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Case Study · Tokenised Corporate Debt

Meridian Precision Manufacturing — Tokenised Fixed Rate Note

A SGD 8,000,000 tokenised fixed rate note secured against a Singapore aerospace & semiconductor supply-chain manufacturer, assessed under the same AITS and 2Q-H-C-T-L-I framework as every other asset on this site.

Assessment No: RRA-2026-CDT-001 Date: March 2026 Analyst: Emrul Naser
Legal Entity
Meridian Precision Manufacturing Pte. Ltd.
Registration
UEN 201834567K — ACRA, Singapore
Business
Precision engineering — aerospace & semiconductor supply chain, 187 employees
Instrument Type
Tokenised Fixed Rate Note (Series A)
Principal & Tenor
SGD 8,000,000 · 36 months · 7.25% coupon
Tokenisation
ERC-3643 on ADDX · Token 0x7a3…d91
Security
First fixed charge (plant & machinery) + floating charge (receivables)
Legal Counsel
Rajah & Tann Singapore LLP
Scoring Config.
Six-component 2Q-H-T-L-I — C omitted (DAO pool not active at this size)
AITS Score
77.47/100
Band
Strong
Investment Grade
Outcome
APPROVED
Subject to covenants
Tier 3 Hard GateScoreThresholdMarginResult
T — Data Truth76.0≥ 30.0+46.0PASS
L — Legal Enforceability72.0≥ 30.0+42.0PASS
I — Ownership Legitimacy78.0≥ 40.0+38.0PASS
How This Score Was Reached
The three acts, applied to this instrument
Act 1
AITS Constitutional Gates
P2 — AML GatePASS
Pillar I – V (Legality → Enforceability)ALL PASS
Result:Proceeds to scoring
Act 2
2Q-H-C-T-L-I Scoring
T1 — Financial Layer76.91
T2 — Intelligence Layer79.98
T3 — Hard-Gate Layer75.92
Weights:0.35 · 0.30 · 0.35
Act 3
Final Decision
Composite S_rwa77.47
BandStrong
Decision:APPROVED
✓ Key Strengths
  • Audited FY2024 revenue of SGD 24.6M (Deloitte, unqualified) with a strong DSCR of 2.14x.
  • Security value of SGD 11.2M against the SGD 8.0M note — 140% collateral cover across a first fixed charge and a floating charge.
⚠ Monitoring Points
  • Single-entity concentration — no portfolio diversification across this note.
  • Revenue concentration: the top 3 customers account for approximately 58% of FY2024 revenue.

This is the web summary. The full PDF report includes complete calculation steps, all 112 verification data-ledger fields, and recommended covenants.

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