Other Finance & Financial Services
Getting a bank loan in India involves more than filling out a form — it involves a CA-certified project report, CMA data, financial projections that hold up to bank scrutiny, and often subsidy scheme navigation that most entrepreneurs don’t have time to figure out alone. Sharda Associates is a Bhopal-based CA firm that handles this. 45,500+ reports delivered.
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What Financial Services Does Sharda Associates Provide?
- Beyond project reports and PMEGP documentation — which are our most-recognised services — Sharda Associates provides a range of financial and business consulting services for MSMEs, startups, and growing businesses:
- CMA Data Preparation: CMA (Credit Monitoring Arrangement) is the RBI-prescribed financial statement format banks use to evaluate working capital loan applications. It covers historical financials, projected balance sheet, P&L, cash flow, and operating cycle analysis. A correctly prepared CMA is the primary document for Cash Credit facility applications — not a standard project report. We prepare CMA data for all types of businesses and all standard banks.
- Virtual CFO Services: A Chief Financial Officer (CFO) monitors cash flow, manages banking relationships, prepares financial projections, and advises on financial decisions — but hiring a full-time CFO costs ₹25-60 lakh/year, which most MSMEs cannot justify. Virtual CFO services provide CFO-level financial oversight on a part-time or as-needed basis — at a fraction of the cost. Particularly valuable for MSMEs preparing for significant growth, entering new banking relationships, or managing complex subsidy scheme timelines.
- Subsidy and Scheme Consultancy: PMEGP, CMEGP, NLM, NHB, AIF, NABARD, MUDRA, PMFME, PM-KUSUM, NORKA Roots — India’s MSME and agri-infrastructure subsidy landscape is large and complex. Each scheme has specific eligibility criteria, application formats, and timelines. We identify applicable schemes for a client’s specific business and location, prepare the documentation, and track applications through to sanction and disbursement.
- Feasibility Studies and DPRs: Detailed Project Reports (DPRs) for infrastructure, agri-processing, and industrial projects requiring more comprehensive analysis than a standard project report — land and machinery specifications, market analysis, competitor analysis, sensitivity analysis, and multi-year financial projections. Typically required for projects above ₹50 lakh or for NHB, NABARD, and state industrial development body applications.
- Project Finance Consultancy: For large infrastructure and industrial projects (₹2 crore and above) requiring project finance from banks and NBFCs — structured lending against project cash flows rather than personal assets. Solar plants, cold storage, agro-processing plants, and hotel properties are common categories. We structure the project finance documentation, financial model, and lender presentation.
- Company Registration and Business Setup: Pvt Ltd, LLP, OPC, Section 8 company — registration and post-incorporation compliance. Combined with project report for a complete bank-ready business launch package.
- Tax Filing and Compliance: GST returns, income tax filing (personal and business), TDS compliance, and tax planning — ongoing compliance services for MSMEs and professionals.
What Is CMA Data and When Do MSMEs Need It?
CMA (Credit Monitoring Arrangement) is a specific financial analysis format prescribed by the Reserve Bank of India for working capital loan assessment. It is the primary document banks evaluate for Cash Credit (CC) facilities, working capital term loans, and larger MSME credit facilities.
When is CMA data required?
- Working capital (Cash Credit) loan applications — standard for wholesale distributors, traders, and manufacturers with large raw material or debtor cycles
- Loan above ₹25 lakh in most public sector banks (though thresholds vary)
- Renewal of existing working capital limits
- Enhancement of existing CC limits
What does CMA data contain? A 7-statement format: balance sheet (past 2-3 years and projected), profit and loss (past and projected), cash flow statement, working capital assessment (including operating cycle calculation), cash accrual statement, and DSCR table.
Who prepares it? Typically a CA or financial consultant — a bank’s internal credit department can sometimes prepare it but most branches expect the borrower to provide CA-prepared CMA data.
Sharda Associates prepares CMA data for all standard public and private sector bank formats. Starting ₹2,999.
What Is Virtual CFO Service and Who Needs It?
A virtual CFO (Chief Financial Officer) provides CFO-level financial management services without the cost of a full-time hire. For MSMEs, this typically means:
- Monthly financial review: P&L review, cash flow monitoring, receivable tracking — ensuring the business owner has a clear financial picture regularly, not just at year-end
- Banking relationship management: Preparing documents for bank limit renewals, communicating with bank managers, responding to bank queries
- Financial projections for decision-making: When to expand, whether to take a new loan, how to structure a large purchase — financial modelling to support decisions
- Subsidy and scheme management: Tracking multiple subsidy applications, ensuring documentation is submitted on time, following up on disbursement
- Tax compliance oversight: Ensuring GST, TDS, and income tax filings are on schedule, communicating with the business’s CA
Ideal for: MSMEs with ₹50 lakh to ₹5 crore annual turnover that are too large to manage finances informally but not large enough to justify a full-time CFO or finance manager. Also valuable for businesses going through a significant transaction — bank loan, expansion, partnership, or investor round.
Which Subsidy Schemes Does Sharda Associates Help With?
India’s MSME and agri-subsidy landscape covers dozens of active central and state schemes. The most common ones we work with:
Central schemes:
- PMEGP (Prime Minister’s Employment Generation Programme) — 15-35% capital subsidy, up to ₹50 lakh manufacturing / ₹20 lakh service
- NLM (National Livestock Mission) — 50% capital subsidy for livestock and poultry businesses
- NHB (National Horticulture Board) — 35% subsidy for cold storage, ripening chambers, and agri-infrastructure
- AIF (Agriculture Infrastructure Fund) — 3% interest subvention for agri-infrastructure
- PMFME (PM Formalisation of Micro Food Enterprises) — ₹10 lakh credit-linked subsidy for food processing
- PM-KUSUM — solar pump and agri-solar support
- MUDRA (Micro Units Development and Refinance Agency) — Shishu (₹50,000), Kishore (₹5 lakh), Tarun (₹10 lakh) without collateral
State schemes (MP-specific):
- CMEGP (CM Employment Generation Programme) — MP state PMEGP equivalent
- MP Tourism Policy incentives
- MP IT Policy incentives
- MPIDCL industrial plot allotment support
Kerala/NRI-specific:
- NORKA Roots (PEARL/MEGA) — returning NRK business support
We identify which schemes apply to your specific business and location, prepare all documentation, and manage the application process.
How Is a Project Report Different from CMA Data?
A question many clients ask — and the answer determines what document they actually need for their bank:
| NO | Project Report | CMA Data |
Purpose | Evaluate a new business project / loan for new enterprise | Evaluate working capital needs of an existing or growing business |
Primary audience | Bank credit officer for new loan sanction | Bank for CC/working capital renewal or enhancement |
What it covers | Business plan, capital expenditure, projected revenue, DSCR | Operating cycle, working capital gap, cash flow, DSCR |
When needed | New business loan, Mudra, PMEGP, term loan | Cash Credit, working capital loan, CC limit renewal |
Format | Narrative + financial tables | RBI-prescribed 7-statement format |
Many MSMEs need both — a project report when initially setting up (for the term loan to buy equipment) and CMA data as the business grows (for the working capital Cash Credit to manage inventory and receivables).
Why Choose Sharda Associates for Financial Services?
1. 45,500+ CA-Certified Reports Delivered Since 2017 Our track record across project reports, CMA data, and subsidy applications is not a number we invented — it is the cumulative output of a Bhopal-based CA firm working since 2017 across every major MSME and agri-infrastructure category.
2. One Firm, Multiple Services Project report + CMA data + PMEGP documentation + company registration + GST filing — all from the same firm that knows your business. No handoff between separate service providers who don’t share context.
3. Scheme Expertise Across Central and State Programmes PMEGP, NLM, NHB, AIF, PMFME, PM-KUSUM, NORKA, CMEGP, MP Tourism, MP IT — we know which schemes apply to which business types and locations, and we prepare applications that match scheme requirements correctly.
4. Virtual CFO Services Available for Growing MSMEs Beyond documentation — ongoing financial oversight, banking relationship management, and financial projections as part of a monthly engagement. CA-level advisory without the full-time hire cost.
5. Bhopal-Based — Pan-India Service Physical office in Bhopal (HIG-B-59, Sector A, Hoshangabad Road, Vidya Nagar) for in-person meetings when needed. Fully digital service capability for clients across India, NRIs in Gulf countries, and international clients.
6. Starting at ₹2,999 · 24-48 Hour Delivery for Standard Reports 📞 +91 89899 77769
Frequently Asked Questions
CMA data preparation (for working capital/Cash Credit loan applications), Virtual CFO services (monthly financial oversight for MSMEs), subsidy and scheme consultancy (PMEGP, NLM, NHB, AIF, PMFME, MUDRA, NORKA), feasibility studies and DPRs, project finance consultancy for large infrastructure projects, company registration, and ongoing tax compliance (GST, ITR, TDS).
CMA (Credit Monitoring Arrangement) is the RBI-prescribed 7-statement financial format banks use for working capital loan evaluation — Cash Credit facility applications, CC limit renewals, and larger MSME credit facilities. Required when applying for a Cash Credit, working capital demand loan, or when loan amount exceeds ₹25 lakh in most public sector banks. Different from (and sometimes in addition to) a project report.
Virtual CFO provides CFO-level financial oversight — monthly financial review, banking relationship management, projections, subsidy tracking, tax compliance oversight — without the cost of a full-time hire (₹25-60 lakh/year). Suited to MSMEs with ₹50 lakh to ₹5 crore turnover that need professional financial management but can't justify a full-time CFO. Contact us for pricing based on your specific requirements.
PMEGP (15-35% capital subsidy), NLM (50% livestock subsidy), NHB (35% horticulture infrastructure), AIF (3% interest subvention), PMFME (food processing subsidy), PM-KUSUM (agri solar), MUDRA (collateral-free MSME loans), NORKA Roots (Kerala NRK schemes), CMEGP (MP state scheme), and MP-specific industrial and tourism policy schemes.
A term loan is secured against the borrower's personal assets (property, FDs, guarantors) — standard for Mudra, PMEGP, and small MSME loans. Project finance is secured against the project's future cash flows (PPA revenue for solar, cold storage service revenue, toll revenue) — used for large infrastructure projects (₹2 crore+). Different due diligence, different lenders (specialised infrastructure banks and NBFCs), and different documentation requirements.
Yes. While our physical office is in Bhopal (MP), we serve clients across India and NRIs in Gulf countries (UAE, Oman, Saudi Arabia, Qatar, Kuwait, Bahrain) digitally — via WhatsApp, email, and video call. All documentation is delivered digitally and can be submitted to any Indian bank or scheme authority regardless of location.
Call or WhatsApp +91 89899 77769. Describe your requirement — what loan you need, what business you're starting, or what scheme you want to apply for. We'll tell you which service you need (project report, CMA data, DPR, or subsidy application), confirm the price, and begin within 24 -48hours.