The Company’s Corporate Business or Business Profile
The Company, currently, does not have any business operations and is not offering any product or service. However, its subsidiary FOPMI is engaged in property management of residential and office buildings and private estates.
Thus, the Company is not prepared at this time to identify and describe what business it proposes to do and what products, goods or services will be produced or rendered; its principal products or services and their markets with the relative contribution to sales or revenues of each product or services or group of related products or services; percentage of sales or revenue and net income contributed by foreign sales; distribution methods of products or services; competition; sources and availability of raw materials and the names of principal suppliers; and the Company’s dependency on its customers. Since the Company has not identified the industry in which it will engage in, it is likewise not in the position to discuss any government approval required for its principal products or services or the effect of existing or probable governmental regulations on its business.
FOPMI is engaged in property management and provides vital real estate management services for several residential and office condominium buildings and private estates in Metro Manila. These include basic administrative, housekeeping and security services and special services such as facilities and equipment management, audit and technical support services, finance and account management, and procurement services. FOPMI’s revenue is primarily generated from management fees it charges in connection with its property management services.
FOPMI is very competitive and is determined to perform as the best by assigning dedicated teams to manage over property/building. On-site Property Administrator, Property Engineer and Administrative Assistant/s are assigned to look after each individual property. A pool of experienced professionals – architects, engineers, accountants and other personnel with varying expertise – provides back-up support and services for its individual clients and customer.
CityLink is engaged in overland transport, carriage, moving or haulage of passengers, fares, customers and commuters as well as freight, cargo, articles, items, parcels, commodities, goods or merchandise by means of coaches, buses, coasters, jeeps, cars and other similar means of transport.
The Company or FOPMI is not dependent upon a single or a few customers. No single customer accounts for 20% or more of FOPMI’s sales.
In normal course of business, the Company entered into transactions with related parties, consisting mainly of advances from related parties for working capital purposes and for the settlement of certain liabilities. For more information, please see Note 17 to the Audited Financial Statements.
The Company does not hold any patent, trademark, copyright, license, franchise, concession or royalty agreement upon which their operations are dependent.
FOPMI maintains a non-contributory post-employment benefit plan that is being administered by a trustee covering substantially all regular full-time employees. Actuarial valuations are made on a regular basis to update the retirement benefit costs and the amount of contributions.