The Directors of your Company are pleased to present
the 60^th Annual Report on the business and operations of
the Company together with the Audited Financial
Statements, Auditor's Report and comments of the
Comptroller & Auditor General of India for the year ended
31^st March, 2025.

Financial Highlights of the Company

During the financial year 2024-25 the Profit After Tax
stands at '40,298 lakhs as against '17,191 lakhs in the
previous year. Profit Before Tax was '50,390 lakhs
compared to '28,444 lakhs in the previous year.
Company has recorded total revenue of '38,750 lakhs.
Total E-commerce income has increased from '36,409
lakhs to '36,627 lakhs.

The Standalone Financial results of the Company for the
financial year 2024-25 and 2023-24 are given below:

"(Dividend (%) for FY 2024-25 includes 1^st interim dividend @
40%, 2^nd interim dividend @ 320% and 3^rd interim dividend @
45%)

""(Dividend (%) for FY 2023-24 includes 1^st interim dividend @
55%, 2^nd interim dividend @ 50% and final dividend @ 50%)

Operational Highlights :

During the financial year 2024-25, the Company has
crossed '89,823.60 Lakhs in terms of value of goods
transacted through its trading and e-commerce. Other
operational highlights are as follows;

1. Coal Mine Auction for Commercial Mining: 18 Coal
Mine blocks have been successfully allotted through
auction for commercial mining in FY 2024-25.

2. Mineral Block Auction: 77 Major Mineral blocks have
been successfully allotted through auctions for
various States in FY 2024-25.

3. Agreement signed with Ministry of Mines for auction
of offshore minerals and Tranche 1 of offshore
Mineral block auction has been launched.

4. Ministry of Information and Broadcasting has
selected MSTC to conduct e-auctions for 730 FM
channels across 234 cities.

5. MSTC has launched MSTC REALTY Auction Portal on
15^th January, 2025 which offers an end to end solution
for property auction.

6. MSTC has signed Selling Agency agreement with
BPCL (Marketing) for e-auction of their scrap
materials.

7. MSTC will invite bids under UDAN scheme version 5.5
has been launched by Ministry of Civil Aviation.

8. First stage bid submission of 11^th tranche of coal block
auction for commercial mining has been
completed.

9. MSTC has developed the e-auction platform for sale
of timber from Chhattisgarh Forest Department.

10. MSTC conducted auction of 5G spectrum on behalf
Department of Telecommunications.

11. MSTC is developing a portal called Kendriya Police
Kalyan Bhandar (KPKB) on behalf of the various
central police organisations under the Ministry of
Home Affairs.

12. EXIM Portal for Petroleum Industry: The online bidding
platform for Export & Import of petroleum products
was developed & delivered to IOCL. The EXIM portal is
fully operational and IOCL is reaping the benefits
after transforming its Import & Export activities to
online mode.

13. MSTC continued to offer services for the Online Draw
System for selection of LPG & Petrol Pumps and
Dealership to the Oil Marketing Companies.

14. MSTC has successfully developed the portal for Steel
Import Management System (SIMS) V0.2 for Ministry
of Steel. Ministry of Steel entrusted the job of
developing the Steel Import Monitoring System
(SIMS) version 2.0 portal to MSTC. The assignment
was successfully completed in a record time of less

than two months as against a normal development
cycle time of about twelve months for a project of
this nature. On 22^nd July, 2024, Hon'ble Union Minister
of Steel had launched the SIMS 2.0 portal in presence
of Secretary Steel.

15. MSTC has developed the website for the Ministry of
Steel and is also associated with other projects of the
Ministry of Steel.

16. MSTC is providing the e-commerce Solution for e-
Bidding for Critical minerals and Exploration
Licenses.

17. MSTC is also providing e-commerce solutions for
coal gasification project and allotment of Offshore
Mineral Blocks.

18. MSTC started e-auctioning of coal on behalf of CIL
and its Subsidiaries as per the revised requirements
of CIL.

Dividend

During the year, the Company paid first interim dividend
of '4.00 per share, second interim dividend of '32.00 per
share and third interim dividend of '4.50 per share,
thereby taking the total dividend for the year to '40.50
per share with a total pay-out of '28,512 Lakhs. The
dividend declared for the year are in accordance with the
Company's dividend distribution policy. The Dividend
Distribution policy as formulated by the Company
m a y b e a c c e s s e d a t t h e w e b l i n k
https://www.mstcindia.co.in/MSTC_Static_Pages/front
page/newpolicy/DIVIDENDDISTRIBUTIONPOLICY.pdf .

Reserves

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

Changes in Share Capital

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.

Directors Responsibility Statement

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.

Directors & Key Managerial Personnel

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 Director's 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.

Related Party Transactions

All Related Party Transactions that were entered into
during the financial year were on an arm's 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 Company has a related party transaction policy and
the same has been uploaded on the website of the
Company at www.mstcindia.co.in.

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

Conservation of Energy, Technology Absorption,
Foreign Exchange Earning and Outgo

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.

Corporate Governance 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 Board's Report.

Management Discussion and Analysis Report

Management Discussion and Analysis Report forms part
of the Board's Report.

Business Responsibility and Sustainability Report

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

Annual Return

In compliance of Section 92 of the Companies Act, 2013
and Rules made thereunder, the Annual Return for the
financial year 2024-25 is available on the Company's
Website at https://www.mstcindia.co.in/content/
AnnualReturns.aspx

Corporate Social Responsibility

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 Company's
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 Board's Report.

Secretarial Audit

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.

The Secretarial Auditor has made following
observations;

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 Director's 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.

Auditors

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 AnnexureVI to the Board’s Report.

Comments by the Comptroller and Auditor
General of India (CAG)

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
Board's Report.

Number of Meetings of the Board

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.

Disqualification of Directors

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.

Notice of Interest by the Directors

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.

Committees of the Board

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.

Audit Committee

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.

Corporate Social Responsibility (CSR) 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.

Subsidiary and Joint Venture Company
Ferro Scrap Nigam Limited

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.

Mahindra MSTC Recycling Pvt. Ltd.

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 India's 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.

Consolidated Financial Results

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
follows :

Material Changes and Commitments, if any, affecting
the Financial Position of the Company

There are no material changes and commitments
affecting the financial position of the Company that have
occurred between the close of the financial year ended
31^st March, 2025 and the date of Board's Report.

Details of Significant and material order passed by the
Regulators, Courts and Tribunals

No significant and material order has been passed by the
Regulators, Courts and Tribunals impacting the going
concern status and the Company's operation in future.

Particulars of Loans, Guarantees or Investments

Details of Loans, Guarantees and Investments covered
under the provisions of Section 186 of the Companies Act,

2013 and Rules made there under are given in the notes to
the financial statements.

Public Deposits

Your company has not accepted any deposits under the
Companies Act, 2013 during the financial year ended 31^st
March, 2025.

Compliance with DPE Guidelines and Policies

The guidelines and policies issued by the Department of
Public Enterprise from time to time are duly complied
with by the Company.

Compliance with Secretarial Standards

Your Company complies with the applicable Secretarial
Standards issued by the Institute of Company
Secretaries of India (ICSI).

Internal Financial Controls

Your Company has put in place adequate internal
financial controls for ensuring the efficient conduct of its
business in adherence with laid-down policies; the
safeguarding of its assets; the prevention and detection
of frauds and errors; the accuracy and completeness of
the accounting records; and the timely preparation of
reliable financial information, which is commensurate
with the operations of the Company.

M/s. S. Poddar & Co. (FRN: 320294E) was the Internal
Auditor of the Company for the year and their reports are
put up to the management at regular intervals and
summarized statement of important issues are placed
before the Audit Committee.

Systems

MSTC's IT infrastructure is by far the most sophisticated
and robust in the country to take up ecommerce services
in a secure and transparent manner for more than
2,24,000 clients across the globe.

MSTC's IT Department is equipped with the powerful RISC
based IBM Power Series Servers having robust processing
power and can serve more than ten thousand
concurrent hits. The servers are highly energy efficient
leading to saving of power and these servers are in
operation with redundancy & high availability disaster
recovery mode for providing uninterrupted services to
our stakeholders like Principals, Bidders & other users.
Mumbai Disaster Recovery site is also having a similar set
up as in Kolkata Data Centre.

MSTC is concerned with information security issues and
has left no stone unturned to achieve maximum security
by installing different OEM Next Generation Firewall,

Intrusion Prevention System (IPS), Managed Distributed
Denial of Service (MDDoS), SSL etc.

The much-needed security features 'Write Once Media'
which captures the Audit trails on a non-editable
tamperproof media, has been the hallmark of MSTC's e-
Commerce system.

SSL Encryption

SSL (Secure Sockets Layer) is the standard security
technology for establishing an encrypted link between a
web server and a client end browser. This link ensures
that all data passed between the web server and
browsers remain private and integral. We have
implemented 256-bit SSL in our web server with
enforcement of TLS 1.3 & above.

All network equipment like routers, switches are from
CISCO/CHECKPOINT and are totally ready for IPv6
migration. Security Appliances like Firewalls, IPS are in
place to prevent unauthorized intrusion with latest
signatures.

Periodical Application Security Testing is conducted by
STQC, a Govt. of India Department. MSTC ensures security
through periodical penetration, vulnerability &
performance testing by STQC. MSTC conducts its
business through a dedicated 255 MBPS ILL and also has
another 200MBPS ILL connectivity taken from a different
provider and with Point-to-Point (P2P) connectivity
between DC & DR for data synchronization with
redundancy. Two ILLs are in operation with load
balancing with the implementation of Radware Link Load
Balancer.

MSTC has developed an in-house browser independent
e-Procurement solution with e-tendering, e-reverse
auction, e-reverse auction with L1 matching and many
other models. General Financial Rules, CVC guidelines, IT
Act 2000 and its Amendment of 2008 have been adhered
to in this e-Procurement application and the said service
has been certified by STQC.

MSTC server in Kolkata is manned round-the-clock
throughout the year. The Systems dept. is well equipped
with qualified professionals whose skills are continuously
upgraded with training on latest technology.

MSTC's System Department is ISO 27001:2022 certified by
STQC,

MSTC e-Commerce division is also ISO 9001:2015 Quality
certified.

Developments of Information Technology during 2024¬
25

MSTC e-Commerce Systems is certified for ISO
27001:2022 by STQC and is valid up to 27^th August 2026

(Information Security Management System
Certification).

Security is in place with two different OEM Checkpoint &
CISCO Next Generation Firewall at two levels (Perimeter &
Server side).

ISO 9001:2015 certification is also maintained as per
standards and this certificate is valid up to 19^th January
2027.

Imperva Write-once management device (DAM) is in
place for better management & monitoring of activities
related to data.

MSTC has developed in-house and implemented many
customised projects like Udaan 5.5(bidding for
seaplanes and Helicopters), Chhattisgarh Forest
Department portal, FM Channel auction portal, SCCL
Shakti Short term linkage, Bank API Integration, Fixed
Virtual Account Number, Multi Currency Bidding for V3
portal, Dynamic EMD for MLCL portal, MSTC Realty Portal,
Penny Drop System for account verification, Ticket
Raising Systems for users, nCode multi-browser PKI
implementation, OTP verification in buyer login across
portals, etc.

MSTC has also developed and customised in-house
application of SIMS Phase 2, Fixed Deposit Register, Portal
for Contractual and Retired Employees, Automated
Refund Portal, Fixed Asset Register, Development and
deployment of packages for FSNL like Online Recruitment
module etc.

MSTC has implemented Security Information & Event
Management (SIEM) and Security Orchestration,
Automation, & Response (SOAR) solutions in its Data
Centre at Kolkata for automation in log collection,
analysis and response for improved security across
different devices and servers.

In the recent times MSTC has been increasing focus on
Automation, streamlined solutions, updation of user
interface and integrated solutions.

To increase financial accessibility, API based integration
was done with banks like Bank of Baroda and SBI for
payment of Pre-Bid EMD in global wallet. Furthermore, the
data transfer is API based which enables the bidders to
make instant payments and updation of their wallets
along with implementation of fixed VAN.

Portal was developed for auctioning of FM bands to
finalize FM service providers in major cities of India. The
portal has been certified by STQC and MSTC is
anticipating conduction of SMRA event in FY 2025-26.

To digitalising the process of selling timbers, online
bidding platform has been developed for Chhattisgarh
Forest Department.

To increase robustness of the ELV portal and to ensure
that "End of Life Vehicles" are procured only by authorized
RVSF's, login module for bidders has been linked to the
MAC address of their system. With implementation of 3
factor authorization i.e. user id and password, OTP and
MAC verification, there is an additional surety that only
the intended RVSFs are participating and procuring the
vehicles. This is as per the directive from Ministry of Road,
Transport and Highways.

Third tranches of e-Auction for Spectrum were
successfully conducted by MSTC Limited at the behest of
Department of Telecommunications. For 5G spectrum
auction conducted in FY 2024-25, Gol earned a revenue
of '11340.79 cr. For the 3^rd tranche of events, all the
formalities have been completed in the portal for
necessary compliance.

To further strengthen integrated solutions, MSTC has
done API based data integration with Director of Mines
and Geology, Uttar Pradesh for transfer of auction
creation data and post auction data. It has reduced
human dependence and allow seamless event
conduction. Such process automation is also taking
place with other major clients like DMG Rajasthan and
Odisha Mining Corporation.

In FY 2024-25, MSTC has generated revenue from
operations from service charges on e-Commerce to the
tune of '27,829 Lakhs (previous year '28,029 Lakhs).

In the upcoming year, MSTC plans to increase
automation to a significant degree and to improve the
user experience with dedicated dashboards, API based
integration with clients, integration with state treasuries,
development of new portal etc.

In 2024-25, MSTC had executed 1,01,175 no. of
Auctions/events through its portal for general e-Auction,
Coal e-Auction and e-Procurements.

MSTC has procured goods and services through GeM
portal and such procurement percentage comes to 96%
of total procurement made during the FY 2024-25.

MoU Performance

The Memorandum of Understanding (MoU) with the
Government of India setting performance parameters
and targets for the year 2024-25 was signed by
Chairman and Managing Director of the Company and
Secretary (Ministry of Steel), Govt. of India, on 2^nd August,
2024. MoU targets for the Company continue to be more
challenging and tougher over the years. However, the
Company has been continuously striving to achieve new
heights in terms of performance numbers. The
performance rating for the financial year 2024-25 is
under evaluation.

In terms of DPE guidelines, the evaluation of financial
parameters of MSTC will be done based on Standalone
Financial Results.

Human Resource Development (HRD)

MSTC Limited has always considered its human resource
as the most important resource. Since we are a people-
oriented company, development of employees through
training has been an important area of HR activities.

Emphasis was laid on building capacity of employees by
exposing them to the training programs that could help
improve their efficiency in performing the jobs assigned
to them. The topics for training were chosen to promote
holistic development and to foster understanding,
collaboration, teamwork and leadership qualities
amongst the employees in the organization. The
trainings were organised in Hybrid mode. The company
organised total 107 training programs and trained 226
executives and 62 non-executives. The company
employed various sources for training its employees: few
were nominated in institutional training programs;
others were trained either by inviting external subject
matter experts or Internal Resource Persons (IRP). It was
understood and recognised that awareness of
company's business modules is of utmost important for
its employee's overall development therefore, focus was
on imparting training through Internal Resource Persons
(IRPs).

Welfare of Weaker Sections

The Presidential Directives issued from time to time in
regard to reservation, relaxation, concession, etc. for the
SC/ST/OBC/PWD candidates pertaining to the policies
and procedures of the Government were duly observed.
The directives in matters concerning recruitment and
promotion regarding the weaker sections have been
duly complied with. All Departmental Promotion
Committees constituted during the year had
representatives of SC/ST community.

During the year, 46 SC, 16 ST, 85 OBC and all PWD
employees of the Company, were sponsored for in¬
house and Institutional training programmes. In addition,
all possible cooperation and assistance is provided to
the MSTC SC/ST Employees' Council, which functions
primarily to safeguard the interest of the reserved section
of employees of the Company.

Empowerment of Women

MSTC is a Corporate Life Member of Forum of Women in
Public Sector (WIPS) a primary forum for women in the
Indian public sector aims to promote the holistic

development and empowerment of women working in
public sector undertakings.

The company has Internal Complaints Committees
constituted at zonal level covering all its offices across
the country. These committees have been functioning
successfully. Periodical meetings and Complaint
redressal, awareness programs, etc. are also duly
conducted by the Committees.

MSTC keeps nominating its women employees for
various training programs. During financial year 2024-25,
total 43 women employees were trained. Every year,
International Women' Day is celebrated with enthusiasm
to appreciate women's contribution in the company.

Disclosure under Section 22 of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.

MSTC has in place a mechanism for prevention and
redressal of sexual harassment of women employees at

the workplace, in accordance with the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. Internal Complaints
Committees (iCCs) have been set up in all the offices of
the Company for rendering necessary assistance to and
dealing with complaints, if any, of all the women
employees of the Company. All employees (permanent,
outsourced, trainees etc.) are covered under this policy.
Workshops are held with an objective to create
awareness among the employees.

(a) Number of Complaints filed during the financial year
2024-25:3

(b) Number of complaints disposed off during the
financial year 2024-25 : 2

(c) Number of Complaints pending as on end of the
financial year 2024-25 : 1*

*The matter is under investigation of Internal Complaints
Committee.

Grievance Redressal Mechanism

MSTC has well-established internal mechanisms to
handle grievance-related matters, ensuring timely and
effective resolution. There are total 18 (eighteen) cells in
Regions and Branches of the organisation and there is a
Central Grievance Cell at Head Office. Stakeholders can
submit their grievances through the MSTC Public
Grievance Portal or via the citizen portal of the
Centralised Public Grievance Redress and Monitoring

System (CPGRAMS). Grievances received directly by
MSTC are reviewed and addressed by the designated
grievance cell.

Additionally, MSTC conducts both online and offline client
satisfaction surveys for its various e-commerce services,
using the feedback to enhance the overall customer
experience. Through these channels, MSTC reinforces its
commitment to maintaining a transparent and
accountable system for addressing stakeholder
concerns.

Statement of Public Grievances for the period of 1^st April, 2024 to 31^st March, 2025 is as under:

Right to Information Act 2005

Your Company has aligned with the online RTI portal
launched by DoPT and all the applications / appeals
received through the portal have been disposed off
through the portal, namely https://rtionline.gov.in.
Provisions of RTI Act 2005 have been complied with for
processing the RTI applications and appeals received in
all offices of MSTC. There is one Transparency Officer, one
First Appellate Authority, one CPIO, one Nodal Officer in
MSTC, Head office and every region/branch has one PIO
for effectively processing the RTI applications received at
various locations of the Company.

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.

Official Language

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.

6. Rajbhasha Sangati

MSTC's 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 Setup

Vigilance Department ensures proactive monitoring, risk
mitigation, and compliance, safeguarding
organisation's 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 Minister's 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.

Some of the important activities undertaken by the
Vigilance Department during FY 2024-25 are as follows:

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 :

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

Integrity for Nation's Prosperity" in all the offices of MSTC.
Organization's 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 MSTC's in house
Vigilance Magazine "Jaagrat" was published on this
occasion containing various articles/poems written by
MSTC's employees, based on Vigilance Awareness Week
theme. The messages received from the Hon'ble
President, Vice-President, Prime Minister, and CVC were
also published in the Vigilance Corner of the
organization's website. Skit Play, Walkathon and Candle¬
Light 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.

Compliance of recommendations made by the
Committee on Papers Laid on the Table (Rajya Sabha)
in its 150^th Report:

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.

Acknowledgement

The Board of Directors wish to place on record their
gratitude to the Hon'ble Union Minister for Steel, Hon'ble
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.

Particulars of conservation of energy,
technology absorption, foreign exchange
earnings and outgo as per Section 134 of the
Companies Act, 2013, as read with Rule 8(3)
of the Companies (Accounts) Rules, 2014.

A. Conservation of Energy and Technology Absorption

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.

B. Foreign Exchange Earnings & Outgo

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.

^{For and on behaf of the Board of Directors} For and on behalf of the Board of Directors

^Sd/- Sd/-

^(Manobendra G^hoshal) (Manobendra Ghoshal)

^{Chairman and Mana}gⁱⁿg ^Director Chairman and Managing Director

^[din :0⁹⁷⁶23⁶8^] [din _:09762368]

^{Place : New Delhi} Place : New Delhi

^{Date : Ma}y ²⁹, ²⁰²⁵ Date : May 29, 2025