Solutions | Bashi

Corporate & commercial lending

The group never quite adds up

Audited accounts, management accounts, group structure charts and intercompany balances rarely line up. Bashi consolidates across the group, shows where audited and management figures diverge, and surfaces related-party exposure the file mentions but never totals.

What Bashi does

Consolidate across the group from each entity’s accounts, with intercompany balances eliminated and shown.
Show where audited and management figures diverge entity by entity, with both pages side by side.
Total the related-party exposure the file mentions in notes, guarantees and intercompany loans but never adds up.
Trace every consolidated figure back to the entity, the statement and the line it came from.

Group view · Halcyon Group Holdings · FY25 · $ m

Entity	Own.	Audited rev.	Mgmt rev.	Var.	Related-party
Halcyon Foods Ltd	100%	52.6	52.6	0.0	4.1
Halcyon Trading Ltd	100%	31.8	34.2	+2.4	2.7
Halcyon Properties	80%	9.4	9.4	0.0	6.0
Halcyon Energy SPV	51%	6.1	6.3	+0.2	1.2
Group, eliminated		91.3	93.9	+2.6	14.0

Related-party total $14.0m across 3 notes, 2 guarantees, 1 intercompany loanVariance Trading mgmt accounts include Q4 pre-invoicing · note 7

Trade & working capital finance

The economics do not cover the paperwork

Invoices, bills of lading, purchase orders, debtor ageing and insurance policies, per transaction, at a margin that does not pay for a human to check them. Bashi matches invoice to shipping document to debtor limit and flags what does not reconcile.

What Bashi does

Match each invoice to its purchase order and bill of lading: consignee, quantity, value, dates.
Check the debtor against the limit, the ageing and the insurance policy on file.
Flag what does not reconcile with both documents and the field that differs.
Do it per transaction at a cost that fits the margin on the ticket.

Transaction check · INV-2041 · Halcyon Trading Ltd

Field	Invoice INV-2041	Bill of lading MSKU-88213
Consignee	Westbrook Retail plc	Westbrook Retail plc	Match
Goods	Frozen vegetables, 40 pallets	Frozen vegetables, 40 pallets	Match
Quantity	18,000 kg	17,250 kg	Differs
Value	$212,400	—	PO match
Ship date	14 Jun	14 Jun	Match
Debtor limit	$1.2m limit · $0.94m outstanding after this invoice		Within

Flag quantity short by 750 kg against the invoice · check credit note or short shipment

Asset-based & structured finance

Eligibility is a clause, not a column

Borrowing base certificates, collateral schedules and servicer reports, against eligibility criteria buried in the agreement. Bashi tests the pool line by line, reconciles the servicer report to the schedule, and shows you the clause each exclusion came from.

What Bashi does

Test the pool line by line against the eligibility criteria as drafted in the agreement.
Reconcile the servicer report to the collateral schedule and the certificate the borrower signed.
Show the clause behind every exclusion, so the conversation is about the agreement, not the spreadsheet.
Recompute availability from eligible collateral and the advance rates in the agreement.

Borrowing base · Halcyon Receivables Facility · certificate Jun-26

Line	$ m	Status
Gross receivables per schedule	48.2
~~Receivables > 90 days past due~~	~~3.1~~	Ineligible cl. 1.1(a)
~~Obligor concentration above 10%~~	~~2.6~~	Ineligible cl. 1.1(f)
~~Affiliate obligors~~	~~1.4~~	Ineligible cl. 1.1(c)
Eligible receivables	41.1	Reconciled to servicer report
Availability at 85% advance rate	34.9	sched. 2

Certificate as signed $36.4m · recomputed $34.9m · affiliate obligors omitted from the borrower’s exclusions

Real estate finance

Three documents, three different numbers

Valuation, rent roll, leases and cost report rarely agree. Bashi reconciles the rent roll to the underlying leases, checks the valuer’s assumptions against what the leases actually say, and traces every LTV and ICR input to its page.

What Bashi does

Reconcile the rent roll to each underlying lease: rent, term, breaks, indexation.
Check the valuer’s assumptions against what the leases actually say, and show the variance.
Rebuild LTV and ICR from reconciled inputs, each traced to its page.
Flag what changed since the last review: expiries, breaks exercised, arrears.

Rent roll vs leases · Halcyon Properties · 40 Mercer Street

Tenant	Rent roll	Lease	Expiry
Westbrook Retail plc	1,240,000	1,240,000	Mar-31	Match
Fenwick & Co	860,000	815,000	Sep-28	Differs
Larkin Dental	310,000	310,000	Jun-27	Break Jun-26
Unit 4 (vacant)	240,000	—	—	No lease on file
Passing rent	2,650,000	2,365,000

Valuer assumed $2.65m passing rent · leases support $2.37m · ICR 1.31× → 1.17× on reconciled rent

Project & infrastructure finance

The risk is spread across a thousand pages

Concession agreement, EPC and O&M contracts, offtake, independent engineer’s report and the model. Thousands of pages, and the risk allocation is spread across all of them. Bashi answers who bears which risk, with the clause.

What Bashi does

Answer who bears which risk across the whole contract suite, with the clause that says so.
Find the gaps where a risk passed down in one contract is not picked up in the next.
Check the model against the contracts tariff, availability and indexation terms as written.
Track reporting obligations and covenant tests against the financing agreements.

Chat · scoped to Halcyon Energy SPV · 214 documents

Who bears the risk of a delay in grid connection, and is it passed through to the EPC contractor?

The grantor bears grid connection risk under the concession: a delay attributable to the network operator extends the scheduled commercial operation date and triggers deemed availability paymentsConcession agreement · cl. 14.2, 14.5. It is not passed to the EPC contractor: the EPC contract excludes grid connection from the contractor’s delay liability and treats it as an employer risk eventEPC contract · cl. 8.4(c), sched. 6. One gap: the offtake agreement’s deemed energy provisions start only from the original COD, so a grantor-caused delay leaves a revenue gap the concession compensates but the offtake does notOfftake agreement · cl. 6.3.

Every citation opens the page it points to

Tailored on top. Shared underneath.

Whatever the desk, the same six capabilities do the work. What changes is the configuration: your documents, your rules, your format.

Your rule setYour credit policy and standard agreements become the checks. Thresholds, limits and required documents are yours.

Your house formatSpread templates and memo structures follow what your committee already reads.

Your document typesSet-up covers the documents your desk actually receives, in the languages and formats they arrive in.

Your controlsNothing used to train models, every action logged, every figure traced to its source.

Every lender.
Every market.

The group never quite adds up

What Bashi does

The economics do not cover the paperwork

What Bashi does

Eligibility is a clause, not a column

What Bashi does

Three documents, three different numbers

What Bashi does

The risk is spread across a thousand pages

What Bashi does

Tailored on top. Shared underneath.

See Bashi on a deal your team already knows.