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Ambalal Sarabhai Enterprises Ltd. Company History and Annual Growth Details

YEAR EVENTS
1977 - The company was incorporated on 27th June, as a private
limited company. It was converted into a public limited company
on 29th December 1980. The objects are manufacture of drugs and
pharmaceuticals, industrial chemicals, detergents, toiletries,
electronics, engineering products, paper, glass and plastic
containers and packaging materials. The Company also carries on
industrial research and consultancy services.

- The restructuring and reorganisation of various Sarabhai
Enterprises:

- (a) Elscope Private (Elscope) became the owner of the undertaking
and business of Sarabhai Chemicals, Sarabhai Machinery and
Bakubhai Ambalal; and

- (b) Ofisade Private Limited (Ofisade) became the owner of
undertakings and business of Sarabhai M.Chemicals, Swastik
Household and Industrial Products, Systronics, Telerad, ORG
Systems and Operations Research Group, Packart, Cotton & Cloth
and WIPS, Sarabhai Research Centre and Sarabhai Electronics
Research Centre.

- As a part of the reorganisation, the Company also acquired from
Shahibag Entrepreneurs Pvt. Ltd., the entire share capital of
Himinonic Detergents Industries Pvt. Ltd. (Himionic) and from
Kalindi Investments Pvt. Ltd., the entire share capital of
Surac Holdings Pvt. Ltd. (Surac). Thereupon Wadi Holdings Pvt.
Ltd., the respective subsidiaries of Himionic and Surac, became
subsidiaries of the Company. These in turn hold the shares of
the following joint venture companies.

- A) P.T. Kamaltex, Indonesia: 71,250 No. of equity shares of the
face value equivalent of U.S.$10 each in P.T. Kamaltex out of its
total paid up share capital equivalent of U.S.$ 37,50,000
divided into 3,75,000 equity shares equivalent of U.S. $10 each.
The International Finance Corporation (U.S.A) and Private
Investment Finance Corporation of Asia are major shareholders in
P.T. Kamaltex.

- B) Blue Marlin Ltd., Mauritius: 19,000 No. of equity shares of
the face value of K.Shg. 100 each of Kensara Ltd. out of its
paidup capital of K.Shg. 20,00,000 divided into 20,000 equity
shares of K.Shg. 100 each.

- The shares in Himionic and Surac were acquired for an aggregate
amount of Rs.473 lakhs.

- The acquisition of the undertakings from Elscope became effective
from 1st July.

- All shares issued to Ofisade Pvt. Ltd.

1978 - The acquisition of the undertakings from Ofisade became effective
from 16th May, but in terms of the sale agreement.

- The Company issued further 11% Non-Convertible bonds of the face
value of Rs.166 lakhs to holding Companies of Sarabhai
Enterprises and their subsidiaries to convert demand liabilities
of that amount into deferred credits.

1979 - The Company acquired the entire shareholding of 24,700 No. of
equity shares of Rs.500 each in SG for a total consideration of
Rs.229.71 lakhs. While granting permission for this acquisition,
the Reserve Bank of India and the Government of India stipulated
that the undertaking of SG should be taken over by the Company.

1981 - The Company proposed to undertake various other schemes of
expansion, diversification, modernisation, research and
development including those of SG Chemicals & Pharmaceuticals,
Ltd. All these schemes were to be implemented during the period.

- The new plant, machinery and equipment relating to the above
mentioned schemes were to be installed near the existing plant
where manufacturing and infrastructural facilities were
available. In order to meet increase export demand for the
Company's synthetic detergent `Det' manufacturing facilities were
being set up in the free trade zone at Kandla.

- The Company received industrial licences for the manufacture of
several drugs and mini-computers/microprocessors-based systems
and computer peripherals.

- As per the Gujarat High Court Order dated 27th March, SG was
amalgamated with the Company with effect from 1st April 1979.

- In terms of the Scheme of Amalgamation, the shareholders of
SG, other than the Company (which held 24,700 No. of equity
shares) were allotted 50 fully paid equity shares of Rs.10 each
at par and 27 fully paid 9% non-convertible redeemable bonds of
Rs.100 each and 14 fractions each representing 1/20th of such
bond of Rs.100 each in exchange of 2 shares of SG each of the
face value of Rs.500. Thus, the Company issued and allotted a
total of 6,82,500 equity shares of Rs.10 each as fully paid-up
and 3,78,105-9% non-convertible redeemable bonds of the face
value of Rs.100 each as fully paid up.

- Standard Pharmaceuticals, Ltd., was amalgamated with the Company
with effect from 1st April.

- In terms of the Scheme of Amalgamation, equity shares of Rs.4.61
lakhs and redeemable bonds of Rs.21.19 lakhs of the Company were
to be issued to the erstwhile shareholders of Standard
Pharmaceuticals, Ltd. Due to this amalgamation, the Company
derived the advantage of the industrial licences for the bulk
manufacture of penicillin, Erythomycin, Ampicillin, Vitamin C,
Doxy, doxycycline insulin and other pharmaceutical preparations.
It was also expected to get tax benefit on the loss of Standard
Pharmaceuticals of about Rs.138 lakhs pertaining to the previous
years.

- The Company issued secured Convertible Debentures of Rs.10 crores
on rights basis. The face value of each debenture was Rs.150.
An amount of Rs.50 each debenture was converted into 5 equity
shares at par on 1st July, 1983.

- Shares sub-divided. 90,000 shares then issued at par: 4,50,000
shares to directors/employees of the Company and 1,80,000 shares
to business associates of the Company were reserved 83,70,000
shares offered to the public in February.

- 6,82,500 shares issued to the members of SG Chemicals and
Pharmaceuticals Ltd., without payment in cash on its merger.
31,36,504 bonus shares issued (prop. 1:5).

1982 - The fully automated synthetic detergent plant set up in Kandla
Free Trade Zone was commissioned in the last quarter of the year.

- It was proposed to manufacture sophisticated computer systems in
collaboration with Sperry of U.S.A.

- It was proposed to amalgamate with the Company Swastik Household
& Industrial Products P. Ltd., Ambernath (Maharashtra) SM
Chemicals & Electronics P. Ltd. Kandivli, Bombay and Whitco, Ltd.
with effect from 1st July.

1983 - The Scheme of Amalgamation of Swastik Household Industrial
Products Pvt. Ltd. (SHIP, Pvt. Ltd) and S.M. Chemicals &
Electronics Pvt. Ltd. (SMCEPL) with the Company was sanctioned by
the Mumbai High Court and approval from the Gujarat High Court
was received on 12th May 1987.

- As per the scheme, the Company issued to the shareholders of the
amalgamating companies, 1,67,500 fully paid equity shares of
Rs.10 each and 1,00,050-13% redeemable bonds of the face value of
Rs.100 each in August 1987.

- 633,33,330 shares allotted in part conversion of debenture 46,123
shares allotted without payment in cash to shareholders of
Standard Pharmaceuticals Ltd., on its merger.

1984 - The Company issued 15% Secured non-convertible debentures for
Rs.10 crores. The issue was substantially over-subscribed and
after obtaining consent to retain the excess upto 50% of the
issue debentures of Rs.15 crores were allotted on 1st February
1985. Further debentures of Re.1 crore were allotted by private
placement to business associates in June 1985. The funds raised
through these debentures were utilised for augmenting working
capital resources.

1985 - In a bid to gain access to the latest innovations in various
fields of technological specialisation achieved by World leaders
in the field of bulk drugs and pharmaceuticals, electronics and
synthetic detergents, a Scheme of Reorganisation of Ambalal
Sarabhai Enterprises (ASE) Ltd., was evolved. Under this scheme
it was proposed to divide with effect from 1st July, the existing
operations of ASE between ASE and its two subsidiaries to be
named Sarabhai Electronics Ltd., and Sarabhai Surfactants, Ltd.
and give their shares to the existing shareholders of ASE on a
pro-rata basis without payment as follows: 25 existing shares of
Rs.10 each of ASE to be automatically exchanged without payment
of 15 shares of Rs.10 each of the restructured ASE, 6 shares of
Rs.10 each of Sarabhai Surfactants Ltd. and 4 shares of Rs.10
each of Sarabhai Electronics Ltd. Shareholders holding less than
25 existing shares of ASE or such number of shares as is not a
multiple of 25, will get shares of the same three companies
approximately in the proportion mentioned above.

- Upon such reorganisation, the Soaps and Detergents division of
ASE along with its related R & D, industrial paper, plastic
containers and packaging facilities will be transferred as a
going concern to Sarabhai Surfactants Ltd. Similarly, the
Computer division of ASE along with its related R & D will be
transferred as a going concern to Sarabhai Electronics, Ltd.,
which will specialise in computers, peripherals and
instrumentation and represent well known foreign manufacturers
like Sony, Sperry, Packard, Gibson, etc. Consequently, the
restructured ASE along with Sarabhai Research Centre will
specialise mainly in bulk drugs, pharmaceuticals and related
health care fields. Negotiations were on for a technical and
financial collaboration agreement with E.R. Squibb and Sons of
U.S.A.

1986 - The Scheme of Amalgamation for the merger of ASE, of its
subsidiaries Himionic holdings Ltd., Wadi Holdings, Ltd.,
Surac Holdings, Ltd., Perion Holdings, Ltd., Wadi Financiers and
Investments, Ltd., and Shahibag Investments Ltd. with effect from
1st July was sanctioned by the High Courts of Gujarat and Mumbai.

1987 - The Gujarat High Court gave its sanction for the Scheme of
Amalgamation on 24th December.

- SG Chemicals & Pharmaceuticals, Ltd. (SG), formerly known as
Suhrid Geigy, Ltd., was a Company in which Ciba-Geigy Ltd.,
Basle, Switzerland and its associates held 47 1/2% of the paid
up capital. Ciba-Geigy discotinued its technical collaboration
with SG with effect from 1st Junuary, 1976.

- As per the scheme of arrangement Sarabhai Electronics Ltd. (SEL)
in which the Electronics division of ASE had been vested, issued
35,82,536 of its equity shares to the shareholders of the Company

- 1,67,400 No. of Equity shares allotted without payment in cash to
members of SHIP Pvt. Ltd., and SMCPL on their merger.

1988 - The Company suffered a severe setback due to non-availability of
working funds resulting in underutilisation of capacity.

- The Company entered into an understanding with Bristol-Myers
Squibb Corporation, U.S.A for technical know-how in the
manufacture of pharmaceuticals and penicillin. This was done
with a view to takeover as a going concern the existing
undertaking of Synbiotics Ltd. for the manufacture of bulk drugs.

- An agreement was concluded on 2nd August for the sale of
9,38,850 No. of equity shares of Rs.10 each held by the Company
in Swastik Surfactants Ltd. (SSL) for a consideration of Re.1
crore and for discharge of SSL of its liability of ASE and
Associates including Rs.11.66 crores in terms of the scheme of
arrangement. This sale was completed by delivery of shares on
3rd November.

- The Company disinvested in entire shareholding of 500 No. of
equity shares of Rs.1000 each of its wholly owned subsidiary SG
Chemicals and Dyes Trading Ltd., for a consideration of Rs.200
lakhs.

- 35,82,536 shares cancelled consequent upon the transfer of assets
to Sarabhai Electronics Ltd.

1989 - Government granted the industrial licence for the project.
Government approval was also received for M/s. Bristol - Myers
Squibb (USA) to participate to the extent of 8,00,000 shares in
the equity capital of the Company.

- The Company proposed to issue fresh equity of Rs.1870 lakhs to
shareholders/public for the project.

- The Company entered into technical collabortion agreements with
Avesta (Sweden) and Pannevis (Netherlands) for the manufacture
of special process equipments and screen making equipment.

1990 - 171,29,622 shares allotted as fully paid-up to bondholders of
series `A' and `B' on redemption of the said bonds.

1991 - The Company had received necessary permission under the FERA,
1973 for acquiring 6,000 equity shares of Rs.1000 each of the
subsidiary Company, Synbiotics Ltd., which were being held by
E.R. Squibb & Sons Inc. Necessary approvals from other
authorities were awaited.

- The Company revalued most of its assets excluding those of
Standard Pharmaceuticals, Calcutta, as on 31st March. The
surplus of Rs.1605.75 lakhs representing the increase in the
value of land was credited to capital reserve No.1 and the
surplus of Rs.5032.45 lakhs representing increase in the value
of other major assets was credited to capital reserve No.2.

- The objects of the public issue of equity capital were (i) to
strengthen the financial resources of the Company to maintain the
tempo of its rapid growth and (ii) to make its shareholding more
broadbased.

1993 - 2,70,39,214 shares allotted on conversion of 15% non-convertible
debentures and 13.5% convertible debentures in terms of a special
resolution passed in EGM.

1994 - The Company introduced highly purified insulin injections
manufactured under technical collaboration with Biobras of Brazil
which received enthusiastic response from the medical profession.

1995 - The full range of highly purified procine insulin launched and
manufacturing started for human insulin products. An oral
formulation `Contramal' manufactured in collaboration with
Grunenthal of Germany was launched.

- The Electronics division introduced an auto-scanning/computing
Densitometer.

- 19,66,538 shares issued at an issue price of Rs.22.25 per share
to Sarabhai Group Investments Companies, towards settlement of
their loans and interest due thereon.

1996 - The Company introduced new `Cardiovascular' anti-inflammatory and
antiheptic ulcer drugs in addition to extension of the existing
products.

- The Company obtained industrial licences for the manufacture of
(i) fatty acids from minor edible oils, (ii) Sorbitol and
(iii) increcal (cycocel technical) an agrochemical. Letters of
intent were in hand for the manufacture of (i) Chlorine and its
salts and (ii) screen making equipment. Industrial licence for
the manufacture of (i) electronic measuring and testing
instrument, (ii) closed cirucuit television systems and (iii)
Special process equipment including vacuum dryers, sterilisers,
evaporators, crystallisers, heat exchangers etc. were in the
process of being endorsed in the name of the Company. The
Company's application for the manufacture of computer peripherals
and micro-processors was pending with Government.

2000

-The Ahmedabad-based Cadila Healthcare of the Zydus group and the Baroda-based Ambalal Sarabhai Enterprises (ASE) have joined hands to form a veterinary products joint venture.

2007

-Ambalal Sarabhai Enterprises Ltd has appointed Mr. B S Bohra as Additional Director of the Company.

2008

-The Company has acquired 100% paid up share capital of Suvik Hi-tek Pvt. Ltd., (SHPL), a small scale industry, based at Gandhinagar, who is engaged in the business of manufacture and marketing of Pharmaceuticals - Formulations and thereby SHPL is now became a wholly owned subsidiary of the Company.

2012
-Ms. Chaula Shastri has joined the Board of Directors as a Whole-Time Director of the Company.

2016
-Address of the Company's registered office has been changed from Sarabhai Campus Gorwa Road,Vadodara -390023 To Shanti sadan Mirzapur Road Ahmedabad - 380001.

2023
-Company Has Launched New Products 'Rapid Daignostics Product Range' A.

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