Mediteck

Presentation of the company

Created in 2006, Mediteck S.r.l. is active in the medical sector. The company, managed by Pierpaolo Baldo, has 43 employees and is based in Cairo Montenotte (Italy). The managment team has a long-lasting experience working in the sector for more than 20 years. Mr. Pierpaolo Baldo, managing director, has overall 30 years of professional experience in the sector.

The company’s main activity is the reparation of electromedical instruments.

The company works with hospitals and large global services companies as general contractor in the healthcare sector.

Learning and technology have always been the key drivers of Mediteck growth.

Project Description

The company requests a loan of 200 000 € over 36 months to finance the renovation costs of a new laboratory that will be used to repair ultrasound probes. This project will be realized in the next few months.

This project is not covered by the Italian state guarantee.

The amount offered on the platform is limited to 98 000 €, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 4 484 034 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The forecast is based on the historical performance and company business plan. In 2018 turnover decreased slightly because of a reduction of orders from a main client, partially substituted by new clients.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,06 and a good financial structure, with a forecast net debt / ebitda ratio of 2,73 and a net debt / shareholder equity of 177%.

Real estate debt has been adjusted taking into consideration the value the assets.

The analysis of the project leads to a credit rating of C and a 6,7% annual interest rate.

*The multiple of FCCR at 1,06 means that the company has a safety margin of 6% 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;
• Correct repayment ability with a forecasted FCCR of 1,06 reinforced by the support of historical banking pool;
• Historical company active in a market niche.

Points of caution:

• Long payments term of clients.