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April 7, 2000

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 Company  Cerebra Integrated Technologies Ltd.
 Market Price  Unlisted
 Lead managers  Canara Bank & SMIFS Capital Markets Ltd.
 Listing At  Bangalore, Ahmedabad and Calcutta
 Opening/Closing  April 6, 2000/April 10, 2000
 Promoters  V Ranganathan, K Gururaja Upadhya, Shridhar S Hegde, Mythili Kannan, V Krishan, P Vishwamurthy
 Associate Co.  —
 Managing Director  V Ranganathan
 Post-issues Stake  75%
 Issue  
 Size  Rs 88.7 million
 Price  Rs 10, premium Rs 50
 On Application  Rs 30
 Allotment  Rs 30
 Objective  Expansion of manufacturing facilities and software division, set up branch office in the US, working capital.
 Business  
 Product  Personal computers, software packages, IT solutions
 Location  Bangalore
 Project cost  Rs 237.1 million
 Funded by  Present issue and bank loan
 Kensource projections (2001)  
 Sales  Rs 900 million
 Profit  Rs 22.5 million
 Earnings per share  Rs 3.8
 Return on equity  9 %
 Comment  Too much focus on hardware. Relative inexperience in the software business. Low margin operations. Planning a big expansion on current base. However, pre-issue institutional stake (13.8%) is a silver lining.
 Rating *  C

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

By Kensource Information Services Pvt. Ltd.

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