Maclear Project Morazeth
- Written by
- Just P2P
- •
- Updated July 23, 2025
Score B
MORAZETH S.R.L. is a Romanian fresh fruit and vegetable wholesale distributor established in 2023, operating from a 2,000 m² refrigerated facility in Bucharest with eight employees. The company serves HoReCa clients and major retailers (Profi Rom Food SRL, Selgros Cash & Carry SRL) while offering logistics services including warehousing and order management.
The loan will finance specialized processing equipment (sorting machines, washing systems, warehouse racking systems, forklifts) to support secured supply contracts for 2025 totaling over 850,000 kg of products (80% growth compared to 2024 volumes). This expansion will enable the company to scale its wholesale trading and logistics service capabilities.
Investment terms
Loan requested : 300,000€
Period : 14 months
Interest rate : 14.8%
Loan requested : Internal cash reserves to cover equipment cost excess (10,400 €)
The 300,000 € loan represents a strategic investment proportionate to the capital-intensive nature of the fresh produce sector and the company’s rapid scaling requirements. Despite its recent incorporation, the company has demonstrated strong operational execution with revenue growing from 150,299 € in 2023 to 575,100 € in 2024 (representing 283% growth).
The company’s 10,400 € contribution from internal reserves demonstrates financial commitment and sound cash management. The 14-month term and 14.8% interest rate reflect the company’s strong growth trajectory and the secured nature of 2025 contracts, which support its operational expansion in the Romanian agri-logistics market.
Risk metrics
Debt/Equity Ratio : 0.84 (Low risk)
LTV (Loan to Value) : 74% (Medium risk)
Credit History Score : 8/10 (Good creditworthiness)
The debt/equity ratio of 0.84 falls well within the low-risk threshold, indicating conservative financial management and sufficient equity reserves. The LTV of 74% sits in the medium-risk range but remains acceptable given the quality and diversity of collateral including existing refrigeration systems, equipment, and the director’s personal vehicle.
The project’s risk profile is reinforced by the good credit score of 8/10 which reflects solid creditworthiness, although the company’s brief operational history limits the depth of credit assessment. These metrics collectively suggest manageable risk levels for a growth-stage company in the capital-intensive fresh produce sector.
Business profile
Geographic Location : Romania (EU member state)
Industry Sector : Wholesale and services (fresh produce)
Collateral Type : Equipment/Company assets
Romania’s location offers significant advantages and EU market access for fresh produce distribution, with improving logistics infrastructure and competitive labor costs that support operational efficiency. The company operates in a developing sector driven by increasing demand for food options and professional logistics services.
The European fresh produce market is projected to reach 420 billion € by 2029 and cold logistics is growing at 8% annually.
The collateral portfolio combines operational assets including 90,000 € in refrigeration systems and processing equipment with committed cash reserves and personal guarantees. The company’s ability to rapidly scale from a startup processing over 600,000 tons/year while securing major retail contracts demonstrates strong adaptation capacity and good positioning in Romania’s wholesale market.
Positive / Risk factors
Positive factors
- Strong revenue growth: +283% between 2023 and 2024
- Secured 2025 contracts = +80% volume growth
- Debt-free operations with conservative leverage metrics
- Quality collateral exceeding loan value (405,580 €)
- Established relationships with major Romanian retailers
- Refrigerated infrastructure + processing capabilities
- Experienced management with sector expertise
- 0% interest loan of 151,613 € from Director
- Growing EU fresh produce market
Risk factors
- Very short operational history (established in 2023)
- Minimal share capital (RON 200/40 €)
- Heavy reliance on leased rather than owned infrastructure
- Concentrated decision-making (single key person risk)
- Exposure to seasonal fluctuations
- Supply chain volatility
- Highly competitive and price-sensitive market
- Company with limited financial track record
- Dependence on few major client relationships
Score B
The B rating is justified by exceptional 283% growth and secured 2025 contracts that demonstrate solid operational performance, supported by globally acceptable risk metrics (D/E 0.84, LTV 74%) and solid collateral coverage (405,580 €). The director’s significant personal commitment (151,613 € interest-free loan) and the quality of established client relationships reinforce the project’s credibility.
However, the combination of a relatively young company (2 years) operating in a highly competitive sector, with structural risks related to limited operational history and strong dependence on a single manager, maintains this investment opportunity in the medium-risk category of Romania’s expanding fresh produce sector.
