Miven Machine Tools Ltd
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BSE Code:
522036
NSE Code:
MIVENMACH
Business Profile
Business Profile
Miven Machine Tools (MIVENMACH), incorporated in 1985 as a joint venture with Warner & Swasey, USA, is engaged in the manufacture of computer numerical control (CNC) turning machines. Earlier known as Giddings & Lewis India, it got its present name with effect from Mar. 10, 2002.
The ISO 9001 certified company`s product line includes universal CNC turning machines, CNC chucker machines, small CNC machines and special-purpose CNC machines. It markets its products under the brand name of Miven. Using the Solid Edge software design solution from UGS, it has enlisted the services of the local UGS reseller DeSys for technical support, software and hardware upgrades. The manufacturing facility is located at the Tarihal industrial area near Hubli in Karntaka with an installed capacity of 50 metal-cutting and grinding machines.
Domestic customers include some of the most respected governmental, quasi-governmental and private companies in India. The company has started the manufacture and supply of electrical control panels to Miven Mayfran Conveyors in Hubli for their chip handling as well as coolant filtration systems. It has manufactured and exported machined components to Global Sourcing for their woodworking machinery in Italy, and the first batch of 11 components have been dispatched to World Trading SRL, Italy in FY08 for their approval. An agreement has been signed with Escofier, a French machine tool company, for refurbishing as well as upgrading their spline-cutting machines in India and subsequently to supply machine assemblies to them.
The registered office is located at Tarihal Industrial Area, Tarihal, Hubli-580026, Karnataka.
Financials
Miven Machine Tools registered a profit of Rs 0.52 million for the quarter ended June 2008.
Net sales increased 3.9 times to Rs 29.49 million for the quarter ended June 2008 from Rs 7.57 million for the quarter ended June 2007.
Total income rose 286.5% to Rs 29.49 million for the quarter ended June 2008 from Rs 7.63 million for the quarter ended June 2007.
The earnings per share (EPS) of the company stood at Rs 0.17 for the quarter ended June 2008.
Future Plans
The company is in the process of switching over to hydrostatic bearing technology instead of epoxy to achieve high-speed machining capability as well as enhancing process capability of the machine and bringing it on par with similar world-class machines in terms of quality, capability and technology. This work is still under progress and will be completed by the end of FY09. The company is also making efforts to develop bigger size turning machines having admit between centers upto 15 meters, which has better price realization.