In re Sovdca Trading Corp.

March 10, 2008 SEC EN BANC CASE NO. 08-07-0173 IN THE MATTER OF SOVDCA TRADING CORPORATION (SEC REG. NO. 74606) , petitioner. SETTING ASIDE OF THE ORDER OF REVOCATION O R D E R Petitioner SOVDCA TRADING CORPORATION (formerly SOVDCA Realty Corporation) is a stock corporation registered with the Commission on July 20, 1977, the primary purpose of which is "[t]o deal, trade, engage and transact, directly or indirectly in all forms of mercantile acts and transactions covering all kinds of real or personal property. . . " Its principal office address is 10 Rocha Street, San Lorenzo Village, Makati City. On August 11, 2003, petitioner's Certificate of Registration No. 74606 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated July 8, 2003 which was published in a newspaper of general circulation on July 11, 2003. Petitioner now prays for the lifting of said Order of Revocation based on the following ground that " [it] regularly filed its General Information Sheet [but not] its Financial Statements since the corporation ha[d] no operating income during those times " . In support of its Petition, petitioner submitted its General Information Sheet for the year 2007 and Audited Financial Statements for the years ended 2006 and 2005. Petitioner also submitted the following documents as proof of its continued operation: TAacIE a) Income Tax Return for the year ended 2006; b) Business Permit Nos. 20031 and 47510 for the years 2007 and 2008, respectively, issued by the City of Makati; CHTcSE c) Sanitary Permit Nos. 050287 and 002269 for the years 2007 and 2008, respectively, issued by the City of Makati; d) Barangay Business Clearance issued on January 30, 2008 by Barangay San Lorenzo, Makati City; and e) Transfer Certificate of Title Nos. S-61041 and S-79995 registered under the name of Petitioner. Petitioner further alleges that it has no intention to violate the law and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also actually paid in full the penalty in the total amount of Eight Thousand Pesos (P8,000.00) as assessed by the Law and Regulation Division of the Company Registration and Monitoring Department and evidenced by Official Receipt Number 0091396 dated August 30, 2007. IHCacT WHEREFORE, premises considered, the Order of the Commission dated July 8, 2003 revoking the Certificate of Registration of SOVDCA TRADING CORPORATION is hereby SET ASIDE. Consistent with its undertaking, petitioner is directed to submit the Tax Identification Numbers (TIN) of its stockholders Socorro S. Vda de Casal and Guillermo S. Casal within thirty (30) days from date of receipt of this Order. Failure to submit the same within the given period shall be an adequate cause for the recall of this Order. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD), Law and Regulation Division, and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. aHIEcS SO ORDERED. Mandaluyong City. March 10, 2008. (SGD.) FE B. BARIN Chairman (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner