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Ridaa B.V.

presented by October Netherlands

€52,000

6.45%

60 months

B

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location

Location

Middelburg, Netherlands

activity

Activity

Industry

Presentation of the company

Created in 19-12-2006, Ridaa B.V is active in the production of cast iron bearings for industrial and shipping sector. The company, managed by Richard van Unen and El Yafrah , has 5 employees and is based in Middelburg.

The company’s main activities are:

  • Production of propeller shaft bearings
  • Production of plain bearings
  • Production and assemblage of other products with a white metal layer, like bearings pads and slippers

The company works with large players in the industrial and shipping industry

The two businesspartners have a long history in the business. They worked at a large manufacturer of shipping components when they met. After some years they decided to start a business based on the demand they recognised in the market.

Ridaa B.V is able to realize a customer request from engineering to a full fledged end product inhouse, which makes them flexible and able to reach a high level of quality. 

Project description

The company requests a loan of 52.000 € over 60 months to finance the purchase of a new machine in order to increase efficiency. This project will be realised this quarter.

The amount offered on the platform is limited to 25480€, which is in line with the regulatory limits.

Analyst Opinion

With a turnover of 658 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The forecast is based on the performance in 2018, which shows an increase in revenue.

The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,71 and a strong financial structure, with a forecast net debt / ebitda ratio of 0,57 and a net debt / shareholder equity of 82%.

The analysis of the project leads to a credit rating of B and a 6,45% annual interest rate.

*The multiple of FCCR at 1,71 means that the company has a safety margin of 71% 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 1,71.
  • Increasing demand of components for refurbishings

Points of caution:

  • Some clients are operating in a cyclical sector