MOIL Ltd Directors Report

Dear Shareholders,

On behalf of Board of Directors, I take great pleasure in presenting the 63^rd annual report of your Company, together with the auditors report and financial statements for the year ended on 31^st March, 2025.

(1) FINANCIAL AND PHYSICAL PERFORMANCE

(A) Key financials

Financial results of FY 2024-25 and of the previous year are highlighted below.

H in crore

Particulars	2024-25	2023-24
Revenue from operations	1584.94	1449.42
Other income	111.38	93.54
Total income	1696.32	1542.96
Profit before interest, depreciation and tax (EBITDA)	638.91	531.25
Profit before tax (PBT) and exceptional item	486.78	387.00
Operating profit	375.41	293.47
Profit before tax after exceptional item	486.78	387.00
Profit after tax (PAT)	381.64	293.34
Total comprehensive income	318.52	294.02
Transfer to general reserve	200.00	200.00

Key financial ratios

Ratios	2024-25	2023-24
EBITDA to sales Turnover (%)	40.31	36.65
EBITDA Margin as %age to Total revenue	37.66	34.43
Asset turnover (%)	52.82	53.41
PAT to Net Worth (%)	14.99	12.49
Earnings per share (Face value H 10 each) (H)	18.76	14.42
Book value per share (H)	129.63	120.55

F.Y. 2024-25 has been another year of record breaking performance for your company. MOIL has achieved highest ever production and sales of Manganese ore, and also the record turnover in FY 2024-25. Your Company has recorded total income of H 1696.32 crore during FY 202425 registering 10% growth as compared to H 1542.96 crore in the previous year. During the year, MOIL has achieved profit before tax (PBT) of H 486.76 crores and profit after tax (PAT) of H 381.64 crores, registering an impressive growth of 26% and 30% respectively, on account of increase in net sale realisation (NSR) by about 3.56% and also increase in sales quantity.

As per the Investment Policy approved by the Board, your Company has deployed surplus funds in fixed deposits and mutual funds. The Company has earned interest income of H 70.94 crore (previous year H 62.21 crore) on fixed deposit and profit of H 9.37 crore (previous year H 8.56 crore) on redemption of mutual funds.

(B) Dividend

MOIL is a dividend paying company since many years. Continuing the same during the year 2024-25, an interim dividend @ 40.20%, i.e., H 4.02 per equity share has been paid in March, 2025. The Board of Directors of your company has further recommended a final dividend @ 16.10%, i.e., H 1.61 per equity share for the year. The total dividend for the year 2024-25, thus, works out to H 5.63 per equity share (previous year H 6.05). Total dividend outlay for the year is H 114.56 crore (previous year H 123.11 crore). The dividend for the year 2024-25 is in line with the Department of Investment and Public Assets Management (DIPAM) guidelines. The Company is having a dividend distribution policy which is available on companys web link https://moil. nic.in/userfiles/Dividend Policy MOIL.pdf

(C) Sales:

FY 2024-25 has been one of the best years of sales performance in the history of MOIL, as it has achieved highest-ever turnover of H 1584.94 crores. Total turnover of the company in FY25 registered a notable growth of 9% over previous years turnover of H 1449.42 crore, despite pressure in Manganese ore prices. In order to maintain parity with the imported ore prices, MOIL continued reviewing the prices on monthly basis. During the year, the average sales realisation has increased from H 8,849 per MT to H 9,164 per MT (higher by 3.56%). With prudent marketing and pricing policy, the company has been able to achieve its best ever sales of 15.87 lakh tonnes in FY25 registering growth of 3% from 15.36 lakh MT in FY24.

The company also produces Electrolytic manganese di-oxide (EMD) and Ferro manganese (FeMn). The demand of EMD from the battery sector was not encouraging in FY 2024-25 which resulted in reduction of sales of EMD from 937 MT in

FY 2023-24 to 737 MT in FY 2024-25. However, the sales of Ferro Manganese have significantly increased by 54% to 12,942 MT in the year 2024-25 in comparison to 8,385 MT in last year. This growth in sales of FeMn was driven by rise in demand from the Steel and Ferro Alloys industry.

(D) Production and productivity

Your company has achieved highest ever production of manganese ore since its inception at 18.03 lakhs tonnes, 2.67% higher than FY 24. Output per man shift (OMS) at 1.533 MT (previous year 1.428 MT) has improved significantly during the year. Average annual productivity per manpower during FY 2024-25 was 343 MT (previous year 316 MT). MOIL achieved best ever production of Electrolytic Manganese Dioxide (EMD) at 1,350 MT during the FY 2024-25 and that of ferro manganese of 12,000 MT as against 10,163 MT in the previous year,

i.e., higher by 18%.

(E) Closing stock

Closing stock of manganese ore as on 31.03.2025 stood at 5.43 lakh MT having value of H 217.84 crore as compared to 3.58 lakh MT valued at H 145.21 crore as on 31.03.2024. The closing stock of ferro manganese was 1548 MT valued at H 8.01 crore as on 31.03.2025 as against 2490 MT valued at H 14.51 crore as on 31.03.2024. Similarly, closing stock of EMD as on 31.03.2025 was 1133 MT (previous year 520 MT) valued at H 17.03 crore (previous year H 8.08 crore).

(2) CAPEX, CAPITAL / VALUE ADDITION / DIVERSIFICATION PROJECTS

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.

MOIL is prioritizing the expansion and modernization of its mines to sustain production and to attain capacity enhancement. Sinking of second vertical shafts has already been completed at the Chikla, Ukwa, and Munsar Mines. Upcoming plans include sinking a 505 mtr. deep Production Shaft and two ventilation shafts (250 mtr. and 260 mtr. deep) at the Dongri Buzurg Mine, as well as a 425 mtr. deep second vertical shaft at the Kandri Mine and 408 mtr. third vertical shaft at Chikla mine. Both shafts will be equipped with cage and skip hoisting systems with friction winders. These shafts will support sustained and enhanced manganese ore production from deeper levels.

During FY 2024-25, environment clearances (EC) have been granted in respect of 43.353 Ha area in Sitapatore and 83.06 Ha in Kandri. Thus, during the year, MOIL received environment clearance of total 1,90,000 Tons per annum (TPA). With this, total EC capacity of MOIL as on 31.03.2025 stands at 26,78,792 TPA.

MOIL in collaboration with Gujarat Mineral Development Corporation Limited (GMDC), a Gujarat State enterprise, explored the possibility of mining of manganese ore in the Pani area of Gujarat and exploration results indicate availability of manganese ore and quantum of about

9.51 million MT. Now, MOIL is in the process of signing Joint Venture (JV) agreement with GMDC in terms of the MoU. The JV formation is a bit slow on account of some procedural requirement at their end.

MOIL has signed tripartite MoU with the Govt. of Madhya Pradesh and Madhya Pradesh State Mining Corporation Limited (MPSMCL) to explore the possibilities of manganese ore in four districts, i.e., Balaghat, Jabalpur, Jhabua and Chhindwara. Govt. of Madhya Pradesh has reserved 487 Sq. Km. and 850 Sq. Km. areas in Chhindwara and Balaghat district respectively, to carry out exploration work. MOIL has successfully completed exploration core drilling in both districts and two blocks were identified as suitable for mining. Draft Joint Venture was signed and Mining Resource Department, Government of Madhya Pradesh also approved the draft of Joint Venture Agreement between MOIL and MPSMCL in the month of May, 2025. Preparation of TEFR is under process.

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

The companys Capex plans include investments in vertical shaft sinking and deepening projects, development of new mining leases and areas, regular additions/modifications/ replacements of fixed assets, as well as research and development initiatives. During the financial year 2024-25, the company recorded its highest-ever Capex utilization at H 321.94 crore, compared to H 316.09 crore in the previous year. Considering on-going and upcoming projects, the Capex target for 2025-26 has been set at H 325 crore.

(B) Mine Expansion Projects Projects under implementation

(a) Sinking of large dia. high speed vertical shaft of 750 Mtrs. Depth (revised depth 660 Mtrs.) at Balaghat Mine.

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

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 to different reasons such as Covid pandemic, disruption of supply chain, heavy in-rush of water particular in Balaghat shaft, visa issues, 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 has taken all possible measures to complete these projects at the earliest.

The high-speed shaft projects at the Balaghat and Gumgaon mines are progressing. Shaft sinking with lining and equipping have been completed, and the assembly and erection of the permanent headgear are currently underway at both sites.

(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 offtake agreements with manganese ore producers abroad. The company has empanelled consultants/advisors to identify assets in and outside the country. The company has received some proposals and examination of the same is in process for their feasibility and viability.

(3) RESEARCH AND DEVELOPMENT (R&D)

Your Company operates seven underground and three opencast 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 are undertaken in order to improve the safety and productivity of the mines. In order to do so, MOIL has engaged with 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. Texmin ISM Dhanbad

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

5. National Institute of Rock Mechanics (NIRM) KGF, Bangalore.

SIGNIFICANCE OF THE R&D PROJECTS IN MOIL

Mine Safety and Productivity:

1. 3-D analysis of Subsidence Parameters.

2. Installation of instruments in the mines and monitoring of the Stress parameter by NIRM.

3. Evaluation of impact of blasting variables of OC over UG at Chikla Mine for better safety and better fragmentation of ore with less generation of noise and vibration by CSIR-CIMFR.

4. Studies on Design of blast hole stopping at Kandri mine by CSIR-CIMFR.

5. Dump assessment and Recovery studies of Tirodi and Sitapatore Mine.

6. MoU with WCL Mines rescue station for establishment of 2 rescue rooms at MOIL mines and imparting initial and refresher training along with emergency services.

7. Chemical analysis for REEs and Trace elements from JNARDC, Nagpur.

8. Mineral Beneficiation Studies and recovery studies of ROM for MOIL mines by VNIT Nagpur.

These R & D projects are on their way to help introduce modern mining technologies along with changes in stope designs of MOIL.

The continuous use of software, 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.

(4) MINERAL EXPLORATION & MINING LEASE

Search for Manganese deposits and subsequent mining is one of the most promising initiatives by MOIL. This year, MOIL recorded highest ever exploration since inception and has stolen all the spotlight as tremendous increase in exploration meterage in-side and out-side Mining Leases of MOIL. The exploration has been completed in the state of Madhya Pradesh in order to this the two blocks Bhudkum Block of Chhindwara district and Selwa Block of Balaghat district are seems to be positive on the basis of exploration. This will facilitate opening of new manganese mines and thereby, enhance the production. During the financial year 2024-25, MOIL has completed 107530 mtrs. of exploratory drilling within and outside lease hold area, resulting addition of 16.07 million tons of resources. Total reserves and resources as on 31.03.2025 stand at 121.97 Million MT which includes 53.47 Million MT reserves and 68.50 Million MT resources.

MOIL is having total 1940.725 Ha. lease area as on 31.03.2025 in Maharashtra and Madhya Pradesh.

1. Details of exploration and resource added over last five years are as under:

As more and more resources and reserves are being added, the Manganese production and in turn Steel production is bound to increase, hence increasing Steel Utilization.

2. MoU with other States: MOIL is expanding into other states by signing Memorandum of Understanding with State government so as to acquire more area for exploration of possibilities of Manganese Mining. MoUs have already been signed with Gujarat, Madhya Pradesh, Chhattisgarh, and discussions with Maharashtra are underway and with the other States also.

3. Joint Venture: Formation of Joint venture between MOIL and GMDC is under process for the mining of Mn ore in the Pani area of Gujarat. Similarly, formation of Joint venture is in process between MOIL and MPSMCL for mining of Mn ore in the state of Madhya Pradesh.

R&D EXPENDITURE

MOIL has spent ^ 24.92 crores on R&D activities in 2024-25,

details of which are given in Annexure - I.

(5) CONSERVATION OF ENERGY(INCLUDING NONCONVENTIONAL ENERGY), ENVIRONMENTAL PROTECTION AND SAFETY & HEALTH

(A) Energy conservation

Your company is committed to conserve energy by using energy resources in more responsible manner and practice energy efficiency throughout all its operational areas and equipment. In this direction, various energy saving projects has been implemented at different locations of the company. Energy saving being achieved by use of new

technology, energy efficient equipment, reducing electricity consumption by proper monitoring and avoiding wastages. Measures taken for reduction in energy consumption and the future plans to this effect are as under.

(1) A solar power plant of 5.00 MW has been installed at MOILs Munsar Mine in Nagpur district of Maharashtra State.

(2) Solar power plants of 4.50 MW and 0.96 MW have been installed in Balaghat district of Madhya Pradesh.

(3) Installation and commissioning of 476 KW ground mounted Solar Plant for residential connections at various mines has been completed.

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

(5) Active harmonic filters, Automatic Power Factor Control (APFC) Panels and fixed capacitor banks has been installed at all Mines to improve power factor and reduce harmonics in power system.

(6) Energy audit at all mines and plants has been done.

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

Sr. No.	Electricity consumption
Particulars	(kWh/MT)
	2024-25	2023-24
1. Manganese ore (Mn ore)	22.39	22.41
2. Ferro manganese (FeMn)	3105.00	3004.00
3. Electrolytic manganese di-oxide (EMD)	3194.00	3202.00

By adopting various energy saving measures, specific electricity consumption for Mines and Plants has been reduced in the year 2024-25 as compared to previous year.

Details regarding conservation of energy have been given in Annexure -I.

(B) 132KV EHT Double circuit double string Transmission line

Construction of EHT transmission line is on the verge of completion and expected to be completed very soon. This will take care of electrical demand of existing as well as future expansion and beneficial for captive use (Solar/ Wind) through Open Access. This will also mitigate voltage regulation and power interruption.

(C) 132/33KV Sub Station

Construction of 132/33KV substation at Balaghat Mine will serve the purpose of quality, stable and reliable electrical energy for mining utility. The substation is expected to be completed very soon.

(D) 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 Dewas district near Indore (Madhya Pradesh) during the year 2006 to 2008. MOIL has a long term power purchase and wheeling agreement with distribution Company and Power Management Company of the Government of Madhya Pradesh, for adjustment of captive generation from 4.8 MW plant. The units generated through wind farm are being adjusted in electricity bills of Balaghat mine and Ferro manganese plant. Power generation from 15.2 MW plant is sold to utility, i.e., Madhya Pradesh Power Management Company Limited. During 2024-25, wind power generated was 251.25 lakh kWh as against 283.95 lakh kWh in 2023-24.

Power generation from 5.0 MW capacity solar plant at Maharashtra and 5.46 MW capacity solar plant at Madhya Pradesh has been started in 2019. Total power generation from these plants in 2024-25 was 102.25 lakh kWh against 121.03 lakh kWh in 2023-24. Power generation from the solar plants, is adjusted in HT connections of company for its mines at Maharashtra and Madhya Pradesh.

(E) Environmental protection and renewable energy

Ecology conservation is crucial in todays era. It is imperative that the development process in a community is compatible with its environment 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. Your company is conscious of its responsibility towards environmental protection in and around its leasehold areas. The cumulative plantation at various mines as on 31.03.2025 is 22.66 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.

(F) 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. Standard Operating Procedures (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.

• Apart from vocational and refresher training, specialized training is imparted to all employees regularly.

• 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 had earlier obtained 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 Global Reporting Initiative (GRI) Standards for Sustainability Report. Now, the Company is in the process of getting fresh ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications for all its mines and plants, and ISO 9001: 2015 for Head Office. ^•

• 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, Suraksha Pakhwada celebration at every mine during the year were conducting for the safety awareness to the workers at mines. Special training for every staff and worker including contractual imparted according to respective job at every mine.also provided training for the use of fire extinguishers, first aid and competitions, etc.

• Mock Drills are conducted at every mine for the emergency preparedness, like fire, inundation, accidents etc. in underground or opencast mines.

• To promote the women working at mines, First Women Rescue team of MOIL has been formed with rigorous training at Mines Rescue Station, Nagpur.

(6) VIGILANCE ACTIVITIES / EVENTS

The functioning of Vigilance Department includes preventive vigilance other than punitive and participative vigilance. The main thrust is on systems improvement in the organization by issuing vigilance advisories for streamlining and developing procedures in the area prone to Vigilance. In MOIL, Vigilance Department has obtained ISO-9001:2015 certificate from the International Certification Services Pvt. Ltd., Mumbai accredited by Joint Accreditation System of Australia and New Zealand for Quality Management System which is worldwide recognized by International Accreditation Forum (IAF).

Important activities of the vigilance department during the year 2024 are as under.

• Total 54 periodic, 19 surprise inspections and 6 Chief

Technical Examiners (CTE) type inspections.

• Processed total 53 complaints including 05 complaints referred by Ministry

• As an outcome of investigations relating to complaints, study, inspection etc., 51 advisories and suggestions were given to the management for system improvement in the various areas.

• As per the instructions of CVC and Ministry of Steel, 3 structured meetings of vigilance department with MOIL Management have been held during the year 2024 in which issues related to 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 28^th October to 3^rd November, 2024 at all Mines/Offices of MOIL in which various activities were done in accordance with CVC guidelines with the theme “Culture of Integrity for Nations Prosperity”.

• As per CVC guidelines Preventive Vigilance measures were taken as precursor to VAW 2024 and a three- month campaign (from 16^th Aug24 to 15^th Nov.24) was organized in which Various activities have been undertaken in MOIL.

• Conducted 14 training programs during the year on procurement process, conduct rules, Cyber Security and Ethics & Governance at the HO & Mines covering total 437 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 2024 are as follows:

Cases during calendar year 2024	Nature of cases
	Having vigilance angle	Administrative• **	Total
Cases	22	13	35
disposed off
Pending	01	NIL	01

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

(7) HUMAN RESOURCE AND PERSONNEL (A) Training programmes and skill development

Thrust has been given on training and development of human resources in the Company resulting in a growth of 17% than previous years training man-days in FY 2024-25.

During FY 2024-25, total 189 training programmes (internal and external) were conducted for employees at Corporate Training Centre, Nagpur, Centres of Excellence like Texmin, IIT, XLRI, IIM, IMT etc. Total 4672 man-days of training were imparted including 2451 man-days for executives.

MOIL has imparted training under Recognized Prior Learning program (RPL), one of the programs under skill development, to 439 MOIL regular employees and 179 contractual employees.

(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.

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

• NPS is implemented for those who have opted to switchover from MOILs pension scheme to NPS.

• 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 of

company employees.

• Scholarship scheme for meritorious students of

contractual workers.

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

• Free OPD facility at Mine hospitals for

contractual workers.

• Distribution of health kit containing Iron & Calcium tablets amongst the female contractual workers and also spouse of male contractual workers.

(C) Welfare measures taken for SC/ST

MOIL is a labour-intensive organization with 5250 employees on its rolls as on 31^st March, 2025. More than 73% of the total strength belongs to SC/ST/OBC (SC 18.21%, ST 23.49%, and OBC 31.33%). 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.

(D) Empowerment of women

MOIL employs 822 women employees which constitute 15.66% of its total workforce of 5250 as on 31^st March, 2025.

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, 8^th 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 website: https://moil.nic.in/ .

The directives have been widely circulated to bring awareness amongst the women workers. Details of Compliant received under the Act, during F.Y. 2024-25 are as follows:

(a) number of complaints of sexual harassment received in the year: Nil

(b) number of complaints disposed off during the year: Nil

(c) number of cases pending for more than ninety days: Nil

(F) Maternity benefit provided by the company under Maternity Benefit Act, 1961

The Company confirms that it has followed the Maternity Benefit Act, 1961. All eligible women employees received the required benefits, including paid leave, continued salary and service, and post-maternity support like nursing breaks and flexible work options.

(G) Manpower

Manpower as on 31^st March, 2025 of the Company is given below:

Particulars	Executives	Non-Executives	Workers	Total
Male	302	1633	2493	4428
Female	34	79	709	822
Total	336	1712	3202	5250

The category-wise details of employees strength as on 31.03.2025 are as under:

Group	Scheduled caste	Scheduled tribe	O.B.C.	Others	EWS	Total
A	52	11	94	147	6	310
B	29	10	58	55	1	153
C	261	152	395	274	3	1085
D	567	1060	1098	930	0	3655
Safai Karamchari	47	0	0	0	0	47
Total	956	1233	1645	1406	10	5250
Total %	18.21%	23.49%	31.33%	26.78%	0.19%	100%

(H) Citizens charter and grievance redressal mechanism:

(a) Employees grievances - MOIL has its own grievance redressal procedure for executives as well as nonexecutive 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 2024-25

Sr. No. Particulars	Grievances outstanding as on 1st April, 2024	Number of grievances received during the year	Number of cases disposed of	Grievances outstanding as on 31st March, 2025
1 Public grievances	Nil	07	07	Nil
2 Staff grievances	Nil	11	11	Nil
Total		18	18	Nil

(I) Progressive use of Hindi

• MOIL BHARTI magazine of MOIL has been awarded first by Nagar Rajbhasha Kryanwyan Samiti Nagpur.

• Maximum correspondence (~97%) in MOIL including its mines is 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.

• More than 55% of the amount earmarked for Rajbhasha works was utilised on the purchase of books in Hindi.

• 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.

(J) 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 CPIOs at head office and PIOs/APIOs at all its mines. HoD (Personnel) at H.O. has been appointed/ designated as Appellate Authority under the Act. Names of all PIOs/ APIOs and the appellate authorities have also been hosted on Companys website: https://moil.nic.in/ content/117/RTI.

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 01.04.2024	Received during the year	Cases disposed of	Pending as on 31.03.2025
1 RTI Applications	33	203	204	32
2 Appeals under RTI	0	13	13	0

(K) Industrial relations

Industrial relations in MOIL continued to be cordial and peaceful during the year 2024-25. The conditions for better production and productivity have 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, which have been functioning satisfactorily.

(L) 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 has celebrated Swachhta Hi Seva Campaign during 2024-25 and also observes Swachh Diwas (Cleanliness Day) on 1^st Wednesday of every month. Apart from the Swachhta Pakhwada, the company has also organised various activities like awareness camps on health and hygiene by displaying banners, slogans and posters in mines, housing colonies and 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. As a part of promotion of Swachh Bharat Abhiyan, sewage treatment plants, bio-septic tanks, conventional toilets were constructed.

(M) Special Campaign for disposal of pending matters 4.0.

As per directives received from Ministry of Steel, Govt. of India, special campaign for disposal of pending matters 4.0 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.

(8) CORPORATE SOCIAL RESPONSIBILITY (CSR) AND SUSTAINABILITY:

As a responsible and conscientious corporate citizen, MOIL Limited remains steadfast in its commitment to Corporate Social Responsibility (CSR), with a focus on environmental sustainability, ethical governance, and philanthropic outreach. MOIL recognizes that CSR is not merely a statutory obligation but an integral component of its corporate philosophy-one that drives long-term, inclusive development and aligns with national priorities.

Over the years, MOIL has consistently contributed to a wide array of socially impactful projects across healthcare, education, livelihood, skill development, women empowerment, and community welfare. The companys CSR strategy is centered on delivering holistic, meaningful, and measurable benefits to underprivileged and marginalized sections of society.

Key CSR Initiatives in FY 2024-25:

• Empowerment of Persons with Disabilities (Divyangjan):

MOIL has signed a Memorandum of Understanding (MoU) with the Artificial Limb Manufacturing Corporation of India (ALIMCO) to provide artificial limbs and rehabilitation aids to differently-abled individuals. The project spans five districts-Balaghat, Bhandara, Nagpur, and Gadchiroli in Maharashtra, as well as Chitrakoot in Uttar Pradesh. During FY 202425, total 1088 individuals were benefited. This program has significantly improved mobility and self-reliance among beneficiaries, contributing to a dignified life.

• Maternal and Child Health - Nandurbar District: In collaboration with SPMESM, MOIL launched a transformative maternal healthcare project in the aspirational district of Nandurbar, Maharashtra. The “Yaha Mogi” initiative offers doorstep ante-natal healthcare services to pregnant women in remote tribal areas using a network of trained health workers equipped with point-of-care diagnostic devices and the “Care Mother” mobile application. Around 800 pregnant women have benefited from this initiative, leading to improved maternal and neonatal outcomes.

• Construction of patient ward for Community Ophthalmology of SMM Eye Welfare Charitable Trust, Nagpur.

• Promoting Menstrual Hygiene: Under its women- centric initiatives, MOIL installed sanitary napkin vending machines in 75 schools across Ramtek Tehsil, fostering menstrual hygiene awareness and reducing dropout rates among adolescent girls.

• Saksham Balika Yojna - Nursing Education Support: To empower women through education, MOIL has been sponsoring 15 girls from economically weaker sections every year since 2019 for pursuing Bachelors Degree in Nursing and General Nursing & Midwifery at Apollo College of Nursing, Hyderabad. The sponsorship continued in FY 2024-25, ensuring access to quality healthcare education and career opportunities for young women.

• Strengthening Healthcare Infrastructure: MOIL

contributed significantly to improving healthcare facilities in the region. The company supplied advanced medical equipment to the Government Hospital in Balaghat, including Blood Storage Refrigerator, Computerized Radiography System, Radiant Heat Warmer cum Phototherapy Unit & Labour Tables. These upgrades have enhanced maternal and neonatal care capacity in the district.

• Support for Public Administration:

MOIL provided a patrolling vehicle to the Minerals Division under the District Collectors Office, aiding in better on-ground surveillance and mineral resource governance.

MOIL provided a Hearse Van along with Dead Body Freezer to Khapa Municipal Corporation District Nagpur.

• Promoting Quality Education in Rural Areas:

MOIL, in partnership with DAV Group of Schools, runs two CBSE-affiliated schools at Sitasaongi (Bhandara District) and Ukwa (Balaghat District). These schools feature modern infrastructure, including state-of- the-art laboratories, libraries, and digital classrooms. Additionally, MOIL supports two other schools·one each in Maharashtra and Madhya Pradesh·under its education and skill development program.

Further educational initiatives include:

• Provision of school benches to Prakash High School, Kandri, enhancing basic infrastructure.

• Donation of a school bus to Tejaswini Vidyalaya, Koradi (Nagpur), facilitating access to education for students in remote areas. ^•

• Installation of a Water ATM Machine at Government Girls Higher Secondary School, Budhi (Balaghat District) to provide safe drinking water.

Community Development Initiatives:

Since 2014, MOIL has partnered with the BAIF Institute for Sustainability and Livelihood Development (BISLD) to implement community development programs across 21 villages in Madhya Pradesh and Maharashtra. Following the programs success, MOIL adopted 22 more villages in 2020, extending its reach to a total of 43 villages (for 3 years). In 2024-25, another 24 villages have been identified for community development programs by BAIF.

Welfare of Contractual Workers and their families: MOIL is deeply committed to uplifting the lives of its contractual workforce. Notable initiatives include:

• Distribution of 6,000 health kits to the spouses of contractual and female workers across MOILs mines.

• MOIL Shiksha Protsahan Yojna, a financial assistance scheme supporting the education of meritorious children of contractual workers· enabling academic excellence irrespective of financial barriers.

• Medical Health Camps organized regularly across operational areas to provide healthcare access to neighbouring villages.

PAN India CSR Projects: MOIL extends its social commitment beyond its core areas of operation through nationwide CSR initiatives that focus on healthcare, rural infrastructure, and access to clean water. Key undertakings include:

• Healthcare: Donation of an Ultrasound Machine to the Health Centre in Tamboor, Sitapur District, Uttar Pradesh, enhancing diagnostic capabilities.

• Rural Infrastructure Development: Construction of Community Halls in Puri (Odisha) to foster social interaction and community development.

• Rural Infrastructure Development: Installation of 08 Nos Solar Street Light along with CCTV Camera at different places along village road line at Hasnabad Gram Panchayat, Hingalganj Consistency, West Bengal.

• Clean Drinking Water: Installation of

• 4 Water ATM Vending Machines (500 LPH) at Bangaon, West Bengal

• 20 Water Coolers at Chandoli and Varanasi districts in Uttar Pradesh

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

(9) DIRECTORS AND KMP

(A) Change in Directors and Key Managerial Personnel

(KMP)

During the year under review:

• Government of India appointed Shri Vinod Kumar Tripathi, Jt. Secretary, Ministry of Steel, Govt. of India, as a Govt. Nominee Director w.e.f. 18^th July, 2024 in place of Dr. Sanjay Roy, Jt. Secretary, Ministry of Steel, Govt. of India. Further, Govt. of India has appointed Shri Ashwini Kumar, Economic Advisor, Ministry of Steel as Govt. Nominee Director w.e.f. 11^th June, 2025 in place of Shri Vinod Kumar Tripathi.

• Government of India appointed Dr. Iqbal Singh

Chahal as Nominee Director of State Government of Maharashtra w.e.f. 12^th Sept., 2024.

• CA Shri Dinesh Kumar Gupta and Shri Prashant

Vashishtha, Independent Directors ceased to be Directors w.e.f. 1^st Nov., 2024

• Dr. Archana Majumdar, Independent Director ceased to be Director w.e.f. 23^rd March, 2025.

• Government of India has re-appointed CA Shri

Dinesh Kumar Gupta as Independent Director w.e.f. 15^th April, 2025.

• Government of India has appointed Shri Kapil Kotecha as Independent Director of Company on 03^rd July, 2025, however, effective from 07^th July, 2025 (i.e., the date of registration in database of Independent Directors and allotment of DIN).

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. There is no change in KMPs during the year 2024-25 as mentioned above.

(B) Declaration by Independent Directors

The Independent Director(s) 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 Shri Dinesh Kumar Gupta, Shri Prashant Vashishtha and Dr. Archana Majumdar, have passed 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, diversity, etc., of the 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 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 31^st March, 2025 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.

(10) DEVELOPMENT OF INFORMATION TECHNOLOGY AND USAGE

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 at 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 Sub-Committee meetings by forwarding agenda notes and related documents online.

• Implemented Structural Digital Database (SDD).

• Implementation of Complaint Handling System for Vigilance Department

• Implementation of Production Reporting System, where senior officials can monitor daily production versus targets.

• 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 www. moil.nic.in. 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.

• Implementation of Human Resource Information System (HRIS) and Hospital Management System(HMS) in SAP ERP.

• Implementation of Data Bank and Digitization Mining Equipment Logbooks in SAP ERP.

• Implementation of the digitalization of the No Objection Certificate (NOC) process in SAP ERP, enabling

automated clearance of dues for separating employees.

(11) AWARDS AND ACCOLADES

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 and its management:

• Chikla Mine awarded overall 1^st prize in underground mines for Mines Environment and Mineral conservation week under the aegis of IBM, Nagpur region.

• Chikla and Kandri mines honoured with the coveted 5-star ratings by the Indian Bureau of Mines (IBM) at the Mines Safety Awards in New Delhi.

• Second prize to Gumgaon mine in the small metal Below Ground category at the Mines Safety Award 2024 in Kolkata.

• Balaghat mine won Sustainable Mining Award in Bhubaneswar.

• Ukwa Mine awarded overall 2^nd prize in underground mines for Mines Environment and Mineral conservation week under the aegis of IBM, Jabalpur region.

• Maharashtra State Best Employer Brand Award 2024 at the 19^th Employer Branding Awards, in Mumbai. ^•

• Best Corporate Social Responsibility (CSR) Practices Award at the Golden Globe Tigers Awards 2024 in Mumbai.

• Recognized for its technical use of the official language by Vishwa Hindi Parishad at the International Hindi Conference” in New Delhi.

• 1^st prize in Theory test, 2^nd prize in Fresh Air Base Category and 2^nd Best Captain in Metal Category at the 53^rd All India Mines Rescue Competition 2024.

• Parakh Quality Circle Team, Tirodi Mine and Avighna Quality Circle Team, Balaghat Mine, won the prestigious Gold Awards at 49^th International Convention on Quality Circles (ICQCC 2024 in Colombo, Sri Lanka. Further, Avighna QC and Parakh QC team won Super Gold awards in case study presentations organised by the Quality Circle Forum of India at Nagpur and Gwalior Chapter.

• Five prestigious PRCI awards at the 18^th Global Communication Conclave PRCI Awards in Mangalore.

• Governance Now 9^th India PSU IT Award in the Data Centre Excellence category at New Delhi.

• Awards for Social Media for PR & Branding, Outstanding Initiatives for Promoting Medical & Health and Corporate Website at the 46^th All India Public Relations Conference.

• Governance Now awards in various categories like CMD Leadership, HR Leadership, Excellence in Learning & Development, Public Relations Campaign Award at the 11^th PSU Awards.

• Prestigious awards at the 19^th Media Federation Excellence Awards 2025, New Delhi.

• 14^th PRCI Excellence Award in the category of Website and Microsite Award.

• CMD, Shri Ajit Kumar Saxena was conferred with the Performance Excellence Award- Individual at the 24^th CEOs Conference by the Indian Institution of Industrial

Engineering (IIIE) in Uttarakhand and was also honored with the CEO of the Year and Lifetime Achievement Award at the Golden Globe Tigers Awards 2024.

• Director Finance, Shri Rakesh Tumane was honoured with multiple prestigious accolades in Mumbai in 2024 namely, the CFO Confex & Awards by GainSkills Business Media Ltd., recognition among the “Top 50 Visionary CFOs in India” at the National Economic Growth Summit, and the Most Innovative CFO Award at the Silver Feather Awards.

• Director HR, Smt. Usha Singh was honoured with two prestigious national awards in 2024 namely, the CHRO PRIDE Award at the 24^th National Management Summit by Top Rankers Management and the National Star Women Achievers Award for branding, PR & CC activities by the Media Federation of India.

(12) POLICY AND DISCLOSURES

(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 along with 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://moil.nic.in/ userfiles/file/InvRel/Risk Management Policy.pdf

(B) Vigil Mechanism

The Company has a Whistle Blower Policy and the same is uploaded on its website https://moil.nic.in/userfiles/

file/InvRel/Whistle Blower Policy.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. 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 Board of Directors and Composition and Quorum of Board Committees due to non-appointment of requisite number of Independent Directors, during some parts of 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.

A separate section on Corporate Governance forms part of the Annual Report (Annexure-III).

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

Management Discussion and Analysis Report and Business Responsibility and Sustainability Report form part of the Annual Report (Annexure-IV and Annexure-V).

(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 & 3.11 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://moil.nic.in/userfiles/file/InvRel/RPT 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 202425 has been at H 506.10 crore out of which value of goods & services procured from MSEs (including MSEs owned by scheduled castes or scheduled tribes or women entrepreneurs) is H 343.16 crore which amounts to 67.80% of total annual procurement as tabulated below:

Category of MSE Firm	Norms	Achievement
Procurement from MSE firms	25%	67.80%
Procurement from MSE firms SC / ST	4%	5.35%
Procurement from Women	3%	3.30%
Entrepreneurs MSE firms

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 2025-26, 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 2024-25 was H 506.10 crore. Out of this, procurement through Government e-Market (GeM) portal was H 495.32 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. Since 1995-96 when MOIL started signing the MoU, it has been getting rating excellent except for a few years due to worst/poor market conditions. The rating for the year 2023-24 was very good. The rating for 2024-25 is not yet finalised. Continuing the practice, MOIL is in the process of signing MoU with the Ministry of Steel for the year 2025-26 also.

(13) AUDITS AND AUDITORS

(A) Statutory Auditors and CAG

In terms of Section 143 (5) of the Companies Act, 2013 M/s TACS & Co., Chartered Accountants, Nagpur have been appointed by the Comptroller & Auditor General of India (CAG) as statutory auditors of the Company for the year 2024-25. There is no fraud reported by auditors of the company under sub-section (12) of section 143 of the Act. Please refer point no. (xi) of the Annexure C of the Statutory Auditors report. 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 2024-25. The comment/letter of the CAG forms part of this Board Report.

(B) Secretarial auditors

The Board had appointed M/s Joshi & Joshi, Practicing Company Secretaries, Pune (Maharashtra) as secretarial auditors for 2024-25. 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 and its committees. 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 31^st March, 2025. The due date for filing the Cost Audit Reports for the said year is 27^th September, 2025, 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 2023-24 were filed within the time limit, as prescribed by the Ministry of Corporate Affairs.

(14) DETAILS OF SHARES IN SUSPENSE ACCOUNT AND SHARES/DIVIDEND TRANSFERRED TO IEPF

(A) There was no share in suspense account as on 31^st March 2024 and 31^st March, 2025. 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 2024-25 are as under.

The details of unpaid/unclaimed dividend and corresponding

shares are available at web link https://moil.nic.in/unpaid-

ipo-dividend/164/Unpaid%20IPO%20Dividend.

(15) OTHER DISCLOSURES:

(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) Change in the nature of business: There is no change in the nature of the business of the Company during the year.

(iii) The names of companies which have become or ceased to be its Subsidiaries, joint ventures or associate companies: There was no such companies which have become or ceased to be Subsidiaries, joint ventures or associate companies during the year.

(iv) Foreign Exchange earnings and outgo:

Foreign Exchange Earnings : NIL Foreign Exchange Outgo : H 0.19 crore

(v) Particulars of employees: The provisions of Section 197 of the Companies Act and the relevant Rules regarding particulars of employees drawing remuneration in excess of the limits specified are exempted for Government Company, in view of the Gazette Notification No. G.S.R. 463 (E) dated June 5, 2015 issued by the Ministry of Corporate Affairs, Government of India.

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

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

(viii) 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.

(ix) Number of meetings of the Board: Total five (5) 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.

(x) 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 FY ended on 31^st

Particulars	Amount transferred (?)	Number of shares transferred
Final Dividend 2016-17	18,85,854.00	4,085
Interim Dividend 2017-18	21,06,177.00	14,010

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

Particulars	Amount ?
Final Dividend 2023-24	1,68,549.85
Interim Dividend 2024-25	2,81,148.44

March, 2025 is placed on the website of the Company at https://www.moil.nic.in/userfiles/file/InvRel/annual- return-2024-25.pdf.

(xi) 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.

(xii) Significant and material orders passed by the Regulators or Courts or Tribunal:

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future.

(xiii) Disclosure regarding application made or any proceeding pending under the Insolvency and Bankruptcy Code, during the year 2024-25 is not applicable.

(xiv) Disclosure regarding one-time settlement of loans by the company, during the year 2024-25 is not applicable.

ACKNOWLEDGEMENT

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. 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
Place: Visakhapatnam Date: 04.09.2025	Sd/- Ajit Kumar Saxena Chairman-cum-Managing Director (DIN 08588419)