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BIRTH PAID UP CAPITAL NET PROFIT BEFORE TAX (2011 12) MANPOWER : (E-0 to E-7)
3 4
EXECUTIVES
318 1371
TOTAL
1689
OBJECTIVE : SYSTEMATIC EXPLORATION OF MINERALS TO BRIDGE THE GAP BETWEEN INITIAL DISCOVERY OF MINERAL PROSPECT AND ITS EVENTUAL EXPLOITATION. MISSION : COST EFFECTIVE AND TIME BOUND GEOSCIENTIFIC SERVICES FOR EXPLORATION AND EXPLOITATION OF MINERALS. VISION : TO BE THE LEADER IN EXPLORATION FOR MINERALS BY 2020.
IN AUGUST 2006, GOVERNMENT OF INDIA APPROVED THE FINANCIAL RESTRUCTURING OF THE COMPANY, WHICH INCLUDES WAIVER OF INTEREST AND PENAL INTEREST OF RS. 58.84 CRORES CONVERSION OF OUTSTANDING PLAN AND NON-PLAN LOAN OF RS.45.80 CRORES INTO EQUITY FROM 31-3-2005, THUS RAISING PAID UP CAPITAL FROM RS. 73.75 CRORES TO RS. 119.55 CRORES. AS A RESULT COMPANY TURNED AROUND INTO A PROFIT MAKING ORGANISATION.
YEAR
MOU RATING
17.61 -
201112
159.82
25.05
7.80
2007 PAY REVISION HAS BEEN IMPLEMENTED IN THE COMPANY w.e.f. 01-01-2007.
WITH 20% OF FITMENT BENEFITS INSTEAD OF 30% FITMENT BENEFIT UNDER PREVAILING CIRCUMSTANCES. THE CAFETERIA FOR OTHER ALLOWANCES & PERKS TO THE MAXIMUM CEILING OF 50% OF THE BASIC PAY HAS NOT BEEN IMPLEMENTED DUE TO NONAFFORDABILITY.
1.4 1.2 1 0.8 0.6 0.4 0.2 0 2010-11 2011-12 Figure in Crores
0.52
1.25
A ROBUST AND TRANSPARENT PERFORMANCE MANAGEMENT SYSTEM (PMS) HAS BEEN PREPARED AND THE SAME IS BEING IMPLEMENTED IN MECL FROM THE CURRENT YEAR 2012-13 UNDER THIS SYSTEM, ONE ANNUAL PERFORMANCE APPRAISAL FORMAT WILL BE MADE APPLICABLE TO ALL EXECUTIVES FOR BOARD EXECUTIVES ANNUAL PERFORMANCE APPRAISAL FORMAT IS AS PRESCRIBED BY DPE
FORMAT
FOR
WEIGHTAGE E0 To E5 E6 & E7
KEY PERFORMANCE AREAS FOR EACH EXECUTIVE WILL BE SET AT THE BEGINNING OF THE YEAR KEEPING IN VIEW THE MOU / ORGANIZATIONAL OBJECTIVES KEY PERFORMANCE AREAS WILL BE REVIEWED AND MODIFIED ACCORDING TO CHANGING SITUATION DURING MIDDLE OF APPRAISAL PERIOD, IF NEEDED
AT THE END OF THE APPRAISAL PERIOD, SELF APPRAISAL WILL BE RECORDED BY THE APPRAISEE INDICATING HIS ACHIEVEMENTS AND PERFORMANCE
ACHIEVEMENTS WILL THEN ANALYZED BOTH BY THE APPRAISER AND THE APPRAISEE TOGETHER AND PERFORMANCE RATING ARRIVED AT .
THIS SECTION CONSISTS OF THE CERTAIN FUNCTIONAL / TECHNICAL AND MANAGERIAL COMPETENCES REQUIRED FOR SUCCESSFUL PERFORMANCE IN THE JOB
BUSINESS ENVIRONMENT KNOWLEDGE PROFESSIONAL SPECIFIC KNOWLEDGE MAKING BUSINESS DECISION VISION SYSTEMATIC THINKING NETWORKING ORGANIZING RESOURCES INSPIRING PEOPLE TEAM PLAYER
THIS SECTION CONSISTS OF THE FOLLOWING VALUES WHICH ARE TO BE DEMONSTRATED IN DAY TO DAY ACTIVITIES FAIRNESS TRANSPARENCY TRUST CANDOUR COLLABORATION INVOLVEMENT FLEXIBILITY WILLINGNESS TO ACCEPT THE CHALLENGE DISCIPLINE ETHICAL BEHAVIOR
THIS SECTION CONSISTS OF THE FOLLOWING ATTRIBUTES WHICH ARE TO BE DEMONSTRATED IN DAY TO DAY ACTIVITIES LEADERSHIP ABILITIES TEAM BUILDING ABILITY TO BUILT A STRATEGIC VISION BUSINESS SENSE COMMUNICATION SKILLS
THIS NEW PERFORMANCE APPRAISAL SYSTEM IN MECL MEETS THE REQUIREMENTS FOR PAYMENT OF PRP TO THE EXECUTIVES
IN ACCORDANCE WITH THE BELL CURVE APPROACH, FOLLOWING GRADING SYSTEM IS PROPOSED
RELATIVE GRADING INCULCATES FRUSTATION AMONG EMPLOYEES WHO ARE RATED AS POOR THE TOPERS IN THE COMPANY COULD ALSO ATTRACT HYPER COMPETITIVENESS NATURE AND HENCE RESULTING IN DYSFUNCTIONAL WORKING ENVIRONMENT THE TRAINEES AND YOUNGER OFFICER ARE LIKELY TO BE RATED POOR IN COMPARISION TO SENIORS EXECUTIVES RATED AS POOR OR FAIR WILL SUFFER IN THEIR GROWTH.THIS APPOACHE IS NOT BEING ACCEPTED BY MOST OF PSU EXECUTIVES, HENCE THE BELL CURVE APPROACH OF PMS MAY BE REVIEWED
16