YEAR                       EVENTS
 1985 - The Company was Incorporated on 27th May, under the name
 Alpic
        Trading Enterprises Pvt. Ltd.  Later the name was changed to
        Alpic Finance and Leasing Pvt. Ltd., on 10th April, 1986. 
 The
        name of the Company was further changed to Alpic Finance Pvt.
 
        Ltd. on 5th July, 1991.  Subsequently, it was converted into
        public limited company on 29th September, 1992.
 
      - The Company was initially promoted by Mrs. Shirin Hamied and
 Mrs.
        Geeta Lulla.  In order to broadbase the Company's operations 
        Param Pharma Pvt. Ltd.  Saga Chemical Pvt. Ltd., Alpic Pharma
 Pvt
        Ltd. and Hamsons Laboratories Pvt. Ltd. had made a
 substantial
        investment in the capital of the Company.  Initially the
 Company
        was operating in the fields of equipment leasing and 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's object is to Carry on the business of leasing,
 hire
        purchase, bill discounting, security and a range of financial
        services.
 
 1991 - The Company made an application to the Securities and
 Exchange
        Board of India for authorisation as category I-Merchant
 Banker.
        
      - The Company also made an application for membership to the
 OTC
        to act as a sponsor market maker and dealer in OTC listed
 shares.
        The Company was granted a full-fledged money changers licence
 by
        RBI to enter into the foreign exchange business. 
   
      - The Company also obtained permission from RBI to accept fixed
        deposits from NRIs on a repatriable basis.
 
 1992 - The Company had the distinction of being classified as a
 Category
        I Merchant Banker and 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 share) of which 90,000 shares
 were
        reserved and 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
 up).
        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
        up).
 
 1994 - 29,99,100 bonus equity shares allotted in prop. 1:1. 
 29,97,800
        right equity shares issued (prem. Rs.30) in prop. 1:1. 
 28,40,000
        No. of equity shares (prem. Rs.290) allotted to FIIs on
 private
        placement basis.  2,500 No. of equity shares kept in
 abeyance.
 
 1995 - The Company's joint venture namely Alpic Everest Finance
 Ltd.,
        Katmandu, received operating licence and started operations.
 
 1996 - The Company received license from the RBI to set up a local
 area
        bank in Maharashtra.  The company signed a MOU with Allianz
 AG,
        Germany and MMI Insurance of Australia, to set up general
 health
        and life insurance joint venture insurance companies in India
 
        upon the opening up of the 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 Company proposed to export financial expertise to Nepal
 by
        setting up a Pioneer Joint Venture Financial Services
 Company.
        The Company 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 and personnel; assistance in formulation
 of
        business policy/practices; establishment of effective 
        organisation and systems; use of modern financial analytical 
        tools and research etc.
    
      - The Company also proposed to promote a joint venture
 financial
        services company with Bank of Bahrain & Kuwait B.S.C. to 
        facilitate Indo-Gulf Trade, promote joint ventures attract
 NRI
        investments and 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+ and the FA rating assigned to
               Alpic Finance and 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's non-convertible debentures
 and fixed deposit 
               programme on account of lack of co-operation from the
 company for carrying out 
               a rating review.