Shilpax Laboratories Limited was promoted by Mr. R.P. Singal and Mrs.
 Meera Singhal as a Private Limited Co. on 29th July, 1987 at New
 Delhi. The Management of the Company was taken over the Promoters of
 pamm Pharmaceuticals (Delhi) Ltd. Mr. Anil Bhargava, Mr. Arvind
 Bhargava, MR. Mukesh Bhargava and their family members/associates
 from the tjem [rp,pters pm 27th January 1992. they purchased the
 entire shareholding i.e. 15,000 Shares of Shilpax Laboratories Pvt.
 Ltd from the then Promters at an agreed price of Rs. 60/- per Share
 aggregating to Rs. 9,00,000 vide Memorandum of understanding dated
 10th December 1991. They also took the entire Assets and Liabilities
 of the then Company Shilpax Laboratories Pvt. Ltd. management of the
 Company was changed by resignation of previous Directors and
 appointment of the above Promoters of Paam Pharmaceuticals (Delhi)
 Ltd. as Directors. The consideration was arrived at after negotiation
 considering the difference between amrket value of assets and
 liabilities as on 31.12.1991 and all the legal formalities in this
 regard were complied with such as information with regard to change
 of management to various authorities. Subsequently the Company was
 converted into the Public Limited Company on 31st August, 1992 and
 name was changed to Shilpax Laboratories Limited on 8th June, 1993.
 As the Management was taken over by Promoters of Paam Pharmaceuticals
 (Delhi) Ltd. in 1992 only and it carried over the commercial
 activities of the existing comapny in the same year and since then
 the Company has been able to improve the capacity utilisation from
 the existing one and had also been able to increase the turn over and
 reduce the losses as is evident from the past financial performance
 given else where in this prospectus.
 
 Present Business:
 The Companny has been carrying on the business of manufacturing of
 basic drugs and is presently manufacturing Cephlexin
 Monohydrate/Amoxicillin Tryhydrate/Chloramphenicol IP/Chloraphenicol
 Palmitate now the Company has decided to enter into the field of
 manufacturing of bulk drugs i.e. Ampicillin Trihydrate/Amoxycillin
 Tryhydrate/Ampicillin Sodium Crystalline/Ampi-Dane Salt and Amoxy
 Dane Salt.