M&M STAR group — 14.9%/an · 13 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 · 45.0/75 (48.0 brut, red flags −3)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct operator borrowing, Czech/EU law documented

B1.3: 1/2 - Priority ranking claimed, no senior debt, not formally registered

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Mykhaylo Myga appointed, limited verifiable public information

B2.2: 2/5 - Construction SME >5 years, stable sector, not NBFI

B2.3: 1/3 - First Maclear transaction

B2.4: 3/3 - No insolvency proceedings identified, healthy balance sheets, no financial debt

B3 · Garanties & Sûretés 9.0/15

B3.1: 6/9 - Pledge of equipment plus assignment of trade receivables (EUR 428k liquidation)

B3.2: 1/4 - Small SME, modest equity, gearing not calculable with precision

B3.3: 2/2 - Licensed NBFI not applicable; direct SME loan, SME-NBFI instruction notes applied

B4 · Structure financière 10.0/15

B4.1: 4/5 - taux de couverture de la dette 2.7x in 2026 (interest coverage OP/interest), 2.2x monthly

B4.2: 2/4 - No formalised equity contribution, 100% debt financing

B4.3: 3/4 - Stress scenario: tight margins but interest coverage >2x even at -20% revenue

B4.4: 1/2 - Net margin 2.5% (F2026), below 2% minimum threshold, but positive trajectory

B5 · Pré-commercialisation 6.0/10

B6 · Permis & Maturité 5.0/5✓ max

Business established since 2017 (>2 years), all legal documents in order, valid licences, audited balance sheets 2022-2025

B7 · Marché & Localisation 2.0/3

Czech construction market EUR 25bn, growth +3.2%/year, Prague structural housing deficit
NPL BG 6.78% stable
Established market, comparable data available

Points forts

✓Company profitable without interruption since 2022, audited balance sheets available.

✓Pipeline of EUR 3.17m in signed contracts, two already in execution with EUR 937k delivered.

✓No pre-existing financial debt, healthy balance sheet structure.

✓Structural improvement in gross margins (3.6% → 9.8% in Jan-May 2026).

✓Comfortable interest coverage: 2.7x annual, 1.5-2.2x monthly on conservative basis.

Risques identifiés

!Historically very tight operating margins (<2% net), vulnerable to cost overruns.

!Total dependence on single manager without delegation or formalised succession.

!Bulgarian model at 50% of volume not yet tested at this scale - key hypothesis unproven.

!Moveable securities only, total liquidation value (EUR 428k) below loan amount (EUR 500k).

!Pipeline concentration: 5 commitments, loss of single contract would significantly impact revenue.