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To: edkaiser who wrote (4100)	2/24/2000 2:50:00 PM
From: Robert Sheldon	Read Replies (1) \| Respond to of 6018

My holding company idea . . . please be aware I have a significant long position in place. ICICI Ltd. is a financial institution located in India that assists in the creation, expansion and modernization of industrial enterprises. ICD's objective is to encourage and promote the development of Indian Capital Markets. Of the hundreds of venture capital investments in healthcare, Internet and software we expect several to come public soon, unlocking extensive embedded value. Earnings Estimate for 3/2000 = INR17.313, 8.85X [price as of 2/14/2000 calculation is INR153.15]. Forward Growth Estimate: 19.50% [I have seen 50%+]. Go here for current price and other financial data: icici.com Go here for Currency Calculator: xe.net ADR conversion: 1 ADR share = 5 ICICI domestic shares. Settlement in India is six months. ADRs are ordinary settlement (duh). Market cap in $ = 2.75B Market cap in INR = 120.27B Yield: 3.59% in INR P/B: 1.43X P/S: 1X P/CF: 4.43X ROA: 2.08X ROE: 20.67% Pretax Margin: 17.60% Annualized Growth Rate 1997-1999: 28.34% Most recent offering was with ML @ $9.80 in 9/1999 Institutional Ownership = 9.63% Comments: „h Only listed Indian security on the NYSE. „h Two classes of shares: IC and Icd. IC has preference (for a short period of time) on a dividend payment. That is the only difference I (as well as my contacts) can find. I suggest purchasing the ICd shares, as they are approximately 10% less expensive than the IC shares. „h ICICI has significant interestes in hundreds of Internet and software firms. „h There are substantial barriers to entry for most any company wishing to do business in India if the company is not located there. „h 996,357,310 (Indian govt. estimate) folks call India home. Subsidary Profit & Asset Data: Profit After Tax Total Assets Apr-Dec 1998 Apr-Dec 1999 % Change % of Total Apr-Dec 1998 Apr-Dec 1999 % Change % of Total Bank 441.0 723.6 64% 47.06% 54,855.4 94,571.6 72% 79.43% Securities 114.5 467.9 309% 30.43% 16,384.5 20,542.4 25% 17.25% PFS 51.9 42.5 -18% 2.76% 1,754.7 3,134.3 79% 2.63% Venture Fund 33.1 222.0 571% 14.44% 220.1 452.8 106% 0.38% Infotech 5.3 65.1 1128% 4.23% 79.6 221.1 178% 0.19% Brokerage 0.4 16.4 4000% 1.07% 69.4 140.6 103% 0.12% Summery 646.2 1,537.5 138% 100.00% 73,363.7 119,062.8 62% 100.00% Subsidary Description: Venture Fund: „hAn affiliation with TCW (Trust Company of the West) provides a platform for networking Indian companies to global markets and technology. ICICI Venture Funds currently manages/ advises nine Funds aggregating Rs. 9 billion, making it the most significant private equity investor in the country. The investment experience of ICICI Venture Funds' professionals is the foundation of its strengths and success in several areas of investing. „h ICICI Venture Funds' investments span a broad spectrum of industries and stages of development including: Health Care, Information Technology, Light Engineering, Services. „h ICICI Venture Funds backs companies with a sustainable competitive edge, principally in India and selectively in cross-border investment opportunities, across all the stages of a company's life cycle. „h ICICI Venture Funds seeks to invest in opportunities where its network through ICICI and TCW can create value for all involved. „h Funds Under Management ICICI Venture currently manages nine funds, aggregating about Rs. nine billion, making it one of the large private equity investors in the country. In association with the Trust Company of the West (TCW), a large US based AMC, ICICI Venture has launched the TCW/ICICI India Private Equity Fund, L.L.C. ICICI Venture also manages 3 VECAUS (Venture Capital Unit Scheme) funds, constituted as schemes of the Unit Trust of India (UTI). The funds under management are: „h VECAUS I : Rs. 300 mn fund raised in 1989 „h VECAUS II : Rs. 1000 mn fund raised in 1990 „h VECAUS I-R : Rs. 1500 mn fund raised as a rights offering under the vehicle of VECAUS I „h SOFTWARE FUND : Rs. 275 mn fund raised in 1997 from the World Bank „h TCW/ICICI INDIA PRIVATE EQUITY FUND : US$ 35.5 mn raised in 1997 from overseas investors „h TCW/ICICI INDIA PRIVATE EQUITY AMP FUND : US$ 15.0 mn raised in 1997 from overseas investors „h ICICI PRIVATE EQUITY FUND : US$ 2.5 mn raised in 1997 „h STRUCTURED PRODUCTS FUND : Rs. 1000 mn fund raised in 1999 „h ICICI EQUITY FUND : Rs. 2350 mn fund raised in 1999 Interesting developments: 1/11/2000 Launched Web Based Trading and Financial Services accounts for Indians (resident or non-resident). 1/19/2000 Technology and Internet Initiatives Drive Q3 99-2000 Performance. marketwatch.newsalert.com 1/21/2000 ICICI Bank Launches India's First Credit Card with Internet Access to all Customers marketwatch.newsalert.com 1/27/2000 ICICI to set up B2B and B2C e-Commerce Payment Gateway in association with Compaq and QSI marketwatch.newsalert.com 1/28/2000 ICICI Q3:99-2000 -- US GAAP Net Income Up By 51% (line items can be found at their web site listed above). marketwatch.newsalert.com 2/4/2000 (Reuters) - The Nasdaq and the New York Stock Exchange (NYSE), enthused by the U.S. stockmarket debuts of three Indian companies last year, are campaigning hard to attract more listings from India. biz.yahoo.com