When generating an .exe you do not need to install an aditional Compiler (new feature since R2010b). So its fine that mbuild does not find a compiler but the MATLAB Compiler is able to generate an exe
Your overall workflow seems correct for what you like to achieve. So don't worry about that
Most likely the compiled application does not work because of some error in your code. Please recompile your application BUT uncheck the checkbox "Do not requiere Windows Command Shell (console) for execution" in the Additional Runtime Settings in the Application Compiler UI. After that compile it and run the generated .exe from a Windows console (cmd) to be able to see any errors if there are any.
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