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presented by October Italy



36 months


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Camposampiero, Italy




Presentation of the company

Created in 2009, Flat Bag S.r.l. is active in the paper packaging sector. The company, managed by Ronnie Pallaro, has 18 employees and is based in Camposampiero.

The company’s main activity is the manufacture of paper shopper bag.

The company works with professional customers, both wholesalers and private companies.

Project Description

The company requests a loan of 250 000 € over 36 months to finance to finance the full payment of the supplier for the 3rd production line that will be operative from June 2019. This project will be realized this quarter.

At least 40% of the risk of this loan is covered by a guarantee from the Republic of Italy via the “Fondo di Garanzia PMI”.

The amount offered on the platform is limited to 122 500 €, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 2 499 000 € in 2018 and an experienced team, the company has a good track record combined with a strong operating margin.

Turnover growth has been driven by the success of the product in the market also thanks to the reduction of plastic usage joined with the acquisition of new customers. Decrease of margins in 2018 is related to the acquisition of the 3rd production line and to the R&D costs. The forecast is based on the performance of 2018 considering the increase of production with the full operation of the 3rd production line.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,13 and a strong financial structure, with a forecast net debt / ebitda ratio of 2,5 and a net debt / shareholder equity of 63% considering shareholder loan which will be blocked over October loan.

The analysis of the project leads to a credit rating of C and a 6% annual interest rate.

*The multiple of FCCR at 1,13 means that the company has a safety margin of 13% 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 (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong Points:

  • Good historical performance based on the development of new innovative product;
  • Correct repayment ability with a forecasted FCCR of 1,13 reinforced by the support of banking pool and shareholders.
  • Growing company based on an innovative product taking advantage by regulation on plastic bags.

Points of caution:

  • High customer concentration.