NAADIनाड़ी
MSME-2404T2 GST + partial rails

Blue Tiffin Kitchens

Cloud Kitchen · Food Services · Bengaluru, KA · 2 yrs · 588 on payroll

“Hyper-growth cloud kitchen: order volumes doubling yearly, cash-flow volatile, aggregator-dependent.”

Proprietor
Ananya Rao
Monthly turnover (6-mo avg)
₹70,33,51,329
beats 55% of Food Services peers51th percentile, all MSMEs
300400500600700800900
300± 25
CPD 12m · 6.5%
Munshi recommends
Refer
₹192 Cr
working-capital line · ₹1,92,45,30,000
Tenor
18 mo
Rate
13.0%
EMI room
₹20 Cr
verified monthly surplus ₹49,27,40,326
⚖ Liquidity floor: buffer < 15 days — limit reduced 20%
⚖ Concentration cap: top payer > 50% — limit reduced 25%

The NAADI six — dimension radar

L · Liquidity-15.0
35 /100

Can the business absorb a shock this month?

S · Stability-22.0
1 /100

How steady is the cash engine?

G · Growth+6.4
86 /100

Which direction is the business moving?

R · Repayment+1.3
90 /100

Does it honour its obligations?

C · Compliance+50.6
59 /100

Is the regulatory house in order?

K · Concentration-15.7
17 /100

How fragile is the revenue base?

Score trajectory — 12-month rolling rescore

▲ 14 pts over 12 mo

Each point is the score NAADI would have produced with only the data visible that month — deterioration surfaces quarters before a default.

GST turnover · 24 mo

₹131 Cr

UPI inflow · 24 mo

₹109 Cr

Account balance · 24 mo

₹38 Cr

Score, assembled — the waterfall

base 626 + six dimensions = 632
Peer base
626
Compliance
+51
Growth
+6
Repayment
+1
Stability
-22
Concentration
-16
Liquidity
-15
NAADI score
632

Reason codes — why this score

TreeSHAP · score points
RC-C05
Compliance — EPFO deposit regularity of 89%; 9 consecutive months of on-time GST filing
+50.6
RC-G03
Growth — payroll wage growth of +6.6%; 12-month turnover trend of +26.5%/month
+6.4
RC-R04
Repayment — 0 EMI/NACH bounce(s) in 12 months; existing obligations at 8.8% of turnover
+1.3
RC-S02
Stability — seasonal swing of 637% around mean revenue; turnover volatility of 172%
-22.0
RC-K06
Concentration — top-3 payers at 77% of revenue; top payer at 62% of revenue
-15.7
RC-L01
Liquidity — worst-decile balance at 0% of monthly outflow; cash buffer of 6 days of outflow
-15.0

Officer review — the human decides

demo-local audit

Munshi recommends Refer to credit committee. Every NAADI decision terminates at a human gate.

Red flags on the wire

  • ▲ Top payer concentration at 62%

Stress lab

rescored, not guessed
Revenue shock −20% for two quarters632 C±0
Anchor payer delays receipts by 60 days620 C-12

What-if — the path to a better score

Counterfactuals over actionable levers only. Shown to the borrower — a decline is never a dead end.

Hold a 30-day cash buffer in the current account+26 pts → 658
Bring top-payer share below 40% by adding 2-3 anchor customers+4 pts → 636

Early-warning triggers armed

  • ● 3-month turnover drawdown > 25% vs trailing average
  • ● Two consecutive delayed GSTR-3B filings
  • ● End-of-day negative balance on > 5 days in any month

Sensitivity lab — drag a lever, the brain answers

1-D partial dependence · precomputed through the trained model · one lever at a time
GSTR-3B filing delay0.2 days
EMI/NACH bounces (12m)0 count
Top-payer share62%
Cash buffer5.7 days
current score
632
touch a lever to project

Underwriting memo — drafted by Munshi

LLM writes prose · engine writes numbers

Underwriting Memo — Blue Tiffin Kitchens

Food Services · Bengaluru, KA · 2 yrs vintage · Data tier T2 · Proprietor: Ananya Rao

NAADI Score: 632 ± 25 (Grade C) · PD(12m) 6.5% · Refer: mitigants / secured variant

Recommendation: Refer to credit committee

Working-capital line of ₹1,924,530,000 over 18 months at an indicative 13.0% p.a. Serviceable EMI ₹197,096,130 against a verified monthly surplus of ₹492,740,326.

Why (evidence-linked)

  • +50.6 pts · Compliance — EPFO deposit regularity of 89%; 9 consecutive months of on-time GST filing [RC-C05]
  • +6.4 pts · Growth — payroll wage growth of +6.6%; 12-month turnover trend of +26.5%/month [RC-G03]
  • +1.3 pts · Repayment — 0 EMI/NACH bounce(s) in 12 months; existing obligations at 8.8% of turnover [RC-R04]
  • -22.0 pts · Stability — seasonal swing of 637% around mean revenue; turnover volatility of 172% [RC-S02]
  • -15.7 pts · Concentration — top-3 payers at 77% of revenue; top payer at 62% of revenue [RC-K06]
  • -15.0 pts · Liquidity — worst-decile balance at 0% of monthly outflow; cash buffer of 6 days of outflow [RC-L01]

Policy guards applied

  • Liquidity floor: buffer < 15 days — limit reduced 20%
  • Concentration cap: top payer > 50% — limit reduced 25%

Covenants

  • Maintain minimum average balance of 15 days' outflow
  • Diversify: no single payer above 50% of receipts by month 12
  • File GSTR-3B on or before due date throughout the loan tenor
  • Route >= 60% of business receipts through the IDBI current account

Early-warning triggers

  • 3-month turnover drawdown > 25% vs trailing average
  • Two consecutive delayed GSTR-3B filings
  • End-of-day negative balance on > 5 days in any month

Prepared by Munshi. Every figure traces to a consented data rail; final authority rests with the sanctioning officer.