MAG Solvics has emerged as one of the top names in the textile testing instruments field. The company has, through its consistent R&D efforts, come out with an innovative range of most-sought-after products in the textile industry.
Speaking exclusively to The Textile Magazine, on the eve of the forthcoming Texfair 2017 event to be held in Coimbatore during November 17-20, Mr. Dhandayuthapani, Director of the company, observed that the year 2016-17 was indeed a very tough one. “Not only for us, but everyone in the industry felt the pinch. The reasons vary from demonetization to the fear of GST implementation. But we have managed well by introducing new products. The industry’s need for and acceptance of innovative products also drove us to some extent.”
Highlighting the key milestones achieved by the company in 2016, Mr. Dhandayuthapani said: “This year was special as it marked our Silver Jubilee! Our product ‘SPinFO – Online Spinning Information System’ which was introduced at ITMA 2015 Milan was very well accepted by the industry. We have diversified into other businesses. We have commissioned a new in-house machine shop with latest machinery for greater precision and reducing lead time and inventory.”
Continuing further, Mr. Dhandayuthapani stated that 2016-17 has been a year of consolidation for the company. “Following MAG’s principles of customer-focused business, we are giving topmost priority to the customer’s needs right from development to customized solutions. This has earned MAG a special name in the market and is considered a notable point while conversing with customers,” he explained.
When queried on how the current year 2017-18 is shaping up for MAG Solvics, Mr. Dhandayuthapani said that it has been so far good for the company. While business is moderate due to the cyclical nature of the textile industry, the company has been concentrating on other areas, mainly export markets.
Throwing light on the company’s efforts, he said: “We have completed some breakthrough orders and that will be driving us in the days to come. The acceptance of new and innovative products is high and we feel MAG is moving in the right direction.”
With respect to the expectations from the second half of the current financial year, Mr. Dhandayuthapani, sounding optimistic, said: “As the industry is technology driven, we are also in the same path. There will definitely be some hiccups on the way, which we feel will surpass and achieve our targets. The value of time is increased and the focus is on achieving this with speed and accuracy. We expect good business in the future too.”
Mr. Dhandayuthapani expects the industry to get over the initial teething problems with the GST implementation. According to him the quantum of incentives given to the downstream projects, the extension of the textile policy by the Gujarat Government and the new policy introduced by some other States will definitely make the industry sustainable.
Throwing light on the company’s plans to launch new products, Mr. Dhandayuthapani remarked: “We have our own R&D set-up recognized by DSIR, Government of India. The new products are under development and we will be launching them in the near future. “
The company had expanded its capacity last year. The top management is confident that it is fully geared up to meet any increase in demand in the near future.
MAG Solvics has made impressive forays into the export markets. Going into details, Mr. Dhandayuthapani said: “We are focusing on export markets too and the share is increasing steadily compared to the local market. We have tie-ups with renowned manufacturers as their OEM suppliers for many of their products. Our products are CE certified, and this is helping us in cornering many new customers from abroad. Moreover, we identified 3 new export markets where we will show our presence / increase our sales. Ultimately, we focus on catering to the whole of the globe. The enquiries to order conversion is better than in the case of the domestic market.”
Responding to a question on whether the company has been able to add any large customers domestically, as well as in the overseas markets, he said: “Yes. Apart from our regular supplies, we have installed many new projects with the complete MAG range of instruments this year which is more than in the preceding years. We regularly get repeat orders from customers, which shows their confidence on us. We have an edge in terms of quality, service and price. As mentioned earlier, on the export front too, we have fared very well and have received many breakthrough orders for our products.”