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June 30, 2000

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 Company  Creative Eye
 Market Price  Not listed
 Lead manager  HSBC Securities, SMIFS Capital Markets
 Listing At  BSE, NSE
 Opening/Closing  Book building Bid: June 30, 2000 / July 6, 2000, Fixed price: July 20 / July 25
 Promoters Dheeraj Kochar, Zuby Kochar
 Associate Co.  Namah Shivay Enterprises, Creative Eye, Kochar Combine, CE Entertainment
 Managing Director  Dheeraj Kumar Kochar
 Post-issue Stake  72.59%
 Issue  
 Size  2.5 mn shares, book bldg: 1.88 mn, Fixed price: 0.6 mn shares
 Price  Floor price: Rs 225, Face value: Rs 10
 On Application  
 On Allotment  
 Objective  Finance future activities which include developing portals, procuring film and Hindi songs rights, tele-shopping & e-commerce network, expanding marketing network, expanding post-production studio
 Business  
 Product  Television software
 Location  Bombay, Delhi
 Project cost  Rs 755.49 million
 Funded by  Equity and loan from Oriental Bank
 Kensource projections  (2001)
 Sales  Rs 542.45 million
 Profit  Rs 43.39 million
 Earnings per share  Rs 4.35
 Return on equity  7%
 Comment Erratic topline growth, poor profit margin, return on capital is already falling and will crash after the issue. Creative projections.
 Rating *  C

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

By Kensource Information Services Pvt. Ltd.

IPO Analysis

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