News Detail

Date/Time
28 Sep 2021 17:18:00
Headline
Clarification information regarding to the 2nd quarter of 2021 Financial Statements as requested by the SET
Symbol
ACAP
Source
ACAP
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                SET requests to clarify news or information


Subject                                  : Clarification of news or information 
requested by SET
Description                              :
-Translation-
ELCIDACAP024/2021

28 September 2021

Subject:    Clarification information regarding to the 2nd quarter of 2021 
Financial Statements as requested by the SET

To:         President
    The Stock Exchange of Thailand

Reference to the Stock Exchange of Thailand letter no. BorJor. 258/2021 dated 9 
September 2021 requested to clarify information regarding to  2nd quarter of
2021 financial statements since the auditor has declared in the audit summary
with no expression of audit opinion due to uncertainty of many significant
matters which may cause material uncertainties that may cast significant doubt
on the ability to continue operating. In order to provide investors with
complete information and be able to make any decision, Asia Capital Group Public
Company Limited ("the Company") would like to clarify additional information as
 follows:

1.    The Company's main business

1.1    The date that the Company and subsidiaries began to stop issuing new loans 
and business activities of each company from the date of temporary stop issuing
loans to the present
Refer to information declared in financial statement, Management Discussion and 
Analysis and Annual Registration Statements 2020, the Company's main business is
providing loans to corporate and retail customers and factoring. Businesses of
each company as follows:
Company    % Shareholding    No. of employee as of 31 Dec. 20
 (Person)    Business
The Company    -    211/    Provide loans corporate and retail customers
ACAP Consulting Co.,Ltd. ("ACON")    99.99%    -    Provide cash monitoring services, 
Legal (during liquidation process)
Capital OK Co.,Ltd.
("CAPOK")    99.99%    6    Provide loans to retail customers
OK Cash Co.,Ltd.
("OK CASH")    99.99%    -    Provide corporate loans
1/ Including executives and head of department above 10 people and other 
supporting staff 11 people
The Company has not issued new loans since 2020 and also for the first 6 months 
of 2021. The Company's consolidated financial statement has shown that there was
no income from the operation and no new loans booked. As at 30 June 2021, loans
outstanding were THB 2,533 million, totally non-performed while liabilities
from defaulted debentures were at THB 2,477 million. The Company is during the
process for entering business rehabilitation and the Central Bankruptcy Court
has ordered to postpone the date for hearing from September 2021 to January-
February 2022.

Answer 1.1
The Company would like to clarify the businesses of the Company and subsidiaries
 as follows:
Company    Last new loans issued    Activities regarding to businesses operation since
 temporarily stop issuing loans
The Company    Last issued loans with end-period of credit limit at December 2020
    - Collection
- Litigation and enforcement
- Confiscation
- Sales of seized assets
- Find new sources of fund to continue operation
CAPOK    Still have outstanding loans balance
    - Collection
- Litigation and enforcement
- Retail loans consideration
OK CASH    Last issued loans with end-period of credit limit at September 2019    - 
Collection
- Litigation and enforcement
- Confiscation

1.2    After the Company and subsidiaries not issue new loans, identify operation 
activities with existing customers by customer as follows:

Answer 1.2
The Company has operated in accordance with the law in order to let debtors 
return loans and force collateral. Existing loans status of the Company
comprised of loans during the process of auction and loans during the process of
litigation. The Company will be able to recognize revenue after the court has a
 judgment and the execution ends and collaterals has been sold.






1.3    Current business activities of each company which the Board of Directors 
considered sources of income

Answer 1.3
Company    Income-generated activities
The Company     -    Collection, Collateral enforcement and sales of foreclosed assets
-    Plan for diversification to issue loans in many sectors such as medical 
service, food and pharmaceutical industry
-    Plan and find new sources of fund in order to issue new loans to generate 
income and profit
-    Plan to buy loans portfolio from other financial institutions to generate 
income and profit from collection activities
CAPOK    Plan to issue personal loans to company emplyees
OK CASH    Plan to issue Project finance to customers who has business-related with
the government such as being procurement from government sector, sales
products, services or rental medical equipment to government hospital.
CIMAGE    Business activities generated income including revenue from sales and 
rental office building, warehouse in Bangkok and vicinity

1.4    Number and duties for each company

Answer 1.4
1) Asia Capital Group Public Company Limited's personnel (including Committee) 
21 persons
2) Capital OK Company Limited's personnel (including Committee) 10 persons
3) OK Cash Company Limited's personnel (including Committee) 4 persons
4)  C.Image Digital Company Limited's personnel (including Committee) 4 persons

1.5    Business license status, start date, due date, duty or condition to maintain
 license, methodology for renewal and condition to terminate license

Answer 1.5
The Company and subsidiaries has registered under the Ministry of Commerce and 
own personal loan business license.




2.    Defaulted to return loans to other company
The Company has short-term loans in the amount of THB 250 million with interest 
rate at 15%, the Company transfered right to claim and mortgage as the
collateral of loans. Due date was on 9 June 2021, currently the Company has not
yet repaid the loans as the Company has obtained Automatic stay after the
Central Bankruptcy Court has issued an order to accept the rehabilitation
petition of the Company for consideration.
    However, the Company would expedite to solve by accelerating customers to repay
loans by selling assets. Currently, the process of force collateral to sell is
in the court.
    
Please be informed accordingly.



                                    Yours Sincerely,
         Asia Capital Group Public Company Limited


                                    
..................................................
                                                                                
                      (Ms. Nicharadee Sukjaroenkraisri)    
                                                                                
                               Chief Executive Officer
                                    Authorized to sign on behalf of the Company



Corporate Secretarial:
02-793-3977


                         Signature ___________________________
                                    ( Ms. Nicharadee Sukjaroenkraisri )
                                    Chief Executive Officer
                         Authorized to sign on behalf of the company

______________________________________________________________________
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