Machino Plastics Limited has filed its quarterly compliance certificate with BSE under SEBI Regulation 74(5) for the quarter ended March 31, 2026. The submission demonstrates the company's continued adherence to regulatory requirements governing dematerialization of securities.

Regulatory Compliance Filing

The certificate was submitted on April 2, 2026, and signed by Aditya Jindal, Chairman cum Managing Director of the company. The filing was made to BSE Limited under Security Code No: 523248, fulfilling mandatory quarterly reporting obligations.

Registrar Confirmation

Alankit Assignments Limited, serving as the company's Registrar and Share Transfer Agent, provided the underlying confirmation certificate dated April 1, 2026. The registrar's certificate was addressed to Ms. Sandhya Kumari, Company Secretary of Machino Plastics Limited, and signed by Kamal Garg, General Manager at Alankit Assignments.

Compliance Verification

The registrar confirmed two critical compliance aspects for the quarter:

• Securities comprised in dematerialized certificates have been properly listed on stock exchanges
• Physical share certificates received for dematerialization have been mutilated and cancelled following due verification
• The depository's name has been substituted in records as the registered owner

This quarterly filing ensures transparency in the dematerialization process and maintains investor confidence in the company's regulatory compliance framework.

Machino Plastics Limited has faced significant credit rating downgrades from two major rating agencies within a day, with both CRISIL Ratings Limited and ICRA Limited revising the company's ratings due to non-cooperation. The company informed BSE about these developments on March 11, 2026, and March 12, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CRISIL Rating Downgrade

CRISIL revised Machino Plastics' long-term fund-based facilities rating to 'Crisil B/Stable (Issuer Not Cooperating)' from the previous 'Crisil BB+/Stable' rating on March 10, 2026. The rating action affects the company's total bank loan facilities worth Rs 172.30 crore.

ICRA Rating Downgrade

ICRA Limited also downgraded the company's ratings on March 11, 2026, moving them to the 'Issuer Not Cooperating' category. The ratings were revised to '[ICRA]BB+ (Stable) ISSUER NOT COOPERATING' from the previous '[ICRA]BB- (Stable)' rating.

Reasons for Non-Cooperation Classification

Both rating agencies classified Machino Plastics as a non-cooperative issuer due to the company's failure to provide essential financial information. CRISIL's decision was based on the company's failure to provide No Default Statements (NDS) for three consecutive months, despite multiple follow-ups through letters dated December 31, 2025, January 30, 2026, and February 27, 2026.

ICRA similarly cited insufficient information regarding the company's performance and uncertainty around its credit risk. Despite repeated requests, the entity's management remained non-cooperative with both rating agencies.

Latest Financial Performance

Based on the most recent available financial information from ICRA's assessment, Machino Plastics showed mixed performance indicators.

Company Background and Operations

Machino Plastics Limited was incorporated in 1986 and is engaged in manufacturing plastic-based injection moulding automotive parts, primarily bumpers and dashboards for leading OEMs and tier-1 suppliers in India. The company was established as a joint venture with MSIL and Suzuki Motor Corporation, Japan, with each holding 15.35% shareholding.

The company operates manufacturing units in Gurugram and Manesar in Haryana, and is setting up a third manufacturing unit at IMT Kharkhoda, Haryana, expected to become operational in FY2026. Machino Plastics has been listed on the Bombay Stock Exchange since 1995.

Rating Implications and Market Impact

Both CRISIL and ICRA have cautioned that investors, lenders, and market participants should exercise due diligence regarding ratings with the 'ISSUER NOT COOPERATING' suffix. These ratings are based on limited or dated information without management interaction, and the non-cooperation may indicate deterioration in the credit risk profile.

The dual downgrades affect a combined facility amount of Rs 365.30 crore across various banking facilities from multiple lenders including YES Bank Limited, Axis Bank Limited, Kotak Mahindra Bank Limited, HDFC Bank Limited, and Tata Capital Financial Services Limited.