Mega Channel
Mega Channel Computers is offering 38.3 lakh shares of Rs 10 each at a price of Rs 18, aggregating Rs 6.89 crore. Mega Channel is charging only Rs 5 on application and the balance of Rs 13 will have to be paid on allotment. The company proposes to list its shares at Chennai, Bangalore and Hyderabad.Mega Channel, which is into the development of Internet and e-commerce applications, is now setting up a Rs 9.79-crore project which is being entirely financed through the equity issue.

Mega Channel, which has estimated the project cost, is deploying Rs 2.1 crore in building an office, Rs 3 crore in software and software development, Rs 2 crore in hardware and Rs 59 lakh in furniture and fittings. Of the issue proceeds, Rs 1 crore is earmarked for working capital requirements.

Incorporated in 1996, Mega Channel has four business divisions - projects division, products division, engineering division and e-commerce division. Products division specialises in industry specific solutions by reformulating business processes in line with the e-business paradigm. Products division specialises in the development and marketing of flexible products for various vertical markets like hotel management, library management, educational institution management, etc.

E-commerce division provides services like Internet strategy formulation, web architecture development, web enabled application development and web security. The other division provides computer aided design related services.For fiscal 1999, Mega Channel recorded a net profit of Rs 21.81 lakh on total income of Rs 78.41 lakh. For the 10-month period ended period of fiscal 2000, total income rose to Rs 82.54 lakh and net profit to Rs 26.1 lakh. For fiscal 2000, the company is projecting an operating profit of Rs 35 lakh on total income of Rs 1.4 crore. The 1999-earnings of Rs 1.52 discount the offer price of Rs 18 by a multiple of 11.84, which is not attractive.

Comp-U-Learn Tech India
The company is offering 25 lakh equity shares of Rs 10 each at par, aggregating Rs 2.5 crore. Lead managed by Karvy Investor Services, the shares will be listed at Hyderabad and Mumbai. The entire amount of Rs 10 will have to be paid on application.

Comp-U-Learn provides training, course material development, software development and training solutions. Comp-U-Learn is now setting up a Rs 8.9 crore project which has been apprised and funded (Rs 90 lakh) by Bank of Madura. Of the issue proceeds, the company has earmarked Rs 1.64 crore for hardware, Rs 75 lakh for software, Rs 2.28 crore for marketing and development offices in USA, Rs 44.63 lakh for furniture and fixtures and Rs 2.81 crore as working capital.

The company has entered into technological and business alliances with Compulearn Inc and EPLANETS Inc, USA. For fiscal 1999, the company earned a net profit of Rs 11.71 lakh on total income of Rs 4.49 crore.

For the nine-month period ended December 31, 1999, the company earned a net profit of Rs 7.65 lakh on total income of Rs 3.4 crore. For fiscal 2001, Bank of Madura is projecting a net profit of Rs 1.91 crore on total income of Rs 15.96 crore. Comp-U-Learn has bagged orders worth $3 lakh for training solutions and $3.5 lakh for software development. The company may also bag exports orders worth $14.5 lakh.