How do you develop your estimates for private Companies?

I was recently asked to create estimates for a private company (think syndicated loan deal) without having any guidance from management. There were some operating level details for the latest fiscal year in the debt bank book (think revenue by customer and state), however this information was limited to only one year and "industry projections" was expected growth of the overall market. The Company was also fairly small, with no public comps that operate in the same space.

If you were analyzing this type of situation, how would you go about building your estimates? How would you back-up any changes you make to gross margin / EBITDA margins? In the past when I've had to model deals I was typically given some guidance from management, so really appreciate any color on whats the best way to got about it and best ways to think about different costs.