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July 11, 2000

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 Company  Kanika Infotech
 Market Price  Not listed
 Lead manager  Ashika Credit Capital, Sumedha Fiscal Services
 Listing At  Calcutta, BSE, Hyderabad, Ahmedabad
 Opening/Closing  July 11 / July 17
 Promoters Sunil Kumar Mall
 Associate Co.  Sunil Polypack, Bajrang Polyplast, SKM Packaging, Mall Securities, Anil Apartments, Sunil Fincorp, Deepika Agencies, Kanika Internet Solutions, Kanika Infotech (Singapore) PTE Ltd.
 Managing Director  Sunil Kumar Mall
 Post-issue Stake  73.28%
 Issue  
 Size  Rs 36 million
 Price  Rs 10
 On Application  Rs 5
 On Allotment  Rs 5
 Objective  Software development center at Calcutta, upgrade existing infrastructure, funds for marketing and brand development
 Business  
 Product  Software development
 Location  Calcutta
 Project cost  Rs 42 million
 Funded by  Equity and bank loan
 Kensource projections  (2001)
 Sales  Rs 30 million
 Profit  Rs 4.5 million
 Earnings per share  Re 0.34
 Return on equity  3%
 CommentNo track record. Inexperienced promoters. Capital has increased 28 times
 Rating *  D

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

By Kensource Information Services Pvt. Ltd.

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