Jun 30, 2010
The directors are pleased to present the 15th Annual report on the
business and operations together with the audited financials of the
Company during the financial year 2009-10:
FINANCIAL RESULTS:
Particulars 30.06.2010 30.06.2009
Rs.(in Lacs) Rs.(in Lacs)
Income from Operations Less returns 1294.11 888.74
Other Income -- 0.04
Total income 1294.11 888.70
Expenditure 1249.45 853.51
Depreciation 13.91 13.53
Profit (Loss) for the year 44.65 21.70
During the year the company has record a turnover of Rs. 1294.11 Lacs
as compared to the previous year income of Rs.888.74 Lacs.
Further the company has general net profit before tax of Rs.44.65 lacs
in the year under review as compared to net profit before tax of
Rs.21.70 lacs; this shows companys growth towards positive head.
OPERATIONS AND FUTURE OUT LOOK
- MYM Technologies Ltd presently in SAP ERP software licenses sale and
implementation, support, consultation services to various customers in
India & Abroad. Focusing strategic business from private and public
sector various key industry i.e Aerospace-Defense, Automotive,
High-tech, Mining, Construction, Oil and Gas Power, Utility,
E-Governance, Telecommunication, Public Security, Police Services, Life
Sciences, Pharma - Chemicals, Manufacturing, Healthcare ÃHigher
Education & Research, Dairy, Consumer Goods, Food and Beverages. MYM
planning to become global partner to SAPAG
MYM is intending to sign with SCI Group, USA for exploring SAP(ERP)
Sales and Implementation all over USA, Europe Australia and India. MYM
is continuing to export mobile video downloading application software
after value addition.
- Now, MYM is entering in simulation and visualization technology,
wherein we are already registered in NTSA (USA) and visited 3 large USA
Defense contracting companies, who are doing simulation and
visualization Contracts to USA Govt.
We provide software that addresses the most rigorous challenges related
to simulation. From physics-based dynamics and entity behaviors to
missions and reporting, we offers software that includes computer
generated forces(CGF) tools, Artificial Intelligence(AI) middleware,
physics-based modeling tools, and interoperability solutions. Next-
generation Human Machine Interface(HMI) software solutions are ideal
for developing advanced simulated display panels, controls, and
instrumentation and feature patented one-click code-generation,
integrated ULM state charts, and the largest number of integrations.
Simulators are also available for driving and field of view simulations
of heavy defense vehicles. We provide simulations of real roads, both
regular and expressway. With our abundant experience in simulators for
examining expressway signage plans, traffic flow simulation
visualization, and similar applications, it is possible to check
vehicle viewpoint positions and compare ease of operation while
watching the field view.
MYM already signed MOU with one US company for converting 2 D
Advertisements and Movies to 3 D.
MYM is in final negotiations to takeover a Company from SILICON VALLEY
United States to take over as 100% subsidy Company.
MYM is expecting to increase its turnover by 2 to 3 folds of business
in 2011-2012.
RESERVES
The company has transferred the net profit of Rs. 5206114 to the
Reserves and Surplus.
DIVIDEND
The Board of Directors did not recommend any dividend for the financial
year 2009-10 keeping in view the plans on hand for growing the business
segments as explained here in above.
DEPOSITS
The company has not accepted deposits from the public to which the
provisions of section 58A and 58AA of the companies Act, 1956 and the
rules framed there under apply.
DIRECTORS
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Directors namely Mr. T. Siva Prasad and
Mr. P. Madireddy retire by rotation and are eligible for reappointment.
REGISTERED OFFICE
The Registered office MYM Money Centre, 4th Floor, D.No. 3-6-269, Opp.
Telugu Academy, Himayathnagar, Hyderabad-29
THE CORPORATE OFFICE
8-2-623A, Serene Towers, 1st Floor, Road No. 10, Banjara Hills,
Hyderabad à 500034.
RE-APPOINTMENT AND REMUNERATION TO THE MANAGING DIRECTOR
The Board of directors of the company re-appointed Sri M.Y. Maharshi as
Managing Director of the company for a period of five years with effect
from 01.12.2010, at a monthly remuneration of Rs. 2,00,000 (Rupees Two
Lakhs only).
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.
POSTAL BALLOT
During the year, on 22nd June 2010, the Company had passed the
following resolutions with requisite majority by way of Postal Ballot:
1. Amendment of Other objects of the company.
2. Carrying on the business as mentioned in the other objects of the
Memorandum of Association of the Company
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.
AUDITORS:
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
and hence the comment regarding the same was not provided.
REPORT ON CORPORATE GOVERANCE
A detailed report on corporate Governance under clause 49 of the
listing Agreement is attached hereto
ACKNOWLEDGEMENTS:
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
MYM Technologies Limited
Place: Hyderabad Sd/- Sd/-
Date: 24.10.2010 Chairman & Managing Director Director
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.
RESERVES
The Company has transferred the net profit of Rs.14,32,119 to the
Reserves and Surplus.
DIVIDEND
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.
DEPOSITS
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.
DIRECTORS
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.
AUDITORS:
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
ACKNOWLEDGEMENTS:
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