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presented by October Spain



36 months


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Warning Lending money to SMEs presents a risk of capital loss and requires your savings to be immobilised.







Company’s presentation

Created in 2014, Tonewoods S.L. is active in the sawmilling and planning of wood sector. The company, managed by Nicholas Weber, has 4 employees and is based in Chiva (Valencia). Nicholas Weber has more than 18 years experience in the sector, with a longstand relationship with most of their customers.

The company’s main activity is the supply of wood for musical instruments.

The company works with more than 20 customers, relevant guitar makers from US, China and Germany.

Presentation of the project

The company wishes to borrow 150.000 € over 36 months to finance the acquisition of new inventories in order to be able to deliver the strong increase of new orders. This project will be realised next month.

Analyst opinion

With a turnover of 881 063 € in 2016 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 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 4,3 and a net debt / shareholder equity of 2,17 taking into account the capital injection.

The analysis of the project leads to a credit rating of C and a 8,50% annual interest rate and has the personal guarantee of Isabel Bellver and Nicholas Weber

Strong points:

  • Good historical performance
  • Good repayment ability with a FCCR of 1,27
  • Manager longstanding track record

Points of vigilence:

  • Potential new competitors

*The multiple of FCCR at 1,2 means that the company has a safety margin of 20 % 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 (ModeFinance, Crif, Cerved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.