moil ltd share price Directors report

Dear Shareholders,

On behalf of Board of Directors, I take great pleasure in presenting the 61st annual report of your Company, together with the auditors report and financial statements for the year ended on 31st March, 2023.


(A) Key financials

Financial results of 2022-23 and of the previous year are highlighted below.


2022-23 2021-22
Revenue from operations 1341.65 1436.31
Other income 76.87 79.26
Total income 1418.52 1515.57
Profit before interest, depreciation and tax (EBITDA) 445.97 620.72
Profit before tax (PBT) and exceptional item 331.63 516.88
Operating profit 254.76 438.35
Profit before tax after exceptional item 334.45 523.29
Profit after tax (PAT) 250.59 376.98
Total comprehensive income 224.90 354.80
Transfer to general reserve 105.00 250.00

Key financial ratios


2022-23 2021-22
EBITDA to sales Turnover (%) 33.24 43.22
EBITDA as %age to Total revenue 31.44 40.96
Asset turnover (%) 52.70 58.75
PAT to Net Worth (%) 11.43 15.20
Earnings per share (Face value RS. 0 each) 12.31 16.15
Book value per share 110.29 105.24

Despite extended monsoon and sluggish performance of steel industry in FY23, your company has reported satisfactory performance with better product planning, marketing strategy, and relentless efforts put in by its employees. It has recorded total income of RS. 418.52 crore during F.Y. 2022-23 as compared to RS. 515.57 crore in the previous year. PBT (before exceptional item) for the year was RS. 31.63 crore in comparison to previous years PBT of RS.16.88 crore. The Company has earned a PAT of RS. 50.59 crore as against RS. 76.98 crore in the previous year.

Your company has deployed surplus funds in Fixed Deposits (FDs) and Mutual Funds (MFs). The company earned interest income of RS. 7.56 crore (previous year RS.6.78 crore) on FDs and profit of RS..39 crore (previous year RS..88 crore) on redemption of MFs.

(B) Dividend

MOIL is a dividend paying company since many years. Continuing the same during the year 2022-23, an interim dividend @ 30%, i.e., RS. .00 per equity share has been paid in February, 2023. The

Board of Directors of your company has further recommended a final dividend @ 6.90%, i.e., H 0.69 per equity share for the year. Total per share dividend for the year 2022-23, thus, works out to RS. .69 per equity share (previous year RS..00). Total dividend outlay for the year is RS.5.09 crore (previous year RS. 22.09 crore). Final dividend has been recommended taking into consideration the future capex plan on account of increase in targeted production and also the on-going and up-coming expansion plans. The Company is having a dividend distribution policy which is available on companys weblink https://moil.nic. in/userfiles/Dividend_Policy_MOIL.pdf.

(C) Sales:

In F.Y. 2022-23, MOIL has achieved turnover of RS. 341.65 crore, in comparison to previous years turnover of RS. 436.31 crore. F.Y.

2022-23 was a challenging year for manganese ore industry. Price of imported ore witnessed downward trend during the second and third quarters of the year. In order to maintain parity with the imported ore prices, MOIL continued reviewing the prices on monthly basis. Total turnover of the company in FY 2022-23 registered a decline of 6.59% in comparison to previous years turnover due to adverse market conditions and subdued demand in the market.

The average sales realisation came down from RS. 0,735 per MT to RS. 0,422 per MT (a reduction of 3.00%) during the F.Y. 2022-23.

The sales of manganese ore decreased by 2.81% from 12.12 lakh MT to 11.78 lakh MT in 2022-23. During the year, the company continued taking various positive steps in order to derive the best out of prevalent market conditions to increase the sales, such as review of credit policy, holding customer meet(s), etc.

Your company also produces Electrolytic Manganese Di-oxide (EMD) and ferro manganese (FeMn). In FY23, EMD plant has achieved its highest ever sales turnover since its inception. In the year, sales quantity of EMD has significantly increased by 45.42% to 1448 MT in the year 2022-23 in comparison to 996 MT of the last year. Price as well as demand of FeMn in the domestic market was not encouraging during F.Y. 2022-23, which resulted in reduction of sales by 21.91% from 10,781 MT in the year 2021-22 to 8,419 MT in the year 2022-23.

(D) Production and productivity

Your Company has achieved second highest ever production of manganese ore in FY 2022-23. It has produced 13.02 lakh MT of manganese ore during the year as against 12.31 lakh MT in the last year, registering increase of 5.76%. Output per man shift (OMS) at 1.063 MT (previous year 0.90 MT) has improved significantly during the year, showing improvement in the productivity. EMD production was 1,100 MT as against 1,202 MT of the previous year. Similarly, production of ferro manganese has been at 8660 MT as against 10,245 MT of the previous year.

(E) Closing stock

Closing stock of manganese ore as on 31.03.2023 stands at 1.76 lakh MT valued at RS. 21.30 crore as compared to 0.80 lakh MT valued at RS.4.71 crore as on 31.03.2022. The closing stock of ferro manganese was 712 MT valued at RS. .15 crore as on 31.03.2023, as against 471 MT valued at RS. .17 crore as on

31.03.2022. Similarly, closing stock of EMD as on 31.03.2023 was 44 MT (previous year 392 MT) valued at H 0.81 crore (previous year RS. .85 crore).


MOIL is the largest manganese ore producer in India. In order to meet the future requirement and maintain leadership in the industry, MOIL has planned to enhance its production to 3.50 million MT by 2030, for which a strategic management plan is already in place. In this direction, your Company has planned investments for development of existing mines, acquisition of new mines within and outside the country, acquisition of areas adjoining the mines, setting up value addition/ diversification projects, etc. Some of the projects have already started and some are in progress. These projects will require investments of about RS. 400 crore by 2030 in a phased manner.

MOIL is giving utmost thrust on expansion and modernization of its mines to sustain production levels and attain capacity enhancement. In past, projects for deepening of vertical shaft at Balaghat, Kandri and Chikla mines have been completed. Besides, sinking of second vertical shafts at Chikla, Ukwa and Munsar Mine has been completed. The shafts will help the Company to sustain as well as enhance the production from these mines. High speed shafts at Balaghat and Gumgaon mines are in progress.

In the past, an area of 814.71 Ha. was reserved by Maharashtra Government in favour of MOIL for prospecting in Nagpur and Bhandara districts. After exploration and completing requisite compliances, environment clearance (EC) has been given in respect of 126.84 Ha area in Kodegaon, which is adjacent to MOILs Gumgaon mine.

MOIL has signed tripartite MoU with the Govt. of Madhya Pradesh and Madhya Pradesh State Mining Corporation Limited (MPSMCL) to explore the possibilities of exploration and exploitation of manganese ore in four districts i.e. Balaghat, Jabalpur, Jhabua and Chhindwara. After completion of the exploration work and its analysis, a Techno Economic Feasibility Report (TEFR) will be prepared. Based on the TEFR, and its viability, a JVC will be formed between MPSMCL and MOIL with shareholding of 49% for MPSMCL and 51% for MOIL.

Govt. of Madhya Pradesh has reserved 487 Sq. Km. and 850 Sq. Km. areas in Chhindwara and Balaghat district respectively vide gazette notification dated 22.06.2021 under sub rule (1) of Rule 67 of the Mineral (Other than Atomic and Hydrocarbon Energy) Mineral Concession Rule 2016 to carry out exploration work. MOIL has started exploration by core drilling in Chhindwara, which is expected to be completed by August, 2024.

The above projects/new leases will help MOIL in marching ahead towards its ambitious vision of almost tripling its production to 3.50 million MT by 2030.

(A) Capex

Capex plans of the company envisage investments in vertical shaft sinking/deepening projects, development of new leases/ area for mining, regular additions / modifications / replacements of fixed assets, research, development, etc. Total capex utilization of the company during 2022-23 was RS. 45.10 crore as against RS. 15.58 crore in the previous year. The company has achieved best ever capex target in FY23 which was almost equivalent to its PAT for the year. Capex target for 2023-24 is set at RS. 94.88 crore.

(B) Mine Expansion Projects

Projects under implementation

(a) Sinking of large dia. high speed vertical shaft of 750 Mtrs. depth at Balaghat Mine at capital cost of RS. 65.96

Crore. Expected completion period of the project is February, 2024.

(b) Sinking of large dia. high speed vertical shaft of 330 Mtrs. depth at Gumgaon Mine at capital cost of RS. 94

Crore. Expected completion period of the project is December, 2023.

High speed shaft sinking projects were conceptualised to enhance the production of Gumgaon and Balaghat mine from 1,50,000 MT to 3,50,000 MT and from 3,00,000 lakh MT to 8,00,000 MT respectively. The projects have been affected due different reasons such as Covid pandemic, disruption of supply chain, heavy in-rush of water particular in Balaghat shaft, etc., which are beyond the control of the company. Due to delay in projects completion on account of these reasons, the enhancement in the production has also been delayed for the affected period. The Company is taking all possible measures to minimize the delay and get the projects completed at the earliest.

(C) Acquisition of mines in and outside the Country

In line with strategic management plan of the Company, there are plans to have strategic alliances coupled with off-take agreements with manganese ore producers abroad. The company has empanelled consultants/advisors to identify assets in and outside the country.


MOIL operates four opencast and seven underground mines in narrow manganese ore body having varying dip directions with difficult geo-mining conditions associated with poor rock-mass quality of wall rocks. The company has expertise in Manganese ore mining from "Mine to Mill operations" and engaged in exploration, exploitation and marketing of various grades of manganese ore and value added products such as Electrolytic Manganese Dioxide (EMD) and High Carbon Ferro Manganese Alloy.

Research and Development (R&D) activities have become the need of the time in order to improve the safety and productivity of the mines. In order to do so, MOIL has engaged following Institutions having expertise in this field to aid in this process;

1. CSIR-Central Institute of Mining & Fuel Research (CIMFR), Nagpur and Dhanbad

2. Visvesaraya National Institute of Technology (VNIT), Nagpur

3. Indian Institute of Technology (IIT), Kharagpur

4. Indian Institute of Technology (IIT), Banaras Hindu University

5. National Institute of Technology (NIT), Raipur

6. National Metallurgical Laboratory, Jamshedpur.

7. National Metallurgical Laboratory, Pune

8. Institute of Minerals and Materials Technology (IMMT), Bhubaneswar These R & D projects are expected to help in introducing modern mining technologies along with changes in stope designs of MOIL.

The continuous use of softwares, modern technologies, industry-academic collaborations and the R & D efforts have shown improvements in safety, productivity and environmental parameters in mining operations.

It has also improved the ‘mine to mill expertise of the company in manganese ore deposits. The exploration done at Pani Project located at Chota Udepur District of Gujarat has given positive results. Similarly, the exploration is being carried out in the state of Madhya Pradesh for obtaining new mining leases. This will facilitate opening of new manganese mines and thereby, enhance the production of MOIL.

Significance of R&D projects in MOIL

• Mine ventilation

Studies for ventilation at stope and concreted drive at Beldongri Mine are being carried out by Visvesvaraya National Institute of Technology (VNIT) Nagpur. This will provide a detailed report of detailed pressure, quantity and hygrometric survey of Beldongri Mine and will also include study of the main fans running in the mine. Further, VNIT will also advice MOIL for suitable measures for improvement of ventilation in the existing condition.

• Mines Safety - Mining subsidence and patents

1. The work of evaluation of support requirement in stope and stability assessment of drivages at Beldongri Mine of has been awarded to Central Institute of Mining and Fuel Research (CIMFR) for working towards enhanced safety parameter and innovation in the field by virtue of scientific studies and their implementation.

2. MOIL has installed rock mechanics instruments in seven underground mine for safety of men and machines in the stopes as per the guideline of DGMS. For the use and implementation of the procured Rock mechanic instruments for mines safety, experts at CSIR-CIMFR have been approached and they have been given the work of instrumentation, installation and interpretation of the strata conditions for a period of one year for the seven underground mines.

• R&D labs

A Rock Mechanics lab has been established at head office to conduct Geo technical studies of various lithology available at all Mines. This will help to know various parameters of rocks which will be useful in preparation of mining plans and method of working for better safety and higher productivity. It helps to generate technical reports for onward submission to regulatory authorities like DGMS, IBM, DGM etc. for safer mining operations with higher productivity.

• R&D Studies

1. In accordance with proposal of the Strategic Management Group to have a trial stoping method by sub level stoping to increase the rate of production and safety standards, CSIR-CIMFR has been engaged for "Evaluation of stoping parameters, stope design, and implementation of planned sublevel stoping at Chikla-B section of Chikla Mine" This trial stoping method, if successful and economic, may open new possibilities for MOIL to modify recent stoping methods for better productivity and safety.

2. Modification, mechanization and evaluation of Modified Stoping parameters of Cut and Fill Stoping at Ukwa Mine is being carried out by Indian Institute of Technology, Banaras Hindu University (IIT-BHU) to bring about positive changes and transform the age-old system of stoping at MOIL Mines.

• Exploration

1. Govt. of Madhya Pradesh has granted reservation in two districts i.e. in Balaghat and Chhindwara under the tripartite MoU of MOIL with the Govt. of Madhya Pradesh and MP State Mining Corporation Limited to explore the manganese bearing areas within four districts of Madhya Pradesh viz. Jabalpur, Balaghat, Chhindwara & Jhabua.

2. Also, efforts have been made to approach various other states like Andhra Pradesh, Telangana, Karnataka, Chhattisgarh, Odisha, West Bengal etc for exploration of Manganese reserves.

• R&D expenditure

MOIL has spent 11.46 crores on R&D activities in 2022-23, details of which are given in Annexure – I.


(A) Energy conservation

Various energy saving projects are in progress at different locations of the company. Energy saving will be achieved by implementation of new technology, equipment, reducing electricity consumption by proper monitoring and avoiding wastages. Measures taken or proposed for reduction in energy consumption and the future plans to this effect are as under. (1) A solar power plant of 5.00 MW capacities has been installed in Nagpur district of Maharashtra State.

(2) Solar power plants of 4.50 MW and 0.96 MW capacities have been installed in Balaghat District of Madhya Pradesh. (3) Installation and commissioning of 476 KW Capacity ground mounted Solar Plant for residential connections at various mines has been completed.

(4) 4 X 10 KW capacity Solar Plant has been installed at residential locations of Company at Nagpur.

(5) Installation and commissioning of total 680 KW ground mounted solar plant for residential and industrial connections of various mines proposed to be installed in F.Y. 2024.

(6) Procurement of active harmonic filters has been done to improve power factor and reduce harmonics in power system.

(7) Energy audit at all mines and plants is proposed in in F.Y. 2024.

Electricity consumption per MT of production for mines/plants of the Company is as under.

Electricity consumption





2022-23 2021-22
1. Manganese ore (Mn ore) 28.08 26.19
2. Ferro manganese (FeMn) 3165.00 2958.00
3. Electrolytic manganese 3573.00 3183.00
di-oxide (EMD)

Overall consumption of electricity has increased during FY2022-23 mainly due to:

(1) production of manganese ore increased by 5.78% as compared to previous year. For additional production compressor, pumps and winders running hours increased. (2) in 2022-23 about 30-60% more rainfall occurred at different locations of Mines. The pumping hours increased accordingly.

(3) in 2021-22 for some period the equipment of Mines was partially not in operation due to Covid-19 outbreak.

Details regarding conservation of energy have been given in

Annexure –I.

(B) Wind and Solar power generation

To generate and promote clean and green energy, MOIL has commissioned wind farms of 4.8 MW and 15.2 MW situated at Nagda Hills and Ratedi Hills respectively in District Dewas near Indore (Madhya Pradesh) during 2006-2008. MOIL has a long term power purchase and wheeling agreement with distribution Company and Power Management Company of the Government of Madhya Pradesh. Accordingly, generation from 4.8 MW plant being adjusted in electricity bills of Balaghat mine and ferro manganese plant and generation from 15.2 MW plant is old to utility (i.e., Madhya Pradesh Power Management Company Limited). During 2022-23, wind power generated was 282.82 lakh kWh as against 296.37 lakh kWh in 2021-22. Out of total generation, 74.15 lakh kWh adjusted as captive consumption in electricity bills of Balaghat Mine and Ferro manganese plant of the company. Rest of the power generated was sold to the utility,

Power generation from 5.0 MW capacity solar plant at Maharashtra and 5.5 MW capacity solar plant at Madhya Pradesh has been started from April 2019 and June 2019 respectively. Total power generation from above plants in 2022-23 was 125.64 lakh kWh against 117.72 lakh kWh generation in 2021-22. Power generation from the solar plants, adjusted as captive consumption in HT connections of company at Maharashtra and Madhya Pradesh.

(C) Environmental protection and renewable energy

Ecology conservation is crucial in todays era. It is imperative that the developmentprocessinacommunityiscompatiblewithitsenvironment as well as with the particular culture of that community. All the mines of MOIL including sand ghats have got environment clearance from the MoEF&CC or designated offices. Your company, with a goal of achieving sustainable development, has taken proactive measures to reduce global warming. The Company is conscious of its responsibility towards environmental protection in and around its leasehold areas. The cumulative plantation at various mines as on 31.03.2023 is 22.56 lakhs saplings.

MOIL is attentive towards ecological restoration on barren manganese soil dumps and rejuvenation of waste dumps by following integrated biotechnological approach for sustainable development and better environment at mines.

The Company has also ventured into generation of electricity through wind mills and solar power plants for clean and green energy.

(D) Safety and occupational health

Your Company lays special emphasis to ensure safety in the mines and plants. It also takes continuous efforts to reduce accidents by constantly improving the standards of safety equipment through introduction of latest mining techniques and mechanization of mining operations. Following steps have been taken to improve the safety standards at the mines.

• Training and re-training of workers to inculcate safety consciousness.

• Regular meetings of Safety Committees of MOIL which meticulously review safety management plan of the mine with a view to zero harm to the persons and workers at mines.

• A close inter-action with employees at all levels to prevent accidents to the maximum extent possible. SOPs are prepared for each operation at mines, plants etc. and provided to all employees for their concerned jobs in the mines and plants for their safe working.

• Vocational and refresher training is imparted to all employees regularly, apart from specialized training.

• Training programs are organised on role of safety in sustainable development, mining and environmental laws.

• In the area of occupational health and management system, MOIL has received ISO 45001:2018 for Occupational Health and Safety Management Systems (OHSAS), ISO 14001:2015 for Environmental Management System (EMS), ISO 9001:2015 for Quality Management System (QMS), SA 8000 for Social Accountability International Standard Certificate and Certification in accordance with GRI Standards for Sustainability Report for the mines in Balaghat, Bhandara and Nagpur district.

• Risk assessment studies are conducted for all underground/ opencast mines and safety management plan are reviewed by internal safety management committee of the mine and outside experts.

• Putting in place a disaster management plan for mines, plants, schools, hospitals and administrative offices.

• In addition to mines safety week celebrations, MOIL has also organized training programs on use of fire extinguishers, first aid and competitions, etc.

• Following prestigious National Safety Awards (Mines) have been conferred to various Mines of MOIL:

Year Mine Award

2021 Balaghat Longest Accident Free Period (LAFP) Winner 2021 Tirodi Longest Injury Frequency Rate (LIFR) Winner 2021 Sitapatore Longest Injury Frequency Rate (LIFR) Runner 2021 Chikla Longest Injury Frequency Rate (LIFR) Runner

(E) Mining leases and exploration

MOIL is having total 1880.505 Ha. lease area as on 31.03.2023 in Maharashtra and Madhya Pradesh (excluding forest area of Ukwa, Tirodi and Dongri Buzurg mines).

In addition, Government of Madhya Pradesh has granted prospecting licence over an area of 202.501 Ha. in village Tawejhari and Manjhara of Balaghat, for exploitation of manganese ore. Exploration by core drilling has been completed and MOIL has established manganese ore within the area. Accordingly, MOIL has applied for mining lease which is under process with Govt. of Madhya Pradesh. Similarly, MOIL has established manganese resources in Chikla area and applied for mining lease which is under process with Govt. of Maharashtra.

MOIL has entered into a MoU with Gujarat Mineral Development Corporation Limited (GMDC), a Gujarat State enterprise, in October, 2019 to explore the possibility of mining of manganese ore in the State of Gujarat. For detailed exploration and analysis, MOIL has also entered into MoU with Mineral Exploration Corporation Limited (MECL), a CPSE under administrative control of Ministry of Mines. After completion of the exploration work, a Techno Economic Feasibility Report (TEFR) has been prepared which indicates that the project is technically and economically viable. Exploration by core drilling has already been completed and results indicate availability of good grade of manganese ore and quantum of about 9.51 million MT. MOIL is initiating to sign Joint Venture (JV) agreement with GMDC in terms of MoU.

Similarly, MOIL has entered into a MoU with Chhattisgarh Mineral Development Corporation Limited (CMDC), a Chhattisgarh State enterprise, in Jan, 2023 to explore the possibility of mining of manganese and associated minerals in the State of Chhattisgarh. After exploration, if the areas are found technically and economically viable for mining, a JVC will be formed between MOIL and CMDC with shareholding of 51% and 49% respectively. Reservation for exploration applied over an area of 218 km2 in Balrampur district which is under active consideration with Govt. of Chhattisgarh.

During 2022-23, MOIL has carried out highest ever exploratory core drilling of 41,762 Mtrs. and has been able to increase its resource base upto101.39 Million MT (as against 94.94 Million MT as on 01.04.2022).


Functioning of vigilance department includes preventive as well as proactive vigilance having main thrust on systems improvement in the organization, with an objective to ensure that the management gets the maximum out of its various efforts and transaction.

Some of the important activities of the vigilance department during the year 2022-23 are as under.

• ISO 9001-2015 Certification obtained for vigilance department of MOIL for Quality Management System to provide vigilance services

• Total 22 periodic, 24 surprise inspections and 6 CTE type inspections carried out during 2022-23.

• Handled 35 complaints and on the basis of outcome of the investigation and inspection/study reports, 36 advisories given to the management for corrective actions and systems improvement.

• Mobile App ‘Vigilance MOIL available at Google App and can be used for making complaint. A toll free number 18002333606 also provided for receiving of vigilance related information.

• As per the instructions of CVC and Ministry of Steel, 4 structured meetings of vigilance department with MOIL Management were held 2022-23, in which issues related to GeM procurement, Updating of Manuals, Biometric attendance system in Mine, Award of Contract on nomination basis, appointment of Estate officer, Status of Systemic improvement advisories issued by Vigilance and other agenda items were discussed.

• Review of Vigilance activities were done by the MOILs Board.

• Vigilance Awareness Week was observed from 31st October to 6th November, 2022 at all Mines/Offices of the company taking up various activities in accordance with CVC guidelines with the theme "Corruption free India for a developed Nation".

• As per CVC guidelines, preventive vigilance measures cum housekeeping activities were taken up as precursor to VAW 2022 and a three-month campaign (from 16th Aug22 to 15th Nov22) was organized in which action on various issues such as property/assets /record management, ttechnological initiatives, mmanagement of Guidelines/Circular.

Besides above, various other activities taken up / carried out include

- Identifying sensitive posts for rotation of officials working on such posts for more than 3 years and are pursued with the management. Out of 218 posts identified, all were transferred.

- As an outcome of investigations relating to complaints, study, inspection etc., advisories and suggestions were given to the management for system improvement in different areas.

- conducted two training programs, at Head Office on GeM and GFR and one workshop on Cyber Security and PIDPI resolution at the Munsar mine covering total 91 employees.

- As required vide OM No. F. No. 28(1)/2016-Leg.I dated 24.01.2018 details related to vigilance cases disposed of and pending during the calendar year 2022 are as follows:

Cases during calendar year 2022

Nature of cases


Having vigilance angle Administrative**


32 13 45

disposed off


04 NIL 04

* At present, all pending cases are disposed off.

** All administrative cases were forwarded to the management to deal at their end.


(A) Training programmes and skill development

Renewed thrust has been given on training in the Company resulting into a growth of 14% in training man-days in FY 2022-23.

During FY 2022-23, total 146 training programmes (internal and external) were conducted for employees at Corporate Training Centre, Nagpur, Centres of Excellence like IIT, XLRI, IIM, IMT etc. Total of 3680 man-days of training were imparted including 1830 man-days for executives. In addition, MOIL has imparted training to apprentices under various designated trades. As on 31st March, 2023, MOIL engaged around 370 apprentices, which work out to ~ 6.57 % of the total workforce.

MOIL has imparted training under Recognized Prior Learning program (RPL), one of the programs under skill development, to 450 MOIL employees and 150 contractual employees. Under this scheme, a total of 1698 man-days training have been imparted by MOIL during 2022-23.

(B) Welfare schemes and facilities

MOIL is carrying out various welfare schemes like housing, drinking water, electricity, hospital, health camps, schools, home loans and interest subsidies on home loans, etc., for the benefit of the employees as well as people residing in the adjacent areas of mines which are situated in the remote areas. Salient features of such schemes are as follows.

• For improvement of living standard and taking into consideration of aspiration of the employees, residential quarters have been constructed and allotted to majority of the employees.

• Adequate supply of drinking water is being provided to the employees residing in the mine colonies.

• Colonies and streets of the camps are well illuminated. The employees have been provided with electricity for their residence on concessional rate.

• Hospitals have been setup at all the mines maintained by qualified doctors and supported by trained paramedical staff. The arrangement of OPD as well as indoor ward separately for male and female are provided. Ambulance is also provided to all the hospitals for attending to emergencies. Patients are also referred for medical treatment to specialized hospitals as and when required.

• Scheme of post-retirement medical insurance for retired employees in the company for extending the medical facility to the separated employees.

• MOILs pension scheme, which is a defined contribution scheme, is in operation in the company since 1st January, 2007.

• Assistance is extended for running primary schools at some of the mines, where free education is imparted. School buses are provided at all the mines.

• Reimbursement of tuition fees and scholarship are being provided to meritorious students.

• Reimbursement of tuition fees for children of staff and the workers are provided for taking education in professional courses.

(C) Welfare measures taken for SC/ST

MOIL is a labour intensive organization wit Rs.5611 employees on its rolls as on 31st March, 2023. More than 80% of the total strength belongs to SC/ST/OBC (SC 19.75%, ST 25.40%, and OBC 36.95%). Your Company is also taking keen interest in development of the tribal population living in the vicinity of the mines situated in remote areas by adopting following measures.

• Adopting villages near the mines and providing drinking water facilities, road maintenance, periodical medical check-ups and treatment to the people living in these villages.

• Providing financial aid, stationery, books, etc., to schools adjacent to the mining areas.

• Organizing training classes for self-employment.

• Other welfare measures for development and upliftment of tribal women such as conducting sewing classes, adult literacy classes, AIDS awareness programs, propagating such other programs by displaying of posters, notices and banners, leprosy awareness programs, etc.

• Providing training to physically challenged persons under Persons with Disabilities Act, 1995.

(D) Empowerment of women

MOIL employs 809 women employees which constitute 14.42% of its total workforce of 5611 as on 31st March, 2023.

In compliance with the directives of the Honble Supreme Court, guidelines relating to prevention of sexual harassment of women at work place were issued by Govt. of India, Ministry of Human Resources Development. Accordingly, a Complaints Committee comprising of officials of MOIL and an independent member has been formed in the company.

Mahila Mandals are working effectively at all the mines of the Company. Various cultural, social, educative and community activities such as adult education, blood donation camps, eye camps, family planning, etc., are being organized regularly, mostly for the benefit of women residing in the remote mine areas.

Every year 8th March is celebrated as International Women Day and various programs are organized to mark the day. Company also grants maternity leave and special casual leave for family planning.

As part of its CSR activities, self-help groups have been created at the mines which comprise of women hailing from the remote villages. They are trained to make candles, washing powder, washing soaps, bamboo baskets, tailoring and various other vocational activities in order to make them self-reliant.

(E) Disclosure requirements under The Prevention of Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013

As per the provisions of the Sexual Harassment of Woman at the Workplace (Prevention, Prohibition and Redressal) Act, 2013, internal complaints committees have been set up in the Company to deal with the cases received under the Act. The names of the committee members have been uploaded on Companys web site: files/pyfwoez.pdf.

The directives have been widely circulated to bring awareness amongst the women workers.

No case of sexual harassment has been reported in the year 2022-23.

(F) Manpower

Manpower as on 31st March, 2023 of the Company is given below:


Executives Non Executives Workers Total


308 1741 2753 4802


32 85 692 809


340 1826 3445 5611

The category-wise details of employees strength as on 31.03.2023 are as under:


Scheduled caste Scheduled tribe O.B.C. Others Total


55 12 81 160 312


26 9 66 60 161


281 173 429 265 1151


694 1231 1497 513 3935

Safai Karamchari

52 0 0 0 52


1108 1425 2073 998 5611

Total %

19.75% 25.40% 36.95% 17.89% 100%

(G) Citizens charter and grievance redressal mechanism

(a) Employees grievances - MOIL has its own grievance redressal procedure for executives as well as non-executive employees. The grievances of employees are accordingly dealt with as per Rules.

(b) Public grievances - Any citizen can submit his grievance through online Centralized Public Grievance Redressal and Monitoring System (CPGRAMS). All grievance officers have been apprised of the manner in which the public grievances received are to be disposed of. The system adopted for dealing with the grievances of public was constituted on the basis of instructions received from various authorities in the past.

(c) The redressal of grievance machinery in MOIL consists of one grievance officer nominated for at each unit/mine. The grievance officer nominated at head office coordinates with the grievance officers at the units/mines for their effective performance.

(d) Monthly/quarterly grievances are reviewed and dealt with by designated public grievance officers at units/mines and head office and disposed of within stipulated period of one month.

(e) The data related to grievances at the units/mines are submitted by unit grievance officers in monthly / quarterly returns to head office. The same are examined and submitted to Ministry of Steel.

Status of public/staff grievances during FY 2022-23

S.r Particulars No.

Grievances outstanding as on 1st April, 2022 Number of grievances received during the year Number of cases disposed off Grievances outstanding as on 31st March, 2023

1 Public grievances

Nil 12 12 Nil

2 Staff grievances

Nil Nil Nil Nil

3 Covid-related

Nil Nil Nil Nil


Nil 12 12 Nil

(H) Progressive use of Hindi

• MOIL BHARTI magazine of MOIL first awarded by the Nagar Rajbhasha Kryanwyan Samiti (NARAKASH) Nagpur.

• About 97% correspondences in the company including all the mines are done in Hindi.

• Unicode system has been implemented in all the processors. The company has installed software related to Hindi in all the computer systems.

• In order to encourage the provisions contained in the Official Language Act, 1963, various types of Hindi Competitions are held on Dr. Baba Saheb Ambedkar Jayanti, Swachhta Campaign, Quami Ekta Diwas and Vigilance Awareness Week.

• By conducting workshops and training, more and more people are trained to work in Hindi.

• Workshop and Rajbhasha Seminars have been organized to promote Hindi.

• Contributory fund is provided by MOIL for the publication of the magazine Wainganga and Rajbhasha Darpan published by the Nagar Rajbhasha Karyanvayan Samiti Balaghat and Nagpur.

(I) Right to information

With the advent of the Right to Information Act, 2005 in India, MOIL has taken major initiatives towards its effective implementation.

MOIL has appointed Dy. General Manager (Legal) as CPIOs at head office and PIOs/APIOs at all its mines. Joint G.M. (Personnel) at H.O. has been appointed/designated as Appellate Authority under the Act. Names of all PI Os/ APIOs and the appellate authorities have been also hosted on Companys website:

The information in respect of Company, its employees, etc., has been prepared under 17 heads as prescribed in Section 4(1) (b) of the RTI Act, and the same been hosted on the Companys portal. MOIL has been submitting necessary information and returns to the prescribed authorities and updating the same regularly. Awareness has been generated in order to make Companys employees aware about the intention and true spirit of this Act. Various provisions of the Act have been highlighted by issue of circulars, maintaining transparency in day-to-day work and maintain all the records in a proper/ systematic manner. Further, the Company has also been hosting/updating in Companys website as much information suo motu at regular intervals for the public, so that public has minimum requirement to use the various provisions under the RTI Act to obtain information.

For the awareness of employees at large, seminars have been organised to make them understand the importance of RTI Act in the present scenario.

Status of applications and appeals received under RTI Act during the year under report are as under:

Sr. No. Particulars

Pending as on 01.04.2022 Received during the year Cases disposed off Pending as on 31.03.2023

1 RTI Applications

70 164 201 33

2 Appeals under RTI

7 27 34 0

(J) Industrial relations

Industrial relations in MOIL continued to be cordial and peaceful during the year 2022-23. The conditions for better production and productivity has been maintained in smooth way. Various committees have been constituted at mines and head office for discussing various issues for smooth functioning of the organization and expeditious decisions for the settlement of grievances have been functioning satisfactorily.

(K) Swachh Bharat Abhiyan

MOIL is taking active part in promoting and participating in Swachh Bharat Abhiyan (Clean India Campaign) on the call given by Honble Prime Minister for the biggest cleanliness mission of our country, a dream of Mahatma Gandhi "Swachh Bharat”.

As a part of Swachh Bharat Abhiyan, MOIL is observing Swachhta Diwas (Cleanliness Day) on 1st Wednesday of every month and Swachhata Pakhwada between 1st and 15th of every month in various mines, turn by turn by organising various activities like awareness camps on health and hygiene by displaying banners, slogans and posters not only in mines and housing colonies but also nearby villages in and around Mines. Also special attention amongst school children is created through posters, slogans, Gandhian ideology and philosophy and the importance of cleanliness.

facilities to economically weaker section of the society, providing quality education to students in rural areas, Skill Development and livelihood. MOIL.

In addition to the above, as per directions of Ministry of Steel, Special Swachhata Pakhwada has been organized at all units/ Mines from 16th March to 31st March, every year.

As a part of promotion of Swachh Bharat Abhiyan, sewage treatment plants, bio-septic tanks, conventional toilets were constructed not only at mines but also nearby villages and schools.

(L) Azadi Ka Amrit Mahotsav

As per guidelines of Ministry of Steel, Govt. of India, MOIL is observing a one-year celebration program on Azadi Ka Amrit Mahotsav (Commemoration of 75th Anniversary of Indias Independence) from 15th August, 2022 to 15th August, 2023 Under this, activities like - felicitation of MOILs doctors, health workers, security staff, sanitation staff, etc. massive tree plantation drive, sports activities (cricket match between Union and management), swachhta drive at townships, work areas such as mines, plants, offices, etc., clean home competition in the Companys quarters at mines and head office, decoration of MOILs office buildings with tri-colour led lights on Gandhi Jayanti, Republic Day in addition to Nukkad Natak (street Play), rally for unity, displaying of banners and posters on the theme of Azadi Ka Amrit Mahotsav, etc., has been conducted.

(M) Special Campaign for disposal of pending matters 2.0.

As per directives received from Ministry of Steel, Govt. of India special campaign for disposal of pending matters 2.0 has been organised at Head Office and all mines/units. The activities observed during the period at all mines and offices include Liquidating pendency, cleanliness of workplace, space management, record management, record digitisation, scrap disposal and reducing compliance burden.


Being a responsible corporate citizen, MOIL is committed towards Corporate Social Responsibility (CSR) with Environmental, Ethical and Philanthropic responsibility. The Company has been contributing to various socially useful projects comprising medical

Corporate social responsibility is a continuous process. MOIL has been carrying out CSR activities in a dedicated manner for past several years. Broadly CSR projects includes the followings:

• In a major step towards providing quality education to rural children, MOIL has constructed a CBSE registered school at Sitasaongi in Bhandara District and is operating the same since April, 2014 in association with DAV School. The school caters to the educational needs of a number of villages in this remote backward area. The school has modern educational facilities wit Rs.35 class rooms, scientific laboratories, library, etc.

• In addition, MOIL is supporting four schools (two each in Bhandara district of Maharashtra and Balaghat district of Madhya Pradesh) under its education and skill development initiative. Both the districts are backward districts of India.

• Company is in process to open one more branch of this school at Munsar, in Nagpur district, which will cater to the need of quality education of the rural children. This school is expected to start functioning in April, 2024.

• Sponsoring 15 Girls (from economically weaker section) every year for pursuing Bachelors Degree Course in Nursing and General Nursing & Mid wife course in association with Apollo College of Nursing Hyderabad. Total 49 students are getting free Nursing Education under the project.

• Skill Development Programme Training on heavy Earth Moving Vehicles/Machinery Operations to Women

Candidates (30 candidates) from adjoining areas of companies mines, through accredited training partners of National Skill Development Council, Government of India.

• Engaged, with professional agency namely BAIF Institute for Sustainability & Livelihood Development, (BISLD). In Phase - II, twenty-two villages have been identified which include - Eight in Nagpur, three in Bhandara districts in Maharashtra and Eleven in Balaghat district in Madhya Pradesh. Major areas of developmental activities are in Livelihood, Education, Women empowerment, Anganwadi based intervention, Water resources management, Community resources development, Agricultural training, Infrastructure development, Livestock development training, Health, cleanliness and sanitation, Health, cleanliness and sanitation, Quality of life, Health, cleanliness and sanitation etc.

• Providing one ambulance each to Public Health Centre, Block Paraswada, District Balaghat (M.P) and Government District Hospital at Bhopal & Panna (M.P).

• Infrastructural development works like Development of Play Ground including Construction of rooms in Central School, Balaghat, Construction of Boundary Wall Government Womens Polytechnic, Balaghat.

• Construction of two Community halls at Dist. Puri (Odisha).

A report on CSR activities as required under Companies Act, 2013 is attached as Annexure-II.


(A) Change in Directors and Key Managerial Personnel (KMP)

During the year under review (a) Shri M.P. Chaudhari, Chairman- cum-Managing Director has ceased to be Director, w.e.f. 31st Oct., 2022 on his superannuation (b) Government of India has appointed Shri Ajit Kumar Saxena, as Chairman-cum-Managing Director, w.e.f. 29th Dec., 2022. (c) Shri Mangesh P. Kinare and Shri Deepak Singh, Independent Directors ceased to be Director w.e.f. 21st Oct., 2022. Government of India has appointed Dr. Sanjay Roy, Joint Secretary, Ministry of Steel, as Nominee Director in place of Ms. Sukriti Likhi, Additional Secretary and Financial Advisor, Ministry of Steel, w.e.f. 9th March, 2023. Further, Shri Nikunj Kumar Srivastav, Principal Secretary, Department of Mineral Resources, Govt. of Madhya Pradesh has been appointed as Nominee Director w.e.f. 10th March, 2023 in place of Shri Sukhveer Singh, Principal Secretary, Mineral Resources Department, Government of Madhya Pradesh.

Pursuant to section 134(3)(q) read with rule (8)(5)(iii) of Companies (Accounts) Rules, 2014 and section 203(1), the Board has designated Chairman-cum-Managing Director [Chief Executive Officer (CEO)], Director (Finance) [Chief Finance Officer (CFO)] and Company Secretary as Key Managerial Personnel. Changes in KMPs during the year 2022-23 have been given above.

(B) Declaration by Independent Directors

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are the persons of high integrity and repute. Independent Directors namely CA Dinesh Kumar Gupta, Shri Prashant Vashishtha and Dr. Archana Majumdar, will complete the test within the time limit provided under the Companies Act, 2013 and Rules made thereunder. They fulfil the conditions specified in the Companies Act, 2013 and the Rules

made thereunder and are independent of the management. Independent Directors are generally appointed for a period of three years by Government of India.

(C) Appointment, performance evaluation and remuneration policy

Being a Central Public Sector Enterprise, appointments, tenure, performance evaluation, remuneration, etc., of Directors are made/fixed by the Government of India.

Ministry of Corporate Affairs has exempted Government companies from applicability of some of provisions/sections of the Companies Act, 2013 vide notification dated June 5, 2015. As per the notification, the Nomination and Remuneration Committee is not required to formulate the criteria for appointment of Directors, their remuneration policy and carrying out their performance evaluation. In MOIL, being a Government Company, the appointment of Directors and their performance evaluation are undertaken by Administrative Ministry, i.e., Ministry of Steel, Government of India. As such, performance evaluation by the Board of its own performance, its Committees and individual Directors, are not applicable/required.

The remuneration of officers (executives) is fixed as per Government guidelines on pay revision and remuneration of non-executives is as per Wage Settlement Agreement entered into periodically with recognised Union. Appointments/ promotions, etc., of the employees are made as per Recruitment and Promotion Policy approved by the Board.

(D) Directors Responsibility Statement

Your Directors state that-

(i) in the preparation of financial statements, the applicable accounting standards have been followed and there are no material departures from the same,

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st March, 2023 and of the profit and loss of the company for the year ended on that date,

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting frauds or other irregularities,

(iv) they have prepared the financial statements on a going concern basis,

(v) they have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively and

(vi) they have devised proper systems to ensure compliance with the provisions of all applicable laws including applicable Secretarial Standards and that such systems were adequate and operating effectively.


The Company has set-up a full-fledged Systems Department in order to ensure an effective Computerization of all the functional areas of the Company. In order to ensure an adequate IT infrastructure, steps taken by the System Department are as under:

• Installation of Computers and other IT equipment at all its offices and mines/plants.

• Ethernet based Local Area Networks (LAN) on Windows and Linux platform is in place at Head Office, Nagpur and at all mines of the Company.

• For effective sharing of Applications, databases/ information and other resources on regular basis, all the Mines and HO are connected through MPLS VPN and VPN over Leased line.

• For continuous knowledge acquisition, e-mailing and for inter unit data transfer facilities, all the concerned officials of Head Office have been provided with internet connection through internet leased line on OFC. All the mines are provided with leased line internet connections on OFC.

• Procurement of goods and services through

e-procurement portal of MSTC to bring transparency in procurement process.

• Implementation of ERP in the Company. In addition to core modules viz. FICO, MM, SD, PP, PM, HRM of SAP, the company has also implemented File Lifecycle Management (FLM), Document Management System and Employee Self Service Portal.

• Use of FLM for effective file tracking and reduction in paper work.

• Implementation of Customer Portal, wherein customers may access to various information regarding prices, availability of material, at one place.

• Implementation of Vendor Invoice tracking system, where vendors can upload their invoices online and track the status of the same.

• Use of Video Conferencing for communication with mines, Ministry and other agencies.

• Introduced digitalization in Board meeting as well as SubCommittee meetings by forwarding agenda notes and related documents online.

• Implemented online Legal Compliance Management tool for monitoring compliance of law.

• Implemented Structural Digital Database (SDD).

• Introduced a portal for MOIL Vendors to facilitate the submission of invoice/ bill claims from anywhere. In this regard a mobile app is developed which is available at Google Play Store and Apple App Store for free. The same can also be accessed from MOILs website It enables vendors to track the movement and status of the invoice. It is cross integrated with SAP server and automatically share all required Work Order data and Vendor master information.


MOIL is one of the public sector enterprises in the country known for its continuous excellent performance. The Company has been getting national /regional recognition for its good work in various spheres of activities. The following are some of recognitions received by the company:

1. 5 Star Rating award to Gumgaon mine by Ministry of Mines under Sustainability Development Framework (SDF) for the year 2021-22.

2. During 32nd Mines Environment & Mineral Conservation (MEMC) week organized by Indian Bureau of Mines (IBM), nine mines of MOIL bagged awards in different categories viz., mineral conservation, systematic and scientific development, mineral beneficiation, sustainable development, publicity and propaganda, etc.

3. Skoch Award- Gold category for its Community Development Program project under CSR.

4. CSR commitment award to MOIL Ltd. by Governance Now in 9th PSU Award.

5. First prize named "Narakas prize” to MOIL Bharti magazine by Nagar Rajbhasha Karyanyayana samiti, Nagpur.

6. Second Highest GST payer award for Nagpur region for FY22-23 by State GST, Nagpur

7. Maharshtra Best Employer Brand Award by CHRO Asia

8. HR Leadership Award (Miniratna) to Smt. Usha Singh, Director (HR) by Governance Now in 9th PSU Award

9. Woman Icon of the year - Corporate award from IMS Ghaziabad & Top Rankers to Smt. Usha Singh, Director (HR)

10. National Star Women Achievers Award by Media Federation of India to Smt. Usha Singh, Director (HR)


(A) Risk Management Policy

MOIL recognizes that risk is inherent to any business activity and that managing risk effectively is critical to the immediate and future success of the Company. The Risk Management Policy of the company establishes a system which helps in overseeing the risks, management of material business risks and also helps in internal control of the company. The identified risks are reviewed periodically alongwith elements of risk, if any, which in the opinion of the Board may threaten the existence of the company. The policy is also uploaded in the companys website: https://

(B) Vigil Mechanism

The Company has a Whistle Blower Policy and the same is uploaded on its website Blower Policy of MOIL.pdf The company has a competent and independent vigilance department, headed by Chief Vigilance Officer (CVO) for monitoring any unethical behaviour, actual or suspected fraud or violation of the companys code of conduct or ethics policy. All the personnel are having the access to the vigilance department for their complaints, grievances, etc. Vigil mechanism has been established for Directors and employees to report genuine concerns. The vigil mechanism provides for adequate safeguards against victimization of persons who use such mechanism for genuine concerns.

(C) Corporate Governance

The Company strives to attain highest standards of corporate governance. A separate section on Corporate Governance is annexed and forms part of the Boards Report (Annexure-III). Certificate of corporate governance is also attached with the report, which is self-explanatory. There is no qualification in the certificate except on composition of the Board of the company during the year. Being a Government Company, all the Directors are appointed by the Government of India. The Board believes that the Government of India will make appointment of requisite number of Directors on the Board of MOIL.

(D) Management Discussion and Analysis and Business Responsibility and Sustainability Report

In compliance with Regulation 34 of SEBI (Listing obligations and Disclosure Requirements Regulations), 2015, a report on Management Discussion and Analysis and business responsibility and sustainability report is placed at Annexure-IV and Annexure-V, respectively.

(E) Related Party Transactions

The Company has not entered into any materially significant related party transactions that may have potential conflict with the interests of the company at large. Nonetheless, transactions with related parties have been disclosed in Point No. 3.10 of Note No. 3 of notes to the accounts. Hence, no disclosure is made in form AOC-2 as required in Section 134(3) read with Rule 8 of Companies (Accounts) Rules, 2014.The Company has Related Party Transaction Policy and the same is uploaded in its website: https://www.moil. Party Transaction Policy.pdf

(F) Procurement as per Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 and GeM

As per requirement of Micro, Small and Medium Enterprises Development (MSMED) Act 2006 and notifications issued by Central Government in this regard, PSUs are required to purchase minimum 25% of total annual purchase of products produced and services rendered by MSEs. It further requires that 4% out of 25% shall be earmarked for procurement from MSEs owned by Scheduled Castes or Scheduled Tribe entrepreneurs, 3% of which shall be earmarked for procurement from MSEs owned by women. It also requires the PSUs to report goals set with respect to aforesaid procurement and disclose achievement made in its annual report.

Total procurement of goods and services during 2022-23 has been at RS.294.25 crore out of which value of goods & services procured from MSEs (including MSEs owned by scheduled castes or scheduled tribes or women entrepreneurs) is RS.203.65 crore which amounts to 69.21% of total annual procurement as tabulated below.

Category of MSE Firm

Norms Achievement

Procurement from MSE firms

25% 69.21%

Procurement from MSE firms SC / ST*

4% 1.28%

Procurement from Women Entrepreneurs MSE firms*

3% 0.99%

* There was very minimal / negligible participation from this category of vendors. Hence, the target could not be met. To encourage participation, MOIL regularly interacts with such vendors in Vendor Development Program (VDP) organized by MSME, DI, Nagpur, and Dalit Industries Chamber of Commerce (DICCI). MOIL is one of the sponsors for annual NVDP program cum industrial exhibition organized by MSME development institute Nagpur.

Thus, the company is complying with requirement of Micro, Small and Medium Enterprises Development (MSMED) Act 2006 with respect to minimum purchases from MSE firms. For FY 2023-24, MOIL has a goal to procure products produced/services rendered by MSMEs as mentioned in the first para above.

MOILs total procurement through the open tender during FY 2022-23 was RS.294.25 crore. Out of this, procurement through Government e-Market (GeM) portal was RS.255.31 crore.

(G) Memorandum of Understanding (MoU) with Ministry of Steel

MOIL has been signing MoU with Ministry of Steel since more than 25 years. The MoU sets the various targets and parameters of annual performance, which are assessed against actual

achievements. The MoU rating for the year 2021-22 was very good. The rating for 2022-23 is not yet finalised. Continuing the practice, MOIL is in the process of signing MoU with the Ministry of Steel for the year 2023-24 also.


(A) Statutory Auditors and CAG

In terms of Section 143 (5) of the Companies Act, 2013 M/s Jodh Joshi and Co., Chartered Accountants, Nagpur have been appointed by the Comptroller & Auditor General of India (CAG) as statutory auditors of the Company for the year 2022-23. There is no fraud reported by auditors of the company under sub-section (12) of section 143 of the Act. The statutory auditors report is attached, which is self-explanatory. There is no qualification in the auditors report. CAG has issued a certificate/letter stating that there are no comments to supplement statutory auditors report for the year 2022-23. The comments/letter of CAG attached thereto.

(B) Secretarial auditors

The Board had appointed M/s P.S Tripathi & Associates, Indore as secretarial auditors for 2022-23. Their report is enclosed herewith, which is self-explanatory. There is one observation in the Secretarial audit report related to composition of Board of the company. Being a Government Company, all Directors are appointed by the Government of India. Accordingly, Government of India will make appointment of requisite number of directors on the Board of MOIL.

(C) Cost audit

The Company is required to maintain cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013. Accordingly, such accounts and records are made and maintained. M/s Ujwal P. Loya & Co., Cost Accountant Nagpur have been appointed as the cost auditor of the Company to conduct audit of cost accounting records maintained by the Company for the year ended 31st March, 2023. The due date for filing the Cost Audit Reports for the said year is 27th September, 2023, if not extended by the Government. The report will be submitted within prescribed time limit. The Cost Audit Report and Compliance Report for the year 2021-22 were filed within the time limit, as prescribed by the Ministry of Corporate Affairs.


(i) Particulars with respect to R&D and technology absorption, etc.: Particulars as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, forming part of this report, are enclosed as Annexure-I to this report.

(ii) Foreign Exchange earnings and outgo: The Company has not made any export of manganese ore or its other products during 2022-23. During the year under review, the Company has incurred NIL expenditure in foreign currency.

(iii) Particulars of employees: There are no employees covered within the purview of Section 134(3) of the Companies Act,

2013 read with Companies (Appointment and Remuneration of Managerial Personnel) 2014, as amended from time to time.

(iv) Deposits: During the year under review, MOIL has not accepted any deposits as provided under the Act.

(v) Loans, guarantees and investments: There are no loans, guarantees and investments, as provided under section 186 of the Act.

(vi) Composition of Audit Committee: The details regarding composition of Audit Committee are mentioned in Clause No. 3.1(A) of the Corporate Governance Report which is a part of this Report.

(vii) Number of meetings of the Board: Total Six (6) Board meetings held during the year. Further details in this respect are given in Clause No. 2.2 of the Corporate Governance Report which is a part of this Report.

(viii) Copy of Annual Return: Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, copy of the

Annual Return for F.Y. ended on 31st March, 2023 is placed on the website of the Company at file/InvRel/Financials/annual-return-2022-23.pdf.

(ix) Material Changes and Commitments if any, affecting the financial position of the Company: There were no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of this Report except enumerated elsewhere in the report.

(x) Significant and material orders passed by the Regulators or Courts or Tribunal: There is no significant and material order passed by the Regulators/Courts/Tribunal impacting the going concern status and companys operations in future.

(xi) Disclosure regarding application made or any proceeding pending under the Insolvency and Bankruptcy Code, during the year 2022-23 is not applicable.

(xii) Disclosure regarding one time settlement of loans by the company during the year 2022-23 is not applicable.


(A) There was no share in suspense account as on 31st Marc Rs.2022 and 31st March, 2023. Hence, information in this regard is NIL.

(B) The details of unpaid/unclaimed dividend amount and shares transferred to Investor Education and Protection Fund (IEPF) account during 2022-23 are as under.


Amount transferred (?) Number of shares transferred

Final Dividend 2014-15

7,97,850.00 4,108

Interim Dividend 2015-16

9,30,498.00 7,354

Details of the resultant benefits (i.e. Dividend after TDS) arising out of shares already transferred to the IEPF account are as under.

as under.


Amount ?

Final Dividend 2021-22


Interim Dividend 2022-23


The details of unpaid/unclaimed dividend and corresponding shares are available at weblink dividend/164/Unpaid%20IPO%20Dividend.


Your Directors acknowledge the support, cooperation and guidance received from the Govt. of India, Ministry of Steel, Ministry of Environment and Forest, State Governments of Maharashtra and Madhya Pradesh, all Government departments, Companys shareholders, bankers, valued customers, suppliers and all other stakeholders.

The employees of the Company have continued to demonstrate their commitment towards the pursuit of excellence. Despite challenges posted after outbreak of corona virus affecting production of the Company, mainly in first two months of the year, the employees have shown their dedication, which is reflected in production numbers. Your Directors take this opportunity to place on record their appreciation for the valuable contribution made by the employees and look forward to their continued commitment, dedication and enthusiasm to enable the Company to scale even greater heights.

On behalf of the Board of Directors

Ajit Kumar Saxena

Place: New Delhi

Chairman-cum-Managing Director

Date: 04.08.2023

(DIN 08588419)