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MIRA INFORM
REPORT
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Report Date : |
10.01.2011 |
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Tel. No.: |
+852 2691 2633 |
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Fax No.: |
+852 2691 2133 |
IDENTIFICATION DETAILS
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Name : |
TORNOS
TECHNOLOGIES (HK) LTD. |
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Registered Office : |
Unit 4, G/F., |
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Country : |
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Date of Incorporation : |
29.07.2008 |
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Com. Reg. No.: |
39613496 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of machinery and parts |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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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 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
TORNOS TECHNOLOGIES
(HK) LTD.
Company ADDRESS
Unit 4, G/F.,
PHONE: 2691 2633
FAX: 2691 2133
E-MAIL: asiapacific.contact@tornos.com
MANAGEMENT
Managing Director: Philippe Maurice Maquelin
SUMMARY
Incorporated on: 29th July, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Machinery Trader.
Group Sales: CHF 114,363,000 (Year ended on 31-12-2009)
Employees: 10.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Unit 4, G/F.,
Holding Company:-
Tornos Technologies Asia Ltd.,
Ultimate Holding
Company:-
Tornos Holding S.A.,
Associated/Affiliated
Companies:-
Tornos
Group of Companies
·
Almac
·
Almatronic
· Tornos Holding France S.A., France.
·
Tornos Management Holding S.A.,
·
Tornos
·
Tornos Technologies (
·
Tornos Technologies Deutschland
·
Tornos Technologies
·
Tornos Technologies Iberica S.A.,
·
Tornos Technologies Italia s.r.l.,
·
Tornos Technologies Poland Sp. z.o.o.,
·
Tornos Technologies UK Ltd.,
·
Tornos Technologies US Corporation,
BUSINESS REGISTRATION NUMBER
39613496
COMPANY FILE NUMBER
1260299
MANAGEMENT
Managing Director: Philippe Maurice Maquelin
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER
(As per registry dated 29-07-2010)
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Name |
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No. of shares |
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Tornos Technologies Asia
Ltd., |
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10,000 ===== |
DIRECTOR
(As per registry dated 29-07-2010)
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Name (Nationality) |
Address |
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Philippe Maurice MAQUELIN |
chemin du Chable 2, 2023 |
SECRETARY
(As per registry dated 29-07-2010)
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Name |
Address |
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Actax Consultancy Ltd. |
Room 1110, 11/F., |
0372832 |
HISTORY
The subject was incorporated on 29th July, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of machinery and parts.
Employees: 10.
Commodities Imported:
Markets:
Group Sales:-
CHF 222,622,000 (Year ended on 31-12-2005)
CHF 250,515,000 (Year ended on 31-12-2006)
CHF 287,384,000 (Year ended on 31-12-2007)
CHF 262,944,000 (Year ended on 31-12-2008)
CHF 114,363,000 (Year ended on 31-12-2009)
CHF 59,462,000 (6 months ended on 30-06-2009) – Unaudited
CHF 69,725,000 (6 months ended on 30-06-2010) – Unaudited
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Group Net Profit/(Loss):-
CHF 12,835,000 (Year ended on 31-12-2005)
CHF 17,249,000 (Year ended on 31-12-2006)
CHF 35,137,000 (Year ended on 31-12-2007)
CHF 6,042,000 (Year ended on 31-12-2008)
(CHF 29,548,000) (Year ended on 31-12-2009)
(CHF 15,475,000) (6 months ended on 30-06-2009) – Unaudited
(CHF 14,237,000) (6 months ended on 30-06-2010) – Unaudited
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Standing: Small.
GENERAL
Tornos Technologies (HK) Ltd. is a wholly-owned subsidiary of Tornos Technologies Asia Ltd. which is a Hong Kong-registered firm located at the same operating address as the subject. The ultimate holding company is Tornos Holding S.A. [Tornos] which is a Switzerland-based firm.
Business commenced in July 2008, the subject is a machinery and equipment trader. It is one of the members of the Tornos Group.
Tornos is widely know as specialists in the manufacture of Swiss machines for turning parts from bars or billets. Tornos has expanded its product lines and now offers a wide range of products. The main lines consist of the EvoDECO, DECO, Sigma, Gamma and Delta single spindle sliding headstock automatic turning machines, MultiDECO, MultiSigma and MultiAlpha multi-spindle turning machines and the multi-spindle camoperated SAS 16.6. Since 2008, Tornos has been offering also a line of high precision machining centres. Tornos is a world-leading machining solution provider in single spindle Swiss type lathe, multispindle lathe and machining centres. It is committed to sustainable growth through innovative technology.
The gross sales of the Tornos Group for the year of 2009 amounted to CHF 114.4 million, decreased by 56.5% as compared with CHF 262.9 million of FY 2008. Net loss for the Group amounted to CHF 29.5 million as compared with a net profit of CHF 6.0 million in FY 2008.
The gross sales of the Tornos Group for the first half year of 2010 amounted to CHF 69.7 million, increased by 17.1% as compared with CHF 59.5 million of the same period of FY 2009. Net loss for the Group in the period amounted to CHF 14.2 million as compared with a net loss of CHF 15.5 million in the same period of FY 2009.
The Tornos Group booked total orders of CHF 50.4 million in the third quarter of 2010, an increase of 148.5% over the same period of previous year (2009: CHF 20.3 million). Despite the seasonal impact of the summer holiday period which normally depresses commercial activity, orders received in the third quarter were very close to those of the second quarter (CHF 53.2 million), confirming the robustness of the recovery. Cumulative orders for the first nine months of the year therefore stand at CHF 147.0 million, an increase of 132.3% compared to the same period last year (2009: CHF 63.3 million).
Sales for the third quarter came to CHF 36.3 million, an increase of 87.5% compared to the same period of previous year. Same as before, the 4-week summer holiday closure normally has an adverse seasonal effect on billings. Despite this, third-quarter sales were above the average of the previous two quarters (CHF 34.9 million). After nine months, sales totalled CHF 106.1 million, representing a 34.5% improvement over the comparable period of previous year (2009: CHF 78.8 million). Usage of the Group’s production capacity, which stood at some 30% at the start of the year, has reverted to virtually normal levels during the 3rd quarter, and it is only administrative departments which are still affected by short-time working. However, given the normal time-lag between the receipt of an order, production and invoicing, sales are still at a relatively low level and did not enable the company to return to profit in the three months under review. Third-quarter earnings before interest expense and taxation [EBIT] was CHF -0.7 million (2009: CHF -6.4 million) with a figure for the first nine months of CHF -13.6 million (2009: CHF -23.0 million). The net loss for the current year stands at CHF 17.4 million (2009: loss of CHF 21.7 million). The Group’s net debt increased by CHF 3.8 million in the first nine months, reaching CHF 28.3 million by 30th September, 2010 (31st December, 2009: CHF 24.6 million). On that date, Group equity of CHF 112.1 million accounted for 59.4% of the balance sheet total of CHF 188.7 million.
The fall in sales and new orders between the second and third quarters is a seasonal effect of the summer holiday period and does not reflect a decline in market activity. An order flow in excess of CHF 60 million is expected in the fourth quarter. The 2010 sales figure should be in excess of CHF 150 million, with a sharply negative result in view of the very limited influence of the economic recovery on billings in the current financial year.
According to the management of the Group, the 2011 financial year should “see a return to a normal level of activity and significant profitability”. However, it is not easy to do so.
The
Group has set up a number of associated or affiliated companies in Europe, the
On the whole, since the history of the subject is short and the Group is suffering from losses, consider it good for normal business engagements on L/C basis.
COURT CASES: None per our.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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1 |
Rs.70.38 |
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Euro |
1 |
Rs.58.93 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.