ASTEC LIFESCIENCES Share price

Our Company was incorporated on January 25 1994 under the Companies Act 1956 as UrshilaTraders Private Limited. Our Company was originally promoted by Mrs. Reena Bagai and Mrs.Avita Fernandes. Their shareholding was purchased by Mr. Ashok V Hiremath and Mr. PratapGarud on February 11 1994. The name of our Company was changed to Astec Chemicals PrivateLimited on August 19 1994 and further to Astec LifeSciences Private Limited on March 3 2006.With effect from April 27 2006 Astec LifeSciences Private Limited was converted into a publiclimited company under the name of "Astec LifeSciences Limited".We carry out our manufacturing activities at two locations in Maharashtra India comprising ofthree units in Maharashtra viz. one unit at Dombivli and two units at Mahad (Unit 1 and Unit 2).We started our first manufacturing unit in August 1994 by acquiring a sick unit in DombivliMaharashtra having an installed capacity of 120 MT for the manufacture of Dicap apharmaceutical intermediate.With a view to expand our operations we entered into an agreement with Behram ChemicalsPrivate Limited on February 18 2002 for using and operating their manufacturing facilities locatedat B-16 Mahad Industrial Area Sub-District Mahad District Raigad Maharashtra. BehramChemicals Private Limited was engaged in manufacture of chemicals and pesticides having aninstalled capacity of 130 MT.Behram Chemicals Private Limited was initially promoted by Mr. Jehangir J. Mistry Mrs. Villoo J.Mistry Mrs. Kamla G. Sippy and Mr. Surinder Kumar Verma in April 1993. During August 1998further shares were allotted to M.C. Chemicals and some members of Gangani family viz. Mr.Nasrudin K Gangani Mr. S. N. Gangani Mrs. N. N. Gangani Mr. T. K. Gangani and Khoja BoneMills Private Limited (a company promoted by Gangani family). Looking at the potential inBehram Chemicals Private Limited our Company have acquired 65.63% share by entering intoShare Purchase Agreement with the above members of Gangani family on April 2 2007. Mr.Jehangir J. Mistry Mrs. Villoo J. Mistry Mrs. Kamla G. Sippy and Mr. Surinder Kumar VermaM.C. Chemicals and Gangani family are not related to our Promoters / our Directors in anymanner in any capacity whatsoever. With this acquisition Behram Chemicals Private Limitedbecame a subsidiary of our Company. During 2003-04 we expanded total installed capacity of our units (Dombivli and Mahad) from 250MT to 500 MT. We renewed the agreement on August 1 2004 for a further period of 66 monthsending on January 31 2010. For more details in respect of the current agreement.In 2004 we acquired a plot located at B-17 Mahad Maharashtra and set up a new manufacturingfacility as an Export Oriented Unit (EOU) in the year 2005 (as Unit 2) which is located adjacent toUnit 1 with an installed capacity of 1000 MT. With the commissioning of Unit 2 our total installedcapacity increased to 1500 MT. We further expanded our total capacities to 2000 MT during 2006-07 and to 2500 MT during 2007-08.Our Company is primarily involved in the production of active ingredients and intermediates foragrochemicals and pharmaceutical segment. Hexaconazole Tebuconazole Metalaxyl andPropiconazole are some of our key products in agrochemical segment which are generally used incrop protection and Dicap is one of our key Pharmaceutical intermediate which is used inmanufacture of antifungal agents. Triazole fungicides which includes HexaconazoleTebuconazole and Propiconazole is one of our major product in the agrochemical segment andhas contributed 63.67% to our total sales whereas Dicap a key product in pharmaceutical segmenthas contributed 9.01% during FY 2007-08.Major events of our CompanyPeriod EventsJanuary 1994 Incorporation of Urshila Traders Private LimitedAugust 1994 Change of name to Astec Chemicals Private LimitedAugust 1994 Commenced first manufacturing unit at Dombivli MaharashtraMay 2001 Certified ISO 9002 by International Standards Certification Pty Limited AustraliaFebruary 2002 Entered into an agreement with Behram Chemicals Private LimitedMarch 2005 Re-certified ISO 9001:2000 by International Standards Certification Pty Limited AustraliaMay 2005 Commenced another manufacturing unit (Unit 2) as Export Oriented Unit at Mahad MaharashtraMarch 2006 Change of name to Astec LifeSciences Private LimitedApril 2006 Conversion of our Company from a private limited company to a public limited company January 2007 Established Astec Europe in Tournai BelgiumApril 2007 Behram Chemicals Private Limited became our subsidiary by acquisition of 65.63% vide Share Purchase Agreement dated April 2 2007