About ASQI

At ASQI, our focus is to reliably forecast financial health of companies & sectors and update it in real-time as new information keeps streaming in constantly.

The economic shocks of the ongoing Covid-19 pandemic are reverberating through the economy. Companies that were highly creditworthy till recently are potentially at the risk of credit crunch and even default.

In a rapidly evolving macro as well as business-specific context, it has become difficult for investors and counterparties to keep track of credit risk of companies. Be it a debt mutual fund investor or a CFO of a mid-corporate or the chief risk officer of a bank, it would be useful for them to know about the financial health of their investees/customers/borrowers – on an ongoing basis.

At ASQI, we have developed a forecasting platform and credit intelligence system to address exactly this need.

Our Approach


Machine learning

Machine learning

We used advanced machine learning techniques to infer the relationship between various input variables and the probability of default of a company.

Expert systems

Expert systems

There is a great deal of knowledge and expertise amongst human researchers in the domain of credit risk modelling. We look to use this through rule-based methods known as expert systems.

Capital market inputs

Capital market inputs

A company’s stock price behavior tells a lot about its state of financial health. We use structural models as well as pattern recognition models to link stock price movement of a company to its likelihood of default.

We Outperform Rating Agencies in Default Prediction

For defaults by listed Indian companies between 2009 and 2018.

  • The defaults were on 3.5 times more frequent than what rating agencies predicted.
  • In comparison, our forecasts were within 20% of actual default frequency.

More detailed analysis available on https://blog.asqi.in/under-estimation-of-credit-risk-in-india-by-conventional-credit-ratings-an-empirical-study/

Source: Rating agency data, ASQI analysis, disclosures on stock exchanges by companies

Team

Swapnil Pawar

Swapnil is the founder of ASQI. Earlier, he was the portfolio manager for India strategy at Engineers Gate (a US-headquartered Global Quant Hedge Fund). He acquired the India business of Engineers Gate in early 2019 through a management buy-out to create ASQI.
Swapnil has over 16 years of experience in Indian Financial Services – spanning asset management, structured debt, management consulting and wealth management. He has set up and scaled up multiple businesses in investment advisory, debt capital markets and quantitative strategies.
Swapnil has been recognized as one of ‘40 under 40’ professionals in Alternate Investment space in India. He has also authored a book, titled ‘Anatomy of Froth – Demystifying the Global Financial Crisis’ (2010) besides several papers and articles in the media.
He is a graduate from Indian Institute of Technology, Bombay (2002) and post-graduate from Indian Institute of Management, Ahmedabad (2004).

Ramesh Rachuri

Ramesh is the business head and Chief Investment Officer at Scient Capital - a group company of ASQI. He has a particular focus on incorporating quantitative techniques in fund management.
He has over 14 years of experience across markets ranging from forex, equity derivatives to the entire panoply of debt sub-markets ranging from g-secs to credit and structured products.
Post his PGDM from IIM, Indore, he worked with Securities Trading Corporation of India Ltd, Reliance Mutual Fund and Reliance PMS, and BOI AXA Mutual Fund.

Abhinav Unnam

Abhinav is a graduate from IIT Roorkee. Prior to joining ASQI, he was a Data Scientist at an analytics firm that focussed on use of alternate data for capital markets as well as for solving other business problems.
Earlier, he has worked with Think Quant to create a bidding system for IPL Teams, and with an analytics company for Survival Curve modelling and non-linear curve fitting. Abhinav is an expert in applied data science and machine learning.

Sonia Kapoor

Sonia heads human resources and administration for ASQI.

Sonia worked at Engineers Gate prior to joining ASQI. Earlier, Sonia worked at several financial services firms in India in administration and resource management.

Kousthub Raja

Kousthub is a graduate from National Institute of Technology, Calicut Prior to joining ASQI, Kousthub worked for Goldman Sachs as an Analyst in Investing & Lending technology. At Goldman Sachs, he built various systems such as an automated trade document signing system, automatic pricing and settlements, reconciliation system for loans, and an automated trade upload system.
Kousthub is an expert in workflow automation, software process optimization and data mining.

Palak Nanjani

Palak is a Graduate from Ket’s V.G. Vaze College and is a Chartered Financial Analyst.
Palak has earlier worked with A.K. Wealth Management Private Limited as Vice President – Products for Fixed Income Portfolio Management. She was involved in designing the strategy for debt capital markets.
Earlier, she worked with Scient Capital Private Limited as Vice President – Products focussing on PMS Portfolio Management and credit analysis.

Lakshay Dahiya

Lakshay is a graduate from Indraprastha Institute of Information Technology, Delhi. Earlier Lakshay worked with Nucleus Software Exports Ltd and has developed features in an enterprise software handling million transactions. There, he designed & deployed a machine learning algorithm to automatically approve or reject loans learning on the fly. Lakshay is an expert in full stack development and machine learning in credit analysis.

Rishank Mittal

Rishank Mittal is a graduate in Computer Science and Engineering from Indian Institute of Technology – Bombay.
Prior to joining ASQI, Rishank worked with World Quant as a Research Consultant. He has combined data of stocks to build Algorithmic Trading strategies on U.S.A, Europe & Asia Markets. Earlier, he has worked with APT Portfolio as a Data Science Intern. Rishank is an expert in quantitative research in capital markets.

Board of Advisors

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Dr. Srikanth Jagabathula

Srikanth is Associate Professor of Information, Operations & Management Sciences at Stern School of Business in New York.

His current research interests broadly lie at the intersection of operations, machine learning, and marketing and focuses on developing data-driven modeling and learning techniques with the goal of improving the accuracy of operational decision-making.

He has a PhD from Massachusetts Institute of Technology (2011) and a BTech in Electrical Engineering from IIT Bombay (2006)

Dr. Akshay Kashyap

Akshay is a portfolio manager for fixed income, based out of New York, at one of the largest hedge funds in the world.

Earlier, he worked at Engineers Gate as a portfolio manager.

Akshay has deep knowledge of quantitative trading strategies and has created institutional scale quantitative businesses, and teams to run them, in multiple asset classes.

He has a PhD from University of Illinois at Urbana-Champaign (2007) and a BTech in Electrical Engineering from IIT Bombay (2001)

Subramanya (Subu) Goparaju

Subu is an active investor in and mentor for technology start-ups. He is a co-founder and director of Excubator Consulting, a startup incubator and corporate venturing advisory.

Earlier, he was SVP and Executive Council Member of Infosys, where he led the company’s technology research and innovation division (Infosys Labs).

Subu started his career as a software engineer with Infosys and spent 25 years there before moving into innovation coaching and venture capital.

Dr. Shashibhushan Borade

Shashi is a Portfolio Manager at Engineers Gate – a New York headquartered global quant hedge fund.

Earlier, Shashi worked with D E Shaw and Company in New York as Vice President of quantitative strategies. He has deep expertise in predictive forecasts, transaction cost modelling and risk management.

He has a PhD from Massachusetts Institute of Technology (2008) and a BTech in Electrical Engineering from IIT Bombay (2002) where he was awarded President’s Silver Medal for ranking 1st in his department.

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