Ind-Ra withdraws CP rating for Dishman Carbogen Amics, places it on RWE

India Ratings and Research (Ind-Ra) has placed Dishman Carbogen Amcis Ltd's (DCAL's) long-term issuer rating of A-plus on rating watch evolving (RWE).

The outlook on the earlier rating was stable. Ind-Ra said it continues to take a consolidated view of DCAL and its subsidiaries because of the legal and operational linkages between them.

The RWE reflects search operations conducted by income tax authorities at the company's head office and manufacturing sites on December 19. Ind-Ra said it will monitor the event closely and take appropriate rating action based on the outcome of enquiry.

DCAL said all cooperation was extended to the tax authorities and the search has been completed. The management also clarified that it does not expect any material impact on the operations of the company.

"Nevertheless, Ind-Ra will monitor the developments in this matter as well as any adverse impact of the same on the company's operational and business profile."

The company's capabilities span from contract chemical process research and development to the supply of active pharmaceutical ingredients as well as drug products for pre-clinical studies, clinical trials and commercial use.

Incorporated in 1983, DCAL is an integrated contract research and manufacturing services player. The company operates 23 multi-purpose facilities across India, Switzerland, France, the Netherlands, Britain and China.

It has a dedicated production facility for active pharmaceutical ingredients and intermediates at Bavla and Naroda in Gujarat. Most of its facilities have been certified by health authorities.