Projected Financial Statements

To Whomsoever It May Concern

This is to certify that I/We have examined the books of accounts, audited/unaudited financial statements, income tax returns, GST returns, management representations, business plans, and other relevant documents of Mr./Ms./M/s ___________________________ (hereinafter referred to as “the Entity”), having PAN: ________________, and address at ____________________________________________.

Based on the verification of available records and information provided, we hereby certify that the projected financial statements for the period of ____ years (from FY ________ to FY ________) have been prepared on a reasonable and consistent basis.

1. Basis of Preparation

The projections have been prepared based on:

• Past financial performance (audited/unaudited statements)
• Management assumptions and business plan
• Industry trends and economic conditions
• Existing orders/contracts (if any)
• Expansion plans and capacity utilization assumptions

2. Projected Financial Performance

(A) Projected Profit & Loss Account

Particulars	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7
Sales / Revenue	______	______	______	______	______	______	______
Operating Expenses	______	______	______	______	______	______	______
EBITDA	______	______	______	______	______	______	______
Depreciation	______	______	______	______	______	______	______
Interest	______	______	______	______	______	______	______
Net Profit after Tax	______	______	______	______	______	______	______

(B) Projected Balance Sheet Summary

Particulars	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7
Total Assets	______	______	______	______	______	______	______
Total Liabilities	______	______	______	______	______	______	______
Net Worth	______	______	______	______	______	______	______

3. Key Financial Assumptions

The following assumptions have been considered while preparing projections:

• Expected sales growth rate: ______ % per annum
• Expected margin levels: ______ %
• Capacity utilization: ______ %
• Inflation rate considered: ______ %
• Interest rate assumption: ______ %
• Other assumptions: ________________________________________

4. Ratio Analysis (Projected)

• Current Ratio: ________
• Debt-Equity Ratio: ________
• DSCR (Debt Service Coverage Ratio): ________
• Interest Coverage Ratio: ________

5. Verification Statement

We further certify that:

• The projected financial statements are prepared based on information and assumptions provided by the management and historical financial data.
• We have verified the mathematical accuracy of the projections.
• These projections are forward-looking estimates and not guarantees of future performance.
• Actual results may differ due to market conditions, regulatory changes, and other unforeseen factors.

6. Purpose of Certificate

This certificate is issued at the specific request of the Entity for submission to Banks / Financial Institutions / Investors / Lending Agencies for the purpose of Loan Processing, Project Appraisal, Term Loan / CC / OD Limit Assessment and should not be used for any other purpose without prior written consent.

7. Limitation

This certificate does not constitute an audit opinion or assurance engagement under Standards on Auditing issued by ICAI. We do not accept responsibility for actual future performance or deviations from projections.

Place: __________
Date: __________

For (Name of CA Firm / Chartered Accountant)

(Signature)

CA Name: ___________________________
Membership No.: _____________________
FRN (if firm): _______________________
UDIN: _______________________________
Seal: ________________________________

 

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