STIKS - RITUAL — 14.7%/an · 14 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 · 27.0/75 (32.0 brut, red flags −5)

B1 · Instrument & Structure 7.0/10

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

B1.2: 2/3 - Direct operator borrowing, recognised Bulgarian EU law

B1.3: 0/2 - No mention of rank or registered real security; debt structurally unsecured without rank specification

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Three shareholders named, managing director identified, no verified public LinkedIn profile

B2.2: 1/5 - First year of SME activity, adjacent funeral sector, no documented delivered operations

B2.3: 0/3 - No history on any platform

B2.4: 3/3 - No proceeding, healthy balance sheet, zero debt, first year

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 2/9 - Only security mentioned is implicitly personal/not notarised; no registered real security

B3.2: 1/4 - Guarantor not assessed financially, declared equity of €511

B3.3: 1/2 - No third bank; STIKS non-NBFI licensed, no identified institutional partner

B4 · Structure financière 9.0/15

B4.1: 3/5 - taux de couverture de la dette 2026F: EBITDA 172K / interest 37K = 4.65×, zone 1.5-2.0 on monthly basis (2.3×)

B4.2: 2/4 - Equity contribution symbolic (€511 capital); reinvested earnings not quantified

B4.3: 2/4 - Revenue alone covers interest at 2.0×; stress -30% leaves coverage >1×

B4.4: 2/2 - Net margin 13% (2025), above 5%

B5 · Pré-commercialisation 3.0/10faible

B6 · Permis & Maturité 1.0/5faible

B7 · Marché & Localisation 2.0/3

Points forts

✓First year profitable and debt-free (net margin 13%, EBITDA 16.3%)

✓Funeral services market structurally stable with 100,000 annual deaths in Bulgaria

✓Interest coverage comfortable even in conservative scenario (2.0× on revenue alone)

✓Genuine growth potential on severely underdeveloped cremation segment (6.6%)

✓Simple and clear manufacturing-wholesale model, without structural complexity

Risques identifiés

!Company incorporated 30/12/2024, less than 18 months in existence, unaudited balance sheets

!Partial refinancing expected at maturity (~€96,554) without guarantee of realisation

!No registered real security; share capital of €511 only

!Cremation line without signed contract or obtained permit - revenue assumptions not validated

!Concentration on 2 principal clients; risk of loss of major client high