MIRA INFORM REPORT

 

 

Report Date :

18.12.2014

 

IDENTIFICATION DETAILS

 

Name :

DUFERCO SA

 

 

Registered Office :

Via Bagutti 9 6900 Lugano/TI Switzerland/CH

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

12.08.1982

 

 

Com. Reg. No.:

514.3.002.576-4 / 47756

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

Agents involved in the sale of fuels, ores, metals and industrial chemicals

 

 

No. of Employees :

250

 

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Switzerland

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

Company name

 

DUFERCO SA

 

 

Operating address

 

Via Bagutti 9

6900 Lugano/TI

Switzerland/CH

 

Telephone:                   091 8225600

Fax:                             091 8225700

 

Web site:                      http://www.duferco.com

E-mail:                         info@duferco.com

 

WIN Worldbox No.:       CH0000420982

VAT-No.:                      CHE101355469

 

 

Profile

 

Established:                 1979

History:                        1979:      Established from Bruno Bolfo

Line of Business:          Trade brokers

Industry Division:          Wholesale trade

Industry-code (NACE):  4612       Agents involved in the sale of fuels, ores, metals and industrial chemicals

Import/Export:              Agency

Banks:                          unknown

 

 

Operational Figures

 

Coverage:                    Company

Figures:                        approximately

Employees:                  250

 

 

Activity

 

The company distributes metal and steel products which are produced by the companies of the Duferco Group.

 

Products: cold heading quality, high carbon and alloyed steel required for wire rods; boron and alloyed steel required for billets.

 

 

Real Estate

 

Information on property ownership was not available.

 

 

Company Register

 

Company No:               514.3.002.576-4 / 47756

Legal form:                   Company limited by shares

Registration:                 12.08.1982

Legal status:                 active

Responsible Register:   Registro di commercio del Cantone Ticino

History:                        Date of Statutes: 26.08.1996

                                    Date of Incorporation Statutes: 11.08.1982

                                    Date of Statutes: 01.07.2010

                                    Date of Statutes: 07.09.2007

                                    Date of Statutes: 28.08.2007

                                    Date of Statutes: 30.04.2003

                                    Date of Statutes: 22.02.2002

 

Entry          Deleted      Name

active                           Duferco SA

 

Entry          Deleted      Legal domicile

active                           Lugano, Switzerland

 

Entry          Deleted      Address

07.04.1998                    Via Bagutti 9, 6900 Lugano/TI, Switzerland/CH

                  07.04.1998  Via Cantonale 19, 6900 Lugano/TI, Switzerland/CH

 

Entry          Deleted      Capital

18.09.2007                    Share Capital CHF 2,750,000, paidup CHF 2,750,000

 

Entry          Deleted      Capital Structure

02.07.2010                    2,750 Registered shares of CHF 1,000.--

18.09.2007  02.07.2010  2,750 Bearer shares of CHF 1,000.--

 

Entry          Deleted      Branches

23.06.2000  10.12.2001  , Delémont/JU, Switzerland/CH

 

 

Official Administration

 

Title                                           Name

President                                    Bruno Bolfo

                                                  Citizen: Italy

                                                  Residential address: Lugano/TI, Switzerland

                                                  Born: 29.04.1983

                                                  joint signature of two

Chief Executive                           Antonio Gozzi

                                                  Citizen: Italy

                                                  Residential address: Chiavari, Italy

                                                  joint signature of two

                                                  Registered since: 05.10.2007

Chief Executive                           Benedict J. Sciortino

                                                  Citizen: Lugano, Switzerland

                                                  Residential address: Lugano/TI, Switzerland

                                                  joint signature of two

Director                                      Matthew De Morgan

                                                  Citizen: United Kingdom

                                                  Residential address: 6900 Lugano/TI, Switzerland

                                                  joint signature of two

                                                  Registered since: 05.02.2008

 

 

Management

 

Title                                           Name

Director                                      Stefano Arancio

                                                  Citizen: Italy

                                                  Residential address: Berganzona/TI, Switzerland

                                                  joint signature of two

Director                                      Alessandro Casale

                                                  Citizen: Italy

                                                  Residential address: Castagnola/TI, Switzerland

                                                  joint signature of two, Restricted signatory powers

                                                  Registered since: 07.05.2008

Director                                      Paolo Foti

                                                  Citizen: Italy

                                                  Residential address: Lugano/TI, Switzerland

                                                  joint signature of two

Director                                      Roger David Hughes

                                                  Citizen: United Kingdom

                                                  Residential address: Savosa, Switzerland

                                                  joint signature of two, Restricted signatory powers

                                                  Registered since: 25.09.2014

Director                                      Thomas Patrick

                                                  Citizen: Langnau im Emmental, Switzerland

                                                  Residential address: Ponte Capriasca, Switzerland

                                                  joint signature of two, Restricted signatory powers

                                                  Registered since: 19.09.2005

Director                                      Enrico Toschi

                                                  Citizen: Italy

                                                  Residential address: Carona, Switzerland

                                                  Born: 11.04.1964

                                                  joint signature of two, Restricted signatory powers

                                                  Registered since: 07.05.2008

Director                                      Giuseppe Venturato

                                                  Citizen: Lugano, Switzerland

                                                  Residential address: Origlio, Switzerland

                                                  Born: 06.01.1966

                                                  joint signature of two, Restricted signatory powers

                                                  Registered since: 07.05.2008

 

 

External Positions

 

Title                                           Name

Auditor                                       PricewaterhouseCoopers SA

                                                  Residential address: Lugano, Switzerland

                                                  Id: CH-514.9.014.248-1

                                                  Registered since: 05.04.2011

 

 

Executive board

 

Title                                           Name

Chief Executive Officer               Matthew De Morgan

Chief Financial Officer                 Benedict J. Sciortino

Chief Administration Officer         Paolo Foti

 

 

 

Ultimate Parent Company

 

Name:                          DUFERCO PARTICIPATIONS HOLDING S.A.

City/Country:                Luxembourg, Luxembourg/LU

 

 

Financial Data

 

DUFERCO PARTICIPATIONS HOLDING S.A.

Consolidation:              consolidated

Industry:                       Trade/Industry

 

Fiscal year end:                                     31.12.2013        31.12.2012

Number of months:                                      12                    12

Currency:                                                 th. USD            th. USD

 

Operating revenue                                  7,684,681.0       7,629,494.0

Result before minority interests                     8,111.0           20,346.0

Total shareholders equity                        1,189,141.0       1,210,120.0

Total assets                                           4,389,103.0       4,414,159.0

 

Employees  at year end                                   3,041

 

 

Owner/-s

 

No. of Owner/-s:           1

Owner:                         The company is foreign owned.

 

Class:                          100%

Type:                           indirect, Group-Level 1

Name:                          DUFERCO PARTICIPATIONS HOLDING S.A.

City/Country:                Luxembourg, Luxembourg/LU

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Type:                           direct

Name:                          DUFERCO INTERNATIONAL TRADING HOLDING S.A.

City/Country:                Luxembourg, Luxembourg/LU

Interest:                        100,00% voting right, 100,00% capital interest

 

 

Sisters

 

Name:                          CSCD Ltd

City/Country:                Limassol, Cyprus/CY

 

Name:                          Duferco Commerciale S.p.A.

City/Country:                Genova, Italy/IT

 

Name:                          DUFERCO DANISH STEEL A/S

City/Country:                Frederiksværk, Denmark/DK

 

Name:                          Duferco Deutschland GmbH

City/Country:                Ratingen, Germany/DE

 

Name:                          Duferco Espana S.L.

City/Country:                Barcelona, Spain/ES

 

Name:                          DUFERCO SPECIAL STEELS (EUROPE)

City/Country:                Brussel, Belgium/BE

 

Name:                          Duferco Steel Inc.

City/Country:                Wilmington/Delaware, United States of America/US

 

Name:                          DUFERCO UK LIMITED

City/Country:                Bromsgrove/Worcestershire, United Kingdom/GB

 

 

Investments

 

Class:                          100%

Name:                          DufEnergy Trading SA

City/Country:                Lugano/TI, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Duferco C.E.C. SA

City/Country:                Lugano/TI, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Duferco Shipping SA

City/Country:                Lugano/TI, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

29.11.2011          2011                           0

29.11.2011          2010                           0

29.11.2011          2009                           0

29.11.2011          2008                           1                 162,639.--      Opposition filed

07.01.2011          2007                           0

07.01.2011          2006                           0

07.01.2011          2005                           0

07.01.2011          2004                           0

07.01.2011          2003                           0

07.01.2011          2002                           0

07.01.2011          2001                           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.

 

 

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 appears to be good.

 

Payment experiences:   Financial obligations are met in an orderly manner.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.58

UK Pound

1

Rs.99.98

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.