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Journalism of Courage
MUMBAI, June 24: Credit Rating Information Services of India Ltd Crisil has downgraded the debt issues of Lloyds Steel Industries, Timex Watches, DSJ Finance Corporation and ICDS Ltd.
Lloyds Steel8217;s Rs 8.12 crore deep discount bonds has been downgraded to BBB8217; from A minus8217; indicating that the degree of safety regarding timely payment of interest and principal is moderate. The revised rating reflects the deterioration in credit quality due to pressure on profitability.
Timex Watches8217; Rs 56-crore partly convertible debenture issue has been downgraded to triple B8217; from A minus8217;. 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 FB8217; from FA8217; because the company8217;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.
