Business Transfer Agreement - Satyam Computer Services Ltd. and Satyam Infoway Ltd.
BUSINESS TRANSFER AGREEMENT
This BUSINESS TRANSFER AGREEMENT ("Agreement") dated 1st March 2002 is made by
and between Satyam Computer Services Limited ("Purchaser") with its Registered
Office at Mayfair Center, S.P. Road, Secunderabad - 500003 and Satyam Infoway
Limited, with its Registered Office at Mayfair Center, S.P. Road, Secunderabad -
500003 ("Seller", which expression includes its Subsidiaries).
Recitals
A. Seller is an internet service provider registered in India which is
inter alia, engaged in offering software services/solutions to business
to business (B2B), e-commerce and website development as more
particularly defined in Appendix A ("Software Services Division
Business").
B. Purchaser is a SEI CMM Level V company, having a wide repertoire of
information technology services including but not limited to computer
programming, software/development/ customization/ installation/
maintenance with expertise in provision of computer software, CAD/CAM/
CAE, supply chain management, ERP, e-commerce etc.
C. Seller is the subsidiary of Purchaser and as part of its restructuring
process desires to dispose of its Software Services Division Business.
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D. Purchaser desires to acquire from Seller and Seller desires to sell and
transfer to the Purchaser, the Software Services Division Business as an
undertaking, together with all specified tangible and intangible assets,
liabilities and receivables relating thereto including licenses,
contracts, personnel and other assets, together with Seller's
intellectual property rights pertaining thereto on and subject to the
terms and conditions contained in this Agreement.
NOW THEREFORE, in consideration of the recitals above, and the mutual covenants
contained in this Agreement, and intending to be legally bound, Purchaser and
Seller agree as follows:
ARTICLE I
General Provisions
1.1 Definitions. Appendix A to this Agreement sets forth the definitions of
certain terms used in this Agreement.
1.2 Other Definitions and Meanings; Interpretation. For purposes of this
Agreement, the term "Party" means (except where the context otherwise requires)
Purchaser or Seller; the term "Parties" means (except where the context
otherwise requires) Purchaser and Seller together; the term "person" includes
any natural person, firm, association, partnership, corporation, governmental
agency, or other entity other than the parties; and the words "hereof",
"herein", "hereby" and other words of similar import refer to this Agreement as
a whole. The headings of the Articles and Sections of this Agreement have been
included for convenience of reference only and shall not be deemed to affect the
meaning of the operative provisions of this Agreement.
ARTICLE II
Purchase and Sale
2.1 Transaction. On and subject to the terms and conditions of this Agreement,
with effect from January 1, 2002 ("Transfer Date"), Seller sells, conveys,
transfers, assigns, grants and delivers to the Purchaser and Purchaser
purchases, acquires and receives from Seller all of the, Assets, Transferred
Employees, Liabilities, Licenses, Contracts and Receivables, as defined in
Definitions Schedule relating to the Software Services Division Business, free
and clear of all liens, mortgages, pledges, security interests, restrictions,
prior assignments, encumbrances and claims of every kind, nature or character;
2.2 Purchase Price. As sole and entire consideration for the purchase of the
Assets, Liabilities, Licenses, Contracts and Receivable relating to the Software
Services Division Business, Purchaser shall pay to the Seller a purchase price
of INR 33,25,00,000/- (Indian Rupees Thirty Three Crores Twenty Five Lakhs only)
(Rupee Equivalent of USD 6.9 million converted @ Rs.48.18 per USD) on and
subject to the terms of Article III hereinbelow.
2.3 Assets. The term "Assets" means all tangible and intangible assets,
properties, and rights used by the Seller to carry out the Software Services
Division Business as specifically reflected in the list of Assets as set out in
Exhibit 1 hereto, Licences, Receivables and the Approval vide letter
no.CHE.EC.EXD.IV/1255/03.03.1001/99-2000 dated 8th June 2000 from Reserve Bank
of India for the Sellers' Australian Branch operations.
Seller shall deliver to the Purchaser such bills of sale, assignments,
endorsements, and other recordable instruments of assignment, transfer,
conveyance, in respect of the above Assets, in
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form and substance reasonably satisfactory to Purchaser and its counsel, as
shall be effective to vest in the Purchaser all of the right, title and interest
of Seller in and to the Assets free and clear of all Liens.
2.4 Liabilities. The term "Liabilities" means all liabilities and obligations of
the Seller as of the Transfer Date arising out of the Software Services Division
Business. Without limiting the generality of the foregoing, it is expressly
understood that the Liabilities shall exclude the following liabilities and
obligations;
(a) All liabilities and obligations incurred by the Seller in connection with
the conduct of its businesses other than the Software Services Division
Business;
(b) All liabilities as of Transfer Date, in excess of Rs.1,00,000/- (Rupees One
Lakh only), reasonably known to the Seller and not disclosed to the Purchaser
relating to the Software Services Division Business. However, it is clarified
that any liability not known to Seller and discovered after Transfer Date by
either party shall be borne by the Purchaser. The Seller warrants that all known
liabilities as on the Transfer date have been disclosed to the Purchaser.
2.5 Contracts. The term "Contracts" means all contracts, agreements,
sub-contracts, memoranda, letter-agreements and other agreements and obligations
of a similar nature arising out of or pertaining to the Software Services
Division Business and which are to be assigned to the Purchaser pursuant to this
Agreement. Seller shall provide to the Purchaser, prior to the Transfer Date, a
status report of all performed and pending obligations and under each such
Contract.
2.6 Receivables: The term "Receivables" means all account Receivables which is
outstanding for less than 181 days as of Transfer Date, associated with the
Software Services Division Business.
ARTICLE III
Purchase Price
3.1 Purchase Price. For purposes hereof, the term "Purchase Price" means INR
33,25,00,000/- (Indian Rupees Thirty Three Crores Twenty Five Lakhs only) (Rupee
Equivalent of USD 6.9 million converted @ Rs.48.18 per USD) minus the amount of
the Adjustment mentioned in 3.3 below, which has been arrived at based on the
valuation reports of Deloitte and Touche and Ernst and Young commissioned by
respective Parties.
3.2 Payment Schedule. The Purchase Price shall be paid by way of Crossed Account
Payee Cheques at Hyderabad, in favour of the Seller, immediately on execution of
this agreement. The Seller shall upon execution of this agreement, prior to the
payment, take all actions for completion of all transfer formalities i.e. (a)
Transfer of control over Assets (b) Transfer of Employees (c) Transfer of
Customers (d) Transfer of Suppliers.
3.3 Adjustment. The Purchase Price shall be adjusted by such amount of the
Receivable that have been transferred to the Purchaser but are realized by the
Seller and such amount of payables as are transferred to the Purchaser and paid
by the Seller.
3.4 It is clearly understood between the Parties that any amounts collected by
Seller on or after payment of full consideration, from the Receivables
transferred, shall be promptly transferred by Seller in favour of Purchaser.
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ARTICLE IV
Employees
4.1 Employees. On and from the Transfer Date, each employee of the Seller
employed in the conduct of the Software Services Division Business ("Transferred
Employees") shall cease to be an employee of the Seller and shall become an
employee of the Purchaser. All such Employees shall on and from the Transfer
Date, be deemed to be the employees of the Purchaser governed by and entitled to
the policies, regulation, benefits, schemes of the Purchaser then prevailing.
4.2 Employees' Compensation. Seller will bear the entire cost and expense of all
Employees' claims for compensation or benefits (excluding vacation pay
entitlements) arising out employment and all taxes, levies and duties related to
their employment, which is related to or arising out of employment of Employees
on or before the Transfer Date.
4.3 Employees. The term 'Transferred Employee' shall mean a bona fide employee
of the Seller who is employed in the Software Services Division.
4.4 Benefit Plans. Purchaser will not become a sponsor of any of the benefit
plans of the Seller and no assets or liabilities of any such plan will be
transferred to or assumed by Purchaser or any plan or trust maintained by
Purchaser.
4.5 Indemnity. Seller shall indemnify, defend and hold harmless the Purchaser,
its officers, directors, employees and agents from and against all claims,
demands, actions, suits and proceedings (including attorney's fees) by the
Employees in respect of any action or matter arising prior to December 31, 2001.
ARTICLE V
Covenants, Representations and Warranties
5.1 Seller's General Covenants, Representations and Warranties. Seller hereby
covenants, represents and warrants to Purchaser the following:
(a) Transfer of Licenses and Contracts. Seller shall undertake all actions to
ensure assignment and/or transfer of all Contracts and Licenses in a speedy and
effective manner to the Purchaser, such assignment to be effective from the
Transfer Date. Such actions shall include but not be limited to discussions and
negotiations with concerned customers or right holders, execution of all
necessary deeds and documents and filing of all necessary forms, filings and
undertakings with appropriate authorities.
(b) Organization and Existence. Seller is a company duly organized, validly
existing, and in good standing under the laws of India and has all the requisite
power and authority to own, operate and lease its properties and to carry on the
Software Services Division Business as now conducted.
(c) Power and Authority. Seller has full power and authority under its
Memorandum and Articles of Association to execute, deliver, and perform this
Agreement.
(d) Authorization. The execution, delivery and performance of this Agreement
have been duly authorized by all requisite corporate actions on part of the
Seller.
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(e) Binding Effect. This Agreement is a valid, binding, and legal obligation of
Seller and all agreements, instruments and documents to be executed by Seller in
connection with the transactions contemplated hereby will be legal, valid and
binding obligations of Seller each enforceable against the Seller in accordance
with their respective terms and Seller has not made any commitment, agreement or
understanding verbally or in writing to any other party for the sale of the said
Software Services Division Business.
(f) No Default. Neither the execution and delivery of this Agreement nor
Seller's full performance of its obligations hereunder will violate or breach,
or otherwise constitute or give rise to a Default under the terms or provisions
of Seller's Memorandum and Articles of Association or of any material contract,
commitment, or other obligation to which the Seller is a party or any statute,
rule, regulation, judicial or governmental decree, order or judgment, to which
the Seller is a party or to which Seller or the Assets are subject.
(g) Finders. Seller has not engaged and is not directly or indirectly obligated
to any person acting as a broker, finder, financial advisor, or in any other
similar capacity in connection with the transactions contemplated hereby.
(h) Ownership. Seller has sole and exclusive Ownership of all tangible Assets
set out in Exhibit 1 and the tangible Assets are in reasonably good condition
and repair, ordinary wear and tear excepted.
(i) Contracts. Each of the contracts, commitments, and other obligations being
assigned by Seller to Purchaser is a valid, subsisting and binding obligation of
Seller and the other party or parties thereto; and neither Seller nor any other
party thereto is in default under any contract, commitment, or other obligation,
which default is likely to have a material and adverse effect on the Software
Services Division Business.
(j) Compliance with Laws. Seller is in full compliance with all statutes,
ordinances, regulations, and other governmental requirements or judicial decree
applicable to the conduct of the Software Services Division Business.
(k) Consent. No consent, authorization, approval, order, license, certificate or
permit or act of or from, or declaration or filing with, any foreign, federal,
state, local or other governmental authority or regulatory body or any court or
other tribunal to which Seller or the Software Services Division Business is
required for the execution, delivery or performance by Seller of this Agreement
or any of the other agreements instruments and documents being or to be executed
and delivered hereunder or in connection herewith or for the consummation of the
transactions contemplated hereby.
(l) Title. Seller has good and marketable title to the Assets, free and clear of
all Liens. Upon delivery by Seller to the Purchaser of the Assets, the Purchaser
will acquire good and marketable title to the Assets free and clear of all
Liens.
(m) Litigations. There are no pending or threatened actions, claims,
litigations, suits, proceedings, inquiries, investigations instituted by or
against the Seller by any employee, customer, creditor, governmental or judicial
agency or any other third party which pertain to the Software Services Division
Business or are likely to have an effect on the Software Services Division
Business.
(n) Representations and Warranties True and Complete. All representations and
warranties of Seller in this Agreement are true, accurate, and complete in all
material respects as of the Transfer Date and as of the date hereof.
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5.2 Purchaser's Representations and Warranties. Purchaser hereby represents and
warrants to Seller the following:
(a) Organization and Existence. Purchaser is a company duly organized, validly
existing, and in good standing under the laws of India.
(b) Power and Authority. Purchaser has full corporate power and authority under
its Memorandum and Articles of Association and under the laws of India to
execute, deliver and perform this Agreement.
(c) Authorization. The execution, delivery, and performance of this Agreement
have been duly authorized by all requisite corporate actions on the part of
Purchaser.
(d) Binding Effect. This Agreement is a valid, binding, and legal obligation of
Purchaser and all agreements, instruments and documents to be executed by
Purchaser in connection with the transactions contemplated hereby will be legal,
valid and binding obligations of Purchaser each enforceable against Purchaser in
accordance with their respective terms.
(e) No Default. Neither the execution and delivery of this Agreement nor
Purchasers' full performance of its obligations hereunder will violate or
breach, or otherwise constitute or give rise to a Default under, the terms or
provisions of Memorandum and Articles of Association of Purchaser or of any
material contract, commitment, or other obligation to which Purchaser is a party
or any statute, rule, regulation, judicial or governmental decree, order or
judgment, to which Purchaser is a party.
(f) Finders. Purchaser has not engaged and is not directly or indirectly
obligated to any person acting as a broker, finder, financial advisor, or in any
other similar capacity in connection with the transactions contemplated hereby.
(g) Consent. No consent, authorization, approval, order, license, certificate or
permit or act of or from, or declaration or filing with, any foreign, federal,
state, local or other governmental authority or regulatory body or any court or
other tribunal to which the Purchaser is subject, is required for the execution,
delivery or performance by Purchaser of this Agreement or any of the other
agreements, instruments and documents being or to be executed and delivered
hereunder or in connection herewith or for the consummation of the transactions
contemplated hereby.
(h) Representations and Warranties - True and Complete. All representations and
warranties of Purchaser in this Agreement are true, accurate, and complete in
all material respects as of the date hereof.
5.3 Survival. The parties' respective covenants, representations, and warranties
contained in this Agreement will survive the execution and delivery of this
Agreement and performance by the Parties of their respective obligations
hereunder.
ARTICLE VI
Covenants of the Parties
6.1 Interim Conduct of the Software Services Division Business. Purchaser hereby
covenants to Seller that, from the Transfer Date till the completion of receipt
of all approvals and payment, Purchaser will conduct the Software Services
Division Business only in the ordinary and usual course, and in Trust to the
best interests of the Seller. All decisions having material effect on Software
Services Division Business, shall be referred and approval taken from the
Managing Director of the Purchaser before any action being taken by the Seller.
6.2 Further Actions. After the execution of this agreement, Seller will, execute
and deliver to Purchaser (or cause to be executed and delivered to Purchaser),
such additional instruments and Seller shall take such other and further actions
as Purchaser may reasonably request and
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which are ordinarily provided by a seller, to more completely sell, transfer,
and assign to Purchaser and vest in Purchaser Ownership to the Software Services
Division Business. Each Party will bear its respective costs in respect of such
further actions.
6.3 Records. Seller will handover to the Purchaser all the records of the
Software Services Division Business.
ARTICLE VII
Conditions
7.1 Conditions to Purchaser's Obligations. The obligation of Purchaser to
consummate the transactions contemplated by this Agreement is subject to the
satisfaction of the following conditions at or before the execution of this
Agreement:
(a) The representations and warranties of Seller contained in this Agreement
shall be true, accurate, and complete in all material respects as of the date
hereof and as of the Transfer Date (as if such representations and warranties
had been made as of the Transfer Date);
(b) Seller shall have performed and complied with all agreements and conditions
required by this Agreement to be performed or satisfied by Seller, and Seller
shall have delivered to Purchaser all documents, certificates, and instruments
required to be delivered by Seller under the terms of this Agreement; and,
(c) All corporate and other proceedings or actions to be taken by Seller in
connection with the transactions contemplated by this Agreement, and all
documents incidental thereto, shall be satisfactory in form and substance to
Purchaser.
ARTICLE VIII
Indemnification
8.1 Indemnification of Purchaser. Seller will indemnify, defend, and hold
Purchaser, its officers, directors, employees and agents harmless from and
against any and all liabilities, damages, losses, suits, claims, costs, and
expenses (including attorneys' fees) arising out of or resulting from (a) any
misrepresentation or breach of warranty or covenant by Seller;or (b)
nonperformance by Seller of any obligation to be performed on the part of Seller
under this Agreement; or (c) any claim or injunction from third parties relating
to hardware, software, service or maintenance agreements, or software or
hardware licenses provided to Purchaser by Seller for the operation of the
Software Services Division Business; or (d) any breach or non compliance with
any statutes, Ordinances, regulations, and other governmental requirements or
judicial decree by the Seller; or (e) any actions, claims, litigations, suits,
proceedings, inquiries, investigations brought by any employee, customer,
creditor, governmental or judicial agency or any other third party arising out
of any acts or omissions of the Seller prior to the Transfer Date.
ARTICLE IX
Non Compete
9.1 Non Compete. In consideration for the purchase of Software Services Division
Business, including the goodwill connected therewith, by the Purchaser, Seller
agrees for a period of two years from the Transfer Date, not to directly or
through an associate/Agent carry on or cause to carry on any business which is
in competition with the Software Services Division Business.
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ARTICLE X
Miscellaneous
10.1 Amendment. This Agreement may be amended only by written instrument
executed by both Parties to this Agreement.
10.2 Waiver. Either Party may at any time waive compliance by the other Party
with any covenants or conditions contained in this Agreement, but only by
written instrument executed by the Party waiving such compliance. No such
waiver, however, shall be deemed to constitute the waiver of any such covenant
or condition in any other circumstance or the waiver of any other covenant or
condition.
10.3 Cooperation. Purchaser and Seller will each cooperate with the other Party,
at the other Party's request and expense, in furnishing information, testimony,
and other assistance in connection with any actions, proceedings, arrangements,
and disputes with other persons or governmental inquiries or investigations
involving Seller's conduct of the Software Services Division Business or the
transactions contemplated hereby.
10.4 Confidentiality. Each Party agrees to keep confidential all information and
date pertaining to the other Party that is disclosed to it pursuant to or in
connection with this Agreement, including the terms of this Agreement and agrees
not to, disclose or furnish to, or use for the benefit of any person, firm,
partnership or corporation such information without the prior written consent of
the Party which owns such information or data.
10.5 Severability. If any provision of this Agreement shall finally be
determined to be unlawful, then such provision shall be deemed to be severed
from this Agreement and every other provision of this Agreement shall remain in
full force and effect.
10.6 Expenses. Each Party will bear its own expenses incurred in connection with
this Agreement and the transactions contemplated hereby.
10.7 Transfer Taxes. Seller will bear all direct taxes which may result from the
transfer of the Software Services Division Business from Seller to Purchaser,
other than stamp duties, registration fees and indirect taxes, if any, which
shall be borne by the Purchaser.
10.8 Notices. All notices, requests and other communications hereunder shall be
in writing and shall be deemed to have been duly given at the time of receipt if
delivered by hand or communicated by electronic transmission, or, if mailed,
three (3) days after mailing registered or certified mail, return receipt
requested with postage prepaid:
If to Purchaser, to: Satyam Computer Services Limited
Mayfair Center
1-8-303/36, S P Road,
Secunderabad - 500003
Attention : Mr. B. Rama Raju, Managing Director.
With copy to : Mr. S. Radhakrishnan, Vice President
--Legal.
If to Seller, to: Satyam Infoway Limited,
2nd Floor, Tidel Park,
4, Canal Bank Road,
Taramani, Chennai -- 600 113
Attention: Mr. T R Santhanakrishnan. Chief Financial
Officer.
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Provided however, that if either Party shall have designated a different address
by notice to the other given as provided above, then to the last address so
designated.
10.9 Assignment. This Agreement shall be binding upon and inure to the benefit
of the successors of each of the Parties to this Agreement, but shall not be
assignable by either Party without the prior written consent of the other.
10.10 No Third Parties. Neither this Agreement nor any provisions set forth
herein is intended to, or shall, create any rights in or confer any benefits
upon any person other than the Parties to this Agreement.
10.11 Governing Law. This Agreement will be governed by and construed in
accordance with the laws of India. The Parties shall refer any disputes arising
between them which relate to this Agreement or transactions contemplated hereby
to arbitration to be conducted in accordance with the Arbitration and
Conciliation Act, 1996. The venue of arbitration shall be Secunderabad. The
courts of Secunderabad shall have jurisdiction over the Parties.
10.12 Press Releases. Each Party agrees not to issue press releases or public
announcements concerning the terms of this Agreement without the prior written
approval of the other Party. The existence and terms of this Agreement are
confidential and shall not be disclosed to a third party by any Party other than
through such agreed upon press release. However, this shall not restrict any
statutory requirements under the Indian and US Law, including disclosure
requirements of SEBI, SEC and Stock exchanges.
10.13 Counterparts. More than one counterpart of this Agreement may be executed
by the Parties to this Agreement, and each fully executed counterpart shall be
deemed an original without production of the others.
10.14 Complete Agreement. This Agreement sets forth the entire understanding of
the Parties to this Agreement with respect to the subject matter hereof and
supersedes all prior letters of intent, agreements, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any
officer, employee, or representative of either Party relating thereto.
ARTICLE XI
Savings
11.1 Notwithstanding any other provision in this Agreement, the Parties hereto
agree, that time is of essence to this Agreement. and the transaction envisaged
under this agreement shall be completed on or before 31.03.2002.
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11.2 Purchaser shall indemnify, defend, and hold the Seller, harmless from and
against any and all liabilities, damages, losses, suits, claims, costs, and
expenses (including attorneys') arising out of or resulting from any acts or
omissions of the Purchaser in relation to the Software Services Division
Business during such period when the Software Services Division Business is
being held and conducted in trust for the Seller by the Purchaser.
IN WITNESS WHEREOF, Satyam Computer Services Limited and Satyam Infoway Limited
have each caused this Agreement to be executed by their respective duly
authorized officers and have caused their respective corporate seals to be
affixed and attested, all as of the date first above written.
SATYAM COMPUTER SERVICES LIMITED
By: B RAMA RAJU
[Title] MANAGING DIRECTOR
SATYAM INFOWAY LIMITED
By: R RAMARAJ
[Title] MANAGING DIRECTOR & CEO
WITNESSES
1.
2.
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Appendix A
CERTAIN DEFINITIONS
The following terms have the meanings set forth below where used in the
Agreement and identified with initial capital letters:
<TABLE>
<S> <C>
Assets As defined in Section 2.3 of the Agreement.
Adjustment As determined under Section 3.3 of the
Agreement.
Contracts As defined in Section 2.5 of the Agreement
Liabilities As defined In Section 2.4 to the Agreement.
Receivables As defined in Section 2.6 to the Agreement
Transfer Date As defined in Section 2.1 of the Agreement.
Default An occurrence which constitutes a breach or
default under a contract, order, or other
commitment, after the expiration of any
grace period provided without cure.
Lien Any encumbrance or lien, including, without
limitation, any mortgage, judgment lien,
material man's lien, mechanic's lien,
security interest, encroachment, easement,
or other restriction, in each case having a
material adverse effect on the thing or
right so encumbered.
Material Event Any event, condition, circumstance, or
occurrence which has had a material and
adverse effect on the Software Services
Division Business or the properties, assets,
liabilities, (fixed or otherwise) or
condition (financial or otherwise) of the
Software Services Division Business
Ownership Such ownership as confers upon the person
having it good and marketable title to and
control over the thing or right owned, free
and clear of any and all Encumbrances.
Purchaser As defined in the Preamble of the Agreement
Purchase Price As defined in Section 3.1 of the Agreement.
Transferred Employees As defined in Section 4.3 of the Agreement
Seller As defined in the Preamble to the Agreement
Software Services Division Means the development, support and
Business maintenance of computer software utilized in
the field of software services/solutions to
business to business (B2B), e-commerce and
website development.
</TABLE>
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EXHIBIT 1
LIST OF ASSETS
<TABLE>
<CAPTION>
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S. NO. VENDOR DESCRIPTION
------------------------------------------------------------------------------------
<S> <C> <C>
------------------------------------------------------------------------------------
1 Sterling Commerce Purchase of Gentran Server for Unix
------------------------------------------------------------------------------------
2 Sterling Commerce Software for Australian Operations
------------------------------------------------------------------------------------
3 Broadvision Enterprise Platform
------------------------------------------------------------------------------------
4 SSI Enterprise Support Exchange Server 5.5- 5 Clients Cd-Media
------------------------------------------------------------------------------------
5 Summit Infotech Ltd Webtrend Enterprise Suite - V5.0
------------------------------------------------------------------------------------
6 Rational Software Inc Rational Rose 2001 Enterprise Edition Licence
3121-08407
------------------------------------------------------------------------------------
7 Tachyon Technologies TVSC Software development
------------------------------------------------------------------------------------
8 Tata Infotech Limited Towards Weblogic-Seat-Devpt, Weblogic-Svr
------------------------------------------------------------------------------------
9 Tachyon Technologies TVSC Software development
------------------------------------------------------------------------------------
10 Tachyon Technologies TVSC Graphic Designing Charges
------------------------------------------------------------------------------------
11 Tachyon Technologies TVSC Software development
------------------------------------------------------------------------------------
12 Tachyon Technologies TVSC Software development
------------------------------------------------------------------------------------
13 Rational Software Inc Rational Rose Enterprise
------------------------------------------------------------------------------------
14 Global Networking Inc NET BUILDER VER 2.0
------------------------------------------------------------------------------------
15 Netware Inc. NET BUILDER VER 2.0
------------------------------------------------------------------------------------
16 Open Market Inc Live Commerce
------------------------------------------------------------------------------------
17 Open Market Inc Transact Software support fee
------------------------------------------------------------------------------------
18 Folio Folio Software
------------------------------------------------------------------------------------
19 Open Market Inc Transact Software
------------------------------------------------------------------------------------
20 Sterling Commerce Technical Support fees
------------------------------------------------------------------------------------
21 Sterling Commerce X-25 Software
------------------------------------------------------------------------------------
22 Remedy Corporation Action Request System
------------------------------------------------------------------------------------
23 Perfect
Communications, S'pore PINN fax software
------------------------------------------------------------------------------------
24 Remedy Corporation Action Request System
------------------------------------------------------------------------------------
25 Open Market Inc Gateway Transact Software
------------------------------------------------------------------------------------
26 Tata Infotech Limited Weblogic Development Seat
------------------------------------------------------------------------------------
27 Tachyon Technologies TVSC Software development
------------------------------------------------------------------------------------
</TABLE>
LIST OF ASSETS AT AUSTRALIA
<TABLE>
<CAPTION>
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S NO. ASSET SUPPLIER NAME DESCRIPTION
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
------------------------------------------------------------------------------------------------------------
28 Computer Servers Data #3 Compaq Proliant 5500R Servers
------------------------------------------------------------------------------------------------------------
29 Computer Servers Data #3 Compaq Proliant 1850R Server
------------------------------------------------------------------------------------------------------------
30 Computer Servers Data #3 Compaq Deskpro EP
------------------------------------------------------------------------------------------------------------
31 Computer Data #3 Compaq DLT 15 Cartridge backup
Accessories
------------------------------------------------------------------------------------------------------------
32 Networking Racks Data #3 Racks
------------------------------------------------------------------------------------------------------------
33 Networking Racks Data #3 Racks
------------------------------------------------------------------------------------------------------------
34 Network Data #3 Communication Equipments
Equipments
------------------------------------------------------------------------------------------------------------
35 Cabling Data #3 Cabling
------------------------------------------------------------------------------------------------------------
36 Network Data #3 APC Matrix 5000
Equipments
------------------------------------------------------------------------------------------------------------
37 Software Licenses Data #3 Software License
------------------------------------------------------------------------------------------------------------
38 Computer Laptops Portable Computer Systems SAT PRO 4280 500 MHZ
------------------------------------------------------------------------------------------------------------
</TABLE>
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<TABLE>
<S> <C> <C> <C>
------------------------------------------------------------------------------------------------------------
39 Computer Laptops Portable Computer Systems SAT PRO 4280 500 MHZ
------------------------------------------------------------------------------------------------------------
40 Computer Laptops Portable Computer Systems SAT PRO 4280 500 MHZ
------------------------------------------------------------------------------------------------------------
41 Computer Desktops Data #3 Desktops
------------------------------------------------------------------------------------------------------------
42 Computer Servers DELL Computers DELL Poweredge Server
------------------------------------------------------------------------------------------------------------
43 Computer Desktops Data #3 Desktops
------------------------------------------------------------------------------------------------------------
44 Office Furniture Krost Business Furniture Furniture & Fixtures
------------------------------------------------------------------------------------------------------------
45 DG Set DG Set
------------------------------------------------------------------------------------------------------------
46 Office Equipment Fax Machine
------------------------------------------------------------------------------------------------------------
47 Computer Harris Technology I omega ZIP Drive
Accessories
------------------------------------------------------------------------------------------------------------
48 Computer Harris Technology (Katrina Hp Laser jet 3150 3 Nos
Accessories Samuel)
------------------------------------------------------------------------------------------------------------
49 Computer Portable Computer Systems Addonics Pocket CD2000 PCMCIA PCD2000-PC @
Accessories $404,
------------------------------------------------------------------------------------------------------------
50 Computer IPEX ITG Pty. Ltd. Cisco 24 PT 10/100 sw 2Mod SL EN ED @ $2730,
Accessories Freight &
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51 Computer Data 3 TEC SONY DDS4 20/40GB 150M TAPES Qty.7 @ $70
Accessories each
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52 Computer Laptops Portable Computer Systems Toshiba Portege 3440CT 3 Nos
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53 Computer Laptops Portable Computer Systems Toshiba Portege 3480CT PP348A-4PU82 @ $4450,
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54 Computer Desktops Dell Computer Pty. Ltd. Speakers, PC Stereo, Modem, V.90/56K,
Fax/Data.,PCI, Aus,Telephone
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55 Computer Desktops Data 3 VPN1 APPLIANCE INTERNET Qty.1 @ $6141,pc
delivery
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56 Computer IPAQ ECOM Computers Compaq IPAQ Computer
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57 Software Data 3 MS Project 2000 full product qty. 2 @ $749
each
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58 Software Data 3 MS Office 2000 Professional qty 1 @ $1502
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59 Software IT Factory ITF Server license
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60 Software City Software MS OFFICE, Works Suite - 6 Nos each
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61 Paper Shredder Masterbind Paper Shredder
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62 Office Equipment TVSC TVSC Equipment
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</TABLE>