In re Alchem International Resources, Inc.

October 19, 2007 SEC EN BANC CASE NO. 10-07-0228 IN THE MATTER OF ALCHEM INTERNATIONAL RESOURCES, INC. (S.E.C. REG. NO. 199716866) , petitioner . SETTING ASIDE OF THE ORDER OF REVOCATION O R D E R Petitioner Alchem International Resources, Inc. is a stock corporation registered with the Commission on September 3, 1997 1 to engage in the business of trading goods on wholesale/retail basis. 2 Its principal office address is located at L19 B4 San Bartolome Street METROCOR B Talon 5, Las Pias City. IESAac On March 15, 2004, petitioner's Certificate of Registration No. A199716866 was revoked by virtue of SEC Order dated February 10, 2004 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on February 14, 2004. Petitioner now prays for setting aside of the said order of revocation based on the following grounds: a) Petitioner is continuously operating from its inception in September 1997; b) Petitioner avoids the happening of eventual dissolution; c) Petitioner prevents its loyal employees from losing their employment; and d) Petitioner undertakes to submit all reportorial report. In support of its petition, petitioner submitted the following: a) 2006 Income Tax Return; b) 2007 Mayors Permit No. 1997093438 issued by the City Mayor of Las Pias; c) 2007 General Information Sheet; d) 2006 Audited Financial Statements; and e) Secretary's Certificate dated June 27, 2007 on the Special Annual meeting of the Board and Election of officers of petitioner. Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also committed to pay immediately any penalties due by reason of its failure to comply with the Commission's reportorial requirements. In fact, it paid the penalty in full as evidenced by Official Receipt No. 0106604, dated October 11, 2007 amounting to ONE HUNDRED TWENTY FOUR THOUSAND SIX HUNDRED SIXTY ONE PESOS (P124,661.00). SACTIH WHEREFORE, finding the petition meritorious, the Order of the Commission dated February 10, 2004 revoking the Certificate of Registration of ALCHEM INTERNATIONAL RESOURCES INCORPORATED is hereby SET ASIDE. 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, October 19, 2007. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner on official leave THADDEUS E. VENTURANZA Commissioner Footnotes 1. Certificate of Registration. 2. Second Article of Petitioner's Articles of Incorporation.