MOIL Ltd Auditor Reports

(Modified after supplementary audit conducted by The Comptroller & Auditor General of India (CAG) Auditors, changes incorporated in Clause iii, Clause iii(b) and clause vii(b) of Annexure-C to the Independent Auditors Report)

Pursuant to the observations of Comptroller and Audit General of India under Section 143 (6) (a) of the Companies Act, 2013, the financial statements adopted by the Board of Directors on 30^th April 2025 have been revised. The revised financial statements have been adopted by the Board of Directors on 30^th July 2025. The revisions that have been made are related to notes and disclosures. Such changes/corrections in notes and disclosures to accounts based on C&AG supplementary audit observations has no impact on the financial statements. The revision is restricted solely to incorporate observations raised in the Supplementary Audit conducted by the Comptroller and Auditor General of India, accordingly, a revised Audit Report is issued now. This Audit report supersedes our earlier report dated 1^st May, 2025, 9^th June 2025 and 30^th July 2025. (The Audit Report dated 30^th July 2025 is being re-issued on 20^th August 2025 as directed by C&AG. Except for reference to the earlier report date, there is no change in its contents.)

The Members of MOIL Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the Standalone Financial Statements of MOIL LIMITED (“the Company”), which comprises the Balance Sheet as at 31^st March 2025, and the statement of the Profit and Loss (including Other Comprehensive Income), the statement of Changes in Equity and the statement of Cash Flow for the year then ended, and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information (herein after referred to as “Standalone Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, the profit and total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of standalone Financial Statements in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the 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 of India

(ICAI) together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Emphasis of Matter -

Without qualifying our opinion, we draw attention to the following matters:

1. Point No. 1.2.14 of accounting policy & Note No. 2.27 for recognition of revenue. The revenue includes Royalty, District Mineral Fund (DMF) and National Minerals Exploration Trust contribution (NMET) collected on behalf of third party on actual basis as per contract. However, this treatment is not in line with IND AS 115, which stipulates that revenue must be shown on net basis excluding all collection on behalf of third parties. This has been done by the Company as per industry practice and based on expert opinion obtained.

2. Note No. 2.5 (Investment) & Note 3.12 with regard to classification of Actual Advance Expenditure (MOIL Share) for proposed Joint Venture with GMDC, amounting to ^765.27 Lakhs. This is disclosed under Investments in the name and style of “MOIL-GMDC JV, yet to be incorporated”. This amount should have been classified under Other NonCurrent Assets.

3. Note No. 2.4 (Intangible asset under development) & Note No. 3.13 with regard to classification of Actual Advance Expenditure (MOIL Share) for proposed Joint Venture with MPSMCL. This expenditure amounting to ^1643.99 Lakhs is being recognized and accounted for as Intangible asset

under development in the financial statements. This MoU has been signed to explore the options of manganese ore mining in different districts of the state of Madhya Pradesh. This amount should have been classified under Other NonCurrent Assets.

4. Note No 2.4 (Intangible asset under development) & Note No. 3.14 with regard to classification of Actual Advance Expenditure (MOIL Share) for proposed Joint Venture with Chhattisgarh Mineral Development Corporation (CMDC). This expenditure amounting to ^112.67 Lakhs is being recognized and accounted for as Intangible assets under development in the financial statements. This MoU has been signed to explore the options of mining for manganese and associated minerals in different districts of the state of Chhattisgarh. This amount should have been classified under Other Non- Current Assets.

5. Note No. 3.15 (i) (b) and 3.16 regarding Land in Bobbili. The land at Bobbili was purchased by MOIL from APIIC for the setting up of Ferro / Silico Manganese plant. A Joint Venture Company was formed with RINL. Techno economic feasibility report (TEFR) was prepared by MECON in 2000. The tenders could not be finalized due to technical reasons and in the interim period the tariff of electricity units was increased. It was determined that the project was not viable in view of the power tariff increase and the reduction in market prices of the Ferro / Silico Manganese. The land at Bobbili, which is valued at H 898.92 lakhs and WDV of Building H 8.87 lakhs has been considered as contingent liability by the Company. This amount should not be treated as a contingent liability as there is no expected financial outlay against the same. The land is fully paid for, and the Company does not have any further liabilities against the same.

Our opinion is not modified in respect of the above matters.

Other Matter:

1. Pursuant to the observations of Comptroller and Audit General of India under Section 143 (6) (a) of the Companies Act, 2013, the financial statements adopted by the Board of Directors on 30^th April 2025 have been revised. The revised financial statements have been adopted by the Board of Directors on 30^th July 2025. The revisions that have been made are related to notes and disclosures. Such changes/ corrections in notes and disclosures to accounts based on C&AG supplementary audit observations has no impact on the financial statements. The revision is restricted solely to incorporate observations raised in the Supplementary Audit conducted by the Comptroller and Auditor General of India, accordingly, a revised Audit Report is issued now. This Audit report supersedes our earlier report dated 1^st May, 2025, 9^th June 2025 and 30^th July 2025. (The Audit Report dated 30^th July 2025 is being re-issued on 20^th August 2025 as directed by C&AG. Except for reference to the earlier report date, there is no change in its contents.)

Our opinion is not modified in respect of the above matters.

Key Audit Matters -

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the year. These matters were addressed in the context of our audit of the financial statement 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 described below to be the key audit matters to be communicated in our report.

S. No. Key Audit Matter	Auditors Response
1 Revenue from Contract with Customer: Refer Note no. 2.27 and Note No 1.2.14	Principal Audit Procedures:
Revenue is considered as a key audit matter because revenue is a key financial performance measure which could create an incentive to be recognised prematurely.	Our Audit Procedure comprises of assessing the application of the provisions of Ind AS 115 in respect of the Companys revenue recognition and appropriateness of the estimated adjustments in the process.
The revenue recognized by the Company in a particular contract is dependent on the sale agreement for the respective customer. Revenue from sale of manganese is recognized in financial statements at declared grade of manganese. Relevant areas for revenue recognition perspective are accuracy of the recognized amounts and timing of revenue recognition.	Our audit procedures include:
The timing of such revenue recognition in case of sale of goods is when the control over the same is transferred to the customer, which is mainly upon delivery.	• Evaluating the design, the processes and internal controls relating to revenue accounting standard.
Revenue includes amounts in respect of royalty, district mineral fund and national mineral exploration trust contributions but excludes GST and any other taxes/cess. Sales are reduced to the extent of the amount of price discount. The Company acts as a principal to its customers, and all the performance obligation stands on the Company, therefore revenue is accounted on Gross basis.	• Evaluating the detailed analysis performed by management on revenue streams by selecting samples for the existing contracts with customers and considering revenue recognition policy in the current year in respect of those revenue streams.
Manganese ore fines, hutch, dust and HIMS rejects generated during operations are recognised as production as and when they are sold and corresponding sales is treated as revenue from mining products.	• Evaluating the appropriateness of the disclosures provided under the revenue standard and assessing the completeness and mathematical accuracy of the relevant disclosures.
	• Ensuring the basis of all estimates are commensurate with the accounting policy.
	The system of revenue recognition is found to be appropriate.
2 Inventory Valuation:	Principal Audit Procedures:
Refer Note No. 2.9 and 1.2.3	Our audit approach involved the following combination of test of control design, implementations, operating effectiveness and substantive testing in respect of verification and valuation of inventories:
Verification and valuation of Inventories and related write down, if any, is a significant area requiring Managements judgment of estimates and application of accounting policies that have significant effect on the amounts recognized in the Standalone Ind AS Financial Statements. Accordingly, we consider this as a Key Audit Matter.	• We evaluated the system of inventory monitoring and control.
Valuation is done on the following basis:	• It was observed that inventory has been physically verified by the Management during the year.
(a) Finished Goods-Manganese Ore of all grades (except Manganese Ore Fines, Hutch Dust and HIMS rejects) - Valued At cost at mines including depreciation on mine assets or net realizable value, whichever is less.	• We have also tested the values considered in respect of Net realizable value, cost of products and have verified these on a sample basis with the inventory valuation and accounting entries posted in this regard.
(b) Manganese Ore Fines, Hutch Dust and HIMS rejects - Valued At cost per tonne on jigging / processing, transportation etc. allocated on technical estimates or net realizable value, whichever is less.	• We have obtained a copy of inventory verification report, cost sheet and price lists that have been taken into consideration while arriving at the final closing value of inventory.
(c) Manganese Ore at port - At landed cost at the port or net realizable value, whichever is less. Landed cost includes freight, unloading charges, sampling charges etc.	The system of inventory valuation and recording of stock level is found to be appropriate.
(d) Electrolytic manganese di-oxide [EMD] (including stock as on 31st March at different stages of production, ascertained by technical estimation as a percentage of completed units of EMD) -
At current years cost of production including plants depreciation or net realizable value, whichever is less.
(e) Ferro manganese/silico manganese including stock in cake form as on 31st March, determined by technical assessment - At current years cost of production including plants depreciation (less realizable value of slag) or net realizable price, whichever is less.
(f) Stock in process - The quantity of Ferro Manganese/Silico Manganese in process cannot be weighed, seen or assessed and hence, no value is assigned.
(g) Stock of slag - Slag is a molten mass of impurities generated during manufacture of Ferro Manganese, which is treated as scrap and, accordingly, valued at net realizable price.
3 Deferred tax:	Principal Audit Procedures:
As disclosed in Note 3.8, the Company has recognised deferred tax assets in respect of certain deductions on account of provision for Leave Encashment, provision for Post-Retirement Medical Benefit, provision for Doubtful Debts and provision for Bonus to the extent that it is probable that they will get tax benefits in future. This requires management judgement in estimating future taxable income and is accordingly a key audit matter.	Our audit procedures included the following:
	• Obtaining an understanding of the managements process for estimating the recoverability of the deferred tax assets and identifying key controls in the process.
	• Obtaining and analysing the future projections of taxable profits estimated by management, assessing the key assumptions used, including the analysis of the consistency of the actual results obtained by the various segments with those projected in the previous year.
	We have reviewed the assumptions made by management for uncertain current and deferred tax positions to assess whether appropriate current and deferred tax provisions have been recognized and are based on the most probable outcome. We found the disclosures relating to the income tax and deferred tax balances to be appropriate.
4 Valuation of Defined Benefit Plan Obligations:	Principal Audit Procedures:
Accounting for defined benefit plans is based on actuarial assumptions which require measuring the obligation, evaluating the planned assets and calculating the corresponding actuarial gain or loss.	Our audit procedures include: • Evaluating the key assumptions applied viz discount rates, inflation rate, mortality rate
All future cash flows are discounted to present value for arriving at the obligation. Significant estimates including the discount rates, the inflation rates, escalation of salary and the mortality rate are made in valuing the companys defined benefits obligations. The Company engages external actuarial specialists to assist them in selecting appropriate assumptions and calculate the obligations. The effect of these matters is a part of the risk assessment and valuation of the Defined Benefit Obligations has a high degree of estimation as it is based on assumptions.	• The controls over the review and approval of actuarial assumptions, the completeness and accuracy of data provided to external actuary, and the reconciliation to data used in experts calculation were tested.
The Company has recognized long term Employee Benefit Liabilities and Post-Employment Benefits.	• Discussing with the Management about the liability accrued due to defined benefit plan and assessing if there was any inconsistency in the assumptions.
	• Adequacy of the Company disclosure as per Ind AS 19 in the notes is verified.
	Based on the audit procedures involved, we observe that the assumptions made by the management in relation to the valuation were supported by available evidence.
5 Provision for Post-Retirement medical benefit:	Principal Audit Procedures:
The valuation provision of the PRMB requires assumptions which are based upon market conditions, discount rate, life expectancy of employees and other dependants to be considered for setting aside fund for medical benefit.	In testing the valuation, we have examined the reports of external actuarial specialist to review the key actuarial assumptions used, both financial and demographic, and considered the methodology utilized to derive these assumptions.
The setting of these assumptions is complex and requires the exercise of significant management judgement with the support of external actuary.	Furthermore, we have examined the sensitivity analysis adopted by the external party viz. actuarial on the key assumptions in valuing the defined benefit obligations.
	We would like to comment that the methodology and assumption applied in relation to determination of liability is Acceptable.
6 Property, Plant & Equipment and Intangible Assets	Principal Audit Procedures:
As disclosed in Note 2.1, 2.2, 2.3 & 2.4; during the year the Company has incurred capital expenditure on various Property, Plant and Equipment including the capitalisation of work in progress based on its readiness for intended use as determined by the management. The estimates of useful lives and residual value of Property, Plant and Equipment is a significant area which involves management judgement, technical assessment, consideration of historical experience, anticipated technical changes etc. Considering the materiality in the context of the Balance Sheet of the Company and the level of management judgement and estimates required, the above matter has been determined as a key audit matter	Our audit procedure included but was not limited to the following:
	• Assessing the nature of additions made to PPE and capitalization of capital work in progress on a test check basis to test whether they meet the recognition criteria as per Ind-AS 16 -Property, Plant and Equipment, including its readiness for intended use as determined by the management.
	• Understanding, evaluating and testing the design and operating effectiveness of key controls relating to capitalization of various cost incurred.
	• Reviewing the judgement and assessment of the management including the nature of underlying cost capitalized, determination of realizable value of the assets, appropriateness of assets lives applied in the calculation of depreciation.
	• We have test checked the depreciation calculation
	• We observe that the management has regularly reviewed the judgements and estimation.
	• We have also assessed the adequacy and appropriateness of the disclosures in the standalone financial statements.
	Based on the audit procedures involved, we observe that the assumptions made by the management were acceptable.

Information other than the Standalone Financial Statements and Auditors Report thereon

The Companys Management and Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Annual Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance Report and Shareholders Information, Corporate Social Responsibility but does not include the Financial Statements and our Audit Report thereon.

• 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 is to read the other information 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 during the audit or otherwise appears to be materially misstated.

• If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to communicate the matter to those charged with governance, as applicable under relevant laws and regulations.

• We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act) with respect to the preparation and presentation of these Standalone Financial Statement that give a true and fair view of the financial position, financial performance including other comprehensive income, statement of changes in equity and cash flow of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standard (Ind AS) specified under section 133 of the Act, read with Rule 7 issued thereunder. This responsibility also includes maintenance of adequate accounting records in accordance with the provision

of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of Standalone Financial Statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

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

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

Auditors Responsibility for the Audit of Standalone Financial Statements

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companys Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are 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 not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise 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 based on these Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

i. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform 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 not 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.

ii. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the entity has adequate internal financial controls system in place and the operating effectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

iv. Conclude on the appropriateness of managements and Board of Directors 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 to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in 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 auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

v. Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether 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, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that 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 the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we 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 section 143(3) of the Act, based on our audit,

we report that:

a. We have sought and obtained all the information and explanations, which, to the best of our knowledge and belief were necessary for the purpose of our audit.

b. In our opinion, proper books of account as required by law have been kept by 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 and Statement of Cash Flow and the 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 Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, subject to Emphasis of Matter stated above.

e. In terms of Notification no. G.S.R. 463 (E) dated 05^th June 2015 issued by the Ministry of Corporate Affairs, provisions of Section 164(2) of the Act regarding disqualifications of the Directors, are not applicable as it is a Government Company.

f. With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to Standalone Financial Statement.

g. With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended:

h. As per notification number G.S.R. 463 (E) dated 5^th June 2015 issued by the Ministry of Corporate Affairs, section 197 of the Act as regards managerial remuneration is not applicable to the Company, since it is a Government Company

i. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations as at March 31, 2025, on its financial position in its standalone financial statements- Refer Note 3.15 (i) (a) & (b) to the Standalone Financial Statements.

ii. There are no long-term contracts including derivative contracts for which provision for material foreseeable losses is required.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. a) The Management has represented that,

to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds (which are material either individually or in aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other persons or entities, including foreign entities (“Intermediaries”), with the

understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like in behalf of the Ultimate Beneficiaries.

b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in the notes to accounts, no funds (which are material either individually or in the aggregate) have been received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of rule 11(e) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a) & (b) above contain any material misstatement.

2. The dividend declared or paid during the year by the Company is in compliance with Section 123 of the Act.

3. Based on our examination which includes test checks, it appears that the Company has used an accounting software (SAP) for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with or disabled. The requirement to preserve the audit trail as per Section 128(5) of Companies Act 2013 has been complied with by the Company.

4. As required under section 143(5) of the Companies Act, 2013 we give in the Annexure “B” a statement on directions issued by the Comptroller & Auditor General of India after complying with the suggested methodology of audit, action taken thereon and its impact on the accounts and Standalone Financial Statement of the Company.

5. As required by the Companies (Auditors Report) Order, 2020 (“the Order”), issued by the Central Government in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure “C” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

	FOR, TACS & CO. CHARTERED ACCOUNTANTS (FRN. 115064W)
Date: 20-08-2025 Place: Nagpur	CA CHITHRA RANJITH (PARTNER) M. No. 104145 UDIN: 25104145BMKZYG9016

Annexure - A

to the Independent Auditors Report 2024-25

(Referred to in paragraph 1 (f) under Report on Other Legal and Regulatory Requirements section of our report and in terms of section 143 (3)(i) of the Act)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of MOIL Limited (“the Company”) as of 31 March 2025 in conjunction with our audit of the Standalone Ind AS financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). 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 companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial 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, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls

system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement in the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 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 financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of 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 (3) 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 financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management of override of controls, material misstatements due to 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 that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and according to the information and 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 31 March 2025, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Other matters

We bring to the attention of the users that the overview of the internal financial control system over financial reporting and the operating effectiveness of such internal financial controls over financial reporting which was done by us indicated areas where the internal control system requires to be strengthened further.

Such matters are summarized below:

• The Company has not followed a process of periodic review of the Audit trail process to ensure that the data collected is complete, accurate, and consistent.

• The Company needs to regulate the rights of a user within the system based on rank and authority. This is especially in areas which do not have maker checker mechanism in place.

Our opinion is not modified in respect of the above matters.

FOR, TACS & CO.

CHARTERED ACCOUNTANTS (FRN. 115064W)

CA CHITHRA RANJITH

(PARTNER)

Date: 20-08-2025 M. No. 104145

Place: Nagpur UDIN: 25104145BMKZYG9016

Annexure-B

to the Independent Auditors Report of MOIL Limited for the FY 2024-25

Report on the Directions issued by the Comptroller and Auditor General under sub-section 5 of Section 143 of the Companies Act, 2013 (“the Act”)

1. Whether the company has system in place to process all the accounting transactions through IT system? If yes, the 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.

Yes, the Company has a system in place to process all the accounting transactions through its implemented IT system (SAP). However, manual interventions are noticed in a few areas including preparation of financial statements and inventory valuation. This needs to be improved with the inclusion of several features such as:

• Periodic reviews of roles & authorization

• Review of Audit trail logs

• Improved control over Creation / Alteration/

2. Whether there is any restructuring of an existing loan or cases of waiver/write off of debts/loans/ interest etc. made by a lender to the company due to the companys inability to repay the loan? If yes, the financial impact may be stated. Whether such cases are properly accounted for? (In case, lender is a Government company, then this direction is also applicable for statutory auditor of lender company).

The Company does not have any borrowing; hence this point is Not Applicable.

3. Whether funds (grants/subsidy etc.) received/ receivable for specific schemes from Central/ State Government or its agencies were properly accounted for/utilized as per its term and conditions? List the cases of deviation.

No such funds have been received or are receivable from Central/State Government or its Agencies; hence this point is Not Applicable.

Modification of Master Data in various modules

Anomaly in report generation related to Staff Loan Balances. As informed to us this is mainly due to change in EMI or Absenteeism. Separate working is being done in Excel to calculate and maintain correct balances of interest and the principal amount which is then reconciled with GL and Accounts.

FOR, TACS & CO.

CHARTERED ACCOUNTANTS (FRN. 115064W)

CA CHITHRA RANJITH

(PARTNER)

Date: 20-08-2025 M. No. 104145

Place: Nagpur UDIN: 25104145BMKZYG9016

Annexure - C

to the Independent Auditors Report

(Referred to in paragraph 5 under ‘Report on Other Legal and Regulatory Requirements section of our report to MOIL Ltd of even date)

With reference to the Annexure referred to in the Independent Auditors Report to MOIL Limited (the Company) on the Financial Statements for the year ended 31^st March 2025, we report the following:

(i) (a) The Company has maintained proper records showing

full particulars, including quantitative details and situation of the property, plant and equipment and Capital work-in-progress. The Company has maintained proper records showing full particulars of intangible assets held by the Company.

(b) The property, plant and equipment were physically verified by the management. The physical verification was carried out in accordance with a regular program of verification, which in our opinion, provides for physical verification of all property, plant and equipment at reasonable intervals having regard to the size of the Company and the nature of assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) On examination of the documents provided to us by the management, the title deeds of immovable properties included in Property, Plant & Equipment and Capital work-in-Progress are held in the name of Company.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its property, plant and equipment (including right of use assets) or intangible assets or both during the year.

(e) With respect to the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made there under, there are no proceedings initiated or pending against the Company for holding any benami property under the said Act.

(ii) (a) In our opinion and according to the information and

explanations given to us, procedures of physical verification of inventory at reasonable intervals followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. The Company is maintaining proper records of inventory. No discrepancies of 10% or more in the aggregate for each class of

inventories were noticed on such physical verification of inventories/ alternative procedures performed as applicable, when compared with books of accounts.

(b) According to the information and explanations given to us, the Company has not been sanctioned any working capital facility from a bank or any financial institutions at any point of time of the year. Hence reporting under clause 3(ii)(b) of the order is not applicable except for bank guarantees received against lien on fixed deposits, for which no stock statement is required to be submitted.

(iii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any investments in or provided security to Companies, firms, limited liability partnerships or any other parties during the year. The Company has not provided guarantees, granted loans and advances in the nature of loans during the year to Companies. However, it has provided advances in the nature of loans to other parties (employees of the Company) amounting to H 533.78 lakhs. The Company has not provided guarantees or granted loans or advances in the nature of loans during the year to firms or limited liability partnerships.

(a) (A) Based on the audit procedures carried out by

us and as per the information and explanations given to us, the Company has not granted loans to subsidiaries, hence reporting under clause 3(iii)(a)(A) is not applicable to the Company.

(B) Based on the audit procedures carried out by us and as per the information and explanations given to us, the Company has granted advances in the nature of loans to other parties as below:

H in lakhs

Particulars	Advance in the nature of Loan - Employee Advances
Balance Outstanding as the balance sheet date - Other Parties
(a) Current (Refer Note No. 2.14)	363.73
(b) Non - Current (Refer Note No. 2.6)	170.05
Total	533.78

(b) According to the information and explanations given to us and based on the audit procedures conducted by us, we are of the opinion that the Company has not made any investments, has not provided guarantees, has not given security to companies, firms, and Limited Liability Partnerships. However, it has provided loans and advances to employees and the terms and conditions of the grant of such loans and advances are not prejudicial to the companys interest.

(c) According to the information and explanations given to us and based on our examination of the records of the Company, in our opinion, in the case of loans and advances in the nature of loans given, the repayment of the principal and payment of interest has been stipulated, and the repayments or receipts have been regular.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no overdue amount for more than ninety days in respect of loans and advances in the nature of loans given. Hence, reporting under 3(iii) (d) is not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no loan or advance in the nature of loans granted falling due during the year, which has been renewed or extended or fresh loans granted to settle the overdue amount of existing loans or advances in the nature of loans given to same parties. Hence, reporting under 3(iii)(e) is not applicable to the Company.

(f) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment. Hence, reporting under 3(iii)(f) is not applicable to Company.

(iv) In our opinion, the Company has not granted any loans

or provided any guarantees or securities to the parties

covered u/s 185 of the Act. The Company has complied with the provisions of section 186 of the Act with respect to loans and Investments. The Company has not provided any guarantee or security to the parties covered u/s 186 of the Act. Hence the provisions of clause 3(iv) of the order is not applicable.

(v) According to the information and explanations given to us, the Company has not accepted any deposit from the public. Hence the issue of compliance with the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under is not applicable. Hence, reporting under clause 3(v) of the order is not applicable.

(vi) The Central Government has prescribed the maintenance of cost records under section 148 (1) of the Companies Act, 2013 and prima facie the prescribed cost records have been maintained. We have however, not made a detailed examination of cost records with a view to determine whether they are accurate or complete.

(vii) In respect of statutory dues:

(a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company has generally been regular in depositing with the appropriate authorities the undisputed statutory dues including Goods & Service Tax, Provident Fund, Employee State Insurance, Income-Tax, Duty of Customs, and other statutory dues applicable to it during the year. The provisions related to sales tax, service tax, duty of excise and value added taxes are not applicable to the Company.

According to the information and explanations given to us, no undisputed amounts payable in respect of Goods & Service Tax, Provident Fund, Employee State Insurance, Income-Tax, and other material statutory dues were in arrears as at 31^st March 2025 for a period of more than 6 months from the date they became payable. The provisions related to sales tax, service tax, duty of excise and value added taxes are not applicable to the Company

(b) The dues of Goods & Service Tax, Entry Tax and Value Added Tax, Professional Tax, Service tax, Duty of Excise and Income Tax etc. which have not been deposited by the Company on account of various disputes relating to Assessment Dues are as under: -

Name of statue	Amount demanded (? in Lakhs)	Amount Paid under protest (In J lakhs)	Period to which amount relates	Forum where dispute is pending
M.P.Entry Tax Act 1975	13.68	8.45	2008-09	M.P. High Court, Jabalpur
M.P.Entry Tax Act 1975	6.28	6.28	2012-13	M.P. Commercial Tax Appellate Board, Bhopal
M.P.Entry Tax Act 1975	2.86	0.72	2013-14	1st appeal to M.P. Commercial Tax Appeals, Jabalpur
M.P.Entry Tax Act 1975	21.75	5.44	2014-15	1st appeal to M.P. Commercial Tax Appeals, Jabalpur
M.P.Entry Tax Act 1975	10.72	2.68	2015-16	1st appeal to M.P. Commercial Tax Appeals, Jabalpur
M.P.Vat Act 2002	3.68	1.47	2011-12	M.P. Commercial Tax, Chhindwara
M.P.Vat Act 2002	9.15	6.66	2012-13	M.P.Commercial Tax Appellate Board,Bhopal
M.P.CST Act 1956	6.10	1.53	2013-14	1st appeal to M.P. Commercial Tax Appeals, Jabalpur
M S CST ACT 1956	3.24	1.08	2010-11	Sales tax Appellate M.S.
M S CST ACT1956	0.71	0.47	2011-12	Sales tax Appellate M.S.
M S VAT ACT 2002	0.4	0	2010-11	Sales tax Appellate M.S.
M S VAT ACT 2002	2.01	0.00	2011-12	Sales tax Appellate M.S.
MGST ACT 2017	7.20	3.30	2018-19	Assessing Officer, LTU-1, Nagpur
MGST ACT 2017	1.40	0.68	2019-20	Assessing Officer, LTU-1, Nagpur
MPGST ACT 2017	6082.48	202.89	July 2017 to Dec 2022	Jt. Commissioner CGST & C.Ex, Jabalpur.
Profession Tax Act 1975	2.27	1.13	2006-07	Sales tax appellate M.S.
Profession Tax Act 1975	7.70	1.93	2007-08	Sales tax appellate M.S.
Central Excise - FMP	48360.06	1082.69	Mar. 2011- Dec. 2015	M.P. High Court, Jabalpur
Service Tax Act, 1994	698.18	17.73	2012-13 to 2016-17	Central Excise Service Tax Appellate Tribunal, Mumbai
Service Tax Act, 1994	4.88	0.11	April 2016 to June 2017	Commissioner Appeal, CGST & Excise
Service Tax Act, 1994	184.74	4.18	April 2016 to June 2017	Add. Commissioner CGST & C.Ex, Jabalpur.
Collector Balaghat	1731.67	0.00	2002-03 & 2007-08	District Mining Office, Balaghat
*Income Tax Act, 1961	133.67	133.67	2017-18	Commissioner Appeals, Income tax
*Income Tax Act, 1961	68.96	68.96	2018-19	Assessing Officer, Income tax
*Income Tax Act, 1961	633.86	633.86	2019-20	Commissioner Appeals, Income tax
*Income Tax Act, 1961	0.00	0.00	2020-21	Assessing Officer, Income tax amount refunded on 15.04.2025
Gram Panchayat, Chikla Mine	127.61	0.00	2019-20 to 2024-25	High Court, Nagpur
Gram Panchayat, Sitasaongi Mine	166.10	0.00	2019-20 to 2024-25	High Court, Nagpur

*Note: The Income Tax amount disclosed above is an amount demanded by IT authorities which is disputed by the Company. This amount was unilaterally adjusted by the IT department against subsequent years refunds which were due and payable to the Company. The Company has preferred a claim against such adjustment of disputed dues with actual refund amount.

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961, as income during the year.

(ix) The Company does not have any loans or borrowings from any financial institution, banks, government or debenture holders. Accordingly, paragraph 3(ix)a-f of the Order are not applicable.

(x) (a) According to the records of the Company examined

by us and the information and explanations given to us, the Company has not raised any money by way of initial public offer (including debt instruments) and term loans during the year. Accordingly, reporting under paragraph 3(x)(a) of the order is not applicable.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.

(xi) a) Based on examination of the books and records of

the Company and according to the information and explanations given to us, considering the principles of materiality outlined in the Standards on Auditing, we report that no fraud by the Company has been noticed or reported during the year.

Regarding fraud on the company, according to the information and explanations given to us and based on our audit procedures, we report that two instances of enquiries are currently under progress and the final report is pending. The impact, if any, on the financial statements will be assessed upon conclusion of the enquiry. The details are given below:

• Transportation of EMD Bottom Rejects:

The 1^st case involving the transportation of EMD Bottom Rejects was detected by the Vigilance Department and may have an estimated financial implication of approximately H 16.51 lakhs.

• Short Supply of Pearl Coke to FMP Plant:

The 2^nd case was detected by the Vigilance Department which involved an apparent manipulation by the weighbridge operator, in collusion with the suppliers representative and the transporter. This led to a short supply of

Pearl Coke to the FMP Plant, which may amount to a loss of approximately H 3.36 lakhs.

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

c) As represented to us by the management, there were no whistle blower complaints received by the Company during the year and up to the date of this report.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company as prescribed under Section 406 of the Act. Accordingly, provisions of clause 3 (xii) of the order is not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable, and details of such related party transactions have been disclosed in the Ind AS Financial Statements as required by the applicable accounting standard.

(xiv) (a) Based on the information and explanation provided to

us and our audit procedure, in our opinion, though the Company has an internal audit system commensurate with the size and nature of its business, the same needs to be strengthened and improved.

(b) We have considered all the Internal Audit Reports of the Company that have been received till date for the year under audit. Final Audit Reports for Quarter ending 31^st March 2025 are still awaited.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with its directors or persons connected with them. Accordingly, provision of clause 3(xv) of the Order is not applicable to the Company.

(xvi) (a) According to the information and explanations given

to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, provision of clause 3(xvi) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us, the Company has not conducted any NonBanking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from

the Reserve Bank of India as per the Reserve Bank of India Act, 1934;

(c) According to the information and explanations given to us, the Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.

(d) According to the information and explanations given to us, the Company is not a group Company, hence this clause is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xviii) There has not been any resignation of statutory auditors during the current financial year.

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts

up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-section (5) of section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx) (a) and 3(xx) (b) of the Order are not applicable.

(xxi) The Company as on date does not have any Subsidiaries and Joint Ventures and Associates, but the Advance Expenditure done for Proposed Joint Venture with MOIL GMDC is shown by the Company under the head Investment while Advance Expenditure in MOIL MPSMCL and MOIL CMDC is shown by the Company under the head Intangible asset under development in the Financial Statement. As the Entities are yet to be incorporated, we believe that reporting under clause 3(xxi) of the order is not applicable.

	FOR, TACS & CO. CHARTERED ACCOUNTANTS (FRN. 115064W)
Date: 20-08-2025 Place: Nagpur	CA CHITHRA RANJITH (PARTNER) M. No. 104145 UDIN: 25104145BMKZYG9016

Company Disclosure:

The Auditors Report issued on 30.07.2025 with UDIN [25104145BMKZYA1283] has been revised and superseded by the report dated 20.08.2025 with UDIN [25104145BMKZYG9016]. Accordingly, while earlier financial statements carried reference to the old UDIN, the revised Auditors Report with the fresh UDIN, in which except reference to the earlier report date (i.e. 30.07.2025) there is no change in its contents.