Cranes Software International

Dear Shareholders,
 
 It is with pleasure that I invite you to go through this Annual Report
 and learn how your Company has performed during the last financial
 year. I am sure that you will be more than happy io see a robust growth
 even in the times of uncertain economic conditions that we are all very
 aware of. All businesses around the world have been affected by the
 global meltdown the individual analysis is generally restricted to the
 evaluation of the severity.
 
 The core business of a Company forms its DNA that also defines its
 vulnerability in the face of an onslaught of any epidemic. Choosing the
 core business carefully is akin to designing your immune system and as
 you can see, our selection of core business in engineering and
 scientific software space has held us in good stead.
 
 As any other business, we have been affected by the current global
 business climate as well, but the effect has been largely on short term
 parameters such as cash flow, rather than on the demands of our core
 products and services. In the technology space, every global meltdown
 since world war II has, if anything only increased the demands on
 innovation and technical solutions. The current financial crisis is no
 exception. Now there is increased demand on analytical tools all over
 the world, in almost every sphere of human activity, for better
 assessment of risks, early detection of signatures of impending
 disasters, pattern recognition, scenario planning and incredible
 amounts of simulations. With three broad divisions of Cranes-Analytics,
 Engineering, and Technology-your Company has positioned itself really
 well to meet the increased demands from society in these difficult
 times and in this process deliver value for your investments as well.
 
 You are aware that your Company has grown to its current strengths
 through a series of acquisitions. All our acquisitions have been, of
 course, in the chosen areas of our core business. These acquisitions
 have thus resulted in accumulation of quite a few technologies.  Our
 fervent desire is to integrate these technologies and leverage cross
 fertilization. In the software technology space, this is typically a
 non trivial task as the basic architectures are many times
 incompatible. Bringing them on common architectural platforms requires
 quite a bit of R & D.Thts activity requires investments of both
 resources and time. This is where I see most of our challenges in
 coming years. How well we do this integration and use synergies to
 deliver new products is what will define our future path. We are,
 fortunately, set on the right path and, with your continued support and
 encouragement, we should not only weather the current storms but come
 out ahead when the sun shines again in the global business world.
 
                                                     Rudra Pratap
                                                         Chairman