MMTC Ltd Auditor Reports

To the Members of MMTC Limited

Report on the Audit of the Standalone Financial Statements

Opinion

Wo have audited the accompanying standalone financial statements of MMTC Limited (the Company), which comprise tho Balance Sheet as at March 31.2025, the Statement of Profit and Loss (including Othor Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and notes to the financial statements including a summary of the material accounting policies and other explanatory information (hereinafter referred to as Standalone financial statements*), in -which are incorporated the financial statements for the year ended on that date audited by the Branch Auditors of tho Companys Regional Offices (Camp Offices) at Mumbai, Vtzag, Chennai and Hyderabad.

In our opinion and tc the best of our information and according to the explanations given to us. the aforesaid standalone financial statements give the information required by ll»e Companies Act, 2013 ( the Act) In the manner so lequlred and give a truo and fair view in conformity wrth the Indian Accounting Standards prescribed under section 133 of tho Acl (*lnd AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31.2025, its Profit and total comprehensive income (Comprising of net profit and other comprehensive income), changes in equity and its cash flows for the year ended ori that date.

Basis for Opinion

We conducted our audit of the Standalone financial statements in accordance with the Standards on Auditing (*SA*s) specified under section 143(10) of the Act Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone financial statements section of our report, We are Independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants ol India (ICAl*) together with the ethical requirements lhal are relevant to our audit of the standalone financial statements under the provisions of Ihe Ac! and the Rules made thereunder, and we have fulfilled ourolher ethical responsibilities In accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone financial statements.

Key Audit Matters

Key audit matters arc those matters that in our professional judgment were of most significance in our audit ot tho Standalone financial statements ol the current period. These matters were addressed in the context of our audit of the Standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters We have determined the matters desenbed below to be tine key audit matters to be communicated in our report.

SI. No	Key Audit Matter	Auditors Response
1.	Contingent Liabilities	We have obtained an understanding of the Companys Internal instructions and procedures in respect of estimation and disclosure of contingent liabilities and adopted tne following audit procedures
	There are a number of litigations pending before various forums against the Company and the managements judgement is required for estimating the amount to be disclosed ss contingent liability
		- We obtained list ol all the pending legal cases handled at Corporate office legal division as on 31 si March 2025 with a
	Wo loentiliod this as a koy audit motter because the estimates on which these amounts are based involve a significant degree of management judgement in interpreting the cases and lo dotemiine the possible outcome of those disputes and independent logal assessment to pursue tho cases and it may be subject lo management bias	note from management on tho changes in tho stalus o* tho cases from that of last year.
		- understood and tested the design and operating effectiveness of controls ns established by the management for obtaining all relevant information for ponding litigation cases.
		- discussed with the management regarding any material developments thereto and latest status of logal matters.
	(Refer Note No. 34 to the standalone financial statements read with Accounting Policy No. 2 14)	- read various correspondences and related documents pertaining to litigation cases and relevant external legal opinions obtainod by tho management and performed substantive procedures on calculations supporting the disclosure of contingent liabilities.
		- examined managements judgements and assessments in respect of whether provisions are required.
		- considered the management assessments of tnose matters that are not disclosed as contingent liability since the probability of material outflow is considered to bo remote.
		- reviewed the adequacy and completeness of disclosures;
		Based on the above procedures performed, the estimation and disclosures of contingent liabilities arc considered to he adequate and reasonable

Emphasis of Matter

1. Material Uncertainty Related to Going Concern

Wo draw attention to Nolo No. 36tm) to the accompanying financial statements, which states that. MMTC has been directed by administrative ministry to prepare a road map for scaling down of manpower including exit from various JVs. Also direction has been given for exit from business operation However, wind mill business Is still In operation Government is yet to decide the exit route for MMTC. As there Is no communication from Ministry for closure etc., status quo of going concern is being maintained and the accounts have been prepared on going concern basis.

2. We draw attention to Note No. 11 (i) to the accompanying financial statements, which states that, in terms of the court order dated 06.05.2022 & 07.07.2022 passed by tho Honble Delhi High Court in tho matter of Anglo Coal case, an amount of Rs. 1088.62 crores hnve been deposited with Honble Delhi High Court and the final amount Is subject to judgement/clarification of Honble Court Provision of Rs 1054.87 crores has already been made in IhrRs books of accounts Further, vide order dated 09.05.2025. Hon tile Delhi High Court directed that decree holder shall bo entitled to withdraw tho said amount along with up-to-date accrued interest after expiry of 2 weeks i.e, 23.05 2025 The execution court pronounced Its order on 09.05.2025 dismissing all objections filed by MMTC against which MMTC has filed SLP in Honble Supremo Court and next date of hearing is 24.07 2025 A suit was alsofiled In Hon ble Delhi High Court and the award has bec-n reserved on 16.05.2025.

3. Wo draw attention to Note No 36(d) to the accompanying financial statements, which states that the Company has filed a recovery suit of Rs 31.40 crore against Mis. Aayavart Impex Pvt Ltd. (AIPL) in respect of Mint sale transaction (P.Y. Rs 31 40 crore) which Included overdue interest of Rs 2.95 crore (P.Y. Rs. 2 95 crore) which has been decreed in favour of (no Company. MMTC fled execution petition and matter will be heard on 18.06.2025. The company has wntten off the amount of Rs 28.45 crone in the year 2015-16 due to non-realiz8tion of the same M/sAIPL have also filed a suit against Government Mint/MMTC for damages of Rs 167.20 crore (P.Y. Rs. 167 20 crore) which Is not tenable as per legal opinion and is being contested. Besides this, the same has not been considered as a contingent liability because tho management is of the view that there is no present or possible liability on the company in this case

Our opinion is not modified in respect of above matters.

Othor Matter

1. We did not audit the financial statements/ financial information of 4 Regional Offices {Camp Offices) included in

the standalone financial statements of the Company whose financial statements/financial Information reflect total assets of Rs. 358.60 crores as at March 31.2025 and total revenues of Rs. 11.85 crorosfor the year ended on that date, as considered In the standalone financial statements The financial statements/financial information of these branches have been audited by the branch auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures Included In respect of these branches, is based solely on the report of such branch auditors

2 Company has recognized Deferred Tax Assets of Rs 163.79 crores on provision for doubtful debts, which have been recognized on the basis of expected utilization against probable future taxable Income of the company. However, considering the material uncertainty related to going concern status of the company, directions from administrative ministry for closure of offices /downsizing of business of the company and company already having past accumulated losses of Rs.1061 19 crores. the availability of sufficient future taxable income for utilization of Deferred tax assets of Rs. 163.79 crores is uncertain.

3. Other Financial Assets (Non-Current) includes Advances to Other companies of Rs. 33.63 croros which includes an amount of Rs. 33.15 croros In respeci of Investment againsl capital commitment In Kandla Free Trade Warehousing Pvt Ltd (KFTWPL) and Haldta Free Trade Warehousing Pvt Ltd (HFTWPL). Out of Rs. 33 15 crores. Rs. 9.11 crores pertains to KFTWPL against which a provision of Rs. 9.06 crores has been held in the books of accounts and Rs. 24 04 crores pertains to HFTWPL against which a provision of Rs. 7.25 croros has been hold in the books of accounts Out of remaining dues from HFTWPL of Rs. 16 79 croros. Rs 16 .74 crores are outstanding for mere than 7 years with status quo against which no provision has been created and the company is considering the same as good and recoverable, as HFTWL has lodged claim in Haldla Development Authonty after surrender of land

4. In case of Corporate office of company, Advance received from Customers includes an amount of Rs. 7.30 crores in respect of credit balance of DOCA (Pulses-PSF) and (Onion 2015-16) which is outstanding for more than 3 years as on 31.03.2025 and is subject to reconciliation

5. Company ir, generally not following the practice of obtaining periodic balanco confirmations from the parties. Honco all tho balances of trade receivables, trade payables, short and long term loans and advances, othor non- current and current assets are unconfirmed as on 31.03.2025 and financial impact of the same. If any. cannot be ascertained (Refer note no. 50).

6. Company has adopted Tally accounting software since 01 04.2023 for maintaining its books of accounts but company does not have a proper system of maintaining cost-center wise (division-wise) break up of its general ledgers due to which division wise break up of GL codes is not available to exercise proper control over the divisions.

7. Many old outstanding balances are getting earned forward as it is year after year. These balances need to be meticulously reviewed by Ihe company with respect to its current position and settlement thereof

8. In case of Regional Office Mumbai.

(I) There is no progress in the reconciliation of accounts between the NAFED and the company as on 31s! March 2025; Rs. 92.99 Crores is receivable from NAFED and against this amount grant Is received from Government of India which is disclosed as Current Liabilities.

9. In case of Regional Office of Vishakhnpatnam

(I) Trade Receivables of Rs. 4.02 crore is classified as Considered Good-Secured*, however the same is not backed up by any security and hence cannot be considered as Considered Good-Secured. As per the management these transactions have arisen out of back-to-back contracts wherein the payment is done lo the supplier after receipt of amounl from the buyei.

(II) In respect of Recovery of old 8dv3nce with Paradeop Port Trust of Rs. 1.17 crore. No provision in the books of accounts has been made and there is no confirmation of the said balance from the Parsdeep Port Trust. As per Ihe management, efforts are being made to recover Ihe amount. As per Ihe policy of Ihe Company recoveries from Govt, and PSUs are considered Good and Recoverable and hence no provision has been made

10. In case of Regional Office of Hyderabad:

(I) MMTC has been holding studded gold Jewelry In Its vault since Ihe financial year 2012-13. deposited by Ihe MBS Group. Theso Homs have not been recorded In Ihe books of accounts and are currently stored In lockers maintained with State Bank of India With regard to the receivable amount from MBS Group In this matter, Honble Court. In an order dated 10.02.2025, ruled In favor of MMTC and directed the MBS Group to pay Rs 228.32 crores along with Interest at the rale of 13.25% per annum from 30.09.2013 As Informed by the company, the accounting impact of the said order has not been recognized In tho financial statements as the limitation penod for filing an

appeal by the counterparty has not yet expired.

Ouropmion is nol modified in respect of these matters.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors Is responsible for the other Informabon. The Other Information composes the information included in the Boards Report Chairmans statement Management discussion and analysis and other company related information (hereinafter referred to as other reports), but does not include the financial statements and our auditors report thereon.

The Other reports are expected to be made available to us after the date ol this auditors report

Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility 15 to read the other information identified abovo when It becomes available and. in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained In the audit, or otherwise appears to be materially misstated

When we read the Other reports, if we conclude lhat there is a matenal misstatement therein we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for die Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 1 34(5) of the Act with respect to those standalone financial statements that give a truo and fair view of the financial position, financial porfonnance. total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies: making judgments and estimates lhat are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for onsunng the accuracy and completeness of die accounting records, relevant to (ho preparation and presentation of the Standalone financial statements that give a truo and fair view and are free from matenal misstatement, whether due to fraud or error.

In preparing the Standalone financial statements, management is responsible for assessing the Companys ability to conanuo as a going concern, disclosing, as applicable, matters related to going concern and using tho going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statoments as a whole aro free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can anse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these Standalone financial statements.

As part of an audit In accordance with SAs, we exercise professional judgment and maintain professional Skepticism throughout tho audit. We also;

- Identify and assess the risks of material misstatement of the Standalone financial statements, whether due to fraud or error, design and perfonn audit procedures responsive to those risks, and obtain audit evidence that Is sufficient and appropriate to provide a basis for our opinion The risk of nol detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control

- Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3){i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system In place and the operating effectiveness of such controls.

- Evoluato the appropriateness of accounting policies used and tho reasonableness of accounting estimates and

related disclosures made by the management.

- Conclude on the appropnateness of managements use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability lo continue as a going concern. If we conclude lhal a malarial uncertainty exists, we are required to draw attention in our auditors report to the related disclosures m the Standalone financial statements or. if such disclosures are inadequate, to modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our auditor s report. However, future events or conditions may cause the Company to cease to continue as a going concern

- Evaluate the overall presentation, structure and content of the Standalone financial statements, including the disclosures, and whethor the Standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation

Materiality is the magnitude of misstatements in the Standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone financial statements may be influenced We consider quantitative materiality and qualitative factors in (I) planning the scope of our audit work and in evaluating the results of our work: and (ii) to evaluate the effect of any identified misstatements in the Standalone financial statements.

We communicate with those charged with governance regarding, among other matters, llw plannud scopo and timing of the audit and significant audit findings, including any significant deficiencies In Internal control lhal we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone financial statements of the current period and are therefore trie key audit matters. Wo descnbe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, vve determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the Order) Issued by the Central Government in terms of Section 143( 11) of tho Act. wo give in Annexure A a statement on the matters specified in paragraphs 3 and ^ of the Order

2. As required by Section 143(3)oftheAct.basedonouraudiiwereportthal:

a) We have sought and obtained all tho information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid standalone financial statements.

b) In our opinion, proper books of account as requirod by law have Deen kept oy the Company so far as it appears from our examination of those books

c) The Balance Sheet, the Statement of Profit and Loss including Other comprehensive Income, the Statement of Cash Flows and Statement of Changes in Equity dealt with by this report are in agreement with the books of account

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of thG Act, road with the Companies (Indian Accounting Standards) Rules, 2015 as amended;

e) Being a Government Company pursuant to the Notification No. GSR 463(E) dated 5lh June 2015 issued by the Ministry of Corporate Affairs, Government of India, provisions of sub-section (2) of Section 164 of the Act are not applicable to the Company;

0 With respect to the adequacy of the Internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B

g) As per Notification number G.S.R. 463 (E) dated 5th Juno. 2015 issued Dy Ministry of Corporate Affairs, section 197 of the Ad regarding remuneration to director is not applicable to the Company, since it is n Government Company

h) With respect to tho olhor matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us;

i There are pending litigation including matters relating to sales tax. service tax. custom duty and excise duty which are disdosed as contingent liability - refer to Note 34 and 36 to the standalone financial statements, the impact of the same is unascertainedc as the matters arc sub-judlce.

H. The Company is not having any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

iii There has been no delay in transferring amounts, required to bc transferred, to the Investor Education and Protection Fund by the Company except nominal amounts of Rs. 93.75pertaining to FY2010-11 andRs.33.45 pertaining to FY2013-14 which are appearing under Unpaid Dividend as on 31.03.2025;

rv.

(a) The Management has represented that, to the best of Its knowledge and belief, no funds (which aro material either Individually or In tho aggregate; have been advanced or loaned or Invested (either from borrowed funds or share premium or any other sources or kind of funds) by thc Company to or in any other person or entity, including foreign entity (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary snail, whether, directly or indirectly lend or invest in other persons or entities identified In any manner whatsoever by or on behalf of tho Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficianes (Refer note 49(e))

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities Identified in any manner whatsoever by or on behatf of tho Funding Party (Ultimate Beneflcianes*) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer note 49(f))

(c) Based on the audit procedures that havo been considered reasonable arid appropriate in the circumstances, nothing has come to our notice th3t has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e). as provided under (a) and (b) Bbove, contain any material misstatement

v Tho Company has not declared or paid any dividond during the year ended 31 st March 2025.

vi Based on our examination, which included test checks, the Company has used an accounting software for maintaining Its books of accounts for the financial year ended 31st March 2025 which has a feature of recording audit trail (edit log) facility and tho same has operated throughout the year for all relevant transactions recorded in the software Funner, during the course of our audit, we did not come across any Instance of audit trail featuie being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

3. As required by CAG of India through directions, issued under Section 143(5) of the Act. 2013 we give our report in

tho attached Annexure C.

For Dinesh Jain & Associates Chartered Accountants FRN: 004885N

	CA Noha Jain
	(Partnor)
Place: New Delhi	M.No. 514725
Date : 28.05.2025	UDIN: 25514725BMUEI4073

Annexure- A To the Independent Auditors Report on the Standalone Financial Statements of The MMTC LIMITED.

Refer to in Paragraph 1 under Othor Legal and Regulatory Requirement we further report that

I.

a

i The Company has generally maintained proper records showing full particulars, including quantitative details and situation of Proporty, Plant and Equipment. However. In some cases records of Property, plant and equipment are not properly updated with complete details.

II The Company has maintained proper records showing full particulars of intangible assets.

b As per the explanations and information given to us. the Property plant and equipment have been physically venfied by the management at reasonable Intervals which is once In a year except fixed assets provided to officials of Ministry of Corporate Affairs

c. Based on our examination of the property tax receipts and lease agreement for iand on which building is constructed registered sale deed I transfer deed / conveyance deed provided to us. we report that, the title in respect of seif-constructed buildings and title deeds of all other immovable properties (other litan properties where the Company is the lessee and the lease agreements are duly executed In favour of Iho lessee), disposed in ihe Standalone financial statements included under Property. Plant and Equipment are held in the name of Ihe Company as at the balance sheet date.

Title deeds of immovable property are held in the name of the company except In the cases mentioned below:

Roglon/Offico	Description of proporty	Grow carrying Value (In Rs.)	Held in the name of	Whether promotor, director or their relativo or omployoo	Poriod hold	Romarks
Corporals Office	Leasehold Land (Scope) Office Bunding (Scope)	0.81 Crore 1.69 Crore	Scope Complex	No	99 yearn	Scope is yet to sign Lease agreement with L&DO.
Corporate Office	Leasehold l and (Scope) Office Bunding (Scope)	0.06 Crore 0.02 Crore	Delhi Development Authority	No	99 years	Perpetual Lease

Further. 36 tide deeds has been deposited with Honblo High Court in respect of dispute with Anglo American Metallurgical Coal Re Limited

d. The Company has not revalued any of its Property. Plant and Equipment (Including nght-of-use assets) and Intangible assets during the year

e. No proceedings have been initiated during the yoar or are pending against the Company as at March 31,2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules mado thereunder.

II.

a. The inventory has been physically verified at reasonable intervals by the management and In our opinion. Iho coverage and procedure of such verification by the management Is appropriate According to Ihe information and explanations given to us by the company, value of discrepancies noticed on such physical verification does not account for 10% or more In the aggregate for each class of Inventory.

b. The Company has not been sanctioned working capital limits by banks or financial institutions on the basis of security of current assets dunng any point of time of the year. Accordingly, reporting under clause 3(iiHb) of the Order is not applicable to the Company.

lit The Company has not made any Investments in. provided any guarantee or security or granted any loans or advances in nature of loans, secured or unsecured, lo companies, firms. Limited liability partnerships or any other parties during the year except Advances in nature of loans given to other parties in respect of which-

a The company has provided advances in the nature ot loan during the year and details of which is given below

Name of Party	Aggregate amount of Advancos In the nature of loans provided during the year (Rs.)	Balance Outstanding as on 31.03.2025 (Rs.)
Kandia Free Trade Warehousing Pvt Ltd (KFTWPL)	Rs. 5.00.000	Rs 9.10,62.153.50/-
Haldia Free Trade Warehousing Pvt Ltd (KFTWPL)	Rs. 5,00.000	Rs. 24.04,04.809/-

The company has not granted any advance in the nature of loan to subsidiary, joint venture and associate.

b. The torms and conditions of tho grant of advances in the nnture of loans. In our opinion, prime fnae, are not prejudicial to tne companys interest

c. In respect of advances in the nature of leans granted by the company, the schedule ol repayment of principal and payment of Interest has not been stipulated

d According to the information and explanations given to us and based on audit procedure performed, in respect of advances in the nature of loans granted by the company, there is no overdue amount remaining outstanding as at the balance sheet date.

e. No advance in the nature of loan granted by the company which has fallen due during tho year, has been renewed or extended or fresh loans granted to settle the ovorduos of existing loans given to tho same parties.

f. According to tho information and explanations givon to us and based on audit procedures performed by us. the company has not granted any loans or advances in tho nature of loans either repayable on demand or without specifying any terms or period of repayment during the year Hence, reporting under clause 3(iii)(f) of the Order is not applicable.

iv In our opinion and according to the information and explanations given to us the Company has complied with the

provisions of Sections 185 and 186 of Ihe Companies Act. 2013 In respect of loans granted, investments made and guarantees and securities provided, 38 applicable.

v. According to the information and explanations given to us. tho Company has not accepted any deposits or there is no amount which has beon considered as deemed doposit within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules. 2014 (as amended) Accordingly, reporting under clause 3(v) of Ihe Order is not applicable to the Company.

vi. According to the information and explanations given to us maintenance of cost records has not been prescribed by the Central government for the Company under section 148(1) of the Act Accordingly, the provisions of clause 3(vi) of the Order aro not applicable.

vli.

a) According to the Information and explanations given to us and as per the records verified by us. Ihe Company has been regular in depositing undisputed statutory dues including Income Tax. Provident Fund dues, Professional Tax. Value Added Tax, Service Tax and Goods & Service tax with the appropriate authorities There were no undisputed amount payable In respect of Income Tax, Provident Fund dues. Professional Tax, GST, Value Added Tax and Service Tax and other statutory dues In arrear as at 31st March 2025 for more than six months from the date they became payable

b) In case of dues of Income Tax or sales tax or service tax or duty of custom or duty of excise or value added tax or cess which have not been deposited on account of any dispute are attached as Annoxure I.

vikl. Thoro were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during Ihe year In the tax assessments under the Income Tax Act. 1961 (43 of 1961)

lx.

8. According to tho Information and explanations givon to us and as per the records verified by us, tho Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender. Further thoro are no borrowings outstanding as on 31st March 2025

b. According to the Information and explanations given to us Including representation received from Ihe management of the Company, and on the basis of our audit procedures we report that the Company ha3 not been dodarod a willful defaulter by any bankor financial Institution or other lender

c. In our opinion and according to the information and explanations given to us, the company has not obtained any term loan during the year. Hence, reporting under clauso 3(lx)(c) of Ihe Order is not applicable.

d. In our opinion and according to the information and explanations given to us, the Company has not raised

any funds on short term basis during the year Hence, reporting under clause 3(lx)(d) of the Order Is not applicable

e. According to the information and explanations given to us and on an overall examination of the Standalone financial statements ol the Company, the Company has not taken any funds from any entity or person on account of or to meet Ihe obligations ol its subsidiaries or joint ventures.

f. According to the information and explanations given to us. the Company has not raised any loans dunng ihe year on the pledge of securities held Initssubsidlanes

x.

a. The Company has not raised any money by way of initial public offer or further public offer (Including debt instruments), dunng the year. Accordingly, reporting under clause 3

xi.

a. No fraud by the Company or on the Company has been noticed or reported during the year. According tD Ihe information and explanations given to us and based on the audit procedures performed in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the company or its officers, noticed or reported dunng the year, nor have wo been informed of such case by the management.

b. No report under sub-section (12) of section 143 of the Companies Act has been filed in Fomi ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules. 2014 with the Central Government, dunng the year and upto the date of this report.

c. According to the information and explanations given to us including Ihe representation made to us by the management of the Company, there are no whistle-blower complaints received by the Company during tho year

xii In our opinion and according to tho infonnaocn and explanations given to us. tho Company is not a Nidhi Company Accordingly the provisions of paragraph 3(xii) of the Order are not applicable to the Company

xiii. According to the information and explanations given to us. all transactions with the related parties mode by Ihe Company are in compliance with section 177 and 188 of Ihe Act. where applicable and the relevant details in respect of such transactions have been appropriately disclosed In the Standalone Financial Statements under Ind AS-24 - Related Party Disclosures specified under Section 133 ol Ihe Act read with relevant rules.

xlv.

a. In our opinion Ihe Company has an adequate Internal audit system commensurate with the size and Ihe nature of its business.

b. W6 have considered, the internal audit reports for tho year under audit issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.

xv. In our opinion during the year the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors 3nd hence provisions of section 192 of the Companies Act, 2013 sre not applicable to the Company.

xvi.

8 In our opinion, Ihe Company is not required to be registered under section 45-IAof the Reserve B3nk of India Act. 1934 Hence, reporting under clause 3(xvi)

xvil The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year

xviit There has been no resignation of Ihe statutory auditors of Ihe Company during the yeai Accordingly, reporting under clause 3(xvili) of tho Order is not applicable

xix According lo Ihe Information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of standalone financial assets and payment of standalone financial liabilities, other information accompanying the standalone financial statements, our knowledge of the plans of Ihe Board of Directors and management, we are of the opinion that no material uncertainty exists as on the dale of the audit report that the Company is capable of meeting Its liabilities existing at the date of balance sheet 36 and when they fall due within a period of one year from the balance shoot dale. Wo. however, state that this i3 not an

assurance as lo the future viability of the Company. We further stale that our reporting is based on the tacts up to the dale of the audit report and we neither glvB any guarantee nor any assurance that all liabilities falling due within a penod of one year from the balance sheet date, Will get discharged by the company as and when they fall due.

xx. There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than ongoing projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second proviso to sub-section (5) of Section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) and (b) of the Order is not applicablo for lt>c year

xxi. The reporting under clause 3(xxl) Is not applicable In respect of audit of standalone financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For Dinesh Jain & Associates Chartered Accountants FRN: 004885N

	CA Neha Jain
	(Partner)
Place: New Delhi	M.No.: 514725
Date : 28-05-2025	UDIN: 25514725BMLJEI4073

Annexure B To the Independent Auditors Report of even date on the Standalone Financial Statements MMTC Limited

Report on the Internal financial Controls under section 143(3)(i) of the Companies Act.2013 (the Act)

We have audited the Internal financial controls over financial reporting o! MMTC Limited (the Company) as of March 31,2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date

Managements Responsibility for Intornal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the intornal control over financial reporting criteria established by the Company considering the essential components cf internal control stated in the Guidance Note on Audit of Internal Financia! Controls over Financial Reporting issued by the Institute of Chartered Accountants of India These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of Ihe accounting records, and the timely preparation of reliable financial information, as required under the Act

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial of the company reporting based on our audit

We conducted our audit In accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting {the Guidance Note) and the Standards on Auditing, as specified under section 143(10)of the Act. to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India Those Standards and the Guidance Note require that wo comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively In all material respects

An audit involves performing procedures to obtain audit evidence about Ihe adequacy of Ihe internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining ari understanding of internal financial controls over financial reporting, assessing the risk tnat a material weakness exists, and testing and evaluating me design and operating effectiveness of Internal control oased on Ihe assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the Standalone financial statements, whether due to fraud or error

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a b3sis for our audit opinion on the Companys internal financial controls system over financial reporting

Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone financial statements for oxtomal purposes in accordance with generally accepted accounting principles A Companys internal financial control over financial reporting includes those policies and procedures that:

a) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

b) Provide reasonable assurance that transactions arc recorded as necessary to permit preparation of Standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company: and

c) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use. or disposition of the companys assets that could have a material effect on the Standalone financial statements.

Inhorent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility ol collusion or improper management override of controls, material misstatements due lo error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes In conditions, or trial the doaroo of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, lo the best of our information and according to the explanations given to us, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31.2025. based on the Internal control over financial reporting criteria established by the Company considering the essential components of internal control staled in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accounlants of India

For Dlnesh Jain 8. Associates Chartered Accountants FRN: 004885N

	CA Neha Jain
	(Partner)
Place: New Delhi	M.No.: 514725
Date : 28-05-2025	UDIN: 25514725BMUEI4073

Annexure C To the Independent Auditors Report of even date on the Financial

Statements of MMTC LIMITED

Report on the Directions issued by C&AG under section 143(5) of the Companies Act,

2013 for the Financial Year 2024-2025

Sr. No.	Directions	Reply	Impact on financial statement
1.	Whether the company has system in place to process all the accounting transactions through IT systemRs If yes, tlie implications of processing of accounting transactions outside IT system on the Integrity of the accounts along with the financial implications, if any, may be stated.	As per the information and explanations given to us. the company has a system in place to process all the accounting transactions through IT System (Tally accounting software). Based on audit procedures carried out and as per the information and explanations given to us, no accounting transactions were processed outside IT system (Tally accounting software) except Sale of goods which Is done through independent RMS software. Valuation of closing inventory, depreciation and month end expense provisions which are computed manually and entered through Journal vouchers In Tally accounting software The same does not have any implications on the mtegnty of the accounts	Nil
2.	Whether there is any restructuring of an existing loan or cases of waivcr/write off of debts/toans/intorost etc. made by a lender to the company due to the companys inability to repay tho losnRs If yes, the financial impact may bo stBted. Whether such cases are properly accounted forRs	Based on audit procedures carried out and as per the information and explanations given to us. there are no coses of restructuring of an existing loan or waiver/wnte off of debts/ioans/interest otc made by londor to the company due to tho companys inability to repay tho loan.	Nil
3.	Whether funds (grants/subsidy etc.) rec*ived/receiv8hle for specific schemes from Centrat/State Government or its agencies were properly accounted for/utilized as per its term and conditionsRs List the cases of deviation	Based on audit procedures carried out and as per the information and explanations given to us, no funds (grants/subsidy etc.) were received/ receivable for specific schemes from Central/ State Government or its agencies	Nil

	For Dinesh Jain & Associates Chartered Accountants FRN: 004885N
Placo: Now Delhi Date : 28-05-2025	CA Noha Jain (Portner) M. No.: 514725 UDIN: 25514725BMLJEI4073