Athena Financial Services Ltd.

YEAR                       EVENTS
 1990 - The Company was incorporated on 30th August, as a Public
 Limited
        Company and obtained its Certificate of Commencement of
 Business
        on 12th September, 1990 from the Registrar of Companies,
        Maharashtra at Mumbai. 
 
      - 20th Century Kinetic Finance Ltd, Pune (TCKF) is a joint
 venture
        of 20th Century Finance Corporation Ltd, Bombay (TCFC) a
 leading
        financial services organisation and Kinetic Engineering Ltd,
        Pune (KEL), a leading manufacturer of moped class of two
 wheelers
        Selected dealers of Kinetic two wheelers have joined as
        Co-Promoters in the venture.
 
      - The major business of the Company is providing finance for
 hire
        purchase (HP) of Kinetic two wheelers.
 
      - The Kinetic Group has two other Companies - Integrated
 Kinetic
        Finance Ltd. and Kinetic Capital Finance Ltd. - whose main
        purpose is also to provide financing for Kinetic vehicles. 
 
      - The Company has entered into 4 wheeler financing consisting
 of
        cars and trucks.
 
 1995 - The Company made a Rights Issue of 30,00,000 No. of Equity
 Shares
        of Rs. 10/- each for cash at par which was allotted on
        18.11.1994.  Further the Company made a Public Issue of
 40,00,000
        No. of Equity Shares of Rs. 10/- each at a premium of Rs.
 60/-
        per share in January, 1995 which was allotted on 15th March.
 
      - The public deposit schemes of the Company have been rated CARE
 AA
        - by Credit Analysis & Research Ltd.  (CARE) for the first
 time.
 
      - The Company has entered into arrangements with certain banks
 and
        finance Companies under which the Company acts as agent for
        collection and payment of Equated Monthly installments (EMI's)
 in
        respect of financial facilities offered by such banks and
 Finance
        Companies to the clients of the Company or the bank/finance
        Company.
 
 1996 - During this period the company has faced a number of
 constraints
        including uncertain conditions in respect of its regular day
 to
        day operations, liquidity squeeze and frequent interest rate
        hikes put in by banks and financial institutions.
 
      - The Company has been able to set up lines of additional
 credit
        with Small Industries Development Bank of India (SIDBI)
 besides
        roping in additional banks in the consortium and is confident
 of
        meeting the next years requirements of funds.
 
      - The rating of the public deposit schemes of the Company have
 been
        upgraded by Credit Analysis & Research Ltd (CARE) from CARE
 AA-
        to CARE AA.
 
 1997 - The Company has significant potential for growth in there
        tail/individual finance segment, particularly in the auto and
 2
        wheeler segments.
 
      - The Company has set up new branches at various locations and
        expects these branches to be fully operational and contribute
        substantially to the total disbursements during the coming
 year.
 
      - The Company has extended its FD mobilisation efforts to all
 its
        branches, the current market situation has led to a
 substantial
        decline in the mobilisation of deposits.
 
 1998 - The name of the Company has been changed from 20th Century
        Kinetic Finance Ltd. to KINETIC FINCAP LIMITED.
 
 1999 - The company has been rated by Credit Analysis & Research Ltd
        (CARE) as CARE AA -.  This rating indicates high quality by
 all
        standards and is classified as High Investment grade.
 
      - It is proposed to send reminders to those depositors whose
        deposits have matured but not claimed during the current year.
 
 
 2000 
 
 -ICRA has placed `MA' rating assigned to the FD programme of the
 company under rating watch with developing implications.