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MIRA INFORM REPORT
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Report No. : |
500910 |
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Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
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Name : |
DUFERCO SA |
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Registered Office : |
Via Bagutti 9, 6900 Lugano/TI |
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Country : |
Switzerland |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
514.3.002.576-4 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
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. |
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No. of Employees : |
150-249 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exist |
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
Duferco SA
Operating address:
via Bagutti 9
6900 Lugano/TI
Switzerland/CH
Telephone: +41
918225600
Fax: +41
918225700
Web site: http://www.duferco.com
E-mail: info@duferco.com
WIN Worldbox No.: CH0000420982
VAT-No.: CHE-116.310.381
IVA
UID-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: estimated
Financial year: 2017
Employees: 150-249
Sales: CHF
1-2 Bil
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.
Operations and
Branches:
At the address, via
Bagutti 9, 6900 Lugano, Switzerland, we find office of the company.
Real Estate
Real Estate: The
company owns buildings.
Company Register
Company No: 514.3.002.576-4
UID-No.: CHE101355469
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: 23.02.2017
Date
of Statutes: 01.12.2015
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
02.12.2015 Share
Capital CHF 12,750,000, paid up CHF 12,750,000
18.09.2007 02.12.2015 Share Capital CHF 2,750,000, paid up CHF
2,750,000
Entry Deleted Capital Structure
02.12.2015 12,750
Registered shares of CHF 1,000.--
02.07.2010 02.12.2015 2,750 Registered shares of CHF 1,000.--
18.09.2007 02.07.2010 2,750 Bearer shares of CHF 1,000.--
Entry Deleted Remarks
active Merger:
On 26.08.1996 the company merged with Bolmat SA, based in Lugano.
07.05.2003 Merger:
On 24.04.2003 the company merged with D.E. Metals SA, based in Lugano.
07.05.2003 Merger:
On 24.04.2003 the company merged with Duferco Technical Services SA, based in
Lugano.
Official Administration
Title Name
President Bolfo,
Bruno
Citizen:
Italy
Residential
address: Lugano/TI, Switzerland
Born:
29.04.1983
joint
signature of two
Chief Executive De
Morgan, Matthew
Citizen:
United Kingdom
Residential
address: Singapore , Switzerland
joint
signature of two
Registered
since: 05.02.2008
Chief Executive Venturato,
Giuseppe
Citizen:
Lugano, Switzerland
Residential
address: Origlio, Switzerland
Born:
06.01.1966
joint
signature of two
Registered
since: 07.05.2008
Director Casale,
Alessandro
Citizen:
Lugano, Switzerland
Residential
address: Castagnola (Lugano), Switzerland
joint
signature of two, Restricted signatory powers
Registered
since: 07.05.2008
Director Donnell,
Graham
Citizen:
United Kingdom
Residential
address: Horgen, Switzerland
joint
signature of two
Registered
since: 24.01.2017
Director Hughes,
Roger David
Citizen:
United Kingdom
Residential
address: Gentilino (Collina d'Oro), Switzerland
joint
signature of two
Registered
since: 25.09.2014
Director Michelini,
Federico Francesco
Citizen:
Lugano, Switzerland
Residential
address: Porza, Switzerland
joint
signature of two
Registered
since: 23.03.2018
Director Patrick,
Thomas
Citizen:
Langnau im Emmental, Switzerland
Residential
address: Davesco-Soragno (Lugano), Switzerland
joint
signature of two, Restricted signatory powers
Registered
since: 19.09.2005
Director Schorsch,
Louis
Citizen:
United States of America
Residential
address: Evanston, United States of America
without
signature
Registered
since: 24.11.2017
Management
Title Name
Director Arancio,
Stefano
Citizen:
Lugano, Switzerland
Residential
address: Viganello (Lugano), Switzerland
joint
signature of two, with a Director
Registered
since: 05.09.1996
Director Toschi,
Enrico
Citizen:
Burg AG, Switzerland
Residential
address: Carona (Lugano), Switzerland
Born:
11.04.1964
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 De Morgan, Matthew
Direct owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: DUFERCO
INTERNATIONAL TRADING HOLDING S.A.
City/Country: Luxembourg,
Luxembourg/LU
Interest: 100,00%
voting right, 100,00% capital interest
Investments
Class: 100%,
directly held
Name: DufEnergy
Trading SA
City/Country: Lugano/TI,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Duferco
C.E.C. SA
City/Country: Lugano/TI,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Duferco
Consumables Limited
City/Country: Admiralty,
Hong Kong/HK
No. of shares: 5,500,000
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Duferco
Shipping SA
City/Country: Lugano/TI,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
indirectly held
Name: Nova
Marine Carriers SA
City/Country: Lugano/TI,
Switzerland/CH
No. of shares: 100
Interest: 100,00%
voting right, 100,00% capital interest
Class: 50-100%,
directly held
Name: Duferco
Steel Inc.
City/Country: Wilmington/Delaware,
United States of America/US
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
UK LIMITED
City/Country: Bromsgrove/Worcestershire,
United Kingdom/GB
Financial
Data DUFERCO INTERNATIONAL
TRADING HOLDING S.A.
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 30.09.2016 30.09.2015
Number of months: 12 12
Currency: mil.
USD mil. USD
Balance Sheet
Intangible fixed assets 38,701.0 36,815.0
Land and buildings 93,678.0 75,011.0
Other tangible fixed assets 103,546.0 99,198.0
Tangible fixed assets 197,224.0 174,209.0
Financial fixed assets 3,052.0 40,495.0
other fixed assets 96,770.0 189,914.0
Fixed assets 335,747.0 441,433.0
Stocks 625,760.0 812,953.0
Trade accounts receivable 730,328.0 831,232.0
Cash & Cash Equivalents 170,410.0 247,184.0
Securities 13,252.0 27,128.0
other trade accounts 124,274.0 65,091.0
Accruals 24,727.0 14,661.0
Other current assets 332,663.0 354,064.0
Current assets 1,688,751.0 1,998,249.0
Total assets 2,024,498.0 2,439,682.0
Capital 45,705.0 45,705.0
Other shareholders funds 503,603.0 593,968.0
Total shareholders equity 549,308.0 639,673.0
Minority interests 47,315.0 50,140.0
long term debt (financial debts) 43,942.0 69,163.0
Provisions 32,482.0 28,022.0
Other non current liabilities 30,683.0 30,942.0
Non current liabilities 107,107.0 128,127.0
short term debt (financial debts) 969,236.0 1,225,221.0
Trade accounts payable 224,713.0 266,946.0
Provisions 1,816.0 5,664.0
Accruals 26,190.0 23,702.0
other accounts payable 98,813.0 100,209.0
other current liabilities 126,819.0 129,575.0
Current liabilities 1,320,768.0 1,621,742.0
Shareh. equity, min. int. & liabilities 2,024,498.0 2,439,682.0
Profit and loss account
Sales 4,523,421.0 5,536,124.0
Net sales 4,523,421.0 5,536,124.0
Other operating revenue 29,033.0 46,492.0
Operating revenue 4,552,454.0 5,582,616.0
Cost of goods sold 4,253,984.0 5,252,757.0
Gross profit 298,470.0 329,859.0
Other operating expenses 227,158.0 240,701.0
Operating result 71,312.0 89,158.0
other financial revenues 13,293.0 7,017.0
Financial income 13,293.0 7,017.0
other financial expenses 34,623.0 50,521.0
Financial expenses 34,623.0 50,521.0
Financial result -21,330.0 -43,504.0
Result before extraordinary items 49,982.0 45,654.0
Result before taxes 49,982.0 45,654.0
Taxes 11,963.0 12,914.0
Result before minority interests 38,019.0 32,740.0
minority interests 2,189.0 -3,843.0
Result for the financial year 35,830.0 36,583.0
Cash flow
Depreciation 17,148.0 16,825.0
Cash flow 52,978.0 53,408.0
Cash flow from operating activities 305,241.0 325,310.0
Cash flow from investing activities -62,176.0 -84,536.0
Cash flow from financing activities -318,614.0 -209,407.0
Others -1,225.0 -5,675.0
Change in liquidity -76,774.0 25,692.0
Liquidity at beginning of the year 247,184.0 221,492.0
Liquidity at end of the year 170,410.0 247,184.0
Notes
Material costs 4,061,766.0 5,274,067.0
Cost of employees 101,202.0 98,208.0
Added value 168,332.0 160,687.0
Working Capital 1,131,375.0 1,377,239.0
Net Current Assets 367,983.0 376,507.0
Sales per Employee 1,719.9 2,282.0
Employees at
year end 2,630 2,426
Employees
average 2,611 2,481
Financials
Balance sheet
publication:
The subject company
does not publish financial figures.
Legal Actions
Control date Year No. Amount CHF Status
29.11.2011 2011 0 Legal
actions
31.12.2010 2010 0 Legal
actions
31.12.2009 2009 0 Legal
actions
31.12.2008 2008 1 162,639.-- Opposition filed
31.12.2007 2007 0 Legal
actions
31.12.2006 2006 0 Legal
actions
31.12.2005 2005 0 Legal
actions
31.12.2004 2004 0 Legal
actions
31.12.2003 2003 0 Legal
actions
31.12.2002 2002 0 Legal
actions
31.12.2001 2001 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.
Remarks
- The VAT number -
CHE-116.310.381 IVA - is the Group VAT number.
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: No Complaints.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.06 |
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|
1 |
INR 91.50 |
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Euro |
1 |
INR 79.78 |
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CHF |
1 |
INR 67.57 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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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 |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.