ratings Services assigned its preliminary 'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred stock ratings to Marsh & McLennan's unlimited universal shelf. Standard & Poor's also affirmed its 'BBB' counter party credit rating on MMC. The outlook in negative. As reported in the Troubled Company Reporter - Asia Pacific on Sept. 29, 2006, Moody's Investors Service assigned provisional ratings to Marsh & McLennan's new universal shelf registration, including a (P)Ba1 rating on the Company's provisional preferred stock. The rating outlook for MMC remains negative. MARSH & MCLENNAN: Appoints Brian Duperreault as Pres. & CEO ----------------------------------------------------------- Marsh & McLennan Companies, Inc. appointed Brian Duperreault, 60, as President and Chief Executive Officer of MMC, effective immediately. "Throughout his career, including 10 years as a CEO, Brian Duperreault has proven his ability to produce results and create shareholder value," said Stephen R. Hardis, Chairman of MMC's Board of Directors. "We are delighted to welcome him to MMC." Mr. Duperreault said: "I am honored to become the CEO of MMC, a company that comprises several of the world's greatest brands in risk & insurance services and consulting. I look forward to working with the company's talented executives. This is an institution with unrivaled resources and capabilities. My mission is to capitalize on the strength of MMC's operating companies to deliver value to clients, employees and shareholders." From 1994 to 2004, Mr. Duperreault served as CEO of ACE Limited, the Bermuda-based insurer MMC helped found in 1985. He then served as Chairman of the Board from 2004 to 2007. ACE's net premiums are currently US$12 billion. Under his leadership, ACE grew from a boutique catastrophe insurance specialist into a global multi-line commercial enterprise. He presided over significant organic growth as well as the acquisition of several businesses, including the 1999 acquisition of Cigna's property and casualty business. During his tenure at ACE, the company's market capitalization grew from US$1.1 billion to approximately US$19 billion today. Prior to ACE, Mr. Duperreault was with American International Group for more than 20 years, holding numerous positions and eventually rising to become Executive Vice President of AIG Foreign General Insurance and Chairman and Chief Executive of AIG's American International Underwriters (AIU), which comprises all of AIG's non-U.S. commercial business. About Marsh & McLennan Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a global professional services firm with annual revenues of approximately US$12 billion. It is the parent company of Marsh, the world's leading risk and insurance services firm; Guy CaIDRenter, the world's leading risk and reinsurance specialist; Kroll, the world's leading risk consulting company; Mercer, a major global provider of human resource and specialty consulting services; and Putnam Investments, one of the largest investment management companies in the United States. Approximately 55,000 employees provide analysis, advice, and transactional capabilities to clients in over 100 countries, including Indonesia, Australia, China, India, Japan, Korea and Singapore. As reported in the Troubled Company Reporter on Aug. 25, 2006, Standard & Poor's Ratings Services assigned its preliminary 'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred stock ratings to Marsh & McLennan's unlimited universal shelf. Standard & Poor's also affirmed its 'BBB' counter party credit rating on MMC. The outlook in negative. As reported in the Troubled Company Reporter - Asia Pacific on Sept. 29, 2006, Moody's Investors Service assigned provisional ratings to Marsh & McLennan's new universal shelf registration, including a (P)Ba1 rating on the Company's provisional preferred stock. The rating outlook for MMC remains negative. PERUSAHAAN: 10,000MW Project Threatened by High Steel Prices ------------------------------------------------------------ PT Perusahaan Listrik Negara may face another threat to its 10,000 megawatt coal-fired power plant project as steel prices have soared by about 34%, The Jakarta Post reports citing the Indonesian Tower Fabrication Association. According to the report, Chairman Ahmad Fahmi urged the company to revise its budget for power transmission networks under existing contracts with 42 developers, considering materials like angle steel had jumped to IDR9,700 per kilogram as of this week. The increase in material prices will affect the budget as the material accounts for 70% of the cost, he added. Mr. Fahmi, the report notes, said 50% of raw materials for angle steel were imported and tower makers couldn't do anything about volatility of global markets. Therefore, Mr. Fahmi told the news agency, average costs of transmission towers would be 24% higher than the IDR123 million price term in contracts between PLN and builders. Towers could cost as much as IDR152.52 million, the report adds. Mr. Fahmi was quoted by the news agency as saying, "We suggest that transmission power grid contractors and PLN reevaluate existing budgets as the price estimates on the contracts are no longer adequate." Otherwise, he said, developers might try to draw out contract performance waiting for prices to drop again, which would hurt the already-troubled power project, The Post notes. PLN Director for Transmission Herman Darnel Ibrahim, commenting on the negotiation contract, said it was "possible" depending on existing regulations and the consent of the central government. The news recounts that the government has already pushed back the project completion date from year-end 2009 to mid-2010 due to financing problems. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on June 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. * INDONESIA: Fitch Issues Stable Outlook for Coal Producers ----------------------------------------------------------- Fitch Ratings has said, in its "Indonesian Coal Producers - Outlook for 2008" report, that it expects the outlook for the Indonesian coal producers to remain stable to positive in 2008 on the back of strong global coal demand, Indonesia's ability to increase its export volume, and the relatively high but stable price. "The continued hike in oil and gas prices has prompted an increasing number of companies throughout the Asia-Pacific region to rely more on coal as a source of power supply. In addition to the regional demand, the Indonesian government plans to build additional coal-fired power plants with a total capacity of 10 gigawatts by 2010 to cope with the current power shortage, as there has not been any major capacity expansion post the financial crisis," says Jessie Wahab, associate director with Fitch's corporate ratings team in Jakarta. Boosted by the low interest environment, cement and steel manufacturers, which are traditionally high coal consumers, are also thriving on the booming property sector. Meanwhile, supply is inadequate to keep up with the robust coal demand, as major coal exporters such as Australia and South Africa, have not been able to grow exports due to infrastructure bottlenecks. In addition, China, the largest coal producer in the world, has reduced coal exports to meet own domestic needs; it is notable that China was a net importer during certain periods in H107. Following the widening deficit, consumers have turned to Indonesia, the world's largest coal exporter, to reduce the supply gaps given its abundant coal reserves, low costs and geographical proximity to the large North Asian markets. Coupled with the tight coal supply, the rising crude oil price pushed the benchmark Newcastle FOB coal price to a peak of USD93.70 per ton in January 2008 from US$51.75 per ton recorded at the end of 2006. "Fitch does not foresee coal price rising as sharply in 2008 as it did in 2007, but expects it to remain high as suppliers will continue to struggle to meet the high demand from the Asia-Pacific region," adds Ms Wahab. Owing to high coal prices, the major Indonesian coal producers are continuing to capitalise on their strong operating cash flow to invest further in mining and related infrastructure in order to increase capacity. However, these efforts are being hampered by higher operating costs (particularly fuel), a shortage in mining equipment and inclement weather. Fitch also expects more foreign interest in acquiring stakes in existing operators or investing in new mines to secure their coal supplies in the long run. Nonetheless, high valuation and uncertainty in the domestic regulatory environment are likely to be the key deterrents of possible transactions. ========= J A P A N ========= NIS GROUP: R&I Says Loss Is Within Expectation ---------------------------------------------- The loss reported by NIS Group Co., Ltd. is within R&I's expectation. On Jan. 31, NIS Group Co., Ltd. (Sec. Code: 8571, Issuer Rating: BB) announced revisions to its business results for the year ending in March 2008. The downward revision was mainly due to the following factors (1) a conservative estimation on reserves for interest refund- related costs, (2) booking of impairment write-offs and losses on investment securities, (3) introduction of voluntary retirement in NIS Group and its subsidiary, Aprek Co., Ltd., and (4) booking full amount of special losses following the reversal of deferred tax assets. Consequently, NIS Group's final result is expected to decline by JPY35 billion yen to JPY30 billion net loss as of the end of March 2008. The consolidated capital adequacy ratio will remain around 23% since there will be some capital increase from TPG, the decline in loans as well as asset reduction effects by spinning off Nissin Leasing (China), its leasing subsidiary in China from its consolidated status. NIS Group considers the series of measures have wiped off most of its expected business risks. The losses which NIS Group announced was already taken account in the rating evaluation as potential risks inherent to the company, therefore, the revision itself will have no influence on NIS Group's rating. The Rating Outlook will also remain Stable. Although much of its risks on business results have been removed, the crucial problem is whether the company can restore confidence of financial institutions and recover its base for fund procurement. R&I will follow efforts NIS Group will make. SHINSEI BANK: Reports Consolidated Financial Results for 3Q07 ------------------------------------------------------------ Shinsei Bank, Limited, a leading diversified financial group, has announced net income of JPY33.5 billion on a consolidated basis for the first nine months of the fiscal year 2007, ended December 31, 2007, compared to net income of JPY47.1 billion reported in the first nine months of the fiscal year ended December 31, 2006. Consolidated cash basis net income for the first nine months of the fiscal year 2007 was JPY42.0 billion, compared to JPY60.1 billion in the first nine months of the previous fiscal year. "While Shinsei Bank's core business remained steady in the first nine months of fiscal year 2007, revenues were down slightly due mainly to mark-downs of our U.S. residential mortgages and an increase in net credit costs related to the same portfolio," said Thierry Porte, President and CEO of Shinsei Bank. "While the market outlook remains uncertain, we view these events as largely non-recurring and believe we have made the right choices to leverage opportunities going forward." Balance Sheet Continued growth while maintaining capital strength Shinsei Bank's total assets increased from JPY10,837.6 billion at March 31, 2007, to JPY11,848.1 billion at December 31, 2007. The higher balance was due to an increase in call loans, loans and bills discounted and securities. Call loans increased from JPY43.1 billion at March 31, 2007, to JPY544.7 billion at December 31, 2007. Loans and bills discounted increased from JPY5,146.3 billion on March 31, 2007, to JPY5,503.6 billion as of December 31, 2007, due in part to growth in housing loans. The balance of securities as of December 31, 2007 amounted to JPY2,047.8 billion as compared to JPY1,854.6 billion as of March 31, 2007. The increase, in part, relates to investment in foreign bonds to diversify the portfolio. Total deposits and negotiable certificates of deposit increased JPY777.4 billion or 14.3% to JPY6,198.3 billion, compared to March 31, 2007. Shinsei Bank has been diversifying its funding sources through deposits from retail and institutional customers. The retail and institutional deposit balances stood at JPY3,826.6 billion and JPY2,371.7 billion, respectively, at December 31, 2007. Shinsei Bank's capital ratios remained strong with a Tier I ratio of 7.45% and a total capital adequacy ratio of 12.10% at December 31, 2007, on a Basel II basis. Income Statement Total revenue for the first nine months of fiscal year 2007 was JPY208.9 billion or down 3.2% compared to the same period of the previous fiscal year due mainly to the mark-downs related to the U.S. residential mortgage portfolio. General and administrative expenses for the first nine months of fiscal 2007 increased 4.5% year on year to JPY117.6 billion as expenses required in the institutional business to support business growth and inclusion of Shinki's expenses from the third quarter were partly offset by continued expense rationalization and restructuring activities at APLUS. The expense-to-revenue ratio in the first nine months of this fiscal year was 56.3%, compared to a ratio of 52.1% in the first nine months of the previous fiscal year. The JPY21.1 billion increase in net credit costs to JPY40.7 billion for the first nine months of fiscal year 2007 was due in part to additional reserves relating to the U.S. residential mortgage portfolio. Amortization of goodwill and intangible assets associated with the acquisition of consumer and commercial finance companies was JPY9.4 billion for the nine months ended December 31, 2007, compared with JPY15.4 billion in the same period of the previous fiscal year. The decline largely relates to the significant write-down of goodwill and intangible assets at March 31, 2007. During the first nine-months of this fiscal year, gains form the sale of Life Housing Loan Co., Ltd. of JPY20.3 billion were recorded and impacted other gains and income taxes, respectively. Minority interests in net income of subsidiaries for the first nine months of this fiscal year amounted to JPY15.6 billion. As a result, consolidated net income for the first nine months of fiscal year 2007 was JPY33.5 billion, compared JPYto 47.1 billion in the same period of the previous fiscal year. Business Line Results Institutional Banking: Steady loan demand and deposit growth supporting business The institutional banking business continued to see steady demand for loans and strong growth in institutional deposits. Total revenue was JPY81.2 billion for the first nine months of fiscal year 2007, compared to JPY94.2 billion in the same period in fiscal year 2006. The lower revenue was due to the absence of gains from investments that were recorded in the same period of the previous fiscal year and recognition of mark-downs related to our exposure in the U.S. residential mortgage market. Ordinary business profit for the first nine months of fiscal year 2007 was JPY42.7 billion, compared to JPY61.1 billion in the same period of the previous fiscal year due to the above reasons and higher costs as Shinsei added employees to expand the scale of its operations. Ordinary business profit after net credit costs (recoveries) declined from JPY75.3 billion in the first nine months of the previous fiscal year to JPY40.0 billion in the same period of this fiscal year due mainly to an increase in reserves associated with the U.S. residential mortgages market. Consumer and Commercial Finance: Focusing on better quality customers Loans in the Consumer and Commercial Finance business were almost flat, increasing from JPY424.9 billion on March 31, 2007, to JPY425.6 billion at December 31, 2007, despite the sale of LHL in the first quarter of this fiscal year as loans from Shinki were included from the third quarter of this year after it became a subsidiary. Total revenue increased to JPY93.4 billion in the nine months ended December 31, 2007, compared to JPY91.6 billion in the same period of fiscal year 2006, due mainly to the inclusion of revenues form Shinki in the third quarter of this fiscal year. Ordinary business profit in the first nine months of fiscal year 2007 was JPY45.0 billion, compared to JPY40.3 billion in the same period of the previous fiscal year due mainly to lower expenses at APLUS. Ordinary business profit after net credit costs was unchanged at JPY8.8 billion in the first nine months of this fiscal year, compared to JPY8.8 billion in the same period of the previous fiscal year. Retail Banking Continued growth in customer base and diversification of revenue sourcesRetail loans outstanding, which mainly include housing loans, in the retail banking business, increased by 28.4% from JPY639.5 billion at March 31, 2007 to JPY821.2 billion at December 31, 2007, mainly as a result of the increase in housing loan customers that now exceeds 33,000. Assets under management increased on March 31, 2007, due to the steady balance of retail deposits and increases in mutual funds and variable annuities. Shinsei Bank now has over 2.1 million account holders. Total revenue was JPY25.8 billion in the first nine months of this fiscal year compared to JPY27.3 billion in the same period of the previous fiscal year. Net interest income increased year on year, but non-interest income was lower due mainly to a decline in deposit-related option income related to structured deposits. The business recorded an ordinary business loss of JPY4.4 billion in the first nine months of fiscal year 2007, compared to an ordinary business loss of JPY1.1 billion during the same period of the previous fiscal year due to the lower revenues and higher expenses that resulted mainly from the expansion of distribution channels and growth in customer-driven transactions. Forecast for Fiscal Year 2007 On January 30, 2008, Shinsei Bank revised its forecast on a consolidated basis for net income from JPY62.0 billion to JPY50.0 billion for the fiscal year ending March 31, 2008. The company revised the forecast primarily as a result of the material impact on its earnings of mark-downs related to our exposure to the U.S. residential mortgage market recorded in the third quarter of the fiscal year ending March 31, 2008. However, the forecast for net income on a non-consolidated basis remains unchanged. About Shinsei Bank Headquartered in Tokyo, Shinsei Bank Limited -- http://www.shinseibank.com/english/-- was built in 2000 from the remains of the collapsed Long-Term Credit Bank of Japan by a group of foreign investors. It is traditionally focused on financing Japan's large industrial firms, but it has been cultivating its retail and small business banking operations. The Bank offers standard services such as deposits, mortgages, and investments. Institutional activities include asset management, bond sales and underwriting, and trust services, as well as real estate finance and public sector finance, which each debuted in 2005. Shinsei Bank has about 30 branches. * * * As reported on May 14, 2007, Moody's Investors Service upgraded Shinsei Bank, Limited's bank financial strength rating to C- from D+. * JAPAN: Fitch Sees Modest Growth in Structured Finance Market -------------------------------------------------------------- Fitch Ratings has said in a special report that it expects modest growth in the Japanese structured finance market as a whole in 2008. This is on the back of issuances in the domestic structured finance market in 2007 totaling approximately JPY9 trillion (aggregating ABS, CDOs, CMBS and RMBS, but excluding whole business securitisations (WBS) and unfunded CDO transactions), which represents an annual growth of around minus 7%, the first negative growth since 2003. The negative growth in 2007 is primarily attributable to the substantial decrease in RMBS issuance volumes, minus approximately 37% yoy growth. Such a decrease could not be fully offset by ABS and CMBS, which grew by approximately 40% and 60%, respectively, recording the largest issue volume in each sector. In 2008, the agency expects the growth rate will significantly vary by sector. As was the case in recent years, the growth of RMBS will continue to play a dominant role. In 2007, the pool performance of the underlying assets varied by sector; however, primarily due to the structural protections, the rating performance remained stable as a whole. The "Japanese Structured Finance: 2007 Review and 2008 Outlook" report provides a market review and perspective in each structured finance sector, i.e. asset-backed securities, collateralised debt obligations, commercial and residential mortgage-backed securities and servicers. The report is available on the agency's global website at http://www.fitchratings.com/ A report entitled "2008 Global Structured Finance Outlook: Economic and Sector-by-Sector Analysis" dated December 19, 2007, is also available from the agency's global website. ========= K O R E A ========= DAEWOO ELECTRONIC: Amends Date for Establishment of JV Company -------------------------------------------------------------- Daewoo Electronic Components Co. Ltd. has amended the settlement date for establishment of a joint venture company with Saudi Arabia-based Abdul Majeed s. s. Zahran E st., Reuters Investing Keys reports. According to the report, the date was changed from January 31, 2008, to February 29, 2008. The initial announcement of the issue was made on December 13, 2007, the report recounts. Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation -- http://www.dwe.co.kr/-- is the third largest Korean consumer electronics company. It manufactures and sells a variety of products including televisions, DVD players, refrigerators, air conditioners, washing machines, microwaves, vacuum cleaners and car audio systems in over 105 countries. According to the Troubled Company Reporter-Asia Pacific, Daewoo Electronics has been under a debt workout program since January 2000, months after its parent group -- the Daewoo Group -- collapsed under debts of nearly US$80 billion in 1999. Daewoo Electronics Corp. posted a KRW94-billion loss in 2005 after sales declined 6.4%. The net loss compares with the KRW30-billion profit the company posted in 2004. Sales fell to KRW2.2 trillion from KRW2.3 trillion in 2004. The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo Electronics placed the firm for sale for US$1 billion. ABN Amro, PricewaterhouseCoopers and Woori Bank were appointed to find a buyer for the business. In September 2006, the consortium led by Videocon Industries submitted a bid for a controlling stake in Daewoo. DAEWOO ELECTRONIC: Completes Public Offering of Common Shares ------------------------------------------------------------- Daewoo Electronic Components Co. Ltd. has completed its public offering of 6,000,000 common shares, which was announced on September 14, 2007, Reuters Investing Keys reports. According to the report, the number of shares remaining unclaimed is 3,758,096 (62.65%) of the total allocated shares. The unclaimed shares will not be issued, the report adds. Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation --