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Restaurante Maricel SL

presented by October Spain

€65,000

5.6%

36 months

B

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location

Location

Sitges, Spain

activity

Activity

Restaurants and catering services

Presentation of the company

Created in 1990, Restaurante Maricel SL is active in the restaurants sector. The company, managed by Jose Luis Capo Antich, has 17 employees and is based in Sitges, Barcelona.

The company’s main activity is:

  • Food service at their restaurant

The company works with 80 clients per day during high season, focusing on a high standard client.

Project Description

The company wishes to borrow 65.000 € over 36 months to finance the renewal and relocation of air conditioning, heating and refrigerator motors to the top of the building. This project will be realised this quarter.

The amount offered on the platform is limited to 31850€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 751 850 € in 2017 and an experienced team, the company has a good track record combined with a strong operating margin.

Reduction of profitability in 2016 related with the refurbishment of the kitchen.  The forecast is based on performance in 2017. 

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,27 and a good financial structure, with a forecast net debt / ebitda ratio of 3,15 and a net debt / shareholder equity of 60%.

The analysis of the project leads to a credit rating of B and a 5,6% annual interest rate.

The loan has the personal guarantee of Jose Luis Capo Antich. 

*The multiple of FCCR at 1,27 means that the company has a safety margin of 27% 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 (Informa, Asnef). 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 1,27 reinforced by the support of banking pool.
  • Excellent location.

Points of caution:

  • Competitive market.