Question: Where would the physical files be?

Answer: 
`%LocalAppData%\IsolatedStorage` / `%AppData%\IsolatedStorage.`

I didn't find them under "Microsoft"
I'm using Windows 8.1. On my PC its in `C:\Users\mangesh\AppData\LocalLow\Microsoft\Silverlight\<followed by some random folder names>`

In 'Silverlight' folder there are many random folders. You should find your files in one of these folders.