MIRA
INFORM REPORT
|
Report Date : |
11.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TELLUS
SYSTEMS LIMITED |
|
|
|
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Formerly Known As : |
DEXION CENTER [THAILAND] LIMITED |
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Registered Office : |
3rd Floor, Panich Plaza, 51/1 Rama 9 Road, Huaykwang, Bangkok 10320 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.01.2001 |
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Com. Reg. No.: |
0105544007267 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Office
and industrial storage
solutions |
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|
No. of Employees : |
42 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
TELLUS SYSTEMS
LIMITED
[FORMER : DEXION CENTER [THAILAND] LIMITED]
SUMMARY
BUSINESS
ADDRESS : 3rd FLOOR,
PANICH PLAZA, 51/1
RAMA 9 ROAD,
HUAYKWANG, BANGKOK
10320
TELEPHONE : [66] 2643-8044-8
FAX :
[66] 2643-1122
E-MAIL
ADDRESS : info@tellus.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544007267
TAX
ID NO. : 3030215260
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LARS PETER
JOHANSSON, SWEDISH
MANAGING DIRECTOR
NO.
OF STAFF : 42
LINES
OF BUSINESS : OFFICE AND
INDUSTRIAL STORAGE SOLUTIONS
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on
January 22, 2001 as
a private limited
company under the originally registered name “Dexion Center [Thailand] Limited”
by Thai and Swedish groups. On
July 26, 2001,
its name was
changed to TELLUS
SYSTEMS LIMITED. Its business
objective is to supply
products and service wide
range of office and
industrial storage solutions.
It currently employs
42 staff.
The
subject’s registered address
is 3rd Flr.,
Panich Plaza, 51/1 Rama
9 Rd., Huaykwang,
Bangkok 10320, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lars Peter Johansson |
|
Swedish |
50 |
|
Ms. Siriluck Bovorn-aneksakul |
|
Thai |
47 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Lars Peter Johansson
is the Managing
Director.
He is Swedish
nationality with the
age of 50 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and
installation service wire
range of office
and industrial storage
solutions. Range of
products and services
are as follows:
·
Industrial Storage
It
offers a range
of industrial storage
solutions for small parts,
bulk load, long
goods, pallet
loads, as well
as special items.
·
Material
handling Automation
Range
of services includes
system solution, paperless
technology, density rack
vehicle, system &
control RDS and
support functions.
·
Office
Storage & Filing
The
subject offers a
comprehensive range of
space saving filing
and storage solution,
from “Mobilux” filing
system, to fully
automated storage and
retrieval systems.
·
Vehicle
Interior Service
MAJOR BRANDS
“DEXION”, “LALESSE”, “BERTELHO”,
“MOBILUX”, “VISIPRO”.
PURCHASE
Most of the products are
imported from Australia, United
Kingdom, Sweden and
Denmark, the remaining
is purchased from
local suppliers.
MAJOR
SUPPLIER
Dexion Limited : U.K.
System Edstrom Bilinredningar AB. : Sweden
SALES
Most of the products
are sold and
serviced locally to
end-users, the rest
is exported to
Cambodia, Laos, Myanmar
and Vietnam.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no litigation on
bankruptcy and receivership
cases filed against
the subject found
at Legal Execution
Department for the
past five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The
subject has not
disclosed its banker’s
name.
EMPLOYMENT
The
subject employs 42
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject is
achieving high customer
satisfaction delivering products
and services that
have great appeal
in the market.
It has been
recognized by customers in
its business field
with international profile
engagement.
Though
the subject’s sales revenue
in 2011 was
drastically dropped from
the previous year’s
level due to
a decrease in
demand of the
products and services
as well as
an impact from
a severe flood
crisis during September
- November 2011. However, the
situation started to
improve in the
beginning of 2012,
and it expects
a better performance
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100
each with fully
paid.
On
April 20, 2001,
the capital was
increased to Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Siriluck Bovorn-aneksakul Nationality: Thai Address : 209/228
Moo 3, Pimolraj,
Bangbuathong, Nonthaburi |
20,397 |
50.99 |
|
Mr. Lars Peter Johansson Nationality: Swedish Address : 51/1
Rama 9 Rd.,
Huaykwang, Bangkok |
19,598 |
49.00 |
|
Mr. Roger B. Gribble Nationality: Australian Address : 51/1
Rama 9 Rd.,
Huaykwang, Bangkok |
1 |
|
|
Mr. Matthews Vincent McEvilly Nationality: American Address : 21st Floor,
Pacific Place, 142
Sukhumvit Rd.,
Klongtoey, Bangkok |
1 |
|
|
Ms. Saengkaew Yangyuen Nationality: Thai Address : 82
Moo 2, Dongplong,
Daendong, Buriram |
1 |
= 0.01 |
|
Ms. Sirinan Bovorn-aneksakul Nationality: Thai Address : 493
South Sathorn Rd.,
Yannawa,
Sathorn, Bangkok |
1 |
|
|
Ms. Malee Srisupavichakij Nationality: Thai Address : 55/5
Moo 10, Samrongnua,
Muang,
Samutprakarn |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,400 |
51.00 |
|
Foreign |
3 |
19,600 |
49.00 |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Rungthip Vacharamethanon No.
4542
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
3,875,574.15 |
10,374,996.69 |
|
Short-term Investment |
22,424,411.33 |
22,293,145.02 |
|
Trade Accounts & Other
Receivable |
22,414,868.84 |
40,007,778.47 |
|
Short-term Loan |
319,793.26 |
- |
|
Inventories |
17,629,461.01 |
7,646,451.00 |
|
Other Current Assets |
531,084.87 |
1,996,920.65 |
|
|
|
|
|
Total Current Assets
|
67,195,193.46 |
82,319,291.83 |
|
|
|
|
|
Fixed Assets |
11,975,265.79 |
11,499,410.37 |
|
Intangible Assets |
223,661.70 |
220,371.78 |
|
Other Non-current Assets |
535,313.81 |
532,863.81 |
|
Total Assets |
79,929,434.76 |
94,571,937.79 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
36,506,680.46 |
45,357,093.60 |
|
Current Portion of Long-term Loans |
900,000.00 |
900,000.00 |
|
Short-term Loan |
- |
22,700.00 |
|
Accrued Income Tax |
958,526.91 |
9,231,809.34 |
|
Other Current Liabilities |
174,658.86 |
528,682.42 |
|
|
|
|
|
Total Current Liabilities |
38,539,866.23 |
56,040,285.36 |
|
|
|
|
|
Long-term Loan |
1,227,124.70 |
2,117,022.15 |
|
Total Liabilities |
39,766,990.93 |
58,157,307.51 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning-
Unappropriated |
36,162,443.83 |
32,414,630.28 |
|
Total Shareholders' Equity |
40,162,443.83 |
36,414,630.28 |
|
Total Liabilities & Shareholders' Equity |
79,929,434.76 |
94,571,937.79 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
108,019,112.73 |
209,890,441.56 |
|
Services Income |
16,293,869.62 |
11,836,658.74 |
|
Other Income |
1,431,292.36 |
2,075,896.65 |
|
Total Revenues |
125,744,274.71 |
223,802,996.95 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
93,465,399.80 |
160,398,048.75 |
|
Selling Expenses |
14,988,759.84 |
18,427,086.10 |
|
Administrative Expenses |
11,824,875.80 |
9,782,295.68 |
|
Total Expenses |
120,279,035.44 |
188,607,430.53 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
5,465,239.27 |
35,195,566.42 |
|
Financial Cost |
[192,666.66] |
[227,786.20] |
|
Profit / [Loss] before Income Tax |
5,272,572.72 |
34,967,780.22 |
|
Income Tax |
[1,524,759.17] |
[9,923,518.73] |
|
|
|
|
|
Net Profit / [Loss] |
3,747,813.55 |
25,044,261.49 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.74 |
1.47 |
|
QUICK RATIO |
TIMES |
1.27 |
1.30 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.38 |
19.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.56 |
2.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.85 |
17.40 |
|
INVENTORY TURNOVER |
TIMES |
5.30 |
20.98 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.81 |
65.86 |
|
RECEIVABLES TURNOVER |
TIMES |
5.55 |
5.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
142.57 |
103.21 |
|
CASH CONVERSION CYCLE |
DAYS |
(7.91) |
(19.95) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.19 |
72.34 |
|
SELLING & ADMINISTRATION |
% |
21.57 |
12.72 |
|
INTEREST |
% |
0.15 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
25.97 |
28.60 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.40 |
15.87 |
|
NET PROFIT MARGIN |
% |
3.01 |
11.30 |
|
RETURN ON EQUITY |
% |
9.33 |
68.78 |
|
RETURN ON ASSET |
% |
4.69 |
26.48 |
|
EARNING PER SHARE |
BAHT |
93.70 |
626.11 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.99 |
1.60 |
|
TIME INTEREST EARNED |
TIMES |
28.37 |
154.51 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(43.93) |
|
|
OPERATING PROFIT |
% |
(84.47) |
|
|
NET PROFIT |
% |
(85.04) |
|
|
FIXED ASSETS |
% |
4.14 |
|
|
TOTAL ASSETS |
% |
(15.48) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.97 |
Impressive |
Industrial Average |
14.89 |
|
Net Profit Margin |
3.01 |
Impressive |
Industrial Average |
1.50 |
|
Return on Assets |
4.69 |
Impressive |
Industrial Average |
3.04 |
|
Return on Equity |
9.33 |
Impressive |
Industrial Average |
7.31 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit Margin is 25.97%. When compared with
the industry average, the ratio of the company was higher. This indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that net
profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is 3.01%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
4.69%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant
position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 9.33%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant
position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.74 |
Impressive |
Industrial Average |
1.56 |
|
Quick Ratio |
1.27 |
|
|
|
|
Cash Conversion Cycle |
(7.91) |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 1.74 times in 2011, increase from 1.47 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.27 times in 2011,
decrease from 1.3 times, although excluding inventory so the company still have
good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for -8 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.99 |
Impressive |
Industrial Average |
1.51 |
|
Times Interest Earned |
28.37 |
Impressive |
Industrial Average |
2.25 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 28.37 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.5 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.38 |
Impressive |
Industrial Average |
7.49 |
|
Total Assets Turnover |
1.56 |
Satisfactory |
Industrial Average |
2.01 |
|
Inventory Conversion Period |
68.85 |
|
|
|
|
Inventory Turnover |
5.30 |
Impressive |
Industrial Average |
5.04 |
|
Receivables Conversion Period |
65.81 |
|
|
|
|
Receivables Turnover |
5.55 |
Impressive |
Industrial Average |
4.58 |
|
Payables Conversion Period |
142.57 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.87.09 |
|
Euro |
1 |
Rs.70.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.