JMG CORPORATION Share price

The Company was incorporated on May 1 1989 as a PublicLimited Company under the name and style of IRPLASTADHESIVE INDIA LIMITED(IAlL) and obtained Certificateof Commencement of Business on September 20 1989 from theRegistrar of Companies Delhi and Haryana. The name of the Company was changed to IRPLAST ADHESIVESINDIA LTD and Fresh Certificate of incorporation was issuedby the Registrar of Companies Delhi & Haryana New Delhion 11th August 1992The Company implemented a project for the manufacture ofpressure sensitive adhesive tapes with installed capacityof 300 Lac sq. mts per annum at a cost of Rs. 1372 Lac inNov. 92.The Company had its first Public Issue of 32.10lakh Equity Shares of Rs. 10 each for cash at paraggregating Rs. 321 Lakhs on December 21 1992 to partfinance the project.The Company incurred losses of Rs.153.89 lakhs and Rs.369.54 lakhs for the year ended March 31 1993 and 1994respectively. The main reasons of the operational losseswere low capacity utilisation due to paucity of workingcapital and heavy interest burden. In order to make goodthe erosion in the working capital and thereby strengthenthe Financial position the Company made preferentialallotment of 3485500 Equity Shares of Rs. 10/- each forcash at par aggregating 348.55 lakhs to promoters theirbusiness associates and NPI Investors on August 3 1994 andpreferential allotment of Equity Shares of Rs.200 Lacs toNRI Investors on September 26 1994. There has been nodelay in project implementation closure and labourproblems in the company till this date.Presently the Company is engaged in the manufacture andsale of BOPP Self Adhesives Tapes plain as well asprinted masking tapes nylon tapes etc. at Plot No. 7Roj-Ka-Meo Industrial Area Sohna Gurgaon Haryana.In order to augment its revenues the Company has in alimited way embarked upon providing consultancy andproject feasibility services in the areas related to hotelsand tourism industry. As its first project it is providinga complete study to a Hotels Group in Europe. This studycomprises a comprehensive macro level and micro levelevaluation of investment opportunities in India in 3 to 5star hotels budget hotels motels country clubs Ski andleisure resorts for domestic and foreign tourists. It willinclude detailed project studies for hotels and whenappropriate organizational and financial structuringthereof. The first assignment already commenced isexpected to be completed in 12 to 15 months. The Companyexpects that it will manage the completion of the projectwithin the present resources available and with activeassistance of its promoters. Further work will be initiatedin this field of consultancy on completion of this firstmajor assignment.At the Sixth Annual General Meeting of the Company held on21st December 1995 a special resolution has been passedto shift the registered office of the company from New Delhito Distt. Gurgaon in the State of Haryana. The company hasfiled the petition to this effect with Company Law Board on23rd April 1996.