Home | FAQs
linkedin twitter
ProwessTraX Prowess Application for TRAnsfer Pricing TaXation with Automated Documentation
Fastest, Easiest, most Reliable way to find Comparables
02 Oct 2017 12:29 PM, Announcements Yash Shah

Revised CMIE Products and Services Classification now available in Prowess TraX

Added, Deleted, Re-classified and Renamed Products and Services

CMIE in its endeavour to upgrade Prowess TraX has revamped its Products and Services Classification. The modifications in the CMIE Products and Services Classification is in response to the users who sought rigorous classification of Prowess TraX companies.

Over the years, it was observed that the users found it difficult to find accurate Product and Services classification for their data analysis. CMIE’s tremendous effort on the revision of the Products and Services classification has lead to addition, re-classification and renaming of many products and services. Also, certain products and services have been dropped.

A total of around 6100 products and services were available in the CMIE’s products and services classification tree earlier. We have added 130 new products and services to the classification, increasing the total count of products and services to more than 6250.

Around 400 products and services have been re-classified i.e. their parent product classification has been changed and such products and services have been moved to a different group of products classification which is more appropriate as compared to the previous classification.

A total of 275 product and services names have been renamed. Further, 34 products and services have been renamed and re-classified into different product groups.

An imperceptible number of product and services have been dropped from CMIE’s classification. Only 67 products and services have been dropped from the classification but the data mapped to them has not been deleted from the database. The data has been shifted to the appropriate new or the old product and service classification.

All the above changes have resulted in change of codes associated with all the products and services. The old codes have been mapped to the new codes to ensure apt classification of the products and services and its data post transition. Though all the codes have changed, there will be many products with the same name as in the earlier classification.

The new products and services classification is now available in the following Stages:

  • Stage 2: Find comparables using main product/service

  • Stage 3: Find comparables based on products produced/traded

  • Stage 4: Find comparables based on grouping of products produced/traded

  • Stage 6: Find comparables using business segment-wise information

The old product and services codes will no longer exist and thus will not be understood by the above mentioned Stages. To ensure smooth transition, we believe our users should be aware of the mapping of the old product codes to the new product codes.

Users can download an excel file containing the mappings by clicking on the link given below:

Mappings file

The excel file contains two sheets; ‘Old to New Mapping’ and ‘Mapping of Dropped codes’. The sheet ‘Old to New Mapping’ provides mapping of the old product codes to the new product codes. The sheet ‘Mapping of Dropped codes’ provides mapping of the dropped products to the newly added or the old products.

CMIE will help the users in this transition. For the users who make a request for revised .tcu file on the ‘Seek Clarifications’ platform, the affected .tcu file will be modified by CMIE by replacing the old product codes with the new product codes. For more details in this regard, please refer to our announcement CMIE Products and Services Classification to undergo revision.