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July 21, 2000

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 Company  Daisy Systems
 Market Price  Not listed
 Lead manager  Aryaman Financial Services
 Listing At  Hyderabad, Ahmedabad, Pune, Delhi
 Opening/Closing  July 21/July 25
 Promoters Achutuni Sundar, A V Laxmi
 Associate Co.  None
 Managing Director  Achutuni Sundar
 Post-issue Stake  75%
 Issue  
 Size  Rs 26.25 million
 Price  Rs 20
 On Application  Rs 20
 On Allotment  Nil
 Objective  Part finance expansion and infrastructure requirements
 Business  
 Product  Assembling and trading of computers and peripherals
 Location  Hyderabad
 Project cost  Rs 95 million
 Funded by  Mainly equity and a term loan of Rs 10 million
 Kensource projections  (2001)
 Sales  Rs 91 million
 Profit  Rs 6 million
 Earnings per share  Rs 1.22
 Forward P/E  16.32
 Post-issue share capital  Rs 71.8 million
 Return on equity  6%
 CommentLow margins, slow growth, promoters have no experience in software development. Premium is not justified.
 Rating *  D

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

By Kensource Information Services Pvt. Ltd.

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