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presented by October Spain



36 months


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Puerto de la Cruz, Spain




Presentation of the company

Created in 1974, Reyes Diaz S.A. is active in the hardware sector. The company, managed by Maria Isabel Reyes Neflin, has 25 employees and is based in Santa Cruz De Tenerife. 

The company’s main activities are:

  • Sale of household appliances, bathrooms and ceramics, gardening, and technical hardware material.
  • Sale of materials for Hotel maintenance.
  • Sale of materials for Construction Works.

The company works with a diversified client base of individuals, professionals in construction/repairs/plumbing/electricity, hotels, theme parks and construction companies.

Project Description

The company wishes to borrow 200 000 € over 36 months to finance the creation of a bathroom furniture assembly line. This project will be realised next month.

Analyst’s Opinion

With a turnover of 5 817 084 € in 2016 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Over the past three years , increase of turnover is related to the commercial expansion to the rest of the Canary Islands. In 2018, the company is expecting the same level of turnover with a better profitability.

The borrower has an excellent repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1.70 and a good financial structure, with a forecast net debt / ebitda ratio of 4.9 and a net debt / shareholder equity of 67%.

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

Strong points:

  • Good historical performance based on diversified client base.
  • Excellent repayment ability with a forecasted FCCR of 1.70.
  • Well-known brand name in the Canary Islands.

Points of vigilence:

  • Strong competition.

*The multiple of FCCR at 1,7 means that the company has a safety margin of 70% 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.