Mesaroli Logistica

Presentation of the company

Created in 2006, Mesaroli Logistica S.p.A. is active in the Transport sector. The company, managed by Vittorino Mesaroli, has 116 employees and is based in Trevenzuolo.

Vittorino Mesaroli, managing director, has overall 30 years of professional experience in the sector (Italy).

The company’s main activities are:

• Temperaturecontrolled freight transport;
• Transport of live animals;
• Logistics services.

The company works with more than 100 customers mainly active as food & pharma manufacturers and distributors.

Project Description

The company requests a loan of 1 300 000 € over 36 months with 3 months of deferred repayment to finance the acquisition of a land to build a new logistic platform. 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 637 000 €, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 66 152 788 € in 2017 and an experienced team, the company has a good track record combined with a strong operating margin.

Increase of turnover is driven by growing market share. The forecast is based on the performance of 2017 taking into account draft account 2018 which shows an increase in sales and stable profitability.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,06 and a strong financial structure, with a forecast net debt / ebitda ratio of 1,37 and a net debt / shareholder equity of 154%. Financial debt has been adjusted by market value of trucks and the insured receivables.

The analysis of the project leads to a credit rating of B and a 5,7% 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 the banking pool;
• Large player in a market niche.

Points of caution:

• Variation of fuel price.