We have audited the accompanying standalone financial statements of MMTC Limited (“the Company”), which
comprise the Balance Sheet as at March 31,2026, the Statement of Profit and Loss (including Other 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, Vizag, Chennai and Hyderabad.

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of
the matter described in the Basis for Qualified Opinion Section of our Report, the aforesaid standalone financial
statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a
true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act (“Ind
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March
31, 2026, 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 on that date.

Basis for Qualified Opinion

1. As disclosed in Note no. 11 (Footnote- i) to the financial statements, in respect of the Anglo Coal case, an
amount of Rs. 1088.62 crore (comprising Rs.1087.76 crore deposited with the court and Rs.0.86 crore
attached from the company's bank account) had been deposited with the Hon'ble Delhi High Court. The final
determination of the amount is subject to the judgement/clarification of the Hon'ble Court.

The Hon'ble Delhi High Court, vide its order dated 09.05.2025, directed that “the decree holder [Anglo] shall be
entitled to withdraw the said amount along with up-to-date accrued interest after the expiry of two weeks from
today”. The SLP filed by the company before the Hon'ble Supreme Court was dismissed by order dated
03.11.2025.

Thereafter, the Company filed an application before the Hon'ble Delhi High Court on 03.11.2025 admitting a
total liability of Rs.1169.14 crore, including interest calculated up-to 01.11.2025.

Subsequently, pursuant to the order of the Hon'ble Delhi High Court dated 10.11.2025, an amount of Rs.1000
crore was released to Anglo on 17.11.2025.

Based on the management's calculations, the estimated remaining liability of the company towards Anglo coal
as on 17.11.2025 amounts to Rs.170.58 crore, including interest calculated up to 17.11.2025.

Accordingly, the estimated present obligation of the company in respect of the aforesaid matter amounts to Rs.
170.58 crore, against which the company has recognised a provision of Rs. 87.76 crore only. This has resulted
in non-recognition of provision to the extent of Rs. 82.82 crore. The company, instead of making a provision of
Rs.82.82 crore, has included this amount in its contingent liabilities due to which provision has been
understated and contingent liabilities have been overstated by Rs.82.82 crores.

The non-recognition of provision to the extent of Rs.82.82 crore constitutes a departure from the accounting
standards as prescribed under section 133 of the Act. Had the amount of Rs.82.82 crore been provided by the
company, the provisions would have been increased by Rs.82.82 crore and the net profit and shareholders'
funds would have been reduced by the said amount.

We conducted our audit of the Standalone financial statements in accordance with the Standards on Auditing (“Sas")
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the
Auditor's Responsibilities for 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 the Act and the Rules made thereunder, and we have fulfilled our other 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 qualified opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note No. 36(k) 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 operation. However, wind mill business is still 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.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone financial statements of the current period. These matters were addressed in the context of our audit of
the Standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. In addition to the matter described in the Basis for Qualified Opinion section and Material
Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.

Emphasis of Matters

1. We draw attention to Footnote to Note No. 10 to the accompanying financial statements, which states that, the
Company has not recognized Deferred Tax Assets in respect of carry forward losses and timing differences
during the current period, in view of the uncertainties involved. Further, the balance of Deferred Tax Asset
already appearing in the books amounting to Rs. 163.79 crore has been adjusted/derecognized during the year
in accordance with Ind AS 12 - “Income Taxes”.

2. We draw attention to Note No. 11 read with Note No. 32(ii)(a) to the accompanying financial statements, which
states that, Gold/Silver/Jewellery/Dust/Solder held against Litigation Settlement and appearing under Other
Current Assets and exceptional items amounting to Rs. 13.21 crore represents value of 12503.700 gms of
confiscated gold jewellery/dust/ solder etc received from Customs Department on 19.01.2026 as per Hon'ble
Supreme Court order dated 24.04.2025. This pertains to a legal case filed by the company against supply of
gold by MMTC to one of its associates for export under Exim Policy during FY 1991-92. The same has been
certified by the BIS approved hallmarking centre and valued by the management based on rates published by
the India Bullion and Jewellers Association (IBJA) as on 19 January 2026, considering certified quantity and
purity. The valuation has not been carried out by an independent registered valuer as company believes that
valuation so determined of above gold items based on certified purity and rates declared by IBJA is reasonable
and appropriate.

3. We draw attention to Note No. 32(I) to the accompanying financial statements, which states that, Neelachal
Ispat Nigam Ltd (NINL)-Joint Venture company divestment has been completed on 4.7.2022;

- As per the clause of Share Purchase Agreement (SPA) for divestment of NINL, any unforeseen liability on NINL
post divestment shall be borne by Sellers/ Promoters as per the warranty clause of SPA until the period of 3
years from date of completion. The aggregate liability of the Sellers and Promoters cannot exceed 20% of the
amount received by the sellers from Bid amount, by way of sale consideration and discharge of their respective
Seller Debt. MMTC's maximum liability in this regard, if any, works out to Rs. 1067 crore. The period of 3 years
has expired on 04.07.2025 and until that date, no Liability has accrued.

- An amount of Rs. 774.95 crore (MMTC's share: Rs. 411.76 crore), kept in an interest-bearing escrow account
with SBI, Bhubaneswar, matured on 04.07.2025. As the limitation period of three years concluded on the same
date, the amount available in the escrow account as on 04.07.2025 along with the accrued interest was
distributed among the promoters of NINL. Accordingly, MMTC received Rs. 411.76 crore towards principal and
Rs. 25.75 crore towards interest (net of TDS and bank charges) on 04.07.2025. The aforesaid sum of Rs.
411.76 crore has been booked as income for the year under exceptional items.

In view of expiry of limitation period of 3 years on 04.07.2025, nothing is payable/ receivable from NINL as on
date.

4. We draw attention to Footnote to Note No. 31 to the accompanying financial statements, which states that,
during the year, Trade Receivables of Rs. 75.49 crore has been written off as bad debts by Camp Office
Chennai and corresponding provisions there against has been written back under exceptional items.

5. We 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 M/s. Aaryavart 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 the Company. MMTC filed execution petition and matter will be heard on
08.06.2026. The company has written off the amount of Rs. 28.45 crore in the 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 the 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.

Other 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 statements/financial information reflect
total assets of Rs.141.16 crores as at March 31,2026 and total revenues of Rs.10.89 crores 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. Other Financial Assets (Non-Current) includes Advances to Other companies of Rs.33.68 crores which includes
an amount of Rs. 33.20 crores in respect of investment against capital commitment in Kandla Free Trade
Warehousing Pvt Ltd (KFTWPL) and Haldia Free Trade Warehousing Pvt Ltd (HFTWPL). Out of Rs. 33.20
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. 24.09 crores pertains to HFTWPL against which a provision of Rs.7.25 crores has
been held in the books of accounts. Out of remaining dues from HFTWPL of Rs.16.84 crores, Rs. 16.74 crores
are outstanding for more than 8 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
Authority after surrender of land.

3. Other Current Assets includes an amount of Rs. 7.45 crores under GST ITC credit as at 31.03.2026, pertaining to
GST Input Tax Credit of DRO cell aggregating to Rs.7.45 crores which has remained unutilized and has shown a
continuous increase over the past 3 years. Considering the absence of ongoing business operations of the
Company, uncertainty exists regarding the future utilization/recoverability of such input tax credit.

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 31.03.2026 and is subject to reconciliation.

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

6. In case of DRO Cell (erstwhile Delhi Regional Office), Out of total advance received from customers amounting
to Rs. 6.48 crores outstanding as on 31.03.2026, a sum totaling to Rs. 6.45 crores approx. are outstanding for
more than 3 years, which has not been settled till date.

7. In case of Regional Office of Vishakhapatnam:

(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 buyer and these are long pending due to pending reconciliation arising
out of quantity and quality analysis variance.

(II) In respect of Recovery of old advance with Paradeep 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 Paradeep Port Trust. As per
the management, efforts are being made to recover the amount. As per the policy of the Company recoveries
from Govt. and PSU's are considered 'Good and Recoverable' and hence no provision has been made.

8. In case of Regional Office of Hyderabad:

(I) Trade receivables from MBS Groups amounting to Rs.226.82 crore were fully provided for by the company. The
Hon'ble Court vide its order passed in March 2025, ruled in favor of MMTC and directed MBS Groups to pay
Rs.228.32 crores along with interest at the rate of 13.25% per annum from 30.09.2013 and litigation cost
amounting to Rs.11.90 crore. As informed by the management, since the limitation period for filing further appeal
by the counterparty has not yet expired, no effect of the said order has been given in the books of account. The
company has not recognized any income in respect of the aforesaid decree, including interest and litigation
cost, as the matter is subject to further legal proceedings and the realization of the amount is not reasonably
certain as at the reporting date.

Our opinion 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 comprises 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 of 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 responsibility is to read the other information
identified above 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 material misstatement therein, we are required to
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 section 134(5) of the Act with respect to
these standalone financial statements that give a true and fair view of the financial position, financial performance,
total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the 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 effectively for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the Standalone financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud 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 the 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 arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken 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 the audit. We also:

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

• 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 the reasonableness of accounting estimates and
related disclosures made by the management.

• Conclude on the appropriateness 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 to continue as a going concern. If we conclude that a material
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 whether the Standalone financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.

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

We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we 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) of the Act, based on our audit we report that:

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

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

c) The Balance Sheet, the Statement of Profit and Loss including Other comprehensive income, 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, the aforesaid standalone financial statements comply with the 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 5thJune 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;

f) 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 Act regarding remuneration to director is not applicable to the Company, since it is a
Government Company.

h) With respect to the other matters to be included in the 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 disclosed as contingent liability - refer to Note 34 and 36 to the standalone financial statements,
the impact of the same is unascertainable as the matters are sub-judice.

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 delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company except nominal amounts of Rs.93.75 pertaining to FY 2010-11 and
Rs.33.45pertaining to FY2013-14 which are appearing under Unpaid Dividend as on 31.03.2026

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are

material either individually or in the aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any
other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(Refer note 49(e)).

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which 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
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(Refer note 49(f))

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

v. The Company has not declared or paid any dividend during the year ended 31st March 2026.

vi. 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 2026 which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit, we did not come across any
instance of audit trail feature being tampered with 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 Section143(5) of the Act, 2013 we give our report in
the attached “Annexure C”.

For Dinesh Jain & Associates

Chartered Accountants

FRN: 004885N

Place: New Delhi CA Neha Jain

Date : 29-05-2026 (Partner)

M.No.514725

UDIN: 26514725PZDNAT1994