A CMA report that bankers read. A project plan that funders sign.
Working capital, term loans, project financing, CMA data, project reports, MSME schemes, government subsidies, machinery and equipment financing, NBFC structuring and CGTMSE guarantees — built by financial-modelling specialists who have closed funding for businesses across manufacturing, services, hospitality, healthcare and infrastructure.
- Working Capital — CC, OD, BG, LC
- Term Loans & Project Finance
- CMA Data & Projections
- Bankable Project Reports
- MSME & Government Schemes
- Equipment & Machinery Loans
- Lender Liaison & Sanction
Funding is a conversation. We translate yours into the lender\u2019s language.
A loan proposal succeeds or fails on three documents — the CMA data, the project report and the financial covenants you can credibly meet. Bankers approve businesses they can build a coherent story around: where the cash will come from, where it will go, what the repayment will look like, what the covenant package will be, what the security cover is and how the deviations will be managed. Most rejections happen not because the business is weak, but because the proposal is weak.
Zfiling builds funding-ready businesses. We model the financials with three-year audited backup, project the next five years with sensitivity analysis, build the CMA in the format your specific lender uses, write the project report with the technical, market and managerial sections that a sanctioning committee actually reads, and stay alongside through credit appraisal, sanction conditions, documentation and disbursement. For ongoing facilities, we manage the annual renewal cycle so the limits never drop in the middle of a busy season.
For larger projects, we also handle term-sheet negotiation, lender consortium formation, ECB / FCNR(B) structuring, and government scheme dovetailing — the credit-linked subsidy schemes, MSME schemes, state-specific incentives — that can materially reduce the effective cost of capital.
Seven sub-practices across the funding life-cycle.
From a first cash-credit limit for a one-year-old MSME to a hundred-crore term loan for a Greenfield manufacturing unit — the discipline is the same, the documentation deepens.
Cash credit, overdraft, BG, LC — short-term lines
Working-capital limits are the lifeline of every operating business — Cash Credit (CC) and Overdraft (OD) facilities against stocks and book debts, Bank Guarantees (BG) for tenders and performance, Letters of Credit (LC) for purchases. The trick is to scope the limit correctly — too small and the operating cycle chokes, too large and the bank declines as overleveraged. The drawing-power calculations, stock statements, book-debt aging and inspection regime then become the operating discipline.
We build the proposal, run the lender shortlist (public sector banks, private banks, small finance banks, NBFCs), negotiate the rates and covenants, complete the sanction-to-disbursement documentation and manage the annual renewal cycle thereafter.
- Funding need assessment + working-capital cycle analysis
- Lender shortlist + rate / covenant benchmarking
- CMA-format projections aligned to lender appetite
- Sanction letter negotiation + condition compliance
- Stock-statement and book-debt template build
- Annual renewal preparation 90 days before expiry
- Limit enhancement / reduction representations
Term loans & project financing
Term loans fund capital expenditure — Greenfield projects, expansion, balancing equipment, real estate, technology upgrades. Tenors range from three to fifteen years, moratoriums are negotiable, and structuring affects the entire cash-flow profile of the business. Project finance — for larger ticket sizes — adds DPRs, detailed project appraisal, technical and financial appraisals, escrow mechanisms and lender-step-in clauses.
We structure the term sheet, build the financial model, run the consortium where needed, manage the credit-appraisal back-and-forth, handle the legal and security documentation through advocates, and coordinate the disbursement against the milestones defined in the sanction.
- Project structuring + term-sheet negotiation
- 15-year financial model with DSCR / debt-service waterfall
- Detailed Project Report (DPR) per lender format
- Technical-economic viability (TEV) coordination
- Security documentation + collateral assignment
- Multi-tranche disbursement against milestone certificates
- Consortium / multiple banking arrangements
CMA reports — the lender\u2019s financial language
Credit Monitoring Arrangement (CMA) data is the standard financial submission format prescribed by RBI / IBA — six forms covering operating statement, balance sheet, comparative balance sheet, ratio analysis, fund flow and projected fund flow. The numbers have to reconcile both to your audited financials and to each other, the projections have to be plausible, the ratios have to clear lender benchmarks (current ratio, debt-equity, interest coverage, DSCR), and the deviations have to be explained in cogent commentary.
We prepare CMA in PSB, private bank, small finance bank and NBFC formats — each has its own templates and benchmarks. For multi-lender consortia, we build a unified base CMA with lender-specific overlays.
- CMA in lender-specific format (SBI, BoB, ICICI, HDFC, NBFC, MFI)
- Three-year audited + five-year projection model
- Ratio analysis with covenant headroom
- Fund flow + projected fund flow statements
- Stock-and-debt cover walk + drawing power workings
- Sensitivity analysis on revenue, margin, costs
- Commentary deck for the credit committee
Bankable project reports — DPRs that get approved
A Detailed Project Report (DPR) is the narrative document that wraps the financial model — promoter background, market and competitive analysis, technical specifications and process flow, manpower planning, regulatory and environmental clearances, project schedule with milestones, capital cost build-up, means of finance, profitability projections, sensitivity analysis and risk register. Different lenders demand different formats; PSU project-finance committees demand the deepest detail.
We write DPRs across sectors — manufacturing, healthcare (hospitals, diagnostic chains), education (schools, colleges), hospitality (hotels, resorts), warehousing, cold storage, food processing, retail and renewable energy — with the engineering, market and regulatory rigour each sector demands.
- DPR end-to-end with promoter, market, technical, financial chapters
- Capital cost build-up with quotations and vendor due diligence
- Means of finance + lender requirement summary
- Implementation schedule with PERT / Gantt visualisation
- Sensitivity and break-even analysis
- Regulatory and environmental compliance roadmap
- Lender pitch deck + executive summary
MSME schemes, CGTMSE & central-state subsidies
The MSME ecosystem in India runs on a dozen credit-linked subsidy and guarantee schemes — CGTMSE collateral-free loans up to two crores, MUDRA (Pradhan Mantri Mudra Yojana) up to ten lakhs, Stand-Up India for women and SC/ST entrepreneurs, PMEGP (Prime Minister\u2019s Employment Generation Programme), TUFS / CLCSS for technology upgrades, ECLGS variants for COVID-impacted sectors, plus state-specific industrial promotion subsidies, interest subvention schemes and capital subsidies for specific industries.
We map your project to the schemes for which it qualifies, file the applications, coordinate between the implementing agency (DIC, KVIB, KVIC, NSIC, district MSME centres), the bank and the borrower, and follow through to claim disbursement.
- Scheme eligibility assessment + matrix
- CGTMSE guarantee application + bank coordination
- MUDRA / PMEGP / Stand-Up India applications
- Technology upgradation (TUFS / CLCSS) claims
- State-specific capital and interest subsidy applications
- SC / ST / Women entrepreneur scheme applications
- ECLGS variant utilisation + repayment optimisation
Equipment, machinery, vehicle & LAP
Asset-backed finance moves faster than working capital — the asset is the primary collateral and many NBFCs specialise in specific equipment categories (CNC machines, printing equipment, construction equipment, commercial vehicles, medical equipment). Loan Against Property (LAP) is one of the cheapest sources of unstructured funding for owner-managed businesses. Each of these markets has its own underwriting style — quick decisions, asset-value-driven, sector-specialist NBFCs.
We compare offerings across banks, captives (manufacturer-tied finance arms), NBFCs and specialised lenders, negotiate the rate and tenor, and complete the documentation through to disbursement and asset hypothecation.
- Equipment / machinery finance proposal preparation
- Vendor finance and captive lender coordination
- Commercial vehicle loan structuring
- Hospital and medical equipment financing
- Loan Against Property (LAP) sourcing and negotiation
- Lease vs. loan analysis for capital equipment
- Hypothecation, registration and insurance set-up
Lender liaison, sanction & disbursement management
The work between a sanction letter and a disbursement is where most loan timelines slip — KYC documentation, deviation memo approvals, security creation, charge filings, valuation reports, title-search reports, insurance assignments, drawing-power calculations, post-sanction conditions, escrow set-up and finally the first disbursement against utilisation certificates. The discipline is procedural rather than analytical, but it determines whether the funds arrive in time for the project.
For clients on continuous facilities, we run the relationship — quarterly stock statements, biennial valuations, sub-debt limit enhancements, annual renewal proposals, NBFC-bank refinancing and lender substitution when better rates appear in the market.
- Sanction-to-disbursement documentation
- Security creation: hypothecation, mortgage, charge filings
- Valuation + title-search + insurance assignment coordination
- Drawing-power and stock-statement template build
- Quarterly / monthly bank-MIS submissions
- Lender substitution and refinancing proposals
- Account upgrade / restructuring representations
Any other service
you need.
Specialised funding situations and instruments we routinely handle alongside the seven core practices — from venture debt to ECBs.
A short, non-exhaustive list of other services we routinely deliver:
- External Commercial Borrowings (ECB) — RBI approval / automatic route
- FCNR(B) loans and dollar-denominated rupee equivalents
- Venture debt structuring and term-sheet negotiation
- Trade finance — supplier credit, buyer credit, packing credit
- Export-import financing (EXIM Bank facilities)
- Bill discounting and TReDS invoice discounting
- Channel finance and supply-chain finance facilities
- Lease and hire-purchase structuring for capital equipment
- Real estate construction finance and lease rental discounting (LRD)
- Education loans for institutions and infrastructure
- Hospital construction and medical-equipment finance
- Hotel and hospitality term loans + working capital
- Renewable energy (solar, wind) project finance
- Warehouse, cold-chain and logistics infrastructure funding
- Special Mention Account (SMA) advisory and restructuring
- One-time settlement (OTS) negotiations and discounted payoff
- IBC pre-pack and Section 12A withdrawal advisory
- Lender substitution and rate-renegotiation engagements
- Loan against shares, mutual funds and other securities
- Promoter funding and personal loan-against-shareholding
- Family-business succession funding and buyout structures
- Acquisition finance term sheets and structuring
- Mezzanine financing and convertible debt structuring
- Distressed-asset acquisition financing
Don\u2019t see your specific need? Send us a brief description in writing — we will honestly tell you within 24 hours whether we are the right team for it.
A five-step engagement, designed for clarity.
Every engagement at Zfiling runs through the same disciplined workflow.
Diagnose
Two-hour funding-need session — what the capital is for, how long it is required, what cash flows will service it, what collateral is available. Output: a funding plan with options ranked by cost, speed and complexity.
Model
Three-year audited + five-year projected financial model with sensitivity analysis. CMA data in the relevant lender format. DPR drafted with sector-specific market and technical analysis.
Pitch
Lender shortlist and parallel approaches. We accompany you to the credit-committee presentations or run them ourselves. Term sheets compared on rate, tenor, covenants and conditions.
Close
Sanction-letter negotiation, documentation, security creation, KYC, charge filings, valuation, insurance, drawing-power calculations and first disbursement against milestones.
Maintain
Quarterly bank submissions, annual renewal proposals 90 days before expiry, deviation approvals and limit enhancements as the business grows. We are the single point of contact between you and the bank.
Four ways to work with us.
Fixed-fee for one-off engagements. Scaled by complexity or turnover. Monthly retainer for ongoing engagements.
Per-report fee depending on ticket size and complexity. Includes one round of revisions and lender shortlist. Used by businesses that maintain their own banker relationships.
End-to-end engagement — funding strategy, CMA, DPR, lender approach, term-sheet negotiation, sanction-to-disbursement documentation. Scoped on ticket size.
For projects above ten crores or multi-lender consortia — TEV coordination, security structuring, escrow set-up, multi-tranche disbursement. Quoted by project complexity.
Annual renewals, quarterly submissions, scheme applications, sub-limit enhancements and proactive market-rate review. For businesses with continuous funded exposure.
My business is two years old. What is the minimum loan I can get?
For an MSME with two years of audited financials, MUDRA loans up to Rs 10 lakhs (Shishu / Kishore / Tarun categories) are accessible without collateral; CGTMSE-guaranteed loans up to Rs 2 crores are accessible without collateral if the bank is willing. The actual eligibility depends on turnover, profitability and the operating cycle. For first-time borrowers, we typically start with a working-capital limit (CC or OD) of 25% of annual turnover, often scaling to 40-50% within two annual renewal cycles as the relationship matures.What is CGTMSE and how does it help me?
The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) provides a guarantee cover (currently up to 85% of the loan amount) to the lending bank on loans up to Rs 2 crores extended to micro and small enterprises without third-party collateral. The borrower pays an annual guarantee fee (currently 0.5% to 1.5% per annum on the outstanding) and the bank gets the comfort of the guarantee. We help eligible borrowers access this on a much larger scale than they would otherwise be considered for.How long does a typical loan sanction take?
For a working-capital limit of Rs 1-5 crores with a public-sector bank, eight to twelve weeks from proposal submission to sanction; another four to six weeks from sanction to first disbursement. Private banks and NBFCs are faster — four to eight weeks total for similar ticket sizes. Project finance for large ticket sizes can take four to nine months including TEV, environmental clearance and consortium formation. The fastest decisions come from sector-specialist NBFCs and captive equipment finance — sometimes within two weeks.What documents do I need to keep ready?
Three years of audited financials, the current year provisional, GST returns for the last twelve months, ITR for the last three years, bank statements for the last twelve months for all operating accounts, KYC of the entity and promoters (PAN, Aadhaar, photographs), constitutional documents (Trust Deed / MoA-AoA / Partnership Deed), property documents if collateral is offered, and the projection model and CMA we prepare. We provide the full checklist at the proposal-preparation stage.Can I refinance an existing loan to get a better rate?
Yes — and we recommend it whenever the rate-saving more than offsets the prepayment penalty and the processing fee of the new lender. For floating-rate working-capital loans, the refinancing decision is straightforward; for fixed-rate term loans, the prepayment penalty needs careful comparison. Most large public-sector banks waive prepayment for floating-rate loans on MSMEs; private banks vary. We run the analysis and execute the refinancing through to release of the original lender\u2019s security.My loan has been classified as SMA / NPA. Can it be saved?
Yes — Special Mention Accounts (SMA-0, SMA-1, SMA-2) and even early NPAs can be restructured under RBI\u2019s prudential framework for resolution of stressed assets. The window is narrow once classification deteriorates and depends critically on the lender\u2019s stance, the borrower\u2019s cash flow visibility and the realisable value of security. We work on early restructuring proposals, one-time settlements (OTS), pre-pack insolvency under IBC Section 54A, and Section 12A withdrawals where the corporate insolvency resolution process has started. Engagement at the SMA-1 stage is far more productive than at the NPA stage.What is the difference between a CMA and a project report?
CMA (Credit Monitoring Arrangement) data is the standardised financial submission in six tabular forms — operating statement, balance sheets, comparative balance sheet, fund flow, projected fund flow and ratio analysis. It is essentially the financial model, structured per RBI guidelines. The Project Report is the narrative document — promoter and market sections, technical and process descriptions, regulatory and environmental sections, implementation schedule and the financial model summary. CMA goes alongside; the project report wraps around.Are NBFC loans more expensive than bank loans?
On average, yes — typically 2-4% per annum more than equivalent bank facilities. However, NBFCs often approve transactions that banks decline (asset-heavy, niche sector, transitional cash flows, post-CIBIL recovery), are faster, and price differently across borrower profiles. For specific cases — equipment finance, working capital for thin-margin trading, real estate / LAP — NBFCs can be the better option even at the higher rate. We model both and present the trade-off transparently.Do you also help with personal loans for promoters?
Yes — promoter funding (LAS — loan against shares of the holding entity, personal LAP, business-loan against personal balance sheet) is structured carefully because it interacts with the main business covenants and the company\u2019s indebtedness ratios. We typically advise against using personal credit for business working capital unless the business itself has been turned down by lenders, since the cost of personal credit is generally higher and the security cover is at the promoter\u2019s family level. For acquisition funding and buyout structures, promoter facilities can be the right instrument.What is TEV and when is it required?
Techno-Economic Viability appraisal is required by lenders for project finance above certain thresholds (typically Rs 10 crores for working-capital limits or term loans on Greenfield projects). The TEV agency (an empanelled consulting firm) examines the technical specifications, market demand assumptions, capital cost reasonableness and projected financials, and produces an independent appraisal report. Banks rely on the TEV as third-party validation. We coordinate TEV agency engagement and pre-empt the queries that arise during the TEV process.How is your fee structured for funding engagements?
For standalone CMA / DPR preparation, a fixed fee per report. For end-to-end loan-sourcing engagements, a fixed retainer plus a sanction-linked success fee (typically 0.5% to 1% of the sanctioned limit depending on complexity). For project finance and consortium funding, a project fee. For continuous banker-relationship management, an annual retainer with no success fee. We disclose all NBFC referral fees and DSA arrangements upfront — for most engagements we work directly with the borrower and do not take referral commissions from lenders.Can you help if my application has already been rejected?
Yes — and this is among the most common engagements. We diagnose why the rejection happened (often the proposal was poorly structured, the CMA had reconciliation issues, the projections were not credible, the security cover was insufficient, or the lender simply was not the right fit for the profile), rebuild the proposal addressing each issue, identify the right lender for the profile and re-approach. A rejection by Bank A does not affect Bank B\u2019s view, provided the proposal is materially improved.
Pitch us your project. We will pitch your bankers.
The first 30-minute consultation is on us. A senior advisor responds within one business day.
+91 8338 981 953 · infoZfiling@gmail.com
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