MIRA INFORM REPORT

 

 

Report Date :

11.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

TURBOMACH SA

 

 

Registered Office :

Via Campagna 15, 6595 Riazzino

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

18.12.1979

 

 

Com. Reg. No.:

514.3.005.223-2 / 197483

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

Power Generation with Industrial Gas Turbine-Based Cogeneration Systems in industrial and municipal applications.

 

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

 

Maximum Credit Limit :

CHF 2'000'000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Switzerland

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company Name

 

Turbomach SA

 

 

Operating address

 

Via Campagna 15

6595 Riazzino

Switzerland/CH

Telephone:                    091 8511511

Fax:                             091 8511555

Web site:                      http://www.turbomach.com

E-mail:                         contact@turbomach.com

 

 

Profile

 

Established:                  1979

Line of Business:           Financial services, Machinery

Industry Division:           Services, Manufacturing

Industry-code (NACE):     6420     Activities of holding companies

                                      2811     Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

Import/Export:               Export

Export sales:                90.0%

Quality certification:       ISO 9001:2000

Banks:                         unknown

 

 

Operational Figures

 

Coverage:                     Company

Figures:                        approximately

Employees:                  400

Sales:                          CHF 480'000'000.-

 

 

Activity

 

The company is active in the field of power generation with industrial gas turbine-based cogeneration systems in industrial and municipal applications.

 

Real Estate

 

Information on property ownership was not available.

 

 

Company Register

 

Company No:                514.3.005.223-2 / 197483

Legal form:                    Company limited by shares

Registration:                 18.12.1979

Legal status:                 active

Responsible Register:    Registro di commercio del Cantone Ticino (since 28.12.2000)

Auditor:                        PricewaterhouseCoopers SA, Ginevra

History:                        Date of Statutes: 18.12.2000

                                    Date of Statutes: 26.04.1996

                                    Date of Incorporation Statutes: 31.08.1979

                                    Date of Statutes: 25.08.2004

                                    Date of Statutes: 13.12.2001

 

Entry            Deleted   Name

18.12.2001                    Turbomach SA

                    18.12.2001  Tuma Turbomach SA

 

Entry            Deleted   Legal domicile

28.12.2000                    Locarno, Switzerland

                    28.12.2000  Mezzovico-Vira, Switzerland

 

Entry            Deleted   Address

28.12.2000                    Via Campagna 15, 6595 Riazzino/TI, Switzerland/CH

 

Entry            Deleted   Capital

active                           Share Capital CHF 7'040'000, paidup CHF 7'040'000

 

Entry            Deleted   Capital Structure

active                           32'000 Bearer shares of CHF 220.--

 

Entry            Deleted   Activity (original Language)

active                           la fabbricazione e commercializzazione di prodotti dell'industria meccanica, in particolare di gruppi a turbina a gas e la partecipazione ad altre imprese.

 

Entry            Deleted   Remarks (original Language)

active                           Publishing authority: FUSC.

 

 

Official Administration

 

Title                                             Name

President                                      Marc Brusseleers, Origin: Belgium, Address: 6914 Carona/TI, Switzerland, joint signature of two

Executive Director                       Thomas Zihlmann, Origin: Doppleschwand, Switzerland, Address: 1285 Avusy/GE, Switzerland, joint signature of two

Executive Director                       Kenneth Kidwell  (Ken) Nolen, Origin: United States of America, Address: San Diego, United States of America, joint signature of two

 

 

Management

 

Title                                           Name

General Director                          Marc Brusseleers, Origin: Belgium, Address: 6914 Carona/TI, Switzerland, joint signature of two

Member with signing authority      Michael Kress, Origin: Germany, Address: 6947 Vaglio/TI, Switzerland, joint signature of two

Member with signing authority      Kevin Lynn Wilkinson, Origin: United States of America, Address: Waterloo, Belgium, joint signature of two

Member with signing authority      Ermes Boraschi, Origin: Ascona, Switzerland, Address: 6987 Caslano/TI, Switzerland, joint signature of two, Appointment: 14.04.2010

Member with procuration              Thomas Kammereck, Origin: Germany, Address: 6652 Tegna/TI, Switzerland, joint power of attorney of two, eingeschränkte Zeichnungsberechtigung

Member with procuration              Thierry Vohy, Origin: France, Address: 6633 Lavertezzo/TI, Switzerland, joint power of attorney of two, eingeschränkte Zeichnungsberechtigung

Member with procuration              Arnoldus Den Elzen, Origin: Netherlands, Address: 6652 Tegna/TI, Switzerland, joint power of attorney of two, eingeschränkte Zeichnungsberechtigung

Member with procuration              Gabriel Diaz Trias, Origin: Spain, Address: 6500 Bellinzona/TI, Switzerland, joint power of attorney of two, eingeschränkte Zeichnungsberechtigung

 

 

Executive board

 

Title                                           Name

Chief Executive Officer                 Marc Brusseleers

 

 

Financial Data Caterpillar Group

 

Consolidation:               consolidated

Industry:                       Trade/Industry

 

Fiscal year end:                                     31.12.2009        31.12.2008        31.12.2007        31.12.2006        31.12.2005

Number of months:                                       12                    12                    12                    12                    12

Currency:                                                mil. USD           mil. USD           mil. USD           mil. USD           mil. USD

 

Balance Sheet

Total assets                                                   60'038.0            67'782.0            56'132.0            51'449.0            47'553.0

Total shareholders equity                                  8'740.0              6'087.0             8'883.0              6'859.0             8'432.0

 

Profit and loss account

Operating revenue                                          32'396.0            51'324.0            44'958.0            41'517.0            36'339.0

Operating result                                                 577.0              4'448.0             4'921.0              4'921.0             3'784.0

Result before minority interests                           895.0              3'557.0             3'541.0              3'537.0             2'854.0

 

Cash flow

Depreciation                                                    2'336.0              1'980.0             1'797.0              1'602.0             1'477.0

Investments in tangible fixed assets                   2'316.0              4'011.0             3'040.0              2'675.0             2'415.0

 

Notes

Research and Development                               1'421.0              1'728.0             1'404.0              1'347.0             1'084.0

Employees  at year end                                     93'813             112'887             101'333               94'593              85'116

Employees inland                                             43'251               53'509              50'545               48'709

Employees abroad                                            50'562               59'378              50'788               45'884

 

 

Ultimate Parent Company

 

Name:                          Caterpillar Inc

City/Country:                 Peoria, United States of America/US

 

 

Owner/-s

 

No. of Owner/-s:            1

Owner:                         The company is foreign owned.

Class:                          100%

Name:                          Caterpillar Inc

City/Country:                 Peoria, United States of America/US

Interest:                        100.00% voting right, 100.00% capital interest (since 2004)

 

 

Sisters

 

Name:                          Caterpillar Financial Services Corporation

City/Country:                 Nashville, United States of America/US

 

Name:                          Caterpillar Paving Products Inc.

City/Country:                 Minneapolis, United States of America/US

 

 

Investments

 

Class:                          100%

Name:                          Turbomach Asia Ltd

City/Country:                 Bangkok, Thailand/TH

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach Endustriyel Gaz Turbinleri Ltd

City/Country:                 Istanbul, Turkey/TR

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach France Sarl

City/Country:                 St-Pierre-du-Perray, France/FR

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach GmbH

City/Country:                 Griesheim, Germany/DE

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach (India) Pvt Ltd

City/Country:                 Mumbai, India/IN

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach Limited

City/Country:                 Driffield, United Kingdom/GB

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach Netherlands BV

City/Country:                 Sassenheim, Netherlands/NL

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach Pakistan (Private) Limited

City/Country:                 Lahore, Pakistan/PK

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach SA

City/Country:                 Cerdanyola, Spain/ES

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach SpZoo

City/Country:                 Katowice, Poland/PL

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Turbomach Srl

City/Country:                 Parma, Italy/IT

Interest:                        100.00% voting right, 100.00% capital interest

 

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

23.01.2009          2009                           1                           1'581.-- Open legal actions

23.01.2009          2008                           0

23.01.2009          2007                           0

23.01.2009          2006                           0

 

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

 

 

Credit Information

 

Financial Statements:    The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

 

Financial Situation:        The financial situation is considered to be good.

 

Payment experiences:   Financial obligations are met in an orderly manner.

 

Maximum Credit:           CHF 2'000'000

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.70.38

Euro

1

Rs.58.93

 

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.