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Cerpa, SL

presented by October Spain

€1,500,000

5.5%

36 months

B

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location

Location

Onda,Spain

activity

Activity

Industry

Presentation of the company

Created in 1980, CERPA SL is active in the Ceramic sector. The company, managed by Herminio Alos Aguilella, has 96 employees and is based in Onda, Castellon.

The company’s main activity is:

  • Manufacturing of ceramic tiles.

The company works with an extremely diversified client base of national (30%) and international (70%) clients.

The company acquired minority stake of its main supplier ‘Grupo Tierra Atomizada’ in the frame of a vertical integration strategy. This supplier is profitable and achieve a 94Mio € turnover. 

Project Description

The company wishes to borrow 1.500.000 € over 36 months to finance their investment program, partially financed with short term debt. This project will be realised next month.

The amount offered on the platform is limited to 735 000€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 20 625 975 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Over the past years, variations of turnover is related with the reorganization of the commercial area. The forecast is based on 2017 performance.

The borrower has an excellent repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio*) at 1.11 and a good financial structure, with a forecast net debt / ebitda ratio of 3.94 and a net debt / shareholder equity of 69%.

Bonds has been considered as quasi equity as there will be repaid after the Lendix’loan.

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.
  • Excellent repayment ability with a forecasted FCCR of 1.11.
  • More than 30 year experience in the sector and diversified and international customer base.

Points of caution:

  • Strong competition in the ceramic sector in the Castellon region.

*The multiple of FCCR at 1,11 means that the company has a safety margin of 11% 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 (Informa, Asnef). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

*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.