T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, May 7, 2008, Vol. 11, No. 90 Headlines A U S T R A L I A CENTRO PROPERTIES: Halts Shares Trading; Debts Due Today CHALLENGER POWERBOATS: Auditor Raises Going Concern Doubt CHARTWELL ENTERPRISES: Administrator Recommends Liquidation ESROM PROPERTIES: Commences Liquidation Proceedings EXECUTIVE KITCHENS: Placed Under Voluntary Liquidation FLORTEK PTY: Commences Liquidation Proceedings INTERNATIONAL FORMWORK: Placed Under Voluntary Liquidation J & M PAPALUCA: Commences Liquidation Proceedings KLEINS GROUP: Intense Competition Caused Collapse POLYPORE INT'L: Improved Performance Cues Moody's to Lift Rtgs. SMS FLOOR: Commences Liquidation Proceedings ST. GEORGE BANK: Reports AU$603 Million Half-Year Cash Profit TETNS PTY: Commences Liquidation Proceedings WEBIT TECHNOLOGIES: Supreme Court Enters Wind-Up Order C H I N A BLOUNT INTERNATIONAL: Acquires Carlton Holdings for $63,000,000 CITIC GROUP: Unit to Buy AVA's Infant Formula & Dairy Business FUYAO GROUP: 1Q 2008 Net Profit Up 19% to CNY190.5 Million INTELSAT LTD: Commences Change of Control Offers INTERNATIONAL PAPER: Net Income Drops to $133MM in '08 1st Qtr. LIBBEY INC: Loses US$3.5 Million in First Quarter Ended March 31 VISTEON CORP: March 31 Balance Sheet Upside-Down by US$136 Mil. H O N G K O N G ABLE SMART: Commences Liquidation Proceedings AGILE PROPERTY: Posts CNY10.3 Bil. Turnover for Year-End 2007 AGILE PROPERTY: Launches Phase I of Agile Garden Nanjing Project ASAHI CREATIVE: Creditors' Final Meeting Set for May 7 ASAT HOLDINGS: Posts US$41.8MM Revenue for Third Quarter 2008 BRIDGETECH HOLDINGS: Jewett Schwartz Raises Substantial Doubt CONCORD STAR: Creditors' Proofs of Debt Due May 16 CSL UNITED: Creditors' Proofs of Debt Due May 14 GOLDWAY INTERNATIONAL: Creditors' Final Meeting Set for May 9 HONG KONG KUTTLER: Creditors' Proofs of Debt Due May 24 LYON ENTERPRISE: Creditors' Proofs of Debt Due May 26 NVIDIA CORP: Court Rejects Trustee's Claim for US$100 Million NVIDIA Corporation: Annual Stockholders Meeting Set for June 19 SOTA ELECTRONICS: Creditors' Proofs of Debt Due May 26 TAURUS NAVIGATION: Members' Final Meeting Set for June 4 YUEN SHING: Creditors' Proofs of Debt Due May 26 I N D I A BANK OF INDIA: Earns INR7.57 Bil. in Quarter Ended March 31 GARWARE POLYESTER: Board Okays OTS Package Offered by IDBI GMAC LLC: Fitch Cuts ID Rating to BB- After ResCap's Poor Fin'l GMAC LLC: S&P 'B' Rating Unaffected by ResCap's Downgrades INDUSTRIAL DEV'T BANK: Earns INR2.45 Bil. in Qtr. Ended March 31 ORIENTAL BANK: Incurs INR994.4MM Net Loss in Qtr. Ended March 31 ROLLATAINERS LTD: Approves Resolution During Meeting I N D O N E S I A PT INCO: Maintenance Delays to Disrupt Second Quarter Output J A P A N ALITALIA SPA: Group Net Debt at EUR1.35 Billion as of March 31 ATARI INC: To Merge with Infogrames Entertainment in $11MM Deal SOLO CUP: Fitch Affirms Ratings and Revises Outlook to Positive M A L A Y S I A INTERPUBLIC GROUP: Net Loss Lowers to $62MM in 2008 First Qtr. NEWFIELD: Fitch Holds Ratings on $425MM Notes Issuance N E W Z E A L A N D ALCATEL-LUCENT: Appoints Steve Lowe as New Zealand CEO ANDREW LIMITED: Claims Filing Deadline Is May 12 ART OF CANVAS: Court to Hear Wind-Up Petition on May 12 ASKEW AND ASSOCIATES: Creditors Have Until May 14 to File Claims CARTUNE (NZ): Commences Liquidation Proceedings ECO PANEL: Faces Sure Construction's Wind-Up Petition GREIG AND ESTERMAN PAPANUI: Creditors Must File Claims by May 12 JAF Enterprises: Court to Hear Wind-Up Petition on May 12 L & S MEDIA: Faces Graphic Press' Wind-Up Petition LUSH LOUNGE: Court to Hear Wind-Up Petition on May 12 MARSDEN VILLAS: Claims Filing Deadline Is May 12 MONMAC LIMITED: Court to Hear Wind-Up Petition on May 9 S & S LOGGING: Creditors Must File Claims by May 15 SURE ALLIANCE: Faces Sure Contruction's Petition TANK HAIR: Creditors Have Until May 15 to File Claims THE INTERNATIONAL BREAD: Court to Hear Petition on May 12 WHERO LIMITED: Claims Filing Deadline is May 9 ZONDA HOLDINGS: Creditors Must File Claims by May 9 P H I L I P P I N E S FAIRCHILD SEMICONDUCTOR: Moody's Holds Ba3 Corp. Family Rating NIHAO MINERAL: Zambales Gov. Denies Mining Permit Applications *PHILIPPINES: Central Bank Closes Two Rural Banks in April S I N G A P O R E LEAR CORP: Annual Stockholders Meeting to be Held Tomorrow LEAR CORPORATION: Earns US$78.2 Million for Q1 Ended March 29 SEA CONTAINERS: Inks Settlement Deal with General Electric T A I W A N BENQ CORP: Q1 2008 LCD Monitor Unit Shipments Up 41.6% X X X X X X X X * ADB Provides US$500 Mil. Aid for Food Crisis in Asia-Pacific * IATA Notes Slowdown in Asia-Pacific Carrier Traffic * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= CENTRO PROPERTIES: Halts Shares Trading; Debts Due Today -------------------------------------------------------- Centro Properties Group halted trading in its shares as the company's one week extension to pay its lenders ends today, May 7, 2008. As reported in the Troubled Company Reporter-Asia Pacific, Centro Properties was given one week from the April 30 deadline to refinance its debts. Centro Properties disclosed in a statement filed today with the Australian Stock Exchange that its securities will remain in pre-open until the earlier of the commencement of normal trading on May 9. In an earlier statement with the ASX, the company said that it continues to work closely with its financiers in order to finalize terms to extend these facilities until at least September 30, 2008: -- Facilities of AU$2.3 billion in aggregate owed to Australian lending group; and -- US$450 million in aggregate owed to US private placement noteholders. According to Centro Properties, the negotiation of all materials terms for further extensions has been substantively concluded with all of its financiers except one which is owed less than AU$200 million. Centro further said that its Australian lenders, its US lenders and the US private placement noteholders have indicated their support for the longer term extension. About Centro Properties Centro Properties Group -- http://www.centro.com.au/-- is a retail investment organisation specialising in the ownership, management and development of retail shopping centres. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centres across Australia, New Zealand and the United States. Centro has funds under management of $24.9 billion. * * * The Troubled Company Reporter-Asia Pacific reported on Jan. 4, 2008, that Standard & Poor's Ratings Services lowered its issuer credit, senior-unsecured debt and preferred stock ratings to 'CCC+' with negative implications reflecting the potential of the group's assets to be sold in softening market conditions, particularly in the U.S. CHALLENGER POWERBOATS: Auditor Raises Going Concern Doubt --------------------------------------------------------- Jaspers + Hall PC raised substantial doubt on the ability of Challenger Powerboats Inc. to continue as a going concern after auditing the company's annual report for 2007. The auditor pointed to the company's current liabilities that exceed current assets by $1,722,562 as of Dec. 31, 2007. The auditor said that the company had operating losses of $7,046,691 and $5,211,514 in 2007 and 2006, respectively and has ceased operations. The auditor continued that the company's recurring losses from operations and its difficulties in generating sufficient cash flow to meet its obligation and sustain its operations. For the year ended Dec. 31, 2007, the company generated net revenues of $7,399,703, as compared to net revenues of $238,171 for the year ended Dec. 31, 2006. During 2007, the major change in its business which impacted revenues was primarily due to the addition of IMAR, which we acquired in January 2007. The company had a net loss of $4,656,940 for the 12 months ended Dec. 31, 2007, as compared to $9,133,144 for the 12 months ended Dec. 31, 2006. The year-over-year net loss decreased primarily due to the sale of the Sugar Sand product line to Execute Sports, Inc for $5,000,000 in August 2007. Liquidity and Capital Resources As of Dec. 31, 2007, the company had total current assets of $2,769,550, compared to $1,991,808 as of Dec. 31, 2006. This was due primarily to an increase in accounts receivable and inventory as a result of the acquisition of IMAR Group, LLC. As of Dec. 31, 2007, the company had total current liabilities of $4,492,112, compared to $5,983,083, as of Dec. 31, 2006. This was due primarily to a $1,872,216 increase in accounts payable and accrued payables, a $510,877 increase in warranty reserve which were offset with a $722,125 decrease in accrued interest as a result of the Sept. 30, 2007 debt conversion, as well as a $2,976,054 reduction of related party debt to Dutchess. During 2007, the company did not issue any promissory notes to related parties. As of Dec. 31, 2007, a total of $0 was owed to related parties for promissory notes. The outstanding balances of $3,083,454 on related party promissory notes were included in the Sept. 30, 2007 Series A Convertible Preferred Stock Purchase Agreement with Dutchess. As of Dec. 31, 2007, the company had debt of $11,301,142, including convertible debentures which total $3,725,041. The company accrue monthly interest expense on the debt under its convertible debentures, which are due in 2009, 2010, 2011 and 2012. As of Dec. 31, 2007, the company's balance sheet showed total assets of $6,408,050, total liabilities of $11,301,142, and total stockholders' deficit of $4,893,092. Management's Analysis and Financial Warning According to the company's management, Challenger Powerboats did not generate positive cash flows and is required to make large debt service payments. Consequently, the company continues to require additional funding at this time. It may be able to secure funding from current investors, but there is no assurance it will be able to do so. If the company is unable to generate sufficient cash flow or obtain funds for required payments, or if it fails to comply with the covenants in its debt, the company will be in default. Accordingly, it may not be able to able to meet its debt service obligations and may be forced to consider alternative strategies, including ceasing its operations. Further, on March 17, 2008, the company was required to layoff 58 of its 84 employees due to a slowdown in its operations. A full-text copy of the company's annual 2007 report is available for free at http://ResearchArchives.com/t/s?2b73 About Challenger Powerboats Washington, Missouri-based Challenger Powerboats Inc. (OTC: CPBI) -- http://www.challengerpowerboats.com/-- designs and manufactures boats, family sport cruisers, jet boats and water ski tow boats under the brands Challenger Powerboats, Sugar Sand and Gekko. The company is a design-to-manufacturing organization, creating or licensing designs, and creating tooling, molds, and parts necessary to assemble its products in- house. The company markets its products through a dealer network comprising more than 100 dealers throughout the United States, Canada, Mexico, Europe, Australia, the Middle East and Japan. On Jan. 1, 2007, the company acquired International Marine and Recreation, and Gekko Sports Corporation. CHARTWELL ENTERPRISES: Administrator Recommends Liquidation ----------------------------------------------------------- The Australian Associated Press reports that Bruno Secatore, one of the administrators of Chartwell Enterprises, said he will recommend the liquidation of the company because he does not expect to retrieve any money. About 125 creditors, who invested between AU$10,000 to AU$5 million, attended a two-hour meeting in the Geelong West Town Hall on Monday and many of them left very upset by what they learned, the AAP relates. "There were a lot of disappointed people and many were holding back from crying," the AAP quoted a creditor who did not want to be named. Ewin Hannan of The Australian mum-and-dad investors, some of whom had borrowed against their homes on the promise of phenomenal investment returns, quietly queued outside the Geelong West Town Hall to hear if there was any hope of recovering the AU$52 million they had collectively injected into Chartwell. The Australian relates that investors questioned Mr. Secatore, who could only relay the grim news. Some blamed the Australian Securities and Investments Commission for not doing its job, The Australian notes. According to the AAP, Mr. Secatore told creditors that Chartwell had not been audited for five years and had not paid any tax for five years. Another creditors' meeting is scheduled for May 28, at which time Mr. Secatore said he will make his recommendation, the AAP relates. Criminal Charges In a separate report, Ewin Hannan writes that the founders of Chartwell Enterprises, Graeme Hoy and Ian Rau, "face prison terms for alleged insolvent trading, taking millions of dollars from mum-and-dad investors for at least 12 months without investing a cent." According to The Australian, Mr Secatore said he expected his investigation would lead to criminal action being pursued against Messrs. Hoy and Rau, including charges carrying jail terms. "Investors, some of whom committed up to AU$5 million against their homes, are also considering a class action against Chartwell, but options are limited if the money is lost," Ewin Hannan relates. As reported by the Troubled Company Reporter yesterday, Mr. Hoy said he expects to be charged over the collapse of Chartwell. Mr. Hoy told the AAP that he could end up in jail: "It's a distinct possibility and if I'm found guilty of offences then so be it. . . . I don't believe (I deserve jail) because I don't believe I'm guilty of offences." About Chartwell Enterprises Based in Geelong, Australia, Chartwell Enterprises was founded by Ian Rau and Graeme Hoy. Mr. Hoy also owns a hospitality company which has recently been placed in receivership. The Troubled Company Reporter-Asia Pacific reported on April 30, 2008, that administrators have been appointed to look into the collapse of Chartwell Enterprises. The Australian Securities and Investments Commission is also investigating Chartwell Enterprises, which owes about 100 staff and investors millions of dollars. Bruno Secatore from Cor Cordis Chartered Accountants was appointed as one of the administrators. ESROM PROPERTIES: Commences Liquidation Proceedings --------------------------------------------------- At the final meeting of the members of Esrom Properties Pty Ltd held May 2, 2008, David Peter Latham and Philip William Webb, the appointed liquidators, showed their final account and report. The liquidator can be reached at: David Peter Latham Philip William Webb Morse Group 266 Howick Street Bathurst NSW 2795 EXECUTIVE KITCHENS: Placed Under Voluntary Liquidation ------------------------------------------------------ Executive Kitchens (Aus) Pty Ltd's members agreed on March 20, 2008, to voluntarily liquidate the company's business. The company has appointed Peter Paul Krejci to facilitate the sale of its assets. The liquidator can be reached at: Peter P. Krejci GHK Ferrier Green Krejci Silvia Level 13, 1 Castlereagh Street Sydney NSW 2000 FLORTEK PTY: Commences Liquidation Proceedings ---------------------------------------------- At the joint meeting of the members and creditors of Flortek Pty Limited held May 2, 2008, Daniel I. Cvitanovic, the appointed liquidator presented an account showing the manner in which the winding up has been conducted and the property of the company disposed. The liquidator can be reached at: Daniel I. Cvitanovic Cvitanovic Amos Chartered Accountants & Insolvency Specialists Shop 5 Old Potato Shed 74-76 Hoddle Street Robertson NSW Telephone: (02) 4885-2500 Facsimile: (02) 4885-2995 INTERNATIONAL FORMWORK: Placed Under Voluntary Liquidation ---------------------------------------------------------- International Formwork (Nsw) Pty Ltd's members agreed on March 20, 2008, to voluntarily liquidate the company's business. The company has appointed Roderick Mackay Sutherland to facilitate the sale of its assets. The liquidator can be reached at: R. M. Sutherland Jirsch Sutherland GPO Box 4256 Sydney NSW 2001 Telephone: (02) 9236-8333 Facsimile: (02) 9236-8334 Email: admin@jirschsutherland.com.au J & M PAPALUCA: Commences Liquidation Proceedings ------------------------------------------------- At the final meeting of the members and creditors of J & M Papaluca Pty Limited held May 2, 2008, P. Ngan, the appointed liquidator presented an account showing the manner in which the winding up has been conducted and the property of the company disposed. The liquidator can be reached at: P. Ngan Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 KLEINS GROUP: Intense Competition Caused Collapse ------------------------------------------------- Ferrier Hodgson partner James Stewart, one of the Administrators of Kleins Group, relates that the company had a "fairly significant decline in sales over the past six months or so," Stephen McMahon of The Herald Sun writes. "Over the past few years they have seen a proliferation of new competitors entering into the market. And existing fashion retailers selling accessories more aggressively, which has resulted in Kleins' traditional market changing dramatically," Mr. McMahon quotes Mr. Stewart as saying. The Troubled Company Reporter-Asia Pacific reported yesterday that Kleins Group was placed into voluntary administration owing more than AU$20 million. Reports related that the administrators have started going through the company's financial records and are considering to sell the business on a going-concern basis. The business continues to operate in administration while the company's financial records are examined. The company's affairs in New Zealand are being handled by BDO Spicers. Kleins -- http://www.kleins.com.au/-- is an Australian, privately owned company, which has been trading for more than 24 years. The company has 200 stores across Australia, New Zealand and South Africa. Kleins' head office and warehouse are situated in Melbourne, Victoria where Kleins employ more than 65 people dedicated to ensuring that Kleins follows it's mission statement of "Looking Good Costs So Little." POLYPORE INT'L: Improved Performance Cues Moody's to Lift Rtgs. --------------------------------------------------------------- Moody's Investors Service raised the ratings of Polypore International, Inc., Corporate of Family to B2 from B3 and Probability of Default to B2 from B3. Moody's also raised the ratings of Polypore's bank credit facility to Ba2 from Ba3, and senior subordinated notes to B3 from Caa1. The outlook is changed to stable. The upgrade reflects Polypore's overall improvement in credit metrics stemming from a reduction in leverage, steady free cash flow generation, improved interest coverage, and strong operating margins. Polypore's de-leveraging activities and actions to shift production to low cost countries, close plants, and restructure away from its cellulosic membrane business have all contributed to the improvement of credit metrics. The ratings also reflect the expectation that the hemodialysis and lead-acid battery after-markets will continue to support the company's track record of generating positive free cash, and its recent turnaround. The company's recent acquisition of Microporous Holding Corporation for approximately US$76 million adds rubber-based battery separator technology to Polypore's energy storage segment. The acquisition was funded with a combination of US$45 million of cash, US$17 million of revolver borrowings, and US$14 million of assumed debt. Moody's sees that additional debt from this transaction as nominal and expects these amounts to paid down over the near term. The acquisition is expected to be accretive to Polypore's earnings prior to any synergies. The stable rating outlook reflects the expectation that the company's solid growth trends and operating performance will continue, bolstered by solid end-market growth prospects, its recurring revenue base and strong geographical diversification, tempered to some extent by a sluggish North American economy. In addition, the outlook reflects the company's adequate liquidity profile, including nominal debt maturities over the near term. These ratings are raised: * Polypore International, Inc. -- Corporate Family Rating, to B2 from B3; -- Probability of Default, to B2 from B3; -- US$90 million guaranteed senior secured revolving credit facility due 2013; to Ba2 (LGD2, 19%) from Ba3 (LGD2, 19%); -- US$370 million guaranteed senior secured term loan due November 2014; to Ba2 (LGD2, 19%) from Ba3 (LGD2, 19%); -- US$ guaranteed senior subordinated notes due May 2012, to B3 (LGD5, 76%) from Caa1 (LGD5, 78%); -- Euro guaranteed senior subordinated notes due May 2012, to B3 (LGD5, 76%) from Caa1 (LGD5, 78%); The last rating action was on May 9, 2007 when the bank credit facility ratings were assigned and the outlook changed to Positive. Using Moody's standard adjustments for the last twelve months ended March 29, 2008, Polypore's consolidated total debt/EBITDA leverage approximated 5.5x, EBIT/interest was approximately 1.4x. Pro forma for the exclusion of interest accreted on the discount notes, EBIT/ interest coverage was approximately 1.5x. Polypore maintained a US$90 million revolving credit facility under which there were approximately US$17 million of borrowings at March 29, 2008. The company also maintained $23 million of cash on hand. Headquartered in Charlotte, North Carolina, Polypore International Inc., is develops, manufactures and markets specialized polymer-based membranes used in separation and filtration processes. The company is managed under two business segments. The energy storage segment, which currently represents approximately two-thirds of total revenues, produces separators for lead-acid and lithium batteries. The separations media segment, which currently represents approximately one- third of total revenues, produces membranes used in various health care and industrial applications. The company has operations in Australia, Germany and Brazil. SMS FLOOR: Commences Liquidation Proceedings -------------------------------------------- At the final meeting of the members and creditors of Sms Floor Polishers & Builders Pty Ltd held May 2, 2008, P. Ngan, the appointed liquidator presented an account showing the manner in which the winding up has been conducted and the property of the company disposed. The liquidator can be reached at: P. Ngan Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 ST. GEORGE BANK: Reports AU$603 Million Half-Year Cash Profit ------------------------------------------------------------- St. George Bank reported a record cash profit result of AU$603 million for the half year ended March 31, 2008, up 6.2 percent from March 2007. The cash profit, which excludes significant items, represents earnings per share growth of 2.1 percent. Importantly, due to initiatives already in place, including the full second half benefits of asset and fee repricing, cost control and a reduction in volatility in investment earnings, the Group expects a significantly stronger second half. John Curtis, Chairman of St. George Bank said; �This is a strong result, notwithstanding the very challenging external environment. As a result of this record profit, the Board has increased the interim dividend from 82 cents in March 2007 to 88 cents.� Paul Fegan, Managing Director & Chief Executive Officer said; �Overall, the underlying performance is excellent and the financial position of the Group has been strengthened. Despite the challenging environment, we have costs under control with a cost to income ratio at 42.5 percent (underlying 41.7 percent). In addition, our net interest margin has only reduced by 5 basis points and our asset quality remains very sound. However, the volatility in global equity markets has resulted in a reduction of earnings of the Group�s mortgage insurance investment portfolio of AU$55 million pre tax compared to March 31, 2007. Excluding this impact, earnings per share growth would have increased by 8.8 percent and profit by 13.2 percent.� * Capital The Group�s capital position remains strong. As at March 2008, the Group�s Tier 1 ratio was 6.97 percent, which is approximately AU$500 million above its regulatory minimum ratio of 6.25 percent. While the Group does not have an immediate need for capital this financial year, it has taken the opportunity to offer a 2.5 percent discount on the Dividend Reinvestment Plan, given its expected growth in assets in the 2009 financial year. * Funding The Group continues to have access to a well-diversified funding base. As at May 2, 2008, the Group has completed 84 percent of its entire 2008 funding requirements. In addition, retail deposits have grown by a very strong 14 percent on an annualised basis, which reduced the reliance on wholesale funding. In addition, the Group has substantially increased its liquidity by more than 80 percent or AU$7.9 billion to AU$17.7 billion, representing 13 percent of total assets up from 9 percent at March 31, 2007. * Credit Quality Credit quality remains very sound, with the loan impairment expense, as a percentage of average assets, increasing marginally from 0.17 to 0.18 percent. The 90-day past due arrears for housing loans improved from 0.36 to 0.24 percent. The Group has taken an individual provision of AU$20 million before tax against a margin loan secured by Octaviar Ltd (Formerly MFS Limited) shares. This exposure has been previously disclosed to the market. Other exposures to Centro entities and Allco continue to be performing and therefore do not require specific provisions. * Retail Deposits As indicated, deposits grew on an annualised basis by 14 percent to AU$51.1 billion. This is above system growth with market share increasing to 8.2 percent at March 2008. * Home Loans Home loans grew by an annualised 10 percent for the six months to March 2008. This growth reflects the New South Wales housing market, which represents 56 percent of the Group�s total home lending. * Middle Market Business Loans Loans for the Middle Market grew by an annualised 31 percent, which is an outstanding result. Greater than 90 percent of this portfolio is secured. Overall market share increased from 8.1 to 9.1 percent. * Wealth Management Managed funds have been impacted heavily by the negative performance of equity markets. Managed funds were AU$43.9 billion, down from AU$44.3 billion in March 2007. Pleasingly, gross inflows increased by 4.7 percent, which was above the market average. * Interstate Growth Victoria, Queensland and Western Australia grew home loans by a total of 16 percent and Middle Market loans by 43 percent. These numbers reflect the success of our interstate growth strategy. The Group continues to invest to develop these opportunities with a further eight new branches planned for the second half. * Interest Margin As mentioned earlier, the Group�s interest margin during the half reduced by 5 basis points from 1.97 to 1.92 percent, largely driven by holding increased liquidity. Given the increase in funding costs, this is a strong result in a highly competitive environment. * Expenses Expenses have been carefully managed, increasing by only 4.8 percent compared to March 2007. Compared to the September 2007 half, expenses increased by 1.3 percent. The expense to income ratio reduced from 42.6 to 42.5 percent compared to March 2007 and remains industry leading. At the underlying level, it reduced from 43.1 percent to 41.7 percent. * Significant Items The Group has recognised AU$93m after tax of significant items for the half. This comprises a AU$54 million gain from the sale of Visa, a AU$30 million restructuring charge, and a AU$117 million tax expense from a dispute with the Australian Tax Office relating to a 1997 transaction. While the Group is appealing the decision, it considers it prudent to provide for the full amount. All figures are after tax. The net profit for the Group including these significant items (and preference dividends) is AU$514 million, which is down 10.1 percent compared to the same period last year. Outlook Paul Fegan said; �On the back of this strong performance, the Group continues to pursue its organic, customer-focused growth strategy. To accelerate this process the Group will be undertaking a major restructuring program over the next few years that will see substantial improvements in efficiencies. A AU$30 million after tax provision has been recognised to fund this major program.� As previously advised, St. George�s EPS target of 10 percent assumed no one-off material credit losses and a reasonably sound economic environment. As a result of recognising a AU$20 million credit loss on a margin loan during the half and as the effects of the turmoil in global financial markets flow through to the domestic economy, the Group has revised its EPS growth target accordingly to a range of 8 to 10 percent for 2008, on the basis of no further unexpected material credit losses. �Against the back drop of a challenging operating environment, the financial position of the Group has been strengthened while delivering record profits. Even with some moderation in the domestic economy, the Group expects to benefit from a significantly stronger second half. St. George is confident in its growth prospects despite the challenging environment, given its strong business momentum, conservative business mix and sound asset quality. The Bank�s solid capital position puts us in great shape to capitalise on the profitable growth opportunities that we are seeing across our core businesses� he concluded. Job Cuts The Australian Associated Press reports that St. George Bank said it will cut jobs when it undertakes its $30 million restructuring program, but company officials declined to specify how many staff would go. "I haven't been making any public comment on that at all," chief executive Paul Fegan told journalists, the AAP relates. According to Mr. Fegan, the report states, the bank has not yet finalized its plan though it envisions an increase in "offshoring". Mr. Fegan adds that the restructuring would also involve outsourcing domestically, the AAP reports. Missed Expectations As reported by the Troubled Company Reporter-Asia Pacific yesterday, analysts expected St. George to report a cash profit of AU$619 million for the six months ended March 31, 2008, compared with AU$586 million in the same period a year before. In a separate report, the AAP said "[s]hares in St. George Bank fell by almost 4 percent in early trading [on May 6] after the group's first half result missed analyst expectations and the bank revised its annual earnings guidance." About St. George Bank Headquartered in Kogarah, New South Wales, Australia -- http://www.stgeorge.com.au-- St. George Bank Limited is a banking company. The Company operates in four business segments: Retail Bank (RB), Institutional and Business Banking (IBB), BankSA (BSA) and Wealth Management (WM). RB is responsible for residential and consumer lending, provision of personal financial services including transaction services, call and term deposits, small business banking and financial planners. This division manages retail branches, call centers, agency networks and electronic channels, such as electronic funds transfer at point of sale (EFTPOS) terminals, automated teller machines (ATMs) and Internet banking. On September 28, 2007, it disposed of its 100% interest in Scottish Pacific Business Finance Holdings Pty. Limited. * * * The Troubled Company Reporter-Asia Pacific reported on March 28, 2008 that Fitch Ratings assigned a 'B' rating on the AU$1.0 million Class E bond of St. George. A subsequent TCR-AP report on April 2, 2008, said Fitch Ratings rated St. George's AU$1.7 million Class D bond a 'BB'. TETNS PTY: Commences Liquidation Proceedings -------------------------------------------- At the general meeting of the members of Tetns Pty Limited held May 1, 2008, J. A. Shaw, the appointed liquidator presented an account showing the manner in which the winding up has been conducted and the property of the company disposed. The liquidator can be reached at: J. A. Shaw Ferrier Hodgson Chartered Accountants PO Box 840 Newcastle NSW 2300 WEBIT TECHNOLOGIES: Supreme Court Enters Wind-Up Order ------------------------------------------------------ On February 25, 2008, the Supreme Court of New South Wales entered an order to have Webit Technologies Pty Limited's operations wound up. Riad Tayeh was appointed as liquidator. The liquidator can be reached at: Riad Tayeh c/- de Vries Tayeh Level 3, 95 Macquarie Street Parramatta NSW 2124 Telephone: (02) 9633-3333 Facsimile: (02) 9633-3040 ========= C H I N A ========= BLOUNT INTERNATIONAL: Acquires Carlton Holdings for $63,000,000 --------------------------------------------------------------- Blount International Inc. acquired all the capital stock of Carlton Holdings Inc. from its private shareholders. Blount paid approximately $63 million in net consideration for the stock, funded through the company's revolving credit facility. "The acquisition of Carlton is consistent with our intention to invest in and grow our core business, the Outdoor Products segment," James Osterman, Blount's chairman and CEO, said. "The added capacity and potential operating synergies of the combined entities make Carlton an attractive asset to own. "Carlton's strengths in international markets where over 80% of their sales take place, fits well with our expansion plans and the additional capacity will accelerate the opportunities to take advantage of the weakened U.S. dollar in trading," Mr. Osterman added. About Carlton Holdings Inc. Located in Milwaukie, Oregon, Carlton Holdings Inc. is a manufacturer of saw chain. Carlton employs approximately 400 employees, most at its Oregon manufacturing facility, and distributes the majority of its products to international markets. The company was founded in 1963. About Blount International Blount International Inc. (NYSE: BLT) -- http://www.blount.com/ -- is a diversified international company operating in two principal business segments: Outdoor Products and Industrial and Power Equipment. The company's Outdoor Products segment provides chain, bars and sprockets to the chainsaw industry, accessories to the lawn care industry and concrete cutting saws. As reported in the Troubled Company Reporter on April 29, 2008, Blount International Inc.'s balance sheet at Dec. 31, 2007, showed total assets of $411.9 million and total liabilities of $466.0 million, resulting in a total shareholders' deficit of $54.1 million. CITIC GROUP: Unit to Buy AVA's Infant Formula & Dairy Business -------------------------------------------------------------- CITIC Group's unit, CITIC Capital Holdings Limited, through its China private equity fund, entered into an agreement with Mainland listed Hunan AVA Holdings Co. Ltd to acquire a 100% interest in AVA's infant formula and dairy business, at a cash consideration of approximately CNY570 million. The acquisition is part of AVA's asset restructuring plan where under it will focus on real estate development while divesting its businesses not related to real estate development. AVA has separately entered into agreements with other parties for the sale of other to-be-divested assets. The completion of CITIC Capital's investment will facilitate AVA's restructuring plan as the dairy business is an integral component to AVA's to-be- divested businesses. Infant formula, which represents the majority of AVA's dairy business, is growing at a rate of 20% per year in China according to industry experts. The main growth drivers for the industry are rising disposable incomes as well as shifting demographic patterns in favor of increased numbers of working mothers. Since 1956, AVA has developed a strong regional brand � "Nanshan" � which is among the top ten infant formula brands in China and the fifth largest domestic manufacturer. AVA is particularly dominant in the central and southern regions of China. The transactions and the restructuring plan are subject to approvals from the respective regulatory authorities. About CITIC Capital Founded in 2002, CITIC Capital Holdings Limited is a leading China-focused investment management and advisory firm. We manage over US$1.6 billion of capital from a diverse base of global investors. Our core businesses include Private Equity, Real Estate, Structured Finance, Asset Management and Special Situations. Our firm combines deep knowledge of the China business and financial markets with world-class investment expertise in order to create value for investors. We are part of the CITIC Group, one of China's largest and most comprehensive conglomerates. We currently have over 150 employees located in offices in Hong Kong, Shanghai, Beijing, Tokyo and New York. About CITIC Group State-owned conglomerate CITIC Group -- http://www.citic.com/wps/portal/-- oversees the government's international investments, as well as some domestic ones. Its approximately 45 subsidiaries on four different continents include financial institutions -- more than 80% of its assets -- industrial concerns (satellite telecommunications, energy, manufacturing), and service companies (construction, advertising). Holdings include stakes in CITIC Securities and CITIC International Financial Holdings. * * * The Troubled Company Reporter-Asia Pacific reported that on Feb. 13, 2007, Standard & Poor's Ratings Services removed the BB+ long-term and B short-term foreign currency counterparty credit rating on CITIC Group from CreditWatch. The outlook on the ratings is developing. At the same time, Standard & Poor's also removed the BB+ foreign currency issue rating on the group's senior unsecured debt from CreditWatch. FUYAO GROUP: 1Q 2008 Net Profit Up 19% to CNY190.5 Million ---------------------------------------------------------- Fuyao Group Glass Industries Co's first-quarter profit rose 19% on higher car demand, Financial Times reports. FT says that according to a statement filed with the Shanghai Stock Exchange, the company's net income rose to CNY190.5 million (US$27.21 million), or CNY0.19 a share, from CNY160.1 million, or CNY0.16 a share, a year earlier. Company sales rose to CNY1.34 billion from CNY1.10 billion, the report notes. Headquartered in Fuqing, Fujian Province, Fuyao Group Glass Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a manufacturer of automotive and industrial safety glass. The company provides laminated and tempered glass for automobiles, encapsulation products, bulletproof glass, laminated and tempered glass for buildings, furniture and decorative glass products, front panel glass for electrical appliances and panel glass for other specialty industrial applications. The Company has seven production bases in the People's Republic of China and two wholly owned subsidiaries in the United States. FYG mainly exports to North America and Asia Pacific. The company currently holds Xinhua Far East China Ratings' BB+ issuer credit rating. INTELSAT LTD: Commences Change of Control Offers ------------------------------------------------ Intelsat Ltd.'s indirect wholly-owned subsidiary Intelsat Jackson Holdings, Ltd. is offering to purchase for cash any and all of its outstanding 9-1/4% Senior Notes due 2016 and 11-1/4% Senior Notes due 2016, in each case at a price of 101% of the principal amount of such Notes. Intelsat Jackson is also offering to prepay the loans outstanding under its US$1.0 billion Senior Unsecured Credit Agreement, dated as of Feb. 2, 2007, at a price of 101% of the principal amount thereof. Intelsat Jackson is required by the terms of the respective indentures governing the Notes and by the terms of the Senior Unsecured Credit Agreement to make these offers as a result of the previously announced acquisition of Intelsat Holdings, Ltd., the indirect parent of Intelsat Ltd., by Intelsat Global Subsidiary, Ltd. (formerly known as Serafina Acquisition Limited), a direct wholly-owned subsidiary of Intelsat Global, Ltd. (formerly known as Serafina Holdings Limited), an entity formed by funds advised by BC Partners Holdings Limited, Silver Lake Partners and certain other equity investors. The Acquisition constitutes a change of control under each of the indentures governing the Notes and under the Senior Unsecured Credit Agreement. The terms of the change of control offer with respect to the Notes are described in a Notice of Change of Control and Offer to Purchase, dated May 2, 2008, and the Letters of Transmittal related thereto, which will be distributed to holders of the Notes in accordance with the terms of the indentures. The terms of the change of control offer with respect to the loans outstanding under the Senior Unsecured Credit Agreement are described in a Notice of Occurrence of Change of Control and Offer to Prepay, dated May 2, 2008, which will be sent to the administrative agent under the Senior Unsecured Credit Agreement in accordance with the terms thereof. The change of control offer with respect to the Notes will expire at 5:00 p.m., New York City time, on June 26, 2008 and the change of control offer with respect to the Senior Unsecured Credit Agreement will expire at 12:00 noon, New York City time, on June 30, 2008. Each of the change of control offers will have a settlement date of July 1, 2008. Holders whose Notes are accepted for payment and lenders that elect to have their loans under the Senior Unsecured Credit Agreement prepaid pursuant to the offers will also receive accrued and unpaid interest to the Settlement Date. Intelsat Jackson has retained Wells Fargo Bank, National Association to act as Depositary in connection with the change of control offer for the Notes. Bank of America, N.A. is the administrative agent under the Senior Unsecured Credit Agreement. Headquartered in Pembroke, Bermuda, Intelsat, Ltd. -- http://www.intelsat.com/-- is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. Intelsat has offices in Brazil, China, Hong Kong, France, Germany, India, Singapore, South Africa, the United Arab Emirates, the United Kingdom and the United States. Intelsat, Ltd.'s December 31 balance sheet showed total assets of US$12,053,332, total liabilities of US$12,775,716 and stockholders' deficit of US$722,384. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 19, 2008, Standard & Poor's Ratings Services lowered its corporate credit rating on Bermuda-based Intelsat Ltd. to 'B' from 'B+' and removed the ratings from CreditWatch. S&P said the outlook is stable. INTERNATIONAL PAPER: Net Income Drops to $133MM in '08 1st Qtr. --------------------------------------------------------------- International Paper reported preliminary first-quarter 2008 net earnings of $133 million compared with net earnings of $327 million in the 2007 fourth quarter and $434 million in the first quarter of 2007. Earnings from continuing operations and before special items in the first quarter of 2008 were $175 million, compared with $294 million in the 2007 fourth quarter and $203 million in the first quarter of 2007. Quarterly net sales were $5.7 billion, down from $5.8 billion in the fourth quarter and up from $5.2 billion in the first quarter of 2007. Industry segment operating profits were $332 million for the 2008 first quarter versus $566 million in the 2007 fourth quarter and $403 million in the first quarter of 2007. The quarter-to-quarter decrease reflects higher input costs, lower earnings from land sales and operating performance below expectations early in the quarter. Additionally, the company reported equity earnings, net of taxes, of $17 million from its 50% investment in Ilim Holding S.A., a separate reportable industry segment in Russia. "We continued to realize price improvement in the first quarter," John Faraci, chairman and CEO, said. "However, those gains were more than offset by sharply increasing input costs, well as the expected quarter-to-quarter decline in earnings from land sales." "We are prepared to work through the weakness of the U.S. economy. Our business outside of North America continues to demonstrate healthy growth and solid pricing," Mr.Faraci said. At March 31, 2008, the company's balance sheet showed total assets of $24.3 billion, total liabilities of $15.3 billion and total shareholders' equity of about $9.0 billion. About International Paper Based in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is in the forest products industry for more than 100 years. The company is currently transforming its operations to focus on its global uncoated papers and packaging businesses, which operate and serve customers in the U.S., Europe, South America and Asia, including in China. International Paper is committed to environmental, economic and social sustainability, and has a long-standing policy of using no wood from endangered forests. * * * Moody's Investors Service placed International Paper Co.'s senior subordinate rating at 'Ba1' in December 2005. The rating still holds to date with a stable outlook. LIBBEY INC: Loses US$3.5 Million in First Quarter Ended March 31 ---------------------------------------------------------------- Libbey Inc. disclosed that sales increased 4.3% to US$187.3 million in the first quarter of 2008 from US$179.5 million in the prior year first quarter. The company reported a net loss of US$3.5 million for the first quarter ended March 31, 2008, compared to a net loss of US$1.8 million in the prior year quarter. First Quarter Results For the quarter-ended March 31, 2008, sales increased 4.3% to US$187.3 million from US$179.5 million in the year-ago quarter. North American Glass sales increased 2.2% to US$127.5 million. The increase in sales was attributable to continued solid increases of over 18% in shipments to retail glassware customers in the United States and Canada and strong sales performance in Mexico. These increases were partially offset by lower shipments to United States foodservice customers, which were off over 12%. North American Other sales decreased 3.1% as shipments to Syracuse China customers were down approximately 12%, partially offset by an increase of 3% in sales of World Tableware products. International sales increased 22.2% as the result of increased sales to customers of Libbey China, Royal Leerdam and Crisal. A majority of the increased sales is attributable to Libbey China and a favorable currency impact on European sales. International sales increased approximately 8%, excluding the currency impact. The company reported income from operations of US$9.5 million during the quarter, compared to income from operations of US$10.4 million in the year-ago quarter. Factors contributing to the decrease in income from operations were an unfavorable mix of sales, as a result of lower foodservice sales, a US$1.4 million increase in natural gas expenses and a US$2.1 million increase in depreciation partially offset by a reduction of US$1.2 million in selling, general and administrative expenses. Earnings before interest and taxes (EBIT) were US$10.2 million, compared to US$12.2 million in the year-ago quarter. EBIT was US$7.1 million for North American Glass, compared to US$10.9 million in the first quarter if 2007, as a result of the unfavorable sales mix and higher natural gas expenses. North American Other reported EBIT for the first quarter of 2008 of US$3.8 million, which was flat compared to the first quarter of 2007. The first quarter 2007 results included a US$1.1 million one-time gain on the sale of excess land in Syracuse, New York. Excluding the gain on the sale of land recorded in 2007, the increase in EBIT in 2008 is attributable to higher income from operations at World Tableware, Syracuse China and Traex. The International segment reported an EBIT loss of US$0.7 million, which was a US$1.8 million improvement in EBIT as compared to the year-ago quarter. The improvement in EBIT was primarily related to Libbey China being in full operation, higher international sales and improved margins partially offset by higher natural gas costs in Europe. Libbey reported that earnings before interest, taxes, depreciation and amortization (EBITDA) was US$21.5 million in the first quarter of 2008, compared to EBITDA of US$21.4 million in the year-ago quarter. As a result of higher debt, primarily driven by the payment-in- kind notes, interest expense increased US$1.6 million compared to the year-ago period. The effective tax rate increased to 49.8% for the quarter, compared to 47.5% in the year-ago quarter. Libbey reported its net loss was US$3.5 million compared to a net loss of US$1.8 million in the first quarter of 2007. Working Capital and Liquidity As of March 31, 2008, working capital, defined as inventories and accounts receivable less accounts payable, increased by US$23.4 million from US$213.8 million to US$237.2 million, compared to Dec. 31, 2007, due to seasonal working capital needs. Free cash flow was a use of US$37.5 million as compared to a use of US$7.8 million in the first quarter of 2007. The primary contributors were a US$19.6 million payment to Vitro S.A. made in the current year related to the purchase of Crisa in 2006 and increased working capital of US$10.8 million at Libbey China, where production did not begin until late in the first quarter of 2007. Libbey reported that it had available capacity of US$82.3 million under its Asset Based Loan credit facility as of March 31, 2008. This compares to availability of US$89.7 million at Dec. 31, 2007. Outlook for 2008 Chairperson and chief executive officer, John F. Meier said, "We are pleased with the strength of our total sales performance. We experienced healthy increases in U.S. and Canadian retail glassware, Crisa and Libbey China shipments during the quarter. We reported solid EBITDA performance in spite of softness in the U.S. foodservice market and higher natural gas costs. We expect second quarter sales to be in the range of US$215 million to US$220 million, and EBITDA to be between US$30 million and US$32 million in the second quarter of 2008." Mr. Meier added, "As the result of a solid first quarter, finishing on the high side of our EBITDA guidance, and given the strong retail and International sales performance offsetting the softness in the U.S. foodservice channel of distribution, we are confirming our guidance for 2008 EBITDA to be in an expected range of US$113 million to US$123 million." About Libbey Inc. Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/-- operates glass tableware manufacturing plants in the United States in Louisiana and Ohio, as well as in Mexico, China, Portugal and the Netherlands. Its Crisa subsidiary, located in Monterrey, Mexico, is the leading producer of glass tableware in Mexico and Latin America. Its Royal Leerdam subsidiary, located in Leerdam, Netherlands, is among the world leaders in producing and selling glass stemware to retail, foodservice and industrial clients. Its Crisal subsidiary, located in Portugal, provides an expanded presence in Europe. Its Syracuse China subsidiary designs, manufactures and distributes an extensive line of high- quality ceramic dinnerware, principally for foodservice establishments in the United States. Its World Tableware subsidiary imports and sells a full-line of metal flatware and holloware and an assortment of ceramic dinnerware and other tabletop items principally for foodservice establishments in the United States. Its Traex subsidiary, located in Wisconsin, designs, manufactures and distributes an extensive line of plastic items for the foodservice industry. In 2006, Libbey Inc.'s net sales totaled US$689.5 million. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 3, 2006, In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given- Default rating methodology for the U.S. Consumer Products sector, the rating agency confirmed its B2 Corporate Family Rating for Libbey Glass Inc., and its B2 rating on the company's US$306 million senior secured notes due 2011. Additionally, Moody's assigned an LGD3 rating to the notes, suggesting noteholders will experience a 49% loss in the event of a default. VISTEON CORP: March 31 Balance Sheet Upside-Down by US$136 Mil. --------------------------------------------------------------- Visteon Corporation's balance sheet at March 31, 2008, showed total assets of US$7.2 billion and total liabilities of US$7.3 billion resulting in a total shareholders' deficit of about US$136 million. The company reported net loss of US$105 million, including a US$40 million loss associated with the sale of North American aftermarket facilities and a US$21 million asset impairment. For the first quarter 2007, Visteon reported a net loss of US$153 million which included a US$40 million of asset impairments. The company related that divestitures and plant closures decreased product sales by US$340 million; favorable currency of US$181 million and higher Asian sales were partial offsets. Services revenue was US$121 million, a decrease of US$9 million from the same period in 2007. Visteon reduced its net loss by US$48 million to US$105 million for first quarter 2008. Cash used by operating activities for first quarter 2008 was US$126 million, a US$5 million improvement over the US$131 million in first quarter 2007. First quarter 2008 cash from operations was negatively impacted on a year-over-year basis by a number of factors including cash restructuring costs, pension, OPEB and recoverable tax assets. Capital expenditures for first quarter 2008 were US$74 million, US$10 million higher than the same period a year ago, reflecting investments to support future business. Free cash flow, for first quarter of 2008 was negative US$200 million, compared with negative US$195 million in the same period of 2007. As of March 31, 2008, the company's consolidated cash balances totaled US$1.6 billion. Restructuring and Divestitures During the first quarter, Visteon addressed a number of facilities as part of its restructuring initiatives. Visteon sold its non-core North American-based aftermarket underhood and remanufacturing operations which included two facilities in Mexico and one in Tennessee. The businesses generated approximately US$130 million of sales in 2007 and had a negative gross margin of approximately US$16 million. In February 2008, Visteon closed its interiors facility in Bellignat, France, resulting in the separation of approximately 300 employees. A majority of the production at this facility was consolidated into other manufacturing facilities. Additionally, Visteon remains on track to exit its Bedford, Indiana, and Concordia, Missouri, facilities later this year. During the first quarter of this year Visteon recorded US$46 million of restructuring charges. These charges were related to three facilities in continental Europe, which are being addressed as part of the company's three-year plan, and related cost-reduction actions associated with the company's drive to reduce overhead costs, through the reduction of general administrative and engineering related expenses. In January Visteon expected to generate cumulative savings of approximately US$215 million over the next three years as part of the overhead cost reduction initiative. To date approximately 250 salaried employees have been separated from the company in conjunction with this initiative, and Visteon remains on track to generate the expected savings. Visteon continues to address its operations in the United Kingdom. Visteon has a non-binding memorandum of understanding with Linamar Corporation for the sale of its Swansea, Wales, facility. Although the transaction has yet to be finalized and negotiations continue, Visteon has been able to mitigate the losses associated with the facility through agreements reached with customers supplied by the Swansea facility. About Visteon Corporation Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic, and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. The company's other corporate offices are in Shanghai, China; and Kerpen, Germany. The company has Latin America offices in Argentina, Brazil and Mexico. The company has facilities in 26 countries and employs approximately 43,000 people. * * * Moody's Investor Service placed Visteon Corp.'s long-term corporate family and probability of default ratings at 'B3' in November 2006. The ratings still hold to date with a negative outlook. ================ H O N G K O N G ================ ABLE SMART: Commences Liquidation Proceedings --------------------------------------------- Able Smart Holdings Limited's members agreed on April 28, 2008 to voluntarily liquidate the company's business. The company has appointed Cosimo Borrelli and G Jacqueline Fangonil Walsh to facilitate the sale of its assets. The liquidators can be reached at: Cosimo Borrelli G Jacqueline Fangonil Walsh Tower 1, Admiralty Center Level 14, 18 Harcourt Road Hong Kong AGILE PROPERTY: Posts CNY10.3 Bil. Turnover for Year-End 2007 ------------------------------------------------------------- Agile Property Holdings Limited disclosed annual results for the year ended December 31, 2007. During the year under review, the Group's turnover amounted to CNY10,312 million, representing an increase of approximately 54.5%. Profit attributable to shareholders increased 69.3% to CNY2,103 million. Earnings per share were CNY0.561, surged by 58.0% over that of the previous year. The Board proposed to declare a final dividend of HK15.3 cents per share. Taking into account the interim dividend of HK5.5 cents, total dividend for the year was HK 20.8 cents, representing a 73.3% increase over last year so as to reward the support of its shareholders. For the year ended December 31, 2007, the Group's completed gross floor area ("GFA") was 1,530,000 sq. m., the GFA for recognized sales was approximately 1,410,000 sq. m., and there were 8 new projects launched. During the year under review, both of the Group's gross profit margin (LAT not accounted for) and net profit margin reached record-high levels of 50.5% and 20.4% respectively. Commenting on the satisfactory results, Mr. Chen Zhuo Lin, Chairman of Agile, said, "The year 2007 was the fifteenth anniversary of the Group's property development business and marked an important milestone of Agile's business development. During the year, the Group's business attained sustainable rapid growth and recorded outstanding performance, which further enhanced our brand influence nationwide. To further extend our regional diversification in the PRC, the Group has pro actively expanded its property development business into 20 cities across six major regions in China, with a total of 51 projects. As at December 31, 2007, the Group's total land bank reached 23.78 million sq.m." During the year under review, property development business of the Group remained strong. As at December 31, 2007, total GFA under construction of the Group was 3.07 million sq. m., which has increased by 156% as compared with 1.2 million sq. m. by the end of 2006. During the year, the Group extended its geographical coverage from Pearl River Delta Area to six major regions, namely Eastern Guangdong (Huizhou and Heyuan), Yangtze River Delta Region (Shanghai and Nanjing), Western China (Chengdu, Xi'an and Chongqing), Hainan province and others (Shenyang). During the year, 8 new projects were launched in Chengdu, Huizhou, Heyuan, Foshan, etc and received overwhelming market response. During the year, the Group secured several quality land reserves outside Guangdong Province with a total GFA of approximately 9.48 million sq. m. These newly acquired sites are mainly located in cities and regions including Guangzhou, Zhongshan, Foshan, Shanghai, Nanjing, Shenyang and Hainan province. As at April 18, 2008, the Group has a land bank with a total GFA expanded to 28.43 million sq.m, laying a solid foundation for the Group's sustained development in the coming 8 years. Property management, as the basis of after-sale service and brand image elevation, has always been paid the Group's high level of attention to. During the year, La Cite Greenville Project won "Outstanding Awards for Global Living Environment in 2007"; Property management service of Nanhai Majestic Garden was granted "Property Management Model Community of Foshan City in 2007" and "Green Model Unit of Nanhai of Foshan City"; Zhongshan Agile Property Management Services Co., Ltd was awarded "Youth Civilized Unit" in Zhongshan City. The numerous awards won by the Group demonstrated that the first-in-class professional property management service of Agile in the community has earned widespread recognitions from the community and in turn further enhanced the popularity of the brand name of the Group. During the year, turnover from property management business was CNY165 million, with 6.50 million sq. m. of GFA of property under management, receiving a customer-satisfaction rate of over 90%. During the year, in order to set the scene for sustainable and stable growth for the business in the future and increase source for revenue, the Group expands its investment property business, which has entered a constructive phase and enhanced the Group's property portfolio. Guangzhou Agile Hotel and Foshan Agile Hotel commenced operations in October 2007 and April 2008 respectively, housing a total of 331 guest rooms and are running smoothly. Besides, there are 7 hotels in Hainan under planning, 2 of which will be launched in 2010. The hotels in Huizhou and Shanghai, Grade A commercial building, Zhujiang New City of Guangzhou and Zhongshan will be completed and commenced operation by 2010. Agile continued to persevere with its prudent financial strategies. Capitalizing on the environment of capital market, the Group adopts a flexible fund raising strategy to enhance its debt structure and reduce financing risk. In June 2007, the Group signed an agreement with a group of 16 international and domestic banks in connection with a dual currency revolving credit facility equivalent to US$200 million. The success of financing exercise proved that the Group was able to use different financial instruments to raise funds from the capital market for supporting its long-term development. Mr. Chen concluded, "We believe that China property market will maintain a sustainable healthy and stable growth after the PRC Government implemented a series of macro-economic measures, aiming to cool down the overheated property sector. China property industry has shown a new facet and the market principle of 'Survival of the Best' will provide favorable operating environment for large property developers with extensive geographic coverage, quality products and comprehensive after-sale services. In addition, the continuous increase of people's spending power and improvement of people's livelihood will further stimulate the demand and in turn accelerate the growth of China property industry. Capitalize on its competitive advantages, the Group will continue to leverage on its meticulous project management capability and diversified business and product portfolio; by adopting its flexible yet prudent financial strategy while maintaining a high standards of corporate governance and strong vigilances on social responsibilities and environmental protection, Agile is committed to become the most capable China property developer. While focusing on property development business, the Group will also participate and expand its property development business for generating stable income in the future and continue to bring fruitful returns to our shareholders and customers." About Agile Property With principal offices in Kowloon, Hong Kong, Agile Property Holdings Limited -- http://www.agile.com.cn-- is a land developer of Guangdong Province, China. It was established in 1985 as a furniture maker in Zhongshan City, and entered the property business in 1992. On December 15, 2005, Agile Property was listed on the Hong Kong Stock Exchange. Agile holds a range of properties, such as villas, duplexes, apartments and condominiums. Besides residential property business, Agile is also engaged in the development of commercial properties, including retail shops and commercial complexes. * * * The Troubled Company Reporter-Asia Pacific reported on Nov. 5, 2007, that Moody's Investors Service assigned its Ba3 rating to Agile Property Holding's proposed senior unsecured notes of up to US$400 million. At the same time, Moody's affirmed Agile's Ba3 corporate family rating. The TCR-AP also reported that Standard & Poor's Ratings Services assigned its 'BB' issue rating to Agile's proposed issue of up to US$400 million in senior unsecured notes. AGILE PROPERTY: Launches Phase I of Agile Garden Nanjing Project ---------------------------------------------------------------- Agile Property Holdings Limited launched its second project outside Guangdong Province, Agile Garden Nanjing, on April 19 following the launch of Agile Garden Chengdu. The market response was so overwhelming that 350 apartments were sold just a few days shortly after its launch. The apartments were sold at the average selling price of CNY12,500 per sq. m., generating aggregate sales of over CNY600 million, which marked another upsurge of sales outside Guangdong Province. As a high-end project of Nanjing downtown, Agile Garden Nanjing enjoys the proximity to prosperous commercial area, complete set of ancillary facilities and convenient transportation, targeting on elites and outstanding professionals from all levels in the city. Located in the south of Qinhuai District government of the center of Nanjing City, Agile Garden Nanjing is adjacent to the ancient wall of Ming Dynasty and Qinhuai River and is in close proximity to Wudingmen Park, Bailuzhou Park and Confucian Temple commercial circle. The project is in a prime location with very convenient public transport networks. It is just a 10-minute drive to the most bustling center of Nanjing, Xinjiekou; a 12-minute and 30-minute drive to or from Nanjing Train Terminal and Nanjing Lukou International Airport respectively. Agile Garden Nanjing has comprehensive ancillary facilities with just a few minutes walk from a number of large supermarkets, the First Hospital of Nanjing City, Military Hospital of Jiangsu Province, the four China's largest banks and other facilities. The project is scheduled to be developed by two phases, featuring a combination of high-end apartments, shops, clubhouses, ecological greening plaza, kindergarten, primary school and bus terminals. The products in phase I, which comprise finely decorated apartments and prestigious units featuring smaller size, are put on the market in quasi-completed form. The architectural designs of Phase I of Agile Garden Nanjing Grandly Launched Sales Exceeded Over CNY 600 Million April 24, 2008, that two or three units in every storey sharing two elevators are adopted, creating a sleek, comfortable and spacious living space. The sizes of units for sale range from 97 sq.m. to 306 sq.m. Commenting on the overwhelming response received from the sale of Agile Garden Nanjing, senior executive of Agile Property said, "Benefit greatly from the prime geographic location, comprehensive ancillary facilities, convenient traffic network, high end positioning, excellent products as well as the important role of Nanjing as a political and cultural center of Jiangsu Province, Agile Garden Nanjing project has great potential for appreciation. The overwhelming response received from the sale of the project has demonstrated again that Agile Property's products fully cater to the demands of local market and greatly enhance Agile's brand awareness while proofing strongly that the Group has excellent ability to enforce its projects outside Guangdong Province. " About Agile Property With principal offices in Kowloon, Hong Kong, Agile Property Holdings Limited -- http://www.agile.com.cn-- is a land developer of Guangdong Province, China. It was established in 1985 as a furniture maker in Zhongshan City, and entered the property business in 1992. On December 15, 2005, Agile Property was listed on the Hong Kong Stock Exchange. Agile holds a range of properties, such as villas, duplexes, apartments and condominiums. Besides residential property business, Agile is also engaged in the development of commercial properties, including retail shops and commercial complexes. * * * The Troubled Company Reporter-Asia Pacific reported on Nov. 5, 2007, that Moody's Investors Service assigned its Ba3 rating to Agile Property Holding's proposed senior unsecured notes of up to US$400 million. At the same time, Moody's affirmed Agile's Ba3 corporate family rating. The TCR-AP also reported that Standard & Poor's Ratings Services assigned its 'BB' issue rating to Agile's proposed issue of up to US$400 million in senior unsecured notes. ASAHI CREATIVE: Creditors' Final Meeting Set for May 7 ------------------------------------------------------ Members of Asahi Creative Technology Limited will have their final general meeting on May 7, 2008, at Duke of Windsor Social Service Building, Room 202, No 15 Hennessy Road, Wancahi, in Hong Kong to hear the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Stephen Briscoe Duke of Windsor Social Service Building Room 202, No 15 Hennessy Road Wancahi, Hong Kong ASAT HOLDINGS: Posts US$41.8MM Revenue for Third Quarter 2008 ------------------------------------------------------------- ASAT Holdings Limited's net revenue for the third quarter of fiscal 2008, ended January 31, 2008, increased for the third consecutive quarter to US$41.8 million. This compares with net revenue of US$40.2 million in the previous quarter. Third quarter net loss improved to US$5.0 million, or a net loss of US$0.12 per American Depositary Share (ADS), compared with a net loss of US$5.2 million, or a net loss of US$0.13 per ADS in the second quarter. Included in the third quarter net loss were reorganization charges of US$149,000. Net loss in the second quarter included a charge of approximately US$92,000 in reorganization costs for follow-on expenses related to completing the move of the company's manufacturing operations to China. The company's third-quarter results also recorded: -- Net sales for assembly were US$40.7 million -- Net sales for test were US$1.1 million -- Capital expenditures were US$2.5 million -- Cash and cash equivalents at the end of the quarter were US$12.3 million "We have now achieved three consecutive quarters of revenue growth and we recorded positive income from operations for the first time since the April 2004 quarter. These results further demonstrate the success of the financial improvement plan implemented last year," said Tung Lok Li, acting chief executive officer of ASAT Holdings Limited. "In the third quarter, we improved on several important elements of this plan, including expanding sales to existing customers and generating initial revenue from new customers. We will continue to invest in our sales organization in order to capitalize on new business opportunities, which should lead to additional revenue this year." Fourth Quarter Fiscal 2008 Outlook "While we remain confident with our current strategy, our outlook for the April quarter, which is traditionally our weakest quarter, is cautious due to normal seasonal sales trends and uncertainty in the macro economy. These factors lead us to forecast revenue in the fourth quarter of fiscal 2008 will be down 10% to 15% sequentially," said Mr. Li. Future Financing As the Company's existing US$20 million revolving credit facility will expire in September 2008, ASAT is in the process of obtaining external financing, including, but not limited to, the renewal of the existing US$20 million revolving credit facility. These funds will be used primarily to facilitate the Company's required working capital needs. While ASAT believes receipt of financing is likely, there can be no assurance that it will be obtained, and if such financing is not obtained for any reason there may be questions regarding the Company's ability to continue as a going concern. About ASAT Holdings Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor package design, assembly and test services. With 19 years of experience, the company offers a definitive selection of semiconductor packages and manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company has operations in the United States, Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. BRIDGETECH HOLDINGS: Jewett Schwartz Raises Substantial Doubt ------------------------------------------------------------- Jewett, Schwartz, Wolfe & Associates in Hollywood, Fla., raised substantial doubt about Bridgetech Holdings International, Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended Dec. 31, 2007. The auditing firm pointed to the company's operating and liquidity concerns, accumulated deficit, and negative working capital. For the year ended Dec. 31, 2007, the company posted a US$15,355,456 net loss on US$243,770 of revenues compared with a US$16,854,130 net loss on US$437,049 of total revenues for the same period in 2006. At Dec. 31, 2007, the company's balance sheet showed US$1,294,315 in total assets, US$9,350,887 in total liabilities, and US$20,325 in minority interest, resulting in an US$8,076,897 stockholders' deficit. The company's balance sheet at Dec. 31, 2007, also showed strained liquidity with US$610,885 in total current assets available to pay US$9,350,887 in total current liabilities. The company also incurred an accumulated deficit of US$56,279,880 through the period ended Dec. 31, 2007. A full-text copy of the company's 2007 annual report is available for free at http://ResearchArchives.com/t/s?2b8b Based in Cardiff, Calif., 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. CONCORD STAR: Creditors' Proofs of Debt Due May 16 -------------------------------------------------- Creditors of Concord Star Enterprises Limited are required to file their proofs of debt by May 16, 2008, to be included in the company's dividend distribution. The company's liquidator is: Ng Kwok Woi JCG Building, Unit A, 14th Floor 16 Mongkok Road, Mongkok Kowloon, Hong Kong CSL UNITED: Creditors' Proofs of Debt Due May 14 ------------------------------------------------ Creditors of CSL United Personalcom Limited are required to file their proofs of debt by May 14, 2008, to be included in the company's dividend distribution. The company's liquidators are: Jacky Chung Wing Muk Edward Simon Middleton Alexandra House, 27th Floor 18 Charter Road, Central Hong Kong GOLDWAY INTERNATIONAL: Creditors' Final Meeting Set for May 9 ------------------------------------------------------------- Members of Goldway International Limited will have their final general meeting on May 9, 2008, at Founder's Room. 3rd Floor, South Tower, 41 Salibury Road, YMCA of Hong Kong, Tsimshatsui, Kowloon, to hear the liquidator's report on the company's wind- up proceedings and property disposal. No liquidator information was disclosed. HONG KONG KUTTLER: Creditors' Proofs of Debt Due May 24 ------------------------------------------------------- Creditors of Hong Kong Kuttler Auto Systems (Suzhou) Company Limited are required to file their proofs of debt by May 24, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 31, 2008. The company's liquidator is: Stephen Briscoe 1801 Wing On House, 18th Floor 71 Des Voeux Road Central, Hong Kong LYON ENTERPRISE: Creditors' Proofs of Debt Due May 26 ----------------------------------------------------- Creditors of Lyon Enterprise Limited are required to file their proofs of debt by May 26, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on January 31, 2008. The company's liquidator is: Tam Kwok Ming Banny United Centre, Flat A 16th Floor, 95 Queensway Hong Kong NVIDIA CORP: Court Rejects Trustee's Claim for US$100 Million ------------------------------------------------------------- NVIDIA Corporation said Friday that the United States Bankruptcy Court for the Northern District of California issued its Memorandum Decision After Trial in the 3dfx bankruptcy action. In the Decision, the Court found in favor of NVIDIA on all issues and rejected the Trustee's attempts to obtain damages from NVIDIA in excess of US$100 million. The Trustee's lawsuit arose from NVIDIA's 2001 acquisition of certain assets of its former competitor, 3dfx Interactive, Inc. Specifically, the Trustee claimed that NVIDIA did not pay fair value for the assets it acquired in the transaction, thereby allegedly harming 3dfx's creditors. "A trial was necessary to fully demonstrate that we conducted ourselves appropriately in the acquisition and we are very pleased with the Decision from the Court. The Decision is comprehensive, thorough, well-reasoned, and a complete rejection of the Trustee's legal and factual arguments," said David Shannon, NVIDIA's senior vice president and general counsel. The Court expressly found that "the Trustee's valuation theory -- every way it is articulated -- is simply not credible," and concluded that "the creditors of 3dfx were not injured by the Transaction." "We will continue to fight this matter through any and all appeals," said Mr. Shannon. About NVIDIA Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq: NVDA) -- http://www.nvidia.com/-- is in the business of visual computing technologies and invented the GPU, a high-performance processor which generates breathtaking, interactive graphics on workstations, personal computers, game consoles, and mobile devices. NVIDIA serves the entertainment and consumer market with its GeForce(R) products, the professional design and visualization market with its Quadro(R) products, and the high- performance computing market with its Tesla(TM) products. Outside the U.S., the company has subsidiaries in these countries; Canada, Cayman Islands, Singapore, Australia, the United Kingdom, Germany, Hong Kong, Japan, Mauritius, India, China, British Virgin Islands, Finland and Netherlands. * * * The company carries Standard & Poor's Ratings Services BB- corporate credit rating. NVIDIA Corporation: Annual Stockholders Meeting Set for June 19 --------------------------------------------------------------- NVIDIA Corporation will hold its Annual Meeting of Stockholders of on Thursday, June 19, 2008 at 10:00 a.m. The meeting will be held at Building E of the company's headquarters, which is located at 2800 Scott Boulevard in Santa Clara, California. At the meeting, stockholders will be asked to: -- elect three directors nominated by the Board of Directors to hold office until the company's 2011 Annual Meeting of Stockholders described in the attached proxy statement. -- approve an amendment to the company's certificate of incorporation to increase the number of authorized shares of common stock from 1,000,000,000 to 2,000,000,000 shares. -- ratify the selection of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending Jan. 25, 2009. -- conduct any other business properly brought before the Annual Meeting. Only stockholders who own stock at the close of business on April 21, 2008 may vote at the Annual Meeting. About NVIDIA Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq: NVDA) -- http://www.nvidia.com/-- is in the business of visual computing technologies and invented the GPU, a high-performance processor which generates breathtaking, interactive graphics on workstations, personal computers, game consoles, and mobile devices. NVIDIA serves the entertainment and consumer market with its GeForce(R) products, the professional design and visualization market with its Quadro(R) products, and the high- performance computing market with its Tesla(TM) products. Outside the U.S., the company has subsidiaries in these countries; Canada, Cayman Islands, Singapore, Australia, the United Kingdom, Germany, Hong Kong, Japan, Mauritius, India, China, British Virgin Islands, Finland and Netherlands. * * * The company carries Standard & Poor's Ratings Services' BB- corporate credit rating. SOTA ELECTRONICS: Creditors' Proofs of Debt Due May 26 ------------------------------------------------------ Creditors of Sota Electronics Company Limited are required to file their proofs of debt by May 26, 2008, to be included in the company's dividend distribution. The company's liquidator is: Poon Ka Lee, Barry ING Tower, 1607 38 Des Voeux Rd C Hong Kong TAURUS NAVIGATION: Members' Final Meeting Set for June 4 -------------------------------------------------------- Members of Taurus Navigation Corporation Limited will have their final general meeting on June 4, 2008, at Harbour Centre, Room 1802, 25 Harbour Road, Wanchai, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Cheng Seng Chong Edward Harbour Centre, Room 1802 25 Harbour Road, Wanchai Hong Kong YUEN SHING: Creditors' Proofs of Debt Due May 26 ------------------------------------------------ Creditors of Yuen Shing Investment Company Limited are required to file their proofs of debt by May 26, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on January 31, 2008. The company's liquidator is: Tam Kwok Ming Banny United Centre, Flat A 16th Floor, 95 Queensway Hong Kong ========= I N D I A ========= BANK OF INDIA: Earns INR7.57 Bil. in Quarter Ended March 31 ----------------------------------------------------------- For the three months ended March 31, 2008, the Bank of India posted a net profit of INR7.57 billion on revenues amounting to INR41.55 billion. This is a big improvement compared to the figures earned during the corresponding quarter in 2007 -- INR4.74 billion profit on revenues of INR31.92 billion. With operating expenses of INR6.58 billion and interest expenditure of INR22.85 billion, the bank booked an operating profit of INR12.12 billion in Jan.-March 31, 2008. The bank also recorded INR2.86 billion in provision and contingencies and INR1.68 billion in taxes. Headquartered in Mumbai, India, Bank of India -- http://www.bankofindia.com-- 2628 branches in India spread over all states/ union territories, including 93 specialized branches. The bank provides a range of financial products and services, including numerous credit schemes, deposit schemes, cash management services, credit/debit cards, deposit vaults and corporate bonds. It also extends finance to small and medium enterprises and small-scale industries. It provides a variety of loans, such as mortgage loans, educational loans, auto finance loans, holiday loans, personal loans and home loans. The bank offers Internet banking services for both the retail and corporate clients. The bank operates in the Cayman Islands, China, the Channel Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore, the United Kingdom, the United States, and Vietnam. * * * Moody's Investors Service gave a Ba2 rating to the bank's Foreign LT Bank Deposits. GARWARE POLYESTER: Board Okays OTS Package Offered by IDBI ---------------------------------------------------------- During a meeting held on April 29, 2008, the Board of Directors of Garware Polyester Ltd approved the modified One Time Settlement (OTS) package offered by Industrial Development Bank of India Ltd (IDBI). The main features of the One Time Settlement package includes: * INR79.32 crore will be paid in cash before March 31, 2008; and * Conversion of balance amount of INR4.92 crore in to Cumulative Redeemable Preference Shares carrying coupon rate of 0.01% p.a which will be redeemed in one installment on April 01, 2016. In order to comply Modified One Time Settlement package sanctioned by IDBI, the company has already paid INR79.32 crore in cash on March 27, 2008. Currently, Garware Polyester is required to issue 0.01% Cumulative Redeemable Preference Shares to IDBI in future. Accordingly the company has also approved these proposals, which are subject to shareholders' approval to: * Increase the Authorised Share Capital of the company from INR75 crores to INR100 crores. * Issue of 4,92,000 - 0.01% Cumulative Redeemable shares of INR100/- each to IDBI Ltd. on Preferential basis. Garware Polyester will also convene an extraordinary general meeting to seek the shareholders' approval. In order to implement the debt restructuring with various Banks and Financial Institutions the Board unanimously agreed for extension of financial year by three months thereby the current Financial Year eill be of 15 months -- from April 1, 2007 to June 30, 2008. Headquartered in Aurangabad, India, Garware Polyester Ltd. -- http://www.garwarepoly.com/-- produces polyester film. Its products range includes films that cater to the solar control industry, packaging industry and reprographic industry. In addition, the company's bi-axially oriented polyethylene teraphthalate film range includes sun control films, overhead projector films and film for packaging, cable insulation, audiotapes, tracing and drafting. * * * The Troubled Company Reporter-Asia Pacific reported on July 13, 2007, that Credit Rating Information Services of India Limited reaffirmed its 'D' rating on Garware's non-convertible debenture programme. The rating continues to indicate that the instrument is in default. The arrears on interest and principal repayments have not been entirely cleared. GMAC LLC: Fitch Cuts ID Rating to BB- After ResCap's Poor Fin'l --------------------------------------------------------------- Fitch Ratings has downgraded the long-term Issuer Default Rating of GMAC LLC and related subsidiaries to 'BB-' from 'BB'. Fitch has also downgraded GMAC's unsecured long-term ratings to 'B+' from 'BB-', reflecting the potential for reduced recovery in a default scenario should the company encumber assets. Additionally, Fitch has affirmed the 'B' short-term ratings. The Rating Outlook remains Negative. Approximately $85 billion of unsecured debt is affected by this action. The downgrade of GMAC's L-T IDR reflects in part continued financial deterioration at ResCap, which has necessitated further financial support from GMAC as part of a debt exchange at ResCap. In addition, given the current capital markets environment, Fitch believes that GMAC may need to encumber assets to enhance its liquidity. To the extent this occurs, it would subordinate current debtholders and reduce recovery prospects in a default scenario. Fitch's Negative Outlook on GMAC continues to reflect the more challenging economic environment that will continue to pressure core operating performance. Given reduced industry sales, GMAC's financing volumes will likely decline unless offset by higher penetration rates. In addition, Fitch expects automotive credit quality to remain pressured throughout 2008 due to rising consumer defaults and higher loss severity upon default. Ratings could be lowered if core profitability (excluding ResCap) weakens coupled with credit quality deterioration beyond historical averages. Fitch has downgraded these ratings with a Negative Outlook: GMAC LLC GMAC International Finance B.V. GMAC Bank GmbH GMAC Canada Ltd. General Motors Acceptance Corp. of Canada Ltd. General Motors Acceptance Corp. of Australia -- Long-term IDR to 'BB-' from 'BB'; -- Senior debt to 'B+' from 'BB'. General Motors Acceptance Corp. (NZ) Ltd. -- Long-term IDR to 'BB-' from 'BB'. Fitch has also affirmed these ratings: GMAC LLC GMAC International Finance B.V. GMAC Bank GmbH General Motors Acceptance of Canada Ltd. General Motors Acceptance Corp. of Australia GMAC Australia (Finance) Ltd. General Motors Acceptance Corp. (U.K.) Plc General Motors Acceptance Corp. (N.Z.) Ltd. GMAC Canada Ltd. -- Short-term IDR 'B'; -- Short-term debt 'B'. GMAC Canada Ltd. -- Short-term IDR 'B'. GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors Acceptance Corporation, is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and employs approximately 26,700 people worldwide. Cerberus Capital Management LP bought 51% GMAC LLC stake from General Motors Corp. on December 2006. In Asia, the company has operations in Australia, China, India, New Zealand and Thailand. GMAC LLC: S&P 'B' Rating Unaffected by ResCap's Downgrades ---------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings and negative outlook on GMAC LLC (B/Negative/C) will not be affected by the downgrade of its 100%-owned subsidiary, Residential Capital LLC to 'CC' from 'CCC+'. The ratings actions on Residential Capital LLC follow the company's launch of an exchange offer for unsecured bonds that would pay less than face value to certain Residential Capital LLC bondholders. The exchange illustrates the gravity of the Residential Capital LLC's financial position. Furthermore, the exchange indicates that GMAC LLC's ultimate parents, General Motors Corp. (49% owner of GMAC LLC) and Cerberus (51% owner of GMAC LLC), are pursuing these actions rather than directly provide GMAC LLC with additional capital to downstream to Residential Capital LLC. However, a successful exchange would extend debt maturities, providing needed relief to both Residential Capital LLC in terms of its maturing debt, and GMAC LLC in terms of future support pressures. GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors Acceptance Corporation, is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and employs approximately 26,700 people worldwide. Cerberus Capital Management LP bought 51% GMAC LLC stake from General Motors Corp. on December 2006. In Asia, the company has operations in Australia, China, India, New Zealand and Thailand. INDUSTRIAL DEV'T BANK: Earns INR2.45 Bil. in Qtr. Ended March 31 ---------------------------------------------------------------- The Industrial Development Bank of India Ltd, for the three months ended March 31, 2008, posted a net profit of INR2.45 billion on INR26.28 billion of revenues as compared to a net profit of INR2.13 billion on INR21.85 billion of revenues recorded in the same quarter of 2007. The Bank's expenditure totaled to INR23.23 billion. Moreover, the bank also provided INR322 million for taxes and booked INR277.40 million for provisions and contingencies. Headquartered in Mumbai, India, Industrial Development Bank of India -- http://www.idbi.com-- is a commercial bank that offers a range of products, including secured loans, such as housing loans, mortgage loans and loan against securities, and unsecured loans, such as personal loans, educational loans and overdrafts to merchant establishments. It also distributes third-party products, such as insurance and mutual fund products to its retail customers. IDBI also offers project financing, film financing, equipment financing, asset credits, corporate loans, working capital loans, direct discounting, the financing of receivables, venture capital funds, bill rediscounting, rehabilitation financing, foreign exchange and merchant banking. * * * As part of the application of Moody's Investors Service's refined joint default analysis and updated bank financial strength rating methodologies, the rating agency, on April 24, 2007, affirmed Industrial Development Bank of India's BFSR at D-. Moody's also maintains the bank's Foreign Currency Deposit Rating at Ba2. ORIENTAL BANK: Incurs INR994.4MM Net Loss in Qtr. Ended March 31 ---------------------------------------------------------------- Oriental Bank of Commerce incurred a net loss of INR994.40 million on INR20.71 billion of revenues in the quarter ended March 31, 2008, as compared to INR548.60 million net profit on INR15.77 billion of revenues recorded in the same quarter of 2007. The bank's operating expenses totaled to INR2.72 billion and interest expenditure was recorded at INR14.73 billion. Operating profit was recorded at INR3.25 billion in Jan.-March 2008. The bank also recorded INR1 billion in provision and contingencies and INR2.20 billion in taxes. Headquartered in New Delhi, India, Oriental Bank of Commerce -- http://www.obcindia.com/-- is a scheduled commercial bank. The company's domestic services include deposits, comprised of term deposits, savings accounts, current accounts and the Suvidha deposit scheme; advances, which consist of corporate advances, a range of retail credit products and specialty schemes, and government business, comprised of direct tax collection, pension disbursement and savings bonds. It also provides non-resident Indian banking solutions, including non-resident external accounts, non-resident ordinary accounts, foreign currency non- resident accounts and resident foreign currency accounts. It also offers debit card services. The bank also provides treasury services and merchant banking services. * * * The Troubled Company Reporter-Asia Pacific reported on Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign currency issuer default rating of BB+ to Oriental Bank of Commerce. The Bank's individual rating have been affirmed at C/D. On March 15, 2007, Fitch upgraded the support rating of the bank to '3' from '4'. The company also carries Moody's Investors Service's Ba2 Foreign Currency Deposit Rating. ROLLATAINERS LTD: Approves Resolution During Meeting ---------------------------------------------------- During a meeting held on April 29, 2008, Rollatainers Ltd approved the alteration of object clause of Memorandum of Association of the company, which resolution is subject to the approval by the company's members by way of Postal Ballot. The Postal Ballot notice has been approved by the Board. The company has appointed Iqneet Kaur, Practicing Company Secretary, as the scrutinizer to conduct the postal ballot process in fair and transparent manner. Mr. Prakash Chandra Lohumi was appointed as special director on the company's Board. Rollatainers Ltd. -- http://www.rolapak.com/-- is a paper manufacturer whose primary products are packaging cartons and polycoated packing material. The company also manufactures duplex paper board, writing and printing paper and packaging and weighing machines. The company incurred consecutive net losses of INR58.9 million and INR151.6 million for the years ended Sept. 30, 2007 and 2006, respectively. ================= I N D O N E S I A ================= PT INCO: Maintenance Delays to Disrupt Second Quarter Output ------------------------------------------------------------ Novia D. Rulistia of The Jakarta Post reports that PT International Nickel Indonesia's production output will be disrupted during the second quarter due to maintenance delays, which includes an electronic furnace shutdown at the Soroako plant from March to April. According to the report, President Director Arif Siregar said the Soroako plant "had boosted the company's first quarter output to 20,100 metric tons, or up by 12 percent compared to the same period last year." "The output for the second quarter will definitely be disturbed, and so will the whole year, but we are still calculating how badly it will affect our production," The Jakarta Post quotes Mr. Arif said. The Jakarta Post relates, citing Mr. Arif, that the company is planning to increase the grade of nickel and increase the capacity of their electronic furnaces to meet the production target for this year of 77,000 to 79,000 metric tons of nickel, compared with 76,800 metric tons in 2007. About PT Inco Headquartered in Jakarta, Indonesia, PT International Nickel Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer with a production facility and mine are in Sorowako, Sulawesi, where it has a contract agreement until 2025. It produces nickel matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Sorowako on the island of Sulawesi. Inco Limited of Canada holds a 60.8% stake of the company and Sumitomo Metal Mining Co Ltd. holds a 20.1% stake. * * * As of October 29, 2007, the company carried Standard and Poor's Ratings Service's "BB-" long-term foreign and local issuer credit ratings; and Fitch Rating's "BB" LT Issuer Default rating. ========= J A P A N ========= ALITALIA SPA: Group Net Debt at EUR1.35 Billion as of March 31 -------------------------------------------------------------- Alitalia Group�s net debt as of March 31, 2008, amounted to EUR1.353 billion, showing a decrease in net indebtedness of EUR15 million compared to the situation on Feb. 29, 2008, announced on Feb. 28, 2008. The amount includes the encashment of EUR79 million relating to the sale of Air France-KLM shares held in portfolio and the disbursement of EUR56 million in payment of the annual dividend coupon for the convertible bond loan. Not included is the encashment of fiscal credit amounting to about EUR69 million, which took place on April 2, 0028. The net debt of the parent company Alitalia on March 31, 2008, (including short-term financial credits of subsidiaries) amounted to EUR1.347 billion showing a decrease of EUR10 million (-0.7%) compared to net debt as of Feb. 29, 2008. The Group�s cash-to-hand and short-term financial credits as of March 31, 2008, at the Group level and for Alitalia, amounted to EUR180 million and EUR186 million respectively. It should be noted that as of March 31, 2008, there were several leasing contracts at the Group level (referring almost entirely to fleet aircraft mostly held by the parent company amounting to EUR80 million) whose capital share, including lease closure value, amounted to EUR92 million (of which EUR12 million represent the current capital share falling due within 12 months of the reference date, with EUR9 million held by the parent company). It should also be noted that existing debts to banks are almost entirely backed up by real guarantees (mortgages on aircraft) or by personal guarantees (mainly guarantees issued by banks for export credit). The relative financing contracts contain standard legal clauses relating to withdrawal. None of the contracts refer to specific requirements regarding assets or economic/financial aspects, in order to maintain the credit line. During March 2008, repayments were made of medium/long-term financing amounting to E