Review of operations

The review of operations ending March, 2005 give a wonderful feeling of achievement and eternal hope. The sales are up and profits are higher. Both the domains – healthcare and e-Governance – are finally paying off. Apart from three existing large projects from Sardar Sarovar Narmada Nigam Limited, Commissioner of Geology and Mines, and Government Pleader's Office; VMF managed to get an assignment from Gujarat Maritime Board as well during the year. VMF completed the development of the project with SSNNL, Gandhinagar, and implemented it at more than 25 offices at Vadodara, Bharuch, and Gandhinagar. The other e-Government projects are also completed from the point of view of software development, and are under the active phases of implementation.

The healthcare domain related activities, primarily through Medical Communication Systems, Inc. (MCS) have resulted in phenomenal success. The sales of MCS have been building up in the outpatient sector, resulting in increased revenues of VMF over the last year. MCS has been considering off-loading its back-office operations to VMF as well, which may result in strong initiation of BPO revenues for VMF. The BPO expansion would make VMF stronger in the fastest growing sector of the US economy, namely the healthcare IT. It is pertinent to note here that the BPO revenues would be in addition to the software development projects already won by the Company.

Another strong healthcare projects worth mentioned here is design and development of Integrated Healthcare Information System, with an emphasis on Electronic Medical Record (EMR), for the Brighton Hospital in the State of Michigan , USA . VMF completed the project in the record time and won the high accolades from the hospital IT department, administration, and the physicians and nurse professionals.

Future Outlook

VMF adopted a growth strategy based on its core competencies in developing high quality software and selling it through strategic partners globally. The vision of software excellence and constraint based project management has evolved VMF into a sleeping giant, which when woken up to the challenges of delivering extra-ordinary results within the constrained resource endowments of time, money, and people, out-performs some of the most organized entities in the competitive market space. The vision of VMF to be a component based software developer and domain specific Web Services has paid off, and would continue to pay off in the long run.

There is an excellent scope of expansion in global IT services market space. However, the growth would come not in terms of employing large number of highly skilled people. It would definitfor distributing these properties. VMF's experience in healthcare sector globally proves this fact and has succeeded beyonely come through creation of Intellectual Properties using small number of excellent software engineers, domain experts, and project managers; and obviously evolving global channels d anyone's doubt.

MF plans to continue its quest for excellent in software engineering and constraint based project management in the years to come. With its commitment to continuous improvement of its processes, people, and methodologies, VMF is gearing up for a stable and sustainable growth in coming 3 to 5 years.