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April 7, 2000

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 Company  Archana Software Limited
 Market Price  Unlisted
 Lead managers  Keynote Corporate Services Ltd.
 Listing At  Madras Stock Exchange, BSE, NSE
 Opening/Closing  April 6, 2000/April 10, 2000
 Promoters D Ravishankar, S Durai, V P Ramanathan
 Associate Co.  None
 Managing Director  V B Senthilkumar
 Post-issues Stake  26.50 %
 Issue  
 Size  Rs 60 million
 Price  Rs 10, premium Rs 10
 On Application  Rs 10
 Allotment  Rs 10
 Objective  Expanding existing software development business, working capital, new offices abroad, listing (Madras), meet expenses of the issue
 Business  
 Product  Software development
 Location  Madras
 Project cost  Rs 67 million
 Funded by  Bank Loan and present issue
 Kensource projections (2001)
 Sales  Rs 80 million
 Profit  Rs 7.5 million
 Earnings per share  Rs 1.2
 Return on equity  8 %
 Comment  Income from software for FY 99 was 0.78 million. Projected income for FY 2000 is 112.3 million. Need we say more?
 Rating *  D

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

By Kensource Information Services Pvt. Ltd.

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