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C&MD Message

Dr. Dinesh Kumar Likhi                                                                 
Chairman & Managing Director

Dear STAKEHOLDERS,      

Having come to the end of the financial year and I’d like to say a huge thank you to everyone who has contributed to getting us where we are today. It is because of the help and support of all our stakeholders that we are celebrating yet another successful completion of a financial year. Having achieved best ever performance results we are feeling energized and confident of the goals set for the coming financial year; to take MIDHANI into the next orbit.

I also take this opportunity to highlight some key financial indicators as under:

  • • Sales Turnover increased to a level of 800+ Cr. which is the best ever.
  • • Profit Before Tax of Rs. 168+ Cr. which is also best ever.

For each of our stakeholders, I would like to share with you our achievements during the FY 2016-17.

– OUR CUSTOMERS:

We at MIDHANI continue to maintain excellent Customer Relations. We have successfully increased operational efficiency and reduced costs with superior and niche technology.

I thank our customers for the opportunity to serve you and reassure you on MIDHANI's firm commitment to ensure quality products and timely delivery coupled with competitive cost. In FY 2016-17, we have laid special emphasis on timely delivery. Going forward, we remain committed to further enriching the experience of our customers and investing in additional infrastructure and productivity improvements.

We are equipped with state of art infrastructure like Ring Rolling Mill, 6000 T Forge Press, new melt shop with 20 T EAF, LF, VD/VOD, new ESR, new VAR facilities which again is a testament to our commitment to provide our customers a superior customer experience.

MIDHANI is poised to enter into Al-Alloys, Tungsten Powder, springs and Solar Power area and I seek valuable support and partnership of our customers in the joint journey of developing and delivering high performance alloys to strategic sectors and we call upon your continued help and support to help develop a broader vendor base to help us service the needs of the strategic sectors of our country and partner with us to be in a Win-Win position for both.

The Company now has successfully positioned itself to serve customers in both domestic and international markets. We also look forward for customers in area of valve steel, tool/die steel, super alloys, rings, cast products etc.

I again seek from existing and potential customers continued help and support.

– OUR VENDORS:

As I have stated that our vendors are our partners in our progress towards a better tomorrow. We depend on our vendors both of domestic and international origin, small, medium and large in size to ensure prompt, quality and cost effective supply of input materials to support our value chain. This kind of open engagement is a key part of our overall sustainability commitment, and we look forward to continuing to work with a broad and diverse range of partners. We place special emphasis on e-procurement and more than 25% of total procurement has been done through e-procurement during the F/Y 2016-17. More than 690 vendors are registered with MIDHANI on e-procurement portal of which about 265 vendors registered during the current financial year.

We have also revised Purchase Policy to meet the changing needs of market/government policies.

We thank you for all your timely deliveries which have in turn helped us service our customers better.

– EMPLOYEES:

Our greatest competitive strength of course, is our people. We are fortunate to have a team of dedicated professionals, who are working more closely than ever before to realize the full potential of MIDHANI. Our employees continue to be our major asset. Senior members in Strategy, Product development, Technology, Sales and Marketing were hired during the year, as a part of the strategic mission of your Company and towards ensuring effective Talen Management.

We have achieved the best ever value added per employee which is highest amongst of all Defence PSUs. While a new culture is emerging with the amalgamation of new employees (about 100, highest in last 30 years) through lateral and direct entry channel, it is important that it should evolve into a new vibrant culture which is capable of coping aggressive competitive environment and demands of our customers.

To promote loyalty, career growth, skill management and health, we have introduced various schemes in these areas, to name a few:  specially, preventive health checkup of employees and post retirement medical scheme for workers. We are also continuously reviewing policies which can make MIDHANI more competitive in future. Introduction of policies for E-Waste, Outsourcing, IT, Scrap disposal are some examples in this direction.

- GOVERNMENT:

Our Core Mantra i.e. “Together we can” (Samashti Krishi, Vummadi Vridhi) has been again proved that we truly believed in it. With the Government focusing on making Vibrant and New India with various initiatives such as Skill India, Start up India, Digital India, Swachh Bharat Initiative and Make in India, We at MIDHANI have also aligned ourselves to successfully implement such initiatives of Government at MIDHANI and are able to look into future with a larger Vision in mind of new MIDHANI.

- SOCIETY:

MIDHANI will always remain committed to having positive impact on society. As a part of corporate social responsibility, MIDHANI is committed towards identifying and offering helping hand to the needy and economically weaker sections of the society. In this direction MIDHANI has undertaken various activities to contribute to the need of society. MIDHANI had reached best ever expenditure of about Rs. 2.5 Cr in CSR areas during F/Y 2016- 17 and cumulative CSR expenditure has crossed more than Rs. 14 Cr which signifies that MIDHANI always are and always will remain responsive to the society.

- THE YEAR AHEAD:

Looking forward to the new financial year 2017-18, we can again set our sights on achieving the following targets:

  • • Sales Turnover target of 1000 Cr.
  • • Capital Expenditure target – 100 Cr.
  • • Finalization of Roadmap on diversification area - Tungsten, Carbon fiber, Armouring,
  •    Aluminum alloys etc.
  • • Commencement of Export

I wish you all the Best with re-commitment to our core mantra – “WE HAVE DONE IT TOGETHER, TOGETHER WE WILL DO IT”.



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Last Updated and Reviewed on 20-09-2017