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Magna Electro Castings Ltd.

BSE: 517449 Sector: Engineering
NSE: N.A. ISIN Code: INE437D01010
BSE 00:00 | 16 May 181.90 -6.25
(-3.32%)
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196.40

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196.40

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NSE 05:30 | 01 Jan Magna Electro Castings Ltd
OPEN 196.40
PREVIOUS CLOSE 188.15
VOLUME 213
52-Week high 264.00
52-Week low 150.00
P/E 11.33
Mkt Cap.(Rs cr) 77
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 196.40
CLOSE 188.15
VOLUME 213
52-Week high 264.00
52-Week low 150.00
P/E 11.33
Mkt Cap.(Rs cr) 77
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Magna Electro Castings Ltd. (MAGNAELECTROCAS) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the 31st Annual Report and Audited Accountsof the Company for the year ended 31st March 2021.

FINANCIAL RESULTS

The highlights of the performance of your Company during the financial year 2020-21 aregiven hereunder; (Rs. in lakhs)

For the Financial year ended 31.03.2021 31.03.2020
Total Revenue 9901.87 9847.19
Gross Profit before interest depreciation exceptional extraordinary items and income tax 1123.77 1298.13
Finance Cost 5.16 11.58
Depreciation 417.18 436.45
Profit before Exceptional & Extra-ordinary items 701.43 850.10
Exceptional Items(Income) - -
Profit before tax 701.43 850.10
Provision for Income tax 211.49 207.68
for Deferred tax (27.92) (26.24)
Profit for the period 517.86 668.66

COVID 19 Impact:

The Covid 19 pandemic has impacted the businesses across the world including India andhas emerged as a global challenge to mankind. There was a severe disruption in theoperations of the Company especially during the first quarter of the FY 2020-21 when theGovernment imposed total lockdown measures and various restrictions were put in place tomitigate the Covid 19 impact.

The Company took various initiatives to support the employees and their families duringthis crucial period as the well-being of the employees both physical and emotional isof utmost importance.

The Company assessed the impact of Covid 19 on various parameters especially on theliquidity position carrying amounts of inventories trade receivables fixed and otherassets of the Company.

This assessment was based on various inputs from internal and external sources andestimates and the same does not indicate any material impact on the carrying value of itsassets and liabilities.

The Company will continue to monitor and assess the impact of Covid 19 especially onthe financials.

FINANCIAL HIGHLIGHTS

The financial summary /highlights for the last five years is furnished vide AnnexureA to this Report.

OPERATIONS

The Operating Revenue of the Company has remained more or less at the same level as inthe previous year and increased only by about 1.55 % from Rs. 9632.13 Lakhs in theprevious year to Rs. 9781.88 Lakhs in the current year. Whereas the Profit Before Tax hasreduced from Rs. 850.10 Lakhs in the previous year to Rs. 701.43 Lakhs in the currentyear.

The above decline in profitability was mainly because of the fact that the plant didnot operate for almost six weeks during April and May 2021 due to the general lockdownarising out of the Covid 19 pandemic. As a result there were no production and dispatchesduring this period. Despite the Company was able to marginally increase the turnovercompared to the previous year.

The key factors for the sharp decline in the profitability of the Company were becauseof

(i) decline in Export Incentive as the Government discontinued the MEIS scheme duringthe Financial year

(ii) increase in Employee costs incurred during the pandemic period in order to retainthe employees

(iii) one time expenditure incurred for Buy back of Equity Shares and

(iv) the unprecedented increase in prices of critical raw materials by almost 50%during the last quarter of the financial year. Though the Company has approached itscustomers for price increase the compensation from the customers will come about only inthe current financial year.

The Wind Energy Division generated a revenue of Rs. 460.72 Lakhs during the year asagainst Rs. 454.13 Lakhs in the previous year. The marginal increase in revenue wasbecause of better wind evacuation during the year.

There has been no change in the nature of business of the Company.

NEW PROJECTS IMPLEMENTED DURING THE YEAR

During the year under review the Company installed Green Sand Reclamation Plant. Thiswill help the Company in conserving the precious natural resource namely sand apart frombeing environment friendly and cost effective. The Company also installed a new FumeExtraction System in the furnaces which will enable the Company to use alternative rawmaterials at a lower cost as well as keeping the environment free of pollution. TheCompany also installed certain balancing equipments to enhance the manufacturingcapabilities. The total capital expenditure during the year was Rs. 445.18 Lakhs out ofwhich Capital work in progress is Rs. 226.44 which will be installed and commissionedduring the Financial Year 2021-22.

The Company also developed new grades of castings for its customers especially in theareas of turbo chargers which have been well received by the customers.

FUTURE PLANS

The Company has plans to enhance its existing furnace capacity by installing one morefurnace to augment its melting capacity. This will enable the Company to use its moldingcapacity more judiciously to meet the requirements of the customers. Necessary orders havebeen placed and will be commissioned by the second quarter of the current financial year.

QUALITY RECOGNITIONS

The Company has received certification for ISO/TS 16949:2016 standards PressureEquipment Directive and the existing standards 97/23/EC has improved to 2014/68/EU andMarine Certificate under DNV GL Rules for Classification- Ships. Further the Company hasalso obtained ISO 14001:2015 Certification.

FINANCE

We are pleased to inform the members that the Company continues to be debt free as atthe reporting date.

TRANSFER TO RESERVES

The Company has transferred Rs. 200 Lakhs to General Reserves during the year and anamount of Rs. 3075.52 lakhs is retained in the Statement of Profit & Loss.

SHARE CAPITAL AND BUYBACK OF SHARES

In terms of Resolution passed by the Board of Directors at their meeting held on andafter complying with necessary requirements of SEBI (Buy Back of Securities) Regulations2018 the Company had bought back 350096 Equity Shares of Rs. 10/- each at an averagecost of Rs. 175/- aggregating to Rs. 61266800/- from all the existingshareholders on a proportionate basis through Tender Offer process. The Buy-Back commencedon 27th October 2020 and closed on 10th November 2020. During the Buy- Back equity shareswere bought and extinguished in tranches in compliance with the SEBI (Buy-Back ofSecurities) Regulations 2018 and SEBI (Depositories and participants) Regulations 2018.

Consequent to the above the paid-up share capital of the Company has been changed fromRs. 45822000/- divided into 4582200 equity shares of Rs. 10/- each to Rs.42321040/- divided into 4232104 equity shares of Rs. 10/- each as at 31.03.2021.

DIVIDEND

Your Directors are pleased to recommend subject to the approval of the shareholders adividend at the rate of Rs. 1.50 per share i.e. at the rate of 15% for the year on thepaid-up equity share capital of the Company as on the reporting date. The dividend ifapproved will absorb an amount of Rs. 63.48 Lakhs subject to deduction of tax at source.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

In terms of Section 124 & 125 of the Companies Act 2013 any unclaimed or unpaidDividend relating to the Financial Year 2013-14 is due for remittance on 1st November2021 to the Investor and Education and Protection Fund established by the CentralGovernment.

Further pursuant to Section 124(6) of the Companies Act 2013 read with InvestorEducation and

Protection Fund Authority (Accounting Audit Transfer and Refund) Rules 2016 7250Equity Shares of Rs. 10/- each on which dividend had remained unclaimed for a period of 7years have been transferred to the credit of Demat Account identified by the IEPFAuthority during the year under review.

WEB LINK OF ANNUAL RETURN

The Annual Return of the Company for the financial year 2020-21 as required underSection 92(3) of the Companies Act 2013 is available on the website of the Company andcan be accessed on the Company’s website at the linkhttps://www.magnacast.com/uploads/invsubpdf/magna-formmgt-7-2021-5-iwfe60e2ee115320a.pdf.

BOARD MEETINGS CONDUCTED DURING THE PERIOD UNDER REVIEW

The details of meetings of Board of Directors and Committees thereof and the attendanceof the Directors in such meetings have been enumerated in the Corporate Governance Report.

STATEMENT ON COMPLIANCE WITH SECRETARIAL STANDARDS

The Directors have devised proper systems to ensure compliance with the provisions ofall applicable Secretarial Standards and that such systems are adequate and operatingeffectively. The Company has duly complied with Secretarial Standards issued by theInstitute of Company Secretaries of India on meeting of the Board of Directors (SS-1) andGeneral Meetings (SS-2).

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to requirement of Section 134(3)(c) of the Companies Act 2013 with respect toDirectors’ Responsibility Statement it is hereby confirmed that –

a) In the preparation of the annual accounts the applicable accounting standards havebeen followed and there are no material departures from those standards;

b) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit of the Company for that period;

c) The Directors have taken proper and sufficient care for maintenance of adequateaccounting records in accordance with the provisions of the Companies Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the annual accounts on a going concern basis;

e) The Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and

f) The Directors have devised proper system to ensure compliance with the provisions ofall the applicable laws and such systems were adequate and operating effectively;

COMPLIANCE WITH REQUIREMENT UNDER SECTION 143(12) OF THE COMPANIES ACT 2013

There were no instances of frauds identified or reported by the Statutory Auditorsduring the course of their audit.

DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

Based on the confirmation / disclosures received from the Directors and on evaluationof the relationships disclosed the following Non-Executive Directors are Independent:Sri. C R Swaminathan Sri. K Gnanasekaran Dr. R Nandini and Dr. Jairam Varadaraj.

Pursuant to Rule 6(3) of the Companies (Appointment and Qualification of Directors)Rules 2014 the independent directors have submitted necessary declaration of compliancewith Rule 6(1) and Rule 6(2) of the said Rules. They have confirmed that their names havebeen included in the data bank of the Indian Institute of Corporate Affairs.

STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY EXPERTISE ANDEXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THEYEAR

During the year 2020-21 there were no appointment/ re-appointment of the IndependentDirectors. However the Board of Directors opined that the integrity expertise andexperience (including proficiency) of the Independent Directors is satisfactory.

Company’S POLICY RELATING TO DIRECTORS APPOINTMENT PAYMENT OF REMUNERATION ANDOTHER MATTERS PROVIDED UNDER SECTION 178(3) OF THE COMPANIES ACT 2013

The Company pursuant to the provisions of Section 178 of the Companies Act 2013 and interms of Regulation 19(4) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 has formulated a policy on Nomination and Remuneration for itsDirectors Key Managerial Personnel and senior management which interalia providesthe diversity of the Board and provides the mechanism for performance evolution ofthe Directors. The details of this policy can also be accessed on the Company’swebsite at the link https://www.magnacast.com/uploads/invsubpdf/ invsubpdf2020-01-29-5b8n5e315cdee65eb.pdf

COMMENTS ON AUDITORS’ REPORT:

There are no qualifications reservations or adverse remarks or disclaimers made byM/s. Srikishen & Co Statutory Auditors and M/s.MDS & Associates SecretarialAuditors in their respective reports.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIESACT 2013

There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 during the year under review and hence the said provisions are notapplicable.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All transactions entered into with related parties as defined under the Companies Act2013 and Regulation 23 of SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015 during the financial year 2020-21 were in the ordinary course ofbusiness and on an arm’s length basis. The particulars of material related partytransactions are provided in the Form AOC-2 and annexed to the Board’s Report as Annexure-B.

The Policy on Related Party Transactions as approved by the Board of Directors of theCompany has been uploaded on the Company’s website and may be accessed through thelink at https://www.magnacast.com/uploads/invsubpdf/invsubpdf2020-01-29-mfgw5e315d14263f1.pdf

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments if any affecting the financialposition of the Company which have occurred between the end of the financial year of theCompany to which the financial year ended 31st March 2021 relate and the date of thereport except COVID-19 impact as stated above in this report and also explained inManagement Discussion and Analysis Report.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy technology absorption ForeignExchange Earnings and outgo as required under section 134(3)(m) of the Companies Act 2013read with Rule 8(3) of the Companies (Accounts) Rules 2014 is furnished in Annexure -C and is attached to this report.

RISK MANAGEMENT

The Company continues to focus attention on the risk areas identified and in case ofany adverse situation suitable mitigation steps are taken. The Company is taking onnecessary steps to safeguard the health hazards post by the Corona Virus and has put inplace necessary measures. The Company also established risk management plan and assessmentand the same has been reviewed by the Audit Committee and the Board on periodical basis.

The COVID-19 situation has brought a lot of uncertainties and the indications are thatthere will be shrinkage of volumes. The Company therefore is taking necessary actions tocontrol variables and fixed costs thereby increasing margins and lowering Break EvenPoint.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The Board had formed a Corporate Social Responsibility Committee of Board of Directorscomprising of Sri.C.R.Swaminathan Dr.R.Nandini and Sri.N.Krishna Samaraj. The CSR policyof the Company deals with allocation of funds activities identification of programsapproval implementation monitoring and reporting mechanisms under the policy.

As part of the initiatives under CSR for the year 2020-21 the Company has undertakenprojects in the areas of Healthcare facilities exclusively due to Covid 19 spread. TheCompany also distributed daily household grocery products to the needy people residing inthe nearby villages in collaboration with the local authorities. These projects are inaccordance with Schedule VII of the Companies Act 2013. The Company organized Covid 19vaccination camps in its facility in collaboration with the local authorities for thebenefit of its employees and also for persons residing in the nearby areas. The responsewas quite overwhelming.

The details of CSR activities for the year are furnished separately vide Annexure -D to this Report. The policy relating to CSR has been displayed on the Company’swebsite and can be accessed at https://www.magnacast.com/uploads/invsubpdf/csr-policy-tzos608aa07b65155.pdf

ANNUAL EVALUATION OF THE BOARD ON ITS OWN PERFORMANCE AND OF THE INDIVIDUAL DIRECTORS

Pursuant to the provisions of the Companies Act 2013 the Board of Directors evaluatedthe annual performance of the members of the Board and its Committees vis a vis the natureof business of the Company its performance during the year and the contribution of eachof the Directors based on the criteria laid down by the Nomination and RemunerationCommittee.

The Independent Directors held a meeting during the year and inter-alia reviewed theperformance of the Non-Independent Directors and the Board as a whole and assessed thequality quantity and timeliness of flow of information between the Company and the Board.

DIRECTORS & KEY MANAGERIAL PERSONNEL

Sri.J.Vijayakumar Director retires by rotation at the Annual General Meeting andbeing eligible offers himself for reappointment. Your Directors recommend hisre-appointment.

Sri. N. Krishna Samaraj was re-appointed as Managing Director of the Company for afurther period of 5 (Five) years with effect from 17th January 2022 on the terms andconditions as set out in the Notice convening the Annual General Meeting. Necessaryresolution in this regard has been proposed for the approval of the members at the ensuingAnnual General Meeting.

Other than the above there was no change in the composition of the Board of Directorsof the Company.

Key Managerial Personnel of the Company as required pursuant to Section 2(51) and 203of the Companies Act 2013 are

Sri. N. Krishna Samaraj - Managing Director
Sri. M. Malmarugan - Chief Executive Officer
Sri. R. Ravi - Chief Financial Officer and
Smt. Sangeetha. C - Company Secretary.

SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiaries Joint ventures or Associate Companies.

FIXED DEPOSITS

Since the Company has not accepted any Fixed Deposits covered under Chapter V of theCompanies Act 2013 there are no deposits remaining unclaimed or unpaid as on 31st March2021 and accordingly the question of default in repayment of deposits or payment ofinterest thereon during the year does not arise.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATION IN FUTURE

There were no significant and material orders passed by the Regulators or Courts orTribunals impacting the going concern status and Company’s operation in future.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has an adequate Internal Control System commensurate with the size scaleand complexity of its operations. The Audit Committee of the Board periodically reviewsthe Internal Financial Control Systems and their adequacy and recommends corrective actionas and when necessary to ensure that an effective internal control mechanism is in place.

The Directors confirm that the Internal Financial Control (IFC) systems are adequatewith respect to the operations of the Company. The report of Auditors pursuant to Section143(3)(i) of the Companies Act 2013 certifying the adequacy of Internal Financial Controlis annexed with the Auditors Report.

AUDITORS STATUTORY AUDITORS

M/s. Srikishen & Co (FRN 004009S) Chartered Accountants Coimbatore were appointedas the Statutory Auditors of the Company for a period of five years at the 26th AnnualGeneral Meeting of the Company held on 15th September 2016. Hence M/s. Srikishen &Co. Chartered Accountants Coimbatore retire at the forthcoming Annual General Meeting.The Directors take this opportunity in thanking M/s. Srikishen & Co. for the valuableservices rendered by them during their tenure of audit.

Consequently the Board recommends the appointment of M/s. VKS Aiyer & Co. ( FirmRegistration No.000066S) Chartered Accountants Coimbatore as Statutory Auditors of theCompany for a term of 5 years from the conclusion of the 31st Annual General Meeting ofthe Company based on the review and recommendation of the Audit Committee. Further theCompany has received a certificate from the Statutory Auditors to the effect that theirappointment if made would be within the limits prescribed under Section 139 of theCompanies Act 2013. The Directors take this opportunity in welcoming the new auditors M/sVKS Aiyer & Co.

Necessary resolution for the appointment of Statutory Auditors have been included inthe Notice of the Annual General Meeting for the approval of the Members.

SECRETARIAL AUDITORS

The Board has appointed M/s. MDS & Associates Company Secretaries in PracticeCoimbatore as the Secretarial Auditors of the Company for the year 2021-22 to carry outthe Secretarial Audit pursuant to the provisions of Section 204 of the Companies Act2013.

The report of the Auditors for the financial year 2020-21 is annexed as Annexure - Eto this Report.

COST AUDITORS

The Board of Directors on the recommendation of the Audit Committee has appointedM/s.SBK & Associates Cost Accountants as the Cost Auditors of the Company for thefinancial year 2021-22.

Pursuant to Section 148 of the Companies Act 2013 read with Rule 14 of the Companies(Accounts) Rules 2014 the remuneration payable for the year 2021-22 to the Cost Auditorsof the Company is subject to ratification by the Shareholders at the ensuing AnnualGeneral Meeting. The Board recommends their remuneration.

DISCLOSURE ON MAINTENANCE OF COST RECORDS

The maintenance of cost record as specified by the Central Government under Section148(1) of the Companies Act 2013 is applicable to the Company and accordingly the costaccounts and records are made and maintained.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY ANDBANKRUPTCY CODE 2016 DURING THE YEAR

No applications have been made and no proceedings are pending against the Company underthe Insolvency and Bankruptcy Code 2016.

DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIMESETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIALINSTITUTIONS ALONG WITH THE REASONS THEREOF.

The disclosure under this clause is not applicable as the Company is debt free and hasnot undertaken any one-time settlement with the banks or financial institutions.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

During the year under review the Company has provided necessary facilities especiallyhealthcare insurance coverage and other sanitation facilities to employees of the Companyto safeguard them and their family members from COVID-19 infection. The Company has beencontinuously focusing its attention on nurturing the talent of its employees byrecognizing their performance and creating enough opportunities for their growth in theCompany. The relationship between the management and the employees at all levels duringthe year under review has been cordial and productive.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

The Company has complied with the provisions relating to the constitution of InternalComplaints Committee under the Sexual Harassment of Women at Workplace in line with therequirements of the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013. An Internal Complaints Committee has been set up to define thepolicy and redress complaints received.

All employees (permanent contractual temporary trainees) are covered under thispolicy.

The following is a summary of sexual harassment complaints received and disposed ofduring the year 2020-21:

i. Number of complaints received - Nil

ii. Number of complaints disposed of – NA

PARTICULARS OF EMPLOYEES

Statement pursuant to Section 134 of the Companies Act 2013 read with the Companies(Particulars of Employees) Rules 1975 and Section 197(12) of the Companies Act 2013 readwith Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 is annexed to Annexure - F attached to this report.

CORPORATE GOVERNANCE

A report on Corporate Governance is annexed and forms part of this report. The Companyhas complied with the conditions relating to Corporate Governance as stipulated inRegulation 27 of SEBI (Listing Obligation & Disclosure Requirements) Regulations2015.

AUDIT COMMITTEE

The Audit Committee of the Board of Directors has been duly constituted in accordancewith the provisions of Section 177 of the Companies Act 2013. Details relating to thecomposition meetings and functions of the Committee are set out in the CorporateGovernance Report forming part of this Annual Report. The Board has accepted the AuditCommittee recommendations during the year whenever required and hence no disclosure isrequired under Section 177(8) of the Companies Act 2013 with respect to rejection of anyrecommendations of Audit Committee by the Board.

CEO/CFO CERTIFICATION

As required under Regulation 33 (2) (a) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the Managing Director and the Chief Financial Officer ofthe Company have furnished necessary certificate to the Board on the Financial Statementspresented.

VIGIL MECHANISM AND WHISTLE BLOWER POLICY

The Company has provided for adequate safeguards to deal with instances of fraud andmismanagement and to report concerns about unethical behavior or any violation of theCompany’s Code of Conduct. During the year under review there were no complaintsreceived under this mechanism. The policy can be accessed on the Company’s website athttps://www.magnacast.com/uploads/invsubpdf/ invsubpdf2020-02-10- 9q3i5e4127030df7c.pdf

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation of the support andco-operation extended by the Company’s Bankers M/s. Union Bank of India (erstwhileCorporation Bank) and M/s. Indian Bank the various Government Agencies and in particularthe Tamil Nadu Electricity Board and the employees of the Company at all levels. TheDirectors would also like to thank all the stakeholders for continuing to repose faith inthe Company and its future.

We pray for the grace of the Almighty for further growth of the Company.

By Order of the Board
For MAGNA ELECTRO CASTINGS LIMITED
Place : Coimbatore C.R.Swaminathan N. Krishna Samaraj
Date : 25.06.2021 Director Managing Director
DIN: 00002169 DIN: 00048547

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