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Allsec Technologies Ltd. Company History and Annual Growth Details

Allsec Technologies Limited ('Allsec' or the 'Company') was
incorporated on August 24, 1998 as a limited company under the
Companies Act, 1956. The Company is engaged in the business of
providing IT enabled services. The services provided by the Company
include data verification, processing of orders received through
telephone calls, telemarketing, monitoring quality of calls of other
call centers, customer services and HR and payroll processing for
domestic companies. The Company has also invested in a wholly owned
subsidiary in USA for the purpose of carrying out marketing activities
for the Company

The Company was incorporated on August 24, 1998 under the Companies
Act, 1956 and was issued Certificate for Commencement of Business on
October 16, 1998. The registration number assigned to the Company on
incorporation is 18-41033 of 1998.

Main Objects of the Company

1. To design, develop, market and implement computer software packages
for clients in India and abroad and to acquire the necessary equipments
- hardware and software and related know-how, locally or from overseas.

2. To offer and undertake professional services in India and abroad in
the areas of management, computer and information technology and
communication services, database services, internet and intranet
services including consultancy, system study and analysis, recruitment,
training, placements, information processing, maintenance and ail other
services arising out of technological advancements in these areas.

3. To buy, sell, market, lease or deal in all manner computer hardware,
software, peripherals, communication equipments, computer accessories,
training materials, components, spare parts and other electronic items
in India and abroad, including internet and intranet systems,
satellites and the like and such other products arising out of
technological advancements in these areas.

4. To engage in research and development activities relating to
management, computer and information technology areas.

Changes in Memorandum of Association

The main objects clause and the objects incidental or ancillary to the
main objects of our Memorandum of Association enable us to undertake
our existing activities and the activities for which the funds are
being raised through this Issue.

Since our incorporation, the following changes have been made to our
Memorandum of Association (MOA):

Date of shareholder approval Changes

EGM dated March 20, 2000 Increase in authorized share capital
and amendment to MOA

EGM dated August 31, 2000 Increase in authorized share capital
and amendment to MOA

EGM dated April 3, 2002 Increase in authorized share capital
and amendment to MOA

EGM dated January 14,2005 Increase in authorized share capital
and amendment to MOA

The details of the capital raised by the Company are given in the
section titled 'Capita! Structure' on page 18 of this Red Herring
Prospectus.

History and Major Events

The chronology of events since the Company was incorporated in August
24, 1998 is as follows:

Year Key Events, Milestones and Achievements

August 1998 Incorporation of the Company

February - July 2000 Setting up of 100 seat facility at
R. A. Puram, Chennai.

September 2000 First round of venture capital funding from IDBI

September 2000 Incorporation of Allsectech Inc., our
100% owned subsidiary in USA

November 2000 Contracted with our first client

January 2001 Commercial outsourcing operation started at
R. A. Puram facility

February 2001 Entered into outsourcing contract with
CompuCredit

March 2001 onwards Started operation for CompuCredit processes

August 2001 Setting up of TNPL Facility

October 2001 onwards Commencement of processes in TNPL Facility

March 2002 Second round of funding

March - August 2002 Expansion of R. A. Puram facility from 100 seats
to 150 seats completed and facility was
operational immediately

April 2002 Setting up of 400 seats at Velachery, Chennai.

September 2002 onwards Commencement of quality assurance pilot process
for a Fortune 100 PC manufacturing company

January 2003 Ramp up of quality assurance Process

January 2003 Received ISO 9001:2000 certification

November 2003 Strategic alliance with CompuCredit

December 2003 HR payroll processing for a global IT consulting
company, India

March 2004 First technical support process started

January 2005 Revised strategic agreement with CompuCredit.

Shareholder Agreements

The Company along with our Promoters (Mr. A. Saravanan and Mr. R.
Jagadish), Euronet LLC (El) and Kotak Mahindra Venture Capital Fund
(KMVCF, through its trustee Kotak Mahindra Private Equity Trustee
Limited) entered into a Subscription Cum Shareholders Agreement (SSA)
on April 8, 2002. Pursuant to this SSA, 55,000 Equity Shares and
1,332,250 Cumulative Convertible Preference Shares (CCPS) were allotted
to El and KMVCF for a total subscription amount of Rs. 134,875,000 (in
two equal tranches). The SSA governs the rights and obligations of the
parties, inter alia prescribing the basis for conversion of the CCPS,
conditions precedent, representations and warranties, creation of a
Management Stock Option Plan (MSOP), procurement of term debt
facilities, pre-emptive rights of El and KMVCF (including a Right of
First Refusal, Tag Along Rights, Drag Along Rights and buyback
options), rights to nominate Directors on the Board and certain
Committees, corporate actions requiring the affirmative vote of El and
KMVCF and other operational issues. The aforesaid provisions of this
SSA will no longer be valid and shall automatically terminate upon the
completion of this Issue.


2005

-Allsec Technologies acquires Bangalore-based B2K Corporation
-Allsec Technologies Limited has informed that Mr.Dilipkumar B Patel, company's Director has resigned from the Board of Directors of the Company and his resignation was recorded by the Board in its meeting held on October 19,2006.

2008

-Allsec Technologies Ltd has has appointed Mr. Mahesh Parasuraman the nominee of the Investor M/s. First Carlyle Ventures Mauritius as additional director of the Company.
 
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