It is a pleasant privilege for me to present the financial performance of the Company during the financial year 2010-’11 and the anticipated scenario in the years to come.

The performance over the years has been quite encouraging and gives every support to achieve higher echelons of growth, self sufficiency in extending critical materials support to the strategic sectors of our country.

The prestigious Modernisation & Up-gradation program taken up by the company in recent times has reached final stages of completion promising a major boost in the operations of the company taking the turnover level up to Rs. 600 Cr. in the current year and to attain a level of Rs.1,000 Cr. by 2015. The year 2010-’11 ended with an impressive sales turnover of Rs.418 Cr.(approx.),VoP of Rs. 485 Cr., PBT of Rs.75.18 Cr. and PAT of Rs.50.42 Cr. MIDHANI’s commitment towards growth, encouraged it to conclude MoUs with Steel Authority of India Limited (SAIL) and Goa Shipyard Limited (GSL) for synergizing and utilizing the competencies of these organisations towards forward integration.

MIDHANI’s continuous search for new products, technologies, applications and markets enabled it to move forward on growth path thereby ensuring CUSTOMER DELIGHT. The in-house Research & Development setup has been planned to strengthen further to groom skilled manpower with expertise in State-of-Art technologies, which can act as backbone of MIDHANI for achieving sustained development over the years.

The Company continued to attach highest importance to put in place the best systems and practices of “CORPORATE GOVERNANCE” in all its spheres of activities. A detailed report on compliance of applicable guidelines on Corporate Governance issued by Department of Public Enterprises, has been furnished as a part of Directors’ Report. As a good “Corporate Citizen”, MIDHANI continues to attach highest importance for the well being of the society, environment and the economy in which it operates.

I, on my behalf and on behalf of the Board of Directors of MIDHANI, take this opportunity to extend sincere thanks to one and all who have associated with and contributed to the sustained development of the company over the years more particularly to Ministry of Defence, Dept. of Def. Prodn, other Govt. Depts, Institutions, Agencies, Customers, Suppliers and all sections of employees and their Associations and Union.

                                                                            Sd/-
                                                              (M. NARAYANA RAO)
                                               CHAIRMAN & MANAGING DIRECTOR