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					                      [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 TAURUS NOVELTIES LIMITED - BIFR Case No 106/2003


BACKGROUND

In the BIFR hearing held on 7th 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 :          M/S TAURUS NOVELTIES LIMITED
                              No : 2, First Cross, Sudhamanagar
                              Lalbagh Road
                              BANGALORE- 560 027


Works:                           Sokkarasanapalli,
                                  Bagalur P.O
                                  Hosur
                                  Krishnagiri Dist. - 635 103
                                  TAMIL NADU

Line of Activity: Manufacture of customized novelties in the nature of
figurines made of Dolomite, Stoneware and other Natural Ceramic
materials.

Board of Directors

   1 Sri    R. SRIVATHSAN             –Managing Director

   2 Sri G. SUBBA RAO                – Director
                                      -2-

            Share Holding pattern

            Particulars                               % Holding
            INDIAN PROMOTERS                                54.85
            FOREIGN COLLABORATORS                           20.74
            CANBANK VENTURE- CAPITAL                        13.41
            FUND
            TIDCO CHENNAI                                   11.00
            TOTAL                                          100.00


FINANCIAL POSITION:

Performance highlights for the years ended 31st March 2009 and 2010 are as
under:-

                                                           ( Rs in lac)
Particulars                   ABS             ABS
                            2008-09         2009-10
Income from operations             0.00            0.00
Other income                       0.00            0.00
Loss for the year                 65.25           53.22
Equity Capital                   409.21          409.21
Share         Application         19.76           19.76
Money
Secured Loans                  1836.77         1836.77
Unsecured Loans                   4.18            6.58
Current Liabilities and          78.78           78.78
Provisions
Gross Block                    1139.83
                                             1139.83
Net Block                        617.56
                                              566.74
Inventory                         54.45           54.45
Debtors                            0.00            0.00
Loans and Advances                63.30           63.30
Cash and Bank Balance             0.002           0.002
Accumulated Losses              1613.38         1666.60
Tangible New worth             -1204.17        -1257.39


VALUATION OF FIXED ASSETS

The estimated fair market value of the fixed assets of the subject
company as per the latest valuation report dated 17th September 2008 is
as under
                                 Fair   Market
                                 Value (Rs in
Fixed Asset       Area           Lac)
Land                  5.86 Acres        117.20
Building               38750 Sft        148.21
Plant & Machinery        -----           19.10
Total                                   284.51


                                    -3-


The realizable and distress value of the above fixed assets is estimated
at around Rs 256.00 lac and Rs 220.00 lac respectively.

Other Terms and Conditions

   1.   Interested parties may contact Sri R. Srivathsan 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 16.92
        lac being 2% of the outstanding principal secured debt of Banks/
        FI's of the company as Earnest Money Deposit (EMD) drawn in favor
        of Operating Agency Desk, 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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posted:8/26/2011
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