[A Govt. of India undertaking] Operating Agency Desk, Credit Administration Wing, Canara Bank, Head Office, 112, J C Road Bangalore -560 002 Notification for Change of Management / Merger/ Take over / Amalgamation of M/s Kailash Structural Limited BIFR Case No 83/2002 BACKGROUND In the BIFR hearing held on 13th February 2006, the subject company was declared as Sick Industrial Undertaking and Canara Bank was appointed as Operating Agency (OA) in order to formulate a rehabilitation scheme. However, the company could not submit any rehabilitation scheme and hence, the Hon'ble Board ordered for Change of Management. Accordingly, this advertisement has been issued by OA in order to call for the prospective bidders for Merger/ Take over / Amalgamation of the subject company. GENERAL PROFILE Registered Office & Works: M/s Kailash Structural Limited C-75, B.S. Road Industrial Area, Site – 01 Ghaziabad.UP Line of Activity: Manufacture of Steel structure, Coextruded Multilayer Films, Blow Moulded Components and Electronically Engraved Rotogravier Printing (EERP) Cylinders. Installed Capacity: Particulars Unit Quantity 1. Multi Layer Film MT 5000 2. Blow Molded MT 1000 Components EERP Cylinders No's 12000 Board of Directors 1 Shri. Maneesh Goel –Managing Director 2 Shri. Piyush Goel – Director -2- Share Holding pattern Particulars % Holding Promoters & Associates 100.00 TOTAL 100.00 FINANCIAL POSITION: Performance highlights for the years ended 31st March 2008 and 2009 are as under:- ( Rs in lac) Particulars ABS ABS 2008-09 2007-08 Income from operations 0.00 0.00 Other income 0.00 0.00 Total Income 0.00 0.00 Loss for the year 17.61 20.20 Equity Capital 371.50 371.50 Reserves 0.51 0.51 Net worth 372.01 372.01 Secured Loans 1756.97 1756.97 Unsecured Loans 80.01 81.26 Current Liabilities and 394.08 393.92 Provisions Gross Block 805.26 805.26 Net Block 292.21 314.83 Investments 28.09 28.09 Inventory 7.96 7.96 Debtors 143.54 145.69 Loans and Advances 28.92 28.92 Cash and Bank Balance 7.55 6.81 Accumulated Losses 1963.29 1945.68 Tangible New worth -1591.27 -1573.67 VALUATION OF FIXED ASSETS The estimated fair market value of the fixed assets of the subject company as per the latest valuation report dated 8th July 2010 are as under Fair Market Fixed Asset Area (Sqm) Value (Rs in Lac) Land 4028 322.24 Building 1715 53.95 Plant & Machinery 116.00 Total 492.15 -3- The realizable value of the above fixed assets is estimated at around Rs 443.00 lac. Other Terms and Conditions 1. Interested parties may contact Sri Maneesh Goel Managing Director at the address mentioned above for inspection of the unit and to collect other details in order to evaluate the unit. 2. After the inspection of the unit and going through financials of the company, the prospective bidders may submit their initial offer within 60 days from the date of advertisement along with a DD for Rs 5.00 lac as Earnest Money Deposit (EMD) drawn in favor of Canara Bank payable at Bangalore in order to evaluate the prospective bids by the committee. 3. The EMD would be kept in a “No – Lien “account without interest and would be adjusted to the total amount payable in case of successful bid and for others the said amount would be refunded after the bidding process is completed without any interest. 4. After awarding the bid to the finally selected bidder, he would be directed to submit a fully tied up proposal to OA within 30 days from the date of accepting the bid, in order to formulate a rehabilitation scheme and to submit the same to the Hon'ble Board for further consideration. The whole process is expected to be completed within three months. OFFERS RECEIVED AFTER THE EXPIRY OF THE STIPULATED TIME FOR SUBMISSION OF FULLY TIED UP PROPOSALS FROM THE PROSPECTIVE BIDDERS WILL NOT BE CONSIDERED.
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