Directors Report of The Orissa Minerals Development Company Ltd.

Mar 31, 2025

On behalf of the Board of Director of the Company, I take great pleasure in presenting the 107^thAnnual Report of the Company for the financial year ended 31^stMarch, 2025together with the Audited Statements of Accounts, the Auditor'' Report and Comments on the Accounts by the Comptroller and Auditor General of India.

1. FINANCIAL RESULTS

The financial results of M/s. OMDC for the year 2024-25in comparison with previous financial year 2023-24are given in Table below:

PARTICULARS	For the year ended 31-03-2025 (Rs. in Lakhs)	For the year ended 31-03-2024 (Rs. in Lakhs)
Income:
Revenue from operations	6461.59	8227.92
Other Income	638.58	710.20
Total Income	7100.17	8938.12
Total Expenditure (InclgDepcn& Amortisation)	11940.57	9469.00
Depreciation & Amortization	391.76	487.48
Net profit before tax	(4840.40)	(530.88)
Tax Expenses	(818.01)	(812.79)
(a) Current tax	-	-
(b)Deferred tax	(818.01)	(812.79)
Net profit after tax	(4022.39)	281.91
Total Other Comprehensive Income	(61.55)	(75.55)
Total Comprehensive Income	(4083.94)	206.35
Appropriations	-	-
General Reserve	32474.35	32474.35
Payment of Dividend	NIL	NIL

2. REVIEW OF THE FINANCIAL PERFORMANCE

Total earning of Rs 71.00 Crs includes sales of Rs 64.62 Crs and interest received from the term deposits of Rs 2.00 Crs during the FY 2024-25. The interest income is reduced during the year from the previous year due to depletion of funds by encashing of FDs and paying off the principal and accrued interest against Short-term loan.

On the other hand, the interest expense is coming down to Rs. 22.41Crs in current financial year-2024-25 as compared to Rs. 30.61Crsof previous financial year (2023-24)due to interest

liabilities were running simultaneously against the Short-Term Loan of Rs.310 Cr taken for payment of compensation and interest bearing Trade advance received from RINL.

The company has obtained an Inter-corporate loan of Rs 176.53 Crs (out of sanctioned loan of Rs. 284.55 Cr) during the current financial year from parent company RINL to be exclusively utilised for operationalisation of Belkundi and Bhadrasahi Iron & Manganese Ore mine by making payment towards statutory dues.

Profit/ (Loss) before tax stands at Rs. (48.40) Crsas compared to Rs. (5.31) Crs for the previous financial year. Profit/(Loss) after tax is Rs. (40.22)Crs as compared to Rs. 2.82Crs in the previous financial year.

3. OUTPUT AND DISPATCH

The company achieved significant progress towards bringing the mines into operation. Mining operation in Bagiaburu mines started in Decemberâ2023. The company is in the process of obtaining statutory clearances for other two mines, namely: Belkundi & Bhadrasahi.

Dispatch from Bagiaburu mines was 1,00,862 MT during FY 2024-25.Undisposed stock of minerals dispatched from Bhadrasahi mines was 1,00,791 MT.

4. DIVIDEND

In view of accumulated losses incurred till FY 2024-25, your company has not proposed any dividend for the year 2024-25.

5. OTHER INCOME

Company continued its prudent cash planning to focus on judicious management of its funds. As per the Government guidelines, the Company deployed the funds in fixed deposits and earned an interest income of Rs. 2.00 Crs on fixed deposits during the year which is included under other income of the Statement of Profit & Loss Account.

6. NETWORTH

The net worth of the Company as on 31st March,2025 (FY-24-25) is decreased to Rs. (51.58) Crs as compared to Rs. (10.74) Crs on 31^st March, 2024, on account of some provisions made on doubtful recovery in the accounts in current FY-2024-25.

7. TRANSFER TO RESERVES

During the year 2024-25, the Company did not transfer any amount to General Reserve out of Profit and Loss Account.

8. INVESTOR EDUCATION AND PROTECTION FUND

During the year 2024-25, the Company hasnot transferred any amount to Investors Education and protection fund. The unclaimed dividend for the financial years 2012-13 (Rs. 3.40 Lacs), 2013-14 (Rs. 1.35 Lacs) & 2014-15 (Rs. 6.02 Lacs) were transferred to IEPF in FY 2024-25. The Company is in the process of activating the dividend accounts pertaining to 2015-16 and 2016-17, once the activation of dividend accounts is completed, the unclaimed dividend pertaining to these financial years will be transferred to IEPF.

9. SHARE CAPITAL

The paid-up Equity Share Capital as on March 31, 2025 was Rs. 60 Lakhs divided into 60 Lakhs equity share of face value of Re.1 each. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity and also not issued any Debentures.

As on March 31, 2025, none of the Directors of the Company hold shares or convertible instruments of the Company.

10. MEETINGS OFTHE BOARD OF DIRECTORS

The Board met 7 nos. (Seven) times during the year 2024-25 compared to 6 nos. (Six) Meetings during CPLY. The details of Board Meetings are provided in the Corporate Governance Report annexed with this Board Report. The gap between any two Board Meetings held during the year have not exceeded time limit as prescribed under the act.

11. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTOR

In terms of Section 149(7) of the Companies Act, 2013 necessary declaration has given by each Independent Director stating that he/she meets the criteria of Independence as provided in sub section (6) of Section 149 of the Companies Act, 2013.

12. AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been furnished in the Corporate Governance Report forming part of this Annual Report. There have been no instances where the Board has not accepted the recommendations of the Audit Committee. During the year, 4(four) Audit Committee Meetings were held and the details of which are given in the Corporate Governance Report. The intervening gap between these Meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

13. NOMINATION AND REMUNERATION COMMITTEE

The company had constituted Nomination and Remuneration Committee consisting of NonExecutive Directors. The composition and terms of reference of the Committee has been furnished in the Corporate Governance Report forming part of this Annual Report. During the year, no Nomination and Remuneration Committee Meeting was held and the details of which are given in the Corporate Governance Report.

Being a Central Public Sector Enterprise, the appointment, tenure, performance evaluation, remuneration, etc., of Directors are made/fixed by the Government of India. The remuneration of officer is decided as per Government guidelines on Pay Revision and remunerations of other employees of the company are decided as per Wage Settlement Agreement entered into with the Employeesâ Union. The appointments/promotions etc. of the employees are made as per Recruitment and Promotion Policy approved by the Board.

14. STAKEHOLDER RELATIONSHIP COMMITTEE

15. CORPORATE SOCIAL RESPONSIBILITY(CSR) COMMITTEE

Corporate Social Responsibility (CSR) has been an integral part of our business philosophy and your Company has been following it much before it became a norm for the corporate sector in India. As the Average net profits of OMDC for the last three years is negative, no amount was allocated to CSR during FY 2025-26.

16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loan, guarantee or made investment in securities during FY2024-25.

17. RELATED PARTY TRANSACTIONS

The Company has not entered into any materially significant related party transactions that may have potential conflict with the interests of the company at large. Nonetheless, transactions with related party have been disclosed in Note no 35 of Notes to the Accounts. Hence no disclosure is made in form AOC-2 as required under Section 134(3) read with rule 8 of the Companies (accounts) Rules, 2014. Company has Related Party Transaction Policy and the same is made available at its website.

18. FUTURE OUTLOOK

Public Hearing of Belkundi mines was conducted successfully on 17.08.2024. Co-terminus Forest Clearance (FC) for Belkundi mines was granted by MoEF & CC, Govt. of India.

Exploring the possibility for enhancement of production capacity in near future through upgradation in technological aspects is incorporated in the MDO contract for the operationalization of Belkundi mines.

Exploration work to access the minable reserves at Bagiaburu Mine is under progress which will enable to enhance capacity.

19. STATUS OF THE MINING LEASES:

A. OMDC Leases

â¢ Mining Lease: Orders for extension of validity of lease period have been received from Govt. of Odisha for Belkundi mining lease up to 15.08.2026, for Bagiaburu mining lease upto 10.10.2041 and for Bhadrasahi mining lease upto 30.09.2030.

â¢ Mining Plan: Approval of Mining Plan (MP) has been obtained for Bagiaburu mines up to 31.03.2026 and for Bhadrasahi mines up to 31.03.2030. The Mining Plan for Belkundi mines is valid up to 31.03.2026.

â¢ Environment Clearance: EC for Bagiaburu was received on 14.07.2023.

â¢ Forest Clearance: Stage-II Forest Clearance of Bagiaburu mines has been issued by MoEF&CC, integrated Regional office, Bhubaneswar on 17.09.2021.The Forest Clearance Co-Terminus extension of Belkundi Mines has been granted by MoEF&CC, New Delhi on 14.09.2022. Forest clearance of Bhadrasahi Mines is at MoEF & CC, Govt. of India.

B. BPMEL Leases

All the three BPMEL mining leases were non-operational due to various legal issues pending at High Court-Orissa, High Court-Calcutta, DRAT- Kolkata and Supreme Court of India etc. The cases other than pending before the Supreme Court of India are still sub-judice.

[Note: Honâble Supreme Court of India in its judgement dated 17.05.2024, set aside the judgment dated 03.03.2020 passed by the High Court, Calcutta. Direction to constitute a High Powered Committee is set aside. Order says that, the question of renewal of lease would not be examined by the Company Court. Order of the State of Odisha rejecting the request for renewal of Kolha-Roida lease is upheld. It is also clarified that applications filed for renewal of Thakurani and Dalki leases be treated as rejected or dismissed. Proceeding before the Company Court of HC, Calcutta, is directed to be continued in accordance with the law. OMDC filed a Petition before the Supreme Court on 08.07.2024 (Diary No. 29806 of 2024) for review of the judgment.Apetition for review of the judgment was also filed on 08.07.2024 by one of the shareholder (Diary No. 29537 of 2024). Both the Petitions filed before the Supreme Court of India, were taken up by circulation on 21.05.2025. The Supreme Court, upon perusal of the Review Petitions and the connected papers, dismissed both the Review Petitions being devoid of justifiable reason to entertain, vide a common order dated 21.05.2025].

20. INFORMATION TECHNOLOGY & TECHNOLOGY UPGRADATION

â¢ The company has taken initiative to publish all tenders/expression of interest (EOI) in companyâs corporate website as well as Central Public Procurement Portal (CPPP)

â¢ Procedure for sale of iron ore and manganese ore is designed through e-auction mode.

â¢ E-Office software is being implemented as a file tracking system in OMDC Head office and OMDC mines.

â¢ Processing of salaries is being done through Tally package.

â¢ Tally based accounting package is being used to pay vendor bill and different employee entitlements through RTGS and e-payment mode.

â¢ Regular usage of RINLâs SRM Portal for conducting reverse e-auction to finalise major contracts of higher values.

21. SAFETY MEASURES

Safety measures according to the provisions of the Mines Act, 1952 and relevant Rules, Regulations and also the guidelines, notified by the Director General of Mines Safety (DGMS), Govt. of India from time to time towards safety of employees engaged in mining and allied activities are followed at mines. Safe code of practices is also implemented at Workshop, plants etc during the operation and maintenance schedule. Annual Mines safety week are celebrated every year under the guidance of Director of Mines Safety, Chaibasa Region. During this celebration, competitions are organized amongst workers on different safety aspects and safety performances. Safe practices pertaining to different activities in mining operations are displayed through participation of workers in safety exhibitions. Necessary safety devices, tools and implements are provided to the concerned employees as per the statute. Innovative safety practices are also adopted by visiting neighbouring mines. Basic and refresher training is imparted to the workers in the Vocational Training Centre on respective field of work and operational activities associated with mines and plants. Disaster management plan has been put in place by the company.

22. IMPLEMENTATION OF THE RIGHT TO INFORMATION ACT, 2005

Your Company is proactively complying with the provisions of the Right to Information Act, 2005. The relevant information pertaining to RTI Act 2005 is made available at the Companyâs website. The queries are regularly replied through a Public Information Officer and Assistant Public Information Officer. All the information sought under the Act has been furnished within the stipulated time period. Whenever there is a likely delay in reply due to unavailability of proper information within the stipulated time limit, an interim reply is always sent to the applicants. Statutory Reports like Monthly Returns, Quarterly Returns and Annual Returns and other reports as required under this Act were complied with and forwarded to the Ministry from time to time.

During the year ended on 31^st March 2025, total i2applications have been received, Out of 12 applications, all were disposed off and no applications are pending.

23. PROGRESSIVE USE OF HINDI

24. EMPOWERMENT OF WOMEN

The Company continues to accord due importance to gender equality. All necessary measures/ statutory provisions for safeguarding the interests of women employees in issues like payment

of wages, hours of work, health, safety, welfare aspects and maternity benefits etc are being followed by the Company.

In compliance with the directives of the Supreme Court, guidelines relating to sexual harassment of women workers at work places were issued by Govt. of India, Ministry of Human Resources and Development. Accordingly, an Internal Complaints Committee has been constituted vide policy circular no.01/2021. No case of any harassment has been reported at any of the Mines of the Company or its Corporate Office. The directives have been widely circulated to bring awareness amongst the employees, particularly women. OMDC does not differentiate in terms of gender, and is an equal opportunity employer.

Total women employees on roll of the Company as on 31.03.2025 is 07 nos which constitute about 4.78% of its total workforce of 178 employees.

25. HUMAN RESOURCES & WELFARE OF WEAKER SECTIONS OF SOCIETY

Employees on rolls of the Company as on 31.3.25 had been as compared to 212 as on 31.3.24. Strength of SCs, STs, OBCs as on 31.3.25 is given below:

Total No. of Employees	178 nos. (Exe. 53 & Non-Exe.- 125)
SC	21 nos. (Exe. 5 & Non-Exe. 16)
ST	26 nos. (Exe. 0 & Non-Exe. 26)
OBC	48 nos. (Exe. 13 & Non-Exe. 31)
Total of SC, ST and OBC	91 nos.

Due to delay in payment of wages there has been resentment among the employees. They were appraised through Unions about the Companyâs delicate financial position at regular intervals and contained major IR situation. Intervention of conciliation authorities (Central Labour Officials) has been sought in normalizing IR situation.

26. INDUSTRIAL RELATIONS

Industrial relations in the Company and at Mines continued to be cordial during the year 202425.

27. VIGILANCE

Vigilance activities/events for the year 2024-25: Vigilance has been focusing on preventive and proactive Vigilance activities to facilitate a conducive environment enabling people to work with integrity, impartiality, and efficiency, in a fair and transparent manner, upholding the highest ethical to reputation and creating value for the organization.

An effort has been made to reduce the pendency of long pending Disciplinary Cases and complaints. Regular review meetings are conducted with the Management on Vigilance issues for immediate disposal. As part of preventive vigilance, various training programs on topics like Contract Handling Practices, Cyber Hygiene and Security, Ethics and Governance, Systems and

Procedures of the organization, and Preventive vigilance have been conducted for the employees of OMDC.

Vigilance Awareness Week is observed every year in line with the directives of the Commission.

28. GRIEVANCE REDRESSAL MECHANISM (GRM)

Grievance Redressal Mechanism is put in place in M/S. OMDC at Unit Level and at Corporate Level. Nodal Officer has been notified for this purpose. The name & designation of the officer have been posted in the Companyâs website.

Status of Public/Employeesâ Grievances from 01.04.2024 to 31.03.2025

â¢ d

cn Â£

Types of Grievances

Grievances outstanding as on

01.04.2024

No. of Grievances received during the period

01.04.2024 to

31.03.2025

No. of Cases disposed of during the period

01.04.2024 to

31.03.2025

No. of Cases pending as on 31.03.2025

Public

Grievances

NIL

Employee

Grievances

NIL

29. IMPLEMENTATION OF THE PERSONS WITH DISABILITIES ACT, 1995

M/S. OMDC being a mining organization is governed by the provisions of the Mines Act, 1952 and Rules & Regulations made there under. M/S. OMDC has implemented the provisions of âPersons with Disabilities Act, 1995â.

30. COMPLIANCE WITH LAW/ LEGAL REQUIREMENTS

The Company has taken measures to ensure legal compliances from all the departmental heads and the legal compliance report are placed before the Board.

31. WEBSITE OF THE COMPANY

The Company maintains its website www.birdgroup.gov.in where information about the Company is provided.

32. VIGILMECHANISM/WHISTLE BLOWERPOLICY

The company has a vigil mechanism for Director and Employees to report their concerns about unethical behaviour, actual or suspected fraud or violation of the companyâs Code of Conduct. The mechanism provides for adequate safeguards against victimization of Director and employees who avail of the mechanism. In exceptional cases, Director and employees have direct access to the Chairman of Audit Committee.

Your Company has a Whistle Blower Policy in place and the same is also made available in the companyâs website.

33- ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The prescribed particulars of conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo required under Sec 134(3)(m) read with Rule 8(3) of the Companies (Accounts) Rules,2014 is followed at M/S. OMDC.

34. STATUTORY AUDITORS

On the advice of the Comptroller and Auditor General of India, New Delhi, your Company appointed the under mentioned firm of Chartered Accountants as Statutory Auditor of your Company for the year 2024-25.

SL No	Name of the Auditor	Address of the Auditor
1	M/s.SDR& Associates	Plot no. 65, Sahid Nagar, Bhubaneswar, Odisha-751007

The Statutory Auditor Report on the Accounts of the Company for the Financial Year ended 31^stMarch, 2025 forms part of the Directors Report.

35. COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31^stMarâ25.

The Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under Section 143 (6) (a) of the Companies Act, 2013 of the financial statements of OMDC for the year ended 31^st March, 2025. Management reply along with comments by CAG on the accounts of the company for the FY 2024-25 forms part of the Directors Report.

36. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

A Secretarial Audit was conducted during the year by the Secretarial Auditors M/s.Palatasingh& Co., Practicing Company Secretaries. The Secretarial Auditor''s Report for the financial year ending 31stMarch, 2025 forms part of the Board''s Report. Certain observations were made on composition of Board, delay in compliance of SEBI LODR Regulations, etc.

37. MAJOR LEGAL CASES:CASES RELATING TO OMDC:

The company is contesting a good number of legal cases in the High Court at Calcutta, High Court of Orissa at Cuttack; DRAT (Kolkata),Rivisional Authority, Ministry of Mines, New Delhi and Supreme Court as well as various lower courts in the state of Odisha and West Bengal etc. Few Arbitration Proceedings are also been continuing at Calcutta. Some of the major cases are detailed as under:

i. F.M.A - 941 of 2012 (F.M.A.T no. - 649 of 2012) &

F.M.A - 939 of 2012 (F.M.A.T no. - 650 of 2012)

The cases are pending before the High Court, Calcutta

Both the appeals relate to The Orissa Minerals Development Co. Ltd. & Jai Balaji Industries Ltd. The two disputes were raised by Jai Balaji Industries Limited concerning the Supply of Iron Ore (10-30 mm) & Iron Ore (5-18 mm) respectively. The matter was referred for adjudication by Arbitrator. Arbitration award was passed in favour of Jai Balaji Industries Limited. As per the award, OMDC is required to pay the claim amount of Rs.5,03,79,834.11 including interest calculated up to 15th September,2010 & further interest till realization of the same and the claim amount of Rs.3,55,03,760.33 including interest calculated up to 15th September,2010 & further interest till realization of the same respectively. OMDC preferred these two appeals against the arbitration awards before the High Court, Calcutta &the final hearing of the appeals have commenced. Two separate applications filed by Jai Balaji Industries Limited before NCLT, Calcutta, are dropped in terms of the direction passed by NCLAT, New Delhi.

Two execution proceedings, filed by Jai Balaji Industries Limited to execute the arbitration awards passed in its favour i.e. Misc Ex. (Com.)-07/2024 [Money Execution Case No.: 04 of 2021] &Misc Ex. (Com.)-o8/2024 [Money Execution Case No.: 05 of 2021], are pending for adjudications before the Commercial Court, Rajarhat (W.B.).

ii.

> Money Execution Case No. 04/2021 (Arising out of Money Suit No. - 46/2019) -Pending before, The Commercial Court, Alipore (West Bengal),

> Appeal No. FAT- 58/2022, (Arising Out of MS. No.- 46/2019) - Pending before High Court, Calcutta, (West Bengal).

The dispute relates to alleged delay in transmission of shares & payment of dividends to the LRs of a deceased share holder. The applicants approached the court claiming compensation for such delay, loss on profit, harassment etc. Vide order (Judgment) dated. 14.09.2021 the suit was decreed on contest with cost in favour of the applicants. OMDC is directed to pay Rs.4,58,16,186/- to the plaintiff with pendentelite & future interest. DHrs. have filed the present execution case for realization of their decretal dues.

The OMDC preferred an appeal being no. FAT- 58/2022 (FMAT- 690/2021) before the High Court, Calcutta on 15.11.2021 challenging the aforesaid judgment dated 14.09.2021 passed by the Ld. Commercial Court, Alipore. A petition is also filed before the High Court praying for stay of the execution proceeding as an interim relief pending disposal of the Appeal.

Vide order dated 22.03.2022 the appeal is admitted by the Honâble High Court. Further, the High Court, Calcutta vide order dt. 29.02.24 & 20.03.24 conditionally stayed the execution proceeding before the Commercial Court, Alipore till 05.04.2024 subject to furnishing of Bank Guarantee by a Nationalised Bank for Rs.6 Crore. OMDC furnished the BG on 05.04.2024. The appeal is yet to be listed for final hearing.

iii. Visa Steel Ltd.

A long term agreement was entered into between OMDC & VISA Steel Ltd for supply of BF grade iron ore CLO (10-30mm) Fe 64% (acceptable up to 62.5% Fe) at the basic price of Rs 512 per MT F.O.R Thakurani, Barajamda, Orissa excluding Royalty, Sales Tax and per siding charges on actual basis for a period of 55 months commencing from the date of agreement (21st December,2004) with the provision that the basic price shall be reviewed & revised by OMDC from time to time as applicable to major PSUâs & long term customer.

Dispute and difference arose between the parties following which VISA STEEL LTD invoked the arbitration clause. Accordingly, the dispute was referred to arbitration. Both the parties mutually agreed to appoint Sri V N KHARE, Former chief justice, Supreme Court of India as the sole Arbitrator. Visa Steel ltd claimed an amount of Rs. 190.21 cores and OMDC submitted the counter claim Rs.1.35 cores and additional claim of Rs. 254 Crores with 10% interest.

The arbitration proceeding initially commenced on 24.01.2008. However, after the sitting on 14.12.2019, no further sitting took place till Marchâ2025. On 20.03.25 the proceeding recommenced through a virtual mode and the parties are directed to comply certain directions. The next sitting of the arbitration was on dt.05.07.25, however, at the request of the Advocate for Claimant (EIML), the hearing got postponed till further order. The OMDC has engaged Shri Jagat Narayan Rajkaran Singh, advocate Supreme Court, Delhi as counsel for this matter.

iv. East India Minerals Limited [EIML]

An Arbitration proceeding is going on between East India Minerals Limited and OMDC, before three membersâ bench. The first meeting of the arbitral tribunal was held on 25.04.2007. OMDC challenged the basis of EIML case as untenable at the Arbitration. It is understood that the last sitting of the Arbitration i.e. 32nd sitting was held on 04.02.2016 fixing the next date to 11.03.2016. However, no further date thereafter was fixed and the matter remained idle.

It is understood from the petition filed by EIML before the High Court, Calcutta that the Learned Presiding Arbitrator (P.A.) has died. Accordingly, EIML filed petition U/s. 14 & 15 of the Arbitration and Conciliation Act, 1996 being A.P. No. 677/2022 before the High Court, Calcutta praying for appointment of a Presiding Arbitrator to Continue with the proceeding.

In terms of the judgment & orders passed on 19.05.2023 & 01.09.2023 by the High Court Calcutta in A.P. No. 667/2022 & A.P. No. 558/2023 respectively, the long pending arbitration proceeding between OMDC & EIML has resumed through the reconstituted arbitral tribunal headed by Shri Ashok Kr. Ganguly J. former Judge S.C. as substitute/Presiding Arbitrator. More than seventeen (17) sittings of the reconstituted tribunal have taken place on different dates starting from 26.09.2023. EIML has amended its claim by enhancing its prayer for damages to Rs.3,782 Crs and has adduced evidence of its 1^st witness. The witness is being cross-examined by the Resp. No.1 (OMDC) on different dates.

CASES RELATING TO BPMEL:

v. Case No.: CA 400/2013 - (Pending before the High Court, Calcutta)

This Company Application related to 3 Mining Leases of BPMEL filed before the Calcutta High Court by TPG Equity Management Pvt. Ltd. (TPGEMPL) against the Official Liquidator, BPMEL and others. In the said application, TPGEMPL prayed to allow the proposed scheme of revival of 3 Mining Leases in its favour staying the winding up / liquidation proceeding of BPMEL. It was further prayed not to jeopardize its right, title and interest over the property of BPMEL. In the said application OMDC has entered its appearance as an intervener and opposing the contention of TPGEMPL.

An interim order in the said application (CA No. 400 of 2013) is passed on 9th August 2019, wherein the Honâble High Court directed for formation of a High-Power committee consisting of three members i.e. one from the Central Government, one from the Orissa State Government and one member from Orissa Mineral Development Company (OMDC) to take a decision by a reasoned order with regard to the renewal of the subject leases. The court also directed to hear the version of TPG Equity Management Private Limited while taking the decision.

In compliance of the order, the Dept. of Heavy Industry vide its letter dated. 20.03.2020 formed a High-Power Committee consisting of the representatives of Govt. of India, Govt. of Odisha and OMDC to hear the issue raised by TPGEMPL. Meeting was held on 03.07.2020 through Video Conference. OMDC has submitted its comments to DHI, Govt. of India. The Dept. of Steel & Mines, Govt. of Odisha that Govt. of Odisha has preferred appeal to Supreme Court [SLP.(C) No. 007315-007316/2021] challenging the order of High Court, Calcutta.

The Supreme Court initially vide order dated 08.10.2021 upon hearing SLP (C) No.: 007315007316 directed for issue notice staying the operation and effect of the impugned order dated

03.03.2020 (passed by High Court, Calcutta in ACO No.24/2019 and APO No.196/2019) until further order. However, vide judgment dated 17.05.2024 has set aside the judgment dated

03.03.2020 passed by the High Court, Calcutta. Accordingly, the direction to constitute a High Powered Committee is set aside. It is ordered that, the question of renewal of lease would not be examined by the Company Court. Further, the order of the State of Odisha rejecting the request for renewal of Kolha-Roida lease is upheld. It is clarified by the Supreme Court that applications filed for renewal of Thakurani and Dalki leases will be treated as rejected or dismissed. The proceedings before the Company Court of High Court Calcutta, is directed to be continued in accordance with law.

Upon receipt of opinion from the A-O-R at S. Court and considering the impact the judgment has on OMDC, the OMDC filed application on 08.07.2024 for review of the judgment passed by the S.C. Apetition for review of the judgment was also filed by one of the shareholder. Both the Petitions filed before the Supreme Court, were taken up by circulation on 21.05.2025. The S.C., upon perusal of the Review Petitions and the connected papers, dismissed both the Review Petitions being devoid of justifiable reason to entertain, vide a common order dated 21.05.2025.

vi. Appeal No -129/2014 (AOO. TA/216/94) &Appeal No -130/2014 (AOO. TA/216/94)-Both cases pending before the Honâble Debt Recovery Appellate Tribunal, Kolkata

These two Appeals are filled by OMDC before the DRAT, Kolkata. One challenging the Judgment/Recovery Proceedings by DRT-1, Kolkata (being Appeal No.129/2014) and another

i.e. Appeal No 130/2014 was filed challenging an Order passed by DRT-1 Kolkata [i.e. exonerating one of the JDr. (Bharat Bhari Udyog) from the liabilities and making OMDC responsible for repayment of loan].

The appeals are being heard in part by the Ld DRAT, Kolkata and awaits for final hearing.

[Be it noted here that, BPMEL had availed certain financial assistance from UCO Bank and couldn''t repay the dues. For which UCO Bank filled Money Suit for recovery against BPMEL at HC, Calcutta. The suit was decreed and transferred to DRT-1, Kolkata (being TA- 216/1994) for recovery followed by initiation of Recovery Proceedings (being RP-142/2003) before the RO, DRT-1 Kolkata].

vii. RVWPET 127 of 2023, RVWPET 128 of 2023 and RVWPET 126 of 2023 -

Pending before the High Court, Orissa (Cuttack)

OMDC filed two writ petitions being W.P.(C) No.16874/2009 & W.P.(C) No.9432/2013 for renewal of mining leases in its favour and also to upheld its right, title and interest over the three mining leases held in the name of BPMEL. The Govt. of Odisha had also filed one writ petition being WP (C) No- 1852/2010 challenging the order passed by Revision Authority, Ministry Mines, Govt. of India in favour of OMDC/BPMEL w.r.t. renewal of Kolha-Roida Mines.

The High Court, Orissa (Cuttack) while hearing three (3) writ petitions filed by & between OMDC, Govt. of Orissa and BPMEL disposed of by a common order dated 09.03.2023 against OMDC/BPMEL.

After discussion with the advocate on record, separate petitions were filed by OMDC before the High Court, Orissa (Cuttack) on 11.04.2023 praying for review of its earlier orders.

viii. Certificate Case No.: 32/2018

This case was filed by DDM, Joda in the Court of Collector and District Magistrate-cum-Certificate Officer, Keonjhar against BPME Ltd. U/Sec. 6 of OPDR Act, 1962 for realization of penalty amount of Rs.871,43,77,003/- towards violation of Environment Clearance as per sec. 21(5) of MMDR,1957.

The matter was heard & final order is passed on 22.06.2019 by the Certificate Court for realization of penalty amount.

ix. File No. 22/(23)/2024/RC-I/2024 (Dt.18.10.2024), File No. 22(24)/2024/RC-I/2024 (dt. 18.10.2024) and File No. 22/(01)/2025/RC-I/2025 (Dt.06.02.2025).

Three (03) demand notices are issued by DDM, Joda to OMDC under Section 21(5) of MMDR Act, 1957 demanding Rs. 6,15,47,537/-, Rs. 9,72,71,558/- and Rs. 6,01,37,627/-respectively for realization of compensation towards unlawful production of minerals from

BPMEL leases and violation of MP/CTO. The demand made through illegal but since is very high and made by a statutory authority; it is challenged before the Revision Authority (RA), Ministry of Mines, GoI. being the appropriate authority. All are, pending for hearing.

38. RISKS & MITIGATING STEPS

The Company has identified various risks faced by the Company from different areas. As required under SEBI (LODR) Regulation 2015, the Board has adopted a Risk Management policy whereby a proper framework is set up and the same is under revision. Accordingly, the company has constituted a Risk Management Committee comprising of 5 (Five) Members where in LIC Nominee Director as Chairman, Government Nominee Director, MD OMDC, CGM(Mining) and CFO OMDC are members of the committee. During the year, no Risk Management Committee Meeting was held and the details of which are given in the Corporate Governance Report.

39. BOARD OF DIRECTORS

Shri A K Saxena, CMD (Addl Charge), RINL was nominated as Non-Executive Chairman of OMDC w.e.f 04.11.2024.

Shri A K Bagchi was appointed as RINL Nominee Director on the Board of OMDC w.e.f. 17.01.2024..

Shri Vasudha Chandra Suratkal was appointed on the Board of OMDC w.e.f. 22.02.2025 and MD (Addl. Charge) & Director (P&P), OMDC was assigned to him w.e.f. 22.02.2025 in place of Shri A K Bagchi, Director (Projects), RINL.

Smt. Swapna Bhattacharya, DDG, MoS ceased to be as Government Nominee Director of the Company w.e.f 11.06.2025.

Shri S. Sharad Rao, Director, MoS was appointed on the Board of OMDC as Government Nominee Director of the Company w.e.f 11.06.2025.

Smt. Dr. T N Sarasu was resigned and ceased to be Independent Director of the Company w.e.f. 28.03.2024 and further reappointed as an Independent Directors of the Company w.e.f 15.04.2025.

Shri M. Saravanan and Shri Sidharth Sambhu were ceased to be Independent Directors of the Company on 31.10.2024 & 02.11.2024 respectively due to their tenure completion as per appointment Order issued by MoS. Further Shri M. Saravanan reappointed as an Independent Directors of the Company w.e.f 15.04.2025.

Shri T.R Mallik was appointed as nominee director of OMDC by LIC of India w.e.f 31.05.2023.

40. WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and SEBI (LODR) Regulation 2015, a company shall have at least one âWoman Directorâ on the Board of the company. Presently, one (1 nos.) Women Director Viz., Smt. (Dr.) T N Sarasu, Independent Director is on the Board of your Company.

41. DETAILS OF KEY MANAGERIAL PERSONNEL

Shri Vasudha Chandra Suratkal was appointed as MD, Addl. Charge

Shri Arindam Maitra was appointed as CFO and KMP of the company by the Board.

Shri Pintu Kumar Biswal was appointed as Company Secretary and Compliance Officer of the Company.

42. REPORT ON MANAGEMENT DISCUSSIONS AND ANALYSIS

A Report on Management Discussions and Analysis as required in terms of Schedule V of the SEBI (LODR) Regulation, 2015 forms part of the report.

43. CORPORATE GOVERNANCE

A report on Corporate Governance regarding compliance of the conditions of Corporate Governance pursuant to Schedule V of the SEBI (LODR) Regulation, 2015 also forms part of this Directors'' Report.

Certificate attested by the CEO/CFO is also enclosed forming part of the Corporate Governance Report and Certificate on Compliance was obtained from a Practicing Company Secretary regarding compliance of the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 also forms part of this Annual Report.

44. DEPOSITS

Your company has not accepted any deposits covered under Chapter-V of the Companies Act, 2013 during the period under review.

45. LISTING

The Company''s shares are listed at The Calcutta Stock Exchange Limited CSE, National Stock Exchange Limited NSE and also traded in Bombay Stock Exchange Limited BSE under permitted category.

46. DEPOSITORY SYSTEM

The Company''s shares are under compulsory Demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

All the Shareholder except 106 nos. are holding shares in dematerialized form. Members having certificate in physical form have been requested to dematerialize their holdings for operational convenience.

47. ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act 2013, a copy of Annual Return in Form No MGT-7 for the FY ended on 31^st March, 2025, is being placed on the Website of the Company athttp: //www.birdgroup.in.

48. APPOINTMENT OF DIRECTORS AND REMUNERATION POLICY

Being a Central Public Sector Enterprise, the appointment, tenure, performance evaluation, remuneration, etc., of Director are made/fixed by the Government of India.

The remuneration of officers is decided as per Government guidelines. On Pay Revision and remunerations of other employees of the company, the same is decided as per Wage Settlement Agreement entered with the Employees Union. The appointments/promotions etc. of the employees are made as per Recruitment and Promotion Policy approved by the Board.

49. DIVIDEND DISTRIBUTION POLICY

The Board of Directors has approved Dividend Distribution Policy which has been uploaded on the website of the company http://www.birdgroup.in

50. BUSINESS RESPONSIBILITY STATEMENT

In compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Business Responsibility Report (BRR) is annexed to this report.

51. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

There are no material changes and commitment, affecting the financial position of the company which has occurred between the end of the financial year and the date of the report.

52. CAUTIONARY STATEMENT

Statements in the report, describing the Companyâs objectives, expectations and/or anticipations may be forward looking within the meaning of Applicable Laws, Rules and Regulations. Actual results may differ materially from those stated in the statement. Important factors that could influence the Companyâs operations include global and domestic supply and demand conditions affecting selling prices of finished goods, availability of inputs and their prices, changes in the Government policies, regulations, tax laws, economic developments within the country and outside and other factors such as litigations and industrial relations.

The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of subsequent developments, information or events.

53. DIRECTORS'' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section i34(3)(c) of the Companies Act, 2013:

i. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii. That the Directors had 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 at the end of the financial period and of the profit or loss ofthe Company for that period;

iii. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. That the Directors had prepared the annual accounts on a going concern basis.

v. The Directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

vi. That the Directors had devised proper system to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

vii. The Companyâs Statutory Auditors, Secretarial Auditors, CAG, etc., has conducted periodic audits to provide reasonable assurance that the Companyâs approved policies and procedures have been followed.

54. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India especially the Ministry of Steel, Ministry of Mines, Ministry of Environment, Forest & Climate Change, Ministry of Corporate Affairs and from Government of Odisha and other Departments of Government of India and States.

Your Director places on records their sincere thanks to the support extended by the valued and esteemed Customers, Shareholders, Stakeholders, Railway Department, Banks and the Suppliers. Directors also wish to convey their appreciation to all the Unions and employees of the organization for their valuable contributions and support.

Mar 31, 2024

On behalf of the Board of Director of the Company, I take great pleasure in presenting the 106^thAnnual Report of the Company for the financial year ended 31^st March, 2024 together with the Audited Statements of Accounts, the Auditor'' Report and Comments on the Accounts by the Comptroller and Auditor General of India.

1. FINANCIALRESULTS

The financial results of M/s. OMDC for the year 2023-24 in comparison with previous financial year 2022-23 are given in Table below:

PARTICULARS	For the year ended 3103-2024 (Rs. in Lakhs)	For the year ended 31-03-2023 (Rs. in Lakhs)
Income:
Revenue from operations *	8227.92	3553.07
Other Income	710.20	941.92
Total Income	8938.12	4494.99
Total Expenditure (Inclg Depcn & Amortisation)	9469.00	7370.38
Depreciation & Amortization	487.48	223.17
Net profit before tax	(530.88)	(2721.94)
Tax Expenses	(812.79)	(1067.75)
(a) Current tax	-	-
(b)Deferred tax	(812.79)	(1067.75)
Net profit after tax	281.91	(1654.19)
Total Other Comprehensive Income	(75.55)	20.90
Total Comprehensive Income	206.35	(1633.29)
Appropriations	-	-
General Reserve	32474.35	32474.35
Payment of Dividend	NIL	NIL

*Sale of Undisposed stock from Bhadrasahi Mines

2. REVIEW OF THE FINANCIAL PERFORMANCE

Total earning of Rs 89.38 Cs includes sale of old stocks of Rs 82.28 Crs and interest received from the term deposits of Rs 3.70 Crs during the FY 2023-24. The interest income reduced during the year from the previous year due to depletion of funds on account of repayment of EMI against Short-term loan.

On the other hand, the interest expense increased to Rs. 30.61 Cr in current financial year-202324 as compared to Rs. 24.43 Crs in previous financial year due interest liability against the ShortTerm Loan of Rs.310 Cr taken for payment of compensation and interest bearing Trade advance received from RINL.

Outstanding balances of Short Term (ST) and of Funded Interest Term Loan (FITL) which were Rs. 156.40 Crs and Rs. 17.20 Crs respectively as on 31.03.23 were paid off during the financial year. There is no loan outstanding as on 31.03.2024.

Profit/ (Loss) before tax stood at Rs. (530.88) Lakhs compared to Rs. (2721.96 Lakhs for the previous year. Profit/(Loss) after tax was Rs. 281.91 Lakhs as compared to Rs. (1654.21) Lakhs in the previous year.

3. OUTPUT AND DISPATCH

The company achieved significant progress in the attempts towards bringing the mines into operation. Mining operation in Bagiaburu mines started in Decemberâ2023. The clearance of Honâble Supreme Court has been received for resumption of mining operations subject to obtaining all necessary clearances and sale of undisposed stock of minerals in these mines. The company is in the process of obtaining the clearances for other two mines, namely: Belkundi & Bhadrasahi.

Undisposed stock of minerals dispatched from Bhadrasahi mines is 2,57,794 MT and from Bagiaburu mines is 25,545 MT during FY 2023-24.

4. DIVIDEND

In view of accumulated losses incurred till FY 2023-24, your company has not proposed any dividend for the year 2023-24.

5. OTHER INCOME

Company continued its prudent cash planning to focus on judicious management of its funds. As per the Government guidelines, the Company deployed the funds in fixed deposits and earned an interest income of Rs. 3.70 Crs on fixed deposits during the year which is included under other income of the Statement of Profit & Loss Account.

6. NETWORTH

The net worth of the Company as on 31st March, 2024 increased to Rs. (1073.92) Lakhs as compared to Rs. (1280.27) Lakhs on 31^st March, 2023, on account of provisions as above.

7. TRANSFER TO RESERVES

During the year 2023-24, the Company did not transfer any amount to General Reserve out of Profit and Loss Account.

8. INVESTOR EDUCATION AND PROTECTION FUND

During the year 2023-24, the Company has not transferred any amount to Investors Education and protection fund. The unclaimed dividend for the financial years 2012-13 (Rs. 3.40 Lacs), 2013-14 (Rs. 1.35 Lacs) & 2014-15 (Rs. 6.02 Lacs) were transferred to IEPF in FY 2024-25. The Company is in the process of activating the dividend accounts pertaining to 2015-16 and 2016-17. once the activation of dividend accounts is completed, the unclaimed dividend pertaining to these financial years will be transferred to IEPF.

9. SHARE CAPITAL

The paid-up Equity Share Capital as on March 31, 2024 was Rs. 60 Lakhs divided into 60 Lakhs equity share of face value of Re.1 each. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity and also not issued any Debentures.

As on March 31, 2024, none of the Directors of the Company hold shares or convertible instruments of the Company.

10. MEETINGS OF THE BOARD OFDIRECTOR

The Board met 6 nos. (Six) times during the year 2023-24 compared to 5 nos. (Five) Meetings during CPLY. The details of Board Meetings are provided in the Corporate Governance Report annexed with this Board Report. The gap between any two Board Meetings held during the year have not exceeded time limit as prescribed under the act.

11. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTOR

12. AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been furnished in the Corporate Governance Report forming part of this Annual Report. There have been no instances where the Board has not accepted the recommendations of the Audit Committee. During the year, 5(five) Audit Committee Meetings were held and the details of which are given in the Corporate Governance Report. The intervening gap between these Meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

13. NOMINATION AND REMUNERATION COMMITTEE

The company had constituted Nomination and Remuneration Committee consisting of NonExecutive Directors. The composition and terms of reference of the Committee has been furnished

in the Corporate Governance Report forming part of this Annual Report. During the year, one Nomination and Remuneration Committee Meeting was held on 31.01.2024 and the details of which are given in the Corporate Governance Report.

14. STAKEHOLDER RELATIONSHIP COMMITTEE

The composition and terms of reference of the Stakeholder Relationship Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. During the year, one Stakeholder Committee Meeting was held on 31.01.2024 and the details of which are given in the Corporate Governance Report.

15. CORPORATE SOCIAL RESPONSIBILITY(CSR) COMMITTEE

However, Your Company is focused in areas such as Health, Education, Employment generation, Empowerment of women and Drinking Water etc. which are enumerated under schedule VII of Companies Act, 2013. The Company has constituted CSR Committee in terms of the provisions of the Companies Act, 2013 and details of the same are forming part of Corporate Governance Report annexed to this report. During the year, one CSR Committee Meeting was held on 31.01.2024 and the details of which are given in the Corporate Governance Report.

16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loan, guarantee or made investment in securities during FY24.

17. RELATED PARTY TRANSACTIONS

18. FUTURE OUTLOOK

Co terminus Forest Clearance (FC) up to 15.08.2026 for Belkundi mines has been granted. Public Hearing of Belkundi was rescheduled twice but postponed on both occasions. Environmental

Clearance of Belkundi mines will be obtained after successful conductance of Public Hearing and mining operation is expected to resume by last quarter of FY 2024-25.

Exploring the possibility for enhancement of production capacity in near future through up gradation in technological aspects is incorporated in the MDO contract for the operationalization of Belkundi mines.

19. STATUS OF THE MINING LEASES:

A. OMDC Leases

â¢ Mining Plan: Approval of Mining Plan (MP) has been obtained for Bagiaburu mines up to 31.03.2026 and for Bhadrasahi mines up to 31.03.2025. The Mining Plan for Belkundi mines is valid up to 31.03.2026.

â¢ Environment Clearance: EC for Bagiaburu was received on 14.07.2023.

B. BPMEL Leases

All the three BPMEL mining leases are non-operational due to legal cases at High Court-Orissa, High Court-Calcutta, DRAT, Kolkata and Supreme Court of India which are sub-judice.

(Note: Honâble Supreme Court of India in its judgement dated 17.05.2024, set aside the judgment dated 03.03.2020 passed by the High Court, Calcutta. Direction to constitute a High Powered Committee is set aside. Order says that, the question of renewal of lease would not be examined by the Company Court. Order of the State of Odisha rejecting the request for renewal of Kolha-Roida lease is upheld. It is also clarified that applications filed for renewal of Thakurani and Dalki leases be treated as rejected or dismissed. Proceedings before the Company Court of HC, Calcutta, is directed to be continued in accordance with the law. OMDC filed a Review Petition before the Supreme Court on 08.07.2024.We are informed by one of the shareholders of OMDC that a petition for review of the judgment has also been filed by shareholder on 08.07.2024 (Diary No. 29537 of 2024).

20. INFORMATION TECHNOLOGY & TECHNOLOGY UPGRADATION

â¢ The company has taken initiative to publish all tenders/expression of interest (EOI) in companyâs corporate website as well as Central Public Procurement Portal (CPPP)

â¢ Procedure for sale of iron ore and manganese ore is designed through e-auction mode.

â¢ E-Office software is being implemented as a file tracking system in OMDC Head office and OMDC mines.

â¢ Processing of salaries is being done through Tally package.

â¢ Tally based accounting package is being used to pay vendor bill and different employee entitlements through RTGS and e-payment mode.

21. SAFETY MEASURES

22. IMPLEMENTATION OF THE RIGHT TO INFORMATION ACT, 2005

During the year ended on 31^st March 2024, total 36 applications have been received, Out of 36 applications, all were disposed off and no applications are pending.

23. PROGRESSIVE USE OF HINDI

106^th ANNUAL REPORT - FY 2023- 24

in which the employees took active participation. M/S. OMDC is ensuring steps under the directives of the Official Language Act to use and propagate the use of Hindi. Bilingual Boards and advertisements are being issued. âRajbhashaShikshan Boardâ is put up at H.O. to appraise the employees with new words every day. Despatch registers and other works registers are maintained in Hindi. âPrabin, Pragya&Parangatâ exams have been completed and above 80% of employees have passed the related exam. Central Government has already notified OMDC under sub-rule (4) of Rule 10 of the Official Language Act on 01.03.2017. OMDC is already registered in Rajbhasha website and quarterly report are being sent regularly through online. Companyâs website is updated in Hindi.

24. EMPOWERMENT OF WOMEN

The Company continues to accord due importance to gender equality. All necessary measures/ statutory provisions for safeguarding the interests of women employees in issues like payment of wages, hours of work, health, safety, welfare aspects and maternity benefits etc are being followed by the Company.

Total women employees on roll of the Company as on 31.03.2024 is 07 nos which constitute about 3.30% of its total workforce of 212 employees.

25. HUMAN RESOURCE & WELFARE OF WEAKER SECTIONS OF SOCIETY

Employees on rolls of the Company as on 31.3.24 had been 212 as compared to 234 as on 31.3.23. Strength of SCs, STs, OBCs as on 31.3.24 is given below:

Total No. of Employees	212 nos. (Exe. 59 & Non-Exe.- 153)
SC	28 nos. (Exe. 8 & Non-Exe. 20)
ST	35 nos. (Exe. 0 & Non-Exe. 35)
OBC	48 nos. (Exe. 13 & Non-Exe. 35)
Total of SC, ST and OBC	111 nos.

conciliation authorities (Central Labour Officials) has been sought in normalizing IR situation. Meetings with Dy. CLC (Central) at Bhubaneswar were held on 06.01.2023 and also with RLC (Central) at Rourkela on 21.02.2022 and 02.03.2022 in this regard.

26. INDUSTRIAL RELATIONS

Industrial relations in your Company and at Mines continued to be cordial during the year 202324.

27. VIGILANCE

Vigilance activities/events for the year 2023-24: Vigilance has been focusing on preventive and proactive Vigilance activities to facilitate a conducive environment enabling people to work with integrity, impartiality, and efficiency, in a fair and transparent manner, upholding the highest ethical to reputation and creating value for the organization.

To carry out periodic reviews to ensure the integrity of the existing automated (Information & Communication Technology) systems and processes at BGC (OMDC, BSLC & EIL), a committee comprising an officer of the Vigilance Department, HR Department, and IT Department has been constituted on 13/06/2023.

Vigilance Awareness Week is observed every year in line with the directives of the Commission.

28. GRIEVANCE REDRESSAL MECHANISM (GRM)

Status of Public/Employeesâ Grievances from 01.04.2023 to 31.03.2024

â¢ d

cn Â£

Types of Grievances

Grievances outstanding as on

01.04.2023

No. of Grievances received during the period

01.04.2023 to

31.03.2024

No. of Cases disposed of during the period

01.04.2023 to

31.03.2024

No. of Cases pending as on 31.03.2024

Public

Grievances

NIL

Employee

Grievances

NIL

30. COMPLIANCEWITH LAW/ LEGALREQUIREMENTS

The Company has taken measures to ensure legal compliances from all the departmental heads and the legal compliance report are placed before the Board.

31. WEBSITE OF THE COMPANY

The Company maintains its website www.birdgroup.gov.in where information about the Company is provided.

32. VIGILMECHANISM/WHISTLE BLOWER POLICY

Your Company has a Whistle Blower Policy in place and the same is also made available in the companyâs website.

33. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The prescribed particulars of conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo required under Sec i34(3)(m) read with Rule 8(3) of the Companies (Accounts) Rules,2014 is followed at M/S. OMDC.

34. STATUTORY AUDITORS

SL No	Name of the Auditor	Address of the Auditor
1	M/s.OM Kejriwal & Co.	Plot no. A-17/10, Surya Nagar, near S.P. Vigilance Office, Bhubaneswar, Odisha-751003

The Statutory Auditor Report on the Accounts of the Company for the Financial Year ended 31^stMarch, 2024 forms part of the Directors Report. Management replies/Comments on qualified opinion of Statutory Auditors is enclosed to this report.

35- COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31st Marâ23.

The Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under Section 143 (6) (a) of the Companies Act, 2013 of the financial statements of OMDC for the year ended 31^st March, 2024. NIL comments report of Comptroller & Auditor General of India under Section 143 (6) (b) of the Companies Act, 2013 on the Accounts of the Company for the year 202324 forms part of this report.

36. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

A Secretarial Audit was conducted during the year by the Secretarial Auditors M/s. Palatasingh & Co., Practicing Company Secretaries. The Secretarial Auditor''s Report for the financial year ending 31^st March, 2024 forms part of the Board''s Report. Certain observations were made on composition of Board, delay in compliance of SEBI LODR Regulations, etc.

Management has replied that the appointment of Directors on the Board is in the hands of Government of India and the company is continuously following up with Ministry of Steel in respect of filling up of Board level vacancies. It was informed that the company has received Notices from NSE on noncompliance of certain regulations (17,18,19,20,21,24A etc.,) and levied penalties and the same is being taken up with NSE for Waiver/payment.

37. MAJOR LEGAL CASES:

CASES RELATING TO OMDC:

The company is contesting a good number of legal cases in the High Court at Calcutta, High Court at Cuttack, DRAT (Kolkata), Supreme Court as well as various lower courts in the state of Odisha and West Bengal etc. Few of the major cases are detailed as under:

i. F.M.A - 941 of 2012 (F.M.A.T no. - 649 of 2012) &

F.M.A - 939 of 2012 (F.M.A.T no. - 650 of 2012)

The cases are pending before the High Court, Calcutta Both the appeals relate to The Orissa Minerals Development Co. Ltd. & Jai Balaji Industries Ltd. The dispute was raised by Jai Balaji Industries Limited concerning the Supply of Iron Ore (10-30 mm) & Iron Ore (5-18 mm) respectively. The matter was referred for adjudication by Arbitrator. Arbitration award was passed in favour of Jai Balaji Industries Limited. As per the award, OMDC is required to pay the claim amount of Rs.5,03,79,834.11 including interest calculated up to 15th September,2010 & further interest till realization of the same and the claim amount of Rs.3,55,03,760.33 including interest calculated up to 15th September,2010 & further interest till realization of the same respectively. OMDC preferred these two appeals against the arbitration awards before the High Court, Calcutta & the matters are sub-judice. Two separate applications filed by Jai Balaji Industries Limited before NCLT, Calcutta, are dropped in terms of the direction passed by NCLAT, New Delhi.

Two execution proceedings, filed by Jai Balaji Industries Limited to execute the arbitration awards passed in its favour i.e. Money Execution Case No.: 04 of 2021 & Money Execution Case No.: 05 of 2021, are pending for adjudications before the Commercial Court, Rajarhat (West Bengal).

Two Revision applications being CO. No. 2110 of 2022 and CO. No. 2111 of 2022 are filed by OMDC before the High Court, Calcutta challenging orders dated 04.06.2022 passed in the above money execution cases. Both the revision applications are pending for hearing.

ii.

> Money Execution Case No. 04/21 (Arising out of Money Suit No. - 46/2019) -Pending before, The Commercial Court, Alipore (West Bengal),

> Appeal No. FAT- 58/2022, (Arising Out of MS. No.- 46/2019) - Pending before High Court, Calcutta, (West Bengal).

The dispute relates to alleged delay in transmission of shares & payment of dividends to the LRs of a deceased share holder. The applicants approached the court claiming compensation for such delay, loss on profit, harassment etc. Vide order (Judgment) dated. 14.09.2021 the suit was decreed on contest with cost in favour of the applicants. OMDC is directed to pay Rs.4,58,16,186/-to the plaintiff with pendentelite & future interest. DHrs. have filed the present execution case for realization of their decretal dues.

The OMDC preferred an appeal being no. FAT- 58/2022 (FMAT- 690/2021) before the High Court, Calcutta on 15.11.2021 challenging the aforesaid judgment dated 14.09.2021 passed by the Ld. Commercial Court, Alipore. A petition (CAN-01/2021) is also filed before the High Court praying for stay of the execution proceeding as an interim relief pending disposal of the Appeal.

Vide order dated 22.03.2022 the appeal is admitted by the High Court. Further, the High Court, Calcutta vide order dt. 29.02.24 & 20.03.24 conditionally stayed the execution proceeding before the Commercial Court, Alipore till 05.04.2024 subject to furnishing of Bank Guarantee by a Nationalised Bank for Rs.6 Crore. OMDC furnished the BG on 05.04.24. The appeal is yet to be listed for hearing.

iii. Visa Steel Ltd.

Arbitrator. Visa Steel ltd claimed an amount of Rs. 190.21 cores and OMDC submitted the counter claim Rs.1.35 cores and additional claim of Rs. 254 Crores with 10% interest.

The arbitration proceeding commenced from 24.01.2008. The last date of sitting was on 14.12.2019. The matter is pending for further adjudication.

On receipt of an e-mail from Shri VN. Khare, to intimate the date and venue for the next sitting, OMDC vide mail requested time till Dec. 2024 from the Arbitrator to restart the proceeding. However, the petitioner (Visa Steel) has objected. Further intimation is awaited.

iv. East India Minerals Limited [EIML]

An Arbitration proceeding is going on between East India Minerals Limited and OMDC, before three membersâ bench and the first meeting of the arbitral tribunal was held on 25.04.2007. OMDC challenged the basis of EIML case as untenable at the Arbitration. It is understood that the last sitting of the Arbitration i.e. 32nd sitting was held on 04.02.2016 fixing the next date to

11.03.2016. However, no further date thereafter was fixed and the matter remained idle since

04.02.2016.

It is understood from the petition filed by EIML before the High Court, Calcutta that the Learned Presiding Arbitrator (P.A.) has died. Accordingly, EIML filed petition U/s. 14 & 15 of the Arbitration and Conciliation Act, 1996 being A.P. No. 677/2022 before the High Court, Calcutta praying for appointment of a Learned Presiding Arbitrator to Continue with the Arbitration proceeding.

In terms of the judgment & orders passed on 19.05.2023 & 01.09.2023 by the High Court Calcutta in A.P. No. 667/2022 & A.P. No. 558/2023 respectively, the long pending arbitration proceeding between OMDC & EIML has resumed through the reconstituted arbitral tribunal headed by Shri Ashok Kr. Ganguly J. former Judge S.C. as substitute/Presiding Arbitrator. Eleven (11) sittings of the reconstituted tribunal have taken place on different dates starting from 26.09.2023. EIML has amended its claim by enhancing its prayer for damages to Rs. 3,782 Crs and has adduced evidence of its 1^st witness. The next date is scheduled in January, 2025 for Cross-Examination of claimant witnesses.

CASES RELATING TO BPMEL:

v. Case No.: CA 400/2013 - (Pending before the High Court, Calcutta)

The Supreme Court initially vide order dated 08.10.2021 upon hearing SLP (C) No.: 007315007316 directed for issue notice staying the operation and effect of the impugned order dated

03.03.2020 (passed by High Court, Calcutta in ACO No.24/2019 and APO No.196/2019) until further order. However, vide judgment dated 17.05.2024 has set aside the judgment dated

Upon receipt of opinion from the A-O-R at S. Court and considering the impact the judgment has on OMDC, the OMDC filed application for review of the judgment passed by the S.C. on 08.07.2024.

vi. Appeal No -129/2014 (AOO. TA/216/94) & Appeal No -130/2014 (AOO. TA/216/94)-Both cases pending before the Honâble Debt Recovery Appellate Tribunal, Kolkata

These two Appeals are filled by OMDC before the DRAT, Kolkata. One challenging the Judgment/Recovery Proceedings by DRT-1, Kolkata (being Appeal No.129/2014) and another i.e. Appeal No 130/2014 was filed challenging an Order passed by DRT-1 Kolkata [i.e. exonerating one of the JDr. (Bharat Bhari Udyog) from the liabilities and making OMDC responsible for repayment of loan].

The appeals are being heard in part by the Ld DRAT, Kolkata and awaits for final hearing.

recovery followed by initiation of Recovery Proceedings (being RP-142/2003) before the RO, DRT-1 Kolkata].

vii. RVWPET 127 of 2023, RVWPET 128 of 2023 and RVWPET 126 of 2023 - Pending before the High Court, Orissa (Cuttack)

OMDC filed two writ petitions being W.P.(C) No.16874/2009 & W.P.(C) No.9432/2013 for renewal of mining leases in its favour and also to upheld its right, title and interest over the three mining leases held in the name of BPMEL. The Govt. of Odisha had also filed WP (C) No-1852/2010 challenging the order passed by Revision Authority, Ministry Mines, Govt. of India in favour of OMDC/BPMEL w.r.t. renewal of Kolha-Roida Mines.

The High Court, Orissa (Cuttack) while hearing three (3) writ petitions filed by & between OMDC, Govt. of Orissa and BPMEL disposed of by a common order dated 09.03.2023 against OMDC/BPMEL.

After discussion with the advocate on record, separate petitions were filed by OMDC before the High Court, Orissa (Cuttack) on 11.04.2023 praying for review of its earlier orders.

viii. Certificate Case No.: 32/2018

The matter was heard & final order is passed on 22.06.2019 by the Certificate Court for realization of penalty amount.

ix. File No. 22/(23)/2024/RC-I (Dt.18.10.2024) and 22(24)/2024/RC-I (dt. 18.10.2024)

Two (02) demand notices are issued by DDM, Joda to OMDC under Section 21)5) of MMDR Act, 1957 demanding Rs. 6,15,47,537/- & Rs. 9,72,71,558/- respectively for realization of compensation towards unlawful production of minerals from BPMEL leases and violation of MP/CTO. The demand raised through illegal but since is very high and made by a Statutory authority; it is decided to challenge the same before Revision Authority (RA), Ministry of Mines, Govt. of India being the appropriate authority. Accordingly, taking approval two separate Revision Applications are filed before the Revision Authority(RA), Ministry of Mines, Govt. of India on 18.10.2024.

38. RISKS & MITIGATING STEPS

GM(Tech) are members of the committee. During the year, one Risk Management Committee Meeting was held on 31.01.2024 and the details of which are given in the Corporate Governance Report.

39. BOARD OF DIRECTORS

Shri A K Saxena, CMD (Addl Charge), RINL was nominated as Non-Executive Chairman of OMDC w.e.f 04.11.2024 and Shri Atul Bhatt, Chairman and Managing Director of M/s. RINL was ceased to be director from 30.11.2024.

Shri A K Bagchi was appointed as RINL Nominee Director on the Board of OMDC w.e.f.

17.01.2024 and MD (Addl. Charge) & Director (P&P), OMDC was assigned to him w.e.f.

21.02.2024 in place of Shri D K Mohanty, DC, RINL who ceased to be director w.e.f. 21.02.2024.

Smt. Swapna Bhattacharya, DDG, MoS was appointed as Government Nominee Director of the Company.

Smt. Dr. T N Sarasu was resigned and ceased to be Independent Director of the Company w.e.f. 28.03.2024.

Shri M. Saravanan and Shri Siddarth Sambhu were ceased to be Independent Directors of the Company on 31.10.2024 & 02.11.2024 respectively due to their tenure completion as per appointment Order issued by MoS.

Shri T.R Mallik was appointed as nominee director of OMDC by LIC of India w.e.f 31.05.2023 in place of Shri D P Mohanty who ceased to be LIC Nominee Director of OMDC w.e.f. 30.05.2023.

40. WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and SEBI (LODR) Regulation 2015, a company shall have at least one âWoman Directorâ on the Board of the company. Presently, one (1 nos.) Women Director Viz., Smt. Swapna Bhattacharya, Deputy Director General, Ministry of Steel is on the Board of your Company.

41. DETAILS OF KEY MANAGERIAL PERSONNEL

Shri R K Behera was appointed as CFO and KMP of the company by the Board

Shri S Raja Babu was appointed as Company Secretary and Compliance Officer of the Company

42. REPORT ON MANAGEMENT DISCUSSIONS AND ANALYSIS

A Report on Management Discussions and Analysis as required in terms of Schedule V of the SEBI (LODR) Regulation, 2015 forms part of the report.

43. CORPORATE GOVERNANCE

A report on Corporate Governance regarding compliance of the conditions of Corporate Governance pursuant to Schedule V of the SEBI (LODR) Regulation, 2015 also forms part of this Directors'' Report.

44. DEPOSITS

Your company has not accepted any deposits covered under Chapter-V of the Companies Act, 2013 during the period under review.

45. LISTING

The Company''s shares are listed at The Calcutta Stock Exchange Limited CSE, National Stock Exchange Limited NSE and also traded in Bombay Stock Exchange Limited BSE under permitted category.

46. DEPOSITORYSYSTEM

The Company''s shares are under compulsory Demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

47. ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act 2013, a copy of Annual Return in Form No MGT-7 for the FY ended on 31^st March, 2024, is being placed on the Website of the Company athttp://www.birdgroup.in.

48. APPOINTMENT OF DIRECTORS AND REMUNERATION POLICY

Being a Central Public Sector Enterprise, the appointment, tenure, performance evaluation, remuneration, etc., of Director are made/fixed by the Government of India.

49. DIVIDEND DISTRIBUTION POLICY

The Board of Directors has approved Dividend Distribution Policy which has been uploaded on the website of the company http://www.birdgroup.in

50. BUSINESS RESPONSIBILITY STATEMENT

In compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Business Responsibility Report (BRR) is annexed to this report.

51. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

There are no material changes and commitment, affecting the financial position of the company which has occurred between the end of the financial year and the date of the report.

52. CAUTIONARY STATEMENT

The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of subsequent developments, information or events.

53. DIRECTORS'' RESPONSIBILITY STATEMENT

i. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii. That the Directors had 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 at the end of the financial period and of the profit or loss of the Company for that period;

iv. That the Directors had prepared the annual accounts on a going concern basis.

vi. That the Directors had devised proper system to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

54- ACKNOWLEDGEMENT

For and on behalf of the Board

Sd/-

(A K Saxena) Chairman DIN:08588419

Place: Visakhapatnam Date: 20.11.2024

Mar 31, 2023

On behalf of the Board of Director of the Company, I take great pleasure in presenting the 105^thAnnual Report of the Company for the financial year ended 31^stMarch, 2023 together with the Audited Statements of Accounts, the Auditor'' Report and Comments on the Accounts by the Comptroller and Auditor General of India.

1. FINANCIALRESULTS

The financial results of M/s. OMDC for the year 2022-23 in comparison with previous financial year 2021-22 are given in Table below:

PARTICULARS	For the year ended 31-03-2023 (Rs. in Lakhs)	For the year ended 31-03-2022 (Rs. in Lakhs)
Income:
Revenue from operations *	3553.07	8267.87
Other Income	941.92	679.17
Total Income	4494.99	8947.04
Total Expenditure	7370.38	10318.92
Depreciation & Amortization	223.17	1531.36
Net profit before tax	(2721.94)	(1357.26)
Tax Expenses	(1067.75)	92.14
(a) Current tax	-	-
(b)Deferred tax	(1067.75)	92.14
Net profit after tax	(1654.19)	(1449.40)

Total Other Comprehensive Income	20.90	(4-45)
Total Comprehensive Income	(1633-29)	(1453.85)
Appropriations
General Reserve	32474.35	32474.35
Payment of Dividend		NIL
*Sale of Undisposed stock from Bhadrasahi Mines

2. REVIEW OF THE FINANCIAL PERFORMANCE

Total earning of Rs 44.95 Crs includes sale of old stocks of Rs 35.53 Crs and interest received from the term deposits of Rs 3.71 Crs during the FY 2022-23. The interest income reduced during the year from the previous year due to depletion of funds on account of repayment of EMI against Short-term loan.

On the other hand, the interest expense decreased to Rs. 2442.68 lakhs in current financial year as compared to Rs. 3000.26 lakhs in previous financial year due against the Short-Term Loan of Rs.310 Cr taken for payment of compensation.

Existing short-term Loan of Rs. 310 Crs with outstanding of Rs 271.17 Crs has been restructured by deferment of remaining instalments by 15 months i.e. from March 2021 to June 2022. Sanction of total FITL of Rs 36.12 Crs. on STL Loan of Rs 310 Crs. Outstanding balance of ST Loan is 156.40 Crs and outstanding balance of FITL loan is Rs. 17.20 Crs as on 31.03.23.

Profit/ (Loss) before tax stood at Rs. (2721.94) Lakhs compared to Rs. (1357.26) Lakhs for the previous year. Profit/(Loss) after tax was Rs. (1654.18) Lakhs as compared to Rs. (1449.40) Lakhs during the previous year.

3. OUTPUTAND DISPATCH

The company achieved significant progress in the attempts towards bringing the mines into operation. The company received extension of mining lease period for Bagiaburu, Belkundi and Bhadrasahi mines. Further, the clearance of Honâble Supreme Court has been received for resumption of mining operations in these mines, subject to obtaining all necessary clearances required in accordance with law. The company is in the process of obtaining the clearances. Also OMDC obtained permission from Honâble Supreme Court of India for Sale of undisposed stock of minerals from Bhadrasahi vide order dated 11.08.2020 and for Belkundi & Bagiaburu mines vide order dated 07.04.2022.

Despatch from Bhadrasahi mines started on 28.06.2021 and 1.50 lakh tonnes of Iron & Manganese Ore dispatched during FY 23. For Bagiaburu first E-Auction conducted on 17.03.2023.

4. DIVIDEND

In view of losses incurred during the FY 2022-23, your company has not proposed any dividend for the year 2022-23.

5. OTHER INCOME

6. NETWORTH

The net worth of the Company as on 31st March, 2023 reduced to Rs. (1280.27) Lakhs as compared to Rs. 353.02 Lakhs on 31st March, 2022, on account of provisions as above.

7. TRANSFER TO RESERVES

During the year 2022-23, the Company did not transfer any amount to General Reserve out of Profit and Loss Account.

8. INVESTOR EDUCATION AND PROTECTION FUND

During the year 2022-23, the Company did not transfer any amountto Investors Education and protection fund. The Company is in the process of activating the dividend accounts with various banks pertaining to FY 2012-13 to 2015-16 and the unclaimed dividend for these financial years will be transferred to IEPF in FY 2023-24, once the activation of dividend accounts is completed.

9. SHARE CAPITAL

The paid-up Equity Share Capital as on March 31, 2023 was Rs. 60 Lakhs divided into 60Lakhs equity share of face value of Re1 each. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity and also not issued any Debentures.

As on March 31, 2023, none of the Directors of the Company hold shares or convertible instruments of the Company.

10. MEETINGS OFTHE BOARD OFDIRECTOR

The Board met 5 nos. (Five) times during the year 2022-23 compared to 7 nos. (Seven) Meetings during CPLY. The details of Board Meetings are provided in the Corporate Governance Report annexed with this Board Report. The gap between any two Board Meetings held during the year have not exceeded time limit as prescribed under the act.

11. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTOR

12. AUDIT COMMITTEE

Corporate Governance Report. The intervening gap between these Meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

13. NOMINATIONAND REMUNERATION COMMITTEE

14. STAKEHOLDER RELATIONSHIP COMMITTEE

15. CORPORATE SOCIAL RESPONSIBILITY(CSR) COMMITTEE

16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loan, guarantee or made investment in securities during FY23.

17. RELATED PARTY TRANSACTIONS

18. FUTURE OUTLOOK

The mining operation of Bagiaburu mines is expected to resume by Sept 2023. Co terminus Forest Clearance (FC) for Belkundi mines is at an advanced stage. Environmental Clearance of Belkundi mines will be obtained after successful conductance of Public Hearing and mining operation will be resumed by 1st quarter of FY 2024-25.

Exploring the possibility for enhancement of production capacity in near future through up gradation in technological aspects is incorporated in the MDO contract for the operationalization of Belkundi mines.

19. STATUS OF BRAHMANI COAL BLOCK:

Brahmani Coal Block has been surrendered to Ministry of Coal (MoC) and same is agreed by MoC vide letter dated 25.07.2022.

20. STATUS OF THE MINING LEASES:

A. OMDC Leases

â¢ Environment Clearance: Bagiaburu EC received on 14.07.2023, Belkundi public hearing is scheduled to be held on 25.10.2023 and Bhadrasahi Public hearing date is awaited.

â¢ Forest Clearance: Stage-II Forest Clearance of Bagiaburu mines has been issued by MoEF&CC, integrated Regional office, Bhubaneswar on 17.09.2021. The Forest Clearance Co-Terminus extension of Belkundi Mines has been granted by MOEF&CC, New Delhi on 14.09.2022. Forest clearance of Bhadrasahi Mines is pending for payment of NPV of Rs 51.25 Crs

B. BPMEL Leases

All the three BPMEL mining leases are non-operational due to legal cases at High Court-Orissa, High Court-Calcutta, DRAT, Kolkata and Supreme Court of India which are sub-judice.

21. INFORMATION TECHNOLOGY & TECHNOLOGY UPGRADATION

â¢ The company has taken initiative to publish all tenders/expression of interest (EOI) in

companyâs corporate website as well as Central Public Procurement Portal (CPPP)

â¢ Procedure for sale of iron ore and manganese ore is designed through e-auction mode.

â¢ Central Data Repository System (CDRS) has been developed and implemented for digitization of records.

â¢ E-Office software is being implemented as a file tracking system in OMDC Head office and OMDC mines.

â¢ Processing of salaries is being done through Tally package.

â¢ Tally based accounting package is being used to pay vendor bill and different employee entitlements through RTGS and e-payment mode.

22. SAFETY MEASURES

Safety measures according to the provisions of the Mines Act, 1952 and relevant Rules, Regulations and also the guidelines, notified by the Director General of Mines Safety (DGMS), Govt. of India time to time towards safety of employees engaged in mining and allied activities are followed at mines. Safe code of practices is also implemented at Workshop, plants etc during the operation and maintenance schedule. Annual Mines safety week are celebrated every year under the guidance of Director of Mines Safety, Chaibasa Region. During this celebration, competitions are organized amongst workers on different safety aspects and safety performances. Safe practices pertaining to different activities in mining operations are displayed through participation of workers in safety exhibitions. Necessary safety devices, tools and implements are provided to the concerned employees as per the statute. Innovative safety practices are also adopted by visiting neighbouring mines. Basic and refresher training is imparted to the workers in the Vocational Training Centre on respective field of work and operational activities associated with mines and plants. Disaster management plan has been put in place by the company.

23. IMPLEMENTATION OF THE RIGHT TO INFORMATION ACT, 2005

During the year ended on 31^stMarch 2023, total 32 applications have been received, Out of 32 applications, all were disposed off and no applications are pending.

24. PROGRESSIVE USE OF HINDI

The Orissa Minerals development Company Limited (M/S. OMDC) is situated in category (C ) area as per the Official Language Act. Company has taken positive steps to enhance awareness and usage of Hindi among employees. Company had observed âHindi Pakhwadaâ by way of organizing competitions and distribution of prize on essay writing, Hindi poems recitation and Hindi Anubad in which the employees took active participation. M/S. OMDC is ensuring steps under the directives of the Official Language Act to use and propagate the use of Hindi. Bilingual Boards and advertisements are being issued. âRajbhasha Shikshan Boardâ is put up at H.O. to appraise the employees with new words every day. Despatch registers and other works registers are maintained in Hindi. âPrabin, Pragya & Parangatâ exams have been completed and above 80% of employees have passed the related exam. Central Government has already notified OMDC under sub-rule (4) of Rule 10 of the Official Language Act on 01.03.2017. OMDC is already registered in Rajbhasha website and quarterly report are being sent regularly through online. Companyâs website is updated in Hindi.

25. EMPOWERMENT OF WOMEN

Total women employees on roll of the Company as on 31.03.2022 is 09nos which constitute about 4.78% of its total workforce of 234 employees.

26. HUMAN RESOURCE & WELFARE OF WEAKER SECTIONS OF SOCIETY

Employees on rolls of the Company as on 31.3.23 had been 234 as compared to 251 as on 31.3.22.

Strength of SCs, STs, OBCs as on 31.3.23 is given below:

Total No. of Employees	234 nos. (Exe. 60 & Non-Exe.- 174)

SC	27 nos. (Exe. 6 & Non-Exe. 21)
ST	46 nos. (Exe. 0 & Non-Exe. 46)

OBC	55 nos. (Exe. 13 & Non-Exe. 42)
Total of SC, ST and OBC	128 nos.

Due to non-payment of wages to employees on regular basis during the year, there has been severe resentment among the employees. They were appraised through Unions about the Companyâs delicate financial position at regular intervals and contained major IR situation. Intervention of conciliation authorities (Central Labour Officials) has been sought in normalizing IR situation. Meetings with Dy.CLC (Central) at Bhubaneswar were held on 06.01.2023 and also with RLC (Central) at Rourkela on 21.02.2022 and 02.03.2022 in this regard.

27. INDUSTRIAL RELATIONS

Industrial relations in your Company and at Mines continued to be cordial during the year 2022-23.

28. VIGILANCE

Vigilance activities/events for the year 2022-23: Vigilance has been focusing on preventive and proactive Vigilance activities to facilitate conducive environment enabling people to work with integrity, impartiality, and efficiency, in a fair and transparent manner, upholding the highest ethical to reputation and creating value for the organization.

An effort has been made to reduce the pendency of long pending Disciplinary Cases and complaints. Regular review meetings are conducted with the Management on Vigilance issues for immediate disposal. As part of preventive vigilance, various training programs on topics like e-vigilance, desktop security, mobile phone security, and preventive vigilance have been conducted for the employees of OMDC.

Vigilance Awareness Week is observed every year in line with the directives of the Commission. System improvements have been undertaken in the following areas:

â¢ Guidelines in respect of âPre-Qualification Criteria PQC for tenderersâ have been updated on 04.11.2022.

â¢ The Delegation of Power (DoP) of the company has been amended on 10.11.2022.

â¢ File Tracking System: E-Office has been implemented at OMDC head office and OMDC mines.

â¢ In pursuance to the recommendation of CVC, a guideline has been issued vide circular dated 13/02/2023, wherein it is advised that Tender Evaluation Committee should examine the reasonableness of the L-1 rate and record the same in its recommendation, irrespective of the type and mode of tender.

29. GRIEVANCE REDRESSAL MECHANISM (GRM)

Status of Public/Employeesâ Grievances from 01.04.2021 to 31.03.2022

Sl.

No.

Types of Grievances

Grievances outstanding as on

01.04.2022

No. of Grievances received during the period

01.04.2022 to

31.03.2023

No. of Cases disposed of during the period

01.04.2022 to

31.03.2023

No. of Cases pending as on 31.03.2023

Public

Grievances

NIL

Employee

Grievances

NIL

30. IMPLEMENTATION OFTHE PERSONSWITH DISABILITIESACT, 1995

31. COMPLIANCEWITH LAW/ LEGALREQUIREMENTS

The Company has taken measures to ensure legal compliances from all the departmental heads and the legal compliance report are placed before the Board.

32. WEBSITE OFTHE COMPANY

The Company maintains its website www.birdgroup.gov.in where information about the Company is provided.

33. VIGILMECHANISM/WHISTLE BLOWERPOLICY

The company has a vigil mechanism for Director and Employees to report their concerns about unethical behavior, actual or suspected fraud or violation of the companyâs Code of Conduct. The mechanism provides for adequate safeguards against victimization of Director and employees who avail of the mechanism. In exceptional cases, Director and employees have direct access to the Chairman of Audit Committee.

Your Company has a Whistle Blower Policy in place and the same is also made available in the companyâs website.

34. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

35. STATUTORY AUDITORS

SL No	Name of the Auditor	Address of the Auditor
1	M/s.OM Kejriwal & Co.	Plot no. A-17/10, Surya Nagar, near S.P. Vigilance Office, Bhubaneswar, Odisha-751003

The Statutory Auditor Report on the Accounts of the Company for the Financial Year ended 31^stMarch, 2023 forms part of the Directors Report.

36. COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31st Marâ23.

The Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under Section 143 (6) (a) of the Companies Act, 2013 of the financial statements of OMDC for the year ended 31st March, 2023. The comments of Comptroller & Auditor General of India under Section 143 (6) (b) of the Companies Act, 2013 on the Accounts of the Company for the year 2022-23 forms part of this report.

37. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

A Secretarial Audit was conducted during the year by the Secretarial Auditors M/s.Vidhya Baid & Co., Practicing Company Secretaries. The Secretarial Auditor''s Report for the financial year ending 31^stMarch, 2023 forms part of the Board''s Report. Certain observations were made on composition of Board, delay in compliance of SEBI LODR Regulations, etc.

Management has replied that the appointment of Directors on the Board is in the hands of Government of India and the company is continuously following up with Ministry of Steel in respect of filling up of Board level vacancies. It was also informed that the company has received Notices from NSE on noncompliance of certain regulations (17,18,19,20,21,24A etc.,) and levied penalties. Company has applied for waiver in most of the cases and the same are pending at NSE. As on date of the report, the NSE has rejected 3 waiver requests of the company against which an amount of approx. Rs. 15 lakhs has been paid to NSE.

38. MAJOR LEGAL CASES:CASES RELATING TO OMDC:

The company is contesting a good number of legal cases in the High Court at Calcutta, as well as High Court at Cuttack, DRAT (Kolkata) & Supreme Court etc. Few of the major cases are detailed as under:

i. F.M.A - 941 of 2012 (F.M.A.T No. - 649 of 2012) & F.M.A - 939 of 2012 (F.M.A.T No. - 650 of 2012)- The case is pending before the High Court, Calcutta

Both the appeals relate to The Orissa Minerals Development Co. Ltd. & Jai Balaji Industries Ltd. The dispute was raised by Jai Balaji Industries Limited concerning the Supply of Iron Ore (1030 mm) & Iron Ore (5-18 mm) respectively. The matter was referred for adjudication by Arbitrator. Arbitration award was passed in favour of Jai Balaji Industries Limited. As per the award, OMDC is required to pay the claim amount of Rs.5,03,79,834.11 including interest calculated up to 15th September,2010 & further interest till realization of the same and the claim amount of Rs.3,55,03,760.33 including interest calculated up to 15th September,2010 & further interest till realization of the same respectively. OMDC preferred these two appeals against the arbitration awards before the High Court, Calcutta & the matters are sub-judice. Two separate applications filed by Jai Balaji Industries Limited before NCLT, Calcutta, are dropped in terms of the direction passed by NCLAT, New Delhi.

Two execution proceedings, filed by Jai Balaji Industries Limited to execute the arbitration awards passed in its favor i.e. Money Execution Case No.: 04 of 2021 & Money Execution Case No.: 05 of 2021, are pending for adjudications before the Commercial Court, Rajarhat (West Bengal).

Two Revision applications being CO. No. 2110 of 2022 and CO. No. 2111 of 2022are filed by OMDC before the High Court, Calcutta challenging orders dated 04.06.2022 passed in the above money execution cases. Both the revision applications are pending for hearing.

ii. Money Execution - Case No. 04/21 (Arising out of Money Suit No. - 46/2019)- the case is pending before, The Commercial Court, Alipore (West Bengal)

The dispute relates to alleged delay in transmission of shares & payment of dividends to the LRs of a deceased share holder. The applicants approached the court claiming compensation for such delay, loss on profit, harassment etc. Vide order (Judgment) dated. 14.09.2021 the suit was decreed on contest with cost in favor of the applicants. OMDC is directed to pay Rs.4,58,16,186/- to the plaintiff with pendentelite & future interest. DHrs. have filed the present execution case for realization of their decretal dues.

The OMDC preferred an appeal being no. FAT- 58/2022 (FMAT- 690/2021) before the High Court, Calcutta on 15.11.2021 challenging the aforesaid judgment dated 14.09.2021 passed by the Ld. Commercial Court, Alipore. A petition (CAN-01/2021) is also filed before the High Court praying for stay of the execution proceeding as an interim relief pending disposal of the Appeal.

Vide order dated 22.03.2022 the appeal is admitted. The execution of the decree is directed to be stayed subject to furnishing bank guarantee for Rs.5.00 Crores in favor of Ld. Registrar General of High Court. However, the OMDC due to financial crunch has not been able to furnish the bank guarantee. The appeal is pending for disposal.

The Bank Guarantee since could not be furnished, the Commercial Court, Alipore took the view to proceed with the instant Execution Case.

iii. Visa Steel Ltd.

The arbitration proceeding commenced from 24.01.2008. The last date of sitting was on 14.12.2019. The matter is pending for further adjudication.

iv. East India Minerals Limited [EIML]

11.03.2016. However, no further date is yet been fixed and the matter remained idle since

04.02.2016.

It is understood from the petition filed by EIML before the High Court, Calcutta that the Learned Presiding Arbitrator (P.A.) has died. Accordingly, EIML filed petition U/s. 14 & 15 of the Arbitration and Conciliation Act, 1996 being A.P. No. 677/2022 before the High Court, Calcutta praying for appointment of a Learned Presiding Arbitrator to Continue with the Arbitration proceeding.

The High Court vide judgment dated 19.05.2023 has allowed the petition filed by EIML and appointed Shri Ashok Kr. Ganguly J. former Judge S.C. as substitute/P.A. The P.A. issued notice to the parties fixing the next dates of hearing to start the proceeding. However, the arbitrator for OMDC expressed his inability to appear as Arbitrator due to his acute ill health and expressed

his intention to retire from the proceeding. The advocate for OMDC under instruction has informed the same to the P.A. requesting to defer the proceedings.

CASES RELATING TO BPMEL:

v. Case No.: CA 400/2013 - (Pending before the High Court, Calcutta)

This Company Application related to 3 Mining Leases of BPMEL filed before the Calcutta High Court by TPG Equity Management Pvt. Ltd. (TPGEMPL) against the Official Liquidator, BPMEL and others. In the said application, TPGEMPL prayed to allow the proposed scheme of revival of 3 Mining Leases in its favor staying the winding up / liquidation proceeding of BPMEL. It was further prayed not to jeopardize its right, title and interest over the property of BPMEL. In the said application OMDC has entered its appearance as an intervener and opposing the contention of TPGEMPL.

In compliance of the order, the Dept. of Heavy Industry vide its letter dated. 20.03.2020 formed a High-Power Committee consisting of the representatives of Govt. of India, Govt. of Odisha and OMDC to hear the issue raised by TPGEMPL. Meeting was held on 03.07.2020 through Video Conference. OMDC has submitted its comments to DHI, Govt. of India. It is understood from the Dept. of Steel & Mines, Govt. of Odisha that Govt. of Odisha has preferred appeal to Supreme Court [SLP.(C) No. 007315-007316/2021] challenging the order of High Court, Calcutta. The report of the committee is yet to be filed by DHI before High Court Calcutta.

The Supreme Court vide its order dated 08.10.2021 upon hearing SLP.(C) No. 007315-007316/2021 directed for issue notice staying the operation and effect of the impugned order until further order. The matter is pending for further hearing. OMDC is yet to receive notice for appearance.

vi. Appeal No -129/2014 (AOO. TA/216/94) & Appeal No -130/2014 (AOO. TA/216/94)- Both cases pending before the Honâble Debt Recovery Appellate Tribunal, Kolkata

These two Appeals are filled by OMDC before the DRAT, Kolkata. One challenging the Judgment/Recovery Proceedings by DRT-1, Kolkata (being Appeal No.129/2014) and another

The appeals are being heard in part by the Ld DRAT, Kolkata and awaits for final hearing.

[Be it noted here that, BPMEL had availed certain financial assistance from UCO Bank and couldnât repay the dues. For which UCO Bank filled Money Suit for recovery against BPMEL at HC, Calcutta. The suit was decreed and transferred to DRT-1, Kolkata (being TA- 216/1994) for recovery followed by initiation of Recovery Proceedings (being RP-142/2003) before the RO, DRT-1 Kolkata.]

vii. RVWPET 127 of 2023, RVWPET 128 of 2023 & RVWPET 126 of 2023 - Pending before the High Court, Orissa (Cuttack)

OMDC filed two writ petitions being W.P.(C) No.16874/2009 & W.P.(C) No.9432/2013 for renewal of mining leases in its favour and also to upheld its right, title and interest over the three mining leases held in the name of BPMEL. The Govt. of Odisha had also filed WP (C) No-1852/2010 challenging the order passed by Revision Authority, Ministry Mines, Govt. of India in favour of OMDC/BPMEL w.r.t. renewal of Kolha-Roida Mines.

The High Court, Orissa (Cuttack) while hearing three (3) writ petitions filed by & between OMDC, Govt. of Orissa and BPMEL disposed of by a common order dated 09.03.2023 against OMDC/BPMEL.

After discussion with the advocate on record, separate petitions were filed by OMDC before the High Court, Orissa (Cuttack) on 11.04.2023 praying for review of its earlier orders.

viii. Certificate Case No.: 32/2018

The matter was heard & final order is passed on 22.06.2019 by the Certificate Court for realization of penalty amount.

39. RISKS & MITIGATING STEPS

The Company has identified various risks faced by the Company from different areas. As required under SEBI (LODR) Regulation 2015, the Board has adopted a Risk Management policy whereby a proper framework is set up and the same is under revision. Accordingly, the company has constituted a Risk Management Committee comprising of 5 (Five) Members where in LIC Nominee Director as Chairman, One Independent Director, MD OMDC, CFO OMDC and GM(Tech) are members of the committee.

40. BOARD OF DIRECTORS

Shri Atul Bhatt, Chairman of M/s. RINL was appointed as non-executive Chairman.

Shri D K Mohanty, DC, RINL was appointed as MD (Addl. Charge) & Director (P&P) of the Company. Further, Ministry of Steel vide its order 7/7/2015-BLA dated 24.07.2023 the additional charge of the post of Managing Director, OMDC, Scheduled B CPSE, Subsidiary

company of RINL under the Ministry, to Shri Deb Kalyan Mohanty, D(C), RINL and NonExecutive Nominee Director on the Board of OMDC is extended ex-post facto w.e.f. 01.12.2022 upto 30.04.2024, i.e. the date of his retirement or until further orders, whichever is earlier.

Smt. Swapna Bhattacharya, DDG, MoS was appointed as Government Nominee Director of the Company.

Shri A.K Saxena, Director (Operations), RINL ceased to be Non-Executive Director of OMDC w.e.f 28.12.2022.

Smt. Dr. T N Sarasu, Shri M. Saravanan and Shri Siddarth Sambhu were appointed as Independent Directors of the Company on 1.11.2021, 1.11.2021 and 3.11.2021 respectively.

Shri T.R Mallik was appointed as nominee director of OMDC by LIC of India w.e.f 31.05.2023 in place of Shri D P Mohanty who ceased to be LIC Nominee Director of OMDC w.e.f. 30.05.2023.

41. WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and SEBI (LODR) Regulation 2015, a company shall have at least one âWoman Directorâ on the Board of the company. Presently, Two (2 nos.) Women Directors Viz., Smt. Swapna Bhattacharya, Deputy Director General, Ministry of Steel & Smt. Dr. T N Sarasu, Independent Director are on the Board of your Company.

42. DETAILS OF KEY MANAGERIAL PERSONNEL

Shri R K Behera was appointed as CFO and KMP of the company by the Board w.e.f. 30.08.2022. Earlier CFO, Shri L N Biswal was superannuated from 31.07.2022.

Shri S Raja Babu was appointed as Company Secretary and Compliance Officer of the Company w.e.f. 11.11.2022. Earlier Company Secretary Smt. Urmi Chaudhary was resigned and relieved from services w.e.f. 16.06.2022.

43. REPORTON MANAGEMENTDISCUSSIONSANDANALYSIS

A Report on Management Discussions and Analysis as required in terms of Schedule V of the SEBI (LODR) Regulation, 2015 forms part of the report.

44. CORPORATE GOVERNANCE

A report on Corporate Governance regarding compliance of the conditions of Corporate Governance pursuant to Schedule V of the SEBI (LODR) Regulation, 2015 also forms part of this Directors'' Report.

45- DEPOSITS

Your company has not accepted any deposits covered under Chapter-V of the Companies Act, 2013 during the period under review.

46. LISTING

The Company''s shares are listed at The Calcutta Stock Exchange Limited CSE, National Stock Exchange Limited NSE and also traded in Bombay Stock Exchange Limited BSE under permitted category.

47. DEPOSITORYSYSTEM

The Company''s shares are under compulsory Demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

48. ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act 2013, a copy of Annual Return in Form No MGT-7 for the FY ended on 31^st March, 2023, has been placed on the Website of the Company athttp://www.birdgroup.in.

49. APPOINTMENT OF DIRECTORS AND REMUNERATION POLICY

Being a Central Public Sector Enterprise, the appointment, tenure, performance evaluation, remuneration, etc., of Director are made/fixed by the Government of India.

50. DIVIDEND DISTRIBUTION POLICY

The Board of Directors has approved Dividend Distribution Policy which has been uploaded on the website of the company http://www.birdgroup.in

51. BUSINESS RESPONSIBILITY STATEMENT

In compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Business Responsibility Report (BRR) is annexed to this report.

52. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

There are no material changes and commitment, affecting the financial position of the company which has occurred between the end of the financial year and the date of the report.

53. CAUTIONARY STATEMENT

The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of subsequent developments, information or events.

54. DIRECTORS'' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

i. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

iv. That the Directors had prepared the annual accounts on a going concern basis.

vi. That the Directors had devised proper system to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

55. ACKNOWLEDGEMENT

For and on behalf of the Board

Sd/-Chairman (Atul Bhatt)

Place: Visakhapatnam Date: 12.08.2023

Mar 31, 2021

On behalf of the Board of Directors of the Company, I take great pleasure in presenting the 103^rd Annual Report of the Company for the financial year ended 31st March, 2021 together with the Audited Statements of Accounts, the Auditor'' Report and Comments on the Accounts by the Comptroller and Auditor General of India.

1. FINANCIAL RESULTS

The financial results of M/s. OMDC for the year 2020-21 in comparison with previous financial year 2019-20 are given in Table-1 below:

TABLE - 1
PARTICULARS	For the year ended 3103-2021 (Rs. in Lakhs)	For the year ended 31-03-2020 (Rs. in Lakhs)
Income :-
Revenue from operations	-	-
Other Income	1,075.78	2,914.97
Total Income	1,075.78	2,914.97
Total Expenditure	7,020.11	7,759.25
Depreciation
Net profit before tax	(5,241.03)	(4,836.68)
Tax Expenses-(a) Current tax		-
(b)Deferred tax	(1,275.59)	2,832.64
Net profit after tax	(3,965.44)	(7,669.32)
Total Other Comprehensive Income	64.28	(114.34)
Total Comprehensive Income	(3,901.16)	(7,783.66)
Appropriations:-
General Reserve	3,2474.35	3,2474.35
Payment of Dividend	NIL	NIL
Dividend Tax Paid	NIL	NIL

2. REVIEW OF THE FINANCIAL PERFORMANCE

As there was no production and dispatch of Iron Ore and Manganese Ore during the year 2020-21, the main earning was interest from the term deposits. The interest income reduced during the year from the previous year due to depletion of funds on account of payment of compensation to the Govt of Odisha.

On the other hand, the interest expense increased to Rs.2,145.27 lakhs due to Short Term Loan of Rs.310 Cr taken for payment of compensation.

Existing short term Loan of Rs. 310 crore with outstanding of Rs 271.25 crore has been restructured by deferment of remaining installments by 15 months i.e. from March 2021 to June 2022. In addition to said deferment of STL, Bank has Sanctioned following Loans and CC limit for starting operations of Mines.

(a) Short Term Loan of Rs 120 Crore for Cash flow mismatch i.e towards likely payment of statutory liabilities to Govt. of Odisha.

(b) Sanction of total FITL of Rs 36.12 crore for the deferred interest for the period 01.02.2021 to 31.05.2022 on STL Loan of Rs 310 Crore.

(c) Approval for fresh Sanction of CC (H) limit of Rs 25 crore for working Capital requirement of the Company after resumption of Bagiaburu mine.

Pursuant to the judgment of Hon''ble Supreme Court dated 02.08.2017, Dy Director of Mines, Odisha had issued different demand notices dated 02.09.2017, 23.10.2017 & 13.12.2017 to the Company for the 3 leases in the name of the Company and for the 3 leases in the name of M/s. BPMEL towards compensation against excess mining amounting Rs.1,56,375.58 Lakhs. The amount of Demand for M/S. OMDC Leases has Rs. 70,218.46 Lakhs and for M/S. BPMEL leases hasRs. 86,157.12 Lakhs totaling Rs. 156375.78 Lakhs towards EC, FC and MP/CTO. M/S. OMDC has paid the compensation of Rs. 87622.10 Lakhs towards M/S. OMDC Leases by which full payment of compensation for OMDC leases have been made. Out of this, Rs.1367.59 Lakhs was made in 2019-20. M/S. OMDC has made payment of compensation of Rs. 2,715.14 Lakhs towards M/S. BPMEL leases. Since the mining right of M/S. BPMEL lease are sub-judice the balance amount of compensation of Rs. 1,49,565.45 Lakhs is shown in contingent liability.

As a result, Profit/ (Loss) before tax stood at Rs. (5241.03) Lakhs as compared to Rs. (4836.68) Lakhs for the previous year. Profit/(Loss) after tax was Rs. (3965.44) Lakhs as compared to Rs. (7669.32) Lakhs during the previous year.

3. OUTPUTAND DISPATCH

Your company achieved significant progress in the attempts towards bringing the mines into operation. The company received extension of mining lease period for Bagiaburu, Belkundi and Bhadrasahi mines. Further, the clearance of Hon''ble Supreme Court has been received for resumption of mining operations in these mines, subject to obtaining all necessary clearances required in accordance with law. The company is in the process of obtaining the clearances.

As the mining operations yet to resume, there was no production /dispatch during year 2020-21.

4. DIVIDEND

In view of the accumulated losses no dividend has been proposed in the F.Y. 2020-21.

5. OTHER INCOME

Your Company continued its prudent cash planning to focus on judicious management of its funds. As per the Government guidelines, the Company deployed the surplus funds in fixed deposits and earned an interest income of Rs.1075.78Lakhs on fixed deposits during the year which is included under other income of the Statement of Profit & Loss Account.

6. NETWORTH

The net worth of the Company as on 31st March, 2021 reduced to Rs. 1806.87Lakhs as compared to Rs. 5708.03Lakhs on 31st March, 2020.

7. TRANSFER TO RESERVES

During the year 2020-21, the Company did not transfer any amount to General Reserve out of Profit and Loss Account.

8. INVESTOR EDUCATION AND PROTECTION FUND

Your Company has transferred a total sum of Rs. 92,868/- during the financial year 2020-2021 to Investor Education & Protection Fund established by the Central Government in compliance with Section 125 of the Companies Act, 2013 for the unclaimed dividend period pertaining to financial year 2011-2012.The said amount represents unclaimed dividend for the year which were lying with the company for a period of seven year from their respective due dates of payment. Prior to transferring the aforesaid sum, the company has sent reminder to the shareholders for submitting their claims for unclaimed dividend.

9. SHARE CAPITAL

The paid up Equity Share Capital as on March 31, 2021 was Rs. 60 Lakhs divided into 60Lakhs equity share of face value of Re1 each. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity. As on 31^st March, 2021, none of the Directors of the Company hold shares or convertible instruments of the Company.

10. MEETINGS OF THE BOARD OF DIRECTOR

The Board met 5(Five) times during the year 2020-21. The details of Board Meetings are provided in the Corporate Governance Report annexed with this Board Report. The gap between any two Board Meetings has not exceeded the prescribed time limit during the year.

11. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTOR

Shri Sohanlal Kadel was appointed as Independent director w.e.f 21.10.2019 and declaration of independence was obtained at the time of his appointment.

12. AUDIT COMMITTEE

Meetings were held and the details of which are given in the Corporate Governance Report. The intervening gap between these Meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

13. NOMINATION AND REMUNERATION COMMITTEE

The company had constituted Nomination and Remuneration Committee consisting of Non- Executive Directors. The composition and terms of reference of the Committee has been furnished in the Corporate Governance Report forming part of this Annual Report.

Being a Central Public Sector Enterprise, the appointment, tenure, performance evaluation, remuneration etc. of Directorare made/fixed by the Government of India. The remuneration of officer is decided as per Government guidelines on Pay Revision and remunerations of other employees of the company are decided as per Wage Settlement Agreement entered into with the Employees'' Union. The appointments/promotions etc. of the employees are made as per Recruitment and Promotion Policy approved by the Board. However, promotions of Non-Executives employees are processed as per Memorandum of Settlement signed before RLC(C ), Rourkela on 14.11.2007.

14. STAKEHOLDER RELATIONSHIP COMMITTEE

15. CORPORATE SOCIAL RESPONSIBILITY(CSR) COMMITTEE

Your Company constituted a CSR Committee in line with Section 135 of CA, 2013. Focused area of CSR spend are on Water supply, Education, Infrastructure, Health program through conduct of health camps for treatment of villagers in peripheral villages, Women empowerment, Vocational training to candidates from weaker sections of society for ITI training etc.

Details about the CSR initiatives and policy of the company are made available at the Company''s website. Report on CSR activities forms part of this Report.

16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loan, guarantee or made investment in securities exceeding sixty per cent of its paid-up share capital, free reserves and securities premium account or one hundred per cent of its free reserves and securities premium account, whichever is more, as prescribed under Section 186 of the Companies Act, 2013.

17. RELATED PARTY TRANSACTIONS

The Company has not entered into any materially significant related party transactions that may have potential conflict with the interests of the company at large. Nonetheless, transaction with related party has been disclosed in Note no 35 of Notes to the Accounts. Hence no disclosure is made in form AOC-2 as required under Section 134(3) read with rule 8 of the Companies (accounts) Rules, 2014. Company has Related Party Transaction Policy and the same is made available at its website.

18. INTERNAL CONTROL SYSTEMS

Your Company has a system of internal control to ensure that the financial and other records are reliable, the assets and properties are safeguarded and protected against loss from unauthorized use or disposition and that transaction are authorized, recorded and reported correctly.

The Internal Control System is supplemented by extensive program of internal audits, review by management and documented policies, guidelines and procedures. The internal control is designed to ensure that the financial and other records are reliable for preparing financial statements and other data and for maintaining accountability of assets.

All purchases and expenses are guided by formal approval mechanisms. Officials are designated for approval upto specified limits to have automatic and efficient cost control process.

Your Company also has an Audit Committee. The Audit Committee reviews adequacy of internal control systems and the Internal Audit Reports and compliance thereof. The Committee reviews the internal control system and conduct of internal audits during the year.

19. FUTURE OUTLOOK

The mining operation of Bagiaburu mines is expected to be resumed in FY 22 and the forest related documents have been updated to obtain Co-terminus Forest Clearance (FC) for other two mines i.e. Belkundi & Bhadrasahi mines.

20. STATUS OF BRAHMANI COAL BLOCK:

The Coal Block Development and Production Agreement (CBDPA) was signed on 04.09.2017 with Ministry of Coal (MoC), Govt. of India by OMDC.

Ministry of Coal, Govt. Of India has issued Prospecting License(PL) on 20.03.2018 to M/s. OMDC.

In this respect M/s CMPDIL was awarded the work on 20.11.2018 by OMDC for Detail Exploration and Submission of Geological Report.

Forest Clearance for Exploration was obtained on 26.06.2020 by OMDC to facilitate the exploration work. CMPDIL submitted Interim Geological Report (IGR) to OMDC on 31.10.2020 after drilling 2900 metres out of contracted drilling of 5805metres. OMDC submitted the IGR to MoC on 11.12.2020.

21. FIXED DEPOSITS

Your company has not accepted any fixed deposits and, accordingly no account was outstanding as at the Balance Sheet date.

22. STATUS OF THE MINING LEASES:

A. OMDC Leases

1. Mining Lease:

â¢ Govt. of Odisha has extended the lease validity of all three OMDC mines for execution of the lease deed and the lease deed is yet to be executed.

â¢ Bagiaburu mining lease validity is extended up to 10.10.2021

â¢ Belkundi mining lease validity is extended up to 15.08.2026

â¢ Bhadrasahi mining lease validity is extended up to 30.09.2030

2. Mining Plan:

Approved Mining Plan (MP) is existing for Bagiaburu mines up to 31.03.2026, Belkundi mines up to 31.03.2026 and for Bhadrasahi mines up to 31.03.2025.

3. Environment Clearance (EC):

Term of Reference (ToR) has been received for all three mines of Bagiburu, Belkundi and Bhadrasahi mines. For obtaining EC, OMDC is continuously following up with office of Collector, Keonjhar for fixation of date & venue for conducting Public Hearing (PH). The schedule of date & venue for PH is still awaited.

4. Forest Clearance (FC):

Stage-II FC of Bagiaburu mines is in final stage, which is expected to be obtained shortly. OMDC is also in the process of obtaining Forest Clearance Co-terminus extension with extended lease period for other two mines of Bhadrasahi & Belkundi.

B. BPMEL Leases

All the three BPMEL mining leases are non operational due to legal cases at High Court-Cuttack, High Court-Kolkata, DRAT, Kolkata which are sub-judice.

23. INFORMATION TECHNOLOGY & TECHNOLOGY UPGRADATION

â¢ The Company has taken initiative to publish all tenders/ Expression of Interest (EOI) in Companies Corporate Website as well as Central Public Procurement Portal (CPP Portal) and started procurement through Government-e-Market place (GeM) portal.

â¢ Procedure for Sale of Iron Ore and Manganese Ore is designed through e-auction mode.

â¢ Tally based Accounting Package is being used to pay vendor bill and different employee entitlements through RTGS and e-payment mode.

24. SAFETY MEASURES

25. IMPLEMENTATION OF THE RIGHT TO INFORMATION ACT, 2005

sought under the Act has been furnished within the stipulated time period. Whenever there is a likely delay in reply due to unavailability of proper information within the stipulated time limit, an interim reply is always sent to the applicants. Statutory Reports like Monthly Returns, Quarterly Returns and Annual Returns and other reports as required under this Act were complied with and forwarded to the Ministry from time to time.

During the year ended on 31st March 2021, total 25 applications have been received, Out of 25 applications, all were disposed of and no applications are pending.

26. PROGRESSIVE USE OF HINDI

The Orissa Minerals development Company Limited (M/S. OMDC) is situated in category (C ) area as per the Official Language Act. Company has taken positive steps to enhance awareness and usage of Hindi among employees. Company had observed "Hindi Pakhwada" by way of organizing competitions and distribution of prize on essay writing, Hindi poems recitation and Hindi Anubad in which the employees took active participation. M/S. OMDC is ensuring steps under the directives of the Official Language Act to use and propagate the use of Hindi. Bilingual Boards and advertisements are being issued. "Rajbhasha Shikshan Board" is put up at H.O. to appraise the employees with new words every day. Employees are putting signatures in attendance registers and despatch registers are maintained in Hindi. "Prabin, Pragya & Parangat" exams have been completed and above 80% of employees have passed the related exam and accordingly Central Government has already notified M/S. OMDC under sub-rule (4) of Rule 10 of the Official Language Act on 01.03.2017. The M/S. OMDC is already registered in Rajbhasha website and yearly report are being sent regularly through online. Company''s website is already updated in Hindi.

27. EMPOWERMENT OF WOMEN

The Company continues to accord due importance to gender equity. All necessary measures/ statutory provisions for safeguarding the interests of women employees in issues like payment of wages, hours of work, health, safety, welfare aspects and maternity benefits etc are being followed by the Company.

In compliance with the directives of the Supreme Court, guidelines relating to sexual harassment of women workers at work places were issued by Govt. of India, Ministry of Human Resources and Development. No case of any harassment has been reported at any of the Mines of the Company or its Corporate Office. The directives have been widely circulated to bring awareness amongst the employees, particularly women. M/S. OMDC does not differentiate in terms of gender, and is an equal opportunity employer.

Total women employees on roll of the Company as on 31.03.2021 were19 nos. which constitute about 6.81% of its total workforce of 279 nos. employees. As a part of CSR also, M/S. OMDC strives to empower women, details of which is listed at CSR activity separately.

28. HUMAN RESOURCE &WELFARE OFWEAKER SECTIONS OFSOCIETY

The total number of employees in M/s OMDC as on 31.03.2021 is 279 nos. About 58.42% of the total strength (163 of 279) belongs to SCs/STs/OBCs, out of which, 38(13.62%) belong to SCs, 58(20.78%) to STs and 67(24.01%) OBCs.

Strength of SCs, STs and OBCs as on 31st March 2021

Total No. of Employees	279 nos (Exe.-72 & Non-Exe.- 207)
Scheduled Caste among them	38 nos(Exe.-7 & Non-Exe.- 31)
Scheduled Tribes among them	58 nos (Exe.-00 & Non-Exe.-58)
OBC	67 nos(Exe.-18 & Non-Exe.- 49)
Total of SC,ST and OBC	163 nos.

Your Company is also taking keen interest in development of the weaker sections of society living in the periphery of the mines situated in remote areas by providing drinking water facilities, road maintenance, periodical medical checkups and free treatment to people living in these villages.

29. INDUSTRIAL RELATIONS

Industrial relations in your Company and at Mines continued to be cordial during the year 2020-21.

30. VIGILANCE

Vigilance activities/events for the year 2020-21:

Vigilance has been focusing on preventive and proactive Vigilance activities to facilitate a conducive environment enabling people to work with integrity, impartiality and efficiency, in a fair and transparent manner, upholding highest ethical to reputation and create value for the organization.

An effort has been made to reduce the pendency of long pending Disciplinary Cases and complaints. Time to time Management suggested/advices to provide the documents/files as asked by Vigilance in time bound manner for further submission of report to CVC/MoS in stipulated time frame. Regularly review meetings conducted with the Management on Vigilance issues for immediate disposal.

System improvement has been achieved/improved in the following areas:-

â¢ Codification of all service rules for their implementation is put-up to Board.

â¢ Disbursement of all payments through electronic medium.

â¢ Initiatives taken for the installation of surveillance system at Company mines.

â¢ Vigilance clearance with regards to employees is made in line with CDA Rules of the Company.

â¢ Suggestion Boxes at HO and both Mines Offices at Thakurani and Birmitrapur are placed and the concern department act accordingly.

â¢ Concerned departments were directed to maintain the log book with respect to vehicle engaged at OMDC.

â¢ Vigilance Awareness Week was observed every year in line with directives of the Commission.

31. GRIEVANCE REDRESSAL MECHANISM (GRM)

Status of Public/Employees'' Grievances from 01.04.2020 to 31.03.2021

Sl.

No.

Types of Grievances

Grievances outstanding as on 01.04.2020

No. of Grievances received during the period 01.04.2020 to 31.03.2021

No. of Cases disposed of during the period 01.04.2020 to 31.03.2021

No. of Cases pending as on

31.03.2021

Public Grievances

NIL

Employee Grievances

NIL

32. IMPLEMENTATION OF THE PERSONS WITH DISABILITIES ACT, 1995

Your Company being a mining organization is governed by the provisions of the Mines Act, 1952 and Rules & Regulations made there under. Your Company has been implementing the provisions of "Persons with Disabilities Act, 1995". During 2020-21, no recruitment took place and hence person with disability couldn''t be employed. The Company has provided access for disabled persons at its head office.

33. COMPLIANCE WITH LAW/ LEGAL REQUIREMENTS

The Company has taken measures to ensure legal compliances from all the departmental heads and the annual legal compliance report is placed before the Board.

34. WEBSITE OF THE COMPANY

The Company maintains its website where information about the Company is provided.

35. VIGIL MECHANISM/WHISTLE BLOWER POLICY

The company has a vigil mechanism for Director and Employees to report their concerns about unethical behavior, actual or suspected fraud or violation of the company''s Code of Conduct. The mechanism provides for adequate safeguards against victimization of Director and employees who avail of the mechanism. In exceptional cases, Director and employees have direct access to the Chairman of Audit Committee.

Your Company has a Whistle Blower Policy in place and the same is also made available in the company''s website.

36. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGSAND OUTGO

37. STATUTORY AUDITOR

SL NO	Name of the Auditor	Address of the Auditor
1	M/s. Nandy Halder & Ganguli	18, Netaji Subhas Road, Top Floor, Kolkata-700001

The Statutory Auditor Report on the Accounts of the Company for the Financial Year ended 31st March, 2021forms part of the Directors Report.

38. COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31^st MARCH, 2021.

The Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under Section 143 (6) (a) of the Companies Act, 2013 of the financial statements of The Orissa Minerals Development Company Limited for the year ended 31st March, 2021. The comments of Comptroller & Auditor General of India under Section 143 (6) (b) of the Companies Act, 2013 on the Accounts of the Company for the year 2020-21 forms part of this report.

39. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

40. IMPLEMENTATION OF THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.

During the year under review, no complaint of harassment at workplace was received under "The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013" .

41. MAJOR LEGAL CASES

The company is contesting a good number of legal cases in the High court at Calcutta, as well as High Court at Cuttack, DRT, DRAT, NCLT, NCLAT etc. Few of the major cases are detailed as under:

(a) Case No.: F.M.A - 941 of 2012 (F.M.A.T No. - 649 of 2012) and Case No.: F.M.A 939 of 2012 (F.M.A.T No. - 650 of 2012) pending before High Court at Calcutta.

Both the cases are between The Orissa Minerals Development Co. Ltd. and Jai Balaji Industries Limited. The disputes were raised by Jai Balaji Industries Limited (JBIL) concerning the Supply of Iron Ore (1030 mm) & Iron Ore (5-18 mm) respectively .The matters were referred for adjudication by Arbitrator. After hearing the parties, awards were passed in favour of Jai Balaji Industries Limited. As per the award, OMDC in one case was required to pay the claim amount of Rs.4,44,44,784.00 including interest calculated up to 15th February,2010 & further interest till realization of the same. Similarly, in the other case OMDC was required to pay the claim amount of Rs. 2,79,92,122.00 including interest calculated up to 15th February,2010 & further interest till realization of the same respectively. OMDC preferred two separate appeals against these arbitration awards before the Court of District Judge at Barasat but were dismissed. Against those dismissals two separate appeals were further preferred by OMDC to High Court at Calcutta & the appeals are sub-judice. Jai Balaji Industries Limited also filed two separate applications before NCLT, Kolkata Bench in February 2020. OMDC appeared and contested the same by filing its reply affidavit. The matters were finally argued on 21.09.2020 and vide common order dated

30.09.2020 the NCLT, (Kolkata Bench) passed the judgment in favour of JBIL and thereby admitted the OMDC to insolvency process. Accordingly, IRP was appointed.

OMDC challenged the orders of NCLT, (Kolkata Bench) before NCLAT, New Delhi, vide Case No. Comp. App (AT) (Insolvency) No. 888/2020 and Case No. Comp. App (AT) (Insolvency) No. 889/2020 respectively.

NCLAT, New Delhi vide its order dated 12.10.2020 directed to put on hold the impugned order of NCLT. However, vide ''Judgment'' dated 17.08.2021, the NCLAT set-aside the orders dated 30.09.2020 of NCLT (Kolkata Bench) by allowing the Appeals filed by OMDC and released OMDC from all the rigors of law and allowed OMDC to function independently through its Board of Directors.

(b) Case No.: CA 400/2013

This Company Application related to 3 Mining Leases of BPMEL filed before the Calcutta High Court by TPG Equity Management Pvt. Ltd. (TPGEMPL) against the Official Liquidator, BPMEL and others. In the said application, TPG prayed before the Hon''ble High court to stay the winding up / liquidation proceeding of BPMEL and to allow the proposed scheme of revival of 3 Mining Leases filed by it. It has further prayed not to jeopardize its right, title and interest over the property of BPMEL. In the said application OMDC has entered its appearance as an intervener and opposing the contention of TPG.

An interim order in the application (CA No. 400 of 2013) is passed on 9th August 2019, wherein the Hon''ble High Court Calcutta directed for formation of a High Power committee consisting of three members i.e. one from the Central Government, one from the Odisha State Government and one member from Orissa Mineral Development Company Ltd. (OMDC) to take a decision by a reasoned order with regard to the renewal of the subject leases. The court also directed to hear the version of TPG Equity Management Private Limited while taking the decision. In order to comply the said order, the Dept. of Heavy Industry vide its letter dated. 20.03.2020 has formed a High Power Committee consisting of 3 members including 1 member each from DHI, Govt. of India, and OMDC & Govt. of Odisha to hear the issue raised by TPGEMPL regarding BPMEL 3 mining leases. Meeting was held on

03.07.2020 through Video Conference. OMDC has already submitted its comments to DHI, Govt. of India on 20.07.2020. It is understood from the Dept. of Steel & Mines, Govt. of Odisha that they have submitted to DHI vide letter dated. 05.01.2021 that Govt. of Odisha has filed SLP (C) No.007315-007316 dated 01.06.2021 (Diary No. 28856/2020 dated. 28.12.2020) before the Hon''ble Supreme Court of India challenging the order dated. 09.08.2019 & 03.03.2020 of High Court, Calcutta. The report of the committee is yet to be filed by DHI, Govt. of India before High Court Calcutta. In the meantime, vide order dtd. 12.03.2021 High Court, Calcutta directed the Official Liquidator (OL) to comply with the direction passed vide order dated 09.08.2019, 15.11.2019 and 20.12.2019 and to submit a report. In compliance thereto, the O.L. upon meeting with the District Magistrate & Collector, Keonjhar on

18.03.2021 submitted its report on 24.03.2021. The next date of hearing is awaited.

A long term agreement was entered into between OMDC & VISA Steel Ltd for supply of B F grade iron ore CLO (10-30mm) Fe 64% (acceptable up to 62.5% Fe) at the basic price of Rs 512 per MT F.O.R Thakurani, Barajamda, Orissa excluding Royalty, Sales Tax and per siding charges on actual basis for a period of 55 months commencing from the date of agreement (21^st December,2004) with the provision that the basic price shall be reviewed & revised by OMDC from time to time as applicable to major PSU''s & long term customer.

Dispute and difference arose between the parties following which VISA STEEL LTD invoked the arbitration clause. Subsequently, the dispute was referred to arbitration. Both the parties mutually agreed to appoint Sri V N KHARE, Former chief justice, Supreme Court of India as the sole Arbitrator. Visa Steel Ltd claimed an amount of Rs. 190.21 cores and OMDC submitted the counter claim Rs.1.35 cores and additional claim of Rs. 254 Crores with 10% interest.

The arbitration proceeding commenced from 24.01.2008. The last date of sitting was on 14.12.2019. The matter is pending for further adjudication.

MAJOR LEGAL CASES - Bharat Process Mechanical Enginers Limited (BPMEL)

(a) Certificate Case no.: 32/2018

This case was filed by DDM, Joda in the Court of Collector and District Magistrate-cum- Certificate Officer, Keonjhar against BPME Ltd. U/Sec. 6 of OPDR Act, 1962 for realization of penalty amount of Rs.871,43,77,003/- towards excess and illegal under section 21(5) of MMDR Act,1957 & towards violation of Environment Protection Act, 1986.

The matter was heard & final order was passed on 22.06.2019 by the Certificate Court for realization of penalty amount.

42. RISKS & MITIGATING STEPS

43. DIRECTORATE

Shri A.K. Saxena, Director(Projects) of Rashtriya Ispat Nigam Limited RINL was appointed as non-executive Director w.e.f.01.07.2021.

44. WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and SEBI (LODR) Regulation 2015, a company shall have at least one Woman Director on the Board of the company. Presently Smt. Swapna Bhattacharya, Deputy Director General, Ministry of Steel, is on the Board of your Company as Woman Director.

45. DETAILS ABOUT KEY MANAGERIAL PERSONNEL

Pursuant to section 134(3)(q) read with rule (8)(5)(iii) of Companies (Accounts) Rules, 2014, the Board has identified Managing Director, Chief Finance Officer (CFO), and Company Secretary as Key Managerial Personnel.

46. REPORT ON MANAGEMENT DISCUSSIONS AND ANALYSIS

A Report on Management Discussions and Analysis as required in terms of Schedule V of the SEBI (LODR) Regulation, 2015 forms part of the report.

47. CORPORATE GOVERNANCE

A report on Corporate Governance regarding compliance of the conditions of Corporate Governance pursuant to Schedule V of the SEBI(LODR) Regulation, 2015 also forms part of this Directors'' Report.

48. DEPOSIT

During the year under review, the Company did not accept any deposits from the public within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

49. LISTING

The Company''s shares are listed at The Calcutta Stock Exchange Limited, National Stock Exchange Limited and also traded in Bombay Stock Exchange Limited under permitted category. The listing fee is paid upto 31st March, 2021.

50. DEPOSITORY SYSTEM

The Company''s shares are under compulsory demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

All Shareholder except 118nos are holding shares in dematerialized form. Members having certificate in physical form have been requested to dematerialize their holdings for operational convenience.

51. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of annual return does not forms part of the Board''s Report, the extract of Annual Return is updated in website of the company www.birdgroup.co.in

52. APPOINTMENT AND REMUNERATION POLICY

Being a Central Public Sector Enterprise, the appointment, tenure, performance evaluation, remuneration, etc., of Director are made/fixed by the Government of India.

The remuneration of office is decided as per Government guidelines on Pay Revision and remunerations of other employees of the company are decided as per Wage Settlement Agreement entered with the Employees Union. The appointments/promotions etc. of the employees are made as per Recruitment and Promotion Policy approved by the Board.

53. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

As mines remained inoperative, your company could not earn any revenue from sales in this year. However, by prudent cash planning, taking into consideration the Government Guidelines, your Company has earned interest& other income of Rs. 10.75 crores during the year on its Surplus funds parked in Term Depositswith different banks.The Loss before tax was Rs. (52.41)croresas compared to loss before tax of Rs.(48.36)crores in the previous year.The Loss after tax stood at (Rs. 39.65) crores as compared to loss of (Rs 76.69)crores during the previous year. The gross realisation from undisposed stock of minerals at Bhadrasahi mines isRs. 43.30 crores inclusive of royalty, DMF, NMET& GST etc.

54. CAUTIONARY STATEMENT

Statements in the report, describing the Company''s objectives, expectations and/or anticipations may be forward looking within the meaning of Applicable Laws, Rules and Regulations. Actual results may differ materially from those stated in the statement. Important facto that could influence the Company''s operations include global and domestic supply and demand conditions affecting selling prices of finished goods, availability of inputs and their prices, changes in the Government policies, regulations, tax laws, economic developments within the country and outside and other factors such as litigations and industrial relations.

The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of subsequent developments, information or events.

55. DIRECTORS'' RESPONSIBILITY STATEMENT

(i) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) That the Directors had 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 at the end of the financial period and of the profit or loss of the Company for that period;

(iii) That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) That the Directors had prepared the annual accounts on a going concern basis.

(v) The directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(vi) That the Director had devised proper system to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

The Company''s Internal Auditor or have conducted periodic audits to provide reasonable assurance that the Company''s approved policies and procedures have been followed.

56. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India especially the Ministry of Steel, Ministry of Mines, Ministry of Environment, Forest& Climate Change, Ministry of Corporate Affairs and from Government of Odisha and other Departments of Government of India and States.

Your Director places on records their sincere thanks to the support extended by the valued and esteemed Customers, Shareholders, Stakeholders, Railway Department, Banks and the Suppliers. Directors also wish to convey their appreciation to all the employees of the organization for their valuable contributions and support.

For and on behalf of the Board

Sd/-

D.K. Mohanty

Date:13/08/2021

Mar 31, 2018

DIRECTORS¹ REPORT FOR THE YEAR ENDED 31ST MARCH, 2018.

Dear Member,

On behalf of the Board of Director of the Company, I take great pleasure in presenting the 100th Annual Report of the Company for the financial year ended 31st March, 2018 together with the Audited Statements of Accounts, the Auditor'' Report and Comments on the Accounts by the Comptroller and Auditor General of India.

1. FINANCIAL RESULTS

The financial results of OMDC for the year 2017-18 in comparison with previous financial year 201617 are highlighted here in Table-1 below:

TABLE -1

	For the year ended	For the year ended
PARTICULARS	31-03-2018	31-03-2017
	(Rs in Lacs)	(Rs in Lacs)
Income
Revenue from operations	-	-
Other Income	5522.48	6317.62
Total Income	5522.48	6317.62
Total Expenditure	31339.38	5081.38
Depreciation	1499.93	484.93
Net profit before tax	(25816.90)	1236.24
Tax Expenses-(a) Current tax	74.09	552.67
(b) Deferred tax	(595.22)	27.14
Net profit after tax	(25295.77)	656.43
Balance B/F from previous year	51546.02	51210.40
Profit available for appropriations	26269.36	51796.59
Total Other Comprehensive Income	19.11	(70.25)
Total Comprehensive Income	(25276.66)	586.18
Appropriations:-
General Reserve	-	58.62
Payment of Dividend	87.93**	159.47
Dividend Tax Paid	17.9**	32.47
Surplus carried to Balance Sheet	26163.53	51546.02

Note: ** The figures related to the previous year.

2. REVIEW OF THE FINANCIAL PERFORMANCE

As there was no production and dispatch of Iron Ore and Manganese Ore during the year 2017-18, there was no operating income during this year and the main earning was interest from the term deposits, which reduced on account of lower interest rates.

As a result, the other income reduced to Rs.5522.48 lakhs in comparison to Rs. 6317.62 lakhs in previous year. Pursuant to the judgment of Hon''ble Supreme Court dated 02.08.2017, Dy Director of Mines, Odisha had issued different demand notices dated 02.09.2017, 23.10.2017 & 13.12.2017 to the Company for the 3 leases in the name of the Company and to BPMEL for the 3 leases in the name of BPMEL towards compensation against excess mining amounting Rs. 1,418.54 Crores. The amount of demand for 3 leases in the name of the Company based on the recalculation made by the Company is Rs.235.28 Crores after the payment made earlier and interest up to 31.03.2018. The same has been provided in the books of accounts. Balance amount has been disclosed in Contingent Liability, as the matter related to the 3 leases in the name of BPMEL is subjudice.

As a result, Profit/ (Loss) before tax stood at Rs. (25816.90) lacs as compared to Rs. 1236.24 lacs for the previous year. ProfitZ(Loss) after tax was Rs. (25295.77) lacs as compared to Rs. 586.18 lacs during the previous year.

3. OUTPUT AND DISPATCH

Closure of all six mines, owing to non availability of statutory clearances and litigations coupled with the restrictions imposed on the transporting of minerals have resulted in nil production and nil dispatch duringtheyear2017-18.

4. DIVIDEND

Based on the financial results of the Company, your Board did not recommend dividend for the year 2017-18.

5. OTHER INCOME

Company continued its prudent cash planning to focus on judicious management of its funds. As per the Government guidelines, the Company deployed the surplus funds in fixed deposits and earned an interest income of Rs.5352.85lacs on fixed deposits during the year which is included under other income of the Statement of Profit & Loss Account, though the interest rates reduced from the previous year, which is included under other income of the Statement of Profit & Loss Account for the previous year.

6. NETWORTH

The net worth of the Company as on 31 st March, 2018 reduced to Rs. 586.98 crores as compared to Rs. 840.80 crores on 31 st March, 2017, on account of provisions as above.

7. TRANSFER TO RESERVES

During the year 2017-18, the Company did not transfer any amount to General Reserve as per Profit and Loss.

8. INVESTOR EDUCATION AND PROTECTION FUND

The Company has transferred a total sum of Rs. 16,86,834/- during the financial year 2017-2018 to the Investor Education & Protection Fund established by the Central Government in compliance with Section 125 of the Companies Act, 2013 for the unclaimed dividend period pertains to financial year 2010-2011. The said amount represents unclaimed dividend for the year which were lying with the company for a period of seven year from their respective due dates of payment. Prior to transferring the aforesaid sum, the company has sent reminder to the shareholder for submitting their claims for unclaimed dividend.

9. SHARE CAPITAL

The paid up Equity Share Capital as on March 31, 2018 was Rs. 60 lacs divided into 60 Lacs equity share of face value of Re 1 each. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity. As on March 31,2018, none of the Director of the Company holds shares or convertible instruments of the Company.

10. MEETINGS OF THE BOARD OF DIRECTOR

The Board met 6 (six) times during the year 2017-18. The details of Board Meetings are provided in the Corporate Governance Report annexed with this Board Report. The gap between any two Board Meetings never exceeded the prescribed time limit under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

11. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTOR

During the financial year 2017-18, there were no independent director in the Board of the company.

12. AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. There have been no instances where the Board has not accepted the recommendations of the Audit Committee during the year, 4(four) Audit Committee Meetings were held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

13. NOMINATION AND REMUNERATION COMMITTEE

Being a Central Public Sector Undertaking, the appointment, tenure, performance evaluation, remuneration, etc., of Director are made/fixed by the Government of India. The remuneration of officer is decided as per Government guidelines on Pay Revision and remunerations of other employees of the company are decided as per Wage Settlement Agreement entered with the Union. The appointments/promotions etc. of the employees are made as per Recruitment and Promotion Policy approved by the Board.

14. STAKEHOLDER RELATIONSHIP COMMITTEE

The composition and terms of reference of the Stakeholder Relationship Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. During the year, 2 (two) Stakeholder Committee Meetings were held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed underthe Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

15. CORPORATE SOCIAL RESPONSIBILITY(CSR) COMMITTEE

The target areas are water supply, education, infrastructure, health programme through conduct of health camps for treatment of villagers of peripheral villages, women empowerment, vocational training to candidates from weaker section of society for ITI training etc.

Details about the CSR initiatives and policy of the company are available at the Company''s website. Report on CSR activities is annexed herewith, forms part of this Report.

16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

of its free reserves and securities premium account, whichever is more, as prescribed in Section 186 of the Companies Act, 2013.

17. RELATED PARTIES TRANSACTION

2 as required under Section 134(3) read with rule 8 of the Companies (accounts) Rules, 2014. Company has Related Party Transaction Policy and the same is uploaded in its website.

18. INTERNAL CONTROL SYSTEMS

The Internal Control System is supplemented by extensive programme of internal audits, review by management and documented policies, guidelines and procedures. The internal control is designed to ensure that the financial and other records are reliable for preparing financial statements and other data and for maintaining accountability of assets.

All purchases and expenses are guided by formal approval mechanisms. Officials are designated for approval upto specified limits to have automatic and efficient cost control process.

19. FUTURE OUTLOOK

The six mines of OMDC are in-operative due to non-renewal of mining leases and consequent upon non availability of statutory clearances. Company''s future plan could not take desired shape mainly because of uncertainties with the renewal of mining leases of the company. The company is committed to put all efforts to sort out the uncertainties and also geared up to move forward for sustenance and better future.

20. STATUS OF BRAHMANI COAL BLOCK:

The Coal Block Development and Production Agreement (CBDPA) has been signed on 04.09.2017 with Ministry of Coal, Govt, of India.

Ministry of Coal, Govt, of India has issued notification vide no.- S.0.1281 (E) dated 20.03.2018 under section 4(1) of the CBA (A&D) Act, 1957 granting Prospecting License to OMDC to prospect for Coal at Brahmani Coal Block.

Actions are being taken for completion of exploration, preparation and submission of Geological Report(GR) for Brahmani Coal Block.

21. FIXED DEPOSITS

Your company has not accepted any fixed deposit and, accordingly no account was outstanding as at the Balance Sheet date.

22.STATUSOFRENEWALOFTHEMINING LEASES:

OMDC Leases

Al I the three OMDC leases were served with fresh lapsing notices from Govt, of Odisha on 07.09.2016.

Hearing in respect of Belkundi Mines completed on 23.02.2017 and lapsing order again served on 29.05.2017. OMDC submitted revival application before Govt, of Odisha on 01.06.2017 as per statutory provisions. Hearing for revival application by Govt, of Odisha took place on 26.07.2017.

As a parallel action OMDC submitted Revision Application before the Mines Tribunal, Govt, of India on 09.06.2017 under sec 30 of MMDR Act, 1957 against the order of lapsing of Govt, of Odisha. The RA has heard the revision application on 14.12.2017.

Hearing in respect of remaining two mining leases (i.e. Bhadrasahi & Bagiaburu) is also completed and Govt, of Odisha is yet to issue order.

BPMEL Leases

All the three BPMEL mining leases are nonoperational due to legal cases at High Court-Cuttack, High Court-Kolkata, DRT & DRAT, Kolkata which aresub-judice.

23. INFORMATION TECHNOLOGY&TECHNOLOGY UPGRADATION

- The Company has taken initiative to publish all tenders/ Expression of Interest (EOI) in Companies Corporate Website as well as Central Public Procurement Portal (CPP Portal).

- Procedure for Sale of Iron Ore and Manganese Ore is designed through e-auction mode.

- Biometric based Attendance System and CCTV based surveillance system is present at Corporate office.

- Maintenance of leave records and processing of salaries is being done through customized payroll system.

- Tally based Accounting Package is being used to pay vendor bill and different employee entitlements through RTGS and e-payment mode.

- The technology focus of the Company is to develop as a green mining Company, having technological up gradation and taking all safety measures to have safe and cost effective mining operations.

24. SAFETY MEASURES

The Company takes safety measures according to provision of the Mines Act, 1952 and in terms of Rules, Regulations and Guidelines towards safety of employees engaged in mining and allied activities. Necessary safety devices, tools and implements have been provided to the concerned employees. Safety handbook has been made and distributed as per instruction of DGMS. Basic and refresher training is imparted to the workers in the Vocational Training Center from different disciplines and operational activities in the mines as per the guidelines of DGMS. Disaster Management plan has been put in place by the Company.

25. IMPLEMENTATION OF THE RIGHTTO INFORMATION ACT, 2005

Your Company is proactively complying with the provisions of the Right to Information Act, 2005. The relevant information pertaining to RTI Act 2005 are uploaded in the Company website. The queries are regularly replied through a Public Information Officer and Assistant Public Information Officer. All the information sought under the Act has been furnished within the stipulated time period. Whenever there is a likely delay in reply due to unavailability of proper information within the stipulated time limit, an interim reply is always sent to the applicants. Statutory Reports like Monthly Returns, Quarterly Returns and Annual Returns and other reports as required under this Act were compiled and forwarded to the Ministry from time to time.

During the year ended on 31st March, 2018, total 14 applications have been received. Out of 14 applications 5 were disposed of and 9 applications are pending.

26. PROGRESSIVE USE OF HINDI

The Orissa Minerals development Company Limited (OMDC) is situated in category (C) area as per the Official Language Act. Company has taken positive steps to enhance awareness and usage of Hindi among employees. Company had observed "Hindi Pakhwada" by way of organizing competitions and distribution of prize on essay writing, Hindi poems recitation and Hindi Anubad in which the employees took active participation. OMDC is ensuring steps under the directives of the Official Language Act to use and propagate the use of Hindi. Bilingual Boards and advertisements are being issued. "RajbhashaShikshan Board" is put up at H.O. to appraise the employees with new words every day.'' Raj bhasa Training classes for Parangat courses were conducted under "Hindi Sikhsan Yojana"for learning Hindi and use of Hindi language for official use. Employees are putting signatures in attendance registers and despatch registers are maintained in Hindi. "Prabin, Pragya & Parangat" exams have been completed who attended classes and above 80% of employees have passed the related exam and accordingly Central Government has already notified OMDC under sub-rule (4) of Rule 10 of the Official Language Act on 01.03.2017. The OMDC is already registered in Rajbhasa website and quarterly report are being sent regularly through online. Company''s website is already updated in Hindi.

27. EMPOWERMENT OF WOMEN

In compliance with the directives of the Supreme Court, guidelines relating to sexual harassment of women workers at work places were issued by Govt, of India, Ministry of Human Resources and Development. Accordingly, a Grievance Cell for Women is functioning in the Company to redress grievance of women employees. No case of any harassment has been reported at any of the Mines of the Company or its Corporate Office. The directives have been widely circulated to bring awareness amongst the employees, particularly women. OMDC does not differentiate in terms of gender, and is an equal opportunity employer.

Total women employees on roll of the Company as on 31.03.2018 were 48 which constitute about 12.37% of its total workforce of 388 employees. As a part of CSR also, OMDC strives to empower women, details of which is listed with CSR.

28. HUMAN RESOURCE & WELFARE OF WEAKER SECTIONS OF SOCIETY

The total number of employees in OMDC as on 31.03.2018 is 388. About 63.14% of the total strength (245 out of 388) belong to SCs/STs/OBCs, out of which, 53 (13.65%) belong to SCs, 96 (24.74%) to STs and 96 (24.74%) to OBCs.

Strength of SCs, STs and OBC''s as on 31st March, 2018

1. Total no. of Employees - 388 (Exe. 75 & Non Exe.-313)

2. Scheduled caste among them - 53 (Exe. 07 & Non Exe-46)

3. Scheduled tribes among them - 96 (Exe. 01 & Non Exe.-95)

4.0BC - 96 (Exe. 18 & Non Exe-78)

5. Total of SC, ST and OBC - 245

Your Company is also taking keen interest in development of the weaker section of society living in the periphery of the mines situated in remote areas by providing drinking water facilities, road maintenance, periodical medical checkups and treatment to people living in these villages.

29. INDUSTRIAL RELATIONS

Industrial relations in your Company and at Mines continued to be cordial during the year 2017-18.

30. VIGILANCE

OMDC has its Vigilance Department headed by the Chief Vigilance Officer [CVO] of RINL upto 01/04/2017 and, on completion of deputation tenure, CVO was relieved w.e.f. 01/04/2017. Subsequently, the Vigilance Activities were looked after by Vigilance Officer, BGC with assistance of PSO to CVO. In addition, one Officer at OMDC Mines, Thakurani and one Officer at BSLC Mines, Birmitrapur has been given additional assignment of Vigilance.

Vide Ministry of Steel letter dated 18/12/2017, Dr. Vijay Kumar, IFS, Chief Vigilance Officer [CVO] of Kudremukh Iron Ore Company Ltd. (KIOCL), was entrusted the duties of Additional charge of CVO, BGC, and he has taken over the charge on 30/12/2017.

Vigilance Department, BGC lays emphasis on facilitating a conducive environment for people to work with Integrity, Impartiality and Efficiency. Efforts were made to reduce the pendency of long pending Disciplinary Cases. As per the directives of Central Vigilance Commission the company observed "Vigilance Awareness Week" during the period 30/10/2017 to 04/11/2017.

31. GRIEVANCE REDRESSAL MECHANISM (GRM)

Grievance Redressal Mechanism is in place in OMDC at Unit Level and at Corporate Level. Nodal Officer has been notified for this purpose. The name & designation of the officer have been posted in the Company website.

Status of Public/ Employees'' Grievances from 1.04.17 to 31.03.18

SI.

No.

Type of Grievances

Grievances outstanding as on 01.04.2017

No. of Grievances received during the period 01.04.2017 to 31.03.2018

No. of cases disposed of during the period 01.04.2017 to 31.03.2018

No. of cases pending as on 31.03.2018

Public Grievances

Nil

Employee

Grievances

Nil

32. IMPLEMENTATION OF THE PERSONS WITH DISABILITIES ACT, 1995

OMDC being a mining organization is governed by the provisions of the Mines Act, 1952 and Rules & Regulations there under. OMDC has implemented the provisions of "Persons with Disabilities Act, 1995". None of the employees in OMDC in disabled under "Persons with Disabilities Act,1995".

33. COMPLIANCE WITH LAW/ LEGAL REQUIREMENTS

The Company has taken measures to ensure legal compliances from all the departmental heads and the annual legal compliance report are placed before the Board.

34. WEBSITE OF THE COMPANY

The Company maintains its website where information about the Company is provided.

35. VIGIL MECHANISM/WHISTLE BLOWER POLICY

Your Company has a Whistle Blower Policy in place and the same is also available in the website.

36. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The prescribed particular of conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo required under Sec 134(3)(m) read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is followed at OMDC.

37. STATUTORY AUDITOR

SL NO.	Name of the Auditor	Address of the Auditor
1	M/s. Nandy Haider & Ganguli	18, Netaji Subhas Road, Top Floor, Kolkata-700001.

The Statutory Auditor Report on the Accounts of the Company for the Financial Year ended 31 st March, 2018 forms part of the Directors Report.

38. COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTS OF THE COMPANYFORTHEYEAR ENDED 31ST MARCH, 2018.

The Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under Section 143 (6) (a) of the Companies Act, 2013 of the financial statements of The Orissa Minerals Development Company Limited for the year ended 31 st March, 2018. The comments of Comptroller & Auditor General of India under Section 143 (6) (b) of the Companies Act, 2013 on the Accounts of the Company for the year 2017-18 forms part of this report.

39. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

A Secretarial Audit was conducted during the year by the Secretarial Auditor M/s. MR and Associates, Practicing Company Secretaries. The Secretarial Auditor''s Report for the financial year ending 31st March, 2018 is annexed to the Board''s Report.

40. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.

In order to prevent Sexual Harassment of Women at Workplace a new act "The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013" has been notified on 9th December, 2013. Under the said Act every Company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at work place of any women employee.

The Company has constituted an "Internal Complain Committee" as required under the provisions of Sexual harassment of women at workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the year under review, no complaint of harassment at the workplace was received by the Committee.

41. MAJOR LEGAL CEASES

The company is contesting major legal cases at High Court of Kolkata, High Court of Cuttack, DRT, DRAT, NCLT, NCLAT.

1. OMDC filed Writ Petition(s) before the Hon''ble High Court of Orissa at Cuttack on 14.05.2018 and the matter was heard on 18.05.2018. The Hon''ble High Court vide their order dated 18.05.2018 granted three weeksâ time to file counter affidavit by Govt, of Odisha and also allowed OMDC to file rejoinder affidavit one week thereafter. The last hearing was on 10.07.2018.The next date of hearing is fixed on 07.08.2018.

2. OMDC submitted Revision Application before the Revision Authority (RA), Ministry of Mines, Govt, of India on 09.06.2017 under sec 30 of MMDR Act, 1957 against the lapsing order of Govt, of Odisha for Belkundi Iron & Manganese Ore mines. The RA has heard the Revision Application on 14.12.2017. and directed Govt, of Odisha to submit para wise comment on the petition filed by OMDC. The matter was again heard on 26.07.2018. The Govt, of Odisha has not submitted para wise comment. Therefore RA again directed Govt, of Odisha to submit the para wise comment.

3. An IRP has been appointed by the NCLT, Kolkata on 20.02.2018 for commencement of Corporate Insolvency Resolution Process in the matter of OMDC, arising out of one arbitration case.

O IRP admitted following 2 claims:-

M/s. Orissa Stevedores Limited - Rs. 13.07 Crores

Mr. BalbirSharma - Rs. 21.77Crores

O At Committee of creditors meeting on 26.07.2018 claims above admitted were agreed to be amicably settled by the parties and thereby filing for withdrawal of application as per consent agreed by the company subject to final approval of hon''ble NCLT.

O NCLAT heard the case on 01.08.2018 and ordered to submit the compliance affidavit by 03/08/2018 so as to disposed of the matter on 07/08/2018.

4. Certificate Case no. 32/2018 under section 6 of OPDR Act,1962 is registered by Collector & District Magistrate, Keonjhar Odisha against three leases of BPMEL toward non-payment of compensation of Rs.873,43,77,003/-. The matter was heard on 28.07.2018.The certificate debtor/BPMEL has submitted a preliminary objection petition before the court of Collector & District Magistrate. The court has directed the certificate holder/DDM, Joda to submit counter reply. The case is posted to 01.09.2018 for hearing.

5. Certificate Case no. 41/2018 under section 6 of OPDR Act,1962 registered by Collector & District Magistrate, Keonjhar Odisha against three leases of OMDC toward non-payment of compensation of Rs.675,70,12,338/-. The matter to be heard on 18.08.2018.

42. RISKS & MITIGATING STEPS

The Company has identified various risks faced by the Company from different areas. As required under SEBI (LODR) Regulation 2015, the Board has adopted a Risk management policy whereby a proper framework is set up.

43. DIRECTORATE

Consequent to his superannuation Shri P. Madhusudan, ceased to be Chairman & Director in the Board of the company with effect from 1 st J une, 2018.

44. WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and SEBI (LODR) Regulation 2015, a company shall have at least one Woman Director on the Board of the company. Presently Smt. Pally Kundu, Deputy Director General, Ministry of Steel, is on the Board of your Company as Woman Director.

45. DETAILS ABOUT KEY MANAGERIAL PERSONNEL

Pursuant to section 134(3) (q) read with rule (8) (5) (iii) of Companies (Accounts) Rules, 2014, the Board has identified Managing Director, Chief finance Officer (CFO), and Company Secretary as Key Managerial Personnel.

46. REPORT ON MANAGEMENT DISCUSSIONS AND ANALYSIS

A Report on Management Discussions and Analysis as required in terms of Schedule V of the SEBI (LODR) Regulation, 2015 enclosed and forms part of the report.

47. CORPORATE GOVERNANCE

A report on Corporate Governance regarding compliance of the conditions of Corporate Governance pursuant to Schedule V of the SEBI (LODR) Regulation, 2015 also forms part of this Directors'' Report as.

48. DEPOSIT

During the year under review, the Company did not accept any deposits from the public within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

49. LISTING

50. DEPOSITORY SYSTEM

The Company''s shares are under compulsory demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

All the Shareholder except 144 nos holding shares in dematerialized form. Members having certificate in physical form are requested to dematerialize their holdings for operational convenience.

51. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of annual return forms part of the Board''s Report.

52. APPOINTMENT AND REMUNERATION POLICY

Being a Central Public Sector Undertaking, the appointment, tenure, performance evaluation, remuneration, etc., of Director are made/fixed by the Government of India.

The remuneration of office is decided as per Government guidelines on Pay Revision and remunerations of other employees of the company are decided as per Wage Settlement Agreement entered with the Union. The appointments/ promotions etc. of the employees are made as per Recruitment and Promotion Policy approved by the Board.

53. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

There are no material changes and commitment, affecting the financial position of the company which has occurred between the end of the financial year and the date of the report.

54. CAUTIONARY STATEMENT

Statements in the report, describing the Company''s objectives, expectations and/or anticipations may be forward looking within the meaning of Applicable Laws, Rules and Regulations. Actual results may differ materially from those stated in the statement. Important factors that could influence the Company''s operations include global and domestic supply and demand conditions affecting selling prices of finished goods, availability of inputs and their prices, changes in the Government policies, regulations, tax laws, economic developments within the country and outside and other factor such as litigations and industrial relations.

The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of subsequent developments, information or events.

55. DIRECTORS'' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Director/Resolution Processional make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

(i) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) That the Director had 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 affair of the Company at the end of the financial period and of the profit or loss of the Company for that period;

(iii) That the Director had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) That the Director had prepared the annual accounts on a going concern basis.

(vi) That the Director had devised proper system to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

The Company''s Internal Auditor have conducted periodic audits to provide reasonable assurance that the Company''s approved policies and procedures have been followed.

56. ACKNOWLEDGEMENT

Your Director/Resolution Professional take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India especially the Ministry of Steel, Ministry of Mines, Ministry of Environment, Forest & Climate Change, Ministry of Corporate Affairs and from Government of West Bengal and Odisha and other Departments of Government of India and States.

Your Director places on records their sincere thanks to the support extended by the valued and esteemed Customer, Shareholder, Stakeholder, Railway Department, Banks and the Supplier. Directors also wish to convey their appreciation to all the employees of the organization for their valuable contributions and support.

For and on behalf of the Board.

Bijay Murmuria

Resolutional Professional

Date: 03.08.2018

Mar 31, 2016

Dear Members,

On behalf of the Board of Directors of the Company, I take great pleasure in presenting the 98th Annual Report of the Company for the financial year ended 31st March, 2016 together with the Audited Statements of Accounts, the Auditors'' Report and Comments on the Accounts by the Comptroller and Auditor General of India.

1. FINANCIAL RESULTS

The financial results of the Company for the year 2015-16 in comparison with previous financial year 2014-15 are highlighted here in Table-1 below:

PARTICULARS	For the year ended 31-03-2016 (Rs.in Lacs)	For the year ended 31-03-2015 ( Rs.in Lacs)
Income :-
Revenue from operations
Other Income	6996.96	7466.58
Total Income	6996.96	7466.58
Total Expenditure	4406.09	4013.01
Total Expenditure including prior period items & Extraordinary items	4406.09	4013.01
Profit and loss after charging all expenses but before providing for depreciation	2590.87	3453.57
Depreciation	699.65	869.88
Net profit before tax	1891.22	2583.69
Net profit after tax	1063.16	1770.09
Balance B/F from previous year	50253.56	49657.68
Profit available for appropriations	51316.72	50749.51
Appropriations:-
General Reserve	106.32	177.01
Proposed Dividend	159.47	265.80
Dividend Tax	32.47	53.14
Surplus carried to Balance Sheet	51018.46	50253.56

2. REVIEW OF THE FINANCIAL PERFORMANCE

As there was no production and dispatch of Iron Ore and Manganese Ore during the year 2015-16, there was no operating income during this year.

Other income during the year in comparison to last year from Rs. 7466.58 lacs to Rs. 6996.96 lacs. The main earning of the Company for the year 2015-16 was interest from the term deposits and there was reduction in interest rates. Profit before tax during the year stood at Rs. 1891.22 lacs as compared to Rs. 2583.69 lacs last year Profit after tax for the year arrived at Rs. 1063.16 lacs as compared to Rs. 1770.09 lacs last year

3. OUTPUT AND DISPATCH

Closure of all six mines, owing to non availability of statutory clearances coupled with the restrictions imposed on the transporting of minerals have resulted in nil production and nil dispatch during the year 2015-16.

4. DIVIDEND

Based on the financial results of the Company and keeping in view the suspension of mining operations of the company for a long period, your Board has recommended a dividend of Rs. 2.66/- per equity share of Rs. 1/- each for the year 2015-16.This would involve a cash outgo of Rs. 191.94/- lacs inclusive of tax on dividend.

5. OTHER INCOME

The Company continued its prudent cash planning to focus on judicious management of its working capital. Receivables, inventories and other working capital parameters were kept under strict check through continuous monitoring. As per the Government guidelines, the Company deployed the surplus funds in fixed deposits and earned an interest income of Rs. 6804.32 lacs on fixed deposits during the year which is included under ''other income'' in the Profit & Loss Account for the year

6. NETWORTH

The net worth of the Company has recorded an increase of 1.06 % from the previous financial year. For the year 2015-16, the Net-Worth of the Company is Rs. 834.94 crores as compared to Rs. 826.22 crores in the previous financial year

7. TRANSFER TO RESERVES

During the year 2015-16, the Company has transferred Rs. 106.32 lacs to General Reserve as per Profit and Loss Account.

8. investor education and protection fund

The Company has transferred a total sum of Rs. 32, 82,156/- during the financial year 2015-2016 to the Investor Education & Protection Fund established by the Central Government in compliance with Section 125 of the Companies Act, 2013 for the unclaimed dividend period pertaining to financial year 2007-2008. The said amount represents unclaimed dividend for the year which were lying with the company for a period of seven years from their respective due dates of payment. Prior to transferring the aforesaid sum, the company has sent reminders to the shareholders for submitting their claims for unclaimed dividend.

9. share capital

The paid up Equity Share Capital as on March 31, 2016 was Rs. 60 lacs divided into 60,00,000 equity share of face value of Rs. 1 each. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity. As on March 31, 2016, none of the Directors of the Company hold shares or convertible instruments of the Company.

10. meetings of the board of directors

The Board met 5 (five) times during the year 2015-16. The details of Board Meetings are provided in the Corporate Governance Report annexed with this Board Report. The gap between any two Board Meetings never exceeded the prescribed time limit under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

11. DECLARATION OF INDEPENDENCE BY INDEPENDENT directors

All the Independent Directors of the Company have given declaration to the Company stating their independence pursuant to Section 149(6) of the Companies Act, 2013 and the same have been placed and noted by the Board.

12. AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. There have been no instances where the Board has not accepted the recommendations of the Audit Committee during the year. Five (5) Audit Committee Meetings were held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

13. NOMINATION AND REMUNERATION COMMITTEE

The company had constituted Nomination and Remuneration Committee consisting of Non- Executive Directors out of which half is Independent Directors. The composition and terms of reference of the Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report.

Being a Central Public Sector Undertaking, the appointment, tenure, performance evaluation, remuneration, etc., of Directors are made/fixed by the Government of India. The remuneration of officers is decided as per Government guidelines on Pay Revision and remunerations of other employees of the company are decided as per Wage Settlement Agreement entered with the Union. The appointments/promotions etc. of the employees are made as per Recruitment and Promotion Policy approved by the Board.

14. STAKEHOLDER RELATIONSHIP COMMITTEE

The composition and terms of reference of the Stakeholder Relationship Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. During the year, four (4) Stakeholder Committee Meetings were held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

15. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Corporate Social Responsibility Committee comprises of Shri K.J Singh as the Chairman and Shri Abdul Kalam, Shri P.K Sinha, Shri P. S Mishra as members.

Details about the CSR initiatives and policy of the company are available at the Company''s website. Report on CSR activities is annexed herewith marked as Annexure I forming part of this Report.

16. SWACHH BHARAT ABHIYAAN

The Company has participated in Swachh Bharat Abhiyaan. The Company constructed 11 nos. of toilets in 11 schools in Keonjhar district Odisha by July, 2015 as per the allocation of Ministry of Human Resource Development (MHRD) under "Swachh Vidyalaya Abhiyan". The activity was taken up in coordination with District Project Coordinator, Govt. of Odisha under supervision of Department of Education, Govt. of Odisha. Completion was and reported to the Ministry of Human Resource Development (MHRD).

17. particulars of loans, guarantees or investments

The Company has not given any loan, guarantee or made any investment exceeding sixty per cent of its paid-up share capital, free reserves and securities premium account or one hundred per cent of its free reserves and securities premium account, whichever is more, as prescribed in Section 186 of the Companies Act, 2013.

18. related party transaction

The Company has not entered into any materially significant related party transactions that may have potential conflict with the interests of the company at large. Nonetheless, transaction with related party has been disclosed in Note no 26 and 26.01 of notes to the accounts. Hence no disclosure is made on form AOC-2 as required under Section 134(3) read with rule 8 of the Companies (accounts) Rules, 2014. The Company has Related Party Transaction Policy and the same is uploaded in its website.

19. INTERNAL CONTROL SYSTEMS

Your Company has a system of internal control to ensure that the financial and other records are reliable, the assets and properties are safeguarded and protected against loss from unauthorized use or disposition and those transactions are authorized, recorded and reported correctly.

20. FUTURE OUTLOOK

The six mines of the company are in-operative due to non renewal of mining leases and non availability of statutory clearances. The company is committed to put all efforts to sort out the uncertainties and also geared up to move forward for sustenance and better future.

21. STATUS OF BRAHMANI COAL BLOCK

Brahmani Coal Block in Talcher coalfield of Dhenkanal District, Odisha having estimated geological reserve of

58.90 Million Tonnes and area of 13.26 Sq. Km. allocated to The Company on 07.11.2013 by Ministry of Coal, Govt. of India. The Company has approached MoC for agreement regarding Coal Block and the same is under process. The matter is being pursued actively.

22. FIXED DEPOSITS

Your company has not accepted any fixed deposit and, accordingly no account was outstanding as at the Balance Sheet date.

23. STATUS OF RENEWAL OF THE MINING LEASES

The Company has approached Attorney General for India for legal opinion regarding vesting of Kolha- Roida, Dalki & Thakurani leases to the Company as although those were operated by the Company, those were in the name of M/s BPMEL ( a PSU under Ministry of Heavy Industry), after nationalization of Bird & Co. As BPMEL is under liquidation, the leases were sought to be vested to the Company. Major Statutory clearances are available for Kolha Roida and Dalki leases.

The leases of Bhadrasahi, Belkundi and Bagiaburu were declared as lapsed by the Govt. of Odisha along with other mines. The Company has filed appeal against the order with the Provisional Authority, Ministry of Mines, Govt. of India New Delhi and the case is followed up for a favorable decision in this regard.

24. INFORMATION TECHNOLOGY & TECHNOLOGY UPGRADATION

- The Company has taken initiative to publish all tenders/ Expression of Interest (EOI) in Companies Corporate Website as well as Central Public Procurement Portal (CPP Portal).

- Procedure for Sale of Iron Ore and Manganese Ore is designed through e-auction mode.

- Biometric based Attendance System and CCTV based surveillance system is present at Corporate office.

- Maintenance of leave records and processing of salaries is being done through customized payroll system.

- Tally based Accounting Package is being used to pay vendors bill and different employee entitlements through RTGS and e-payment mode.

- The technology focus of the Company is to develop as a green mining Company, having technological up gradation and taking all safety measures to have safe and cost effective mining operations.

25. SAFETY MEASURES

26. IMPLEMENTATION OF THE RIGHT TO INFORMATION ACT, 2005

Your Company is proactively complying with the provisions of the Right to Information Act, 2005. All the relevant manuals pertaining to RTI Act 2005 have been uploaded on the Company''s website. The queries are regularly replied through a Public Information Officer and Assistant Public Information Officer. The information sought under the Act has been furnished within the stipulated time period. Whenever there is a likely delay in reply due to unavailability of proper information within the stipulated time limit, an interim reply is always sent to the applicants. Statutory Reports like Monthly Returns, Quarterly Returns and Annual Returns and other reports as required under this Act were complied and forwarded to the Ministry from time to time.

During the year ended on 31st March, 2016, total 14 applications received and all were are disposed off.

27. PROGRESSIVE USE OF HINDI

The Company has taken positive steps in order to enhance awareness and usage of Hindi among employees. Your company is situated in category (C) area as per the Official Language Act. The Company had observed " Hindi Pakhwada" 2015 by way of organizing competitions such as essay writing, Hindi poems recitation and Anubad in which the employees took active participation. The company is ensuring steps under the directives of the Official Language Act to use and propagate the use of Hindi. Bilingual Boards and advertisements are being issued. "Rajbhasha Shikshan Board" is put up at Head Office to appraise the employees with new words every day. ''Rajbhasa Training classes were conducted under "Hindi Sikhsan Yojana" for learning Hindi and use of Hindi language for official use. Employees are putting signatures in attendance registers in Hindi. "Praveen, Pragya & Parangat" examination have been completed for the employees who attended classes.

28. EMPOWERMENT OF WOMEN

In compliance with the directives of the Supreme Court, guidelines relating to sexual harassment of women workers at work places were issued by Govt. of India, Ministry of Human Resources and Development. Accordingly, a Grievance Cell for Women is functioning in the Company to redress grievance of women employees. No case of any harassment has been reported at any of the Mines of the Company or its Corporate Office. The directives have been widely circulated to bring awareness amongst the employees, particularly women. The Company does not differentiate in terms of gender, and is an equal opportunity employer.

Total women employees on roll of the Company as on 31.03.2016 were 91 which constitute about 17.70% of its total workforce of 514 employees. As a part of CSR also, the Company strives to empower women, details of which is listed with CSR.

29. WELFARE OF WEAKER SECTIONS OF SOCIETY

The total number of employees in the company as on 31.03.2016 was is 514. About 70.43% of the total strength (362 out of 514) belong to SCs/STs/OBCs, out of which, 64 (12.45%) belongs to SCs ,191(37.16%) to STs and 107(20.82%) to OBCs .

30. INDUSTRIAL RELATIONS

Industrial relations in your Company and at Mines continued to be cordial during the year .

31. VIGILANCE

The Company has its Vigilance Department headed by Chief Vigilance Officer (CVO) of RINL, and assisted by one Vigilance Officer and PSO to CVO in Head Office, Kolkata. In addition one Vigilance Officer (additional charge) are appointed for the Company mines, Thakurani. The function of Vigilance department includes both preventive and punitive actions for all the mines of the company and for the Registered Office at Kolkata. Company''s Vigilance department is continuing its efforts for systemic improvement to bring more and more transparency in working environment of the Company and conducted various training programme and interactive sessions for creating Vigilance Awareness among the employees. As per the directives of Central Vigilance Commission, the Company observes ''Vigilance Awareness Week'' every year.

32. GRIEVANCE REDRESSAL MECHANISM (GRM)

Grievance Redressal Mechanism is in place in Company at Unit Level and at Corporate Level. Nodal Officer has been notified for this purpose. The name & designation of the officer have been posted in the Company website Status of Public/ Employees'' Grievances from 1.04.15 to 31.03.16

Sl. Type of No Grievances

Grievances outstanding as on 01.04.2015

No. of Grievances received during the period 01.04.15 to 31.03.16

No. of cases disposed of during the period

01.04.2015 to

31.03.2016

No. of cases pending as on 31.03.2016

1. Public rievancs

Nil

2. Employee Grievances

Nil

33. IMPLEMENTATION OF THE PERSONS WITH DISABILITIEs ACT, 1995

The Company being a mining organization is governed by the provisions of the Mines Act, 1952 and Rules & Regulations there under. The Company has implemented the provisions of "Persons with Disabilities Act, 1995" 1(one) employee with disability is employed in The Company . The Company has provided access for disabled persons at its head office.

34. COMPLIANCE WITH LAW/ LEGAL REQUIREMENTs

The Company has taken measures to ensure legal compliances and the annual legal compliance report from all the departmental heads are placed before the Board.

35. WEBSITE OF THE COMPANY

The Company maintains its website where information about the Company is provided.

36. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The company has a vigil mechanism for Directors and Employees to report their concerns about unethical behavior, actual or suspected fraud or violation of the company''s Code of Conduct. The mechanism provides for adequate safeguards against victimization of Directors and employees who avail of the mechanism. In exceptional cases, Directors and employees have direct access to the Chairman of Audit Committee.

The Company has a Whistle Blower Policy in place and the same is also available in the website.

37. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGs AND OUT GO

38. STATUTORY AUDITORS

On the advice of the Comptroller and Auditor General of India, New Delhi, the Company appointed the under mentioned firm of Chartered Accountants as Statutory Auditor of the year 2015-16:

SL NO	Name of the Auditor	Address of the Auditor
	M/s L B Jha & Co	GF-1, Gillander House,
		Netaji Subhas Road,
		Kolkata- 70001

The Statutory Auditors Report on the Accounts of the Company for the Financial Year ended 31st March, 2016 is enclosed as Annexure II to the Directors'' Report.

39. COMMENTs BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTs OF THE COMPANY FOR THE YEAR ENDED 31sT MARCH, 2016

The Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under Section 143 (6) (a) of the Companies Act, 2013 of the financial statements of The Company for the year ended 31st March, 2016. The comments of Comptroller & Auditor General of India under Section 143 (6) (b) of the Companies Act, 2013 on the Accounts of the Company for the year 2015-16 forms part of this report. It has been stated that nothing significant has come to their knowledge which would give rise to any comment upon or supplement to statutory auditor''s report.

40. secretarial auditor and secretarial audit report

A Secretarial Audit was conducted during the year by the Secretarial Auditor M/s S.K. Khemka and associates, Practicing Company Secretaries. The Secretarial Auditor''s Report for the financial year ending 31st March, 2016 is annexed to the Board''s Report as Annexure III. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

41. adverse impact of payment of enhanced stamp duty BY THE lessees OF MINING LEASEs As PER THE PROVISIONs OF THE INDIAN STAMP (ODISHA AMENDMENT) ACT , 2013 AND ACTION TAKEN BY OMDCTHE COMPANY.

Two separate Writ petitions under Article 226 & 227 of the Constitution of India, for issue of Writ of Quo Warrantor to the Government of Odisha to quash the provisions of Indian Stamp (Odisha Amendment) Act, 2013 and Rule 11- C of the Odisha Stamp Rules, 1952 inserted through Odisha Stamp (Amendment) Rules, 2013 was filed by the Company in the "High Court of Orissa", Cuttack separately for the mines of the Company.

The High Court of Orissa heard both the above petitions on 17.07.13 and passed an order for stay of the impugned Indian Stamp (Odisha Amendment) Act, 2013, Odisha Stamp (Amendment) Rules, 2013 and Circular dated 25.05.2013 and dated 03.07.2013 issued by Principal Secretary, Department of Steel & Mines, Govt. of Odisha.

42. MAJOR LEGAL CASES

The Company is contesting major legal cases at High Court Kolkata to separate the issue of leases from the liquidation process of BPMEL (for Kolha Roida, Dalki & Thakurani leases). The Revisional Authority Ministry of Mines has been approached to set aside the lapsing orders regarding the leases of Bhadrasahi, Belkundi and Bagiaburu.

The Revisional Authority has also been approached to set aside demand notice from Govt. of Orisha for Rs 5395.37 crores.

43. Risks & MITIGATING STEPS

44. DIRECTORATE

Shri Prem Sagar Mishra was appointed as the Director (Production & Planning) of the company as on 16.11.2015.

45. WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and SEBI (LODR) Regulation 2015, a company shall have at least one Woman Director on the Board of the company. Presently Smt Urvilla Khati is on the Board of the Company as Woman Director.

46. DETAILs ABOUT KEY MANAGERIAL PERSONNEL

Shri A.Chakravarty, CFO was nominated as Key Managerial Personnel of the Company by the Board at its Board meeting held on 24th July, 2015 in place of Shri T.K. Saha, CFO.

47. REPORT ON MANAGEMENT DISCUSSIONS AND ANALYSIS

A Report on Management Discussions and Analysis as required in terms of Schedule V of the SEBI (LODR) Regulation, 2015 enclosed and forms part of the report as Annexure IV.

48. CORPORATE GOVERNANCE

A report on Corporate Governance regarding compliance of the conditions of Corporate Governance pursuant to Schedule V of the SEBI(LODR) Regulation, 2015 also forms part of this Directors'' Report as Annexure V.

49. DEPOSIT

During the year under review, the Company did not accept any deposits from the public within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

50. LISTING

51. DEPOSITORY SYSTEM

The Company''s shares are under compulsory demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

All the Shareholders are holding shares in dematerialized form except 150 nos. Members having certificate in physical form are requested to dematerialize their holdings for operational convenience.

52. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of annual return forms part of the Board''s Report.

53. APPOINTMENT AND REMUNERATION POLICY

Being a Central Public Sector Undertaking, the appointment, tenure, performance evaluation, remuneration, etc., of Directors are made/fixed by the Government of India.

The remuneration of officers is decided as per Government guidelines on Pay Revision and remunerations of other employees of the company are decided as per Wage Settlement Agreement entered with the Union. The appointments/promotions etc. of the employees are made as per Recruitment and Promotion Policy approved by the Board.

54. MATERIAL CHANGEs AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

There are no material changes and commitment, affecting the financial position of the company which has occurred between the end of the financial year and the date of the report except the following developments which have taken place in the recent past :-

- Letter for allotment of Brahmani Coal Block located in the state of Odisha received by the Company (the ''Block Allocattee'') for Commercial Mining under Rule 4 of the "Auction by Competitive Bidding of Coal Mines Rules, 2012''.

- Opinion has been received from Attorney General for India regarding vesting of Kolha- Roida, Dalki & Thakurani leases to the Company and the same has been submitted to Govt of Odisha for consideration.

- Revisional Authority, Ministry of Mines, Govt. of India has remanded the case of Bhadrasahi, Belkundi and Bagiaburu leases to Govt. of Odisha for issuing the order in view of Apex Court.

55. CAUTIONARY STATEMENT

Statements in the report, describing the Company''s objectives, expectations and/or anticipations may be forward looking within the meaning of Applicable Laws, Rules and Regulations. Actual results may differ materially from those stated in the statement. Important factors that could influence the Company''s operations include global and domestic supply and demand conditions affecting selling prices of finished goods, availability of inputs and their prices, changes in the Government policies, regulations, tax laws, economic developments within the country and outside and other factor such as litigations and industrial relations.

The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of subsequent developments, information or events.

56. directors'' responsibility statement

To the best of the knowledge and belief and according to the information and explanations obtained Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

i. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

iv. That the Directors had prepared the annual accounts on a going concern basis.

v. That the Directors had devised proper system to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

The Company''s Internal Auditors have conducted periodic audits to provide reasonable assurance that the Company''s approved policies and procedures have been followed.

58. ACKNOWLEDGEMENT

Directors take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India especially the Ministry of Steel, Ministry of Mines, Ministry of Environment, Forest & Climate Change, Ministry of Corporate Affairs and from Government of West Bengal and Odisha and other Departments of Government of India and States.

Directors place on records their sincere thanks to the support extended by the valued and esteemed Customers, Shareholders, Stakeholders, Railway Department, Banks and the Suppliers. Directors also wish to convey their appreciation to all the employees of the organization for their valuable contributions and support.

For and on behalf of the Board.

(P. Madhusudan)

Chairman

Place: New Delhi

Date:23.08.2016

Mar 31, 2014

Dear Members,

On behalf of the Board of Directors of the Company, I take great pleasure in presenting the 96th Annual Report of the Company for the financial year ended 31st March, 2014 together with the Audited Statements of Accounts, the Auditors'' Report and Comments on the Accounts by the Comptroller and Auditor General of India.

1. FINANCIAL RESULTS

The financial results of OMDC for the year 2013-14 in comparison with previous financial year 2012-13 are highlighted here in Table-1 below:

TABLE-1

Particulars For the year ended For the year ended

31-03-2014 31-03-2013 (Rs. in Lacs) (Rs. in Lacs)

Income:

Revenue From Operations - -

Other Income 7536.36 7998.11

Total Income 7536.36 7998.11

Total Expenditure 4924.48 4437.25

Total Expenditure including Prior Period 4960.57 4491.47 Items & Extraordinary Items

Profit and Loss after charging all expenses 2575.79 3506.64 but before providing for depreciation.

Depreciation 901.35 881.60

Net Profit Before Tax 1674.44 2625.04

Provision For Tax (Net) 1048.14 1338.62

Net Profit After Tax 626.30 1286.42

Balance B/F from Previous Year 49167.02 48235.27

Profit available for Appropriations 49793.32 49521.69 Appropriations :

General Reserve 62.63 128.64

Proposed Dividend 62.40 193.20

Dividend Tax 10.60 32.83

Surplus carried to Balance Sheet 49657.69 49167.02

It can be observed from the above table that Company has made a net profit of Rs. 626.30 lacs which was possible only through judicious investment of surplus fund of the Company.

OMDC was operating six mining leases of Iron ore and Manganese ore in the State of Odisha. The operations in six mines were stopped in phases from 2006Â2010 due to non renewal of mining leases and consequent non availability of statutory clearances. As a result, the company has not been able to do any production during the entire financial year. This has caused serious set-back to the earnings of OMDC.

2. REVIEW OF THE FINANCIAL PERFORMANCE

During the year under review your Company has recorded no sales. Other incomes in the year 2013-14 are decreased by 5.77 % in comparison to previous year 2012-13 from Rs. 7998.11 lacs to Rs. 7536.36 lacs. Profit before tax during the financial year 2013-14 stood at Rs. 1674.44 lacs as compared to Rs. 2625.04 lacs for the previous financial year 2012-13 registering a decrease by 36.21 %. Profit after tax for the financial year 2013-14 had been Rs. 626.30 lacs as compared to Rs. 1286.42 lacs during the previous financial year 2012-13 registering a decrease by 51.31%.

As there was no production and dispatch of Iron Ore and Manganese Ore during the year 2013-14, there was no operating income during this year.

The main earning of the Company for the year 2013-14 was interest from the term deposits.

3. OUTPUT AND DISPATCH

Closure of all six mines, owing to non availability of statutory clearances coupled with the restrictions imposed on the transporting of minerals have affected production and dispatch of the company adversely and has resulted in nil production and nil dispatch during the year 2013-14.

4. DIVIDEND

Based on the financial results of the company and keeping in view the suspension of mining operations of the company for a long period, your Board is pleased to recommend for the year a dividend of Rs. 1.04 per equity share of Rs. 1/- each despite of low operating income. This would involve a cash outgo of Rs. 73.00 lacs inclusive of tax on dividend.

5. OTHER INCOME

Your Company continued its prudent cash planning during the year and as per the Government Guidelines, deployed the surplus funds in fixed deposits and earned an interest income of Rs. 72.77 crores on fixed deposits during the year 2013-14 which is included in the other income head of the Statement of Profit & Loss Account for the year ended 31st March, 2014.

6. NETWORTH

The net worth of the company has recorded an increase of 0.68 % from the previous financial year 2012-13. For the year 2013-14 the Net-Worth of the Company is Rs. 818.50 crores as compared to Rs. 812.97 crores in the previous financial year ended 31st March, 2013.

7. THE COMPANIES ACT, 2013

The Ministry of Corporate Affairs (MCA) has notified 282 sections of the Companies Act, 2013 in tranches in September, 2013 and March, 2014 with majority of the sections as well as rules being notified in March, 2014. The Companies Act, 1956 continues to be in force to the extent of the corresponding provisions of the Companies Act, 2013 which are yet to be notified. MCA vide its Circular dated April 4, 2014 has clarified that the financial statements and documents annexed thereto, auditor''s report and Board''s report in respect of financial year that have commenced earlier than April 1, 2014 shall be governed by the provisions of the Companies Act, 1956 and in line with the same, the financial Statements, auditor''s report, Board''s report and attachments thereto have been prepared in accordance with the provisions of the Companies Act, 1956. With respect to the other provisions of the Act, appropriate references have been made in this report to the extent these provisions have become applicable effective from April 1, 2014.

8. MEETINGS OF THE BOARD OF DIRECTORS

Annual calendar of meetings of the Board/Committees is usually finalized well before the beginning of the year after seeking concurrence of all Directors. The meetings are scheduled only if most of the directors agree for the same. In case any of the directors have a subsequent change of plan and are not available for the meeting, efforts are made to re-schedule the meeting provided the other Directors are available and willing to re-schedule the same. Where circumstances preclude the chairman from attending the meeting, he entrusts an Independent Director or a Non-Executive Director to chair the meeting. Wherever possible, Directors who are not able to attend the meetings, join the proceedings through video conference or audio conference. Further, in order to facilitate the smooth functioning of the company, the Board, if necessary, also approves resolutions by circulation between two Board meetings.

During the year ended 31 March, 2014, the Board of Directors met six times viz. on 24th May, 2013 (1) at 10:30 A.M, 24th May, 2013 (2) at 2:30 P.M, 5* August, 2013, 11th October, 2013, 13th November, 2013 and 14th February, 2014.

9. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS

The Independent Directors of the Company, viz. Mr. Abdul Kalam, Mr. K. J. Singh and Mr. P.S. Bhattacharyya have affirmed that they continue to meet all the requirements specified under Clause 49(I)(A)(iii) of the listing agreement in respect of their position as an "Independent Director" of The Orissa Minerals Development Company Limited.

10. FUTURE OUTLOOK

Presently all the six mines of OMDC are in-operative due to non renewal of mining leases and consequent non availability of statutory clearances. This situation has resulted in loss of opportunity by the Company to enhance and expand the business from its core activity. The operations in six mines were stopped in phases from 2006Â 2010. At the peak level when the mines were in operation, the company was producing approximately 22.30 Lakh tonnes of Iron ore and 0.82 Lakh tonnes of Manganese ore per annum and in the year 2006-2007 the turnover of the Company was Rs. 299.93 Crores.

At present the Company is meeting all its expenditures against income from interest on surplus funds kept as fixed deposits with Nationalized Banks. As the interest rate of the Bank fluctuates and the Company has many commitments for making various statutory payments, the opening of mines and resumption of mining operations are considered to be utmost important in order to attain the financial stability of the Company. Because of non-revision of pay of employees, the attrition of qualified and experienced executives in the Organization has increased. There is also need to enhanced the confidence of stakeholders of the Company as mines are in-operative for a long period.

Company''s future plan could not take desired shape mainly because of uncertainties with the renewal of mining leases of the company. Impediments could not, however, put a halt to company''s determination to go ahead with its future value added schemes. The company is committed and geared also to move forward for sustenance and better future.

Nevertheless, the company has been putting efforts at all levels of State Government for renewal of mining leases and it will certainly result on the positive side of the Company. The Company is also trying in getting the required statutory clearances for early operation of mines and addressing the legal issues with utmost care by engaging experienced and senior advocates/legal professionals to settle Legal cases of the Company at the earliest at all courts.

Once the mining operations of the Company will start, your Company has planned for installation of a 2 MTPA Iron ore Beneficiation Plant and a 2 MTPA Pelletisation Plant through Joint Venture. The company has prepared a Corporate Business Plan to achieve the target of 10 MT of Iron ore and 1 MT of Manganese ore per annum by end of 13th - 5 year plan, i.e. March, 2022. Considering future enhancement upto 10 MTPA, a Thermal Power plant of 220-250 MW capacity can also be set up by the company. In such a situation, Company will approach to Ministry of Coal for linkage to this captive power plant by allocation of a thermal grade coal block for OMDC.

BRAHMANI COAL BLOCK

Keeping in view the future requirement of Coal, OMDC has filed application for allocation of 3 (three) Coal blocks for Commercial Mining and one Coal block for specific end use (Power/Steel) under Rule-4 of Auction by Competitive Bidding of Coal Mine Rule, 2012.

Consequently, Brahmani Coal Block in Talcher, Odisha has been allocated to OMDC by Ministry of Coal, Govt. of India .

Name of Coal Block : Brahmini Coal Block.

Area : 13.26 Sq.Km.

Estimated Geological : 58.90 Million Tonnes .

In accordance with Rule-7 of the "Auction by Competitive Bidding of Coal Mines Rules, 2012, Department of Steel & Mines, Govt. of Odisha directed OMDC to enter into an agreement with the Ministry of Coal, Govt. of India . As per the direction, OMDC is in the process of entering into the Agreement with Ministry of Coal, Govt. of India.

The allocation of the Brahmani Coal Block adds another area of future profit centre for your Company besides the iron ore and Manganese ore mines having the best qualities of reserves.

11. MAJOR INITIATIVES

1. Meetings were held between Secretary (Steel), Ministry of Steel, Govt of India and Chief Secretary, Govt of Odisha regarding renewal of the six mining leases including three leases held in the name of BPMEL in favour of OMDC, as well as transfer of 3 leases in the name of BPMEL to OMDC. A Committee of Joint Secretary, Ministry of Steel, Govt of India and Commissioner-cum-Secretary, Department of Steel & Mines is looking into the modalities of transfer of the three (3) leases in the name of BPMEL to OMDC.

2. Application was filed on 03.12.2013 for Temporary Working Permission (TWP) for Bagiaburu mines.

3. Application was filed on 15.03.2014 for Temporary Working Permission (TWP) for Belkundi & Bhadrasahi mines.

4. Environment Clearance for Dalki mines was obtained on 11th September, 2013

5. Stage-1 forest clearance of Bagiaburu mines was obtained on 21.11.2013.

6. Consent to operate for Dalki mines was obtained on 28.12.2013 with production capacity of 0.24 MTPA.

7. Legal issues/Court cases are being pursued with utmost concern in High Court of Kolkata, DRT-Kolkata, High court of Odisha in regard to transfer of 3 (three) mining leases in the name of BPMEL, a company under liquidation, to OMDC.

8. Matter is being pursued with Commissioner-cum-Secretary, Department of Steel & Mines, Govt of Odisha for sale of mines stock of OMDC. For three (3) mining leases of OMDC (i.e. Bagiaburu, Belkundi, Bhadrasahi) joint verification has been done in January 2013 by team of RCCF-Rourkela, DDM-Joda and OMDC officers. Report was sent to CCF-Nodal by RCCF in September, 2013 and also by DDM-Joda to Director of Mines, Bhubaneswar. Approval for the same is pending with the State Govt. of Odisha.

12. EXEMPTION FOR SIGNING OF MOU FOR THE YEAR 2014-15 BY OMDC WITH HOLDING COMPANY (RINL)

Ministry of Steel, Govt. of India vide its letter no. 7(7)/ 2013-RM- II dated 25.03.2014 informed that OMDC has been exempted from signing of MOU for the year 2014-15 with holding company, RINL since mines of OMDC are not in operation.

13. REPORT ON THE ACTIVITIES OF THE JOINT VENTURE COMPANY (EAST INDIA MINERALS LIMITED)

Performance of Joint Venture Company East India Minerals Limited (EIML) was also affected during the year 2013-14 because of the ongoing crisis which resulted in complete stoppage of the mining operation. The revenue earned by EIML during the year 2013-14 through sale of electricity stood at Rs. 159.76 lacs in comparison to previous year''s revenue of Rs. 172.56 lacs. Other income earned by EIML during the year 2013-14 was Rs. 283.57 lacs as compared to Rs. 285.50 lacs in the financial year 2012-13. The company registered a loss of Rs. 165.06 lacs after tax during the year 2013-14 in comparison to loss of Rs. 255.47 lacs in the previous year 2012-13. The reduction in the amount of loss is mainly due to decrease in expenditure in 2013-14 in comparison to 2012-13.

14. STATUS OF RENEWAL OF THE MINING LEASES:

Mines Lease Lease Mining Present Status Area Expired Stopped on on (Hectare)

KOLHA-ROIDA 254.952 14/08/96 16/11/06 Environment Clearance (EC> IRON & was issued on 23/07/12. MANGANESE Lease renewal is pending MINES on account of BPMEL issue.

DALKI 266.77 30/09/94 24/08/06 EC was issued on 11/09/13. MANGANESE Lease renewal is pending MINES on account of BPMEL issue.

THAKURANI 778.762 30/09/04 09/12/09 EC was recommended on IRON & 24/05/12 subject to Stage-1 MANGANESE Forest Clearance and Wild MINES Life Management Plan, which are under process. Presentation of site specific wild life conservation plan has been made on 20/06/2014 at office of PCCF(Wild Life), Bhubaneswar.

Approval of Chief Wild Life Warden (CWLW), Govt. of Odisha is awaited.

BAGIABURU 21.52 30/09/10 30/09/10 Stage-1 Forest Clearance was IRON MINES issued on 21/11/13. Presentation was made to State Expert Appraisal Committee (SEAC) on 14-05-2014. SEAC has advised to obtained fresh EC from MoEF & has accordingly transferred the proposal to MoEF on 03.07.2014.

BHADRASAHI 998.7 30/09/10 30/09/10 EC was recommended on IRON & 21/06/12 subject to Stage-1 MANGANESE Forest Clearance and Wild MINES Life Management Plan, which are under process. Presentation of site specific wild life conservation plan has been made on 20/06/2014 at office of PCCF (Wild Life) Bhubaneswar.

Approval of Chief Wild Life Warden (CWLW), Govt .of Odisha is awaited.

BELKUNDI 1276.79 15/08/06 09/12/09 EC was recommended on IRON & 25/07/12 subject to Stage-1 MANGANESE Forest Clearance and Wild MINES Life Management Plan, which are under process. Presentation of site specific wild life conservation plan has been made on 20/06/2014 at office of PCCF (Wild Life), Bhubaneswar.

Approval of Chief Wild Life Warden (CWLW), Govt .of Odisha is awaited.

15. INFORMATION TECHNOLOGY

OMDC has taken initiative to publish all tenders/ Expression of Interest (EOI) in Companies Corporate Website as well as Central Public Procurement Portal (CPP Portal). Procedure for Sale of Iron Ore and Manganese Ore is designed through e- auction mode only. Biometric based Attendance System and CCTV based surveillance system is installed at Corporate office. Maintenance of Leave records and processing of salaries of the employees is being done through customized payroll system. Tally based Accounting Package is being used to pay vendors bills and different employee entitlements through RTGS and e-payment mode. OMDC is in the process to install the latest technology of satellite imagery to check movement of trucks, machinery & men to prevent any chance of illegal mining once the mines are put in operation including GPS/ GPRS based surveillance system in mines.

16. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Keeping in view the closure of mining operations of the Company, OMDC allocates 3% of its net PAT for the year 2012-2013 as CSR budget for the year 2013-2014 as per the revised guidelines of DPE on CSR. For the year 2013-14 an amount of Rs. 38.58 lacs was earmarked as CSR budget. The CSR activities are carried out by the Company as per the DPE guidelines and as per the schemes run under CSR for the benefit of the nearby villagers of the mines which are as follows:

(A) JAL DHARA (Water Supply)

1 Under CSR the pipeline has been laid to supply drinking water to the villagers of Bhuyan Roida village with total 4 stand posts at Bhuyan Roida village and 7 Bore wells have been sunked at Kara Khendra, Belkundi, Barbil-8, Santabahl, Uliburu, Chhatbar and Bichakundi villages for Supply of potable Drinking water.

2 RCC reservoir (1500 ltrs capacity) has been constructed with 8 stand posts & cleaning of Dug well at Camp Hutting, Kolha Roida.

3 Over tank has been constructed at Dalki village for Supply of Drinking water to distance areas and one Water Tank has been constructed in Sading village.

(B) GRAMYA SHIKHYA ABHIJAN (Village Education)

4 Brick wall has been constructed, plastering, fixing of door etc has been done for kitchen of Anganvari School at Buru hutting of Sading village.

5 U.P school building has been fenced with barbed wire and provision gate has been made at Camp hutting of Kolha Roida.

6 Boundary wall has been constructed at UGUP school of Uliburu village, UP & ME school of Dalki village and UP school of Belkundi village.

(C) GRAMYA VIKASH (Village development)

1 For the bathing purpose of villagers, desilting, cleaning & renovation of 1 Pond at Kundurpani village, 1 Pond at Sading village and 3 Ponds at Bhuyan Roida village has been done.

2 For supply of Drinking water, renovation & development of Natural spring water at Camp Hutting of Kolha Roida village has been done and 4 Toilets have been constructed at Nalda village.

(D) MAHILA SASHASTIKARAN (Women Empowerment)

1 20 nos. of sewing machine were donated to village women and provided ancillary training to them in tailoring for the upliftment of women and make them self dependent.

(E) SWASTHA KARYAKARMA (Health Programme)

1 Steps has been initiated for supply of Free medicine to villagers from Thakurani Hospital and Roida Dispensary with free health check-up.

2 One Medical Health Van has been procured under CSR scheme for extending the medical facilities to the villagers in the peripheral villages near mines area. The van is a Mobile Health unit, equipped with oxygen cylinder, ECG machine etc. has been dedicated to the Health services of peripherals village of OMDC Mines. 12 Health camps were held in six villages and 988 patients/ villagers were examined and provided with free medicines and free heath check-up.

(F) OTHERS

1 Relief and rehabilitation activities has been done by the Company for the cyclone (Phailin) affected areas in Ganjam.

2 News paper & Magazine has been provided to village clubs for enhancement of knowledge and keep them updated on current affairs.

3 Organizing Football tournament under CSR at Thakurani and Roida.

1 Sports gears has been provided to Kolha Roida, Bhuyan Roida, Kundurpani, Chhatabar villages and Barbil-7 village under CSR.

2 Voluntary contribution of fund under CSR scheme for rebuilding the infrastructure in Odisha affected by devastated Cyclone

17. SAFETY MEASURES

OMDC has initiated safety measures according to provision of the Mines Act, 1952 in terms of Rules, Regulations and Guidelines towards safety of employees engaged in mining and allied activities. Necessary safety devises, tools and implements have been provided to the concerned employees. Safe practices pertaining to different activities in mining operations are displayed through participation of workers in safety exhibitions locally as well as on regional basis. Basic and refresher training is imparted to the workers in the Vocational Training Center.

18. TECHNOLOGY UPGRADATION

The focus of the Company is to develop OMDC as a green mining Company, having technological upgradation and taking all safety measures to have safe and cost effective mining operations.

PARTICULARS OF EMPLOYEES UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956

There was no employee of the Company who received remuneration in excess of the limits prescribed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of employees) Rules, 1975, as amended from time to time.

20. IMPLEMENTATION OF THE RIGHT TO INFORMATION ACT, 2005

The Government of India enacted the Right to Information (RTI) Act, 2005 on June 15, 2005. The objective of the Act is to promote transparency and accountability in the administration and to provide good governance in the Country.

Your Company is proactively complying with the provisions of the Right to Information Act, 2005. All the relevant manuals pertaining to RTI Act 2005 have been uploaded on the Company''s website. The queries are regularly replied through a Public Information Officer and assisted by Assistant Public Information Officer of Head Office and Mines Office. All the information sought under the Act has been furnished within the stipulated time period. Whenever there is a delay in reply due to unavailability of proper information within the stipulated time limit, an interim reply is always sent to the applicants. During the year ended on 31st March, 2014, total 11 applications have been received (in respect of BGC), out of which 9 applications were accepted. Out of these 9 applications, 5 applications were disposed of during the year.

Statutory Reports like Monthly Returns, Quarterly Returns and Annual Returns and other reports as required under this Act were complied and forwarded to the Ministry from time to time.

21. PROGRESSIVE USE OF HINDI

OMDC has taken positive steps to enhance awareness and usage of Hindi among employees. The Company follows the directives issued from time to time by the Department of Official Language, Ministry of Home Affairs and Ministry of Steel, Government of India for the progressive use of Official Language, Hindi.

The Company had observed "Hindi Pakhwada" w.e.f 14th September,2013 to 28th September, 2013 by way of organizing competitions such as essay writing, singing Hindi song, Hindi poem recitation and Hindi dictation in which the employees took active participation. Cash Prizes, certificates and mementos were awarded to the winners of various events. "Rajbhasha Shikshan Board" is placed at Head Office to apprise the employees with new Hindi words every day. Two Workshops have been conducted on 16.07.2013 & 28.03.2014 in which 21 and 12 employees were participated respectively.

A Hindi Teaching Scheme ''Probodh'' was conducted in Head Office of the Company from 22.01.2014 and the final examination was conducted on 26.05.2014. 29 employees (including 15 Executives & 14 Non- Executives) were appeared for the said examination and have secured good marks. Overall result is 100 %. Good scorers will be awarded incentives as per rules of the Department of Rajbhasa, Ministry of Home Affairs, Govt. of India. Next Session for a Hindi Teaching Scheme ''PRAVEEN'' has been started from July, 2014.

22. EMPOWERMENT OF WOMEN

The Company continues to accord due importance to gender equality. All necessary measures/ statutory provisions for safeguarding the interests of women employees in issues like payment of wages, hours of work, health, safety, welfare aspects and maternity benefits etc are being followed by the Company.

In compliance with the directives of the Supreme Court, guidelines relating to sexual harassment of women workers at work places were issued by Govt. of India, Ministry of Human Resources and Development. Accordingly, a Grievance Cell for Women is functioning in the Company to redress grievance of women employees. No case of any harassment has been reported at any of the Mines of the Company or its Corporate Office. The directives have been widely circulated to bring awareness amongst the employees, particularly women.

OMDC does not differentiate in terms of gender. To ensure empowerment of women, "Gender Budgeting Cells" have been constituted. Total women employees on roll of the Company as on 31.03.2014 was 135 which constitutes 21.06 % of its total employees of 641.

As a part of its CSR activities, Self Help Groups have been formed at the mines which comprise of women originate from the remote villages. They are trained to tailoring and various other vocational activities in order to make them self-reliant.

23. WELFARE OF WEAKER SECTIONS OF SOCIETY

The Company is fully aware of its social responsibilities for development and welfare of weaker Section of the Society. Presidential Directives on Reservation in appointments for Scheduled Castes and Scheduled Tribes in Public Enterprises are strictly adhered by OMDC. The total number of employees in OMDC as on 31.03.2014 is 641. About 70% of the total strength (450 out of 641) belong to SCs/STs/ OBCs, out of which, 78 belongs to SCs (12.17 %), 244 belongs to STs (38.07 %) and 128 belongs to OBCs (19.97%).

Your Company is also taking keen interest in development of the downtrodden people living in the vicinity of the mines situated in remote areas by providing drinking water facilities, road maintenance, periodical medical checkups and treatment to people living in these villages.

24. MANPOWER

Strength of SCs, STs and OBC''s as on 31st March, 2014

1. Total number of employees = 641

2. Scheduled Castes amongst them = 78 (Executive-7, and Non Executive-71)

3. Scheduled Tribes amongst them = 244(Executive-2, and Non Executive-242)

4. OBC = 128

5. Total SCs STs and OBC = 450

6. Physically Challenged employees = 2

25. INDUSTRIAL RELATIONS

Industrial relations in your Company and at Mines continued to be cordial and peaceful during the year 2013-14. The system of Permanent Negotiation Mechanism (PNM) has been introduced in the Company and its mines for discussing various issues for smooth functioning of the Organization and expeditious decisions for the settlement of grievances. This is to ensure the better understanding between the Management and the Workers and to have cordial industrial relations. No major industrial relation incidents reported during the year 2013-14.

26. VIGILANCE

The Vigilance Department of the Company is headed by CVO, RINL, and assisted by one Vigilance Officer and one PSO to CVO in Head Office, Kolkata. In addition two Vigilance officers (additional charge) are appointed for OMDC mines, Thakurani. The function of Vigilance department includes both preventive and punitive actions for all the Mines of the company and for the Registered Office at Kolkata. Company''s Vigilance department is continuing its efforts for systematic improvement to bring more and more transparency in working environment of the Company. Vigilance department has conducted various training programme and interactive sessions for creating vigilance awareness among employees. The company observes Vigilance Awareness Week at the Head Office as well as at the units of the Company from 28th October, 2013 to 2nd November, 2013 during which various activities like Slogan competition, Essay competition, taking pledge by the employees etc. were carried out to create vigilance awareness among the employees.

System improvement has been achieved in the following areas:

* Codification of all service rules and their implementation.

* Efforts have been made to improve contract management.

* Barricades, Drop gates, Road barriers/Nala and Trenches have been made to prevent theft and pilferages.

* Disbursement of all payments through electronic medium.

* Adoption of Whistle Blower Policy.

* Adoption of Complaint Handling Policy.

* Initiative for the installation of surveillance system in mines.

* To adopt sensitive post criteria in various appointments of the Company.

* MIS system has been modified at Head office.

* Sale of material through e-Action.

* Implementation of ISO 9001:2008 Certification in Vigilance Management of entire set of activities for OMDC, Vigilance Department.

* Speed up proceedings of disciplinary case.

* To have better accountability in movement of materials, a system of custodian of stocks in each mines has been introduced.

* Installation of weigh-bridges at all the vital exit points and such weigh-bridges to be connected with computer in order to ensure automatic recording of minerals received at various plots/ stockyards so that data''s are reconciled on day to day basis. It is being implemented in phased manner.

* Suggestion Boxes at Head Office and Mines offices at Thakurani are placed.

27. GRIEVANCE REDRESSAL MECHANISM (GRM)

Grievance Redressal Mechanism (GRM) is placed in your Company at unit level and at Corporate level to address grievances of the employees. Nodal officers have been notified for this purpose. This measure will create healthy working environment. The name and designation of the Nodal Officers have been posted in the company website.

TABLE-2

SI. Type of Grievances No. of Grievances No Grievances outstanding received during as on 01.04.2013 the period 01.04.13 to 31.03.14

1 Public Nil Nil Grievances

2 Employee Nil 2 Grievances

SI. Type of No. of cases No. of No Grievances disposed of case during the period pending as 01.04.2013 to on 31.03.14 31.03.2014

1 Public Nil Nil Grievances

2 Employee Nil 2 Grievances

The company has incorporated the system for on line receipt of grievances as per the "Sevottam Model". Necessary online link has been provided in company''s website i.e. www.birdgroup.gov.in for online recording of public grievances.

28. IMPLEMENTATION OF THE PERSONS WITH DISABILITIES ACT, 1995

OMDC being a mining organization is governed by the provisions of the Mines Act, 1952 and Rules & Regulations thereof. OMDC has implemented the provisions of "Persons with Disabilities Act, 1995". 2 persons with disabilities are employed in OMDC during the year 2013-14.

29. COMPLIANCE WITH LAW/ LEGAL REQUIREMENTS

In terms of the guidelines issued by the Government, a Quarterly Report on the progress of Arbitration cases is being put up to the Board of Directors for information and guidance. An Internal Reporting System has been introduced indicating the progress of the cases in various Courts and the status of the cases as at the beginning of the year and also at the end of the year. The Company has taken measures to ensure legal compliances from all the departmental heads and the annual legal compliance report are placed before the Board for review.

30. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

I. Energy Conservation

The Company consumes purchased electricity. The following steps are being taken by the Company to reduce the electricity consumption.

ELECTRICAL UTILITIES

Electricity Distribution System

* Schedule our operations to maintain a high load factor

* Shift loads to off-peak times if possible.

* Minimize maximum demand by tripping loads through regular power cuts.

* Stagger start-up times for equipment with large starting currents to minimize load peaking.

* Use standby electric generation equipment for on-peak high load periods.

* Correct power factor to at least 0.90 under rated load conditions.

* Relocate transformers close to main loads.

* Set transformer taps to optimum settings.

* Check utility electric meter with our own meter.

Motors

* Properly size to the load for optimum efficiency.

(High efficiency motors offer of 4- 5% higher efficiency than standard motors)

* Use energy-efficient motors where economical.

* Use automatic power factor controller to improve power factor.

* Check alignment.

* Provide proper ventilation

(For every 10 Â°C increase in motor operating temperature over recommended peak, the motor life is estimated to be halved)

* Check for under-voltage and over-voltage conditions.

* Balance the three-phase power supply.

(An imbalanced voltage can reduce 3 - 5% in motor input power)

* Demand efficiency restoration after motor rewinding.

(If rewinding is not done properly, the efficiency can be reduced by 5 - 8%) Lighting

* Reduce excessive illumination levels to standard levels.

* Install efficient alternatives to incandescent lighting, mercury vapor lighting, etc. Efficacy (lumens/watt) of various technologies range from best to worst approximately as follows: low pressure sodium, high pressure sodium, metal halide, fluorescent, mercury vapor, incandescent.

* Select ballasts and lamps carefully with high power factor and long-term efficiency in mind.

* Upgrade obsolete fluorescent systems to Compact fluorescents and electronic ballasts

* Change exit signs from incandescent to LED.

DG sets

* Optimize loading

* Clean air filters regularly

* Insulate exhaust pipes to reduce DG set room temperatures

Apart from that OMDC is encouraging use renewable energy by installing 50 Nos. of solar street lights at nearby peripheral villages under CSR scheme.

II. Technology absorption

The Company has not absorbed any new technology during the year .

III. Foreign Exchange Earnings and Outgo:

There was no transaction in foreign exchange during the year.

31. STATUTORY AUDITORS

On the advice of the Comptroller and Auditor General of India, New Delhi, your Company appointed the under mentioned firm of Chartered Accountants as Statutory Auditor of your Company for the year 2013-14:

SI. No. Name of the Address of the Auditor

Auditor

1. M/s LBJha&Co GF-1, Gillander House, 8, Netaji Subhas _ Road,Kolkata-700001

The Statutory Auditors Report on the Accounts of the Company for the Financial Year ended 31st March, 2014 is enclosed to the Directors'' Report.

32. COST AUDITORS

In terms of the Cost Accounting Records Rules, 2011, issued by Ministry of Corporate Affairs on 06.11.2012, vide Order no: F.No. 52/26/CAB-2010 the Company is required to maintain cost accounting records and get them audited every year. Your Company has appointed M/s. Chatterjee & Co, Cost Accountants, as Cost Auditors of the Company for the financial year 2013-14. The cost audit report would be filed with the Central Government within prescribed timelines. The Cost Audit Report and Compliance Report for the year 2012-13 were filed within the time limit as prescribed by the Ministry of Corporate Affairs.

33. COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31st MARCH, 2014

The Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under Section 619(3)(b) of the Companies Act, 1956 of the financial statements of The Orissa Minerals Development Company Limited for the year ended 31st March, 2014. The comments of Comptroller & Auditor General of India under Section 619(4) of the Companies Act, 1956 on the Accounts of the Company for the year 2013-14 forms part of this report.

34. ADVERSE IMPACT OF PAYMENT OF ENHANCED STAMP DUTY BY THE LESSEES OF MINING LEASES AS PER THE PROVISIONS OF THE INDIAN STAMP (ODISHA AMENDMENT)ACT, 2013 AND ACTION TAKEN BY OMDC.

Two separate Writ petitions under Article 226 & 227 of the Constitution of India, for issue of Writ of Quo Warrant to the Government of Odisha to quash the provisions of Indian Stamp (Odisha Amendment) Act, 2013 and Rule 11- C of the Odisha Stamp Rules, 1952 inserted through Odisha Stamp (Amendment) Rules, 2013 was filed by OMDC in the "High Court of Orissa", Cuttack separately for the mines of OMDC :

(A) Petition no W.P(C) no. 15377/2013 dated 08.07.13 was filed for:

i) Bhadrasahi Iron & Mn Mines,

ii) Belkundi Iron & Mn. Mines

iii) Bagiaburu Iron Mines

(B) Petition no W.P(C) no: 15512/2013 dated 09.07.13 was filed for the BPMEL mines operated by OMDC:

iv) Thakurani Iron & Mn Mines

v) Kolha -Roida Iron & Mn Mines

vi) Dalki Mn. Mines

The High Court of Orissa heard both the above petitions on 17.07.13 and passed an order for interim stay of the impugned Indian Stamp (Odisha Amendment) Act, 2013, Odisha Stamp (Amendment) Rules, 2013 and Circular dated 25.05.2013 and dated 03.07.2013 issued by Principal Secretary, Department of Steel & Mines, Govt. of Odisha.

35. MAJOR LEGAL CASES

* In November, 2009 UCO Bank assigned an outstanding BPMEL loan of Rs. 4.08 Crore to TPG Equity Management Pvt. Ltd, Kolkata (TPG) for a consideration of only Rs. 55 Lakhs.

* After assignment by UCO Bank which was allowed by the DRT, Kolkata, M/s TPG received an amount of Rs. 2.99 cr. in September 2011 from Official Liquidator (OL) and filed a case in High Court of Kolkata claiming an amount of Rs. 183 cr. including interest.

* Against this claim, M/s TPG appealed for revival of BPMEL with the help of BPMEL mining leases namely, Kolha-Roida, Dalki and Thakurani which are operated by OMDC since inception.

* OMDC approached High Court of Kolkata in September, 2013 as an intervener in the case filed by M/s TPG.(Case no: CA400/2013)

* As allowed by High Court Kolkata, OMDC, as an intervener, filed Affidavit in December 2013 appealing to reject the claim of M/s TPG to utilize the three Mining leases held in the name of BPMEL.

* Further OMDC filed five cases in the Debt Recovery Appellate Tribunal (DRAT), Kolkata against the five orders of Debt Recovery Tribunal (DRT) in May, 2014. These orders of DRT are creating hindrance upon effect of OMDC to renew the mining lease by allowing claim of M/s TPG on BPMEL mines. The cases are currently under hearing at DRAT, Kolkata.

* Demand Notice Issued by DDM, Joda

OMDC received Demand note on 15.02.2014 & 21.02.2014 against excess mining by OMDC during the period from 2000-01 till 2009-10 from Dy. Director of Mines(DDM), Joda region, Keonjhar in respect of all the six mining leases of OMDC. The total amount claimed is Rs. 5395.37 Crores against all six leases.

Against the above demand of DDM, Joda, OMDC has filed 6 (six) nos. of revision applications, for each of the mining leases, before the Revisional Authority, Ministry of Mines ,Govt. of India at New Delhi on 13.03.2014, challenging the demand notice(s) issued by DDM, Joda, Keonjhar .

36. REPORT ON MANAGEMENT DISCUSSIONS AND ANALYSIS

A Report on Management Discussions and Analysis as required in terms of Clause 49(F) of the Listing Agreement is enclosed and forms part of the report.

37. CORPORATE GOVERNANCE

A report on Corporate Governance along with the certificate from a Practising Company Secretary regarding compliance of the conditions of Corporate Governance pursuant to Clause 49 of the Listing agreement with the Stock Exchanges also forms part of this Directors'' Report.

Certificate attested by the CEO/CFO is also enclosed forming part of the Corporate Governance Report along with a declaration signed by MD regarding Code of Conduct for Members of the Board and Senior Management.

38. DIRECTORATE

The following Non- Executive Independent Directors ceased to be Directors on the Board of the Company :

Name of the Directors Ceased to be Directors w.e.f

Shri Harsh Mahajan 06.04.2013

Shri Ashok Vij 06.04.2013

Smt Uma Menon 06.04.2013

The following Managing Director ceased to be Director on the Board of the Company:

Name of the Director Ceased to be Director w.e.f

Dr Satish Chandra 15.07.2013

Shri Umesh Chandra, Director of OMDC took over the additional charge of Managing Director of OMDC w.e.f 15.07.2013 (A/N) to 15.07.2014. Consequent upon attaining the age of superannuation, Shri Umesh Chandra, Ex-officio Non- Executive Director was ceased from the Board of OMDC w.e.f 31.07.2014 (A/N).

The following Govt of India Nominee Director ceased to be Director on the Board of the Company :

Name of the Director Ceased to be Director w.e.f

Shri E.K. Bharat Bhushan 01.05.2013

Shri Lokesh Chandra, Govt Nominee Director nominated in the Board of OMDC w.e.f 1.05.2013 pursuant to the order of Ministry of Steel, Government of India.

Consequent upon attaining the age of superannuation, Shri A.P Choudhary, Ex- officio Non-Executive Chairman was ceased from the Board of OMDC w.e.f 31.12.2013. Shri Ponnapalli Madhusudan was nominated in the Board of OMDC in his place w.e.f 9.01.2014 as Ex-officio Non- Executive Chairman.

Smt Uma Menon was appointed as a Director on the Board of OMDC w.e.f

24.05.2013. She ceased to be Director on the Board of the Company w.e.f

20.10.2013.

The Board places on record its deep appreciation for the valuable contribution made by Shri Harsh Mahajan, Shri Ashok Vij, Smt Uma Menon, Dr Satish Chandra, Shri E.K. Bharat Bhushan, Shri A.P Choudhary and Shri Umesh Chandra during their tenure on the Board of the company.

The following Directors were appointed as the Non Executive Independent Directors of the Company:

Name of the Non Executive Appointed w.e.f Independent Directors

1. Shri Abdul Kalam 18.12.2013

2. Shri K.J. Singh 18.12.2013

3. Shri P.S. Bhattacharyya. 18.12.2013

Shri P.K Sinha was nominated in the Board of OMDC as Director (Production & Planning) for a period of five (5) years w.e.f 04.02.2014 pursuant to the order of Ministry of Steel, Government of India.

Shri D.N Rao was nominated in the Board of OMDC as Ex-officio Non-Executive Director w.e.f 02.08.2014 pursuant to the order of RINL, holding company of OMDC.

39. DEPOSIT

The Company has not accepted any deposit pursuant to Section 58A of the Companies Act, 1956.

40. DIRECTORS'' RESPONSIBILITY STATEMENT

As required under Section 217 (2AA) of the Companies Act, 1956, your Directors confirm :

(i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) that the directors had 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 at the end of the financial year and of the profit or loss of the Company for that period;

(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the directors had prepared the annual accounts on a going concern basis.

41. LISTING

The Company''s shares are listed at The Calcutta Stock Exchange Limited, National Stock Exchange Limited and also traded in Bombay Stock Exchange Limited under permitted category. The listing fee is paid upto 31st March, 2015.

42. DEPOSITORY SYSTEM

The Company''s shares are under compulsory demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services (I) Limited (CDSL).

There is satisfactory progress in the process of dematerialization. Only 159 no. of Shareholders are still having certificate in physical form. Members having certificate in physical form are requested to dematerialise their holdings for operational convenience.

43. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India especially the Ministry of Steel, Ministry of Mines, Ministry of Environment and Forest, Ministry of Corporate Affairs and from Government of West Bengal and Odisha and other Departments of Government of India.

Your Directors place on records their sincere thanks to the support extended by the valued and esteemed Customers, Shareholders, Stakeholder, Railway Department, Banks and the Suppliers. Directors also wish to convey their appreciation to all the employees of the organization for their valuable contributions and support.

For and on behalf of the Board.

(P. Madhusudan)

Chairman

Registered Office : AG-104, "Sourav Abasan", 2nd Floor, Sector-II, Salt Lake City, Kolkata-700091 Date: 14th July,2014.

Mar 31, 2013

On behalf of the Board of Directors of the Company, I take great pleasure in presenting the 95th Annual Report of the Company for the financial year ended 31st March, 2013 together with the Audited Statements of Accounts, the Auditors'' Report and Comments on the Accounts by the Comptroller and Auditor General of India.

1. FINANCIAL RESULTS

The financial results of OMDC for the year 2012-13 in comparison with previous financial year 2011-12 are highlighted here in Table-1 below :

TABLE-1

Particulars For the year For the year ended ended 31-03-2013 31-03-2012 (Rs.in Lacs) (Rs.in Lacs)

Income:

Revenue From Operations 152.54

Other Income 7998.11 5965.58

Total Income 7998.11 6118.12

Total Expenditure 4437.25 5416.71

Total Expenditure including Prior Period 4491.47 5426.27

Items & Extraordinary Items

Profit and Loss after charging all expenses 3506.64 691.85 but before providing for depreciation.

Depreciation 881.60 (136.65)

Net Profit Before Tax 2625.04 828.50

Provision For Tax (Net) 1338.62 (484.16)

Net Profit After Tax 1286.42 344.34

Balance B/F from Previous Year 48235.27 47985.41

Profit available for Appropriations 49521.69 48329.75

Appropriations:

General Reserve 128.64 34.43

Proposed Dividend 193.20 51.66

Dividend Tax 32.83 8.38

Surplus carried to Balance Sheet 49167.02 48235.27

It can be observed from the above table that Company has made a profit of Rs.12.86 crores which was possible only through judicious investment of company reserve/ surplus fund in nationalized banks as per DPE guidelines.

OMDC was operating six mining leases of Iron ore and Manganese ore in the State of Odisha. Presently, the company is not carrying out any mining activity since the mining leases have expired and the company is vigorously pursuing the matter of renewal of mining leases with the State Government and Central Government authorities so as to enable it to resume its mining operations at an early date. Considerable progress was made in obtaining several statutory approvals and permissions for re-commencement of the mining operations.

2. REVIEW OF THE FINANCIAL PERFORMANCE

During the year under review your Company has recorded nil sales against Rs.152.54 lacs revenue generated from sale of sponge iron in the previous financial year 2011-12. However, other incomes in 2012-13 were increased by 34.07% in comparison to previous year 2011-12 from Rs.5965.58 lacs to Rs.7998.11 lacs. Profit before tax during the financial year 2012-13 stood at Rs.2625.04 lacs as compared to Rs.828.50 lacs for the previous financial year 2011-12 registering an increase by 216.84%. Profit after tax for the financial year 2012-13 had been Rs.1286.42 lacs as compared to Rs.344.34 lacs during the previous financial year 2011-12 registering an increase by 273.59%. The improvement in financial performance was basically through judicious investment of company reserve/ surplus funds in nationalized banks as per DPE guidelines.

There was no production and despatch of Iron Ore and Manganese Ore during the year 2012-13. Consequently, there was no operating income, except earning on interest from fixed deposits.

3. DIVIDEND

Based on the financial results, your Board is pleased to recommend for the year a dividend of Rs.3.22 per equity share of Rs.1/- each despite of negligible operating income. This would involve a cash outgo of Rs.226.03 lacs inclusive of Rs.32.83 lacs towards tax on dividend.

4. OUTPUT AND DESPATCH

There was no mining activity in any of the mines of OMDC during the year 2012-13. Closure of all six mines, owing to non availability of forest and environmental clearance have resulted in nil production and despatches of the company during the year.

5. OTHER INCOME

Your Company continued its prudent cash planning during the year and as per the Government Guidelines, deployed the surplus funds in fixed deposits and earned an interest income of Rs.73.70 crores on fixed deposits against Rs.56.34 crores during the last year 2011-12 which is included in other income.

6. NETWORTH

It is observed that the net worth of the company is Rs.812.97 crores for the financial year 2012-13 as compared to Rs.802.36 crores in the previous financial year 2011-12 recording an increase of 1.32%.

7. SUB-DIVISION

During the year under review, the face value of the equity shares of the Company has been sub-divided from Rs.10/- (Rupees Ten) each fully paid up into Rs.1/- (Rupee One) each fully paid up pursuant to the approval of the shareholders of the Company at the 94th AGM of the company held on Wednesday, the 19th day of September, 2012.

Fully paid up equity shares of F.V. XV- each against every 1 fully paid up equity shares of F.V. Rs.10/- were allotted to shareholders on 31st October, 2012 under new ISIN INE725E01024 of the company The existing equity shares of face value of Rs.10/- each bearing distinctive nos.000001 to 600000 stand cancelled w.e.f 31st October, 2012.

8. AWARDS

Your Company was accorded recognition for its meritorious services to its stakeholders as follows:

- OMDC was Awarded Hindi Rajbhasha Award - 2012 by "Parivartan Jan Kalyan Samiti, Delhi".

- OMDC was conferred the National Mines Safety Award, 2008 by the Hon''ble President of India.

9. FUTURE OUTLOOK

The Management of your Company has made a Corporate Business Plan 2012- 2022 which envisages increase in Iron Ore production from 2 million tonnes to 10 million tonnes and Manganese Ore from 0.4 million tonnes to 1 million tonnes, besides installation of 2 MTPA Iron Ore Beneficiation Plant and 2 MTPA Pelletisation Plant at Thakurani, District-Keonjhar, Odisha.

In order to expand the activities of the Company in all possible areas, keeping in view the value addition, draft MOU was under examination for finalization with regard to proposed Joint Venture between OMDC/ RINL/ KIOCL for setting up a Beneficiation and Pelletisation Plant as per Detailed Project Report (DPR) prepared by M.N. Dastur and Company.

So far, OMDC has been carrying out mining operation by outsourcing. The company has planned to go for semi-mechanised mining operation departmentally. Expert third party consultants were appointed to firm up the mining plan, policy for the company for departmental mining as against contractual mining in the past. In this process MECON was also appointed to prepare Detailed Project Report of all six mines in order to introduce the latest state of art mining operations/ efficiencies at par with the best in the industry. Draft Long Term Sale Policy of the company was under examination for finalization.

Presently, OMDC is having two Railway sidings in Thakurani, which will be up-graded by putting up in motion weighbridge and automated loading facilities so as to improve evacuation efficiency of the company and also the company has deployed CISF and now planning to go for GPS base surveillance system to prevent theft and pilferage for ensuring better safety and security of the mining area.

Since OMDC is in the process of setting up of 2 MTPA Pelletisation Plant the power requirement will be approx. 30 MW. Considering future enhancement upto 8 MTPA the Power requirement will be to the tune of 120 MW. During peak operation of all the six leases, the requirement will be approx. 15 MW. Thus the total requirement will be around 135 MW & the Captive power plant can sell 50% of the total generation. Total Generation Permitted 270MW with Plant Load Factor (PLF) of 90% , Power plant of 300 MW can be set up.

For next thirty (30) years, requirement of Coal will be nearly 210 Million Tonne. Washed Coal with recovery of 65-70% can be used. The Block with 312 MT reserve is suitable for OMDC''s Captive Power Plant. Keeping in view the future requirement, OMDC has filed application for 3 (three) block for Commercial Mining and one block for specific end use (Power/Steel) under Rule-4 of Auction by competitive bidding of Coal Mine Rule, 2012.

10. EXEMPTION FOR SIGNING OF MOU FOR THE YEAR 2013-14 BY OMDC WITH HOLDING COMPANY (RINL)

Ministry of Steel, Govt, of India vide its letter no. 7(7)/ 2012-RM II dated 29.11.2012 informed that OMDC has been exempted of signing of MOU for the year 2013-14 with holding company, RINL since mines of OMDC are not in operation.

11. REPORT ON THE ACTIVITIES OF THE JOINT VENTURE COMPANY (EAST INDIA MINERALS LIMITED)

Performance of Joint Venture Company East India Minerals Limited (EIMLJ was also affected during the year because of the ongoing crisis resulted from complete stoppage of the mining operation. The revenue earned by EIML during the year 2012-13 through sale of wind electricity stood at Rs.172.56 lacs which was marginally higher than Rs.148. 69 lacs in the previous year 2011-12. However, the company registered a loss of Rs.255.47 lacs during the year 2012-13 in comparison to loss of Rs.258.79 lacs in the previous year 2011-12.

13. INFORMATION TECHNOLOGY

OMDC takes Information Technology as the vital enabler in improving the customer-satisfaction, organizational efficiency, productivity, decision- making, transparency and cost-effectiveness. The highlights of IT initiatives and achievements in respect of OMDC during the year 2012-13 are enumerated below:

- Publishes all tenders/ EOls in Company''s Corporate

Website and Central Public Procurement Portal (CPP Portal). "Â«** service under csr scheme - OMDC is in the process to install the latest technology of satellite imagery to check movement of trucks, machinery & men to prevent any chance of illegal mining once the mines are put in operation including GPS/ GPRS based surveillance system in mines.

14. CORPORATE SOCIAL RESPONSIBILITY (CSR)

OMDC focuses on CSR activities like health, education, and supply of drinking water and community development. For the year 2012-13 an amount of Rs.17.25 lacs have been earmarked as CSR budget. OMDC allocates 5% of its net PAT as CSR budget. The CSR activities are carried out as per the DPE guidelines and as per the schemes run under CSR for the benefit of the villagers are as follows:

SWALAMBI SANGATHAN (Self Help Group- SHG)

> OMDC is taking keen interest in development of people of villages especially for the women by assisting them to form Self Help Group for carrying out various income generating activities like growing of mushrooms, vegetables, nursery, poultry and manufacturing of candles.

> The Community works for the Dalki & Sading village for the upliftment of the people located in the village near by mines area. under CSR SchomB

> Financial Assistance has been provided to one Self Help Group at Camp hutting of Kolha Roida village for developing co-operative business in their locality.

JAL DHARA (Water Supply)

> Necessary arrangements in regard to laying of pipeline from existing borewells to Munda/Gouda Sahi of Dalki Village were made by OMDC.

> Water supply has been provided through water tanker. Under CSR the pipeline has been laid from Dug well to Sading village to supply drinking water to the villagers of Sading, with total 11 stand posts at Sading village has been provided.

SWASTHA KARYAKARMA (Health Programme)

> Construction of 10 nos. twin pit dry toilet has been completed in the nearby mines area in order to meet their sanitary needs.

> Initiative has been taken for Malaria eradication programme in peripheral villages in the mines area.

> Steps has been initiated for supply of medicine to nearby poor villagers suffering from serious diseases like cancer, cardiac, kidney, lever cirrhosis etc. living in peripheral villages.

> Display of 12 nos. of board for family planning in the villages nearby mining lease area has been completed.

> Provision of silt removal, road repairing etc. in the nearby villages has been completed.

> One Medical Health Van has been procured under CSR scheme for extending the medical facilities to the villagers in the peripheral villages near mines area. The van is a Mobile Health unit, equipped with oxygen cylinder, ECG machine etc. has been dedicated to the Health services of peripherals village of OMDC Mines. 5(five) nos. of camp were held up to 31st March, 2013 and 681 nos of patients were examined and provided with free medicines in the camp.

> 25 nos. solar street lights provided to peripheral villages located near the mines area.

MAHILASASHASTIKARAN (Women Empowerment)

> 20 nos. sewing machine donated to village women and provided ancillary training to them in tailoring for the upliftment of women and make them self dependent.

> 78 nos of bicycles donated to school going girl students for their personal mobility as part of women empowerment program.

GRAMYA SHIKHYA ABHIJAN (Village Education)

> Financial Assistance was given to High School located near the mines area to provide thrust to education.

> Providing necessary assistance for technical training at Centurion University, BBSR with 10 persons in batches for ST/ SC/OBC (weaker sections of society) students to make them employable.

> News paper & Magazi ne has been provided to vi I lage clubs for enhancement of knowledge and keep them updated on current affairs.

OTHERS

> Construction of Foot walk Bridge (connection) from Dalki to Kara Kolha village for school going children from the nearby mines area.

> Organizing Football tournament under CSR through local club duly sponsored by OMDC.

> Supply of sports gears to youth sports person villagers under CSR

15. SUSTAINABLE DEVELOPMENT PROGRAMME

In terms of MOU with Rashtriaya Ispat Nigam Limited (RINL) for the year 2012-13 under Sustainable Development Programme, the following three projects have been considered to be carried out by OMDC during the year 2012-13.

- Project-1 The job of building up of water reservoir at Thakurani is under progress.

- Project-2 Afforestation under Bio Diversity Conservation at Thakurani leasehold area- A nursery has been set up in Thakurani Mines during the financial year 2012-2013. Under this project 20000 saplings have been planted in the nursery.

- Project-3 The brick making project will commence on resumption of the mining operation.

16. VOLUNTARY RETIREMENT SCHEME

In order to rationalize manpower of the Company, the Management has introduced the "Voluntary Retirement Scheme" with effect from 1.02.2010. It was effective till 31.03.2013. However so far no employee has obtained VRS from OMDC. For motivating the employees, the Voluntary Retirement Scheme of OMDC was reviewed within the purview of DPE guidelines to make it more attractive.

17. SAFETY MEASURES

Safety is an important aspect in functioning of any industry. It is important not only for its employees and workers but also for the environment and the nation. OMDC has initiated safety measures according to provision of the Mines Act, 1952 in terms of Rules, Regulations and Guidelines towards safety of employees engaged in mining and allied activities. Necessary safety devises, tools and implements have been provided to the concerned employees. Safe practices pertaining to different activities in mining operations are displayed through participation of workers in safety exhibitions locally as well as on regional basis. New practices are also regularly adopted by visiting similar mines. Refresher training is imparted to the 105 employees from different disciplines of OMDC in the Vocational Training Center in the mines of OMDC. The employees have received prizes and awards from the Annual Mines Safety Week Celebration, 2012 conducted by DGMS(Directorate General of Mines Safety) Chibas Region.

18. TECHNOLOGY UPGRADATION

The focus of the Company is to develop OMDC as a green mining Company, having technological upgradation and taking all safety measures to have safe and cost effective mining operations, and to improve its production, productivity and quality of product to increase its market realization while aspiring to be a clean, green mining company.

19. PARTICULARS OF EMPLOYEES UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956

There was no employee of the Company who received remuneration in excess of the limits prescribed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of employees) Rules, 1975, as amended from time to time.

20. IMPLEMENTATION OF THE RIGHT TO INFORMATION ACT, 2005

The Government of India enacted the Right to Information (RTI) Act, 2005 on June 15, 2005. The objective of the Act is to promote transparency and accountability in the administration and to provide good governance in the Country.

Your Company is proactively complying with the provisions of the Right to Information Act, 2005. OMDC has nominated a Public Information Officer(PIO) and assisted by Assistant Public Information Officer(APIO) in the head office for effectively processing the RTI applications received at various locations of the company.

RTI applications have been processed as per the provisions of the RTI Act. Quarterly reports have been submitted on-line.

21. PROGRESSIVE USE OF HINDI

OMDC has taken positive steps to enhance awareness and usage of Hindi among employees. The Company follows the directives issued from time to time by the Department of Official Language, Ministry of Home Affairs and Ministry of Steel, Government of India for the progressive use of Official Language Hindi.

The Company had observed "Hindi Pakhwada" w.e.f 15th September,2012 to 28th September, 2012 byway of organizing competitions such as essay writing, singing hindi song, hindi poem recitation and hindi dictation in which the employees took active participation. Cash Prizes, certificates and mementos were awarded to the winners of various events. Bilingual Boards and advertisements are being issued. "Rajbhasha Shikshan Board" is placed at Head Office to apprise the employees with new words every day.

22. EMPOWERMENT OF WOMEN

The Company continues to accord due importance to gender equality. All necessary measures/ statutory provisions for safeguarding the interests of women employees in matters like payment of wages, hours of work, health, safety and welfare aspects, maternity benefits etc are being followed by the Company.

A Women Grievance Cell is functioning in the Company to redress grievance of women employees. OMDC does not differentiate in terms of gender. To ensure empowerment of women, "Gender Budgeting Cells" with women representatives have been constituted. Total women employees on rolls of the Company as on 31.03.2013 was 154 which constitutes 21.56% of its total employees.

23. WELFARE OF WEAKER SECTIONS OF SOCIETY

The Company is fully aware of its social responsibilities for development and welfare of weaker section of the society. Presidential Directives on Reservation for Scheduled Castes and Scheduled Tribes in appointments in Public Enterprises are strictly adhered to by OMDC. The total number of employees in OMDC as on 31.03.2013 is 714 . About 70% of the total strength (499 out of 714) belong to SCs/STs/ OBCs, out of which,90 belonged to SCs( 26 %) ,271 to STs ( 37.95 %) and 138 to OBCs (19.32 %). During the period from 1.4.2012 to 31.03.2013, total 8 nos. of SC/ ST/ OBC were appointed by direct recruitment.

78 girls students belonging to SCs/ STs/OBCs families of peripheral Villages of OMDC were given bicycles under the CSR scheme/initiatives.

24. MANPOWER

Scheduled Castes & Scheduled Tribes

5 persons belonging to Scheduled Castes and 1 person belonging to Scheduled Tribe were appointed in the year 2013 against 18 posts filled in by direct recruitment.

Strength of SCs, STs and OBC''s as on 31st March, 2013

1. Total number of employees = 714

2. Scheduled Castes amongst them = 90 (Executive-9, and Non Executive-81)

3. Scheduled Tribes amongst them = 271(Executive-4, and Non Executive-267)

4. OBC = 138

5. Total SCs STs and OBC = 499

6. Physically Challenged employees = 2

25. INDUSTRIAL RELATIONS

Industrial relations in your Company and at Mines continued to be cordial and peaceful during the year 2012-13. The system of Permanent Negotiation Mechanism (PNM) system has been introduced in the Company and its mines for discussing various issues for smooth functioning of the Organisation and expeditious decisions for the settlement of grievances. This is to ensure better understanding between the management and workers and to have cordial industrial relations. No IR incidents reported during the year.

26. VIGILANCE

The Vigilance Department of the Company is headed by CVO. Vigilance Awareness Week was observed at the Head Office as well as at the units of the Company from 30th October, 2012 to 3rd November,2012 during which various activities like Slogan competition, Essay competition, taking pledge by the employees etc. were carried out to create vigilance awareness among the employees.

OMDC Vigilance is laying emphasis on preventive and proactive activities to facilitate an environment enabling people to work with integrity, efficiency and in a transparent manner, upholding highest ethical standards for the organization. Accordingly, following activities were undertaken for system improvement during the period April,2012- March,2013:

- Floating company tenders in CPP portal.

- Adoption of Integrity pact.

- Adoption of Whistle Blower Policy.

- Implementation of ISO 9001:2008 Certification in Vigilance Management of entire set of activities for BGC, Vigilance Department.

- Initiation of installation GPS surveillance system in all mines.

Besides this, a Seminar was organized by M/s HSCL, Vigilance Department where company Executives were nominated to participate in Vigilance Awareness and Project Management.

27. GRIEVANCE REDRESSAL MECHANISM (GRM)

Grievance Redressal Mechanism (GRM) is in place in your Company at unit level and at Corporate level to address grievances of the employees. Nodal officers have been notified for this purpose. This measure will create healthy working environment. The name and designation of the Nodal Officers have been posted in the company website.

Status of Public/ Employees'' Grievances from 01.04.12 to 31.03.13

SI. Type of Grievances No. of Grievances No. of cases No. of

No Grievances outstanding received during disposed of cases

as on 01.04.2012 the period 01.04.12 during the period pending

to 31.03.13 01.04.2012 to as on ______________________________________________________31.03.13_______31.03.2013

1 Public Nil Nil Nil Nil Grievances

2 Employee Nil 1 1 Nil Grievances

28. IMPLEMENTATION OF THE PERSONS WITH DISABILITIES ACT, 1995

OMDC being a mining organization is governed by the provisions of the Mines Act and Rules & Regulations thereof. OMDC has implemented the provisions of "Persons with Disabilities Act,1995". 2 persons with disabilities are employed in OMDC during the year 2012-13.

29. ADOPTION OF "SEVEN STEP MODEL FOR CITIZEN CENTRIC-SEVOTTAM" AS PER RECOMMENDATION OF THE 2ND ADMINISTRATIVE REFORMS COMMISSION.

The Ministry of Steel has brought out its "Citizen Charter" and this is periodically updated in tune with the changing requirements and expectations from the stakeholders. OMDC has initiated necessary steps to implement the "Sevottam Guidelines- September, 2011" as issued by the Departments of Administrative Reforms and Public Grievances especially the "Seven Step Model of Sevottam"

30. COMPLIANCE WITH LAW/ LEGAL REQUIREMENTS

In terms of the guidelines issued by the Government, a Quarterly Report on the progress of Arbitration cases is being put up to the Board of Directors for information. An Internal Reporting System has been introduced indicating the progress of the case in various Courts and the status of the cases as at the beginning of the year and also at the end of the year. The Company has taken measures to ensure legal compliances from all the departmental heads and the annual legal compliance report are placed before the Board for review.

31. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

I. Energy Conservation

The Company consumes purchased electricity. Adequate steps are being taken by the Company to reduce the electricity consumption. 25KW transformer has been installed to eliminate operation of 62.5 KVA diesel operated DG set and 25 nos. of solar Light fitted for street lighting as a measure of conservation of energy.

II. Technology absorption

The Company has not absorbed any new technology during the year for its operational activities.

III. Foreign Exchange Earnings and Outgo:

There was no transaction in foreign exchange during the year.

32. ENVIRONMENT MANAGEMENT

An integrated approach is being adopted in OMDC to achieve the goal of sustainable and eco- friendly mining. The company''s strategy towards eco-friendly mining encompasses the following:

i) Scientific Mine Planning.

ii) Pollution control measures- The company has fitted all crusher plants with Dust Extractors, in addition to this, dust is controlled by sprinkling of water at all transfer points of the belt conveyors.Dust suppression by sprinkling of water on roads by mobile water tanker is done to control fugitive dust.

iii) Optimization of resource utilization.

iv) Regular monitoring of Air & Water, Quality and Noise Vibration Level.

v) Reclamation of degraded land.

vi) Rehabilitation of reclaimed areas.

vii) Rural and community development.

Strategy for Afforestation

OMDC has undertaken the job of plantation in mining zone falling under its control. A special cell has been created for ensuring plantation on continuous basis. This has resulted in creation of thick forest area and fruit bearing orchards. Plantation is done in a systematic manner to meet fuel energy requirement of the locals, besides restoration of ecology. Certain areas have been covered by shrubs and grass for greening effect and checking erosion. The Company''s approach towards afforestation incorporates the following :

i) General afforestation in and around mines with appropriate species and scientific techniques suitable areas. ii) Specific afforestation on mine spoil dump. iii) Rejuvenation of mine spoil dumps. 1600 nos. of saplings have been planted in Thakaurani Mines area.

Integrated Bio-Technological Approach

Scientific studies will be initiated for evaluating physic Biotechnical character in OMDC spoil dumps alongwith technological intervention to achieve appropriate ecosystem restoration.

33. AUDITORS

On the advice of the Comptroller and Auditor General of India, New Delhi, your Company appointed the under mentioned firm of Chartered Accountants as Statutory Auditor of your Company for the year 2012-13 :

SI. No. Name of the Auditor Address of the Auditor

1. M/s L B Jha & Co GF-1, Gillander House, 8, Netaji Subhas Road,Kolkata-700001

The Statutory Auditors Report on the Accounts of the Company for the Financial Year ended 31st March, 2013 is enclosed to the Directors'' Report.

34. COST AUDITORS

During the year, the Company has come under the ambit of Cost Audit. The details of Cost Auditors appointed to conduct Cost Audit of the cost records maintained by the company for 2012-13 are as under:

SI. No. Name of the Auditor Address of the Auditor

1. M/s Chatterjee & Co 21/2, Gariahat Road (West), Kolkata-700068

35. COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA(CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31 ST MARCH, 2013

The Comptroller and Auditor General of India (C&AG) had conducted Supplementary Audit under Section 619(3)(b) of the Companies Act, 1956 of the financial statements of The Orissa Minerals Development Company Limited for the year ended 31st March, 2013. The comments of Comptroller & Auditor General of India under Section 619(4) of the Companies Act, 1956 on the Accounts of the Company for the year 2012-13 forms part of this report.

36. BIFR CASE NO.520/1992 IN THE MATTER OF BHARAT PROCESS & MECHANICAL ENGINEERS LIMITED (BPMEL) (IN LIQUIDATION)

The Official Liquidator, High Court, Calcutta entrusted with the affairs of Bharat Process & Mechanical Engineers Limited (BPMEL) under liquidation had approached Calcutta High Court for handing over the mining leases of BPMEL regarding Kolha- Roida, Dalki and Thakurani to the Official Liquidator from OMDC and also to make payment of outstanding dues, if any, which was receivable by BPMEL (In Liquidation) in the matter. The matter was taken up and Counsel was appointed by the Company to take up the case at Hon''ble High Court, Calcutta. The Hon''ble Court vide order dated 11/01/2013 has withdraw its order and accordingly the case has been disposed of.

37. ADVERSE IMPACT OF PAYMENT OF ENHANCED STAMP DUTY BY THE LESSEES OF MINING LEASES AS PER THE PROVISIONS OF THE INDIAN STAMP (ODISHA AMENDMENT) ACT, 2013 AND ACTION TAKEN BY OMDC.

The stamp duty chargeable on the instruments of grant or renewal of mining lease has been revised on coming into force of the Indian Stamp (Odisha Amendment) Act, 2013 with effect from May 10,2013 i.e the date of its publication in the Extraordinary Odisha Gazette,

As per the provisions of subsection (1) of section 3A inserted to the Indian Stamp Act, 1899 by the amendment Act, the stamp duty payable on every instrument of grant or renewal of mining lease shall be equivalent to 15% of the amount of average royalty that would accrue out of the highest annual extraction of minerals permitted under the approved mining plan or mining scheme, as the case may be, for such mining lease under the provisions of the Mines and Minerals ( Development & Regulation ) Act, 1957 and the rules made there under in force, multiplied by the period of such mining lease. As provided in the extraction of sub- section (1) of section 3A so inserted, for the purpose of this sub-section, the average royalty of the highest grade of minerals based on the data available for past twelve months, prior to the date on which stamp duty becomes payable, beginning from the date of commencement of the Amendment Act, shall be taken into consideration.

Two separate Writ petitions under Article 226 & 227 of the Constitution of India, for issue of Writ of Quo Warrant to the Government of Odisha to quash the provisions of Indian Stamp (Odisha Amendment) Act, 2013 and Rule 11- C of the Odisha Stamp Rules, 1952 inserted through Odisha Stamp (Amendment) Rules, 2013 was filed by OMDC in the "High Court of Orissa", Cuttack separately for the mines of OMDC :

(A) Petition no W.P(C) no. 15377/2013 dated 08.07.13 was filed for:

i) Bhadrasahi Iron & Mn Mines, ii) Belkundi Iron & Mn. Mines iii) Bagiaburu Iron Mines

(B) Petition no W.P(C) no: 15512/2013 dated 09.07.13 was filed for the BPMEL mines operated by OMDC:

iv) Thakurani Iron & Mn Mines v) Kolha -Roida Iron & Mn Mines vi) Dalki Mn. Mines

The High Court of Orissa heard both the above petitions on 17.07.13 and passed an order for interim stay of the impugned Indian Stamp (Odisha Amendment) Act, 2013, Odisha Stamp (Amendment) Rules, 2013 and Circular dated 25.05.2013 and dated 03.07.2013 issued by Principal Secretary, Department of Steel & Mines, Govt, of Odisha.

The Federation of Indian Mineral Industries (FIMI) has been spearheading the case of the mining industries and is monitoring the cases to file a "Caveat" in the Supreme Court of India. OMDC is contemplating to join with FIMI to file "Caveat" in Supreme Court so that Govt, of Odisha need to attend the case at High Court only. So far OMDC has not received any demand note from any Govt Authorities in this regard.

38. REPORT ON MANAGEMENT DISCUSSIONS AND ANALYSIS

A Report on Management Discussions and Analysis as required in terms of Clause 49(F) of the Listing Agreement is enclosed and forms part of the report.

39. CORPORATE GOVERNANCE

A report on Corporate Governance along with the certificate from a Practising Company Secretary regarding compliance of the conditions of Corporate Governance pursuant to Clause 49 of the Listing agreement with the Stock Exchanges also forms part of this Directors'' Report.

Certificate attested by the CEO/CFO is also enclosed forming part of the Corporate Governance Report along with a declaration signed by MD regarding Code of Conduct for Members of the Board and Senior Management.

40. DIRECTORATE

The following Non- Executive Independent Directors ceased to be Directors on the Board of the Company:

Name of the Directors Ceased to be Directors w.e.f

Shri Harsh Mahajan 06.04.2013

ShriAshokVij 06.04.2013

SmtUmaMenon 06.04.2013

The Board places on record its deep appreciation for the valuable contribution made by Shri Harsh Mahajan, Shri Ashok Vij, Smt Uma Menon during their tenure on the Board of the company.

The following Wholetime Director ceased to be Director on the Board of the Company :

Name of the Director Ceased to be Director w.e.f

Dr Satish Chandra 15.07.2013

The Board places on record its deep appreciation for the valuable contribution made by Dr Satish Chandra during his tenure on the Board of the company.

Shri Umesh Chandra, Director (Operations),RINL and Director of OMDC took over the charge of Managing Director of OMDC w.e.f 15.07.2013.(A/N)

The following Govt of India Nominee Director ceased to be Director on the Board of the Company:

Name of the Director Ceased to be Director w.e.f

Shri E.K. Bharat Bhushan 01.05.2013

The Board places on record its deep appreciation for the valuable contribution made by Shri E.K. Bharat Bhushan during his tenure on the Board of the company.

Shri Lokesh Chandra, Govt Nominee Director nominated in the Board of OMDC w.e.f 1.05.2013 pursuant to the order of Ministry of Steel, Government of India.

Based on recommendation of EIL, holding company of OMDC, and approval of the Board, Smt Uma Menon was appointed as a Director on the Board of OMDC and nominated as member of the Audit Committee w.e.f 24.05.2013.

41. DEPOSIT

The Company has not accepted any deposit pursuant to Section 58A of the Companies Act, 1956.

42. DIRECTORS'' RESPONSIBILITY STATEMENT

As required under Section 217 (2AA) of the Companies Act, 1956, your Directors confirm :

(i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) that the directors had 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 at the end of the financial year and of the profit or loss of the Company for that period;

(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the directors had prepared the annual accounts on a going concern basis.

43. LISTING

The Company''s shares are listed at The Calcutta Stock Exchange Limited, National Stock Exchange and also traded in Bombay Stock Exchange under permitted category. The listing fee is paid upto 31st March, 2014.

44. DEPOSITORY SYSTEM

The Company''s shares are under compulsory demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services (I) Limited (CDSL).There is satisfactory progress in the process of dematerialisation. Members still having certificates in physical form are requested to dematerialise their holdings for operational convenience.

45. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India especially the Ministry of Steel, Ministry of Mines, Ministry of Environment and Forest, Ministry of Corporate Affairs and from Government of West Bengal and Odisha and other Departments of Government of India.

Your Directors place on records their thanks to the support extended by the valued and esteemed Customers, Shareholders, Stakeholder, Railway Department, Banks and the Suppliers. We believe that our long term success is dependent on our strong customer relationship and responsiveness. Directors also wish to convey their appreciation to all the employees of the organization for their valuable contributions and support.

For and on behalf of the Board.

Registered Office:

"Sourav Abasan", 2nd Floor,

AG-104, Sector-ll, Salt Lake

City, Kolkata-700091 (A.P. Choudhary)

Date : 5th August, 2013. Chairman

Mar 31, 2011

Dear Members,

On behalf of the Board of Directors, I take pleasure in presenting the 93rd Annual Report on the performance of your company, together with the Audit Report and Audited Accounts, for the year ended 31st March, 2011 and the Report thereon by the Comptroller and Auditor General of India.

I am pleased to present in brief the financial performance of your company during the year under review in comparison to the earlier year as shown in Table : 1 below :

Table : 1

1. FINANCIAL PERFORMANCE

For the year ended For the year ended

31-03-2011 31-03-2010

(Rs in Lacs) (Rs in Lacs)

Income :

Sales 4,482.89 8,234.93

Other Operating Income 493.88 218.78

Other Income 4,939.30 7,136.16

Total Income 9,916.07 15,589.87

Total Expenditure 6430.13 4109.51

Profit and Loss account after charging all 3485.94 11480.36 expenses but before providing for depreciation.

Depreciation 2151.36 254.79

Net profit before tax 1334.58 11225.57

Provision for tax (net) 562.58 3781.81

Net profit after Tax 772.00 7443.76

Balance b/f from previous year 47,425.64 42027.54

Profit available for appropriations 48,197.64 49,471.30

Appropriations :

General Reserve 77.20 740.00

Proposed Dividend 115.80 1116.00

Dividend Tax 19.23 189.66

Surplus carried to Balance Sheet 47,985.41 47,425.64

It is observed from the above table that company's profitability had been abnormally low. The main reason of shortfall in revenue is almost nil mining operation, due to non availability of forest and environment clearance for which most of the formalities have been completed. Deposition of Rs. 81 crore as NPV to forest department and its capitalization has been the main cause of increase in depreciation during 2010-11 as compared to the year 2009-10. All the six mines are currently inoperative and it is expected that one mine namely Kolha Roida may come in operation in 3rd quarter of the current financial year and all remaining five mines may be operative by the end of the financial year, so main benefit will accrue in next financial year.

2. REVIEW OF THE FINANCIAL PERFORMANCE

The company recorded sales of Rs. 4482.89 lacs during the year as compared to Rs. 8234.93 lacs for the previous year showing decrease to the extent of 45.56 %. Profit before tax during the year stood at Rs.1334.58 lacs as compared to Rs. 11,225.57 lacs for the previous year declining by 88.11%. The net profit after tax registered a figure of Rs. 772.00 lacs dipping by 89.63 % over Rs. 7443.76 lacs for the previous year.

Closure of Mines owing to non availability of forest and environmental clearance coupled with the restriction imposed on the transporting of minerals have affected production and dispatches adversely and resulted in decline in sales realization by 45.56 % which resulted in negative growth in profitability.

3. DIVIDEND

Based on the financial results, your Board is pleased to recommend for the year a dividend of Rs. 19.30 per equity share of Rs. 10/- each. This would involve a cash outgo of Rs.135.03 lacs inclusive of Rs 19.23 lacs towards tax on dividend.

4. OUTPUT AND DESPATCH

Two mines namely Bhadrasai Iron and Mn. Mines & Bagiaburu Iron Mines produced iron ore and Manganese ore till 30.09.2010. The sponge iron plant was in production up to

May, 2010 and had been out of production from June, 2010 due to non availability of sponge grade iron ore in view of closure of mines. The production of iron ore and manganese ore could not be resumed as leases of all six mines of OMDC expired which needed fresh forest and environment clearance. The process of obtaining Environment & Forest Clearance is in progress. Low production had adverse effect on despatches of both the iron ore and the manganese ore during the year resulting in poor physical and financial performance.

5. FUTURE OUTLOOK

The management of your company has a well laid out plan for a revival in future. It has made plans to get forest clearances for four mines and obtain environment clearances for all six mines and to ensure renewal of all the mining leases. These achievements will lead to expected productions of 10 MTPA of iron ore and 1 MTPA of manganese ore in near future. It is also planned to set up 2 MTPA iron ore beneficiation plant and 2 MTPA pelletisation plant. As a part of its social responsibility towards communities, it plans to further ensure socio economic development programmes for villagers living in mining areas and to strive for a zero accident rate by improving safe mining practices.

6. RESTRUCTURING STATUS

In accordance with the Cabinet decision dated 10.09.2009, 51% shareholding, (i.e. 7,36,638 shares) of Government of India in EIL was transferred to Rashtriya Ispat Nigam Limited (RINL). Thus RINL has become the holding company of EIL, and its subsidiaries OMDC and BSLC are now also subsidiaries of RINL w.e.f 05.01.2011

7. MOU SIGNED WITH THE RINL FOR THE CURRENT FISCAL YEAR

The company has signed Memorandum of Understanding (MOU) with Rashtriaya Ispat Nigam Limited (RINL) for the year 2011-12, gross sales was estimated to Rs. 240 crores with Gross Margin of Rs. 180 Crores, with the assumption that mining operation would be resumed with effect from April, 2011 after getting enviornment clearance for Kolha Roida mines.

8. REPORT ON THE ACTIVITIES OF THE JOINT VENTURE COMPANY (EAST INDIA MINERALS LIMITED)

Performance of East India Minerals Limited (EIML) was also affected during the year because of the bottlenecks faced with the mining leases. During the year under review, EIML registered a sales turnover of Rs.5.06 Crores (Previous year Rs. 57.01 crores) with a net loss of Rs 5.12 crores (Previous year net profit after tax was Rs.11.08 crores)

9. MINING LEASES Ã STATUS OF RENEWAL

a. Dalki Mn Mines (266.77 Hects) M/s. BPMEL

Lease period expired on 30.09.1994. The 3rd RML application filed within stipulated time for 20 years w.e.f 01.10.1994. The forest clearance obtained from Ministry of Environment & Forest (MOEF), Govt. of India is valid up to 30.09.2014. The mining operation was stopped after rejection of RML application by the state Govt. vide letter no. 12764/SM dated 24.08.2006. The revision application filed with Ministry of Mines, Govt. of India was disposed off on 14/05/2010 setting aside the rejection order of the State Govt. with direction to maintain the status quo prior to rejection order. The company have deposited an amount of Rs. 4,75,38,330/- towards NPV as per Hon'ble Supreme Court's directive following Central Empowered Committee (CEC) recommendations. The Public Hearing for environment clearance was conducted successfully on 25/02/2011. For environmental clearance for Dalki mines, the project was presented before the Expert Appraisal Committee (EAC) of MOEF, Govt. of India, New Delhi on 20.7.2011. The committee has considered and recommended the project for issue of formal environmental clearance from MOEF. It may take some time for issue of formal environmental clearance by MOEF, after which mining operation can be resumed. Once Environment clearance is obtained, the Dalki mines would be fulfilling all condition for renewal and accordingly State Government will initiate the process of renewal of mining lease.

b. Kolha Roida Iron & Mn Mines (254.952 hects) M/s. BPMEL

The Lease period expired on 14.08.1996. The 3rd RML application was filed within stipulated time for 20 years w.e.f 15.08.1996. The Forest Clearance is valid up to 14.08.2016. The Mining operation was stopped after rejection of RML application by the State Government vide order no. III (A)/SM-14/03-16733 dated 16.11.2006. The Revision Application filed with Central Tribunal was disposed off on dated 02.02.2009 which set aside the rejection order by directing the State Government to maintain the status quo prior to the rejection order which was duly complied by Steel & Mines Dept., Govt. of Orissa on 21.01.2010. On receiving the aforesaid order necessary steps were taken to restore mining operation. However, DDM, Joda insisted for environmental clearance for commencement of mining operations in view of latest CEC guidelines which necessitate fresh environment clearance after expiry of mining lease. The application for obtaining environmental clearance for enhancement of production and renewal of mining lease is under consideration of MOEF, Government of India in pursuance of successful Public Hearing conducted on 3.11.2010. The NPV amount of Rs. 5,07,31,350/- has been deposited with DFO, Keonjhar in compliance to the Hon'ble Supreme Court direction following CEC recommendations. It may take sometime for issue of formal environmental clearance by MOEF, after which mining operation may be resumed in next four months and Government of Orissa may start proces of renewal of mining lease.

c. Thakurani Iron & Mn Mines(1546.55 hects.) M/s BPMEL (Revised RML application submitted over 778.762 hects)

The validity of 2nd RML period was up to 30.09.2004 and formal clearance was co-terminus with the lease period. The 3rd RML application was filed within stipulated time for 20 years w.e.f 01.10.2004. The application is under process in the Steel and Mines Department, Govt. of Orissa. The mining operation was stopped in December, 2004 due to suspension order issued by State Forest Department and IBM. The suspension order by IBM was lifted on 17.09.2010 with operating permission in the non forest area. However operation could not resumed due to CEC (Central Empowered Committee) guidelines, which require fresh environment clearance after expiry of mining leases. The company have deposited an amount of Rs. 26,00,11,370/- towards NPV as per Hon'ble Supreme Court's directive following CEC recommendations. The Forest Diversion Proposal (FDP) and Temporary Working Permission (TWP) in respect of the lease hold area is under consideration of the Forest Deartment of Government of Orissa. The term of reference (TOR) for environment clearance in respect of the lease hold area was approved by Expert Appraisal Committee (EAC) of Ministry of Environment & Forest (MOEF), Govt of India. The Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) report was submitted with Orissa State Pollution Control Board (OSPCB). The public hearing for environment clearance conducted successfully on 25.02.2011. However the project could not be taken up for consideration by the Expert Appraisal Committee (EAC) of Ministry of Environment and Forest, Government of India due to non availability of stage-1 Forest clearance which has become mandatory with effect from 31st March, 2011 as per directive of the MOEF, Government of India. Land for compensatory afforestation of the project have been allotted. Required formalities for stage-1 forest clearance have been completed. Once Environment clearance is granted, State Government of Orissa will start the process of renewal of mining lease.

d. Belkundi Iron & Mn. Mines (1276.79 hect.) M/s. O.M.D.Co Ltd

Lease period expired on 15-08-2006. The 3rd renewal was filed within stipulated time for 20 years w.e.f 16.8.2006.The application was duly recommended by Collector, Keonjhar and Director of Mines, Orissa. Same is under process in the Department of Steel and Mines, Government of Orissa. The Forest clearance was co-terminus with lease period ending on 15.08.2006. Application for renewal of forest diversion proposal (FDP) is under process with Department of Forest, Government of Orissa. The required non forest land/degraded forest land for Compensatory Afforestation have been allotted. The NPV amount of Rs. 32,72,41,480/- has been deposited with DFO, keonjhar in compliance to the Hon'ble supreme Court direction following CEC recommendations. The Public Hearing for environment clearance was conducted successfully on 25/02/2011. Final Environment clearance will be granted once stage-1 forest clearance is obtained. Necessary formalities for stage-1 forest clearance have been completed. The renewal of mining lease will be taken up by the state Government once enviroment clearance is obtained after grant of stage-1 forest clearance.

e. Bagiaburu Iron Mines (21.52 hects) M/s O.M.D.Co. Ltd

The lease period expired on 30-09-2010. The Forest clearance was co-terminus with lease period, which expired on 30-09-2010. The RML application under M.C. Rule, 1960 and F. C. Act, 1980 was filed with in the stipulated time and the same is under process with State Government. The required non forest land has already been allotted. The Forest Diversion Proposal (FDP) and Temporary Working Permission (TWP) are under consideration of the Department of Forest, Government of Orissa. The NPV amount of Rs. 32,39,010/- has been deposited with DFO Keonjhar in compliance with the Hon'ble Supreme Court direction following CEC recommendations. The Public Hearing for Environment Clearance was conducted successfully on 25/02/2011. Final Environment clearance will be granted once stage-1 forest clearance is obtained. Necessary formalities for stage-1 forest clearance have been completed. The renewal of mining lease will be considered by the Government of Orissa once environment clearance is obtained.

f. Bhadrasai Iron & Mn. Mines (998.70 hects.) M/s. O.M.D.Co. Ltd

The lease period expired on 30-09-2010. The Forest clearance was co-terminus with lease period which expired on 30-09-2010. The RML application under M.C. Rule, 1960 and F. C. Act, 1980 was filed with in the stipulated time and the same is under process with State Government. The process of allotment of required non forest land / degraded forest land for Compensatory Afforestation is in a advance stage and may be allotted any time to OMDC. The NPV amount of Rs. 12,79,37,610/- has been deposited with DFO Keonjhar in compliance with the Hon'ble Supreme Court direction following CEC recommendations. The application for obtaining environment clearance for increase production and renewal of mining lease is under process in MOEF, Government of India. The public hearing to this effect was conducted successfully on 03.11.2010. Formalities for stage-1 forest clearance are at advance stage. Once environment clearance is granted, State Government of Orissa may start the process of renewal of mining lease.

10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A report on Management Discussion and Analysis of financial conditions and results of the operations of the company for the year under review, as stipulated under clause 49 of the Listing Agreement with the Stock Exchange, is enclosed and forms part of the report.

11. CORPORATE GOVERNANCE

A report on Corporate Governance along with the certificate from a Practising Company Secretary regarding compliance of the conditions of Corporate Governance pursuant to Clause 49 of the Listing agreement with the Stock exchanges also forms part of this Directors' Report.

12. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Corporate Social Responsibility(CSR) has been accorded prime importance by your company and is an important parameter of the MOU. CSR activities focus on environmental care, education, health care, drinking water, women's empowerment, family welfare, social initiatives including sports and cultural activities and other measures. These are implemented as per guidelines issued by the Dept. of Public Enterprises (DPE).

The company believes that for its sustainable development, it needs to be responsive to its social obligations. Therefore as part its Corporate Social Responsibility, the company has been actively associated in contributing towards welfare and upliftment of the community at large, especially the weaker sections of the society.

For the year 2010-11, an amount of Rs. 2.16 crores was set aside for CSR activities. From this, an amount of Rs. 0.83 crores has already been spent by OMDC on construction of school building along with provision of furniture, provision of tap drinking water in four villages, under OMDC Jaldhara Scheme, providing bi-cycle to the girl students of the villages falling in mines. The CSR activities undertaken by OMDC cover as many as 18 (eighteen) numbers of revenue villages in the core and buffer zones of OMDC lease hold area. The demography population covered under the CSR scheme is more than 20,000, out of which 65% is SC/ST population in villages.

The balance amount of Rs. 1.33 crores is being spent by OMDC under major expenditure heads such as construction of concrete roads, construction of boundary wall of Thakurani and Roida play grounds, providing solar street lights to tribal villages (50 numbers), and provision of transformers and extensions of electric lines and dry toilets are under progress. It also proposes to aid SSG Group, provide financial assistance for technical training, providing training for sewing/tailoring to women and giving them sewing machines at free of cost to promote self employment. There are plans for expenditures on water supply, health and hygiene, educational support, games and sport, socio-cultural Programme etc. As per MOU, OMDC will spend 5% of the disposable income on CSR activities during 2011-12.

13. VOLUNTARY RETIREMENT SCHEME

In order to rationalize manpower of the company, the management has introduced the "Voluntary Retirement Scheme" with effect from 1.02.2010. It will be effective till 31.03.2012. However so far no employees had obtained VRS .

14. STEPS TAKEN FOR SAFETY AND POLLUTION CONTROL

The company has taken safety measures according to provision of Mines Act, Rules, Regulations and Guidelines towards safety of the employees engaged in mining and allied activities. Necessary safety devices, tools and implements have been provided to the concerned employees. Safe practices pertaining to different activities in mining operations are implemented and also new practices are adopted by visiting neighbouring mines and by participation of workers in safety exhibitions. Basic and refresher training is imparted to the workers working in the vocational training center functioning in the mines.

As a mining company, your company adheres to the pollution control norms laid down by various regulatory authorities for maintenance and in preservation of environment in the mining areas. These rules and regulatiIons are aimed at conservation and in providing a habitable livelihood for people who work and live in the vicinity. As a mining company, OMDC is conscious of its role in preservation of environment and maintaining ecological balance.

15. PARTICULARS OF THE EMPLOYEES

Provision of Section 217(2A) of the Companies Act,1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended, is not attracted in respect of remuneration of any employee of the Company.

16. IMPLEMENTATION OF RIGHT TO INFORMATION ACT, 2005

Your company is proactively complying with the provisions of the Right to Information Act,2005. All the information sought under the Act have been furnished within the stipulated time period. All the relevant manuals pertaining to RTI Act, 2005 have been hoisted on BGC's website. The RTI queries are regularly replied through a Public Information Officer at its Corporate Office and through Assistant Public Information Officer at operational sites of OMDC. Replies are generally sent within a specified time period, whenever delay is likely due to collection of information, an interim reply is always sent.

17. PROGRESSIVE USE OF HINDI

Efforts for the implementation and progressive use of Official language were made by OMDC in all its production Units and Head Office during the year 2010-11.

18. EMPOWERMENT OF WOMEN

The company continues to accord due importance to gender equality linked to ability. A Women Grievance Cell is functioning in the Company to redress grievance of women employees.

19. WELFARE OF WEAKER SECTIONS

Your Company has diligently followed the guidelines issued by the Government of India from time to time in regard to reservation in services for SCs/STs/OBCs/Physically Handicapped /Ex- serviceman, etc.

20. VIGILANCE

Your company has its vigilance department headed by Chief Vigilance Officer of HSCL and assisted by one Assistant Manager(Vigilance), BGC. The functions of vigilance department include both preventive and punitive actions for all the mines of the company and for the registered office at Kolkata. Your company's Vigilance Dept is continuing its efforts for systematic improvements to bring more and more transparency in working. Your company's Vigilance Department has conducted various training programmers, interactive sessions for creating Vigilance awareness among the employees. The company observes its vigilance awareness week in the month of November every year.

System improvement has been achieved/improved in the following areas :

a) Codification of all service rules and their implementation with the Board Approval.

b) Efforts have been made to improve contract management.

c) Barricades, drop gates, road barriers/naka and trench have been made to prevent theft and pilferages, besides improving the deployment of CISF.

d) Disbursement of all payments through electronic medium.

e) MIS system has been introduced at Head Office to collect information on Production, Sales, Fund position etc on daily basis.

f) Sale of material through E- auction.

g) To have better accountability in movement of minerals, a system of "Custodian" of stock in each mine has been introduced.

h) Installation of weighbridges at all the vital exit points and such weighbridge to be connected with computer in order to ensure automatic recording of minerals received at the various plots/ stockyards to be reconciled on day to day basis. It is being implemented in phased manner.

21. Grievance Redressal Mechanism (GRM)

Grievance Redressal Mechanism (GRM) is in place in your company at unit level and at corporate level. Nodal officers have been notified for this purpose. The name and designation of the officer have been posted in the company's website www.birdgroup.gov.in.

22. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Energy Conservation

The Company consumes purchased electricity. For conservation of electrical energy, following measures have been adopted :

- Proper metering arrangement.

- Installation of MCB of proper rating at quarters in a phased manner.

- Installation of pole fuses for individual consumers.

- Installation of MCCB with overload relay facility at switch room.

Technology absorption

The company has not absorbed any new technology during the year for its operational activities.

Foreign Exchange Earnings and Outgo :

There was no transaction in foreign exchange during the year 2010-11.

23. AUDITORS

Consequent to implementation of the approved restructuring scheme, the company has been converted into a government company pursuant to section 617 of the Companies Act,1956, as a subsidiary of Eastern Investments Limited, which is a government company. The Auditors of the company shall therefore be appointed/ re-appointed by the Comptroller and Auditor General of India (CAG) pursuant to provision of section 619(2) of the Companies Act, 1956.

In terms of provision of Section 224(8) (aa) of the Companies Act,1956 inserted by the Companies Amendment Act, 2000 the remuneration of the Auditors will be fixed by the company in General Meeting or in any such manner as the company in general meeting may determine. Accordingly a resolution has been proposed by your Directors at the ensuing Annual General Meeting for consideration.

24. COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2011.

Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under Section 619(3) (b) of the Companies Act, 1956 of the financial statements of The Orissa Minerals Development Company Ltd. for the year ended 31st March, 2011. But they have no further comments to offer upon or supplement to the Statutory Auditors' Report under Section 619(4) of the Companies Act, 1956.

25. DIRECTORATE

The following persons were appointed as Additional Directors on the Board of the Company.

Sl.No. Name of the Director w.e.f

1. Shri A.P. Choudhary, CMD, RINL nominated as an 1.08.2011 Ex-Officio Non- Executive Chairman of the company

2. Shri U.P. Singh, Joint Secretary, Ministry of Steel nominated as 1.06.2011 Government Nominee Director on the Board of the company

3. Shri Umesh Chandra, Director (Operations), RINL nominated as an 1.06.2011 Ex-Officio Non- Executive Director on the Board of the company.

The following Directors ceased to be Director on the Board of the Company.

Sl.No. Name of the Director w.e.f

1. Smt Chandralekha Malviya, Economic Advisor, Ministry of Steel 29.09.2010

2. Dr. Dalip Singh, Joint Secretary, Ministry of Steel 1.06.2011

3. Shri P.K. Bishnoi, CMD, RINL, holding the position of Ex-officio Non- 31.07.2011A/N Executive Chairman of the Company.

The Board places on record its deep appreciation for the valuable contribution made by Smt Chandralekha Malviya, Dr. Dalip Singh and Shri P.K. Bishnoi during their tenure on the Board of the Company.

Dr. Satish Chandra, Chairman cum Managing Director of the Company has been redesignated as Managing Director of the company with effect from 16.06.2011 vide Ministry's letter no. 8(20)/2009- RM II dated 16.06.2011.

26. DEPOSIT

The Company has not accepted any deposit pursuant to Section 58A of the Companies Act, 1956.

27. DIRECTORS' RESPONSIBILITY STATEMENT

As required under Section 217 (2AA) of the Companies Act, 1956, your Directors confirm that Ã

a) In the preparation of the annual accounts, the applicable accounting standards have been followed.

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;

Ã state of affairs of the company at the end of the financial year and

Ã profit or loss of the company for that period.

(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, 1956 for safeguarding the asset of the company and to prevent and detect fraud and irregularities.

(d) The Directors have prepared the annual accounts on a going concern basis.

28. LISTING

The Company's shares are listed at The Calcutta Stock Exchange Limited and also traded in Bombay Stock Exchange under permitted category and National Stock Exchange. The listing fee is paid upto 31st March, 2012.

29. DEPOSITORY SYSTEM

The Company's shares are under compulsory demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services (I) Limited (CDSL).There is satisfactory progress in the process of dematerialisation. Members still having certificates in physical form are requested to dematerialise their holdings for operational convenience.

30. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India especially the Ministry of Steel, the Ministry of Environment and Forest and the Ministry of Corporate Affairs. The Directors place on records their thanks to the Government of Orissa, the Railways, the Bankers, the Customers, Suppliers and the Shareholders for their continued co-operation. The Directors also wish to convey their appreciation to all the employees of the organization for their valuable contributions and support.

For and on behalf of the Board

Registered Office :

"Sourav Abasan", 2nd Floor, (Shri A. P. Choudhary)

AG-104, Sector-II, Salt Lake City, Chairman

Kolkata-700091

Date : 10th August, 2011

Mar 31, 2010

The Directors are delighted to present the 92nd Annual Report and Accounts of the company for the financial year ended on 31st March, 2010.

1. RESTRUCTURING & CHANGE OF COMPANYS STATUS

Restructuring scheme for the Bird Group of Companies as approved by the Ministry of Steel, Government of India and also the Union Cabinet was implemented on 19th March,2010. The year 2009-10 thus became significant for the company since it had undergone transformation from a government managed company to a government company.

Change of status came into reality only through reorganization of share holding pattern of the company without any alteration of its capital structure. Eastern Investments Limited (EIL), another company under the group for restructuring, in pursuit of making OMDC as its subsidiary in due compliance of the terms of the approved scheme has acquired requisite number of shares of OMDC - major from the President of India on share swap basis and balance from LICI on direct payment basis as per the valuation of shares of both the companies in each case. Valuation of shares of the companies under purview of restructuring was conducted by registered valuer and approved by the Ministry. On EILs conversion to a government company consequent to its making preferential allotment of equivalent number of shares in the name of the President of India, OMDC as subsidiary of EIL also attained the status of a government company in pursuance of section 617 of the Companies Act, 1956.

Shareholding pattern depicting percentage as well as number of shares before and after restructuring is shown as below :

Shareholders After Restructuring Before Restructuring

No. of shares Percentage No. of shares Percentage President of India Nil Nil 85,219 14.20%

EIL 300,089 50.01% 203,870 33.98% LICI 92,500 15.42% 103,500 17.25% Nationalized Bank 4,600 0.77% 4,600 0.77%

Foreign Nationals 950 0.16% 950 0.16%

Others (Individual/ 201,861 33.64% 201,861 33.64%

Body Corporate etc)

Total 600,000 100% 600,000 100%

2. FINANCIAL RESULTS

For the year ended For the year ended 31-03-2010 31-03-2009 (Rs in crores) (Rs in crores)

Profit and Loss account after charging all 114.81 289.29

expenses but before providing for depreciation

Depreciation 2.55 3.05

Net profit before tax 112.26 286.24

Provision for tax (net) 37.82 104.44

Net profit after Tax 74.44 181.80

Balance b/f from previous year 420.28 320.42

494.72 502.22 Appropriations

General Reserve 7.40 50.00

Proposed Dividend 11.16 27.30

Dividend tax 1.90 4.64

Surplus transferred to Balance Sheet 474.26 420.28

3. REVIEW OF THE RESULTS

The year under review had been an eventful year for the company with so many remarkable events occurring like restructuring and change of companys status, planning of various value addition schemes even beyond its conventional areas in the perspective of the changing business scenario. That the year went in a different way, had its reflection also in the operating results of the company. Notwithstanding severe concern about mining leases and virtual stalemated position consequential thereof, your company remained on the track of profitability, though overall performance dipped significantly from the heightened level it had reached during last six years. Added to the constraints caused by the pendency of renewal of three major mining leases was the suspension order of stopping mining activities in respect of two mining leases issued by Indian Bureau of Mines (IBM) and State Forest dept. This resulted in set back in both the iron ore and the manganese ore segments thereby affecting the working results.

The company recorded a sales figure of Rs.82.35 crores during the year as compared to Rs.271.81crores for the previous year showing decrease to the extent of 69.70%. Profit before tax during the year stood at Rs.112.26 crores as compared to Rs.286.24 crores for the previous year declining by 60.78%.The net profit after tax registered a figure of Rs.74.44 crores dipping by 59.05% over Rs.181.80 crores for the previous year.

4. DIVIDEND

Based on the financial results your Board is pleased to recommend for the year a dividend of Rs 186/- per equity share of Rs 10/- each. This would involve a cash outgo of Rs 13.06 crores inclusive of Rs 1.90 crores towards tax on dividend.

5. OUTPUT AND DESPATCH

There had been a setback in production of iron ore and manganese ore during the year like two previous years due to the constraints concerning non-renewal of three mining leases, the lease rights of which lie with Bharat Process and Mechanical Engineers Ltd (BPMEL) presently under liquidation. The problem was compounded this year owing to suspension order issued by the Indian Bureau of Mines (IBM)

and State Forest Dept for stopping mining activities in the mining lease of 1546.55 hectares (BPMEL- Thakurani) and in the mining leasehold of 1276.79 hectares(OMDC-Belkundi). Mining activities could also not be carried out during the year in the mining leaseholds of 266.77 hectares (BPMEL-Dalki) and 254.952 hectares(BPMEL-Roida). In respect of the former lease area ,the Central Tribunal has reversed the State decision cancelling the lease but the State Govt is yet to issue Mining Permission. In case of the later the Central Tribunal has set aside the impugned order of the State Government and State Govt has permitted their operation which is yet to be started .

Production of sponge iron, however, recorded improvement as compared to that of the previous year due to availability of non- coking coal and overcoming of logistic problems to certain extent.

Low production had adverse effect on despatches of both the iron ore and the manganese ore during the year resulting in poor performance. Despatch of sponge iron, however, improved from 2188 tonnes for the previous year to 5587 tonnes during the year.

6. CAPITAL EXPENDITURE

The company could not proceed with its value added items due to pendency of renewal of four mining leases and uncertainties prevailing over the issue. The company has the potential to augment its budget on capex, but constraints stand on the way. Endeavour is being made to overcome the impasse and go ahead with value added projects as a part of its future expansion and diversification programmes. During the year the company incurred some expenditure mainly towards implementation of AMR schemes aimed at increasing operational efficiency of the existing plants. The entire capital expenditure was funded out of internal accruals.

7. FUTURE OUTLOOK

In the current market scenario when competition is so stiff and extensive and technological obsolescence is so rapid, the only survival route is to take recourse to value addition schemes in diversified areas with simultaneous effort towards improving upon existing facilities. Companys future plan in this respect could not take desired shape mainly because of uncertainties with the renewal of three resourceful mining leases of the company. Impediments could not, however, put a halt to companys determination to go ahead with its future value added schemes. The company is committed and geared also to move forward for sustenance and better future.

The companys immediate program was installation of a 2 MTPA Pelletizing Plant with 2 million tonne iron ore beneficiation facilities at Thakurani, Orissa. Project cost of which is around Rs.939.90 crores. An agency was appointed for carrying out iron ore beneficiation test results and providing flow sheet. Another accredited agency of State PWD dept was appointed to carry out soil test and submit report. Necessary steps are being taken to expedite the work. Application has been submitted before the appropriate authority for allotment of land for commissioning of the plant. Thisapart, combined application for registration of industry in Orissa forsingle window clearance has been submitted to Industrial Promotion and Investment Corporation Limited (IPICOL) of Orissa along with necessary application fee.

Expansion plan in respect of the existing 30000 TPA Sponge Iron Plant of the company at Thakurani, Orissa, is also being contemplated with an estimated cost of Rs.110 crores. Detailed Project Report (DPR ) for the purpose is required to be drawn up. Initiation has been made in regard to appointment of a consultant for preparation of DPR.

The company is exploring opportunities to go for exploitation of Iron ore and other minerals like coal, Manganese, Diamond, gold etc, for which OMDC is looking forward for leases/buy properties from foreign countries directly/ under Special Purpose Vehicle/ Joint Ventures etc. The company also consider about exploring the opportunities of acquiring mining leases in other minerals in the state or other states within the country or outside the country. The company has put up an open invitation for Expression of Interest on business expansion in order to draw up a firm future plan on the basis of which the company may proceed with such schemes as would add value to the company.

8. MOU SIGNED WITH THE MINISTRY FOR THE CURRENT FISCAL

The company has signed Memorandum of Understanding ( MOU ) with the Administrative Ministry for the year 2010-11.

9. REPORT ON THE ACTIVITIES OF THE JOINT VENTURE COMPANY (EAST INDIA MINERALS LIMITED)

Performance of JVC was also affected during the year because of the bottlenecks faced with the mining leases. During the year under review the JVC registered a sales turnover of Rs. 57 .01 crores (Previous year Rs. 82.49 crores) with a net profit after tax Rs.11.08 crores(Previous year Rs. 24.24 crores).

10. MINING LEASES Ã STATUS OF FOREST CLEARANCE AND RENEWAL

Companys Mining lease area aggregates to 4365.262 hectares covering six mining leases in Barbil, District Keonjhar inclusive of three leasehold areas totaling 2068.272 hectares in the name of Bharat Process & Mechanical Engineers Limited (BPMEL) which is under liquidation. Status of the six mining leases are given below :

i) Thakurani Iron & Mn Mines (1546.550 hectares) A/c BPMEL

The lease period expired on 30.09.2004. Revised RML application was submitted over 778.762

hectares. The mining lease could not be renewed due to lack of statutory clearances. However, mines were being operated under Ãdeemed renewal clause of section 24A(6) of Mineral Concession Rules, 1960. Operation had been suspended due to restriction imposed by the State forest department and IBM. Necessary formalities have been completed for lifting of ban imposed by IBM and favourable action from IBM is expected shortly in this regard. The renewal application for forest diversion proposal is under process in the office of DFO, Keonjhar. Application for grant of temporary working permission is under process in the forest department. The application for enhancement of production and renewal of mining lease is under consideration of MOEF, Govt of India.

ii) Dalki Mn Mines (266.770 hectares) A/c BPMEL

Renewal application was filed for grant of 3rd renewal of mining lease for a period of 20 years effective from 01-10-1994. Forest clearance was obtained from MOEF, Government of India till 30.09.2014. However, mining operation was stopped after rejection of RML application by the State Government vide letter no. 12764/SM dated 24.08.2006.

On revision application, the Central Tribunal under the Ministry of Mines, Government of India reversed the State Government decision on 14.05.2010. The State Government has been approached for granting permission for mining operation in the perspective of the decision of the Central Tribunal. Application for obtaining environment clearance for enhanced production and renewal of mining lease is under process with the MOEF, Government of India. On submission of environment clearance, request of the company for renewal of the mining lease is expected to receive due consideration of the Ministry of Steel and Mines, Government of Orissa.

iii) Kolha Roida Iron & Mn Mines (254.952 hectares) A/c BPMEL

Lease period expired on 14.08.1996. The renewal application was filed for 20 years effective from 15.08.1996. Forest clearance was granted and the same is valid till 14.08.2016. Mining operation had been stopped after rejection of RML application by the State Government vide decision dated 16.11.2006. Inspite of directives from Central Tribunal in Feb,2009 the State Govt took about a year to allow OMDC for resumption of mining operation. Mining agency has been appointed, but it is yet to start work. Application for obtaining environment clearance for enhanced production and renewal of mining lease is under process with MOEF, Government of India. Once the environment clearance is obtained, process of renewal of mining lease may start at the State Government level.

iv) Belkundi Iron & Mn Mines (1276.770 hectare) A/c OMDC

Lease period expired on 15-08-2006. The 3rd RML application filed for 20 years effective from 16-08-2006 to 15-08-2026 was duly recommended by the Collector, Keonjhar and the Director of Mines, Orissa. Same is under process in the department of Steel and Mines, Government of Orissa. Forest clearance was co-terminus with lease period ended on 15.08.2006. Application for renewal of forest diversion proposal is under process in the office of D.F.O, Keonjhar. Mining operation was stopped by State Forest department. Application for grant of temporary working permission is under process in the forest department. Application for receiving environment clearance for enhanced production and renewal mining lease is under process with MOEF, Government of India. Once the forest clearance and environment clearance are obtained, request for renewal of mining lease may receive consideration of the State Government.

v) Bagiaburu Iron Mines (21.52 hectare) A/c OMDC

The lease period is valid till 30-09-2010. Forest clearance is co- terminus with lease period ending 30-09-2010. Presently the mine is in operation within certified broken-up forest land. RML application under M.C.Rule 1960 and F.C.Act 1980 has been filed before the stipulated date. Application for obtaining Forest & Environment clearance for enhanced production is under process with MOEF, Government of India.

vi) Bhadrasai Iron & Mn Mines (998.700 hectare) A/c OMDC

The lease period is valid till 30-09-2010. Forest clearance is co-terminus with the lease period ending 30-09-2010. The mining operation is being continued within certified broken up forest land and non forest land. RML application under M.C.Rule 1960 and F.C.Act 1980 has been filed before the stipulated date. Application for receiving environment &Forest clearance for enhanced production is under process with MOEF, Government of India.

As per the provision of Forest Conservation Act,1980 the Net Present Value(NPV) is to be deposited as per notified rate for the total forest land within leasehold area. Based on given notice issued by the Divisional Forest Officer, Keonjhar, OMDC has deposited the aggregate NPV amount of Rs. 68.48 crores for all the six leases.

Bank Guarantee had been submitted by OMDC to IBM towards mines closure plans for getting the mining plan approved in respect of Thakurani and Bagiaburu Mines. IBM has approved mining plan of Bagiaburu and approval for Thakurani is yet to come.

11. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A report on Management Discussion and Analysis of financial conditions and results of the operations of the company for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange, is enclosed and forms part of the report.

12. CORPORATE GOVERNANCE

A report on Corporate Governance along with the certificate from a Practising Company Secretary regarding compliance of the conditions of Corporate Governance as stipulated under Clause 49 of the Listing agreement with the Stock exchange also forms part of this annual report.

13. COMPLIANCE CERTIFICATE

Compliance Certificate from a Practising Company Secretary as regards compliance with the provisions of the Companies Act, 1956 in terms of section 383A(1) of the Act is annexed with and forms part of this report.

14. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Your company is fully aware of its responsibility in this respect. Consequent to this obligation, the company spent about Rs.0.25 crores during the year towards various welfare schemes concerning local areas as well as periphery development. In the previous year 2008-09 the company has spend Rs. 4.89 crores on CSR. The Company has a long standing tradition of supporting the larger communities that it connects with by fostering education, health, drinking water, construction of roads and other social measures and cultural activity of the local people in the area belonging mostly to the tribal categories. It runs hospitals where not only the relatives of the employees but also

local inhabitants, not even associated with the company, can avail of medical treatment. Every year the company maintains a budget provision of reckonable amount towards CSR programmers. This year also the expenditure under CSR have been estimated at Rs.3 crores. /

15. VOLUNTARY RETIREMENT SCHEME

In order to rationalize manpower of the company the management has introduced the ÃVoluntary Retirement Scheme for non-executive employees of the company Ã with effect from 1.02.2010. It will be effective till 31.03.2011.

16. STEPS TAKEN FOR POLLUTION CONTROL

The company has taken various steps in order to protect and improve the ambient and aesthetics of the mining area. Steps were taken to minimise dust operations during crushing and screening operation, drilling and blasting operation, haulage of ore/minerals and at the sponge iron plant. Some of the steps taken by the company are under noted below :

i) Afforestation: 30,000 nos. of seedlings were planted during the year over an area of 11.992 hectares with a total expenditure of Rs.3.36 lacs.

ii) Developing green belt around crushing and screening plants, Sponge Iron Plant, along haul roads and in colony area.

iii) Dust suppression system: Water sprinkling arrangement has been made through pressurised nozzles at all the crusher units.

iv) Seasonal monitoring of environmental parameters is carried out at mines and sponge iron plant.

v) Conveyers at crusher plants have been covered with GI sheets to prevent air pollution. Boulder walls were constructed at the toe of waste dumps to avoid wash off during monsoon.

vi) Provision of dust extraction system has been made at Crusher Plant and Wagon drills.

vii) Protective equipment is provided to the workmen engaged in drilling, blasting, crushing, screening and operating HEMM.

17. PARTICULARS OF THE EMPLOYEES

Provision of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particular of Employees) Rules, 1975 as amended is not attached in respect of remuneration of any employee of the Company.

18. IMPLEMENTATION OF RIGHT TO INFORMATION ACT, 2005

Your company is proactively complying with the provisions of the Right To Information Act,2005. All the information sought under the Act have been furnished within the stipulated time period.

19. PROGRESSIVE USE OF HINDI

During the year under report, your company continued its efforts for the progressive use of official

language in all its mines and Head Office. Successful efforts were made to use official language in administrative as well as in technical fields.

20. VIGILANCE

Your company has its vigilance department headed by Chief Vigilance Officer and assisted by two Dy. Managers(Vigilance) The functions of vigilance department include both preventive and punitive actions for all the mines of the company and for the registered office at Kolkata. Your companys Vigilance Dept is continuing its efforts for system improvements and procedures to bring more and more transparency. Your companys Vigilance Department has conducted various training programmes, interactive sessions for Vigilance awareness among the employees.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Energy Conservation

The energy used for mining and ancillary activities as well as running of Sponge Iron Plant constitutes electrical energy only. For conservation of electrical energy following measures have been adopted :

- Proper metering arrangement.

- Installation of MCB of proper rating at quarters at phased manner.

- Installation of pole fuses for individual consumers.

- Installation of MCCB with overhead relay facility at switch room.

a) Electricity units consumed : 39,01,439 (Rs 1.26 crores)

b) P.O.L Purchased Consumed

(Ltrs/kg) (Ltrs/kg)

Diesel 363470 359394

Petrol 509 509

Lubricants 9511 10737

Technology absorption

The company has not adopted any new technology during the year. Nor any specific technology has been absorbed for its operational activities.

Rs (in crores)

Foreign Exchange Earned and Outgo 2009-10 2008-09

Foreign Exchange Earned NIL NIL

Expenditure in Foreign Currency NIL NIL

22. AUDITORS

Based on the recommendation of the office of the Comptroller and Auditor General of India (CAG) Sarma & Co, Chartered Accountants was appointed Auditors of the company for the year under review. Status of the company changed during the end of the year from government managed company to government company. Auditor in a government company is appointed by CAG pursuant to provision of section 619(2) of the Companies Act, 1956.

M/s Sarma & Co., Chartered Accountants were appointed by CAG as Statutory Auditors of the company for the financial year 2010-11 to conduct audit for the said year. Remuneration of the Auditor shall, however, be fixed by the company in general meeting or in such manner as the company in general meeting may determine. Accordingly a resolution has been proposed by your Directors at the ensuing Annual General Meeting for consideration.

23. COMMENTS BY THE COMPTOLLER AND AUDITOR GENERAL OF INDIA (CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2010.

Comments of CAG are annexed with the Report.

The Comptroller and Auditor General of India(CAG) have conducted the supplementary Audit u/s 619(3) (b) of the Companies Act,1956 of the financial statements of The Orissa Minerals Development Company Limited for the year ended 31.03.2010. During the course of audit, the audit team have observed that a detail report on status of the leases be given in the Annual Accounts for information of the stakeholders. In this regard a detail report on Mining leases/ status of Forest Clearance and renewal of leases has been given in para 10 of this Directors Report.

The Audit team have further observed that the income from interest on fixed deposits amounted to Rs. 67.91 crores does not include accrued interest of Rs. 1.48 crores. It has been assured that the necessary corrective action shall be taken during the Financial year 2010-11.

24. DIRECTORATE

Like previous year, this year also there had been significant change in the Directorate.

Dr. Satish Chandra joined as Managing Director effective from 29th October, 2009 (A/N) and was elevated to Chairman cum Managing Director from 1st December, 2009. Based on the appointment letter issued by the Ministry in this regard consent of the shareholders was obtained for confirmation of Dr. Chandra as CMD by conduct of Postal Ballot.

A notice under section 257 of the Companies Act, 1956 has been received from a member to appoint Dr. Satish Chandra as a regular director on the Board at the ensuing AGM.

Shri K. J. Singh held additional charge of Chairman cum Managing Director till 19th July, 2009. From 20th July, 2009, Shri Singh as director of the company held additional charge of Managing Director only till 29th October, 2009. Shri Singh ceased to be director of the company from 29th October, 2009 (A/N).

Shri P. K. Bishnoi remained as Non-Executive Chairman of the Board till 30th November, 2009 and thereafter ceased to hold the office from 1st December, 2009.

Shri C. G. Patil ceased to be director on the Board from 28th February, 2010 (A/N).

Shri C. Banerjee ED, (F&A) ceased to be director on the Board from 27.08.2009.

Smt Uma Menon has been appointed as an additional director from 6th April, 2010 to be deemed as Independent director to hold office till the next AGM.

A notice under section 257 of the Companies Act, 1956 has been received from a member to appoint Smt Uma Menon as a regular director on the Board at the ensuing Annual General Meeting ( AGM ) to hold office as part time independent director subject to retirement of directors by rotation.

Shri Harsh Mahajan has been appointed as an additional director from 6th April, 2010 to be deemed as Independent director to hold office till the next AGM.

A notice under section 257 of the Companies Act, 1956 has been received from a member to appoint Shri Harsh Mahajan as a regular director on the Board at the ensuing AGM to hold office as part time independent director subject to retirement of directors by rotation.

Shri Ashok Vij has been appointed as an additional director from 6th April, 2010 to be deemed as Independent director to hold office till the next AGM.

A notice under section 257 of the Companies Act, 1956 has been received from a member to appoint Shri Ashok Vij as a regular director on the Board at the ensuing AGM to hold office as part time independent director subject to retirement of directors by rotation.

Dr. Dalip Singh retires by rotation and, being eligible, offers himself for re-appointment.

Smt Chandralekha Malviya retires by rotation and, being eligible, offers herself for re-appointment.

25. DEPOSIT

The Company has not accepted any deposit pursuant to Section 58A of the Companies Act, 1956.

26. DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 217 (2AA) of the Companies Act, 1956, your Directors confirm that Ã

a) In the preparation of the annual accounts, the applicable accounting standards have been followed.

b) The Directors have selected such accounting policies and applied them consistently and made

judgements, and estimates that are reasonable and prudent so as to give a true and fair view of the;

- state of affairs of the company at the end of the financial year and

- profit or loss of the company for that period.

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, 1956 for safeguarding the assets of the company and to prevent and detect fraud and irregularities.

d) The Directors have prepared the annual accounts on a going concern basis.

27. LISTING

The Companys shares are listed at The Calcutta Stock Exchange Limited. The listing fee is paid upto 31st March, 2011. Trading at BSE platform under CSE-BSE arrangement has started from 4th August, 2010.

28. DEPOSITORY SYSTEM

The Companys shares are under compulsory demat mode. The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services (I) Limited (CDSL). There is satisfactory progress in the process of dematerialisation. Members still having certificates in physical form are requested to dematerialise their holdings for operational convenience.

29. SHIFTING OF REGISTERED OFFICE

The company has purchased its own office premises and shifted its registered office to "Sourav Abasan" AG-104, Sector-II, Salt Lake, Kolkata-700091 from 2nd August, 2010.

30. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India especially the Ministry of Steel, the Ministry of Environment and Forest and the Ministry of Corporate Affairs. The Directors place on records their thanks to the Government of Orissa, the Railways, the Bankers, the Customers, Suppliers and the Shareholders for their continued co-operation. The Directors also wish to convey their appreciation to all the employees of the organisation for their valuable contributions and support.

For and on behalf of the Board

Registered Office :

Sourav Abasan", 2nd Floor, AG-104, Sector-II, Salt Lake City, Kolkata-700091 (DR. SATISH CHANDRA)

Date : 13th August, 2010 Chairman cum Managing Director

Mar 31, 2002

The Directors have the pleasure to submit their 84th Annual Report and the Accounts of the company for the financial year ended 31st March, 2002.

1. GENERAL WORKING OF THE COMPANY

The year under review witnessed some improvement in the working results. The sales turnover stepped up from Rs. 2282 lacs to Rs. 2542 lacs during the year, thereby registering an increase of 11.40% over the previous year. The rise in sales turnover was achieved despite low off-take of Blast Furnace (B F) Grade Manganese Ore. In fact despatch of BF grade manganese ore touched a very low figure during the year. The demand for medium grade manganese ore and sized iron ore was however encouraging. Moreover, despatch of iron ore fines which had been stagnant during earlier years shot up during the year under reference, thus giving a boost to deemed export of the item through various agencies and also reducing the level of environmental pollution in the nearby areas.

During the year the company achieved positive gross margin of Rs. 374.29 lacs before charging interest on Government loan and depreciation as compared to Rs. 324.88 lacs for the previous year. The net loss after charging interest on Government loan and depreciation stood at Rs. 504.71 lacs during the year as against loss of Rs. 454.98 lacs for the previous year before adjustment of extra-ordinary items. The net loss has gone up due to the impact of compounding effect of interest on Government loan.

2. ACCOUNTS For the year ended For the year ended

31-03-2002 31-03-2001 (Rs. in lacs) (Rs. in lacs)

Profit and Loss Account after charging all expenses but before providing for depreciation and interest on Govt. loan shows a positive margin (without considering extra-ordinary income for the year) 374.29 324.88

from which depreciation is deducted 117.22 115.17

resulting in positive margin before Interest on Govt. loan 257.07 209.71

from which interest on Govt. loan is deducted 761.78 664.69

Resulting in a profit/(loss) for the year (504.71) (454.98)

Add: Extra-ordinary income

i) Adjustment for intt. on Govt. loan (Rs. in lacs) - 725.66

ii) Adjustment for amortisation towards excess provision - 93.42 819.08

364.10

Add : Transferred from General Reserve 40.55

404.65

Add : Loss brought forward from earlier year (1587.17) (1991.82)

Net Loss carried to balance sheet (2091.88) (1587.17)

While arriving at the figure of cumulative loss of Rs. 2092 lacs as at 31 st March, 2002, the interest on Government loans amounting to Rs. 4006 lacs has been accounted for.

11. AUDIT

With regard to the observations made by the Auditors in their report we state as under:

i) Para 3 of the report - The accounts of the company have been prepared on going concern basis in consideration that the company had positive gross margin before charging interest on Govt. loan and depreciation as referred to in Note 20 of the Notes on Accounts in this regard. The liquid assets of the company also are adequate to meet the current liabilities excluding outstanding interest on Government loan. The order book position of the company is quite satisfactory and the demand of the products are expected not only to remain stabilized but escalate during years to come. The company has submitted Re-structuring Proposal to the Ministry and the same is under active consideration. If the Re-structuring Proposal be sanctioned the company would be in a position to wipe off the accumulated loss and achieve profitability.

ii) Para 4.1 - Regarding non provision of interest for delay in depositing Sales Tax and Royalty, it is stated that this would be dealt with on demand from respective authorities.

iii) Para 4.2 - The company as well the Exempted Trust Fund administered independently by the Trustees have made arrangements with Life Insurance Corporation of India (LIC) for participation in the LICs Group Gratuity Scheme. The arrangement has not yet taken final shape and as such the consequential impact can not be ascertained immediately. Further provision or write back would be considered on emerging of the final position after valuation by LIC of the securities in possession of the Fund. As such the treatment is considered without any material departure from any accounting standard.

iv) Para 4.3 - Note 19 of the Notes on Accounts in this respect is self explanatory. However, auditors comments have been noted and all out efforts will be made to have confirmation of the balances.

12. DIVIDEND

In view of the accumulated loss, your Directors do not recommend payment of any dividend for the year ended 31st March, 2002.

13. PARTICULARS OF THE EMPLOYEES

Provision of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended is not attracted in respect of remuneration of any employee of the company.

14. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE OUTGO

The company consumes purchased electricity, petrol and diesel oil. Adequate steps are taken by the company to control the consumption. The company has absorbed the technology used for its operational activities.

There was no transaction in foreign exchange during the year.

15. COMPLIANCE CERTIFICATE

In terms of the amendment in the Companies (Appointment and Qualification of Secretary) Rules, 1988 and pursuant to sub-section 1 of section 383A of the Companies Act, 1956, the Compliance Certificate by the Company Secretary in whole time practice is attached with this report.

16. AUDITORS

M/s. Bhadra & Bhadra, Chartered Accountants of 8/2, Kiron Sankar Roy Road, Kolkata 700 001 retire at the conclusion of the forthcoming Annual General Meeting and, being eligible, offer themselves for re- appointment.

17. DIRECTORATE

Shri A. K. Mukherjee, Chairman cum Managing Director who was initially appointed for one year, was given further extension for one year i.e. from 1st January, 2002 to 31st December, 2002.

Dr. (Mrs) Renu Singh Parmar, Director, Ministry of Steel ceased to be a Director from 10th August, 2001.

Smt. Meenakshi Arora, Director, Ministry of Steel who was appointed as an Additional Director effective from 10th August, 2001 ceased to be a Director from 12th February, 2002.

Shri Sudhir Rajpal, Dy. Secretary, Ministry of Steel was appointed as an Additional Director on the Board of Directors of the company from 12th February, 2002. Shri Rajpal holds the office till the conclusion of the

ensuing Annual General Meeting (AGM). A Notice under section 257 of the Companies Act, 1956 has been received from a member of the company proposing the appointment of Shri Rajpal as Director of the company at the ensuing Annual General Meeting.

Shri S. S. Sharma retires by rotation and being eligible, offers himself for re-election.

18. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to sub section 2AA inserted by the Companies (Amendment) Act, 2000 in section 217 your Directors confirm that -

a) in the preparation of the Annual Accounts, the applicable accounting standards have been followed.

b) the Directors have selected such accounting policies and applied them consistently and made judgements, and estimates that are reasonable and prudent so as to give a true and fair view of the :

- state of affairs of the company at the end of the financial year and

- profit or loss of the company for that period.

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the company and to prevent and detect fraud and irregularities.

d) the Directors have prepared the annual accounts on a going concern basis.

22. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their grateful appreciation for the continued support and guidance received from the Government of India and more particularly from the Ministry of Steel and also from the Ministry of Environment and Forest, Govt. of India. The Directors place on record their thanks to the Government of Orissa, the Railways, the Bankers, the Customers, suppliers and the Shareholders for their continued co-operation. The Directors also wish to convey their appreciation to all the employees of the organisation for their valuable contributions and support.

On behalf of the Board

A. K. MUKHERJEE Chairman cum Managing Director

Registered Office:

FD-350, Sector-III Salt Lake City Kolkata - 700091

Dated : 29th July, 2002

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