Bizbits

Saurashtra Paper downgradedMUMBAI: The Saurashtra Paper amp; Board Mills Ltd has been downgraded by the Crisil from FB' to high risk c...

Saurashtra Paper downgraded

MUMBAI: The Saurashtra Paper amp; Board Mills Ltd has been downgraded by the Crisil from FB8217; to high risk category FC8217;. The revision in rating takes into account the strained liquidity position of the company that has resulted in interest and principal repayments to the financial institutions though the company has sought re-schedulement of term loans from institutions. The rating also factors in the deterioration in financial performance which is characterised by decline in the profitability, mainly on account of decline in average realisations in the paper industry and increase in operating expenses.

Tyre exports decline by 11 pc

NEW DELHI: India8217;s tyre exports declined by 11 per cent in 1998-99 due to the continued South-east Asian economic crisis and Japan8217;s aggressive re-entry into the global cross-ply tyre market, the Automotive Tyre Manufacturers Association ATMA said today. Tyre exports in 1998-99 slid to Rs 808.45 crore against Rs 907 crore theprevious year against an initial target of Rs 1,000 crore which was later scaled down to Rs 900 crore. ATMA director general D Ravindran said South-east Asian economic crisis had hit tyre exports.

Thakral ties up with Hewlett Packard

MUMBAI: Hewlett Packard HP and Thakral Computers Ltd TCL have entered into a strategic tie-up to distribute HP8217;s personal computer products including personal computers, hardwares, software and peripherals through TCL8217;s network of 200 channel partners spread across the country. G S Anand, CEO, Thakral Computers, said 8220;We see this relationship with HP as a key strategy for the Thakrals in achieving growth plans for the coming years. HP has the reputation of being an innovative and quality driven IT company.8221;

HC issues summons to Modiluft chief NEW DELHI: The Delhi High Court has issued summons to SK Modi, chairman of private airlines Modiluft Limited, on a winding up petition filed by Air UK Leasing Ltd, a subsidiary of KLM Airlines. Justice DK Jainissued the summons, on May 17, following Modi8217;s failure to comply with an earlier order of the court which had asked him to appear personally on May 14. Modiluft, a joint venture between SK Modi Group and German Airlines Lufthansa, allegedly owes Rs 63 crore to Air UK as charges for hiring three aircraft from it.