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History of H K Finechem Ltd.

COMPANY, MANAGEMENT AND PROJECT

HISTORY AND PRESENT BUSINESS OF THE COMPANY

The Comp. was incorporated as a public limited Comp. on May 25th, 1985 under the name H.K. Agro Oil limited The Comp. was incorporated in May, 1985 with an objective to deal in edible grade oil. As in well-known, Gujarat is a major centre for edible grade oil. However, it was found on detailed study that the available technology was not very attractive & lot of effort in terms of time & money was required for creating 'brand equity' of edible Rice Brain Oil. At this stage, the objective of manufacturing edible grade oil was put on hold till better & improved technology was available.

Subsequently, some time in the year 1991, Shri Rajan Harivallabhdas read about the superior oil for better health & it was found that ricebran oil was one of best. The Comp. then explored the possibility of separating Rice Bran Oil Grade i & Distilled fatty acids from Crude Rice Bran Oil. Shri Rajanbhai did an extensive touring abroad with a technical expert & found UIC Short Path Distillation [SPDs]' unit as the best available equipment for purpose. As the viability of project for separation of oil & fatty acids alone was not upto the desired level, efforts were against on for finding suitable technology for development of Monoglycerides & further separation of fatty acids into Palmitic Acid, Oleic Acid & Linoleic Acid. Sulzer, Switzerland offered its latest technology for said purpose. Shri Rajanbhai again took extensive trials on pilot scale abroad & found the technology right for purpose. The entire exercise mentioned in this paragraph took almost two years & as the results were very encouraging & as no one in India had even thought of making high grade fatty acids from Crude Rice Oil, it was decided to go ahead with the project. Accordingly, a firm purchase order was first placed with M/.s. UIC Inc., U.S.A in August, 1993 for one unit of KD 12 SPD.

The Comp. is setting up facilities for manufacture of 3248 tpa of Distilled Fatty Acids like Oleic Acid, Linoleic Acid & Palmitic Acid, 2894 tpa Rice Bran oil Grade -1 & 625 tpa of Monoglycerides.

The Comp. was originally incorporated with an intention to enter into the business of manufacture/process of 'Oil'. However, on Acc. of economic considerations, it was considered desirable to enlarge the scope of activities & its was then proposed to process/manufacture high grades of fatty acids of monoglycerides also. With a view to appropriately reflect the Company proposed multi-product activities, it was considered desirable to change the name of Comp. to H.K. Agrochem Ltd buy passing the necessary resolution under Section 21/31/44 of Companies Act 1956 on June 14th, 1994 & a certificate to this effect has been given by Registrar of Companies, Gujarat on July 15th, 1994.

The Comp. is planning to use state of art technology in order to produce fatty acids, Monoglycerides, & Rice Bran Oil Grade-1 conforming to industrial standards. In order to ensure this the Comp. has got contracts with UIC Inc Of USA who shall be providing the plant, ensuring installation & product quality.