In the Matter of Orbital Industrial Supply, Incorporated

May 21, 2014 SEC CRMD IN THE MATTER OF ORBITAL INDUSTRIAL SUPPLY, INCORPORATED SEC Registration No. A199607613 FOR : Revocation of the Certificate of Registration on the Ground of Violation of the CorporationCode and SECRules and Regulationson Reportorial Requirements ORDER WHEREAS, the records of this Commission show that ORBITAL INDUSTRIAL SUPPLY, INCORPORATED ("subject corporation") , registered with the Commission on October 7, 1996 under SEC Registration No. A199607613, failed to submit the following reports within the prescribed period as required by the Corporation Code and SEC rules and regulations on reportorial requirements: Requirements Not Filed Filed Late General Information Sheet 2006-2013 - Financial Statements 2005-2012 - WHEREAS, Section 141 of the Corporation Code mandates every corporation to annually submit their reports to the Commission, such as, General Information Sheet and the Financial Statements, thus: "Every corporation, domestic or foreign, lawfully doing business in the Philippines shall submit to the Securities and Exchange Commission an annual report of its operations, together with a financial statement of its assets and liabilities, certified by any independent certified public accountant in appropriate cases, covering the preceding fiscal year and such other requirements as the Securities and Exchange Commission may require. Such report shall be submitted within such period as may be prescribed by the Securities and Exchange Commission." IaAScD WHEREAS, non-submission of reports for at least five (5) consecutive years may also be construed as continuous inoperation of the corporation; WHEREAS, on April 14, 2014, the Commission, through its authorized representative, attempted to personally served a copy of conference letter to subject corporation at its declared principal office address located at "#1322 Claro M. Recto Avenue, Sta. Cruz, Manila", directing the same to show cause why it should not be penalized for non-compliance with reportorial requirements; WHEREAS, the conference letter was returned unserved to subject corporation for the reason that the same can no longer be found on said address, as reported by the authorized representative of this Commission and, thus, bolstering the conjecture that subject corporation no longer operates; WHEREAS, Section 22 of the Code provides that inoperation of a corporation for at least five (5) consecutive years is a ground for revocation of its certificate of registration, to wit: "If a corporation does not formally organize and commence the transaction of its business or the construction of its works within two (2) years from the date of its incorporation, its corporate powers cease and the corporation shall be deemed dissolved. However, if a corporation has commenced the transaction of its business but subsequently becomes continuously inoperative for a period of at least five (5) years, the same shall be a ground for the suspension or revocation of its corporate franchise or certificate of incorporation. This provision shall not apply if the failure to organize, commence the transaction of its businesses or the construction of its works, or to continuously operate is due to causes beyond the control of the corporation as may be determined by the Securities and Exchange Commission." WHEREAS, Section 5 (m) of Republic Act No. 8799, also known as the Securities Regulation Code, and Section 6 (I) of Presidential Decree No. 902-A, as amended, vest the Commission with the authority to revoke, after proper notice and hearing, the Certificate of Registration of corporations upon any of the grounds provided by law including the following: TIaEDC (4) Continuous inoperation for a period of at least five (5) years; and (6) Failure to file required reports in appropriate forms as determined by the Commission within the prescribed period. WHEREAS, by virtue of SEC Resolution No. 359, Series of 2010, Company Registration and Monitoring Department ("this Department") is delegated by the Commission with the authority to institute the revocation proceedings against any corporation on the above-mentioned grounds; WHEREAS, considering the continuous failure of the corporation to operate and to file the required reports for at least five (5) consecutive years, this Department finds sufficient grounds to revoke its Certificate of Registration; WHEREFORE, the Certificate of Registration of ORBITAL INDUSTRIAL SUPPLY, INCORPORATED, approved on October 7, 1996, is hereby REVOKED for violation of Sections 22 and 141 of the Corporation Code and SEC Rules and Regulations on Reportorial Requirements. Accordingly, let a copy of this Order be attached by the Corporate Filing and Records Division (CFRD) of this Department to the records of the corporation and the "revoked" status be entered in the Commission's database by the Information and Communications Technology Department (ICTD) of this Commission. SO ORDERED. Mandaluyong City, Philippines. May 21, 2014. (SGD.) FERDINAND B. SALES Director