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48 months


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Castellbell i el Vilar, Spain




Presentation of the company

Created in 1985, Formin, SA is active in the metalworking sector. The company, managed by Jose Codina, has 38 employees and is based in Castellbell i El Vilar (Barcelona).

The company’s main activity is stamping cold metal sheets for the electric and automotive sector. 

The company works with a production plant (overall surface of 5,000 m2) located in the industrial belt of Barcelona.

Project Description

The company requests a loan of 180.000 € over 48 months to finance acquisition of a new mechanical press. This project will be realised next month.

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 88. 200€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 5 529 592 € in 2017 and an experienced team, the company has a good track record combined with a strong operating margin.

Changes on sales and profitability over the past year are related with increasing demand from the electric sector. The forecast is based on the performance of 2017 and draft 2018 taking into account new contracts signed for 2019

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,38 and a good financial structure, with a forecast net debt / ebitda ratio of 4,69 and a net debt / shareholder equity of 142%.

Half of the market value of the owned fixed assets of the company considered as quasy equity. 

The analysis of the project leads to a credit rating of C and a 7,2% annual interest rate.

*The multiple of FCCR at 1,38 means that the company has a safety margin of 38% 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.

Strong points:

  • Good historical performance based on diversified client base.
  • Good repayment ability with a forecasted FCCR of 1,38 reinforced by the support of banking pool.
  • Stable family owned company

Points of caution:

  • Depedence on raw material prices