MIRA INFORM REPORT

 

 

Report Date :

13.01.2011

 

IDENTIFICATION DETAILS

 

Name :

BANGALORE INTERNATIONAL PLACEMENT SERVICES

 

 

Registered Office :

1, 2nd Floor, Bluemoon Chambers, 10th Cross, Off Millers Road, Vasant Nagar, Bangalore – 560052, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

30.12.2010 (Provisional)

 

 

Year of Establishment :

2004

 

 

Com. Reg. No.:

4332/MUM/PER/1000plus/3/6955/2004

 

 

PAN No.:

[Permanent Account No.]

AKQPM4159C0

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Providing Placement Consultancy Services.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established proprietory concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

However it would be advisable to take adequate securities while dealing with the subject.

 

 

NOTES:

 

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. S. M. Bhat

Designation :

Chartered Accountant

Contact No.:

91-9930692223

Date :

05.01.2011

 

 

LOCATIONS

 

Registered Office :

1, 2nd Floor, Bluemoon Chambers, 10th Cross, Off Millers Road, Vasant Nagar, Bangalore – 560052, Karnataka, India

Tel. No.:

91-80-40088999/ 41151131/ 41131319

Fax No.:

91-80-41513141

E-Mail :

md@bipsindia.com

ceo@bipsindia.com

bipsjob@gmail.com

Website :

http://www.dipsjobs.com

Location :

Owned

 

 

Branch Office :

6, Vasant Kunj Building, Ground Floor, 12th Nehru Road, TPS 3rd Road, Behind Hotel air View, Santacruz (East), Mumbai – 400055, Maharashtra, India

Tel. No.:

91-22-26111113/ 26111114

Fax No.:

91-22-26111115

E-Mail :

bipsjob@gmail.com

Location :

Owned

 

 

SOLE PROPRIETOR

 

Name :

Mr. Raju Sohanlal Monga

Designation :

Proprietor

Address :

415, D Block, Neeladri Mahal Apartments, Nandi Durga Road, Jay Mahal Extension, Bangalore – 560008, Karnataka, India

 

 

KEY EXECUTIVES

 

Name :

Mr. S. M. Bhat

Designation :

Chartered Accountant

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Placement Consultancy Services.

 

 

GENERAL INFORMATION

 

Customers :

Retailers

 

 

Qatar Clients

 

·         Derbbas Enterprises

·         HBK (Hamad Bin Khalid)

·         Al Habtoor Leighton group

·         Diplomat Group

·         Gulf Contracting Company W.L.L.

·         QEMG

·         AI Darwish United Company

·         Harinsa Contracting Company Qatar W.L.L.

·         M. H. AL Mana Group of Company’s W.L.L.

·         The Renaissance Hotel

·         AI Muftah Group

·         Consolidated Engineering Systems Company (CESCO)

·         Qatari Modern Maintenance Company W.L.L.

·         ERE Contracting WLL

·         Derwind Trading Company Contracting Company

 

UAE Clients

 

·         Emirates Fast Food Company LLC (Mc Donald’s)

·         Hotel Flora Park

·         Al Ahmadiah Contracting and Trading

·         Al Fara’a Construction Group

·         Al Jaber Energy Services

 

Oman Clients

 

·         Towell Engineering

·          Teejan Group

 

Saudi Arabia Clients

 

·         Yuksel Insaat Saudia Company Limited

·         Nomac (First National Operation and Maintenance Company Limited)

 

 

No. of Employees :

26

 

 

Bankers :

·         Corporation Bank

11, Nandi – 8th Main, Vasantha Nagar, Bangalore – 560052, Karnataka, India

 

·         ICICI Bank

 

 

Facilities :

Bank

Nature of Credit Facility 

Sanctioned Loan Amount

Outstanding Balance

 

EMI

 

 

(Rs. In Millions)

 

 

 

 

 

ICICI Bank

 

Home Loan

3.545

2.493

32361

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

HRA and Company (Mr. Ravindranath N.)

Chartered Accountant

Address :

3/114, 1st Floor, 11th Main, Millers Road, Vasanth Nagar, Bangalore – 560052, Karnataka, India

Tel. No.:

91-80-22355777

Fax No.:

91-80-22350258

Email :

ravin@hraindia.com

 

 

CAPITAL STRUCTURE

 

Particulars

30.12.2010

(Provisional)

 

 

Capital

2.313

Add: Profit for the year

2.576

 

4.889

Less: Drawings

0.965

 

 

Total

 

3.924

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

30.12.2010

(Provisional)

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

 

1] Share Capital

3.924

2.313

1.484

0.876

2] Share Application Money

0.000

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

0.000

NETWORTH

3.924

2.313

1.484

0.876

LOAN FUNDS

 

 

 

 

1] Secured Loans

0.078

0.138

0.000

0.000

2] Unsecured Loans

2.000

0.000

0.000

0.000

TOTAL BORROWING

2.078

0.138

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

0.000

 

 

 

 

 

TOTAL

6.002

2.451

1.484

0.876

 

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.540

0.266

0.332

0.218

Capital work-in-progress

0.000

0.000

0.000

0.000

 

 

 

 

 

INVESTMENT

0.000

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

0.000

 

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

 

Inventories
0.000
0.000

0.000

0.000

 

Sundry Debtors
0.000
0.000

0.000

0.000

 

Cash & Bank Balances
0.025
0.024

0.161

0.070

 

Other Current Assets
0.500
0.500

0.200

0.000

 

Loans & Advances
0.745
1.997

0.791

0.791

Total Current Assets
1.270

2.521

1.152

0.861

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

 

Sundry Creditor
0.000
0.000

0.000

0.000

 

Other Current Liabilities
0.808
0.336

0.000

0.203

 

Provisions
0.000
0.000

0.000

0.000

Total Current Liabilities
0.808

0.336

0.000

0.203

Net Current Assets
0.462

2.185

1.152

0.658

 

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

0.000

 

 

 

 

 

TOTAL

6.002

2.451

1.484

0.876

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

30.12.2010

(Provisional)

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

 

Placement Charge

10.883

4.224

4.172

3.305

 

 

Other Expenses

0.000

4.467

1.624

0.003

 

 

TOTAL                        

10.883

8.691

5.796

3.308

 

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

 

Advertising Expenses

0.066

0.045

0.371

0.388

 

 

Business Promotion

0.823

0.637

0.000

0.000

 

 

Office Maintenance

0.250

0.287

0.302

0.017

 

 

Repairs and Maintenance

0.223

0.158

0.115

0.050

 

 

Salary

1.572

1.653

0.962

1.247

 

 

Telephone Expenses

0.510

0.510

0.242

0.229

 

 

Travel Expenses

3.551

2.310

1.912

0.343

 

 

Other Expenses

1.210

1.366

1.076

0.576

 

 

TOTAL                            

8.205

6.966

4.980

2.850

 

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION               

2.678

1.725

0.816

0.458

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION      

0.151

0.151

0.153

0.038

 

 

 

 

 

 

 

NET PROFIT

2.527

1.574

0.663

0.420

 

 

KEY RATIOS

 

PARTICULARS

 

 

30.12.2010

(Provisional)

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
23.22

18.11

11.44

12.70

 

 
 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)
23.22

37.26

15.89

12.71

 

 
 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
37.11

56.48

44.68

38.92

 

 
 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.64

0.68

0.45

0.48

 

 
 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.74

0.20

0.00

0.23

 

 
 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.57

7.50

0.00

4.24

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

PROJECTED PROFITABILITY STATEMENTS

 

(RS. IN MILLIONS)

 

Particulars

31.03.2011

 

31.03.2012

31.03.2013

31.03.2014

31.03.2015

 

Projected

 

Goss Sales

 

 

 

 

 

Domestic Sales

12.550

19.655

24.225

25.512

29.198

Export Sales

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Total

12.550

19.655

24.225

25.512

29.198

 

 

 

 

 

 

Less : Indirect Taxes

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Net Sales

12.550

19.655

24.225

25.512

29.198

 

 

 

 

 

 

% rise [+] or fall [-] in net sales as compared to previous year

--

--

--

--

--

 

 

 

 

 

 

Cost of Sales

 

 

 

 

 

Direct Expenses

0.000

0.000

0.000

0.000

0.000

Purchases

0.000

0.000

0.000

0.000

0.000

Other Direct Expenses

0.000

0.000

0.000

0.000

0.000

Depreciation

1.173

1.607

1.178

0.975

0.865

Sub Total

1.173

1.607

1.178

0.975

0.865

 

 

 

 

 

 

Add : Opening Stocks

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Sub Total

1.173

1.607

1.178

0.975

0.865

 

 

 

 

 

 

Deduct : Closing Stock – in – Process

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Total Cost of Sales

1.173

1.607

1.178

0.975

0.865

 

 

 

 

 

 

Marketing, General and Administrative Expenses

8.455

12.387

16.852

18.302

22.206

 

 

 

 

 

 

Operation profit before interest

2.922

5.661

6.195

6.235

6.127

 

 

 

 

 

 

Interest

0.420

1.350

1.193

0.950

0.751

 

 

 

 

 

 

Operating profit after interest

2.502

4.311

5.002

5.285

5.376

 

 

 

 

 

 

Non-Operating Income

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Non-Operating Expenses

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Net of Other Non-Operating Income/ Expenses

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Profit Before Tax / Loss

2.502

4.311

5.002

5.285

5.376

 

 

 

 

 

 

Provision for Taxes

0.751

1.293

1.501

1.586

1.613

 

 

 

 

 

 

Net Profit / Loss

1.751

3.018

3.501

3.700

3.763

 

 

 

 

 

 

Cash Profit

2.924

4.625

4.679

4.675

4.628

 

 

 

 

 

 

Cash Profit Plus Interests on Term Loan (A) 

3.344

5.975

5.872

5.625

5.379

 

 

 

 

 

 

Installments due Under term Loans:

0.429

1.714

1.714

1.714

1.714

Interests on Term Loans

0.420

1.350

1.193

0.950

0.751

Sub Total (B)

0.849

3.064

2.907

2.664

2.465

 

 

 

 

 

 

DSCR A/B

3.94

1.95

2.02

2.11

2.18

 

------------------------------------------------------------------------------------------------------------------------------

 

PROJECTED BALANCE SHEET SPREAD

 

(RS. IN MILLIONS)

 

Particular

31.03.2011

 

31.03.2012

31.03.2013

31.03.2014

31.03.2015

 

Projected

 

 

 

 

 

 

Bank Borrowings

0.068

0.000

0.000

0.000

0.000

Installments to Term Loans. Deferred Payment Credits/ Debentures/ Deposits/ Redeemable Preference Shares (due within one year)

0.000

0.000

0.000

0.000

0.000

Creditors for Purchases

2.412

1.947

1.523

2.026

2.812

Provision for Taxation

0.751

1.293

1.501

1.586

1.613

Other Current Liabilities

0.000

0.000

0.212

0.478

0.825

 

 

 

 

 

 

Sub Total (A)

3.231

3.240

3.236

4.090

5.250

 

 

 

 

 

 

TERM LIABILITIES

 

 

 

 

 

Debentures [not maturing within one year]

0.000

0.000

0.000

0.000

0.000

Preference Shares [Redeemable after 1 year]

0.000

0.000

0.000

0.000

0.000

Term loans [excluding installments  payable within one year] For New Project

11.571

9.857

8.143

6.429

4.715

Deferred Payment Credits [excluding installments due within one year]

0.000

0.000

0.000

0.000

0.000

Term deposit [repayable after one year]

0.000

0.000

0.000

0.000

0.000

Unsecured Loans from Friends and Relatives

3.000

3.000

2.423

2.882

3.054

Other Term Liabilities

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Sub Total (B)

14.571

12.857

10.566

9.311

7.769

 

 

 

 

 

 

NET WORTH

 

 

 

 

 

 

 

 

 

 

 

Equity Shares Capital  

0.000

0.000

0.000

0.000

0.000

Partners Capital/ Capital brought in by proprietor

3.664

6.528

8.228

9.818

10.941

Revaluation Reserve

0.000

0.000

0.000

0.000

0.000

Other Reserves – Government Grant

0.000

0.000

0.000

0.000

0.000

Surplus [+] or deficit [-] in Profit and Loss Account

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Total Net Worth (C)

3.664

6.528

8.228

9.818

10.941

 

 

 

 

 

 

TOTAL CAPITAL + LIABILITIES

(A+B+C)

21.466

22.625

22.030

23.219

23.960

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and Bank Balance

0.365

0.550

0.785

0.862

1.120

Investments [Other than long term investments]

0.000

0.000

0.000

0.000

0.000

Receivables other than deferred and exports

0.500

2.000

2.486

2.792

3.414

 

 

 

 

 

 

Stock in Trade

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Finished Goods

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Other consumable spares

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Advances to suppliers of Raw Materials and stores/spares

0.000

0.000

0.000

0.000

0.000

Advance payment of taxes

0.000

0.000

0.000

0.000

0.00

Other current assets (specify major items)

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Sub Total (A)

0.865

2.550

3.271

3.654

4.534

 

 

 

 

 

 

FIXED ASSETS

 

 

 

 

 

Gross Block (Land and Building, Machinery, Work-In-Progress)

19.436

17.828

18.214

19.420

19.824

Depreciation to date

1.173

1.607

1.178

0.975

0.865

 

 

 

 

 

 

 NET BLOCK

18.263

16.221

17.036

18.445

18.959

 

 

 

 

 

 

Capital WIP

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Sub Total (B)

18.263

16.221

17.036

18.445

18.959

 

 

 

 

 

 

Investments in Group concern

0.000

0.000

0.000

0.000

0.000

Other Investments

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

Receivable Overdue for more than six Months

0.000

0.000

0.000

0.000

0.000

Deferred Tax assets

0.000

0.000

0.000

0.000

0.000

Other Non Current Assets

2.338

3.854

1.723

1.120

0.467

 

 

 

 

 

 

Sub Total (c)

2.338

3.854

1.723

1.120

0.467

 

 

 

 

 

 

Intangible Assets (D)

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

TOTAL ASSETS (A+B+C+D)

21.466

22.625

22.030

23.219

23.960

 

------------------------------------------------------------------------------------------------------------------------------

 

PROJECTED CASH FLOW STATEMENT

 

(RS. IN MILLIONS)

 

Particular

31.03.2012

 

31.03.2013

31.03.2014

31.03.2015

 

Projected

SOURCES OF CASH

 

 

 

 

 

Profit before interests and Tax Less adjustments for non-Cash revenues.

5.661

6.195

6.235

6.127

Depreciation

1.607

1.178

0.975

0.865

Preliminary Expenses Written

0.000

0.000

0.000

0.000

Loss on sale of Fixed Assets

0.000

0.000

0.000

0.000

Issue of Equity Shares

2.864

1.700

1.590

1.123

Issue of Preference Shares

0.000

0.000

0.000

0.000

Issue of Debenture

0.000

0.000

0.000

0.000

Raising of Long term Loans

0.000

0.000

0.000

0.000

Raising of other Loan term Unsecured Loans/ Deposits etc.

0.000

0.000

0.459

0.172

Sale of fixed Assets

0.435

0.000

0.000

0.000

Increase in current Liabilities

0.000

0.000

0.769

1.133

Decrease in Current Assets

0.000

0.000

0.000

0.000

Increase in short term Borrowing 

0.000

0.000

0.000

0.000

Decrease in Non-current assets / Investment

1.516

0.000

0.000

0.000

 

 

 

 

 

Sub Total (A)

 

12.083

9.073

10.028

9.420

 

 

 

 

 

APPLICATION OF CASH

 

 

 

 

 

 

 

 

 

 

Redemption of Redeemable Preference Shares

0.000

0.000

0.000

0.000

Redemption of Debentures

0.000

0.000

0.000

0.000

Repayment of Loan Term Loans

1.714

1.714

1.714

1.714

Repayment of Long term unsecured Loans/ Deposits etc. 

0.000

0.577

0.000

0.000

Purchase of fixed Assets

0.000

1.993

2.384

1.379

Decrease in Current Liabilities

0.465

0.212

0.000

0.000

Increase in current Assets

1.685

0.721

0.383

0.880

Increase in Non-Current Assets/ Investments

0.000

2.131

0.603

0.653

Interests Paid

1.350

1.193

0.950

0.751

Tax Paid

0.751

1.293

1.501

1.586

Dividend Paid

0.000

0.000

0.000

0.000

 

 

 

 

 

Sub Total (B)

 

5.965

9.834

7.535

6.963

 

 

 

 

 

Net Surplus (A-B)

 

6.118

(0.761)

2.493

2.458

 

 

 

 

 

Opening Cash Balance

0.365

0.550

0.785

0.862

 

 

 

 

 

Closing Cash Balance

0.550

0.785

0.862

1.120

 

 

------------------------------------------------------------------------------------------------------------------------------

 

COMPUTATION OF NET TAX LIABILITY

 

(RS. IN MILLIONS)

 

Particulars

2010-2011

 

Income U/H House Property

 

(0.150)

 

 

 

Profit From Business or Profession

1.574

 

 

 

 

Add: Expenses Disallowed

--

1.574

 

 

 

Gross Total Income

 

1.424

 

 

 

Less: Deduction under chapter VIA

 

 

U/S 80D

0.015

 

U/S 80C

0.100

0.115

 

 

 

Total Taxable Income

 

1.309

 

 

 

Income Tax thereon

 

0.297

 

 

 

Add: Education Cess

 

0.009

 

 

 

Net Tax Payable

 

0.306

 

 

------------------------------------------------------------------------------------------------------------------------------

 

TO WHOM SO EVER IT MAY CONCERN

 

MRS. BHAVAN RAJU MONGA

 

Particulars

(RS. IN MILLIONS)  

 

5% share in the Flat No.415, Niladri Apartment, Nandi Durga Road, Jay Mahal Extension, Bangalore – 560046. As on 31.03.2010

6.000

 

 

Investments in Bangalore International Placement Services as on 31.03.2010

0.259

 

 

Gold and Jewellery

3.250

 

 

Total Assets (A)

9.509

 

 

Less: Liabilities

 

Housing Loan

1.322

 

 

Total Liabilities (B)

1.322

 

 

NET WORTH (A – B)

RS.8.187 MILLIONS

 

 

------------------------------------------------------------------------------------------------------------------------------

 

 

TO WHOM SO EVER IT MAY CONCERN

 

MR. RAJU MONGA

 

Particulars

(RS. IN MILLIONS)  

 

5% share in the Flat No.415, Niladri Apartment, Nandi Durga Road, Jay Mahal Extension, Bangalore – 560046. As on 31.03.2010

6.000

 

 

Investments in Bangalore International Placement Services as on 31.03.2010

2.264

 

 

Investment in Movable Properties 

1.049

 

 

Investment in Gold and Jewellery

1.500

 

 

Cash in Bank and Hand

0.150

 

 

Total Assets (A)

10.963

 

 

Less: Liabilities

 

Housing Loan

1.322

 

 

Total Liabilities (B)

1.322

 

 

NET WORTH (A – B)

RS.9.641 MILLIONS

 

 

------------------------------------------------------------------------------------------------------------------------------

 

 

INTRODUCTION

 

Subject is an International Placements Consultancy that specializes in Executive and Blue-Collared Labour placements overseas. Subject will be serving GCC and other emerging markets in Africa, Eastern Europe and Far East. Through a well connected network of Sub-Agents in sub-continent with a sophisticated predictive screening system, The Subject will steadily gain market share.

 

To achieve the desired growth and profitability of the company, management goals are to have at least three of the top 10 Established Firms of Popular verticals in each country leading to at least 20% of the total market share including Tier 1 and 2 companies, utilizing subject’s services.

 

 

PROFILE

 

In today’s competitive market, organizations need a recruitment partner to achieve their strategic goals. As it is now imperative to leverage the right human resources to maximize business profits and increase service effectiveness. Subject is a one stop recruitment solutions firm for all manpower requirements from the Indian subcontinent, i.e., India, Nepal, Bangladesh and Sri Lanka. They give attention to details and have built a strong reputation for a systematic and hands on approach to human resources consulting for overseas recruitment industry.

 

Being equipped with daily updated IT driven National CV databank, our interactive online job portal and with effective use of print media advertising, networking and executive head hunting techniques, they can efficiently source candidates to fullest satisfaction of their clients. They put into action their team of techno-savvy HR managers and technical consultants, in order to, unlock opportunities for both the employees and the candidates in a cost effective way.

 

Subject is headquartered in Bangalore, a base for 10,000 industries and one of the fastest growing city in Asia. Bangalore also has a large migratory population of all categories of workforce from other states of India. Being located in centre of south India and with a branch office in Mumbai, the financial capital of India and the preferred exit point of outbound workers, subject has easy access to other major manpower centers like Kolkata, Hyderabad, Cochin and Chennai through its associate offices. The excellent network in Nepal, Bangladesh, and Sri Lanka gives us access to the entire subcontinent.

 

Subject is approved by the Ministry of Overseas Indian Affairs, Government of India; vide Licence No. 4332/ MUM/ PER/ 1000 plus/ 3/ 6955/ 2004.

 

 

SERVICES

 

§            Executive Recruitment

§            Manpower Delopyment

§            HR Consulting

§            Training Services

 

 

OBJECTIVES:

 

The objectives for the years 2011 - 2013 include:

 

- To re-create the brand “BIPS” whose primary goal is to exceed customers expectations.

 

- To acquire three of the top 10 Established Firms of popular verticals in each country including Tier 1 and 2 companies by 2013.

 

- To increase the market share by 20% through superior service every year.

 

- To reach the target of 3000 Deployments per year by the end of 2013.

 

 

INVESTING SECTORS: (In Billions US $) Year 2010- 2011:

 

 

Infrastructure / Development

Education / Manpower Development

Healthcare/ Social Affairs

Municipal Services/ Water/ Electricity/ Agriculture

Telecom/ Transportation

Total

 

 

 

 

 

 

 

UAE

$ 4.75

$1.10

$1.1

$0.76

$1.9

$9.61

Qatar

$9.75

$4.75

$2.36

$4.81

$1.95

$23.62

Oman

n/a

n/a

n/a

n/a

n/a

n/a

Saudi

$25.5

$38.00

$18.32

$6.72

$6.40

$94.94

Kuwait

$17.71

$7.08

$7.08

$14.17

$10.63

$56.67

Bahrain

n/a

n/a

n/a

n/a

n/a

n/a

 

 

 

 

 

 

 

Total

 

$57.71

$50.93

$28.87

$26.46

$20.88

184.84

 

* Source (Zawya.Com, Google.Com, Arabnews.Com, Constructionweekonline.Com)

 

 

QATAR OVERVIEW:

 

Ruled by the Al Thani family since the mid-1800s, Qatar transformed itself from a poor British protectorate noted mainly for pearling into an independent state with significant oil and natural gas revenues. During the late 1980s and early 1990s, the Qatari economy was crippled by a continuous siphoning off of petroleum revenues by the Amir, who had ruled the country since 1972. His son, the current Amir HAMAD bin Khalifa Al Thani, overthrew him in a bloodless coup in 1995. In 2001, Qatar resolved its longstanding border disputes with both Bahrain and Saudi Arabia. As of 2007, oil and natural gas revenues had enabled Qatar to attain the second-highest per capita income in the world.

 

 

OMAN OVERVIEW:

 

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector’s contribution to GDP to 9% by 2020. Tourism and gas-based industries are key components of the government’s diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production in 2009, giving the country more time to diversify.

 

 

SAUDI ARABIA OVERVIEW:

 

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 20% of the worlds proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Roughly 5.5 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs

 

 

KUWAIT OVERVIEW:

 

Kuwait has a geographically small, but wealthy, relatively open economy with self- reported crude oil reserves of about 102 billion barrels - about 9°k of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. Kuwait survived the economic crisis on the strength of budget surpluses generated by high oil prices, posting its tenth consecutive budget surplus in 2008, before slipping into deficit territory in 2009. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms.

 

 

BAHRAIN OVERVIEW:

 

Bahrain is one of the most diversified economies in the Persian Gulf. Highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf.

 

 

UAE OVERVIEW:

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement.

 

Conclusion:  Within the GCC and Emerging markets, subject will be primarily targeting verticals like Construction, MEP, O and G, Retail, Hospitality etc. The Infrastructure and Construction Industry companies make up the largest group of GCC and Emerging markets, nearly 50% of the market. Needless to say, subject can still provide value-added services to any potential company irrespective of assigned vertical.

 

The Subject’s marketing strategy will be based on Profiling, Screening, Cold Calling, Business Visits and Networking. The advertising will be done in the several local journals that cater to emerging businesses.

 

 

MARKET SEGMENTATION:

 

The customers base can be divided into three different groups:

 

A) Qatar, UAE, Oman

B) Saudi, Bahrain, Kuwait

C) Emerging Markets

 

 

BUSINESS SERVICES OVERVIEW:

 

There are two potential business models for International Placement firms:

Skilled Manpower Deployment:

 

This model typically commands upto 80% of the company’s profitability. The firm is responsible in carrying out the entire Recruitment Cycle (after receiving the valid mandate and necessary documentation) starting from advertising the positions till the successful Deployment of the suitable Manpower. However, the service charges are subject to discretion in case by case.

 

Executive Recruitment:

 

This is the more common arrangement where a fee is paid when the search firm finds an appropriate candidate. The advantage to the client is that they only pay if services are rendered. This creates an economic incentive to perform, but when the company is in a hurry to find someone, the incentive is lost to some degree regarding speed. This set up is advantageous to the search firm because it allows them to search for a wide range of clients at once. The margins for the contingency model are generally the same as the retainer firms.

 

 

COMPETITION:

 

- Currently, there are approximately 1884 government licensed Recruitment Agents in India. (As per Ministry of Overseas Affairs)

 

- The predicted demand for the Indian Manpower in the GCC and other Emerging markets is nearly 0.7 Million for the year 2011.

 

- Hence, the market is growing at exciting rates with a potential profitability till 2020.

 

 

CITATIONS:

 

Qatar’s Finance Minister Yousef Kamal said that the country’s economy would grow by 2l% next year on the back of ballooning revenues from liquefied natural gas, or LNG, exports. Moreover Qatar is to stage the 2022 World Cup, becoming the first ever Muslim and Arab country to host the cup. Hence lots of constructions Opportunities are there abound.

 

Huge Demand of Manpower in Abu Dhabi

Economic growth expected in the five year plan in Abu Dhabi will require 6 lac additional workers till 2012, according to Abu Dhabo Department of Economic Development.

 

Construction of 5,000 villas at Al Falah.

 

The Al Falah plan comprises five villages, each with its own village centre, schools, and mosques. Located to the east of Abu Dhabi International Airport and the Abu Dhabi-Dubai highway, Al Falah has been designed as a practical and sustainable community within a development area of approximately 12 million square metres. The contractors are: Al Jaber Building LLC Abu Dhabi, El Self Engineering Contracting and Abu Dhabi-Malaysian firm Pembinaan

 

Saudi Arabia has accumulated huge reserves during a six-year oil price boom and is planning to spend more than $400bn over the five years to 2013 to upgrade infrastructure, including airports and roads. The Saudi Arabian market will reach US$4.1 billion by 2015 while registering a CAGR of 17.07%, according to a new report by World Market Intelligence.

 

 

INDUSTRIAL HIRING/ RECRUITMENT PATTERNS:

 

- Jan, Feb, Mar: High

- Apr, May, June: Medium

- July, Aug, Sep: Low

- Oct, Nov, Dec: Moderate

 

History of hiring patterns in GCC shows it is HIGH during the Q1 and Q2 and at its LOW during Q3 and Moderate for Q4.

 

 

SWOT ANALYSIS:

 

STRENGTHS:

 

§            6 years of international exposure and working experience with BLUE CHIP firms.

§            Widespread National network

§            Extensive Regional network

§            Ethical business practices

§            Handpicked professional recruitment team

§            Strong knowledge of the GCC Market

 

 

WEAKNESSES:

 

§            Timely delivery (Turn-around Time)

§            Weak physical presence in the GCC

§            Lack of technology/database management system

§            Infrastructure needs to be improved

§            Only targeting construction sector of the market

§            Poor customer relationship management(CRM)

§            Inefficient use of branch offices

§            HR issues

§            Inability to source people from other countries except India and Nepal

 

 

OPPORTUNITIES:

 

§            No major local competition (within Karnataka)

§            Expansion in other GCC countries strting with UAE, Qatar and KSA

§            Expansion in other international markets (Europe, Africa)

§            BUSINESS Verticals expansion

§            GCC government funded infrastructure projects like Qatar FIFA World Cup, Saudi Vision 2025 etc.

§            Product expansion

o Training

o Payroll Processing

o HR Automation

o Employee Satisfaction Surveys

 

§            Process improvement

o ISO

o Six Sigma

o Balance Scorecard

o Business Excellence

 

§            Local recruitment in UAE/Qatar

§            Opening of Iraq market

 

 

THREATS:

 

§            Restriction of Indian visas

§            Localization

§            Strong competitors

§            Global Economic Outlook

§            Inflation

§            Volatile oil prices

§            Terrorism

§            Middle East Political crisis — Israel/Palestine and US/Iran conflict

 

 

STRATEGY AND IMPLEMENTATION OVERVIEW:

 

MARKETING STRATEGY:

 

PUSH:

The subject’s marketing strategy will be based on prospecting, business visits, advertising and networking.

 

Subject will be relying on Prospecting, Cold Calling, Personal Business Visits and Networking to set up companies as clients. As business continues, subject’s track record will get more solid and its results will speak for themselves.

 

PULL:

Note: Finalize economic advertising medium and .various Networking sites and events

 

The advertising will be done in the several local journals that cater to emerging businesses.

 

The purpose of these advertisements is visibility for the corporate for a firm for themselves to source quality manpower. To some degree the advertisement will be geared toward bring companies on as clients. However, this will only be a secondary goal of the advertising.

 

EXTRA:

This is the type of industry where association counts for a lot, and when subject scores a few big clients in each country, many others will come through the door because they are impressed with whom their clients are.

 

 

SALES STRATEGY:

 

Subject’s sales strategy will be based on attracting New Client on board (Existing key account management is ongoing process) to sign them up as a service provider. Secondarily, they will need to be attractive enough to the prospective executives that they are coming to them to help them find a job.

 

 

Developing attraction to the emerging companies will be based on subject’s ability to communicate their competitive advantages and how they translate those into finding qualified executives. This will be done by showing how truly connected subject is in the emerging company industry.

 

Having a long list of industry clients is helpful in attracting New Client to the Bangalore International Placement Firm. If the Candidate feels that the subject is well connected in the industry and has an accomplished list of clients, then they will feel more confident that subject will have a higher chance in finding them a job.

 

 

IMPLEMENTATION:

 

The marketing strategy will develop interest in the firm, while the sales strategy will then turn the leads into customers. This will be done with superior service based on interpersonal communication skills. The sales leads will call/inquire for more information and it will be the BDM’s responsibility to convince the lead that BIPS would be a worthwhile investment of time based on the firm’s competitive advantages and track record (list of clients).

 

- Identify and assess markets

- Assign territories to BDM5

- Plan the best practices like time of business visits, daily activity KPI5, pre and post travel planning, budget planning and control, cost cutting initiatives, logistics planning, internal and external communication methodology etc.

- Key account management

 

Subject will have a website which will be a fairly comprehensive collection of information about subject and the services they provide. Also the platform to capture Candidate Database as well as the Business Enquiries.

 

 

BIPS - COMPETITIVE EDGE:

 

Subject has a two pronged competitive advantage that will allow it to rapidly gain market share:

 

1. SIX months replacement guarantee.

All the candidates recruited through subject are on 6 month guarantee period. During this, period, if found unsuitable, subject will repatriate the candidates on its own expense. Further, a replacement candidate will be provided to the client entirely at subject’s cost.

 

2. Cash Guarantee.

The service guarantee can be supported by a cash deposit guarantee in the Clients’ Company bank account

 

 

SALES FORECAST:

 

Based on the past achievements history and after considering the recent facts and figures (as per market research tabloids done for recruitment business) they practically expecting to grow on an average by 40% for next three years.

 

 

EXPECTED MARKET GROWTH — NO. OF VISAS

 

(Total No. of Departures for the Calendar Year 201.0: 1708 approx.)

 

 

2011

2012

2013

 

 

 

 

Group A

1486

2154

2735

Group B

867

1257

1595

Group C

123

179

229

 

 

 

 

Total

2476

3590

4559

 

 

Group C is being catered on ad-hoc basis and is expected to grow at 5-10% minimum.

 

Group B is a new market for BIPS with potential of achieving a more than 50% of visas when compared with Group A.

 

 

MILESTONES:

 

The BIPS will have several milestones early on:

 

1. Business plan completion. This will be done as a road map for the organization.

2. Set-up a best sales practices, Implement the individual KPI’s to T.

3. Plan and Implement timely Client visits during hiring season.

4. Bringing a client on board after securing the business.

5. Assuring the effective and successful delivery process in place.

6. Constant feedback and improvements.

 

------------------------------------------------------------------------------------------------------------------------------

 

TRADE REFERENCE:

 

·         Varsha Consultancy Services Private Limited and Employment promotion council of India personnel.

Ground Floor, Sai Prasad commercial Complex, Near Railway Station, Khar (West), Mumbai, Maharashtra, India

Mr. Deepak Chhabria – Chairman

Tel No.: 91-22-26008585

Mobile No.: 91-9820343434

 

·         Unique Hotel Motels and Resorts Private Limited

1st Floor, Neelkanth Udyog Bhavana, Andheri Kurla Road, Sakinaka, Mumbai – 400072, Maharashtra, India

Mr. Krishna Prasad Rai

Tel No.: 91-22-66941010

Mobile No.: 91-9987015117

 

------------------------------------------------------------------------------------------------------------------------------

 

WEBSITE DETAILS:

 

Subject is a one stop recruitment solutions firm for all manpower requirements from the Indian subcontinent, i.e., India, Nepal, Bangladesh and Sri Lanka. They give attention to details and have built a strong reputation for a systematic and hands on approach to human resources consulting for overseas recruitment industry.

 

Being equipped with daily updated IT driven National CV databank, their interactive online job portal and with effective use of print media advertising, networking and executive head hunting techniques, they can efficiently source candidates to fullest satisfaction of the clients. They put into action their team of techno-savvy HR managers and technical consultants, in order to, unlock opportunities for both the employees and the candidates in a cost effective way.

 

Subject is headquartered in Bangalore, a base for 10,000 industries and one of the fastest growing city in Asia. Bangalore also has a large migratory population of all categories of workforce from other states of India. Being located in centre of south India and with a branch office in Mumbai, the financial capital of India and the preferred exit point of outbound workers, subject has easy access to other major manpower centers like Kolkata, Hyderabad, Cochin and Chennai through its associate offices. The excellent network in Nepal, Bangladesh, and Sri Lanka gives them access to the entire subcontinent.

 

0.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.45.32

UK Pound

1

Rs.70.54

Euro

1

Rs.58.70

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

45

 

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

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

-

NB

                                       New Business

 

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.