MIRA
INFORM REPORT
|
Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAFOI GLOBAL SEARCH SERVICES LIMITED |
|
|
|
|
Registered Office : |
8, Amble Side, Khader Nawaz Khan Road, Chennai – 600 006, Tamil Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
11.03.2005 |
|
|
|
|
Com. Reg. No.: |
18-55634 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74910TN2005PLC055634 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM07656F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECM2126L |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Providers of Executive Search Consulting Services |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established human resources company having various
foreign affiliations and fine track. Trade relations are fair. Payments are correct
and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
– run. |
LOCATIONS
|
Registered Office : |
8, Amble Side, Khader Nawaz Khan Road, Chennai – 600 006, Tamil Nadu,
India |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
First Floor, No 46, Garuda Building,
Cathedral Road, Chennai-600 086, Tamil Nadu, India |
|
Tel. No.: |
91-44-28116724 |
|
Fax No.: |
91-44-28116733 |
|
E-Mail : |
|
|
|
|
|
Head Office: |
6th Floor, Techweb Centre, New Link Road, Oshiwara, Jogeshwari
(West), Mumbai – 400 102, Maharashtra, India |
|
|
|
|
Corporate Office : |
|
|
Fax No.: |
91-44 - 55228200 |
|
E-Mail : |
|
|
|
|
|
Branches : |
Delhi Bangalore Hyderabad Contact number: 91-9392456421 Kolkatta Mumbai Pune |
|
|
|
|
Overseas Offices : |
U.K U.S.A UAE Singapore Agensi Pekerjan Select Appointments (M)
Sdn Bhd Sri Lanka |
DIRECTORS
|
Name : |
Mr. Hastha Shivaramakrishnan |
|
Designation : |
Director |
|
Address : |
Flat 3B, Athreya Apartments, New No. 94 A, St. Mary Road, Chennai- 600
018, Tamil Nadu, India |
|
Date of Birth/Age : |
09.11.1958 |
|
Date of Appointment : |
25.03.2005 |
|
|
|
|
Name : |
Mr. Sanjay Ghosh |
|
Designation : |
Director |
|
Address : |
Flat 103, A 1 Waleed 3 Oud Mehta Near Lancy Plaza P B No. 49236,
Dubai, United Arab Emirates |
|
Date of Birth/Age : |
12.01.1963 |
|
Date of Appointment : |
25.03.2005 |
|
|
|
|
Name : |
Mrs. Sangeeta Sabharwal |
|
Designation : |
Director |
|
Address : |
Flat 602, Tower, 2 The palms South City, Gurgaon – 122 002, Haryana,
India |
|
|
|
|
Name : |
Mr. K Pandiarajan |
|
Designation : |
Director |
|
Address : |
A J – 25, IVth Street, 9th Main , Shanti Colony, Anna
Nagar, Chennai – 600 040, Tamil Nadu, India |
|
Date of Birth/Age : |
26.04.1959 |
|
Date of Appointment : |
11.03.2005 |
|
|
|
|
Name : |
Mrs. Hemalatha Rajan |
|
Designation : |
Director |
|
Address : |
A J – 25, IVth Street, 9th Main , Shanti Colony, Anna
Nagar, Chennai – 600 040, Tamil Nadu, India |
|
Date of Birth/Age : |
07.12.1965 |
|
Date of Appointment : |
11.03.2005 |
|
|
|
|
Name : |
Mr. Santosh Joseph |
|
Designation : |
Director |
|
Address : |
# 19 Amar Jyothi Layout, Sanjay Nagar, Bangalore – 560 093, Karnataka,
India |
|
Date of Birth/Age : |
22.03.1969 |
|
Date of Appointment : |
25.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.12.2007) |
|
No. of Shares |
|
Ma Foi Management Consultants Limited |
|
1010500 |
|
Mr. K Pandiarajan |
|
500 |
|
Others |
|
5 |
Equity Shares Breakup (Percentage of Total Equity): as on 31.12.2007:-
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providers of Executive Search Consulting Services |
GENERAL
INFORMATION
|
No. of Employees : |
400 |
|
|
|
|
Bankers : |
NA |
|
|
|
|
Banking Relations
: |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Sreevathson V Associates Chartered Accountants |
|
Address : |
Bharadwaj , Plot No. 306 Sri Krishna Nagar, 28th Street,
Maduravoyal, Chennai – 600 095, Tamil Nadu, India |
|
|
|
|
Associates/Subsidiaries : |
Ma Foi Management Consultants Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity shares |
Rs. 10/- each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/-
each |
Rs.10.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2007 |
31.12.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
21.992 |
11.995 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
31.992 |
21.995 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.212 |
0.422 |
|
|
|
|
|
|
|
|
TOTAL |
|
32.204 |
22.417 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6.450 |
3.990 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
39.689 |
24.360 |
|
|
Cash & Bank Balances |
|
3.731 |
4.257 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
31.175 |
27.670 |
|
Total
Current Assets |
|
74.595 |
56.287 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
11.128 |
8.496 |
|
|
Provisions |
|
37.713 |
29.364 |
|
Total
Current Liabilities |
|
48.841 |
37.860 |
|
|
Net Current Assets |
|
25.754 |
18.427 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
32.204 |
22.417 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2007 |
31.12.2006 |
|
|
Sales Turnover |
|
106.862 |
93.659 |
|
|
Other Income |
|
0.000 |
0.078 |
|
|
Total Income |
|
106.862 |
93.737 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
31.305 |
35.830 |
|
|
Provision for Taxation |
|
9.426 |
12.322 |
|
|
Profit/(Loss) After Tax |
|
21.879 |
23.508 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
31.421 |
27.909 |
|
|
Managerial Remuneration |
|
4.565 |
2.366 |
|
|
Payment to Auditors |
|
0.100 |
0.060 |
|
|
Interest |
|
0.262 |
0.004 |
|
|
Insurance Expenses |
|
0.000 |
0.190 |
|
|
Power & Fuel |
|
0.941 |
0.482 |
|
|
Depreciation & Amortization |
|
1.455 |
0.490 |
|
|
Other Expenditure |
|
36.813 |
26.406 |
|
Total Expenditure |
|
75.557 |
75.557 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2007 |
31.12.2006 |
|
PAT / Total Income |
(%) |
|
20.47 |
25.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
29.29 |
38.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
38.62 |
59.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.98 |
1.63 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.53 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.53 |
1.49 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
Subject the Executive Search Business, is a wholly owned subsidiary of Ma Foi Management Consultants
Limited. In May 2004 Ma Foi became part of Vedior NV, a 6.85 billion
Euro staffing company and the third largest in the world.
The company caters to Senior Level Search, Managerial Assessment,
Interim Management, and HR Statistical Research. Specializing in
identifying, assessing and recruiting business leaders with outstanding track
records, they are able to provide their clients with the best talent that the
industry has to offer.
Being one of India’s premier providers of executive search consulting
services, they now aim to achieve world-class quality that could be benchmarked
against global standards.
Their team currently comprises 30 search professionals operating from 8
locations across India. Having made their foray in the international markets in
UK, Middle East and South East Asia, the company is well equipped in handling
cross border assignments.
An in-depth knowledge base coupled with the enduring relationships that
they share with senior-level executives ensures competitive advantage and
sustainable value to their clients. Being in the executive search business for
10 years, they have successfully completed over 600 assignments across all
industry segments. Over 70 of these have been at the level of Managing Director
/ Chief Executive Officer / Chief Operating Officer.
They are also a member of the Taplow Group, which is a consortium of leading independent
executive search and human capital consultants from the Americas, Europe and
the Asia Pacific countries. Members are bound together by their commitment to
promote the highest level of professional excellence and services. In May 2002,
an assembly of thirteen executive search and human capital consultant firms
from around the world, gathered at Taplow, Berkshire near London Heathrow
Airport, England, to formalize a new alliance. The purpose of the meeting was
to establish a worldwide consortium of member firms, all of whom would meet or
exceed the highest ethical standards in the industry. There were
representatives from the United Kingdom, Europe, United States and the Far
East.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.85 |
|
UK Pound |
1 |
Rs.84.74 |
|
Euro |
1 |
Rs.67.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|