MSTC Ltd Directors Report

page/newpolicy/DIVIDENDDISTRIBUTIONPOLICY.pdf .

The Reserves stand at 68,139 Lakhs as on 31^st March 2025.

The authorized share capital of your Company as on 31^st March, 2025 stands at 15,000.00 Lakhs divided into 1,500.00 Lakhs equity shares of 10.00 each. During the year under review there is no change in share capital of your company.

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, the Board of Directors state that:

a) In preparation of the Annual Accounts, applicable Indian Accounting Standards (IND-AS) have been followed along with proper explanation relating to material departures.

b) The Directors 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 of the Company for the financial year 2024-25.

c) The Directors 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 and other irregularities.

d) The Directors have prepared the Annual Accounts for the year ended 31^st March, 2025 on a going concern basis.

e) The Directors had laid down internal financial controls of the Company and that such systems were adequate and operating effectively.

f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Shri Manobendra Ghoshal, Chairman and Managing Director, Smt. Bhanu Kumar, Director (Commercial) and Shri Subrata Sarkar, Director (Finance) and Chief Financial Officer are Whole-time Directors of the Company. Shri Manobendra Ghoshal is also acting as Chairman of Mahindra MSTC Recycling Pvt. Ltd. (MMRPL), a 50:50 joint venture of the Company. Shri Subrata Sarkar is also acting as Director of MMRPL.

During the year under review Shri Adya Prasad Pandey (DIN: 09347851) and Dr. Vasant Ashok Patil (DIN: 09352913), Independent Directors of the Company ceased to be the member of the Board with effect from 1^st November, 2024. The Board places on its record sincere gratitude for the valuable guidance and support rendered by Shri Adya Prasad Pandey and Dr. Vasant Ashok Patil during their association with the company. Consequent to their retirement from the Board they also ceased to be the Chairman/Member of Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility (CSR) Committee, Stakeholders Relationship Committee and Risk Management Committee.

Administrative Ministry has vide its Order No. 1/1/2025- BLA dated 15^th April, 2025 appointed Shri Ramesh Kumar Soni (DIN:09399355) as Non-Official Independent Director of the company for a period of one year from the date of notification of his appointment, or till further orders whichever is earlier. Administrative Ministry has vide its Order No. 1/1/2025-BLA dated 15^th May, 2025 appointed Smt. Alka Chandrakar (DIN: 11111923) and Shri

Chandrashekhar Baghel (DIN: 11111187) as Non-Official Independent Directors of the company for a period of three years from the date of notification of their appointment, or till further orders whichever is earlier. Further, approval of shareholders for appointment of the aforesaid Independent Directors is proposed to be obtained in the ensuing Annual General Meeting of the Company.

Shri Subrata Sarkar, (DIN 08290021) Director (Finance) is retiring by rotation and being eligible offered himself for reappointment. The Directors recommended his reappointment in the ensuing Annual General Meeting of the Company.

The Company has received necessary declaration and certificate from all the Independent Directors confirming that they meet the criteria prescribed for Independent Directors under the applicable provisions of the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and rules made there under.

A separate meeting of Independent Directors was held during the year.

The provisions of Section 134(3)(p) of the Companies Act, 2013 require a listed entity to include a statement indicating the manner of formal annual evaluation of performance of the Board, its Committees and of individual Directors. However, the said provisions are not applicable for Government Companies as the performance evaluation of Directors is carried out by the Administrative Ministry as per laid down evaluation methodology.

A brief profile of the Directors proposed to be appointed and reappointed at the ensuing AGM is provided in the Corporate Governance Report section as well as in the notice calling AGM. The details of the Key Managerial Personnel of the Company as on the date of this report are as follows;

The provisions of Section 134(3)(e) of the Companies Act, 2013 regarding the policy on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided in Section 178(3) are exempted for Government Companies.

All Related Party Transactions that were entered into during the financial year were on an arms length basis and were in the ordinary course of business. Hence, the provision of Section 188 of Companies Act, 2013 as amended are not attracted. Details of all related party transactions are provided in the financial statement in notes to accounts.

Thus, disclosures in Form AOC-2 are not required. Further there are no related party transactions with the Directors and KMP or other designated persons, which may have a potential conflict with the interest of the Company. All Related Party Transactions are placed before the Audit Committee for approval.

The details of the related party transactions during the financial year are provided in note no. 34 of the standalone financial statement.

In accordance with the provisions of Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, the particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo are given in Annexure-I to this Report.

Separate details on Corporate Governance Report along with the Compliance Certificate on Corporate Governance are attached herewith as Annexure-II and form part of the Boards Report.

Management Discussion and Analysis Report forms part of the Boards Report.

Business Responsibility and Sustainability Report is attached herewith as Annexure III and forms part of the Boards Report.

The Company is committed to social upliftment. In line with the Companies Act, 2013, Companies (Corporate Social Responsibility Policy) Rules, 2014 & DPE guidelines, the Company has constituted a CSR Committee which functions as per the Govt. guidelines and the Companys CSR policy. The CSR Policy of the Company has been approved by the Board and is hosted on the website of the Company.

The Company has undertaken various activities as per the CSR policy of the Company. The Projects/ programmes/activities are taken up in line with Schedule VII of the Companies Act, 2013.

Annual Report on Corporate Social Responsibility as required under Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is placed as Annexure IV and forms part of the Boards Report.

In compliance with Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Shri Saurabh Basu (Membership No. A18686), Practicing Company Secretary has been appointed as the Secretarial Auditor for the year 2024-25. The Report of the Secretarial Auditor as prescribed is enclosed as Annexure V to this Report.

1. In pursuance to the proviso to the Regulation 17(1)(a) and 17(1)(b) of the SEBI LODR, 2015.The Company being in the top 1000 listed entities did not have at least one Independent Woman Director on the Board during the period from 1^st April, 2024 to 31^st March, 2025 and the number of Independent Directors on the Board were less than fifty percent of Board Members during the period from 1^st April, 2024 to 31^st March, 2025. From 1^st November, 2024 to 31^st March, 2025, there has no Independent Director. So, the Company was not complied with the Section 149 of the Companies Act, 2013 read with Schedule IV during the period from 1^st November, 2024 to 31^st March, 2025. Since the position of the Independent Director(s) was vacant for more than 3 (three) months, the Company has not complied with Regulations 17(1E) of SEBI LODR, 2015.

2. As per Regulation 17(1)(c) of the SEBI LODR, 2015, the Board of Directors of the top 2000 listed entities with effect from 1^st April, 2020 shall comprise of not less than six directors. The Board of Directors comprised of five directors from 1^st November, 2024 to 31^st March,

2025, and therefore, the Company has not complied the aforesaid Regulation(s).

3. As per Regulation 17(2A) of the SEBI LODR, 2015, at least one Independent Directors presence is required for the quorum for every meeting of the Board of Directors of top 2000 listed entities, that provision was not complied as the Company had no Independent Director during the period from 1^st November, 2024 to 31^st March, 2025.

4. During the period from 1^st November, 2024 to 31^st March, 2025 the Company has no Independent Director, as a result following Statutory Committees Like Audit Committee (Reg.18 of SEBI LODR, 2015 and Sec.177 of the Companies Act, 2013), Nomination and Remuneration Committee (Reg.19 of SEBI LODR, 2015 and Sec. 178 of the Companies Act, 2013), Stakeholders Relationship Committee (Reg.20 of SEBI LODR, 2015 and Sec. 178 of the Companies Act, 2013), Risk Management Committee (Reg.21 of SEBI LODR, 2015) and Corporate Social Responsibility Committee (Sec.135 of the Companies Act, 2013) were not functioning in the company . As a result, the Company has not complied of the above-mentioned provision(s) of SEBI LODR, 2015 and the Companies Act, 2013 along with the functions of these Committee(s) assigned by SEBI LODR, 2015 and the Companies Act, 2013. In some cases, the mandatory number of meetings of these Committee(s) were not held.

In this regard it is clarified that your Company is a Govt. Company under the administrative control of Ministry of Steel, Govt. of India. Neither the Board nor the Company is empowered to appoint Independent Directors as the power to appoint Independent Director vest with Government of India as per the Government guidelines. Company has requested administrative ministry for appointment of Independent directors and have continuously followed up.

Further, due to completion of the tenure of Shri Adya Prasad Pandey and Dr. Vasant Ashok Patil, Independent Directors w.e.f 1^st November, 2024, there were no Independent Directors in the Board of the Company. Therefore, the Board Committees could not be constituted from 1^st November, 2024 to 15^th April, 2025. The Board Committees were reconstituted w.e.f. 16^th April, 2025 upon appointment of Shri Ramesh Kumar Soni as Non-Official Independent Director of the company. The committees were further reconstituted on 29^th May, 2025 upon appointment of Smt. Alka Chandrakar and Shri Chandrashekhar Baghel as Non-Official Independent Directors.

Pursuant to Section 139 of the Companies Act, 2013, the Comptroller and Auditor General of India, has appointed m/s. S Guha & Associates, Chartered Accountants (FRN: 322493E), as Statutory Auditors of the Company for the year 2024-25. The report of the Auditors is attached to the Financial Statements of the Company. Management replies on the comments/observations of the Auditors are placed as Annexure VI to the Boards Report.

The comments of the CAG on the Annual Accounts of the Company in terms of Section 143(6) (b) of the Companies Act, 2013, shall be deemed as part of the Boards Report.

The Board met seven times during the financial year 2024-25. The details of number of meetings of the Board of Directors held during the year 2024-25 form a part of the Corporate Governance Report.

Pursuant to Section 164(2) of the Act and Rule 14(1) of Companies (Appointment and Qualification of Directors) Rules, 2014, all the Directors have intimated that, they stand free from any disqualification from being appointed as a Director.

Pursuant to Section 184(1) of the Act, Rule 9(1) of the Companies (Meetings of Board and its Powers) Rules, 2014 and applicable provisions of SEBI, all the Directors have given Notice of Interest.

MSTC has constituted five committees of the Board viz., Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility (CSR) Committee, Stakeholders Relationship Committee and Risk Management Committee, details of which are provided in the Corporate Governance Report.

However, due to non-availability of any Independent Director in the Board of the Company, aforesaid Committees of the Board could not be constituted for a period from 1^st November, 2024 to 15^th April, 2025. All the aforesaid Board Committees were reconstituted w.e.f. 16^th April, 2025 upon appointment of Shri Ramesh Kumar Soni as Non-Official Independent Director of the company.

The Company has in place a board level Audit Committee, the details in respect of which are given in the Corporate Governance Report. Further, there has been no instance where the Board of Directors has not accepted the recommendation of Audit Committee.

In compliance of Section 135(l) of the Act, read with Rule 5 of the Companies (CSR Policy) Rules 2014, the Company has constituted CSR Committee of the Board with Shri Ramesh Kumar Soni, Independent Director as Chairman, Shri Ashwini Kumar, Govt. Nominee Director, Shri Vinod Kumar Tripathi, Govt. Nominee Director and Shri Subrata Sarkar, Director (Finance) as members.

The Cabinet Committee on Economic Affairs ("CCEA"), GoI, in its meeting held on 27^th October, 2016, accorded its in-principle approval to disinvest entire equity shareholding held through MSTC in FSNL, through strategic disinvestment and transfer of management control. Shareholders of MSTC had also approved the proposal of Strategic Disinvestment of FSNL. Further, the Alternative Mechanism, empowered by the Cabinet Committee on Economic Affairs approved M/s. Konoike Transport Co. Ltd. as Strategic Buyer for disinvestment of Ferro Scrap Nigam Limited (FSNL) Pursuant to share purchase agreement dated 24^th October, 2024 executed among FSNL, MSTC and M/s. Konoike Transport Co. Ltd, MSTC Limited has transferred its entire shareholding in FSNL to Konoike Transport Co. Ltd on 21^st January, 2025. Accordingly, FSNL ceases to be the subsidiary of MSTC w.e.f 21^st January, 2025.

MSTC had entered into a JV Agreement with m/s Mahindra Accelo Ltd. and formed a Joint Venture Company "Mahindra MSTC Recycling Pvt. Ltd." MSTC through this JV, had set up Indias first authorised Collection and Dismantling centre at Greater Noida in 2018. At present MMRPL has 6 operational Registered Vehicle Scrapping Centre/ Registered Vehicle Scrapping Facility (RVSF) in Greater Noida, Chennai, Indore. Ahmedabad, Guwahati and Bengaluru respectively. Apart from RVSF plants, MMRPL has setup 34 collection centres throughout India.

MMRPL has tied up with M&M Ltd., Renault India and Daimler as a partners for exchange of scrap vehicles Pan India. MMRPL is also in discussion with other OEMs for tie-up.

During the year ended 31^st March 2025, the Company earned an income of 3,466 lakhs as against a figure of 2,981 lakhs in previous year.

The detailed information relating to the Joint Venture company in form AOC-1 in compliance with Section 129(3) of the Companies Act, read with Rule 5 of Companies (Accounts) Rules forms part of Annual Report as Annexure VII.

In accordance with the provisions of the Companies Act, 2013 and the Accounting Standards issued by the Institute of Chartered Accountants of India, your Company has prepared the Consolidated Financial Statement for the group, including its joint venture.

The Summary of Consolidated Financial Results are as

All quarterly reports have been uploaded online on CIC site. During 1^st April, 2024 to 31^st March, 2025, a total of 176 RTI applications have been received through online and by post. A total of 13 First Appeals have been received. Out of the above, 156 RTI Applications and 13 First Appeals have been disposed off. The remaining RTI applications and appeal are under process.

Continuous efforts are being made for publicity and effective implementation of official language in all the units of the company and the progress made in this regard is being continuously reviewed and monitored. As a result, the company has surpassed all previous achievements and achieved 10 best OL implementation awards, including 2^nd best OL implementation awards in Eastern region by the Department of Official Language, Ministry of Home Affairs, Government of India in 2024-25. After completing more than 80% training in Hindi, Head Office, Odisha regional office and North-East branch office were notified in the Gazette of the Government of India and achieved another major milestone.

In order to promote use of Official Language in your

Company, the following activities had been undertaken:

1. Official Language Implementation Committee

Overall, 18 implementation committees are constituted in MSTC at the Head Office and various regional and branch offices. Implementation Committee meetings are held regularly at the Head Office under the chairmanship of the Chairman and Managing Director. Four(4) such review meetings have been organised during the year.

2. Town Official Language Implementation Committee

MSTC Ltd. HO is an active member of Narakas (Undertaking) Kolkata. The Chairman and Managing Director participated in the half-yearly meeting organised by Narakas on 28^th August 2024.

MSTC has been awarded first prize by Narakas- Undertaking-Kolkata for best official language implementation in the corporate office category for the year 2024-25. Among regional and branch offices, the Jharkhand branch office got second-best OL implementation award in Eastern region from the Department of Official Language, Ministry of Home Affairs, Government of India. Gujarat regional office (Vadodara), Telangana regional office (Hyderabad), AP branch office (Vizag), MP branch office (Bhopal) got first, Northern regional office (Delhi), UP regional office (Lucknow) got second, Chhattisgarh branch office got consolation prize and Northeast branch office received Certificate of appreciation from their respective Narakas. Overall, for the first time, MSTC Ltd has set a record of receiving 9 Narakas Awards cumulatively.

3. Official Language Inspections

• Telangana regional office, Hyderabad (22^nd October,

2024) , and Northern regional office, Delhi(21^st November, 2024) were inspected by Committee of Parliament on Official Language.

• Head office, Kolkata (18^th October, 2024) was inspected by the Ministry of Steel.

• Karnataka regional office(7^th May 2024), Gujarat regional office(8^th August, 2024) and Jharkhand branch office(23^rd December, 2024) were also inspected by the Regional Implementation office, Department Of Official language, Ministry of Home Affairs.

• Odisha regional office(18^th May, 2024), North-east branch office(31^st May, 2024), Northern regional office, Delhi (15^th June, 2024), AP branch office(10^th February,

2025) and Kerala branch office(18^th March, 2024) were inspected by Official language Department, Head office, Kolkata. Official language Department, Head office, Kolkata also inspected CP/CC Department(11^th June, 2024), PNA Department(18^th June, 2024), CMD Secretariate(24^th March, 2025) and Vigilance Department 29^th March, 2025).

MSTC Ltd. has consistently improved its performance in the implementation of Official Language.

4. Seminar, Conference, Workshops and Hindi Language Training

On 21^st June 2024, an Official Language seminar was organised on the topic of Banga-Bhoomi me Hindi Ka Vikas at MSTC Ltd., Head office, Kolkata. Drama, dance and poetry recital based on the literature of poet-guru Rabindranath Tagore were presented during the seminar. The seminar was chaired by Mr. Manobendra Ghoshal, CMD, MSTC. Dr. Ved Raman Pandey, Associate Professor, Presidency University and Mr. Nirmal Kumar Dubey, Assistant Director (Implementation), Official Language Department were also present in the seminar as speakers. All the employees of the headquarters and eastern regional offices participated in it.

Hindi Karyalayi Patrakarita ke Mandand Seminar was

organised on 14^th January, 2025 under the aegis of Narakas, Undertaking, Kolkata by MSTC Ltd. Chairman and Managing Director, MSTC, Dr. Vichitra Sen Gupta, Deputy Director (Implementation - East), Mr. Rajesh V. Nair, Narakas (Undertakings) Member Secretary and Mr. Ajayendranath Trivedi, former Member Secretary, Narakas (Bank) were present in the seminar as speakers. All the members of Naraksh, Kolkata participated in the programme.

During the year 2023-24, 19 employees were nominated

to get trained in the July-November 2023 session and 31 employees in January-May 2024 under the Hindi Language Training of the Central Hindi Training Institute at the Head Office. Of these, 14 were given training under Parangat, 26 under Pragya and 10 under Praveen training. 15 employees in regional and branch offices also received language training from the Central Hindi Training Institute.

MSTC also organised Official Language workshops on the topic Official Noting and Drafting writing(29^th May, 2024), Use of Translation in Official Work (31^st August, 2024), Hindi Typing Practice (21^st December, 2024) and Use of Hindi Language Practice (19^th February, 2025) at all India MSTC level and circulated internally prepared study material and arranged practice-based quiz competition.

During the year 2024-25, 10 employees (3 Pragya & 7 Parangat) were nominated to get trained in the July- November 2024 session and 14 employees (4 Pragya & 10 Parangat) in January-May 2025 under the Hindi Language Training of the Central Hindi Training Institute at the Head Office. In Regional and Branch offices 7 employees (2 Pragya & 5 Parangat) were nominated for the training in the July-November 2024 session and 18 employees (2 Prabodh & 16 Parangat) in January-May 2025 session under the Central Hindi Training Institute.

5. Official Language Fortnight

Official Language Fortnight-2024 was organised during the period from 14^th September, 2024 to 30^th September, 2024. Various types of competition were held for employees and their family members. Prizes were distributed at the closing ceremony. MSTC Rajbhasha Coordinator Conference - 2024 was organised on 27^th September 2024. Mr. Chandresh Kumar Meena, Assistant Director, (Official Language), Ministry of Steel, was invited as the chief trainer. In the Rajbhasha Pakhwada during the closing ceremony on 30^th September, Rajbhasha awards were given away and a play "Mayyat" was staged by Rangkarmi Natya Dal. In this programme Dr. Vichitra Sen Gupta, Deputy Director and In-charge Regional Implementation Office, (East), Official Language Department, Ministry of Home Affairs was invited as the chief guest.

MSTCs In-house magazine "Rajbhasha Sangati" 5^th & 6^th joint edition was unveiled on 21^st June 2024 by the Chairman and Managing Director during the official language seminar organised in our auditorium. Next edition of "Rajbhasha Sangati" will be a special edition based on Departmental Terminology to simplify the official work in Hindi.

Vigilance Department ensures proactive monitoring, risk mitigation, and compliance, safeguarding organisations integrity and efficiency. It plays an instrumental role in identifying and mitigating risks of fraud, corruption, and misconduct, thereby protecting the reputation and fostering public trust. At MSTC, the Vigilance Department is led by the Chief Vigilance Officer (CVO), who spearheads anti-corruption initiatives, enforces ethical adherence, and oversees impartial investigations to preserve organizational integrity. The department cultivates a culture of transparency and accountability while providing strategic counsel to management on vigilance matters. The primary duties of the Vigilance Department include conducting meticulous investigations into complaints received from customers, principals, bidders, contractors, employees, stakeholders, the Ministry of Steel, the Central Vigilance Commission (CVC), the Prime Ministers Office (PMO), MSTC management, media outlets, audit reports, and other relevant sources. In addition, proactive preventive measures, including surprise inspections, routine audits, scrutiny of procurement and contract documentation, system evaluations, monitoring of sensitive positions, compilation of lists of officials with doubtful integrity & agreed list and scrutiny of employees property returns. The department also maintains robust coordination with the Central Vigilance Commission (CVC), Chief Technical Examiner (CTE), Central Bureau of Investigation (CBI), and the Ministry of Steel to ensure compliances and objectives.

a) 35 complaints received and 39 complaints disposed of (08 complaints from last year and 31 complaints from this year) including 02 complaints referred to by the Commission.

b) 13 contracts/audit reports scrutinized.

c) 09 Surprise Checks and 08 Regular Inspections were conducted.

d) 03 CTE Type Inspection/Systems Study was conducted.

e) Based on vigilance activities, 02 Systemic Improvements were recommended to the management.

f) Scrutiny of 60 Property returns was undertaken which constitute more than 20.91% of total employees.

g) Training Programmes : Vendor Meet at Head Office was organized by Vigilance Department during

Vigilance Awareness Week-24. Total 17 Preventive Vigilance Training Sessions were organized through physical/online mode, where more than 250 employees participated. More than 10 Sensitization Programs were conducted at various MSTC offices, located at Vizag, Patna, Vadodara, Ranchi, Kerala, Chennai, Jaipur, Mumbai, Bengaluru and Lucknow etc.

h) In accordance with the CVC instructions, as a prelude to VAW-2024, a three-months campaign was undertaken successfully from 16^th August to 15^th November, 2024 focusing on 06 preventive vigilance areas.

Vigilance Awareness Week - 2024 was observed with the theme "d^lfl^l d^>fcl d d^?"/ "Culture of

Integrity for Nations Prosperity" in all the offices of MSTC. Organizations website and social media was extensively used for the wider dissemination of the observance of Vigilance Awareness Week on the theme, for the employees as well as public. 6^th edition of MSTCs in house Vigilance Magazine "Jaagrat" was published on this occasion containing various articles/poems written by MSTCs employees, based on Vigilance Awareness Week theme. The messages received from the Honble President, Vice-President, Prime Minister, and CVC were also published in the Vigilance Corner of the organizations website. Skit Play, Walkathon and CandleLight Vigil March on the theme were organized to spread awareness amongst the employees of Head Office and Eastern Regional Office. Customer Grievance Redressal Camps were organised at various offices of MSTC. Competitions such as Elocution, Essay, Slogan, Painting, Quiz and Rangoli making, involving MSTC employees (169 Nos.) and their wards and School & College students of Kolkata were also organized.

Details of cases initiated / disposed-off during the financial year 2024-25.

• No of cases pending as on 31^st March 2024: 1

• No. of cases initiated during 2024-25: 1

• No. of cases pending as on 31^st March 2025: Nil

Nature of Pending case: Nil

• Officer involved: N.A.

• Charge sheet issue on: N.A.

• Disciplinary Proceedings: N.A.

The Board of Directors wish to place on record their gratitude to the Honble Union Minister for Steel, Honble Minister of State for Steel, Secretary (Steel), Additional Secretary and FA (Steel), and other officials of the Ministry of Steel, Defence Ministry, Coal Ministry, Mining Ministry, Civil Aviation, Petroleum, Natural Gas Ministry and various other Central Government Ministries, all State Governments, various Central and State public sector undertakings, private companies, the bankers, our principals and others for their valuable assistance and guidance extended to the Company during the year. The Directors express their gratitude to all stakeholders, customers and suppliers for the trust and confidence reposed by them on your Company year after year.

Your Directors also place on record the appreciation of the sincere efforts made by employees which has resulted in good performance of the Company.

The Company is in process of upgrading existing IBM Power Series Server to its latest model which consumes much less electrical power and conserves energy. Being IT oriented Company, technological upgradation is a continuous process in MSTC and has been fully achieved by your Company.

The Company has no foreign exchange earnings and foreign exchange outgo during the year 2024-25 as well as in the previous year i.e. 2023-24.