MIRA INFORM REPORT

Report Date :

22.03.2007

IDENTIFICATION DETAILS

Name :	JAI CORP LIMITED
Registered Office :	A-3, MIDC, Industrial Area, Nanded – 431 603, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	06.06.1985
Com. Reg. No.:	11-36500
CIN No.: [Company Identification No.]	L17120MH1985PLC036500
TAN No.: [Tax Deduction & Collection Account No.]	NSKJ01283C
Legal Form :	Public limited liability company. The company’s shares are listed on the stock exchanges.
Line of Business :	Manufacturing, Importing and Exporting of Cold Rolled Steel Coils, Sheets, Galvanised Plain, Corrugated Coils, Sacks, Bags, Polyester Chips, Woven Sacks, Tubes, etc.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. Fundamentals are string and healthy. The company can be considered normal for business dealings at usual trade terms and conditions. The company can be regarded as a promising business partner in a medium to long-run.

LOCATIONS

Registered Office/ Factory :	A-3, MIDC, Industrial Area, Nanded – 431 603, Maharashtra, India
Tel. No.:	91-2462-226520/ 21/ 22
Fax No.:	91-2462-226523
Website :	http://www.jaicorpindia.com
Corporate Office :	807, Embassy Centre, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22817051/ 2/ 3
Fax No.:	91-22-22875197
E-Mail :	info@jaicorpindia.com
Factory 1 :	Plastic Processing Division Plot No. A-2/4, A-2/8, C-2/1, MIDC, Murbad, District Thane, Maharashtra
Factory 2 :	Plastic Processing Division Plot No. 444, Masat Village, Plot No. S. N. 103/1/2, Rakholi Village, Silvassa Dadra & Nagar Haveli, Union Territory
Factory 3 :	Plastic Processing Division Plot No. 481/1-2, Dabhel Village, Daman – 396 210, Union Territory
Factory 4 :	Plastic Processing Division 140/1/1/1-1-140/1/1/9, Village Khadoli, Silvassa – 396 210, Dadra & Nagar Haveli, Union Territory
Factory 5 :	Spinning Division Survey No.246, Village Vasona, Silvassa, Dadra and Nagar Haveli, Union Territory
Factory 6 :	Sipta Coated Steel Division A-3, MIDC Industrial Area, Nanded – 431 603, Maharashtra
Factory 7 :	Comet Steel Division A-4, MIDC Industrial Area, Nanded – 431 603, Maharashtra

DIRECTORS

Name :	Mr. J. K. Jain
Address :	Executive Chairman
Date of Birth/Age :	71 Years
Qualification :	S. S. C.
Experience :	52 Years
Date of Appointment :	01.10.1995
Name :	Mr. S. P. Jain
Designation :	Managing Director
Date of Birth/Age :	51 Years
Qualification :	B. Com.
Experience :	30 Years
Date of Appointment :	01.10.1995
Other Directorships :	Comet Steel limited (Managing Director – 11 Years)
Name :	Mr. Virendra Jain
Designation :	Director
Name :	Mr. K. M. Doongaji
Designation :	Director
Name :	Mr. S. H. Junnarkar
Designation :	Director
Name :	Mr. D. K. Contractor
Designation :	Director
Name :	Dr. P. P. Shah
Designation :	Director
Name :	Mr. S.N. Chaturvedi
Designation :	Director
Name :	Mr. V. S. Pandit
Designation :	Director (Works)
Address :
Name :	Mr. Gaurav Jain
Designation :	Director

KEY EXECUTIVES

Name :	Mr. J. M. Pandya
Designation :	Company Secretary
Name :	Mr. B. S. Mohnani
Designation :	Vice President
Date of Birth/Age :	51 Years
Qualification :	M. Tech.
Experience :	25 Years
Date of Appointment :	14.01.2003
Other Directorships :	Uttam Steel Limited, General Manager (Cold Rolling Mills Complex – 3 Years)
Name :	Mr. D. Dubge
Designation :	Vice President
Date of Birth/Age :	40 Years
Qualification :	M. B. A. (Finance)
Experience :	20 Years
Date of Appointment :	25.11.2002
Other Directorships :	Virgo Polymer India Limited, General Manager – Export (2 Years)
Name :	Mr. Umesh Agarwal
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares	Percentage of Holding
Promoters (including Directors, their relatives)	7567289	87.67
Mutual Funds	15034	0.18
Financial Institutions and Banks	3020	0.03
Bodies Corporate	317121	3.67
NRI	3260	0.04
Resident Individuals	701612	8.13
Clearing Members	24064	0.28
Total	8631400	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Importing and Exporting of Cold Rolled Steel Coils, Sheets, Galvanised Plain, Corrugated Coils, Sacks, Bags, Polyester Chips, Woven Sacks, Tubes, etc.

Products :

Generic Names of Principal Products/Services of the Company are :-

Products Description	ITC Code
Cold Rolled Steel Coils/Sheets	7209
Galvanised Plain/Corrugated Coils/Sheets	7210
Sacks and Bags	3923
Synthetic Yarn	5509

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
CR Coils	MT	62,500	40150
GP/GC Coils/Sheets	MT	55,000	35379
Woven Sacks/Fabrics	MT	19500	4676
Polyester Chips	MT	--	--
Spinning Yarn	MT	7500	1293
Tapes and Liner	MT	--	333

GENERAL INFORMATION

No. of Employees :	1000
Bankers :	Canara Bank
Facilities :	Secured Loans : Working Capital Loans from Banks : Rs.61.593 millions Total : Rs.61.593 millions Unsecured Loans Interest Free Sales tax Loan : Rs.87.497 millions Buyer’s Credit : Rs.102.120 millions Total : Rs.189.617 millions

Banking Relations :	Good
Auditors :
Name :	Chaturvedi & Shah Chartered Accountants
Associates/Subsidiaries :	ASSOCIATES v Pet Fibres Limited. v Suniti Comrrlercials Limited. v Silvassa Pipes Private Limited. v Puriya Industrial Packaging Private.Limited v Prime Wovens Limited. v Daman Plastic v Sun Shine Fibres Private. Limited. v Silvassa Fibres Private Limited. v Silvassa Polyplast India Private Limited. v Polyplast Agencies Private Limited. v Tech Fab India v Dotson Steels Limited. v Tufropes Private Limited. v Resin Distributors Private Limited. v Adventity BPO India Limited v Polysil Pipes v Urban Infrastructure Venture Capital Limited (Subsidiary w.e.f.14.12.05 & associate w.e.f. 03.03.2006) v Urban Infrastructure Trustees Limited (Subsidiary w.e.f.14.12.05 & associate w.e.f. 03.03.2006) SUBSIDIARIES v Sarbags Pty. Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions
15000	1% Non-Cumulative Non Participating Redeemable Preference Shares	Rs.100/- each	Rs.1.500 millions
485000	Unclassified Shares	Rs.100/- each	Rs.48.500 millions
	Total		Rs.250.000 millions

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount
8631400	Equity Shares	Rs.10/- each	Rs.86.314 millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
8626940	Equity Shares	Rs.10/- each	Rs.86.269 millions
	Add : Forfeited Shares		Rs.0.022
	Total		Rs.86.291 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		86.291	86.291	86.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2586.410	2516.748	2434.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2672.701	2603.039	2520.300
LOAN FUNDS
1] Secured Loans		61.593	134.935	5.600
2] Unsecured Loans		189.617	89.826	36.300
TOTAL BORROWING		251.210	224.761	41.900
DEFERRED TAX LIABILITIES		103.041	108.343	0.000
TOTAL		3026.952	2936.143	2562.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		916.606	806.820	911.000
Capital work-in-progress		129.798	36.672	110.200
INVESTMENT		1202.545	578.713	471.800
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	495.957	786.093	804.200
	Sundry Debtors	273.617	330.304	130.800
	Cash & Bank Balances	17.671	6.239	11.100
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	232.061	554.249	360.200
Total Current Assets		1019.306	1676.885	1306.300
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	206.788	114.793	201.500
	Provisions	34.515	48.154	36.600
Total Current Liabilities		241.303	162.947	238.100
Net Current Assets		778.003	1513.938	1068.200
MISCELLANEOUS EXPENSES		0.000	0.000	1.000
TOTAL		3026.952	2936.143	2562.200

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		1892.627	2900.681	1945.300
Other Income		47.385	166.941	564.900
Total Income		1940.012	3067.622	2510.200
Profit/(Loss) Before Tax		66.212	96.043	391.800
Provision for Taxation		(3.744)	11.815	115.900
Profit/(Loss) After Tax		69.956	84.228	275.900
Total Earnings		1012.342	1957.344	NA
Imports :
	Raw Materials	219.450	4.961	NA
	Stores & Spares	6.975	4.961	NA
	Capital Goods	13.550	0.000	NA
Total Imports		239.975	9.922	NA
Expenditures :
	Cost of Goods Sold
	Manufacturing Expenses	304.450	410.908	117.400
	Administrative Expenses	NA	NA	75.600
	Raw Material Consumed	1415.249	2406.529	1403.500
	Miscellaneous Expenses	NA	NA	26.800
	Salaries, Wages, Bonus, etc.	77.082	59.037	78.700
	Finance Charges	10.028	5.585	3.200
	Power & Fuel	NA	NA	136.600
	Depreciation & Amortization	81.852	77.240	83.000
	Other Expenditure	(14.861)	12.280	193.600
Total Expenditure		1873.800	2971.579	2118.400

QUARTERLY RESULTS

PARTICULARS	30.06.2006 (1^st Qtr.)	30.09.2006 (2^nd Qtr.)	31.12.2006 (3^rd Qtr.)
Sales Turnover	822.600	690.500	556.800
Other Income	15.100	96.200	514.100
Total Income	837.700	786.700	1070.900
Total Expenditure	864.000	661.800	540.000
Operating Profit	(26.300)	124.900	530.900
Interest	7.600	12.800	15.300
Gross Profit	(33.900)	112.100	515.600
Depreciation	22.300	24.700	25.400
Tax	0.300	0.300	7.100
Reported PAT	(61.300)	92.300	477.800

200606 Quarter 1

Notes

Expenditure Includes Variation in Stock Rs 133.50 million Purchase & Raw Material Consumed Rs 559.30 million Employee Cost Rs 26.40 million Manufacturing, Selling & Administrative Expenses Rs 66.90 million Tax Includes Provision for Fringe Benefit Tax Rs 0.30 million Deferred Tax (Credit) Rs 4.80 million Provision & Contingencies Items Indicates Provision for diminution in value of current investment EPS is Basic and Diluted Status of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 73 Complaints disposed off during the quarter 73 Complaints unresolved at the end of the quarter Nil 1. The above results were reviewed by the Audit Committee and taken on record by the Board at its meeting held on July 29, 2006 and approved the same for its release. 2. The financial results are in accordance with the Standard Accounting Practices followed by the Company in preparation of its statutory accounts. 3. The Accounting Standard 15(revised 2005) 'Employee Benefit' issued by the Institute of Chartered Accountant of India has become mandatory w.e.f. April 01, 2006. Any additional obligation of the Company on account of said Revised Accounting Standard will be recognised at the year end and the Company's obligation prior the April 1, 2006 will be adjusted against the General Reserve. 4. The financial results are after Limited Review conducted by the Statutory Auditors of the Company. 5. Figures for the corresponding period of the previous year/quarter have been reworked / regrouped/ rearranged wherever necessary to be in line with the current period.

200609 Quarter 2

Notes

Expenditure Includes Variation in Stock Rs 2.10 million Purchase & Raw Material Consumed Rs 537.70 million Employee Cost Rs 30.70 million Manufacturing, Selling & Administrative Expenses Rs 91.30 million Tax Includes Provision for Deferred Tax (Credit) Rs (5.20) million Fringe Benefit Tax Rs 0.30 million Provision & Contingencies Items Indicates Provision / Reversal for diminution in value of current investment EPS is Basic & Diluted Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 91 Complaints disposed off during the quarter 91 Complaints unresolved at the end of the quarter Nil 1. The above results were reviewed by the Audit Committee, taken on record by the Board at its meeting held on October 31, 2006 and approved the same for its release. 2. The financial results are in accordance with the Standard Accounting Practices followed by the Company in preparation of its statutory accounts. 3. The Company is in the process of setting up a Fibre Dyeing Unit and a Twisting Unit at Sarigam and Silvassa respectively in relation to Spinning Division which is at Silvassa. 4. The Company has agreed to make an investment of Rs 500 million in the equity shares of Rewas Ports Ltd, a Company engaged in development of private port at Rewas, Dist. Raigad and has so far invested an amount of Rs 50 million. 5. The Accounting Standard 15(revised 2005) 'Employee Benefit' issued by the Institute of Chartered Accountant of India has become mandatory w.e.f. April 01, 2006. Any additional obligation of the Company on account of said Revised Accounting Standard will be recognised at the year end and the Company's obligation prior the April 01, 2006 will be adjusted against the General Reserve. 6. The financial results are after Limited Review conducted by the statutory auditors of the Company. 7. Figures for the corresponding period of the previous year / quarter have been reworked / regrouped / rearranged wherever necessary.

200612 Quarter 3

Notes.

1 The above results were reviewed by the Audit Committee, taken on record by the Board at its meeting held on 29.01.2007 and approved the same for its release. 2 The financial results are in accordance with the Standard Accounting Practices followed by the Company in preparation of its statutory accounts. 3 During the quarter commercial production of Twisting Unit at Silvassa has commenced and Construction activities of Fibre Dying Unit at Sarigam is progressing as per Schedule. 4 Other income includes profit on sale of investment of Rs. 4632 Lacs and Rs 4723 Lacs for the quarter ended and nine months ended 31st December 2006 respectively. 5 The Accounting Standard 15 (revised 2005) 'Employee Benefit issued by the Institute of Chartered Accountants of India has became mandatory w.e.f. 01.04.2006. Any additional obligation of the Company on account of said Revised Accounting Standard will be recognised at the year end and the company's obligation prior to 01.04.2006 will be adjusted against the General Reserve. 6 The financial results are after Limited Review conducted by-the statutory auditors of the Company In accordance with Clause 41 of the listing agreement. 7 Figures for the corrosp on ding period of the previous year /quarter have been reworked/ regrouped /re-arranged wherever necessary to be in line with the current period. 8 During the quarter, 173 investor complaints were received and resoNed. There were no investor complaints pending at the commencement and end of the quarter.

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Debt-Equity Ratio	0.09	0.05	0.03
Long Term Debt-Equity Ratio	0.05	0.02	0.02
Current Ratio	3.30	4.59	5.23
TURNOVER RATIOS
Fixed Assets	0.96	1.44	0.95
Inventory	3.08	3.67	2.74
Debtors	6.55	12.64	11.36
Interest Cover Ratio	(8.95)	22.09	62.28
Operating Profit Margin(%)	(0.38)	6.89	14.51
Profit Before Interest And Tax Margin(%)	(4.53)	4.24	10.25
Cash Profit Margin(%)	(0.70)	6.10	11.36
Adjusted Net Profit Margin(%)	(4.85)	3.45	7.09
Return On Capital Employed(%)	(3.11)	4.59	8.16
Return On Net Worth(%)	(3.63)	3.93	5.80

STOCK PRICES

Face Value	Rs.10.00/-
High	Rs.2231.35
Low	Rs.2231.35

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject was incorporated on 6^th June, 1985 at Mumbai in Maharahtra under the name and style of Jai Fibre Limited having Company Registration Number 36500.

The name of the company was changed to the present in the year 1994.

The company has its’ manufacturing unit at Murbad, Maharashtra and started manufacturing HDPE/PP woven sacks in January, 1987. Another unit with an installed capacity of 1200 tpa was set up in 1990 to manufacture FIBC fabrics and HDPE/PP woven sacks. A third unit at Silvassa to manufacture FIBC, popularly known as jumbo bags, commenced commercial production in February, 1992. Subsequently, the name of the company was changed to Jai Fibre Industries. The company acquired the present name, Jai Corp, in 1994.

Presently, it is managed under the leadership of Mr. J. K. Jain as its’ Executive Chairman and Mr. S. P. Jain as its’ Managing Director.

The company Was setting up a new unit at Silvassa to cerate manufacturing facilities for FIBC, tarpaulins and multilayer bags used in various industries like petrochemicals, cement, fertilisers, chemicals, etc. It came out with a public issue for this project in November, 1994.

In September, 1995 Sipta Coated Steel Limited (SIPTA) and Comet Steel Limited (COMET) was amalgamated with Jai Corporation Limited

During the year 1998-99, the company had increased its’ capacity in plastic division by setting up two new unit at Rakholi Village, Silvassa and at Daman.

The company is planning to expand its’ Packaging Division at Daman (Union Territory).

BUSINESS

Subject is engaged in manufacturing, importing and exporting of Cold Rolled Steel Coils, Sheets, Galvanised Plain, Corrugated Coils, Sacks, Bags, Polyester Chips, Woven Sacks, Tubes, etc.

The company’s fixed assets of important value includes freehold land, leasehold land, buildings, plant & machinery, drawings & designs, furniture & fixtures, office equipments and vehicles.

OPERATIONS :

During the year under review, the turnover of the Company's Steel Division has declined to Rs. 1553.4 Millionss as compared to last year turnover of Rs. 2770.9 Millions due to substaintial reduction of the steel prices in the International Markets.

The Plastic Division recorded a turnover of Rs. 312 Millions with exports constituting a turnover of Rs. 244.7 Millions. The Company's outlook is optimistic about the potential of the international market and the Company is continuously taking steps in improving its competitive strength to maintain its margins.

During the year company has acquired fixed assets of a spinning unit of Sonu Synthetics Ltd. at Vasona, Silvassa from Assets Reconstruction Company of India Ltd. The Spinning Division recorded a turnover of Rs. 140.8 Millions.

MANAGEMENT DISCUSSION & ANALYSIS (M D & A)

Business Review :

The Indian economy is among the fastest growing economies in the world and despite high crude prices, India's GDP is estimated at 8% in the year 2005-06. The performance of the company during the year ended 31st March 2006 and the management's view on the future outlook are discussed below.

STEEL DIVISION :

The year under review witnessed one of the worst years for the steel processors in general. As already cautioned in their earlier report, the Chinese market completely collapsed in the month of April 2005 and the rates of the raw material fell down by nearly U.S.$ 200 per MT. However, the Indian HR manufacturers did not reduce their prices to the same extent thereby, forcing the company to reduce production since, if the production would have continued the company would have made a net loss in the vicinity of Rs.3000-5000 per MT. Hence, the production during the year had a setback and their company could only produce 35379 MT of GP Coils as compared to 61934 MT in the previous year.

Their company had also undertaken the modernization and upgradation of the GP Line which was not done since the last 20 years. The GP Line was taken for shutdown in the first week of February 2006, the modernization has been completed and the trial production has resumed from 5th April, 2006 onwards.

The international markets of HR Coils have been very erratic in the last one year and there are very "highs" and "lows" in a very short span of time due to which, the markets are very uncertain and it has put a lot of stress on the margins of the company.

During the current quarter, the prices of HR Coils have again rebounded and there is an acute shortage of HR Coils from the local manufacturers who are opting to export their product rather than supply to the home industry.

Hence, the company is in process of finalizing conversion business with some of the leading HR steel producers in India after which, they are expecting continuity of production on regular basis, which has been very irregular especially in the year under review.

PLASTIC PROCESSING DIVISION :

The Company is one of the leading manufacturers of small woven sacks / fabric and is a market leader in manufacturing of fabrics used in Geotextile Application. The Company is fully equipped to cater to the growing export market in a big way as the Company is developing market in USA. The Company's Plastic Processing Division has achieved production of 4676 M.T. during the year under review.

The expansion of the International Markets for niche products like wide width quoted fabric represents the new opportunity for the Plastic Processing Division. The Company looks at Exports as a major thrust area and intends to focus on Exports as the mainstay of business.

The Major threat the Company faces is from small manufacturers operrating in semi-organised sector which results in unhealthy competition as they are exempt from majority of government levies and regulations. There is significant price pressure due to such competition.

The Plastic Processing Division is engaged in manufacturing of woven sacks and fabrics of Polypropylene (PP). High Density Polyethylene (HOPE) and Low Density Polyethylene (LDPE) at units located at Murbad in Maharashtra and Khadoli (100% EOU) (Dadra & Nagar Haveli U. T.).

The Plastic Processing Division has achieved the turnover of Rs. 312 millions with exports constituting a turnover of Rs. 244.7 millions.

In Plastic Processing Division, the Company's outlook is optimistic about the potential of the international market as the Company is fully equipped to cater the international demand. The Company is continuously taking steps in improving its competitive strengths in order to maintain its lead over competition and improve its margins and profitability. However, unprecedented volatility and/or increase in key raw material prices can adversely affect the performance of Company.

SPINNING DIVISION :

The Company has entered in the textile spinning operations at the end of third quarter of the financial year 2005-06. The overall Textile business after global opening of the business has been encouraging and Indian Textile Industry has and will be benefitted due to it. The Company has thus strategically decided to enter into textile business at appropriate time. The capicity utilization has been around 100% since inception.

The Textile market will be encourging for manufaturer of quality product.

The Company has imported Autoconers and has undertaken the modernisation plan to become one of the leading quality yarn manufacturer. The turnover of the division for the period ended 31st March, 2006 is 140.8 Millions.

Forward - Looking Statements :

The report contains forward-looking statements that involve risks and uncertainties. When used in this discussion, the words like 'plans', 'expects', 'anticipates', 'believes', 'intends', 'estimates' or cither similar expressions as they relate to Company or its business are intended to identify such forward-looking statements.

Forward-looking statements are based on certain assumptions and expectations of future events. The Company's actual results, performance or achievements could differ materially from those expressed or implied in such Forward-looking statements. The Company undertakes no obligation or responsibility to publicly amend, update,

modify or revise, any forward-looking statements, on the basis of any new information, future events, subsequent developments or otherwise.

Incorporated as Jai Fibres, a public limited company, in 1985, the company has its manufacturing unit at Murbad, Maharashtra, and started manufacturing HDPE/PP woven sacks in Jan.'87. Another unit with an installed capacity of 1200 tpa was set up in 1990 to manufacture FIBC fabrics and HDPE/PP woven sacks. A third unit at Silvassa to manufacture FIBC, popularly known as jumbo bags, commenced commercial production in Feb.'92. Subsequently, the name of the company was changed to Jai Fibre Industries. The company acquired the present name, Jai Corp, in 1994. 

Presently it is managed under the leadership of Shri J. K. Jain as its Executive Chairman and Shri S P Jain as its Managing Director. 

The company is setting up a new unit at Silvassa to create manufacturing facilities for FIBC, tarpaulins and multilayer bags used in various industries like petrochemicals, cement, fertilisers, chemicals, etc. It came out with a public issue for this project in Nov.'94. 

In September 1995 Sipta Coated Steels Ltd (SIPTA) and Comet Steels Ltd (COMET) was amalgamated with Jai Corporation Ltd. 

During 1998-99, the company has increased its capacity in plastic division by setting up two new unit at Rakholi village, Silvassa and at Daman. 

The company is planning to expand its Packaging Division at Daman (U.T.).

Website Details :

Established in 1987, Jai Corp is a family owned professionally managed company engaged in manufacture of Polypropylene and Polyethylene (PP/PE) woven products in India. Since inception, they have rapidly progressed to meet the ever-growing needs from customers with new designs, new products and services. Strongly focused on quality and needs of the customers, Jai Corp cherishes a glorious track record of innovation providing an array of user-friendly products known for their impeccable quality.

Having one of the largest weaving capacities in India of approx. 40,000 MT annually, they have adequate capacities and capablities to serve variuos industrial users. As a licensee of Rexam Mulox, UK from ’87 to ’03 they have accquired the technical edge that is still evident in their processing, quality systems and products. Their customers know that they can count on Jai Corp because they continue to innovate, create, craft and deliver, all the while maintaining focus on their needs.

Products

Growing exponentially with each passing moment, they have been characterized by their penchant for perfection in every action. The worldwide recognition of Jai Corp brand has its roots in their dedication to deliver only the best of products and services.

At Jai Corp, they have an extensive range of world-class products to fulfill diversified needs of various customers. Their products can be categorized broadly into Bags and Fabrics.

Their plastic bags are designed for easy handling and are created in various specifications to suit the requirements of every customer. They provide you with open bags, duffel bags and rigid stand alone loop bags. They also provide customized bags with various discharge options.

Steel Division

The key to industrial development lies in the unrelenting search for new products and new technologies. Sipta Coated Steel's (Sipta)-quest for innovation and development, coupled with the recognition of diversified applications of galvanised sheets, led to the setting up of a plant for manufacturing galvanised plain and corrugated steel sheets of thin & medium thickness, in collaboration with COCKERILL MECHANICAL INDUSTRIES, Belgium, who possess worldwide experience in setting up continuous galavanishing lines.

Sipta is characterised by an efficient and dedicated workforce, latest technology, excellent product quality standards achieved through stringent quality assurance systems and a zeal to conquer high peaks of efficiency and excellence. In keeping with its quest for excellence, Sipta has set up a most modern cold rolling complex to meet its requirement of major raw material - Cold Rolled Steel Coils. Synergy of this combination has made Sipta a leader in the steel industry with the distinct aim to produce a high quality product, matching international standards and specifications. No doubt because of its quality and process parameters the company has been awarded with ISO 9001-2000 certification. Because of such high standards of quality, the product has wide applications in different areas.

Products

Sipta Galvanised Coils, plain and corrugated sheets are available in a wide range of grades, dimensions and zinc coating generally conforming to IS - 277, JIS - G3302, ASTM, DX 51 or equivalent specifications.

Grade

Soft

Full Hard

Lock forming

Structural quality

Tension levelled

Dimensions

Thickness : 0.15mm to 1.25 mm

Width : Up to 1220 mm max

Coil inner diameter : 510 mm

Coil outer diameter : 1700 mm max

Coil Weight : 12 MT max

Corrugated Sheets - Standard Range

No. of Orginal Final Width Length
Corrugations Width

10/11 900 740, 750, 776, 800 As per requirement

12/13 1000 820, 830, 860, 890 -

14/15 1220 1000, 1020, 1050, 1080 NA

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.43.39
UK Pound	1	Rs.85.16
Euro	1	Rs.57.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions