MIRA
INFORM REPORT
|
Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MA FOI GLOBAL SEARCH SERVICES LIMITED |
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Registered
Office : |
121, 2nd Floor, Radhakrishnan Salai, Mylapore, Chennai –
600004, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
11.03.2005 |
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Com. Reg. No.: |
18-055634 |
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CIN No.: [Company Identification
No.] |
U74910TN2005PLC055634 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM07656F |
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PAN No.: [Permanent Account No.] |
AAECM2126L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company has been
actively engaged in the business of providing executive search services to
enable their clientele enhance their business performance. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 but
correct. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Prem |
|
Designation : |
Accounts Department |
|
Date : |
28.02.2011 |
LOCATIONS
|
Registered Office : |
121, 2nd Floor, Radhakrishnan Salai, Mylapore, Chennai –
600004, |
|
Tel. No.: |
91-44-66568000 |
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Fax No.: |
91-44-66568008 |
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E-Mail : |
DIRECTORS
As On 10.05.2010
|
Name : |
K Karuppasamy Pandiarajan |
|
Designation : |
Director |
|
Address : |
AJ-25, IVth Street, 9th Main Road, Shanti Colony, Anna
Nagar, Chennai – 600040, Tamilnadu, India |
|
Date of Birth/Age : |
26.04.1959 |
|
Date of Appointment : |
11.03.2005 |
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DIN No. : |
00116011 |
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|
|
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Name : |
Ms. Hemalata Rajan |
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Designation : |
Director |
|
Address : |
AJ-25, IVth Street, 9th Main Road, Shanti Colony, Anna Nagar,
Chennai – 600040, Tamilnadu, India |
|
Date of Birth/Age : |
07.12.1965 |
|
Date of Appointment : |
11.03.2005 |
|
DIN No. : |
00115674 |
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|
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Name : |
Mr. Balaji Ethirajan |
|
Designation : |
Director |
|
Address : |
3A, New No. 7, |
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Date of Appointment : |
28.02.2008 |
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DIN No. : |
00231151 |
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|
|
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Name : |
Hastha Shivaramkrishnan |
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Designation : |
Whole Time Director |
|
Address : |
Old No. 189, New No. 94A, 3B, |
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Date of Birth/Age : |
09.11.1958 |
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Date of Appointment : |
25.03.2005 |
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DIN No. : |
00391864 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 10.05.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ma Foi Management Consultants Limited |
|
999994 |
|
Pandia Rajan K |
|
1 |
|
Hermalatha Rajan |
|
1 |
|
Aditya Narayan Misra |
|
1 |
|
Balaji E |
|
1 |
|
Hastha Shivaramakrishnan |
|
1 |
|
Rahul Goyal |
|
1 |
|
Total |
|
1000000 |
As On 10.05.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company has been
actively engaged in the business of providing executive search services to
enable their clientele enhance their business performance. |
|
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GENERAL INFORMATION
|
No. of Employees : |
Information not divulged by management |
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Bankers : |
Not available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sreevathson Associates Chartered Accountant |
|
Address : |
No. 18, Ellaiamman Colony, 1st |
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Mobile No.: |
91-9176500703 |
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E-Mail : |
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Pan No. : |
ABDFS1611F |
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Holding Company : |
CIN: U74210TN1992PLC023097 |
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Other subsidiary of Holding Company
: |
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Others |
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CAPITAL STRUCTURE
As On 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000
Millions |
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|
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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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
27.776 |
21.992 |
|
|
4] (Accumulated Losses) |
(16.490) |
0.000 |
0.000 |
|
|
NETWORTH |
(6.490) |
37.776 |
31.992 |
|
|
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 |
1.648 |
0.212 |
|
|
|
0 |
|
|
|
|
TOTAL |
(6.490) |
39.424 |
32.204 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
11.237 |
12.159 |
6.450 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
6.762
|
34.698 |
39.689 |
|
|
Cash & Bank Balances |
2.394
|
7.616 |
3.731 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.276
|
13.659 |
23.216 |
|
Total
Current Assets |
27.433
|
55.972 |
66.636 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.128
|
24.612 |
3.169 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
6.032
|
4.095 |
37.712 |
|
Total
Current Liabilities |
45.160
|
28.708 |
40.881 |
|
|
Net Current Assets |
(17.727)
|
27.265 |
25.755 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(6.490) |
39.424 |
32.204 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
57.569 |
122.749 |
110.897 |
|
|
|
Other Income |
0.000 |
0.044 |
0.000 |
|
|
|
TOTAL (A) |
57.569 |
122.793 |
110.897 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
HR Cost |
47.690 |
51.035 |
39.042 |
|
|
|
Administrative Expenses |
50.096 |
57.958 |
38.539 |
|
|
|
Prior Period Income / Expenses |
1.854 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
99.640 |
108.993 |
77.581 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(42.071) |
13.800 |
33.316 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.556 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(42.071) |
13.800 |
32.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.694 |
1.817 |
1.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(45.765) |
11.983 |
31.305 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(1.498) |
6.201 |
9.426 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(44.267) |
5.782 |
21.879 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.166 |
10.960 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.578 |
|
|
|
BALANCE CARRIED
TO THE B/S |
(28.101) |
16.166 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(44.27) |
5.78 |
21.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
(76.89)
|
4.71 |
19.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(79.50)
|
9.76 |
28.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(118.35)
|
17.59 |
42.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(7.05)
|
0.32 |
0.98 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(6.96)
|
0.76 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.61
|
1.95 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
Company Overview:
Subject is a wholly owned
subsidiary of Ma Foi Management Consultants Limited (Holding Company). The
company has been actively engaged in the business of providing executive search
services to enable their clientele enhance their business performance.
The details of
sundry creditors
Rs.
In Millions
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Expenses Payable |
1.168 |
1.119 |
|
|
Statutory dues |
1.630 |
4.326 |
|
|
Holding company and its subsidiaries |
36.327 |
19.163 |
|
|
Others |
0.002 |
0.004 |
|
|
Total |
39.128 |
24.612 |
3.169 |
The Registered office of the company has been shifted from 8,
Market Background
The year just passed by witnessing a sharp decline in recruitment of key
resources by clients mainly on account of global slowdown. As a result the
Company was not an exception to the general trend. The market has begun to
respond positively in Q1 of 2010.
Business Overview:
Subject the Executive Search Business, is a wholly owned subsidiary of
Ma Foi Management Consultants Limited, is part of Randstad, the 2nd
largest HR Services Company in the world.
Subject caters to today's evolving business community by helping
organizations, attract and retain the best talent. There understanding of
cultural sensitivities, market knowledge and powerful networking skills enable
us to provide world class talent across all industry segments. In there
executive search process, stress is laid on culture-fit as the right sync helps
in longer retention and higher business productivity. They close key leadership
positions using proven research processes.
Subject also provides interim management, an exclusive service that
helps fill unexpected but immediate gaps in senior management and also helps
find the best temporary leadership to manage crucial projects. They provide
interim managers who posses rich leadership experience and move into
challenging roles swiftly and comfortably.
The Company's matrix structure based on industry and geography enables
them to offer greater depth in each of there industry practices and bring in
stronger focus to the diverse geographies they are present in. One that is
helping them consistently delivering the best resources to there clients,
across verticals.
Future plan and
prospects
The Indian search business has begun reassembling/adding resources to
support the turnaround in 2010 after a lull market in 2009. The Company is also
looking at resourcing and leveraging these opportunities.
Fixed Assets:
- Cellular
phones
- Computer
- Furniture and
fixture
- Lease hold
improvements
- Plant and
machinery
- Software
- Licenses
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 |
2 |
|
--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 |
|
26 |
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.