Rating Rationale
September 16, 2022 | Mumbai
Algoquant Fintech Limited
Ratings migrated to 'CRISIL D/CRISIL D'; Ratings Withdrawn
 
Rating Action
Total Bank Loan Facilities RatedRs.13.09 Crore
Long Term Rating&CRISIL D (Migrated from 'CRISIL D ISSUER NOT COOPERATING*'; Rating Withdrawn)
Short Term Rating^CRISIL D (Migrated from 'CRISIL D ISSUER NOT COOPERATING*'; Rating Withdrawn)
& *Issuer did not cooperate; based on best-available information
^ *Issuer did not cooperate; based on best-available information
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

Due to inadequate information, CRISIL Ratings, in line with SEBI guidelines, had migrated the rating of Algoquant Fintech Limited (AFL; previously known as Hindustan Everest Tools Limited) to 'CRISIL D/CRISIL D Issuer Not Cooperating'. CRISIL Ratings has withdrawn its rating on bank facility of AFL following a request from the company and on receipt of a 'no dues certificate' from the banker. Consequently, CRISIL Ratings is migrating the ratings on bank facilities of AFL from 'CRISIL D/CRISIL D Issuer Not Cooperating to 'CRISIL D/CRISIL D. The rating action is in line with CRISIL Ratings’ policy on withdrawal of bank loan ratings.

About the Company

Algoquant Fintech Limited erstwhile known as Hindustan Everest Tools Limited is engaged in the business of technology-based trading in securities /financial instruments and one of the leaders in Low-risk arbitrage and high frequency trading in the Indian Capital Markets.

 

Key Financial Indicators

  Mar2022 (Q4 FY2022) FY2022
Revenue Rs crore 5.28 16.39
Profit After Tax (PAT) Rs crore 0.82 3.43
Operating Profit Margin (OPM) % 12.14% 23.47%
Net Profit Margin (NPM) % 15.53% 20.93%

 

Any other information: Not applicable 

Note on complexity levels of the rated instrument:
CRISIL Ratings' complexity levels are assigned to various types of financial instruments. The CRISIL Ratings' complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Name of Instrument

Date of

Allotment

Coupon

Rate (%)

Maturity

Date

Issue Size

(Rs.Cr)

Complexity

levels

Rating Assigned

with outlook

NA

Cash Credit

NA

NA

NA

4

NA

Withdrawn

NA

Letter of Credit

NA

NA

NA

1.5

NA

Withdrawn

NA

Packing Credit

NA

NA

NA

7

NA

Withdrawn

NA

Term Loan

NA

NA

NA

0.59

NA

Withdrawn

Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 11.59 Withdrawn 30-07-22 CRISIL D (Issuer Not Cooperating)* 31-05-21 CRISIL D (Issuer Not Cooperating)* 28-02-20 CRISIL D (Issuer Not Cooperating)*   -- CRISIL D (Issuer Not Cooperating)*
Non-Fund Based Facilities ST 1.5 Withdrawn 30-07-22 CRISIL D (Issuer Not Cooperating)* 31-05-21 CRISIL D (Issuer Not Cooperating)* 28-02-20 CRISIL D (Issuer Not Cooperating)*   -- CRISIL D (Issuer Not Cooperating)*
All amounts are in Rs.Cr.
* - Issuer did not cooperate; based on best-available information
 
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Rating
Cash Credit 4 Withdrawn
Letter of Credit 1.5 Withdrawn
Packing Credit 7 Withdrawn
Term Loan 0.59 Withdrawn
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Assessing Information Adequacy Risk
CRISILs Criteria for rating short term debt

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