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Nicco Uco Alliance Credit Ltd. Company History and Annual Growth Details

1984 - The company was incorporated. The company is involved in
leasing, bill discounting, and trading in shares and securities.

- The company has become the first Finance Company in the country
to have participation of three prestigious foreign institutions
i.e. International Finance Corporation,- Washington, Sanpaolo
Bank Italy and Hambros Bank, U.K. alongwith a Nationalised Bank
i.e. Uco Bank, as its shareholders. The merger has augmented
the company's resources and ushered in economies of scale in
terms of managerial costs and infrastructure.

1993 - Sanpaolo Hambro Nicco Finance Ltd. has been merged with Nicco Uco
Financial Services Ltd. effective 1st July.

1996 - The Company issued the Rights Shares in the ratio of 1:1 during
the year and these shares were allotted to eligible shareholders
on 25th August 1995. These Rights Shares will also qualify for
the proportionate dividend, in terms of the Letter of Offer dated
8th June, 1995.

1997 - Nicco Uco Financial Services Ltd. has been awarded the ISO 9001
certificate by Standards Australia Quality Assurance Services
Pvt. Ltd. (SAQAS) for its quality systems.

- The International Finance Corporation has signed an agreement
with Nicco Uco Financial Services Ltd to provide a loan of $10
million, of which $5 million will be syndicated.

1999 - The board of directors has approved the merger of Overseas
Sanmar Financial Ltd (OSFL) with the company. One equity share
of the company will be allotted for one share of OSFL held.

- Nicco Uco Alliance Credit (Nicco Uco) has entered into a
strategic alliance with Westdeutsche Landesbank (WestLB),
London, for marketing the latter's forfaiting products in the

2000 - Nicco Uco Alliance Credit Ltd has entered into a working arrangement with
Pricewaterhouse Coopers (PwC) for implementation of a centralised web
enabled financial system. The system will cover the formation of a website with
the creation of a state-of-the-art portal.

- Fitch Ratings India has downgraded the rating of the Fixed Deposit Programme of the
company AA+ and the rating of the Rs 40-crore NCD Programme from AA+ to AA.

2003 - Nicco Ucco Allliance Credit Ltd has informed BSE that the Board of Directors at its meeting held on January 31, 2003 has accepted the resignation of Mr M K Ray Chaudhury, Managing Director with effect from March 1, 2003. In place of Mr M K Ray Chaudhury, Mr P N Ramanathan was appointed as Managing Director from March 1, 2003. Mr Susanta Mukherjee was appointed as Finance Director with effect from March 1, 2003.