Crisil has downgraded the Rs 25.35 crore NCD plan of Jain Irrigation Systems to the default category from `BB+'. The revised rating reflects the decline in the credit quality of the company which has resulted in non-payment of interest obligations to the institutional investors. Jain Irrigation is engaged in the manufacture and sale of drip irrigation systems and also has other business interests which include the manufacture of PVC and poly-carbonate sheets.

The rating agency has downgraded three NCD plans of Atul Ltd amounting to Rs 47.75 crore to `A-' from `A'. The revision in rating is on account of less than expected sales and earnings from operations in the current year.

Atul is a leading manufacturer of almost the complete range of synthetic dyes and isintegrated backwards for its requirements of intermediates and chemicals. The company also manufactures aromatic chemicals like cresois, para-anisaldehyde, para-cresidiene etc.

Crisil has also downgraded the Rs 7.20 crore NCD programme of International Combustion (India) Ltd to `triple-B' from `A-'. The revised rating reflects the sluggish performance of the mineral beneficiation industry, the company's weakening business position, the continued high working captal intensiveness of its operations, deteriorating financial risk profile and small scale of operations.

The rating however continues to factor in the company's strong collaborations. International Combustion manufactures a wide range of poducts related to the mineral beneficiation industry.In addition, it also manufactures helical gear boxes and motors finding use mainly in the general engineering industry.

In 1996-97, the company recorded a turnover of Rs 25.52 crore on which it earned a profit after tax of Rs 1.68 crore. Of the total turnover,around 80 per cent was contributed by mineral beneficiation related items with the remaining being contributed by the helical gear boxes division. A large proportion of the company's products are used by core industries such as steel, thermal power and coal plants, fertilisers and chemicals.