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MIRA
INFORM REPORT
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Report No. : |
505866 |
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Report Date : |
02.05.2018 |
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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Date of Incorporation : |
1880 |
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Com. Reg. No.: |
170.3.022.647-1 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
Subject is engaged in development and manufacture of machine tolls and manufacturing of components. |
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No. of Employees : |
550 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Switzerland |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SWITZERLAND - ECONOMIC OVERVIEW
Switzerland, a country that espouses neutrality, is a 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 gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, 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 Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.
The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with economic instability in Russia and other eastern European economies drove up demand for the Swiss franc by investors seeking a safe-haven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. 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 from 2011 through 2017.
In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards.
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Source
: CIA |
Company
name and address
Tornos SA
Operating address:
Rue Industrielle 111
2740 Moutier/BE
Switzerland/CH
Telephone: +41
32 4944444
Fax: +41
32 4944903
Web site: http://www.tornos.com
E-mail: contact@tornos.com
WIN Worldbox No.: CH0000128928
VAT-No.: CHE-106.841.398
TVA
UID-No.: CHE106841398
Profile
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
Operational
Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 550
Sales: CHF
110,000,000.--
Activity
The business
includes the development and manufacture of machine tolls 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.
Operations and
Branches:
At the address, rue
Industrielle 111, 2740 Moutier, Switzerland, we find office of the company.
Real
Estate
Real Estate: It
is understood that the company owns certain property.
Company
Register
Company No: 170.3.022.647-1
UID-No.: CHE106841398
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 30.01.2001 Tornos-Bechler SA
22.02.1999 30.01.2001 Tornos-Bechler AG (Name translated)
22.02.1999 30.01.2001 Tornos-Bechler Ltd (Name translated)
25.01.1999 22.02.1999 Sonorto AG
25.01.1999 22.02.1999 Sonorto Ltd (Name translated)
25.01.1999 22.02.1999 Sonorto SA (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
25.01.1999 Share
Capital CHF 65,000,000, paidup CHF 65,000,000
Entry Deleted Capital Structure
25.01.1999 65,000
Registered shares of CHF 1,000.--
Entry Deleted Remarks
22.02.1999 Merger:
As per merger agreement date 12.02.1999 did subject matter merge with and
absorb Moutier Machines Holding based, Moutier.
Official
Administration
Title Name
President Hauser,
Michael Georg
Citizen:
Biel/Bienne, Switzerland
Residential
address: Biel/Bienne, Switzerland
joint
signature of two
Registered
since: 14.09.2011
Director Allemand,
Bruno Pierre
Citizen:
Evilard, Switzerland
Residential
address: Port, Switzerland
joint
signature of two
Registered
since: 07.10.2013
Director Edelmann,
Bruno
Citizen:
Muolen, Switzerland
Residential
address: Orvin, Switzerland
joint
signature of two
Registered
since: 31.08.2015
Director Widmer,
Luc Philippe
Citizen:
Brittnau, Switzerland
Residential
address: Oftringen, Switzerland
joint
signature of two
Registered
since: 24.08.2012
Management
Title Name
Member with procuration Bergère, Thierry
Citizen:
Biel/Bienne, Switzerland
Residential
address: 2830 Courrendlin/JU, Switzerland
joint
power of attorney of two
Registered
since: 09.11.2009
Member with procuration Bucher, Yvan
Citizen:
Gurbrü, Switzerland
Residential
address: 2853 Courfaivre/JU, Switzerland
joint
power of attorney of two
Registered
since: 09.11.2009
Member with procuration Chardonnereau, André
Citizen:
Kerns, Switzerland
Residential
address: 6045 Meggen/LU, Switzerland
joint
power of attorney of two
Registered
since: 09.11.2009
Member with procuration Cortat, Henry
Citizen:
Châtillon JU, Switzerland
Residential
address: Courtételle, Switzerland
joint
power of attorney of two
Registered
since: 23.02.2001
Member with procuration Nigg Nicolini, Johnny-Lee
Citizen:
Genève, Switzerland
Residential
address: Liebefeld (Köniz), Switzerland
joint
power of attorney of two
Registered
since: 26.08.2014
Member with procuration Paredes Angrill, Carlos
Citizen:
Spain
Residential
address: Prangins, Switzerland
joint
power of attorney of two
Registered
since: 19.02.2014
Member with procuration Studer, Michel
Citizen:
Delémont, Switzerland
Residential
address: Courroux, Switzerland
joint
power of attorney of two
Registered
since: 14.07.2005
External
Positions
Title Name
Auditor PricewaterhouseCoopers
SA,
Residential
address: Neuchâtel, Switzerland
Id:
CHE-291.782.389
Registered
since: 27.06.2006
Executive
board
Title Name
Chief Executive Officer Hauser, Michael Georg
Chief Business Segment Officer Chardonnereau, André
Ultimate
Parent Company
Name: Tornos
Holding AG
City/Country: Moutier/BE,
Switzerland/CH
Direct
owner/-s
No. of owner/-s: 1
Owner: The
company is domestic owned.
Class: 100%,
directly held
Name: Tornos
Management Holding SA
City/Country: Moutier/BE,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest (since 29.12.2009)
Investments
Class: 100%,
directly held
Name: Tornos
Holding France SA
City/Country: Paris,
France/FR
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
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%,
directly held
Name: Tornos
Technologies Asia Ltd.
City/Country: Bayan
Lepas/Penang, Malaysia/MY
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Tornos
Technologies Deutschland GmbH
City/Country: Pforzheim,
Germany/DE
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Tornos
Technologies Ibérica SA
City/Country: Granollers,
Spain/ES
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Tornos
Technologies Italia Srl
City/Country: Opera/Milano,
Italy/IT
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: TORNOS
TECHNOLOGIES POLAND SP. Z O.O.
City/Country: KATY
WROCLAWSKIE, Poland/PL
Interest: 100,00%
voting right, 100,00% capital interest (since 2007)
Class: 100%,
directly held
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%,
directly held
Name: Tornos
Technologies UK Limited
City/Country: Coalville/Leicestershire,
United Kingdom/GB
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
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%,
directly held
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%,
directly held
Name: Moutier
2001 Sàrl
City/Country: Moutier/BE,
Switzerland/CH
Interest: 25,00%
voting right, 25,00% capital interest (since 12.08.1998)
Sisters
Name: Almac
S.A.
City/Country: La
Chaux-de-Fonds/NE, Switzerland/CH
Name: Almatronic
S.A. en liquidation
City/Country: La
Chaux-de-Fonds/NE, Switzerland/CH
Name: Cyklos
SA en liquidation
City/Country: Neuchâtel/VD,
Switzerland/CH
Financial
Data Tornos Holding AG
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013
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 728.0 707.0 797.0 774.0 2,987.0
Land and buildings 21,734.0 21,158.0 21,250.0 23,428.0 24,080.0
Other tangible fixed assets 3,119.0 1,460.0 1,603.0 1,328.0 1,446.0
Tangible fixed assets 24,853.0 22,618.0 22,853.0 24,756.0 25,526.0
Financial fixed assets 0.0 0.0 0.0
other fixed assets 471.0 392.0 541.0 1,187.0 4,938.0
Fixed assets 26,052.0 23,717.0 24,191.0 26,717.0 33,451.0
Stocks 68,197.0 67,049.0 64,123.0 57,092.0 59,821.0
Trade accounts receivable 20,545.0 18,726.0 23,219.0 21,574.0 26,032.0
Cash & Cash Equivalents 23,664.0 9,601.0 20,608.0 15,434.0 11,142.0
other trade accounts 3,724.0 6,132.0 6,637.0 6,879.0 11,001.0
Accruals 1,128.0 3,058.0 2,020.0 4,736.0 1,073.0
Other current assets 28,516.0 18,791.0 29,265.0 27,049.0 23,216.0
Current assets 117,258.0 104,566.0 116,607.0 105,715.0 109,069.0
Total assets 143,310.0 128,283.0 140,798.0 132,432.0 142,520.0
Capital 89,450.0 89,450.0 89,450.0 89,450.0 72,391.0
Other shareholders funds 377.0 -9,750.0 -6,071.0 -4,993.0
Total shareholders equity 89,827.0 79,700.0 83,379.0 84,457.0 72,391.0
Minority interests 413.0 652.0 732.0 746.0 427.0
long term debt (financial debts) 166.0 281.0 245.0 305.0 367.0
Provisions 2,819.0 4,017.0 654.0 724.0 727.0
Other non current liabilities 2.0 10.0 5,884.0 6,154.0 20,688.0
Non current liabilities 2,987.0 4,308.0 6,783.0 7,183.0 21,782.0
short term debt (financial debts) 70.0 14,085.0 9,060.0 63.0 10,070.0
Trade accounts payable 24,304.0 15,483.0 25,112.0 19,383.0 18,819.0
Provisions 3,325.0 2,644.0 3,552.0 3,547.0 4,420.0
Accruals 6,961.0 6,030.0 5,876.0 6,067.0 3,640.0
other accounts payable 15,423.0 5,381.0 6,304.0 10,986.0 10,971.0
other current liabilities 25,709.0 14,055.0 15,732.0 20,600.0 19,031.0
Current liabilities 50,083.0 43,623.0 49,904.0 40,046.0 47,920.0
Shareh. equity, min. int. & liabilities 143,310.0 128,283.0 140,798.0 132,432.0 142,520.0
Profit and loss account
Sales 178,758.0 136,169.0 163,954.0 175,806.0 155,250.0
Reduction of proceeds 4,434.0
Net sales 178,758.0 136,169.0 163,954.0 175,806.0 150,816.0
Other operating revenue 352.0 91.0 47.0 791.0 257.0
Operating revenue 179,110.0 136,260.0 164,001.0 176,597.0 151,073.0
Cost of goods sold 116,884.0 95,528.0 114,640.0 123,329.0 127,007.0
Gross profit 62,226.0 40,732.0 49,361.0 53,268.0 24,066.0
Other operating expenses 54,082.0 44,826.0 47,847.0 50,453.0 60,012.0
Operating result 8,144.0 -4,094.0 1,514.0 2,815.0 -35,946.0
Interest revenues 5.0 13.0 5.0 5.0 78.0
other financial revenues 1,473.0 1,393.0 414.0 1,091.0 1,782.0
Financial income 1,478.0 1,406.0 419.0 1,096.0 1,860.0
Interest expenses 368.0 418.0 190.0 213.0 1,422.0
other financial expenses 558.0 192.0 655.0 392.0 1,650.0
Financial expenses 926.0 610.0 845.0 605.0 3,072.0
Financial result 552.0 796.0 -426.0 491.0 -1,212.0
Result before extraordinary items 8,696.0 -3,298.0 1,088.0 3,306.0 -37,158.0
Extraordinary income 855.0
Extraordinary Result 855.0 0.0 0.0
Result before taxes 8,696.0 -3,298.0 1,943.0 3,306.0 -37,158.0
Taxes 447.0 306.0 1,048.0 436.0 8,441.0
Result before minority interests 8,249.0 -3,604.0 895.0 2,870.0 -45,599.0
minority interests -244.0 -51.0 -281.0 -126.0 -13.0
Result for the financial year 8,493.0 -3,553.0 1,176.0 2,996.0 -45,586.0
Cash flow
Depreciation 3,358.0 2,235.0 2,251.0 2,350.0 3,123.0
Cash flow 11,851.0 -1,318.0 3,146.0 5,220.0 -42,476.0
Cash flow from operating activities 32,439.0 -14,206.0 -2,337.0 13,930.0 -3,511.0
Investments in tangible fixed assets 6,620.0 2,726.0 1,768.0 844.0 415.0
Cash flow from investing activities -4,044.0 -1,425.0 40.0 -358.0 5,038.0
Cash flow from financing activities -14,338.0 4,646.0 7,510.0 -9,576.0 -1,218.0
Others 6.0 -22.0 -39.0 296.0 -51.0
Change in liquidity 14,063.0 -11,007.0 5,174.0 4,292.0 258.0
Liquidity at beginning of the year 9,601.0 20,608.0 15,434.0 11,142.0 10,884.0
Liquidity at end of the year 23,664.0 9,601.0 20,608.0 15,434.0 11,142.0
Notes
Material costs 77,059.0 59,771.0 114,640.0 123,329.0 127,007.0
Cost of employees 59,230.0 51,891.0 59,345.0 59,080.0 62,767.0
Research and Development 2,600.0 7,000.0 7,857.0 6,975.0 12,313.0
Orders received 160,049.0 176,607.0
Added value 71,652.0 51,246.0 63,729.0 64,949.0 30,154.0
Working Capital 64,438.0 70,292.0 62,230.0 59,283.0 67,034.0
Net Current Assets 67,175.0 60,943.0 66,703.0 65,669.0 61,149.0
Sales per Employee 277.6 215.8 249.5 279.1 264.6
Market capitalisation 120,900.0 62,200.0 58,800.0 113,900.0 91,800.0
Gross cost land and buildings 56,814.0 59,612.0 58,349.0 66,717.0 59,000.0
Gross cost other tangible fixed assets 17,769.0 47,048.0 47,658.0 51,986.0 69,684.0
Gross cost total 74,583.0 106,660.0 106,007.0 118,703.0 128,684.0
Insurance value total 383,000.0 383,000.0 382,000.0
Full time units at year end 644 631 657 630 570
Financials
Balance sheet
publication:
The subject company
does not publish financial figures.
Legal Actions
Control date Year No. Amount CHF Status
25.08.2015 2015 0 Legal
actions
31.12.2014 2014 1 25,000.-- Opposition filed
31.12.2013 2013 0 Legal
actions
31.12.2012 2012 0 Legal
actions
31.12.2011 2011 0 Legal
actions
31.12.2010 2010 0 Legal
actions
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 Legal
actions
31.12.2006 2006 0 Legal
actions
31.12.2005 2005 0 Legal
actions
No legal actions
determined.
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.
Sanctions List
We did not find the
company included on the various international sanctions lists, such as the OFAC
(Office of Foreign Assets Control), the BIS (Bureau of Industry and Security),
the European Union Restrictive measures (sanctions) list, the Export Control
Organisation (ECO) of the UK, the Australian Department of Foreign Affairs and
Trade.
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 in order.
Payment experiences: Regular.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
|
CHF |
1 |
INR 67.02 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.