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History of Time Shipping Ltd.

YEAR EVENTS 1994 - The Comp. was incorporated on 2nd November at Ahmedabad, Gujarat & obtained Certificate of Commencement of business on 9th November. It was promoted by Ramzan Ali Asaria, Debshish Bir, Mehboob Ali Asaria, & Bashir Asaria.

- The Comp. proposed to enter into the inland & coastal shipping especially in the areas of specialised operation of Cargo Transportation, Facilitation of Marine Utilities & Ocean Towage etc. The Comp. proposed to acquire a Tug Cum Utility Vessel of about 1000 HP for Towage of Special Purpose Barges, Pontoons, Medium sized drilling righ etc. in the Western Coast of India. Besides the Comp. also proposed to acquire two heavy deck loading barges of non self propelled type for carriage of heavy engineering goods & liquids.

1995 - The Comp. was engaged in the activities of ship repairing, ship building & ship breaking.

- 11,80,000 shares allotted at par to the signatories of Memorandum of Association. During October the Comp. offered 16,20,000 shares at par through prospectus of which 35,40,000 shares to promoters, directors etc. [All were taken ups]. 16,90,000 shares to NRIs, OCBs [All were taken ups] 14,10,000 shares to Mutual Funds [All were taken ups]. [200 additional shares allotted for the purpose of rounding offs] 10,30,000 shares to FIs, Banks [None were taken ups]. [Added to public offers] 29,50,000 shares to public. [All were taken up including FIs, Banks 1,75,000 additional shares allotted for purpose of rounding offs].