JAI MATA GLASS Share price

Jai Mata Glass Ltd. (JMGL) formerly Jai Mata Rolled Glass Ltd. was incorporated as a Public Limited Company on 27th February 1981 and registered with the Registrar of Companies Jallandhar. The certificate of Commencement of Business was obtained by the Company on 25th June 1981.The Company has set up a plant at village Tipra Barotiwala Distt. Solan Himachal Pradesh for the manufacture of figured glass with an installed capacity of 2.60 million square metres (on 3 MM basis) per annum in 1986.The Project was financed by way of equity of Rs.135 lacs term loans from All Indian Financial Institutions of Rs.328 lacs central subsidy of Rs.25 lacs and unsecured loans from Directors of Rs.12 lacs. The public issue of the company of Rs.70 lacs was made in June 1986. "The issue was subscribed to the extent of 38.50% and devolved on the underwriters (IDBI IFCI & ICICI)." The commercial production of this unit was delayed by two months due to delay in finalising the design of the furnace by the technical consultants of the Company.The Company faced teething problems in the pre-production stabilisation period upto June 1988. The Company started making profits from the year 1988-89.The Company increased its production capacity from 2.6 million sq. mtr. to 5.2 million sq. mtrs. in March 1992. The expansion was carried out at a cost of approximately Rs.750 lacs which was financed by a term of loan of Rs.495 lacs from IDBI unsecured leans of Rs.52 lacs from directors and internal accruals of Rs.203 lacs. The commercial production of the expansion project started in March 1992.The working results during the year 1992-93 were adversely affected due to closure of one unit (installed capacity of 2.6 million sq. mtrs.) of the Company for repairs. This unit was shut down for a period of 6 months. The Company also provided 100% depreciation on the residual value of the furnace of the new unit as per schedule XIV of the Companies Act 1956. Even though the furnace has been fully written off it is available for production.In July 1993 the Company approached IDBI for reschedulement of its outstanding loans and interest due which was sanctioned by IDBI. The interest fallen due upto 1.10.93 in respect of second loans of Rs.495 lacs and Rs.95 lacs was deferred and repayment schedule of outstanding loans was refixed. All penal interest upto 1.10.93 was waived by IDBI. However subsequently a part (Rs.95 lacs) of the rescheduled portion was prepaid by the Company.The Company has never faced closure of its unit due to labour problems and has been maintaining harmonious relations with its work force.PRESENT BUSINESS The Company is presently engaged in the manufacture of figured rolled & wired glass with an installed capacity of 5.2 million square meters per annum (on 3 mm basis). The range comprises a variety of colours textures & thickness in linear floral & geometric patterns in thickness ranging cfrom 2 MM to 12 MM.