we have audited the accompanying standalone financial statements of MMTC Limited ('the Company'), which
comprise the Balance Sheet as at March 31 2025, the Statement of Profit and Loss (Including Othor Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and
notes to the financial statements including a summary of the material accounting policies and other explanatory
information (hereinafter referred to as 'Standalone financial statements"), in which are incorporated the financial
statements for the year ended on that date audited by the Branch Auditors of the Company's Regional Offices (Camp
Offices) at Mumbai, Vtzag, Chennai and Hyderabad.

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

Basis for Opinion

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

Key Audit Matters

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

Emphasis of Matter

1. Material Uncertainty Related to Going Concern

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

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

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

Our opinion is not modified in respect of above matters.

Othor Matter

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

the standalone financial statements of the Company whose financial siatements/financial Information reflect total
assets of Rs. 358.60 crores as at March 31,2025 and total revenues of Rs. 11.85 croros for the year ended on that
date, as considered In the standalone financial statements The financial statements/financial information of these
branches have been audited by the branch auditors whose reports have been furnished to us, and our opinion in
so far as it relates to the amounts and disclosures Included In respect of these branches, is based solely on the
report of such branch auditors

2. Company has recognized Deferred Tax Assets of Rs 163.79 crores on provision for doubtful debts, which have
been recognized on the basis of expected utilization against probable future taxable Income of the company.
However, considering the material uncertainty related to going concern status of the company, directions from
administrative ministry for c(03ure of offices /downsizing of business of the company and company already having
past accumulated losses of Rs.1061 19 crores. the availability of sufficient future taxable income for utilization of
Deferred tax assets of Rs. 163.79 crores is uncertain.

3. Other Financial Assets (Non-Current) includes Advances to Other companies of Rs. 33.63 croros which includes
an amount of Rs. 33.15 crores In respecl of Investment against capital commitment In Kandla Free Trade
Warehousing Pvt Ltd (KFTWPL) and Haldia Free Trade Warehousing Pvt Ltd (HFTWPL) Out of Rs. 33 15 crores.
Rs. 9.11 crores pertains to KFTWPL against which a provision of Rs. 9.06 crores has been held in the books of
accounts and Rs. 24 04 crores pertains to HFTWPL against which a provision of Rs. 7.25 crores has boon hold in
the books of accounts Out of remaining dues from HFTWPL of Rs.16.79 crores. Rs 16.74 crores are outstanding
for mere than 7 years with status quo against which no provision has been created and the company is considering
the same as good and recoverable, as HFTWL has lodged claim in Haldia Development Authonty after surrender
of land

4. In case of Corporate office of company, Advance received from Customers includes an amount of Rs. 7 30 crores
in respect of credit balance of DOCA (Pulses-PSF) and (Onion 2015-16) which is outstanding for more than 3
years as on 31.03.2025 and is subject to reconciliation

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

6. Company has adopted Tally accounting software since 01.04.2023 for maintaining its books of accounts but
company does not have a proper system of maintaining cost-center wise (division-wise) break up of its general
ledgers due to which division wise break up of GL codes Is not available to exercise proper control over the
divisions.

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

8. In case of Regional Office Mumbai.

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

9. In case of Regional Ofhco of Vishakhnpatnanv

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

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

10. In case of Regional Office of Hyderabad;

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

appeal by the counterparty has not yet expired.

Ouropinion is not modified in respect of these matters.

Information Other than the Financial Statements and Auditor's Report Thereon

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

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

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

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

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

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

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

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

The Board of Directors are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can anse from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the
economic decisions of users taken on the basis of these Standalone financial statements.

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

• Identify and assess the risks of material misstatement of the Standalone financial statements, whether due lo
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that Is
sufficient and appropriate to provide a basis for our opinion The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. Intentional
omissions, misrepresentations, or the override of internal control

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

• Evaluate the appropriateness of accounting policies used and tho reasonableness of accounting estimates and

related disclosures made by the management.

• Conclude on the appropnatenes3 of management's use of the going concern basis of accounting and. based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's ability lo continue as a going concern. If we conclude lhal a malarial
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
Standalone financial statements or. if such disclosures are inadequate, to modify our opinion Our conclusions
are based on the audit evidence obtained up to the date of our auditor s report. However, future events or
conditions may cause the Company to cease to continue as a going concern

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

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

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

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

From the matters communicated with those charged with governance, we determine those matters thal were of most
significance in the audit of tho Standalone financial statements of the current period and are therefore the key audit
matters. We dosenbe these matters in our auditor's report unless law or regulation precludes public disclosure about
Ihe matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected lo outweigh Ihe public interest
benofits of such communication

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order') Issued by the Central Government in
lorms of Section 143(11) of the Act. wo give in “Annexure A" a statement on the matters specified in paragraphs 3
and 4 of the Order

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

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

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

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

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

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

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

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

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

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

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

iii There has been no delay in transferring amounts, required lo be transferred, to the Investor Education and
Protection Fund by the Company except nominal amounts of Rs.93.75pertaining to FY2010-11 andRs,33.45
pertaining to FY 2013-14 which are appearing under Unpaid Dividend as on 31.03.2025;

iv,

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

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

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

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

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

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

tho attached “Annexure C".

For Dinesh Jain & Associates
Chartered Accountants
FRN: 004885N

CA Noha Jain
(Partnor)

Place : New Delhi M.No. 514725

Date : 28.05.2025 UDIN: 25514725BMUEI4073