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Progetti Plant 02

presented by October Italy

€430,000

5.5%

36 months

B

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location

Location

Altavilla vicentina, Italy

activity

Activity

Building & public Works

Presentation of the company

Created in 2007, Progetti Plant S.r.l. is active in the industrial installation sector. The company, managed by Marco Lora, has 33 employees and is based in Altavilla vicentina.

The company’s main activities are:

  • Design and installation of plants for the ceramic sector.
  • Design and installation of plants for the medical sector, especially related to nuclear medicine .

The company works with all major international sanitaryware manufacturers.

Progetti Plant takes care of the design, supervision and implementation of the prototype, verifies the functionality of the plant within the production process of the customers and trains the staff also ensuring post-installation services.

Project Description

The company requests a loan of 430 000 € over 36 months to finance the costs connected to the design, construction and supervision consultancy for the new National Cyclotron Centre at the Nuclear Research and Nuclear Energy Institute in Sofia, Bulgaria. This project will be realized in the next few months.

As a reminder, the October lending community supported Progetti Plant in December 2017 with 300 000 € to finance the development of an innovative drying tunnel. The loan has been amortizing correctly without any incidents. The total outstanding as of June 5th 2019 is 148 845 €.

This project is not covered by the Italian state guarantee.

The amount offered on the platform is limited to 210 700 €, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 11 657 000 € in 2018 and an experienced team, the company has a good track record combined with a strong operating margin.

Turnover increased in 2017 thanks to increased activity in the medical and ceramic sector. The slight decrease of profitability in 2017 is related to upfront costs of new projects. The forecast is based on 2018 performance and the historical trend. In 2018 the company is confirming the increasing trend of revenues with a slighly lower profitability.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,2 and an excellent financial structure, with a forecast net debt / ebitda ratio of 1,05 and a net debt / shareholder equity of 44%.

The analysis of the project leads to a credit rating of B and a 5,5% annual interest rate.

*The multiple of FCCR at 1,2 means that the company has a safety margin of 20% 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;
  • Good repayment ability with a forecasted FCCR of 1.2;
  • The company offers innovative and customized solutions distinguishing itself from the main competitors.

Points of caution:

  • Exchange rate risk.