In re B. S. U. Construction, Inc.

January 24, 2008 SEC EN BANC CASE NO. 11-07-0268 IN THE MATTER OF B. S. U. CONSTRUCTION, INC. (SEC REG. NO. 125926) , petitioner . FOR: SETTING ASIDE ORDER OF REVOCATION OF CERTIFICATE OF REGISTRATION ORDER Petitioner B. S. U. Construction, Inc. is a stock corporation registered with the Commission on April 10, 1985, the primary purposes of which are: DHIaTS 1. To engage in the business of general builders and constructors such as the building and construction of private houses, government and/or army and navy buildings, barracks, piers, dams, drainage and irrigation facilities, transmission and power lines, sub-stations, and other related structures, and other edifications (sic) needed and necessary in the ordinary courses of business and life; and 2. To carry on the trade or business of founders, steel fabricators, smiths, machinists, and to enter into any and all contracts in relation thereto, and to construct, maintain, alter, repair, pull down, and restore, either alone or jointly with any other companies or persons, works of all descriptions including roads, bridges, warehouses, factories, engines, machineries, ships and vessels of every description, and electric works, drainage and sewage works, and buildings of every description. DaScCH Petitioner's principal office address is in Butuan City, Agusan del Norte. On September 29, 2003, petitioner's Certificate of Registration No. 125926 was revoked pursuant to the Order of Revocation dated August 20, 2003 for non-compliance with the Commission's reportorial requirements.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 now prays for the lifting of the said Order based on the following grounds: 1. the continuation of the Order will greatly prejudice and compromise the continuity of petitioner's active operation and lay to waste its substantial investments on capital assets and manpower; and IDaEHC 2. the Order might lead to the economic displacement of many of petitioner's employees and laborers. In support of its Petition, petitioner submitted its 2007 General Information Sheet (GIS) and 2006 Audited Financial Statement. Petitioner also submitted, as proof of its continued operation, the following documents: 1. Income Tax Return for the years ended December 2006 and December 2005; 2. Mayor's Permit No. 0967 issued on January 19, 2007; 3. several official receipts issued by the petitioner (Nos. 0220, 0229, 0230, 0231 and 0232) for services rendered in July and September 2006; and 4. Form of Contract Agreement with ID No. 07NI0003 dated March 22, 2007 between petitioner and the Department of Public Works and Highways, Surigao del Sur. HITAEC 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 total amount of the penalty of One Hundred Seven Thousand One Hundred Seventy-Five Pesos and Thirty Centavos (P107,175.30) as assessed by the Company Registration and Monitoring Department as evidenced by Official Receipt No. 0114171 dated November 13, 2007. WHEREFORE, premises considered, the Order of the Commission dated August 20, 2003 revoking the Certificate of Registration of B. S. U. Construction, Inc. is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD), the Economic Research and Information Department (ERID) and the Davao Extension Office of this Commission for their appropriate action. HESIcT SO ORDERED. Mandaluyong City, Metro Manila. January 24, 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