In the Matter of Southports Arrastre Stevedoring Services, Inc.

February 12, 2009 SEC CRMD CASE NO. 04-03-0003 IN THE MATTER OF SOUTHPORTS ARRASTRE STEVEDORING SERVICES, INC. SEC REGISTRATION NO. 0000070077 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, SOUTHPORTS ARRASTRE STEVEDORING SERVICES, INC., is a stock corporation registered with the Commission on October 12, 1976, under SEC Registration No. 0000070077, with principal office address at Cantillan, Surigao del Sur. CDHcaS On August 11, 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated July 8, 2003, published on July 11, 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated July 11, 2003, on the following grounds: 1. that its officers were not aware of the Commission's reportorial requirements; 2. that it has no intention to violate the law and any of the Commission's rules and regulations; and 3. that it commits to submit the reportorial requirements religiously. On December 22, 2003, Petitioner paid the fine of P13,600.00, the amount assessed by the SEC-Cebu Extension Office, under Official Receipt No. 5056649, for non/late filing/registration of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1976-1980; 1992; 1993, 1981-1990; 1991; 1993, 1995-2002 (ANHAM); 2003 Financial Statements 1977-1980; 1991-2001 1981-1990; 2002 Stock and Transfer Book Registered Late Also, the Petitioner paid the filing fee for the Petition to Set Aside Order of Revocation (Petition) on March 18, 2004, with the SEC-Cebu Extension Office. However, available records show that no Petition is on file with this Department. Hence, SEC-Cebu Extension Office forwarded a copy of the Petition with its attachments on January 15, 2008. Thus, the Petition is now deemed submitted for resolution. Review of the records of the Commission shows that the Petitioner submitted the following reports after the filing of its Petition: EcSCAD Reports Year/Period Date of Filing General Information Sheet 2004 9/17/2004 2005 9/13/2005 2006 9/20/2006 2007 9/20/2007 Financial Statements 2003 6/01/2004 2004 5/09/2005 2005 5/23/2006 2006 5/31/2007 WHEREFORE, Petitioner's allegation that it was not aware of the reportorial requirements to be submitted to the Commission which caused the revocation of its Certificate of Registration is without merit. Section 141 of the Corporation Code of the Philippines (the Code) requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. Petitioner is bound by the said provision of the law and it cannot claim ignorance as excuse from compliance therewith. However, finding the submitted documents sufficient to establish Petitioner's intent to continue as a juridical entity and having established its operations as evidenced by the submission of reports after the filing of the Petition, the Order of the Commission dated July 11, 2003 revoking the Certificate of Registration of SOUTHPORTS ARRASTRE STEVEDORING SERVICES INC., is hereby SET ASIDE. SO ORDERED. Mandaluyong City, February 12, 2009. (SGD.) BENITO A. CATARAN Director