MERCADO, CALDERON, JARAVATA & CO.

,
Performed by: Alyssa
CERTIFIED PUBLIC ACCOUNTANTS
Questionnaire 1

Date: 3/20/14

Answer
a)

b)

c)

d)

e)

f)

g)

Have there been any significant

changes in the nature of the
clients business activities during
the interim period?
Have there been any changes in
accounting policies?

Has the company entered into any

important contract agreements,
outside the ordinary course of
business?
Has the company entered into, or
revised any important lease
agreements?
Have there been any significant
transactions with related parties?
If so, have they been adequately
accounted for and disclosed (if
necessary)?
Are there any substantial
commitments or uncertainties such
as litigations, claims, and other
contingent liabilities? (Where
applicable, refer to the prior yearend legal letter and discuss events
noted therein with the officer
responsible for such matters.)
Have periodic reports to
management from internal
auditors, division controllers, etc.,
disclosed any significant
weaknesses in internal control
structure or significant accounting

None.

Yes. Upon adoption of the

Revised PAS 19, the Company
changed its accounting policy
to recognize all actuarial gains
and losses in other
comprehensive income and all
past service costs in profit or
loss in the period they occur.
The presentation of the
statement of comprehensive
income was updated to reflect
these changes.
No.

No. Lease contracts are being

renewed automatically upon
the expiration of the lease
term.
No. related party transactions
for this year are also part of
the ordinary business
transactions.
There are no substantial
commitments or certainties as
of this year. Litigations
commenced by the Company
are mostly the claims against
delinquent accounts.
The reports are merely of
minor weaknesses which have
already been addressed by the
management.

MERCADO, CALDERON, JARAVATA & CO.,

Performed by: Alyssa
CERTIFIED PUBLIC ACCOUNTANTS
Questionnaire 1

h)

i)

j)
k)

l)
m)
n)

questions?
Have there been any income tax
audits or have ambit claims or
assessments in respect of previous
audits been received?
Has the entity enter into any new
borrowing agreements, or revised
any existing borrowing
agreements?
Have any cash funds been
restricted?
Have any been pledged or
encumbered?
Has the entity issued any share
capital?
Have there been any debenture or
similar transactions?
Are there any going concern
problems that create doubt over
the company or economic entitys
ability to continue trading?

Ms. Elizabeth T. Morales

Assistant Vice-President/Chief Accountant

Date: 3/20/14

None.

Yes. New loans are mostly

short-term.
No.
Mitsubishi machinery is
pledged as collateral to secure
the long term loan.
No. only stock dividend.
None.
None.