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Astec Lifesciences Ltd. Company History and Annual Growth Details

Our Company was incorporated on January 25, 1994 under the Companies Act, 1956 as Urshila
Traders 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. Pratap
Garud on February 11, 1994. The name of our Company was changed to Astec Chemicals Private
Limited 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 public
limited company under the name of 'Astec LifeSciences Limited'.

We carry out our manufacturing activities at two locations in Maharashtra, India comprising of
three 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 Dombivli,
Maharashtra having an installed capacity of 120 MT for the manufacture of Dicap, a
pharmaceutical intermediate.

With a view to expand our operations, we entered into an agreement with Behram Chemicals
Private Limited on February 18, 2002 for using and operating their manufacturing facilities located
at B-16, Mahad Industrial Area, Sub-District Mahad, District Raigad, Maharashtra. Behram
Chemicals Private Limited was engaged in manufacture of chemicals and pesticides having an
installed 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, 1998
further 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 Bone
Mills Private Limited (a company promoted by Gangani family). Looking at the potential in
Behram Chemicals Private Limited, our Company have acquired 65.63% share by entering into
Share 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 Verma,
M.C. Chemicals and Gangani family are not related to our Promoters / our Directors in any
manner in any capacity whatsoever. With this acquisition, Behram Chemicals Private Limited
became a subsidiary of our Company.

During 2003-04 we expanded total installed capacity of our units (Dombivli and Mahad) from 250
MT to 500 MT. We renewed the agreement on August 1, 2004 for a further period of 66 months
ending 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 manufacturing
facility as an Export Oriented Unit (EOU) in the year 2005 (as Unit 2) which is located adjacent to
Unit 1 with an installed capacity of 1000 MT. With the commissioning of Unit 2 our total installed
capacity 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 for
agrochemicals and pharmaceutical segment. Hexaconazole, Tebuconazole, Metalaxyl and
Propiconazole are some of our key products in agrochemical segment which are generally used in
crop protection and Dicap is one of our key Pharmaceutical intermediate which is used in
manufacture of antifungal agents. Triazole fungicides, which includes Hexaconazole,
Tebuconazole, and Propiconazole is one of our major product in the agrochemical segment, and
has contributed 63.67% to our total sales whereas Dicap, a key product in pharmaceutical segment
has contributed 9.01% during FY 2007-08.

Major events of our Company

Period Events

January 1994 Incorporation of Urshila Traders Private Limited

August 1994 Change of name to Astec Chemicals Private Limited

August 1994 Commenced first manufacturing unit at Dombivli, Maharashtra

May, 2001 Certified ISO 9002 by International Standards Certification Pty
Limited, Australia

February 2002 Entered into an agreement with Behram Chemicals Private Limited

March 2005 Re-certified ISO 9001:2000 by International Standards Certification Pty
Limited, Australia

May 2005 Commenced another manufacturing unit (Unit 2) as Export Oriented
Unit at Mahad, Maharashtra

March 2006 Change of name to Astec LifeSciences Private Limited

April 2006 Conversion of our Company from a private limited company to a
public limited company

January 2007 Established Astec Europe in Tournai, Belgium

April 2007 Behram Chemicals Private Limited became our subsidiary by
acquisition of 65.63% vide Share Purchase Agreement dated April 2,
2007