MIRA
INFORM REPORT
|
Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MA FOI CONSULTING SOLUTIONS LIMITED (w.e.f. 21.12.2004) |
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Formerly Known
As : |
MA FOI OUTSOURCING SOLUTIONS LIMITED |
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Registered
Office : |
6th Floor, Thamarai Tech Park, S.P. Plot No.16 to 20 and
20A, Thiru Vi Ka Industrial Estate, Inner Ring Road, Guindy, Chennai – 600
032, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of Incorporation
: |
01.11.2002 |
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Com. Reg. No.: |
18-049822 |
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CIN No.: [Company Identification
No.] |
U74140TN2002PLC049822 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing HR related services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Ramesh |
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Designation : |
Accounts Department |
|
Date : |
28.02.2011 |
LOCATIONS
|
Registered Office : |
6th Floor, Thamarai Tech Park, S.P. Plot No.16 to 20 and 20A,
Thiru Vi Ka Industrial Estate, Inner Ring Road, Guindy, Chennai – 600 032,
Tamilnadu, India |
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Tel. No.: |
91-44-66448000 |
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Fax No.: |
91-44-66648400 |
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E-Mail : |
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Website : |
DIRECTORS
As on 10.05.2010
|
Name : |
Mr. K. Pandia Rajan |
|
Designation : |
Chairman |
|
Address : |
AJ-25, |
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Date of Birth/Age : |
26.04.1959 |
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Date of Appointment : |
01.11.2002 |
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Date of Ceasing : |
31.12.2010 |
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DIN No.: |
00116011 |
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Name : |
Ms. Hemalata Rajan |
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Designation : |
Director |
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Address : |
AJ-25, |
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Date of Birth/Age : |
07.12.1965 |
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Date of Appointment : |
01.11.2002 |
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DIN No.: |
00115674 |
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Name : |
Mr. Hastha Shivaramakrishnan |
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Designation : |
Director |
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Address : |
Old No.189, New No.94A, 3B, Athreya Apartments, St. Mary’s Road,
Chennai – 600 018, |
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Date of Birth/Age : |
09.11.1958 |
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Date of Appointment : |
24.07.2006 |
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DIN No.: |
00391864 |
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Name : |
Mr. Brijesh Kumar Biyani |
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Designation : |
Director |
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Address : |
No.2, |
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Date of Birth/Age : |
21.01.1952 |
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Date of Appointment : |
24.07.2006 |
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DIN No.: |
00279328 |
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Name : |
Mr. Ajay Mallapurkar |
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Designation : |
Whole Time Director |
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Address : |
Subhiksha Sudharshan, Flat No.3B, 52/ 66, |
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Date of Birth/Age : |
12.06.1969 |
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Date of Appointment : |
21.02.2008 |
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Date of Ceasing : |
31.12.2009 |
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DIN No.: |
01968274 |
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|
|
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Name : |
Mr. Balaji Ethirajan |
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Designation : |
Director |
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Address : |
3A, New No.7, Kathbada, Washermanpet, Chennai – 600 021, |
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Date of Birth/Age : |
03.09.1971 |
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Date of Appointment : |
21.02.2008 |
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DIN No.: |
00231151 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.05.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ma Foi Management Consultants Limited |
|
1499994 |
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Ma Foi Management Consultants Limited and K. Randia Rajan* |
|
1 |
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Ma Foi Management Consultants Limited and Hemalatha Rajan* |
|
1 |
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Ma Foi Management Consultants Limited and Rahul Goyal * |
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1 |
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Ma Foi Management Consultants Limited and Aditya Narayan Mishra * |
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1 |
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Ma Foi Management Consultants Limited and Ethirajan Balaji * |
|
1 |
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Ma Foi Management Consultants Limited and Hastha Shivaramakrishnan * |
|
1 |
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Total
|
|
1500000 |
* Individuals holding shares in trust
As on 10.05.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing HR related services. |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Karpagam and Company Chartered Accountants |
|
Address : |
4, |
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Tel. No.: |
91-44-28340969/ 42121719 |
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Fax No.: |
91-44-28344816 |
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E-Mail : |
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Holding Company : |
Ma Foi Management
Consultants Limited CIN No.: U74210TN1992PLC023097 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
millions |
|
|
|
|
|
(Out of the above 360887 Shares were allotted for consideration other
than cash.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.000 |
15.000 |
15.000 |
|
|
2] Share Premium |
10.506 |
10.506 |
10.506 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(23.698) |
(4.294) |
(3.517) |
|
|
NETWORTH |
1.808 |
21.212 |
21.989 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
1.249 |
1.223 |
|
|
|
|
|
|
|
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TOTAL |
1.808 |
22.461 |
23.212 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
69.557 |
69.916 |
27.996 |
|
|
Capital work-in-progress |
1.580 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.717 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
29.425
|
57.424 |
86.821 |
|
|
Cash & Bank Balances |
26.808
|
12.798 |
17.707 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
75.647
|
64.175 |
14.476 |
|
Total
Current Assets |
131.880
|
134.397 |
119.004 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
169.632 |
97.341 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
7.470
|
12.220 |
26.447 |
|
Total
Current Liabilities |
201.926
|
181.852 |
123.788 |
|
|
Net Current Assets |
(70.046)
|
(47.455) |
(4.784) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1.808 |
22.461 |
23.212 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Payroll Processing |
169.895 |
157.897 |
130.364 |
|
|
|
HR Consulting |
43.511 |
59.930 |
69.062 |
|
|
|
Recruitment Processing |
37.424 |
61.401 |
20.353 |
|
|
|
Other Income – IT Consulting |
32.080 |
8.342 |
0.000 |
|
|
|
TOTAL (A) |
282.910 |
287.570 |
219.779 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Costs |
148.012 |
154.239 |
107.916 |
|
|
|
Other Costs |
123.312 |
110.837 |
95.531 |
|
|
|
Exchange Loss |
(0.511) |
(0.107) |
0.249 |
|
|
|
Miscellaneous Expenditure written off |
0.000 |
0.000 |
0.041 |
|
|
|
Loss on |
1.081 |
4.386 |
0.000 |
|
|
|
TOTAL (B) |
271.894 |
269.355 |
203.737 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.016 |
18.215 |
16.042 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
BANK CHARGES (D) |
14.565 |
4.551 |
0.242 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3.549) |
13.664 |
15.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.663 |
10.645 |
7.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(22.212) |
3.019 |
8.357 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2.807) |
3.796 |
2.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(19.405) |
(0.777) |
5.947 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4.294) |
(3.517) |
(9.463) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(23.699) |
(4.294) |
(3.516) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Income |
72.556 |
75.294 |
16.482 |
|
|
TOTAL EARNINGS |
72.556 |
75.294 |
16.482 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(12.94) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
(6.86)
|
(0.27) |
2.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.86)
|
1.08 |
3.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.03)
|
1.48 |
5.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(12.29)
|
0.14 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
111.68
|
8.57 |
5.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65
|
0.74 |
0.96 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: Not Available
OPERATIONAL
HIGHLIGHTS:
Payroll
• In 2009, Payroll Business focused on increasing customer satisfaction
and retention. With this In mind, the Company has successfully implemented the
regional delivery structure both in the front and back-end of the business. A
robust query management system enabling enhanced customer satisfaction was also
implemented during the year.
• One and the Companies objectives during the year was to expand their
delivery capability beyond
• On the quality / information security front, 150 27001 recertification
process was completed. They were also audited for SAS 70 standards by E and Y,
and the first release of the report was made available in early this year. SAS
70 Audit, as part of SOX compliance, has now been made an annual feature.
• Their long working relationship with ADP led to formal strategic
tie-up with ADP Streamline as their Indian Partner.
HRC
• HRC was hit by the recession in terms of its intended growth. However,
they managed to sign up around 35 assignments in the corporate sector. One of
the significant assignments carried out was again with an UN agency for
carrying out a Staff Attitude Survey amongst 3500 staff spread across their
offices. This assignment was awarded to them against a global tender.
• The public system vertical, despite the economic down turn this year,
managed to maintain Its business with the government bodies. They hope that in
the coming year, with increased spending by the government, this business will
grow further.
RBO
During the year they added three new clients, however due to the
recession and consequent consolidation resulted in declining revenues.
IT INFRASTRUCTURE:
• MSExchange Email System has been upgraded successfully with the latest
version during the first half of 2009. This has significantly improved the
availability of the email application and also improved the performance
significantly.
• IT Infrastructure of other Randstad Companies in
• Website mafoi.com and Randstad in were launched as per blue 2
standard.
• Network Expansion has been supported with adequate IT Infrastructure.
FIXED ASSETS:
·
Computers
·
Computer Software
·
Furniture and Fixtures
·
Plant and Machinery
·
Fans
·
Camera
·
Lease Hold Improvements
·
Office Interiors
·
Intangible Assets – Goodwill
PRESS RELEASES:
MA FOI CONSULTING SOLUTIONS BAGS UNICEF
PROJECT
Businesswire
Posted: Wednesday,
Oct 07, 2009 at 0938 hrs IST
Ma Foi Consulting
Solutions Limited, a subsidiary of Ma Foi Management Consultants Limited,
bagged the prestigious Human Resources project with United Nations Children’s
Fund (UNICEF) in Jharkhand. Among the several projects undertaken by UNICEF in
Finding qualified
professionals in Jharkhand for these flagship programmes has been a challenge
given the current state of affairs in the state. UNICEF India felt the need to
hire a Human Resource management firm for its manpower and engaged Ma Foi which
won this contract amongst stiff competition from other leading industry players
in this space. Ma Foi’s mandate broadly encompasses the following:
-- Setting up an HR
management agency at the state headquarters at
-- Conducting all
activities related to the recruitment of technical consultants and other staff
as per project requirements
-- Managing finance
and accounts relating to a maximum deployment of 180 staff/deputees
-- Managing the
logistics for all contracted staff
-- Providing
assistance for performance evaluation of the contracted staff and other such
services related to management of human resources
Speaking about the
project bagged, Mr. Ajay Mallapurkar, CEO, Ma Foi Consulting Solutions Limited
said, “We are very proud of our association with an international organization
like UNICEF and look forward to playing a key role in providing strategic and
structural support for their developmental projects.” He added, “There is a
need for more such collaboration between the private and social sectors that
will help bolster the community development initiatives in the country."
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.18 |
|
|
1 |
Rs.72.79 |
|
Euro |
1 |
Rs.62.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.