The Madras-based ICNET was incorporated as a private limited company in Nov.'90 as Integrated Computer Services. It was converted into a public limited company in Jul.'92 and renamed ICNET in Sep.'92. ICNET offers EDI and E-mail services at 18 centres in India. EDI and E-mail transmit data or messages from one computer to another under the network of the company offering the service. The concept of transmitting data through E-mail is slowly picking up in India. The primary advantage of E-mail compared to other means of communication is that it is highly cost-effective and relatively secure. ICNET, incidentally, is the first company to have been granted a licence by the DoT to operate the EDI / E-mail network for public use. The company went public in Feb.'93. It also came out with a rights issue in Jan.'95. The company could not achieve its targets in overseas operations in 1994-95 because of two reasons -- the Gulf operations had not commenced for want of appropriate licences from the local governments and the American operations had not been implemented since regulations in India warrant all international messages to be routed only through Videsh Sanchar Nigam. The Indian operations have also fallen short of the forecast, since only 23 nodes have been implemented instead of the projected 53. In 1995-96, gross income of the company amounted to Rs 11.98 cr. It also raised funds through short term borrowings during the same year.