MUMBAI, November 4: The Credit Rating Information Services of India Ltd (Crisil) has downgraded the rating of the debt programmes of Mafatlal Finance Company, DSJ Finance Corporation, Atul Ltd and Jaysynth Dyechem.The rating of DSJ Finance Corporation's fixed deposit (FD) programme has been downgraded to `FC' from `FB'. The revised rating indicates that the degree of safety regarding the timely payment of interest and principal on the instrument is doubtful.

The Crisil downgrading of DSJ Finance follows a stormy meeting of bondholders with the management last week. Bondholders rejected the options -- liquidation of assets backing the bonds and extension of redemption dates -- put forward by the company officials. Bondholders want ICICI, the debenture trustee, to step in and provide the cash in exchange for the securities and assets held by them as trustees.

Crisil has downgraded the FD programme of Mafatlal Finance from `FAA-' to `FA+', while the credit rating of the NBFC's Rs 90 crore non-convertible debenture issue has been scaled down to `A' from `A+'. Mafatlal Finance's Rs 30 crore preference share issue has also been downgraded to `pfA' from `pfA+'.

The rating revision of Mafatlal finance factors the decline in the company's profitability, decline in asset quality and the relatively high exposure to the riskier premium cars segment. The revised ratings also factor pressures on the asset liability matches.

Three NCD programmes of Atul Ltd, a company engaged in the manufacture of dyes and aromatic chemicals, has also been downgraded by Crisil. The three issues, amounting to Rs 44.75 crore, have all been downgraded to `AA-' from `A'.

The Rs 12 crore NCD issue of Jaysynth Dyechem Ltd has also been downgraded to `A' from `A+'. The revision in the rating factors the downtrend in the dyes industry and a deterioration in Jaysynth's capital structure.

Meanwhile, the premier rating agency has assigned P1+ ratings to the commercial paper (CP) programmes of Excel Industries, ICI India and Ipca Laboratories.