WEST AGRO GROUP — 14.6%/an · 14 mois

Plateforme · 9.0/25

A1 · Statut réglementaire 3.0/8faible

Swiss platform, outside AMF/agrément AMF/ECSP
SRO supervision PolyReg (self-regulation) with FINMA as ultimate backstop
Functional equivalent but inferior to agrément AMF/ECSP or FSC/BaFin licence
No European passport
Score aligned on registration only without agrément AMF licence

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

No agrément AMF/ECSP licence → automatic 1 pt rule not applicable
SRO PolyReg offers minimal framework
Reserve fund existing but opaque and undersized
No documented secondary market
No segregated account publicly confirmed
1 pt for SRO framework

Projet · 40.0/75 (43.0 brut, red flags −3)

B1 · Instrument & Structure 7.0/10

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

B1.2: 1/3 - Direct borrowing EOOD, Bulgarian law poorly documented on platform side

B1.3: 1/2 - No known senior debt, de facto ranking but not registered

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Alexander Pavlovich appointed, no confirmed LinkedIn profile

B2.2: 3/5 - >5 years agricultural operation (2016), orchards in production 2025, documented history

B2.3: 1/3 - First operation on Maclear, reputation not verified on other AMF platforms

B2.4: 2/3 - No litigation proceedings reported, 2025 balance sheet sound but registered capital EUR 2,500 and D/E 1.39

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 2/9 - Pledge on machinery/equipment mentioned but not confirmed registered; ranking not verified

B3.2: 1/4 - Tangible assets EUR 1.87M but capital EUR 2,500 and guarantor verification impossible

B3.3: 0/2 - No banking partner identified, amount <€2M therefore no RF2

B4 · Structure financière 11.0/15

B4.1: 5/5 - taux de couverture de la dette EBIT/interest 7.9x in 2026F, Loan-to-Value (ratio prêt/valeur actif) collateral machinery not calculable but cash flow coverage very strong

B4.2: 3/4 - Own collateral (tangible assets EUR 1.87M net), orchards in production

B4.3: 2/4 - No formal stress test, but EBITDA 2025 EUR 640K >> debt service EUR 144K; comfortable margin

B4.4: 1/2 - taux de couverture de la dette 1.5-2.0 on interest; bullet principal depends on free cash flow post working capital

B5 · Pré-commercialisation 6.0/10

Active portfolio 14 documented counterparties (6 signed contracts + 8 LOI), EUR 1.31M pipeline
Correct diversification (<9% per client)
Partial export history, detailed portfolio data
AGRI score: 6/10

B6 · Permis & Maturité 5.0/5✓ max

Agricultural activity established since 2016 (>2 years), bio-certified orchards, legal structure EOOD registered EIK 204170379, valid VAT
All legal documents in order per file

B7 · Marché & Localisation 2.0/3

European bio-nuts market in strong growth (7% CAGR), Bulgaria rising
Established market with favourable dynamics but constraints: 2025/26 drought, US/Spain dominance, limited local purchasing power

Points forts

✓Strong revenue growth 2025: +284% to EUR 2.35M with net margin 15.9%

✓Net tangible assets EUR 1.87M, orchards in commercial production

✓Diversified commercial pipeline: 14 counterparties, <9% concentration per client

✓European bio-nuts market in structural growth (7% CAGR)

✓Very high interest DSCR: 7.9x in 2026F, comfortable debt service

Risques identifiés

!Unverified guarantees: machinery pledge not confirmed in official Bulgarian register

!Share capital EUR 2,500 - guarantor holding quasi non-existent in case of default

!Bullet repayment depends on free cash flow post working capital - timing risk

!2025/26 drought estimated: Bulgarian almond production -43% (1140 → 650 MT)

!Maclear platform: two documented fraud cases (Estlat, Vibroedil), deficient selection