MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VOLCAFE
SWITZERLAND LTD |
|
|
|
|
Registered Office : |
Kaffeehandel Gertrudstrasse 1 Postfach 2514 8401 Winterthur/ZH |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Date of Incorporation : |
1851 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trade in Coffee |
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 |
|
Maximum Credit Limit : |
EUR 100.000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
Overall
assessment: |
|
|
|
|
Business connections are
permissible |
|
|
detail
assessment: |
payments: |
|
|
|
Regular |
|
|
|
individual
credit limit*: |
EUR 100.000,-- |
Name
VOLCAFE
Switzerland Ltd
Line of Business
Kaffeehandel
Legal domicile
Gertrudstrasse
1
8400
Winterthur/ZH
Business address
Gertrudstrasse
1
Postfach 2514
8401
Winterthur/ZH
Switzerland
Telephone: 052 2649494
Fax: 052 2649400
Homepage: www.volcafe.com
E-Mail: volcafe@volcafe.ch
All amounts in
this report are given in Swiss Francs (CHF) unless otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal
form: Joint stock company
First
Publication: 17-04-2001
Last
Publication: 15-02-2008
History:
The history of VOLCAFE dates back as far as 1851. In
1989, the company was acquired by the Winterthur-based Erb Group, a
family-owned company with a long-standing tradtion. At the close of 2003 this
group collapsed
as a result of several money-losing and dubious
investment deals outside Switzerland (in the real estate sector in Germany, for
instance).
Subsequently,
some of the Erb companies went bankrupt and others were sold. About May/June
2004 the requested coffee trader VOLCAFE was acquired by the London-based
British company E, D and F Man.
In the Swiss
commercial registered the company was registered under the number
CH-020.3.024.453-9/.
Share
capital: 800.000
Paid up: 800.000
Divided
into: 800 Special registered shares of 1.000
Direct Parent
com.: VOLCAFE Holding Ltd, 8400
Winterthur/ZH,
Switzerland/CH with a share of 100.
Company
Management: Tom Slack
Registered
translations of the Company name:
French VOLCAFE Suisse SA
German VOLCAFE Schweiz AG
ACTIVITY
Line of
business: Trade in coffee
Sector: Wholesale
Activity:
The company is
involved in the worldwide transit trading as well as
commission-based
business transactions in the field of raw coffee beans.
The customer
base includes, inter alia, Migros, Coop and Nestle in
Switzerland,
as well as Starbucks, etc. abroad.
EMPLOYEES
Number of employees: 40
The E, D and F
Man Group employs more than 4'500 people worldwide.
PAYMENT AND FINANCIAL DATA
PAYMENT EXPERIENCES:
Legal
actions: Information only
available against proof of interest.
There are no
complaints about the mode of payment and business conduct.
There is
however a lack of comprehensive experience as regards the business conduct. For
large-scale financial transactions the company should however be capable of
providing appropriate capital guarantees or sureties.
FINANCIAL DATA:
Financial
position: The financial affairs are
considered to be in order.
Financial
Statements: The company does not disclose any financial statements.
Third parties
are no more permitted any insight into the financial affairs. .
Following its foundation,
the company acquired partial assets and liabilities of Volcafe AG (now VOLCAFE
Holding Ltd), in Winterthur, i.e.
the business
unit coffee trade.
Banker(-s)
Banking connections are not made available by
the company
Auditors
Ernst &
Young AG, Zuerich
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent
com.: VOLCAFE Holding Ltd, 8400
Winterthur/ZH,
Switzerland/CH with a share of 100.
Ultimate
Parent com.: E, D and F Man, London, United Kingdom/GB.
Shareholder(s):
VOLCAFE Holding Ltd,
Winterthur.
The E, D and F
Man Group is a privately-owned company, headquartered in
London, Great
Britain. The latter is active in several business segments
such as coffee
trade, cocoa, molasses, sugar and alcohol.
The following
company is recognized as a sister firm:
- VOLCAFE
International Ltd, Winterthur.
BOARD OF
DIRECTORS:
Thomas gen. Tom Slack,
from United Kingdom, in
Zuerich/ZH/Switzerland,
President, collective
signature.
Reto Ghilardi, from
Winterthur, in
Winterthur/ZH/Switzerland,
Member, collective
signature.
Jan Luehmann, from Germany, in
Konstanz/Germany,
Member, Director,
collective signature.
Piers Wilson, from
United Kingdom, in
Zuerich/ZH/Switzerland,
Member, collective
signature.
MANAGEMENT:
Pietro Dall'Acqua, from
Bellinzona, in
Winterthur/ZH/Switzerland,
Vice Director,
collective signature.
Heinz Zipsin, from
Feuerthalen, in
Frauenfeld/TG/Switzerland,
Vice Director,
collective signature.
Mark Furniss, from
United Kingdom, in
Schlatt/ZH/Switzerland,
Authorised signatory,
collective signature.
Marzia Poda, from Italy,
in
Weinfelden/TG/Switzerland,
Authorised signatory,
collective signature.
Emil Streule, from
Appenzell, in
Daettlikon/ZH/Switzerland,
Authorised signatory,
collective signature.
Roman Kolbe, from
Winterthur, in
Frauenfeld/TG/Switzerland,
Authorised signatory,
collective signing
authority.
Bruno Suri, from
Utzenstorf, in
Kloten/ZH/Switzerland,
Authorised signatory,
collective signing
authority.
Enric Virago, from Moerschwil, in
Henggart/ZH/Switzerland,
Authorised signatory,
collective signing
authority.
Enrico Virago, from
Moerschwil, in
Henggart/ZH/Switzerland,
Authorised signatory,
collective signing
authority.
Heinrich Volkart, from
Stadel, in
Altikon/ZH/Switzerland,
Authorised signatory,
collective signing
authority.
PERSONNEL INFORMATION:
Thomas called
Tom Slack is of British citizenship and allegedly
lives in
Zurich.
There are no
detrimental reports on the responsible persons's business
conduct.
FURTHER MANDATES
Tom Slack:
- VOLCAFE
International Ltd, Winterthur
- VOLCAFE
Holding Ltd, Winterthur
COMMENTS
The managing board strictly declines to provide any
insight into the subject's corporate affairs. Some indications in this report
such as, number of employees, bank connection, turnover, could not be checked
and
updated
The company's
further evolution under the new ownership remains to be observed.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)