|The Company was incorporated on May 1, 1989 as a Public Limited Company under the name and style of IRPLAST ADHESIVE INDIA LIMITED(IAlL) and obtained Certificate of Commencement of Business on September 20, 1989 from the Registrar of Companies, Delhi and Haryana.
The name of the Company was changed to IRPLAST ADHESIVES INDIA LTD and Fresh Certificate of incorporation was issued by the Registrar of Companies, Delhi & Haryana, New Delhi, on 11th August, 1992
The Company implemented a project for the manufacture of pressure sensitive adhesive tapes with installed capacity of 300 Lac sq. mts per annum at a cost of Rs. 1372 Lac in Nov. 92.The Company had its first Public Issue of 32.10 lakh Equity Shares of Rs. 10 each for cash at par
aggregating Rs. 321 Lakhs on December 21, 1992 to part finance the project.
The Company incurred losses of Rs.153.89 lakhs and Rs. 369.54 lakhs for the year ended March 31, 1993 and 1994, respectively. The main reasons of the operational losses were low capacity utilisation due to paucity of working capital and heavy interest burden. In order to make good
the erosion in the working capital and thereby strengthen the Financial position, the Company made preferential allotment of 34,85,500 Equity Shares of Rs. 10/- each for cash at par aggregating 348.55 lakhs to promoters, their business associates and NPI Investors on August 3, 1994 and preferential allotment of Equity Shares of Rs.200 Lacs to
NRI Investors on September 26, 1994. There has been no delay in project implementation, closure and labour problems in the company till this date.
Presently, the Company is engaged in the manufacture and sale of BOPP Self Adhesives Tapes, plain as well as printed, masking tapes, nylon tapes etc. at Plot No. 7 Roj-Ka-Meo Industrial Area, Sohna, Gurgaon, Haryana.
In order to augment its revenues, the Company has, in a limited way, embarked upon providing consultancy and project feasibility services in the areas related to hotels and tourism industry. As its first project, it is providing a complete study to a Hotels Group in Europe. This study
comprises a comprehensive macro level and micro level evaluation of investment opportunities in India in 3 to 5 star hotels, budget hotels, motels, country clubs, Ski and leisure resorts for domestic and foreign tourists. It will include detailed project studies for hotels and, when
appropriate, organizational and financial structuring thereof. The first assignment, already commenced, is expected to be completed in 12 to 15 months. The Company expects that it will manage the completion of the project within the present resources available and with active
assistance of its promoters. Further work will be initiated in this field of consultancy on completion of this first major assignment.
At the Sixth Annual General Meeting of the Company held on 21st December, 1995, a special resolution has been passed to shift the registered office of the company from New Delhi to Distt. Gurgaon in the State of Haryana. The company has filed the petition to this effect with Company Law Board on 23rd April, 1996.
- Company name has been changed from Irplast Adhesives India Ltd to JMG Corporation Ltd.