Cranes Software International Ltd
Ready to take off!
We initiate coverage on Cranes Software International with a BUY recommendation. The company provides tools and solutions addressing the needs of its focused domain- the scientific and engineering community. Apart from these, the company has also established itself in consulting and training in this domain. It is furthering its position by making research investments in MEMS and wireless technology. We expect the company to post a CAGR of 45% in revenues over the next two years
At current market price of Rs 363, stock is currently available at an attractive valuation of 7.6xFY05E and 5.6xFY06E .We recommend a BUY with a two-year target price of Rs 618.
Analyst Vinod Chari+(91 22) 5675 4480 May 2004 ([email protected]) Dealing (+91 22)2685 0505 Sandeepa Arora 5540 9033 Biren Patel 5540 8601
It’s all about money, honey! Cranes Software International Ltd: Ready to take off!
Recommendation Buy Highlights • CMP Rs 363.5 The company addresses a niche domain of scientific and engineering community, 52 Wk H/L Rs 449/118 providing multi industry application of mathematics, statistics, data analysis, visualization Mkt Cap Rs 3.7bn and presentation. • It has proven ability of developing products in-house and using its own sales and marketing team to sell the product. Launch of SYSTAT 11.0 will contribute to revenue Share Holding Pattern % growth. Promoters 34.62 Institutional Investors 7.91 • Company has simultaneously established itself in areas of tool training, not specifically Other Investors 41.77 addressed by academic curricula, through Cranes Varsity, thus complementing its General Public 15.71 product business. • It has initiated investments in R&D in the sunrise areas of MEMS and wireless technology. • It has raised capital recently through a GDR issue with an objective of acquiring more IPs and funding focused acquisitions. Share Price Chart • The company is using its domain expertise to create consulting opportunities in modeling and simulation products. It is also helping it to develop customization skills around its product range.
Management CSIL’s Board of has considerable experience in technology innovation, general management, consulting and in leading diverse businesses. The founder Mr Asif Khader, Chairman Mr. Rudra Pratap of the Indian Institute of Science and the President Mr. Richard Gall, who was earlier with Texas Instruments lead the company.
Compelling valuations At current market price of Rs 363, stock is currently available at an attractive valuation of 7.6xFY05E and 5.6xFY06E in comparison to such peer product companies like I-Flex and Subex Systems. At FY06E, the potential stock price of the company works out to Rs 618. The present value of the stock at a discounted rate of 14% works out to be Rs 476. This gives the stock a 31% upside from current levels. We recommend a strong BUY on the company Comparison summary of product companies:
Company CMP(Rs) Net Sales Operating Profits OPM% PAT EPS(Rs) P/E Recomm
Rs mn FY04 FY05E FY04 FY05E FY04 FY05E FY04 FY05E FY04 FY05E FY04 FY05E I-Flex Solutions 544 7881 10209 2227 2785.8 28.3 27.3 1788 2133 24.0 28.6 22.7 19.0 Hold Subex Systems 276 879 1013 233 323 26.5 30.8 178 250 24.1 27.1 11.5 10.2 Buy Cranes Software 363 1137 1649 517 721 45.4 43.7 325 489 38.3 48.1 9.5 7.6 Buy
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Investment Rationale
Focus on a niche segment Cranes is present in the tools and utilities segment, which has a limited number of players globally. The company has been providing tools and solutions in scientific and engineering domain for over a decade. Starting with the domestic markets, the company has also successfully forayed into the global markets.
Creating strong revenue streams using proprietary products. The company has created strong revenue streams through products created in-house as well as existing products acquired from others. The company first acquired products like AISN’s TableCurve 2D, TableCurve 3D, and PeakFit and followed it up with SYSTAT. The most recent acquisition has been the Sigma Product Line from SPSS. These products have given Cranes very good brands and have helped them create strong revenue streams through the proprietary product. The proprietary products contribute to nearly 81% of total revenues
Proven ability of developing products in-house The company has a proven ability to develop products in-house. It has been able to leverage on its offshore development capabilities to create regular upgrades and product enhancements. Since their acquisition, there have been version enhancements such as SYSTAT 10.2, the Japanese version of SYSTAT 10.2 and TableCurve 3D 4.0.
The company is in the process of launching its most important upgrade, SYSTAT 11.0, which will move the SYSTAT product from a FORTRAN platform to C. This is expected to create strong revenue streams through user migration.
The company has been able to leverage on its sales and marketing network to successfully establish these products.
Training complements existing business The company has established itself in tool training, not specifically addressed by academic curricula, through Cranes Varsity. This has acted as a very good complement to the product business of the company. It is also the authorized training partner for players like Texas Instruments in niche technology areas such as DSP.
Revenues to grow at 45% All the above factors indicate that the company is poised on the cusp of high growth. Revenues are expected to grow at a CAGR of 45% over the next two years. This growth will be across all segments of the business, viz.- third party products, proprietary products and Cranes Varsity.
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R&D investments in sunrise areas The company has made initial investments in high growth, emerging areas like MEMS and nanotechnology, towards development of IPs. Once the company is able to create successful IPs, the commercialization of the IPs will aid revenue growth.
Creating consulting opportunities The company is using its domain expertise in scientific and engineering tools to create consulting opportunities in modeling and simulation products. The company has developed customization skills around its proprietary products. It is also offering consulting in its third party products. These are value-added services that bring higher revenues than merely selling shrink-wrapped products.
Concerns
Continuous investment in product required There has to be an ongoing investment in products during its entire life cycle. Products call for high investment in initial phase of research and development. Once the product is developed, it calls for high sales and marketing costs to establish a brand and rvice the product.
Product failures could affect earnings The product business calls for huge investments. The returns on these investments hinge on the success of the product. The company may find it difficult to recoup its investments in case of product failure. This will affect earnings and can dampen future valuations.
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Industry Background
The software product industry
Software products are patented software processes sold through licenses to users. These products usually address wide scale usage across the user segments.
The software product industry is a high risk- high return industry. The costs involved in this business are also high. This industry calls for investment in initial R&D costs. Once the product is developed, it calls for high sales and marketing costs to establish a brand and sustain the product. R&D and sales investment is continuous, as companies have to constantly upgrade products to stay ahead of competition.
The software product market is highly inelastic with branding and user comfort playing an important role. User comfort with the product translates into long-term product usage patterns.
Segments of the industry The software product market can be divided into three segments, System Level software: This is the generic software level, where a few players like Microsoft, Oracle, SAP, Adobe etc dominate with significant market shares in their respective domains. Application software: These are niche application areas. Some of the major players in this segment are SAS, Cognos, Amdocs etc. Tools and utilities: This segment is the market for application tools and miscellaneous utilities. Major players in this segment are SPSS and Mathworks
Consolidation trend in the industry Due to the inelastic nature of the market with emphasis on brand and long term usage patterns, the product industry witnesses consolidation. Consolidation helps users to acquire not only product IPs but also brands and a ready user base. This helps companies to upgrade or complement existing products at lower incremental costs leveraging the existing brands and the ready user base.
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This kind of consolidation is witnessed a lot in the tools and utilities segment, where it is easier for the user to switch products.
Growth of the product industry The global software products market is estimated at US$180bn.While IT services have showed a worldwide growth of just 3.5% in 2003, following the downturn in the last couple of years, the global packaged software has bucked the trend growing over 8%. Software products account for an estimated 20% of the global IT spending. According to IDC estimates, the software product industry is expected to grow at a CAGR of 13% over the next five years.
Statistical product industry At last year’s estimates, the worldwide market for statistical and data analysis products was estimated at $372mn. The top five players in the industry accounted for 56% of the market, due to consolidation. This industry is expected to grow at a CAGR of 1.1% over the next five years.
Opportunities for Indian product companies India accounts for a very low share in the global IT products market, with a 0.2% market share of the global products market at US$ 1.4bn in 2003. This figure pales in comparison to the share of Indian IT services in the global markets. However, this also indicates a lot of growth potential for Indian product companies.
The recent NASSCOM – Mckinsey study indicates the Indian share of products related opportunities to touch a scale of US $ 8-11bn by 2008 from the current US $ 1.4bn. The Indian advantage comes from low development costs, large pool of talent, proven quality systems, offshore delivery capability and growing domain expertise.
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Company Background
Cranes Software International Ltd (CSIL) is a scientific and engineering products and solutions provider. Having initiated operations in 1991, CSIL offers scientific and engineering software products to its global customers, as well as consulting and training around these products. It has been able to compete successfully in global markets with its proprietary range of scientific and numerical products. The evolution of the company from a third party distributor to having its propretary products has been traced in Annexure 1.
The company’s presence in consulting and training has helped them in their scientific software products business. The company is also making investments in R&D to create IPs in sunrise technology areas such as MEMS, Nanotechnology etc.
Product distribution business CSIL made its entry into the scientific products with the distribution rights to MATLAB, the world’s leading technical computing software. This product has a current base of 500,000 technical users world-wide. Soon the company entered into new alliances and increased its portfolio to leverages its distribution strength. The company now has three different technology segments under its products distribution division: • Mathematical Modelling and Simulation tools • Embedded Software and Controls • Business Simulation and Optimisation solutions
Apart from distribution, the company is also offering customisation of solutions for products under the MATLAB range.
The details of the third party products of the company can be found in Annexure 2.
Own products business The company started its own product business with the acquisition of AISN software’s portfolio of visualisation software products, which are TableCurve 2D, Table Curve 3D and PeakFit. This range was further extended last year with the acquisition of SYSTAT range of product. Also, recently CSIL has acquired the Sigma Product Line (SPL) from SPSS Inc. for a total sum of US $ 13 million. The Sigma product range consists of products like SigmaPlot, SigmaStat, SigmaScan etc.
The company is using its own offshore R&D facilities to create regular updates for its range of products. Since acquiring products, the company has launched updates such as SYSTAT Version 10.2 and TableCurve 3D Version 4.0 have been launched. The company has also launched a Japanese version of SYSTAT 10.2.
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The global distribution of these products is supported by the company’s fully owned subsidiaries in US, Europe and Asia. The subsidiary in the US is the main unit called Systat Software Inc. The company has also created its presence in over 37 countries through a strong distribution network and direct offices.
Major Products Use in Science/Engineering SYSTAT Statistical Analysis TableCurve 2D Curve Fitting TableCurve 3D Surface Fitting PeakFit Peak Analysis AutoSignal DSP
The details of the the proprietary products of the company is attached in Annexure 3.
Consulting CSIL has created consulting skills in modelling and simulation software products leveraging the long MATLAB association. Modelware, its consulting division, has recently entered into an alliance with Lanner Group and Popkin Software with the business modelling and simulation market in mind.
Cranes Varsity The company entered training in 1998 and the activity is carried out under the name Cranes Varsity. This was primarily started to train users on the products distributed by the company. It started off as the Authorised Training Partner for MATLAB. Later the company established a partnership with Texas Instruments to train users on TI’s tools in India. This is done through TI DSP labs established in engineering colleges across India. Recently, the company has entered into a partnership with IBM to introduce its Rational SEED Program to universities in southern India.
Systat Software Inc The company has subsidiaries called Systat Software, Inc. USA (SSI), Systat Software GmbH, Cranes Software International Pte. Ltd. and Systat Software Asia Pacific Ltd. Systat Software Inc. develops, markets and supports scientific software of CSIL and includes major products of CSIL like SYSTAT, TableCurve 2D TableCurve 3D, PeakFit and AutoSignal. This is done by SSI along with its subsidiary Systat Software UK Limited. SSI is head quartered in California USA with offices in the United Kingdom and India. This is supported by a network of global channel partners and marketing associates.
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Management CSIL’s Board of has considerable experience in technology innovation, general management, consulting and in leading diverse businesses. Mr. Asif Khader and Mr. Mukarram Jan founded the company. Mr Khader leads the company as its Managing Director. He is a computer engineer with an additional degree in statistics. He has also co-founded SPSS South Asia and Orca Infotech Pvt. Ltd. The other people on the board include Mr. Rudra Pratap of the Indian Institute of Science and the President Mr. Richard Gall, who was earlier with Texas Instruments.
The details of the board of directors and key operating management team is attached in Annexure 6.
Human Resources The company has a total manpower of 257 people. Apart from the sales and marketing staff, it also includes product developers, the global R&D team, domain experts, statisticians, graphic designers, algorithm specialists, and software programmers.
Impressive Client Roster The company has an impressive client list across automotive, consumer electronics, semiconductors, power and communications sectors. Some of the international customers include GE, Texas Instruments, Robert Bosch, Intel, Philips, Motorola, Siemens, ABB, Daimler-Chrysler, Tektronix, and government agencies such as the U.S. armed forces. In the domestic market major customers are Wipro, Infosys, Reliance, L&T
Financial performance CSIL has demonstrated strong resilience across variable operating conditions to deliver sustained growth on all financial parameters. In the five-year period from fiscal year 1999 to fiscal year 2003, net sales have grown at a CAGR of 87% to Rs. 610.0 million from Rs. 50.4 million and PAT has moved from Rs. 6.8 million to Rs. 140.1 million, at a CAGR of 113%. In this period, the size of the Company has also risen and the net worth expanded by a CAGR of 101% from Rs. 20.2 million to Rs. 332.8 million while capital employed increased by 68% to Rs. 534.9 million.
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Recent Results 03/04 03/03 % Change 03/04 03/03 % Change Rs Mn (3) (3) yoy (12) (12) yoy Net Sales 517.09 257.87 100.52 1,136.92 610.13 86.34 Total Expenditure: 332.54 114.75 189.81 620.33 312.53 98.49 Operating Profits 184.55 143.13 28.94 516.59 297.61 73.58 Other Income - 4.78 (100.00) 3.75 5.40 (30.61) Interest 31.83 14.14 125.02 77.42 33.26 132.74 Depreciation 26.52 29.07 (8.76) 79.87 50.23 59.03 Profit before tax 126.21 104.70 20.54 363.05 219.52 65.38 Tax (25.90) 50.69 (151.09) 37.43 78.98 (52.61) Profit After tax 152.10 54.01 181.63 325.62 140.54 131.69 Prior Period items (0.24) (0.48) (48.42) (0.25) (0.48) (48.42) Net Profit 151.86 53.53 183.67 325.37 140.06 132.30 Equity 101.67 84.22 20.71 101.67 84.22 20.71 EPS Rs 17.71 6.41 176.29 38.31 16.32 134.74 OPM % 35.69 55.50 45.44 48.78
The company has doubled its sales in the fourth quarter at Rs 517mn. The operating margins however reduced to 35.7% from 55.5% in the corresponding quarter of the previous year on account of higher G&A expenses. The company made a net profit of Rs 151.9mn, a whopping 183% growth over the corresponding quarter in the previous year,
For the full year, the company posted sales of 1137mn, a yoy growth of 86%. The net profits were up by 132% at Rs 325.4mn, giving it an earning per share of Rs 38.3.
GDR issue The company has come with a GDR issue of $11.6mn representing 1.744mn shares of Rs 10 issued at $6.65each. This has caused the equity to increase from Rs 84.2mn to Rs 101.7mn. The funds from the issue will contribute to the funding requirements related to its planned business expansions that include: Exploiting emerging growth opportunities through focused acquisitions, joint ven- tures and strategic alliances in India and internationally. Acquisition of intellectual property rights (IPRs) and entering global marketing alliances for leading technical software products. Augmenting working capital requirements of the rapidly expanding global business.
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Attractive valuations At current market price of Rs 363, stock is currently available at an attractive valuation of 7.6xFY05E and 5.6xFY06E in comparison to such peer product companies like I-Flex and Subex Systems.
A company like I-Flex will continue to command premium valuations on account of a proven product pipeline, a strong brand and its MNC status. Once the potential of Cranes comes fully to the fore in the next two years, we see its P/E multiples expanding from current levels.
At FY06E, the potential stock price of the company works out to Rs 618. The present value of the stock at a discounted rate of 14% works out to be Rs 476. This gives the stock a 31% upside from current levels. We recommend a strong BUY on the company.
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Projected Income statement Period to FY03 FY04 FY05P FY06P (Rs in mn) (12) (12) (12) (12) Net Sales 610 1137 1649 2341 Operating expenses (313) (620) (928) (1,389) Operating profit 298 517 721 952 Other income 5 4 5 7.5 PBIDT 303 520 726 959 Interest (33) (77) (85) (105) Depreciation (50) (80) (95) (115) Profit before tax (PBT) 220 363 546 739.1 Tax (79) (37) (56) (76) Profit after tax (PAT) 141 325.6 489 663 Extraordinary / prior period items (0) (0) (0) (0) Adjusted profit after tax (APAT) 140 325.4 489 662 EPS (Rs) 16.6 38.3 48.1 65.2 Div per share 1.2 3.0 5.0 7.0
Projected Balance Sheet
Period to FY03 FY04P FY05P FY06P (Rs in mn) (12) (12) (12) (12) Sources Equity 84.2 101.7 101.7 101.7 Preference 20 0.0 0.0 0.0 Total Share Capital 104 102 102 102 Reserves 291 586 1,025 1,619 Net Worth 396 688 1,127 1,720 Loan Funds 213 233 273 313 Def Tax (asset) 0 0 0 0 Total 609 921 1,400 2,033 Uses Gross Block 491 591 759 906 Accd Depreciation (99) (119) (153) (183) Net Block 392 472 606 723 Capital WIP 5 5 6 8 Total Fixed Assets 397 477 612 731 Investments 0 0 180 480 Total Current Assets 415 779 1,076 1,362 Inventories 73 109 158 224 Debtors 277 374 542 770 Cash & Bank 9 100 117 136 Other current assets 56 196 258 232 Total Current Liabilities (118) (219) (318) (411) Creditors (68) (128) (185) (263) Other current Liabilities (49) (92) (133) (148) Net Working Capital 298 559 758 951 Miscellaneous expenditure 5.7 5.7 8 10 Def Tax (liability) (91) (121) (158) (138) Total 609 921 1,400 2,033
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Key Ratios
FY03 FY04 FY05P FY06P (12) (12) (12) (12) EPS (Rs) 16.6 38.3 48.1 65.2 DPS (Rs) 1.2 3.0 5.0 7.0 BV per share 47.0 69.6 112.8 171.2 P/E 21.8 9.5 7.6 5.6 P/BV 7.7 5.2 3.2 2.1 EV/Sales 5.3 3.4 2.3 1.7 EV/ EBIT 10.8 7.4 5.3 4.0 OPM (%) 48.8 45.4 43.7 40.7 PAT % 23.0 28.6 29.7 28.3 ROCE 49.8 55.3 51.1 46.7 RONW 35.4 46.0 42.6 38.1 Debt / Total equity 0.54 0.33 0.24 0.18
Projected Cash Flow Statement Year to (Rs mn) FY03 FY04P FY05P FY06P Net profit before tax and extraordinary items 220 363 546 739 Depreciation 50 80 95 115 Interest expense 33 77 85 105 Operating profit before working capital changes 303 520 726 959 Add: changes in working capital (Inc)/Dec in (Inc)/dec in sundry debtors (90) (97) (168) (228) (Inc)/dec in inventories (51) (36) (49) (66) (inc)/dec in other current assets (25) (140) (62) 26 Inc/(dec) in sundry creditors 10 59 57 78 Inc/(dec) in other current liabilities 37 42 41 15 Net change in working capital (119) (171) (181) (175) Cash from operating activities 184 349 545 784 Less: Income tax (79) (37) (56) (76) Inc/(Dec) in Def Tax liability 53 30 37 (20) Inc/(Dec) in Def Tax asset 0 0 0 0 Cash flow before extraordinary item 158 342 525 688 Extraordinary inc/(exp) (0) (0) (0) (0) Net cash from operating activities 158 341 525 687 Cash flows from investing activities (Inc)/Dec in fixed assets (256) (160) (230) (234) (Inc)/Dec in Investments 0 0 (180) (300) Net cash from investing activities (256) (160) (410) (534) Cash flows from financing activitiesash flows from financing activities Inc/(Dec) in debt 22 20 40 40 Inc/(Dec) in equity/premium 0 (3) 0 0 Direct add/(red) to reserves (2) 2 0 4 Interest expense (33) (77) (85) (105) Dividends (13) (33) (53) (74) Net cash used in financing activities (26) (91) (98) (134) Net increase in cash and cash equivalents (124) 91 17 18 Cash at start of the year 133 9 100 117 Cash at end of the year 9 100 117 136
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Annexures
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Annexure1: Evolution of CSIL
1991 Cranes Software International Limited (CSIL) founded by two young, first generation entrepreneurs 1992 Initial focus on engineering software 1993 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 training in DSP, RTOS, embedded systems and mathematical modeling and simulation (MMS) 1999 Cranes Varsity initiates corporate training to several industry leaders Cranes Varsity acquires training authorization for Texas Instruments’ DSP University programme; mathematical modeling and simulation 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 and 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: 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 Cranes Sci MEMS Lab established in collaboration with the Indian Institute of Science (IISc),Bangalore Strategic tie-up with the Lanner Group for solutions and products sales ISO 9001-2000 certification acquired Global marketing and distribution alliance with AISN for AutoSignal product
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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 offering Texas Instruments products in the ASEAN region Partnership with Popkin Software to offer enterprise wide business simulation and optimization solutions M Wireless solutions for Tektronix Oscilloscopes Extended U.S. direct presence by establishing Boston office. Incorporation of 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 Acquisition of the Sigma Product Line (SPL) from SPSS Inc. for US $ 13 million. Process initiated with exclusive global marketing alliance for SPL 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 2004 GDR issues of US $ 11.6mn representing 1.744mn shares of Rs 10 issued at $6.65each Launch of SYSTAT 11.0
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Annexure 2: Products Distribution Portfolio
A.Mathematical Modeling and Simulation Technical innovators around the world rely on MATLABâ to accelerate their research, reduce analysis and development time, and produce advanced products. MATLAB integrates mathematical computing, visualization, and a powerful language to provide a flexible environment for technical computing. The open architecture makes it easy to use MATLAB and its companion products (such as Simulinkâ) to explore data, create algorithms, and create custom tools that provide early insights and competitive advantages.
Simulink is a simulation and prototyping environment for modelling, simulating, and analyzing real-world, dynamic systems, built on the core MATLAB numeric, graphics, and programming functionality.
The MathWorks’ customers are 500,000 of the world’s leading technical people, in over 100 countries, on all seven continents working at the world’s most innovative technology companies, government research labs, financial institutions, and at more than 2,000 universities, making MATLAB the fundamental tool for their engineering and scientific work.
CSIL and MATLAB CSIL is the sole authorized distributor for The MathWorks Inc. for their MATLAB range of software in India and Sri Lanka selling to enterprise and desktop segments in commercial, academic and government establishments. MATLAB, CSIL’s first technical software product remains the flagship of its domestic products distribution business. The relationship with its principal the MathWorks Inc. has remained strong throughout the last decade and CSIL continues to launch new and innovative blocks and customized tools in India to augment MATLAB’s effectiveness in industry-specific environments. Initially instrumental in creating generic demand in the country, MATLAB enjoys a significant marketshare and a leading position as the first port-of-call for the Indian technical industry.
Applications Technical Computing, Control Design, DSP and Communication Design, Test and Measurement, Image Processing, Financial Modelling and Analysis
Focus Industries Aerospace and Defence, Automotive, Life Sciences (Biotech, Pharmaceuticals, Medicine), Education, Communication and Financial Services
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Customers in India MNCs: Agere Systems, Analog Devices, Daimler Chrysler, Delphi Automotive, General Electric, GE Transportation Systems, GE Medical Systems, Hewlett Packard, Honeywell, Lucent Technologies, Motorola, Sanyo, Robert Bosch, Tektronics Sharp, Texas Instruments
PSU / Defence industry: Bharat Electronics Ltd, Bharat Heavy Electricals Ltd, CPRI, CVRDE, DLRL, DTRL, Indian Space Research Organization, LRDE, National Aerospace Establishment, NMRL
Indian companies: Hughes Software, HCL, ICICI, Mahindra BT, Mahindra & Mahindra, Reliance Industries, Satyam Computers, Tata Elxsi, TCS
Educational institutions: Indian Institute of Science (IISc), IIT’s, Regional Engineering Colleges and other engineering colleges across the country.
RadioLab RadioSacpe’s RadioLab 3G accelerates 3G development by providing engineers with a real-time tool to simulate the workings of complex 3G communication systems. Real- time simulation allows developers to validate their ideas and designs before omitting them to silicon, contributing to faster product development and limiting errors. RadioLab 3G operates in MATLAB environment providing a unique tool for developers involved in the design of 3G products.
B. DSP and Embedded Systems
dSPACE dSPACE is the leading worldwide supplier of solutions for developing and testing automotiveelectronics, drives, aerospace and mechatronic control systems. dSPACE systems enable manufacturers to reduce their development times and costs dramatically and to significantly improve product quality. This is achieved by the product that provides an optimal mix of standard solutions and customer-specific engineering.
dSPACE’s real-time systems can completely integrate with MATLAB development tools allowing real advantages in the development of advanced control systems with MATLAB’s broad range of tools.
dSPACE offers a totally integrated system for all control engineering applications: real-time hardware, simulation hardware, experiment software. dSPACE scores over
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competition due to the large variety of applications already implemented by customers at over 9,000 installations worldwide.
Applications Automotives, Drives, Robotics, Aerospace, Noise and Vibration, Mechatronics, Education, Process Control, Locomotives
dSPACE customers in India ADA, ADE, ASTE, CABS, CVRDE, GE, HAL, NAL, Philips, RCI
Nucleus Accelerated Technology, the embedded systems division of Mentor Graphics, provides embedded developers with a complete range of products on the solid Nucleus PLUS multitasking real-time kernel. The product comes with source code without royalty payment alongwith many complementary features such as networking, graphics, development tools and other supporting products. Nucleus provides cost-efficient technology focused on rapidly taking users’ embedded products to market.
Applications Networking, Telecommunications, Electronics and high-tech manufacturing equipment that use embedded software technology: Set Top Boxes, DVDs, Digital Cameras, ISDN, Modems, Plotters, GSM, Cellular, PDAs, Printers, GPS, Routers, Bridges, Hubs, Data Communication, Radio, Automotive, Medical Instruments, RAID, Adapter Cards, Security, Industrial Control, Scanners, Gas Analyzers, Gaming Products, Multimedia, Wireless Products, Handheld Devices, Consumer Products, LAN, WAN, Navigational Equipment, Satellites, ATMs, Video Cameras, Bar Code Scanners, Process Controls, Enterprise Hubs.
C. Business Intelligence Products WITNESS, recognized as the world’s leading simulation software, is an effective decision support tool, used for modeling scenarios ranging from facilities planning to staffing and logistics problems. WITNESS supports better business decisions and contributes to improving profitability, enabling decision evaluation before making a financial commitment to change.
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SIMBA is a developer suite comprising a stream of products for enabling the development of simulation-based applications with WITNESS as the core engine. Popkin Software is a leading provider of tools and services that optimize enterprise and ebusiness processes, and design and manage software applications and databases. The ompany is focused on evolving tools and techniques to utilize the software industry’s technical and managerial resources. System Architect®, Popkin Software’s flagship product, provides business modelling diagrams on the market that enable capture of the entire enterprise from various business perspectives.
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Annexure 3: Proprietary Products
A. SYSTAT Increased Analytical Power More Visual Graphing capability Meaningful Results With Less Effort Completely Automated Analysis SYSTAT is a high value, integrated desktop statistics and graphics software package for Scientists, Engineers, and Statisticians that provides the most extensive selection of reliable statistics and high quality, interactive graphics at its price point, enabling customers to analyze their data, make meaningful discoveries, and present their results very efficiently.
Distinctive features SYSTAT delivers over 15 years of experience writing reliable statistical algorithms from leading statisticians. Robust algorithms give meaningful results even with extreme data. SYSTAT offers an enviable number of scientific and technical graphs in a single desktop statistics package. SYSTAT’s intuitive Windows interface and flexible command language improves speed of analysis, refining and automating complex, repetitive analyses with comprehensive command files.
Applications of SYSTAT are extend across a wide range of disciplines and industries providing scientists and engineers across the world an extremely useful research tool: Environmental Science Life Sciences Behavioral Sciences Medical Research Engineering
SYSTAT Version 10.2 The latest upgrade of SYSTAT, version 10.2, is one of the most capable and nimble Windows statistics and analytical graphics packages currently available in the market internationally. New features include: Basic statistics for Cross Tabulation Two new statistical methods to calculate N tiles and Percentiles Rank Regression Ridge Regression Post-hoc tests for repeated measures
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SYSTAT: Existing Customer Relationships
Corporate AT &T, Allied Signal, American Energy Research Institute, Bayer Corporation, BP Chemical, Cleveland Clinic Foundation, Corning Inc., Eastman Kodak, Exxon Exploration, Ford Motor Company, Hein USA, Hewlett- Packard, Information Resources Inc, Institute For Defense Analysis, Johnson & Johnson, Laclede Steel Company, Macarthur Agro-Ecology Center, Mayo Clinic, National Computer Systems, Northern States Power Company, Parke Davis, Roswell Park Cancer Institute, Wallace Laboratories, American Society of Plastic& Reconstructive Surgeons, TRW Electronics and Defence
Government Aquatic Ecostudies Ltd, AZ Dept of Environmental Quality, CA State Dept of Mental Health, Canadian Museum of Nature, Centers for Disease Control, Federal Highway Administration, GIS & Spatial Epidemiology Unit, Gulf Coast Research Laboratory, Illinois Department of Nuclear Safety, Ministry of Forests, NASA/Johnson Space Center, National Institute of Health, National Institute of Mental Health, National Research Council/Ottawa, Naval Medical Research Institute, Ontario Ministry of Natural Resources, RCMP Health Services Directorate, U. S Geological Survey, U. S. Army, U. S. Department of Agriculture, U. S. Fish and Wildlife Service, U. S. Public Health Service, U.S. Bureau of Land Management, VA Medical Center, Walter Reed Army Research, Washington Dept of Fish and Wildlife, Wisconsin Dept of Public Instruction
Academic Arizona State University, Arkansas University Medical School, Baylor College of Medicine, Cornell University, Carnegie Mellon University, Columbia University, Princeton University, Georgetown University, Massachusetts Institute of Technology, New England Research Institute, North Carolina University Hospital, Northwestern University, Pennsylvania State University, Tulane University Medical Center, University of California, University of Delaware, University of Georgia, University of Illinois, University of Indiana, Iowa State University, University of Massachusetts, University of Missouri, University of TX Health Science Ctr., University of Washington, University of Wisconsin, Virginia Commonwealth University, Virginia Tech University, Wayne State University, Yale University
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SYSTAT: Key Vertical Usage Industries
Bio-informatics SYSTAT is useful in the field of bio-informatics to understand/interpret high dimensional DNA data. The applications are listed below: Understanding how are the genes/cells organized- which genes are most similar, which have high/low expression for certain diseases etc Helps in discriminating between cell types or conditions (e.g. Between normal tissue and tumor) Identifying different and previous unknown cell types or conditions (e.g. new sub- classes of an existing class of tumor)
Biotechnology The statistical tools in SYSTAT help a biotechnologist/ analyst in the following stages: In the pre-experiment stage by determining an efficient experimental design that fits the purpose and optimizes the available purpose Post-experiment, it analyses the data by comparing proportions between two groups determining if there are significant differences between them Systat enables market research organizations to analyze consumer data using various statistical techniques. It is used in: Market segmentation, concept development, product/brand positioning and understanding consumer perceptions. Measuring metric and non-metric data to provide insights for new product development and forecasting and pricing decisions. Predicting consumers’ choices by modeling individual’s choices in response to the characteristics of the choices. Providing deeper understanding of underlying patterns and qualitative research results by analyzing existing data sets
Quality Control SYSTAT provides data analytical tools for the Six Sigma, a methodology for eliminating defects, quality control problems and waste. SYSTAT is used in: Measuring current process performance and identifying problem areas Analysing the root cause(s) of problems and confirming those causes Implementing solutions to address the problems Evaluating and monitoring the results of implementation
Banking/ Financial Services The data analytical tools in SYSTAT are used in the area of consumer credit. Systat enables the lender to evaluate the credit risk of loan applications in: Building score-cards (ranking of applicants in terms of risk) May 26, 2004 23 Cranes Software International Ltd: Ready to take off!
Differentiating/Identifying various groups (e.g. bad borrowers vs. good borrowers) Studying the relationship between borrower’s credit capacity and other variables
Petroleum Geostatistics / Spatial statistics applied in the petroleum/mining sector involves analysis and prediction of spatial phenomena such as metal grades, porosities, pollutant concentrations etc. SYSTAT through its various analytical tools analyses spatial data. Some of the applications are: Reservoir characterization – The modeling technique helps in formulating strategies for development of mature fields as well as field development at early stages Generation of a set of reservoir models of rock properties that depict geological structure that aggress with the geologist’s interpretation
Tourism SYSTAT enables in devising effective marketing strategy in order to attract certain number/type of tourists. It is particularly useful in: Segmenting the market/ consumers on various factors like demographics/ psychographics and identifying profitable segment/segments Devising positioning strategy that would occupy distinct competitive position in target consumers’ mind
Agriculture In the field of agriculture, research is applied in various areas like wind erosion control, crop residue management, salinity control, weed control, soil moisture management etc. In this context, SYSTAT is used in: Determining the efficacy of weed control methods Studying soil characteristics and soil productivity Fertilizer management for higher yield Determining the efficacy of fungicide treatments Selection of appropriate farm equipment
Criminology The analytical methods used by criminologists have their origin in statistics. The criminal justice researchers use statistical analysis on different types of data. The statistical tools in SYSTAT are used in: Identifying the pattern in crime through data clustering Determining the accuracy of the crime pattern that is forecasted Studying the relationship between crime and other variables (e.g. neighbourhood conditions)
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Drug Development The drug development process involves research studies from the initial/pre-clinical stage to post approval stage. The statistical techniques/tools in SYSTAT have their applicability in: Determining a tolerable dose range and developing range of doses that produce significantly different effects during preclinical stage Evaluating the impact of administering higher doses Providing conclusive evidence of efficacy of drug and charactering the adverse experience profile
Fisheries Fishery data modeling is very different from the standard analyses as a considerable proportion of the studies are qualitative in nature. The statistical techniques/tools in SYSTAT enables fisheries biologist in: Developing efficient experiment design Understanding the size structure of a fish population in terms of recruitment, growth and mortality Analysis of fish conditions to measure the impact of ecosystem on well-being/ robustness of fish
SYSTAT 11.0 SYSTAT 11 introduces Markov chain Monte Carlo (MCMC) algorithms, new Quality Analysis features, new probability distributions with associated probability calculations, new random sampling and fitting distributions procedures, an enhanced regression suite and an improved user interface with advanced interactive graphics features
SYSTAT 11 Features New Monte Carlo Feature SYSTAT 11 helps accomplish simulation tasks and Bayesian computations. SYSTAT 11’s new Monte Carlo module facilitates statistical simulation exercises — direct random sampling from 33 standard univariate and multivariate, discrete and continuous distributions; indirect sampling by Rejection and Adaptive Rejection Sampling from not-so-standard distributions; Markov chain Monte Carlo sampling from complex, indirectly specified and intractable distributions such as those that arise in typical Bayesian problems.
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Streamlined User Interface & Faster Analysis Speed SYSTAT 11 processes your analysis significantly faster than the previous version. Improved organization and menu customization of related functions streamlines standard statistical workflow processes — making research analysis more efficient.
Improved Graph Customization & Data Visualization SYSTAT 11’s new Interactive Graph Editor provides users with improved graphing customization and ease-of-use; allowing for more graph elements to be customized with fewer key strokes, easier graph customization without editing code or graph regeneration, better visualization capability with easier control of zooming, rotating and moving of graphs. In addition, SYSTAT 11 makes use of Microsoft’s 24-bit true color that enables display of over 16M possible colors for cleaner, smoother on- screen graph display.
Enhanced Analysis Tools SYSTAT 11 provides users with additional charts and tools for advanced quality analysis, including Gauge R & R, Taguchi’s On-Line SPC and Signal-to-Noise Ratio Analysis of Taguchi designs. The new menu-driven multivariate analyses enable users to complete Hotelling’s T2, MANOVA, and other tests for mean vectors, covariance and correlation matrices quickly and efficiently.
This further enhances the scope for wide usage of the SYSTAT product: Actuarial problems like simulation of the aggregate claims distribution, analysis of stochastic claims reserving models etc Practical finance applications like asset pricing model Genetics Archaeological data interpretation Uncertainty and hypothesis testing in Political Science studies. Epidemiology Biology Psychology Economics Ecology In image analysis to draw inference about the scene in the recorded image.
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B. Other proprietary products TableCurve 2D / 3D are powerful, fully automated linear and non-linear curve and surface fitting software packages for engineers and scientists. In a single processing step these packages instantly fit and rank over 3,600 (for TC2D) / 36,000 (for TC3D) built-in frequently encountered equations enabling users to easily find the ideal model to their 2D / 3D data in seconds.
TableCurve 2D Automated curve fitting and equation discovery Quickly finds the best fitting equations for data Automated Curve Fitting Customized to User Defined Equations Accurate Extrapolation of datasets TableCurve 2D V 5.01 gives engineers and researchers the power to find the ideal model for even the most complex data by putting thousands of equations at their fingertips. The product can be used from simple linear equations to high order polynomials.
TableCurve 3D Automated surface fitting and equation discovery Optimal Data Description Automated surface Fitting Fit User-Defined Functions Graphical Review of Results Flexible Output Options
TableCurve 3D V 4.0 is the first and only program that combines a powerful surface fitter with the ability to find the ideal equation to describe three dimensional empirical data. It gives scientists and engineers the power to find the ideal model for even the most complex data, including equations that might never have been considered. TableCurve 3D’s built-in equation set includes a wide array of linear and non-linear models for any application.
PeakFit Automated peak separation & analysis Sophisticated data manipulation Highly advanced baseline subtraction Full graphical placement of peaks Quality graphs and data outputs Saves research time
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PeakFit state-of-the-art non-linear curve fitting is essential for accurate peak analysis and conclusive findings. It is the automatic choice for spectroscopy, chromatography or electrophoresis. PeakFit separates and analyses non-linear peak data better, more accurately and more conveniently, making it an ideal product for such work.
Sigma range of products Sigma-series products are used by scientists and engineers for data presentation and analysis, including the flagship SigmaPlot® offering, SigmaStat® statistical analysis package, and SigmaScan® image analysis software. In addition, Systat Software will acquire Kinetics Enzyme, a related life sciences module.
CSIL has obtained Board approval to enter a global marketing agreement with SPSS Inc. for its Sigma range of products: SigmaPlot, SigmaScan Pro, SigmaStat alongwith specific life sciences related modules. The agreement is expected to culminate in the acquisition of the Sigma suite of products from SPSS.
SPSS acquired the Sigma range from Jandel Scientific Software in 1996. This is currently a $ 6.5 million, cash flow positive business, offering strong and consistent earnings streams. However, following a realignment of its operations, the Sigma range is outside SPSS’ current business focus. The proposed acquisition has the potential to significantly augment CSIL’s existing offering of scientific and engineering software products.
The Sigma product suite has won several awards including nine consecutive Scientific Computing and Instrumentation Reader’s Choice Awards for presentation graphics software, NASA Tech Briefs Product of the Month and Computers in Physics Product of the Month, signifying its continuing popularity amongst its focused user segments.
Significant base, expansion potential The Sigma-series has an established base of over 100,000 users with significant brand awareness in the pharmaceutical / biotechnology marketplace. The desktop product has sold over 4,000 copies to Merck and over 1,000 each to Eli Lilly and Pfizer. NASA currently uses 2,000 copies of the product line. The product has however been peripheral to SPSS’ current business growth strategies. The CSIL management believes that there is significant potential to expand Sigma product revenues from the current level as already achieved in its other products. Currently, the Sigma product line has an operating margin of 45% and strong positive net cash flows. Minimal current overheads and capital expenditure is required to maintain operations atthe current levels. In addition, there are no associated long-term liabilities. The product line is well established and widely recognised among user segments resulting in 30-40% repeat sales.
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Potential markets According to estimates, the U.S. market, currently the primary focus area for the Sigma product suite, comprises over 1.5 million engineers, about 200,000 each of science technicians and mathematicians and about 19,000 physicists, all of which are potential users for this product range. In addition, the international markets provide an under-penetrated source of new customers.
Product details The Sigma product line is focused on the analysis and presentation of scientific data. The products are designed specifically to meet the requirements of research scientists and engineers, enabling collection, analysis and presentation of scientific data. SPL’s market includes research professionals in a range of fields including life sciences, environmental sciences, medical research chemistry and engineering. According to estimates, the U.S. market, currently the primary focus area for the Sigma product suite, comprises over 1.5 million engineers, about 200,000 each of science technicians and mathematicians and about 19,000 physicists, all of which are potential buyers for this product range. In addition, the international markets provide an under-penetrated source of new customers.
SigmaPlot SigmaPlot automatically produces publication-quality plots and graphs from numerical data, with potential usage in printed journals or reports, electronic presentations, web pages, poster session charts, overhead transparencies and distribution materials. SigmaPlot is flexible and customisable and includes many features designed to meet the particular needs of research scientists and engineers. In April 2002, SPSS released SigmaPlot 8.0, which enables users to directly access SigmaPlot from a Microsoft Excel menu and generate graphs from Excel worksheets. In addition to the Excel integration, the latest version of SigmaPlot offers more flexibility and ease of use with new toolbar palettes.
SigmaStat SigmaStat provides automated guidance for statistical analysis of research data. SigmaStat recommends the best statistical test, checks if the assumptions required for a particular test have been met, runs the appropriate test and prepares an explanation of the results. The module finds widespread usage amongst SigmaPlot customers.
SigmaScan Pro SigmaScan Pro is a program for taking measurements from visual images. SigmaScan Pro is among the most highly integrated image analysis program available, offering automated image-processing, analysis and advanced counting features. It analyses colour and grey scale images from video, disk or scanned images apart from providing several image processing techniques. May 26, 2004 29 Cranes Software International Ltd: Ready to take off!
Annexure 4: CSIL R&D Center
CSIL has made consistent and ongoing initiatives to create business upsides through innovations that are at the forefront of technology. It is this amalgam of commerce and science that has attracted several leading technology experts to associate with the Company. These people complement the rich base of thought leaders on CSIL’s Board and are at the helm of the Company’s foray into creating intellectual property in many unique technology areas.
SYSTAT development centre comprises of original product developers, global R&D team, domain experts, leading statisticians, graphic designers, algorithm specialists, and experienced software programmers.
Following CSIL’s venture into product ownership with the acquisition of the SYSTAT product, constant enhancements in line with customer demand are imperative to sustainability and growth. Dr. Krishnan is leading this initiative. Dr. Krishnan retired as a Professor of Applied Statistics at the Indian Statistical Institute after gaining 38 years of teaching, consulting and research experience in India and internationally. Soon thereafter he started his association with CSIL, attracted by the Company’s commitment to developing statistical software.
Key people in the R&D center
Dr. T. Krishnan Dr. T. Krishnan Chief Statistical Architect is an expert on various aspects of Applied Statistics. He retired as Professor of Applied Statistics from the Indian Statistical Insti- tute (ISI), Kolkata. He has over 40 years of research, teaching and consulting experi- ence at the ISI and at various universities around the world. His research interests and publications have been in Biostatistics, Psychometry, Pattern Recognition and Image Analysis, and the EM Algorithm. His book with G.J.McLachlan titled “EM Algorithm and Extensions” (New York: John Wiley & Sons, 1997) has been a definitive and authoritative source of material on the subject.
Dr. Amlan Nayak Dr. Amlan Nayak spearheads the development work related to SYSTAT products. He has more than 13 years of hands-on experience in software development that includes strong understanding in the areas scientific and engineering computation and graphics. Dr. Nayak holds a Ph. D. in Mechanics and an M. Tech from IIT, Madras.
Mr.Ashok Sharma Mr.Ashok Sharma, CSIL’s Chief Technology Officer, with his 27 years’ experience is a veteran in design and engineering. He has worked in such leading companies as BHEL, ABB and GE Transportation before recently joining CSIL. At CSIL, his May 26, 2004 30 Cranes Software International Ltd: Ready to take off!
responsibility in essence is to transform ideas and algorithms into specific customised solutions, creating domain expertise and delivery competencies. Apart t from leading CSIL’s foray in wireless technologies, he heads the qualityfocused initiatives of the Company.
Dr. Richard Mitchell Dr. Richard Mitchell, Senior Scientist graduated with a Ph.D. in Engineering from Purdue University. His early industrial experience includes working on the Atlas mis- sile system that put John Glenn in orbit and positions in the biomedical engineering field at California Pacific Medical Center. Richard has also served as adjunct professor at UC Berkeley. He was one of the original founders of Jandel Scientific, and for two decades, has been the principal scientist overseeing the evolution of technology in the Sigma family of scientific software products.
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Annexure 5: MEMS technology
Micro-Electromechanical Systems (MEMS) technology is tipped to be the next technological leap after the silicon revolution. The technology straddles systems that integrate mechanical and electronic components on the same chip at micro (10-6) and nano (10-9) scales. The potential applications of MEMS technology are far wider than any single technology ever known in human history, ranging from energy conversion, communication, controls, biomedicine, space exploration, defence, environmental conservation and several other emerging areas. MEMS devices could, for instance, create substantial electronic storage capabilities far beyond currently recognised parameters. Efforts to develop applications in such usage areas are intensifying across the world. However, in India, limited availability of comprehensive fabrication and testing facilities have till now limited well-coordinated research activity.
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Annexure 6: Management Team
Board of Directors
Dr. Rudra Pratap – Chairman CSIL Board An acknowledged expert in the areas of computational mechanics, non-linear dynamics, vibro-acoustics, he spearheads CSIL initiatives in MEMS technology research. He is a B.Tech. in electrical engineering from IIT Kharagpur, an M.S. from the University of Arizona and a Ph.D. from Cornell University. He worked with IBM in the U.S. before taking up teaching at Cornell, where he has been felicitated for his contribution and continues to be an Adjunct Assistant Professor. He is now an Assistant Professor in Mechanical Engineering at the Indian Institute of Science, Bangalore. Dr. Rudra Pratap has published over 20 papers in prestigious international journals and his book titled ‘Getting started with MATLAB’ is used by several universities all over the world. He actively contributes to all strategic decision making at CSIL.
Asif Khader – Managing Director - is a co-founder of CSIL and its CEO since inception of operations. Equally at ease with business and technology mechanics, Asif has led CSIL’s metamorphosis from a marketing-led organisation to a mature scientific software solutions company. He has been instrumental in creating and enhancing CSIL’s successful relationships with leading global organizations as well as its focus on investing in future technologies. Asif has a B.E. in computer engineering and an additional degree in statistics.
Mukarram Jan – Co-founder, CSIL - Mukarram contributed a substantial part of the seed capital at the time of initiation of CSIL’s business operations and remains one of the largest shareholders of the company. He has interests in several other business ventures, many of which are technology related and provides valuable strategic business inputs to the CSIL executive management team.
Richard Gall – brings over extensive techno-commercial experience to the CSIL Board. Richard spent two decades at Texas Instruments and subsequently worked with leading corporations such as defense technology major Raytheon and product developer Parametric Technology. During his career Richard has developed deep relationships with several Fortune 500 companies and is leading CSIL’s foray into U.S. markets alongwith overseeing Europe and Japan strategies. He oversees the American market for SYSTAT Software Inc. Richard has a B.S. in electrical engineering from Purdue University and an MBA.
Mueed Khader – He has been with CSIL for over five years and, as an intrinsic part of the core executive management team, has contributed to the significant growth of the organisation during this period. His responsibilities include formulating the overall May 26, 2004 33 Cranes Software International Ltd: Ready to take off!
strategic decision-making and operations process of Systat Software Inc., a key driver of the Company’s worldwide operations.
Ronald Brown – founded AISN Software to pursue his vision for analytical software for scientists and engineers. This vision led to the launch of several successful scientific software products such as TableCurve 2D, TableCurve 3D, PeakFit, and AutoSignal that have set the standards in their respective domains. These products are now owned and marketed by CSIL subsidiary Systat Software Inc. with Ron heading ongoing development as the Chief Software Architect. Ron graduated with a chemical engineering degree from Purdue University in 1975 and his experience includes that at the 3M Research Center in Minnesota, at Eastman Kodak’s film manufacturing center in New York, and at several Silicon Valley technology companies.
Mirza Yawar Baig – Recently inducted on the CSIL Board, he brings with him extensive experience in organisational development and training people across all levels in the corporate structure. He founded his consultancy in 1994 and has acquired valuable cross-cultural exposure to working with business executives, government officials, engineers and academic institutions from various nationalities in three continents. Currently he is associated as a consultant to the faculties of several institutions in the U.S. and India, including the American Management Association, New York and IIM Bangalore, as well as U.S.-based corporate training institutions run by GE, Oracle amongst others.
Ajay Singh – Following a B.Tech. from IIT Delhi, an MBA from Cornell University, a law degree from the University of Delhi and a stint in the corporate world, Ajay embarked on a career in public administration that has seen him associated with several key government agencies. He is currently an Advisor to the Minister of Communications and Information Technology and part of the Government of India’s IT policy think tank. CSIL turns to him for his guidance on its long-term business strategies.
Dr. Manju Bansal - CSIL recently introduced one of India’s foremost computa- tional biologists, Dr. Manju Bansal to its board. She is currently a Director at the Institute of Bio-informatics and Applied Biotechnology, Bangalore, and a Professor in the Molecular Biophysics Unit at the Indian Institute of Science, Bangalore. She brings with her 27 years of outstanding experience in her areas of specialization, which is expected to contribute significantly overall to CSIL’s ongoing R&D-based endeavours and specifically to the development initiatives of CSIL’s Sigma product line.
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Operations Management Team
Pradeep Kumar – He has been with CSIL for over ten years climbing the corporate ladder by excelling in various job functions. He is currently responsible for establishing the vision, strategic intent, sales & marketing and the operational aspects of CSIL’s proprietary products, product distribution division, Cranes Varsity and the Consultancy division in the ASEAN region.
Rajiv Menon – Vice President - Product Development is entrusted with the Global Development activities of the Systat Software range of products. This includes drawing up the development road map of the future versions of all the products and overseeing the day to day activities in order to meet the requirements as per the quality standards. Rajiv has a BS in Electrical Engineering with Computer Engineering Emphasis from University of Wisconsin-Madison, USA. He brings over 12 years of technology experience to the company.
Aarif Hashmi – has 18 years of technocommercial industry knowledge of managing relationships, business process analysis and sales and marketing. Aarif is currently responsible strategic intent, sales, marketing and operational aspects of CSIL’s proprietary products in the European region.
Ashfaq Ibrahim – One of the key members of the CSIL core team, he heads the Cranes Varsity initiative, designed to create a resource pool of engineers proficient in the domains of design signal processing (DSP), embedded systems and mathematical modeling and simulation.
Jude Coelho - Post graduated from XLRI Jude brings to the organisation around 25 years of corporate and consulting experience in the areas human resources management and organization development. Of these, he held corporate leadership positions for over eleven years. Currently, he holds the position of Executive Vice President - Human Resources and provides strategic focus in the areas of human resource management and organizational development.
H. Shankar - Graduated from IIT, Madras and Post graduated from IIM-A, Shankar brings to this organization over 30 years of Production, Development, Quality Assurance, Commercial, Marketing, HR and Finance experience, beginning with the Finance discipline, where he spent best part of his early career. Of these, he held the position of Managing Director of Saint-Gobain SEPR Refractories India Limited & Balmer Lawrie Freight Containers Limited. Currently, he holds the position of Chief Financial Officer of CSIL.
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