Ma Foi deepens its presence in Middle East

Chennai - May 28, 2006: Ma Foi Management Consultants Ltd, India's largest staffing and HR service provider announced a joint venture partnership with IBD Oman. Christened ‘Ma Foi Management Consultants & Partners LLC’, this is a 70:30 partnership with Ma Foi being the majority stake holder.

MMC&P will focus at acquiring large businesses from the Oil and Gas and infrastructure industry. The company would also partner with the Government of Oman to improve and enhance employability of the Omani Youth through Career skills training programs. Mr. T. Raj Kumar will head the Oman Operations as the CEO.

Financial Highlights – Q1 Jan - March 2006 (Unaudited):


• Gross Revenue Up from Rs.40.61 Crores (Jan 05 – March 05) to Rs.68.62 Crores (Jan 06 – March 06) 69% growth

• Net revenue up from Rs. 12.39 Crores (Jan 05 – March 05) to Rs. 19.93 Crores (Jan 06 - March 06) 61% growth

• PBT up from Rs. 0.62 Crores (Jan 05 – March 05) to Rs. 1.62 Crores (Jan 06 - March 06) 161% growth



India Entry Businesses boost staffing business

With India being a preferred destination for global corporates, international assignments boosted the bottom-line. Ma Foi emerged preferred vendor for a number of US and Europe based MNC’s setting up their base in India from sectors spanning BFSI, Telecom, BPO and Manufacturing segments. Ma Foi currently services over 163 Fortune 500 clients of which 30 are Fortune 50.

This can be attributed to Ma Foi’s presence through subsidiaries in critical markets in the Far East, Gulf, US and Europe.

Performance Highlights – Q1 2006

Ma Foi continues to retain its leadership position in specialist staffing sector with over 19250 deputees currently on its rolls. During the first quarter, 2641 permanent placements were executed increasing the total personnel placements to over 86969 across 31 countries.

Services sector continued to rule as the largest contributor with over 238 assignments of the total 799 new signups this quarter. The key highlight of the quarter was the flexi staffing mandate that was clinched, despite stiff competition, from one of the leading MNC mobile phone manufacturer who is in the process of setting up a plant in India. During the quarter, the staffing business capitalized on the opportunities from emerging sectors like KPO, Aviation, Stock Broking and Chip Designing.

Ma Foi Academy, post integration with the staffing Solutions group has registered significant growth with consolidation by business associates and increased exposure in corporate training programs for IT and ITES companies.

Ma Foi Global Search Services Ltd (MGSSL), the Search subsidiary of Ma Foi made 20 successful closures during the quarter, thereby taking the total placements till date to 681. During the quarter, Search witnessed its highest ever billing through the successful completion of a CEO mandate for the world's largest health and beauty retailer, and a wholly owned subsidiary of Hong Kong-based multinational conglomerate for their Indian operations.

MEtS, a comprehensive study on Employment Outlook carried out every quarter by MGSSL, has been linked to macro economic parameters with research inputs by ISB Hyderabad. Converted into a half yearly exercise, the next edition for the Period July to December will be released by June 2006.

The HR Outsourcing business of Ma Foi Consulting Solutions Ltd. (MCSL) witnessed business coming in from overseas payroll assignments primarily from the Middle East based trading houses. Over 80000 records were processed by the payroll unit as at March 2006. The RPO unit continued to received fresh mandates from the US, Europe and Australia.

MinVesta, the IT arm of Ma Foi, bagged a large HR software development mandate from one of the leading staffing majors in Australia and the project commenced in the month of March, 2006.

Operating Performance by Geography and Industry Sector

The overseas operation’s contribution to the top line increased by 66% in Q1 of 2006. The quarter witnessed some of the largest international assignments come through from Asia-Pacific, Middle-East, Europe and USA.

Ma Foi Middle East won a prestigious mandate to recruit cabin crew for a Leading Nation Carrier of Qatar. While talent will be sourced across India, Dubai, Sri Lanka, Malaysia, U.K. and Singapore, the ramp up is to be executed over a period of three-and-half months.

Ma Foi London signed up with leading auto manufacturer in Germany for a exclusive turnkey project covering Executive search, Staffing, Assessment, Consulting and Outsourcing.

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 65 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.213 Crores for the year ending December 2005.

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 2005 were €6,851 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

About IBD:

IBD was formed in 1991 by Mr. Amer Al-Suleimani, as Business Development Division of IBN Hamed Trading & Contracting. Mr. Suleiman, a professional engineer, who had previously held senior positions in Shell operating companies both in Oman (PDO) and abroad. The successful establishment of the company has utilized Mr. Suleimani’s considerable knowledge of the future prospects for oil, gas and the petrochemical sectors in Oman, as well as considerable experience in the engineering contracting sectors. IBD’s operations are managed by His Highness Mohammed Ali Al Said, who is also a partner in IBD and the Managing Director and will be the Chairman of the Board of the new company.


For further details contact:

K.Pandia Rajan
Managing Director & CEO
Ma Foi Management Consultants Ltd.
Chennai. India
Tel: 91-44-55228000
Email: kpr@mafoi.com
Website: www.mafoi.com
For Editorial Queries:
Vidhya Srinivasan
Chief Operating Officer
Integrated Brand-Comm Pvt. Ltd
Chennai.
Tel: 044 – 42634228 / 9382330783
Email: vidhya@brand-comm.com