What a project report and CMA data are
The project report is the document that explains the business, the purpose of the loan, the security and the repayment. CMA, the Credit Monitoring Arrangement statement set, is what the lender appraises: past and projected balance sheets and operating statements, the working capital computation and the ratio analysis. Most applications need both. If your bank has asked only for CMA data, for example for a limit renewal, see CMA data on its own.
What is inside the report
Most lenders want the same eleven parts, in their own order and their own format. This is what we build.
| Part | What it contains | Why the bank reads it |
|---|---|---|
| Promoter and business profile | Constitution, ownership, experience, group entities, existing facilities | Tests whether the people can run what they are asking to fund |
| Purpose of the loan | The exact assets or the exact working capital gap | A vague purpose is the most common reason an application goes back |
| Cost of project and means of finance | Every item of cost against promoter contribution, term loan, and other sources | The two sides must total, and the promoter contribution must be visible |
| Past financials | Two or three completed years, audited where an audit applied | The starting point for every projection |
| Projected profit and loss | Revenue, costs and profit for the loan period | Tests whether the projected growth is explained or assumed |
| Projected balance sheet | Assets, liabilities, net worth, the loan drawn down and repaid | Shows the leverage the bank is taking on |
| Cash flow and fund flow | Where cash comes from and where it goes each year | A profitable projection with no cash is rejected |
| Working capital assessment | The operating cycle, current assets and current liabilities, and the maximum permissible bank finance in the bank's format | Sets the cash credit or overdraft limit |
| Ratio analysis | DSCR, current ratio, TOL to TNW, interest coverage, inventory and receivable days | The numbers the appraisal note is built on |
| Sensitivity or break-even | What happens if sales fall or costs rise, and the sales level at which you break even | Shows the projection has been stress-tested |
| Security and repayment | Assets offered, guarantees, moratorium and the repayment schedule | Feeds the sanction terms |
The three numbers a credit officer checks first
Three ratios decide most appraisals. Getting them right in the projection is the work.
DSCR (debt service coverage ratio). Cash available to service the loan, divided by what falls due that year. Cash available is normally profit after tax plus depreciation plus interest on the term loan. What falls due is interest plus the principal instalments for that year. It is computed for every year of the loan and as an average. Each lender sets its own minimum, so ask your branch what the sanction note needs before we finalise the repayment schedule; a longer tenure or a moratorium changes the answer.
Current ratio. Current assets divided by current liabilities, after the proposed limit is included. This is where a working capital request is won or lost, because the bank funds only part of the gap and expects the rest from your own long-term funds, which it calls the margin.
TOL to TNW (total outside liabilities to tangible net worth). Everything you owe, against your own funds after intangibles. If the promoter's contribution is thin, this ratio says so, whatever the profit projection shows.
We compute all three before the report is drafted. If one of them fails, it is better to change the ask, the tenure or the promoter contribution than to submit and be asked for a revised report.
Scheme-linked loans: what changes
A scheme loan is still a bank loan. The difference is that the scheme adds its own application format, eligibility conditions and, sometimes, a guarantee or a subsidy.
- PMMY, the Mudra scheme. Loans to non-corporate, non-farm micro enterprises through banks and other lenders. The ceiling was raised from ₹10 lakh to ₹20 lakh, announced in the Union Budget 2024-25, and a fourth product, Tarun Plus, covers loans above ₹10 lakh up to ₹20 lakh for borrowers who have repaid an earlier Tarun loan. Guarantee cover for PMMY loans up to ₹20 lakh comes through the Credit Guarantee Fund for Micro Units. You apply to a lender, not to Mudra.
- CGTMSE. A guarantee for the lender, not a loan to you. The bank applies for the cover once it is willing to sanction, which is why the strength of your projections still decides the outcome. Cover limits and fees are set by the Trust and change: ask your branch for the current ceiling rather than relying on any figure you read online, including ours.
- PMEGP. A subsidy-linked scheme for new units, run through KVIC, state KVIBs and district industry centres, with its own online application and its own project report format. Eligibility and cost ceilings are set by the scheme, so we build to the format the implementing agency publishes at the time you apply.
For any of these, a Udyam registration is usually the first thing the lender asks for, and it is free.
What we cannot do, and will not claim
Projections are your assumptions, put into a defensible structure. A chartered accountant can compile them, test them for arithmetic and internal consistency, and say what they are based on. No accountant can certify that a future year's revenue will happen, and no firm can promise that a bank will sanction. Sanction is the lender's decision, on its own credit policy.
So the honest description of this service is: your numbers, built properly, in the format your lender reads, with the ratios computed before you submit rather than after the bank asks. If a projection cannot support the loan you want, we will tell you at the assumptions stage.
Fee
| Item | Amount |
|---|---|
| Project report with CMA data, single entity, one lender's format | From ₹7,499 |
| Government fee | No government fee |
| Udyam registration, if not already done | See Udyam registration |
| Bookkeeping to produce the past financials, where books are incomplete | See accounting services |
Professional fees exclude GST at 18%. Government fees, where they apply, are paid at actuals to the department and are shown separately. Fees verified on 22 September 2026.
What moves the fee: the number of years to be projected, whether the past accounts are ready or have to be compiled first, the number of entities and lenders, and whether the scheme adds its own format. We quote in writing before we start.
What we need from you
Audited or finalised financial statements for the last two or three years; the current year's provisional figures; GST returns for the period; bank statements for all accounts, usually twelve months; sanction letters and repayment schedules for existing loans; quotations or estimates for the assets you are buying; KYC and constitution documents for the entity and the promoters; the Udyam certificate; and your own assumptions on sales, prices, margins and collection periods. Where books are incomplete we can compile them first, as a separate engagement.
If you also want the working Excel behind the projections, see financial modeling.
The bank may also ask for a turnover certificate or an LEI: see LEI registration. For a company borrower, the next step once the bank sanctions the loan is registering the charge after sanction.