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July 6, 2000

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 Company  Tera Software
 Market Price  Not listed
 Lead manager  SMIFS Capital Markets, CIL Securities
 Listing At  Hyderabad, Bangalore
 Opening/Closing  July 6 / July 12
 Promoters T Gopichand
 Associate Co.  None
 Managing Director  T Gopichand
 Post-issue Stake  74.04%
 Issue  
 Size  Rs 20 million
 Price  Rs 10
 On Application  Rs 5, NRIs Rs 10
 On Allotment  Rs 5
 Objective  Expand scale of operations
 Business  
 Product  Software development, consultancy, reselling
 Location  Hyderabad
 Project cost  Rs 80.50 million
 Funded by  Equity and term loan
 Kensource projections  (2001)
 Sales  Rs 54.90 million
 Profit  Rs 6 million
 Earnings per share  Re 0.78
 Return on equity  7%
 CommentThe profit margins are too low for a software company. The growth plans are low key
 Rating *  C

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

By Kensource Information Services Pvt. Ltd.

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