In re Maicor Trading Corp.

January 15, 2008 SEC EN BANC CASE NO. 11-07-0257 IN THE MATTER OF MAICOR TRADING CORP. (SEC REG. NO. A199706459) , petitioner . SETTING ASIDE OF THE ORDER OF REVOCATION O R D E R Petitioner MAICOR TRADING CORP. is a stock corporation registered with the Commission on April 3, 1997 1 to engage in the business of trading of goods such as agricultural products, implements and related products on wholesale/retail basis. 2 Its principal office is located at Banay Banay 1st, San Jose, Batangas. caAICE On March 15, 2004 Petitioner's Certificate of Registration No. A199706459 was revoked by virtue of SEC Order dated February 10, 2004 for non-compliance with the Commission's reportorial requirements.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 the setting aside of the said order of revocation based on the following grounds: a) The Petitioner has been in operation since 1995; b) The Petitioner needs the SEC registration for its existence; c) The Petitioner has existing property registered in its name, and covered by Transfer Certificate of Title (TCT) No. T-87093; and d) The owners and employees of the Petitioner would suffer irreversible economic loss should the revocation be not lifted. As proof of its continued operation, petitioner submitted the following: a) 2006 Income Tax Return; b) 2007 Mayor's Permit No. 2007-0173 issued by the Municipal Mayor of San Jose, Batangas; c) Official Receipt Nos. 0626 and 0789 dated July 11, 2006 and July 13, 2007 respectively issued by Petitioner; d) Transfer Certificate of Title No. T-87093 issued in the name of the Petitioner; e) 2006 Audited Financial Statements; and f) 2007 General Information Sheet. 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 paid in full the penalty in the total amount of Ninety Five Thousand Pesos (P95,000.00) as evidenced by Official Receipt No. 0110567 dated November 7, 2007 . WHEREFORE, finding the petition meritorious, the Order of the Commission dated February 10, 2004 revoking the Certificate of Registration of MAICOR TRADING CORP. is hereby SET ASIDE. cTCADI 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, January 15, 2008. (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. HIaAED