Define the decision
Clarify the commercial objective, constraints, stakeholders and information required.
Practice area
Business Advisory for Growing Enterprises
Commercially grounded support for structure, finance, reporting and compliance systems where the decision must work beyond the spreadsheet.
CA. Jigar Shah · JRSM & AssociatesProfessional focus
Commercially grounded support for finance, structure, compliance systems and growth decisions.
Vadodara is our office base. Clients beyond the city are welcome to enquire about support for their matter.
Who this may assist
- Entrepreneurs evaluating a new structure or transaction
- Businesses strengthening finance, reporting and cash-flow visibility
- Management teams redesigning compliance or review processes
Matters covered
Start with the actual proceeding or decision.
- Entity, transaction and commercial structure reviews
- Project finance, working capital and cash-flow planning
- Management information and decision-support reporting
- Finance-process and compliance-workflow design
- Exception-based review and practical automation
- Integrated tax, accounting and business impact assessment
Working approach
Facts, law and action kept in one line of sight.
Model the implications
Connect cash flow, tax, accounting, compliance and execution risks before choosing a route.
Turn advice into process
Translate the selected approach into responsibilities, controls, reporting and follow-through.
Prepare for the first review
Prepare for a project-finance or cash-flow review.
An organised record helps identify the issue and prepare a complete, focused response.
- A short statement of the decision: the amount required, purpose, timing, proposed funding sources and the management approval needed.
- Latest financial statements, trial balance, bank statements and reconciled receivable, payable, inventory and statutory-dues schedules.
- A dated project budget separating costs already incurred, committed expenditure, remaining work, contingency and the evidence supporting each estimate.
- Monthly cash-flow projections showing collection assumptions, supplier payments, taxes, interest and principal repayments, with base and downside scenarios.
- Existing sanction letters, repayment schedules, security and guarantee details, covenant requirements, relevant approvals and the status of lender discussions.
- For exporters: buyer-wise receivable ageing, shipment and payment terms, credit-insurance policies and limits, overdue amounts and supporting claim correspondence.
Common questions
Project finance and working capital: questions before a decision.
How is a cash-flow forecast different from a profit forecast?
Profit records income and expenses under the applicable accounting policies. Cash flow shows when money is expected to be received and paid. Receivable delays, inventory, capital spending, tax payments and loan repayments can create a funding gap even when the business reports a profit.
What should a builder include in a funding review?
Bring project-wise budgets, unit inventory, booking and collection schedules, construction commitments, approvals, project-account records and existing debt. Identify the funds available for each purpose and the conditions attached to them; do not assume that every receipt is freely available for another project.
Which downside scenarios are useful for manufacturers and hotels?
Test the assumptions that matter to the business: slower collections, lower capacity utilisation or occupancy, higher energy and input costs, delayed completion and higher interest costs. Show the effect on minimum cash balances and repayment capacity, then identify an action for each material shortfall.
Does a finance review guarantee that a bank will sanction the loan?
No. A review can improve the quality of information, test the proposal and organise lender questions. Sanction, pricing, security, conditions and disbursement remain subject to the lender's appraisal, approvals and current requirements.
How should an exporter assess insured receivables in a cash-flow forecast?
Keep expected customer collections separate from possible insurance recoveries. Review buyer-wise ageing, policy dates, credit limits, covered risks, exclusions and claim documentation before assuming a recovery amount or timing. Test the cash shortfall if collections or claims are delayed. Where RELIEF support is being considered, confirm the applicable region, shipment and policy eligibility with ECGC; the scheme is not a blanket guarantee for every export.
Can announced manufacturing incentives be treated as committed project funding?
Keep prospective assistance separate from sanctioned funding in the cash-flow model. For example, the Container Manufacturing Promotion Scheme approved on 28 October 2026 provides for support from FY 2027–28, including 3% annual interest subvention on eligible term loans. The official release specifies minimum capacities of 1,00,000 TEUs a year for greenfield plants and 25,000 TEUs a year for brownfield expansion; the scheme committee will approve guidelines and sanction assistance. Prepare capacity, capital-cost, loan and commissioning records, then confirm eligibility, approval conditions and expected receipt dates. Model a delayed-support case and assess accounting recognition separately under the applicable framework; approval of a scheme does not sanction an individual project's assistance.
Commerce Ministry: RELIEF eligibility and ECGC submission guidance (26 October 2026)
General financial-planning guidance · Updated 29 October 2026. Assumptions, documentation, insurance coverage, incentive eligibility and funding options depend on the business, project, policy and lender; no approval, claim recovery, scheme assistance or funding outcome is assured.
Business Advisory · Professional consultation