MIRA
INFORM REPORT
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Report Date : |
19th
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MAGNA
ELECTRO CASTINGS LIMITED |
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Registered Office : |
43, (Old No. 62), Balasundaram Road,
Coimbatore – 641 018, Tamilnadu, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
22nd
August, 1990 |
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Com. Reg. No.: |
18-2836 |
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CIN No.: [Company
Identification No.] |
U31103TZ1990PLC002836 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBM03032B |
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Legal Form : |
It is
a Public Limited Liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturing
and Marketing of Iron Castings including grey iron, SG iron and other Iron
alloy castings – Machines and Un-machined. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
425000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are usually correct and as
per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
43, (Old No. 62), Balasundaram Road,
Coimbatore – 641 018, Tamilnadu, India |
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Tel. No.: |
91-422-210 109 / 216 184 |
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Fax No.: |
91-422-216 209 |
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E-Mail : |
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Website : |
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Factory
1: |
Foundry Division SF No.
34 and 35 Part, Coimbatore Pollachi Main Road, Mullipadi Village,
Tamaraikulam Post, Pollachi Taluk, Coimbatore District – 642 109, Tamilnadu,
India |
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Tel.
No.: |
91-4259-259316 |
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Fax
No.: |
91-4259-259451 |
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Factory
2 : |
Wind Energy Division Andhiyur
Village, Pollachi Taluk |
DIRECTORS
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Name : |
Mr. L
G Ramamurthi |
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Designation : |
Chairman
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Name : |
Mr. N
Krishna Samaraj |
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Designation : |
Managing
Director |
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Name : |
Mr. V
Rajendran |
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Designation : |
Director
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Name : |
Mr. J
Vijaykumar |
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Designation : |
Director
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Name : |
Mr. K
Gnanasekaran |
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Designation : |
Director
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Name : |
Mr. R
Nandini |
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Designation : |
Director
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Name : |
Dr.
Jairam Varadaraj |
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Designation : |
Director
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KEY EXECUTIVES
|
Name
: |
Mr. R
Ravi |
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Designation
: |
Company
Secretary |
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Name
: |
Mr. S. K. Shankar Raman |
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Designation
: |
Vice President – Operations |
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Date
of Birth/Age : |
55 years |
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Qualification
: |
D. M.E., Diploma in Metallurgy |
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Experience
: |
36 years |
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Date
of Appointment : |
1st December, 1993 |
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Previous Employment : |
Best & Crompton Limited, Chennai |
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Name
: |
Mr. K. Seshadri |
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Designation
: |
Senior
General Manager (Quality) |
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Date
of Birth/Age : |
48
years |
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Qualification
: |
M.I.E.,
M.B.A. |
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Experience
: |
27
years |
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Date
of Appointment : |
10th
February, 1997 |
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Previous Employment : |
NEPC
Micon Limited, Chennai |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Indian
Promoters |
1248546 |
27.25 |
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Mutual
Funds and UTI |
600 |
0.01 |
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Private
Corporate Bodies |
375940 |
8.20 |
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Indian
Public |
2458594 |
53.66 |
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NRIs /
OCBs |
460920 |
10.06 |
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Independent
Directors and Relatives |
37600 |
0.82 |
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Total |
4582200 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Marketing of Iron Castings including grey iron, SG iron and other Iron
alloy castings – Machines and Un-machined. |
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Products : |
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Exports to : |
Germany,
Japan, Thailand and U.S.A. |
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Imports from : |
U. S.
A. |
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PRODUCTION
STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Iron Castings including grey iron, SG iron
and other Iron alloy castings – Machines and Un-machined |
MT |
7200.000 |
7200.000 |
4765.600 |
GENERAL
INFORMATION
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No. of Employees : |
Around
300 |
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Bankers : |
Industrial Finance Branch, 1604, Trichy
Road, Coimbatore – 641 018, Tamilnadu, India
31, Variety Hall Road,
Coimbatore – 641 001, Tamilnadu, India
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Facilities : |
Secured Loans (Rs.
in millions)
Unsecured Loans (Rs.
in millions)
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Banking Relations : |
Satisfactory
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Auditors : |
S.
Krishnamoorthy & Company Chartered
Accountants Coimbaore
– 641 012, Tamilnadu, India |
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Associates : |
1. Samrajyaa and company 2. Ranba Castings Limited 3. Elgi Electric and Industries Limited 4. Elgi Equipments Limited 5. Elgi Building Products Limited. 6. Pioneer Processing 7. V.R.Foundries 8. Elgi Ultra Industries Limited |
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Memberships : |
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CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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|
5,000,000 |
Equity Shares |
Rs. 10/- |
Rs.50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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|
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|
4,582,200 |
Equity Shares |
Rs. 10/- |
Rs.45.822 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
45.800 |
45.800 |
45.800 |
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2] Reserves & Surplus |
60.900 |
48.500 |
31.800 |
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NETWORTH |
106.700 |
94.300 |
77.600 |
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LOAN FUNDS |
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1] Secured Loans |
49.900 |
25.300 |
7.000 |
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2] Unsecured Loans |
20.900 |
23.200 |
19.800 |
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TOTAL BORROWING |
70.800 |
48.500 |
26.800 |
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TOTAL |
177.500 |
142.800 |
104.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
182.100 |
108.300 |
86.800 |
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Capital work-in-progress |
0.000 |
18.800 |
0.000 |
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INVESTMENT |
0.000 |
6.200 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.300
|
15.200 |
13.500 |
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Sundry Debtors |
54.200
|
43.000 |
31.700 |
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Cash & Bank Balances |
2.700
|
3.500 |
9.500 |
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Loans & Advances |
17.900
|
23.900 |
19.300 |
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Total Current Assets |
99.100
|
85.600 |
74.000 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
89.800
|
60.900 |
42.500 |
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Provisions |
13.900
|
15.500 |
14.400 |
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Total Current Liabilities |
103.700
|
76.400 |
56.900 |
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Net Current Assets |
(4.600)
|
9.200 |
17.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.300 |
0.500 |
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TOTAL |
177.500 |
142.800 |
104.400 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
335.900 |
246.100 |
185.100 |
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Profit/(Loss)
Before Tax |
36.900 |
33.600 |
31.900 |
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Provision
for Taxation |
13.500 |
7.700 |
6.700 |
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Profit/(Loss)
After Tax |
23.400 |
25.900 |
25.200 |
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Export
Value |
174.643 |
115.334 |
NA |
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Import
Value |
24.035 |
30.809 |
NA |
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Total
Expenditure |
401.100 |
295.500 |
606.400 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2005 |
30.09.2005 |
31.12.2005 |
|
Type |
1st Qtr |
2nd Qtr |
3rd Qtr |
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Sales Turnover |
94.700 |
115.700 |
120.600 |
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Other Income |
3.500 |
8.000 |
1.800 |
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Total Income |
98.200 |
123.700 |
122.400 |
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Total Expenditure |
76.200 |
92.100 |
93.000 |
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Operating Profit |
22.000 |
31.600 |
29.400 |
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Interest |
2.900 |
3.600 |
4.100 |
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Gross Profit |
19.100 |
28.000 |
25.300 |
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Depreciation |
3.900 |
5.700 |
6.700 |
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Tax |
5.400 |
(1.900) |
1.700 |
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Reported PAT |
8.600 |
13.400 |
11.900 |
200506
Quarter 1 :-- EPS is Basic and Diluted. 1. The above unaudited financial
results,duly reviewed by the Audit committee, has been taken on record by the
Board of directors at its meeting held on July 30th 2005. 2. The results are
subject to limited review by the Auditors of the company. 3. The Company
operates in two segments namely manufacture and sale of castings and wind
energy generation. 4. There was no investor complaint pending as on 01.04.2005
During the quarter ended 30.06.2005 the company received one complaint which
has been resolved. There was no complaint pending as on 30.06.2005.
200509
Quarter 2 :-- EPS is Basic and Diluted 1. The above unaudited results, duly
reviewed by the Audit Committee, has been taken on record by the Board of
Directors at its meeting held on 31st October,2005. 2. The results are subject
to limited review by the Auditors of the Company. 3. The Company operates in
two segments namely manufacture and sale of castings and Wind Energy
Generation. 4. The Company has installed/commissioned on 23.07.2005, 1 No 1650
KW Wind Electric Generator at Andhiyur Village, Pollachi TK. 5. Capital
Employed has been redefined to include long term borrowings. 6. There was no
investor complaint pending as on 01.07.2005. During the quarter ended
30.09.2005 the company received seven complaints which have been redressed.
There was no complaint pending as on 30.09.2005. 7. Figures for the previous
year have been reclassified/regrouped wherever necessary.
200512
Quarter 3 :-- 1.The above unaudited results,duly reviewed by the Audit Committee,
has been taken on record by the Board of Directors at its meeting held on 27th
January 2006. 2.The results are subject to limited review by the auditors of
the Company. 3.The Company opertes in two ssegments namely manufacture and sale
of castings and wind energy generation. 4.There was no investor complaint pending
as on 01.10,2005. During the quarter ended 31.12.2005, the Company received one
complaint which has been redressed.There was no complaint pending as on
31.12.2005. 5.Figures for the previous year have been reclassified/regrouped
wherever necessary.
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt Equity Ratio |
0.59 |
0.44 |
0.40 |
|
Long Term Debt Equity Ratio |
0.50 |
0.32 |
0.37 |
|
Current Ratio |
0.93 |
1.04 |
1.28 |
|
TURNOVER RATIOS |
|
|
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|
Fixed Assets |
1.72 |
1.77 |
1.56 |
|
Inventory |
16.19 |
16.14 |
12.43 |
|
Debtors |
6.58 |
6.20 |
5.81 |
|
Interest Cover Ratio |
5.56 |
9.40 |
11.63 |
|
Operating Profit Margin (%) |
17.23 |
18.78 |
22.97 |
|
Profit Before Interest and Tax Margin (%) |
14.08 |
16.23 |
19.99 |
|
Cash Profit Margin (%) |
10.48 |
13.73 |
17.41 |
|
Adjusted Net Profit Margin (%) |
7.32 |
11.18 |
14.43 |
|
Return on Capital Employed (%) |
28.13 |
30.52 |
34.81 |
|
Return on Net Worth (%) |
23.28 |
30.13 |
34.85 |
STOCK PRICES
|
Face
Value |
Rs.
10/- |
|
High |
Rs.
116.10 |
|
Low |
Rs.
112.00 |
LOCAL AGENCY
FURTHER INFORMATION
Biodata
Magna
Electro Castings was incorporated in 1990. The company was promoted and Managed
by N Krishna Samaraj. The company is mainly engaged in castings and sale of
patterns.
In 2001 the company has successfully commissioned its state of the art CAD/CAM
Centre for producing tooling.
The Company had implemented a Energy Conservation Project in 2001-02 at a cost
of Rs.110 lakhs and was funded by internal accruals and term loans from
Corporation Bank. In the area of raw material recycling and production
automation the company is planning to make investments to the tune of Rs.150
lakhs and will be financed by means of Internal accruals and Term Loans. This
project was put on hold due to decision on implementation of the latest
technology and processes
Operations
Your Company has registered a substantial growth of 36% in total
revenues during the year under review
over the previous financial year. In absolute terms, the total income
during the year ended 31st March 2005 was Rs.312.561 millions as against
Rs.229.841 millions in the previous year. Profit before tax has increased from
Rs.33.652 millions in the previous year to Rs36.882 millions, an increase of
9.60%. Your Directors wish to draw your attention to the fact that the
depreciation charge has increased from Rs.5.941 millions to Rs10.076 millions,
while the provision for deferred tax liability has increased sharply from
Rs.2.325 millions to Rs. 10.568 millions. The sharp increase in the prices of
critical raw materials, reduction in export incentives and the continued
strengthening of the Rupee vis-vis the US Dollar during the year under review
resulted in reduced net profit margins, which dropped considerably from 14.64%
in the previous year to 11.80% in the current year. Necessary steps are being
taken to offset this by taking up value addition work like Machining, Surface
Treatment, etc so that the contribution per product is maintained or increased.
Exports on a FOB basis during the year increased by 51.42 %, from Rs. 115.334
millions to Rs. 174.643 millions.
Projects Implemented
The Company commissioned during the year under review the Furan Fast
Loop Line and the Sand Mixer
plants at a total cost of Rs.37.700 millions.
Directors wish to state that though the turnover has increased on
account of the implementation of the Furan plant, the increase in profitability
has not been commensurate because of the trial runs conducted
and consequently higher production costs. However your Directors are
confident that the full benefits will
be realized from the coming financial year onwards, with production having
been stabilized and the process optimized.
The Furan project apart from being environment- friendly, ensures high
quality castings and greater
reclamation of sand than in the conventional technology. Your Directors
are of the opinion that this farsighted planning will enable the Company to
meet the rigors of the future pollution control norms. It may be noted that the
pollution norms are becoming stricter by the day and foundries following old
technology will find it very difficult to meet such norms. Your Company is well
positioned in this respect.
Power cost is the second highest cost in a foundry. As a strategic
investment and with a view to reducing the power cost, your Company has
installed one 750 kw Wind Electric Generator at a cost of Rs.30.600 millions at
Andhiyur Village in Pollachi Taluk. This project is also environment friendly
as there is no pollution from the generation of power and also helps the
Company in meeting the Clean Environment Norms, thus making it a Green Foundry.
The power generated from the wind electric generator will meet about two months
power requirements of the Company at the current production rate.
Outlook For Current Year
The demand for the Company's products is increasing. Your Company has
been able to maintain a high
degree of consistency in quality and other parameters, as a result of
which there has been a good demand for the products in the export market. The
Company has been able to secure a niche export market for achieving better
profitability. The domestic market for castings being very vibrant and the
export market looking very promising, your Directors are confident of achieving
a substantial growth in turnover and profits in the coming year.
The investment in plant and machinery made by the Company in the previous
years have started yielding
benefits. Keeping all this in mind, your Directors have planned for
taking up for manufacture more value
added castings from the coming financial year onwards, which will
increase the profitability of the company.
Future Plans
Directors in order to obtain the maximum benefit from the Plant and
Machinery installed during the last two years, have decided to limit the
investment in Plant and Machinery and concentrate on getting the
maximum productivity and profitability from out of the previous
investments made. Therefore, your
Directors have planned to install an additional Wind Electric Generator
of 1 650 kw capacity by the first half of the current financial year. This new
Wind Electric Generator along with the 750 kw Wind Electric
generator installed in the previous year will meet about 70% of the
Company's total power requirements as of today. Apart from being non-polluting
and a cost effective source of power, this will enable the Company in
stabilizing its power cost over the next twenty years. The Company has also got
an opportunity to benefit as a result of carbon trading, pursuant to the Kyoto
Protocol treaty that seeks to reduce the levels of emissions in the world,
which is the primary cause for global warming and climatic changes and this is
a trading mechanism that allows developed countries to meet their emission
reduction obligations by trading with developing countries like ours. Your
Company is taking necessary steps in this connection.
Finance
Your Company has availed Term Loans to the extent of Rs.37.000 millions
during the financial year under review towards part financing the cost of Wind
Electric Generators and the Furan Fast Loop Line. Your Company has also been
sanctioned an additional Term Loan of Rs 76.800 millions for meeting part of
the project cost of Rs.96.000 millions for installation of Wind Electric
Generators. It may be noted that out of the total long term debts of Rs.
126.660 millions, Rs.26.860 millions relates to the Company's production
activities and the balance Rs.99.800 millions is for long term Infrastructure
Projects, i.e. Wind Electric Generators.
Directors wish to state that the dues from customers outstanding for
more than six months which have been held up pending completion of procedural
requirements and therefore are realizable and necessary
steps are being taken in this connection.
Quality
Certification
As stated in the previous report, your Company's products are certified
to conform to the latest ISO
9001:2000 and ISO/TS 16949:2002 norms.
MANAGEMENT
DISCUSSION AND ANALYSIS
Overview
The financial statements have been prepared in compliance with the
requirements of the Companies
Act, 1956 and the Generally Accepted Accounting Principles. There are no
material departures from the
prescribed accounting standards. The estimates and judgements in so far
as the financial statements are
concerned have been made on a reasonable basis to reflect in a true and
fair manner the state of affairs of the Company.
Industry structure
and developments
As per recent estimates, there are about 4500 foundries in India of
which about 80% fall in the SME
segment and there are only about 10 foundries with world scale economy.
The casting production in India
during 2002 03 was about 3.5 million Tonnes , valued at about Rs.
13,0000 millions. Exports of castings
during the same period was Rs. 1 6000 millions only.
Opportunities and
Threats
Consequent upon the reduction in production of castings and increase in
closure of foundries in USA and
Europe during the last three to four years, the manufacturing base for
these products has shifted to
developing countries like India. Our strength lies in the fact we
manufacture specialty products, especially
value added products. The domestic economy is also growing, especially
sectors like auto, which is
expected to grow at about 1 0% to 1 5 %. The Company is well equipped to
tap the potential markets.
The main threat is competition from the unorganized sector locally and
from China, globally. However Multi- National Corporations are keen to procure
their sourcing from India due to various reasons. The instability in the price
of raw materials is also another major factor which will have an impact on the
profitability.
The company has installed one 750 kw Wind Electric Generator during
2004-05 and will install an additional Generator of 1 650 kw capacity in the
coming financial year also. Apart from the fact that the generation will be
environment friendly as there will be no emission or pollution, the power
generated will meet about 70% of the Company's costs. This will enable the
Company to stabilize its power costs over the next twenty years. The Company
will also stand to benefit as it is proposed to trade in carbon credits in line
with the Kyoto Protocol for clean environment by reduction of carbon emissions.
Risks and concerns
The dependence on US markets which are vulnerable to outside threats may
affect the company's
prospects without any fore warning . However the Company has taken steps
to enter other markets also.
Geographical segment has been identified as secondary segment based on
segment revenue.
(figures are in milions)
|
Particular |
2005 |
2004 |
|
Domestic Sales |
120.048 |
91.572 |
|
Export Sales to USA |
176.089 |
125.451 |
|
Export Sales to Europe |
4.739 |
0.621 |
|
Total |
300.876 |
217.644 |
Fixed Assets
The
company’s fixed assets of important value includes Land, Buildings, Plant &
Machinery, Electrical Installations, Borewell Equipments, Office Equipments,
Furniture, Vehicles and Computers.
As Per Web Details
Profile
Magna will provide Quality Assured,
Cost Effective and Timely Delivered, Ferrous Components, meeting small to
medium volume requirements of customers, while striving to be the most
environmental friendly foundry.
The above will be ensured by
A clear understanding of the
requirements
Being the best-cost producer
Providing Quality Engineering and are housing Services
Being a green and clean foundry
History
1993 - Incorporated as a Public
Limited Company
1995 - Commenced Production
1997 - First Exports Begin
1998 - Awarded ISO 9002
Certification
1999 - CNC Machine Shop
2000 - State of the art Tool Room
2001 - Interactive Website for
Customer Relations Management
2002 - Awarded ISO 9001:2000
Certification by M/S. DNV
2003-Approved in accordance with
Pressure Equipment Directive (PED)97/23/EC
and W0/AD2000 MERKBLATT
by RWTUV.
2004 - ISO/TS 16949 Certification
2004-Completely automated Furan
based No-Bake molding line
2004 - First Wind Electric
Generator (750 KW)
2005 - Heavy Machining center
2005 - Second Wind Electric
Generator (1650 KW)
Business we are in
Magna is in the Business of Manufacturing and
Supplying Ferrous Components in small and medium volumes to users worldwide.
Magna specializes in the manufacture of Ductile Iron
and Gray Iron casting in the weight range of 300 grams to a maximum of 2000
Kilograms. Magna also adds value by heat treatment, surface treatments and
machining so that the products are ready to assemble.
Magna also produces fully machined components,
utilizing its in-house CNC machine shop and other facilities as well.
Magna has extensive experience in the supply of safety
requirement components in the casting and fully machined forms. The components
meet stringent requirements in terms of Radiographic Quality and Metallurgical
Control.
Magna has established warehousing in the USA, this
facility along with bi-weekly container shipments, allows us to cater to low
volume requirements. Also our warehousing capability enables us to supply products
just in time, to customers in the United States of America.
Magna proposes to establish similar facilities to provide the same to the
European consumers in the year 2006.
Products
Castings
Machined Components
Facilities
|
Casting Facilities |
|
Casting Facilities at Magna |
|
Infrastructure
- Land
- 10Acres
- Main
Building 7500 Sq.metres
- Heavy
Industrial Building
- High
Bays
- Ancillary
Buildings 15000 Sq.metres
- Furnaces -
ABB - High Density Medium Frequency
- Digital
Control Unit
- 2.2 Ton
Crucibles - Two Nos
- Max. Liquid
Metal - 4 Tons
- Multimatic
- Melting / Holding (1500 kW / 0 kW)
- Automatic
Charging Facility
- Scrap ware house and
Bundling Machine
- LPG based ladle pre -
heating systems
Metal Handling
|
Cranes |
Ladles |
|
Charging 5 Tons Pouring 5 Tons Handling 5 done |
Treatment 5 Tons / 2 Tons / 1Ton / 0.5 Tons Pouring 5 Tons / 2 Tons /1 Ton / 0.5 Tons / 0.25 Tons |
Green
Sand Molding
- Higher
Pressure Line
- Hunter HMP
20 Moulding Machine 120 molds per hour
- Flaskless,
Horizontal Parted Size of the mold 500x600x400 mm
- Max Casting Weight 30 Kgs
Automated Mold Handling Line
- Capacity 350 Tons / Month
Furan
No-Bake Fast Loop Molding
- Max Casting Weight – 300
Kilograms/Piece
- Max Liquid Metal – 500
Kilograms
- Flask less molds
- Furan resin based no-bake
molding line
- Customized mold sizes
- Capacity 200 Tons / Month
- Sand
reclamation plant
Floor Molding
- Max Casting
Weight - 3 Tons/Piece
- Max Liquid
Metal - 4 Tons
- Customised
Mold Boxes
- Furan resin
based no-bake molding
- Capacity 50 Tons / Month
Sand Plant
- Capacity 40
Tons / Hour
- Intensive
Mixer
- Pre Blender
- Rotary Drum
Knockout Casting / Sand Cooler
- Automatic
additive dosing system
- Online Compactability
Controller
- Centralised PLC based
Controls
- Casting
Deriser
- Hanger Type
Shot Blasting
- Table Type
Shot Blasting
- Max. Weight
2 Tons
- Swing Frame
Grinders
- Snagging
Grinders
- Pneumatic /
Electric Grinders
- Painting Section - Spray /
Dipping
Heat
Treatment
- Bell Type Heat Treatment
Furnace 2 Ton Capacity
- LPG based heating system
- Upto 1000 C
with Automatic computerized temperature controller and scanner
- Calibrated according to API
6, Appendix H
- Processes: Annealing, Stress
Relieving, Normalising, Tempering
Core
Shop
- Automatic Cold Box Core
Shooting Machine - 2nos : 60 Shoots / hour
- Automatic Shell Core
Shooter: 30 Shoots / hour
- LPG based core heating
system
- Automatic Core Transport
Conveyors
- Dedicated Ware House
- Stretch Wrapping
- Universal Product Coding
- Fork lift
- Dedicated Ware House Container Stuffing
Technical
Capabilities
Quality Policy
MAGNA will Provide customers,products and services consistently
Confirming to clearly established customer requirements,at the right cost at
the right time
This is achieved through
Total employee involvement
Implementing and maintaining QMS
as per ISO 9001 : 2000 and ISO/TS 16949:2002 and continually
improving the
effectiveness of QMS
Training
Plants Improvements
Robust Product development
process
Quality Certification For ISO/TS
16949/2002
PED 97/23/EC Certification
Quality Reports(Samples)
Property
Dimensional
Report
Material
Test Certificate
Process Capabilities(Historical
Data)
Chemical
Composition
Mechanical
Properties
Green Foundry
Magna drives to be a green and clean
foundry by reducing green gases and reducing waste as Magna drives to be a
green and clean foundry by reducing carbon gases and reducing waste.
Wind Energy
Magna has two Wind Electric Generators with a total installed capacity of 2400
KW. This two generators are capable to generating 60-70% of the total annual power
requirements of Magna. Magna also has plans to install more Win Electric
generators in the future to become self sufficient in power requirements.
Rain Water Harvesting
The facility can harvest about 1.50 million liters of
rain water
Dust Collection systems
State of the art dust collectors are installed which
ensures an emission levels less than all National and International
legislations.
Specialities
Magna provides the following
unique services to the customers.
Austempered Ductile Iron
Has rich experience in the
manufacture of Austempered Ductile Iron to various international standards.
Fabrication to Casting
Conversion
Magna provides the service of converting complicated fabricated
parts to castings, resulting in cost savings and process improvements to
customers.
Prototyping
Magna partners with its customers in developing the prototype castings for
test. These castings are developed at a record time of less than 14 days from
concept to casting.
Engineering Services
Linkto: Engineering Services
People
Magna
takes great care on Human Resources Development and Employee welfare
activities. Magna has a highly qualified and motivated team consists of Post
Graduate / Graduate engineers.
Training
Training center equipped with audio and
visual communication equipment. Each employee undergoes 7 days of training per
annum.
Canteen
Hygienic
food provided to all employees.
Contact Us
MAGNA ELECTRO CASTINGS LIMITED,
43,
Balasundaram Road,
Coimbatore
- 641 018
Tamilnadu,
India
Telephone : +91 422 - 2210109 / 2216184 /
2210487
Fax : +91 422
- 2216209
Email : magnacast@vsnl.com
Web : http://www.magnacast.com
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.45.52 |
|
UK
Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.46 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |