Cantiere Del Pardo

Presentation of the company

Created in 2010, Cantiere Del Pardo is active in the Naval sector. The company, managed by Marco Casadei, has 57 employees and is based in Forli (Italy).

The company’s main activities are:

• Design and production of sailboats with brand Grand Soleil;
• Design and production of motor boats with brand Pardo.

The company works with dealers for the export business which currently account for about 60% of sales and private customers for the domestic sales.

Project Description

The company wishes to borrow 300 000 € over 30 months with 3 months* of deferred repayment to finance the acquisition of new molds and the participation of fairs. This is the first trance of a total investment of € 1 500 000. The second trance for a maximum of € 1 200 000 can be financed at the end of 2018 subject to an equity contribution. Our analysis takes into account the whole project. 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.

At least 40 % of the risk of this loan is covered by a guarantee from the Italian Republic via the “Fondo di Garanzia PMI”. However, this does not mean 100% certainty that the guarantee will be enforceable if there is a payment default. For more information, consult our tutorial.

The amount offered on the platform is limited to 147 000€, which is in line with the regulatory limits.

*This project is a medium term loan with deferral of capital amortization and, as such, presents a different method of capital repayment than standard projects. For the first 3 months, lenders will receive interest only; for the next 27 months, lenders will receive interest and principal amortization. This principal repayment profile matches the borrower’s financing needs while allowing lenders to earn a higher amount of interest.

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 21 191 866 € in 2017 and an experienced team, the company has a good track record combined with a strong operating margin.

Increase in Sales is mainly related to the new motor boat business unit started in 2017. The forecast is based on the performance of 2017 taking into account first months of 2018.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,2 and a good financial structure, with a forecast net debt / ebitda ratio of 2,53 and a net debt / shareholder equity of 208%.

The analysis of the project leads to a credit rating of B and a 4,9% annual interest rate.

Strong Points:

• Good historical performance based on diversified client base;
• Good repayment ability with a forecasted FCCR of 1,2 reinforced by the support of banking pool;
• Well known brand with a good reputation in the industry.

Points of vigilance:

• Cyclical industry.

*The multiple of FCCR at 1,2 means that the company has a safety margin of 20 % 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, Cerved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.