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CRISIL has assigned its ‘D/P5’ ratings to Bell Tower Resorts Pvt Ltd’s (Bell’s) bank facilities. The ratings reflect delay by Bell in servicing its term loan; the delay has been caused by Bell’s weak liquidity.
About the Company
Bell was set up in 2007 by the Kamani family, which has interests in floriculture, hospitality, real estate, power generation, and hotels and resorts in India, the UK, and Kenya. Bell operates a 106-room resort under the brand The Retreat by Zuri, located at Benaulim beach, Goa.
The Kamani group’s promoters are Mr. Chamanlal Kamani and his two sons, Mr. Rashmi Kamani and Mr. Deepak Kamani, who are based in Kenya. The Indian operations of the group are looked after by Mr. Abhishek Kamani and Mr. Aditya Kamani, sons of Mr. Rashmi Kamani and Mr. Deepak Kamani, respectively.
Bell reported a provisional net loss of Rs.26 million on net sales of Rs.95 million for 2009-10 (refers to financial year, April 1 to March 31), against a net loss of Rs.140 million on net sales of Rs.70 million for 2008-09.
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Analytical Contact
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CRISIL Rating Desk
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Mitu Samar
Head, Market Development & Communications
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Tanuja Abhinandan
Market Development & Communications
CRISIL Limited
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Email: tabhinandan@crisil.com
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Gurpreet S Chhatwal
Director - CRISIL Ratings
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Email: gchhatwal@crisil.com
Vasudevan R
Head - CRISIL Ratings
Tel:+91-44-6656 3106
Email: rvasudevan@crisil.com
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Email: CRISILratingdesk@crisil.com
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