The proposal keeps coming back with queries on the CMA.
The file has been submitted twice and returned twice. The queries are all about the same thing: numbers in the CMA that don't reconcile to the audited financials.
Where most of these mandates start.
The file has been submitted twice and returned twice. The queries are all about the same thing: numbers in the CMA that don't reconcile to the audited financials.
Each round costs two to three weeks, and the credit team's confidence in the file drops with every correction.
How capital providers actually assess this.
CMA data is the analyst's working document — operating statement, balance-sheet analysis, comparative ratios, fund flow and maximum permissible finance. It must tie exactly to the audited books, and the projections must be defensible line by line.
The usual failure points are simple: turnover growth assumed without capacity, margins improving with no stated driver, working-capital cycle inconsistent with stock statements, and repayment schedules of existing facilities omitted.
The parameters this is assessed against.
- Applies to
- Working capital, term loans, enhancements and takeovers
- History required
- Three years audited plus current provisional
- Projection horizon
- Two to five years, matched to facility tenor
- Turnaround
- One to two weeks with complete inputs
- Delivered with
- Ratio analysis, fund flow, drawing power and MPBF workings
What has to be on the table.
- Audited financials for three years with schedules and notes
- Latest provisional financials and current-year trial balance
- GST returns and bank statements for 12 months
- Stock and debtor statements with creditor ageing
- Existing sanction letters with repayment schedules
- Order book, capacity data and any capex plan
We understand the capital requirement, structure the transaction and take it to the right capital providers.
Understand the requirement
Which facility is being sought, on what assessment basis, and what the credit team will test first.
Structure the transaction
Build the CMA from the audited books, reconcile every schedule, and support projections with capacity, order book and cycle data.
Take it to the right capital providers
Submit as part of a complete credit file — proposal note, CMA, security schedule and compliance pack — to lenders matched to the requirement.
Term sheets, negotiation and closure
We run competing term sheets side by side, negotiate pricing, covenants and security, manage diligence, and stay on the mandate through documentation and disbursement.
Answers before the first call.
What is CMA data?
Credit Monitoring Arrangement data is the standard financial analysis format used in Indian credit appraisal: past and projected operating statements, balance-sheet analysis, ratio and fund-flow statements, and working-capital assessment.
Why do lenders keep raising queries on CMA?
Almost always because projections are unsupported or figures don't reconcile with audited financials, stock statements or GST returns.
How long does CMA preparation take?
One to two weeks once audited financials, provisional numbers, stock and debtor statements and existing sanction letters are available.
Share the requirement. We will tell you candidly whether it is fundable, and how.
Senior-led review under a mutual NCND. No retainer — engagement is success-linked. Prefer a detailed brief? Use the full funding requirement form.