Clarson Enterprises, Inc.

Established during the last quarter of 1983, CLARSON ENTERPRISES, INC., started as single proprietorship engaged in the business of trading buri furniture, basket wares and handicrafts. The President, Clarito F. Fruelda, started the business with an initial capital of about fifty thousand pesos (P 50,000.00) or US$ 5,000.00 then. With a manpower complement of three, it grew to what it is today.

The Company's first customers were from Australia. It gradually expanded its market to the United Kingdom, the European Community and the USA. With a very strong market demand during 1984 to 1988, sales always double that of every preceded year.

The Company was incorporated last May 21, 1986 with an authorized capital of P 4,000,000.00 (equivalent to US$ 250,000.00 in 1986). In 1987, the Company ventured into rattan furniture production. It operated two rattan furniture plants and a buri processing warehouse and administrative office. With these plants, sales in 1988 went to an all time high of P 64,000,000.00 or US$ 3,200,000.00.

In 1990, a very strong typhoon substantially damaged both rattan plants and due to a very low market demand, the Company rehabilitated and operated only one rattan plant and the buri/basket ware processing warehouse. Later, it sold the other badly damaged plant. To date, the Company still owns one rattan furniture production plant and one buri/basket ware warehouse which also serves as its administrative office.

The current authorized capital stock of the company is TEN MILLION PESOS
(P 10,000,000.00) which was approved last August 1995 by SEC.

NATURE OF BUSINESS:

Rattan furniture manufacturing and exporting
Export of buri and bamboo furnitures, basket wares, handicrafts, etc.