iStreet Network Ltd

iStreet Network Ltd

iStreet Network Ltd was formerly incorporated as a Private Limited Company with the name Principle Marketing Group Pvt. Ltd. vide Certificate of Incorporation dated 26th June 1986. The Company became a deemed Public Company on 10th March 1992 resulting in acquiring more than 25% of the share of a Public Limited Company. Meanwhile the Company converted itself as a regular Public Company on 18th April 1992 and subsequently name of the Company was changed to Principal Pharmaceuticals & Chemicals Limited.The Company is an Internet & Retail Catalogue company and sells products and services through its Internet Retail Stores known as `iStreet Bazaar'. iStreet Bazaar - the Internet Retail Store is a physical store in a neighborhood area which runs on virtual inventory. The network of Internet Retail Stores is one of the major assets for the Company to run its business. These network retailers give eCommerce shopping experience to customers based on trust and relationship. This model is unique and innovative. The Company has invested huge resources to build its business. In March 2017 the Company was classified into the Graded Surveillance Measure (GSM) list by BSE. Since the criteria for classifying the Company into GSM was not that clear it was placed in stage I of GSM list. Consequent to classifying into GSM and its restriction of FREE tradability of its shares the Company was unable to raise fresh capital for the business and hence suspended its operation effective April 2017. The Company set up a mild size Pharmaceutical and Intermediate manufacturing unit in Gujarat during the year 1994-95. During the year 1998-99 the Company had implemented a small expansion cum backward integration. The Company has identified 4 new products to be manufactured and trials of 2 products have been successfully completed.The company has created its place in as one of the largest manufacuturers of Beta-Blockers (cardiovascular segment) in India. Also during the year the company has promoted a marketing tool named `World Chem Net.Com' which is basically a e-biz site (B2B) for doing online trading in pharmaceuticals and chemicals.In 2012-13 the Company diversified into Digital and eCommerce business as its Pharmaceutical and Intermediate business. The Company launched Internet Retail Store concept in January 2014 and named it as `iStreet Bazaar'. During 2014-15 it expanded activities to newly added business segment viz. `Internet & Catalogue Retail'. The Company acquired 100% shareholding of M/s. iStreet Bazaar Pvt Ltd.(ISBPL) and thus made the same as Wholly owned Subsidiary of the Company effective April 29 2015. However on rejection of the proposal of transfer of its business the entire investment was disposed off on June 22 2016 and ISBPL ceased to be subsidiary of the Company with effect from June 22 2016.