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C&MD Message

Dr. Dinesh Kumar Likhi                                                                 
Chairman & Managing Director

Dear MIDHANIans,

At the outset of the new financial year (FY), we take this opportunity to thank everyone for your contribution in FY 2017-18.  

FY 2017-18 has been a mixed bag for all MIDHANIans. Reflecting on our FY 2017-18 performances, we have achieved a Sales Turnover of around Rs. 700 Crores with Capital Expenditure of Rs. 90+ Crores, and best ever value of production of Rs. 730 Crores.In terms of production, MIDHANI has achieved production of 5000 MT of saleable products in FY 2017-18. For the first time in the history of MIDHANI, 57% orders were booked & executed in FY 2017-18. FY 2017-18 also saw us securing an export order which is a significant achievement for MIDHANI.

We have also modernized our infrastructure with the addition of new furnaces, buildings and upgradation of 1500 T Forge Press. During the year thrust was placed for promoting use of renewable energy and 60KW roof top Solar plant and 4MW Solar land based plant have been installed. Executive and NUS wage revision was implemented during the year as per 3rd PRC Recommendations.In contributing towards the Swachh Bharat initiative, housekeeping was a focus area and we have all successfully contributed towards the same and hope that we can sustain and further improve on it in the coming years.

One major milestone for our company in the FY 2017-18 was that we have now become a Public Limited Company and we will soon be known as a listed entity. As you are all aware that Government has divested its 26% stake in our company and our Public issue despite weak market conditions was oversubscribed 1.21 times. The public issue has also given all our employees an opportunity to become owners of the Company and about 58% of our total employees subscribed to the offer and are today the proud owners of the Company. This is indeed a matter of great pride for all MIDHANIans.With the public issue we now have to be more sensitive to all our stake holders (particularly Investors, customer, vendors and society) and drive our efforts towards accelerated growth in today's highly competitive environment.

We have in the past, seen problems as opportunities and this enabled us to surpass all hurdles which came our way to attain best performance. On MoU parameters, we have been rated “Excellent” with a score of 90.92% for FY 2016-17. We secured "Excellent" MoU rating for 5 consecutive years; however, our performance during 2017-18 has not been up to our expectations and is an area of concern. As MoU performance for the FY 2017-18 is consolidated, we hope that we can achieve “Very Good” rating. The challenges we have faced and the opportunities lost during last year should now act as a beacon enabling us to come back on a growth path during FY 2018-19. With our ardent belief on our core mantra i.e. “Together we can” (Samashti Krishi, Vummadi Vridhi), we can overcome the odds.

As in all the previous years, we continue chanting our three key Mantras across the company which has played a pivotal role in the exponential advancement of MIDHANI, namely:

1. Growth

2. Talent

3. Technology

Growth Mantra:

It is rightly stated that "Growth" is the mantra of any modern business and MIDHANI is no exception. It is now clearly evident that existing sectors will not be sufficient for accelerated growth hence we need to identify new business opportunities. The FY 2017-18 saw MIDHANI taking major steps towards its growth by procuring lands at Rohtak and Nellore for setting up an Armouring Unit and Aluminium Alloy Plant respectively. With these acquisitions and firm plans in place, MIDHANI is poised to grow from a single unit organization to a multi-unit organization. These are small yet significant steps that are going to define the future for MIDHANI.
The year saw former Hon’ble Raksha Mantri, Shri Arun Jaitley, dedicate to nation, facilities commissioned under Phase # 1 of MIDHANI’s Modernization programme along with the ground breaking ceremony for the mega project of Wide Plate Mill. During the FY 2017-18 new projects (Tungsten, Spring, Close Die) were approved with a capital investment of Rs. 100+ Crores. All the above combined will certainly set MIDHANI on its growth path.The coming year will require us to put efforts to increase our order book position which is about Rs 500 Cr. as on date. New sectors will be targeted and new markets explored to help meet the same.

The coming year will also see a strategic shift from our traditional ‘Make to Stock’ approach to a more aggressive "Make for anticipated order" approach. After a long gap, we have booked export order of Rs. 14 Lakh in the last year, and this creates another revenue for our growth.

Talent:
Today, we can confidently say that we have the best talent pool in MIDHANI with an optimum blend of new and old employees. The average age at MIDHANI is now about 42 years which is 10 years less than the average in the year 2012. The year saw recruitments in the areas of Marketing, Maintenance, R&D, HR, IT and Projects. New batches of JOTs / SOTs and Management Trainees have joined, with this young, vibrant and talented workforce we can scale greater heights which in turn can help us evolve a competent, cohesive and vibrant culture capable of coping with ever-changing competitive environment and meet all our customer demands.Our manpower cost (including contract cost) is about 20 % of sales which is very high, we will need to put specific efforts to reduce the same. Overtime (OT) will be curtailed starting from the FY 2018-19 to promote a favorable and conducive work environment. In order to promote loyalty, skill management, employee welfare, we have introduced many schemes, made significant contributions towards health care, sanitation, education and also conducted various training programs and workshops in FY 2017-18. For the first time in MIDHANI, Post Retirement Medical Benefit Scheme (PRMBS) for retired Non-Executives was introduced.

Technology Initiatives:
The Technology initiatives taken by us during the year 2017-18 will hold us in good stead for the coming year. During the year, Shape Memory Alloy was developed and the material was delivered to General Electric. We have also indigenously developed MONEL 400 Nickel-Copper alloy for use in marine applications. Low cost super alloys were developed for use in oil and natural gas sector.
To keep ourselves abreast of the new technological advancements, we will soon be putting in place a 3D printing facility with focus on powder metallurgy, powder for 3D printing and wire based 3D etc. Vacuum cast products will be another target area under R&D.


Conclusion:
We once again thank you all for your cooperation and support and we are sure that we will come back on our growth path and continue our cherished tradition of achieving best performances in current financial year and beyond.

"We have done it together, together we will do it".

Thank you everyone,

Jai Hind



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Copyright (C) 2017 Mishra Dhatu Nigam Ltd (MIDHANI).

Last Updated and Reviewed on 17-07-2018

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