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May 13, 2000

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 Company  Balwas e-Com India
 Market Price  Not listed
 Lead manager  FEDEX Securities
 Listing At  BSE, Ahmedabad
 Opening/Closing  May 15, 2000 / May 20, 2000
 Promoters  The Balwa Group
 Associate Co.  Burgmann India Pvt Ltd., Auto Land India (P) Ltd., Balwas Hotel, Automann India Pvt Ltd, Balwas Hotels and Resorts.
 Managing Director  Hussein A K Balwa
 Post-issue Stake  56.49%
 Issue Equity shares at par
 Size  Rs 35 million
 Price  Rs 10
 On Application  Rs 5 (minimum 200 shares)
 On Allotment  Rs 5
 Objective  Part finance software development center at Bombay
 Business Software Development
 Product  (Proposed) Medical and Legal transcription, call centers, e-commerce, Data warehousing
 Location  Bombay
 Project cost  Rs 118.5 million
 Funded by  Mostly through equity and a minuscule part through a term loan
 Kensource projections  (2001)
 Sales  Rs 12 million
 Profit  Rs 1.32 million
 Earnings per share  Re 0.01
 Return on equity  1%
 Comment No software, no hardware, no office… E-commerce? Ha!
 Rating *  D

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

By Kensource Information Services Pvt. Ltd.

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