Maclear Project Calladan Arakis
- Written by
- Just P2P
- •
- Updated July 24, 2025
Score B+
Calladan-Arakis OOD operates 420 hectares of agricultural land and a centralized processing facility supported by five logistics sites in the Silistra region of Bulgaria. The company is active in primary crop sales (wheat, sunflower, rapeseed, maize, pumpkin seeds) and value-added processing (walnut kernels, apricot kernels, hulled seeds, dried fruits, preserves, and fruit tree saplings).
The loan finances the construction of a HACCP/IFS-compliant processing facility and the acquisition of high-capacity drying and packaging equipment, enabling year-round continuous operations. This investment aims to increase the production of higher-margin processed products while developing export capacities beyond their domestic market.
Investment terms
Loan requested : 700,000€
Period : 14 months
Interest rate : 14.6%
Loan requested : Equipment and infrastructure modernization funded through development subsidies
The 700,000 € loan represents a substantial but proportionate investment for a company operating 420 hectares with established processing infrastructure. It reflects the company’s growth trajectory since its record 2024 profitability and expansion into higher-margin processed products.
The company’s previous investment in solar energy systems and energy-efficient equipment through subsidies demonstrates its commitment to operational efficiency and sustainable practices. Finally, the company contributes through its existing equipment and modernized infrastructure.
Risk metrics
Debt/Equity Ratio : 0.75 (Low risk)
LTV (Loan to Value) : 89% (High risk)
Credit History Score : 9/10 (Very good)
A mixed risk profile is observed with the debt-to-equity ratio indicating conservative leverage (threshold < 1.0), and a loan-to-value ratio above the high-risk threshold of 80%. The latter suggests limited collateral coverage despite the company’s substantial fixed assets (approximately €2.9M).
The very good credit history score of 9/10 provides confidence in the company’s solvency and repayment capacity, supported by the recent recovery of BGN 813,400 in long-term receivables that considerably strengthened the balance sheet.
Business profile
Geographic Location : Bulgaria (EU member states)
Industry Sector : Agribusiness
Collateral Type : Equipment/Company assets
Located in Bulgaria, the company can access the EU market for its exports, while its lower production costs offer a competitive advantage. Moreover, demand is growing in Europe for certified grains, oilseeds and medicinal and aromatic plants (of which Bulgaria is one of the main European producers with a harvest of 16,000 tons/year).
The collateral encompasses fixed assets valued at approximately 2.9M€ (agricultural machinery and storage infrastructure) plus newly acquired processing equipment with an estimated recovery value of 368K€. Furthermore, the company overcame the adverse conditions of 2023 (revenues -28% but profitability maintained), demonstrating its operational resilience and adaptation capacity.
Strenghts / Weaknesses
Strenghts
- Strong revenue growth: 2024 +66% vs 2022
- Integrated model with low cost of goods sold
- Experienced CEO: 12+ years of agri-business expertise
- Substantial fixed assets (€2.9M) as collateral
- Recovery of BGN 813,400 in long-term receivables
- Energy-efficient infrastructure (solar systems)
- Strategic position in the growing EU market
- No existing debt providing financial flexibility
- Very good credit history (9/10)
Weaknesses
- High LTV ratio (89%) with limited collateral coverage
- Exposure to weather risks (2023 revenue decline -28%)
- Concentration on Bulgarian domestic market
- Capital-intensive sector requiring continuous investments
- Seasonal cash flow variations
- Dependence on EU agricultural policies and subsidies
- Competition from large agricultural producers
Opinion Calladan Arakis
The B+ rating is justified by the company’s demonstrated financial resilience, its vertically integrated operations and its strategic positioning in growing European agricultural markets, which help mitigate the main concern of high collateral risk from the 89% loan-to-value LTV ratio. Despite this, the company’s substantial existing asset base of €2.9 million, its solid credit history and the recent recovery of over BGN 800,000 in receivables provide assurance that this represents an attractive investment opportunity.
