Increase of operating capital Remaining9days

Type:
Business
Location:
Latvia
Opens:
2018/06/20
Expires:
2018/07/04
still need
19516.00€
Funded:
from : 35000€
Funding target:
35000
Investment period:
9 months
Interest rate:
18 %
Number of investors:
38

Summary

An operational transportation company is planning to raise the Borrower’s working capital allowing further investments into feasible business projects in light of the highly competitive market of the Borrower’s main line of business.

The Borrower owns and manages a fleet of 29 vehicles including 7 units of Volvo FH carriers/heavy trucks, 2 units of Scania carriers/heavy trucks, 3 units of Schmitz Curtainsider semi-trailer, 7 units of Schmitz Temperature controlled semi-trailers and 10 units of Lightweight vehicles.

The Borrower provides logistics services for the transportation of cargo by road, and is offering high quality and reliable taxi services in Riga.

Current investment opportunity offers CROWDESTOR investors to make a loan with 18% annual interest rate which is paid every month, secured by personal guarantee of the Borrowers shareholder & CEO and guarantee of the Borrower.

Minimum target to be raised in CROWDESTOR platform is EUR 10 000,00 and the maximum target is EUR 50 000,00.

 

Loan

Minimum target – EUR 10 000,00.

Maximum target – EUR 50 000,00.

Loan term – 9 months.

Interest rate – 18% per annum.

Interest payments: paid monthly – for previous month interest payment is paid by 5th date of the following month.

Loan repayment: In full at the end of the Loan Term.

Early repayment: In case of early repayment of the Loan, the Borrower pays 20% from scheduled Interest Payments.

 

Security

  • Personal guarantee of the Borrowers shareholder & CEO;
  • Guarantee of the Borrower.

 

The Project

The Borrower owns and manages a fleet of 29 vehicles including 7 units of Volvo FH carriers/heavy trucks, 2 units of Scania carriers/heavy trucks, 3 units of Schmitz Curtainsider semi-trailer, 7 units of Schmitz Temperature controlled semi-trailers and 10 units of Lightweight vehicles.

The Borrower provides logistics services for the transportation of cargo by road, and is offering high quality and reliable taxi services in Riga.

In the field of transportation of cargo by road, main clients and partners are globaly recognized transport companies as SIA DSV Latvia, which is a subsidiary of AS DSV, a Danish transport and logistics company offering transport services worldwide by road, air, sea and train, with 45 000 employees and an annual turnover of 10 billion EUR.

Another client – SIA Kreiss, one of the biggest transportation companies in Baltics and CEE region with a fleet on more than 1500 vehicle units, more than 2500 employees and an annual turnover of 150 million EUR.

In the field of taxi services – Borrower is using Taxify platform, which is a leading transportation company in Baltics, and revenues are generated from lease of vehicles to drivers.

Taxify is one of the fastest growing companies in Europe and Africa with over 3 million customers in more than 20 countries. Taxify lately raised investments of 175 million EUR and was valuated more than 1 billion EUR.

Borrower does not operate under its own brand transportation company.

Loan will be used to finance such expense positions as fuel, road fees and salaries.

 

Taxi market in Riga

According to a study of Competition Council of the Republic of Latvia, issued on 08.01.2016, on taxi industry in Latvia:

  • All taxi operators have equal conditions for market entry. Taxi industry is licensed by municipality of Riga and operator must meet criteria defined by municipality to receive a licence. There are no tender procedures or quotas of annually or monthly licences issued;
  • By the end of 2015, there were 617 operational companies in Riga with total amount of 2197 issued licences for vehicles;
  • The biggest operators in Latvia are – Taxify, Baltic Taxi, Panda Taxi and Rīgas Taksometru parks.

About the Borrower

The Borrower is SIA “Green CAB”, a company registered in the Republic of Latvia with registration number 40203055041, with paid share capital of EUR 58 000,00.

The company was established in March 2017, with first 2 taxi units, including a Nissan Leaf which is 100% electric car. Taxi licence was received in 26 April, 2017. By the end of 2017 the taxi park has been increased by 8 more units reaching total number of 10 units.

In January 2018, in an auction the Borrower acquired numerous of transportation assets and stepped in a new business segment – provides logistics services for the transportation of cargo by road. Licence was received in 31 January, 2018.

The Borrower has total assets of EUR 617 660,00 and liabilities of EUR 434 362,00.

Full list of assets owned and operated can be seen in file attached.

 

In annex:

  • Taxi licence issued by municipality of Transport department of Riga;
  • Licence for transportation of cargo by road;
  • Study of Taxi industry by Competition Council of Republic of Latvia.

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