kagawarAnnqPAnanalapiKAWANIMANI^
HiUPALUfcd^mSt^6NSliCK'UBCLOMOWl^KlALONLY
PLACEORINCORPORAtiONmEQISTRAtlON-
CHANQESJN^TVIEiA^EL,IF.ANY
CHECKIFTHESTATEMENTANDOTHERBIRFORMSAREATTACHED!%EQUITYOWNERSHIP
cOMPARATfVEBALANCESHEETS TOTALASSETSPE^BALANC§SHEETj
RESUMEOFINCOMEANDDEDUCTIONSSECTIONA
GROSSINCOME(SECTIONp)
^h!:C6MPUTATIOM!OE SECTIONB
NETINCOME(FROMS^CtlOM
LESS:DEDUCTIONUNDERSPECIALLAWS(ATTACHSUPPORTINGDOCUMENTS)
TAXPAYABLE/(REFUNDABLE)
T6fALAI^UMTPAYA^E£(REFUNDABLfe)(iFREFUNDABLE,
||1|TOBEREFUNDED>>
STAMPOFRECEIVINGIPECLARf.UNDERTHEPENALTIE
VERIFIEDBYME,ANQJOTHEBE"
THEPROVISIONSOFTHENAJXJNAL
ISSUEDUNDERAUfHQRnXtfHER
RETURNHASBEENMADEINGOODFAITH,
OFFgEANDPATEpF
THlE/POSmONOFSIGNATORY )AGENTSIGNATUREOVERPRINTEDNAME
IGN£DJYAGENT,ATTACHAUTHORITY)
DETAILSOFPAYMENTBEFILLEDUPBYBIR
TAXDEBITMEMO
MACHINEVALIDATION/REVENUEPFRCIALRECEIPTPfTAiUJ(gjUt
mrmmmmmmmkmrnm^
\ .\*AXd-
!«;,« ^ < v ■. r>> ■;"■*)■»* •^rji
TOTAL
SCHEDULE 2> •
iir^
l KfN0 OP PROPERTY^ V
DATE .f
MO DAY YR
ESTIMATED^
bATEOF .ACQUISITION
*?' Method of:- dc^eciation
COST OR OTHER.:f;^;. BASIS ^-
* : jlT.'V if. " ' r' ■'■■■'tl'*'i' li'i-'
L^p
DEPRJECIAfK)>i'n 7;PEPR^<?IATM?N v
ALLOWED fHtS YEAR!
jV^ !:•■:, >;/
TOTAL
SECTION E TOTAL TAX CREDITS / PAYMENTS
LESS: a)
PAGE QF ANNUAL RETURN) ,TT " .if
b) QUARTERLY PAYMENTS / CREDITS MADE THIS YEAR
-, JvCASH/CHECKS
BANKCODC/ROR1^. NAME OF BANK
c) CREDfTABLE TAX WITHHELD (EXPANDED WITHHOLDING)
(AHACH AUTHENTICATEDgdPY OF BIR FORM.NO^ 1743-750)> 4 . W
QTR
1ST
2ND
3RD
AMOUNT
i-01 t
,■>! ^'ru^
SECTION F RECONCILIATION OF NET INCOME FOR CORfORAti^^. NET.INCOME PER RETURN (TOTAL QF SECTION B OFjTHE RE.TyjRN) t h ,?l.f 'tfr ■ U p^ ... ' -1 > .
2, ADD: a. NON-TAXABLE INCOME (Specify) '
c .„_,_ 1 .'.' ..*n"> y'ta.,*'^ ..rtu. ^(
b. INCOME SUBJECTED TO FINAL INCOME TAX tSPecltV),
c, QHARQESAEAINST RESERVE (Specify) .j ..>.
3. DEDUCT: UNALLOWABLE DEDUCTIONS (Spectfy)
■ ::::.^H?'/»-v
■A. HEX
ggov t glpn for ycwC^i^^BeO^LOS^TTlM |* fT^^frEM 3) '
^e>.^i..-.. gJ*ffl£B«i V
SECTION G ANALYSIS OF CHANGES IN RETAINED EARNINGS FOR CORPOR
RETAINED EARNINGS AT THE BEGINNING OF TAXABLE YgAfl AS SHOWN IN THE I3ALANCE SHEET ; .
ADD! <*. NET PROFrT/(LOS6)PEfl BOdk! (b>. OTHER CREDITS TO.
DEDUCT: a. DIVIDENDS PAID DURING THE YEAR WHETHER \ .**
IN CASH, STOCK OR OTHfcft PROPEFTrY' f-j'f ^v' •'• *'?
DATE PAID. KIND
rr^^i i-\ff-tr,-1g^t ft« H'if
TOTAL
b. OTHER DEBITS TO RETAINED EARNINGS (Specgy)
•" —?—
RETAINED EARNINGS AT THE CLOSE OF TAXABLE YEAR AS SHbWN IN THE BALANCE SHEtT
SECTION H ANALYSIS OF CHANGESJN PApTNER/S'
NET INCOME FOR DISTRIBUTION TO BAffTNERS (SECTION ft^^W^ff
NAME OF PARTNERSCAPITAL
"H? BEGINNING '^TPB0PtT/(t038) D18TR1BUTK
3A3
! ADD ADDITIONALINygSTMENT
V CAPITAL
■■.-i:V'-'^;^f*;":I;':rvi-'E.-i
LEOPOLDO G. HUANGCERTIFIED PUBLIC ACCOUNTANT
Suite 5 Broad Building, Climaco Avenue, 7000 Zamboanga City, Philippines Tel. Nos. 24-79, 70-53
THE BOARD OF DIRECTORS
ALE80N SHIPPING LINES, IMC.
Veterans Avenue, Zamboanqa City
Gentlemen 5
I have audited the accompanying balance sheets of ALESON 3HIPPIN6
LINES. INC. as. at December 31, 1994, and the related statements of income,
retained earnings., and cash flows for the years then ended. These
financial statements are the responsibility of the company's management*
Ply responsibility is to express &u opinion on these financial statements
based on my audits.
My audits were conducted in accordance with generally accepted
auditing standards. These standards require that I plan and perform the
audit to obtain reasonable assurance about whether the finantial
statements are free of material misstatement. An audit includes examining,
on ^ test basis, evidence supporting the amounts and disclosures in the*
financial statement*. An audit also includes assessing the accounting
principles used and significant- estimates made by management, as well as
evaluating the over-all financial statement presentation. I believe that
my audits provide a reasonable basis for my opinion.
In 1994, the company adopted the provisions of Statement of Financial
Accounting Standard No. 22 of the Accounting Standards Council, "Statement
of Cash Flows"„ and presented a statement of cash flows in place of a
statement of changes in financial position. The previously reported
statement of changes in financial position for the year ended December 31,
1993 has been restated to be consistent with the current year
presentation.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of ALE80N
SHIPPING LINES, INC. as at December 31, 1994 and 1993, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
LEQPdLDfij*. HUANG
Certified/puWic AccountantBoard Certificate No. 41851
TIN 114-348-477
PTR No. 3302239F
January 30, 1995
Zamboanga City
March 18, 1995
Zamboanga City, Philippines
\ RECEfMONTE
v
LEOPOLDO G. HUANGCERTIFIED PUBLIC ACCOUNTANT
Suite 5 Broad Building, Climaco Avenue, 7000 Zamboanga City, Philippines Tel. Nos. 24-79, 70-53
THE COMMISSIONER OF INTERNAL REVENUE
Department of Finance
Manila
Sir:
I have examined the financial statements of ALE30N SHIPPING LINES,
INC., Veterans Avenue, Zamboanga City, for the y**r ended December 31,
l??Von which I have rendered an independent auditor's report dated March
19, 1995.
In accordance with Revenue Regulation 3-90, I have examined the
company's tax returns,, performed the procedures necessary to determine its
current tax obligation, and verified the extent of its compliance of the
requirements prescribed in the aforementioned regulation- >
My examination, which was made in accordance with Statement of-
Auditing Standards of the Philippines No. 11, disclosed the followingl
a | The" monthly and annual returns of creditable income taxeswithheld of ALESON SHIPPING LINES, INC. substantially comply
with existing NIRC rules and regulations applicable to
withholding tax.
b] The company is a registered non-VAT enterprise,
engaged in the common carrier business.
it being
c3 Items of income and deductions reflected in the company's-
annual income tax return are substantially in accordance
with the provisions of the tax code and revenue rules and
regulations.
Furthermore, in compliance with Revenue Regulation No.
state the following*
V-20, I hereby
13 The kinds and amounts of taxes and licenses paid and/or
accrued by the company for the year ended December 31, 1994are shown in the Schedule of Taxes and Licenses attached to
the annual income tax return; and
21 I am not related by consanguinity or affinity to the
president, manager, or principal stockholder of the company.
LEOPtfLEfa/G- HUANGCertified(,Pt!rolic AccountantBoard Certificate No- 41351
TIN 114-348-477
PTR No. 3302239F
January 30, 1995
Zamboanga City
March 18, 1995
City, Philippines
LEOPOLDO G. HUANGCERTIFIED PUBLIC ACCOUNTANT
Suite 5 Broad Building, Climaco Avenue, 7000 Zamboanga City, Philippines Tel. Nos. 24-79, 70-53
ALESOH SHIPPING LIWES, IMC.
V e t e r a n s Ave f ? u e ? Z a in bo an <T} a C i t y
BALANCE SHEETS
DECEMBER 31, 1994 AMD 1993
\ r* f% £*" 'T '""
ASSETS
repaid income la*T^e* withheld by <.:red:itors
RnpFRTV AND EGUIPHEMT [Sch 23
Shiopino vessels
Tools end equipmentOffice furniture- and equipment
'" ToUJsLess* Allowance for depreciation
Franchises [Sch 33
4
t"T
5
11
P 16
1994
,405,,
19,
,483,
900
_ V96 4
.,057,
,938,
350,
i,772 f
390
948
396
.iy:.
"29
000
442
713
729
000
,625
P
16
16
3
13
P 14
802
29,"
832
,900
6$
30
,996
,917
,079
,261
,826
, 598
,713
,72<?
3000
.412
,045
,39.7
, 000
u 7 .' »
LIABILITIES AND STOCKHOLDERS'EQUITY
CURREMT LIABILITIES
Accounts pc«yable
Withholding taxes- payable
SSS and tiediicare withheld
Income la* pay«ftbl«?
A t r r m e d e y p en s es [ S c h *\ ]
His tellaneous payable
J.0MG-TEPI1 LIABILITY
Loans payable
^ T0C K M0L PE R S ' E0UIT Y
Car/ital ^ioc:k, PI00 par?
Authorised 160,000 shares
Pusbcribed affd'isisued 60,000 sharesRetained earnings (deficit)
TOTAL LIABILITIES AHB STOCKHOLDERS'EQUITY
3,881,
7,000,
6,000,
( 109,
5,890,
P 16,772,
?26
153
951
904
648
000
000
023}
977
625
P 3,
3
5
6
P 14
,302,
8,
60",109,
,497,
,000,
,000,
23!^
,764f
,261.
471
757
520
013
214
000
, 000
,21?)
,785.
i1,<rv.h 18, 1995
7 f.tii bo a ri ci .:< C i t. y, P h i 1 i P ^ •'
LEOPdLDCf 4. HUANGCer ti f ied H'-'ubVri c Accountan tBoard Certificate Mo. 4:1.851
TIN 114-343-477
PTR No. 3302239F
January 30, 1995
City
LEOPOLDO G. HUANGCERTIFIED PUBLIC ACCOUNTANT
Suite 5 Broad Building, Climaco Avenue, 7000 Zamboanga City, Philippines Tel. Nos. 24-79, 70-53
ALESON SHIPPING LINES, INC.
Veteran* Avenue,, Zamboancja City
STATEMENTS OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1994 AND 1993
INCOME
P**senqer fare
Freight fees
P 6,373,570
5,700,344
12,073,914
.1993
P 3,895,383
6,329,704
10,225,089
OPERATING EXPENSES
Salaries zn6 wages.
Fuel and lubricants
Repairs and maintenance
Light, power and water
Office supplies
Traveling and transportation
Subsistence pay ''
SSS, Medicare and EC contributions
Berthing?, entrance and clearance fees
Taxes and licenses [Sch 1]
Representation expense
Rent expense v
Supervision fee
Telephone expense
Depreciation [Sch 2]
Miscellaneous
OPERATING INCOME
OTHER EXPENSE
Interest on bank loan
INCOME BEFORE INCOME TAX
PROVISION FOR INCOME TAX
NET INCOME
RETAINED EARNINGS, BEGINNING OF YEAR
RETAINED EARNINGS, END OF YEAR
2,423,350
3,665,926
202,015
132,811 '"125,02?
77,108
658,62?
324,090
254,323
362,217
265,096
36,855
36,000
77,999
1,140,668
264,319
10,046,434
2,027,480
( 1,833,333)
194,147
( 67,951)
126,196
( 235,219)
(P 109,023)
2,259,550
3,306,211
151,847
_ 156,095
52,684
603,807
308,442^
222,137
306,753
249,414
38,355
36,000
51,091
988,451
212,151
9,043,841
1,181,24a
( 1,008,333)
172,915
( 60,520)
112,395
( 347,614)
(P 235,219)
**»• ST« ~«« **Ta ?"^ «*•• 1*|" SSI Sm MM t*St •!••
March 18, 1995
Zamboanga City, Philippines
LEOPfl
Certified/PiUftic AccountantBoard Certificate No. 41851
TIN 114-348-477
PTR No- 3302239F
January 30, 1995
Zamboanqa City
LEOPOLDO G. HUANGCERTIFIED PUBLIC ACCOUNTANT
Suite 5 Broad Building, Climaco Avenue, 7000 Zamboanga City, Philippines Tel. Nos. 24-79, 70-53
ALESOH SHI Ft' ING I... I WES , IMC.
Vpterfcns- Avenue, Zafliboangs City
STATEMENTS OF CASH FLOWS
YEARS EMOEI) DECEMBER 31, 1994 AMD 1993
CASH FLOWS FROM OPERATING ACTIVITIES
Met income from operations
Ad j vi s 1 m e n t «= t o r e c on <:: i 11?
ftf-:- ^. i ri c<;«me I o n«? I <::« s h s
Depreti at ion
Ch^nqr-B in A«=r>et!=- and liabil
DecrK'&se (increase) ins
Prepaid income tuOi
T^vpff vn.lhheld by creditors
jKcresse (decrease) ins
(Hccou?»tb pr-«yc<!:«If?
Wj 1 !• ho3ding taxes prt'/able
S33 and Hedicrtre withheld
I n *' <:* m r- I * * r* ^ y ^ b ^ ^'
Accrued e:«? pen«:;es
II i «- c. f^l 3. a r-» e<.:«u *= p a. y ft b 1 e
lie? cftsh ]>rovided by (used in)
oper a t :i n<:} ft c t i vi tiecn
CASH FLOWS FROM INVEST IMG ACTIVITIES
A c q u i lit i t i o r> o f % hipping vessel
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of loans payable
NtT INCREASE (DECREASE) IN CASH
CASH AT BEQIHWIHG OF YEAR
CASH AT EMI) OF YEAR
19 9
1265196
1,140,668
58,558)
9,824
363,455
16,448)
. 71,431
24,904
1,602,564
2,000,000
3,602,564
802,826
P 4,405,390
•I r> O ~y
X 7 7 i.}
988,451
14,565} •
1,652,102)
104,
1,6? 5
.1.3,903
( 542,673)
( 2,283,264)
3,099,100
272,163
530,663
p 802,826
March IS, 19*5
7a"ib<.>iM»ga City, Philippines
/ HUANG
Certified'public AccountantBoard Certificate No. 41351
TIN 114-348-477
PTR No. 3302239F
January 30, 1995
Zamboanga City
u.ms. mo.
(Name of Company/Business/Taxpayer)
SCHEDULE OF TAXES AND LICENSES
CALENDAR/FISCAL YEAR ENDED &8CC18toqg 31, 1994
INTERNAL REVENUE TAXES
Percentage tax - 1st quarter
- 2nd quarter
- 3rd quarter
- 4th quarter
Non-VAT - 1st quarter
- 2nd quarter
- 3rd quarter
- 4th quarter
10% VAT
QUARTEKU lUOOM M
-1st a«art©r P 19.473.!~2»d quarter 1f#82%(
-3rd Quarter 23»262«(
LOCAL TAXES
Community tax - basic
Community tax - additional
Business taxes:
Sanitary permit
Health certificate
Electrical/mechanical/inspection fee
Fire inspection fee
Permit fee
City tax and garbage fee - 1st quarter
- 2nd quarter
- 3rd quarter
- 4th quarter
MISCELLANEOUS
TOTAL
DATE OF
PAYMENT
07-20-94
10-20-94
01-20-34
4 0S~1«4 08-i;I-943 11-15-94
OR. NO./
NAME OF BANK
fm/030
ttllB/0303fKB*PO/O7fi
•gRB/030fRB/030
MBSO/368
/7
CERTIFIED CQ
si
AMOUNT
38,376.^190,972,77
93.920.56
94,947.88
•
•
—»
>56^f217t42
ent/Owner/Gen. IManager
LEOPOLDO G. HUANGCERTIFIED PUBLIC ACCOUNTANT
Suite 5 Broad Building, Climaco Avenue, 7000 Zamboanga City, Philippines Tel. Nos. 24-79, 70-53
ALESGN SHIPPING LINES, INC.
Veterans Avenue, Zamboanqa City
SCHEDULE 2
SCHEDULE OF DEPRECIATION ON PROPERTY AND EQUIPMENT
DECEMBER 31, 1994
Original Useful 1994 Accumulated
Kind of Property Coet Life Depreciation Depreciation
13 SHIPPING VESSELS
MV Estrella del liar P 950,757.98 15 yrs P 34,717.20 P 220,303.20
(IV Aleson I 2,085,000.00 15 yrs ' 139,000.00 834,000.00
IW Nelson 2.453,689.49 15 yrs 163,579.30 981,4-75.80
(IV Feliciano Jr. 2,448,753.37 15 yrs 163,250.22 980,005.33
MV-Alexander 2,926,000.00 15 yrs 195,066.67 975,333.33
WV Ntco Bryan 4,153.248.00 15 yrs 276,883.20 830,649.60
WV Kristel Clane 2,283y264.47 15 yrs 152,217.63 152,217.63
16,900,713.31
2] TOOLS AND EQUIPMENT 65,728.80 6 yrB 10,953.80 65,727.80
33 OFFICE FURNITURE ANDEQUIPMENT > 30,000.00 10 yrs 3,000.00 18,000.00
TOTALS P16,996,442.11 PI,140,668.02 P5,057,712.74
SCHEDULE 3
SCHEDULE OF INTANGIBLE ASSETS
DECEMBER 31
1994 1993
FRANCHISE - Estrella del Mar P 300,000.00 P 300,000.00FRANCHISE - Aleson I 50,000.00 50,000.00
P 350,000,00 P 350,000.00
SCHEDULE 4
SCHEDULE OF ACCRUED EXPENSES
DECEMBER 31
1994 1993
Accrued percentage tax
Accrued rent expense
Accrued SSS, Medicare and EC contributions
p 94
24
,947
,071
,694
.88
.25
.55
P 81
2
24
,871
,917
,228
«
.89
.69
.65
P 122,713.68 P 109,018.23ssssssaanasssssBaiaa asassassesaBss