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HOV Services Ltd. Company History and Annual Growth Details

The Company was incorporated in 1989 under the Companies Act, 1956
as Codec Communications Private Limited under registration number
25-14448 by Anil Rajadhyaksha and Sunil Rajadhyaksha. The Company
commenced its operations as a software services company on January 10,
1989. The name of the Company was changed to HOV Services Private
Limited on February 27, 2006. The Company became a public company on
January 5, 2006 and the name of the Company was changed to HOV
Services Limited on March 9, 2006.

On January 31, 2002 Digital Boardwalk Incorporated (a company created as
an acquisition vehicle) acquired 1,694 shares of the Company of the face
value Rs. 100 comprising 100% of the issued and outstanding shares of the
Company, which were held by Anil Rajadhyaksha and Sunil Rajadhyaksha
for a consideration of USD 36,460. Upon completion of the acquisition, the
Company retained the services of Anil Rajadhyaksha and Sunil Rajadhyaksha.
Anil Rajadhyaksha has since resigned from the Board of the Company, while
Sunil Rajadhyaksha continued as one of the Promoters of the Company.
Subsequent to this acquisition, the Company entered into the BPO market
and became a 100% export oriented company approved under the STPI

As of January 1, 2006 Digital Boardwalk Incorporated transferred the shares
of the Company to HOF 2, LLC a Limited Liability Company incorporated under
the laws of the State of Nevada controlled by HandsOn Ventures, LLC.

HandsOn Ventures, LLC, (HandsOn) is a private equity group based in the US,
100% of the membership interest of which is owned by Parvinder S. Chadha and
his family members and managed by a seven member management team of
which four members are our Promoters. These four members have to date
contributed the equity for all acquisitions undertaken by HandsOn.

HandsOn is focussed on acquiring companies in the F & A segment of the
BPO sector.

Since 2002, HandsOn has acquired existing businesses and continues to
pursue a policy of growing the business inorganically; by augmenting the overall
business and the services that may be offered to customers by the acquired

Typically, HandsOn incorporates an acquisition company, specifically to acquire
the stock of the target company. These acquisition entities are owned by
HandsOn Fund, LLC. The beneficial interest in this acquisition company is
owned by the members and managers of HandsOn who have contributed the
equity for the acquisitions. HandsOn Fund, LLC holds the stock of the
acquisition companies for a specified period, and upon the expiry of such period
the stock of the acquisition companies are then transferred to entities that are
owned by such managers and members of HandsOn who have contributed
equity and such managers of HandsOn who are entitled to equity based on their
individual performance.

Presently, the Companys Promoters at all times own the beneficial interest in the
acquisition companies. As and when decided by the Promoters, the acquisition
companies are reorganised to pass the ownership of the operating companies
to the Promoters, members and managers of HandsOn. This is typically done
through entities that are controlled by the Promoters and such members and