Jun 30, 2009
The directors are pleased to present the 14th Annual report on the business and operations together with the audited financials of the Company during the financial year 2008-09
1. FINANCIAL HIGHLIGHTS:
(Rs. In Lacs)
Particulars 30.06.2009 30.06.2008
Income from Operations Less returns 888.74 866.85
Other Income 0.04 0.00
Total income 888.70 866.85
Expenditure 853.51 826.27
Depreciation 13.53 14.68
Gross Profit (Loss) for the year 21.70 25.89
Net Profit for the year 14.32 17.89
EPS 0.21 0.26
During the year the Company has recorded a turnover of Rs. 888.70 lacs as compared to the previous year turnover of Rs.866.85 lacs.
Further the Company has earned net profit after tax of Rs.21.70 lacs in the year under review as compared to net profit after tax of Rs 25.89 lacs.
OPERATIONS AND FUTURE OUTLOOK
The Company has developed software for online Internet games.
MYM has already entered into an agreement as a Value added reseller with SAP. i.e. SAP AG, which is a renowned largest software German company.
As you might know and were informed earlier that one of the focus area chosen by your Company is SAP since the demand for SAP is over 25,000 customers (including more than half of the worlds 500 top companies). There are about 60,000 installations on SAP, in 120 countries, with more than 15 million users.
Your Company has successfully bagged the order for SAP products implementations at none other than a Giant Coal Mining star company of India, THE SINGARENI COLLERIES LIMITED in the state of Andhra Pradesh and the Company will provide back up support for the product.
Your Directors Humbly submits that this order will pave a way for greater business opportunity and helps in successfully implementing the strategic business decision taken to be able to capture evergrowing SAP applications in the business areas of large public sector companies and large private sector business areas.
Your Directors are confident in stating that the order from SINGARENI could become a beacon for future performances in this business segment and augurs well to the best future of your Company.
Your Directors are hopeful to declare better results from this business segment and truly believe that the performances in this area, in this year to come will position your Company in to new heights to bring better wealth accretions to the stake holders of the Company. With this start, your Directors have decided to bestow their best attention to ensure sizable revenue in the years to come.
Your Directors are pleased to inform you that our Company has entered into agreement with many top software companies.
Your Directors prefer to perform in the best interest of share holders and look forward for support from share holders for enabling your Company to position itself as STAR PERFORMER by garnering the business opportunities to optimum levels with initial favorable results so far experienced by your Company.
The Company has transferred the net profit of Rs.14,32,119 to the Reserves and Surplus.
The Board of Directors did not recommend any dividend for the financial year 2008-09 keeping in view the plans on hand for growing the business segments as explained here in above.
The company has not accepted deposits from the public to which the provisions of section 58Aand 58AAof the Companies Act, 1956 and the rules framed there under apply.
In accordance with the Companies Act, 1956 read with Articles of Association of the Company the Director Mr. Satya Siva Govind retire by rotation and is eligible for reappointment.
MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments took place in the operations of the Company from the date of the balance sheet to the date of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE AND OUTGO:
A. Conservation of energy:
1. Adequate measures have been taken for conservation of energy.
2. There are no additional investment and proposals for reduction of energy conservation.
3. As there is no additional investment, there is no impact on the business of the Company.
B. Technology Absorption:
The Company continues to focus on research activities for developing and improving the quality and enhancing the benefits of its software products.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO;
Foreign exchange earnings Rs.62 73 411
Foreign exchange outgo Nil
PARTICULARS OF EMPLOYEES:
There is no employee drawing remuneration aggregating to the limits prescribed under section 217(2A) of the Companies Act 1956, read with Companies (particulars of employees) Rules 1975 and amendments there to during the period under review.
The Employee relations were cordial during the year.
DIRECTORS RESPONSIBILITY STATEMENT:
In terms of section 217(2AA) of the Companies Act 1956, the Directors would like to state that:
i. In the preparation of the annual accounts, the applicable accounting standards had been followed along with the proper explanations relating to the material departures;
ii. The Directors had selected such accounting polices and applied them consistently and made judgments and estimates that were 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 Company for that period;
iii. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. The Directors had prepared the annual accounts on the going concern basis.
M/s. J.B.R.K & CO; Chartered Accounts, Hyderabad statutory auditors of the Company, retire at this annual general meeting. They being eligible, offer themselves for re-appointment.
BUY BACK OF SHARES
No shares were bought back by the Company during the year under review.
AMOUNT DUE TO SMALL SCALE COMPANIES:
No amount is due to the small-scale industries during the year.
REPORT ON CORPORATE GOVERANCE
A detailed report on corporate Governance under clause 49 of the listing Agreement is attached hereto
Your Directors take this opportunity to record their sincere appreciation for the continued support extended by investors, employees, customers, bankers associates and all the shareholders for their continued co- operation and support to your company.
For and on behalf of the Board of Directors
MYM Technologies Limited
Sd/- Place: Hyderabad M.Y. Maharshi
Date : 26.11.2009 Chairman & Managing Director