In the Matter of Arrofortis Credit Corporation

January 31, 2012 SEC-CFD ORDER NO. 036-12 IN THE MATTER OF ARROFORTIS CREDIT CORPORATION FOR : Revocation of the Certificate of Authority (CA) to Operate as a Lending Company ORDER Records on file with this Commission show that the company failed to pay/submit the following in violation of the Lending Company Act, its Implementing Rules and Regulations and SEC Memorandum Circular/s: Paid/Filed Late Not Filed/Paid 1. Annual Fees for 2009 and 2010 1. Annual Fee for 2011 2. General Information Sheet for 2010 2. General Information Sheet for 2009 3. Semi-Annual Financial Statements 3. Audited Financial Statements for 2008 and for July to December 2008 until 2010 June 2010 4. Special Form of Financial Statements for 2008 to 2010 5. Semi-Annual Financial Statements for July to December 2010 Likewise, the company's Audited Financial Statements for 2010 were audited by Mr. Dennis L. de Leon, an external auditor who is not duly accredited by SEC, in violation of Section 2, SEC Memorandum Circular No. 13, Series of 2006. AaDSTH Despite receipt of the notice and demand dated 21 October 2009, no compliance has been made to date. Likewise, on 03 June 2011, show cause orders were sent and received by the company 1 and all directors/officers informing them of the violations incurred but at present, the company failed to comply. The SEC examiner reported that she could not locate the company's principal office since according to a house helper and a secretary, the company moved to a different place without seeking the approval of the Commission. It was also observed that the company disclosed in its 2009 Audited Financial Statements that it is still non-operational. Pursuant to the resolution of the Commission in its meeting on 19 January 2012, the company's Certificate of Authority to Operate as a Lending Company is hereby REVOKED. Let a copy of this Order be sent to the principal address of the company, the Municipal Hall of Cainta, Rizal and posted in the Commission's official website for the information and guidance of the public. SO ORDERED. ASHECD January 31, 2012, Mandaluyong City. (SGD.) JOCELYN C. VILLAR-ALTAMIRA Acting Director Footnotes 1. The same was received on 13 July 2011 by Ms. Rose Nude whose designation in the company was not disclosed.