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MK Kredit Company
Moldau
O.C.N. MK Kredit Company lends to businesses, farmers and homeowners in Moldova. Mintos investors lend it money and earn interest. Our memo grades it E because its accounts report a covenant breach three years running, and puts the chance it fails to pay within a year at 25% or more.
Eckdaten
- Durchschnittszins
- 11.12%
- Durchschnitt, nicht garantiert
- Kreditportfolio
- €6,984,952
- Start ab
- €50
Kapitalverlustrisiko. Der Zins ist vereinbart, nicht garantiert: Fällt ein Kreditnehmer aus, können Sie Ihr Geld teilweise oder vollständig verlieren.
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KI 43 NiedrigUnsere KI gibt diesem Projekt 43 von 100 Punkten: Niedrig. So funktioniert der KI-Score
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KI-Analyse
KILender memo · MK Kredit Company · Moldova
MK Kredit Company: how likely is it to fail to pay its lenders?
O.C.N. MK Kredit Company S.R.L. lends to businesses, farmers and homeowners across Moldova from ten branches, with seventy staff. About half its lending has been to farmers. It was founded in 2013 as Credit CMB, traded until recently as Mikro Kapital Company, and is supervised by the National Bank of Moldova. It is wholly owned by ALTERNATIVE, a Luxembourg fund that is also its largest lender. Mintos investors buy its business loans. This memo asks one question: what is the chance it fails to pay its lenders back in the next 12 months, and why.
THIS IS NOT FINANCIAL ADVICE. This memo was prepared with the help of AI from publicly available documents. It is general information for education only — not a recommendation to buy, sell or hold anything, and it does not take account of your circumstances. Figures may contain errors; check them against the original documents. Investing through P2P platforms can result in the loss of all money invested.
Our score
43/ 100
E Veto
ABCDE
at least 25%chance it fails to pay in the next 12 months
at least 1 in 4the same number, put the other way round
Where that sits on our scale
On our scale an E grade carries a portfolio limit of nothing at all. The marks we gave the six questions add up to 43, which would be a D and a limit of 2%. The veto described below overrides that. Moldova is a D country and would allow 5%, which is beside the point here. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
Its own accounts report a broken promise to a lender at three year-ends running — and that overrides a thick cushion
This is the only memo in our set where the grade does not come from the marks. Note 19 of the 2024 accounts, audited by Crowe, says in terms: "At 31.12.2024, some funds were classified as short term, because of breach of a financial covenant." The 2023 accounts, audited by Grant Thornton, report a breach too, and so do the 2025 financial statements, which Mintos lists as audited: "At 31.12.2025, some funds were classified as short term, because of breach of a financial covenant." A covenant is a promise to a lender about how the business will be run, and breaking one normally lets that lender ask for its money back early. Under our method a breach sets the answer to at least 1 in 4 and the grade to E, whatever the other marks say.
For the 2023 breach, the lender Lendahand granted a waiver in April 2024. No waiver is disclosed for the 2024 or the 2025 breach. The 2024 and 2025 accounts also say the company breached covenants with other creditors whose contracts allow penalties rather than early repayment.
What makes the answer uncomfortable rather than simple is that the rest of the company is not in crisis. Owners' money is 160.6m lei, a third of everything it owns — a thicker cushion than almost any lender we cover. It made a profit in all three years. It has paid no dividend since 2022. The problem is not solvency. It is that cash was 9.0m lei against 314.0m lei of borrowings, that the lending is barely profitable now, and that a promise to a lender has been broken at three year-ends in a row.
Six things would stop us scoring at all and send the answer straight to E — a default, a missed payment to a platform, a regulator pulling a licence, an auditor doubting the company can continue, a broken promise to a lender, or accounts we cannot rely on. One of them does apply, and it is why the answer is an E. It is the fifth one, and section 4 says exactly what it rests on and as of when. Two things would pull the answer the other way, a guarantee from a stronger owner or a credit rating. Neither applies here.
💶Financial strengthD
A thick cushion and a thin profit. Keeps 2.96 lei of every 100, down from 11.01 in 2023. Cash covers under 3% of borrowings.
📉Loan bookD
Shrinking and being cleaned. 115m lei written off in two years. Loans over 90 days late rose from 5.32% to 6.66%.
🇲🇩Country: MoldovaD
One of Europe's poorest economies, next to a war, with a farm book at the weather's mercy. Two drought years in a row.
⚖️Group and other risksE
The covenant breaches, a central-bank fine it is still appealing, and lenders that have been reluctant to resume financing.
The covenant breach is the veto. From note 19 of the 2024 accounts, audited by Crowe with a clean opinion on 24 March 2025: "At 31.12.2024, some funds were classified as short term, because of breach of a financial covenant." The 2023 accounts report a breach as well, for which Lendahand gave a waiver in April 2024; nothing of the kind is disclosed for 2024. The breach continued into 2025. The 2025 financial statements, signed on 20 May 2026 and listed by Mintos as "Audited Financials 2025", say on page 26: "At 31.12.2025, some funds were classified as short term, because of breach of a financial covenant." The 2025 management report had not mentioned covenants at all; the statements answer the question it left open.
A central-bank fine of 1,564,578.47 lei, which the company is contesting. Decision no. 317 of 12 December 2024, after an inspection found breaches of the rules on responsible lending, on reporting to the credit history bureau and on classifying loans. The money was taken from its account in January 2025 and the company appealed to the Chișinău Court of Appeal. A hearing was listed for 26 May 2025 and we could not find the outcome in court records or in the press.
Money lent through Mintos roughly doubled in nine months, while other lenders pulled back. The company's own funding chart puts Mintos at 24% of its funding at the end of 2025, when €3.7m was outstanding. Mintos reported €7.4m on 13 September 2026 and €7.0m on 9 November 2026. Over the same period the company said international lenders had become "more prudent". Unless its total borrowing grew as fast, the share carried by Mintos investors is now well above the 24% the chart shows.
Why this number matters
Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: how likely is it that this company fails, and how much of your money would you lose if it did. Put those together and you can see whether the reward is worth it.
For MK Kredit Company: at least a 25% chance of failing in the next 12 months. If we assume about 30% of the money comes back in that case, the risk costs roughly 17.5% a year. Mintos showed an average rate of 11.12% on these notes on 9 November 2026. So the risk costs well over what the rate pays, and the gap is not close. Note the words "at least": the veto sets a floor on the chance of failure, not an estimate of it.
Show how this works
1. The rate is a promise, not a result
An advertised 10% is what you are promised if everything goes well. What you keep is that rate minus what failures cost you. So the rate on its own tells you very little.
2. Put a price on the risk
Risk cost = chance of failing × share of your money you would not get back. Nobody knows the second number in advance. How much comes back has varied widely from case to case. We use 30% back, 70% lost, as our own working assumption so that memos can be compared with each other — it is not a measured figure, and the answer moves a lot if you choose differently.
3. Compare like for like
Take two imaginary lenders. One pays 14% but has a 17% chance of failing within the year: the risk costs about 11.9% a year, leaving roughly 2%. The other pays 9% with a 2.5% chance: the risk costs about 1.8%, leaving about 7%. The lower rate is the better deal. That is the whole idea.
The company at a glance
What it is
A non-bank credit organisationSupervised by the National Bank of Moldova. Founded in 2013 as Credit CMB and known until recently as Mikro Kapital Company. It takes no deposits.
Who owns it
ALTERNATIVE, of LuxembourgA securitisation fund with over €550m under management, managed since January 2026 by MK Global Kapital and controlled by a Hungarian foundation. It owns all of this company and supplies 48% of its funding.
What it sells
Business, farm and home loansTen branches, seventy staff at the end of 2025, and the Cahul branch closed during the year. About half the lending has been to farmers.
How big it is
456m lei of loansAbout €22.7m. Down from 580m lei of principal at the end of 2023. Income 135.8m lei in 2025, profit 4.0m lei.
On Mintos
€7.0m outstandingRead on 9 November 2026 (€6,984,952; €7.4m on 13 September, €3.7m at the end of 2025), at an average rate of 11.12%. Business loans from Moldova. Mintos Risk Score 7.8, updated by Mintos on 9 October 2026 (loan performance 9.4, servicing 8.4, buyback 6.0, structure 5.0) — Mintos's own score, not ours.
Where its money comes from
Three sources, two of them youAt the end of 2025, by the company's own chart: the parent fund 48%, Mintos 24%, and Moldovan banks with a state farm-credit programme 28%.
Die vollständige Analyse behandelt den Kreditnehmer bzw. das Unternehmen, die Sicherheit, den Cashflow, die Risiken und ein Fazit. Melden Sie sich an, um sie zu lesen.
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