To The Members of MMTC Limited 
 
 On behalf of Board of Directors, I have pleasure in presenting 49th
 Annual Report on the performance of your company for the financial year
 ended 31st March 2012 along with audited statements of accounts and
 Statutory Auditor''s Report.
 
 RESULTS OF OPERATIONS
 
 Your company, currently holding the no. 1 rank amongst trading
 companies in India, recorded a business turnover of Rs. 659,291 million
 during 2011-12 as against the business turnover of Rs.688,545 million
 registered last fiscal. This business turnover includes Exports of Rs.
 20,454 million, Imports of Rs. 610,418 million and domestic trade of
 Rs. 28,419 million. The other trade related earnings contributed
 Rs.3,958 million. The trading profit earned by your Company stood at
 Rs.2,766 million as against Rs 3,300 million during last fiscal. The
 net profit earned by your company during 2011-12 amounted to Rs. 707
 million.
 
 The highlights of the Company''s performance during 2011-12 are as
 below: -
 
                                                   (Rs in Millions)
 
                                           2010-11          2011-12
 
 Net Sales/Trade Earnings                690,560.02       663,248.84
 
 Cost of Sales                           687,260.02       660,482.84
 
 Trading Profit                            3,300.00         2,766.00
 
 ADD: Dividend and other Income              327.05           811.94
 
 Less: Establishment & 
 Administrative Overheads,etc              2,181.03         2,383.44
 
 Less: Debts/Claims Written off                0.92             1.34
 
 Less: Provisions for Doubtful Debts/        229.39           114.10
 
 Claims/Investments
 
 Profit Before Interest, Dep., 
 Prior Period & Taxes                      1,215.71         1,079.06
 
 Add: Interest Earned (Net)                  821.96           693.91
 
 Profit Before Dep., Prior 
 Period & Taxes                            2,037.67         1,772.97
 
 Less: Depreciation                          123.42           120.03
 
 Less: Prior Period Adjustment                15.22          (109.26)
 
 Profit Before Taxes and 
 extra ordinary items                      1,899.03         1,762.20
 
 Less: Adhoc Provision
 (Extraordinary item)                         0.00          1,002.05
 
 Less: Provision for Current Taxes          791.42            432.40
 
 Less: Provision for Deferred Taxes        (108.82)          (379.47)
 
 Profit After Taxes                       1,216.43            707.22
 
 Add: Balance brought forward
 from the previous                        6,119.65          6,915.53
 year
 
 Balance
 
 Which the director have 
 appropriated as under to:
 
 (I) Proposed Dividend                      250.00            250.00
 
 (II) Dividend Tax                           40.55             40.56
 
 (III) General reserve                      130.00             75.00
 
 TOTAL
 
 Leaving a balance of to be 
 carried forward                          6,915.53          7,257.19
 
 The performance of different business groups of your Company is
 highlighted in the Management Discussions and Analysis Report, which is
 annexed and forms part of this Report.
 
 AWARDS & RANKINGS
 
 Following Awards and Rankings were conferred on your Company during
 2011-12:
 
 - MOU Excellence Award for 2009-10.
 
 - CAPEXIL''s award for Highest Export in Minerals and Ores Sector for
 the year 2010-11(20th time in a row).
 
 - DHL-CNBC-TV18 International Trade Award 2010-11, powered by ICRA.
 
 - EEPC India Gold Trophy (Top Exporter) for the year 2009-10.
 
 - EEPC India National Award for export excellence - Star Performer
 Award for the year 2010-11 in the product group of Basic Iron & Steel.
 
 - EEPC India (Northern Region) Award (Silver Trophy) for the year
 2010-11.
 
 - Dun & Bradstreet Rolta Corporate Awards 2011- Top Indian Company in
 the Trading sector amongst India''s Top 500 Companies 2011.
 
 - Dun & Bradstreet PSU Awards 2012- top Indian public Sector
 enterprises in the Trading sector.
 
 - Public Relations Society of India''s PRSI National Awards - 2011-
 second prize for Event Management for Festival of Gold organized by
 MMTC.
 
 - BT Star PSU Excellence Award 2012 for excellence in Corporate Social
 Responsibility.
 
 - 17th rank in BT 500 (publication of Business Today) amongst India''s
 most valuable companies
 
 - Trophy for commendable work done in the field of Rajbhasha under
 the aegis of Department of Commerce, MOC&I.
 
 EQUITY SHARE CAPITAL & DIVIDEND
 
 The Board of Directors recommends declaration of dividend @25% on the
 equity capital of Rs 1,000 million of the Company for the year 2011-12.
 
 RESERVES
 
 A sum of Rs. 12,797.35 million was available in the reserves and
 surplus of your Company as on 1st April 2011. Your Directors have
 proposed that out of Rs.416.66 million available out of the profits for
 the year 2011-12, after payment of dividend and tax thereon, an amount
 of Rs.75 million be transferred to General Reserves of the Company and
 balance profit of Rs.341.66 million be carried forward as retained
 profits. Accordingly an amount of Rs. 13,214.01 million shall be
 available in Reserves and Surplus of your Company as on 31st March
 2012.
 
 SUBSIDIARY COMPANY
 
 The wholly owned subsidiary of your Company - MMTC Transnational Pte.
 Ltd. Singapore (MTPL) was incorporated in October 1994 under the laws
 of Singapore with a share capital of USD 1 million. During the year
 2011-12, MTPL achieved business turnover of USD 708.65 million. The
 Profit after tax earned by MTPL during 2011-12 amounted to USD 1.87
 million. The net worth of MTPL stood at USD 15.21 million as on 31st
 March 2012. MTPL has so far paid total dividends of US$ 13.17 million
 as against capital of US$ 1 million contributed by your company besides
 multiplying its net worth by over 15 times since its inception.
 
 MTPL continues to enjoy prestigious Global Trader Programme (GTP)
 status awarded to it by International Enterprise, Singapore since FY
 2000
 
 Pursuant to the provisions of Section 212 of the Companies Act, 1956,
 the audited financial statements of MTPL together with Director''s
 Report & Auditor''s report are attached herewith.
 
 MMTC''S PROMOTED PROJECT-Neelachal Ispat Nigam Ltd. (NINL)
 
 Your company has set up Neelachal Ispat Nigam Limited (NINL) - an iron
 & steel plant of 1.1 million tonnes capacity, 0.8 million tonne coke
 oven and by product unit with captive power plant, jointly with Govt.
 of Orissa. The project has been granted Iron ore mining lease with an
 estimated reserves of 110 million tons. The phase-II of the Project
 (Steel making facilities) with an estimated cost of Rs.18,550 million
 is in the verge of completion & is likely to commence trial production
 shortly. During the year 2011-12, NINL achieved a sales turnover of
 Rs.20,558.06 million which includes export of 328,771 tonnes of pig
 iron worth Rs. 7,925.10 million, domestic sales of 247,429 tonnes of
 pig iron valued at Rs 6,527.20 million and 88,409 tonnes of BF coke
 valued at Rs. 2,358.30 million. During the year 2011-12 NINL generated
 a cash profit and net profit of Rs. 1,377.50 million and Rs. 294.50
 million respectively
 
 Future Projects/ Joint Ventures
 
 To evolve a new business model for taking advantage of new
 opportunities emerging in the free market environment, your company has
 promoted a number of joint ventures following the public- private
 partnership route. These value multiplier initiatives are briefed
 hereunder:
 
 (i) Your company had promoted a Commodity Exchange under the name and
 style of Indian Commodity Exchange Limited which commenced operations
 in November 2009. The said exchange has reported a net loss of Rs.
 25.56 crores during the fiscal ended 31.3.2012.
 
 (ii) Your company has participated in the equity of a Currency Futures
 Exchange under the name and style of United Stock Exchange of India
 Ltd. which deals in currency futures and options for pairs like
 rupee-dollar, rupee-yen, rupee-sterling pound and rupee-euro. The said
 Currency Futures Exchange has commenced operations in September 2010
 and has reported a loss of Rs. 4.57 crores for the year 2011-12 with a
 cumulative loss of Rs.37.84 crores
 
 (iii) Your company has joined hands with an international producer as a
 joint venture partner for setting up a gold/silver medallion
 manufacturing unit, which would also include a gold refinery as an
 integral part, under the name and style of MMTC-Pamp India Private
 Limited. The said medallion manufacturing unit has since commenced
 commercial production in April 2011. M/s MMTC-Pamp India Private
 Limited has reported a net loss of Rs. 22.05 crores during the fiscal
 ended 31.3.2012
 
 (iv) For effective marketing of the finished products from above unit,
 as well as jewellery from other sources, your company has set up in
 partnership with a leading Indian company, a chain of retail stores at
 various cities in India for medallions, jewellery and its homegrown
 brand of ''SANCHI'' silverware. Towards this end a special purpose
 vehicle (SPV) under the name and style of MMTC-Gitanjali Private
 Limited has been incorporated and retail outlets have already been
 opened in various cities/ towns in India. M/s MMTC-Gitanjali Private
 Limited has reported a net profit of Rs.0.12 crores during the fiscal
 ended 31.3.2012
 
 (v) Your company had set up a permanent berth with loading facilities
 for iron ore at Ennore Port jointly with SICAL and L&T Infrastructure
 Ltd. under the name and style of M/s. SICAL Iron Ore Terminals Limited
 (SIOTL). The berth is operationally ready since October 2010 but due to
 non- availability of iron ore for exports due to ban on exports of iron
 ore of Karnataka origin, the terminal has not been operationalized as
 yet. SIOTL has approached Ennore Port Ltd with a proposal to convert
 the facility from iron ore loading to coal unloading, who in turn have
 forwarded the proposal to Ministry of Shipping, Govt of India for its
 approval.
 
 (vi) Your company had participated in development of a deep draught
 iron ore loading berth at Paradeep Port (Orissa) jointly with Noble
 Group Ltd. and Gammon Infrastructure Projects Ltd.  under the name and
 style of M/s. Blue Water Iron Ore Terminal Private Ltd. The Paradeep
 port
 
 Trust has obtained the forest clearance for the project only in July
 2012 and has sought confirmation of BWIOTL for its acceptance. However
 in view of inordinate delay & consequential steep increase in the
 project cost, BWIOTL has decided to shelve the project and has sought
 approval of the same from all its shareholders.
 
 (vii) Towards investing in mining exploration your Company has set up a
 joint venture company with M/s. TATA Steel Ltd. under the name and
 style of TM Mining Ltd.(TMML) for exploration and development of mines
 for minerals, ferrous and non-ferrous ores, precious metals, diamonds
 and coal etc., both in India and abroad. The company is continuously
 making efforts to explore possibilities and studying various proposals
 to identify suitable mines for exploration, erecting related projects
 etc.
 
 (viii) To facilitate promotion of two-way trade, the SPV promoted by
 your Company in association with IL&FS has been allotted land to set up
 free trade and warehousing zones at Haldia and Kandla on lines similar
 to Special Economic Zones. To facilitate the same, process to induct
 strategic partner in the projects has been initiated.
 
 (ix) Your company has been allotted a coal mine in the Jharkhand State
 having estimated reserves of about 287 million tonnes. Prospecting
 license for the same has since been issued by the concerned authorities
 and the pre-feasibility study completed. The work of detailed
 exploration in conformity with Govt of India norms is being awarded
 shortly. Your company has also signed an MOU with M/s Singareni
 Collieries Ltd, (A Govt of India Enterprise) for joint mining of coal
 from the said coal block.
 
 INDUSTRIAL RELATIONS & HUMAN RESOURCE MANAGEMENT
 
 Cordial and harmonious industrial relations continued to prevail in
 your company with no man-days lost during the year. Regular meetings
 were held with the Unions / Associations/ Federation for attaining an
 amicable resolution of HR related issues to achieve Company''s goals and
 objectives.
 
 The aggregate manpower of the company as on 31st March 2012 stood at
 1,673, including four Board level executives, the balance comprising of
 603 Officers and 1,066 staff. This includes 18 officers, 168 staff /
 workers of erstwhile Mica Trading Company Ltd., which had been merged
 with your company pursuant to the orders of BIFR. While the composite
 representation of the total manpower consisted of women employees
 representing 19.44% (325 employees) of the total manpower, the
 representation of SC, ST, OBC & persons with disabilities (PWD) was to
 the extent of 21.54% (360 employees), 8.07% (135 employees), 2.03% (34
 employees) and 1.97% (33 employees) respectively. During the year 19
 officers were inducted through campus recruitment. Presidential
 Directives on reservations for SCs, STs, OBCs and PWD in services were
 followed fully in recruitment and promotion.
 
 Aiming towards further enhancing / upgrading the skills of employees in
 the constantly changing business scenario 979 employees were imparted
 training during the year in different spheres of company''s activities.
 This was done through programmes organized both with in-house expertise
 as well as external resources from renowned institutions /
 organizations. The employees deputed for training included 89 employees
 belonging to SC, 47 to ST and 153 women employees. In terms of man-days
 such training works out to 2,418 training man-days during the year
 2011-12.
 
 IMPLEMENTATION OF OFFICIAL LANGUAGE
 
 Your Company is committed to uphold Official Language Policy of the
 Government. During the year 2011-12, your company consistently strived
 to adhere and implement the Official Language Policy to meet the
 targets given in the annual programme issued by the Department of
 Official Language, Ministry of Home Affairs, govt. of India. Towards
 this and to promote usage of the Official Language by employees of the
 company, several programs in the form of Hindi Workshops, Hindi Week/
 Fortnight were organized at the Corporate Office and Regional Offices.
 
 During the year, the Company had the privilege of interacting with the
 Parliamentary Committee on Official Languages, which inspected your
 company''s Goa Regional Office whereat the Hon''ble Committee gave
 valuable suggestions with regard to the implementation of the Official
 Language Policy in MMTC.
 
 VIGILANCE
 
 Continuing to foster the goodwill & confidence stemming from value
 based business practices and strengthening the Company as a
 professionally managed, globally competitive & internationally reputed
 organization, the vigilance group of your company carried further its
 focus on preventive vigilance.  During the year regular inspections
 were conducted by vigilance & non-vigilance officers and based on the
 feedback received, corrective/ preventive measures were suggested.
 Special emphasis was also laid on updation of trade related drills/
 manuals and suggesting systemic improvements in the areas related to
 e-tendering, KYC norms, creation of price monitoring cell,
 implementation of integrity pact, whistle blower policy and preparation
 of vigilance manual
 
 During the year under report Vigilance group of your Company was also
 instrumental in organizing Vigilance Awareness Week in various
 offices of MMTC from 30th October 2011 to 5th November 2011 whereat
 stress was laid upon participative vigilance. ''Integrity Pact'' was
 adopted as the in house theme in MMTC during the Vigilance awareness
 week-2011.
 
 Your company has made an extraordinary ad-hoc provision of Rs 1,002.05
 million in the accounts for the year ended 31st March 2012 against
 amount recoverable from debtors pertaining to previous years arising on
 account of certain acts of commission and omission at your company''s
 Regional Office, Chennai relating to Bullion transactions. Your company
 has ordered a special audit for the years 2007-08 to 2010-11 which is
 being conducted through a firm of Chartered Accountants. A reference in
 the matter has been made to Central Vigilance Commission. A FIR has
 been filed by your company with CBI. Two separate cases no. RC MA1
 2012A 0024 and RC MA1 2012A 25 have been registered by the CBI in the
 matter. Also Directorate of Enforcement has registered an offence under
 Prevention of money Laundering Act 2002 against two ex- officials of
 MMTC and the debtors from whom the amounts are recoverable by your
 company.
 
 CORPORATE SOCIAL RESPONSIBILITY
 
 Your Company has been a constructive partner in the communities in
 which it has operated since its inception in 1963, embracing
 responsibility and encouraging a positive impact on the environment,
 communities, stakeholders and the society at large. However, Corporate
 Social Responsibility was adopted as a Corporate Policy in the year
 2006-07 which was subsequently aligned to the CSR Guidelines laid down
 by the Department of Public Enterprises in 2009-10. During 2011-12,
 your company''s CSR activities have been further aligned to the
 Millennium Development Goals laid down by the Govt of India which
 include eradication of extreme hunger and poverty, achieve universal
 primary education, promote gender equality and empower women, ensure
 environmental sustainability and develop a global partnership for
 development. During 2011-12, Rs.30.00 million and Rs.4.5 million were
 spent by MMTC Ltd on CSR and SD activities respectively.
 
 CORPORATE GOVERNANCE
 
 Corporate governance is an area of major significance not only to
 governments and business but to all who are affected by organizations
 in some way, whether as investors, directors, employees, suppliers,
 customers or the community in general. Your Company reposes its firm
 faith in continuous development, adoption and dedication towards the
 best corporate governance practices.
 
 A separate report on corporate governance along with Statutory Auditor
 certificate regarding compliance of the stipulations relating to
 corporate governance specified in clause 49 of the listing agreement(s)
 signed with stock exchanges is annexed to and forms part of this
 report.
 
 CODE OF CONDUCT
 
 Pursuant to Clause 49 (I)(D) of the Listing Agreement signed with Stock
 Exchanges, a detailed Code of Conduct for Board Members and Senior
 Management Personnel has been laid down and hoisted on the website of
 your company. All Board Members and Senior Management Personnel, except
 one General Manager (under suspension) on the regular rolls of the
 company as on 31st March 2012, to whom the said Code is applicable have
 affirmed compliance of the same for the period ended 31st March 2012.
 The said defaulting official has since been removed from the services
 of MMTC.
 
 PUBLIC DEPOSIT SCHEME
 
 As on 1st April 2012, there were no outstanding public deposits and the
 company did not invite/ accept any public deposit during the year ended
 31st March 2012.
 
 STATUTORY AUDITOR''S REPORT
 
 The Statutory Auditors have not given any comments having an impact on
 the profit for the year 2011-12. Applicable disclosures have been made
 in the ''notes forming part of accounts'' in respect of other
 observations contained in the report of statutory Auditors, as annexed,
 which have no financial impact on the profit for the year 2011-12.
 
 COMMENTS OF COMPTROLLER & AUDITOR GENERAL OF INDIA
 
 The comments of Comptroller & Auditor General of India(C&AG) under
 section 619(4) of the Companies Act, 1956 on the accounts of the
 Company for the year ended 31.03.2012 are still to be received and the
 same along with management''s reply on the comments, if any, shall be
 placed on the table at the ensuing AGM.
 
 CONSERVATION OF ENERGY
 
 During the year 2011-12, there was no activity in Mica group of your
 company. Pursuant to Section 217(i)(e) of the Companies Act, 1956, a
 statement on conservation of energy is annexed to this report.
 
 PARTICULARS OF EMPLOYEES
 
 Pursuant to provisions of section 217(2A) of the Companies Act, 1956
 read with the Companies (Particulars of Employees) Rules, 1975, as
 amended from time to time, it is stated that there were no employees
 who were in receipt of remuneration exceeding Rs.60 lakhs per annum or
 Rs. 5.00 lakhs per month during the year 2011-12.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the provisions of Section 217(2AA) of the Companies Act,
 1956, your Directors state:
 
 i) That in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 ii) That the Directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 profit of the Company for the year ended 31.3.2012;
 
 iii) That the Directors have taken a proper and sufficient care for the
 maintenance of the adequate accounting records in accordance with the
 provisions of Companies Act, 1956 for safeguarding the assets of the
 Company and for preventing and detecting fraud and other
 irregularities;
 
 iv) That the Directors have prepared the annual accounts on a going
 concern basis.
 
 BOARD OF DIRECTORS
 
 Following are the changes in the Board of Directors of your company
 since 1st April 2011: -
 
 - Smt. Vijaylaxmi Joshi, Additional Secretary, Department of Commerce,
 MOC&I assumed the additional charge of Chairman-cum-Managing Director
 w.e.f. 22nd July 2011.
 
 - Shri H S Mann relinquished the charge of Director (Marketing) &
 additional charge of Chairman & Managing Director on 22nd July 2011.
 
 - Shri Anil Razdan took over the charge of Part Time Non-official
 (Independent) Director on the Board of MMTC w.e.f. 13th July 2011.
 
 - Shri S Krishnan held the charge of Part Time Non-official
 (Independent) Director on the Board of MMTC from 14th July 2011 till
 18th October 2011.
 
 - Shri G S Vedi took over the charge of Part Time Non-official
 (Independent) Director on the Board of MMTC w.e.f. 14th July 2011.
 
 - Shri Arun Balakrishnan took over the charge of Part Time Non-official
 (Independent) Director on the Board of MMTC w.e.f. 16th July 2011.
 
 - Shri P K Chaudhery, relinquished the charge of Part Time Govt Nominee
 Director on the Board of MMTC w.e.f. 14th November 2011.
 
 - Shri M G Gupta assumed the charge of Director (Finance) on the Board
 of MMTC w.e.f. 9th December 2011.
 
 - Shri Madhusudan Prasad Additional Secretary, Department of Commerce,
 Ministry of Commerce & Industry took over as Part Time Govt Nominee
 Director on the Board of MMTC w.e.f. 3rd January 2012.
 
 - Dr Rajan Katoch, relinquished the charge of Part Time Govt Nominee
 Director on the Board of MMTC w.e.f. 22nd May 2012.
 
 - Smt Anita Agnihotri Additional Secretary & Financial Advisor,
 Department of Commerce, Ministry of Commerce & Industry took over as
 Part Time Govt Nominee Director on the Board of MMTC vice Dr Rajan
 Katoch w.e.f. 22nd May 2012.
 
 - Shri Anil Baijal, relinquished the charge of Part Time Non-official
 (Independent) Director on the Board of MMTC w.e.f. 11th June 2012.
 
 - Shri H L Zutshi relinquished the charge of Part Time Non-official
 (Independent) Director on the Board of MMTC w.e.f. 11th June 2012.
 
 - Smt Aruna Makhan relinquished the charge of Part Time Non-official
 (Independent) Director on the Board of MMTC w.e.f. 14th June 2012.
 
 - Shri Anand Trivedi assumed the charge of Director (Marketing) on the
 Board of MMTC w.e.f. 3rd July 2012.
 
 The Board places on record its deep appreciation for the commendable
 services and the contributions made by Shri H S Mann, Shri Anil Baijal,
 Shri S Krishnan, Shri P K Chaudhery, Dr Rajan Katoch, Shri H L
 Zutshi,and Smt Aruna Makhan towards effective discharge of the
 functions of the Board and its Committees. The Board also welcomes Smt
 Vijaylaxmi Joshi, Shri Anil Razdan, Shri Madhusudan Prasad, Smt Anita
 Agnihotri, Shi Arun Balakrishnan, Shri G S Vedi, Shri M G Gupta and
 Shri Anand Trivedi and expresses confidence that the Company shall
 immensely benefit from their rich and varied experience.
 
 In terms of provisions of Article 87(4)(A) of Articles of Association
 of the Company regarding rotational retirement of Directors, Shri Ved
 Prakash, Director (Marketing), Shri Rajeev Jaideva, Director
 (Personnel), Shri Anil Razdan, Non Official Part time Director and Shri
 G S Vedi, Non Official Part time Director, shall retire at the AGM and
 being eligible have offered themselves for reappointment.
 
 ACKNOWLEDGEMENTS
 
 Your Directors would like to acknowledge and place on record their
 sincere appreciation of all stakeholders- shareholders, Department of
 Commerce, all Govt. Agencies, RBI and other Banks, Railways, Customs,
 Ports, NMDC, Customers, Suppliers and other business partners for the
 excellent support and cooperation received from them during the year.
 Your Directors also recognize and appreciate the efforts and hard work
 of all the employees of the Company and their continued contribution to
 its progress.
 
                                          By the Order of the Board
 
                                                               sd/-
 
 Place: New Delhi                                 (Vijaylaxmi Joshi)
 
 Dated: 28.08.2012                   Chairman-cum-Managing Director