MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
CRANES SOFTWARE INTERNATIONAL LIMITED |
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Registered Office : |
4th Floor, Block 1, Shankar Narayana Building,
# 25, M G Road, Bangalore – 560001, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.12.1984 |
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Com. Reg. No.: |
08-31621 [Old] 08-15495 [New] |
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CIN No.: [Company
Identification No.] |
L05190KA1984PLC031621 / U0036KA1994PLC015495 |
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Legal Form : |
Public Limited Liability Company, The Company’s shares are listed on the Stock Exchange |
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Line of Business : |
Company is in engaged in Software Sales and Services and Software Training. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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Maximum Credit Limit : |
USD 16000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well –established software development company, doing very well. Available information indicates high financial responsibility of the company. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered / Corporate Office : |
4th Floor, Block 1, Shankar Narayana Building, #
25, M G Road, Bangalore – 560001, Karnataka, India |
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Tel. No.: |
91-80-51231275/6/7 |
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Fax No.: |
91-80-51231274 |
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E-Mail : |
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Website : |
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Regional Office : |
C –
100, Shivalik, New Delhi – 110 017, India Telefax
: 91 – 11 – 6674891 / 92 Email: infodelhi@cranessoftware.com
Fax : 91
– 40 – 55840028 Email :
cvhyd@cranessoftware.com |
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Witel Systems : |
# 1152,
12th Main, Indiranagar, Bangalore – 560038 Phone: 91
– 80 – 51254131 / 2 / 3 / 4 Fax: 91
– 80 – 25356299 Email: Wi5@cranessoftware.com |
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Cranes Enterprises Solutions : |
5th
Floor, Block 1, Shankar Narayana Building, 25, MG Road, Bangalore - 560001 Phone:
91 – 80 – 51231275 / 6 / 7 / 8 / 9 Fax: 91
– 80 – 51231274 Email: ces@cranessoftware.com
29, 7th
Cross, 14th Main, Vasanthnagar, Bangalore – 560 052, Karnataka,
India Phone :
91 – 80 – 22381740 / 41 / 42 Fax :
91 – 80 – 22268410 Email: info@cranessoftware.com |
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Cranes Varsity : |
5,
Service Road, Domlur Layout, Airport Road, Bangalore – 560 071, Karnataka,
India Fax :
91 – 80 – 25356299 Email: cvinfo@cranessoftware.com
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Cranes Mems Lab : |
Department
of Mechanical Engineering, Indian Institute
of Science (IISc), C.V. Raman Avenue, Bangalore – 560012, Karnataka, India Phone :
91 – 80 – 2293 3224 Fax :
91 – 80 – 2360 0648 Email :
cranessci@mecheng.iisc.ernet.in Society
for Innovation and Development (SID), Indian
Institute of Science (IISc), C.V. Raman Avenue, Bangalore – 560012,
Karnataka, India Phone :
91 – 80 – 23442779 Fax :
91 – 80 – 23314314 Email: info@cranessoftware.com |
DIRECTORS
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Name : |
Dr. Rudra Pratap |
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Designation : |
Chairman |
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Name : |
Mr. Asif Khader |
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Designation : |
Co-founder & Managing Director |
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Name : |
Mr. Mukkaram Jan |
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Designation : |
Co-founder & Director |
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Name : |
Mr. Mueed Khader |
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Designation : |
Director |
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Name : |
Mr. Richard Gall |
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Designation : |
Director |
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Name : |
Mr. Ronald Brown |
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Designation : |
Director |
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Name : |
Mr. Ajay Singh |
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Designation : |
Director |
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Name : |
Mr. Mirza Yawar Baig |
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Designation : |
Director |
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Name : |
Dr. Manju Bansal |
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Designation : |
Director |
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Name : |
Dr. Peter Ryser |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. B. Parasuram |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.06.2007
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Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
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Shareholding
of Promoter and Promoter Group2 |
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Indian |
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Individuals/ Hindu Undivided
Family |
21342800 |
18.61 % |
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Bodies Corporate |
21850200 |
19.06 % |
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Public
shareholding |
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Institutions |
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Financial Institutions / Banks |
39949 |
0.03 % |
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Insurance Companies |
1000000 |
0.87 % |
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Foreign Institutional
Investors |
44117498 |
38.47 % |
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Non-institutions |
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Bodies Corporate |
13382655 |
11.67 % |
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Individuals |
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Individuals -i. Individual
shareholders holding nominal share capital up to Rs 1 lakh |
3816768 |
3.33 % |
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ii. Individual shareholders
holding nominal share capital in
excess of Rs. 1 lakh. |
7217900 |
6.29 % |
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Foreign Company |
1900200 |
1.66 % |
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TOTAL
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114667970 |
100.00
% |
BUSINESS DETAILS
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Line of Business : |
Company is in engaged in Software Sales and Services and
Software Training. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Janardhan
& Associates Chartered Accountants |
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Address : |
Apartment Nos. 104 & 203, Embassy Centre No. 11, Crescent Road,
Bangalore – 560 001, Karnataka, India |
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Subsidiaries : |
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Associates |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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165000000 |
Equity Shares |
Rs. 2/- each |
Rs. 330.000
millions |
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200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 millions |
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TOTAL |
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Rs.
350.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11,466,7970 |
Equity Shares |
Rs. 2/- each |
Rs. 229.336
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
229.336 |
227.335 |
101.667 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3792.343 |
2889.588 |
1456.402 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4021.679 |
3116.923 |
1558.069 |
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LOAN FUNDS |
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1] Secured Loans |
1265.214 |
494.436 |
1155.584 |
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2] Unsecured Loans |
3348.951 |
2742.877 |
0.000 |
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TOTAL BORROWING |
4614.165 |
3237.313 |
1155.584 |
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DEFERRED TAX LIABILITIES |
303.728 |
241.901 |
116.901 |
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TOTAL |
8939.572 |
6596.137 |
2830.554 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2294.810 |
1485.419 |
1106.509 |
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Capital work-in-progress |
1503.903 |
0.132 |
13.558 |
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INVESTMENT |
344.720 |
266.178 |
208.769 |
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DEFERREX TAX ASSETS |
0.000 |
0.614 |
0.458 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.448
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21.018
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60.435
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Sundry Debtors |
1109.949
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1061.918
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1108.751
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Cash & Bank Balances |
2595.705
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2886.038
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408.228
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
1138.021
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1161.154
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262.214
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Total
Current Assets |
4859.123
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5130.128
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1839.628 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
233.699
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536.794
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164.099
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Provisions |
136.806
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217.281
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204.596
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Total
Current Liabilities |
370.505
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754.075
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368.695 |
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Net Current Assets |
4488.618
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4376.053
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1470.933
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MISCELLANEOUS EXPENSES |
307.521 |
467.741 |
30.327 |
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TOTAL |
8939.572 |
6596.137 |
2830.554 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2465.339 |
1870.200 |
1318.815 |
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Other Income |
10.725 |
23.607 |
0.000 |
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Total Income |
2476.064 |
1893.807 |
1318.815 |
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Profit/(Loss) Before Tax |
1050.636 |
820.977 |
577.597 |
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Provision for Taxation |
127.850 |
186.592 |
128.697 |
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Profit/(Loss) After Tax |
922.786 |
634.385 |
448.900 |
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Earnings in Foreign Currency : |
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Export Earnings |
1882.010 |
1415.372 |
918.070 |
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Total Earnings |
1882.010 |
1415.372 |
918.070 |
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Imports : |
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Capital Goods |
2230.840 |
334.817 |
463.448 |
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Others |
269.290 |
255.814 |
177.971 |
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Total Imports |
2500.130 |
590.631 |
641.419 |
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Expenditures : |
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Cost of Goods Sold |
300.406 |
401.256 |
265.481 |
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Personnel Expenses |
252.160 |
134.280 |
51.780 |
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Administrative Expenses |
385.791 |
207.189 |
147.161 |
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Interest |
48.322 |
80.859 |
107.920 |
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Depreciation & Amortization |
438.749 |
249.245 |
167.679 |
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Total Expenditure |
1425.428 |
1072.829 |
740.021 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2007 |
30.09.2007 |
|
Type |
|
1st Quarter |
2nd
Quarter |
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Sales Turnover |
|
710.800
|
786.000
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Other Income |
|
0.300
|
11.700
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Total Income |
|
711.100
|
797.700
|
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Total Expenditure |
|
294.400
|
330.100
|
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Operating Profit |
|
416.700
|
467.600
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Interest |
|
16.000
|
34.200
|
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Gross Profit |
|
400.700
|
433.400
|
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Depreciation |
|
126.500
|
117.400
|
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Tax |
|
49.000
|
57.000
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Reported PAT |
|
225.200
|
259.000
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KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
1.10 |
0.94 |
0.72 |
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Long Term Debt-Equity Ratio |
1.06 |
0.86 |
0.63 |
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Current Ratio |
5.57 |
3.72 |
3.22 |
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TURNOVER RATIOS |
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Fixed Assets |
0.92 |
1.09 |
1.31 |
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Inventory |
135.46 |
45.95 |
31.74 |
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Debtors |
2.27 |
1.72 |
1.65 |
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Interest Cover Ratio |
7.36 |
7.61 |
5.85 |
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Operating Profit Margin(%) |
67.12 |
63.85 |
65.53 |
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Profit Before Interest And Tax Margin(%) |
49.32 |
50.53 |
52.82 |
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Cash Profit Margin(%) |
55.47 |
47.25 |
46.75 |
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Adjusted Net Profit Margin(%) |
37.68 |
33.92 |
34.04 |
|
Return On Capital Employed(%) |
17.11 |
22.05 |
29.78 |
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Return On Net Worth(%) |
26.03 |
27.14 |
32.94 |
LOCAL AGENCY FURTHER
INFORMATION
Business:
During the year, the Company achieved a Sales and Operating Revenue of
Rs.2,476.07 million from Rs.1,870.25 million - a growth rate of 32%. The Profit
before Tax increased by 28% from Rs.820.98 million to Rs.1,050.64 million while
Net Profit increased to Rs.928.91 million from Rs.634.39 million (higher by
46%).
On a
consolidated basis, during the year, the Company together with its above named
subsidiaries, achieved a Sales and Operating Revenue of Rs.2,848.57 million
from Rs.2,109.88 million - a growth rate of 35%, while Net Profit increased
from Rs. 624.87 million to Rs.871.23 million. (an increase of 39%).
Operations:
During the year under review, the following developments were noteworthy:
- The Company acquired the entire share
holding of Analytix Systems Private Limited, thereby making Analytix
Systems Private Limited, a wholly owned Subsidiary of the Company. As a
part of the reorganization process, thereafter the entire business
operations of Analytix Systems Private Limited was taken over by the
Company.
- For similar reasons, the business of
another subsidiary EMRC Engineering Mechanics Research (India) Limited,
has also been taken over.
- The Company acquired the business of
capella from Ariel Business Information Systems UK, thereby gaining an
entry in the Business reporting tool segment.
- In the context of the acquisition of
the Capella business and the integration of the same into the Group in UK
and hence the need to propagate the Company brand name, Cranes', the name
of the subsidiary Systat Software UK Limited, was changed to Cranes
Software UK Limited'.
- For similar reason of promoting the
Cranes brand name, NISA Software Inc., was renamed Cranes Software Inc.,
- The Company acquired the entire share
holding of Tilak Autotech Private Limited (TAT) and TAT became a Wholly
owned Subsidiary of the Company.
- Dunn Solutions Group Inc., a Company in
USA, was acquired through Cranes Software Inc USA, thereby making Dunn
Solutions Group a step down subsidiary of the Company.
- Two new acquisitions have been
completed post 31st March, 2007 - Caravel Info Systems Private Limited and
Proland Softwares Private Limited - the entire paid-up share capital of both
these Companies have been acquired by the Company and both these have
become the subsidiaries w.e.f 1st April, 2007
Appropriation:
The
Directors, are pleased to recommend a regular dividend of 20% on the equity shares
and a special equity dividend of 30% (thereby aggregating to 50%) for the year
under review.
The
amount on account of the above Dividend including Dividend Tax and Surcharge
thereon on distributed profits works out to Rs.134.16 million, leaving the
Company with Rs.1,200.68 million, of which Rs.300.00 million is transferred to
General Reserve and the balance of Rs.900.68 million is retained as surplus in
the Profit and Loss Account.
Capital Structure Changes:
During
the year the Company issued and allotted 1,000,000 equity shares of Rs.2/- each
on preferential basis to strategic investors at a premium of Rs.108 per
share.
The
Company had an issue of Foreign Currency Convertible Bonds (Bonds) due 2011
aggregating to Euro 42 million during February 06. The issue closed
successfully in March '06. The Bonds carry an interest rate of 2.5% payable
semi-annually and are convertible into fully paid up equity shares or GDRs by
the holders at any time between 27th April, 2006 till maturity at an initial
conversion price of Rs. 143.293 per share with a fixed rate of exchange of INR
52.6828 = EUR 1.00. The conversion price was reset to Rs.115/- in March ,2007
as per the terms of the issue. The Bonds may also be redeemed at the option of
the Company after 8th April, 2008 subject to satisfaction of specified
conditions. Unless previously converted, redeemed or repurchased and cancelled,
the Bonds will mature on 18th March, 2011 at 112.833% of their principal
amount. The Bonds are listed at the Singapore Stock Exchange and the GDRs
arising out of the Conversion of the Bonds will be listed on the Luxembourg
Stock Exchange.
Business Initiatives:
Acquisitions:
The Company has built upon its portfolio of products by developing and
implementing the highly successful and acclaimed Acquire-Enhance-Expand' model
that focuses on opportunities that leverage its core strengths. As the Company
arms itself to become a giant powerhouse analytics player, the company must
expand in areas like Enterprise Analytics, Engineering Simulation, Data
Security and Embedded Design, some of which are integral part of the overall
analytics value creation process. In order to do so, the Company recently
announced a series of strategic acquisitions.
Tilak AutoTech Private Limited
(TAT):
The company
acquired automotive electronics solution provider TAT in an effort to
strengthen its presence in embedded software and controls solutions space for
the automotive vertical, making it a wholly owned subsidiary. The existing TAT
clients currently includes the Who's Who in the Indian Automobile industry.
This acquisition also presents the Company with the opportunity to address
other embedded control opportunities like power generation controls, aerospace,
industrial controls and measurement systems by applying same core technology to
these allied verticals.
Dunn Solutions Group Inc., USA
(DSG):
The
Company also expanded its horizon into business intelligence, transactional
solutions and knowledge management consulting with the acquisition of DSG through
its subsidiary Cranes Software Inc., USA. The acquisition will not only help
the Company enhance its geographical presence in the North American market, but
also facilitate cross selling opportunities by taking existing range of
products to DSG's strong client base that spans BFSI, health care and
pharmaceuticals verticals and boasts of names such as Bank of America, American
Express, Banco Popular, Abbott Labs, Caremark and Pfizer.
Caravel Info Systems Private Limited
(Caravel):
The
acquisition of Caravel is in line with the overall business strategy to enhance
its embedded software design capabilities thereby enabling the Company to
provide end-to-end analytics solutions. The industries served by Caravel
include Information Technology, Space, Defence, Consumer/ Entertainment
Electronics, Power Electronics, Instrumentation, Computer Peripherals,
Manufacturing, Customer Care, Healthcare and Textiles. This acquisition has
been made post 31st March 2007.
Proland Softwares Private Limited,
(Proland):
In an
effort to move up the value chain and gain expertise in data security, the
Company acquired Proland, a Bangalore based security software solutions
provider. Proland has over fifteen years of experience in the areas of
designing, developing and supporting software products with data security. The
acquisition is expected to help the Company provide end-to-end secure project
execution and management by integrating Proland's securities solutions
capabilities as well as leverage existing marketing and distribution
capabilities to bolster sales reach across the globe. This acquisition has been
made post 31st March 2007.
Alliances:
Apart from the above mentioned acquisitions, the Company continues to develop
strategic alliances to better serve clients with a greater product breath and
depth.
The
Company entered into an agreement with Engineering Technology Associates (ETA)
to distribute and support ETA's DYNAFORM and VPG products across India.
DYNAFORM and VPG are tools that enable engineers to develop finite element
models and other complex models for durability and vehicle creditworthiness, as
well as evaluate performance prior to physical prototype. This association with
ETA will enhance the Company's engineering product portfolio, especially in the
transportation industry and will complement the Company's general-purpose
finite element analysis (FEA) package NISA.
In
adjunction to its deal with ETA, the Company, signed an MoU with Structural
Engineering Research Centre (SERC) to co-develop products for the scientific
and engineering community in India. Presently under this initiative, the focus
is largely on developing a graphical pre-post processor for SERC's
FINEART.
New
Software Launches: Over the past year, the Company has made significant
enhancements and upgradations to its existing suite of software products.
During the year, the Company launched NISA Version 14.0 with over 30 new
features offering major upgrades in performance, ease of use and graphing
capabilities. The Company subsequently also released a Linux-compatible version
of NISA 14 to enable enterprise users to handle large engineering simulations
with ease and cost effectiveness. In addition, the Company also launched an
enhanced version of civil engineering package - NISA Civil - for the
international market, which is available through the Company's international
direct offices and distribution network.
In a
continuous effort to achieve maximum client satisfaction, the Company again
released NISA Civil Version 15 in March 2007, with a host of new features that
lay emphasis on the requirements of structural engineers focusing on the
British and American steel and concrete building construction industry.
In the
first quarter of 2007, the Company launched the latest version of its scientific
graphing and data analysis package, SigmaPlot 10 that provides new features to
analyze data and create exact, publication-quality graphs that best present
research results for presentation, publication or the web.
The
Company also continued the legacy of SYSTAT, an award winning software, by
launching SYSTAT Version 12 in February 2007. The newer version provides users
with major graph enhancements, an attractive interface containing many
innovative features, and new statistical tools that include mixed model
analysis, robust regression procedures, partial least squares regression,
response surface optimization and many new probability distributions. Prior to
the launch of version 12, the Company, together with Phil Science Inc., had
introduced the Korean language version of SYSTAT 11 with local language graphic
user interface and translated technical manuals to address the local latent
demand in Korea.
The
Company is committed to enable its customers to define new limits by setting
higher standards in the Enterprise DSS domain. During the year, the Company
also launched the latest version of highly acclaimed InventX Strategic Project
Portfolio Management (SP2M) Version 4.0. The latest version offers a highly
customizable solution which supports end-to-end business planning from
strategic to operational with multi-site project management and product
development support environment. It also addresses the needs of strategic
project management, as well as the status and reporting requirements of
mid-to-executive-level management, sponsors, customers, and other stakeholders
of the projects.
Awards and Recognition:
The
Company was honored with the 'United Kingdom Trade and Investment' award as the
new market entrant of the year. This award was presented to the Company to
recognize and celebrate exceptional entrepreneurial and innovative talent while
boosting bilateral trade between the two countries.
The
Company was also recognized for its business model Acquire-Enhance-Expand' as
it received the 'Innovation for India' award. This award, instituted by Marico
Foundation and Business World, intended to showcase the leading innovators
among the Indian corporate community. The Company was adjudged on the basis of
its unique business model and its ability to identify the right products and
resell enhanced versions in various markets globally.
The Company has repeatedly received awards in the past as one of the
fastest growing technology companies in Asia Pacific region by Deloitte Touche
Tohmatsu. In addition, The Company has also been commended for its various
award winning software products including NISA Civil - 'ACCE CDC Award 2006' in
civil engineering for the best software package; and SYSTAT - 'Top Statistical
Data Analysis Product' by Scientific Computing and Instrumentation.
Opportunities:
* The need for real time decision support system across all organizations is
inevitable. The Company is well positioned having deep domain knowledge and
recognized brand value of its software products to effectively leverage itself
to exploit the available opportunities in this sphere.
*
Storage technology costs are falling and therefore storage and retrieval of
data is becoming inexpensive. There is immense scope for the Company to take
advantage of these falling costs by focusing their efforts in the Analytics
domain to become a preferred end-to-end solutions provider.
*
The Company has created a strong position in the niche area of scientific and
engineering software and has an expanding IP portfolio in this niche space. The
recognized brand value of its software products provides substantial visibility
that has been effectively leveraged to expand the available opportunity.
*
The Company has taken specific actions to strengthen its eMarketing initiatives
to expand it beyond its current trial facilities in Americas, where such
exploration has met with success.
* The
Company is moving into a Systems and processes driven mode. This shift, in the
way the Company operates is expected to create a more scalable model that
supports its medium to long term growth initiatives.
This
is also expected to provide cost related benefits, enabling stronger
contribution from further initiatives.
Threats:
* The market in which the Company operates has traditionally been fragmented,
with several niche products targeting the requirements of relatively limited
technical and research-related segments. Thereby competition is high on a
global basis. The Company seeks to overcome this threat by providing value
added solutions that deliver deep into specific applications of its products
into specific industry verticals.
* The
Company derives about 79% of its revenue from exports. The recent trend of
currency re-alignment in line with shifting economic fundamentals has created
increased volatility, which may be expected to continue in the short to medium
term. The currency exchange risk stands increased as a result despite efforts
at hedging.
* The Company has invested in some new technology business ventures where
the returns could be expected only over the longer term horizon. However, in
doing so, the Company has backed the initiatives of some highly renowned and
talented individuals/teams of individuals and is confident about their
capabilities. Also, the investment in these ventures is a small portion of the
aggregate capital employed.
|
Contingent liabilities not provided for and
Capital commitments |
Rs
in Millions |
|
Contingent
liabilities not provided for (a) Outstanding guarantees
and counter guarantees to various banks, in respect of the guarantees given
by those banks in favour of various government authorities and others |
2.400 |
|
(b) Claims
against the Company not acknowledged as debts on Tax matters in dispute under
appeal |
3.650 |
|
Estimated amount
of contracts remaining to be executed on capital account not provided for |
130.340 |
Dr. Rudra
Pratap, an acknowledged
expert in the mechanical engineering domain, is an Associate Professor at the Indian
Institute of Science, Bangalore. He heads Cranes Software's MEMS research
initiative and also plays the role of Chief Scientific Advisor.
Asif Khader, Cranes Software's
Managing Director since inception, has recently assumed the additional responsibility
of Vice-Chairman. Asif has led the Company's metamorphosis from a marketing-led
organization to a global technical software company. He has been instrumental
in creating and enhancing Cranes Software' successful relationships with
leading global
organizations as
well as its focus on investing in future technologies.
Mukkaram Jan co-founded the
Company with Asif Khader and contributed substantially during the initial
growth phase of the organization. Mukkaram continues to play the role of an
advisor in his capacity as a member on Cranes Software's Board.
Mueed Khader is an intrinsic
part of Cranes Software's executive management team. He plays the role of Chief
Operations Officer and contributes to the strategic decision-making process.
Richard Gall has several decades
of experience at such leading technology-centric companies as Texas
Instruments, Raytheon and Parametric Technology, and has brought with him some
deep global corporate relationships.
Ronald Brown is the original
author of TableCurve 2D, TableCurve 3D, PeakFit and AutoSignal, leading data
visualization software products that now form part of Cranes Software's
portfolio. Ron remains closely associated with Cranes Software and plays the
role of Chief Software Architect.
Ajay Singh, through his
successful career in public administration, has been associated with several
key government agencies. He was previously an Advisor to the Minister of
Communications and Information Technology and part of the earlier Government's
IT policy think tank.
Dr. Peter Ryser is a Professor of
Microtechnology at the Swiss Federal Institute of Technology in Lausanne. He
has over three decades of research and teaching experience across corporate and
academic institutions. He was previously a Director at Siemens Building
Technologies where he was responsible for product innovation and patents for
the entire Siemens Group for a period of five years.
Mirza Yawar Baig has extensive
experience in organizational development and corporate training. He is associated
with several training institutions, including those run by GE, Oracle and other
corporations in the U.S.
Dr. Manju Bansal is a Director at
the Institute of Bio-informatics and Applied Biotechnology, Bangalore, and a
Professor in Molecular Biophysics at the Indian Institute of Science,
Bangalore. She has provided deep insight into the Life Sciences,
Bio-informatics and Applied Biotechnology markets which is critical to Cranes
Software's proprietary software products.
Fixed Assets :
Ø Land
Ø Furniture & Fixtures
Ø Computer
Ø Computer Software
Ø Plant & Machinery
Ø Vehicle
Ø Technical Books
About the Company
Technological progress can largely be credited to the dedicated efforts of scientists and engineers worldwide whose accumulation and inventive application of knowledge has created immense intellectual assets from which they all benefit everyday. Therefore, it is imperative to provide their scientists and engineers with an environment that is conducive to their innovative pursuits.
At Cranes Software, they have dedicated themselves to this cause, either by
providing proprietary solutions or by partnering with leaders in this field.
They have developed software tools, specifically designed for scientists and
engineers enabling them to discover and build, invent and innovate newer
technologies. They have also created a robust pipeline that can reach the
global technical community with effectiveness and impact. This has been made
possible by leveraging their deep domain knowledge of this niche market.
Today, Cranes Software International Limited is a global corporation offering
scientific and engineering products and solutions to clients worldwide. The
Company its presence in 39 countries across the world and has a customer base
of more than 350,000.
With a mission statement to provide its customers the best in scientific
technology and to enable its customers to define new limits, Cranes Software is
setting new standards in the scientific and engineering field.
Cranes Software International Limited was co-founded by Mr. Asif Khader and Mr. Mukarram Jan in 1991. The Company started as a distributor of anti-virus software in Bangalore and later moved on to become the sole authorised distributor of MATLAB in South Asia in 1993.
The business of distribution of third party products grew in the 1990's and
partnerships were established with reputed companies such as MicroSim Inc.,
Windriver Inc. and dSPACE GmbH Germany to distribute their scientific software
products in India. The Company initiated its foray into the area of Digital
Signal Processing (DSP) tools by signing a reseller arrangement with Texas
Instruments for the ASEAN region which created the first overseas opportunity
in this business. Today, the Company's partnerships have diversified to offer
world-renowned solutions from reputed principals such as Texas Instruments,
Mentor Graphics, IBM, InventX, MapuSoft and others.
In 1998, Cranes Software decided to start a training division and Cranes
Varsity was formed to provide post-professional technical training in niche
domains such as digital signal processing (DSP), real time embedded Systems
(RTES) and mathematical modelling in 1998 for the academic and corporate
sectors. Cranes Varsity has partnered with Texas Instruments and Rational (a
subsidiary of IBM) to enhance the usage of technical software at engineering
colleges and universities across the country. It has also emerged as the
preferred training destination for several leading local and multinational
companies in India. Cranes Varsity has trained over 2500 engineers for the
likes of TI, GE's John F. Welch Technology Center, GE Transportation, Robert
Bosch, Delphi System, Wipro, Infosys, Honeywell, Intel, Sasken, Tata Elxi, TCS
etc.
In 2000, Cranes Software initiated its foray into software IPR with the
acquisition of U.S.-based AISN Software's range of visualization software
products, TableCurve 2D, Table Curve 3D and PeakFit. Ron Brown, the promoter of
AISN Software and the original author of the acquired suite of products,
endorsed Cranes Software's product management potential by joining the Company
as the Chief Software Architect for the products created by him. He continues
in this position at present and is also a member of Cranes Software's Board of
Directors. Cranes Software's technical products portfolio also includes the
global marketing rights to AutoSignal, SPSS' signal analysis product, also
developed by Ron Brown.
Soon thereafter, Cranes Software acquired SYSTAT, an award winning statistical
software product from SPSS Inc. The SYSTAT acquisition significantly
strengthened Cranes Software's position in statistical software as it brought
with it a global base of over 64,000 licensed users. Also, as in the case of
the previous acquisition, Lee Wilkinson, SYSTAT's original author, recognized
Cranes Software's strong strategic management and technical development
capabilities and fully endorsed this acquisition. Lee is the Senior Vice
President at SPSS Inc where he looks after the R&D function of that
company. He continues to provide his inputs to the ongoing development
initiatives and the strategic direction of the SYSTAT product.
In January 2004, Cranes Software acquired the marketing, licensing and
development rights for the Sigma product line from SPSS Inc., including the
flagship SigmaPlot® offering, SigmaStat® statistical analysis package, and
SigmaScan® image analysis software. These offerings are highly complimentary to
Cranes Software's current portfolio in terms of cross-selling potential within
existing users and addressable markets.
The transaction also included the acquisition of the product's customers,
personnel, fixed assets and all related intellectual property. At the time of
its acquisition, the Sigma product had an established active user base of over
100,000 globally, largely in the pharmaceutical and biotechnology marketplace.
Users included Merck, Eli Lilly, Pfizer and NASA, each of which had over a
thousand desktop installations.
In 2005, Cranes Software acquired the Indian arm of Engineering Mechanics
Research Corporation (EMRC). With this acquisition, Cranes Software not only
offers a Finite Element Analysis (FEA), through the NISA family of suites, but
also provides Computer Engineering Services (CAE) to clients in different
domains. These products and services are supported by their experienced
engineers to help clients solve the most complex of problems in various
engineering domains and help deliver results faster and more accurately.
Another push towards offering services to customers is through Enterprise
Solutions, which includes a wide range of services including consulting,
research & analysis, simulation/modeling & design, development and
implementation, migration, maintenance & support. Cranes's enterprise
solutions portfolio today includes end-to-end solutions in Enterprise
applications, Knowledge Management, Business Intelligence & analytics, and
Performance Management. The division blends the rich expertise of product
designing, R&D investment in emerging technologies and high-end consulting,
thereby positioning it uniquely in the spectrum of ICT solution providers.
As a significant global player in the scientific software domain, Cranes
Software is now in a position to combine the power of its software product
offerings with high-quality, cutting-edge services and solutions to scientific
researchers around the world.
Cranes Software has also made investments in emerging technologies such as
wireless and MEMS. The Company has developed IP cores for wireless
communications systems and wireless LAN test solutions for the automated test
equipment (ATE) industry. Cranes Software has played a pioneering role in MEMS
research by establishing CranesSci MEMS Lab in collaboration with Indian
Institute of Science (IISc), Bangalore. Located at the IISc campus, this
initiative is headed by Dr. Rudra Pratap, the Chairman of Cranes Software's
Board.
Today, Cranes Software has its presence in 39 countries across the world and
has a customer base of more than 350,000. Cranes Software provides its
customers with award winning proprietary products, training and high-end
consultancy services for engineers and scientists worldwide, and is
continuously investing in future technologies.
With a mission statement to provide its customers the best in scientific
technology and to enable its customers to define new limits, Cranes Software is
setting new standards in the scientific and engineering field.
Cranes Software International Limited : Significant Achievements
Year Milestone
1991 Cranes
Software International Limited (Cranes Software) founded by two young,
entrepreneurs.
1992 Initial
focus on engineering software.
1993 Acquired
Indian subcontinent distribution rights for MATLAB™.
1995 Strategic
alliance with dSPACE adds DSP development tools to portfolio.
1998 Alliance with Mentor Graphics' Nucleus Real Time Operating Systems (RTOS) for embedded solutions.
Cranes Varsity established for providing training services in DSP, RTOS, embedded systems and
mathematical modeling and
simulation (MMS).
1999 Cranes Varsity initiates corporate training and engages leading industry players.
Cranes Varsity acquires training
authorization for Texas Instruments' DSP University programme; initiates
mathematical modeling and simulation training using MATLAB; and real time
operating systems using Nucleus.
2000 Launch of Cranes' consulting division: initial engagements with GE, TI, the MathWorks and SPSS Inc.
Acquisition of AISN Software along
with its market leading software products TableCurve 2D, TableCurve 3D and PeakFit.
2001 Domestic mandates for marketing globally established products in telecom and networking, 3G and tool
chains for principals Texas Instruments, the MathWorks, Radioscape, AdventNet and Metaware.
Cranes Varsity becomes Global Connection Partner for the MathWorks, Inc.
Acquisition of SYSTAT from SPSS Inc.
Fully-owned U.S. subsidiary
incorporated in Richmond, California.
2002 R&D center established in Bangalore to develop product upgrades, and conduct research in new
technologies.
Fully-owned U.K. subsidiary incorporated in London.
CranesSci MEMS Lab established for MEMS research initiative in collaboration with the Indian Institute of Science (IISc), Bangalore.
ISO 9001-2000 certification acquired.
Global marketing and distribution alliance with AISN Software for the AutoSignal product.
Varsity alliance for introducing Rational Seed Programme at universities in South India.
Release of all-new,
internally-developed TableCurve 3D Version 4.0 and SYSTAT Version 10.2.
2003 Distribution rights for Texas Instruments' digital signal processing (DSP) tools in the ASEAN region.
Incorporated fully-owned subsidiaries in Singapore and Germany.
Launched SYSTAT Version 10.2 in Japanese to address latent local demand.
Invested in IISc faculty venture, ESQUBE, focused on communication technology research.
Rated as Technology Leaders for two consecutive years by Scientific Computing & Instrumentation, USA.
SYSTAT rated the top five product of the year under 'Data Visualization' category by Scientific Computing
and Instrumentation.
2004 Acquisition of the presentation and analysis Sigma product line from SPSS Inc. for US $ 13 millions.
Listing of GDRs in Luxemburg Stock Exchange.
Wireless technology alliance with leading global instrumentation player National Instruments.
Assessed at SEI CMM Level 5 covering software product development and services across the Group
operations.
2004 Appointment of noted biologist Dr. Manju Bansal, one of India's foremost computational biologists and a
Professor at Indian Institute of Science in Bangalore on Cranes' Board.
Cranes Software's shares are listed on the National Stock Exchange (NSE).
Cranes enters JV with the Dubai-based Kanoo Group to set-up operations in the Middle East.
Cranes Software is ranked the leading Indian publicly listed technology company by the 2004 edition of
Deloitte Touche Tohmatsu's Asia Pacific Technology Fast 500 survey.
The Scientific Computing & Instrumentation (SCI) Journal, picks SYSTAT 11.0 for the top products award
in the statistical data analysis
segment for the year 2004.
2005 Acquired Engineering Mechanics Research Corporation (EMRC), the developer of the NISA family of FEA
programs and a pioneer in the field of Computer Aided Engineering Software.
Dr. Peter Ryser, a Swiss citizen, and a professor of microtechnology at the Swiss Federal Institute of
Technology in Lausanne, is appointed on Cranes' Board of Directors.
Launched SYSTAT 11in Japanese to further address the Japanese market.
Cranes Software Licenses Equbits' Predictive Modeling Framework to develop an integrated module for
the data mining community.
Cranes Software decides to invest in InventX™ePM Project Portfolio Management Solution, product
development and life-cycle management.
The Quality System at CSIL
Set-up in 1995, the quality system is based on the board
approved quality principles and conforms to ISO 9001: 2000 standards. The
Quality Manual has details and specifications of practices followed with the
organization.
The internal quality audits to evaluate and assess the level and implementation
of the quality system began in the first quarter of 2002. The quality system
was certificated in June 2002 by TUV CERT (TUV Rheinland / Berli-Brandenburg).
Later as a part of continuous improvement process, Cranes got assessed to CMM
L5 in July 2004. The journey is continuous and is process of implementing
BS7799 a information security standard.
The Basic Elements of the Quality System are
Strategies and policies created in cooperation with the personnel, customers and other stakeholders- Evaluation based on - both self-assessment and external evaluation
- Continuous learning, innovation and improvement
- Quality training for personnel to strengthen continuous quality
development.
Details
of evaluation criteria are
- Management
- Strategic planning
- Client orientation
- Knowledge and skills to analyze it
- Development of the staff
- Process management
- Results/accountability
Effectiveness
Quality improvement is an on-going process which is based on
the commitment of the whole staff to common values and goals of the
organization.
The main tool of corporate improvement is an assessment-based quality management
system. It defines the group's general operating strategies, guidelines, values
and policies and also outlines the general decision-making principles at all
levels.
- Strategic Levels
- Operational Levels
- Best Practices
- External Evaluators' Views
The
significance of quality
Quality is a competitive element of strategic importance to
CSIL. The organization's management addresses quality standards and targets in
the normal business plans and is committed to continuous quality improvement.
Quality policy and quality principles have been defined for the organization
and the management ensures that these are understood at every level of the
organization.
CSIL was ranked the fastest growing listed Indian Company by
Deloitte Touche Tohmatsu Asia Pacific Fast 500 for two consecutive years 2003
& 2004. Deloitte's Technology Fast 500 Asia Pacific is a program that
recognizes and profiles fast-growing technology companies. The program,
includes the following and related industry sectors:
- Communications
- Software
- Semi-conductor, Components and Electronics
- Life Sciences
- Internet
- Computers and Peripherals
- Other (Technology related companies not included above)
In 2004, CSIL was ranked 8th in the Dataquest Top 20 fastest
growing companies based on market capitalization. Dataquest Top 20 is India's
oldest and most comprehensive IT Industry survey report.
In 2004, CSIL was ranked 102 in the DQ Top 20. The DQ Top 20
and DQ Top 200 have for over a decade been the high point of IT publishing in
India. The compilation of this report is an exercise in profiling and ranking
the Top 200 InfoTech companies in the country, and is an exhaustive collection
of over 1,000 other companies' data. This also presents a one-stop information
source of the Indian IT industry's performance.
CSIL's 100% subsidiary Systat Software Inc. was rated as the
'Technology Leader' for two consecutive years - 2003 & 2004, by Scientific
Computing and Instrumentation, USA. Scientific Computing and Instrumentation is
a leading global industry journal that provides focused coverage of computer
technology for the scientific community, featuring technical software, computer
systems and related hardware, as well as the latest applications and techniques
that can aid in advancing scientific research.
CSIL was ranked 261 by the ET 500 survey in December 2004.
The Economic Times, one of India's leading Business Dailies, conducts a nation
wide research on all listed companies twice a year. This survey called ET 500
is a consolidated list which ranks companies based on market capitalization.
CSIL was ranked 217 by Business Today 500 survey. The BT 500
survey ranks India's 500 most valuable private sector companies on the basis of
market capitalization. Similar to ET 500, BT 500 does not include public sector
undertaking companies.
Press Releases :
Bangalore, October 25th, 2007:: Cranes Software
International Limited (CSIL), a global data analytics and engineering
simulations software products and solutions provider, today announced its
un-audited results for the second quarter ended 30th September, 2007.
On the occasion of the first quarter results announcement,
Asif Khader, Managing Director, Cranes Software International Limited, said:
Cranes Software continues to
witness a demand pattern that is growing exponentially as is reflected by our
increased clientele and the strong financial performance declared by the
Company for the current quarter under review. This quarter can be most
appropriately summed as one of consolidation from the previous quarter where
the Company had announced several product launches and four independent
acquisitions in the data analytics space. Accordingly, revenues expanded 38%
while PAT was up 30% Q-o-Q, with operating margins of 55%. Although so much is
being written about the sub prime woes and speculative economic slowdown in the
United States, the business of data analytics and engineering simulation is
increasingly becoming the oxygen for other industries to rely on, not only to
differentiate themselves but also capture maximum market share by judiciously
utilizing the abundant information available to support business decisions. In
this regard, Cranes is cementing its presence across the globe with high focus
on the European and American markets. Going forward, we expect to continue
growing at a robust pace thereby evolving into a global top tier analytics
driven Products and Solutions Company.
Cranes second quarter performance review:
Corresponding quarter comparison:
Q2 FY08 (July - September 2007) v/s Q2 FY07 (July - September 2006)
Total income increased by 38% from Rs. 666.8 million to Rs. 917.3
million in the current quarter.
Overseas revenues were up 29% at Rs. 746.3 million and constitute 81% of
total revenues.
Domestic revenues rose 34% from Rs. 119.3 million to Rs. 159.7 million
in the current quarter.
Operating profit improved by 37% to Rs. 507.1 million compared to Rs.
368.9 million in the previous corresponding quarter. Operating margins remained
stable at 55%.
Net profit after tax grew by 30% to Rs. 272.7 million translating into
diluted EPS of Rs. 2.14 as against Rs. 1.74 reported during the same period
last year.
Sequential quarter comparison:
Q2 FY08 (July - September 2007) v/s Q1 FY08 (April - June 2007)
Total Revenues increased 9% from Rs. 840.7 million.
Overseas revenues expanded by 11% q-o-q from
Rs. 673.6 million to Rs. 746.3 million
Domestic revenues remained almost flat at
about Rs. 160 million.
Operating profit increased by 14% from Rs. 444.7 million. Operating
margins were higher from 53% in Q1 FY08 to 55% in the current quarter.
Net profit after tax (prior to adjustments) was up 11% from Rs. 246
million. Accordingly, diluted EPS increased from Rs. 1.84 in Q1 FY08 to Rs.
2.14 in the quarter under review.
Business-wise Revenue Analysis:
|
About Cranes Software International Limited (CSIL):
Cranes Software International Limited is a company that provides Enterprise
Statistical Analytics and Engineering Simulation Software Products and Solutions
across the globe. The Company's business interests span Products, Productised
Solutions, Services and R & D in future technologies.
Today, Cranes Software has its presence in 39 countries across the world and
has a 350,000 strong global user base. Cranes Software offers a range of
proprietary products - SYSTAT, SigmaPlot, SigmaStat, SigmaScan, TableCurve 2D,
TableCurve 3D, PeakFit, NISA, XID, XIP, Survey ASYST, iCapella, InventX and
world-renowned products from reputed principals such as Engineering Technology
Associates, Livermore Software Technology Corporation, The Mathworks, Texas
Instruments and IBM.
For further information please visit http://www.cranessoftware.com
Certain statements in this release concerning
our growth prospects are forward-looking statements. These forward-looking
statements are subject to certain risks and uncertainties, including government
actions; local political or economic developments; technological risks; risks
inherent in the Company's growth strategy; dependence on certain clients;
dependence on availability of technical consultants and other factors that
could cause our actual results to differ materially from those contemplated by
the relevant forward looking statements. The Company undertakes no obligation
to publicly update these forward-looking statements to reflect subsequent
events or circumstances.
For further information, please contact :
Contact : Krishna Lakshmi Narasimhan (Cranes Software International Limited)
Phone : 91-9845833811
Fax: 91-80-4123 1274
E-mail : krishna.narasimhan@cranssoftware.com
Contact : Gavin Desa/Aditya Bedi (Citigate Dewe Rogerson)
Phone : 91-22-4007 5036/5023
Fax : 91-22-2284 4561
E-mail : gavin@cdr-india.com
Cranes Software Among India's Fastest Growing Technology
Companies
Bags award at Deloitte Technology Fast 50 India 2005 Awards Ceremony in Mumbai
Bangalore, November 28, 2005:
Cranes Software International Limited, a global scientific and engineering software
solutions provider, has been recognised as one of the 50 fastest growing
companies in India by the Deloitte Technology Fast 50 India inaugural award.
This award has been instituted in India by Deloitte Touche Tohmatsu to
recognize the fastest growing technology companies in India. Cranes Software
bagged the award after a rigorous selection procedure that involved taking into
consideration its percentage revenue growth from FY 2003 to FY 2005, among
other considerations.
"It is an honour to be recognised amongst the Fast 50 rapidly growing
companies in India by Deloitte. This is the third time in a row that our
company has been judged to be one of the fastest growing technology companies
in the Asia Pacific region by Deloitte Touche Tohmatsu. They are committed to
delivering similar outstanding performance, by delivering high quality software
products and services to our customers," says Asif Khader, Managing
Director, Cranes Software International Limited.
In FY 2003, Cranes Software posted operating revenues of Rs. 610.1 millions,
which increased to Rs. 1,136.9 millions in FY 2004 and Rs. 1,633.8 millions in
FY 2005. Over the two last years, Cranes Software grew at a Compounded Annual
Growth Rate of 63.6%. Further, in the first six months of the current fiscal
year, Cranes Software's revenues have grown by 46.5%. Proprietary products
owned by Cranes Software, namely SYSTAT, Sigma Product Line, TableCurve 2D,
TableCurve 3D, Peakfit and NISA, make up 80% of total revenues.
Cranes Software had previously emerged the fastest growing Indian technology
company amongst the public-listed companies in Deloitte Touche Tohmatsu's Asia
Pacific Fast 500 Survey over two consecutive years: 2003 & 2004. These
surveys evaluated growth achievements over two consecutive years ended March
2003 and March 2004.
About Deloitte Technology Fast 50 Awards
Esablished in San Jose, California, in 1995, the Deloitte Technology Fast 50
ranks the 50 fastest growing technology companies by geographic region. The
growing program operates independently in 10 countries outside of the United
States, plus one region - Central Europe. The Fast 50 programs supplement the
broader Deloitte Technology Fast 500 initiative in that the winners typically
because automatically eligible to participate in the Fast 500. This is the
first time that the award has been held in India. In order to be eligible to
participate, participants were required to own proprietary technology that
contributes to a significant portion of their operating revenues; devote a
significant proportion of operating revenues to research and development of
technology; and operating revenues of at least USD$ 50,000 in the first year of
the three years being analyzed.
About Cranes Software International Limited (CSIL)
Cranes Software is a global scientific & engineering products and solutions
provider. The Company's business interests straddle products, services, R&D
in future technologies, training and high-end consultancy for engineers and
scientist worldwide. Focused on the scientific and engineering community,
Cranes Software has addressed the needs of a variety of customer groups ranging
from large multinational companies to government, defence, educational and
research institutions for over a decade.
Today, Cranes Software has its presence in 39 countries across the world and
has a customer base of more than 350,000. Cranes Software also offers
world-renowned solutions from reputed principals such as The MathWorks, Texas
Instruments, IBM through product alliances.
With a mission statement to provide its customers the best in scientific
technology and to enable its customers to define new limits, Cranes Software is
setting new standards in the scientific and engineering field.
CRANES SOFTWARE & THE KANOO GROUP LAUNCH MIDDLE EAST OPERATIONS
Joint Venture to offer customized solutions around its product domains and
enterprise services in the Middle East.
Bangalore, November 6, 2005:
Cranes Software Middle East LLC (CSIME), a joint venture involving Cranes
Software International Limited and The Kanoo Group, has launched its operations
in the Middle East by opening an office in Dubai.
The Company plans to offer to clients customized solutions in its product domains
and services in the areas of Analytics; enterprise project and portfolio
management,' Six Sigma consulting, and enterprise applications by leveraging
its own products, IP's and capabilities. The verticals that will be targeted
include Banking, Financial Services and Insurance, Retail, Petrochemical
Manufacturing, Pharmaceutical and Life Sciences, Education, and Travel to name
a few.
Speaking on the joint venture, Mr. Mishal Kanoo, Deputy Chairman of The Kanoo
Group said, "The joint venture with Cranes Software International is
another significant milestone for The Kanoo Group. Cranes Software owns some of
the best Scientific and Engineering software products and is considered the
industry leader in its products domain. Cranes Software's products have a
worldwide reach and there is a huge potential for these products in the Middle
East market. This joint venture relationship will help us promote Cranes
Software's state-of-the-art products through our strong network in the Middle
East."
Speaking about CSIME's plans for the region, Mr. Mueed Khader, Director, Cranes
Software International Limited said, "The Middle East is one of the
fastest growing regions in the world and a very significant market for Cranes
Software. With our global experience and their joint venture with The Kanoo
Group, one of the largest business conglomerates in the Middle East, we hope to
be a key IT player in the Middle East in the near future. They will look at
leveraging from The Kanoo Group's brand equity, wide reach and vast network of
partners and clients."
The venture will also enable greater focused access to the Middle East of
Cranes Software's major products, namely Statistical, Data Visualization and
Engineering tools such as SYSTAT, the Sigma Product Line and the NISA family of
FEA products.
The launch of the Middle East venture signifies the commitment of Cranes
Software International Limited to customers and partners in ensuring the
highest level of support and benefits of its latest research and technology.
Its award winning products and solutions are offered worldwide, and are widely
accepted by multinational companies, R&D establishments and educational
institutions in US, Europe, Japan, Australia, and other regions.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.36 |
|
UK Pound |
1 |
Rs.80.51 |
|
Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|