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Report No. : |
302060 |
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Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
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Name : |
TORNOS SA |
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Registered Office : |
Rue Industrielle 111 2740 Moutier/BE |
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Country : |
Switzerland |
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Financials (as on) : |
31.12.2013 (Consolidated - Tornos Group) |
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Year of Establishments : |
1880 |
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Com. Reg. No.: |
170.3.022.647-1 / 451036 |
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Legal Form : |
Company Limited By Shares |
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Line of Business : |
· Engaged in development and manufacture of Machine Tools and manufacturing of components. · Engaged as Manufacturer of Metal Forming Machinery Subject product lines are as follows: · Automatic lathes: product lines EvoDECO, Swiss, Sigma, Swiss Nano, SwissGT, CT. · Multi-spindle automatic lathes: product series: Multi Alpha, Sigma Multi, Multi Swiss, SAS. · Bar feeder Tornos for bar machining. · Software for Swiss Nano and Swiss ST26 Maschinen and TB-DECO. |
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No. of Employees : |
550 (2014) |
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 : |
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 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Switzerland |
A1 |
A1 |
|
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 |
SWITZERLAND - ECONOMIC OVERVIEW
Switzerland is a peaceful,
prosperous, and modern market economy with low unemployment, a highly skilled
labor force, and a per capita GDP among the highest in the world. Switzerland's
economy benefits from a highly developed service sector, led by financial
services, and a manufacturing industry that specializes in high-technology,
knowledge-based production. Its economic and political stability, transparent
legal system, exceptional infrastructure, efficient capital markets, and low
corporate tax rates also make Switzerland one of the world's most competitive
economies. The Swiss have brought their economic practices largely into
conformity with the EU's to enhance their international competitiveness, but
some trade protectionism remains, particularly for its small agricultural
sector. The fate of the Swiss economy is tightly linked to that of its
neighbors in the euro zone, which purchases half of all Swiss exports. The
global financial crisis of 2008 and resulting economic downturn in 2009 stalled
export demand and put Switzerland in a recession. The Swiss National Bank (SNB)
during this period effectively implemented a zero-interest rate policy to boost
the economy as well as prevent appreciation of the franc, and Switzerland's
economy began to recover in 2010. The sovereign debt crises currently unfolding
in neighboring euro-zone countries pose a significant risk to Switzerland's
financial stability and are driving up demand for the Swiss franc by investors
seeking a safe-haven currency. The independent SNB has upheld its zero-interest
rate policy and conducted major market interventions to prevent further
appreciation of the Swiss franc, but parliamentarians have urged it to do more
to weaken the currency. The franc's strength has made Swiss exports less
competitive and weakened the country's growth outlook; GDP growth fell below 2%
per year during 2011-13. Switzerland has also come under increasing pressure
from individual neighboring countries, the EU, the US, and international
institutions to reform its banking secrecy laws. Consequently, the government
agreed to conform to OECD regulations on administrative assistance in tax
matters, including tax evasion. The government has renegotiated its double
taxation agreements with numerous countries, including the US, to incorporate
the OECD standard, and is considering the possibility of imposing taxes on bank
deposits held by foreigners. These steps will have a lasting impact on
Switzerland's long history of bank secrecy
|
Source
: CIA |
TORNOS SA
Rue Industrielle
111
2740 Moutier/BE
Switzerland/CH
Telephone: 032
4944444
Fax: 032
4944903
Web
site: http://www.tornos.com
E-mail: contact@tornos.com
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
Financial
year: 2014
Employees: 550
Sales: CHF 110,000,000.--
The business includes the development and
manufacture of machine tools and manufacturing of components.
Products:
-Automatic lathes: product lines EvoDECO,
Swiss, Sigma, Swiss Nano, SwissGT, CT.
-Multi-spindle automatic lathes: product
series: Multi Alpha, Sigma Multi, Multi Swiss, SAS.
-Bar feeder Tornos for bar machining.
-Software for Swiss Nano and Swiss ST26
Maschinen and TB-DECO.
Real
Estate: It is understood
that the company owns certain property.
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 Incorporation
Statutes: 20.01.1999
Date of
Statutes: 29.01.2001
Date of
Statutes: 15.02.1999
Date of
Statutes: 29.01.1999
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
04.02.1999 22.02.1999 c/o Tornos-Bechler SA, 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.--
Title Name
President Michael
Georg Hauser, Origin: Biel/Bienne, Switzerland, Residential address: Biel/Bienne,
Switzerland, joint signature of two, Registered since: 14.09.2011
Director Bruno
Pierre Allemand, Origin: Evilard, Switzerland, Residential address: Port,
Switzerland, joint signature of two, Registered since: 07.10.2013
Director Luc
Philippe Widmer, Origin: Brittnau, Switzerland, Residential address: Oftringen,
Switzerland, joint signature of two, Registered since: 24.08.2012
Title Name
Member
with procuration Thierry
Bergčre, Origin: Biel/Bienne, Switzerland, Residential address: 2830 Courrendlin/JU,
Switzerland, joint power of attorney of two, Registered since: 09.11.2009
Member
with procuration Yvan Bucher,
Origin: Gurbrü, Switzerland, Residential address: 2853 Courfaivre/JU,
Switzerland, joint power of attorney of two, Registered since: 09.11.2009
Member
with procuration André
Chardonnereau, Origin: Kerns, Switzerland, Residential address: 6045 Meggen/LU,
Switzerland, joint power of attorney of two, Registered since: 09.11.2009
Member
with procuration Henry Cortat,
Origin: Châtillon JU, Switzerland, Residential address: Courtételle,
Switzerland, joint power of attorney of two, Registered since: 23.02.2001
Member
with procuration Michel
Generelli, Origin: Moutier, Switzerland, Residential address: 2740 Moutier/BE,
Switzerland, joint power of attorney of two, Registered since: 09.11.2009
Member
with procuration Johnny-Lee
Nigg Nicolini, Origin: Genčve, Switzerland, Residential address: Liebefeld
(Köniz), Switzerland, joint power of attorney of two, Registered since:
26.08.2014
Member
with procuration Carlos
Paredes Angrill, Origin: Spain, Residential address: Prangins, Switzerland,
joint power of attorney of two, Registered since: 19.02.2014
Member
with procuration Sandor Sipos,
Origin: Hasliberg, Switzerland, Residential address: Mex/VD, Switzerland, joint
power of attorney of two, Registered since: 14.07.2005
Member
with procuration Michel
Studer, Origin: Delémont, Switzerland, Residential address: Courroux,
Switzerland, joint power of attorney of two, Registered since: 14.07.2005
Title Name
Auditor PricewaterhouseCoopers
SA, Residential address: Neuchâtel, Switzerland, Id: CHE-291.782.389,
Registered since: 27.06.2006
Title Name
Chief
Executive Officer Michael
Georg Hauser
Chief
Business Segment Officer André
Chardonnereau
Chief
Customer Service Officer Sandor Sipos
Tornos Group
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2013 31.12.2012 31.12.2011 31.12.2010 31.12.2009
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
Balance Sheet
Intangible fixed
assets 2,987.0 6,931.0 16,290.0 9,414.0 4,381.0
Land and buildings 24,080.0 26,598.0 28,787.0 30,939.0 33,196.0
Other tangible
fixed assets 1,446.0 2,532.0 3,333.0 4,080.0 5,511.0
Tangible fixed
assets 25,526.0 29,130.0 32,120.0 35,019.0 38,707.0
Financial fixed
assets 0.0 0.0 6,663.0 6,626.0 2,431.0
other fixed assets 4,938.0 10,007.0 5,846.0 7,901.0 5,106.0
Fixed assets 33,451.0 46,068.0 60,919.0 58,960.0 50,625.0
Stocks 59,821.0 78,176.0 84,373.0 92,072.0 78,848.0
Trade accounts
receivable 26,032.0 36,204.0 46,381.0 37,510.0 30,887.0
Liquid assets 11,142.0 10,884.0 17,068.0 9,461.0 12,233.0
Securities 5,985.0
other trade
accounts 11,001.0 6,799.0 11,935.0 12,535.0 12,413.0
Accruals 1,073.0
Other current
assets 23,216.0 23,668.0 29,003.0 21,996.0 24,646.0
Current assets 109,069.0 138,048.0 159,757.0 151,578.0 134,381.0
Total assets 142,520.0 184,116.0 220,676.0 210,538.0 185,006.0
Capital 72,391.0 69,759.0 69,671.0 67,907.0 67,654.0
Other shareholders
funds 33,666.0 59,730.0 43,579.0 57,760.0
Total shareholders
equity 72,391.0 103,425.0 129,401.0 111,486.0 125,414.0
Minority interests 427.0 0.0 0.0 0.0 0.0
long term debt
(financial debts) 367.0 40,437.0 699.0 22,201.0 21,392.0
Provisions 727.0 773.0 836.0 717.0 693.0
Other non current
liabilities 20,688.0 1,556.0 1,679.0 2,468.0 2,854.0
Non current
liabilities 21,782.0 42,766.0 3,214.0 25,386.0 24,939.0
short term debt
(financial debts) 10,070.0 245.0 35,843.0 25,950.0 15,413.0
Trade accounts
payable 18,819.0 17,353.0 29,329.0 30,883.0 7,205.0
Provisions 4,420.0 4,436.0 5,323.0 3,268.0 2,652.0
Accruals 3,640.0 7,962.0 10,715.0 2,635.0 1,706.0
other accounts
payable 10,971.0 7,929.0 6,851.0 10,930.0 7,677.0
other current
liabilities 19,031.0 20,327.0 22,889.0 16,833.0 12,035.0
Current
liabilities 47,920.0 37,925.0 88,061.0 73,666.0 34,653.0
Shareh. equity,
min. interests + liabilities 142,520.0 184,116.0 220,676.0 210,538.0 185,006.0
Profit and loss
account
Sales 155,250.0 184,826.0 271,051.0 160,069.0 114,363.0
Reduction of
proceeds 4,434.0 3,260.0 4,178.0 3,376.0 1,852.0
Net sales 150,816.0 181,566.0 266,873.0 156,693.0 112,511.0
Other operating
revenue 257.0 730.0 548.0 84.0 105.0
Operating revenue 151,073.0 182,296.0 267,421.0 156,777.0 112,616.0
Cost of goods sold 127,007.0 136,343.0 180,789.0 113,508.0 86,256.0
Gross profit 24,066.0 45,953.0 86,632.0 43,269.0 26,360.0
Other operating
expenses 60,012.0 70,859.0 69,986.0 56,765.0 56,892.0
Operating result -35,946.0 -24,906.0 16,646.0 -13,496.0 -30,532.0
Interest revenues 78.0 70.0 48.0 43.0 59.0
other financial
revenues 1,782.0 127.0 110.0 123.0 56.0
Financial income 1,860.0 197.0 158.0 166.0 115.0
Interest expenses 1,422.0 1,464.0 2,860.0 3,068.0 1,027.0
other financial
expenses 1,650.0 1,705.0 1,281.0 4,505.0 1,837.0
Financial expenses 3,072.0 3,169.0 4,141.0 7,573.0 2,864.0
Financial result -1,212.0 -2,972.0 -3,983.0 -7,407.0 -2,749.0
Result before
extraordinary items -37,158.0 -27,878.0 12,663.0 -20,903.0 -33,281.0
Extraordinary
Result 0.0 0.0 0.0 0.0 0.0
Result before
taxes -37,158.0 -27,878.0 12,663.0 -20,903.0 -33,281.0
Taxes 8,441.0 -3,418.0 1,986.0 -2,817.0 -3,697.0
Result before
minority interests -45,599.0 -24,460.0 10,677.0 -18,086.0 -29,584.0
minority interests -13.0 0.0 0.0 0.0 0.0
Result for the
financial year -45,586.0 -24,460.0 10,677.0 -18,086.0 -29,584.0
Cash flow
Depreciation 3,123.0 4,003.0 4,243.0 3,833.0 4,734.0
Cash flow -42,476.0 -20,457.0 14,920.0 -14,253.0 -24,850.0
Cash flow from
operating activities -3,511.0 -7,123.0 25,722.0 -5,970.0 -27,441.0
Investments in
tangible fixed assets 415.0 1,216.0 1,762.0 509.0 524.0
Cash flow from
investing activities 5,038.0 -1,784.0 -3,876.0 -5,344.0 -1,754.0
Cash flow from financing
activities -1,218.0 2,824.0 -8,593.0 3,120.0 27,265.0
Others -51.0 -101.0 -19.0 -205.0 -105.0
Change in
liquidity 258.0 -6,184.0 13,234.0 -8,399.0 -2,035.0
Liquidity at
beginning of the year 10,884.0 17,068.0 3,834.0 12,233.0 14,268.0
Liquidity at end
ot the year 11,142.0 10,884.0 17,068.0 3,834.0 12,233.0
Material costs 127,007.0 136,343.0 180,789.0 113,508.0 86,256.0
Cost of employees 62,767.0 78,179.0 91,616.0 74,152.0 60,601.0
Research and
Development 12,313.0 18,018.0 11,745.0 7,896.0 9,117.0
Orders received 176,607.0 176,607.0 276,320.0 214,739.0 85,500.0
Added value 30,154.0 55,768.0 111,382.0 60,150.0 33,081.0
Working Capital 67,034.0 97,027.0 101,425.0 98,699.0 102,530.0
Sales per Employee 209.2 278.0 291.0 183.3 132.7
Market capitalisation 89,450.0 89,300.0 127,600.0 194,700.0 108,400.0
Gross cost land
and buildings 59,000.0 67,571.0 67,602.0 69,703.0 70,187.0
Gross cost other
tangible fixed assets 69,684.0 76,919.0 77,992.0 77,662.0 79,092.0
Gross cost total 128,684.0 144,490.0 145,594.0 147,365.0 149,279.0
Insurance value
total 382,000.0 382,000.0 382,000.0 388,000.0 390,000.0
Full time units at
year end 721 653 917 855 848
Name: Tornos Holding AG
City/Country: Moutier/BE, Switzerland/CH
No.
of Owner/-s: 1
Owner: The company is domestic
owned.
Class: 100%
Type: indirect, Group-Level
1
Name: Tornos Holding AG
City/Country: Moutier/BE, Switzerland/CH
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%
Type: direct, Group-Level 2
Name: Tornos Management
Holding SA
City/Country: Moutier/BE, 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/NE,
Switzerland/CH
Name: Almatronic S.A.
City/Country: La Chaux-de-Fonds/NE,
Switzerland/CH
Name: Cyklos SA
City/Country: Yverdon-les-Bains/VD,
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, Hong Kong/HK
Interest: 100,00% voting right,
100,00% capital interest (since 2005)
Class: 100%
Name: Tornos Technologies
Asia Ltd.
City/Country: Bayan Lepas/Penang, Malaysia/MY
Interest: 100,00% voting right,
100,00% capital interest
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/Milano, 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/Leicestershire, United
Kingdom/GB
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%
Name: Tornos Technologies US
Corporation
City/Country: Brookfield/CT, United States of
America/US
Interest: 100,00% voting right,
100,00% capital interest
Class: 50-100%
Name: Tornos (XI''an)
Machine Works Co Ltd
City/Country: Xi''an/Shaanxi, China/CN
Interest: 70,00% voting right,
70,00% capital interest (since 2013)
Class: 20-29%
Name: Moutier 2001 Sŕrl
City/Country: Moutier/BE, Switzerland/CH
Interest: 25,00% voting right,
25,00% capital interest (since 12.08.1998)
Control date Year No. Amount CHF Status
16.12.2013 2013 0
31.12.2012 2012 0
31.12.2011 2011 0
31.12.2010 2010 0
31.12.2009 2009 1 43,841.-- Paid legal actions
31.12.2009 2009 2 3,013,911.-- Opposition filed
31.08.2007 2007 0
31.12.2006 2006 0
31.12.2005 2005 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.
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 in order.
Payment
experiences: There are no objections
regarding the payment of financial obligations.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.