Notes to Accounts of The Orissa Minerals Development Company Ltd.

Mar 31, 2025

6.1.1. Machinery spare-parts which can be used only in connection with an item of fixed assets and whose use, as per technical assessment, is expected to be irregular are capitalized and depreciated over the residual life of the respective assets

6.1.2. Leasehold Properties (land) has been shown as carrying cost for the balance amount as on 31.03.2025. Depreciation has been charged over the Lease period i.e. 99 years on SIP Leased Land.

6.1.3. Total Free Hold Land of 206.865 Acres has been included under Land out of which 3.023 Acres are in the name of OMDC, 3.910 Acres in the Name of Bird & Co., 3.393 Acres has been occupied by OMDC by virtue of adverse possession as mentioned in Record of Right and 196.539 Acres in the name of BPMEL.

6.1.4. Adjustment of residual value of assets of previous years to 5%

6.2.1. Capital work-in-progress includes other fixed assets to be installed and unfinished construction and erection materials

6.2.2. Balance shown as Rs. 11,107.87 Lakhs after considering capitalisation of Rs. 91.32 lakhs Stripping Cost during the year.

6.2.3. Building , Road, Rly. Siding and other permanent structure constructed on mining lease have been depreciated as per the rate prescribed in Schedule - II of the Companies Act, 2013 and not ammortised over the mining lease period.

6.2.4. Payment towards NPV, IBM processing fees and interest on inter corporate loan availed from RINL for the above purposes are considered as expenses towards Mining Rights and kept as capital work in progress in FY 2024-25.

7.1. Tree felling cost at Bagiaburu mines within virgin forest area capitalised during the year as mining rights.

7.2. Stripping cost Over Burden Removal (OBR) cost wrt. Bagiaburu Mines capitalised during the year as mining rights.

7.3. Prospecting and development expenses incurred to prepare the mines ready for commercial exploration (i.e. in the nature of preliminary and preoperative expenses) are capitalized.

7.4. Expenditure incurred for obtaining required clearance to operate the mines subsequent to the allotment of their lease is treated as intangible assets under the heads Mining Rights.

7.5. Based on changes on Accounting Policy w.r.t. amortisation of Intangible Asset(Mining Rights), amortisation amount with respect to running Bagiaburu Mines is recalculated based on the unit of production basis. At the same time, amortisation of capital expenses for in-opearative two mines (Belkundi & Bhadrasai) is not done for current year 2024-25.

7.6. Considering the verdict of Hon''ble Supreme Court of India on 16.05.2024, net intangible asset (Mining Rights) w.r.t. the three BPMEL mines is considered asset impaired in the current FY 2024-25 and charged to revenue accordingly.

8.4- The Company had entered into a joint venture with M/s Usha (India) Ltd. for managing the assets of M/s East India Minerals Ltd. (EIML). The matter is under dispute and present status of the company and loss if any on account of diminution in value has been provided for. As the JV agreement expired on 04.10.2013, investment on JV has been shown as Other Investment. Investment in Woodland Multi-speciality Hospital Limited and The Sijua (Jherriah) Electric Supply Company Ltd. has also been provided for {Refer 8.2(b)

9.1. Trade Receivables

The sale of goods is made against advances received from customer. The advance received from customer is adjusted on supply of material. There is no credit period allowed for such sales and accordingly no interest is to be charged. The trade receivable appearing in the books includes amount receivable recognized against the debtors towards the debit notes raised on the customers due to changes in Government levies (Royalty on ad-voleram basis by IBM). The Company has raised such debit notes on the basis of retrospective computation of the sales made in the past period from which the retrospective levies have been made applicable by the Government.

12.1. Other Advances of Rs.3017.82 Lakhs includes Royalty Advance of Rs.152.54 Lakhs, Advance to others of Rs. 149.10 Lakhs, payment of advance with protest amounting Rs. 2,715.14 Lacs to DDM, Joda against compensation of excess mining for BPMEL Leases as per the Order of Supreme Court dated 02.08.2017. OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The issue of BPMEL Leases is subjudice. Pending finality of the case in the Court of Law of BPMEL Mines (which is a liquidated company), in the Court of Law, the payment made under protest on behalf of BPMEL Mines of Rs.2715 Lac is shown under advance and provision was created for an equivalent amount in the books of account.

12.3. Prepaid expenses towards employee loans represents difference amount between actual interest charge from employee and notional interest at a Standard Rate of 9.25% for Motor Vehicle Loan and 8.55% for House Building Advances. The said amount would be amortised over the period of loan amount.

14.1.a) OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The case of BPMEL with OMDC is subjudice. Hence,the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is under liquidation) have been valued at Re.1.00 by OMDC and taken into its books of accounts.

b) Similarly, in case of Thakurani and Belkund mines the book stock of Iron ore is 1,77,337.33 Mt whereas the corresponding i3MS ( Govt Portal) record the quantity is 1,64,818.30 MT. Difference is due to sudden stoppage of mining activity in the both mines resulting non-updation of i3MS portal .

c) At Bhadrasai mines, iron ore of 65,188.03 Mt was reported by independent physical verifier with Fe content of below 58% which is not reflected in the Govt. portal i.e. i3MS. Further, since the above mentioned material can not be sold by OMDC the valuation for the same is taken as nil.

d) Physical verification of Iron Ore at Thakurani mines and Railway Siding-1 was conducted by an external verifier and found to be 122670.45Mt against book stock 122083.72 Mt with difference of 586.73ML Physical stock of Iron Ore at Railway siding-2 could not be verified as materials are lying scattered and burried under platform and tracks. The book balance of such material at Railway siding-2 was brought forward from earlier years at 16998.14ML The entire book stock of 139081.86Mt (Thakurani mines Railway Siding-1&2)was valued at Rs.1,39,081.86 (i.e. Re1/Mt). The difference in book stock of 139081.86Mt (Thakurani mines Railway Siding-1&2) against i3MS stock of 142828.62Mt by 3746.76Mt which was lost due to spillage and wastage at non-operational mines since Dec''2009 and same was also not considered for valuation.

14.2. Valuation of Inventory has been made based on Average Sales Price published by IBM and cost price which ever is lower on book stock.

14.3. Raw material stock (coal & dolomite) located at Sponge Iron Plant (closed since the year 2010) has been valued at cost amounting to 47.41 Lakhs. Quantity of coal & dolomite is 2764.768Mt and 8.790Mt respectively with correspondig value of Rs. 47.18 lakhs and Rs. 0.23 Lakhs. Physical verification of these raw material has been done by an independent verifier (both quality & quantity) and no difference was observed.

(a) The Company has only one class of equity shares having a par value of Re. 1/- each. Each shareholder is eligible for one vote per share. The dividend proposed by the board of directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

16.2. Details of shares held by each shareholder holding more than 5% of shares

Shares in the Company held by each shareholder holding more than 5 % shares specifying the number of shares held.

17.1 The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

17.2 The amount in the General Reserve that can be distributed by the Company as dividends to its equity shareholders is determined based upon the Company''s financial statements and also considering the requirements of the Companies Act, 2013.

17.3 In view of the company incurred loss in the Financial Year 2017-18, 2018-19, 201920,2020-21 and 2021-22,2022-23 no dividend was declared by the company. For the year 202324, though there was a marginal profit after tax of Rs. 281.91 Lakhs dividend was not paid due to negative net worth and inadequate funds.

18.1. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

19.1. Unpaid dividend includes Rs. 32.34 lakhs for disputed dividend as on March 31, 2025. The Unpaid Dividend pertains to 15-16 - Rs. 4.07 Lakhs & 16-17 - Rs. 3.07 Lakhs. Unpaid dividend of 7.14 Lakhs couldn’t be transferred to IEPF due to frequent changes in signatories to the bank (effecting KYC formalities) where unclaimed dividend account is maintened. The process of trnasfer has been initiated with new signatories as per Board Resolution Dt. 22nd May''2025.

19.2. Other current liabilities amounting Rs. 2157.15 Lakhs includes Inoperative Account(Rs.i97.5i Lakhs), Liability toward General Mines Expenses (Rs.1352.99 Lakhs), Liability toward Contractor & Sundry Creditors (Rs.1.27 Lakhs) and Liabilities toward Hospital, General(SIP), Railway (DC&Punitive), Stores for Mines & SIP etc (Rs.14.80 Lakhs), SAF, Law Charges etc & Pending Salary (590.58 Lakhs).

19.3. Inoperative Payable Accounts amounting to Rs.197.51 Lakhs are being reviewed on regular basis.

19.4. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

(i) Pay Revision of Employees:

The provision is recognised with respect to the pay revision of the employees of Central Public Sector Enterprises, the same is provided for in the books of accounts with effect from 1st April, 2010 on basis of the difference in Basic Pay and Industrial Dearness Allowance between 1997 and 2007 Pay Scale. Calculation made on basis of the present basic pay and IDA component of the existing employees.”

(ii) Provision for site Reclamation & Restoration:

Provision for site reclamation is made with respect to the restoration of the mines and are made against the demand raised by the various mining related departments of Government for site reclamation and restoration as required under the Mining laws. Balance amount for site reclamation based on revised calculation is provided in contingent liability.”

(iii) Provision for Legal obligation: -Provision available for Legal Obligation is Rs. 1167.66 Lakhs

24.1 OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The issue of lease right in the Court of Law is pending to be decided, since the case of BPMEL with OMDC is subjudice. Hence,the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is a liquidated company) have been valued by OMDC and taken into its books of accounts.

(i) Expenditure incurred for obtaining required clearances to operate the mines subsequent to the allotment of their lease is capitalised as Intangible Assets.

(ii) Considering the verdict of Hon''ble Supreme Court of India on 16.05.2024, net intangible asset (Mining Rights) w.r.t. the three BPMEL mines is considered asset impaired in the current FY 2024-25 and charged to revenue accordingly.

Compensation against Excess Mining:-Pursuant to the Judgement 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 & 23.12.2017 to BPMEL towards compensation. The amount of Demand for BPMEL Leases is Rs. 86157.12 Lacs towards EC, FC and MP/CTO. OMDC had been operating BPMEL Leases backed by Power of Attorney to sign and execute all mining leases and other mineral concessions from time to time.

OMDC paid a sum of Rs. 2715.14 Lakhs (Rs. 2515.14 Lakhs on 29.12.2017 and Rs. 200.00 Lakhs on 16.11.2018) towards compensation for BPMEL Leases as an advance under protest. The

remaining amount of compensation including interest upto 31.03.2025 against BPMEL Leases amounting Rs.192938.00 Lakh are shown under Contingent Liability. A provision is created in current financial year against the advance of Rs. 2715.14 Lakhs by charging off to revenue.

Note: 2

Leasehold Properties has been reclassified as operating lease. Amortisation of prepayment of Leasehold Properties has been shown under Amortisation of Prepayment Leasehold Properties.

The Company has identified Iron Ore, Manganese Ore and Sponge Iron as their Business Segment. Though Iron Ore and Manganese Ore Mines as well as Sponge Iron Plant are closed since Sept., 2010 for Bhadrasai and Belkundi mines, however Bagiaburu mines reopened in Dec’2023 and started commercial production. Presently Company’s source of revenue is Sale of old stocks ( Iron ore) from Bhadrasai mines and sale of fresh stock (Iron ore) from Bagiaburu mines. Companies other sources of incomes includes interest on Fixed deposits kept in Lien against Bank Guarantee and rental income. The Assets have been allocated directly which are identifiable to the respective segment and the balance is put in the un-allocated segment. The total liabilities have been allocated to un-allocated segment.

Earning per share has further fallen down this year mainly because of losses incurred for payment & provision of Compensation for excess mining as per Supreme Court decision.

32. EMPLOYEE BENEFIT PLAN

32.1. Defined contribution plan

Provident fund: Company pays fixed contribution to Provident Fund at the rate of 12% on Basic & IDA.

32.2. Defined benefit plans

a) Gratuity: Payable on separation @ 15 days pay for each completed year of service to eligible employees who render continuous service of 5 years or more and maximum payable amount is calculated as per Gratuity Act. The gratuity amount is covered under “the Gratuity cum Life Insurance Scheme” with LIC of India and the provision on account of gratuity is being made as per the actuarial valuation.

These plans typically expose the group to risks such as actuarial risk, investment risk, interest risk, longevity risk and salary risk.

i. Actuarial risk: It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.”

ii. Investment risk: For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.

iii. Interest risk: A decrease in interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan assets.

iv. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

v. Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

"No other post-retirement benefits are provided to these employees.

The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2025 by M/s. Kapadia Actuaries and Consultants, a firm with fellow of the Institute of Actuaries of India. The present value of defined benefit obligation and the related current service cost were measured using the projected unit credit method."

The current service cost and the net interest expense for the year are included in the "Employee benefits expense" line item in the statement of profit and loss

The remeasurement of the net defined liability is included in other comprehensive income.

The amount included in the balance sheet arising from the entity''s obligation in respect of its defined benefit plans are as follows

32.3. Sensitivity analysis of defined benefit plans

32.3.1 Significant acturial assumption for determination of defined benefit plan are discount rate, expected salary growth, attrition rate and mortality rate. The sensitivity analysis below has been based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period while holding all other assumptions constant.

"The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using projected unit credit method at the end of the reporting period, which is same as that applied in calculating the defined benefit obligation liability recognized in the balance sheet.

There is no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.”

33.2. Financial risk management objectives

”The Company’s principal financial instruments comprise financial liabilities and financial assets. The Company’s principal financial liabilities comprise trade payable and other financial liabilities. The main purpose of these financial instruments is to manage short-term cash flow and raise finance for the Company’s capital expenditure program. The Company has various financial assets such as trade receivable and cash and short-term deposits, which arise directly from its operations.

Risk exposures and responses

The Company manages its exposure to key financial risks in accordance with the Company’s financial risk management policy. The objective of the policy is to support the delivery of the Company’s financial targets while protecting future financial security. The main risks that could adversely affect the Company’s financial assets, liabilities or future cash flows are market risks, comprising commodity price risk, cash flow interest rate risk and foreign currency risk and liquidity risk and credit risk. Management reviews and agrees policies for managing each of these risks which are summarized below.

The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below.”

33.3. Market risk

"Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company''s financial instrument Market prices comprise three types of risk: currency risk, interest rate risk and other price risk which include equity price risk and commodity price risk. Financial instruments affected by market risk include loans, trade receivables, other financial assets, trade payables and other financial liabilities.

The sensitivity analyses have not been prepared as there is no amount outstanding as debt, having either fixed or floating interest rates, no derivatives financial instruments and no financial instruments in foreign currencies."

33.4. Foreign currency risk management

"The Company does not undertake any transaction in foreign currency, consequently, exposures to exchange rate fluctuation does not arise. The Company has all entered all the transaction in currency which is the functional currency and accordingly the foreign currency risk has been minimized to a very low level.

Foreign currency sensitivity analysis has not been performed considering the fact that there will not be any impact on the profit or loss of the Company, as there are no foreign currency monetary items."

33.5. Interest rate risk management

"Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest rates. As the Company does not have any borrowings there is not a significant exposure to the interest rate risk but only to the extent of recognition interest portion of financial instrument classified at amortised cost. The Company manages it interest risk exposure relating to the financial instrument classified at amortised cost by using the market interest rate as the effective interest rate and the changes in the assets liabilities is accounted for as interest income/expenses with respect to financial assets/financial liabilities respectively.

However, as there is no primary exposure to the interest rate risk the sensitivity analysis has not been performed by the Company.

33.6. Other price risks

The Company is exposed to other price risks which include equity price risk and commodity price risks. The Company holds investment for strategic rather than trading purposes. The sensitivity analysis on the profit due changes in equity prices has been performed below

33.7. Equity price sensitivity analysis

"The Company’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the equity price risk by placing limits on individual and total equity instruments which is made subject to the approval of Board of Directors. Reports on the equity portfolio are submitted to the Company’s senior management on a regular basis. The Company’s Board of Directors reviews and approves all equity investment decisions.

At the reporting date, the exposure to unlisted equity securities was Rs. 2.42 lakhs. The sensitivity analysis based on the equity price risk at the end of the reporting period has been provided for the investment these equity securities other than investment in joint venture is given below:

33.8. Credit risk management

"The Company trades only with recognized, creditworthy third parties and only on advance payment basis. It is the Company’s policy that all customers who wish to trade are required to pay the entire amount in advance. The Company does not perceive any risk of default as there is no instance of credit sale. In addition, receivable balances are monitored on an ongoing basis, with the result that the Company’s exposure to bad debts is not significant.

With respect to credit risk arising from the other financial assets of the Company, which comprise cash, bank balances, short-term investments and other receivables, the Company’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Refer to Note 9 for analysis of trade receivables ageing."

33.9. Liquidity risk management

The Company has huge investment in term deposits with banks and has sufficient owned funds to finance its existing and continuing commitments. New investments and advances are likely to be funded similarly. Major capital investments, if any, would be funded by through the terms deposits and further requirement if any will be addressed through the use of bank overdrafts and bank loans. The Company have deposited significant amount in terms deposits and have sufficient funds required to meet the liquidity requirements of the Company. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments.

33.9.1. Liquidity and interest risk tables

The following table details the Company''s expected maturity for its non-derivative financial assets. with agreed repayment periods. The table has been drawn based on the undiscounted contractual maturities of financial assets including interest that will be earned on those assets. the inclusion of information on non-derivative financial assets is necessary in order to understand the Company''s liquidity risk management as the liquidity is managed on a net asset and liability basis.

The following table details the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The table has been drawn based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

33.9.2. Financing facilities

The Company has access to financing facilities as described below which has been remaining unused in its entirety at the end of the reporting period. The Company expects to meet its other obligation from operating cash flows and proceeds of maturity of financial asset.

34. Fair value measurements

34.1. Fair value of the Company''s financial assets and liabilities that are measured at fair value on a recurring basis

The Company''s investment in its holding company is considered as the only financial assets that is mandatorily measured at fair value through profit or loss at the end of each reporting period. The following table gives information about how the fair value of the financial assets are determined (in particular, the valuation technique(s) and inputs used).

34.2. The disclosure relating to the fair value of Financial Assets and Liabilities that are measured at other than fair value is not required as the management of the company determined that the carrying amounts of such assets and liabilities approximates their fair values.

35. Related party transactions

a. Ultimate holding company: Rashtriya Ispat Nigam Limited

b. Parent company: Eastern Investments Limited

c. Fellow subsidiary company: The Bisra Stone Lime Company Limited

d. Key Managerial Personnel:

• Shri Arun Kanti Bagchi, Managing Director/ CEO (01.04.2024 to 21.02.2025)

• Shri Vasudha Chandra Suratkal, Managing Director (Addl. Charge w.e.f. 22.02.2025)

• Shri Ramakant Behera, Chief Financial Officer (01.04.2024 to 06.01.2025)

• Shri Arindam Maitra, Chief Financial Officer (w.e.f. 10.02.2025)

• Shri S Raja Babu, Company Secretary (01.04.2024 to 25.03.2025)

• Shri Pintu Kumar Biswal, Company Secretary (w.e.f. 26.03.2025)

36. Contingent liabilities
36.1.	Contingent Liabilities		Amt in Rs Lakhs
S no	Particulars	As at 31-03-25	As at 31-03-24
	Claims against the Company not acknowledged as debts:
(A)	Legal matters:	-	-
a)	S. Panigrahi Vs. OMDC	2.50	2.50
b)	Nobel Resources Vs. OMDC	-	93.43
c)	Ishravati Rajbhar Vs. OMDC (Civil / Labour Case pending in MACT/ ADM, Keonjhar	1.75	1.75
d)	Money Suit No 46/2019 S K Roy Chowdhury vs OMDC & others	610.39	582.90
e)	Jai Balaji Industries Ltd CP(IB)No 688/KB/2020 (Interest)	1,672.49	1,608.78
f)	Eastern India Minerals Limited	3,78,227.00	-
g)	NCCF (Award passed under Arbitration)	100.00	100.00
h)	OSL (Claim for Refund of EMD)	153.69	141.00
i)	Visa Steel Limited	19,021.00	-
j)	OMDC vs RTO, Keonjhar	-	20.00
(B)	Compensation for Excess Mining (BPMEL LEASES) Certificate Case 32/2018	1,92,938.00	1,80,182.17
(C)	Bank Guarantee to IBM. OSPCB & Baitarani Irrigation Division	3,327.90	1,994.81
(D)	Site Reclamation	3,299.36	1,480.44
(E)	Other Dues (CST, VAT, OET & Service Tax)	130.27	26.21
(F)	Stamp Duty, Registration Charges, NPV and other Statutory Payment after supplementary lease executed (Bhadrasahi & Belkundi Mining Lease)	6,159.90	13,272.49
(G)	Scheme, CTE, CTO, Site Specific Wild Life Plan, Regional Wild Life Plan and other Statutory payment	395.21	6,435.41
(H)	CISF- Claim of Risk & Hardship Allowances	56.79	56.79
(I)	Non-transfer of Unpaid Dividend amount to Investor Education Protection Fund (IEPF) which has been lying more than 7 years	10.00	5.00
(J)	Non-Compliance with SEBI (LODR) Regulation, 2015 wrt Appointment of Independent Directors (Not appointed by Govt. of India yet and OMDC has Applied for Exemption)	33.68	22.30
	TOTAL	6,06,139.93	2,06,025.98

Claims against the Company not acknowledged as debt includes:

a. Legal Cases constitute Rs. 3997,88.82Lakhs from sl. no. A(a) to (j). Claims of contractors for supply of materials/services are pending with arbitration/courts which have arisen in the ordinary course of business. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on theCompany''s financial position and results of operation. The amount shown above are approximate and not crystallized on the date of reporting of accounts.

b. OMDC has challenged the two orders of NCLT dated 10.3.20 before NCLAT, New Delhi in the matter of M/s Jai Balaji Industries Ltd against petition filed u/s 9 of IBC, 2016. The judgement is in OMDC Favour and the case is in force in Kolkata High Court.

c. Out of the total claim of Odisha Govt. towards demand for BPMEL Leases alongwith with interest amounting Rs. 1929,38.00 Lakhs have been shown in Sl No (B) as the cases are pending in different courts of law.

d. Bank Guarantee is given to Indian Bureau of Mines, OSPCB & Baitarani Irrigation Division Rs.3327.90 Lakhs (Sl No C)

e. Site Reclamation charges of Rs. 3299.36 Lakh is shown in Sl. No. (D). For Demand from various statutory authorities towards Regional wildlife management and income tax, sales tax, excise duty, custom duty, service tax, entry tax and Rs.130.27 lakhs respectively as per sl. no. (E) & (F). The Company is contesting the demand with appellate authorities. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on the Company''s financial position and results of operation.

f. Stamp Duty, Registration Charges & other Statutory Payment will be made at the time of executing supplementary Lease Deed after having all statutory clearances of around Rs.6555.12 Lac for all three OMDC Leases as shown in (G) and (H).

g. Pursuant to the amendments of the Orissa Land Reforms Act, the Sub-Collector, Champua had served a Notice against the Company for alleged unauthorized possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate but the appeal was not allowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Hon’ble High Court of Orissa to maintain the status quo about the possession of the land until further order. No specific liability could be ascertained.

37.

37.1. Disclosure of additional information as required by the Schedule III:

The Bagiaburu Iron mines started operating from 14.12.2023. The Company is constantly

following up for renewal of mining leases for remaining two mines i.e Belkund & Bhadrasahi.

37.2. Other Information:

a. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

b. Un-authorized occupation of some of the quarters has been made by contractor’s employees in mines. Company is considering to take necessary action including legal course wherever necessary to take the ownership of the quarters.

c. The registration of the Building of the company at Kolkata and in Scope Complex, New delhi is yet to be completed. The provision of Rs.84.03 lakhs has been made for registration of building. However, further payment will be made at the time of Registration as per actual.

d. As per the understanding with the employees, electricity consumed by them in the accommodation provided to them would be free of cost, hence any recovery is not made from employees.

A DETAILED NOTE ON BPMEL CASES BFORE SUPREME COURT OF INDIA

1. Challenging the order dated 03.03.2020 passed by the Division Bench, High Court, Calcutta to form a High Power Committee to take a decision for resumption of mining operation, the Chief Secretary, Govt. of Odisha (on behalf of Steel & Mines Dept.) had filed SLP (Civil) No. 007315 - 7316/2021 before the Hon’ble Supreme Court of India challenging the order passed on 03.03.2020 in ACO No. 24/2019 & APO No. 196/2019 by the division bench of the High Court, Calcutta . OMDC is made a party to the above SLP(C) being respondent no. 4 along with other respondents viz. Bharat Process & Mechanical Engineers Limited (BPMEL), TPG Equity Management Pvt. Ltd. (TPGEMPL), Official Liquidator (BPMEL), and Union of India (Ministry of Heavy Industries).

JUDGMENT PASSED BY SUPREME COURT OF INDIA:

The Hon''ble Supreme Court of India hearing the parties to the proceeding, pronounced the judgment on 17.05.2024 in the above noted SLP (Civil) No. 007315 - 7316/2021.

a. The apex court allowed the appeal filed by Chief Secretary, Govt. of Odisha and set-aside the order dated 03.03.2020 passed by the division bench of the High Court at Calcutta in which direction was made to constitute a High Powered Committee to consider the issue of revival of three mines of BPMEL and to hear the prayer of TPGEMPL.

b. The Hon''ble Apex Court in the said judgment also upheld the judgment & order of the High Court of Orissa passed in writ petition no. 1852 of 2010 rejecting the request of OMDC & TPG

for renewal of Kolha-Roida lease, ignoring the fact that the Review petitions filed by OMDC before High Court, Orissa are still pending for adjudication.

c. The Hon''ble Supreme Court by the said judgment also clarified that the applications filed and IMPLICATION OF THE JUDGMENT OF HON’BLE SUPREME COURT DTD. 17.05.2024 3 The effect of the Judgment of Supreme Court is that,

a. The OMDC is deprived of all its rights on BPMEL mines and the entire infrastructure created by OMDC in the leasehold area of the three mines under the nominal ownership of the BPMEL will be at stake.

b. Govt. of Odisha will be well within its rights to take coercive steps to evict The OMDC Ltd. as it will be treated as unauthorized occupant in the eye of Law.

4. The contention of OMDC is that, the orders of the Supreme Court of India under reference has been passed without taking into account the historical rights of The OMDC Ltd. over the Mines and has erroneously concluded that the Mines are owned by the BPMEL which is under liquidation. But the fact is that since inception, the OMDC was operating these mines and the Bird & Co. Ltd., the Govt. of India etc were only trustees / Benamidars. The liquidation of a trustee normally should not affect the rights of the original owner.

STEPS TAKEN FOLLOWED BY SC JUDGMENT

5. Considering the impact the judgment will have on OMDC, a Review Petition being Diary No. -29806/2014 filed by OMDC before the Supreme Court on 08.07.2024, for review of the Judgment dated 17.05.2024. It is informed by the shareholder of OMDC that, a Review Petition being Diary No. - 29537/2014 is also filed on 08.07.2024 by one shareholder before the Supreme Court for review f the Judgment dated 17.05.2024. Both the review petitions are pending for hearing.

39. The accounts have been prepared on Going Concern Basis. The Bagiaburu Iron Mines started operating from 14.12.2023. The Company is constantly following up for renewal of mining leases for remaining two mines i.e. Belhundi and Bhadrasai Mines.

40. Confirmation of balances in respect of advances, receivables etc. are sent on quarterly basis and annually. The effect of any adjustment, as may be required, on reconciliation with the confirmation of the parties will be done in future years, after receipt of confirmation.

41. The effective date for adoption of Ind-AS 116 is annual period beginning on or after April, 1, 2019. From the classification of applicability, in respect of OMDC, Ind-AS 116 cannot be made applicable.

42. Previous year’s figures have been re-grouped and rearranged wherever necessary to conform

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Mar 31, 2024

4,6 Provisions Provisions

Pm_v.*i-.mt. aru rvtugni&ed when tt=ere k a present utjiigaTKHi (ley a I of constructive > as contingencies a result of a past event end it fs probable ("more likely Than non that n i* required to settle the obligation, end a reliable estimate can be made of the amount of the abtt^atfcrft.

Th-s amount r eroflftksiKJ as a provision is the hem esi imam of the considerahnn required to settle the present obligation at ihe baidiwe ih*»pt date, taking omo account the risks am] utK&t&n*** surrounding me obligation Where a provision t measured uSthQ the estimated cash flows to settle the present obligation, its anymg amount is th* present Vfllihtf or those cash flows The discount Jure used is a pre-tar rate mat te fleets eurreni market assessments of rtw rimp value of mormy in mat jurisdiction Bind [he risks specific to the lutulny

(a) Restoration, rehabilitation and decommissioning

An obligation to incur restoration, mhabrlication and ^ivircnmenlal costs arises when eflvir on mental dr.tiu brine;? is caitsed by the development _w ongoing production ol a mine and othei manufonur >nq facilities Sudi mts,, discounted to net present value, art; provided ter and a corresponding amount is capitalised at the Stan of each project, at soon a* the obligation to ineyi such costs arises These costs are charged m the statement of profit or toss «W th« UTe of the operation thrown Ihe iJeprectatwn of the asset arxj the cmivindtiif) of the discount art thn provision The cost estimates are reviewed penotfirally and are adjust**] to reflect known dev^UjurneuLv winch .nay r.avc an impact on the test estimates or life nr operations. Th* cost of me retausd

Is adjusted fat change* .n the provision due to factory such as undated cost estimate?, changes (a lives of operations, rww dfstur tvunce and levtsrons to discount rati** The adjusted cost of the ussel is depreciated prospectively OVQI the Uves of Ihft asset* to Which they relate The unwinding of the eHscount ls shown as frkintn and other cost In the statements of profit nr loss.

(tO EnTirtiKrtBntat lUbilitie*

Frivironment liabiHhes are retogm''jeiJ when the Company heronies obliged, legally or ^Dnsmittlvdy to rectify en viroomenlai damage or perform r^rMittipr wptlc

(t) Litigation

fteovfipon is recognised once it ha^ been KsiablkSfied that the Cflfn|»fly tins .1 present obligation based on consider ahon ol the information which become* ¦d''.''riiriible up la Ihe date oh which the Com party''s fiFiamidl statements are fmafrsed and may in some cases retail seeking expert advice in malting the determination on whether there is a |)nswt ntJlrgahtm

Contingent Liabilities

Contingent iiabiNMe* arsing from post tweets the ealsterv;* of which would be confirmed only on occurrence or i win-occurrence of One Cm more Mure uncertain events not wholly within the control of the Com pony or contingent liabilities where there »S a presort ohllgations but it Is not probahte that er-mnmlc benefits would be requited to settle Ite abiiqations art disclosed In the financial statements unless the possibility of any outflow In settlement I* remote

Contingent Assets

Contingent ore not retugriFced In tfie financial statement, pul are disclosed

where an inflow of economic benefits is probaWe

4.7 Leasing At tho inception ol a lease the lease arrangement is classified as either a finance lease

or An operating lease based on the substance of the lease ananijement

thtLatiitioay-ds.iesiar

Amounts due from lessees under finance leases lira recognised *s receivable? at d>* amount of the Company''s net investment in the lease*, finance lease income Is allocated to accounting periods so as to reflect a constant periodic rale of return on the rpmwry''s net investment outstanding In respwt of the tease-s fteriral income frr.nn operating leases n recognised on s sfrarijht¦ Une basis over the term :-.f the relevant Initial direict i.utJs incurred rb negotiating and at ranging an

apenabng lease nra added to tht carryrhg amount ur iik> teased anal and recogmsed on a straight-line basis over tiie ii-n&e ter nv

TUfijjjmasdbyas.leMs:

Asset* held undei finance leases ate initially retngnis**] os assets 0< thfl Company at mcnr fair value ai the Inception nr the lease or. If lower at the presern vatu*³ of the minimum lease payments The corresptaidihq liability to the lessen is included in the balance si wet as d finance lease obLigation

Lease payments are apportioned between Finance expenses and induction of the tease obligati net so -t* to Achieve a coo stunt rate of inter ett on the remaining baPiru.= of Oil; liability Flnarw-e e^pvnses are recognised immediately tn profil or loss, untew tlwy are directly attributable to qualifying assets, in which rase they art capitalised in accordance with the Company''s general policy on borrowing costs Cant indent rentals are reeognEied as enpenses in the periods in whim iney are incur mh1

Operating lease payments are recognised as an dcpouse on a straight-line basis over lhe lease except where another systematic basis Is more representative of the

time pattern in which economic benefits from the leased asset are consumed. Contingent rentals urging unite operating leases are recognised as an expense in the period In which they are incurred

In Uie event that it-ase mrentives are received id enter into operating teases, such incentives are recognised os a natality The .jggregate benefit of mcanlives u useogrnsert as o reduction nf rental experts a on ;p straight nr# iwfs^ except where another systematic basrs ts more representative of the time pattern in which economic benefits (Vom the leased asset ore consumed

4.6 Invent ones Inventory of raw material, stores end spares are v/iiu^j at cast net of CEWVA7 Vftl

credit wherever applicable Cost is determined on moving weighted average price on real time basts

inventories of finished quodi win i-finished goods and mule in pioctss at* valued h''. lower of cost and net realizable value Cost ts generally determined alt first Jn Ursr exit basis (FIFO) and includes appropriate share of laboui and related overhead? het realizable value ts the estimated soiling puce in itie ordinary course ot business less estimated cost necessary In make the sale

Net realisable value rtprisenrs the ustimolL’d ^ellmg price for invpntenes ItrvS uil Estimated costs ct comiphvtlon Hind costs necessary to make me; sale riot realizable value ''i laken as pet tfwb lainM available price provided by IBM Provision is made for old/ obsolete; surplus/ non moving inventor** as well as other aniirii itecl losses considered wherever necessary

Where physical stock is mure than, the book stock, book Stock 15 considered formal nation of stock Howovitr, surplus slock Is valued al 1 per LOT for tin- virplos stock available as cm the data of dosing

Tho excise duty paya&ii^- »n closing stock or Finished goods as the time or sale is not conquered in valuation of closing stock.

4.9Tntf( Trade receivables are amounts due from customers for goods sold or services

receivable performed In ine 01 u,nary course of business If collection ts expert to be collected

within a period of 12 months or less from the reporting date (or in the normal operating cycle of the business 1! longer). they are classified as current assets otherwise as non-current assets

Trade receivables are measured at men transaction price unless it contains a significant financing component rn accordance with |na AS [ft {w when the entity applies the practical expedient) err pricing adjustments embedded In ttw? contract

l.pirs allowance te expected ufo time credit loss is nrcogntsed an initial 1 ecogruudh 4,i0 Financial All financial assets are recognised on (rarte date when the purchase ur a financial .ts.se'' Instrument* is under a contract whose term requires delivery of rhe financial asset within me

tiraplrsnw (rstnblishfid by the market concerned Financial assets ore initially measured al fair value, plus tramaction costs, wept Ini r.h''^ financial assets which are classified as at fair value through profit or loss (FVTPt; at inception, All recognised financial asset? are subsequently measured m their ^ltirety at either amortised cosl or fair value

Classiftcalian of financial asset*

Fin and a( assets ore classified as equity irstr iimenl'' if rt Is a 1 hjm "denvati vo and the deflnhan of ''equity" for the Issuer futwter Ind ,AS 32 f-urjoc&I /nstrum^nta AreseujatiCHi} All other non-dtuivanvu financial assets ao_:- -

Financial assets at amortised cost and the effective interest method

Debt instruments ore measured at amarhsed cos1 If both of the following condlbms are met

* The assei is httfrj within a business macM whose qtyectitift .5 to hold &sets m Jft^r to Colltcl .:r''titr*ctual rash flaws; and

- the contractual terms of the instrument give rise on speofiod date* id _CBili FtoHS that are solely payments or principal and interest on ilu* pnncipn'' jnXHjnf outstanding

Onhi pnstTtifmmu moermg tfwse cnlefia are muasuied initially at Fair value pjus transaction costs They aw subsequently measured at amm-nsed cost using me efface intemt method less any imp^rnwnl, with in-rest r«oqnH£d .-*r, an effective yield basis in Imtcsiment income

Financial assets at fair value through other comprehensive ineom«{ FVTOC1)

tretn instruments or? measured at FvtOO if both of the following tondpfipn* ^ne met

¦ the rtssei is held witfiwi a business model wnos* objective t5 to hokt assets in order to etfJMct contractual cash flows and Mining asset*. and the contractual ter ms or the instrument give rrse on specked petes to cash rtows that art solely payments or principal arid merest on in- nfmidjwl amount outstanding

Debt instilments meeting these criterEd or? measured initially at fair value plus transaction costs They an* subsequent ry measured at fair value with any g^ns or losses arrsmg on remeasure ment rt*engnl$«?d in other iwnprehensive inroma’ except fui impairment gains or kss>es and foreign exctiafiqe gams w iosm*?. interest tabulated using the effective interest method is recugrt^ed m the siaiement of pmm and Ion rn imieainwnl Inconw When the ttebl instrument is demwgnsocl the cumulative gain or tea previously recognised in n-rNer comprehensive income -¦. reclassified to the slatement of profit and tan account a? a retiassiflcatton adjustment

fll initial recognition, an irrevotidsie election ^ made ;on an instrument by-fiystturtent ba^isj to designate mvostments in equity instruments nthH man held for trading purpose at FVTOO

A financial asset l* held fol trading .r

- It has tieon acquired principally fpr the puipose of selling It m the near term w

* on initial retugn*lon it is part of a portfolio of identified financial instruments that the Company manages together and has evidence of a lecuut acuwi pattern Of Phon-lorm profit¦ tartii>g, tit

- it i5 a derivative that ts not designated and effective as a Judging msirumei’.t dr a financial guarantee

investments m equity mitrumenis at FVTOQ are initially measured at TaLr value phis transaction Casts Subsequently. they an* measured at fair value with gains end invses ansrng from change* m to, value- recognised in other rejfntpreiwislve income and uccufnuiatba in the mvestmthnti revaluation leserv? Where the -ssyet is disposed of the cumulative gafri or loss previously accumulated m the investments revaluation reserve IS dirprtly roefassrFlrf to retBinorl earnings.

Im i^uny iristitihiHits measured mil fan value through other comprehensiviE rnconw nn l(Ttp jjrment5 are EeeogniMd ih the stalement of profit and

Urvidonds pn these investmern-i in equity instrumerits ere recognised m the statement of profit and k»5 m investment income when \tu? Company''s nghf to reeswe the

dividends Ii It Is prutiahir that the eCnncunk: benefit? associated with llw

divtttend w.ii flow to Ifte enniy. and the amount of the dividend tart be moasurraj rcHptoty

Financial assets at FVTPL

Finanaal assets that ''Ltr-r not meet the aliens erf classifying a? amortised cost Of tair value through otbei oomprelicfisivo meomettesentjed above. «r that meet me criteria but Kit entity ha* chosen to designate as ai FV1FL at rmtJai recoanuron, are measured at FVTTl.

Investments in equity instruments ere classified as at FVTpL, unless the Company designates an Investment that is not held (at trading at FYTt>G at initial recogntoon

Financial asseti classified a FVTPL ace initially measured at fair vatue excluding transaciibn oasts

Financial assets at FVTPL ere Subseqtienlly measured at tan value-, with any nai-ns nr tosses Arising wi remeasuFement recognised m the statement of pro Tit ami loss. The

not qain nr lo« r^rognls*- 1 In |he stetemenl of profit and loss cb Included Jn thfc other gains and Josses'' Une Item

Interest income on debt instruments at Fvrrn i* included in me net gain or loss described above

Dividend income on investments jn equity instruments at FVTPV Is recognised in the StaiEment of prcft( and ims In investment income when me Company''s light to receive the dividends is established, it is probable that the economic benefits associated mtr-the dividend wi.i now to the entity and the amount of the dividend car be measured reliably

Trade nKeJvafciies, Joan* and ether receivables art classified as subsequently measured at Amcrtis«d roil Tr*de jnd other receivable? -vtuch does not OIkILIhI Arty sigmfiwni financing component are stated at their iransacrion vnluf: as rpduc-ed by Irnpfllimwrt Kisses, if any

Loans and other rtscfflvatues are subsequently measured ai amortized cost using me effective mteiesl method less adiy impairment Intend income ts recognised by applyrnq the affective interest, rate {UR, method

impairment Of financial assets

On initial mcogntttori oMfre financial assc-is, a loss allowanco (Or expected credit loss is recognised for debt instruments ar ammtJseil cost and FVTOd For debt instruments that are measured at fVtQCI, the loss allowance is recognised m other comprehensive nenme m The statement of profit and Jew and does not reduce the carrying amount of the financial asset m the baiam ^ sheet

Expected Ctalit losses at a financial instrument s measured ip a way thm sheets

• an unbiased and prgbabLMy weighted amount that is determined by evaluating a range ol possible outcomes;

- the time value of money, and

- reasonable and Supportable Inracrnal^n that IS available Without undue toil Or effort at the reporting date atom past events, current conditions and ft-reods of future ecnnomit conditions

At each reporting date, me Company assess whether the rredst nsk w a financial instrument has mereaped signiRc^ntty since inrnai recognition.

When making the assessment. the Company compares tne ns* e-t a defauN occurring an the financial instrument as at the reporting cfeie with the risk of a default occurring on the Ikancbsi tr^injiwni .as at the date af mni*i rtcugmtion and consider reasonable and supportable infounatkirt, thal ts LivaHabfe without undue ceil of effort, that 15 indicative of significant increases m credit nsk since initial recognition.

If_r at the reporting dale, the credit risk on a financial instrument has n01 ™ rawed Significantly since Inktul rerngnitton, the company m mil ires the kiss allowance foi that financial instrument at an amount equal to u--month expected credit IT.

the credit rhk on that financial instrument has increased significantly since initial recognition. the Company measures the low *Umrtnre for a financial instrument at an amrwni. equar lo the lifetime expected credit losses

The amount Df expected credit losses (or reversal; that is required to adjust ihc loss allowance at the reporting date t% rrtugfesed as an Impairment gain or loss in the statement of profit and k»s

Derecognition of financial aetets

The Company dorecognisei a financial asset on trade dat* only when the contractual rights to the cash flows bom tin? ass# expire. or when it transfer* the financial asset and substantially an the nsks and rewards of ownership of the Fjwsjt to another entity if me Company neither uansfw*; nor retains substantially ell the risks and rewards at uwrarSfils afP continues to control rte transferred asset, the Company recognises Its retained Interest in the asset and an associated liability Tor amount* It may have tn pay if the Company retaint substantially all the risks and rewards of ownership of a Transfer™! financial aswi the Company continues to recognis* the financial asset and aiw r« .qnh*& a collateral ised ho flawing for the proceeds recetvedi

On deFecognitJOrt of a financial asset other than in rts entirety (e g when the Company retains an option to repurchase pan: of a transferred asset), the OomiHny aUooites the previous carrying amount of the financial asset between the part It conttnups tig recognise under cnrtiniiing involvement, and tne part it no kmgef lecogo&es on the pftsjs of the relative t*ir values of those parts cm the date of the transfer The difference between the tarrying amount allocated tn the part lha! « no longer recognised and the sum of the nensmeratwn received for the part no longer recognised and any ¦cymiilatlvc gain or loss allocated us H that had boon rr^ogntsed m other comprehensive income ts recognised in the stafemeni uf profit and toss A -cumulative gain or lass that had been recoqnlsee m other compiandnsiv* Income is allocated between the part thyi continues to be reargniwdi and the pad that ts no longer recngrtlsed cm me hash of the relative fair values of those parts

Financial liabilities and equity in*trumnnt# retued by the Company

Classification a* debt or equity

Debt and equity instruments 4re classihed as erther Financial liabilities or as equity In accordance with (he sut^iTKe of the contractual arrengummi

Equity instruments

An equity instrument is any contract that evidences a residual interest in the osm^s of an enur.v after deducting all of ''ts liabilities Equity inJtrtJmoots issued hy the Company are nngpised at the proceeds received, nrt of direct trarf costs.

Financial llahilmec

Financial ItaphlltF^s ace classified as eiiner financial Inabilities M F-VTPL or other

Financial llabtlitwt financial liabilities at fvtpl

nnanaal labilities an t.Jessifted as at fVTPL when me financial I''JtniFty ts fritlisr Meld UK trading or il is designated as at FVTPL

ft financWt hatHlrty is classEfioa as r*?td Tor (radtog if

¦ it nas been aftjgmeii or incurred principally tor the purpose of repurrnastng it in the near term: or

¦ wi initial reengretlon it is part of 4 jrortfnHu of identified finanaal instruments that the Company manages lusher and (or vtfiich there s evidence of a TW* actual pattern of short term profit-taklm. or

- It ii a derivative that to not designated and effective as a hedging instrument

ft fiiwncwi HaMMy nlfiet than a finanaar liapilily held for tradinn may also be designated as « fvtpl upon initial recognition if

'' ^{stJt l} designation eliminates or agnifieantty reduces a measurement or recognition inconsistency that would otherwise amrf-, or

" ^Eh* Nobility forms part of a group oi financial assets or financial

liabilities or both, which is managed and it* perform .hics is evaluated on a fail value basis, tn at cord ants- «nh tl_w Company s documented risk management or investment strategy, and information about the grouping ts provided internally an that basis; or

¹¹ it farms part of a oontiact containing one or more embedded derivatives and I fid AS 159 Financial Instruments permits the entire combined conhart to be designated as at FVTPL.

FmpnciaE liabilities at FVTPL are slated at fair value, with *>y gams or losses rising on r^measurement recognised jn the statement of profit and toss except ro< the amouin of change in the iftir value dl the financial liability ttiai n *rhmutable to Cannes in me credit rush of (ha* liability which is recognieed tn ruber compiehensivc income

mn net gain or loss recognised in the statement of profit and Jess incorporates any mierest pay: on the finance liability

Other financier liabilities

Oiiwr Tlnarvjfll liabilities, including Cfomovnrujs. aier mtisliv measured dl fair value, net of transaction costs

Other financial liabilities are subsequently measured at amurttsed tosL using the effective inreitsi ttfothod with Intwi^i expense recognised on an effective yield basis

The effective interest method is a method or calculating [he amortised cost of a financial liability and of ailccabng interest expense oyer tin* relevant jjcrlod Th* offoorve interest rate it the rate thai exactly discounts estimated future cash payments through the exported life of the Financial liability, or (where appropriate) a shorter period, tai this net carrying amount 00 initial reosgnmpn

iradi- arid other payables dm r^ugntwid at their transaction cost, which if ns fab value, and subsequently measured 4t ^mortised cost

Rndncifl.1 assets arid UabHlbe* *re offset and the net amount repoitmJ to the balance Sli^i when there is a legally enforceable right to offset t!w recognised amount* am) then? ts an intention (a settle on a net basis or realise the asset und settle the liability iimuttahOOu-Stv, The iiniiifiy rmfinrreable fHjW mList not bo Contingent rvr future eviant, ?nd must fre enlarceabto lit the normal course of business ana ro the event or default, in^vency w bankruptcy of the Company or the counterparty

4,1 iCflsh and Cash and cash equivalents comp n vs cash at bant and m hand and short-h?rm deposits cash equivalent* with an original maturity of three mnnth* or less

4.12 Accounting Government grants are reoognfcred when there is reasonabto assurance fhctl we wU tor government damply wtti rhe bondmans Attaching to them and that the grant* will be received grants

Government grants are recognised in the statement of profit ano loss on a systematic basu over (he penods m which the Company uxogniipj as expenses lf>e related costa tor which the grants are Intended to camptrisate Government grants whose primary condition is that the Company should purchase. construct or otherwise acquire non-curfeot assets ai e recognised m the bdWnti she** by netting up the grant as .J*?fFrre

other government grants {grants related to Incoino) are reeognLied as Income avei the perioas riOOe*.sarY to match them with the cotes for which they are intended to Comi^nMW. ori a systematic basis. Government grants that are receivable as compensation for expenses tn losses already Incurred or for the puqro$t< of providing immediate financial support with no hitun- relatM costs are recotjni/ed m (he statement of profit and loss in the period in which they become receivable

Grant* related in income an* nresenbid under other ihcrnne m the stare m^nf ol profn and loss except fpr grant received in the form or rebate nr exempBon which are deducted m reporbng the reteteo ewHmse.

4.11 Employee Retirement benefit, medical coses and KimmatiDn benefits Benefits A defined cmtnlhitliin plan is a pension plan under which the Company pays fiMjd

conlrihutiuns into a Separate -''ntity Ihe Company ha* ns legal or condrudivc obligations to pay further contnbuhun* if the fund does not hold sutfkient asset* to pay an employees the benefit* relating to *M7>ployee service m the current mm prior perods. Payments to defined ccrntnbution retirement benefit plan* ore recognised as an expense when employees Pave rendered service entitling them ra (be contnbutlofis

far defined benefil retirement and mediral ptans, the msT o| providing benefits i* determined using the prpJ^cTJjd UhlE credit method, wffh ^ctoarutl valuations beiny carried out at the end of each annual reporting period The preienl value nr rh^ defined benefit uLiiigatieih l* rferermined by discounting the esumated future rash outflows using interest rate ?# government bonds. In countries wh^m there n a deep ruorfcei In high guilty corporate r*>Pds, Hie market rare on those bonds I hat art dGnoerunaied In the currency in which the benefits will do paid, and mat have terms tu marprrty apprommai mg to the terms of the retaiecr pension obligation are used

Remeasure men t. comprising actuarial gains and tosses, ih* effect of die change to the asset selling (if applicable) end the return on plan Jiieb icmdudinr, interest), is reflected in the balance sheet with a charge or credit recognised m nmer comprehensive income In the period m which they occur RertiefliuramerU recuqr.tsed in otlrcr rampri’hensrive income is reflected imnnidiuteiy in retained eacrirngs and will Pul be reclassified tu tftc flutement uf ptont and Ins* Pa>! service cost t* recognised In tht statement u! prefir and lou in the period of a plan amendment Met interest is ralcutated by apply UK) Ihe discount iat^ at the beginning of the period to the ™?t defined beoefii liatuNiy ot asset [defined benefit costs are categorised as follows

¦ service cost {including tuffonl cast, post servicti cmt, as well as y*ns

and ibises w curtailments and settlemenls)!

* rn*t i merest expert of income; and

¦ fte measurement

rue Company presents Mre lira rym componenis of defined benefit costs tn the-statement of profit and 1ms in the line Hem employee benefit* expense Cuilaiimtnt gains and Ims» are accounted for as past service costs

tlw’ retirement t»rwfH obligation recognised m tno balance shenl represents the iituul

diflcn Dr Surplus in the Company''s defined benefit plans Any surplus rebutting from HifS calculation is limited to the present value of any miHKinnc beneiiia available in the form of refunds from the plahs or reductions in future cantjjijutioi \s to the plans.

H3e_ Company urpyktes ..tstirtpu [*nn:itti_ln the nature uf provident fund, iitpstann^tipn and graumcv.tQ its employees,

Ob!J£iatJWtt lor contribution to provident fund and superar>puac.an fund are ciassilicu as def''fi™ Wttftm whtreas retirma arafajftv ta. daasffled as dcflmtf bmen: daps,

A liability far a termination benelH is recognised at the earlier of whon the entity can ho longer withdrew the offer of the IcrmlraCKtn benefit and wln>n the entity recognises any related restructuring costs tn the ewe of an offer made to encourage voluntary ''edundancy tlw termination benefits are measured bawd on in* numbd of empiuyM* expected tn accept the oWf* Benefits failing doe more than J3 month* after the ehd of the reporting period ar* discounted to lh*ir present value.

Short-term and other long-term employee benefits

A liability Is recognised for benefits * mung lu employees m respect

i irtfuiiMes recognised tn respect of short-term employee benefits are measured at the tindtscQimreb amount of the benefits expected to be paid in exchange for the related service

Other long‘term employee benefits

Liabilities recognised In respeo of othei long-term employee bene-tiis are measurer! at the i;rwent value of the estimated fulure cash outflows expected 10 be made by lit* Company in respect of services provided t>y employ eet up to the reporting date hie erpiictifd costs of these benefits are accrued over the per sod of employment using the tame accounling methodology as used far defined benefil retirement plans Actuarial ^flrns and losses arising from experience adjust mu nrs and changes in actuarial assumptions are Charged or tr&diLed to ihe statement of profit ami Inst III Hie period in which they arise These obligations are valued annually by rndepondont qualified actuaries

The Company is providing benefits in Ihe nature of compenpn absences tc Us employees which are classified as other long term employee benefits A. td Income Te* expense represents the sum of current tax and rfcfsrret) tax Taxes

Current lax is provided 41 Amounts expected to be paid lor recovered) ifSing lluMsi retes and laws that have been unacn?d or *ubstantivefy anacted oy the reporting dais atw inelutKr* arty adjustment tn tax payable in respect nf previous years $ub}«i to exceptions betoiv, deferred re* nroviried, using the balance sheet method, on 4II minporary diffarenOBS at rue lepiirt-ng oale between the ta^ bates or ^nsct* jnd liabilities and (Heir rarrymu amounts for financial importing purposes

* tax paynbte On the future rwrUttahOf cxf (he ws-t earnings erf subsidiaries whets the timing of the reversal of hit; temporary differences can by controlled ^rte il is nrnliatirt'' that the tempurary differences wUf not r*-utin,e* m the foreseeable future and

* deferred lax assets are wogntsed only to the extent that ft to more lively than tun that they will be rWrjvered

Deterred Tax asset-* and liabilrtiqs are measured at the ta* rates that am expected iu apply to the year when the asset H realized¹ or Mw irabiNty ft Settled, based wi lax rates {and tax idws) that have been enaaed « substantively enacted ^1 tte? repotting date Tax relating to Items recognized dlreclJy Lo other cqrnprehensrvo Income & recognised In the statement of comprehensive mcome and not in I he statement qf profit or toss.

Thp carrying amount ol defened tax assets is renewed at eacfi reporting dale and .-> adjusted to the extent that it is no longer probate that sufficient taxable profrt wit oe Available to allow alt or part or the asset to he io^j.uvered

fteferned tax asvrfs and labilities are offset when moy relate to Joconve taxes levied by (In- h™ taxation authority and the relevant entity incurtes to settle its current ta? Users and liabilities on a net bun

4-15 Revenue Revenue hs measured at Thff rap value uf the consteer atlon received or receivable recognition Revenues are leduced for estimated rebates and othirr similar allowances

Kates of Goods

The Company derives revenue principally from -wale of Lrpn. manganese and sponge iron. I he Less* rights of all the six mines huy* expired Presently, all ibp six mines are inoperative du^ to non-ava liability of Forest -md ffivnotiment cieaiwnco and hence the Company dues not has any revenue trnm $ak; of goods

Income from dividend, interest arte rents Dividend

Orv.Licrtes income finm Investments am to be recognised when fht; nght lo receive the drvictend is a-''BpNshrt

interest

Interest mtume from a financial ^ssel Is r iitoy nriied when « ,s probable rtut me economic benefits will flow to the Company and the amount of im-oms can be measured jelpatHy. interest intome ft accrued on a nmv basis, by reference to the principal outstanding and at The effective Interest rate applicable, which is the mtxt [liar exactry discounts estimated Mure cash receipts through the expectc-d life of me financial asset to that asset s net carrying amomt on initial recognition

Consideration leceived from the authorities flu use of a part of [fie available tentinm or the Company k recognized as revenue m Hte vear of receipt/ reaUHtten

V .. y. ;

Oaims are atroiiirtetl for m the statement of Profit and i.i?s5 based on certainty of Hieir raa&aoon

4,16 Firsl lime adoption mandatory exception!, Optional exemption*

4 .tv.l.Ov.ewliiirl^tip''e

The Lr_fm,p*ny tw prepared |he opening balance sheet OS l>f?r Ind AS or t April¹, 2tllS the transition date; by recognizing a Cl aswis and liabilities whose recognition ls required by Lid AS. not recognizing items or assets and liatwHdes winch are not permitted by ind AS, by rectas^Ffying Items from devious GAAP ta Ind AS as rwquiiud under tnd AS, and applying tnd AS in measurement of recognized assets and liabilities However, yog principle .'', nuject is the certain ein?ptiun and certain optional exemptions jvailed by hm* Company as detailed below

h lfr.2 PeiaggatoPP of, financial #&stL3«f flnatKJ^i Mitte

me Company has applied the dpmttjoihan roquirementt of financial assets arm fnunitwil liabilities

(wnspectivelv tor Iwsachms occurring on ¦ it after 1 April, 2015 frtu? transition dar,>;i

4J&I Ctassincatinrr of debt instruments

The Company has determined iht- classification of defcn instrument* m terms of whether they meet the amortised cost criteria or the FVroci criteria based an the facts anti circumstance? that existed as ur the transition date

4.IM Impair mm of financial assets

The Company has Applied the inipakinrmE itqu''remenls of md AS 109 retrLispeclively. however, permitted by tnd AS IU1. it has used reasonable 3«d supportable information drat re available without undue cost or sfTorT to detwrmine the ¦ man ri^k. at the dale ’.tun financial instruments weft initially recognized m order to compare it with the ci-edit ngk m the rrarrsrtion date- Further. the Company has nm undertaken an exhaustive sieapth far lnfcrinjEiurt when determining, at the date of transition to Ind A5i, whither irwre have been gigniFTcani increases m credit risk since imtiat recognition, as perminud by Ind AS 101

''Ll*. ^..AssiSfiniflnE oi.smtesFueu dgr>vt&ic«&

The Company has assessed whether an embedded derivative ts required to tie separated Pram the host contract and accounted for at a derivative on the basis of the conditions that existed at the late? of Hit Aiiu n h-st became a party to the conn act and the date when there pas bean a change in the terms o< the contract that significantly modiFIes the cash flows diet otherwise would be ¦ I ''.iuired unde? the contract

J_L6.6..LWmv i aMpj-jwnif. P^nt aid equipment ana umnaibh? assets

The Company has elected to continue with trie carrying value ur ail nr ns pdam and equipment and intangible awetn necogniraej as of 1 April, 2015 Itransihofr date-l measured as per the previous GAAl* and use that carrying value as ils deemed cost as of the tinosilitm datH.

''¦ If f Doteimuting wnether an arrangement contains a mas*

The Company nas applied Appendix C Determining Ltftefhei sn .4flv^emenf si''jif,aui5 a tease to detqnhlne wtethei j¹¹ arrangement existing at the date al transmoo date contains s tearid on the basis of facts and circumstances existed at fitet date

S. Critical iccounting judgements and key source? of estimation uncertainty:

1''n the application of the Company''s arcpuntirig polices which aie described nr. note 3. the management erf me Lumpony is requirifrd to make judgements, estimates and assumption* about the carrying amounts of assets am; I''atHlitipt that are nor r^^cTjly aptiarem from other sources Ihe estimates and associated assumptions are based on historical experience and other Factors that are considered in be relevanl Actual results may dlher from these estimate

estimates and underlying assumptions ary reined on an ongoing basis ftavttfons to accounting estimates ant reeogr_1[Wd (n the period m which the estimate is re visas if rbe rtvtekm affecb only that period, or in the period of lh« revision and future periods if the revision alfem hath current and future periods

5.1 CrlttOl judgements In applying accounting policies:

the following are the o-rbcai judgements, apart from those involving estimations (sea note 4 2 beiow), thai the management haw made In the ptatess of applying Ltw Company''s accounting pqJ.u-- on ] that havt U>y mi^r significant eltet-t (Mi (he amounts recognised in the rinaricjal sialjfrnents

j..l 1. Finarloa] .asserts .at omoCUsed cost _;

-^}i« managemem Hat i eviemed tin* Company''s financial assets at amomsed cost in the light of m busings marfci and nave confirmed the Company''s positive intention and abritry to hrtd uw« financial assets tn collect uMiuacruat cash Hows The tarrying amount of these financial assets Es Rs i.ukfe iMatth Ji, zoifc

Rs S? if-] 97 Lakhs) Details orttw*sn assets are set suLin note J3

s_i. i P^i^n.fnrJ^i^auijM and rtlwfaHHatiwi of mining sites *

Prnuisions ate regonisaJ lor costs associated with rabhttlMt and rrtiabditaUon of mining situs as soon the obifgdtjon to incur such costs arises. Such restoration end tfmore costs are typical of extractive industries nrid they art normally tneum''d at the end of 1he irre. of the mines. TH& rosK are estimated on the basis of mine closure plans and life estimated discounted costs of dismantling and removing these facilities Md tut costs oi restoration are capitalised when incurred ^effecting thy Company''s obirgatiQns at trial time.

A corresponding provision is coated on the liability side, fhe capitalised asset is recognised (n (he Statement of Profit Of Loss ovei the iiof rfie nsset through dvpre: latJnu over the life or the operation and the provision -s inor-ased each period through unwinding me discount on the prevision. Wanagemenl esii mains ar* tiased on local ieglsiatfon and/or other agreements The actual Owls and cash amffaws may differ Frtwn estimates ber-iut* or Change in laws and reguJatrons. changes in prices, analysis of s.te condition.* and ct>in,j« in restoration technology

5 1J Q« re^rve and nOtratai resource estimates

I fie Company estimates and reports we reserves undei the principles contained wrttiki the guidelines issued bv the Indian Bureau

* future production estimate* - which include proved and probable reserves, resource estimate and commuted expansions.

LA ''I Deferred stripping exp^UllMK

The Company defer? stripping (waste removal) costs incurred during the production phase of ns operations TTns calculation retires the use of lodgements ano estimates relating to tiv expected tonra of waste to he removitd over the life ol die mining ar« and the expected economically recovet able reserves to t>e extracted as a result This information ts used tu rafculate the average life of mine strip ratio (expected waste n? expected mineral reserve ratioj, Changes in a mine''s rife arid design will usually result in changes ip the average life of mine strip ratio These changes are at roundel For prospective y

5.2 Key sources pf esttmadon uncertainly:

The follnviing ar*; tne key jiSunnpdon? concerning the future, and other key source uf estimatiort LnK.r:n.rtinfy at tfiv enrj (if Ih f reporting period Ihat may have a significant r&k of causing a matEnar wjusiukkh tn the carrying anKwnta ol assets and liabilities within the neat financial year

III g«*fgi iiygs qf.fKqp&rty^jjanLaFijl. egu ipragoL

A* described tn note 4.J abovf, the Company reviews the estimated useful lives of pioperty, plant and ¦QUIPth*i* at the end of each neportmg penort However, since The fea.se or mines liave expired -tnd not rtnewr-d Ml dace, the corn parry ls not in j position io review and assess lt>e usefel life of the assets constructed over such leases

Fair, ualue meaaui ements end valuation prpceaaes

Stum of The Company''s Jssets and llafeMies measured at fau vhIlih fo< finarnriai repcrtlng r''qrpnses In estimating the lair value of an assets at a liability, the company uses market reiservable data to [h^ exterA n is availabfe. Where fevei i inputs ari? r»i dvaiidble, the compariy engager third party qualified valuers to perform the valuation.

39. The accounts have been prepared on Going Concern Basis. The Bagiaburu Iron Mines started operating from 14.12.2023. The Company is constantly following up for renewal of mining leases for remaining two mines i.e. Belhundi and Bhadrasai Mines.

40. Confirmation of balances in respect of advances, receivables etc. are sent on quarterly basis and annually. The effect of any adjustment, as may be required, on reconciliation with the confirmation of the parties will be done in future years, after receipt of confirmation.

41. The effective date for adoption of Ind-AS 116 is annual period beginning on or after April 1, 2019. From the classification of applicability, in respect of OMDC, Ind-AS 116 can not be made applicable.

42. Previous year''s figures have been re-grouped and rearranged wherever necessary to confirm to this year''s classification.

For & On Behalf of Board of Directors

As per our report of even date attached.

For O. M. Kejriwal & Co. Sd/- Sd/-

Chartered Accountants (Atul Bhatta) (A. K. Bagchi)

frn No.314144E Chairman Managing Director

DIN:07639362 DIN:09835584

Sd/- Sd/-

(CA Swati Kejriwal) (Ramakanta Behera) (S Raja Babu)

Partner CFO Company Secretary

M. No.067891

UDIN:24061891BKBEDA5228 Place: Bhubaneswar Dated:12/08/2024

---

Mar 31, 2023

Leasehold Land classified as Free Hold land in 2020-21 has been reclassified as Leasehold Land in 2021-22 and cumulative deprecation and depreciation for this period has been taken as per earlier calculation.

Total Free Hold Land of 206.865 Acres has been included under Land out of which 3.023 Acres are in the name of OMDC, 3.910 Acres in the Name of Bird & Co., 3.393 Acres has been encroached by OMDC and 196.539 Acres in the name of BPMEL

Capital work-in-progress includes other fixed assets to be installed and unfinished construction and erection material

6.2.2. Building, Road, Rly. Siding and other permanent structure constructed on mining lease have been depreciated as per the rate prescribed in Schedule - II of the Companies Act, 2013 and not amortised over the mining lease period.

7.1. Addition of CWIP includes expenditure incurred for payment to ORSAC towards Study of Geo-coordinate for demarcation of boundary of Forest area proposed for diversion -Belkundi Mines.

7.2. Prospecting and development expenses incurred to prepare the mines ready for commercial exploration (i.e. in the nature of preliminary and preoperative expenses) are capitalized.

7.3. Expenditure incurred for obtaining required clearance to operate the mines subsequent to the allotment of their lease is capitalized as intangible assets under the heads mining rights on deemed extension basis. Intangible Assets has been amortized taking the validity of mining lease upto 30.09.2030 for Bhadrasahi Lease, 15.8.2026 for Belkundi Lease and upto 10.10.2041 for Bagiaburu Lease.

7.4. Expenditure towards Stamp Duty & Registration fees for all the three mines except Bagiaburu Mines of OMDC has not been provided, since the liability for payment has not yet been crystallized for want of EC, FC and execution of supplementary lease deed and demand not raised by Govt. of Odisha as on 31.3.2022 and shown under Contingent Liability. Demand Notice in respect of Bagiaburu Mines has been raised by Govt. of Odisha and shown under addition. Necessary amortization will be made after payment and execution of supplementary lease deed.

8.4- The Company had entered into a joint venture with M/s Usha (India) Ltd. for managing the assets of M/s East India Minerals Ltd. (EIML). The matter is under dispute and present status of the company and loss if any on account of diminution in value has been provided for. As the JV agreement expired on 04.10.2013, investment on JV has been shown as Other Investment. Investment in Woodland Multi-specialty Hospital Limited and The Sijua (Jherriah) Electric Supply Company Ltd. has also been provided for {Refer 8.2(b)}.

9.1. Trade Receivables

The sale of goods is made against advances received from customer. The advance received from customer is adjusted on supply of material. There is no credit period allowed for such sales and accordingly no interest is to be charged. The trade receivable appearing in the books includes amount receivable recognized against the debtors towards the debit notes raised on the customers due to changes in Government levies (Royalty on ad-voleram basis by IBM). The Company has raised such debit notes on the basis of retrospective computation of the sales made in the past period from which the retrospective levies have been made applicable by the Government.

12.1. Other Advances of Rs.3347.37 Lakhs includes Royalty Advance of Rs.467.48 Lakhs, Input Tax Credit of GST (Credit Balance) of Rs. 83.30 Lakhs, payment of advance with protest amounting Rs. 2,715.14 Lakhs to DDM, Joda against compensation of excess mining for BPMEL Leases as per the Order of Supreme Court dated 02.08.2017. OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The issue of BPMEL Leases is subjudice. Pending finality of the case in the Court of Law of BPMEL Mines (which is a liquidated company), in the Court of Law, the payment made under protest on behalf of BPMEL Mines of Rs.2715 Lakhs is shown under advance.

12.2. Leasehold Properties has been shown as carrying cost for the balance amount as on 31.03.2023.

12.4. Prepaid expenses towards employee loans represents difference amount between actual interest charge from employee and notional interest at a Standard Rate of 9.25% for Motor Vehicle Loan and 8.55% for House Building Advances. The said amount would be amortised over the period of loan amount.

14.1. OMDC was operating the BPMEL Mines up to 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The case of BPMEL with OMDC is subjudice. Hence, the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is a liquidated company) have been valued by OMDC and taken into its books of accounts.

14.2. Valuation of Inventory has been made based on Average Sales Price published by IBM and cost price whichever is lower. IBM Price for the month of Feb, 23 has been taken except 35%-46% and 46% Mn. and above. For 35%-46% and 46% Mn. and above, the IBM Price of 35-46% for the month of Feb,2023 has been taken for valuation.

(a) The Company has only one class of equity shares having a par value of Re. 1/ - each. Each shareholder is eligible for one vote per share. The dividend proposed by the board of directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

17-3- The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

17.4. The amount in the General Reserve that can be distributed by the Company as dividends to its equity shareholders is determined based upon the Company''s financial statements and also considering the requirements of the Companies Act, 2013.

17.5. In view of the company incurred loss in the Financial Year 2017-18, 2018-19, 201920,2020-21 and 2021-22,2022-23 no dividend was declared by the company.

18.1. As per Sanctioned Loan Terms & Conditions, following are kept by Union Bank (Andhra Bank) as Security:

(I) Primary Security:

a. First Charge on all immovable properties (Including mortgage of Leasehold rights in case of mining land and mining licence) and assets of the OMDC Ltd.

b. First Charge on all movable assets including but not limited to Plant & Machinery, machinery spares, tools & accessories of OMDC

c. First Charge on all Project related documents, contracts, rights, interests, insurance policies, accounts and all benefits incidental to the Unit.

(II) Collateral Security, Cash Collateral - Lien on Fixed Deposit for an amount of Rs. 49.50 Crs

18.2. As per the communication of sanction of One Time Restructuring (OTR) vide letter no. 1023/STL/OMDC/RES/29/2021 dated 17-06-2021, Bank has approved Restructuring of Existing Short-Term Loan with Principal outstanding by deferment of remaining instalments from June, 2022 along with Funded Interest Term Loan (FITL) for deferred interest. Accordingly, the existing outstanding loan is shown under Non-Current Liability.

18.3. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

18.4. Trade Payable has been segregated with Lease Liability shown in Schedule 20© & (D) under Lease Liabilities

19.1. Unpaid dividend includes Rs. 32.34 lakhs for disputed dividend as on March 31, 2023. The Unpaid Dividend pertains to 12-13 - Rs. 3.40 Lakhs, 13-14 - Rs. 1.36, 14-15 - Rs. 6.03 Lakhs, 15-16 - Rs. 3.24 Lakhs & 16-17 - Rs. 3.06 Lakhs.

19-2. Other Liabilities amounting Rs. 1241.23 Lac includes Inoperative Account (Rs.202.60 Lac), Liability toward General Mines (Rs.812.97 Lac), Liability toward Contractor & Sundry Creditors (Rs.101.53 Lac) and Liabilities toward Hospital, General (SIP), Railway (DC& Punitive), Stores for Mines & SIP etc (Rs.13.58).

19.3. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

(i) Pay Revision of Employees:

The provision is recognised with respect to the pay revision of the employees of Central Public Sector Enterprises, the same is provided for in the books of accounts with effect from 1st April, 2010 on basis of the difference in Basic Pay and Industrial Dearness Allowance between 1997 and 2007 Pay Scale. Calculation made on basis of the present basic pay and IDA component of the existing employees."

(ii) Provision for site Reclamation & Restoration:

Provision for site reclamation is made with respect to the restoration of the mines and are made against the demand raised by the various mining related departments of Government for site reclamation and restoration as required under the Mining laws. Balance amount for site reclamation based on revised calculation is provided in contingent liability."

(iii) Provision for Legal obligation: -Provision available for Legal Obligation is Rs. 1079.40 Lakhs

24.1. OMDC was operating the BPMEL Mines up to 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The issue of lease right in the Court of Law is pending to be decided, since the case of BPMEL with OMDC is subjudice. Hence, the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is a liquidated company) have been valued by OMDC and taken into its books of accounts.

Compensation against Excess Mining: -Pursuant to the Judgement 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 OMDC for OMDC Leases and to BPMEL for BPMEL Leases towards compensation. The amount of Demand for OMDC Leases is Rs. 70218.46 Lacs and for BPMEL Leases is Rs. 86157.12 Lacs, totaling Rs. 156375.58 Lacs towards EC, FC and MP/CTO. OMDC had been operating BPMEL Leases backed by Power of Attorney to sign and execute all mining leases and other mineral concessions from time to time. OMDC has paid the compensation of OMDC Leases of Rs.87622.10 Lakhs towards OMDC Leases (Rs. 1479.68 Lakhs on 29.12.2017, Rs. 13093.47 Lakhs on 16.11.2018, Rs. 693.45 Lakhs on 30.01.2019, Rs. 40000.00 Lakhs on 01.03.2019, Rs. 100 Lakhs on 20.09.2019 and Rs. 32255.50 Lakhs on 03.10.2019) in 2017-18, 2018-19 and 2019-20 out of its own fund of Rs.56622.10 Lac and borrowed fund from Bank Rs.31000.00 Lakhs. OMDC has paid a sum of Rs. 2715.14 Lakhs (Rs. 2515.14 Lakhs on 29.12.2017 and Rs. 200.00 Lakhs on 16.11.2018) towards BPMEL Leases as advance. The remaining amount of compensation including interest upto 31.03.2023 against BPMEL Leases amounting Rs.186061.83 Lakh are shown under Contingent Liability.

Note: 2

Leasehold Properties has been reclassified as operating lease. Amortization of prepayment of Leasehold Properties has been shown under Amortization of Prepayment Leasehold Properties.

The Company has identified Iron Ore, Manganese Ore and Sponge Iron as their Business Segment. Though Iron Ore and Manganese Ore Mines as well as Sponge Iron Plant are closed since Sept., 2010, Presently Company’s source of revenue is Sale of old stocks ( Iron ore & Manganese) and Interest & accrued interest on Fixed deposits kept in Lien against Bank Guarantee & Collateral Deposit money against Loan from Bank. The Assets have been allocated directly which are identifiable to the respective segment and the balance is put in the unallocated segment. The total liabilities have been allocated to un-allocated segment

30.7. Information about major customers

The Company is currently not operating because of the non-renewal of lease hold agreement and mining licenses with effect from FY 2009-10, which may resume in near future. Accordingly, there are no major customers that can be identified to be reported for disclosure purpose as on 31st March, 2023.

32. EMPLOYEE BENEFIT PLAN

32.1. Defined contribution plan

Provident fund: Company pays fixed contribution to Provident Fund at the rate of 12% on Basic & IDA.

32.2 Defined benefit plans

a) Gratuity: Payable on separation @ 15 days pay for each completed year of service to eligible employees who render continuous service of 5 years or more and maximum payable amount is calculated as per Gratuity Act. The gratuity amount is covered under “the Gratuity cum Life Insurance Scheme” with LIC of India and the provision on account of gratuity is being made as per the actuarial valuation.

These plans typically expose the group to risks such as actuarial risk, investment risk, interest risk, longevity risk and salary risk.

Actuarial risk: It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.”

ii. Investment risk: For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can

result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.

iii. Interest risk: A decrease in interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan assets.

iv. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

v. Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

"No other post-retirement benefits are provided to these employees.

The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2021 by M/s. Kapadia Actuaries and Consultants, a firm with fellow of the Institute of Actuaries of India. The present value of defined benefit obligation and the related current service cost were measured using the projected unit credit method."

32.2. Sensitivity analysis of defined benefit plans

Significant acturial assumption for determination of defined benefit plan are discount rate, expected salary growth, attrition rate and mortality rate. The sensitivity analysis below has been based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period while holding all other assumptions constant.

"The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using projected unit credit method at the end of the reporting period, which is same as that applied in calculating the defined benefit obligation liability recognized in the balance sheet.

There is no change in the methods and assumptions used in preparing the sensitivity analysis from prior years."

33.2. Financial risk management objectives

"The Company’s principal financial instruments comprise financial liabilities and financial assets. The Company’s principal financial liabilities comprise trade payable and other financial liabilities. The main purpose of these financial instruments is to manage short-term cash flow and raise finance for the Company’s capital expenditure program. The Company has various financial assets such as trade receivable and cash and short-term deposits, which arise directly from its operations.

Risk exposures and responses

The Company manages its exposure to key financial risks in accordance with the Company’s financial risk management policy. The objective of the policy is to support the delivery of the Company’s financial targets while protecting future financial security. The main risks that could adversely affect the Company’s financial assets, liabilities or future cash flows are market risks, comprising commodity price risk, cash flow interest rate risk and foreign currency risk and

liquidity risk and credit risk. Management reviews and agrees policies for managing each of these risks which are summarized below.

The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below.”

33.3. Market risk

"Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company''s financial instrument Market prices comprise three types of risk: currency risk, interest rate risk and other price risk which include equity price risk and commodity price risk. Financial instruments affected by market risk include loans, trade receivables, other financial assets, trade payables and other financial liabilities.

The sensitivity analyses have not been prepared as there is no amount outstanding as debt, having either fixed or floating interest rates, no derivatives financial instruments and no financial instruments in foreign currencies."

33.4. Foreign currency risk management

"The Company does not undertake any transaction in foreign currency, consequently, exposures to exchange rate fluctuation does not arise. The Company has all entered all the transaction in currency which is the functional currency and accordingly the foreign currency risk has been minimized to a very low level.

Foreign currency sensitivity analysis has not been performed considering the fact that there will not be any impact on the profit or loss of the Company, as there are no foreign currency monetary items."

33.5. Interest rate risk management

"Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest rates. As the Company does not have any borrowings there is not a significant exposure to the interest rate risk but only to the extent of recognition interest portion of financial instrument classified at amortised cost. The Company manages it interest risk exposure relating to the financial instrument classified at amortised cost by using the market interest rate as the effective interest rate and the changes in the assets liabilities is accounted for as interest income/expenses with respect to financial assets/financial liabilities respectively.

However, as there is no primary exposure to the interest rate risk the sensitivity analysis has not been performed by the Company.

33.6. Other price risks

The Company is exposed to other price risks which include equity price risk and commodity price risks. The Company holds investment for strategic rather than trading purposes. The sensitivity analysis on the profit due changes in equity prices has been performed below

33.7. Equity price sensitivity analysis

"The Company’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the equity price risk by placing limits on individual and total equity instruments which is made subject to the approval of Board of Directors. Reports on the equity portfolio are submitted to the Company’s senior management on a regular basis. The Company’s Board of Directors reviews and approves all equity investment decisions.

At the reporting date, the exposure to unlisted equity securities was Rs. 2.42 lakhs. The sensitivity analysis based on the equity price risk at the end of the reporting period has been provided for the investment these equity securities other than investment in joint venture is given below:

33.8. Credit risk management

"The Company trades only with recognized, creditworthy third parties and only on advance payment basis. It is the Company’s policy that all customers who wish to trade are required to pay the entire amount in advance. The Company does not perceive any risk of default as there is no instance of credit sale. In addition, receivable balances are monitored on an ongoing basis, with the result that the Company’s exposure to bad debts is not significant.

With respect to credit risk arising from the other financial assets of the Company, which comprise cash, bank balances, short-term investments and other receivables, the Company’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Refer to Note 9 for analysis of trade receivables ageing."

33.9. Liquidity risk management

The Company has huge investment in term deposits with banks and has sufficient owned funds to finance its existing and continuing commitments. New investments and advances are likely to be funded similarly. Major capital investments, if any, would be funded by through the terms deposits and further requirement if any will be addressed through the use of bank overdrafts and bank loans. The Company have deposited significant amount in terms deposits and have sufficient funds required to meet the liquidity requirements of the Company. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments.

33.9.1. Liquidity and interest risk tables

The following table details the Company''s expected maturity for its non-derivative financial assets. with agreed repayment periods. The table has been drawn based on the undiscounted contractual maturities of financial assets including interest that will be earned on those assets. the inclusion of information on non-derivative financial assets is necessary in order to understand the Company''s liquidity risk management as the liquidity is managed on a net asset and liability basis.

The following table details the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The table has been drawn based on the undiscounted cashflows of financial liabilities based on the earliest date on which the Company can be required to pay. The table include both interest and principal cashflows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

33.9.2. Financing facilities

The Company has access to financing facilities as described below which has been remaining unused in its entirety at the end of the reporting period. The Company expects to meet its other obligation from operating cash flows and proceeds of maturity of financial asset

34. Fair value measurements

34.1. Fair value of the Company''s financial assets and liabilities that are measured at fair value on a recurring basis

The Company''s investment in its holding company is considered as the only financial assets that is mandatorily measured at fair value through profit or loss at the end of each reporting period. The following table gives information about how the fair value of the financial assets are determined (in particular, the valuation technique(s) and inputs used).

36. Contingent liabilities

36.1. Contingent Liabilities

Amt in Rs Lakhs
Sno	Particulars	As at 31-03-23	As at 31-03-22
	Claims against the Company not acknowledged as debts:
(A)	Legal matters:	-	-
a)	Claim of Service Tax	-	-
b)	Money Suit by M./s Precious Minerals	-	4.91
c)	Review Petition by OMDC against Barbil Workers Union	-	3.51
d)	S. Panigrahi Vs. OMDC	2.50	2.50
e)	Nobel Resources Vs. OMDC	93.43	93.43
f)	Ishravati Rajbhar Vs. OMDC (Civil / Labour Case pending in MACT/ ADM, Keonjhar	1.75	1.75
g)	3 Nos. Of Cases between State Vs. BPMEL	-	3.00
h)	3 Nos. Of Cases between State Vs. OMDC	-	3.00
i)	Money Suit No 46/2019 S K Roy Chowdhury vs OMDC & others	542.67	542.67
j)	Jai Balaji Industries Ltd CP(IB)No 688/KB/2020 (Interest)	1,498.21	617.17
k)	OMDC Vs. RTO, Keonjhar	11.78	11.78
l)	NCCF (Award passed under Arbitration)	100.00	100.00
m)	OSL (Claim for Refund of EMD)	135.60	-
(B)	Compensation for Excess Mining (BPMEL LEASES) Certificate Case 32/2018	1,86,061.84	1,66,424.49
(C)	Bank Guarantee to IBM. OSPCB & Baitarani Irrigation Division	7,305.55	11,919.55
(D)	Site Reclamation	1,480.44	1,480.44
(E)	Vat re-assessment 2006-07 & 2007-08	-	237.31
(F)	Other Dues (CST, VAT, OET & Service Tax)	26.21	26.21
(G)	Stamp Duty, Registration Charges, NPV and other Statutory Payment after supplementary lease executed (Bhadrasahi & Belkundi Mining Lease)	14,526.00	7,947.90
(H)	Scheme, CTE, CTO, Site Specific Wild Life Plan, Regional Wild Life Plan and other Statutory payment	6435.41	13013.51
(I)	CISF- Claim of Risk & Hardship Allowances	56.79	56.79
(J)	Additional Royalty @ 150% on actual Royalty Paid on sale of Iron Ore and 100% of actual royalty paid on Manganese Sale. (Royalty paid Rs.1301.41 Lakh for Iron Sal and Rs.32.07 Lakh for Manganese Sale and 150% on Net off Dr and Credit Note amounting Rs. 309.00 Lakh) as per Gazette Notification dated 28th March, 2021.	2297.68	2297.68
(K)	Non-transfer of Unpaid Dividend amount to Investor Education Protection Fund (IEPF) which has been lying more than 7 years	5.00	5.00
	TOTAL	2,20,580.86	2,04,792.60

Claims against the Company not acknowledged as debt includes:

a. Legal Cases constitute Rs. 2385.94 Lakhs from sl. no. A(a) to (m). Claims of contractors for supply of materials/services are pending with arbitration/courts which have arisen in the ordinary course of business. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on the Company''s financial position and results of operation. The amount shown above are approximate and not crystallized on the date of reporting of accounts.

b. Out of the total claim of Odisha Govt. towards demand for BPMEL Leases along with interest amounting Rs. 1,86,061.84 Lakhs have been shown in Sl No (B) as the cases are pending in different courts of law.

c. Bank Guarantee is given to Indian Bureau of Mines, OSPCB & Baitarani Irrigation Division Rs.7,305.55 Lakhs (Sl No C)

d. For Demand from various statutory authorities towards income tax, sales tax, excise duty, custom duty, service tax, entry tax and other government levies for 237.31 lakhs and Rs. 26.21 lakhs respectively as per sl. no. (E) & (F). The Company is contesting the demand with appellate authorities. It is expected that the ultimate outcome of these proceedings will be in favor of the Company and will not have any material adverse effect on the Company''s financial position and results of operation. Site Reclamation charges of Rs. 1480.44 Lakh is shown in Sl. No. (D)

e. Pursuant to the amendments of the Orissa Land Reforms Act, the Sub-Collector, Champua had served a Notice against the Company for alleged unauthorized possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate but the appeal was not allowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Hon’ble High Court of Orissa to maintain the status quo about the possession of the land until further order. No specific liability could be ascertained.

f. Stamp Duty, Registration Charges, NPV & other Statutory Payment will be made at the time of executing supplementary Lease Deed after having all statutory clearances of around Rs.20961.41 Lac for all three OMDC Leases as shown in (G) and (H).

g. Notice for Demand of non-compliance with Corporate Governance Requirements e.g. composition of Board and Committees received by the Company from National Stock Exchange vide letter No. NSE/LIST-SOP/CG/FINES/0468 dated 02-07-2020 of Rs. 9.66 Lakhs which has been informed to Board in its 59th Meeting on 11-09-2020. Company has submitted request letter dated 09-07-2020 to National Stock Exchange to waive off the penalty for no inaction on the part of the Company. Simultaneously, the Company has taken

up with The Ministry of Steel vide letter dated 31-07-2020 and onwards for fulfilling the compliances.

h. OMDC has challenged the two orders of NCLT dated 10.3.20 before NCLAT, New Delhi in the matter of M/s Jai Balaji Industries Ltd against petition filed u/s 9 of IBC, 2016. The judgement is in OMDC Favour and the case is in force in Kolkata High Court.

i. Additional Royalty @ 150% on actual Royalty Paid on sale of Iron Ore and 100% of actual royalty paid on Manganese Sale. (Royalty paid Rs.1301.41 Lakh for Iron Sal and Rs.32.07 Lakh for Manganese Sale and 150% on Net Dr and Credit Note amounting209.00 Lakh) as per Gazette Notification dated 28th March, 2021.

37.

37.1. Disclosure of additional information as required by the Schedule III:

Due to non-renewal of mining leases in the name of the Company, there are no operations

carried out by the Company relating to mining activities.

37.2. Other Information:

a. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

b. Un-authorized occupation of some of the quarters has been made by contractor’s employees in mines. Company is considering to take necessary action including legal course wherever necessary to take the ownership of the quarters.

c. The registration of the building of the company at Kolkata and in Scope Complex, New delhi is yet to be completed. The provision of Rs.75.10 lakhs has been made for registration of building. However, further payment will be made at the time of Registration as per actual.

d. As per the understanding with the employees, electricity consumed by them in the accommodation provided to them would be free of cost, hence any recovery is not made from employees.

iv. STATUS OF BRAHMANI COAL BLOCK, DIST DHENKANAL, STATE-ODISHA

Brahmani Coal Block has been surrendered to Ministry of Coal (MoC) on 25.07.2022. The original BG amounting Rs.93,05,000/- (Rupees Ninety-Three Lakh and Five thousand only) returned by MoC to OMDC

39. The accounts have been prepared on Going Concern Basis. The Company is constantly following up for renewal of mining leases. The Management is continuously following up with Govt. Of Odisha, Govt. Of India and other statutory authorities for opening of the mines, for requisite clearances so that statutory payments required for commencement of two of the mines but due to nonavailability of Govt./Corporate Guarantee and Existing Cash Flow position no fund has been arranged from any bank.

40. Confirmation of balances in respect of advances, receivables etc. are sent on quarterly basis and annually. The effect of any adjustment, as may be required, on reconciliation with the confirmation of the parties will be done in future years, after receipt of confirmation.

41. The effective date for adoption of Ind-AS 116 is annual period beginning on or after April, 1, 2019. From the classification of applicability, in respect of OMDC, Ind-AS 116 cannot be made applicable.

42. Previous year’s figures have been re-grouped and rearranged wherever necessary to conform to this year’s classification.

---

Mar 31, 2021

6.1.1 Machinery spare-parts which can be used only in connection with an item of fixed assets and whose use, as per technical assessment, is expected to be irregular are capitalized and depreciated over the residual life of the respective assets.

6.1.2 Leasehold Properties has been reclassified as operating lease and Carrying amount is shown undr ''Other Assets'' in Schedule No. - 12.

6.1.3 Leasehold Land has been reclassified as Freehold Land and original cost of acquisition has been taken as carrying amount.

6.2.2 Building , Road, Rly. Siding and other permanent structure constructed on mining lease have been depreciated as per the rate prescribed in Schedule - II of the Companies Act, 2013 and not ammortised over the mining lease period.

7.1 Addition of CWIP includes expenditure incurred for payment to CMPDI towards Drilling / Exploration work of Bramhani Coal Blocks for Rs.160.63 Lakhs, Preparation of Plan & Online application to MOEF & CC for obtaining FC of Bramhani Coal Block for Rs. 24 Lakhs , Demarcation of Boundry of Forest Area for Rs. 11.33.

7.2 Prospecting and development expenses incurred to prepare the mines ready for commercial exploration (i.e. in the nature of preliminary and preoperative expenses) are capitalized.

7.3 Expenditure incurred for obtaining required clearance to operate the mines subsequent to the allotment of their lease is capitalized as intangible assets under the heads mining rights on deemed extension basis. Intangible Assets has been ammortised taking the validity of mining lease upto 30.09.2030 for Bhadrasai Lease, 15.8.2026 for Belkundi Lease and upto 10.10.2021 for Bagiaburu Lease.

7.4 Expenditure towards Stamp Duty & Registration fees for all the three mines of OMDC has not been provided, since the liability for payment has not yet been crystallized for want of EC, FC and execution of supplementary lease deed as on 31.3.2021.

8.4 The Company had entered into a joint venture with M/s Usha (India) Ltd. for managing the assets of M/s East India Minerals Ltd. (EIML). The matter is under dispute and present status of the company and loss if any on account of diminution in value has been provided for. As the JV agreement expired on 04.10.2013, investment on JV has been shown as Other Investment. Investment in Woodland Multi-speciality Hospital Limited and The Sijua (Jherriah) Electric Supply Company Ltd. has also been provided for {Refer 8.2(b)}.

9.1 Trade Receivables

The sale of goods is made against advances received from customer. The advance received from customer is adjusted on supply of material. There is no credit period allowed for such sales and accordingly no interest is to be charged. The trade receivable appearing in the books includes amount receivable recognised against the debtors towards the debit notes raised on the customers due to changes in Government levies (Royalty on ad-voleram basis by IBM). The Company has raised such debit notes on the basis of restrospective recomuptation of the sales made in the past period from which the retrospective levies have been made applicable by the Government.

12.1.1 Other Advances of Rs.3080.16 Lakhs includes Input Tax Credit for GST of Rs. 177.05 Lakhs, payment of advance with protest amounting Rs. 2,715.14 Lacs to DDM, Joda against compensation of excess mining for BPMEL Leases as per the Order of Supreme Court dated 02.08.2017. OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The issue of BPMEL Leases is subjudice. Pending finality of the case in the Court of Law of BPMEL Mines (which is a liquidated company), in the Court of Law, the payment made under protest on behalf of BPMEL Mines of Rs.2715 Lac is shown under advance.

12.1.2 Leasehold Properties has been shown as carrying cost for the balance amount as on 31.03.2021.

12.3 Prepaid expenses towards employee loans represents difference amount between actual interest charge from employee and notional interest at a Standard Rate of 9.25% for Motor Vehicle Loan and 8.55% for House Building Advances. The said amount would be ammortised over the period of loan amount.

14.1. OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The case of BPMEL with OMDC is subjudice. Hence,the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is a liquidated company) have been valued by OMDC and taken into its books of accounts.

14.2. Valuation of Inventory has been made based on Average Sales Price published by IBM and cost price which ever is lower. IBM Price for the month of March, 21 has been taken except below 25% Mn. Ore and 46% Mn. and above. For below 25% Mn., IBM Price for the month of Feb., 21 has been taken and for 46% Mn and above, the IBM Price of Di-oxide for Oct., 2020 is taken for valuation.

(a) The Company has only one class of equity shares having a par value of Re. 1/- each. Each share holder is eligible for one vote per share.The dividend proposed by the board of directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

17.1 The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

17.2 The amount in the General Reserve that can be distributed by the Company as dividends to its equity shareholders is determined based upon the Company''s financial statements and also considering the requirements of the Companies Act, 2013.

17.3 In view of the company incurred loss in the Financial Year 2017-18, 2018-19, 2019-20 and 2020-21 no dividend was declared by the company.

18.1 As per Sanctioned Loan Terms & Conditions, following are kept by Union Bank (Andhra Bank) as Security:-

(I) Primary Security:

(a) First Charge on all immovable properties (Including mortgage of Leasehold rights in case of mining land and mining licence) and assets of the OMDC Ltd.

(b) First Charge on all movable seets including but not limited to Plant & Machinery, machinery spares, tools & assessories of OMDC Ltd.

(c) First Charge on all Project related documents, contracts, rights, interests, insurance policies, accounts and all benefits incidental to the Unit.

(II) Collateral Security, Cash Collateral - Lien on Fixed Deposit for an amount of Rs. 49.50 Crores

18.2 As per the communication of sanction of One Time Restructuring (OTR) vide letter no. 1023/STL/OMDC/ RES/29/2021 dated 17-06-2021, Bank has approved Restructuring of Existing Short Term Loan with Principal outstanding by deferment of remaining installments from June, 2022 alongwith Funded Interest Term Loan (FITL) for deferred interest. Accordingly, the existing outstanding loan is shown under Non-Current Liability.

18.3 There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

19.1 Unpaid dividend includes Rs. 32.34 lakhs for disputed dividend as on March 31, 2021. The Unpaid Dividend pertains to F. Y. 11-12 - Rs. 0.93 Lakhs, 12-13 - Rs. 3.40 Lakhs, 13-14 - Rs. 1.36, 14-15 - Rs. 6.03 Lakhs, 15-16 -Rs. 3.24 Lakhs & 16-17 - Rs. 3.06 Lakhs.

19.2 Other Liabilities amounting Rs. 723.34 includes Inoperative Account(Rs.202.60 Lac), Liability toward General Mines (Rs.418.23 Lac), Liability toward Contractor (Rs.89.02 Lac) and Liabilities toward Hospital, General(SIP), Railway (DC&Punitive), Stores for Mines & SIP etc (Rs.13.49) [Refer 19 (b)(2)].

19.3 There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

(i) Pay Revision of employees:

The provision is recognised with respect to the pay revision of the employees of Central Public Sector Enterprises, the same is provided for in the books of accounts with effect from 1st April, 2010 on basis of the difference in Basic Pay and Industrial Dearness Allowance between 1997 and 2007 Pay Scale.Calculation made on basis of the present basic pay and IDA component of the existing employees.

(ii) Provision for site reclaimation & Restoration:

Provision for site reclaimation is made with respect to the restoration of the mines and are made against the demand raised by the various mining related departments of Governrment for site reclamation and restoration as required under the Mining laws. Balance amount for site reclaimation based on revised calculation is provided in contingent liability.

(iii) Provision for Legal obligation :-Provision available for Legal Obligation is Rs. 877.22 Lac.

Note: (ii) Liability No Longer Required written back amounting Rs. 703.30 Lakh includes Provision towards CSR in 2015-16 & 2016-17 for Rs. 2.63 Lakh & Rs. 14.57 Lakhs, Liability-General, Mines for Rs.10.66 Lakh, old liabilities under various heads e.g. Law Charges of Rs. 163.91 Lakhs, Registration Cost of Rs. 20.68 Lakhs, Consultancy Charges of Rs. 9.01 Lakhs, Hotel Incidental of Rs. 4.13 Lakhs, Membership Charges of Rs. 9.67 Lakhs, Security Service Charges of Rs. 3.47 Lakhs, Share & ROC of Rs. 2.70 Lakhs, Selling Expenses of Rs. 4.58 Lakhs, Provision towards BSLC made earlier adjusted against Guest House payment for Rs. 16.52 Lakh and accumulated depreciation towards Lease Hold Properties for Rs. 28.80 Lakhs (treated Lease Hold Properties as Operating Lease), Excess Provision for Tax amounting Rs. 406.15 Lakh.

24.1. OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The issue of lease right in the Court of Law is pending to be decided, since the case of BPMEL with OMDC is subjudice. Hence,the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is a liquidated company) have been valued by OMDC and taken into its books of accounts.

(1) Interest on Short Term Loan from Union Bank (Andhra Bank) of Rs. 3127.10 Lakhs

(2) Interest on ODFD of Rs. 17.96 Lakh (OMDC had taken overdraft loan in Dec''2020 against FD under lien to make part payment of first instalment of principal amount due in Dec''2020 and again taken overdraft loan against collateral for STL for payment of balance amount of overdue in Mar''2021 to make the Loan Account Standard)

(3) B. G. Commission of Rs. 28.15 Lakh.

Compensation against Excess Mining:-Pursuant to the Judgement 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 OMDC for OMDC Leases and to BPMEL for BPMEL Leases towards compensation. The amount of Demand for OMDC Leases is Rs. 70218.46 Lacs and for BPMEL Leases is Rs. 86157.12 Lacs, totalling Rs. 156375.58 Lacs towards EC, FC and MP/CTO. OMDC had been operating BPMEL Leases backed by Power of Attorney to sign and execute all mining leases and other mineral concessions from time to time. OMDC has paid the compensation of OMDC Leases of Rs.87622.10 Lakhs towards OMDC Leases (Rs. 1479.68 Lakhs on 29.12.2017, Rs. 13093.47 Lakhs on 16.11.2018, Rs. 693.45 Lakhs on 30.01.2019, Rs. 40000.00 Lakhs on 01.03.2019, Rs. 100 Lakhs on 20.09.2019 and Rs. 32255.50 Lakhs on 03.10.2019) in 2017-18, 2018-19 and 2019-20 out of its own fund of Rs.56622.10 Lac and borrowed fund from Bank Rs.31000.00 Lac . OMDC has paid a sum of Rs. 2715.14 Lakhs (Rs. 2515.14 Lakhs on 29.12.2017 and Rs. 200.00 Lakhs on 16.11.2018) towards BPMEL Leases as advance. The remaining amount of compensation including interest upto 31.03.2021 against BPMEL Leases amounting Rs.149545.45 Lac are shown under Contingent Liability.

Note 2:- Leasehold Properties has been reclassified as operating lease. Ammortisation of prepayment of Leasehold Properties has been shown under Ammortisation of Prepayment Leasehold Properties.

28.2. Expenditure on Corporate social reponsibility:

a. Gross amount required to be spent by the Company during the year March 31, 2021 : Rs. 12.72 lakhs (March 31, 2020 Rs 18.64 lakhs)

b. The Following Table shows the amount spent and yet to be spent during the year ended March 31, 2021 (figures in brackets represents amount for the previous year)

The Company has identified Iron Ore, Manganese Ore and Sponge Iron as their Business Segment. However, the Iron Ore and Manganese Ore Mines as well as Sponge Iron Plant are closed since Sept., 2010. Presently Company''s only source of revenue is Interest and accrued interest on surplus money deposited in the banks which has not been recognized as business segment. Moreover allocation of expenditure under identified segment has been made on the basis of average turnover rations of different segment during the period from 2004-05 to 2008-09. The Assets have been allocated directly which are identifiable to the respective segment and the balance is put in the unallocated segment. The total liabilities have been allocated to un-allocated segment

Earning per share has further fallen down this year mainly because of losses incurred for payment & provision of

Compensation for excess mining as per Supreme Court decision.

32. Employee benefit plan32.1. Defined contribution plan

a) Provident fund: Company pays fixed contribution to Provident Fund at the rate of 12 % on Basic & IDA.

32.2. Defined benefit plans

a) Gratuity: Payable on separation @ 15 days pay for each completed year of service to eligible employees who render continuous service of 5 years or more and maximum payable amount is calculated as per Gratuity Act. The gratuity amount is covered under "the Gratuity cum Life Insurance Scheme" with LIC of India and the provision on account of gratuity is being made as per the actuarial valuation.

These plans typically expose the group to actuarial risks such as actuarial risk, investment risk, interest risk, longetivity risk and salary risk.

i. Actuarial risk: It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected. Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate. Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity benefits will be paid earlier than expected.The impact of this will depend on whether the benefits are vested as at the resignation date.

ii. Investment risk: For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can

result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.

iii. Interest risk: A decrease in interest rate will increase the plan liability; however, this will be paritially offset by an increase in the return on the plan assets.

iv. Longevity risk: The present value of the defined benefit plan liability is calculated by refernce to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

v. Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

No other post-retirement benefits are provided to these employees.

The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2021 by M/s. Kapadia Actuaries and Consultants, a firm with fellow of the Institute of Actuaries of India. The present value of defined benefit obligation and the related current service cost were measured using the projected unit credit method.

The current service cost and the net interest expense for the year are included in the "Employee benefits expense" line item in the statement of profit and loss.

The remeasurement of the net defined liability is included in other comprehensive income.

32.3.1 - Sensitivity analysis of defined benefit plans

32.3.1 Signficant acturial assumption for determination of defined benefit plan are discount rate, expected salary growth, attrition rate and moratlity rate. The sensitivity analysis below have been based on reasonably possible changes of the respective assumptions occuring at the end of the reporting period while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using projected unit credit method at the end of the reporting period, which is same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.

There is no change in the methods and assumptions used in preparing the senstivity analysis from prior years.

33.3. Financial risk management objectives

The Company''s principal financial instruments comprise financial liabilities and financial assets. The Company''s principal financial liabilities comprises trade payable and other financial liabilities. The main purpose of these financial instruments is to manage short-term cash flow and raise finance for the Company''s capital expenditure program. The Company has various financial assets such as trade receivable and cash and shortterm deposits, which arise directly from its operations.

Risk exposures and responses

The Company manages its exposure to key financial risks in accordance with the Company''s financial risk management policy. The objective of the policy is to support the delivery of the Company''s financial targets while protecting future financial security. The main risks that could adversely affect the Company''s financial assets, liabilities or future cash flows are market risks, comprising commodity price risk, cash flow interest rate risk and foreign currency risk and liquidity risk and credit risk. Management reviews and agrees policies for managing each of these risks which are summarised below. The Board of Directors reviews and agrees policies for managing each of these risks which are summarised below.

33.4. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company''s financial instrument Market prices comprise three types of risk: currency risk, interest rate risk and other price risk which include equity price risk and commodity price risk. Financial instruments affected by market risk include loans, trade receivables, other financial assets, trade payables and other financial liabilities. The sensitivity analyses have not been prepared as there is no amount outstanding as debt, having either fixed or floating interest rates, no derivatives financial instruments and no financial instruments in foreign currencies.

33.5. Foreign currency risk management

The Company does not undertake any transaction in foreign currency, consequently, exposures to exchange

rate fluctuation does not arise. The Company has all entered all the transaction in currency which is the functional currency and accordingly the foreign currency risk has been minimised to a very low level.

Foreign currency sensitivity analysis has not been performed considering the fact that there will not be any impact on the profit or loss of the Company, as there are no foreign currency monetary items.

33.6. Interest rate risk management

Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest rates. As the Company does not have any borrowings there is not a significant exposure to the interest rate risk but only to the extent of recognition interest portion of financial instrument classfied at amortised cost. The Company manages it interest risk exposure relating to the financial instrument classified at amortised cost by using the market interest rate as the effective interest rate and the changes in the assets liabilities is accounted for as interest income/expenses with respect to financial assets/financial liabilities respectively. However, as there is no primary exposure to the interest rate risk the sensitivity analysis has not been performed by the Company.

33.7. Other price risks

The Company is exposed to other price risks which include equity price risk and commodity price risks. The Company holds investment for strategic rather than trading purposes. The senstivity analysis on the profit due changes in equity prices has been performed below:-

33.7.1 Equity price sensitivity analysis

The Company''s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the equity price risk by placing limits on individual and total equity instruments which is made subject to the approval of Board of Directors. Reports on the equity portfolio are submitted to the Company''s senior management on a regular basis. The Company''s Board of Directors reviews and approves all equity investment decisions. At the reporting date, the exposure to unlisted equity securities was Rs. 2.42 lakhs. The sensitivity analysis based on the equity price risk at the end of the reporting period has been provided for the investment these equity securities other than investment in joint venture is given below:

33.8. Credit risk management

The Company trades only with recognised, creditworthy third parties and only on advance payment basis. It is the Company''s policy that all customers who wish to trade are required to pay the entire amount in advance. The Companydoesnotpercieveanyriskofdefault asthereis noinstanceof creditsale.Inaddition,receivablebalances are monitored on an ongoing basis, with the result that the Company''s exposure to bad debts is not significant. With respect to credit risk arising from the other financial assets of the Company, which comprise cash, bank balances, short-term investments and other receivables, the Company''s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Refer to Note 9 for analysis of trade receivables ageing.

33.9. Liquidity risk management

The Company has huge investment in term deposits with banks and has sufficient owned funds to finance its existing and continuing commitments. New investments and advances are likely to be funded similarly. Major capital investments, if any, would be funded by through the terms deposits and further requirement if any will be addressed through the use of bank overdrafts and bank loans. The Company have deposited signficant amount in terms deposits and have sufficient funds required to meet the liquidity requirements of the Company. The table below summarises the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments.

33.9.1 Liquidity and interest risk tables

The following table details the Company''s expected maturity for its non-derivative financial assets. with agreed repayment periods. The table has been drawn based on the undiscounted contractual maturities of financial assets including interest that will be earned on those assets. the inclusion of information on nonderivative financial assets is necessary in order to understand the Company''s liquidity risk management as the liquidity is managed on a net asset and liability basis.

The following table details the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The table has been drawn based on the undiscounted cashflows of financial liabilities based on the earliest date on which the Company can be required to pay. The table include both interest and principal cashflows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

33.9.2 Financing facilities

The Company has access to financing facilities as described below which has been remaining unused in its entirety at the end of the reporting period. The Company expects to meet its other obligation from operating cash flows and proceeds of maturity of financial assets.

36. Contingent liabilities Amount in Rs. Lai
		As at 31.03.2021	As at 31.03.2020
	36.1 Contingent liabilities
	Claims against the Company not acknowledged as debts:-
(A)	Legal matters :-
a)	Claim of Service Tax	-	202.92
b)	Money Suit by M./s Precious Minerals	4.91	4.91
c)	Review Petition by OMDC against Barbil Workers Union	3.51	3.51
d)	S. Panigrahi Vs. OMDC	2.50	2.50
e)	Nobel Resources Vs. OMDC	93.43	93.43
f)	Ishravati Rajbhar Vs. OMDC (Civil / Labour Case pending in MACT/ ADM,Keo	1.75	1.75
g)	3 Nos. Of Cases between State Vs. BPMEL	3.00	3.00
h)	3 Nos. Of Cases between State Vs. OMDC	3.00	3.00
i)	Money Suit No 46/2019 S K Roy Chowdhury vs OMDC & others	508.16	-
j)	Jai Balaji Industries Ltd CP(IB)No 688/KB/2020 (Interest)	562.01	-
k)	OMDC Vs. RTO, Keonjhar	11.78	-
(B)	Compensation for Excess Mining (BPMEL LEASES) Certificate Case 32/2018	149,565.45	126,879.10
(C)	Bank Guarantee to IBM	9,875.07	7,416.39
(D)	Site Reclaimation	1,480.44	1,480.44
(E)	Vat re-assessment 2006-07 & 2007-08	237.31	237.31
(F)	Other Dues (CST, VAT, OET & Service Tax)	26.21	26.21
(G)	Stamp Duty, Registration Charges, NPV and other Statutory Payment after supplementary lease executed (Bagiaburu, Bhadrasai & Belkundi Mining Lease)	4,811.00	-
(H)	Scheme,CTE,CTO,Site Specific Wild Life Plan, Regional Wild Life Plan & NPV for Bagiaburu, Belkundi & Bhadrasai Mines	13013.51
(I)	Non-transfer of Unpaid Dividend amount to Investor Education Protection Fund (IEPF) which has been lying more than 7 years	5.00	-
	TOTAL	180,208.04	136,354.47

Claims against the Company not acknowleged as debt includes:

a. Legal Cases constitute Rs. 1194.05 Lakhs from sl. no. A(a) to (k). Claims of contractors for supply of materials/services are pending with arbitration/courts which have arisen in the ordinary course of business. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on the Company''s financial position and results of operation. The amount shown above are approximate and not crystallized on the date of reporting of accounts.

b. Out of the total claim of Odisha Govt. towards demand for BPMEL Leases alongwith with interest amounting Rs. 1,49,565.45 Lakhs have been shown in Sl No (B) as the cases are pending in different courts of law.

c. Bank Guarantee is given to Indian Bureau of Mines Rs. 9875.07 Lakhs (Sl No C)

d. For Demand from various statutory authorities towards income tax, sales tax, excise duty, custom duty, service tax, entry tax and other government levies for 237.31 lakhs and Rs. 26.21 lakhs respectively as per sl. no. (E) & (F). The Company is contesting the demand with appellate authorities. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on the Company''s financial position and results of operation. Site Reclaimation charges of Rs. 1480.44 Lakh is shown in Sl. No. (D).

e. Pursuant to the amendments of the Orissa Land Reforms Act, the Sub-Collector, Champua had served a Notice against the Company for alleged unauthorized possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate but the appeal was not allowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Hon''ble High Court of Orissa to maintain the status quo about the possession of the land until further order. No specific liability could be ascertained.

f. Stamp Duty, Registration Charges, NPV & other Statutory Payment will be made at the time of executing supplementary Lease Deed after having all statutory clearances of around Rs.17824.51 Lac for all three OMDC Leases as shown in (G) and (H).

g. Notice for Demand of non-compliance with Corporate Governance Requirements e.g. composition of Board and Committees received by the Company from National Stock Exchange vide letter No. NSE/ LIST-SOP/CG/FINES/0468 dated 02-07-2020 of Rs. 9.66 Lakhs which has been informed to Board in its 59th Meeting on 11-09-2020. Company has submitted request letter dated 09-07-2020 to National Stock Exchange to waive off the penalty for no inaction on the part of the Company. Simultaneously, the Company has taken up with The Ministry of Steel vide letter dated 31-07-2020 and onwards for fulfilling the complainces.

h. OMDC has challenged the two orders of NCLT dated 10.3.20 before NCLAT, New Delhi in the matter of M/s Jai Balaji Industries Ltd against petition filed u/s 9 of IBC, 2016. The last hearing date is fixed on 13.5.2021 by NCLAT for completion of final argument.

i. As per Section 124 of Companies Act 2013, the company is to transfer Unpaid Dividend amount lying more than 7 years to IEPF account, otherwise a fine of Rs.5 Lac may be imposed. OMDC could not transfer the unpaid dividend amount to IEPF for some technical issues with bank. (Refer point I)

37.1. Disclosure of additional information as required by the Schedule III:

Due to non-renewal of mining leases in the name of the Company, there are no operations carried out by the

Company relating to mining activities.

37.2. Other Information:

a) There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

b) Un-authorized occupation of some of the quarters has been made by contractor''s employees in mines. Company is considering to take necessary action including legal course wherever necessary to take the ownership of the quarters.

c) The registration of the Building of the company at Kolkata and in Scope Complex, New delhi is yet to be completed. The provision of Rs.61.28 lakhs has been made for registration of building. However, further payment will be made at the time of Registration as per actual.

d) As per the understanding with the employees, electricity consumed by them in the accommodation provided to them would be free of cost, hence any recovery is not made from employees.

4. Status of Brahmani Coal Block, Dist: Dhenkanal, State-Odisha.

• 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.O. 815(E) dated 23.02.2018 under section 3 of the CBA (A&D) Act, 1957 for appointing different persons as competent authorities for different provisions of the CBA (A&D) Act, 1957 of the Brahmani Coal Block.

• Ministry of Coal, Govt. of India has issued notification vide no.- S.O. 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.

• OMDC issued Work Order to CMPDI on 20.11.2018 for detailed coal exploration, preparation of Geological Report (GR) for Brahmani Coal Block. CMPDI started the exploration work on 10.05.2019. Approx. 2900 mtrs have been drilled in 21 boreholes out of 5805 mtrs against the work order.

• Extension of Bank Guarantee amounting Rs.93,05,000/- extended up to 20.05.2021.

39. The accounts have been prepared on Going Concern Basis. The Company is constantly following up for renewal of mining leases. The Management is continuously following up with Govt. Of Odisha, Govt. Of India and other statutory authorities for opening of the mines, for requisite clearances so that mining operation

is commenced at the earliest. The Company has also approached bank for One Time Restructuring (OTR) for the existing STL for extension of moratorium period along with additional requirement of fund for statutory payment required for commencement of two of the mines.

40. Confirmation of balances in respect of advances, receivables etc. are sent on quarterly basis and annually. The effect of any adjustment, as may be required, on reconciliation with the confirmation of the parties will be done in future years, after receipt of confirmation.

41. The effective date for adoption of Ind-AS 116 is annual period beginning on or after April, 1, 2019. From the classification of applicability, in respect of OMDC, Ind-AS 116 can not be made applicable.

42. Previous year''s figures have been re-grouped and rearranged wherever necessary to conform to this year''s classification.

---

Mar 31, 2018

1. Critical accounting judgments and key sources of estimation uncertainty:

In the application of the Company''s accounting policies, which are described in note 3, the management of the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and I iabi I ities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

2 Critical judgments in applying accounting policies:

The following are the critical judgments, apart from those involving estimations (see note 4.2 below), that the management have made in the process of applying the Company''s accounting policies and that have the most significant effect on the amounts recognized in the financial statements:

5.1.1 Financial assets at amortized cost:-

The management has reviewed the Company''s financial assets at amortized cost in the light of its business model and have confirmed the Company''s positive intention and ability to hold these financial assets to collect contractual cash flows. The carrying amount of these financial assets is Rs. 83,361.64 Lakhs (March 31,2016: Rs. 82,161.97 Lakhs). Details of these assets are set out in note 33.

5.1.2 Provision for Restoration and rehabilitation of mining sites:-

Provisions are recognized for costs associated with restoration and rehabilitation of mining sites as soon as the obligation to incur such costs arises. Such restoration and closure costs are typical of extractive industries and they are normally incurred at the end of the life of the mines. The costs are estimated on the basis of mine closure plans and the estimated discounted costs of dismantling and removing these facilities and the costs of restoration are capitalized when incurred reflecting the Company''s obligations at that time.

A corresponding provision is created on the liability side. The capitalized asset is recognized in the Statement of Profit or Loss over the life of the asset through depreciation over the life of the operation and the provision is increased each period through unwinding the discount on the provision. Management estimates are based on local legislation and/or other agreements. The actual costs and cash outflows may differ from estimates because of changes in laws and regulations, changes in prices, analysis of site conditions and changes in restoration technology.

5.1.3 Ore reserve and mineral resource estimates

The Company estimates and reports ore reserves under the principles contained within the guidelines issued by the Indian Bureau of Mines (IBM) - including:

- Future production estimates - which include proved and probable reserves, resource estimates and committed expansions.

5.1.4 Deferred stripping expenditure

The Company defers stripping (waste removal) costs incurred during the production phase of its operations. This calculation requires the use of judgments and estimates relating to the expected tonnes of waste to be removed over the life of the mining area and the expected economically recoverable reserves to be extracted as a result. This information is used to calculate the average life of mine strip ratio (expected waste to expected mineral reserves ratio). Changes in a mine''s life and design will usually result in changes to the average life of mine strip ratio. These changes are accounted for prospectively. However, since the lease of mines have expired and not renewed till date, this is not applicable as on date.

3. Key sources of estimation uncertainty:

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:

5.2.1 Useful lives of property, plant and equipment:

As described in note 4.2 above, the Company reviews the estimated useful lives of property, plant and equipment at the end of each reporting period. However, since the lease of mines have expired and not renewed till date, the company is not in a position to review and assess the useful life of the assets constructed over such leases.

5.2.2 Fair value measurements and valuation processes:

Some of the Company''s assets and liabilities are measured at fair value for financial reporting purposes. In estimating the fair value of an assets or a liability, the company uses market-observable data to the extent it is available. Where level 1 inputs are not available, the company engages third party qualified valuers to perform the valuation.

NCLT ADMISSION:-

1. The Hon''ble National Company Law Tribunal ("NCLT"), Kolkata Bench, admitted the Corporate Insolvency Resolution Process ("CIRP") application filed by an operational creditor of The Orissa Minerals Development Co.Ltd. ("the Company") and appointed an Interim Resolution Professional ("IRP"), in terms of the Insolvency and Bankruptcy Code, 2016 ("the code") to manage the affairs Of the company vide order dated 20th February, 2018 passed in C.P. No.729/KB/2017. Accordingly, Mr. Bijay Murmuria (IP Registration no. IBBI/IPA-001/IP-N-00007/2016-2017/10026) have been appointed as the Interim Resolution Professional ("RP") of the Company, by an order of NCLT with effect from dated 20th February, 2018. The Company has preferred an Appeal u/s 61 of the Code before the Hon''ble NCLAT registered as Company Appeal (AT) (Insolvency) No. 116of2018and the same has been admitted and is pending adjudication before the Hon''ble NCLAT.

In view of pendency of the CIRP, and in view of suspension of the powers of Board of Directors, the Powers of adoption of this financial results vests with the IRP. The IRP has relied upon the representations, clarifications and explanations provided by the Managing Director (MD), Chief Financial Officer (CFO) and Key Managerial Personnel of the company.

The Financial Results have been prepared by the management of the company as a going concern entity and certified by MD, CFO in accordance with Regulation 33(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, confirming that the financial statements do not contain any misleading or false statements. The IRP has relied on the representations and statements made by MD and CFO in relation to these financial results. The IRP has approved these financial results only to the limited extent of discharging the powers of the Board of Directors of the Company which has been conferred upon him in terms of provisions of section 17 of the Code. It is clarified however that the IRP has not conducted an independent verification of these financial results and has not certified on the truthfulness, fairness, accuracy or completeness of these results, in so far as it pertains to the period prior to commencement of the CIRP and his appointment.

2. As per the Code, the IRP has to receive, collate and admit claims submitted by the creditors of the Company. Such claims can be submitted to the IRP before the constitution of the Committee of Creditors in terms of Regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Pending completion of the CIRP and approval of a resolution plan by the CoC, the impact of such claims that are not yet verified and admitted, if any, have not been considered in the preparation of the financial statements.

6.1.1 Machinery spare-parts which can be used only in connection with an item of fixed assets and whose use, as per technical assessment, is expected to be irregular are capitalized and depreciated over the residual life of the respective assets.

6.1.2 In 2016-17, Leasehold Land and Leasehold Properties were considered as operating lease and forthat reason these had been shown under other noncurrent assets and the depreciation on these assets was included in other assets as amortized cost. Based on the qualification of the Statutory Auditors and the decision of the management, these assets have been shown as financial lease in the current financial year. This has given rise to the difference in closing current year carrying cost amount.

Notes:

7.1 Prospecting and development expenses incurred to prepare the mines ready for commercial exploration (i.e. in the nature of preliminary and preoperative expenses) are capitalized.

7.2 Expenditure incurred for obtaining required clearance to operate the mines subsequent to the allotment of their lease is capitalized as intangible assets under the heads mining rights on deemed extension basis. Intangible Assets has been amortized taking the validity of mining lease upto 31.03.2020 as per MMDR Amendment Act, 2015.

Notes:

9.1 Trade Receivables

The sale of goods is made against advances received from customer. The advance received from customer is adjusted on supply of material. There is no credit period allowed for such sales and accordingly no interest is to be charged. The trade receivable appearing in the books represents amount receivable recognized against the debtors towards the debit notes raised on the customers due to changes in Government levies (Royalty on ad-voleram basis by IBM). The Company has raised such debit notes on the basis of retrospective reoccupation of the sales made in the past period from which the retrospective levies have been made applicable by the Government.

(a) The Company has only one class of equity shares having a par value of Re. 1/- each. Each shareholder is eligible for one vote per share. The dividend proposed by the board of directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

17.1 The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

17.2 The amount in the general reserve that can be distributed by the Company as dividends to its equity shareholders is determined based upon the Company''s financial statements and also considering the requirements of the Companies Act, 2013.

17.3 Equity dividend approved by Share Holders at the AGM of Rs. 1.46 per share (total dividend amounting to Rs. 105.83 lakhs including dividend tax) was paid during 2017-18.

In respect of the year ended 31.03.2018, Company has incurred loss. The Company will not be able to declare any dividend.

Notes

(i)Pay Revision of employees: The provision is recognized with respect to the pay revision of the employees of Central Public Sector Enterprises, the same is provided for in the books of accounts with effect from 1st April, 2010 on basis of the difference in Basic Pay and Industrial Dearness Allowance between 1997 and 2007 Pay Scale. Calculation made on basis of the present basic pay and IDA component of the existing employees.

(ii) Provision for site reclamation & Restoration: Provision for site reclamation is made with respect to the restoration of the mines and are made against the demand raised by the various mining related departments of Government for site reclamation and restoration as required under the Mining laws. Balance amount for site reclamation based on revised calculation is provided in contingent liability.

Notes

(i) Other credit balances include the amount of liabilities towards liabilities for surface rent and royalty Rs. 531.12 lakhs.

Compensation against Excess Mining:-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 OMDC for OMDC Leases and to BPMEL for BPMEL Leases towards compensation. The amount of Demand for OMDC Leases is Rs. 55698.94 Lacs and for BPMEL Lease is Rs. 86157.12 Lacs, totaling Rs. 141856.07 Lacs, excluding the value of un-disposed stock.

OMDC had been operating BPMEL Leases backed by Power of Attorney to sign and execute all mining leases and other mineral concessions from time to time. As the Mining Rights of BPMEL Leases are subjudice, the consequence of legal outcome is not known as on 31.03.2018.

The writ petition before Odisha High Court with revised calculation of compensation was submitted contesting the original claim of Rs. 141856.07 lacs. Letters dated 24.04.2018 were issued to "The Principal Secretary to Govt.''¹, Govt, of Odisha with revised calculation of compensation requesting to revise the original claim. The Compensation of OMDC Leases as perthe revised calculation is Rs. 23528 Lacs (including 12% interest up to 31.03.2018 and net of payment made), which has been provided in books of accounts. The Balance amount of compensation against OMDC leases and the total amount of compensation against BPMEL Leases with interest are shown under Contingent Liabilities.

Restoration cost of Plant & Machinery:- An aditional amount of Rs. 417.93 Lacs has been provided for restoring the asset in running condition based on technical evaluation.

Provision on Investment: The Company had an Investment in M/s EIML and the Joint Venture Agreement with the party had expired on 04.10.2013. An amount of Rs. 281.10 Lacs has been provided for diminution in the value of Investment as the recoverability of the same from the party is doubtful. Investment on Woodland Multi-speciality Hospital of Rs. 0.05 Lacs and The Sijua (Jherriah) Electric Supply Co. Ltd. of Rs. 0.01 Lacs has been provided for. Compensation against excess Mining: An amount of Rs. 1479.68 lacs has been paid towards compensation for OMDC Leases based on calculation made by OMDC in December, 2017.

4 - Employee benefit plan

32.1 Defined contribution plan

a) Provident fund: Company pays fixed contribution to Provident Fund at the rate of 12 % on Basic & IDA.

32.2 Defined benefit plans

a) Gratuity: Payable on separation @ 15 days’ pay for each completed year of service to eligible employees who render continuous service of 5 years or more and maximum payable amount is calculated as per Gratuity Act. The gratuity amount is covered under "the Gratuity cum Life Insurance Scheme" with LIC of India and the provision on account of gratuity is being made as per the actuarial valuation.

These plans typically expose the group to actuarial risks such as actuarial risk, investment risk, interest risk, longevity risk and salary risk.

i. Actuarial risk: It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons: Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected. Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cash flow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate. Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at their assignation date.

ii. Investment risk: For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.

iii. Interest risk: A decrease in interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan assets.

iv. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

v. Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

No other post-retirement benefits are provided to these employees. The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31,2018 by M/s. Kapadia Actuaries and Consultants, a firm with fellow of the Institute of Actuaries of India. The present value of defined benefit obligation and the related current service cost were measured using the projected unit credit method.

The current service cost and the net interest expense for the year are included in the "Employee benefits expense" line item in the statement of profit and loss.

The measurement of the net defined liability is included in other comprehensive income.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using projected unit credit method at the end of the reporting period, which is same as that applied in calculating the defined benefit obligation liability recognized in the balance sheet. There is no change in the methods and assumptions used in preparing the sensitivity analysis from priory ears.

5 Financial risk management objectives

The Company''s principal financial instruments comprise financial liabilities and financial assets. The Company''s principal financial liabilities comprises trade payable and other financial liabilities. The main purpose of these financial instruments is to manage short-term cash flow and raise finance for the Company''s capital expenditure program. The Company has various financial assets such as trade receivable and cash and short-term deposits, which arise directly from its operations.

Risk exposures and responses

The Company manages its exposure to key financial risks in accordance with the Company''s financial risk management policy. The objective of the policy is to support the delivery of the Company''s financial targets while protecting future financial security. The main risks that could adversely affect the Company''s financial assets, liabilities or future cash flows are market risks, comprising commodity price risk, cash flow interest rate risk and foreign currency risk and liquidity risk and credit risk. Management reviews and agrees policies for managing each of these risks which are summarized below. The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below.

6 Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company''s financial instrument Market prices comprise three types of risk: currency risk, interest rate risk and other price risk which include equity price risk and commodity price risk. Financial instruments affected by market risk include loans, trade receivables, other financial assets, trade payables and other financial liabilities. The sensitivity analyses have not been prepared as there is no amount outstanding as debt, having either fixed or floating interest rates, no derivatives financial instruments and no financial instruments in foreign currencies.

7 Foreign currency risk management

The Company does not undertake any transaction in foreign currency, consequently, exposures to exchange rate fluctuation does not arise. The Company has all entered all the transaction in currency which is the functional currency and accordingly the foreign currency risk has been minimized to a very low level. Foreign currency sensitivity analysis has not been performed considering the fact that there will not be any impact on the profit or loss of the Company, as there are no foreign currency monetary items.

8 Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As the Company does not have any borrowings there is not a significant exposure to the interest rate risk but only to the extent of recognition interest portion of financial instrument classified at amortized cost. The Company manages it interest risk exposure relating to the financial instrument classified at amortized cost by using the market interest rate as the effective interest rate and the changes in the assets liabilities is accounted for as interest income/expenses with respect to financial assets/financial liabilities respectively. However, as there is no primary exposure to the interest rate risk the sensitivity analysis has not been performed by the Company.

9 Other price risks

The Company is exposed to other price risks which include equity price risk and commodity price risks. The Company holds investment for strategic rather than trading purposes. The sensitivity analysis on the profit due changes in equity prices has been performed below:-

10. Equity price sensitivity analysis

The Company''s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the equity price risk by placing limits on individual and total equity instruments which is made subject to the approval of Board of Directors. Reports on the equity portfolio are submitted to the Company''s senior management on a regular basis. The Company''s Board of Directors reviews and approves all equity investment decisions. At the reporting date, the exposure to unlisted equity securities was Rs. 2.42 lakhs. The sensitivity analysis based on the equity price risk at the end of the reporting period has been provided for the investment these equity securities other than investment in joint venture is given below:-

11 Credit risk management

The Company trades only with recognized, creditworthy third parties and only on advance payment basis. It is the Company''s policy that all customers who wish to trade are required to pay the entire amount in advance. The Company does not perceive any risk of default as there is no instance of credit sale. In addition, receivable balances are monitored on an ongoing basis, with the result that the Company''s exposure to bad debts is not significant. With respect to credit risk arising from the other financial assets of the Company, which comprise cash, bank balances, short-term investments and other receivables, the Company''s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Refer to Note 9 for analysis of trade receivables ageing.

12. Liquidity risk management

The Company has huge investment in term deposits with banks and has sufficient owned funds to finance its existing and continuing commitments. New investments and advances are likely to be funded similarly. Major capital investments, if any, would be funded by through the terms deposits and further requirement if any will be addressed through the use of bank overdrafts and bank loans. The Company have deposited significant amount in terms deposits and have sufficient funds required to meet the liquidity requirements of the Company. The table below summarizes the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments.

13. Liquidity and interest risk tables

The following table details the Company''s expected maturity for its non-derivative financial assets, with agreed repayment periods. The table has been drawn based on the undiscounted contractual maturities of financial assets including interest that will be earned on those assets, the inclusion of information on non-derivative financial assets is necessary in order to understand the Company''s liquidity risk management as the liquidity is managed on a net asset and liability basis.

14. Financing facilities

The Company has access to financing facilities as described below which has been remaining unused in its entirety at the end of the reporting period. The Company expects to meet its other obligation from operating cash flows and proceeds of maturity of financial assets.

15. Fair value measurements

34.1 Fair value of the Company''s financial assets and liabilities that are measured at fair value on a recurring basis

The Company''s investment in its holding company is considered as the only financial assets that is mandatorily measured at fair value through profit or loss at the end of each reporting period. The following table gives information about how the fair value of the financial assets are determined (in particular, the valuation technique(s) and inputs used).

34.2 The disclosure relating to the fair value of Financial Assets and Liabilities that are measured at other than fair value is not required as the management of the company determined that the carrying amounts of such assets and liabilities approximates their fair values.

16 - Related party transactions

A) Ultimate holding company

(a) Rashtriya Ispat Nigam Limited

B) Parent company

(a) Eastern Investments Limited

Q Fellow subsidiary company

(a) The Bisra Stone Lime Company Limited

D) Key Managerial Personnel:

(a) Shri P. K. Sinha Managing Director/ CEO (w.e.f. 04/02/2015)

(b) Shri A. Chakravarty Chief Financial Officer (C) Smt. Anu Singh Company Secretary

Claims against the Company not acknowledged as debt includes:

a. Arbitration Cases include Rs. 2,831.30 Lacs from si. no. (b) to (s). The SI. No. ''S'' indicates the case of M/s Orissa Stevedores Limited as per the order of NCLT under Insolvancy & Bankruptcy Code, 2016. The cases have not reached its finality and the amount is not crystalized. Claims of contractors for supply of materials/services pending with arbitration/courts those have arisen in the ordinary course of business. The Company reasonably expect that these legal actions when ultimately concluded and determined will be in favour of the Company and will not have material adverse effect on the Company''s results of operation or financial position.

b.Bank Guarantee is given to Indian Bureau of Mines for Site Reclaimation amounting Rs. 657.03 and as per the revised calculation of reclamations Rs. 1480.44 lacs is as per si. No. (s) & (u) respectively.

c. In view of applicability of GST w.e.f. 1st July, 2017, GST needs to be paid on reverse charge mechanism for Royalty, Dead & Surface Rent even if the amount is taken as liability in the accounts. For the claim of Odisha Govt. The amount of Dead & Surface Rent of Rs. 188.95 lacs from July, 17 to March, 18 is shown in contingent liability under si. no. (t) pending renewal of the leases in the name of the company.

d. For Demand from various statutory authorities towards income tax, sales tax, excise duty, custom duty, service tax, entry tax and other government levies for 237.31 lacs and Rs. 287.19 lacs respectively as per si. no. (v) & (w). The Company is contesting the demand at appellate authorities. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on the Company''s financial position and results of operation.

e.Pursuant to the amendments of the Orissa Land Reforms Act, the Sub-Collector, Champua had served a Notice against the Company for alleged unauthorized possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate but the appeal was notallowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Hon''ble High Court of Orissa to maintain the status quo about the possession of the land until further order. No specific liability could be ascertained.

f. Out of the Total Claim of Odisha Govt. Provision has been made in accounts for Rs. 23528.00 Lacs for OMDC Leases. Remaining amount against demand of OMDC Mines with interest amounting Rs. 32294.00 Lacs and demand for BPMEL Leases with interest amounting Rs. 88705.00 Lacs have been shown in contingent liability based on the requested revised calculation submitted before the Principal Secretary of Odisha Govt.

17 Disclosure of additional information as required by the Schedule III:

Due to non-renewal of mining leases in the name of the Company, there are no operations carried out by the Company relating to mining activities.

18 - Other Information:

a) There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

b) Un-authorized occupation of some of the quarters has been made by contractor''s employees in mines. Company is considering taking necessary action including legal course wherever necessary to take the ownership of the quarters.

c) The registration of the Building of the company at H.O. isyettobecompleted.TheprovisionofRs.45.96 lakhs has been made for registration of building. However, if further provision is required to be made, at the time of registration, the same will be made in future.

d) As per the understanding with the employees, electricity consumed by them in the accommodation provided to them would be free of cost hence any recovery is not made from employees.

19. The accounts have been prepared on Going Concern Basis. The Company is constantly following up for renewal of mining leases. In case of two mines i.e. Kolha-Roida and Dalki, environment clearance has been received. The Management is continuously following up with Govt. Of Odisha, Govt. Of India and other statutory authorities for opening of the mines, requisite clearances so that mining operation is commenced at the earliest.

20. Confirmation of balances in respect of advances, receivables etc. are sent on quarterly basis and annually. The effect of any adjustment, as may be required, on reconciliation with the parties'' confirmation will be done in future years, after receipt of confirmation.

21. Previous year''s figures have been re-grouped and rearranged wherever necessary to conform to this year''s classification.

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Mar 31, 2015

Note:1 -Excess/Short found on physical verification

Stocks found excess in physical verification are not considered in the valuation of closing stock for the purpose of account. The value of the stock found excess on physical verification on 31.03.2015 was Rs.0.34 lacs. (Previous year Rs.0.46 lacs)

Note:2-Cash and Bank Balances

Term Deposits with scheduled Banks shown under Cash and Bank balances (Note-15) include Term Deposit Receipts for Rs.262.92 lacs (Previous Year Rs.280.72 lacs) pledged with Banks against Bank Guarantee for IBM, Bhubaneswar for scheme of Mining including Progressive Mine Closure Plan with maturity period up to 1year.

Note:3-Investment of Surplus Found

During the year the surplus funds of the Company have been invested as per Investment Policy of the Company as approved by the Board of Directors as per DPE guidelines.

Note:4-Current Liabilities & Provisions

As per the information available with the Company, none of the agencies/enterprises from whom the Company procures goods or receives services are covered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence no disclosure there of has been made.

Note: 5 The accounts have been prepared on Going Concern Basis. All Mining Leases are at various stages of approval. In case of two mines i.e. Kolha-Roida and Dalki, the consent to operate and environment clearance have been received. The Management is continuously following up with Govt. Of Odisha, Govt. Of India and other statutory authorities for opening of the mines, requisite clearances so that mining operation is commenced at the earliest. The Company is a profit making concern and having high positive net worth.

Note: 6 Previous year''s figures have been re-grouped and rearranged wherever necessary to conform to this year''s classification.

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Mar 31, 2014

The Company has only one class of equity shares having a par value of Rs. 1 /- each. Each share holder is eligible for one vote per share.The dividend proposed by the board of directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

Contingent liabilities and commitmentsfto the extent not accounted for)

Contingent Liabilities

Claims against the Company not acknowledge debt

2013-14 2012-13

Claims against the Company not acknowledged as debts 544425.39 ** 23903.34 Central Sales Tax - 35.22 Income Tax - 92.69 Customs / Excise duty - 25.09 Service Tax - 101.76 Others 1310* 1310*

Total 545735.39 25468.10

1 Contingent Liability contain Rs.1310 Lacs due to non-fulfillment of the provisions of minimum guranted quantity of export since 2007-08. The Port Authorities of Haldia Dock Complex auctioned the stock of Iron Ore fines to the tune of 15569.68 M.T. to liquidate their dues towards demurrage imposed on OMDC by Port Authorities as on 15.12.2009.The value of the stock as on the date of disposal was Rs. 122 Lacs. Though Port Authorities have not raised any demand for any demurrage but they have retained the sale proceeds of said stock of Iron ore towards settlement of their claim for demurrage, rent etc. however no claim papers against the Company have been submitted.

2 Claims against the Company not acknowledged as debts of Rs. 544425.39 lacs includes demand received from DDM, Joda circle towards recovery under Sub Section (5) of Section 21 of Mines & Minerals(Development & Regulation) Act, 1957 for Rs. 539539.24 Lacs (Previous Year Nil) towards price of minerals alleged to be raised without lawful Authority in respect of Six Mines. Against the above demand the Company has filed application for stay order with Revisional Authority,Ministry of Mines, Govt. of India.

Pursuant to the amendments of the Orissa Land Reforms Act, the Sub-Collector, Champua had served a Notice against the Company for alleged unauthorized possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate but the appeal was not allowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Hon''ble High Court of Orissa to maintain the status quo about the possession of the land until further order. No specific liability could be ascertained.

A. Holding Company/Ultimate Holding Company /Fellow Subsidiary Company Ultimate Holding Company-

Rashtriya Ispat Nigam Limited

B. Parent Co/Associates/Group Companies & Joint Ventures:

Holding Company

Eastern Investments Limited.

Fellow Subsidiary Company Associates/Group Companies

The Bisra Stone Lime Company Limited.

C. Joint Venture Company

East India Minerals Limited.

D. Key Management Personnel

Dr. Satish Chandra Managing Director (w.e.f - 29.10.2009 to 15.07.2013 A.N)

Shri Umesh Chandra Managing Director (w.e.f -15.07.2013 A.N)

Shri P.K. Sinha Director(P& P) (w.e.f-04.02.2014 )

E. Enterprise over which Key Management Personnel have significant influence Scott & Saxby Limited.

The Karanpura Development Company Limited

3 Excess /Short found on physical verification

Stocks found excess in physical verification are not considered in the valuation of closing stock for the purpose of account. The value of the stock found excess on physical verification on 31.03.2014 was Rs. 6.74 Lacs. (Previous year 50.54 Lacs)

4 Cash and Bank Balances

Term Deposits with scheduled Banks shown under Cash and Bank balances (Note-15) include, Term Deposit Receipts for Rs. 280.72 lacs (Previous Year Rs. 155.64 lacs) pledged with banker against bank guarantee to IBM, Bhubaneswar for scheme of Mining including Progressive Mine Closure Plan with maturity period upto 1 year.

5 Balance Confirmation

During the year the Company has sent letters to the parties under Trade receivables/Payables and loans & advances for confirmation of balances, however, in most of the cases confirmation from parties have not been received.

6 Current Liabilities & Provisions

6.01 As per the information available with the Company, none of the agencies/enterprises from whom the Company procures goods or receives services are covered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence no disclosures thereof have been made.

6.02 A liability of Rs. 785.09 lacs (Previous Year- Rs. 100 /- Lacs) have been created in the books of account and charged off in the statement of Profit and Loss on the basis of judicial judgments against the company as a matter of prudence.

7 The accounts have been prepared on Going Concern Basis. All Mining Leases are at various stages of approval. Incase of two mines i.e. Kolha-Roida and Dalki, the consent to operate and environment clearance have been received. The Company is a profit making concern and having high positive networth.

8 Previous year''s figures have been re-grouped and rearranged wherever necessary to conform to this year''s classification.

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Mar 31, 2013

1.1 Stocks found excess in physical verification are not considered in the valuation of closing stock for the purpose of account. The value of the stock found excess on physical verification on 31.03.2013 was Rs.50.54 Lacs.(Previous year Rs.59.76 lacs)

1.2 Term Deposits with Scheduled Banks shown under Cash and Bank balances (Note-15) include, Term Deposit Receipts for Rs.155.64 lacs (Previous Year Rs.246.05 lacs) pledged with Banker against bank guarantee to Indian Bureau of Mines, Bhubaneswar for scheme of Mining including Progressive Mine Closures Plan with maturity period upto 1 year.

1.3 BALANCE CONFIRMATION

During the year the Company has sent letters to the parties under Trade Receivables/Payables and Loans and Advances for confirmation of balances, however, has not received in most cases confirmation from those parties.

2 CURRENT LIABILITIES & PROVISIONS

2.1 As per the information available with the Company, none of the Agencies/Enterprises from whom the Company procures goods or receives services are covered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence no disclosures thereof have been made.

2.2 A liability of 7100 /- Lacs has been created in the books of accounts and charged off in the Statement of Profit and Loss Account on the basis of judicial judgments of different Courts against the company as a matter of prudence.

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Mar 31, 2012

Note 1.01: Related Party Disclosure

LIST OF RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS etc.

A. Holding Company/Ultimate Holding Company /Fellow Subsidiary Company Ultimate Holding Company-

Rashtriya Ispat Nigam Limited

A. Parent Co/Associates/Group Companies & Joint Ventures :

Holding Company

Eastern Investments Limited.

Fellow Subsidiary Company Associates/Group Companies

The Bisra Stone Lime Company Limited.

B. Joint Venture Company

East India Minerals Limited.

C. Key Management Personnel

Dr. Satish Chandra Managing Director (w.e.f 29.10.2009)

D. Enterprise over which Key Management Personnel have significant influence

Scott & Saxby Limited.

The Karanpura Development Company Limited

1. FIXED ASSETS:

1.1 In this Year, the Company has changed its Accounting Policy of method for charging of depreciation on fixed Assets from WDV method to SLM as provided in Schedule XIV of the Companies Act, 1956 giving effect from last 20 Years. The Change in the above Accounting policy has resulted in a surplus of Rs.1141.39 Lakhs relating to the previous years i.e. upto the year ended 31.03.2011. Consequently the Net Profit for the current year is higher by Rs.1141.39 Lakhs. The said surplus amount of Rs.1141.39 Lakhs have been set off against the current year Depreciation of Rs.1004.74 Lakhs and the net effect of Rs.136.65 Lakhs (Rs.1141.39 Lakhs - Rs.1004.74 Lakhs) has been credited to Statement of Profit & Loss for the year ended 31.03.2012. Had the company followed the WDV method of depreciation accounting, the charge for the current year would have been higher by Rs.111.66 Lakhs.

1.2 As per the report dated 15/05/2012 of physical verification of fixed assets done by CA firm an amount of Rs.129.20 lacs has been charged off as Loss in Profit & Loss Account on account of Impairment of assets.

1.3 The company made a payment of Rs.275.00 Lacs and admitted a liability on account of interior and modeling work for Rs.57.29 Lacs for Delhi office which is situated in SCOPE Minar New Delhi for an office space measuring about 2500 sq. ft. These amounts have been shown under short term Loans & advances (Note No. 16). Depreciation or Amortisation will be considered from next year.

2. CURRENT ASSETS, LOANS & ADVANCES.

2.1 INVENTORIES

2.1.1 Quantities of Closing Stock have been taken as per the physical verification done by an outside agency.

Note:

(i) Figures in brackets are for previous year.

(ii) Closing stock of Iron ore does not include the estimated 12,15,000 MT of sub-grade material as per departmental physical verification as on 31.03.2011.

(iii) Figures of closing stock are after adjustment for shortages found as per physical verification.

(iv) The Cost or Sale price, whichever is lower, is considered for valuation of closing stock as on 31.03.2012.

(v) Where physical stock is more than book stock, book stock is considered for valuation of stock. However Surplus stock is valued at Rs.1/- per LOT for the Surplus stock available as on date of closing.

2.1.3 Stocks found excess in physical verification are not considered in the valuation of closing stock for the purpose of account. The value of the stock found excess on physical verification on 31.03.2012 was Rs.59.76 Lacs.

2.1.4 The Excise duty for Rs.2.81 Lacs payable on finished stock in hand as on 31.03.2012 has not consid- ered in valuation of closing stock.

2.2. CASH AND BANK BALANCES

2.2.1 Term Deposits with scheduled Banks shown under Cash and Bank balances (Note-15) include, Term Deposit Receipts for Rs.441.20 lacs (Previous Year Rs.391.41 lacs) pledged with banker against bank guarantee to IBM, Bhubaneswar for scheme of Mining including Progressive Mine Closure Plan.

2.2.2 Considering the Liability for unpaid dividend as on 31.03.2012, an amount of Rs.10.76 Lacs was found less in dividend Bank A/c with State Bank of India, Bikash Bhawan, Salt Lake, Kolkata which is under process of reconciliation.

2.3 Loans & Advances

Steps have been taken for recovery of advances paid towards Income Tax aggregating to Rs.3877.45 Lacs included under short term Loans & advances.

2.4 BALANCE CONFIRMATION

2.4.1 For a substantial portion of Trade receivables, Trade payable and Contractor's balance; letters seeking confirmation of balances although sent have not been confirmed.

2.4.2 The Company has not been able to obtain balance confirmations from the parties under trade payables and trade receivables.

3 CURRENT LIABILITIES & PROVISIONS

3.1 As per the information available with the Company, none of the agencies/enterprises from whom the Company procures goods or receives services; are covered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence no disclosures thereof have been made.

3.2 A liability for loss of Rs.869.96 Lacs has been created in the books of accounts and charged off in Profit and Loss account on the basis of judicial judgments of different Courts.

3.3 The following balances lying as unpaid liability(Under trade payables) are under dispute hence they were not paid or adjusted :

i. VAT credit refundable to customers since 2004-05 Rs.5.16 Lacs.

ii. Interest claimed on PF payment not admitted Rs.1.27 Lakhs.

4. CONTINGENT LIABILITIES Contingent Liabilities not provided for

(Rs. In Lacs)

Current Year Previous Year

Claims Not acknowledged as debt

I. Suits against the Company 23904.65 28395.00

II. Sales Tax/ Income Tax, Excise etc. 25.09 24.00

III. Others 1920.28* 2183.00

* Contingent Liability contain Rs.1310 Lacs due to non-fulfillment of the provisions of minimum granted quantity of export since 2007-08, the Port Authorities of Haldia Dock Complex have auctioned the stock of Iron Ore fines to the tune of 15569.68 M.T. to liquidate their dues towards demurrage imposed on OMDC by Port Authorities as on 15.12.2009.The value of the stock as on the date of disposal was Rs.122 Lacs. Though Port Authorities have not raised any demand for any demurrage but they have retained the sale proceeds of said stock of Iron ore towards settlement of their claim for demurrage, rent etc. however no claim papers against the company have been submitted.

Further, contingent liability contains Rs.873 Lacs in respect of payment of Regional Wildlife Management Plan related to 2009; out of which Rs.262.72 lacs has been paid in current year and the balance amount has not been acknowledged by the company and the company filed suit.

Pursuant to the amendments of the Orissa Land Reforms Act, the Sub-Collector, Champua had served a Notice against the Company for alleged unauthorized possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate but the appeal was not allowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Hon'ble High Court of Orissa to maintain the status quo about the possession of the land until further order

5. EMPLOYEES RETIREMENT BENEFITS

i) General Description of defined Benefit Scheme -

a) Gratuity : Payable on separation @ 15 days pay for each completed year of service to eligible employees who render continuous service of 5 years or more. Maximum amount in the case of separation is Rs. 10 lacs for each Employees. The gratuity is being covered under "Group Gratuity cum Life Insurance Scheme" with LIC of India and the provision on account of gratuity is being made as per the actuarial valuation.

b) Leave Encashment : (i) Earned Leave: Payable if encashment of leave is applied for during the tenure of service of employee and on separation to eligible employees who have accumulated earned leave. Maximum accumulated leave 300 days is encashable at the time of separation. Liability of Leave salary is provided on the basis of actuarial valuation as per AS-15 (Revised,2005).

(ii) Half Pay Leave: Payable if encashment of leave is applied for during the tenure of service of employee and on separation to eligible employees who have accumulated Half pay leave. Maximum accumulated leave 180 days is encashable at the time of separation. Liability of Leave salary is provided on the basis of actuarial valuation as per AS-15 (Revised, 2005).

(c) Superannuation Benefit: The Company pays fixed contribution @13% on (Basic IDA) on a/c of Superannuation fund only for the executives. This is deposited with a separate trust maintained by The Orissa Minerals Development Company Limited, which invests the fund in permitted securities.

The superannuation benefit at the rate of two-third of the total accumulated contribution is payable to the executives on separation from the Company. The balance one-third of the benefit is payable to such executive in annuity form. The company has no other liabilities apart from its contribution to the fund.

(d) Provident Fund : Head Office Employee

Company pays fixed contribution to Provident Fund, at predetermined rates, to a separate trust i.e. The Orissa Minerals Development Company Limited Provident Institution, which invests the Funds in permitted securities. On Contribution, the trust is required to pay a minimum rate of interest, to the members, as specified by Govt. of India. The obligation of the company is limited to the shortfall in the rate of interest on the Contribution based on its return on investments as compared to the declared rate.

Mines Employee

Company pay fixed contribution of Provident Fund at the rate of 12% on (Basic IDA) to RPFC.

The company has been taking necessary steps with the RPFC authority to merge the fund of H.O. employee to the RPFC, however due to some regulatory restriction the same could not be maintained as yet.

6. In view of the nature of operation, direct allocation of expenses and Capital employed between Iron ore and Manganese could not be determined. Hence the expenses and capital employed has been allocated in the ratio of 90:10.However, with respect to Sponge iron actual expenses are allocated.

7. Disclosure regarding related parties for the year 2011-12

OTHER RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, etc.

i) Key Management Personnel:

a) Dr.Satish Chandra (from 29.10.09 A.N) Managing Director

ii) Employees' Benefit Plan where there is significant influence:

a) The Orissa Mineral Limited Employees Gratuity Fund.

b) The Orissa Minerals Development Company Limited Superannuation Fund.

c) The Orissa Minerals Development Company Limited Provident Institution

8. Previous year's figures have been re-grouped and rearranged wherever necessary.

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Mar 31, 2011

1. Contingent Liabilities not provided for :-

(Rs. In Lacs)

Current Year Previous Year Claims Not acknowledged as debt

I. Suits against the company 28395.00 26820.00

II. Sales Tax/Income Tax etc. 24.00 917.00

III. Others 2183.00* 1310.00

*Contingent Liability contain 1310 Lacs due to non-fulfilment of the provisions of minimum granted quantity of export since 2007-08, the Port Authorities of Haldia Dock Complex have auctioned the stock of Iron Ore Fines to the tune of 15569.68 M.T. to liquidate their dues towards demurrage imposed on OMDC by Port Authorities as on 15.12.2009.The value of the stock as on the date of disposal was Rs. 122 Lacs. Though Port Authorities have not raised any demand for any demurrage but they have retained the sale proceeds of said stock of Iron ore towards settlement of their claim towards demurrage, rent, however there is no claim against the company.

There was a demand in 2009 for Rs. 873 Lacs regarding Regional Wildlife Management Plan, which was not acknowledged by the company as it was not tenable in the eye of Law.

2. Pursuant to the amendments of the Orissa Land Reforms Act, Sub-Collector, Champua had served a Notice against the Company for alleged unauthorised possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate. The appeal was not allowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Hon'ble High Court of Orissa to maintain the status quo about the possession of the land until further order.

3. Lease Matters

a) Status of grant of renewal of mining lease of area totaling 4365.262 hectres including lease rights granted to erstwhile Bharat Process and Mechanical Engineers Ltd. (BPEML), which is under liquidation covering 2068.272 hectre is detailed below :

LEASE AREA

STATUS

Thakurani Iron & Mn. Mines (1546.55 hects.) M/s. B.P.M.E.Ltd (Revised RML application submitted over 778.762 hects.)

The validity of 2nd RML period was up to 30.09.2004. 3rd RML application was filed 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 due to suspension order issued by state Forest Department and IBM. The suspension order by IBM was lifted on 17/09/2010.We have deposited an amount of Rs.26,00,11,370/- towards NPV as per Hon'ble Supreme Court's directive following CEC recommendations. The State Forest Dept. has permitted for operation in non forest only on 17/09/2010. by lifting the suspension order. The FDP and TWP in respect of the lease hold area is under process in the office of the Regional Chief Conservator of Forest, Raurkela. However,

DDM, Joda categorically seeking environmental clearance in respect of the area so as to allow for working in the non forest area only. Accordingly work could not be resumed over the area. The TOR in respect of the leasehold area has been duly accepted by EAC of MOEF, GOI. The EIA and EMP report has already been submitted with OSPCB. The Public Hearing for environment clearance scheduled on 25.02.2011 was conducted successfully.

Dalki Mn. Mines (266.77 Hects.) M/s. B.P.M.E.Ltd

Lease period expired on 30.09.1994. The 3rd RML application filed for 20 years w.e.f 01.10.1994. The forest clearance obtained from MOEF, Govt. of India is valid up to 30.09.2014.The mining operation has been 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 14/05/2010 setting aside the rejection order of the state Govt. and directed to maintain the status quo prior to rejection order. The Office of the Director of Mines has given its views on the subject which is pending with Dept. of Steel and Mines, Govt. of Orissa. The application for obtaining Environment Clearance in view of enhancement of production and renewal of mining lease is under process. The Public Hearing for environment clearance on 25/02/2011 was conducted successfully.

Kolha Roida Iron & Mn. Mines (254.952 hects.) M/s.

B.P.M.E.Ltd.

The lease period expired on 14/08/1996. The 3rd RML application was filed for 20years w.e.f 15.08.1996. The Forest Clearance is valid up to 14.08.2016. The mining operation had been stopped after rejection of RML application by the State Govt. vide order No. III(A)/SM-14/03-16733 dated 16.11.2006. The Revision Application filed with Central Tribunal has been disposed off on dated 02.02.2009 setting aside the rejection order directing the state Govt. to maintain the status quo prior to the rejection order which was duly complied by Steel & Mines Dept. Govt. Of Orissa on dated 21.01.2010. On receiving the aforesaid order necessary steps are being taken to restore mining operation. The matter regarding resumption of mining activity in the lease hold area has been disposed off by Hon'ble high court, Orissa with a clear directive to take up the same by fresh tendering. However, DDM, Joda is insisting for our environmental clearance for commencement of mining operations. The application for obtaining environmental clearance for enhancement of production and renewal of mining lease is under process in MOEF, Govt. Of India and Public Hearing for the purpose was conducted on 03.11.2010 successfully. 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.

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 for 20 years w.e.f 16.08.2006. The application has been duly recommended by Collector, Keonjhar & Director of Mines, Orissa. Same is under process in the department of Steel & Mines, Govt. 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 in the office of DFO Keonjhar, The required non forest land/degraded forest land for compensatory Afforestation have been identified under Telkoi Tahsil and allotted in our favour. 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 on 25/02/2011 was conducted successfully.

Bagiaburu Iron Mines (21.52 hects.) M/s. O.M.D.Co.Ltd

The lease period of expired on 30.09.2010. The forest clearance co-terminus with lease period also expired on 30.09.2010. The RML application under M C Rule, 1960 & F C Act 1980 has been filed with in the stipulated time and the same is under process in the office of the collector. Keonjhar & DFO Keonjhar respectively. The required non forest land has already been allotted in our favour. The FDP & TWP has been forwarded by DFO, Keonjhar to RCCF, Raurkela by DFO Keonjhar. The NPV amount of Rs. 32,39,010/- has been deposited with DFO Keonjhar in compliance to the Hon'ble supreme Court direction following CEC recommendations. The Public Hearing for environment clearance on 25/02/2011 was conducted successfully.

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 co-terminus with lease period also expired on 30.09.2010. The RML application under M C Rule, 1960 & F C Act 1980 has been filed with in the stipulated time and the same is under process in the office of the collector. Keonjhar & DFO Keonjhar respectively. The required non forest land/degraded forest land for Compensatory Afforestation have been identified under Telkoi Tahsil and on verification & recommendation by the Forest & Revenue department of the district, same shall be allowed in our favour. The NPV amount of Rs. 12,79,37,610/- has been deposited with DFO Keonjhar in compliance to the Hon'ble supreme Court direction following CEC recommendations. The application for obtaining environment clearance for enhancement of production and renewal of mining lease is under process in MOEF, Govt. Of India. The public hearing to this effect was conducted on dated 03.11.2010 successfully.

b) The accounts has been prepared on Going Concern Basis, all Mining Lease are various stages of approval.

4. In terms of the Memorandum of Understanding (MOU) dated 24.04.1992 between the Company and Usha Rectifier Corporation (I) Limited (now Usha India Limited) and an agreement dated 04.10.1993 between the Company and East India Minerals Limited (EIML), the Joint Venture Company (JVC), certain facilities in the form of land for construction of plant, railways siding etc. were provided to EIML on right to use basis, initially for a period of 20 years depending upon the leasehold rights of the company, as consideration towards of 26% of the paid up equity shares of the JVC. As per the terms of the MOU as well as the agreement, permission for mining in the leasehold areas was also extended to the JVC against establishment charges to be paid by them for such permission, Necessary charges payable by EIML in this regard has been taken into income as establishment charges. Minerals raised by EIML in terms of the said arrangement NIL M.T. (Previous Year 2,04,158 M.T.) however has not been included to arrive at Company's production and therefore not shown under quantitative information vide para 9A below.

5. Dividend received during the year Rs. NIL (Previous Year Rs.281Lacs) from the Joint Venture Company (EIML) upto 31.03.2011.No further dividend has been declared by EIML.

6. Disclosures, as required under Accounting Standard (AS) – 15 (revised ) on 'Employee Benefits', in respect of defined benefit obligations are :

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favorable than the provisions of the Payment of Gratuity Act, 1972. The scheme is funded with Life Insurance Corporation of India in form of "Group Gratuity cum Life Insurance Scheme".

The Company also extends benefit of compensated absences to the employees, whereby they are eligible to carry forward their entitlement of earned leave and half pay leave for encashment. This is an unfunded plan.

The following tables summaries the components of net benefit/ expense recongnised in the profit and loss account and balance sheet for the respective plans.

7. Retirement and Other Employee Benefits : Defined Contribution Plan:

Superannuation Benefit : Payable on separation to eligible executives of the Company. This fund is also being managed by the LIC of India as per scheme. The Company makes annual contribution to the fund and apart from this the Company has no liability whatsoever on this account.

8. STOCK ANALYSIS

The Closing Stock of Iron Ore includes sub grade stock of estimated 12,15,000 MT based upon Physical Verification conducted by the company as on 31.03.2011. The same is subject to third party verification and any variation on such verification shall be accounted for in the current year. The said material was not accounted for earlier as the same was considered unsalable and has now been taken into account due to emerging market for sub-grade.

The Closing Stock of Manganese Ore includes 13143 MT surplus (Old Stock Retrieved) as compared to Book Records based upon Physical Verification as on 31.03.2011 conducted by third party appointed by the company.

The Closing Stock of Iron Ore includes 19379 MT surplus (Old Stock Retrieved) as compared to Book Records based upon Physical Verification as on 31.03.2011 conducted by third party appointed by the company.

The Closing Stock of Sponge Iron includes 298 MT surplus (Old Stock Retrieved) as compared to Book Records based upon Physical Verification as on 31.03.2011 conducted by third party appointed by the company.

The stock is valued at Cost or Net Realisable Value which over is lower.

9. (a) Outstanding balances in respect of Sundry Debtors, Loans and Advances (including balances from associate companies), Sundry Creditors, Advance from Customer Security Deposits etc. are subject to confirmation/ reconciliation and consequential adjustments if any.

(b) As per the information available with the Company, none of the parties from whom the Company procures goods or receives services are enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence no disclosures thereof have been made.

10. As per practice followed by the company, dividend amount deposited with the bank is discharged through warrants/ECS/Bank drafts, the amounts involved are directly debited at the time issuing such drafts, however drafts, if any remaining un-encashed at the end of the year could not be ascertained and balances remaining in the concerned bank accounts are reflected as unpaid dividend balances.

11. The Company has made provision and expenditure as per guidelines of Central Government towards CSR Programme and incurred expenses of Rs.198.07 Lacs for 2009-10 and for 2010-11 Rs.46.00 Lacs.

12. Restructuring of OMDC

(i) As communicated by the Ministry of Steel, Government of India vide their letter no. 8(14)/2007- RMII (Pt.File)(Vol III) dated 30.09.2009, the Union Cabinet in their meeting held on 10th September, 2009 has approved the 'Restructuring Scheme' of Bird Group of Companies including The Orissa Minerals Development Company Ltd. (OMDC). The said Restructuring Scheme has also been approved by the Board as well as Shareholders of the company.

(ii) As per approved Restructuring Scheme, Eastern Investments Limited (EIL) has acquired additional 96219 number of equity shares of OMDC from President of India & LICI. With such additional acquisition of shares the total holding of EIL in OMDC has gone up to 3,00,089 Equity Shares (50.01%) and thus, OMDC became a subsidiary Company of EIL w.e.f. 19th March, 2010.

(iii) EIL being a Government Company, by virtue of the holding of Government of India in EIL to the tune of 66.79% of its total paid up capital, OMDC also becomes a Government Company being subsidiary of EIL as per provision of Section 617 of the Companies Act, 1956.

(iv) In accordance with the approved Restructuring Scheme, the employees of the Sister Concerns i.e. Karanpura Development Co. Ltd. (KDCL) and Scott & Saxby Limited (SSL) had been adjusted in OMDC. As per approval of the Board, the expenses for implementation of the approved Restructuring Scheme, as a whole, is being incurred by the Company for its Sister Concerns. During the financial year 2010-11, the Company has incurred Rs. 6.52 lacs (Rupees Six lacs fifty two thousand only) under the said allotment and the same has been debited to Profit & Loss Account.

13. For Obtaining Forest Clearance for mining leases, NPV amounting Rs. 8174.60 Lacs has been deposited with District Forest Officer as per terms of MOEF. The said amount has been capitalised during the Year. The amount is to be amortised over the remaining period of the Forest Clearance from the date of payment. Accordingly the total amount amortised during the year is Rs. 1917.51 Lacs which includes Rs. 199 Lacs in respect of the period before 01.04.2010.

14. The Company has provided Rs. 286.56 Lacs (P.Y Nil) for Site Reclamation Fund during the Year.

15. The Company has provided in the Accounts of Rs 825 Lacs (P.Y Nil) for Salary and Wages revision during the Year for which the approval of the Government is awaited.

17. Impairment of Asset has been carried out during the year resulting in impairment loss of 105.94 lakhs.

18. The Company has given advance to a Public Sector Undertaking for office premises at NewDelhi of Rs.275.00 Lacs( P Y Nil) which has not been capitalized as Registration is pending.

19. The capital commitment of the Company is Rs. 95 Lacs (Rs.218 Lacs).

20. Consequent upon observation of the Statutory Auditor and the Comptroller & Auditor General of India during the course of audit under section 619(4) of the Companies Act, 1956 on the Accounts of the Company for the year ended 31st March, 2011 as adopted by the Board of Directors on 27th May, 2011 and Auditor's Report dated 27th May, 2011 certain changes have been made in the Accounts and Notes on Accounts. These changes have resulted in decrease in Profit after Tax by Rs. 1440.15 lacs, decrease in current liabilities and provisions by Rs.1009.02 lacs, decrease in current assets by Rs. 2143.31 lacs, decrease in net fixed assets by Rs. 96.74 lacs and increase in contingent liability of Rs 873 lacs.

21. Previous year's figures have been re-grouped and rearranged wherever necessary.

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Mar 31, 2010

01. Contingent Liabilities not provided for :-

(Rs. In Crore)

Current Year Previous Year

Claims Not acknowledged as debt

I. Suits against the company 268.20 268.20

II. Sales Tax/Income Tax etc. 9.17 9.17

III. Others 13.10 -

02. Pursuant to the amendments of the Orissa Land Reforms Act, Sub-Collector, Champua had served a Notice against the Company for alleged unauthorized possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate. The appeal was not allowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Honble High Court of Orissa to maintain the status quo about the possession of the land until further order

03. Lease Matters

Status of grant of renewal of mining lease of area totaling 4365.262 hectres including lease rights granted to erstwhile Bharat Process and Mechanical Engineers Ltd. (BPMEL), which is under liquidation covering 2068.272 hectre is detailed below :

a) 1546.55 hectre (BPMEL-Thakurani) : The 2nd RML period expired on 30.09.2004. Renewal application filed for 20 years w.e.f. 01.10.2004. The application is under process in the Steel & Mines department, Govt of Orissa. The Mining Operation has been stopped due to suspension order issued by l.B.M. & State forest dept. The renewal application for forest diversion proposal is under process in the Office of D.F.O, Keonjhar.Application for grant of Temporary Working Permission is under process in the Forest Dept. The application for obtaining Envt. Clearance for enhanced production is under process in MOEF, Govt. of India.

b) 266.77 hectre (BPMEL-Dalki) : Lease period expired on 30.09.1994. Renewal application filed for 20 years w.e.f. 01.10.1994. The forest clearance obtained from MOEF, Govt. of India is valid upto 30.09.2014. The mining operation has been stopped after rejection of RML application by the State Govt. vide letter No. 12764/SM dtd. 24.08.2006. The revision application & stay petition filed with Ministry of Mines, Govt. of India. The hearing on stay petition has been completed on 26.03.2007. GovL of India, Ministry of Mines has passed an interim stay order on the operation of the impugned order dated 24.08.2006 passed by the State Govt. rejecting the 3rd RML application till disposal of the revision application which is pending with the central tribunal. The application for obtaining Envl. Clearance for enhanced production is under process in MOEF, Govt. of India.

c) 254.952 hectre (BPMEL-Roida) : The lease period expired on 14.08.1996.The renewa application filed for 20 years w.e.f. 15.08.1996.The forest clearance granted is valid up to 14.08.2016. The Mining operation has been stopped after rejection of RML application by the State Govt. .The revision application has been disposed off by the State Govt. setting aside the impugned order No. III(A)/SM-14/03-16733 dtd. 16.11.2006 of the State Govt. directing to maintain the status quo operating prior to the date of passing of the impugned order.On receiving the aforesaid order necessary steps are being taken to restore the Mining operation. Mining operation is likely to resume in May 2010. The application for obtaining Envt. Clearance for enhanced production is under process in MOEF, Govt. of India.

d) 1276.79 hectre (OMDC-Belkundi) : Lease period expired on 15.08.2006. The renewa application filed for 20 years w.e.f. 16.08.2006. The application has been duly recommended by Collector, Keonjhar & Director of Mines, Orissa. Same is under process in the departmen of Steel & Mines, Govt. of Orissa. The forest clearance was co-terminus with lease period ending 15.08.2006. Application for renewal of forest diversion proposal is under process in the office of D.F.O. Keonjhar. The Mining Operation has been stopped due to suspension order issued by State Forest Dept.. Application for grant of Temporary Working Permission is under process in the Forest Dept. The application for obtaining Envt. Clearance for enhanced production is under process in MOEF, Govt. of India.

e) 21.52 hectre (OMDC-Bagiaburu) : The lease period valid up to 30.09.2010. The fores clearance is co-terminus with lease period ending 30.09.2010. At present the mine is in operation within broken-up forest land. The RML application under M.CRule 1960 & F.CAc 1980 has been filed before the stipulated date. The application for obtaining Envt. Clearance for enhanced production is under process in MOEF, Govt. of India.

f) 998.70 hectre (OMDC-Roida) : The lease period valid up to 30.09.2010. The forest clearance is co-terminus with lease period ending 30.09.2010. The mining operation is continuing within broken up forest area and non-forest area. The RML application under M.C.Rule 1960 & F.CAc 1980 has been filed before stipulated date . The application for obtaining Envt. Clearance fo enhanced production is under process in MOEF, Govt of India.

04. In terms of the Memorandum of Understanding (MOU) dated 24.04.1992 between the Company and Usha Rectifier Corporation (I) Limited (now Usha India Limited) and an agreement dated 04.10.1993 between the Company and East India Minerals Limited (EIML), the Joint Venture Company (JVC) certain facilities in the form of land for construction of plant, railways siding etc. were provided to EIML on right to use basis, initially for a period of 20 years depending upon the leasehold rights of the company, as consideration towards of 26% of the paid up equity shares of the JVC. As per the terms of the MOU as well as the agreement, permission for mining in the leasehold areas was also extended to the JVC against establishment charges to be paid by them for such permission, Necessary charges payable by EIML in this regard has been taken into income as establishment charges. Minerals raised by EIML in terms of the said arrangement 2,04,158 M.T. (Previous Year 5,15,968 M.T.) however has not been included to arrive at Companys production and therefore not shown under quantitative information vide para 9A below.

05. Dividend received during the year Rs.2.81crore (Previous Year Rs.1.41 crore) from the Joint Venture Company (EIML) upto 31.03.2010.No further dividend has been declared by EIML.

06. (a) Outstanding balances in respect of Sundry Debtors, Loans and Advances (including balances from associate companies), Sundry Creditors, Advance from Customer Security Deposits etc.are subject to confirmation/ reconciliation and consequential adjustments if any.

(b) The Company does not have any Sundry Creditors due more than 100 thousands and remaining outstanding for more than 30 days. Current Year NIL (previous year-NIL) for SSI unit.

07. As per practice followed by the company, dividend amount deposited with the bank is discharged through warrants/ECS/Bank drafts, the amounts involved are directly debited at the time issuing such drafts, however drafts, if any remaining un-encashed at the end of the year are reflected as unpaid dividend balances.

08. The amount outstanding for forest clearance Rs.13.18 crore (P.Y. Rs. 13.18 Crores) has been kept as Security Deposit subject to the approval of mining lease renewal obtained from State Government.

09. The Company has made expenditure as per guidelines of Central Government towards CSR Programme and incurred Rs.0.25 Crore.

10. Restructuring of OMDC

(i) As communicated by the Ministry of Steel, Government of India vide their letter no. 8(14)/2007- RMII(Pt.File)(Vol III) dated 30.09.2009, the Union Cabinet in their meeting held on 10th September, 2009 has approved the ‘Restructuring Scheme of Bird Group of Companies including The Orissa Minerals Development Company Ltd. (OMDC). The said Restructuring Scheme has also approval of the Board as well as Shareholders.

(ii) As per approved Restructuring Scheme, Eastern Investments Limited (EIL) has acquired additional 96219 number of equity shares of OMDC from President of India & LICI. With such additional acquisition of shares the total holding of EIL in OMDC has gone up to 3,00,089 Equity Shares (50.01%) and thus, OMDC became a subsidiary Company of EIL w.e.f. 19th March, 2010.

(iii) EIL being a Government Company, by virtue of the holding Government of India in EIL to the tune of 66.79% of its total paid up capital, OMDC also becomes a Government Company being subsidiary of EIL as per provision of Section 617 of the Companies Act, 1956.

(iv) In accordance with the approved Restructuring Scheme, the employees of the Sister Concerns i.e. The Karanpura Development Co. Ltd. (KDCL) and Scott & Saxby Limited (SSL) had been adjusted in OMDC. As per approval of the Board, the expenses for implementation of the approved Restructuring Scheme, as a whole, is being incurred by the Company for its Sister Concerns. During the financial year 2009-10, the Company has incurred Rs. 36.19 lacs (Rupees thirty six lacsand nineteen thousand only) under the said allotment and the same has been debited to Profit & Loss Account.

11. In the current year, the Company had written down the value of certain Plant and Machinery by Rs. 0.13 Crores. This amount is disclosed in the Profit and Loss Account under Impairment Loss.

12. The capital commitment of the Company is Rs. 2.18 Crores.

13. Previous years figures have been re-grouped and rearranged wherever necessary.