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presented by October Italy



36 months


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Tavarnuzze, Italy




Presentation of the company

Created in 1993, Baldi S.r.l.  is active in the Luxory sector. The company, managed by Luca Baldi, has 33 employees and is based in Impruneta (Italy).

The company’s main activity is the design and production of precious and handcrafted furnitures.

The company works with international companies active as wholesaler of jewels and exclusive retailers of Baldi products.

Project Description

The company wishes to borrow 400 000 € over 36 months to finance the opening of two retail points in Monaco and Moscow. This project will be realised by the end of the year.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

The amount offered on the platform is limited to 196 000 €, in line with regulatory limits.

This project is not covered by the Italian state guarantee.

Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

With a turnover of 8 228 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Slight reduction of sales is mainly related to lower level of activity of the retail business. The forecast is based on the performance of 2017 taking into account the new openings.

The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,54 and a good financial structure, with a forecast net debt / ebitda ratio of 2,94 and a net debt / shareholder equity of 261%.

The analysis of the project leads to a credit rating of B and a 5,5% annual interest rate.

Strong points:

  • Good historical performance based on diversified client base;
  • Solid repayment ability with a forecasted FCCR of 1,54;
  • Low level of competition.

Point of Vigilence:

  • Activity dependent on price and availability of precious stones.

*The multiple of FCCR at 1,54 means that the company has a safety margin of 54 % relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (ModeFinance, Crif, Creved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.