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Ma Foi enters into IT Solutions for HR
Registers 74% Growth for FY 2005 |
| February, 2006 |
Chennai, January 2006: Ma Foi Management Consultants Ltd, India's largest staffing and HR service provider has closed the financial year 2005 with gross revenue of Rs. 211.94 Crores registering a growth of 73.50 % over last year.
Speaking to media at the recent inauguration of their new corporate office, Mr. K. Pandia Rajan, MD & CEO of Ma Foi said, "Ma Foi is growing at a CAGR of 75% over the last 13 years. At this juncture, we are pleased to announce our strategic diversification into IT through a wholly owned subsidiary - MINVESTA INFOTECH LTD. MINVESTA will be funded internally and have an equity base of Rupees One Crore, initially."
MINVESTA, led by Mr. Asokan Pichai as CEO, has a 41-member core technology group with 120 man-years of experience in System Development and product development.
Ma Foi has pioneered automation of several mission critical HR Processes through intelligent use of IT from routine areas like Time and Attendance, workflow management, resource management etc., to Performance Management Systems which have reduced the time taken on annual appraisal drastically while retaining the human aspect of the process. The team has to its credit development of several advanced products most notable being Ma Foi's proprietary Personality Assessment Tool - an online Psychometric testing tool based on Indian norms.
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| Financial Highlights - FY Jan - Dec 2005(Audited): |
- Gross revenue up from Rs.122.14 Crores (Jan 04 -Dec 04) to Rs. 211.94 Crores (Jan 05 - Dec 05) 73.50%
- PBT up from Rs. 3.9 Crores (Jan 04 -Dec 04) to Rs. 7.2 Crores (Jan 05 - Dec 05) 85%
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| Performance Highlights - FY 2005 |
Ma Foi continues to retain its leadership position in temp staffing with over 18000 temp staff currently on its rolls. The single largest Deputee scale up of 2782 was done for a Pune based MNC Life Insurance Company. During the year 2005, 10131 permanent placements were executed increasing the total personnel placements till date to over 80000 across 31 countries.
During the year 2005, Ma Foi emerged as a preferred vendor for a number of US and Europe based MNC's setting up their base in India. A significant share of revenue for the Staffing Services came through the India Entry businesses - predominantly from companies in the BFSI, Telecom, BPO and Manufacturing segments. Ma Foi currently services over 163 Fortune 500 clients of which 30 are Fortune 50.
As a key strategic initiative for the current year, Ma Foi Academy, the career training business, which completed its first year of operations, has been integrated with the Staffing Solutions business. This strong backward integration measure along with the "Hire-Train-Deputee" model doctored by the Academy is expected to benefit both the client and candidate community.
Ma Foi Global Search Services Ltd (MGSSL), the Search subsidiary of Ma Foi made 65 successful closures during the year of which 10 were CEO/COO placements. This takes the total placement done by the Executive Search to 708. Maximum revenue came in through placements in Consumer/Retail and IT/ITES verticals.
Cross -border search emerged as a strong niche area. The strategy of multi country presence helped the company do a truly cross border placement where a Pakistan based client was anchored by the Singapore operations, and two of the top level candidates where sourced by the Dubai and Malaysian offices.
Ma Foi Search business witnessed its largest single billing through the placement of a CEO for an MNC Publishing house. Also, the year saw the first interim placement happen for a German Manufacturing major for their operations in Hyderabad.
Apart from this, MEtS, a comprehensive study on Employment outlook done every year by MGSSL is being linked to macro economic parameters with research inputs worked by ISB Hyderabad.
Ma Foi Consulting Solutions Ltd. (MCSL), the HR Outsourcing and Consulting arm of Ma Foi, became India's first payroll company to obtain the BS 7799 (ISMS - Information Security Management System) certification. BS 7799 is an international standard that sets out the requirements of good practice for Information Security Management. Getting this certification puts MCSL ahead of the other HR BPOs in the country and on par with international service providers, as most UK and US clients prefer to deal with certified vendors where high level of data security is guaranteed.
In the year 2005, MCSL witnessed significant movement in off-shoring of recruitment processes from a number of overseas (in US, UK & Australia) recruitment companies to provide Recruitment Process Offshoring (RPO) services like CV formatting, CV generation, short- listing, and headhunting.
The HR Consulting business of MCSL successfully completed the Maharashtra Health System Development Project - a World Bank Project. The project included Training Workshops conducted in seventeen district hospitals for around 6000 health service providers.
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| Operating Performance by Geography and Industry Sector |
The overseas operation's contribution to the top line increased to 10% in 2005. Energy and BFSI Practices fuelled the overseas operations. The launch of the energy practice has seen the permanent and temp staffing businesses of Ma Foi Middle East and Asia Pacific operations benefit significantly.
During the year Ma Foi London made considerable progress in the IT contract staffing services and also was instrumental in enabling cross-border assignment and RPO opportunities. They were also successful in gaining access to many of the India entry businesses at an early stage thereby giving Ma Foi the first-mover advantage.
With its signup with MNC Banks in Colombo for outsourcing their Sales force and administrative staff on to its rolls, Ma Foi Lanka witnessed an upsurge in its temp staffing business during the year.
The International expertise corridor established by Ma Foi has not only helped in increasing cross-border migration of talent, but also in increasing the revenue from high value inter-country placements.
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| Business Partner Operations |
During the year, Ma Foi setup 8 more Business Partners for its the Staffing business there by enhancing its office network to 50 offices in India. The year saw Ma Foi Academy, the career training business of Ma Foi initiate the process of expanding its Business Partner network across the country. Currently Ma Foi Academy has signed up at 8 locations and is all set to increase the numbers in the months to come.
Earlier in the day, Mr. CK Ranganathan, MD & CEO, Cavin Kare Limited, inaugurated the company's new facility at 49, Cathedral Road. The new facility will accommodate the entire corporate operations of Ma Foi.
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Notes to Editors :
Ma Foi is a 13-year-old public limited company. Having started in 1992 at Chennai with a focus on recruitment services, Ma Foi has grown to become the largest HR services provider in India. Ma Foi is committed to offer people and people related services, enhancing the net worth of human capital. Currently Ma Foi has a presence in 8 countries through 58 offices - India, UAE, UK, Singapore, Sri Lanka, Malaysia, Oman and the US, and over 1334 clients including 163 Fortune 500 Companies. Ma Foi had posted revenue of Rs.122 Crores for the year ending December 2004.
For further details on Ma Foi visit www.mafoi.com
Vedior is one of the world's largest recruitment companies and is a full-service recruitment provider with a diversified portfolio of brands targeting a broad range of industry sectors. Annual sales for 2004 were €6,467 million. From its global network of offices spanning Europe, America, Australasia, Asia, the Middle East and Africa, Vedior offers temporary and permanent recruitment as well as a number of complementary employment-related services such as outplacement, HR outsourcing, payrolling and training. Vedior has a leading market position in the provision of professional/executive recruitment in sectors such as information technology, healthcare, accounting, engineering and education. In order to meet client requirements for all categories of personnel, we also have a significant global network providing administrative/secretarial and light industrial recruitment.
For further details on Vedior, visit : www.vedior.com.
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For further details contact |
K.Pandia Rajan
Managing Director
Ma Foi Management Consultants Ltd.
Chennai, India
Tel: 91-44-2833 3351 / 52 / 53
Email : kpr@mafoi.com
Website : www.mafoi.com
For editorial queries :
Vidhya Srinivasan
Vice President
Integrated Brand-Comm Pvt. Ltd
Chennai
Tel: 044 - 28520149/48
Email : bhuvana@brand-comm.com
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