Maclear Project SIMAO-RT EOOD
- Written by
- Just P2P
- •
- Updated November 24, 2025
Score B
Founded in 2022 and based in Sofia, Bulgaria, SIMAO-RT EOOD operates in wholesale trading of agricultural raw materials. The company sources directly from Bulgarian farmers and exports wheat, sunflower, corn and other cereals to the EU. It operates a fleet of eight trucks with 55m³ semi-trailers.
The project aims to build the company’s own storage and processing infrastructure, including silos, a drying facility and a cleaning line. These facilities will enable off-season sales at higher margins and reduce dependence on subcontractors while improving logistics efficiency.
Investment terms
Loan requested : 1,900,000€
Period : 14 months
Interest rate : 14.5%
Company contribution : None
The loan represents 22% of 2024 turnover (8.7M €) and 4.2 times net profit, showing a substantial yet proportionate investment relative to the company’s operations. The company has secured framework contracts with MK Merchants Bulgaria EOOD, Soya Mills and Mutlu Makarnacilik. These contracts guarantee an annual volume of 25,000 tons of wheat, providing a stable revenue base. The company does not contribute any equity to the project. Existing assets serve solely as collateral.
Risk metrics
Debt/Equity Ratio : 1.98 (Medium risk)
LTV (Loan to Value) : 80% (Medium risk)
Credit History Score : 8/10 (Good creditworthiness)
The debt ratio of 1.98 indicates moderate leverage in the medium risk range. The LTV at 80% is at the upper acceptable limit, suggesting minimal collateral coverage. The credit score of 8/10 shows good creditworthiness despite the company’s short operating history. These metrics collectively suggest a moderate to elevated risk profile that requires careful execution of the expansion plan.
Business profile
Geographic Location : Bulgaria (EU member states)
Industry Sector : Agriculture
Collateral Type : Equipment/Company assets
Bulgaria offers significant competitive advantages with agricultural costs among the lowest in Europe and direct access to EU and Balkan markets. The sector benefits from growing European demand for cereals and Green Deal initiatives promoting traceability. The collateral totals 2.38M€ and includes the truck fleet, semi-trailers and new infrastructure, but does not include real estate. The company has shown resilience by maintaining 75% growth between 2022-2024 despite commodity price volatility.
Positive / Risk factors
Positive factors
- Framework contracts securing 25,000 tons/year
- Revenue growth +75% since 2022
- Storage autonomy (dedicated infrastructure)
- Autonomous transport capacity (440 m³)
- Margins x2 via off-season sales
- Good credit score despite short history
- Established network (farmers, exporters)
- Strategic position for EU trade
Risk factors
- Fairly high LTV at 80%
- Short operating history (2022)
- Exposure to price volatility
- 60% of collateral on future assets
- Infrastructure project complexity
- Agricultural yield seasonality
- International trader competition
- Absence of equity contribution
Opinion SIMAO-RT EOOD
The B rating is justified by solid revenue growth (75% since 2022), secured framework contracts that guarantee stable demand, and planned infrastructure that will substantially improve margins. While the high LTV and short operating history are concerns, the good credit score and moderate debt ratio help reduce these risks. This investment is a balanced opportunity that offers attractive returns with manageable risk levels.
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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.