To.

The Members MMTC Limited,

New Delhi

The Board of Directors presents the 62'** Annual Report of the Company and its Audited Statement of Accounts for the year ended March 31. 2025 together with the Auditors' Report and Comments on the Accounts by the Comptroller and Auditor General (CAG) of India.

OPERATIONAL RESULTS

In pursuance of direction of the Ministry of Commerce & Industry and approval by Board of Directors, MMTC did not undertake any business activity during 2024-25. However, the Company continued meeting Its statutory obligations and the accounts of the company were prepared on going-concern basis The interest income and dividend income from its JV company is the mam source of income of MMTC presently. During the year, the company reported Revenue from operations of Rs.2.69 cr as against Rs 5.34 cr. registered during 2023*24 The Company has reported Profit After Tax ol Rs.69.53 cr. as against Rs 68.21 cr. reported during the previous financial year The same was mainly due lo enhanced other income and reduction in establishment cost in view of overall reduction in the manpower of the Company. However, there was no trading income during 2024-25 due lo stoppage of business activities by MMTC since April 2022 in pursuance of direction of the Ministry of Commerce & Industry.

Company's performance dunng 2024-25 is given below: *

The Management Discussion and Analysis Report is annexed and forms part of this Report- Auditor / CAG report aiong with management replies and Notes to accounts contain important information affecting company financials.

EQUITY SHARE CAPITAL

There is no change in equity capital of the company during the year. The paid-up equity of the company stood at Rs. 150 croros comprising of 150 croros number of equity sharos of the face value of Re 1 /- oach. as on 31.03.2025.

DIVIDEND

The Board of Directors has not recommended any dividend for the year 2024-25 in view of the fact that MMTC's main cash inflow is from interest income and the liabilities including contingent exceed available cash balance Further, the business activities have been stopped as instructed by DOC & I

RESERVES

A sum of Rs1194.62 crores was available in the reserves and surplus of your Company as on 1st April, 2024 An amount of Rs. 1264 15 crores is available in "Reserves and Surplus' of your Company as on 31 st March, 2025.

FOREIGN EXCHANGE EARNINGS AND OUTGO

The Foreign Exchange eamiirgs and outgo of your Company during 2024-25 is NIL.

SUBSIDIARY COMPANY

MTPL. Singapore, Pursuant to the order of the Honble High Court of Singapore vide liquidation bearing held on 27 10.2023, M/s Doloitto and Touche LLP Singapore have been appointed as the Joint & Several Liquidators of the Company (MMTC Transnational Pte Ltd), The Hon'blo High Court of Republic of Singapore passed winding up order agam8tMTPL

As such, MTPL's control has been taken over by the Liquidator and MMTC does not have any input regarding Its financials for (he year ended 31.03.2025 and for the quarierended on 31.03.2025.

MMTC filed Complaint on 04 10.2023 with CBI on financial Irregularities and fraud at MTPL. Singapore CBI on 03.04.2024 registered a Preliminary Enquiry and on 15.10.2024 registered regular case in the matter

PROJECTS/JOINT VENTURES

Abnef on the current status of such JVs set up in past years is given hereunder

(I) Your company presently holds 6% equity capital in Indian Commodity Exchange Limited (ICEX) as on 31.3.2025. MMTC tried to sell its equity in ICEX in FY 2017-18 and again from FY 2019-20 to 2021-22, but MMTC was unable to find any buyers

ICEX has Infonned that SEBI appointed Valuation process has already been carried out as per SEBJ directions and ICEX is shortly expecting SEBI to complete the exit process of surrender of liconse and expect the final notification In Official Gazette notifying the withdrawal of the Llcense/Recognitlon of the Exchange by SEBI,

(ii) Your company had participated in the equity of Currency Futures Excnange under the name and style of 'United Stock Exchange of India Ltd which had been merged with "BSE Limited' (BSE) wherein your Company presently holds 116883 (post bonus issue) equity shares of Rs 2/- each in BSE During the FY 2024-25 MMTC has received a dividend of Rs. 17,53,24 at 15/- per share from BSE Ltd

(iii) MMTC-PAMP India Pvt. Ltd., a joint venture Company between MMTC Limited and PAMP SA. Switzerland, operates a precious metals processing facility MMTC's stake in the JV is 26%. MPIPL is India's first and only LBMAGood Delivery Refinery accredited for Gold and Silver. During the financial year 2024-25 the Joint Venture achieved a turnover of Rs.37,16,760.55 Lakhs and a profit (after tax) of Rs.10.821.97 lakhs. A dividend of Rs 18.80 per share has been recoived from JV for the financial year 2024-25.

(iv) The Company had invested Rs. 33.80 crore (P.YRs 33.80 crore) towards 26% equity in SICAl Iron Ore Terminal Limited (StOTL). a Joint Venture between MMTC Ltd -26%. SICAL Logistic Ltd (SLL) 63% and L&T Infrastructure Development Projects Ltd. (L&T IDPL) - 11% for the construction and operation of iron ore terminal at Kamaraja Port Ltd (KPL) (erstwhile Ennore PortTrusI), Tamil Nadu, The construction of terminal was completed by November 2010 Mr's SIOTL could not commence commercial operalions due to non-availability of iron ore from Bellary-Hospet Sector in Karnataka State and banning ol mining /movement of iron ore for exports by the Govt In view ol uncertain future of iron ore exports and to utilize the intrastructure created. Kamaraja Port Limited (KPL) decided to award the facility for modification of the facility to handle common user coal. As coal did not have synergy with MMTC s then existing line of business so in Sept'2016. MMTC Board decided to exit from the JV.

MMTC invited bids through online tender for sale of its entire 26% equity in the SIOTL. however no response was received.

In the March 2021 and In March 2022, corporate insolvency proceedings were initiated by NCIT against MIs SLL and the JV Company M/s SIOTL respectively. MMTC lodged ils claim for Rs.34.26 crores with Corporate insolvency Resolution Professional (CIRP i of SLL towards unpaid share sale consideration basea on the SPA

NCLT, vide it order dated 00 12.2022 has approvod Urn resolution plan of SLL and the successful resolution applicant has been appointed. Further NCLT vide Its Order dated 23\lune'23 has decided to Initiate the liquidation process in respect of Sica! Iron Ore Terminal Limited (SIOTL) and has accordingly appointed the Liquidator for the same MMTC is pursuing with concerned authorities to recover Its Investment and has submitted the claim form under FORM G to liquidator in the matter of SIOTL whose response is awaited

(v) To promote the concopt ol Free Trade Warehousing Zones in India as declared In the EXIM Policy. MMTC and ILAFS established SPV in 2004-05 in the name of Free Trade Warehousing Pvt Ltd The equity is held on 50:50 basis between MMTC and IL-S.FS Two 100% owned subsidiaries of Free Trade Warehousing (P) Limited (FTWPL) i.e.. Kandia Free Trade Warehousing (P) Limited (KFTWPL) and Haldia Free Trade Warehousing (P) Limited IHFTWPL) were established to administer the land banks at Kandte and Haldia respectively.

In view of the financial situation of the promoters and the need for infusion of substantial funds for development of the Project, it was decided by tho promoters to exit from fho project

Accordingly, the land at Kandia has been surrendered to the Project Development Authority in 2020. Kandia Free Trade Warehousing Pvt Ltd (KFTWPL) has initiated the process of winding up of the company under sec. 271(a) of the Companies Act, 2013 In this regard KFTWPL and parent FTWPL has passed resolution in their respective Extra Ordinary General Meeting (EGM) held on 02.07.2025.

In regard to Haldia land, local fanners had filed petition against Haldia Development Authority (HDA) challenging the land acquisition in 2015 and stay was granted by Hon'We High Court of Calcutta. Due to prolonged litigation and stay not being lifted, promoters decided to surrender the land to Haldia Development Authority (HDA). Accordingly in March 2020. letter regarding sunendenng of land was wrrtlen to HDAand HFTWPL is following up with HDA for refund of amount I.e. Rs 32 crores approx, (nel of utilized premium), but till date no action has been taken by the HDA.

(vi) A 15 MW capacity Wind Mill project with 25 Wind Energy Generators was set up by MMTC in March. 2007 at Gajendragad in Karnataka at a total cost of approx Rs.68.5 crores. The project is spread over an area of 31 acres of land leased from Karnataka State Govt, in 2007 tor a penod of 30 years Tho power generated by the project is sold to Hubli Electricity Company Limited (HESCOM). A Government of Karnataka Undertaking, by entering info 20-year Power Purchase Agreement in July'2007 The project is running successfully and has contributed to the development of area by meeting some of the power needs of Karnataka State.

The Company earned turnover of Rs.2.69 crore during tho financial year 2024-25 by sale of wind power generated by the wind mill.

(vii) The divestment of NINL has been completed on 04.07 2022. An amount of Rs. 911 16 Crore was held back and the same was kept in Interest bearing Escrow account towards contingent liabilities, out ol which Rs. 82.96 Crore was settled on 25.04.2023. Balance amount of Rs.828.20 Crore was kept in FD. Subsequently this FD got matured on 04.07.2024 and out of which Rs.32.35 Crore (MMTC's share of Rs.17.19 Crore) relating to non-tax liability was released since the retention period of 2 years for non-tax liability was completed on 03.07.2024 and no claim was received. MMTC received its share of Rs.17.19 Crore on 04.07.2024. Balance amount of Rs. 795.85 Crore was further kept In FDs for a penod of one year, maturing on 04.07 2025. An amount of Rs. 32.86 Crore (net of TDS) has been received on 09.07.2024 relating to interest accrued on FD of Rs. 828.20 Crore

Further Rs.20.91 Crores was settled on 09.09.2024 and MMTC's share of Rs. 10.52 Crore after adjusting the settlement amount of Rs 1.11 Crores (paid to NINL7 Sales Tax Authority) was credited in MMTC's account on 18 09.2024. An amount of Rs.0.64 crore (not of TDS) has been received on 20.09.2024 relating to interest for the period 04.07 2024 to 18.09.2024 on pro maturing of FD for Rs. 122.75 Crore

Balance amount of Rs,774 94 Crore was further kept in FDs which matured on 04.07,2025 and was apportioned to Sellers since no liabilities crystallized during the retention period. MMTC has received its share of Rs 411.76 Crores (Pnncipaf) & Rs. 25.75 Crores (interest accrued net of TDS i.e. Rs 25.75 Cr) and the total amount received is Rs. 437.51 Cron 04.07.2026.

Cordiaf and harmonious industrial relations wore maintained In your company during mo year. No man days were lost due tc any mdustnal unrest during the year Further, meetings with representatives of Federation of Officers Associations/ Staff Unions/ SC&ST Associations, were held to share information I ideas with a view to achieve Company's goals and objectives.

The aggregate manpower of your company as on 31"March. 2025 stood at 287, comprising of 3 Board level Executives, 148 officers and 139 staff/workere. The manpower also includes 18 staff/ workers of erstwhile Mica Trading Company Ltd .. which had been merged with your company pursuant to the orders of BIFR

The composite representation of the total manpower is - woman employees representing 18,47% (53 Employees) of the total manpower; SC, ST, OBC & Persons with Benchmark Disabilities (PwflD) to the extent of 23.69% (68 employees). 10.45% (30 employees), 14.63% (42 employees) and 3.14% (9 employees) respectively.

IMPLEMENTATION OF RESERVATION POLICY

Your company has been complying with the Presidential Directives and other mstructions/guidolinos issued from time to time by the Government of India regarding the reservation m services for Scheduled Castes (SCs). Scheduled Tribes (STs), Other Backward Classes (OBCs), Economically Weaker Sections (EWS), Persons with Benchmark Disabilities (PWBDs) and Ex-servicemen A statement showing representation of employees belonging to SC/ST/OBC Is as below

Representation of SCs/STs/OBCs/Divyang as on 31.03.2025

Promotion of SCs/STs during tho year 2023-24

TRAINING AND DEVELOPMENT

For further enhancing / upgrading Ihe skills of employees in the constantly changing business scenano. 161 employees were imparted training during Ihe year in different spheres of company's activities. The training interventions hold covered both functional & behavioral trainings. Tho employees deputed for training programmes included 37 employees belonging to SC. 13 to ST employees

IMPLEMENTATION OF OFFICIAL LANGUAGE

Your company is committed to complying with the Official Language Policy of tho Govommen! of India. During the year 2024-25 the company made continuous efforts with the aim of promoting the use of Hindi and achieving tho targets set in the annual program issued by the Department of Official Language (Ministry of Home Affairs, Government of India). To meet the targets given in the Official Language Annual Programme, discussions were held in the regular meetings of tho Official Language Implementation Committee hold at Corporato Office and Regional Offices and tire decisions taken in the meetings were implemented effectively To promote the use of official language by the employees of the company. Hindi workshops, Hindi day/week/fortnight etc. wore organized In the Corporate Office and all regional offices during the year under review At the same time, the employees/officers wore personally appnsed of the tools related to tho official language so that they can do their work in Hindi in a better way.

During Ihe year, along with other items of official language implementation. Hindi website of MMTC was regularly updated in line with English

Your company's CSR Policy is in line with Section 135 of the Companies Act '2013 and the CSR Rules as nobfied by the Ministry ot Corporate Affairs and the CSR projects have been undertaken in terms of Section 135 of the Companies Act The CSR Policy is hosted on the Company's website in bilingual form.

Your company incurred operating losses during FY 2021-22. FY 2022-23 and FY 2023-24. Accordingly, tne CSR budget calculated in accordance with the Section 198 of the Companies Act, 2013 i.o., 2% of average net profit of preceding 3 years was negative Therefore, there was no annual CSR budget approved by Board of Directors for the year 2024-25. As such, no fresh CSR project was undertaken dunng FY 2024-25.

As per Section 135 of the Companies Act. 2013, the Company was not mandated to allocate CSR budget for the year 2024-25 due to average net loss of last three preceding financial years Moreover, in pursuant to direction of the Administrative Ministry, MMTC Is not undertaking any business activity Thus, no CSR activity was undertaken dunng the year 2024-25.

MMTC's annual report on Company's CSR activities In prescribed format as per the Companies (Corporate Social Responsibility Policy) Rules, 2014 Is annexed with this report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE (PREVENTIVE. PROHIBITION & REDRESSAL) ACT, 2013

Your company has put in place a policy in line with tho requirements of the Sexual Harassment of Women at the Workplace (Prevention. Prohibition & Redressal) Act. 2013. Internal Complaints Committee (ICC) has been set uo at Corporate Office & Regional Offices to redress complaints received regarding sexual harassment at workplace All employees (permanent, contractual, temporary, trainees) are covered under this policy

No complaint was received by the company under the above Act during the year. Moreover, as per the recent amendment in the Companies (Accounts) Second Amendment Rules. 2025. which took effect on July 14. 2025,Companies will now be required to report on the number of sexual harassment complaints received, disposed of, and pending for over 90 days.

Below is the list of the complaints received, disposed of. and pending for over 90 days.

DISCLOSURE UNDER THE PROVISIONS RELATED TO THE MATERNITY BENEFIT ACT. 1961

As per the recent amendment in the Companies (Accounts) Second Amendment Rules, 2025, which took efloct on July 14.2025 Companies are required to disclose a statement confirming their compliance with the Maternity Benefil Act, 1961

It is hereby declared that MMTC Limited has complied with tho provisions of Maternity Benefit Act, 1961 RIGHT TP INFORMATION

In order lo promote transparency and accountability, an appropriate mechanism has been put in place in the Company to provide information to citizens under the provisions of Right to Information (RTI) Act, 2005 For this purpose the Company has, in line with the RTI Ad. nominated Central Public Information Officers (CPlOs) for its Divisions at Corporate Office, New Delhi and at Representative Offices across the country. For the convenience of public, a coordinating CPIO has also been nominated. First Appellate Authorities have also boon nominated for considering the appeals of information seekers against the orders of CPIOs

During the year, a total of 30 RTI applications were received directly / under Sec.6{3) of the RTI Act and all the RTIs have been disposed ol. Further, a total ot 01 Firsl Appeals were received by FAA. which were also disposed of. Your company has also undertaken 'Sctf-Assessment Audit of tho Voluntary Disclosures to be made on pubbe domain (www.mmtclimited.com) in terms of provisions laid down in Section-* of the RTI Act 2005 and same is submitted for third party audit and final evaluation by CIC.

CONSERVATION OF ENERGY

During the year 2024-25, there was no activity In MICAgroup of your company. Therefore, pursuant to rule 8(3) of the Companies (Accounts i Rules. 2014. the company does not have anything to report under this head

VIGILANCE

Apropos the Government directives. cessation of all forms of Dusmess activities in the company has taken place since FY 2021-22. Accordingly, In the absence of any buslnessAradlng operations In company, Vigilance Division of MMTC laid significant emphasis on Preventive Vigilance Activities & Systemic improvement measures, for enhancing the transparency In systems & procedures related to in-house activities iike GeM Procurement. Estate activities, Digitization of Records, deficiencies In litigation management & printa facie examination of more than 300 outstanding legal cases and response systems etc.

2. During the year, a total of 13 non-PlDPI complaints (05 CVC & 08 Non-CVC) were examined, out of which, a6 on 31.03.2025,12 complaints 'were disposed and responses uploaded on CMS ports! for CVC referred complaints. 01 CVC complaint ts administrative In nature 03 Factual reports have been submitted to Dept of Commerce and 01FR has been submitted to CBI.

3 As per CVC Guidelines, quarterly structured meetings were held with the Head of the Organization (CMD). for quarters April-June 24. July-Sept 24. Oct-Dec'24 & Jan-March 25. during which discussions held between CVO & CMD on various preventive vigilance issues and outcome communicated to concerned Divisions/Directors tor follow-up Action.

4 During the year 12 VO & 04 CTE-Type Inspection reports & 15 Internal Audit Reports were examined and corrective actions suggested. Further, during the year 148 Vigilance Clearance (VCs) cases (Passport/VISA, Superannuation, deputation, resignation etc.) were processed and a total of 65 Annual Property Returns were scrutinized fully complying with the mandatory targets fixed by CVC. With ngorous perusal and follow up by Vigilance Division, review & monitoring process of FR56(J) provision was streamlined in MMTC. The vigilance profiles of all officers of E-5 cadre (DGM)& above wore updated on DoPT- SOLVE every month and monthly compliance reports were submitted within timelines to Dept of Commerce. 12 Monthly reports. 4 Quarterly reports, 1 Annual Report to DoC were submitted In compliance to the directions dated 27 12.2024 from Vigilance Section, DoC, Rotational Transfers were undertaken and compliance was communicated to DoC.

5. In financial irregularities case at MTPL. timely responses of Vigilance Division In compliance to the instructions of Dept, of Commerce, with respect to preparation of complaint, appraisal on circumstantial evidence, comprehending forensic audit findings and extensive coordination with CBI & CVC authorities resulted in registration of FIR Dy CBI In Ocl '2024, and issuance of FSAby CVC In Dec '2024. Both departmental Inquiry proceedings and criminal proceedings are under progress

6 As per CVCs instructions on VAW-2024, during 03 months campaign period (16.08.2024 tol5.11 2024) several

Preventive Vigilance activitios in focused areas (ij Capacity Building (ii)ldenlification & Implementation of Systomlc Improvement measures liii) Up-dation of Circulars/Guldolines/Manuals (Iv) Disposal of Complaints received before 30.06.2024 and (v) Dynamic Digital Presence, were undertaken for enhancing transparency in systems & procedures

7. Activities like disposal of ponding complaints, e-iniognty pledge. Vigilance Awareness programs & expert lectures on PIDPI, GeM, CMS & Ethics by external/in-house faculty, knowledge shonng programs in oulreach mode for employees of EIC & IIFT, review ol Vigilance Compliances of STEs, Essay Competitions for employees. Anti-corruption slogans on Social Media Handles. Short Animation Videos clippings. Systemic improvement measures etc. were undertaken and on successful completion of the campaign compliance report was submitted to CVC A total no of 09 Capacity Building programs; 08 Vigilance awareness outreach programs at EIC, IIFT and District Hospital, Baran & 3 Knowledge Sharing programs, total 18 Awareness programs were conducted by MMTC Vigilance Team in Hybrid Mode. Employees were imparted with knowledge sharing programs in the areas of NCLT proceedings. Cyber hygiene and secunty. GoM Procurement. CCS Conduct Rules-1964 & CCS (CCAj Rules-1965, RTI compliances, Basics of Arbitration Law, Contract Management, dispute resolution by AMRCD. e-Offico procedures. Tally Software, PoSH Act 2013 Combating Corruption - Technology as Enabler. Doctrine of Lifting ol Corporate Veil. Ethics & governance. Systems & Procedures, CMS.

0 In tesponse to CVC invitation In Aug '2024. Vigilance Division of Company submitted a preventive vigilance initiative. CVC after rigorous scrutiny of articles sent by various public authorities selected few best practices of 16 Companies which were published in CVC's Preventive Vigilance Hand book-2024 unfurled at Vigyon Bhawan. New Delhi in Nov' 2024 in the presence of Hon'ble Presidenl of India. MMTC's preventive vigilance initiative was one of ihe few selected articles by CVC on the basis of strict criteria of effectiveness scalability & universal applicability of the preventive vigilance practices.

9. Mandatory compliances with respect to finalization of Agreed List(s) & ODI List DoPT Solve, online submission of QPRs, CTE-type QPRs, updating ATR on CMS portal in response to complaints forwarded by the commission, have all been complied in time bound manner, in line with extant guiaclinos and reports submitted to CVC/DoC,

VIGIL MECHANISM

In accordance with the provisions of Suction 177 of Companies Act, 2013, the Board of your company introduced a

Scheme on Vigil Mechanism' In 2014 The v*gil mechanism Is established lor Directors and employees to report their

genuine concerns. The concerns, if any. from any employee; Director shall be addressed lo the Chairman of the Audit

Committee. During the year under review, no such complaint has been received. This mechanism is a part from the

Whistle Blovvor Policy, already In force

CORPORATE GOVERNANCE

Corporate Governance has emerged as an important tool to the business community to become efficient, competitive and successful enterprise. Your Company reposes Its firm faith in continuous development, adoption and dedication towards the best corporate governance practices Towards this end. tho norms prescribed under the Companies Act, 2013. SEBI (Listing Obligations & Disclosure Requirements) Regulations. 2015 and Guidelines as applicable for CPSEs issued by lhe Department of Public Enterpnses in this regard are being implemented regularly. The Company Is short of minimum number of Independent Directors as required under SE3I (LODR) Regulations, 2016 for which Stock Exchanges have leviGd penalties on MMTC. However, it has been explained to them that appointment of Directors, including Independent Directors is made by the administrative ministry. No penalty has so far been paid to stock exchanges.

A separate Report on Corporate Governance along with certificate from M/s BLAK & CO. (CoP No. 11714) regarding compliance of the stipulations relating to corporate governance specified in Listing Regulations is annexed hereto and forms pari of this report It may bo mentioned that the company has complied with the CG norms presenbed by the Department of Public Enterprises applicable for CPSEs and the quarterly reports on compliance of Guidelines of Corporate Governance forCPSEs are sent regularly.

CODE OF CONDUCT

Pursuant to Regulation 15(5) of Listing Regulations, tho Code of Conduct applicable to the Board members & senior management personnel has been posted on the website of your company Ail Board Members and Senior Management Personnel as on 31*' March, 2025 to whom lhe said Code is applicable have affirmed compliance of tlie same for the period onded 31" March, 2025. Eased on the affirmation roco.ved from Board Members and Senior Management Personnel, declaration regarding compliance of Code of Conduct made by the Chairman & Managing Director is given below.

Declaration as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 and DPE's Guidelines on Corporate Governance

' All the members of the Board and Senior Management Personnel have affirmed compliance of the Code of Business Conduct A Ethics for Board Members and Senior Management Personnel' of the company lor the financial year ended on March 31,2025."

Sd /-

NITIN KUMAR YADAV CMD DIN:03104045