Crisil has downgraded the Rs 20-crore non-convertible debenture issue of RPG Transmission to `BB' from `A-'. The fixed deposit programme has also been downgraded to `FB+' from `FA'. The downgrade in ratings is based on continued decline in the company's sales and profitability and a significant deterioration in interest coverage levels precipitated by the weak financial health of state electricity boards and the economic downslide in south-east Asian economies which have had an impact on industry outlook.

It downgraded the FD programme and the Rs 5-crore commercial paper programme of Gujarat Machinery Manufacturers to `A+' from `AA' and `P2+' from `P1+' respectively. The revision in rating factors in the decline in demand for glass-linedequipment due to lower fresh investments for capacity creations in end user industries, increased competition and declining sales and profitability. The rating also takes into account the significant increase in debtors and decline in advances from customers that has resulted in pressure on the company's working capital position.

The fixed deposit programme of Praj Industries has been downgraded to `B+' from `A'. The revised rating reflects a substantial drop in the company's export business, negative outlook for exports in traditionally strong east Asian markets, stagnant domestic market for the last three years, increase in gearing levels and potential losses. These are partly offset by the company's dominant market position in domestic brewery and distillery business, track record in export markets and the management's efforts to consolidate and restructure the businesses.

Icra has downgraded the partly convertible debentures of Torrent Cables to `LBB-' from `LBBB'. Icra has said that the timelypayment of interest and principal are more likely to be affected by present or prospective changes in the business and economic circumstances. The protective factors fluctuate in case of changes in the economic or business conditions.