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presented by October France



24 months


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Écommoy, France



Information & Communication

Presentation of the company

Created in 2013, LMCS is active in the IT consulting sector. The company, managed by Ludovic Morin , has 2 employees and is based in Ecommoy. At the beginning the company was dedicated to consulting in IT, now it has diversified its activities.

The company’s main activities are:

  • rental or sale of Sage software and IT consulting
  • sale of children equipments (toys, accessories) on internet marketplaces

The company works with 5 companies for the first activity and a lot of private individuals for the second one.

The manager has worked as accountant and management control director during 12 years in Jemini group. The group was specialized in creation and sale of toys for children in stores, was listed on Alternext and has been in judicial liquidation.

Then, the manager worked one year in an IT company. He is in charge of the IT part of LMCS.

His wife has developped the sale of children products under the name Ludo’store. The company is registered in different marketplaces such as Amazon, Cdiscount, Fnac. The company has good notations : 4,5/5 on Cdiscount and Amazon. The manager chooses atypics products and new fun foreign brands to stand out from the competition. The company only sells on internet.

Project Description

The company wishes to borrow 36 500 € over 24 months to finance the participation of trade shows and the creation of the website. This project will be realised in the next few months.

The amount offered on the platform is limited to 17 885€, which is in line with the regulatory limits.

Like all projects presented to individual 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 447 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The increase of the revenue and the decrease of the profitability in 2016 is linked by the development of the sale children products activity. The forecast is based on 2017. For the 6 first months of 2018, the revenue are better of 15%.

The borrower has a good 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 0,35 and a net debt / shareholder equity of 81%.

The analysis of the project leads to a credit rating of C and a 7,25% annual interest rate.

Strong points:

  • Good historical performance based on diversified client base.
  • Good repayment ability with a forecasted FCCR of 1,27
  • Manager experience in accounting and management control.

Point of vigilence:

  • Competitive sector

*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 (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.