The proposed project will include setting up of overseas offices at Australia, United Kingdom and Mauritius. Recently, SIL has submitted its draft prospectus to sebi and bourses and the issue is expected to be slated during December this year, said the sources.

As per the draft prospects the company has plans to offer 60,00,000 equity shares of Rs 10 each for cash at par aggregating to Rs 6 crore, while the Rs 4.25 crore will be brought in by the promoters and their associates. SIL was originally promoted in 1997 as a private limited company and got it converted into public limited company during March 2000.

Looking at the track record of the company, it had posted net profit of Rs 5.31 lakh, Rs 10.03 lakh and Rs 39.87 lakh during 1997-98, 1998-99, 1999-00 respectively. In the post issue the promoter group holding will be reduced from 59.46 per cent to 26.83 per cent while the public holding will be 58.54 per cent of the equity of Rs 10.25 crore.

The company proposed to list its shares at Mumbai and Hyderabad stock exchanges. It has already registered as export-oriented unit with STPI, Hyderabad, which will entitle the company to enjoy the tax relief proposed in the union budget 2000. As on date the company has orders worth $ 600,000, from Texas based Premier Resource Service Inc, said the sources.