BVI Company News

A British Virgin Islands-based ICML Investments has lodged a planning application with Cardiff Councils for the 33-acre carbon neutral development in the middle of the city. This became the result of more than 2 years of talks with about 30 landowners. Some time ago the BVI company reported about building of Wales’ ninth 5-star hotel, as part of this £450m project and one of its cornerstones.

The 24-storey hotel will be located on a site near Cardiff city centre, and will include more than 2,000 flats and 480.000 sq ft of offices, as well as 400 new homes. It will be the third luxury hotel in Cardiff; the two hotels already existing and functioning are the Hilton Cardiff in the city centre, and St David’s Hotel and Spa in Cardiff Bay. The new development, which will be called Havannah Quay, will create about 2,500 jobs in a new commercial quarter. It is also the world’s largest carbon-neutral scheme because of some revolutionary heating and lighting systems.

The BVI company has not revealed its plans completely, saying they are waiting until planning permission granted by Cardiff Council. Building works are planned to be started as early as the end of this year, if planning permission is given. ICML Investments specialists consider that the project will take about five or six years to complete.

As a result of this project, some businesses in the area have expressed their concerns that they could be squeezed out of the city centre to the outskirts of Cardiff.

The contract manufacturer Nam Tai Eelectronics Inc., producing components for consumer electronics products, has announced the rise of its quarterly profit. The company is domiciled in the British Virgin Islands but conducts its business from a headquarters on the Chinese territory of Macau.

Higher profits of the BVI company are boosted by solid margins and benefit from the sale of securities. The second quarter net income of BVI incorporated Nam Tai Electronics made $38.8 million, or 87 cents a share, compared to $18.5 million, or 42 cents a share, in the same period of 2006.

Excluding a one-time gain of more than $43 million from the sale of marketable securities, company’s profit was 26 cents a share, down if compared to 46 cents in 2006, but higher than average prognosis of analysts that made just 19 cents a share. Shares of Nam Tai rose more than 5% on the New York Stock Exchange.

Nam Tai reported the decline in business from telecommunication components assembly. The company said in its statement , “This product segment is dependent on demand in the mobile phone market, and one of our indirect customers suffered a substantial drop in sales volume in its mobile devices business in Asia and Europe.” Despite of this fact, the company reported the 11.5% increase of gross profit margin in the second quarter of 2007.

Nam Tai shares are traded at $12.75, up 54 cents or about 4.4%.

China Mineral Technologies, Inc. has announced the financial results of its wholly owned British Virgin Islands subsidiary Powersmart Holdings Limited, as well as the change of the name of this BVI company into Gengsheng International Corporation.

BVI company’s reported revenues for the three-month period ended on March 31, 2007 made $8.5 million, which is a 69% increase if compared to $5.0 million reported for the same period 2006. Gross profit for the three month period ended March 31, 2007 was $3.4 million, or 39.4% of net revenues if compared to gross profit of $1.9 million, or 38.1% for the same period last year.
Total operating expenses were $1.8 million for the three-month period ended on March 31, 2007, or 21.5% of net revenues, compared to $1.1 million in total operating expenses, or 22.0% of net revenues for the same period last year.

Net income for this period of 2007 was $1.3 million, or 14.8% of net revenues, compared to $0.8 million, or 15.0% of net revenues for the same period last year.

CMT has announced the change of name of its BVI-based subsidiary, and filed the certificate with the Registry of Corporate Affairs, BVI Financial Services Commission. The name change became effective as of June 6, 2007.

Gengsheng International Corporation, formerly Powersmart Holdings Ltd., was acquired by China Mineral Technologies, Inc. on April 25, 2007 through a reverse merger transaction. China Minerals Technologies is a mineral-based manufacturer which produces monolithic refractories, industrial ceramics and related products. The company makes its business through Gengsheng International as well as through its Chinese subsidiaries, which include Henan Gengsheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd. and Henan Gengsheng High-Temperature Materials Co., Ltd.

On July 9, China Shoe Holdings, Inc. announced that it concluded acquisition of all of the outstanding stock of a British Virgin Islands-based company, Wholly Success Technology Group Limited.

This BVI company which is the owner of all of the outstanding shares of China-based Shanghai Kanghong Yunheng Enterprise Development Company Ltd.

Wholly Success Technology Group Limited is a corporation manufacturing casual shoes, women’s shoes and shoe components for the Japanese and Chinese markets. Its footwear was usually sold under brand names of its customers. However, recently it began to develop its own brands for retail sale in China.

According to the Agreement, the officers and directors of China Shoe Holdings, Inc. resigned and Gu Xianzhong and Kon Ki Lo were appointed to the Board of Directors and Gu Xianzhong was appointed as CEO and Angus Cheung Ming as CFO of the company.

The revenue of Wholly Success Technology Group (BVI) Limited for the period ended March 31, 2007 was $1,173,975 and its gross profit was $371,035. For the calendar year 2006, the revenue of Wholly Success Technology Group Limited was $4,465,755 and its gross profit was $995,001.

UTi Worldwide Inc., global provider of freight and supply chain services, registered in the British Virgin Islands, has reported a 6.2% drop in first-quarter earnings. The main reasons of decline are higher operating and other expenses, despite solid revenue growth. Company’s gross and net revenues were up 22% and 24%, respectively, helped by organic growth and acquisitions.

BVI company’s net income for the quarter declined to $18.12 million or $0.18 per share, from $19.32 million or $0.20 per share a year ago. For the fourth quarter 2006, company’s net income was $23.6 million or $0.24 per share.

The company’s total gross revenue rose 22% in the first quarter to $944.74 million from $733.7 million in the first quarter of 2006. Total net revenue for the quarter reached $336.04 million, that is up 24% from $271.63 million in the same period of the last year. The increase in quarterly revenue was attrubuted by company analysts to organic growth across all geographic regions and contributions from the company’s acquisitions made since February 1, 2006.

UTi Worldwide also informed that its operating income for the quarter rose $31.4 million, from $30 million in the same quarter of fiscal 2006. The company also recorded net interest expenses of $4.09 million in this quarter, higher than the $2.87 million reported last year.

The company announced its new strategic plan for 5 years and affirmed its earnings per share outlook for fiscal year 2008. Going forward, UTi confirmed its previously announced fiscal 2008 earnings per share guidance in the range of $1.14 - $1.22.

BVI-registered TNK-BP International Limited has reported the increase of US GAAP net profit on 40%, from $4.744 billion in 2005 to $6.629 billion in 2006.

Revenue, excluding export duties and excise taxes, grew 11.3% to $24.66 billion in 2006. Total amount of overall operational expenditures in 2006 was $18.176 billion, up 14.5% from  $15.869 billion in 2005.

BVI-registered TNK-BP is part of TNK-BP  Group, one of the largest oil and gas industry companies of global scale.  TNK-BP is the owner of TNK Industrial Holdings Ltd, which is owned by TNK International Ltd. TNK Internastional includes TNK-BP Holding plus 49.5% of Slavneft, and owns 63% of RUSIA Petroleum and 75% of the sales company Petrol Complex Equipment Company.

On May 15, Diguang International Development Co., Ltd., whose sales and marketing subsidiary is registered in the British Virgin Islands, announced financial results for the first quarter of the fiscal year 2007.

Diguang International reported net revenues of $6.8 million represented a decrease of $2.0 million, or 22.7% from $8.8 million in the quarter ended March 31, 2006. The decrease in net revenues was primarily due to continuing pricing pressure in the backlight industry and a shortage of raw materials. Gross profit for the Q1 2007 totaled $1.3 million, a 56.5% decline if compared to gross profit of about $3.1 million for the same period of the previous year.

Gross margins for the first quarter of 2007 were 19.8% - this is a 15.3% decrease compared to 35.1% for the same period of 2006. The decline of gross margins is due to industry-wide pricing pressure, which amounted to an average pricing decline totalling fully 24% on the Company’s existing products, an increase in labor costs and production overhead per unit.

For the first quarter ended March 31, 2007, the company posted a loss of $0.05 per share, while in the corresponding period of 2006 the company reported earnings per share of $0.10.

Total operating expenses (general and administrative, research and development and selling) for the first quarter of 2007 were $2.6 million, or 37.9% of net revenues, compared to $1.0 million, or 11.7% of net revenues, for the same quarter of the prior year.

First-quarter 2007 selling expenses totaled approximately $626,000, or approximately 9.3% of net revenues, a 181% increase compared to first-quarter 2006 selling expenses of approximately $223,000, or 2.5% of net revenues. This is the result of Company’s efforts to expand market share and promote new products such as backlights for monitors and television sets, driving increases in the Company’s sales staff headcount, higher sales incentives and higher advertising and trade show expenses.

China Organic Agriculture, Inc. on 15 May, 2007 has announced the financial results for the first quarter of 2007. The Company has reported increased profit margins and revenue gains based on increased production capacity and growing customer base.

In the first quarter 2007, China Organic Agriculture generated $4.1 million in revenues - this is a 30% increase compared to the $3.1 million for the same period 2006.

The reported gross profit for Q1, 2007, was 43.9% compared to 42.54% for the three months ending March 31, 2006. Income from operations for the three months period 2007 was $1,719,083 or 41.8% of net Sales if compared to income from operations of $1,271,996 for the Q1 2006 or 40.0% of net Sales.
Net income was $1,720,495 or 41.79% of net Sales for the three months ending March 31, 2007, compared to $1,273,548 or 40.09% of net Sales for the three months ending March 31, 2006.

China Organic Agriculture, engaged in the business of rice production and processing, is incoporated in August 5, 2005 in the state of Florida, and has two wholly owned subsidiaries. The first subsidiary, China Organic Agriculture, Ltd. (COAL) was incorporated on August 10, 2006, under the laws of the British Virgin Islands, is the full owner of the second subsidiary, Jilin Songyuan City ErMaPao Green Rice Ltd., was established in 2002 in China.

On March 15, 2007 COAL, through a reverse merger, issued 27,448,776 shares of stock in consideration for all the outstanding shares of COAL.

In the end of March the BVI-registered company Nam Tai Electronics, Inc. reported its audited results for the year 2006; on April 30, 2007 the company announced its unaudited results for the first quarter of the year.

BVI company Nam Tai Electronics has reported that net sales in the Q1 2007 were $191.6 million, this is a 8.1% decrease if compared to $208.4 million in the first quarter of the last year. Operating income in the period ended March 31, 2007 was 42.7% down as compared to the same period of the last year - $7.2 million and $12.6 respectively. Net income in the first quarter 2007 was $8.4 million – a decrease of 32.6% as compared to $12.5 million in the first quarter of 2006.

Other figures remain positive, and company’s overall financial position is strong. Net cash provided by operating activities in the first quarter of 2007 was $6.7 million. The BVI company finished the quarter with $209.0 million cash, and fourth quarter dividends of $16.6 million paid to shareholders on January 1, 2007. However, it can be summarized that the first quarter of the year was difficult for Nam Tai Electronics.

The Canadian company Pearl River Holdings Limited reported on May 7, 2007 that it had been delayed in filing its Annual Audited Financial Statements for the year ended December 31, 2006. The reason for this was the lack of relevant information from the company’s wholly-owned subsidiary “Pearl River Plastics Limited”, a company incorporated in the British Virgin Islands under International Business Companies Act.

The BVI-registered subsidiary is required to be audited and consolidated in the Annual Financial Statements of its parent company, Pearl River Holdings. The consolidated financial statements of Pearl River Plastics should include its own accounts and the accounts of its wholly owned subsidiaries, Rodman Plastics Co. Ltd. and Rodman Enterprises Ltd., operating in Hong Kong, and the account of its jointly controlled entity Guangzhou Rodman Plastics Co. Ltd., operating in China.

According to the statement, the BVI company experienced this delay of the audited consolidated financial statements due to staff shortages at the audit firm in Hong Kong.

The required filing date under applicable Canadian Securities law is April 30, 2007. The company has applied to the Canadian securities regulators requesting that a Management Cease Trade Order be issued. Now the company is working with its auditors to complete the audit of its annual financial statements, and is planning to file them by May 30, 2007. Pursuant to the Policy, if the company’s annual financial statements and related annual filings are not filed by June 30, 2007, it can be given a cease trade order.