GOODLUCK INDIA Share price

The company was incorporated on 6th November 1986 as aprivate limited company with the Registrar of CompaniesUttar Pradesh vide certificate of incorporation no. 8341in the name of GOOD LUCK STEEL TUBES PRIVATE LIMITED andcommenced production in August 1987. As the company''saverage annual turnover during the first three yearsexceeded Rs.10 crores it became a deemed public companyunder the provisions of section 43A of the Companies Act1956 on 1st July 1990.In 1992 the registered office of the company was shiftedfrom Uttar Pradesh to the Union territory of Delhi videCompany Law Board Northern Region Bench CP no.166/17/92-CLB dated 24th August 1992. The same has beenregistered with the Registrar of Companies NCT OF Delhi &Haryana under regn. no. 55-50910 and presently itsregistered office is located at 5/102 Sikka Complex 1st.floor Community Centre Preet Vihar Vikas Marg Delhi-92.Shareholders of the Company passed the Special Resolutionon 30.09.94 for deleting the restriction clause undersection 3(i)(iii) of the Companies Act 1956 from Articleof Association and as such the Company became full fledgedPublic Limited Company within the meaning of Section3(i)(iv) of the Companies Act 1956. Its present authorisedcapital is Rs.4.50 crores consisting of 4500000 equityshares of Rs.10/- each. GOOD LUCK STEEL TUBES LIMITED isengaged in the production of black and galvanized pipes andtubes at Sikandrabad Distt. Bulandshahr (U.P.) and miningof granite at Berhampur Distt. Ganjam (Orissa). Both linesof business offer excellent scope in the domestic andexport markets with the result that the company''s turnoverhas increased manifold since it commenced business in 1987(the mining of granite was commenced in 1993) and it isearning handsome profits.The Company revalued the fixed assets viz. land &building plant & machinery of the Sikandrabad unit at fairmarket value as at 31.03.94 as assessed by valuersappointed for this purpose. As a result book value of suchassets has been increased by Rs.24229586/- which hasbeen credited to Capital Reserve. Further to this theCompany issued Bonus Shares on 27.08.94 out of thisCapital Reserve resulting into capitalisation of Rs.82.245lacs.The company''s steel tube plant sprawls over an area ofabout 18000 sq. metres and is equipped with sophisticatedautomatic Electrical Resistance Welding (ERW) Steel Tubemanufacturing machines and Galvanizing plant andmanufactures tubes/pipes having diameters ranging from 1/2"to 10" the installed capacity of the plant is 32000tonnes per annum.The company has developed a rigid quality control systemand has a well equipped laboratory for testing the productsat every stage of production right from arrival of the rawmaterial through a series of chemical and mechanical tests.The company is registered with the Indian Bureau ofStandards and its products conform to Indian andinternational standards.Products of the Company conform to the Bureau of IndianStandardisation''s standards and are being marketed with ISImark. Besides in the international market the productsconform to British Standards (BS:1387/1985 534 1139 &6323) Dutch Standards (DIN: 2439 2440 2441) JapaneseStandards (JIS: G-3452) and American Standards for Testingof Material (ASTM: A-120 & A-53). Further the Companyenjoys locational benefit of price preference of 10% (Tenpercent) in the Tenders invited by various departments ofthe Govt. of Uttar Pradesh by virtue of the Company beinga state unit.The Company has rate contracts with the Central Governmentand several State Governments and thus sells a majorportion of its production to various governmentdepartments. Since September 1993 the company has alsogained a foothold in the export market having successfullyexported G.I. Pipes worth Rs.4.32 crores upto 31.3.94 toseveral countries such as Vietnam Ethiopia South AfricaMaynamar Mauritius Sri Lanka and the Middle East. Thecompany''s products have been well accepted and it isreceiving repeat orders alongwith inquiries from newcustomers.Since late 1993 the company has also taken up the businessof mining granite as its global demand is increasing day byday for construction work and Indian granite is ratedamongst the best in the world owing to its hardness andability to retain its glossy polish and fine finish over along period of time. The company has also tied-up withM/s.Boschetto Granite Mami Siril of Chaempol (Vieenza) forexport of rough granite blocks as Vieenza is one of themajor producers of granite tiles.The Company has taken granite mine from Orissa Governmenton lease the deed of which is yet to be transferred in thename of the Company. The mine is situated at Lane No.1Behramnagar Behrampur Distt. Ganjam Orissa. The Companyhas already invested funds to the extent of Rs.12.66 lacs onfixed assets working capital and deferred revenueexpenditure related to the granite mining.