YEAR                                                            
 EVENTS
 1993 - Medicorp Technologies India Limited (MTIL) was incorporated 
 on
              November 17, as a public limited Company under the
 Companies Act,
              1956.  The Company obtained certificate for commencement
 of
              business on 13.01.1994.
 
           - MTIL has been promoted by Shriram Investments Limited
 (SIL), 
             Shriram Transport Finance Company Limited (STFC) and
 Shriram 
             City Union Finance Limited (SCUF ) with objective of
 carrying on
             business primarily in the field of bulk drugs,
 pharmaceutical
             products and intermediates.
 
          - MTIL is currently implementing a project for manufacture
 of bulk
            drugs such as Astemizole, Acyclovir, Cetirizine,
 Ciprofloxacin,
            Enrofloxacin, Fluoxetine, Ofloxacin and Terfenadine.
 
          - The state of the art plant (Main Plant) conforming to
             international standards of quality, safety and
 environment, with
             built in flexibility is being established at the APIIC
             Industrial Estate at Pasha Mylaram, Medak District,
 Andhra
             Pradesh.
 
          - The Company has also established a Pilot Plant at Gandhi
 Nagar,
             Hyderabad for the manufacture of small volume high value
 bulk
             drugs such as Alprazolam, Cisapride and Fluconazole.
 
 1996 - The Company would be launching Cetirizine in the market
 during
             July.
 
           - The Company participated at the CPhl 95 Exhibition held
 at
              Frankfurt in November 1995 and the PhlA 96 exhibition at
 Honkong
              in June 1996.
 
           - The Company has already entered into agreement with a
 reputed
              foreign company for the implementation of the project as
 per the
              USFDA/EEC Good Manufacturing Practice norms.  In
 addition, the
              company has obtained process know-how for various
 products.
 
            - The pilot plant-cum R&D Centre at Gandhinagar, Hyderabad
 was
              commissioned and commercial production of two bulk drugs
 namely
              Alprazolam and Fluconazole has commenced.
 
 1997 - The company has obtained the requisite clearance from the
              Ministry of Environment and Forests, Government of
 India, and
              the first No Objection Certificate from the Andhra
 Pradesh
              Pollution Control Board.
 
 1998 - Medicorp received its license for the bulk drug manufacturing
             quite late in September 1997 only.
 
           - During the year, the in-house integrated effluent
 treatment plant
             was commissioned in September `97 at Pashamylaram.
 
          - The Company has developed a strong human resource base
 consisting
             of Research Scientists, engineers, Organic Chemists,
 Qualified
             Accountants and highly skilled manpower.
 
           - The delay in commencement of production at the main plant
 is
             attributed mainly to the decision of the Company to set
 up an
             in-house integrated effluent treatment plant, which was
 not
             originally envisaged.
 
 1999 - The Finance Committee of the board of directors of the
 company
              has allotted 41,37,900 equity shares on preferential
 basis to:
 
            - 27,68,100 No. of equity shares of Rs.10 each to
 TCW/ICICI India
              Private Equity Fund, L.L.C. a private equity fund
 organised as
              a limited life company with limited liability in
 Mauritius, at
              Rs.17.40 per share.
 
           - 11,72,800 No. of equity shares of Rs.10 each to TCW/ICICI
 India
              Private Equity AMP Fund, L.L.C. a private equity fund
 organised
              as a limited life company with limited liability in
 Mauritius,
              at Rs.17.40 per share.
 
           - 1,97,000 No. of equity shares of Rs.10 each to ICICI Ltd.
 a
              public limited company incorporated under the companies
 Act, VII
              of 1913, at Rs.17.40 per share.
 
            - During the year, your Company was awarded the Quality
 Excellence
              Award-1998 in the category of Bulk Drugs by the Indian
 Drug
              Manufacturers' Association (IDMA).
 
           - The Company has received the ISO 9001 certificate from
 Bureau
              Veritas Quality international (BVQI).
 
            - Medicorp Technologies India Limited has bagged the
              Certificate of Suitability from the European department
 for
              quality medicines, for its anti-viral bulk drug
 product,
              Acyclovir.
 
 2000 - The Company is entering the international generics market. 
 It
              has tied up with a UK-based pharmaceuticals major for
 marketing
              formulations in Europe.
 
           - The Company is the third largest manufacturer of
 Acyclovir, a
              basic antiviral drug, in the world.
 
           - Other bulk drugs being manufactured by the company
 include
             Alprazolam, Cetrizine Dihydrochloride and Fluconazole,
 an
             antifungal.
 
          - The Company has tied up with a UK-based generic company to
 supply
             finished formulations.
 
          - The Company has set up its research and development
 division at the 200
             acre ICICI Knowledge Park which offers infrastructure ans
 supprt facilities and
             enables collaboration between research and industry.
 
           - Fitch Ratings India has assigned an `IND D1' rating to
 the Rs 509 million commercial
             paper programme of the company.
 
           - The Company has bagged for the third time in running, the
 Indian Drug Manufacturers
              Association award for quality excellence.
 
 2001 - Chennai-based Shriram Group Company Medicorp Technologies has
 been issued the
              ISO 14001 certification from BVQI.
 
 2002-PVV Krishnan/ V Subba Rao resign from Directorship of Medicorp
 Technologies India.
 
 -Medicorp Technologies India Ltd has informed BSE that Mr G V Raman
 and Mrs Anna R Malhotra have resigned the membership of the Board of
 the Company.The following have been inducted in the casual vacancies
 existing on the Board w e f September 19, 2002Mr N Prasad,Mr M
 Ravinder,Mr C Ramakrishna,Mr C Satyanarayana,Mr G Prabhu Kishore.