**Jauss Polymers Limited**, established in **1987**, is a veteran in the Indian plastic packaging industry. Historically recognized as a pioneer in **Polyethylene Terephthalate (PET)** solutions, the company is currently navigating a critical inflection point characterized by a total cessation of legacy operations, a change in promoter control, and a strategic pivot toward new business ventures. --- ### Corporate Identity & Listing Details Jauss Polymers has been a public entity for over three decades, maintaining its listing on the **Bombay Stock Exchange (BSE)**. | Metric | Details | | :--- | :--- | | **BSE Scrip Code** | **526001** | | **ISIN** | **INE593001017** | | **Listing Date** | **September 15, 1993** | | **Registered Office** | New Delhi, India | | **Dematerialization** | **77.35%** of paid-up capital (as of March 2023) | --- ### Strategic Transition: Change in Control & Ownership The company is currently undergoing a mandatory **Open Offer** process following a **Share Purchase Agreement (SPA)** and **Memorandum of Understanding (MOU)** executed in **early 2026**. This marks a definitive shift from the legacy management to new leadership. * **The Acquirer:** **M/s. Noize Brands and Lifestyle Limited** has initiated the takeover of the company. * **Acquisition Terms:** The Acquirer agreed to purchase **2,007,754** equity shares (**43.41%** of voting capital) and **33,000** Cumulative Convertible Preference Shares from the outgoing promoter, **Mr. Ketineni Satish Rao**, for a consideration of **₹3.75 Crore**. * **Open Offer Status:** A mandatory offer was launched to public shareholders for an additional **26.00%** (up to **1,202,650** shares) at a price of **₹16.05** per share, totaling **₹1.93 Crore**. * **Current Holding:** As of **April 9, 2026**, the Acquirer has completed the off-market acquisition of **1,851,894** shares (**40.04%**). Post-offer, the Acquirer expects to control up to **69.49%** of the equity share capital. * **Future Intent:** The new management has expressed intent to explore a **reverse merger** and potential diversification into new business lines, while committing not to alienate significant assets for at least **two years**. --- ### Legacy Manufacturing Capabilities While the company reports **NIL turnover** as of **February 2026**, its historical technical foundation was built on high-precision Japanese technology. * **Core Technology:** Utilization of **Injection Stretch Blow Molding (ISBM)**. * **Infrastructure:** Previously operated **5 ISBM Machines** from **ASB Nissei, Japan** (Models ranging from ASB 250 to 70 DPH). * **Product Specialization:** * **Materials:** Processing of **PET**, **Polypropylene (PP)**, and **Polycarbonate (PC)**. * **Specifications:** Neck sizes from **25mm to 120mm**; weights from **12gm to 160gm**. * **Innovation:** Pioneers in weight reduction for wide-mouth containers (e.g., reducing a **1.5 Litre jar** from **52gm to 35.5gm**). * **Target Industries:** Historically served the pharmaceutical, beverage, confectionery, personal care, and liquor sectors. --- ### Asset Divestment & Liquidity Management To facilitate the current transition and address capital requirements, the company has liquidated its primary manufacturing and subsidiary assets. * **Baddi Unit Sale:** In **FY 2020-21**, the company transferred its Baddi manufacturing unit to **Innovative Tech Pack Limited** for **INR 170.00 Lacs**. * **Subsidiary Exit:** In **June 2025**, the company sold its entire stake in **Innovative Container Services Private Limited (ICSPL)**. * **Investment Value:** **₹3.55 Crore**. * **Sale Consideration:** **₹3.94 Crore**. * **Realized Profit:** **₹39.44 Lakhs** (booked as other income). * **Rationale:** The **ICSPL** project in **Kakinada, Andhra Pradesh** required "huge capital expenditure" and "substantial working capital" that Jauss Polymers could not provide following the discontinuation of its primary operations. --- ### Financial Profile & Capital Structure The company’s financial health is currently characterized by a positive net worth but a lack of operational revenue. **Capital Structure (as of April 2026):** * **Authorized Capital:** **₹11,00,00,000** (comprising 1.05 Cr equity shares and 50,000 preference shares). * **Paid-up Equity Capital:** **₹5,06,55,750** (comprising 4,625,575 equity shares). * **Preference Shares:** **44,000** Cumulative Convertible Preference Shares. **Financial Performance Summary:** | Particulars (INR in Lakhs) | FY 2024-25 | FY 2023-24 | | :--- | :--- | :--- | | **Revenue from Operations** | **NIL** | **NIL** | | **Profit / (Loss) for the Year** | **(38.49)** | *Not specified* | | **Retained Earnings** | **115.64** | **154.12** | | **Total Other Equity** | **304.39** | **342.87** | | **Net Worth** | **~₹8.4 Crore** | *Not specified* | --- ### Critical Risk Factors & Audit Qualifications Investors should note that the company’s financial reporting has been subject to **Adverse Opinions** from statutory auditors for **FY 2023, 2024, and 2025**. #### 1. Going Concern Uncertainty Auditors have flagged material uncertainty regarding the company's ability to continue as a going concern due to: * The sale of all **plant and machinery** in **FY 2020-21**. * The write-off of remaining assets in **FY 2023-24**. * Lack of formal cash flow forecasts or feasible future action plans provided to auditors. * *Management Counter-position:* Management asserts the company remains a going concern based on its **positive net worth** and a planned return to profitability in **2025-27**. #### 2. Financial & Internal Control Lapses * **Unconfirmed Balances:** **₹4.91 Crore** in loans and advances have been outstanding for a substantial period without third-party confirmation. * **Accounting Discrepancies:** A **SAP software error** caused a **₹28.56 Lakh** mismatch in opening Reserves and Surplus. * **Unresolved Expenses:** Auditors noted a lack of evidence for **₹1.5 Crore** in power and fuel expenses dating back to **FY 2020-21**. * **Bank Reconciliations:** Several accounts with **SBI, Yes Bank, and ICICI Bank** (ranging from **₹4.16 Lacs to ₹17.04 Lacs**) remain unreconciled due to missing statements. #### 3. Regulatory & External Risks * **Taxation Demands:** Pending income tax demands of **₹12.39 Lakhs** (AY 2013–2021) are currently under appeal. * **Listing Compliance:** If the Open Offer results in public shareholding falling below **25%**, the company must restore this level within **12 months** to avoid delisting risks under **SEBI (LODR) Regulation 38**. * **Macroeconomic Sensitivity:** Future operations remain sensitive to **US Dollar volatility** and **petroleum price** fluctuations, which impact the cost of raw materials like **PET/PP**.