Case study

Due Diligence on Private Credits Across Multiple Sectors

Due diligence on private credits




US$125 mn

Unique credits covered across 5 Asian countries days of turnaround time for the first phase of analytical output Raised from capital markets within the stipulated time



Singapore-based crowdfunding house focused on raising funds related to ‘impact investing’.


The client was looking to raise US$100 mn in credit for 20 Asian private companies via a funding exercise. As part of pitching these companies to end-investors, the client wanted to conduct a thorough research on the creditworthiness of the borrowers (especially the ones in the micro-finance, agriculture and renewables industries) and update it on a regular basis.


  • Created a template in consultation with the client, considering various financial metrics, liquidity metrics, capital structure metrics and certain sectorspecific KPIs to analyse business health.
  • Worked closely with the client to procure granular data of the borrowers’ business activities and financial condition in line with the agreed template.
  • Arranged and analysed the unstructured financial information provided by the borrowers into a structured format, and applied required adjustments to calculate underlying key credit metrics.
  • Prepared financial statement projections based on assumptions validated by fundamental research and inputs provided by borrowers.
  • Prepared detailed reports on operating performance, variance of budget versus actual performance, creditworthiness, repayment ability, and covenant testing of the borrowers.

Value Delivered

  • Updated and insightful research output that regularly assesses creditworthiness.
  • High-quality and timely research enabled the client to raise US$125 mn versus the target of US$100 mn within the deadline.

We bring comprehensive data driven insights to everyone, everywhere

In depth-analysis with simple solutions