Amines & Plasticizers Limited has informed stock exchanges about a credit rating revision by ICRA Ltd affecting its bank facilities worth Rs. 179.75 Crore. The rating agency has placed all facilities under 'Rating watch with negative implications', marking a significant shift from the previous stable outlook.

Rating Revision Details

The credit rating revision encompasses multiple facility types across the company's banking arrangements. While the rating scores remain unchanged, the outlook has been modified to reflect potential concerns.

Regulatory Compliance

The company has communicated this development to both BSE Limited and National Stock Exchange of India Limited on March 31, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was signed by Company Secretary and Compliance Officer Omkar Mhamunkar.

Previous Rating Actions

According to the company's disclosure, the previous rating intimation was dated October 27, 2025, when ICRA had reaffirmed stable ratings across various facilities. The short-term non-fund-based facility had been enhanced from Rs. 28.00 Crore to Rs. 29.75 Crore during that review, while an additional short-term fund-based facility of Rs. 50.00 Crore was assigned.

Impact on Credit Profile

The 'Rating watch with negative implications' status indicates that ICRA is monitoring developments that could potentially lead to a downgrade in the company's credit ratings. This represents a cautionary stance by the rating agency regarding the company's financial and operational outlook, though the current rating levels have been maintained.

Amines & Plasticizers Limited has received an Income Tax Assessment Order for Assessment Year 2013-14 along with a penalty show cause notice from the Income Tax Department. The company disclosed this development to stock exchanges on March 30, 2026, under Regulation 30 of SEBI Listing Regulations.

Assessment Order Details

The Income Tax Assessment Order was issued under Section 147 read with Section 250 read with Section 144B of the Income Tax Act, 1961 for Assessment Year 2013-14. The order carries a total demand of Rs. 3,14,30,443/-, which includes interest of Rs. 1,59,85,045/-.

Penalty Show Cause Notice

Along with the assessment order, the company also received a Show Cause Notice for penalty under Section 274 read with Section 271(1)(c) of the Income Tax Act on March 28, 2026 at 08:36 PM. The notice has not quantified any specific penalty amount.

Company's Response and Legal Action

Amines & Plasticizers Limited has taken immediate action regarding both communications:

• Filed an appeal against the Assessment Order on March 30, 2026
• Plans to contest the penalty show cause notice with documentary evidence
• Engaged legal counsel for advice on the matter

Based on preliminary assessment, prevailing law, and legal counsel advice, the company stated it does not foresee any material impact on its financial, operational, or other activities.

Background and Previous Communications

This development is part of a series of similar communications from the Income Tax Department. The company had earlier received Show Cause Notices under Section 147 of the Income Tax Act for Assessment Years 2013-14, 2014-15, and 2015-16, which were disclosed on February 27, 2026. Subsequently, assessment orders for AY 2014-15 and 2015-16 were received and disclosed on March 21, 2026.

Disclosure Timeline

The company explained the delay in reporting by noting that the communications were received late evening on Saturday, March 28, 2026, and time was needed to review the orders and evaluate next steps before making the disclosure at the earliest opportunity.