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Seristudio

presented by October Italy

€50,000

6.4%

24 months

C

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location

Location

Cicagna, Italy

activity

Activity

Industry

Presentation of the company

Created in 2006, Seristudio S.p.A. is active in the serigraphic printing sector. The company, managed by Roberto Deiana, has 112 employees and is based in Cicagna.

Mr. Roberto Deiana, managing director, has overall 30 years of professional experience in the sector.

The company’s main activity is the serigraphic printing, ink lasering and pad printing.

The company works with players involved in the automotive sector.

Project Description

The company requests a loan of 50 000 € over 24 months to finance the acquisition of a new and updated management system that will help the company increase its operational efficiency. This project will be realized in the next few months.

This project is not covered by the Italian state guarantee.

The amount offered on the platform is limited to 24 500 €, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 11 147 135 € in 2018 and an experienced team, the company has a good track record combined with a strong operating margin.

Marginality decreased in 2018 due to extraordinary expenses related to the final solution of long standing disputes with some banks and a supplier originated in 2011 after a fire destroyed the main factory. The forecast is based on 2018 performance taking into account the company business plan.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1. 14 and a strong financial structure, with a forecast net debt / ebitda ratio of 1. 59 and a net debt / shareholder equity of 89%. Long term debt is mainly related to rescheduled taxes.

The analysis of the project leads to a credit rating of C and a 6.40% annual interest rate.

*The multiple of FCCR at 1,14 means that the company has a safety margin of 14% 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 1.14;
  • Company known in the market for its high quality service.

Points of caution:

  • Risk associated with the automotive sector.