ICI is a subsidiary company of ICI Plc, UK, with the parent company holding a 51 per cent stake in ICI. Currently, ICI is engaged in the manufacture and sale of paints, explosives, chemicals and pharmaceuticals.

It has also downgraded the fixed-deposit programme of Associated Stone Industries (Kotah) Ltd from FA+ to FA. According to the rating agency, the revised rating reflects heightened financial risk of the company due to larger debt funding of the cotton spinning project and its inability to raise equity funds as planned due to sluggish equity markets. However, the rating favourably factors the stableperformance of the stone division which has been a steady contributor to the turnover and margins of the company in the past. "Though the project has been successfully implemented, the high cotton prices and bearish trend in yarn realisation are likely to adversely impact the profitability of the cotton spinning division which has been a steady contributor to the turnover and margins of the company in the past," it said.

It has also downgraded Rs 15-crore non-convertible debenture issue of Srishti Videocorp Ltd (SVL) from BB to D. The FB rating assigned to SVL's fixed-deposit programme has been downgraded to FD.

According to the rating agency, the rating reflects SVL's weak business and financial position due to SVL's inability to lease its transponders and tie-up adequate long-term financing which has adversely affected the cash flows and ability of the company to honour its repayment obligations.