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June 5, 2000

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 Company  FI Sofex
 Market Price  Not listed
 Lead manager  Ind Global Finance Trust
 Listing At  Bangalore, Madras
 Opening/Closing  June 5, 2000 / June 9, 2000
 Promoters  H R K Vasan, Surya Rao
 Associate Co.  FI Sofex LLC, Lilac Enterprises
 Managing Director  H R K Vasan
 Post-issue Stake  52.33%
 Issue  
 Size  Rs 22.8 million
 Price  Rs 20 (Rs 10, premium Rs 10)
 On Application  Rs 15
 On Allotment  Rs 5
 Objective  Expansion of software development facilities, applied graphics division, b-line catering to the international fashion retail market and enterprise management facilities
 Business  
 Product  Software development
 Location  Bangalore
 Project cost  Rs 49.94 million
 Funded by  Equity, non-convertible debentures from KSFC
 Kensource projections  (2001)
 Sales  Rs 13.40 million
 Profit  Rs 3.35 million
 Earnings per share  Rs 1.10
 Return on equity  5%
 Comment For a software company, FI Sofex has shown very little growth. There is nothing to justify the premium.
 Rating *  D

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

By Kensource Information Services Pvt. Ltd.

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