Archive for the ‘BVI Company & Subsidiary Financials’ Category

Ernst & Young to be engaged by BVI-registered China Natural Resources

Saturday, October 23rd, 2010

On October 15, 2010, British Virgin Islands-registered and Hong Kong-based company China Natural Resources, Inc. engaged Ernst & Young as its independent registered public accountants. It is planned that Ernst & Young will audit the financial statements of the BVI company for the year ending December 31, 2010, and the effectiveness of the company’s internal control over financial reporting as of December 31, 2010.

Ernst & Young is to replace GHP Horwath, P.C., who was dismissed as the company’s independent registered public accountants.

BVI company’s CEO and Chairman Mr. Feilie Li said in his comments: “We are pleased to welcome Ernst & Young as our audit firm, and look forward to a rewarding, long-term relationship with them. At the same time, we are saddened to end our tenure with GHP Horwath and wish to express our sincere appreciation for their many years of courteous and professional service.”

BVI-registered Yucheng Technologies receives High-Tech Enterprise Certificate

Wednesday, April 1st, 2009

BVI-registered Yucheng Technologies Limited, IT and outsourced services provider to the  banking industry in China, has announced that Yucheng, as well as two of its wholly-owned subsidiaries, have been granted High-Technology Enterprise Certificates by China’s Ministry of Science and Technology, Ministry of Finance and the State Administration of Taxation.

The Certificates are valid for at least three years, and are open for renewal in 2012. High-Technology Enterprise Certificates are awarded to qualified enterprises that meet strong criteria, including developing core intellectual property rights, receiving over 60% annual revenues from high technology products/services, and performing high percentage of research and development.

After receiving the Certificate, Yucheng Technologies (BVI) company continues to receive preferential treatment, including, first of all, a three-year corporate tax reduction. By words of BVI company’s CEO Mr. Weidong Hong, tax benefits will ensure that they continue to maximize their financial performance.

BVI-registered Tongxin International, Ltd. announces Third Quarter 2008 Financial Results

Saturday, December 27th, 2008

BVI company Tongxin International Ltd., formed as a result of a merger between the BVI-registered Asia Automotive Acquisition Corporation (AAAC) and Hunan Tongxin Enterprise Co., Ltd. , published the financial results for the third quarter ended September 30, 2008. The BVI company manufacturing engineered commercial vehicle body structures and stamped body parts for the Chinese commercial vehicle market, annnounced 4.7% increase of revenues, compared to the third quarter results of the year 2007. In this period of 2008 revenues made $22.8 mln. The third quarter net income made $2.1 mln, decreased by 16.2%.

For the third quarter ended September 30, 2008, net revenues reached $22.8 mln – an approximate $1.1 mln, or 4.7% increase over the same period of the prior year. Cost of goods sold were $18.5 mln in the third quarter 2008 – a 13% increase if compared to the same period of 2007. Gross profits for the third quarter were $4.4 mln, compared to $5.5 mln in the third quarter of 2007. Gross margin percentages decreased to 19.2% in 2008 from 25.1% for the three months ended September 30, 2007 – mainly due to higher costs in raw materials, especially the 29% price increase in cold-rolled steel since January 1, 2008. Operating income and operating margin for the third quarter were $2.9 million and 12.6%, versus $4.1 million and 18.9% in 2007. Total operating expenses for the third quarter of 2008 were $1.5 mln – versus $1.4 mln for the same period of 2007. Operating expenses in this period made 6.5% of revenues compared with 6.2% for the same period of 2007.

Revenue increased approximately 21.3% to $76.3 mln for the nine months ended September 30, 2008, as compared to $62.9 mln for the same period last year. Net income made $8.1 mln, having increased by 8.0% from the same period of 2007. Operating expenses for the nine months ended September 30, 2008 were $4.7 mln, compared to $3.9 mln for the same period of 2007.

As of September 30, 2008, Tongxin International had approximately $19.0 mln in cash and cash equivalents. Stockholder’s equity was $34.2 mln, the amount which made an increase of 52.8% versus the same period of 2007.

South African exploration company acquires mining claims through the BVI incorporated Lefever Finance

Thursday, September 4th, 2008

The Central African Mining Expropriation Company (Camec), a company from South Africa, announced this week that it will construct a platinum mine in Zimbabwe, and plans to start producing 120 000 ounces of platinum per year in 2009.

The South African company, which now owns various mining operations in Zimbabwe, bought mining claims in the region through a company called Lefever Finance and incorporated under the law of the British Virgin Islands. Camec bought the BVI corporation from a company called Meryweather Investments to which it paid US$5mln in cash, and issued 215 mln of new Camec shares worth about US$238 mln. The BVI-based Lefever was the owner of 60% of a Zimbabwean company called Todal Mining, which held all the rights on the mines. The remaining 40% of Todal Mining is held by the Zimbabwe Mineral Development Corporation (ZMDC).

Camec also published statement accompanying its fiscal results for the year to the end of March that, where expressed confidence that they can bring the mine into operation during the year 2009. It was added in the report that “Todal has negotiated the right to export platinum from Zimbabwe, and has also secured agreement to allow it to expatriate the profits generated by its mining operations in the country.” The activity in Zimbabwe is of strategical importance to Camec, in its plans to become a leading African investment and production company.

Camec lent to Lefever US$100 mln, to enable the company “to comply with its contractual obligations to the Government of the Republic of Zimbabwe.” Repayment to Lefever is to be made from the ZMDC’s share of dividends from Todal.