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Mechanical Field Support B.V.

presented by October Netherlands

€1,250,000

4.9%

36 months

B+

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location

Location

Heteren, Netherlands

activity

Activity

Commerce

Presentation of the company

Created in 20-07-2001, Mechanical Field Support B.V. is active in the gas turbine power generation sector. The company, managed by Alex Peelen, has 22 employees and is based in Heteren.

Mr. Alex Peelen, managing director, has overall 22 years of professional experience in the gas turbines for power generation sector and has been the managing director of Mechanical Field Support B.V. for 12 years.

The company’s main activities are:

  • Maintenance service provider for gas turbines.
  • Sale of spare parts for gas turbines.

The company works with o.a. BP, Engie, Essent.

Project Description

The company requests a loan of 1,250,000 € over 36 months to finance further international expansion and inventory. This project will be realised by the end of the year.

The amount offered on the platform is limited to 612 500€, which is in line with the regulatory limits.

Analyst’s Opinion

The borrower is the main operating company representing 90% of the group’s turnover and 95% of the profitability. The financial analysis was carried out on the consolidated financial statements, which reflects the group’s performance.

With a turnover of 4 168 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The historical growth in turnover is driven by increased sales to existing customers and sales to new clients. The forecast is based on the draft 2018 figures, which show a preliminary turnover of above 5 mln, at comparable profitability levels.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,31 and an excellent financial structure, with a forecast net debt / ebitda ratio of 0,4 and a net debt / shareholder equity of 35%.

The analysis of the project leads to a credit rating of B+ and a 4,9% annual interest rate.

*The multiple of FCCR at 1,31 means that the company has a safety margin of 31% 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 diversified client base.
  • Excellent repayment ability with a forecasted FCCR of 1.31.
  • Long-term contracts with blue chip clients.

Points of caution:

  • International expansion risk.
  • Limited supply of highly qualified personnel.