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July 27, 2000

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 Company  Srico Software India
 Market Price  Not listed
 Lead manager  Bajaj Capital
 Listing At  Hyderabad, Delhi, Bangalore
 Opening/Closing  July 27/August 2
 Promoters Srinivasa Rao Mechineni, Srinivasa Rao Vala
 Associate Co.  Srico Foods and Beverages, Diginet Solutions
 Managing Director  Srinivasa Rao Mechineni
 Post-issue Stake  70.10%
 Issue  
 Size  Rs 15 million
 Price  Rs 10
 On Application  Rs 5
 On Allotment  Rs 5
 Objective  Setting up a software development facility at Hyderabad and marketing office in USA
 Business  
 Product  Re-engineering of software, web enablement of legacy operations, e-commerce and Internet programming, database and system administration services
 Location  Hyderabad
 Project cost  Rs 51.89 million
 Funded by  Equity and a loan of Rs 5.66 million
 Kensource projections  (2001)
 Sales  Rs 14 million
 Profit  Rs 2 million
 Earnings per share  Re 0.43
 Forward P/E  23
 Post-issue share capital  Rs 50.17 million
 Return on equity  6%
 CommentSmall scale of operations, no strong clients, no clear growth plans. Unrealistic projections.
 Rating *  D

* A=Subscribe & Hold ; B = Subscribe & Watch C=Subscribe & Sell ; D = Avoid

By Kensource Information Services Pvt. Ltd.

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