28 Sep 2021 17:18:00
Clarification information regarding to the 2nd quarter of 2021 Financial Statements as requested by the SET
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 ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. 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