MONTERO GRAINS and LIVESTOCK, INCORPORATED

THE COMPANY MGL was incorporated as a family corporation in 1980 with a paid-up capital of P400,000 in csh. It was organized by Mr. Carlos Montero and his wife's family. The Company was located in Pangasinan.
To increase its capital structure, members of management accepted additional investments in the form of fixed assets in exchange for shares of common stock and established a policy of giving priority in employment with the company to anybody who would invest a minimum of P20,000 in common stock.
Mr. Montero explained, "Our parents never borrowed nor mortgage any of their properties to lending institutions. They acquired them through hard work and frugality and the attachment for these family assets is very significant in their lives. I have made a list of probable projects to make our company more viable, considering the type of business we are in , the place and the selection and design of our projects in the vicinity."

LIST OF PROPOSED PROJECTS
1. Grain drier, furnace and accessories
2. Electrification of rice mill building and warehouse (installation of electric motors, wiring, panel boards, control switches, etc.)

3. Palay storage boxes (10 units)
4. Repairs of warehouse and Rice Mill Building
5. Construction Concrete of Concrete Solar Driers

The practice of keeping in the payroll a few extra hands to help " poor relatives" also led to financial difficulties. The majority of the company's present employees were daily-paid laborers. Daily bookkeeping work was originally assigned to Mrs. Rosanna Montero. She developed the inventory system for supplies and grain stocks of the company. But as additional responsibilities piled up in the expanding operators, a new person was hired and trained as an accounting clerk cum secretary. The company preffered employing high school graduates from locality