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History of Alpic Finance Ltd.

YEAR EVENTS 1985 - The Comp. was Incorporated on 27th May, under the name Alpic Trading Enterprises Pvt. limited Later the name was changed to Alpic Finance & Leasing Pvt. Ltd., on 10th April, 1986. The name of Comp. was further changed to Alpic Finance Pvt. limited on 5th July, 1991. Subsequently, it was converted into public limited Comp. on 29th September, 1992.

- The Comp. was initially promoted by Mrs. Shirin Hamied & Mrs. Geeta Lulla. In order to broadbase the Company operations Param Pharma Pvt. limited Saga Chemical Pvt. Ltd., Alpic Pharma Pvt limited & Hamsons Laboratories Pvt. limited had made a substantial investment in the capital of Company. Initially the Company was operating in the fields of equipment leasing & hire purchase financing. Later entered into other areas of financial services such as spanning corporate finance, consumer finance and investment advisory services to Merchant Banking, Forex and Money Markets.

- The Company object is to Carry on the business of leasing, hire purchase, bill discounting, security & a range of financial services.

1991 - The Comp. made an application to the Securities & Exchange Board of India for authorisation as category I-Merchant Banker. - The Comp. also made an application for membership to the OTC to act as a sponsor market maker & dealer in OTC listed shares. The Comp. was granted a full-fledged money changers licence by RBI to enter into the foreign exchange business. - The Comp. also obtained permission from RBI to accept fixed deposits from NRIs on a repatriable basis.

1992 - The Comp. had the distinction of being classified as a Category i Merchant Banker & a sponsor member of OTC besides obtaining a full-fledged Money changers Licence.

- 15,00,000 bonus shares issued in prop. 3:1. 10,00,000 shares then issued [prem. Rs.90 per shares] of which 90,000 shares were reserved & allotted to promoters, directors etc. Out of remaining 9,10,000 shares 10,000 shares were reserved for preferential allotment to employees [only 3,600 shares taken ups]. The balance 9,00,000 shares along with 6,400 shares not taken by employees were offered to the public in Feb. 1993 [all were taken ups].

1994 - 29,99,100 bonus equity shares allotted in prop. 1:1. 29,97,800 right equity shares issued [prem. Rs.30s] in prop. 1:1. 28,40,000 No. of equity shares [prem. Rs.290s] allotted to FIIs on private placement basis. 2,500 No. of equity shares kept in abeyance.

1995 - The Company joint venture namely Alpic Everest Finance Ltd., Katmandu, received operating licence & started operations.

1996 - The Comp. received license from the RBI to set up a local area bank in Maharashtra. The Comp. signed a MOU with Allianz AG, Germany & MMI Insurance of Australia, to set up general health & life insurance joint venture insurance companies in India upon the opening up of insurance sector.

- During the year, an international services division a single window project management outfit to cater to the growing needs of post liberalised India. The division offers complete services from entry point requirements to feasibility studies, to capital structuring, to technical sourcing, to obtaining approvals etc.

- The Comp. proposed to export financial expertise to Nepal by setting up a Pioneer Joint Venture Financial Services Company. The Comp. signed a Memorandum of Understanding to provide the services including initial feasibility studies; assessment of market potential; advice on market positioning; products and services; deputation & personnel; assistance in formulation of business policy/practices; establishment of effective organisation & systems; use of modern financial analytical tools & research etc. - The Comp. also proposed to promote a joint venture financial services Comp. with Bank of Bahrain and Kuwait B.S.C. to facilitate Indo-Gulf Trade, promote joint ventures attract NRI investments & to float an Offshore Mutual Fund. - 1,300 No. of equity shares issued out of 2,500 shares kept in abeyance in 1994-95 private placement issue.

2000 - Crisil has put the FB+/BB+ & the FA rating assigned to Alpic Finance & Srei International Finance respectively, on rating which with developing implications.

2001 - The Credit Rating Information Services of India Ltd has suspended the ratings assigned to Alphic Finance non-convertible debentures & fixed deposit programme on Acc. of lack of co-operation from the Comp. for carrying out a rating review.