Industrial Logistics
📍Logistics
ID: 151
29,624.60USDC
Funded
98.75% of 30,000 USDC
- Funded date18.10.2025
- Loan period9 months
- Lending APR22.50 %
Repayment schedule
About
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 9 months and an annual interest rate of 22.50%. 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.
Highlights
Max target
30,000 USDC
Min target
15,000 USDC
Investors
38
Interest payments
9 months
Principal repayments
bullet
Total payments
monthly
Risk scoring
- CollateralCompany Assets
- Total risk scoreA
- Debt to equity1
- LTV55 %
- Credit history9/10
Details
Financial Performance
Terex-M DOO BOR demonstrated strong financial growth from 2021 to 2024, with revenue increasing more than sixfold and gross profit rising from €87,218 to €690,899. The company maintained consistent profitability, improving its margins year over year due to scale effects and contract-backed revenue. Forecasts for 2025–2026 show continued growth, despite including full interest costs from the planned €1.2 million loan.
Loan repayments are fully accounted for in financial projections, with interest costs totaling €198,800. The company’s robust operating profit and net income forecasts indicate the loan is well within its repayment capacity. Financial projections are grounded in long-term contracts with Serbia Zijin and new expanded agreements.
Year-by-Year Financial Summary
Year | Revenue (€) | Gross Profit (€) | Operating Profit (€) | Financial Expenses (€) | Net Profit (€) |
2021 | 384,111.11 | 87,218.67 | 30,333.34 |
| 25,333.33 |
2022 | 582,495.73 | 133,312.22 | 48,487.19 |
| 43,059.83 |
2023 | 1,604,273.50 | 318,019.54 | 181,059.83 | 1,435.90 | 152,683.76 |
2024 | 2,370,068.38 | 690,899.69 | 405,965.81 | 6,547.01 | 339,504.27 |
2025 | 2,734,281.37 | 1,213,826.63 | 874,594.78 | 95,124.53 | 662,548.00 |
2026 | 3,082,192.93 | 1,477,726.67 | 1,103,192.87 | 126,429.38 | 830,2 |
Key Insights
Revenues and profits grew significantly from 2021 to 2024, reflecting scalability and stable demand.
The company’s projected cash flow is sufficient to service the full cost of the loan.
Forecasts for 2025–2026 are supported by signed contracts and historical execution capacity.
Conclusion
Terex-M’s financial position is sound, with proven profitability and solid growth projections. The company can confidently manage the proposed credit obligations while continuing to scale operations.
Growth Plan
Between 2025 and 2026, Terex-M DOO BOR plans to invest €1.21 million in the acquisition of heavy machinery to reduce reliance on rentals and scale operations under long-term contracts with Serbia Zijin Copper DOO and Serbia Zijin Mining DOO Bor. The expansion will improve profitability by cutting rental costs from €674,912 in 2024 to a projected €129,092 by 2026.
The purchases will include the following equipment:
Equipment | Quantity | Unit Price (€) | Total (€) |
Used Bulldozer Liebherr | 1 | 122,200.00 | 122,200.00 |
Used Tracked Excavator Volvo | 3 | 82,350.00 | 247,050.00 |
New Backhoe Loader JCB | 3 | 84,420.00 | 253,260.00 |
XCMG Dump Truck | 4 | 54,320.00 | 217,280.00 |
MB Actros Tractor Unit | 4 | 79,400.00 | 317,600.00 |
Low-bed Semi-Trailer | 2 | 27,200.00 | 54,400.00 |
Total | €1,211,790.00 | ||
The investment will be financed through a structured loan disbursed in three equal tranches of €400,000 each.
Strategic goals
Increase operational independence.
Expand capacity to handle simultaneous high-volume projects.
Improve margins through rental substitution.
Rationale for investment
Multi-year contractual extensions with Serbia Zijin Copper DOO, extended through 2027 with an estimated contract volume exceeding €2.3 million.
A new, higher-volume engagement with Serbia Zijin Mining DOO Bor, with the contract estimated to last until 2028 inclusive and an approximate value of €2.9 million.
Fleet ownership enables faster mobilization and reduces downtime.
Lower operational costs support stronger net margins over the loan term.
Conclusion
The growth plan is well-aligned with the company’s operational needs and revenue base. By replacing rentals with owned assets, Terex-M aims to improve cost efficiency and project readiness, reinforcing its role as a key subcontractor in Serbia’s infrastructure and mining sectors.
Loan Collateral
To secure the €1,200,000 loan, Terex-M DOO BOR offers a well-diversified collateral package, combining existing equipment, retained earnings, a personal guarantee, and the newly acquired assets financed by the loan.
Existing Fixed Assets
Type | Name | Quantity | Unit Value (€) | Total Value (€) |
Truck | Mercedes Benz Actros (2019) | 3 | 31,400.00 | 94,200.00 |
Truck | MAN (2020) | 4 | 41,200.00 | 164,800.00 |
Bulldozer | CAT | 1 | 87,860.00 | 87,860.00 |
Excavator | CAT | 1 | 64,230.00 | 64,230.00 |
Semi-trailer | Low-bed | 2 | 11,200.00 | 22,400.00 |
Semi-trailer | Container | 3 | 9,430.00 | 28,290.00 |
Semi-trailer | Tented | 1 | 7,920.00 | 7,920.00 |
Semi-trailer | Tipping | 2 | 14,800.00 | 29,600.00 |
Dump Truck | MAN | 4 | 34,300.00 | 137,200.00 |
Total Fixed Assets | €636,500.00 | |||
Retained Earnings
Reported retained earnings: €558,752.14.
Personal Vehicle (Founder Pledge)
Audi Q7 (2020) – Estimated market value: €59,600.00
Collateral from newly acquired assets
All newly purchased machinery financed under the loan will be pledged as additional collateral. The list below presents the full breakdown with a conservative 25% value discount applied:
Equipment | Quantity | Unit Price (€) | Total (€) | Discounted Value (€) |
Used Bulldozer Liebherr | 1 | 122,200.00 | 122,200.00 | 91,650.00 |
Used Tracked Excavator Volvo | 3 | 82,350.00 | 247,050.00 | 185,287.50 |
New Backhoe Loader JCB | 3 | 84,420.00 | 253,260.00 | 189,945.00 |
Low-bed Semi-Trailer | 2 | 27,200.00 | 54,400.00 | 40,800.00 |
Truck MB Actros (Tractor) | 4 | 79,400.00 | 317,600.00 | 238,200.00 |
XCMG Dump Truck (Tipping) | 4 | 54,320.00 | 217,280.00 | 162,960.00 |
Total | €1,211,790.00 | €908,842.50 | ||
Total pledged collateral
Component | Value (€) |
Existing Fixed Assets | 636,500.00 |
Retained Earnings | 558,752.14 |
Personal Vehicle | 59,600.00 |
Discounted New Equipment | 908,842.50 |
Total Coverage | €2,163,694.64 |
Conclusion
The total collateral value covers over 180% of the loan, providing strong security. The mix of fixed, financial, and newly acquired assets offers diversified, high-liquidity coverage, ensuring lender protection and reflecting the borrower’s operational capacity and financial discipline
Key facts
- Terex-M DOO was foundedJan 28, 2021
- Start of active work/productionFeb 01, 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
Borrower info
Terex-M DOO
Bor, Jovana Vučkovića 2, 19210
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.21650617
Market description & size
Serbia’s construction and infrastructure sector is expanding steadily, with over €12 billion allocated to major public projects between 2024 and 2027. The market, valued at over €5 billion in 2023, remains fragmented and reliant on experienced subcontractors like Terex-M for earthworks and logistics. With long-term government and EU-backed investment programs, demand for such services is expected to remain high through 2030.
The mining sector continues to grow, with Serbia ranking as Europe’s second-largest copper producer. Total mining output reached €3 billion in 2023 and is forecasted to hit €4.1 billion by 2028. Demand for subcontracted services is increasing, particularly in excavation, hauling, and site development. Terex-M’s geographic positioning and mining experience provide a clear advantage in capturing this growth.
Heavy and oversized cargo transport, though niche, is growing in parallel with industrial and mining investment. This segment is part of Serbia’s €2.8 billion logistics market, with a notable share linked to mining and energy projects. The sector faces high entry barriers, but limited competition creates opportunities for integrated operators like Terex-M.
Key trends and challenges
High capital intensity and seasonal limitations.
Ongoing demand for logistics and technical subcontractors.
Regulatory complexity in oversized transport.
Conclusion
Terex-M DOO BOR operates in three high-growth markets: construction, mining, and heavy logistics. Its proximity to Serbia’s largest industrial cluster, bundled service model, and operational track record position it as a strong contender for continued expansion through 2030.