Crisil downgrades 4 cos

Timex Watches’ Rs 56-crore partly convertible debenture issue has been downgraded to triple B’ from A minus’. The revised rating reflects an adverse change in the risk profile due to a marked decline in profitability and stagnation in sales.

The rating of the fixed deposit programme of DSJ Finance has been downgraded to FB’ from FA’ because the company’s performance has been affected by the increased delinquency of its lease portfolio and the sharp decline in the income from share trading activity, Crisil said.