Magna Electro Castings Limited has received credit rating reaffirmation from CARE Ratings Limited on December 26, 2025. The rating agency has maintained its assessment of the company's bank facilities following a comprehensive review of operational and financial performance.

Credit Rating Details

CARE Ratings has reaffirmed the existing ratings for the company's banking facilities based on recent developments and performance metrics. The rating committee conducted its review considering the company's audited results for FY25 and unaudited performance for H1FY26.

Facility Breakdown

The rated facilities encompass a comprehensive banking arrangement across multiple financial institutions. The long-term facilities totaling ₹25.00 crores include term loans and fund-based limits, while short-term facilities worth ₹15.25 crores comprise both fund-based and non-fund based arrangements.

Long-Term Banking Facilities

The term loan component includes ₹15.00 crores from Union Bank of India, structured for repayment through 60 equal monthly installments beginning January 2025. Additionally, cash credit facilities of ₹10.00 crores are distributed between Axis Bank Limited and Union Bank of India, with ₹5.00 crores allocated to each institution.

Short-Term Banking Arrangements

Short-term facilities are primarily concentrated with Union Bank of India and include diverse financial instruments. The fund-based component comprises ₹10.00 crores allocated for foreign bill discounting operations.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The rating information has been made available on the company's website at www.magnacast.com , ensuring transparency for stakeholders and investors.

Rating Methodology

CARE Ratings maintains the right to conduct periodic surveillance and review of the assigned ratings. The rating agency has indicated that at least one review or surveillance will be conducted annually, with additional assessments possible based on circumstances warranting such evaluation. The ratings are subject to revision, reaffirmation, or withdrawal based on ongoing performance monitoring and material developments affecting the company's creditworthiness.

Magna Electro Castings has successfully concluded its postal ballot process, with shareholders unanimously approving the appointment of Smt. Nivedita Lakshmi Narayanaswamy as Vice President-Finance. The company announced the voting results on December 22, 2025, following the completion of the electronic voting period.

Postal Ballot Results

The voting process concluded with overwhelming shareholder support for the proposed appointment:

Key Details of the Approved Appointment

Voting Process Timeline

The electronic voting process was conducted in accordance with regulatory requirements:

Candidate Profile and Qualifications

Smt. Nivedita Lakshmi Narayanaswamy brings over 13 years of global experience in financial planning and analysis, strategic finance, budgeting, and operational excellence across multinational organizations. Her educational credentials include a Chartered Global Management Accountant (CGMA) certification, Executive MBA from Columbia Business School, USA, and Master's degree in international management from IE Business School, Spain.

Her most recent role was Head of Finance – Lume & Mando at Mammoth Brands, New York, where she oversaw FP&A, Supply Chain, and accounting functions for a $400M business unit.

Regulatory Compliance

The appointment required shareholder approval as it constitutes a related party transaction under Section 188(1) of the Companies Act, 2013. The proposed remuneration exceeds the threshold of ₹2.50 lakhs per month, necessitating shareholder consent. Mr. MD Selvaraj, FCS, Managing Partner of M/s. MDS Associates LLP, served as the scrutinizer for the postal ballot process.

The Board of Directors believes that Smt. Narayanaswamy's appointment will strengthen the company's financial management and strategic decision-making capabilities, with the proposed remuneration being commensurate with industry standards and her qualifications.