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Projects Services & Deliveries B.V.

presented by October Netherlands

€250,000

5.5%

48 months

B+

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location

Location

Steenbergen, Netherlands

activity

Activity

Industry

Presentation of the company

Project Services & Delivery is the holding company set up in 2016 to acquire active in the Steel constructions for industrial appliance sector, managed by Cees Klein, has 50 employees and is based in Steenbergen, the Netherlands.

The company’s main activity is:

  • Steelworks for the Petrochemical industry, Bodywork construction for the vehicules and industry and steelworks for construction

The company works with a sheet metal and a welding faclitity where it can process steel, aluminum or stainless steel with an uptodate advanced machine park and highly skilled personnel.

The company was founded in 2016 by Mr. Klein, who has been active in this sector for over 45 years, together with his general manager, who has 30 years experience in this business.

Project Description

The company requests a loan of 250. 000 € over 48 months to finance the investments in machines acquired last year and self financed by the company. This project will be realised next month.

The amount offered on the platform is limited to 122500€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 4 831 000 € in 2018 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Turnover growth of the past years is driven by increasing number of customers as well as higher revenues per customer. The forcast has been based on the actual sales pipeline for 2019, with the same level of profitability as the previos years.

The borrower has an excellent repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 2,42 and a strong financial structure, with a forecast net debt / ebitda ratio of 1,58 and a net debt / shareholder equity of 189%.

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

Strong points:

  • Good historical performance based on a strong client base with credit insurance.
  • Excellent repayment ability with a forecasted FCCR of 2,42.
  • Diversified supplier network of 30 to 40 source channels

Points of caution:

  • Limited diversification of client base