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Created in 2000, Inprex Servicio De Prevencion De Riesgos Laborales S.L. is active in the Labour risk prevention sector. The company, managed by Abdo Al – Adib Mendiri, has 75 employees and is based in Almendralejo.
The company’s main activity is:
The Labour Risk Prevention services provided by INPREX are mandatory by law for companies with a workforce of between 1 and 500 employees.
The company works with a highly diversified client base of more then 12.000 clients (companies from 1 to 500 employees)
The company is the holding and main operating company of a group of 5 companies. The Group achieved in 2018 a turnover of 7.472.000€ and double digit profitability.
The company requests a loan of 400.000 € over 60 months with 3 months of deferred repayment to finance the implementation of Enterprise Resource Planning (ERP) software: set of systems that allow the integration of certain business operations, such as production, or accounting in order to gain efficiency. This project will be realised this quarter.
This project is a medium-term loan with a capital amortisation deferment and as such presents a different method of capital repayment than standard projects. The first 3 months, the lenders will only receive interest; the following 57 months, the 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.
The amount offered on the platform is limited to 196.000€, which is in line with the regulatory limits.
The borrower is the main operating company representing 63% of the group’s turnover and 60% of the profitability. The Group is not obliged to consolidate its accounts. Financial analysis carried out on the basis of the individual accounts.
With a turnover of 4.704.327 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.
The variation in profitability is related to the acquisition and integration of new companies in the Group. Margins will be stabilized in the future years.
The forecast is based on the performance in 2018 where the company is expecting a 4.714.034 € turnover and a pre-tax profit of 290 037€. The borrower has an excellent repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,27 and a strong financial structure, with a forecast net debt / ebitda ratio of 1. 96 and a net debt / shareholder equity of 296%.
The analysis of the project leads to a credit rating of B and a 6. 5% annual interest rate.
*The multiple of FCCR at 1,27 means that the company has a safety margin of 27% 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.
Points of caution: