In re Seachamp International Export Corp.

January 25, 2008 SEC EN BANC CASE NO. 10-07-0244 IN THE MATTER OF SEACHAMP INTERNATIONAL EXPORT CORPORATION (SEC REG. NO. AS091-192861) , petitioner . FOR : Setting Aside of the Order of Revocation of Certificate of Registration O R D E R Petitioner Seachamp International Export Corporation is a stock corporation registered with the Commission on 04 July 1991 1 to " manufacture and export FRESH FROZEN, SEMI[-] PROCESSED and VALUE[-]ADDED FOOD PRODUCTS" . 2 Its business office address is at Bldg. 12 Salem International Commercial Complex, Domestic Road, Pasay City. On 29 September 2003, Petitioner's Certificate of Registration No. AS091-192861 was revoked pursuant to the Order dated 20 August 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 28 August 2003. Petitioner now prays for the setting aside of the said Order of Revocation on the ground that its failure to submit the reportorial requirements was due to " excusable negligence on the part of [its] corporate officer assigned to comply with the submission of [said] requirements. . . More importantly, should the [Order of] [R]evocation be not lifted, such will cause irreparable damage to the Corporation on account of its outstanding, existing and executed contractual obligations with its clients. This is not to mention the inevitable displacements (sic) of hundreds of employees, leaving them jobless, unproductive and a burden to society". 3 In support of its Petition, Petitioner submitted its 2006 General Information Sheet (GIS) and 2006 Audited Financial Statements. 4 Petitioner also submitted, as proof of its continued operation, the following documents: a) Income Tax Return for the year ended December 2006; b) Business Permit issued on 28 March 2007 by the Office of the Mayor, Pasay City; c) Certification dated 09 October 2007 stating that " Building 2 Skydragon compound and Building 12 Salem International Commercial Complex is (sic) a (sic) same address occupied by [Petitioner] "; and d) Contract of Lease entered into on 27 April 2007 between Salem Investment Corporation and Petitioner. TESICD 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 paid in full the penalty amounting to Twenty-One Thousand Pesos (Php21,000.00) as evidenced by Official Receipt No. 0107873 dated October 22, 2007. WHEREFORE, premises considered, the Order of the Commission dated 20 August 2003 revoking the Certificate of Registration of Seachamp International Export Corporation is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, January 25, 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 Footnotes 1. Certificate of Registration of Petitioner. 2. Amended Articles of Incorporation of Petitioner, Second Article. 3. Petition, par. No. 3. 4. The Cash Flow Statements show that Petitioner engaged in several Operating, Investing, and Financing Activities in years 2005 and 2006 .