Sintex Industries has proposed to demerge its textiles division into a separate company while retaining its plastics business, subject to approval from its lead financial institution. Following the demerger scheme, the A (adequate safety) rating assigned to its Rs 3.73-crore NCD issue and the FA+ (adequate safety with relatively higher standing within the category) rating assigned to its fixed deposit programme have been put on rating watch with developing implications by Crisil.