mrmmmmmmm pftaiuj receipt pfrcial …...resume of income and deductions section a gross income...

kagawarAnnqPAnanalapiKAWANIMANI^

HiUPALUfcd^mSt^6NSliCK'UBCLOMOWl^KlALONLY

PLACEORINCORPORAtiONmEQISTRAtlON-

CHANQESJN^TVIEiAÊL,IF.ANY

CHECKIFTHESTATEMENTANDOTHERBIRFORMSAREATTACHED!%EQUITYOWNERSHIP

cOMPARATfVEBALANCESHEETS TOTALASSETSPE^BALANC§SHEETj

RESUMEOFINCOMEANDDEDUCTIONSSECTIONA

GROSSINCOME(SECTIONp)

^h!:C6MPUTATIOM!OE SECTIONB

NETINCOME(FROMS^CtlOM

LESS:DEDUCTIONUNDERSPECIALLAWS(ATTACHSUPPORTINGDOCUMENTS)

TAXPAYABLE/(REFUNDABLE)

T6fALAIÛMTPAYAÊ£(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:- dcêciation

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 ycwCî^^BeO^LOS^TTlM |* fT^^frEM 3) '

ê>.î..-.. 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^î 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



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



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



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



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



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

mrmmmmmmm pftaiuj receipt pfrcial …...resume of income and deductions section a gross income...

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