CMP Rs. 136/- Target Rs. 24o/-

A pioneer and key player in - Document Management & Document printing segment, primarily catering to e-government initiative related

projects of government as well as election commission's projects of - updating electoral rolls & voter IDs etc. Company is a DEBT FREE company already attained all required quality certifications viz. - CMMi, BS27001, & ISO 9002 etc. Coimpany was listed as ET 500 best listed companies in 06-07 and 250 fastest growing companies in Asia Pacific technology companies. Its a sort of ITES and Printing company, with huge business potential waiting in wings.

Company is now de-risking its business model by targeting more then 50% revenues from non-government segment in next one year or so. In

this direction company is targeting revenues from BFSI, Utilities, Retail, Telecom and Avialtion segment by offering customised, flexible and fast - digital data recording & printing solutions. For this, company is planning to acquire 9 more very highspeed, cost effective and quality colour printing machines [one it is already using - Kodak Varsamark V series] to cater to private segment. This will boost business from private sector significantly and will lead to accelerated growth in business in coming years. The TRAIs directives to Telecom companies, to hold subscribers address proof/ID proof on in physical as well as digital form will open huge big business potential for this company. For present document mangement work, it has huge capacities of Scanning, copying, printing; plus required inhouse customised softwares for making and managing soft copies in an efficient manner. It also have arrangement to train its manpower in cost efficient manner, for requirement under various e-governance projects with various local, state and central governements.

Company improved its image significantly by inducting professionals like Mr Pradeep Shah [x-MD of CRISIL] and Mr R M Joshi [x- Director RBI & x- ED of SEBI] in board. Not only this, Mr Shah acquired lakhs of shares in this fast growing company at the then price of Rs 241/- per share. Apart from this last year company placed more shares at Rs 241/- per share to promoters as well as to many other corporates and even FIIs like Merril Lynch Capital Markets(3.75%). Comapny is doing extremely well on financial front and is likely to continue to do much better in coming years also. Based on present fundamentals and future potential of company, its stock at CMP of Rs 136/- looks dirt cheap. One can buy the stock with one year target of Rs 240/-.

Quick Pick !!

ShareHolding Pattern

Public & Others 48.23%

Corporate Holdings 20.71%

Foreign 10.55%

Promoters 20.51%