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Directors Report of 8K Miles Software Services Ltd.

Mar 31, 2014

Dear members,

The Board of Directors of 8K Miles Software Services Limited are pleased to present the Twenty Eighth Annual Report for the year ended March 31, 2014, together with the Auditors'' Report and Audited Accounts for the Financial year 2013-2014.

FINANCIAL PERFORMANCE

The comparative figures of the financial result of the Company for the last two years are presented in the table below.

(All figures in Lakhs in Rupees)

PARTICULARS 2013-14 2012-13

Sales and Other Income 722.11 303.64

Earnings Before Interest & Depreciation 275.24 26.23

Interest 38.55 16.08

Depreciation 184.19 3.19

Exceptional Items - -

Profit/(Loss) Before Tax (PBT) 52.50 6.96

Profit/(Loss) After Tax (PAT) 9.01 5.24

Add : Brought Forward Loss from Previous Year (76.34) (81.58)

Surplus/(Deficit) in Statement of Profit and Loss (67.33) (76.34)

OPERATIONS REVIEW

The Company''s income stood at Rs. 7,22,11,226/= as against Rs. 3,03,63,681/= in the previous year. Your Company has entered a net profit of Rs. 9,00,799/- as against Rs. 5,23,697/= in the previous year.

SUBSIDIARY COMPANIES

1) Mentor minds solutions and Services Inc (USA)

2) Mentor minds solutions and Services Private Ltd (India)

3) 8kmiles Software Services Inc (USA)

4) 8kmiles Software Services (FZE) - UAE

DIRECTORS

In accordance with the provisions of Companies Act, 1956 and the Articles of Association of the Company, Mr. J. Gurumurthi, independent Director, retire by rotation and being eligible offers him for re-appointment. In accordance with the provisions of Companies Act, 1956 and the Articles of Association of the Company, Ms. Padmini Ravichandran, independent Director, retire by rotation and being eligible offers her for re appointment.

AUDITORS

Messrs GHG Associates, Chartered Accountants, Chennai hold office until conclusion of the ensuing Annual General Meeting and being eligible and recommended for reappointment.

PARTICULARS OF EMPLOYEES

Statement of personnel particulars of employee''s pursuant section 217(2A) of the Companies Act, 1956 are not applicable since none of the employees are in receipt of remuneration in excess of the limits specified herein (Rs. 5,00,000 per month or Rs. 60,00,000 per annum) during the period under review.

CONVERSION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO

Your Company does not carry on any manufacturing activities and hence the disclosure requirement in terms of Sections 217 (1) (e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, regarding Conservation of Energy and Technology do not apply to your Company.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a Management Discussion and Analysis, Corporate Governance Report, Managing Director''s and Auditors'' Certificate regarding compliance of conditions of Corporate Governance are made a part of the Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed and no material departure have been made from the same;

ii. Appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent so as to give a true a fair view of the state of affairs of the Company as at March 31, 2014 and Profit & Loss Account for the year ended March 31, 2014;

iii. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. The annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT AND APPRECIATION

The Directors take this opportunity to thank the Shareholders, Financial Institutions, Banks, Customers, Suppliers and Regulatory &Governmental Authorities for their continued support to the Company. Further, the Directors wish to place on record their appreciation of Employees at all levels for their hard work, dedication and commitment.

For 8K MILES SOFTWARE SERVICES LIMITED

Sd/-

SURESH VENKATACHARI MANAGING DIRECTOR

Place: Secunderabad Date : 06 September 2014


Mar 31, 2013

The Board of Directors of 8K Miles Software Services Limited are pleased to present the Twenty Eighth Annual Report for the year ended March 31, 2013, together with the Auditors'' Report and Audited Accounts for the Financial year 2012-13.

FINANCIAL PERFORMANCE

The comparative pictures of the financials of the Company for the last two years are presented in the table below

(All figures in Rupees) PARTICULARS 2012-13 2011-12

Sales and Other Income 30363681 20308080

Profit/(Loss) before Interest & Depreciation 2622610 1018908

Interest 1607533 298257

Depreciation 319275 126514

Profit/(Loss) for the year 695802 594137 Provision for Taxation

Current tax (128723) (72753)

MAT Credit Enhancement

Deferred Tax 43382 39023

Profit/(Loss) After Tax 523697 482361

Balance carried forward from Previous Year (8158031) (8640392)

Total Loss carried Forward (7634334) (8158031)

OPERATIONS REVIEW

The Company''s income stood at Rs. 3, 03, 63,681/= as against Rs. 2, 03, 08,080/= in the previous year. Your Company has entered a net profit of Rs.5, 23,697/= as against Rs. 4, 82,361/= in the previous year.

BONUS

Your Company has issued 2 Bonus Shares for every 3 Shares to its Share Holders during this year.

SUBSIDIARY COMPANIES

1) Mentor minds solutions and Services Inc (USA)

2) Mentor minds solutions and Services Private Ltd (India)

3) 8kmiles Software Services Inc (USA)

4) 8kmiles Software Services (FZE) UAE

DIRECTORS

In accordance with the provisions of Companies Act, 1956 and the Articles of Association of the Company, Mr. Vedantharamanujam Srinivasan, Director, retire by rotation and being eligible offers him for re-appointment.In accordance with the provisions of Companies Act, 1956 and the Articles of Association of the Company, Ms. Padmini Ravichandran, Director, retire by rotation and being eligible offers her for re-appointment.

AUDITORS

Messrs GHG Associates, Chartered Accountants, Chennai hold office until conclusion of the ensuing Annual General Meeting and being eligible and recommended for reappointment.

PARTICULARS OF EMPLOYEES

Statement of personnel particulars of employee’s pursuant section 217(2A) of the Companies Act, 1956 are not applicable since none of the employees are in receipt of remuneration in excess of the limits specified herein (Rs. 5,00,000 per month or Rs. 60,00,000 per annum) during the period under review.

CONVERSION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO

Your Company does not carry on any manufacturing activities and hence the disclosure requirement in terms of Sections 217 (1) (e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, regarding Conservation of Energy and Technology do not apply to your Company.

During the year under review, there was no Foreign Exchange outgo for your Company. The Forex for this period stands at a gain of Rs.2, 60,981/= as against of Rs. 3,49,330/=

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a Management Discussion and Analysis, Corporate Governance Report, Managing Director’s and Auditors’ Certificate regarding compliance of conditions of Corporate Governance are made a part of the Annual Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed and no material departure have been made from the same;

ii. Appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent so as to give a true a fair view of the state of affairs of the Company as at March 31, 2013 and Profit & Loss Account for the year ended March 31, 2013;

iii. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. The annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT AND APPRECIATION

The Directors take this opportunity to thank the Shareholders, Financial Institutions, Banks, Customers, Suppliers and Regulatory &Governmental Authorities for their continued support to the Company. Further, the Directors wish to place on record their appreciation of Employees at all levels for their hard work, dedication and commitment.

For 8K MILES SOFTWARE SERVICES LIMITED

Sd/-

SURESH VENKATACHARI

MANAGING DIRECTOR

Place: Secunderabad

Date : 05 September 2013


Mar 31, 2010

The Directors have pleasure in presenting the 25th Annual Report of the Company and the audited accounts for the year ended 31st March, 2010.

1. FINANCIAL RESULTS Current year Previous year ended 31 03 2010(Rs ended 31.03.2009 in Thousands) (Rs. in Thousands)

Sales and other Income 933 38502

Profit/(Loss) before interest, Depreciation 385 12456

Interest 0 0

Depreciation 0 0

Profit / (Loss) for the year 385 12456

Provision for Taxation 0 0

Current Tax 0 0

MAT Credit Entitlement 0 0

Fringe Benefit Tax 0 0

Deferred Tax

Profit/(Loss) After Tax 385 12456

Balance carried forward from Previous Year -12437 -24894

Balance Loss Carried forward -12052 -12437

2. PERFORMANCE

The Company's income stood at Rs.933000 as against Rs.13502516in the previous year. The Company has earned a net profit of Rs.385164 as against Rs.12456556 in the previous year.

3. DIVIDEND

In view of the accumulated loss of the Company your Directors did not recommend any dividend for the year ended 31st March 2010.

4. CURRENT OUTLOOK

After implementing the proposed expansion plans your company is expecting to report a good turnover.

5. OBJECTS AND NAME CHANGE:

The Members approved the change in Main Objects of the Company from a Steel Manufacturer to Software developer, by postal ballot After the Member's approval, the Company filed necessary papers with the Registrar of Companies, Hyderabad and the same was approved by him. Presently, the Company is expanding its activities in the IT related field. The Members at the Extraordinary General Meeting held on 30/08/2010, approved the change of name of the company from M/s. PM Strips Limited to M/s. 8k Miles Software Services Limited. Steps are being taken to seek the approval of the Registrar of Companies, Hyderabad, for the said name change.

6. EXPANSION PLANS:

Consequent to amendments to the Main Objects of the Company, the Board was exploring all possible avenues for organic and inorganic growth in IT field. Initially, it entered into a business tie up M/s. 8kmiles Web services Private Limited for rendering IT related services. The Board after a through study purchased the entire business of providing development Services for Online market place, cloud computing and such other rights and benefits including Intellectual Property Rights of the above from M/s. 8kmiles Web services Private Limited. The Board also decide & to acquire two Companies viz., Mentor Minds Solutions & Services Pvt. Limited, a Chennai based entity and M/ s. Mentor Minds Solutions & Services Inc., a US based Company & its subsidiary Mentor Minds Rolutions & Services, Canada. In lieu of acquisition of the shares of M/s. Mentor Minds Solutions Private Limited and M/s. Mentor Minds Solutions & Services Inc., the Company proposed to issue equity shares to the shareholders of the above two corporate entities on preferential basis. After seeking the approval of Members under various provisions of the Companies Act, both the entities would become the subsidiaries of the Company. The details of investment, acquisition and the Preferential issue of Equity Shares are mentioned in the Notice convening the Annual General Meeting and the Explanatory Statement appended to it Consequent to the acquisition and issue of shares, Mr. V Suresh and Mr. M V Bhaskar would become co-promoters of the Company. The preferential issue also triggers the Takeover code under the SEBI Regulations. The Board is in the process of complying with all the regulations. The present explanation plans, if approved, would be a landmark event in the history of the Company.

7. DIRECTORS:

Mr. Suresh Venkatachari and Mr. Mylapore Venkata Bhaskar were appointed as Additional Directors at the Board Meeting held on 30th August 2010. Both the Directors represent M/s. Mentor Minds Group. Mr. Vedantharamanujam Srinivasan and Ms. Padmini Ravkhadran were appointed as Additional Directors at the Board Meeting held on 30th August 2010. Both the Directors are Independent Directors.

All the above four Directors hold the office till the date of the ensuing Annual General Meeting. Resolutions for their regularization are placed before the Members for approval The Board commends the motion and the members are requested to approve the same.

Mr. Arun Singh Gaur and Mr. Shyam Sundar Dey, the present Independent Directors of the Company resigned from the Board with effect from 30th August 2010. The Board places its sincere appreciation for the valuable contribution made by Mr. Arun Singh Gaur and Mr. Shyam Sundar Dey during their tenure as Directors of the Company.

8. DIRECTORS'RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2 AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed:

That in the preparation of the annual accounts for the financial year ended 31st March 2010 the applicable accounting standards had been followed along with proper explanation relating to material departures.

(i) That the Directors had selected such accounting policies and applied accounting standards and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the Profit of the company for the year under review.

(ii) That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

That the Directors had prepared the accounts for the financial year ended 31stMarch 2010 on a going concern basis

9. AUDITORS

M/s. G Ram Mohan & Co., Chartered Accountants, Chennai hold office until conclusion of the ensuing Annual General Meeting and being eligible are recommended for reappointment

10. SECRETARIAL COMPLIANCE CERTIFICATE

The Secretarial Compliance Certificate pursuant to Section 3 83 A of the Companies Act, 1956 issued by Company Secretary in Practice, is annexed.

11. STOCK EXCHANGE

The Company's shares are listed in the Bombay Stock Exchange Ltd. The necessary listing fees for 2010-2011 had been paid

12. PERSONNEL

The Company has no employees drawing remuneration of Rs.24,00,000/- (Rupees twenty four lakhs only) per annum or Rs.2,00,000/- (Rupees two lakhs only) per moth and as such information required u/s 217(2 A) of the Companies Act, 1956

13. CONSERVATION OF ENERGY

Conservation of Energy, which is an on going process in the Company's activities, is not furnished as the relative Rule is not applicable to your Company.

There is no information to be furnished regarding Technology absorption as your company has not undertaken any research and development activity in any manufacturing activity not any specific technology is obtained from any external sources which needs to be absorbed or adapted.

The Company is taking all steps to be compliant with all Environmental Laws.

The Company has insured all its properties to the extent required

15. ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation for the support and co-operation received from the Company's Bankers, respective Governments), Members and other Business associates. Your Directors express their appreciation for the dedicated and sincere services by the employees at all levels.

For and on behalf of the Board

Sd/- Sd/-

G.P. Surana Ravi Surana

Place : Secunderabad Director Director

Date : 02-09-1010


Mar 31, 2009

The Directors have pleasure in presenting the TWENTY FOURTH ANNUAL REPORT of the Company together with the audited accounts for the period ended on 31.03.2009.

FINANCIAL RESULTS: Current Year Previous Year 31.03.2009 31.03.2008 (Rs.in lacs) (Rs.in lacs)

Turnover 0 20.0

Other Income 135.0 39.0

Expenditure 10.45 51.5

Profit for the year 124.56 7.5

Prior period adjustments 0 0

Profit before taxation 124.56 7.5

Less; Provision for taxation 0 0

Profit after tax 124.56 7.5

Add: Balance brought forward -248.93 -256.46 from previous year

Appropriations:

Proposed Dividnd Transfer to General Reserves Balance Carried forward to -124.37 -248.96

Balance Sheet



PERFORMANCE:

During the year under review the Company could not achieve any turn over due to adverse financial conditions.

DIVIDEND:

In the light of the existing commitments and proposals your Directors do not recommend any Dividend for the year 2008-2009.

DEPOSITS:

The Company has not accepted any deposits from the public during the year under review.

PERFORMANCE IN RETROSPECT AND FUTURE OUTLOOK :

During the year under review the Company had tried to revive the unit It hopes to achieve in the next financial year.

PERSONNEL:

No employee drew remuneration of Rs.25,000/-or more per month during the year under review. As such no information as per section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules, 1975 is required to be given.

DIRECTORS:

Sri. Dipin Surana retires by rotation at this Annual General Meeting and being eligible has offered himself for Re-appointment.

AUDITORS :

M/s G. Rama Mohan & Co., Auditors of the Company will retire at the ensuing Annual General Meeting and are eligible for re appointment.

STATUTORY INFORMATION :

Information on Conservation of Energy, Technology Absorption Foreign Exchange Earnings and outgo required to be discussed under section 217(1) (e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988, are provided as an Annexure to this Report ACKNOWLEDGEMENTS :

Your Directors take this opportunity to express their gratitude to our Bankers and other Central and State Government Departments and local authorities for their guidance and support. Your Directors wish to place on record their sincere appreciation of the untiring efforts and team spirit of all the staff and workmen of the Company.

BY ORDER OF THE BOARD for P.M.STRIPS LIMITED Date : 2nd SEPTEMBER.2009 G.P.SURANA Place : Secunderabad DIRECTOR.

 
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