Lead managed by Aryaman Financial Services, the shares are proposed to be listed at Hyderabad, Chennai and Bangalore. The company is demanding Rs 10 on application and the balance on allotment.

The company is involved in software development and system integration consultancy. The company specialises in client-server, component based models, web enabled applications and object oriented technologies. The company has 30 workstations and two servers with NT and UNIX. The company has a software development centre in Chennai and has developed products mainly for library automation, student management software, accounting management software and jewel management software. Although the company was incorporated in 1990, it is yet to establish itself in the field.

Interestingly, the company is yet to have a itsown office and is still in the process of setting up basic infrastructure facilities.

For 1998-99, the company recorded a total income of Rs 92.11 lakh. Of this, Rs 49.17 lakh came from software products, Rs 34.05 lakh from software services and Rs 8.89 lakh from software consultancy. During this period, the company reported a PBDIT of Rs 36.41 lakh and net profit of Rs 25.96 lakh (which actually fell from Rs 28.92 lakh for fiscal 1998). On an equity base of Rs 2.52-crore, EPS worked out to Rs 1.03 for fiscal 1999.

The company, however, improved its show for the nine-month period ended December 31, 1999. For this period, the company reported a higher net profit of Rs 33.7 lakh on total income of Rs 91.8 lakh. During this period, return on networth has improved from 8.17 per cent in 1999 to 12.78 per cent. For the full year, the company is projecting a net profit of Rs 50 lakh on total income of Rs 1.32 crore.

The company has now drawn up a Rs 10.07-crore project which is entirely being financed through the equity route (promoters are pumping in Rs 4.06 crore and public issue proceeds of Rs 6 crore). The project involves setting up a software development centre at Chennai (total cost of Rs 1.43 crore) and setting up an office at Atlanta in USA (on a lease basis at a cost of Rs 1 lakh). Besides, a sizeable portion of the funds to be raised from the public is going towards setting up an office in Chennai (Rs 1.8 crore).

Also, Rs 1.32 crore will go towards working capital requirements.