|
Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TORNOS S.A. |
|
|
|
|
Registered Office : |
Rue Industrielle
111, 2740 Moutier, Switzerland/CH |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1880 |
|
|
|
|
Legal Form : |
Company limited by shares |
|
|
|
|
Line of Business : |
Manufacture
of metal forming machinery |
|
|
|
|
No. of Employees : |
600-799 |
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 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Tornos SA
Rue Industrielle
111
2740
Moutier
Switzerland/CH
Telephone: 032
4944444
Fax: 032
4944903
Web
site: http://www.tornos.com
E-mail: contact@tornos.com
WIN
Worldbox No.: CH0000128928
VAT-No.: CHE106841398
Established: 1880
Line of
Business: Machinery
Industry
Division: Manufacturing
Industry-code
(NACE): 2841 Manufacture of metal forming machinery
Import/Export: Export
Export
sales: 85.0%
Quality
certification: ISO 9001 (since 1998)
Banks: unknown
Coverage: Company
Figures: estimated
Employees: 600-799
Sales: CHF 200-400 Mio
The business
activities includes the development and manufacture of machine tools and
manufacturing of components.
Products:
- Sliding
headstock machines : product line of Delta, Gamma, Micro, Sigma, DECO
and EvoDECO.
-
MultiSwiss product line
-
Multispindle machines with fixed spindles : product line MultiAlpha (6 and 8
spindles) and MultiSigma.
- Work
from barstock Almac FB1005 and PB 700 milling machines, ultra precise
Almac CU 1007 machining center for work from
barstock or blanks.
Information on
property ownership was not available.
Company No: 170.3.022.647-1 / 451036
Legal form: Company limited by shares
Registration: 04.02.1999
Legal status: active
Responsible Register: Handelsregister des Kantons Bern
History: Date of Statutes: 29.01.2001
Entry Deleted Name
30.01.2001 Tornos SA
30.01.2001 Tornos AG (Name translated)
30.01.2001 Tornos Ltd. (Name translated)
22.02.1999 Sonorto AG
22.02.1999 Sonorto SA (Name translated)
22.02.1999 Sonorto Ltd (Name translated)
22.02.1999 30.01.2001 Tornos-Bechler SA
22.02.1999 30.01.2001 Tornos-Bechler Ltd
(Name translated)
22.02.1999 30.01.2001 Tornos-Bechler AG
(Name translated)
Entry Deleted Legal domicile
04.02.1999 Moutier, Switzerland
04.02.1999 Zug, Switzerland
Entry Deleted Address
22.02.1999 Rue Industrielle 111, 2740 Moutier/BE,
Switzerland/CH
Entry Deleted Capital
active Share Capital CHF 65'000'000, paidup CHF
65'000'000
Entry Deleted Capital Structure
active 65'000 Registered shares of CHF 1'000.--
Entry Deleted Activity (original Language)
active Fabrication
et vente de machines; la société peut étendre son activité à d'autres secteurs
de l'industrie de la machine et de l'électronique; elle peut participer à
d'autres entreprises en Suisse et à l'étranger visant un but identique ou
analogue ou fusionner avec de telles entreprises, acquérir ou aliéner des
immeubles.
Entry Deleted Remarks (original Language)
active Publishing authority: FOSC.
active Particular
facts: Reprise de biens: participations aux filiales de "Tornos-Bechler
SA", à Moutier, selon état figurant dans le contrat de reprise de biens du
19.01.1999, valeur comptable au 31.12.1998, toutefois pour le prix maximal de
CHF 18'000'000.--.
active Contribution
in kind/Asset takeover: La totalité des 11'000 actions nominatives de CHF
1'000.-- de "Moutier Machines Holding", à Moutier, selon contrat
d'apports du 19.01.1999, pour le prix de CHF 89'600'000.--, en contre-partie
duquel 65'000 actions nominatives de CHF 1'000.-- sont délivrées, le solde de
CHF 24'600'000.-- étant crédité dans les livres de la société en faveur de
l'apporteur.
22.02.1999 Merger: Selon contrat de fusion du 12.02.1999 et
bilan au 31.12.1998, la société reprend à titre universel et sans liquidation,
au sens de l'art. 748 CO, l'actif de CHF 74'400'000.-- et le passif de CHF
58'100'000.-- de la société "Moutier Machines Holding", à Moutier,
soit un actif net de CHF 16'300'000.--. Toutes les actions de la société
absorbée étant détenues par la société absorbante, la fusion a lieu sans
augmentation du capital-actions.
Title Name
President François Frôté, Origin: La
Baroche, Switzerland, Address: La Neuveville, Switzerland, joint signature of
two, Registered since: 08.07.2002
Vice-President Claude Elsen,
Origin: Luxembourg, Address: Luxembourg, Luxembourg, joint signature of two,
Registered since: 08.07.2002
Executive Director Frank Brinken, Origin:
Risch, Switzerland, Address: Rotkreuz (Risch), Switzerland, joint signature of
two, Registered since: 14.09.2011
Executive Director Raymond André Stauffer,
Origin: Röthenbach im Emmental, Switzerland, Address: La Chaux-de-Fonds,
Switzerland, joint signature of two, Registered since: 08.07.2002
Executive Director Philippe Maquelin,
Origin: Vevey, Moudon, Switzerland, Address: Gorgier, Switzerland, joint
signature of two, Registered since: 28.02.2003
Executive Director Michel Rollier, Origin:
La Neuveville, Switzerland, Address: Le Landeron, Switzerland, joint signature
of two, Registered since: 08.07.2002
Title Name
Director Paul Häring, Origin: Bösingen,
Switzerland, Address: Gersau, Switzerland, joint signature of two, Registered
since: 15.03.2001
Director Francis Koller, Origin:
Bourrignon, Switzerland, Address: Moutier, Switzerland, joint signature of two,
Registered since: 22.02.1999
Director Olivier Georges André
Marchand, Origin: Court, Switzerland, Address: Peseux, Switzerland, joint
signature of two, Registered since: 14.09.2011
Director Michael Georg Hauser, Origin:
Biel/Bienne, Switzerland, Address: Biel/Bienne, Switzerland, joint signature of
two, Registered since: 14.09.2011
Director Sandor Sipos, Origin:
Hasliberg, Switzerland, Address: Mex/VD, Switzerland, joint signature of two,
Registered since: 14.07.2005
Director Willi Nef, Origin: Urnäsch,
Switzerland, Address: Buix, Switzerland, joint signature of two, Registered
since: 14.07.2005
Director Carlos Cancer, Origin: Spain,
Address: Moutier, Switzerland, joint signature of two, Registered since:
14.07.2005
Director Iwan von Rotz, Origin: Kerns,
Switzerland, Address: 6210 Sursee/LU, Switzerland, joint signature of two,
Registered since: 27.03.2008
Director André Chardonnereau, Origin:
Kerns, Switzerland, Address: 6045 Meggen/LU, Switzerland, joint signature of
two, Registered since: 09.11.2009
Director Bernard Seuret, Origin:
Châtillon JU, Switzerland, Address: Courrendlin, Switzerland, joint signature
of two, Registered since: 22.02.1999
Member with procuration Michel Studer, Origin: Delémont,
Switzerland, Address: Courroux, Switzerland, joint power of attorney of two,
Registered since: 14.07.2005
Member with procuration Vincent Fleury, Origin: Courroux,
Switzerland, Address: Saint-Imier, Switzerland, joint power of attorney of two,
Registered since: 14.07.2005
Member with procuration Michel Generelli, Origin: Moutier,
Switzerland, Address: 2740 Moutier/BE, Switzerland, joint power of attorney of
two, Registered since: 09.11.2009
Member with procuration Yvan Bucher, Origin: Gurbrü,
Switzerland, Address: 2853 Courfaivre/JU, Switzerland, joint power of attorney
of two, Registered since: 09.11.2009
Member with procuration Thierry Bergère, Origin:
Biel/Bienne, Switzerland, Address: 2830 Courrendlin/JU, Switzerland, joint
power of attorney of two, Registered since: 09.11.2009
Member with procuration Henry Cortat, Origin: Châtillon
JU, Switzerland, Address: Courtételle, Switzerland, joint power of attorney of
two, Registered since: 23.02.2001
Member with procuration Francis Grosjean, Origin: Plagne,
Switzerland, Address: Tavannes, Switzerland, joint power of attorney of two,
Registered since: 14.07.2005
Member with procuration Vincent Rieder, Origin: Vevey,
Switzerland, Address: Yverdon-les-Bains, Switzerland, joint power of attorney
of two, Registered since: 14.09.2011
External Positions
Title Name
Auditor PricewaterhouseCoopers SA,
Address: Neuchâtel, Switzerland, Registered since: 27.06.2006
Executive board
Title Name
Chief Executive Officer Michael Georg Hauser
Chief Financial Officer Paul Häring
Chief Marketing & Sales Officer Willi Nef
Chief Sales Officer Francis Koller
Chief Production Officer Bernard Seuret
Chief Technical Officer Olivier Georges André Marchand
Chief Business Segment Officer Carlos Cancer
Chief Business Segment Officer André Chardonnereau
Chief Business Segment Officer Iwan von Rotz
Chief Customer Service Officer Sandor Sipos
Financial Data Tornos Group
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007
Number of months: 12 12 12 12 12
Currency: th.
CHF th. CHF th. CHF th. CHF th.
CHF
Statement norm: IAS IAS IAS IAS IAS
Intangible fixed assets 16'290.0 9'414.0 4'381.0 2'873.0
Land and buildings 28'787.0 30'939.0 33'196.0 35'465.0 32'507.0
Other tangible fixed assets 3'333.0 4'080.0 5'511.0 7'544.0 7'790.0
Tangible fixed assets 32'120.0 35'019.0 38'707.0 43'009.0 40'297.0
Financial fixed assets 6'663.0 6'626.0 2'431.0 963.0 2'615.0
other fixed assets 5'846.0 7'901.0 5'106.0 1'787.0
Fixed assets 60'919.0 58'960.0 50'625.0 48'632.0 42'912.0
Stocks 84'373.0 92'072.0 78'848.0 94'739.0 76'813.0
Trade accounts receivable 46'381.0 37'510.0 30'887.0 48'457.0 52'487.0
Liquid assets 17'068.0 9'461.0 12'233.0 14'268.0 29'689.0
other trade accounts 11'935.0 12'535.0 12'413.0 16'160.0 17'011.0
Other current assets 29'003.0 21'996.0 24'646.0 30'428.0 46'700.0
Current assets 159'757.0 151'578.0 134'381.0 173'624.0 176'000.0
Total assets 220'676.0 210'538.0 185'006.0 222'256.0 218'912.0
Capital 67'907.0 67'654.0 67'588.7 67'492.1
Other shareholders funds 43'579.0 57'760.0 86'154.3 92'686.9
Total shareholders equity 129'401.0 111'486.0 125'414.0 153'743.0 160'179.0
Minority interests 0.0 0.0 0.0 0.0 0.0
long term debt (financial debts) 699.0 22'201.0 21'392.0 3'773.0 2'825.0
Provisions 836.0 717.0 693.0 907.0 3'744.0
Other non current liabilities 1'679.0 2'468.0 2'854.0 539.0 3.0
Non current liabilities 3'214.0 25'386.0 24'939.0 5'219.0 6'572.0
short term debt (financial debts) 35'843.0 25'950.0 15'413.0 7'359.0 1'052.0
Trade accounts payable 29'329.0 30'883.0 7'205.0 29'093.0 19'765.0
Provisions 5'323.0 3'268.0 2'652.0 5'103.0 7'930.0
Accruals 10'715.0 2'635.0 1'706.0 21'546.0 23'119.0
other accounts payable 6'851.0 10'930.0 7'677.0 193.0 295.0
other current liabilities 22'889.0 16'833.0 12'035.0 26'842.0 31'344.0
Current liabilities 88'061.0 73'666.0 34'653.0 63'294.0 52'161.0
Shareh. equity, min. interests +
liabilities 220'676.0 210'538.0 185'006.0 222'256.0 218'912.0
Profit and loss account
Sales 271'051.0 160'069.0 114'363.0 262'944.0 287'384.0
Reduction of proceeds 4'178.0 3'376.0 1'852.0 2'891.0 2'128.0
Net sales 266'873.0 156'693.0 112'511.0 260'053.0 285'256.0
Other operating revenue 548.0 84.0 105.0 154.0
Operating revenue 267'421.0 156'777.0 112'616.0 260'207.0 285'256.0
Cost of goods sold 180'789.0 113'508.0 86'256.0 165'883.0 169'907.0
Gross profit 86'632.0 43'269.0 26'360.0 94'324.0 115'349.0
Other operating expenses 69'986.0 56'765.0 56'892.0 81'231.0 82'603.0
Operating result 16'646.0 -13'496.0 -30'532.0 13'093.0 32'746.0
Interest revenues 48.0 43.0 59.0 201.0 224.0
other financial revenues 110.0 123.0 56.0 63.0 16.0
Financial income 158.0 166.0 115.0 264.0 240.0
Interest expenses 2'860.0 3'068.0 1'027.0 306.0 271.0
other financial expenses 1'281.0 4'505.0 1'837.0 4'788.0 1'526.0
Financial expenses 4'141.0 7'573.0 2'864.0 5'094.0 1'797.0
Financial result -3'983.0 -7'407.0 -2'749.0 -4'830.0 -1'557.0
Result before extraordinary items 12'663.0 -20'903.0 -33'281.0 8'263.0 31'189.0
Extraordinary Result 0.0 0.0 0.0 0.0
Result before taxes 12'663.0 -20'903.0 -33'281.0 8'263.0 31'189.0
Taxes 1'986.0 -2'817.0 -3'697.0 2'221.0 -3'948.0
Result before minority interests 10'677.0 -18'086.0 -29'584.0 6'042.0 35'137.0
minority interests 0.0 0.0 0.0 0.0 0.0
Result for the financial year 10'677.0 -18'086.0 -29'584.0 6'042.0 35'137.0
Cash flow
Depreciation 4'243.0 3'833.0 4'734.0 6'758.0 6'597.0
Cash flow 14'920.0 -14'253.0 -24'850.0 12'800.0 41'734.0
Cash flow from operating activities 25'722.0 -5'970.0 -27'441.0 4'549.0 30'995.0
Investments in tangible fixed assets 1'762.0 509.0 524.0 6'715.0 9'065.0
Cash flow from investing activities -3'876.0 -5'344.0 -1'754.0 -14'738.0 -1'517.0
Cash flow from financing activities -8'593.0 3'120.0 27'265.0 -4'945.0 -9'478.0
Others -19.0 -205.0 -105.0 -287.0 -160.0
Change in liquidity 13'234.0 -8'399.0 -2'035.0 -15'421.0 19'840.0
Liquidity at beginning of the year 3'834.0 12'233.0 14'268.0 29'689.0 9'849.0
Liquidity at end ot the year 17'068.0 3'834.0 12'233.0 14'268.0 29'689.0
Notes
Material costs 180'789.0 113'508.0 86'256.0 165'883.0 169'907.0
Cost of employees 91'616.0 74'152.0 60'601.0 93'853.0 93'962.0
Research and Development 11'745.0 7'896.0 9'117.0 16'245.0 16'899.0
Orders received 276'320.0 214'739.0 85'500.0 232'143.0 283'645.0
Added value 111'382.0 60'150.0 33'081.0 109'180.0 132'019.0
Working Capital 101'425.0 98'699.0 102'530.0 114'103.0 109'535.0
Sales per Employee 183.3 132.7 288.9 285.3
Market capitalisation 127'600.0 194'700.0 108'400.0 117'200.0 257'700.0
Gross cost land and buildings 67'602.0 69'703.0 70'187.0 70'051.0 64'013.0
Gross cost other tangible fixed assets 77'992.0 77'662.0 79'092.0 79'344.0 76'832.0
Gross cost total 145'594.0 147'365.0 149'279.0 149'395.0 140'845.0
Insurance value total 382'000.0 388'000.0 390'000.0 408'000.0 375'000.0
Full time units at year end 855 848 900 1'000
Name: Tornos Holding AG
City/Country: Moutier, Switzerland/CH
No. of Owner/-s: 1
Owner: The company is domestic owned.
Class: 100%
Name: Tornos Management Holding SA
City/Country: Moutier, Switzerland/CH
Interest: 100.00% voting right, 100.00% capital
interest (since 29.12.2009)
Name: Almac S.A.
City/Country: La Chaux-de-Fonds, Switzerland/CH
Name: Almatronic S.A.
City/Country: La Chaux-de-Fonds, Switzerland/CH
Class: 100%
Name: Tornos Holding France SA
City/Country: Paris, France/FR
Interest: 100.00% voting right, 100.00% capital
interest
Class: 100%
Name: Tornos Technologies Asia Limited
City/Country: Tai Wai, Hong Kong/HK
Interest: 100.00% voting right, 100.00% capital interest
(since 2005)
Class: 100%
Name: Tornos Technologies Deutschland GmbH
City/Country: Pforzheim, Germany/DE
Interest: 100.00% voting right, 100.00% capital
interest
Class: 100%
Name: Tornos
Technologies Ibérica SA
City/Country: Granollers, Spain/ES
Interest: 100.00% voting right, 100.00% capital
interest
Class: 100%
Name: Tornos Technologies Italia Srl
City/Country: Opera, Italy/IT
Interest: 100.00% voting right, 100.00% capital
interest
Class: 100%
Name: Tornos Technologies Poland Spzoo
City/Country: Warszawa, Poland/PL
Interest: 100.00% voting right, 100.00% capital
interest (since 2007)
Class: 100%
Name: Tornos Technologies (Shanghai) Limited
City/Country: Shanghai, China/CN
Interest: 100.00% voting right, 100.00% capital
interest (since 02.04.2008)
Class: 100%
Name: Tornos Technologies UK Limited
City/Country: Coalville, United Kingdom/GB
Interest: 100.00% voting right, 100.00% capital
interest
Class: 100%
Name: Tornos Technologies US Corporation
City/Country: Brookfield, United States of America/US
Interest: 100.00% voting right, 100.00% capital
interest
Class: 50-99%
Name: Tornos Comércio Importaçao e Exportaçao de
Maquinas Ferramenta Ltda
City/Country: Sao Paulo, Brazil/BR
Interest: 99.00% voting right, 99.00% capital interest (since
24.06.2010)
Class: 20-29%
Name: Moutier 2001 Sàrl
City/Country: Moutier, Switzerland/CH
Interest: 25.00% voting right, 25.00% capital interest
(since 12.08.1998)
Control
date Year No. Amount
CHF Status
21.09.2011 2011 0
21.09.2011 2010 0
21.09.2011 2009 2 3'013'911.-- Legal actions
21.09.2011 2009 1 43'841.-- Paid legal actions
21.09.2011 2008 0
21.09.2011 2007 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.