MIRA
INFORM REPORT
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Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
DUFERCO SA |
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Registered Office : |
Via Giuseppe
Bagutti 9 6900 Lugano/TI |
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Country : |
Switzerland |
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Date of Incorporation : |
12.08.1982 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
International Trading of Steel Products and Raw Materials |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Overall assessment:
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Business
connections are permissible |
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Detail assessment: |
payments: |
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Regular
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Individual credit
limit*: |
EUR 500.000,-- |
Name
Duferco SA
Line of Business
Stahl- und
Eisenhandel
Legal domicile
via Giuseppe
Bagutti 9
6900 Lugano/TI
Switzerland
Telephone: 091 9115600
Fax: 091 9115700
Homepage: www.duferco.com
All amounts in
this report are given in Swiss Francs (CHF) unless otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal
form: Joint stock company
Registration: 12-08-1982
First
Publication: 23-08-1982
Last
Publication: 11-10-2007
Created
by: The company was newly
established.
History
Initially the
company had its head office at the Via Cantonale 19. On 07.04.1998, the
headquarters were relocated within Lugano to the Via Bagutti 9.
Share
capital: 2.750.000
Paid up: 2.750.000
Divided
into: 2.750 Bearer shares of 1.000
History: 18-09-2007 2.750.000 Capital increase
07-05-2003
2.400.000 Capital increase
02-09-1996
2.100.000 Capital increase as a result of merger
17-03-1989 2.000.000 Capital increase
27-05-1988
1.000.000 Capital increase
12-08-1982
100.000 Capital by incorporation
Direct Parent com
Nina Finance S.A., Luxembourg/LU.
Company Management
Bendict J.
Sciortino
Antonio Gozzi
ACTIVITY
Line of
business: International trading
of steel products and raw materials
Sector: Wholesale
Activity:
The company is
involved in the international trading of steel products and raw materials,
including coal, coke, minerals, cast scrap, metal alloys etc.
The Duferco
Group is a leading global player in the steel sector. The latter has activities
in over 40 countries, 17 production sites, 37commercial and representative
offices, as well as 32 trading,
distribution
and service centers (status end of 2006).
Marks, Sales
DUFERCO
Locations
Sub-branches
are located in New York, Sao Paolo, Tokyo, Paris, Bangkok
and Manila.
Trading area
International
EMPLOYEES
Number of
employees: 200
The Duferco
Group employs 7,600 people worldwide.
PAYMENT AND FINANCIAL DATA
PAYMENT
EXPERIENCES:
Legal
actions: There are no open legal actions.
Report from 05-04-2000, in 6900 Lugano.
A current
check of the legal actions requires a document of justification with a
legitimate signature.
There are no
complaints about the mode of payment and business conduct.
FINANCIAL DATA
Financial position: The financial situation is considered
solid.
Financial
Statements: The company does not disclose any financial statements.
Between 2002
and 2004 the group increased its sales in China. In the USA sales were however
partially affected by customs import charges introduced by the Bush
Administration.
Consolidated
key figures (in USD 1.000):
Duferco Gruppe
30.09.2006 30.09.2005 30.09.2004 30.09.2003
12 Months 12
Months 12 Months 12 Months
Sales 8'430'738.0 7'724'255.0
6'412'397.0 4'155'006.0
Operating
Profit/Loss 1'155'763.0
Profit/Loss 1'107'587.0
Shareholder
funds 2'656'998.0
Balance sheet
total 9'362'882.0
Total sales volume
(in thousand metric tonnes):
2006: 27,155
2005: 24,008
2004: 24,831
2003: 22,767
2002: 19,531
Key figures
for fiscal 2006/2007 are not available as yet.
Takeover
from: Duferco Technical Services SA 6900 Lugano/TI
Type: Take over as
a result of merger
Registered
on: 07-05-2003
Contract
date: 24-04-2003
Balance Sheet
per: 30-09-2002
Assets: 1.608.242
Liabilities: 922.252
Take over
price: 685.990
Issued share
capital: 100.000
Takeover
from: D.E. Metals SA
6900 Lugano/TI
Type: Take over as a result of merger
Registered
on: 07-05-2003
Contract
date: 24-04-2003
Balance Sheet
per: 30-09-2002
Assets: 811.806
Liabilities: 74.108
Take over
price: 737.698
Issued share
capital: 200.000
Takeover
from: Bolmat SA
6900 Lugano/TI
Type: Take over as a result of merger
Registered on: 02-09-1996
Assets: 36.377.179
Liabilities: 34.102.538
Take over
price: 2.274.641
Issued share
capital: 100.000
Banker(-s)
Credit Suisse
(CS), 6900 Lugano
UBS Ltd, 6900
Lugano
Banca del
Gottardo, Lugano
Auditors
KPMG SA, Ginevra
Fiscal taxation
No information
is available due to the local tax authority regulation.
COMPANY AND PERSON RELATIONS
COMPANY
CONNECTIONS:
Direct Parent
com.: Nina Finance S.A.,
Luxembourg/LU.
Ultimate Parent
com.: Duferco International Trading Company Holding Ltd., St. Peter
Port/Guernsey, United Kingdom/GB with a share of 100.
Based on the
information available to us, 50% of the shares of the ultimate parent company
in Guernsey (United Kingdom) are held by Duferco Participations Holding Ltd.,
also headquartered at St. Peter Port,
Guernsey.
The
distribution of the shares within the group can however not be double checked
in Switzerland.
Further
branches and subisidiaries are located in about 40 countries, including Italy
and the USA.
Direct Investments
Duferco
Investment Services SA, Lugano/TI.
Duferco
Shipping SA, Lugano/TI.
Associated companies
Duferco
Investment Services SA, Lugano/TI, Switzerland/CH
Duferco
Shipping SA, Lugano/TI, Switzerland/CH
BOARD OF DIRECTORS
Bruno Bolfo,
from Italy, in Lugano/TI/Switzerland,
President,
collective signature.
Antonio Gozzi,
from Italy, in Chiavari/Italy,
Managing
Director, collective signature.
Benedict John
Sciortino, from StA der USA, in
Lugano/TI/Switzerland,
Managing
Director, collective signature.
Donato Antonio
Cortesi, from Poschiavo, in
Vezia/TI/Switzerland,
Member,
collective signature.
Jean-Louis
gen. Louis Hurst, from Niederoesch, in
Pregassona/TI/Switzerland,
Member,
collective signature.
Adelio Antonio
Lardi, from Poschiavo, in
Lamone/TI/Switzerland,
Member,
collective signature.
MANAGEMENT:
Stefano
Arancio, from Italy, in
Breganzona/TI/Switzerland,
Director,
collective signature.
Paolo Foti,
from Italy, in
Castagnola/TI/Switzerland,
Director,
collective signature.
Piersandro
Lombardi, from Italy, in
Lugano/TI/Switzerland,
Director,
collective signature.
Thomas
Patrick, from Langnau im Emmental, in Ponte
Capriasca/TI/Switzerland,
Director,
collective signature.
PERSONNEL INFORMATION
Bruno Bolfo
was born on 11.08.1941. He is of Italian nationality, has a residence permit
and is married to Kim Hee-Sookimund. Since 02.08.1993 he has been living in
6900 Lugano, at Via G. Vicari 4, coming from the
USA at the
time.
Benedict J.
Sciortino was born on 29 June 1950. He is of American nationality, has a
residence permit, and is married to Wendy Harris (16.05.1950).
Donato Cortesi
was born on 02.08.1953. At the Albo Dei Fiduciari he is registered as
"fiduciario immobiliare und fiduciario commercialista".
Paolo Foti,
born on 21.07.1955, is married to Liliane Varesco. He lives in 6900 Lugano, at
the Strada di Grandria.
Piersandro
Lombardi was born on 28.10.1960. He is married to Giovanna Testa.
Adelio Lardi
was born on 23.12.1949. He is married to Helga Jenni and is resident in 6814
Lamone-Cadempino, at the via Ronchetto. He is accountant by profession and
registered as "fiduciario commercialista" at the Albo Dei Fiduciari.
The top-level
members of the management enjoy a good reputation in business affairs.
FURTHER MANDATES
Bruno Bolfo:
- Duferco
Investment Services SA, Lugano
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.02 |
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Euro |
1 |
Rs.67.77 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)