AGROPROGRES 2018 — 14.5%/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 · 47.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct operator loan, recognized EU Bulgarian law

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

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Manager appointed (Krasimir Ivanov Spasov), no verified LinkedIn profile

B2.2: 1/5 - Company less than 3 years operationally, adjacent sector, limited documented experience

B2.3: 0/3 - First transaction on this platform, no Maclear history

B2.4: 4/3 capped at 4, no collective insolvency proceeding identified

B3 · Garanties & Sûretés 9.0/15

B3.1: 6/9 - Pledge fleet equipment plus personal vehicle plus assignment receivables contract 3 (EUR 1,027,840)

B3.2: 1/4 - fonds propres 319K€ end 2025, short balance sheet history, limited soundness

B3.3: 2/2 - No third-party bank but contracts executed as institutional validation per SME-NBFI rule

B4 · Structure financière 10.0/15

B4.1: 5/5 - taux de couverture de la dette 7.2x in 2026, 3.2x in 2027, well above threshold

B4.2: 3/4 - fonds propres operator 319K€ plus owner contribution 200K€, actual contribution

B4.3: 2/4 - Stress test absent but elevated taux de couverture de la dette structurally compensates

B4.4: 0/2 - Net margin 6.9%, below 7% SME threshold

B5 · Pré-commercialisation 6.0/10

B6 · Permis & Maturité 5.0/5✓ max

B7 · Marché & Localisation 2.0/3

Points forts

✓Three contracts signed and executed totalling EUR 2,141,400 - pipeline entirely secured.

✓DSCR 7.2x in 2026 - comfortable interest coverage over critical period.

✓Pledge guarantee equipment plus assignment receivables covering 98.5% of principal in liquidation.

✓Balance sheet without prior debt - first loan on debt-free basis.

✓Established relationship with Agria Group, anchor client of institutional quality.

Risques identifiés

!Company operationally less than 3 years, audited financial history limited to 2024.

!Concentration 54.5% of pipeline on single contract (KEHLIBAR EOOD), elevated execution risk.

!Equipment pledged progressively installed - declining collateral coverage during execution.

!Sole manager (key-person risk) without documented succession or management team.

!Maclear platform: documented fraud history (Estlat, Vibroedil), selection at risk.