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C&MD Message

Dr. Dinesh Kumar Likhi                                                                 
Chairman & Managing Director

Dear STAKEHOLDERS,      

With completion of Financial year 2015-16, I thank all stakeholders who have helped MIDHANI to attain best ever performance. I want to highlight some of remarkable key financial indicators as under:

  • Sales Turnover increased by 15% to a level of 760 Cr. from 655 Cr. in FY 2014-15.
  • Profit Before Tax increased by 12% to a level of 155 Cr. from 138 Cr. in FY 2014-15
  • ‘Productivity per Employee’ and ‘Value added per Employee’ increased by 25% during FY2015-16 by attaining a level of 1 Cr. per Employee and 65 Lakh per Employee respectively.

For each of you, I would like to enlighten our achievements during FY 2015-16.

– OUR CUSTOMERS:

The Financial year 2015-16 though challenging, was still a productive year for us in terms of Customer relations. Biggest achievement of MIDHANI during FY 2015-16 is highest ever Order Booking of 909 Cr.

I thank all our customers for the opportunity to serve you and reassure you on MIDHANI's firm commitment to scale up our level even further by surmounting all challenges and ensuring timely delivery to all customers coupled with Cost competitiveness.
In FY 2015-16, Performance has been improved immensely with timely delivery resulting into 30% reduction in LD Deduction.
Our rejections came down to the lowest level during the year. All Customers could be assured that MIDHANI is committed to bring down the Liquidated damages to ‘Zero’ level in near future with ‘Zero’ rejection.

We are now equipped with a new Ring Rolling Mill, 6000 T Forge Press, new melt shop with 20 T EAF, LF, VD/VOD, new ESR, new VAR facilities. Apart from creation of responsive eco-system, MIDHANI is poised to diversify into new sectors such as Tungsten, Carbon fiber, Armouring, Aluminum alloys etc.

The MoUs signed by MIDHANI with some major organizations like BHEL, SAIL, NTPC etc. are a sign of confidence placed on MIDHANI's ability to address new problems/challenges. With enhanced focus on customized alloys, we also welcome our new partners in this journey of growth.

I seek your valuable support and partnership in our joint journey of developing and delivering high performance alloys to strategic sectors.

– OUR VENDORS:

We consider our vendors as partners in our progress path. Under “MAKE in INDIA” initiative, we have published list of items under import substitutions category which needs to be supplied by indigenous vendors. 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. We thank you for enabling us to reduce the cost of our final products by providing us competitive cost quality resources especially in area of LPG and key raw materials.
MIDHANI has also benefitted by having more broad based vendor base, implementation of e-procurement and enhanced market intelligence.
We strive to partner with you in future also to have a Win-Win position for both.

– EMPLOYEES:

As a value-generating enterprise, I reassure all our employees of MIDHANI's thrust to amplify strategic human resources development and initiatives in this regard shall be in the direction of ensuring “Talent management”. 
During FY 2015-16, we at MIDHANI achieved highest ever “Value added per Employee” and ”Productivity per Employee”.
MIDHANI has always encouraged a participative management culture and has successfully maintained cordial industrial relations which continued in FY 2015-16 by implementation of following schemes for better talent management.

  • Medical Scheme for Executives & Non Executives retired prior to 2007
  • Distribution of medicines for Chronic Diseases
  • Comprehensive Health Checkup in respect of employees above 40 yrs
  • Employee of the Year Award- Retention Scheme:

  • The future brimming with new possibilities and enticing challenges will make MIDHANI an organization where employees will be more proudly associated with self motivation, emotional quotient and confidence. I am sure all of our employees (Direct, Contract, Casuals) will take our company to a new high .

- GOVERNMENT:

I reiterate MIDHANI's firm commitment to remain a responsible corporate entity, abiding by the laws and rules of the Government both State and Central. MIDHANI a profit making, consistently dividend paying Government of India Enterprise, continues its push to develop entire range of special metals and alloys needed for the country to cater to the needs of the strategic sectors of India's defense industry and also for sectors like nuclear power, satellite launch vehicles, aircraft etc. under the Make in India Concept envisaged by our H'ble PM, Shri. Narendra Modi.
The cumulative dividend paid by MIDHANI has already crossed our Equity Capital base and supplied 90% of its output to Defence sector due to national priority on Defence sector.

- SOCIETY:

I can assure society at large that MIDHANI will always take decisions and actions in a way that have positive impact on society.
During FY 2015-16, MIDHANI has undertaken best ever Corporate Social Responsibility initiatives encompassing Schools/Education, Skill Development, Health & Hygiene by Toilet construction, Women empowerment, creating green and pollution free environs etc. MIDHANI had reached best ever expenditure of about Rs. 3 Cr in CSR areas during FY 2015-16.
At MIDHANI we state that we always are and we always will remain responsive to the society.

- THE YEAR AHEAD:

With these achievements in background, I am sure that all of us can achieve following in 2016-17.

  • Sales Turnover target of 1000 Cr.
  • Capital Expenditure target – 100 Cr.
  • Production of 5000 T of Steel from newly commissioned Melt Shop – IV
  • Reduction in Cost of Production by 10%
  • Finalization of Roadmap on diversification area - Tungsten, Carbon fiber, Armouring, Aluminum alloys etc.
  • Commencement of Export

Best Wishes to all and looking forward love and support from all of you with re-commitment to our core mantra – “WE HAVE DONE IT TOGETHER, TOGETHER WE WILL DO IT”.

Season’s Greetings and Best Wishes



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