MIRA INFORM REPORT
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Report Date : |
28.11.2011 |
IDENTIFICATION DETAILS
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Name : |
TOREX SPA |
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Registered Office : |
Via Canaletto 139 A, San Prospero, 41030 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
11.09.1987 |
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Com. Reg. No.: |
01788400362 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
manufacture of machinery for working soft rubber or plastics |
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No. of Employees
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29 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Italy |
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 & address
Torex SpA
Via Canaletto 139 A
San Prospero, 41030
Italy
Tel: +39 0598 080811
Fax: +39 0599 08204
Synthesis
Employees: 29
Company Type: Public Subsidiary
Corporate Family: 11
Companies
Ultimate Parent: WAMHOLDING SPA
Incorporation Date:
11-Sep-1987
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2009
Reporting Currency: Euro
Annual Sales: 13.4
Total Assets: 17.7
Business Description
Torex SpA is primarily
engaged in manufacture of machinery for working soft rubber or plastics or for
the manufacture of products of these materials (extruders, moulders, pneumatic
tyre making or retreading machines and other machines for making a specific
rubber or plastic product); manufacture of printing and bookbinding machines;
manufacture of machinery for producing tiles, bricks, shaped ceramic pastes,
pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture
of moulding boxes for any material; mould bases; moulding patterns; moulds;
manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of
centrifugal clothes dryers; manufacture of diverse special machinery and
equipment (machines to assemble electric or electronic lamps, tubes (valves) or
bulbs; machines for production or hot-working of glass or glassware, glass
fibre or yarn; machinery or apparatus for isotopic separation; rope-making
machinery, etc.); and manufacture of industrial robots for multiple uses.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2499 - Other
Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002: 2956 - Manufacture
of other special purpose machinery not elsewhere classified
NAICS 2002: 333298 - All Other
Industrial Machinery Manufacturing
UK SIC 2003: 2956 - Manufacture
of other special purpose machinery not elsewhere classified
US SIC 1987: 3559 - Special
Industry Machinery, Not Elsewhere Classified
Key Executives
Name Title
Nino Ratti President
Marcello Marchesini Vice
president
Roberto Marchesini Member of
the board
News
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Title |
Date |
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Junior Miner
Bucks Market Trend with LOI for Mexican Mineral Exploration Concessions |
24-Nov-2011 |
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Citation Enters
Into Letter of Intent for 100% Option in Biricu P |
23-Nov-2011 |
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Torex
launches cloud-based HTML5 point of sale |
23-Nov-2011 |
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Torex
'Liberates Point of Sale': Launches Browser Based POS |
21-Nov-2011 |
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Junior
financing roundup: Torex, Trevali, Arrowhead |
16-Nov-2011 |
Registered No.(ITA): 01788400362
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855
Corporate Overview
Location
Via Canaletto 139 A
San Prospero, 41030
Italy
Tel: +39 0598 080811
Fax: +39 0599 08204
Sales EUR(mil): 9.6
Assets EUR(mil): 12.3
Employees: 29
Fiscal Year End: 31-Dec-2009
Industry: Miscellaneous
Capital Goods
Incorporation Date: 11-Sep-1987
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ITA): 01788400362
Member of the board: Roberto
Marchesini
Contents
· Industry Codes
· Business Description
· Financial Data
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2499 - Other Machinery and Equipment Manufacturing Not Elsewhere
Classified
2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere
Classified
NACE 2002 Codes:
2956 - Manufacture of other special purpose machinery not
elsewhere classified
2913 - Manufacture of taps and valves
NAICS 2002 Codes:
333298 - All Other Industrial Machinery Manufacturing
33291 - Metal Valve Manufacturing
US SIC 1987:
3559 - Special Industry Machinery, Not Elsewhere Classified
3491 - Industrial Valves
UK SIC 2003:
2956 - Manufacture of other special purpose machinery not
elsewhere classified
2913 - Manufacture of taps and valves
Business
Description
Torex SpA is
primarily engaged in manufacture of machinery for working soft rubber or
plastics or for the manufacture of products of these materials (extruders,
moulders, pneumatic tyre making or retreading machines and other machines for
making a specific rubber or plastic product); manufacture of printing and
bookbinding machines; manufacture of machinery for producing tiles, bricks,
shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry
moulds, etc.; manufacture of moulding boxes for any material; mould bases;
moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or
paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse
special machinery and equipment (machines to assemble electric or electronic
lamps, tubes (valves) or bulbs; machines for production or hot-working of glass
or glassware, glass fibre or yarn; machinery or apparatus for isotopic
separation; rope-making machinery, etc.); and manufacture of industrial robots
for multiple uses.
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Corporate Family |
Corporate
Structure News: |
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Torex SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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WAMHOLDING SPA |
Parent |
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Subsidiary |
Cavezzo, Modena |
Italy |
Personal Services |
2.8 |
25 |
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Subsidiary |
Cavezzo, Modena |
Italy |
Miscellaneous Capital Goods |
73.1 |
467 |
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Subsidiary |
Cavezzo, Modena |
Italy |
Miscellaneous Fabricated Products |
8.7 |
47 |
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Subsidiary |
Altlußheim, Baden-Württemberg |
Germany |
Construction and Agriculture Machinery |
|
39 |
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Subsidiary |
Kotka |
Finland |
Miscellaneous Capital Goods |
1.6 |
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Subsidiary |
Ravenna, Ravenna |
Italy |
Engineering Consultants |
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52 |
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Subsidiary |
San Prospero, Modena |
Italy |
Miscellaneous Capital Goods |
13.4 |
29 |
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Subsidiary |
San Giuliano Milanese, Milano (Milan) |
Italy |
Miscellaneous Capital Goods |
4.3 |
29 |
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Subsidiary |
Medolla, Modena |
Italy |
Construction and Agriculture Machinery |
12.8 |
28 |
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Subsidiary |
Pieve Di Coriano, Mantova (Mantua) |
Italy |
Miscellaneous Fabricated Products |
3.5 |
14 |
Executive report
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Board
of Directors |
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Member of the board |
Director/Board Member |
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Executives |
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President |
President |
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Vice president |
Other |
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Annual Profit & Loss
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|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.719047 |
0.683679 |
0.730637 |
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Consolidated |
No |
No |
No |
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Total income |
13.6 |
20.2 |
15.6 |
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Net sales |
13.4 |
19.7 |
15.5 |
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Other operating income |
0.0 |
0.0 |
0.1 |
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Raw materials and consumables employed |
5.7 |
9.3 |
6.8 |
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Other expenses |
3.3 |
4.8 |
3.8 |
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Total payroll costs |
1.6 |
1.8 |
1.4 |
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Fixed asset depreciation and amortisation |
0.3 |
1.4 |
1.3 |
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Other operating costs |
0.1 |
0.0 |
0.0 |
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Net operating
income |
2.7 |
2.9 |
2.3 |
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Total financial
income |
0.0 |
0.4 |
0.1 |
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Total expenses |
- |
0.0 |
- |
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Profit before tax |
2.7 |
3.3 |
2.4 |
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Profit after extraordinary items and
before tax |
2.7 |
3.3 |
2.4 |
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Total taxation |
0.9 |
1.2 |
1.1 |
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Net profit |
1.8 |
2.1 |
1.4 |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.696986 |
0.719399 |
0.683971 |
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Consolidated |
No |
No |
No |
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Total
stockholders equity |
9.3 |
8.0 |
7.0 |
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Provision for risks |
3.6 |
2.9 |
2.4 |
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Provision for pensions |
0.4 |
0.4 |
0.3 |
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Trade creditors |
2.6 |
4.3 |
- |
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Other current liabilities |
1.7 |
0.9 |
5.5 |
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Total current
liabilities |
4.3 |
5.1 |
5.5 |
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Total
liabilities (including net worth) |
17.7 |
16.4 |
15.2 |
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Intangibles |
0.0 |
0.0 |
0.0 |
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Buildings |
0.0 |
0.0 |
- |
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Total tangible
fixed assets |
0.5 |
0.5 |
0.3 |
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Long-term investments |
0.7 |
- |
- |
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Total financial
assets |
0.7 |
- |
- |
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Receivables due after 1 year |
0.0 |
0.0 |
0.0 |
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Total
non-current assets |
1.3 |
0.6 |
0.3 |
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Finished goods |
1.4 |
1.2 |
- |
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Net stocks and work in progress |
3.8 |
3.2 |
2.2 |
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Trade debtors |
2.6 |
3.6 |
- |
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Other receivables |
9.8 |
8.9 |
11.8 |
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Cash and liquid assets |
0.0 |
0.1 |
0.6 |
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Accruals |
0.3 |
0.0 |
0.3 |
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Total current
assets |
16.4 |
15.8 |
14.9 |
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Total assets |
17.7 |
16.4 |
15.2 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.696986 |
0.719399 |
0.683971 |
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Consolidated |
No |
No |
No |
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Sales per employee |
0.64 |
1.19 |
1.10 |
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Profit per employee |
0.13 |
0.20 |
0.17 |
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Average wage per employee |
0.08 |
0.11 |
0.10 |
|
Net worth |
9.3 |
8.0 |
7.0 |
|
Number of employees |
29 |
22 |
20 |
Press clippings
-Torex Gold Resources
Inc. encounters high-grade gold mineralisation at El Limon deposit
International
Resource News (IRN)
30 May 2011
[What follows is the full
text of the article.]
International Resource News-May 30, 2011--Torex Gold Resources Inc. encounters high-grade gold mineralisation at El Limon deposit(C)1994-2011 ENPublishing - http://www.enpublishing.co.uk
International Resource News - 30 May 2011
Torex Gold Resources Inc., a Canadian mining company, is continuing to find high grade gold mineralisation in step-out drilling to the east of the southern end of its El Limon deposit.
The extension of the deposit by around 280 metres to the east is likely to more than triple the known width of the eposit at that southern end, which continues to be open further to the east.
The three most easterly boreholes drilled have significant mineralised intervals at encouraging grades. TMP-1060 delivered results of 2.70g/t over 44.28m, including 4.79g/t over 10.76m, and TMP-1036 delivered results of 12.33g/t over 5.65m, and an additional 4.06g/t over 7.55m.
Ex-chief's fraud
charge over collapse of Torex
The Daily Mail
(London, England)
10 May 2011
[What follows is the
full text of the article.]
THE former boss of Torex Retail was yesterday charged with fraud in connection with the collapse of the AIMlisted software company.
Chris Moore, 56, was charged with conspiracy to defraud and false accounting following one of Britain's most dramatic corporate scandals.
The alleged offences took place between May 2006 and January 2007 when Moore was chairman of Torex. He was also chief executive until September 2006. The first hearing will take place on Friday at Banbury Magistrates Court in Oxfordshire.
Torex made software for shop tills and counted McDonald's, Argos, Homebase and Woolworths among its clients. The Serious Fraud Office launched an investigation in January 2007 after a tip off from Torex's then chief executive Neil Mitchell.
Torex executives
facing charges
The Daily Mail
(London, England)
05 May 2011
[What follows is the
full text of the article.]
THREE former executives at defunct software firm Torex Retail have been charged with conspiracy to defraud.
The charges following a probe by the Serious Fraud Office, which has been investigating the firm since since it went bust four years ago.
Former chairman Robert William Loosemore, 45, from Oxfordshire, group accountant Mark Woodbridge, 40, from Warwickshire, and legal director Nigel Horn, 56, from Gloucestershire, will appear before magistrates in Banbury on the fraud charges. Loosemore and Woodbridge have also been charged with false accounting between May 2006 and January 2007.
-Torex Gold Resources
Incorporated reports Morelos Gold Project update
International
Resource News (IRN)
30 March 2011
[What follows is the
full text of the article.]
International Resource News-March 30, 2011--Torex Gold Resources Incorporated reports Morelos Gold Project update(C)1994-2011 ENPublishing - http://www.enpublishing.co.uk
International Resource News - 30 March 2011
Torex Gold Resources Incorporated (TSX: TXG), a Canada-based mining company, has announced it is working closely with Mexican authorities and security measures are being discussed to return to site at Morelos.
The company recently ceased activities at its wholly-owned Morelos Gold Project located around 180km southwest of Mexico City due to criminal activity and violence in the immediate area.
Fred Stanford, President and CEO of Torex, said 'I can confirm we have been in close discussions with the Economy Ministry of Mexico, who are spearheading efforts to ensure a timely and authoritative response to the temporary suspension of drilling activities at our Morelos Gold Project announced in our press release dated March 24, 2011. We are truly appreciative of the concern, interest and timely response shown by Minister Ferrari and his office as well as other Federal, State and Municipal officials.'
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.17 |
|
UK Pound |
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.69.43 |
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 |
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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.