Maclear Project ARD Solutions
- Written by
- Just P2P
- •
- Updated August 26, 2025
Score C+
ARD Solutions EOOD, operating from Bulgaria, specializes in the production of waterproofing materials for the construction sector. The company supplies major clients including BALKANSTROY KK, CONSTRUCTII ERBASU SA and KESZ HOLDING ZRT, positioned in the European construction market with established contracts in Bulgaria, Romania and Hungary.
The project aims to expand production capacity through the acquisition of specialized manufacturing equipment and infrastructure improvements. The funds will enable an increase in annual capacity to 5,000 tons of waterproofing materials, meeting the growing demand in the European sector and optimizing the company’s operational efficiency by 30%.
Investment terms
Loan requested : 650,000€
Period : 15 months
Interest rate : 14.8%
Loan requested : No contribution mentioned
The loan amount represents 41.6% of 2024 revenue (1,562,382 €) and 11 times 2024 net profit (58,877 €), demonstrating a substantial investment relative to the company’s current size. However, established contracts with major players such as BALKANSTROY KK and CONSTRUCTII ERBASU SA partially secure the company’s future revenues.
The absence of any equity contribution from the company nonetheless increases risk for investors, especially since the company has achieved profits over the past three years (72,081 € in 2022, 41,138 € in 2023 and 58,877 € in 2024), suggesting that even a modest contribution would have been feasible and would have demonstrated stronger commitment to the project.
Risk metrics
Debt/Equity Ratio : 0.38 (Low risk)
LTV (Loan to Value) : 76% (Medium risk)
Credit History Score : 7/10 (Acceptable creditworthiness)
The debt-to-equity ratio of 0.38 indicates a conservative financial structure with limited leverage, positioning the company in the low-risk category. The LTV of 76% falls within the medium-risk range, offering acceptable collateral protection but without comfortable margin.
The credit score of 7/10 reveals an acceptable payment history with room for improvement (this is the lowest score observed among projects presented on Maclear). These metrics collectively suggest a moderate risk profile, though a better credit history would have been an important asset for the overall rating.
Business profile
Geographic Location : Bulgaria (EU member state)
Industry Sector : Services (Construction/Materials)
Collateral Type : Equipment/Company assets
Bulgaria offers competitive advantages with competitive production costs and direct access to the European market. The European construction sector is experiencing sustained growth with infrastructure investments of 193 billion € planned by 2032, creating strong demand for sustainable waterproofing materials.
For ARD Solutions, stable growth is observed despite the cyclical nature of the construction sector (with a notable profitability decline in 2023). Regarding the collateral provided, it is simply described as “equipment and assets,” making it impossible to determine their liquidity and depreciation rate, limiting the evaluation of the actual coverage provided by the 76% LTV.
Positive / Risk factors
Positive factors
- Conservative debt/equity ratio (0.38)
- Established contracts with major clients
- Stable revenue growth (+5% since 2022)
- European construction market positioning
- Gross margin maintained at 20.3%
- Geographic diversification (3 countries)
- Production capacity expandable to 5,000 tons
Risk factors
- No equity contribution to project
- High LTV at 76%
- Average credit score (7/10)
- Low net margin (3.8%)
- Short repayment period (15 months)
- Limited profitability (€58,877 net)
- Dependence on cyclical construction sector
- Only 3 years of financial history
Opinion ARD Solutions
The C+ rating is justified by the combination of multiple concerning metrics: credit score below the “Good” threshold (7/10), complete absence of equity contribution, very low net margin (3.8%) and very limited profitability with only €58,877 in net profit for a €650,000 loan.
While the conservative debt-to-equity ratio of 0.38 and contracts with established clients offer some mitigation, these positive factors do not sufficiently offset the accumulation of risks, notably the somewhat high LTV of 76%. The investment remains viable but presents a high-risk profile.
