EKO TRADE & FINANCE — 14.9%/an · 12 mois

Plateforme · 9.0/25

A1 · Statut réglementaire 3.0/8faible

A2 · Track Record 3.0/6

Stated default rate 0.1% (<1% → 6 pts base)
Delay rate >90 days not published → N/C → 0 pts
Real yield vs announced yield not verifiable (no audited report 2024) → N/C → 0 pts
Gross score: (6×0.5 + 0×0.3 + 0×0.2) = 3.0
No -2 penalty as default rate partially published

A3 · Rigueur de sélection 1.0/4faible

Selection rate not published
Process not documented publicly
Two documented cases of fraud/false information to investors (Estlat, Vibroedil) calling into question the rigour of the process
Established platform recognised in its niche but proven deficient selection

A4 · Santé financière 1.0/4faible

No audited financial report 2024 published (March 2026, delay justified by migration)
Small reserve fund and not transparent
Target yields 20%+ without verifiable solvency reserves
720% growth but suspect business model
No active distress signal but insufficient transparency for 2+ pts

A5 · Protection investisseurs 1.0/3faible

Projet · 49.0/75 (52.0 brut, red flags −3)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation at fixed rate, clear Estonian law/EU

B1.2: 2/3 - Direct operator loan, Estonian law recognised, well documented

B1.3: 1/2 - Ranking not formally registered, no known senior debt

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Eduards Rezvijs appointed, CEO+shareholder, born 1960, but LinkedIn profile not confirmed

B2.2: 3/5 - Company active since 2007, repositioned 2023, sound balance sheet, partial history on current model

B2.3: 1/3 - First operation on Maclear, history on other platforms not verifiable

B2.4: 2/3 - 2025 balance sheet sound, zero debt, but gearing post-loan remains weak; no proceedings identified

B3 · Garanties & Sûretés 9.0/15

B3.1: 6/9 - Pledge on operational assets + title retention on €744K equipment; liquidation coverage 132%

B3.2: 2/4 - Equity €3M, gearing post-loan 0.20, but assets low liquidity

B3.3: 2/2 - SME-NBFI: Estonian approved borrower EU, complete file; institutional criterion satisfied per scoring notes

B4 · Structure financière 13.0/15bon

B4.1: 4/5 - taux de couverture de la dette 2026F: EBIT €276K / charges €64K = 4.3x, excellent coverage

B4.2: 4/4 - Operator equity €3M, D/E 0.19, near-total financing from existing equity

B4.3: 3/4 - Signed contracts coverage 1.59x principal; stress -20% revenue maintains repayment

B4.4: 2/2 - Net margin 8.1% 2026F, taux de couverture de la dette >2.0

B5 · Pré-commercialisation 6.0/10

SME-NBFI grid: portfolio €4.3M across 14 counterparties in 6 countries, 3 active contracts + 4 signed
Correct diversification, partial data on complete portfolio history

B6 · Permis & Maturité 5.0/5✓ max

B7 · Marché & Localisation 2.0/3

Baltic/Nordic SME market in growth (+18.6% business loans 2025), EURIBOR declining
High geopolitical risk and low credit/GDP ratio
Established market but macro uncertainties

Points forts

✓Debt-free balance sheet at facility entry, D/E post-loan very low at 0.19.

✓Two signed and activatable contracts cover principal at 1.59x in identified customer payments.

✓Collateral liquidation coverage 132% with title retention on new equipment.

✓2026F DSCR of 4.3x provides significant serviceability comfort.

✓Company operational since 2007, successfully repositioned in 2025, first profitable year.

Risques identifiés

!Maclear platform: documented fraud cases (Estlat, Vibroedil) casting doubt on selection.

!Title retention on equipment not formally registered - enforceability against third parties uncertain.

!Critical key-person dependency: CEO sole holder of commercial and operational relationships.

!Rate 14.9% per annum at upper limit of SME-NBFI norm; guarantees partially compensate.

!LOI pipeline (€1.73M) not contractualised; conversion uncertain for post-facility repayment.