AGS Transact Technologies Limited has had its credit rating maintained in the non-cooperating category by India Ratings and Research (Ind-Ra) as of March 27, 2026. The rating agency announced this decision after the company failed to participate in the surveillance exercise despite continuous requests and follow-ups through emails and phone calls.

Rating Details and Action

The rating action affects the company's bank loan facilities worth INR7611 million, which continue to carry the rating 'IND D(ISSUER NOT COOPERATING)'. The rating agency has advised investors and other users to take appropriate caution while using these ratings.

Rationale Behind Non-Cooperation Status

India Ratings maintained the rating in the non-cooperating category in accordance with its policy on "Guidelines on What Constitutes Non-Cooperation." The agency has not received adequate information and has been unable to conduct management interactions with AGS Transact Technologies Limited during the rating review process.

Corporate Insolvency Resolution Process

The company is currently under Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated August 25, 2025. Brijendra Kumar Mishra serves as the Deemed Resolution Professional with IBBI Registration No: IBBI/IPA-002/IP-N00109/2017-2018/10257.

Rating History and Previous Actions

The rating history shows a significant deterioration in the company's credit profile over recent years:

About AGS Transact Technologies

AGS Transact operates as an integrated end-to-end cash and ATM management solutions provider. The company offers cash management services through SVIL and is establishing its presence in digital payment solutions, providing merchant solutions through POS terminals, switching services, and other value-added services. Additionally, it offers various automation products and related maintenance and upgrade services.

Information Limitations and Investor Advisory

India Ratings has reviewed the credit ratings based on the best available information but is unable to provide a forward-looking credit view. The agency noted that when an issuer does not provide timely business and financial updates, it indicates weak governance, particularly in transparency of financial information. This may also be symptomatic of possible disruption or distress in the issuer's credit profile, prompting the advisory for investors to exercise appropriate caution.

AGS Transact Technologies Limited has disclosed key decisions from its Committee of Creditors meeting as part of its ongoing Corporate Insolvency Resolution Process (CIRP). The company, which is currently under insolvency proceedings, made the announcement to stock exchanges on 31st March 2026.

Committee of Creditors Meeting Outcomes

The 8th meeting of the Committee of Creditors, held on 13th March 2026, resulted in two major appointments through an e-voting process. The decisions reflect the committee's efforts to strengthen professional oversight during the insolvency resolution process.

Professional Appointments

The Committee of Creditors appointed M/s Mihem Halani and Associates as the Practicing Company Secretary for the Corporate Debtor. This appointment ensures compliance with corporate governance requirements during the insolvency process. Additionally, M/s Rutvik S Thakkar and Co. have been tasked with conducting due diligence under Section 29A of the Insolvency and Bankruptcy Code, 2016.

Resolution Professional Details

The disclosure was signed by Brijendra Kumar Mishra, serving as the Deemed Resolution Professional for AGS Transact Technologies Limited. Mishra holds IBBI Registration No: IBBI/IPA-002/IP-N00109/2017-2018/10257 and operates under AFA Details: AA2/10257/02/311226/204257, valid till 31st December 2026.

Regulatory Compliance

The announcement was made under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, ensuring transparency with stakeholders. The company communicated these developments to both BSE Limited and National Stock Exchange of India Limited, maintaining compliance with listing requirements during the insolvency proceedings.