CARE reaffirms ratings of Magna Electro Castings’ bank facilities

15 May 2015

Credit rating agency, CARE has reaffirmed ‘BBB+’ rating to Magna Electro Castings’ long term bank facilities worth Rs 15.19 crore and ‘A2’ rating to company’s Short term Bank Facilities worth Rs 15.25  crore. The ratings assigned to the enhanced bank facilities of Magna Electro Castings (MECL) derive strength from the vast experience of the promoter, long operational track record of more than two decades in casting business, wellestablished manufacturing facilities with in-house machining capabilities and financial profile marked by consistent improvement in profit margins over the past three years ended March 2014 and comfortable gearing levels & debt coverage indicators.

Magna Electro Castings 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.

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