In re Bonavita Corp.

May 12, 2008 SEC EN BANC CASE NO. 08-07-0172 IN THE MATTER OF BONAVITA CORPORATION (SEC REG. NO. 137847) , petitioner . RE : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner Bonavita Corporation is a stock corporation registered with the Commission on 29 January 1987. Its primary purpose is to carry on in the Philippines or elsewhere the business of traders, importers, exporters, commission agents, general merchants, indentors, distributors, manufacturer's representatives, commercial and general agents; and to carry on and undertake any business transaction or operation which is necessary or incidental or ancillary or supplementary or conducive to the attainment of the objectives of the business of traders, importers, exporters, commission agents, general merchants, indentors, distributors, manufacturer's representatives, commercial, financial and general agents. It was also granted a Certificate of Registration as a Foreign Exchange Dealer (FXD) by the Monetary Board of the Bangko Sentral ng Pilipinas. It has its business office address at 6-V Eurovilla III, 154 L.P. Leviste St., Makati City. On 29 September 2003, Petitioner's Certificate of Registration No. 137847 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated 20 August 2003, which was published in a newspaper of general circulation on August 28, 2003. Petitioner now prays for the setting aside of the said Order of Revocation based on the following grounds: 1. the officers were not properly guided by their previous accountant about the reportorial requirements and; 2. it is in operation and needs a juridical personality. In support of the Petition, petitioner submitted the following as proof of its continued operation: a) 2006 Audited Financial Statements stamped received by the duly authorized collecting agent of the BIR; b) 2007 General Information Sheet; c) 2006 Annual Income Tax Return; d) Certificate of Registration dated 29 September 2005 as a duly registered Foreign Exchange Dealer (FXD) issued by the Bangko Sentral ng Pilipinas; and HSIADc e) 2008 Business and Sanitary Permits issued by the City of Makati. Petitioner further alleges that it intends to continue its business operations and comply with the registration requirements of the Commission as evidenced by its submission of its most recent General Information Sheet and Audited Financial Statements. It has also paid in full the total amount of the penalty of Thirty One Thousand Five Hundred Pesos (Php31,500.00) as assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD) and evidenced by Official Receipt No. 0090983. WHEREFORE, premises considered, the Order of the Commission dated 20 August 2003 revoking the Certificate of Registration of BONAVITA CORPORATION is hereby SET ASIDE. Likewise, petitioner is hereby directed to amend its Articles of Incorporation by changing the fiscal year of the corporation to coincide with the calendar year which shall commence on the first day of January of each year and shall close on the 31st day of December of the same year. Petitioner is further directed to amend its Articles of Incorporation by changing its primary purpose to reflect its authority to deal in foreign currencies. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, May 12, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner