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History of Harshita Ltd.

The Comp. was Incorporated on December 27, 1990 under the Companies Act, 1956 as a Private Limited Comp. under the name of HARSHITA ORGANICS PRIVATE LIMITED & was converted into a Public Limited Comp. under the name of HARSHITA ORGANICS LIMITED & a Fresh Certificate of Incorporation was issued by Registrar of Companies, Rajasthan, Jaipur on January 30, 1995.

The Comp. initially proposed to manufacture 4 Bulk Drugs, namely Oxyphen Butazone, Diezapam, Pyrazinamide & Ibuprofen. For setting up this project, the Rajasthan State Industrial Development & Investment Corporation Limited [hereinafter referred to as RIICOs], allotted to the Company two plots of land numbering G 28-29 & measuring 3000 square meters, at Vigyan Nagar, RIICO Industrial Area, Shajahanpur, District Alwar, a Category-B Backward Area. For the execution of this project the Comp. was sanctioned a loan of Rs.43.70 lakhs by Rajasthan Financial Corporation, Jaipur vide its letter No. RFC/FLA-2 [2666s]/2240 dated 26.7.1991.

On taking possession of land, the Comp. started construction of factory buildings in June, 1991 & the project was proposed to be completed by February, 1993. The initial project cost was Rs.72.32 lakhs in which the promoters' contribution was to the tune ot Rs. 18.76 lakhs. However, during the course of implementation of project the market scenario changed & the prices of drugs namely Ibuprofen & Oxyphenbutazone crashed in the international market. Earlier, a boom demand of Ibuprofen was going on in the international market. However, due to introduction ot new generation drugs as well as starting of proceedings for anti-dumping duty against Indian Ibuprofen by USA the demand & prices of Ibuprofen fell considerably which forced the Comp. to find out alternative fast-moving & profitable drugs.

Accordingly the Comp. decided to change the product mix as under:

------------------------------------------------------------ Name of Drug Planned production [MTss] ------------------------------------------------------------ AMPICILLIN TRIHYDRATE 30.0

AMOXYCILLIN TRIHYDRATE 20.0

CEPHALEXIN MONOHYDRATE 16.0

CLOXACILLIN SODIUM 12.0

CHLORAMPHENICOL 5.0

CHLORAMPHENlCOL PALMITATE 3.0

FURAZOLIDONE 2.0

TRIMETHOPRIM 4.0

OXYPHEN BUTAZONE 2.0

DRUG INTERMEDIATES 6.00

Total 100.00 ------------------------------------------------------------

Some other new generation drugs are also proposed to be added in due course.

In view of increased requirement of land as a result of changes in the project, the Comp. was allotted by RIICO, another contiguous plot of land numbering G-27 & measuring 1500 square meters, In the same Industrial Estate. The project cost also increased from Rs.72.32 lakhs to Rs.682.27 lakhs.

The project was proposed to be implemented in two phases. Phase i was to be completed by 30.9.1994 & Phase II was expected to be completed by 30.9.1995. However, there may be a delay of three months in the comletion of Phase II of project. An expenditure of approximately Rs.2 crores was proposed for Phase i & the production of Ampicillin Trihydrate & Cloxacillin Sodium was to be commenced. Phase i of project was completed as perthe schedule & commercial production of Ampicillin Trihydrate & Cloxacillin Sodium was commenced on 6.10.1994. After the completion of Phase I, the Comp. embarked upon Phase II of project. The Comp. proposed to commence production of remaining drugs, namely Amoxycillin Trihydrate, Cephalexin Monohydrate, Chloramphenicol, Chloramphenicol Palmitate, Furazolidone, Trimethoprim, Oxyphen Butazone & 6-APA Drug Intermediates. The Comp. commenced production of Amoxycillin Trihydrate in March, 1995 by installing one complete line of production against the proposed three lines. In addition, against4 lines of 6-APA, the Company has also installed one line & production commenced in June, 1995. One line for manufacture of Chloramphenicol has also been installed & the production commenced in July, 1995. The lines for production of remaining drugs as well as for balance capacity of Amoxycillin Trihydrate, 6-APA & Chioramphenicol are in various stages of implementation.

The Comp. has spent a sum of Rs.16.29 lakhs on buildings & Rs.291.88 lakh on plant & machinery in so far as Phase Ills concerned. The balance plant & machinery is yet to arrive at site. The Comp. has also placed orders for procuring R and D equipment of value of about Rs.44 lakhs. The details are mentioned elsewhere in the prospectus.