Maclear Project Palladio Plast
- Written by
- Just P2P
- •
- Updated December 27, 2025
Score C+
Palladio Plast S.R.L., based near Padua, Italy, is a B2B distributor specializing in plastic raw materials. The company supplies PP and PE pellets to industrial processors in the packaging, construction and manufacturing sectors. Its model relies on warehouse storage, quality control and reliable delivery.
The financing objective is to secure an annual supply contract with Resinex Italy S.R.L. requiring the purchase of 250 tonnes of polymers monthly at a fixed price. The funds will be used exclusively for working capital to finance mandatory purchases, bridge payment gaps and build up necessary inventory.
Investment terms
Loan requested : 650,000€
Period : 14 months
Interest rate : 14.7%
Company contribution : N/A
The 650,000 € loan represents approximately 36% of 2024 revenue (1,791,271 €) and 5.2 times the fiscal year net profit (125,481 €), representing a significant commitment for an SME of this size. However, the company benefits from regular contracts representing 180 tonnes monthly with 11 established industrial clients, partially securing future demand. The available cash reserves of 189,000 € and regular monthly flows exceeding 200,000 € strengthen repayment capacity.
Risk metrics
Debt/Equity Ratio : 1.15 (Medium risk)
LTV (Loan to Value) : 179% (High risk)
Credit History Score : 8/10 (Good)
The D/E ratio of 1.15 falls within the medium risk range, indicating controlled financial leverage compatible with a capital-intensive trading activity. However, the 179% LTV reveals clearly insufficient coverage by tangible collateral, with pledged assets (362,000 €) covering only 56% of the requested loan.
The credit score of 8/10 reflects a good payment history and responsible financial management. These metrics collectively suggest a high-risk profile primarily attributable to weak collateral coverage, partially offset by operational strength and satisfactory credit history.
Business profile
Geographic Location : Italy
Industry Sector : Plastic raw materials distribution
Collateral Type : Equipment, vehicles, cash reserves, share capital
The Italian location provides direct access to one of Europe’s largest plastics processing markets, with annual imports of 22 billion € and a fragmented base of SMEs requiring flexible intermediaries. The polymer distribution sector benefits from structurally stable demand, although subject to margin pressure and raw material price volatility.
The collateral includes logistics equipment, vehicles and cash reserves, supplemented by the CEO’s personal vehicle. Sustained revenue growth since 2022 (from 973,679 € to 1,791,271 €) demonstrates the company’s ability to grow volumes despite a demanding competitive environment. Dependence on the sole director remains a recognised concentration factor.
Positive / Risk factors
Positive factors
- Steady revenue growth
- Regular contracts with 11 clients
- Good credit history (8/10)
- Progressively improving margins
- Resinex contract stabilising prices
- Available cash reserves of 189,000 €
Risk factors
- Very high LTV (179%)
- Non-contracted demand (70 t/month)
- Single key-person dependence
- Concentrated bullet repayment
- Single strategic supplier (Resinex)
- Structurally thin margins
Opinion palladio Plast
The C+ rating is justified by an LTV of 179%, significantly above the high-risk threshold, partially offset by a moderate D/E ratio and a good credit score. Sustained revenue growth and regular contracts covering 72% of planned volumes mitigate execution risk.
However, the non-contracted demand gap of 70 tonnes monthly and concentration on a single supplier constitute significant vulnerabilities. The bullet repayment structure requires strict cash flow management discipline. The investment offers attractive return potential but requires high risk tolerance.
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About the Author
Silvère is an economist and IT engineer with numerous years of experience in business management, FinTech investment and digital marketing. He invests mainly in crowdlending especially P2P lending, P2B lending, and real estate crowdfunding.