Servis Logistic and Outsourcing — 14.5%/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 · 52.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple bond at fixed rate 14.5%, clear entitlement

B1.2: 2/3 - Direct loan from operator (Czech SRO), recognised EU local law entitlement

B1.3: 1/2 - Priority rank claimed, pledge of equipment documented but not formally registered

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Zdeněk Palisch named, born 12/07/1961, CEO and sole identifiable shareholder

B2.2: 2/5 - SME established >5 years, stable sector, proven growth but not regulated NBFI

B2.3: 1/3 - First operation on Maclear, reputation not verified elsewhere

B2.4: 2/3 - Healthy balance sheet, zero debt, D/E 1.97 post-facility tight but acceptable

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Pledge of equipment (€567K invoice value) + CEO personal guarantee €100K; hard collateral Loan-to-Value (ratio prêt/valeur actif) 0.85, total Loan-to-Value (ratio prêt/valeur actif) 0.72

B3.2: 1/4 - fonds propres €253K, gearing 1.97 post-facility, limited capital base

B3.3: 2/2 - SME-NBFI: borrower licensed or institutional not required; signed validated contracts = sufficient institutional quality

B4 · Structure financière 13.0/15bon

B4.1: 4/5 - taux de couverture de la dette 2026F: (82,567+42,292)/42,292 = 2.95× → taux de couverture de la dette 2.0-2.5 → 4 pts

B4.2: 3/4 - Equity €253K vs facility €500K, own contribution ~33% of operational capital

B4.3: 4/4 - ICR 2.95× in 2026F, scenario -30% turnover maintains interest coverage; zero pre-existing debt

B4.4: 2/2 - Net margin 6.9% (2025), taux de couverture de la dette >2.0

B5 · Pré-commercialisation 6.0/10

SME-NBFI: active portfolio €2.64M across 10 counterparties
Two firm signed contracts (€886K) directly financing the loan
Three contracts in performance (€559K)
LOI €1.19M not contractualised
Correct diversification, partial history

B6 · Permis & Maturité 5.0/5✓ max

Activity established since 2016 (>2 years), ICO 05078407 registered, all legal documents in order, valid licences, Czech company in continuous operation

B7 · Marché & Localisation 2.0/3

Score adjusted thanks to live data: European intralogistics market in strong growth (CAGR 9-18%), robust CEE nearshoring
Alternative SME lending market France/EU stable but NPL rates and credit standards tightening slightly
Established market, 2/3 appropriate

Points forts

✓Debt-free balance sheet on facility entry, zero pre-existing debt documented.

✓Two firm signed contracts (€886K) directly backing the loan.

✓Revenue growth x3 in 3 years with maintained profitability.

✓Equipment collateral at 96.4% principal coverage in liquidation.

✓ICR 2.95× in 2026F, solid monthly interest coverage.

Risques identifiés

!Key-person concentration: CEO sole shareholder and director, high operational risk.

!Limited equity base (€253K) against facility of €500K; D/E 1.97 post-debt.

!In fine repayment depends on customer settlement on site acceptance - calendar risk.

!Maclear platform: documented cases of fraud on past projects (Estlat, Vibroedil).

!Pledge of equipment not formally registered; CEO personal guarantee limited to €100K.