YEAR                       EVENTS
 1991 - The Company was Incorporated on 5th July and obtained the
        Certificate of Commencement of Business on 27th August.  It
 was
        formed with the object of owning and operating ships for 
        transport of bulk cargoes by Sea.  It commenced its operations
 by
        acquiring in September, two second hand bulk carriers M V
 Prabhu
        Satram and M V Prabhu Puni from its holding company viz.
 Tolani
        Shipping Co. Ltd.  However, in June/July 1993, they were
 disposed 
        of being very old and having exceeded the economic life. 
 They
        purchased M V Prabhu Gopal from their parent company.  
 
      - The Company was promoted jointly by Tolani Ltd. and Tolani
        Shipping Co. Ltd.  The Main object of the Company is
 Shipping.
 
      - The Company undertook to acquire a modern second hand bulk 
        carrier between 25,000 - 45,000 dwt equipped with 25 tonne
 cranes
        suitable for the carrying of coal, ores, grains etc.  It
 would
        be primarily used for India's export and import grades.  
 
      - The Company took delivery of 1991 built 43,469 dwt bulk
 carrier
        M V Big Glory, at a price of US .20 million.  It was
 renamed
        `Prabhu Mihika'.
 
 1995 - The Company acquired a handmax bulk carrier.  
 
      - 167,50,000 shares alloted to promoters, directors etc. 
 10,00,000
        shares issued to SCICI Ltd.  62,50,000 No. of equity shares
 of
        Rs.10 each were then issued at par in July, 1994 of which
        2,10,000 shares reserved for allotment on a firm basis to 
        promoters, directors etc.  Of the remaining 40,000 shares
        reserved for allotment on a preferential basis to employees
 (only
        32,800 shares taken up).  Balance 60,00,000 shares along with
        7,200 shares not taken up by employees, were issued to the
 public
        (all were taken up).
 
 1998 - The Company negotiated the purchase of a 1994, 43,648 dwt
 bulk
        carrier, jointly with its parent company with 20% of the
        ownership with the company and the balance with the holding
        company.  It was renamed as `Prabhu Yuvika'.
 
 2000 - High Court of Mumbai has approved the demerger and transfer
 of
        Shipping Business of Tolani Ltd. (TL) into its wholly owned
        subsidary, Tolani Shipping Co. Ltd.  As part of transfer of
        demerged undertaking of TL, 35,74,400 equity shares
 representing
        14.89% of the company's paid-up capital held by TL will stand
        transferred to TSCL.
 
      - Resignation of Mr. R. Kumar as Manager and Secretary
 effective
        from 1st August, and appointed of Mr. Venkatachalam as
 Manager
        and secretary and also compliance officer of the company
 effect
        from 1st August.