In re H & Z Mining Corp.

April 29, 2008 SEC EN BANC CASE NO. 09-07-0177 IN THE MATTER OF H & Z MINING CORPORATION (SEC REG. NO. 169177) , petitioner . FOR : Setting Aside of Order of Revocation O R D E R Petitioner H & Z Mining Corporation, Inc. ("Petitioner", for brevity) is a stock corporation registered with the Commission on October 5, 1989 under SEC Registration No. 169177. It was established to engage in mining business. CTIDcA On September 29, 2003, Petitioner's Certificate of Registration was revoked pursuant to the Order of Revocation dated August 20, 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on August 28, 2003. Petitioner recently learned of the revocation of its Certificate of Registration. It now prays for the lifting of the said Order of Revocation based on the ground that it has not received any notice from the SEC of the Revocation Order of its Certificate of Registration for its failure to comply with the Commission's reportorial requirements. It has not read subject Order as published in the newspaper but only came across the information in the SEC website. In support of its petition, the following documents were submitted: a) 2007 BIR Certificate of Registration; b) Minutes of Meetings of October 18, 2006 and August 2, 2006; c) 2006 Annual Income Tax Return; d) Confirmation of Consultancy Agreements dated January 5, 2006, January 4, 2007 and February 12, 2007; e) Auditor's explanation on the Independent Auditor's Report that "the corporation has conducted operations although it has yet to earn any income therefrom" ; and f) Affidavit of Undertaking to increase its paid-up capital to P2,500,000.00 dated October 30, 2007. Petitioner further alleges that it has no intention to violate the law and henceforth, commits to immediately pay the penalties due and religiously comply with the SEC reportorial requirements. On September 3, 2007, it also paid the penalty of Twenty Three Thousand Pesos (Php23,000.00), the amount assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD), under O.R. No. 0092613. WHEREFORE, premises considered, the Order of Revocation of H & Z Mining Corporation's Certificate of Registration dated August 20, 2003, published in a newspaper of general circulation on August 23, 2003, is hereby SET ASIDE. Further, Petitioner is directed to submit the 2008 Mayor's Permit and to increase its paid up capital to Two Million Five Hundred Thousand Pesos (P2,500,000.00) within thirty (30) days from date of receipt of this Order. Failure on the part of the petitioner to comply with these directives within the aforestated period shall cause the RECALL of this Order. aICcHA Let a copy of this Order be furnished the Company Registration and Monitoring Department for implementation and attachment to the corporate records of Petitioner on file with the Commission. The Economic Research and Information Department (ERID) is hereby directed to delete the name of Petitioner from the List of Revoked Corporations immediately upon receipt of this Order. SO ORDERED. Mandaluyong City, April 29, 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