Industrial Logistics
23,955.90USDC
99.82% of 24,000 USDCRepaidon Jun 1, 2026
- Funded date
- Sep 5, 2025
- Repaid date
- Jun 1, 2026
- Loan period
- 9 months
- Annual interest
- 22.50 %
Replacing rented machinery with an owned fleet
Terex-M is raising €1.2M in three tranches to buy excavators, a bulldozer, backhoe loaders, trucks and trailers, cutting rental costs from €674,912 in 2024 to a projected €129,092 by 2026.
23,955.90USDC
99.82% of 24,000 USDCRisk score: A9 months22.50 %Repaid
Terex-M DOO BOR is a Serbian company active in earthworks, industrial logistics, and oversized cargo transport. It serves mining, construction, and public infrastructure sectors with services ranging from site preparation and excavation to heavy haulage and inter-site logistics. While headquartered in Bor and closely tied to mining operations, the company’s service model has expanded to include infrastructure and energy contractors. Terex-M operates a mixed fleet of leased and owned machinery, enabling operational flexibility.
Key figure and leadership
CEO Miloš Milovanović brings strong sectoral expertise in mining logistics and project execution. He plays a central role in strategic and operational leadership, which has driven company growth but also creates dependency on a single decision-maker.
Strengths
Stable growth trajectory with 8x gross profit increase from 2021 to 2024.
Long-term contract with a major mining client.
Well-defined operational niche with limited competition.
Upcoming fleet investment to reduce reliance on rentals and support parallel operations.
Weaknesses
Heavy dependence on a single client and sector.
Capital-intensive model exposes business to utilization risk.
Limited diversification in revenue sources.
Conclusion
Terex-M DOO BOR is a capable and profitable contractor in a high-barrier niche. However, it faces structural risk due to concentration, governance centralization, and reliance on a narrow set of clients. Planned capital investments could significantly improve operational independence and cost structure, but long-term resilience will depend on diversification and governance reinforcement.
Description of the Loan
Terex-M DOO BOR seeks a loan of €1,200,000 to finance the acquisition of key heavy machinery for its ongoing operational expansion. The company will co-finance €11,790.00 from its own funds. The loan will be structured into three equal tranches of €400,000, each with a term of 14 months and an annual interest rate of 14.70%. Interest will be paid monthly, while the principal is repaid at the end of each tranche period.
First Tranche – €400,000
Equipment | Quantity | Unit Price (€) | Total (€) |
Used Bulldozer Liebherr | 1 | 122,200.00 | 122,200.00 |
Used Tracked Excavator Volvo | 2 | 82,350.00 | 164,700.00 |
New Backhoe Loader JCB | 1 | 84,420.00 | 84,420.00 |
Low-bed Semi-Trailer | 1 | 27,200.00 | 27,200.00 |
Total | €398,520.00 | ||
Second Tranche – €400,000
Equipment | Quantity | Unit Price (€) | Total (€) |
Used Tracked Excavator Volvo | 1 | 82,350.00 | 82,350.00 |
Truck MB Actros (Tractor) | 2 | 79,400.00 | 158,800.00 |
XCMG Dump Truck (Tipping) | 3 | 54,320.00 | 162,960.00 |
Total | €404,110.00 | ||
Third Tranche – €400,000
Equipment | Quantity | Unit Price (€) | Total (€) |
Truck MB Actros (Tractor) | 2 | 79,400.00 | 158,800.00 |
XCMG Dump Truck (Tipping) | 1 | 54,320.00 | 54,320.00 |
Low-bed Semi-Trailer | 1 | 27,200.00 | 27,200.00 |
New Backhoe Loader JCB | 2 | 84,420.00 | 168,840.00 |
Total | €409,160.00 | ||
Conclusion
The loan’s phased structure mirrors the company’s equipment acquisition plan and provides the necessary capital to reduce rental dependency. The loan is essential to enhancing fleet ownership, lowering operational costs, and meeting contractual demands more efficiently.
Terex-M DOO was foundedJan 28, 2021
Start of active work/productionFeb 1, 2021
Revenue in 20231 604 273.50
Revenue in 20242 370 068.38
Gross Profit in 2023318 019.54
Gross Profit in 2024690 899.69
Min target12,000 USDC
Investors53
Interest paymentsmonthly
Principal repaymentsbullet
Total payments9 months
Risk scoring
Total risk scoreA
Debt to equity1.00
LTV55%
Credit history9 / 10
Collateral typeCompany Assets
Rating A (the third tier) reflects four years of profitable, fast-growing operations, long-term contracts with a major mining group and collateral worth more than the loan, tempered by heavy concentration on one client and one decision-maker.
- D/E (Debt-to-equity) of 1 is low;
- LTV of 55% means the pledged collateral covers the €1.2M loan more than 180%;
- Credit history score of 9/10.
Keep in mind:
- revenue depends heavily on a single client group (Serbia Zijin) and on the mining sector;
- the model is capital-intensive and exposed to fleet utilisation;
- strategy and operations are centred on the CEO;
- 2025–2026 figures are company forecasts.
Financials
Revenue 2024€2.37M
Gross profit 2024€690,899
Net profit 2024€339.5k
Rental costs€674,912
€ thousands
€384k384
€583k583
€1604k1604
€2370k2370
€2734k*2734*
€3082k*3082*
20212022202320242025F2026F
* 2025–2026 are company forecasts and include the full interest cost of the €1.2M loan
Terex-M has grown quickly since 2021 on the back of mining contracts in Bor, and has stayed profitable every year.
Fast growth
- Revenue increased more than sixfold from 2021 to 2024.
- Gross profit rose from €87,218 in 2021 to €690,899 in 2024 — an 8x increase.
Contract-backed forecasts
- Serbia Zijin Copper DOO: extended through 2027, estimated volume above €2.3 million.
- Serbia Zijin Mining DOO Bor: a new engagement until 2028, about €2.9 million.
- Forecasts for 2025–2026 already include the full €198,800 of interest on the loan.
Lower costs from owning the fleet
- Rental costs are projected to fall from €674,912 in 2024 to €129,092 by 2026.
- Owning the machinery allows faster mobilisation and less downtime.
Market
Serbia has allocated over €12 billion to major public projects in 2024–2027, in a construction market valued at over €5 billion in 2023. Serbia is Europe’s second-largest copper producer: mining output of €3 billion in 2023 is forecast to reach €4.1 billion by 2028, and heavy cargo is part of a €2.8 billion logistics market.
Collateral breakdown
New machinery financed by the loan (25% discount) · €908.8K€636.5K€558.8K
New machinery financed by the loan (25% discount)€908,842.5
Existing fleet: trucks, bulldozer, excavator, trailers€636,500
Retained earnings€558,752.14
Founder’s Audi Q7 (2020)€59,600
Total pledged€2,163,694.64Stated value of existing assets, new machinery at a 25% discount; €2,163,694.64 in total, over 180% of the loan.
The €1.2M loan is secured by a mix of machinery, retained earnings and a personal pledge from the founder.
1. New machinery bought with the loan — €908,842.50
- A bulldozer, excavators, backhoe loaders, tractor units, dump trucks and trailers bought for €1,211,790.00.
- All pledged as collateral, valued with a conservative 25% discount.
2. Existing fleet — €636,500.00
- Trucks, dump trucks, a CAT bulldozer, a CAT excavator and semi-trailers already owned by the company.
3. Retained earnings and personal pledge
- Retained earnings of €558,752.14.
- The founder’s Audi Q7 (2020), valued at €59,600.00.
In total the collateral is valued at €2,163,694.64 — over 180% of the loan.
Borrower
Terex-M DOOBor, Serbia · founded 2021
Terex-M DOO BOR is a Serbian company active in earthworks, industrial logistics, and oversized cargo transport. It serves mining, construction, and public infrastructure sectors with services ranging from site preparation and excavation to heavy haulage and inter-site logistics. While headquartered in Bor and closely tied to mining operations, the company’s service model has expanded to include infrastructure and energy contractors. Terex-M operates a mixed fleet of leased and owned machinery, enabling operational flexibility.
Reg No: 21650617terex-m.com