1179' ti trot ffiT A GOVT. OF INDIA ENTERPRISE revrtlIell *1117 HINDUSTAN COPPER LIMITED

www.hindustancopper.com

CIN : L27201VVB1967001028825

No. HCL/SCY/SE/ 2016 7.4.2021

The Sr. General Manager The Vice President Dept. of Corporate Services Listing Department Mumbai 400 001 Mumbai 400 051

HE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalai Street Bandra-Kurla Complex, Bandra(East) BSE Scrip Code: 513599 NSE Symbol: HINDCOPPER

Sub: Approval of the Condensed Interim Unaudited Financial Statements (Standalone and Consolidated) for the nine months period ended December 31, 2020

Sir/ Madam,

We wish to inform you that the Board of Directors of the Company at its meeting held today i.e. April 7, 2021 has, inter alia, considered and approved the condensed interim unaudited financial statements (Standalone and Consolidated) as of and for the nine months period ended December 31, 2020 comprising the Balance Sheet as at December 31, 2020, Profit and Loss Account, Statement of other comprehensive income, Statement of Cash Flows and Statement of Changes in Equity for the nine months ended December 31, 2020, along with the notes thereto (the "Condensed Financial Information") and the Limited Review Report of the Statutory Auditors of the Company thereon for special purpose.

The Condensed Financial Information are annexed herewith and have been made available on the website of the Company at www.hindustancopper.com.

Further, the Condensed Financial Information as mentioned above are being issued on a one time basis only and should not be considered as (a) any practice for disclosure of financial information that will be followed by the Company going forward; and (b) being made under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

The meeting of the Board commenced at 9:30 AM and concluded at 0 ; .3/3 AM.

We request you to take the above on record and the same be treated as compliance under the applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Thanking you,

Yours faithfully,

(C S Singhi) ED (Co Secretary)

Encl. As stated

CHATURVEDI & CO. CHARTERED ACCOUNTANTS

Park Centre, 14 Park Street, kolkata - 700 016. Phone: 2229 2229, 4601 2507 chaturvernol®hotrnail.coin: chaturvedisc573ataxi.co in (HO. Kolkata. Stanches : Delhi. Mtunbai. Chennai . LucknoWi

Report on Review of the Condensed Standalone Unaudited Interim Financial Statements

The Board of Directors of Hindustan Copper Limited Kolkata

Introduction

1) We have reviewed the accompanying Condensed Standalone Unaudited Balance Sheet of Hindustan Copper Limited (hereinafter referred to as "The Company") as on 31 December 2020 and the related Condensed Standalone Unaudited Profit and Loss Account, Condensed Standalone Unaudited Cash Flows Statement and Condensed Standalone Unaudited Statement of Changes in Equity of the Company for the nine months period then ended, and a summary of significant accounting policies and other respective select explanatory notes (hereinafter referred to as the "Condensed Standalone Unaudited Interim Financial Statements").
2) The management of the Company is responsible for the preparation and fair presentation of these Condensed Standalone Unaudited Interim Financial Statements in accordance with the measurement and recognition principles of Indian Accounting Standard 34-"Interim Financial Reporting" prescribed under Section 133 of Companies Act, 2013 read with relevant rules issued there-under and other accounting principles generally accepted in India. The Condensed Standalone Unaudited Interim Financial Statements are the responsibility of the Company's management and have been approved by the Board of Directors. Our responsibility is to express a conclusion on this Condensed Standalone Unaudited Interim Financial Statements based on our review.

Scope of Review

3) We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410-"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of people responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on

Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that can be identified in an audit. Accordingly, we do not express an audit opinion.

Emphasis of Matter

4) Without qualifying our conclusion, we draw attention to the following matters:
a) Title deeds for freehold and leasehold land and building acquired in respect of Gujarat Copper Project (GCP) with book value of INR 5365.75 Lakh are yet to be executed in favour of the company. Title deeds for freehold and leasehold lands or other evidences of title in respect of lands at KCC,MCP and ICC as stated by the management is in the process of the reconciliation with financial records; and
b) Gujarat Copper project valuing INR 27559.37 Lakh where the project is not operating due to various constraints, viability assessment needs to be done to evaluate and adjust for possible impairment loss, if any.

Our conclusion is not modified in respect of these matters.

Conclusion

5) Based on our review conducted as above, subject to limitation in scope as mentioned in paragraph 2 above, nothing has come to our attention that causes us to believe that the accompanying Condensed Standalone Unaudited Interim Financial Statements are not prepared, in all material respects, in accordance with the recognition and measurement principles of Indian Accounting Standard 34-"Interim Financial Reporting" prescribed under Section 133 of Companies Act, 2013 read with relevant rules issued there-under and other accounting principles generally accepted in India.

Page 2 of 3

Restriction on Distribution and Use

6) This review report Is issued for the internal use of the Board or Directors of the Company for the purpose of inclusion in the Preliminary Placement Document and the Placement Document to be filed with the Securities and Exchange Board of India, Registrar of Companies and Stock Exchanges with regards to the proposed Qualified Institutional Placement of equity share of the Company as referred to in Note No.39 (30) of the Condensed Standalone Unaudited Interim Financial Statements and should not be used by any other person for any other purpose, We neither accept nor assume any duty or liability for any other purpose or to any other party to whom our report is shown or in whose hands It may come without our prior consent in writing.

For Chaturvedi & Co. Chartered Accountants Firm Registration No.:402137E R.K. Honda Partner hi No.:-510574

Dated:- 01-444Aril/ 2024-

Place:-Koikata

1.016"- 21510 Stif AAA-AA1-6²⁰⁹

		HINDUSTAN COPPER (BAITED
		(A GOVT. OF INDIA ENTERPRISE)
		Regd. Office : Tarnra Shawn I. Ashutosh Chowdhury Avenue, Kolkata -700 019.
		GIN :L27201111,113106700I028825
		CONDENSED INTERIM UNAUDITED STANDALONE BALANCE SHEET AS AT 31ST DECEMBER 2020		(T in lath)
		Note	Mat 31s1 December ,2020	As at 31st March, 2020
	PARTICULARS	No.	(Unaudited) Reviewed	(Aunkedl
	ASSETS
(1)	NONCURRENT ASSETS
(a)	Property, Plant and Equipment	3A A 3B	38743.75	29423.55
09	Copan Work in Progress	4	123814.15	123177.57
(c)	Financial Assets		58.55	3.15
	(i) investments	6 6	470.57	26.36
(d)	90 ahem Deferred Tax Assets (Net)	7	9153.18	5264.51
(a)	Non-Carrion Tel Assets (Net)	e	686.82	669.62
(1)	Other Nan-Current Assets	8	45221.51	4928028
(2)	CURRENT ASSETS
(e)	Inventories	10	1067197	51982.72
119	Financial Arnett		9.87	9.48
	(01mosiments	11	13118.69	8259.35
	(i) Trade receivables	12 13	2638.29	113431
	01) Cash end cash equivalents Q1 Bank Balances other then above	14	15.58	452.52
	(v1 Others	15	5215.12	2866.41
(c)	Current Tea Assets (Net)	16	lasses	1545.39
00	Other current assets	17	40298.39	37524.43
	Total Assets		300985.04	311905.55

	EQUITY AND LIABILITIES
(1)	Equity	18	46260.90	46260.90
(0)	&Pity Share Caplet Other Equity	19	84958.69	49765.59
03)
	Liabilities
1	NONCURRENT LIABILITIES
(e)	Mnancial liabilities	20	84731.11	6381753
	@ Borrowings (8) Other financial ilabiHes	21	843.53	84353
09	Provisions	22	8215.93	6585.93
(2)	CURRENT LIABILITIES
(a)	Financial Habakies
	(I) Bomovrings	23	42310.73	92749.96
	(0 Trade Payables	24	1628120 9068.11	23374.42 855221
	Oil Other financial liatailks	25 26	21087.72	18982.65
(b)	Other current latikties Pm:anions	27	3396.12	3062.63
In (d)	Current Tar LlabiWes (Nell	28	3832.00
	Total Equity er Ilabnilties		300966.04	31180

Corporate Inf emotion		1
	Signifkarn Accounting Polkiee	2 39
	General Notes on Accounts
	The notes Marred to above form an Integral pan of the Financial Statements
	As per our lenited review report of even date attached.		For and on behalf of the Board of Director,
For Chaturyedld Co.			Sather. Kumar Bandyopadhyay	Men Kumar ShuMa
Chartered Accountants		Company Seaetary	Directo (Finance) CFO	Chekmen and Managing Director & CEO
FRN 102137E		(6.4 No. FCS 2570)	( DIN :08173082)	(DIN : 03324672)


(CAR K NANDA ) Partner
(M No. 510574)


Place : Hellcat+	,
Dated :	, 0 4 , 2 021

HINDUSTAN COPPER LIMITED

HINDUSTRIE CUTPER CIRITIES
Regd, Office : Tamma Bhavan 1, AShutosh Chowdhury Avenue, Keltata - 700 019.
VSED INTERIM UNAUDITED STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE NINE MONTHS ENDED 31st DECEMBER 2020

				(₹ in lakh except EPS)
	Particulars	Note No.	For the Nine Months ended 31st December 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
	INCOME
f	Revenue fram Operations	29	126452.05	83185.25
Ħ	Other Income	30	2553.63	5698.22
Ш	Total Income (H4)		128005.68	88881.47
M	EXPENSES
	Cost at Materials Consumed	31	181.07	628.24
	Changes in Inventaries af Finished Goods,
	Sami-Finished and Work-In-Process	32	32517.61	(5113.53)
	Employees Benxft Expense	33	19621.98	25982.31
	Finxnce Cost	34	5103.52	6041.89 26561.08
	Depreciation and Amortisation Expense	35	20178.90	86272.96
	Genaral Administration & Other Expenses	36	36377.19 113880.47	142652.90
	Total Expenses (IV)
v	PROFIT I(LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX (III- M		15045.21	(53771.43)
M	Exceptional lixms		٠
VII	PROFIT /(LOSS) BEFDRE TAX (V-VI)		15045.21	(53771.43)
٧B	TAX EXPENSE	37	383200	842.18
1) 2)	Currant Tax Defarred Tax		(3434.85)	2295.83
ĸ	PROFIT ALOSS) FOR THE PERIOD FRDM CONTINUING		14688.06	[56909.44]
x	OPERATIONS AFTER TAX (VII-VIII) Profit/(Loss) from discontinued operations		(26.14)	(34.70)
x	Tax expense of discxnunued aperations		(8.58)	(873)
XII	PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS AFTER		(19.56)	(25.17)
XIII	TAX (X -XI) PROFIT (LOSS) FOR THE PERIOD AFTER TAX (IX+XII)		14678.50	(56935, 41)
XIV	OTHER COMPRENENSIVE INCOME (LOSS)	31		(3000.95)
АQ	items that will not be reclassified to Profit / (Loss) income Tax relating to items that will not be reclassified to		(1500.00) 377.52	755.28
A(II)	Profit ([Loss)
80	Items that will be reclassified to Profit / (Loss) inceme Tax relating to items that will be reclassified to
вm	Profit (Less)
x٧	TO TAL COMPREHENSIVE INCOME/ (LOSS) FOR THE PERIOD (XIII-XIV)
	(Comprising Profit/(Less) and Other Comprehensive Income for the period )		13556.02	(59151.85)
XVI	Earning per equity share (for continuing operations)		1,589	(9.151)
1 2	BASIC (T) DILUTED (T)		1.539	(5.151)

XVII	Earning per equity share (for discontinued aperations)		(0.002)	(0.003)
1 2	BASIC (T) DLUTED (T)		(0.002)	(8,083)

XVIII	Eaming per equity share (for discontinued & continuing operations)
1 2	BASIC (C) DILUTED (?)		1,587 1.587	(6.154) (9.154)
		1
Corporata Information	Significant Acceunting Policiss	2
	Gengrai Netes on Accounts The notes referred te abeve form an intxgral part of the Financial Statements.	39
			For and on behulf of the Board of Dimetors
	As par eur limited review raport of even date attached.			Arun Kumar Shukla
For Chaturvedi & Ce. Chartered Accountants		Company Secretary	Sukhen Kumar Bandyopadhyay Diractor (Finance) & CFO	Chairman and Managing Director & CEO
FRN 302f37E		(MNo. FCS 2570)	(DIN: 09173882)	(DIN: D3324872)


(CARK NANDA) Periner
(M Nx 510574)
Place : Kolkata
	$[{\sf Dshad}\colon O7, O4, 2O2]$

$\hat{\mathcal{A}}$ $\hat{\boldsymbol{\theta}}$

$\mathcal{Z}% _{G}$

		Hindustan Copper Limited
Condensed Interim Unaudited Standalone Statement of Changes in Equity for the period ended 31st December 2020
A . Equity Share Capital							( Z in lakh)
Balance at the beginning of the reporting period 01.04.2019		Changes in equity share capital during the year					Balance at the end of the reporting period 31.03.2020
46260.90							46260.90

B. Other Equity
Particulars	General Reserve	Capital Reserve	Corporate Social Responsibilit v Reserve	Mine Closure Reserves	Currency Fluctuation Reserve	Retained Earnings	Total
Balance at the beginning of the reporting	8965.97	21166.24	-	163.00	155.94	86985.19	117436.34
period 01.04.2019 Dividends & Dividend Tax			-	-		(5800.08)	(5800.08)
Profit for the Year						(56935.41)	(56935.41)
Other Comprehensive Income (net of tax)						(2245.67)	(2245.67)
Amout addition during the year				75.00	(2764.59)		(2689.59)
Amout used during the year
Balance at the end of the reporting period 31.03.2020	8965.97	21166.24		238.00	(2608.65)	22004.03	49765.59
A . Equity Share Capital Balance at the beginning of the reporting period 01.04.2020				Changes in equity share capital during the period			( t in lakh) Balance at the end of the reporting period 31.12.2020
46260.90					-		46260.90

B. Other Equity
Particulars	General Reserve	Capital Reserve	Corporate Social Responsibilit y Reserve	Mine Closure Reserves	Currency Fluctuation Reserve	Retained Earnings	Total
Balance at the beginning of the reporting period 01.04.2020	8965.97	21166.24		238.00	(2608.65)	22004.03	49765.59
Dividends & Dividend Tax						-
Profit for the Year						14678.50	14678.50
Other Comprehensive Income (net of tax)						(1122.48)	(1122.48)
Amout addition during the year					1637.08		1637.08
Amout used during the year
Balance at the end of the reporting period 31.12.2020	8965.97	21166.24	-	238.00	(971.57)	35560.05	64958.69
of even date attached. As per our limited review report	ii L.			For and on behalf of the Board of Directors	A _

For Chaturvedi & Co. Chartered Accountants FRN 302137E - ..

(CA R K NANDA ) Partner (M No. 510574 )

Place : Kolkata Dated: oT• o)l. 202-1 Company Secretary Director (M No. ECS 2570) (

tit ilt:Inta Sukhen Kumar Bandyopadhyay

(Finance) DIN : 08173882)

A _ Arun Kumar Shukla

& CFO Chairman and Managing Director & CEO ( DIN : 03324672)

HINDUSTAN COPPER LIMITED

(A GOVT. OF INDIA ENTERPRISE)

Regd. Office : Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolkata -700 019.

CIN: L27201WB1967001028825

Condensed Interim Unaudited Standalone Statement of Cash Flow for the Nine Months Period ended 31st December 2020

			(r in lakh)
		Nine months period ended 31st Dec 2020 (Unaudited) Reviewed	Year ended 31st March, 2020 (Audited)
A. CASH FLOW FROM OPERATING ACTIVITIES : NET PROFIT/ (LOSS) BEFORE TAX AS PER STATEMENT OF PROFIT AND LOSS		15,045.21	(53,771.43)
Adjusted for :		3,105.23	3,589.34
Depreciation Provisions charged		591.37	18,884.59
Provisions written back		(981.69)	(2,280.83)
Interest expense		5,103.52	6,041.89
Amortisation		17,073.67	25,271.73
Interest income		(25.95)	(1,021.90)
Loss / (Profit) on disposal of fixed assets		-	2.04
OPERATING PROFIT/ (LOSS) BEFORE WORKING CAPITAL CHANGES Adjusted for:		39,911.36	(3,284.57)
Decrease/ (Increase) in Trade & other Receivables		(5,893.42)	27,921.74
Decrease/ (Increase) in Inventories		32,310.75	(5,682.60)
Decrease/ (Increase) in Current & Non-Current assets		(5,206.07)	(3,808.73)
Increase/ (Decrease) in Current & Non-Current Liabilities		(545.66)	(2,119.57)
CASH GENERATED FROM OPERATIONS		60,576.96 -	13,026.27 (4,423.72)
Taxes paid NET CASH FROM OPERATING ACTIVITIES	(A)	60,576.96	8,602.55
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets		(13,275.51)	(22,082.84)
Interest received		27.38	1,015.68
Investment in Joint Venture / Subsidiary		(55.40)	(3.00)
Mine Development Expenditure		(12,926.38)	(21,913.69)
NET CASH USED IN INVESTING ACTIVITIES	( B )	(26,229.91)	(42,983.85)
C. CASH FLOW FROM FINANCING ACTIVITIES
Non-Current borrowings! Loan repaid		23,664.35	15,895.21
Dividends paid		-	(4,811.14)
Tax on Dividend		-	(988.94) (5,895.91)
Interest paid		(5,142.50) 18,521.85	4,199.22
NET CASH USED IN FINANCING ACTIVITIES	( C ) (A+B+C)	52,868.90	(30,182.08)
NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS - opening balance		(68,300.65)	(38,118.57)
CASH AND CASH EQUIVALENTS - closing balance ( Details in Annexure - A)		(15,431.75)	(68,300.65)
Notes

This is the Cash Flow Statement referred to in our limited review report of even date. The above Condensed Interim Unaudited Standalone Cash Flow Statement should be read in conjunction with the accompanying notes. For and on behalf of the Board of Directors

lb (ILL

CAR K NANDA Partner (M No. 510574 )

Place : Kolkata Dated: 07, 01). 2,02,1

For Chaturvedi & Co. C.S.Singhi Sukhen Kumar Bandyopadhyay Arun K Shukla ERN 302137E (M No. FCS 2570) ( DIN : 08173882) ( DIN : 03324672)

Chartered Accountants Company Secretary Director (Finance) & CFO Chairman and Managing Director & CEO

		ANNEXURE - A in lakh
CASH AND CASH EQUIVALENTS - Opening Balance	01/04/2020	01/0412019
i) Current Financial Assets-Cash & Cash Equivalents	1,134.71	658.42
ii) Current Financial Assets - Bank Balance other that above	432.21	408.33
(Excluding Unpaid Dividend of Z20.31 lakh)	9.48	8.85
Hi) Current Financial Assets - Investments	26.36	12.47
iv) Non-current Financial Assets - Others v) Current Financial Liabilities - Borrowings	(69,903.41)	(39,206.64)
Long Term Loans of! 22846.55 lakh) (Excluding	(68,300.65)	(38,118.57)
CASH AND CASH EQUIVALENTS - Closing Balance	31/12/2020	31/03/2020
i) Current Financial Assets - Cash & Cash Equivalents (Note 13) ii) Current Financial Assets - Bank Balance other that above (Note 14 (Excluding Unpaid Dividend oft 15.56 lakh)	2,638.29	1,134.71 432.21
	9.87	9.48
Hi) Current Financial Assets - Investments (Note - 11)	470.57	26.36
iv) Non-current Financial Assets - Others (Note No. 6) v) Current Financial Liabilities - Borrowings (Note No.23)	(18,550.48)	(69,903.41)
Long Term Loans of! 23760.25 lakh) (Excluding		(68,300.65)
	(15,431.75)

The Cash Flow Statement has been prepared as set out in Indian Accounting Standard (IND AS) 7: STATEMENT OF CASH FLOWS, as amended by Companies (Indian Accounting Standards) (Amendment) Rules 2016.

This is the Cash Flow Statement referred to in our report of even date attached.

HINDUSTAN COPPER LIMITED

NOTES TO CONDENSED INTERIM UNAUDITED STADALONE FINANCIAL STATEMENTS

1.Corporate Information

Hindustan Copper Limited, established in 1967 and domiciled in India is a Central public sector undertaking under the administrative control of Ministry of Mines, Government of India. The registered office of the company is situated at Kolkata. The principal activities of the company are exploration, exploitation, mining of copper and copper ore including beneficiation of minerals, smelting and refining. The Company has copper mines & concentrator plants in Malanjkhand Copper Project at Madhya Pradesh (MCP), Khetri Copper Complex at Rajasthan (KCC) and Indian Copper Complex, Ghatsila at Jharkhand (ICC). The company is operating Smelter & Refinery in ICC and Gujarat Copper Project, Gujarat (GCP) for production of copper cathode. Further, cathode is converted into copper wire rod at Copper wire rod plant at Taloja Copper Project, Taloja, Maharashtra (TCP). The Company is listed with BSE Ltd. and National Stock Exchange of India Ltd.

2.5ignificant Accounting Policies

2.1 Basis of Accounting

The financial statements are prepared under historical cost convention from the books of accounts maintained under accrual basis except for certain financial instruments which are measured at fair value and in accordance with the Indian Accounting Standards prescribed under Companies Act, 2013.

2.2 Application of Indian Accounting Standards (Ind-AS)

The Company adopted Indian Accounting Standards (Ind AS) from April 1,2016 and accordingly the financial statements have been prepared in accordance with the recognition and measurement principles as notified by MCA under the Companies (Indian Accounting Standards) Rules, 2015 ("Ind AS Rules"), as amended and other relevant provisions of the Companies Act, 2013.

The Company has adopted all the Ind AS as applicable and relevant to the Company.

2.3 Use of Estimates

The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Revision to accounting estimates are recognised in the period on which the estimates are revised and, if material their effects are disclosed on the notes to the financial statements.

2.4 Current and Non-current Classification

The Company presents assets and liabilities in the Balance sheet based on current/non-current classification. An asset are treated as current by the company when:

a) its expects to realize the asset, or intends to sell or consume it in its normal operating cycle;
b) it holds the assets primarily for the purpose of trading;
c) it expects to realize the asset within twelve months after the reporting date; or

d) the asset is cash or cash equivalent (as defined under Ind AS 7) unless the asset is restricted t o from being exchanged or used to settle a liability for at least twelve months after the reporting period.

Except the above, all other assets are classified as Non-current.

A liability is treated as current by the company when:

a) its expects to settle the liability realize the asset, or intends to sell or consume it in its normal operating cycle;
b) it expects to settle the liability in its normal operating cycle;
c) it holds the liability primarily for the purpose of trading;
d) the liability is due to be settled within twelve months after the reporting period; or
e) it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Except the above, all other liabilities are classified as non-current.

2.5 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable and fair value has been defined taking into account contractually defined terms of payment. Operating revenue recognized is net of all promotional expenses and discounts, rebates and/or any other incentive to customers.

Sale of Products

An entity shall account for a sale contract with a customer only when all of the following criteria are met:

(a) the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations;

(b) the entity can identify each party's rights regarding the goods to be transferred;
(c) the entity can identify the payment terms for the goods to be transferred;

(d) the contract has commercial substance i.e the risk, ownership, timing or amount of the entity's future cash flows etc is expected to change as a result of the contract; and

(e) it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods that will be transferred to the customer.

In case of sale of Copper Concentrate, Copper Reverts, Anode Slime etc. and tolling of Copper Concentrate of Khetri and Malanjkhand origin, sales / tolling at the end of the accounting period are recorded on provisional basis as per standard parameters for want of actual specifications and differential sales value are recorded only on receipt of actual. This is as per consistent practice followed by the company.

Sale of Services

Income from conversion of job work is accounted for on the basis of actual quantity dispatched. When the outcome of a transaction involving the rendering of services can be estimated reliably,

revenue associated with the transaction shall be recognized by reference to the stage of completion (Percentage of Completion Method) of the transaction at the end of the reporting period.

Advances received from the customers are reported as customer's deposits unless the above conditions for revenue recognition are met.

Other Operating Revenues

a. Sale of Scrap

Sale of Scrap is accounted for on delivery of material.

b. Interest from Customers

In case of credit sales ,interest up to the date of Balance Sheet on all outstanding bills is accounted for on accrual basis.

c. Interest from Contractors against mobilisation advance for mining operations

Interest up to the date of Balance Sheet on all mobilisation advances for mining operations is accounted for on accrual basis.

d. Penalty and Liquidated Damages

Penalty and liquidated damages are accounted for as and when these are realised by the company as per contract terms.

Other Income

a. Claims

Claims are recognized in the Statement of Profit & Loss (Net of any payable) including receivables from Government towards subsidy, cash incentives, reimbursement of losses, etc, when there is certainty of realisation of such claim and that can be measured reliably.

b. Dividend and Interest from Investments

Dividend income from Investments is recognised in the Statement of Profit and Loss when the right to receive the dividend has been established and it is certain that the economic benefits will flow to the company and the amount of income can be measured reliably.

Interest Income from a financial asset is recognised using Effective Interest Method. When it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably.

c. Profit on Sale of Investment

Profit on sale of investment is recognised upon transfer of title by the company and is determined as the difference between the sales price and the then carrying value of the investment.

d.Provisions not required written back

Provisions/Liabilities created from business activities in earlier years no longer required are accounted for.

e. Others

Any other income is recognised on accrual basis.

2.6 Employees Benefit

Retirement benefit costs and termination benefits

Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.

For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Re-measurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to Statement of Profit or Loss. Past service cost is recognized in Statement of Profit or Loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows:

i. Service cost (including current service cost, past service cost, etc.);
ii. Net interest expense or income; and
iii. Re-measurement.

The company presents the first two components of defined benefit costs in profit or loss in the line item 'employee benefits expense'.

The retirement benefit obligation recognized in the statement of financial position represents the actual deficit or surplus in the company defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

A liability for a termination benefit is recognized at the earlier of when the company can no longer withdraw the offer of the termination benefit and when the company recognises any related restructuring costs,

Short-term and other long-term employee benefits

A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the company in respect of services provided by employees up to the reporting date.

Deficit in Provident Fund

Deficit, if any, in the accounts of Provident Fund Trust ascertained on the basis of last audited accounts of the Trust is accounted for as a charge to Revenue.

A)ser

2.7 Borrowing Cost

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest expenses calculated using the effective interest method and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs

2.8 Taxation

Income tax expense represents the sum of current tax and deferred tax.

Current tax

The current tax payable is based on taxable profit for the year as determined from net profit before tax as represented in Statement of Profit and Loss and Other Comprehensive Income, in line with different provisions under Income Tax Act 1961.Current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current and Deferred Tax for the year

Current and deferred tax are recognized in Statement of Profit or Loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively.

2.9(a) Property Plant and Equipments (PPE)

The cost of an item of PPE is recognized as an asset if and only if, it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. The cost of an item of PPE is the cash price equivalent at the recognition date. The cost of an item of PPE comprises:

i. Purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates.
U. Costs directly attributable to bringing the PPE to the location and condition necessary for it to be capable of operating in the manner intended by management.

iii. The initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which the company incurs either when the PPE is acquired or as a consequence of having used the PPE during a particular period for purposes other than to produce inventories during that period.

The company has chosen the cost model of recognition and this model is applied to an entire class of PPE. After recognition as an asset, an item of PPE is carried at its cost less any accumulated depreciation and any accumulated impairment losses.

Pending reconciliation/receipt of the final bills against capital items, capitalization is done on the basis of cost booked and depreciation is charged accordingly. Price differences, if any, are adjusted in the year of finalization of bills.

In respect of expenditure during construction/development of a new unit/project in a new location, all direct capital expenditure as well as all indirect expenditure incidentals to construction are capitalized allocating to various items of PPE on an appropriate basis. Expansion programme involving construction concurrently run with normal production activities in an existing unit, all direct capital expenditure in relation to such expansion are capitalized but indirect expenditure are charged to revenue. Borrowing costs that are attributable to the acquisition or construction of qualifying asset are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.

Expenses incurred for implementation of new projects are carried forward against respective projects till execution. Expenses rendered in fructuous projects abandoned subsequently are provided for in the Statement of Profit & Loss.

Physical verification of PPE is conducted every year so that all the units/offices are covered once in a block of three years interval. Shortage/(Excesses), if any, identified on such physical verification is duly adjusted in the books of accounts in the year of identification.

Depreciation and Amortization

The company has used the exemption available in Ind AS 101 with respect to recognition of Plant, Property and Equipment (PPE) and Intangible Assets at their carrying value being deemed cost.

The depreciable amount of an item of PPE is allocated on a straight line basis over its useful life prescribed in Part C of Schedule II of the Companies Act,2013 or actual useful life of assets assessed by the Technical Committee of the company, whichever is lower. The residual value and the useful life of an asset are reviewed, at each financial year-end. Each part of an item of PPE with a cost that is significant in relation to the total cost of the item is depreciated separately. Depreciation on all such items have been provided from the date they are 'Put to Use' till the date of sale and includes amortization of intangible assets and lease hold assets. Freehold land is not depreciated. The residual value of all such items is taken at 5% of the original cost of individual asset.

An item of PPE is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Certain consumable items of small value whose useful life is very limited are directly charged to revenue in the year of purchase.

From the date Ind AS came into effect, the carrying amount of an asset is depreciated over the remaining useful life of the asset as per estimate of remaining useful life. Wherever, the remaining useful life of an asset is nil, the carrying amount is recognized in the opening balance of retained earnings after retaining the residual value.

2.9(b) Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition.

Following initial recognition, intangible assets are carried at cost less any accumulated amortisation (calculated on a straight-line basis over their useful lives) and accumulated impairment losses, if any.

Internally generated intangibles, excluding capitalised development costs, are not capitalised. Instead, the related expenditure is recognised in the statement of profit and loss and other comprehensive income in the period in which the expenditure is incurred. An internally generated intangible asset arising from development is recognized if all the conditions stipulated in "Ind AS 38-Intangible Asset" are met. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over their useful economic lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss.

An intangible asset with an indefinite useful life is not amortised but is tested for impairment at each reporting date and its useful life is reviewed in each reporting period to determine whether events and circumstances continue to support an indefinite useful life estimate.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and loss.

Intangible Assets other than Software are amortized over estimated useful life which is equivalent to license period, generally not more than 5 years.

Cost of Software recognized as intangible asset, is amortised on straight line method over a period of legal right to use with a nil residual value. Otherwise the cost of software will be charged in the year of incurrence.

2.10 Capital Work in Progress

Assets in the course of construction are included under capital work -in-progress and are carried at cost, less any recognized impairment loss. Such capital work-in-progress, on completion, is transferred to the appropriate category of property, plant and equipment.

2.11 Mine Development Expenditure

In case of underground mines : The expenditure on development of a new mine in all cases and on subsequent development of a working mine is capitalized and depleted on the basis of ore raised during the year and the mineable ore reserves estimated from time to time.

In case of working mines, where development activities are going on simultaneously: Expenses are apportioned between capital and revenue on the basis of in-house technical estimates.

In respect of open cast mines : The expenditure on removal of waste and overburden, is capitalized and the same is depleted in relation to actual ore production during the year on the stripping ratio which is re-assessed periodically based on the estimated ore reserve as well as the quantity of waste excavation in respect of open cast mines. Subsequently, If any ore is reclaimed from overburden, the same is included in inventory at a value based on opening rate of mine development expenditure with a corresponding credit in Mine development expenditure.

Expenditure incurred on development of new deposits are capital in nature and is included in mine development expenditure. If subsequently the development activities are found to be not viable, the expenditure on such development work included in mine development expenditure is written off in the year in which it is decided to abandon the project.

If a working mine is closed due to economic reasons, the un-depleted value of Mine Expenditure related to that mine is provided in the books of accounts in the year decided to close or suspend operation of the mine. If later on, the closed / suspended opened and the company remains the owner of the mines, the unamortized Mine Expenditure which was fully provided in the year of closure will be written back in accounts in the year of re-opening and the company will be depleting it year wise estimated remaining life of that mine. Development in which it is mines are re-Development the books of based on the

2.12 Overhauling Expenses

Revenue expenditure attributable to overhaul of smelter and/ or refinery is charged off to the Statement of Profit & Loss in the year of incurrence. 2.13 Mine Closure Expenditure

Financial implications towards final mine closure plans under relevant Acts and Rules are technically estimated and Mine Closure Reserve is created based on the estimated life of the mines over the period by charging the same to Statement of Profit and Loss.

2.14 Non-Current Assets Held for Sale

The company classifies a non-current asset (or disposal group of assets) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Immediately before the initial classification of the asset (or disposal group) as held for sale, the carrying amounts of the asset (or all the assets and liabilities in the group) are to be measured in accordance with applicable Indian Accounting Standards. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification except as permitted by Ind AS 105.

2.15 Inventories

Stocks of stores and spare parts, loose tools and materials-in-transit are valued at the lower of the net realizable value and cost. The raw materials are also valued at the lower of the net realizable value and weighted average cost to the unit if the finished goods in which they will be incorporated are expected to be sold below cost. Loose tools when issued are charged off to revenue.

Finished goods and work-in-process are valued at the lower of the net realizable value and weighted average cost to the unit. The cost is exclusive of financing cost, such as, interest, bank charges, administration overhead, etc. Ore is valued at cost since its realisable value cannot be ascertained. The value of slag under work-in-process is taken at equivalent value to the extent credited to the process, where the said products have been generated. The reverts under work- in-process are valued at lower of cost (equivalent value of concentrate) and net realizable value.

The stock of anode slime arising from treatment and refining processes are stated at realizable value based on the yearend London Metal Exchange price for gold and silver after making due adjustments of their physical recovery and the treatment and refining charges.

The inventories out of inter-unit transfers (material in transit) at the close of the year are valued and accounted in the books of the transferor unit on the basis of cost plus transportation to the transferee unit or net realisable value whichever is lower.

Imported materials are valued at the lower of the net realizable value and weighted average cost. In the event where final price is not determined valuation is made on provisional cost. Variations are accounted for in the year of finalization.

Provision is made in the accounts every year, for non-moving stores and spares (other than insurance spares) which have not moved for more than five years. Insurance spares are fully provided for on the expiry of the life of the relevant Property Plant and Equipments.

Physical verification of Semi-Finished and In-Process (WIP) and Finished Goods is conducted departmentally in all the units at reasonable intervals during the year by a duly approved committee. Also, physical stock verification of WIP and Finished Goods is undertaken by a duly approved committee at the end of every financial year alongwith an independent agency once in a block of three years. In respect of Stores and Spares, physical verification is carried out by external agencies once in every year covering all the units. Shortage/(Excesses), if any, identified on such physical verification is duly adjusted in the books of accounts in the year of identification

2.16 Government Grants

All government grants are recognized as deferred income and it will be taken to Statement of Profit and Loss over the period of time in accordance with the pattern in which the obligations are met.

2.17 Impairment of Assets (Other than Financial Assets)

The Company assesses at the end of each reporting period whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in Statement of Profit and Loss, unless the relevant asset is carried at a revalue amount, in which case the impairment loss is treated as a revaluation decrease.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.18 Foreign Exchange Transactions

Transactions in currencies other than the company's functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are re-translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Foreign currency monetary items (except overdue recoverable where realizability is uncertain) are converted using the closing rate as defined in the Ind AS-21- The effects of changes in Foreign Exchange Rates. Non-monetary items are reported using the exchange rate at the date of the transaction. The exchange difference gain/loss is recognized in the Statement of Profit and Loss.

defined in Ind AS 21-The effects of changes in Foreign Exchange Rates and the difference in exchange is recognized in terms of exemptions given in paragraph D13AA of Appendix D to Ind AS-101, where the effect of exchange differences on foreign currency loans of the company is accounted for by addition or deduction to the cost of the assets so far it relates to the depreciable capital assets and shall be depreciated over the balance life of the assets.

Other long term foreign currency monetary items are accumulated in 'Equity Component of Foreign Currency asset/liability Account' and amortized over the balance period of the asset/liability by recognition as income or expense in each of such periods as stated under Para 29A of Ind As 21.

2.19 Provisions, Contingent Liabilities & Contingent Assets

Provisions are recognized when the company has a present obligation (legal or constructive) as a result of a past event and it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

Wherever no reliable estimate could be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may but probably will not require an outflow of resources.

When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent Liabilities are disclosed in the General Notes forming part of the accounts.

Contingent Assets are not recognised in the financial statements but are disclosed in Notes to the Accounts. Such assets occur when the inflow of economic benefits is probable. Such contingent assets are assessed continuously, if it's virtually certain that inflow of economic benefits will arise then such assets and the relative income will be recognised in the financial statements.

2.20 Leasing

Assets held under lease, in which a significant portion of the risks and rewards of ownership are transferred to lessee are classified as finance leases. All other leases are classified as operating leases.

Depreciation expenses are recorded if asset held under finance lease is depreciable.

Finance expenses are recognized immediately in the statement of profit and loss if they are not directly attributable to qualifying assets, otherwise they are capitalised in accordance with the company's general policy on borrowing costs.

Operating lease payments are recognized as an expense on a straight-line basis over the lease term.

2.21 Financial Instruments

Non Derivative Financial Instruments

(i) Initial Recognition

Financial assets and financial liabilities are recognized when the company becomes a party to the contractual provisions of the instruments.

ffi on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

(ii) Subsequent Recognition

a. Financial assets Financial assets are subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss.
b. Financial Liabilities Financial liabilities are subsequently measured at amortized cost using Effective Interest Rate (EIR) method except for derivatives, which are measured at fair value.

Derivative Financial Instruments

All derivatives are recognized and measured at fair value with changes in fair value being recognized in profit or loss for the period.

Impairment of financial assets

At each reporting date, assessment is made whether the credit risk on a financial instrument has increased significantly or not since initial recognition.

If the credit risk on a financial instrument has not increased significantly since initial recognition, the loss allowance is measured for that financial instrument at an amount equal to 12 month expected credit losses. If the credit risk on that financial instrument has increased significantly since initial recognition, the loss allowance is measured for a financial instrument at an amount equal to the lifetime expected credit losses.

The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date is recognised as an impairment gain or loss in the statement of profit and loss.

2.22 Events Occurring after the Reporting Period

The company adjusts the amount recognized in its financial statements to reflect adjusting material events after the reporting period and does not adjust the amount to reflect non-adjusting events after the reporting period. However where retrospective restatement is not practicable for a particular prior period then the circumstances that lead to the existence of that condition and the description of how and from where the error is corrected are disclosed in Notes on Accounts.

2.23 Dividends

Final dividend on shares are recorded as a liability on the date of approval by the shareholders in general meeting and interim dividends are recorded as a liability on the date of declaration by the directors in the meeting of the Board of Directors.

2.24 Cash and Cash Equivalents

Cash and cash equivalent in the Balance Sheet comprise cash at bank and on hand and short term deposit with an original maturity of three months or less which are subject to insignificant risk of changes in value.

2.25 Rounding of amounts

Amounts in these financial statements have, unless otherwise indicated, have been rounded off to 'Rupees in lakh' upto two decimal points.

Note : 3 (A) Standalone Property, Plant and Equipment (Active Assets)										(र in lakh)
DESCRIPTION	Free Hold Land	Buildings including Sanitary and Water Supply System	Plant, Machiner y and Mining Equipment	Furniture & Fixtures & Difice Equipment	Vehicies	Roads, Bridges and Cuiverts	Railway Siding	Electrical Equipment and installation	Shafts and inclines	Total
Gross Carrying Amount
Gross Carrying Amount as at 01.04.2019	2446.58	6728.85	26588.06	317,87	168.24	1825.39	293.86	2878.22	444.21	41692.28
Exchange Differences
Additions		14.4	1626.18	84.29	57.73	٠		41.52		1824.19
Inter-head Transfer in (Out)
Transfer From Discarded Assets
Transfer To Discarded Assets
Disposais Transfer			(13.59)	(0.01)	(0.45)			(0.02)		(14.07)
Adjustments			0.58	(0.01)		0.01		(0.01)		0.57
Gross Carrying Amount as at 31.03.202D	2446.58	6743.32	28201.23	402.14	225.52	1826.40	293 86	2919.71	444.21	43502.97
Accumulated Depreciation & Impairment
Accumulated Depreciation as at 01.04.2019	٠	2042.70	5926.16	104.81	63.90	987.39	98.01	778.57	41.97	10043.51
Depreciation charge during the year		522.27	2846.05	43.37	29.44	325,17	32.67	222.95	13.99	4035.91
inter-head Transfer in ((Dut)						÷.			$\ddot{\phantom{1}}$
Transfer From Discarded Assets
Transfer To Discarded Assets
Impairment Losses
Exchange Differences Disposals					$\tilde{\phantom{a}}$
Tranfer
Accumulated Depreciaton & Impairment as		2564.97	8772.21	148.18	93.34	1312.56	130.68		55.96	14079.42
at 31.03.2020								1001.52
Net Carrying Amount as at 31.03.2020	2446.58	4178.35	19429.02	253.96	132.18	513.84	163 18	1918.19	386.25	29423.55
Gross Carrying Amount
Gross Carrying Amount as at 01.04.2020	2446.58	6743.32	28201.23	402.14	225.52	1826.40	293.66	2919.71	444.21	43502.97
Exchange Differences
Additions		226.45	12,411.50	1.14	$\bullet$					12639.09
Inter-head Transfer In (Out)
Transfer From Discarded Assets					$\Delta$
Transfer To Discarded Assets
Disposals					(0.32)					(0.32)
Transfer			٠
Adjustments					(0.02)					(0.02)
Gross Carrying Amount as at 31.12.2020	2446.58	6969.77	40612.73	4D3.28	225.18	1826.40	293.86	2919.71	444.21	56141.72
Accumulated Depreciation & Impairment
Accumulated Depreciation as at 01.04.2020		2564.97	8772.21	148.18	93.34	1312.56	130,68	1001.52	55.96	14079.42
Depreciation charge during the year		401.39	2597.48	42.58	29.43	100.17	24.62	112.35	10.54	3318.56
Inter-head Transfer In (Out)					$\overline{\phantom{a}}$
Transfer From Discarded Assets
Transfer To Discarded Assets Impairment Losses
Exchange Differences			٠					٠
Disposais					$\bullet$
Transfer
Accumulated Depreciaton & Impairment as at 31.12.2020		2966.36	11369.69	190.76	122.77	1412.73	155.30	1113.87	66.50	17397.98
Net Carrying Amount as at 31.12.2020	2446.58	4003.41	29243.04	212.53	102.41	413.67	138.56	1805.84	377.71	38743.75

$\frac{2}{\alpha}$

$\frac{1}{2}$

Note : 3 (B) Standalone Property,Plant and Equipment (Discarded Assets}										(!in lakh)
DESCRIPTION	Free Hold & Lease Hold Land	mornings including Sanitary and Water Supply qvstem	Plant,Machiner y and Mining Equipment	Furniture & Fixtures 6, Office Equipment	Vehicles	Roads Bridoes and Culve ' rt - \$	Railway Siding	Electrical Equipment and installation	Shafts and inclines	Total
Gross Canvina Amount
Gross Carrying Amount as at 0104.2019 Exchange Differences	364	181 91	946.84	39.56	23.09	24 93		62.28	30 92	1.374,55
Additions
inter-head Transfer In flout) Transfer From Active Assets
Transfer To Active Assets
Disposals Impairment Losses
Adjustments								000	0.00
Gross Carrying Amount as at 31.03.2020	3.64	181.91	946.84	39.56	23.09	24.93		62.28	92.30	1374.55
Accumulated Depreciation & Impairment
Accumulated Depreciation as at 01.04.2019
Depreciation charge during the year
Inter-head Transfer In /(Out) Transfer From Discarded Assets
Transfer To Discarded Assets
Impairment Losses Exchange Differences
Disposals
Accumulated Depreciaton & Impairment as at 3 03.2020
Net Carrying Amount as at31.03.2020	3.64	181.91	946.84	39.56	23.09	24.93		62.28	92.30	1374.55
Less Provisions for Discarded Assets Net Carrying Amount (Net of Provisions) as at 31.03.2020										1374.55


Gross Camilna Amount
Gross Carrying Amount as at 01.04.2020 Exchange Differences	3.64	181.91	946.84	39 56	23.09	24 93		62 28	92.30	1374.55
Additions Inter-head Transfer In flout)
Transfer From Active Assets
Transfer To Active Assets Disposals
Impairment Losses
Adjustments
Gross Carrying Amount as at 31.12.2020	3.64	181.91	946.84	39.56	23.09	24.93		62.28	92.30	1374.55
Accumulated Depreciation & Impairment
Accumulated Depreciation as at 01.04.2020
Depreciation charge during the year
Inter-head Transfer In /(Out) Transfer From Discarded Assets
Transfer To Discarded Assets
Impairment LOSSeS Exchange Differences
Disposals
Accumulated Depreciaton & Impairment as at 31.12.2020

Net Carrying Amount as at 31.13.2010 'Less Provisions for Discarded Assets	3.64 I I	181.91 I	946.84 I	39.56 I	23.09 I	24.93 I		62.28	92.30	13/4.55 1374.55
Net Carrying Amount (Net or Provisions) as at 31.11.1021)

Note :

HCL has used the exemption available in Ind AS 101 with respect to recognition of Property, Plant, Equipments (PPE) and Intangible Assets at their carrying value.

Neto No 4	CAPITAL WORK IN PROGRESS		(C in takh)
	PARTICULARS	As at 31st December 2028 (Unaudited) Raviewed	As at 31st March, 2020 (Auditad)
I)	Building	24.22	163.27
D)	Plant & Machinery	21630.67	34389.11
E)	Others including Mina Expension	105551.97	92016.10
		12720706	126570.48
	Less Provision	339291	3392.91
	TOTAL	123814.15	123177.57

Note No 5 NON - CURRENT FINANCIAL ASSETS - INVESTMENTS

	PARTICULARS			As at 31st December, 2020 (Unaudited) Reviewed		As at 31st March, 2020; (Audited))
D.	Investments in equity instruments - (classified as at cost) Investment in Subsidiary Company - Chhattisgarh Copper Limited (CCL) (investment in CCL 333,000 Nos. (Previous Year 185,000 Nos.) of		33.30		18.50
	equity shares of ₹10 (Previous Year ₹10) each fully paid up es at 31.12.2020)
	Lass : Provision for share of Loss of Investment in Subsidiary upto 31.03.2020		22.11	11.19	10.35	0.15
	TOTAL
	Details of Subsidiary
	Principal Activity and placs of incoporation	Principal place of business		Propertian af ownership interest I voting rights held by the Cempany as on 31.03.2028
	Exploration & Mining and benefication of copper & its associated minerals	Chhatfisgarh		74%
ī)	investments in equity instruments - (classified as at cost) A Joint Vanture Company (JVC) named Khanij Bidesh india Limited (KABIL) was formed on 01.08.2819 emong National Almunium Cempeny (NALCO) Hindustan Copper Limited (HCL) and Minaral Exploration Corporation Limited (MECL)
	Investmant in JV Company - Khanij Bidesh India Limited (KABIL) (Investment in KABIL75,000 Nos. (Previous Year 30,000 Nos.)		75.00		3.00
	ef equity shores ef ₹10 (Previous Yesr ₹ 10) each fully paid up os et 31.12.2020)
	Less : Provision rar shors ef Loss af Investment in Joint Vanture upto 31.03.2020		27 54
	TOTAL			47.36
	Details of JVC
	Principal Activity and place of incoporation	Principal place of business		Proportion of ownsrship interest / veting rights held by the Cempany as on 31.03.2020
	Te identify sxplore, ecquirs, develep, precess primarily strategic minerals overseas far supply te india for meeting domestic requirements and fer sale to any other countries for commercial use.	New Delhi		30%
	Non Trode investment in Dobentures		0.17		0.17	3.00
iii)	Less : Provision for diminution in value		0.17		0.17

	TOTAL			58.55		3.15
	AGGREGATE BOOK VALUE - UNQUOTED			56.55		3,15
	AGGREGATE BOOK VALUE - QUOTED			Nil.		Nil

Note No 6 NON - CURRENT FINANCIAL ASSETS - OTHERS

PARTICULARS	As at 31s1 Decomber , 2020 [Unaudited] Reviewed	As at 31st March, 2020 (Audited)
Sank deposits with mera than 12 menths maturity - With scheduled banks	470.57	20.36
TOTAL	470.57	26.36

Por

(? in lakh)

$23$

Note No 7	DEFERRED TAX ASSETS (NET)				(7 in lakh)
	PARTICULARS		As at 31st December 2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
	i) DEFERRED TAX ASSET
	OPENING BALANCE	5884.22 3500 05		9243.90 ${3379.60}$
	Adjustment/Credit during the year CLOSING BALANCE		9365.17		5864.22

	8) DEFERRED TAX LIABILITY DPENIND BALANCE	${1914, 43}$		(2998.28)
	Adjustment/Credit during the year	(16.19)	(1939.53)	1083.55	(1914 43)
	CLOSING BALANCE
	()-(i) DEFERRED TAX ASSETS / (LIABILITIES) (Net)		7434,64		3549.79
	iii) DEFINED BENEFIT PLANS
	OPENING BALANCE	1341.02 377.52		585.74 755.28
	Adjustment/Credit during the year CLOSIND BALANCE		1716.54		1341.02
	DELEVATOR INV WOOCID I franchised fund around		9153.18		5290.81
	$\sim$ (Rafer Note No. 39 General Notes on Accounts Point No. 19)
					(Cin lakh)
Note No 6	NON-CURRENT TAX ASSETS (NET)		As at 31st December 2020		As at 31st March, 2020
	PARTICULARS		(Unsudited) Reviewed		(Audited)
	Income Tax (including advance income tax, TDS & excluding		659.52		689.82
	current tax liability) Unsecured - Considered good
	TOTAL		689.82		686,52
Note No 9	OTHER NON - CURRENT ASSETS				(7 in lakh)
	PARTICULARS		As at 31st December 2020 (Unsudited) Reviewed		As at 31st March, 2020 (Audited)

o)	MOBILISATION ADVANCES
Ð	Secured (considered good)		1631.96		1932.12
ii)	Unsecured (considered good) - Against Bank Guarantee
ië)	- Others Unsecured (considered doubtfut)	902		9.02
	Less: Provisions for Capital Advances "	0.02		0.02

b)	Mine Development Expenditure As per Last Balance Sheet	4820435		51115 02
	Add: Expenditure during the Year las per Note Below)	13300.76	61505.13	22505 21	73621.03
	Less; Value of Ore recovered during Mino Development	161.97		144.95
	Less: Amortisation during the Year	17973.67	17234.74	25271.73	25416.58
			44270.30		40204.35
	Less: Provision		4554.80		4564.96
	TOTAL		39605.53		43536.49
	Note: MINE DEVELOPMENT EXPENDITURE DURIN'B THE
	YEAR		1726.15		2655.31
I) ii)	Salaries, Wages, Allowances Contribution to Provident & Other Funds		134.58		211.43
iii)	Workmen & Staff Welfare Expenses		2.35		9.68
м	Stores, Spares 6 Tools Consumed		1221.04 428.20		1963 75 855.21
v)	Power, Fuel & Water		11.71		11.03
vi) vii)	Revelty Repair & Mailenance		2399.00		4352.B3 1.17
vlii)	insurance		1.33 8790.10		11275.24
bs) X)	Overburden Removal Expenditure Depreciation		213.33		446.57
XI)	Other Expenses		372.00 13300.76		922.30 22505.21
	TOTAL
	The above expanditure is in addition to the expenses shown under the respective natural head of accounts indicated and charged in the Statement of Profit and Loss Account for the year and in the relevant achedules thereof.
	Amortisation during the year is in relation to the expenses incurred on mines which are under operation/production and does not include expenditure on prospecting of minerals in new culnes area.
c)	Right to Use		3984.02		$-007.67$
	Rent for Leasehold Land TOTAL		3984.82		4097.67
			45221.51		49269.28
	TOTAL (a+b+c)
	PROVISIONS FOR CAPITAL ADVANCE9 * OPENING BALANCE		0.02		0.02
	Additions during the year		$\overline{\phantom{a}}$
	Amount used during the year. CLOSING BALANCE		0.02		6.02

		Manufacturer Committee

	Note No 10 INVENTORIES				(t in lakh)
	PARTICULARS		As at 31st December, 2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)

i}	Raw Materials				٠
m	Semi-Finished and in-Process (at lower of east or net realisable	31936.22		64458.03
	velue) Less: Provision for Semi-Finished and in-Process *	10151.33	13483 39	18454.83	40001 20
iii)	Finished Goods (at lower of cost er net realisable value)		83.00		63.00
N)	Stores and spares	7432.91		7643 10
	Stores in transit/ pending inspection	1023 55		60330
		6458 46		8249.40
	Less: Provision for Obsolete Stores & Sparea	2350 68	8105.58	2350 68	5808.52
	TOTAL		19671.67		5198272
	PROVISION FOR SEMI-FINISHED AND IN-PROCESS *				123.03
	O PENTNG BALANCE		18454.83		16331.e0
	Additions during the year
	Amount used during the year		18454.83		18454.83
	CLDSINO BALANCE
	PROVISION FOR OBSOLETE STORES & SPARES **		2350.88		2610.03
	OPEN NG BALANCE		0.00		1.40
	Additions during the year		0.00		200.55
	Amount used during the year		2350.88		2350.88
	CLOSING BALANCE

CURRENT FINANCIAL ASSETS - INVESTMENTS				(7 in faklı)
PARTICULARS			As at 31st December , 2020 (Unaudited) Reviewed	As at 31st March, 2020. (Audited)
investments in Mutual Fund (Maturity within 3 months from date of original investments)	Number of units	NAV (in T)
UTI MONEY MARKET - GROWTH	51.736 (51.733)	2267.76 (2112.55)	1.21	1.17
SBI ULTRA SHORT TERM DEBT FUND - GROWTH	132.117 [132.117]	4479.65 (4160.40)	6.22	-5.92
CANARA REBECO LIQUID FUND - GROWTH	36,993 (38.993)	2389.98 (2256.68)	0.95	0.83
IDBI LIQUID FUND - GROWTH	68.489 (68, 469)	2130.87 (2002.09)	1.48	1.46
TOTAL			9.67	6.48
AGGREGATE BOOK VALUE - UNQUOTED			NI)	Nil
AGGREGATE BOOK VALUE - QUOTED			7.84	7.84
MARKET PRICE OF QUOTED INVESTMENT			9.67	9.48

	Note No 12 CURRENT FINANCIAL ASSETS - TRADE RECEIVABLES				(Tin lakh)
	PARTICULARS		As et 31st December , 2020 (Unaudited) Reulewed		As at 31st March, 2020 (Audited)
n)	DEBTS OUTSTANDING - Secured - Considered good	13115.69		8289.35
W) Ϊij,	- Unsecured - Cansidered good - Considered doubtful	1004.96		886.51
	Less: Allowances for bad & doubtful debts	1418277 1064.08	13118.69	9175.BB 886.51	8269.35
	TOTAL		13118.60		8289.35
	ALLOWANCES FOR 8AD & DOUBTFUL DEBTS * OPENING BALANCE Additions during the year Amount used during the year CLOSING BALANCE		886.51 177.61 0.04 1004.08		042.77 0.31 56.57 630.51
	Explanatory Note: Debt due by Directors or other officers of the company or any of them atther severally or jointly with any other person or debts due by firms or private companies respectively in which any Director of the Company is a partner or a Director or a mamber amounts to ₹ Nil (Previous year ₹ Nil).

$\frac{1}{\sqrt{2\pi}}$

Note No 13	CURRENT FINANCIAL ASSETS - CASH & CASH EQUIVALENTS		(7 in Lakh)
	PERTICULARS	As at 31st December , 2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)
	CASH AND CASH EQUIVALENTS
L.	Cash on hand including imprest	0.25	0.25
41.	Batance with Banks -Current Account	2033.04	113440
Ħ.	OTHER BALANCES WITH BANK Bank deposits upto 3 months maturity from date of original investment
	- With scheduled banks	.
	TOTAL	2638.29	1134.71

Nate No 14	CURRENT FINANCIAL ASSETS - BANK BALANCE OTHER THAN CASH & CASH EQUIVALENTS		K in lakhi
	PARTICULARS	As at 31st December 2020 (Unaudited) Reviewed	As at 31st March, 2020 IAudited
I.	Other Balances with Bank
	- In Dividend Balance Account	15.56	20.31
It.	Bank deposits with more than 3 months and upto 12 months meturity - With scheduled banks	-	432.2
		15.55	452.57

	oto No 15 CURRENT FINANCIAL ASSETS - OTHERS PARTICULARS		As at 31at December 2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
ŧ)	ADVANCES*
	Employees			11255
	- Secured (considered good)	132.64 2.03		2.03
	- Unsecured (considered doubtful)	2.03		2.03
	Less : Provisions for doubtful Advances*		132.64		112.55

b)	INTEREST ACCRUED ON	ä,		0.00
ij H)	LC from Customers Investments	18.74		1006
确	Deposits	20.31		20.64
м	Others	0.15	39.23	0.36	40.65
c)	CLAIMS RECOVERABLE
	Claims recoverable from different sgencies	5222.00		2712.31
	Less: Provision for Doubtful Claims **	179.41	5043.25	17B 11	2533.20
	TOTAL (a+b+c)		5215.12		2608.41
	DETAILS OF PROVISIONS
	PROVISION FOR DOUBTFUL ADVANCES *
	OPENING BALANCE		2.03		2.03
	Additions during the year		٠		٠
	Amount used during the year		$\overline{\phantom{0}}$ 2.03		2,83
	CLOSING SALANCE
	PROVISION FOR DOUBTFUL CLAIMS **
	OPENINO BALANCE		179.41		133 10
	Additions during the year		900		46.31
	Amount used during the year		$\overline{\phantom{a}}$
	CLOSING BALANCE		179.41		179.41
	Explanatory Note: -
	PARTICULARS OF LOANS AND ADVANCES DUE FROM DIRECTORS il Amount due at the end of the year		₹M		TNN
	a) Advance dua by firms or privata companies in which any Director of the Company is a Partnar or a director or a member amounts to ₹ Mi (Previous year ₹ Nii)

	Note No 16 CURRENT TAX ASSETS (Net)				(7 in lakh)
	PARTICULARS		As at 31at December ,2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
	Income Tax (including advance income tax, TDS & excluding corrent tax itability) Unsecured - Considered good		1866.62		184539
	TOTAL		1865.62		1845.30
	Note No 17 OTHER CURRENT ASSETS				(7 in lakh)
	PARTICULARS		As at 31st December ,2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
$\bullet$	Advances to contractors / suppliers
	- Secured (considered good)	388.30		239 21
	- Unsecured (considered good)
	- Against Bank Guarantee
	- Others	1023.52		112708
	- Unsecured (considered doubth)	678.68	2008.50	870.54	2045.83

b)	Other Advances
	- secured (considered good)	50.90		50.90
	- Unsecured (considered doubtful)	13.03		13.93
			64.83		64.83
			2153.33		2110.60
	Less : Provision for Doubtful Loons and Advances .		692.61		803.47 1417.18
			1450 72
c)	Advance to Subsidiary-CCL		$\overline{a}$		850
d)	Advance to JV-KABIL				72.00
e)	DEPOSITS
	Other Deposits	10760.65		10136.08
	Less : Provision for Doubtful Deposits **	75.56		75.56
			10685.09		10050 52
Ą	OTHER CURRENT ASSETS	210.66		211.52
	Other Current Assets	3.52		352
	Less: Provision for Other Current Assets ***		207.14		208.00
g)	OTHER RECOVERABLES
	IGST/CGST & SGST		27704.00		25553.81
h)	RIGHT TO USE
	Rent for Leasehold Land		150.54		208.01
	TOTAL		40298.39		37524.43
	DETAILS OF PROVISIONS
	PROVISION FOR DOUBTFUL LOAN5 AND ADVANCES *				737.26
	OPENING BALANCE		633.47		252
	Additions during the year		0.26 1.12		45.31
	Amount used during the year		892.61		693.47
	CLOSING BALANCE
	PROVISIONS FOR DEPOSITS **
	*OPENING BALANCE*		75.56		75.50
	Additions during the year
	Amount used during the year		75.56		75.56
	CLOSING BALANCE
	PROVISION FOR OTHER CURRENT ASSETS ***
	GPENING BALANCE		3.52		3.52
	Additions during the year
	Amount used during the year		3.52		3.57
	CLOSING BALANCE

$\begin{matrix} \downarrow \ \downarrow \ \downarrow \end{matrix}$

	Note No 18 EQUITY SHARE CAPITAL				{\ in lakh}
	PARTICULARS		As at 31st December, 2020 (Unsudited) Reviewed		As at 31st March, 2020 (Audited)
		In No.	$(7 \ln \text{loc})$	in No.	$(5$ in lac)
8)	AUTHORISED SHARE CAPITAL
	- Equity Share Capital	1800000000	90000.90	1800000000	90000.00
	- 7,50% Non-Cum. Redeemsbls Preference Shares	2000000	20000.00	2000000	20000 00
p}	PAR VALUE PER EQUITY SHARE (in ₹)		5.00		5.00
¢)	PAR VALUE PER PREFERENCE SHARE (In 7)		1000.00		1000.00
dļ	NU. UP ORAREO (SSUED, OUDOURIDED AND FULLT FARE - Equity Share Capital - 7.50% Non-Cum. Redeemable Preference Shares	925218000	48260.90 $\overline{a}$	925218000	46260.90
	TOTAL		46260.00		48200.90
e)	RECONCILIATION OF NO. OF SHARES & SHARE CAPITAL GUTSTANDING:	No. of Shares	(* in lakh)	No. of Shares	(7 in lakh)
	GUTSTANDING AS ON #1.04.2019	925218000	46260.00	\$25218000	45260.90
	Add: Share Capital issued/ subscribed during the year
	Less: Reduction In Share Capital
	OUTSTANDING AS ON 31.03.2020	925218000	46260.90	925218000	46260.00
ŋ	TERMS/RIGHTS ATTACHED TO EQUITY SHARES	ens vote per share.	The Company has only one class of Equity Shares having per value of 7 5/- each and is entitled to
g)	HELD B٢ EACH COMPANY THE SHARES IN SHAREHOLDER
	HOLDING MORE THAN 5 PERCENT OF THE NUMBER OF SHARES	In No.	ln(9n)	in No.	$\ln(9s)$
	- President of India	703587852	76.05%	703547552	76.05%
	- Life Insurance Corporation et India	105885600	11.42%	105635666	11.42%

	Note No 19 OTHER EQUITY PARTICULARS		As at 31st December, 2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
a)	CAPITAL RESERVE *				21106.24
	AS PER LAST BALANCE SHEET		21160.24
ь۱	GENERAL RESERVE
	AS PER LAST BALANCE SHEET		8005.97		890597
c)	MINE CLOSURE RESERVE
	AS PER LAST BALANCE SHEET	238.00		103.00
	Add: During the year			75.00
	Less: Amount reversed during the year			٠
	Less: Amount used during the year	$\bullet$		٠
	AS AT BALANCE SHEET DATE		235.00		233.00
d)	CURRENCT FLUCTUATION RESERVE **
	AS AT BALANCE SHEET DATE	(2608.65)		15594
	Add: Equity Component of Foreign Currency Loan	1637.08		(2764.59)
	Less: Amount reversed during the year
	Less: Amount used during the yeer	$\blacksquare$
	AS AT BALANCE SHEET DATE		(071.57)		(2608.65)
9)	RETAINED EARNING ***		35500.05		22004 03
	TOTAL		64958.09		49755.59
	Details of Retained Earning ***				(56935.41)
	Profit /(Loss) efter tax for the period es per Stelement of Profit and Loss		14678.50
	Other Comprehensive Income/(Loss) as per Statement of Profit		(1122.48)		(2245.67)
	and Loss (net of lax) Total Comprehensive income /(Loss) for the period		13558.02		(59151.05)
	Balance brought forward		22004.03		86085.19
	BALANCE AVAILABLE FOR APPROPRIATION		35560.05		27004.11
i)	Less :Dividend				4811.14
ö)	Less : Tax on Owidend				995.94
	BALANCE CARRIED FORWARD		35580.05		22004.03
	. Capital Reserve is created from the Grani received from the Government of india during the spproval of Financial Re-structuring proposel by Ministry of Mines and out of Capital Profits over the years. This Reserve is not created out of Revence Profits of the Company.

"Currency Fluctuation Reserve is not creeted eut of Ravenue Profits of the Company.

$\frac{1}{\sqrt{2}}$

NON-CURRENT FINANCIAL LIABILITIES - BORROWINGS PARTICULARS LONG TERN LOANS - From Banks/ Fis - Secured - EXIM Bank (Loan (1) (First pari-passu charge on movable fixed ennets, both present and futura of the Company, excluding GCP and TCP) - 681 (First pari-pessu charge on immovable fixed essets of the Company located at MCP, both present and futura, excluding leasehold land/property)	As at 31st December 2020 (Unaudited) Reviewed 17856 11 1541000	As at 31st March, 2020 (Audited) 22047 53 18975.00








$-$ USI	9650.00	DECO DO
(First pari-passu charge on immovable fixed assets of the Company located at MCP, both present and future, excluding leasehold land/property)
- HDFC	9000.00	9500.00
(First peri-passu cherge on immovable fored assets of the Company focated et MCP, both present and future, excluding leasehold land/property)
- AXIS	8147.00	2005.00
(First pari-passu charge on immovable fixed assets of the Company located at MCP, both present and future, excluding leascheid land/property)
- Federal Benk	10068.00
(First pari-pessu charge on immovable food assets of the Company located at KCC, both present and future, excluding leasehold imd/preperty)
- Unsecured
- Exim Bank
TOTAL	54731.11	63817.53
		8000.00

$\overline{a}$

NON-CURRENT FINANCIAL LIABILITIES - OTHERS Neto No 21		(7 in lac)
	As at 31st December 2020 (Unaudited) Reviewed	As at 31et March, 2020) لتعنائسك
Others (Compensation received from Govt ef Jharkhand for repair of township)	B43.S3	843 53
TO TAL	843.53	843.53

	Note No 22 NON - CURRENT - PROVISIONS				(7 in 11 k)
	PARTICULARS		As at 31st December 2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
	PROVISION FOR EMPLOYEE BENEFITS
i)	PROVISION FOR LEAVE ENCASHMENT
	AS PER LAST BALANCE SHEET	9032.66		1002032
	Additions during the year	75.00
	Amount used during the year			1857.06
	CLOSING BALANCE		9107.00		9032.56
ü)	PROVISION FOR GRATUITY
	AS PER LAST BALANCE SHEET	(2460.73)		(544873)
	Additions during the year	157500		2982.00
	Amount used/tunded during the year	$\blacksquare$
	CLOSING BALANCE		(891.73)		(2406.73)
			#215.93		8585.93
	TOTAL
	(Refer Note Ne. 39 General Notes on Accounts Point No. 20)
		---- *SIMPLE COMPANY*

(t in lakh)		CURRENT FINANCIAL LIABILITIES - BORROWIN BS
As at 31st March, 2020 (Audited	As at 31st December .2020 (Unaudited) Reviewed	PARTICULARS

		SHORT TERM LOANS
13003.4	4000.48	- Cash Credit- From Banks/ Fis
16300.0	٠	- WCDL- From Banks/ Fis
		- Secured (Secured by hypothecation of Stock-In-Trade, Stores & Spare Parts and Book Debts, both present and future of the Company)
		- Warking Capital Torm Loan (Unsecured)
22000.0 5000.0	4550.00	- Axis Bank
10500.0	٠	- Kotak Mahindra Bank
1250.0		- HDFC Bank
1250.0		$-108$
	10000.00	- UBI
		LONG TERM LOANS
		Due in next 1 year
5033 1	2878 25	- EXIM Bank (Loan i)
81083 B105.0	9000.00	- EXIM Bank (Loan II)
500.00	250000	- Axis Bank
200.00	750.00	- HDFC Bank
	300.00	- UBI Bank
	3000.00	$-$ SBI ECB
	3332.00	- Federal Bank
	2000.00	- EXIM Bank
32749.9	42310.73	TOTAL

	Note No 24 CURRENT FINANCIAL LIABILITIES - TRADE PAYABLE
	PARTICULARS	As at 31st December, 2020 (Unaudited) Reviewed	As at 31st March, 2020 (Auctor)

ij	Total outstending dues of micro entreprises and small enterprises	730.94	951 80
ii)	Total outstanding dues of creditors other than micro enperprises and small enterprises	15550.26	22412.62
	TOTAL	10281.20	23374.42

	Note No 25 CURRENT FINANCIAL LIABILITIES - OTHERS		(7 in lakh)
		As at 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020. (Audited)
n, m, fii) iv)	Interest accrued but not due on borrowings & term loans Unpoid dividend Deposits/ Retention money Other liabilities	468.67 15.50 0993.46 1502.10 9068.11	505.96 20.31 030134 109481 8582.21

	Note No 20 OTHER CURRENT LIABILITIES		(Tin lakh)
	PARTICULARS	As at 31st December 2020 (Unaudited) Reviewed	As at 31st March, 2028 (Audited)
$\blacksquare$	Statutary does payables	8235.60	5783.29
m	Advances from Customers	5478.59	3105 62
ii)	Sundry Creditors Others	9372.53	011374
	TOTAL	21887.72	11962.85

	Note No 27 CURRENT - PROVISIONS				(cin takh)
	PARTICULARS		As st 31st December, 2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
a)	PROVISION FOR EMPLOYEE BENEFITS
i)	PROVISION FOR LEAVE ENCASHMENT
	AS PER LAST BALANCE SHEET	1593.88		1900.85
	Additions during the year	÷
	Amount used during the year	÷		380 97
	CLOSING BALANCE		1593.88		1593.88
Ű)	PROVISION FOR GRATUITY
	AS PER LAST BALANCE SHEET	(2831.41)		(2860.89)
	Additions during the year	$\blacksquare$		29.48
	Amount used during the year			$\tilde{\phantom{a}}$
	CLOSING BALANCE		(2831.41)		(2531.41)
4ń)	PROVISION FOR LEAVE TRAVEL CONCESSION (LTC)
	AS PER LAST BALANCE SHEET	198.83		171.93
	Additions during the year	÷.		26 10
	Amount used during the year	$\overline{\phantom{a}}$		÷.
	CLOSING BALANCE		189.83		108.03
w,	PROVISION FOR PRP/INCENTIVE
	AS PER LAST BALANCE SHEET	1145.00		1727.00
	Additions during the year	176.00		÷,
	Amount used during the year	$\blacksquare$		582.00
	CLOSINB BALANCE		1321.00		1145.00
v)	PROVISION FOR WAGE REVISION
	AS PER LAST BALANCE SHEET	1870.07		4258.27
	Additions during the year	$\bullet$		L.
	Amount used during the year	0.00		2378.40
	CLOSING BALANCE		1878.87		1878.87
b)	GTHERS
i)	DIVIDEND
	AS PER LAST BALANCE SHEET	ä,
	Additions during the year	0.00		4811.14
	Amount used during the year	8.00		4811.14
	CLDSING BALANCE
Ø)	TAX ON DIVIDENO
	AS PER LAST BALANCE SHEET	٠
	Additions during the year	8.00		908.94
	Amount used during the year	0.00		988.94
	CLOSING BALANCE
iil)	PROVISION - DTHERS
	AS PER LAST BALANCE SHEET	1070.20		1018.50
	Additions during the year	157.65		329.40
	Amount used during the year	0,16		209.79
	CLOSING BALAHCE		1235.75		1078.24
	TOTAL		3396.12		3062.83

	(Rafer Note No. 39 General Notes on Accounts Point No. 19 & 20)

Note No 28 CURRENT TAX LIABILITIES (Net)		仅 in lakh)
PARTICULARS	As at 31st December 2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)
Additions during the year Less : Refund pertaining to earlier years Less : Advance Income Tax & TDS	3832.00
Current Tax Liabilities (Hst of Advance Tas & TDS)	3832.00

	For the Nine Months ended 31st		Note No 29 REVENUE FROM OPERATIONS
For the year ended 31st March, 2020 (Audited)	December 2020 (Unsudited) Reviewed		PARTICULARS
			SALE OF PRODUCTS
34187.37	56782.05		- Domestic
4812933	68325.69		- Export
80318.65	125108.64
			Less : Discount & Rebate
80316.65	125108.54		SALES (Net of Discounts) [A]
310.77	78.55		SALE OF SERVICES [B]
			OTHER OPERATING INCOME [C]
329 54	514.00		Sale of Scrap
110.11	2.38		-Interest from Customers
252.48	58.99		-interest from Contractors ogeinst mobilization advances for mining operations
1920.36		881.00	- Penalty 8 Liquidated Damages
1558.67 60.68	53951	2.09	Less : Retunded during the year
2557.01	1264.88		TOTAL ICI
83105.25	129452.05		TOTAL (A+B+C)

Nate No 30 OTHER INCOME		(T in lakh)
PARTICULARS	For the Nine Months ended 31st December, 2020 (Unaudited) Raviawed	For the year ended 31st March, 2020 (Audited)
		8.00
- Claims Received	3.42	29.63
- Interest from Term Oeposits	22.78	092.27
- Interest - Others	3.18
- Profit on sale of Assets
- Profit on Fair Value of Investment	030	0.63
- Others	1542.19	2384.06
- Provisions not required written back #	881.69	2230.83
TOTAL	2553.63	5498.22
Details of Provisions not required written back # (Refer Note No.39 General Notes on Accounts Point No.11) Bad and doubtful Deuts, advances/deposits 6 claims	0.00	56.57
Excess provisions on account of shortage non-moving obselete
& insurance Stores & Spares and finished goods	(0.01)	208.54
Provision for Discarded Assets no longer required		×
Prov Written back for feasibility study at Concentrator plam at MCP		827.45
Provision for CSR no longer required Written Back		234.01
Provision for Interest on MSME	220.80
Provision for MP Rural Infrastructure & Road Development Tax & Water Charges	۰	۰
Excess Provision created for Transportation of Copper Concentrate from KCC to load port	٠	17956
Did Liability Written Back for S.Creditors, SD & EMD more than 5 years and Others	755.90 541.51	606.60 2200.03

$32$

Note No 31 COST OF MATERIALS CONSUMED		(Cin lakh)
PARTICULARS	For the Nine Months ended 31st December, 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
Rew Materials Consumed	0.00	483.29
Value of Ore Raised During Mine Development	161.67	144.95
TOTAL	101.57	620.24

$\mathbf{u}^{\prime}$

	Note No 32 CHANGES IN INVENTORIES OF FINISHED GOODS, SEMI-FINISHED AND WORK- IN-PRDCESS		(C in lakh)
		For the Nine Months anded 31st December, 2020 (Unaudited) Raviewed	For the year ended 31st March, 2020 Audited:
A	OPENING STOCK:		1176.03
	Finished Goods	83.00
	Semi-Finished and in-Process	04456.03	58241.42
	TOTAL DPENING STOCK	54536.03	59425.45
В.	CLOSING STOCK:		83.00
	Finished Goods	63.00
	Semi-Finished and In-Process	3193822	84458.63
	TGTAL CLOSING STOCK	32021.22	54539.03
	(INCREASE)/ DECREASE (A-B)	32517.61	(5113.55)

EMPLOYEES BENEFIT EXPENSE Nate No 33		(Tin Lukh)
PARTICULARS	For the Nine Months ended 31st Secomber 2025 [Unaudited] Reviewed	For the year anded 31st March, 2020 (Audited)
Ssieries, Wages & Allowances	14964.54	2180624
Bonus/Ex-gratia/Performance Related Pay	282.53	104.00
Contribution to Provident & Other Funds	1456.34	2188 55
Workmen & Staff Welfare Expenses	894.B4	1568.32
Gratuity & Leave Encashment	2043.63	297.20
TOTAL	19621.90	25962.31
Explanatory Note: - The detail of Remunsration psid/payable te Directors as included in above payments are as lollows: -
(i) Salaries 6 Allowances	153.94	153.44
(ii) Contribution to Provident 6 Other Funds	13.16
(iii) Re-imbursement of Medical Expenses	1.06
(iv) Loave Encashment	32.83
(v) Oratulty paid	20.00
(vi) Other Benefits	29.88
TOTAL	250.59

in edditien the Whate-time Girectors are allowed the use of company car for private purpose snd have been provided with residential as
per terms of their appointment / Government guidellines and the charges ere recovered a

Note No 34 FINANCE COST		(C in lakh)
PARTICULARS	For the Nine Months ended 31st December, 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
- Interest on Cash Credit - Others (Including Term Loans)	1339.00 3764 52	2001.97 4035,90
TOTAL	5103.52	6041.89

Note No 35	DEPRECIATION AND AMORTISATION EXPENSE PARTICULARS	For the Nine Months anded 31st December, 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Auduced)
А.	*OEPRECIATION* Depreciation for the year	3318.56	403502
	Mine Development transferred to Less. Depreciation	213 33	446 57
	Expenditure SUB TOTAL (A)	3105.23	3549.35
в.	AMORTISATION Amortisation during the year * SUB TOTAL (B)	1707367 17073.47	2527173 25271.73
	TOTAL (A+B)	20178.00	28001.00

Note No.36	OTHER EXPENSES		(x in iaku)
	PARTICULARS	For the Nine Months ended 31st December 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
A	OTHER MANUFACTURING EXPENSES
	- Stores, Spares 5 Tools Consumed	4841.25	10618.82
	- Consumption of Power, Fuel A Water	BC24.34	17757 59
	- Royalty, Cess & Decretai amount	5222.52	7717.04
	- Contractuel Job for Procese	6310.32	16744 17
	Handling & Transportation	2817.32	2075 84
	- Expenses for Leasehold Land	134.41	208.61
	SUB TOTAL (A)	30450.18	56018.87
В.	REPAIRS & MAINTENANCE & MAJOR OVERHAUL EXPENSES		145 54
	- Building	22 30	4003.83
	- Machinery	1948 21	81777
	$-$ Others	295 68	4667.14
	SUB TOTAL (B)	2264.18
C.	ADMINISTRATION EXPENSES	409.04	383 85
	- insurance	83.99	131 07
	- Rent	278.51	1132.38
	- Rates and Taxes	1041.02	004.49
	- Security Expenses	110.04	410.12
	- Travelling and Conveyance	8713	129.09
	- Telephone, Telex and Postage	45.34	24845
	- Advertisement and Publicity	16.38	70.15
	- Printing and Stationery	0.54	1.81
	- Books S Periodicals - Consultancy Charges - Indigenous	205.25	1006.15
	- Loss on Sale of Assets (Net)	0.06	2.04
	- MTM Debit/(Credit) Fereign Exchango	(83.33)	20.00
	-Exchange Reto Vanation (Net)	÷
	- Corporate Social Responsibility Expenses	46.47	331.01
	- Hire Charges	130.03	209.03
	- Audit Expenses [Refer detail below at SI 1]	15.26	41.50
	- independent Directors Expenses	13.20	12.75
	- Bank Charges	73.06	178.93
	- Other General Expenses	315.68	124100
	SUB TOTAL (C)	3871.47	8401.30
D.	PROVISIONS (Refer datail below at SI 2)	591.37	10884.51
	TOTAL (A+B+C+D)	36377.15	86272.90

Note No 36 OTHER EXPENSES

$(7 \ln \text{lakh})$ $(Cont.)$ For the Nine Months ended 31st
December, 2020
(Unsudited) Reviewed For the year ended 31st March, 2020
(Audited) PARTICULARS Explanatory Note: -1) Datall of Audit Expenses are as under: i) Statutory Auditors $0.00$ 16.20 - Statutory Audit Fees $5.16$ 3,30 Tax Audit Fees 11.03 14.95 4n Other Capacity $2.20$ 38.60 $0.27$ 14.60 Reimbursement of Expenses ii) Cost Auditore $0.76$ $\ddot{\phantom{a}}$ - Cost Audit Fees $1.17$ $0.61$ $0.47$ $0.01$ - Reimbursement af Expanses ili) Internai Auditors $0.65\,$ - Audit Fees $154$ $2.19$ $0.65$ $0.05$ - Reimbursement of expenses $41.98$ $15.26$ TOTAL 2) Detail of Provisions are as under: -177.60 6.31 Doubtful debts $252$ Doubtfut advances / deposits $\ddot{\phantom{1}}$ 1.05 $\downarrow$ Provisions for Obsolete /Non-moving Stores 18,331.80 $\ddot{\phantom{a}}$ Provisions for WIP & Finished Goods 131.88 $\mathbb{Z}^2$ Provisions for Capital Work In Progress $6.00$ $\mathcal{L}$ Pravisions for Loss of Assets 323.68 382.37 Interest on MSMED 75.00 $\ddot{\phantom{a}}$ Provision for Min's Closure Expenditure $\ddot{\phantom{a}}$ 27.64 Provision for Loss of Joint Venture $16.35$ $3,78$ Provision for Loss of Subsidiary 591.37 18884.59 TOTAL

TAX EXPENSE Note No 37	(7 in lakh)
	For the Nine Months ended 31st December 2020 (Unaudited) Reviewed	For the year ended 31st March, 2920 (Audited)
CURRENT TAX income Tax Provision	3832.00
Inceme Tex relating to earlier years		R42.18
Deferred Tox Account	(3454.85)	2295.83
TOTAL	347.15	3138.01

	OTHER COMPRENENSIVE INCOME/(LOSS)		(7 in lakh)
Note No 38		For the Nine Months ended 31st December, 2020 (Unsudited) Reviewed	For the year ended 31st March, 2020] (Audited)
A(i)	Home that will not be reciassified to Pront/(Loss)
	Acturial gainfloss recognised in the year for employees : Gratulty	(1500.00)	(3000.95)
	TOTAL (A(I))	(1500.00)	(3000.95)
A(II)	income Tax relating to Items that will not be recises fied to Profit (Loss)	377.52	755.29
	7OTAL (A(ii)	377.52	755.20
B(i)	nems that will be reclessified to Profit/ (Loss)		. .
	TOTAL (9(1))
B(ii)	Income Tax relating to items that will be reclassified		٠
	to Profit # Loss)		٠
	TOTAL (SIGH)

39 GENERAL NOTES ON ACCOUNTS

1. CON11NGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(i) Contingent Liabilities: -

a.	against the company not Claims	9 months ended	2019-20
	acknowledged as debt :	31.12.2020
		(!in lakh)	(Z in lakh)
i	Disputed VAT / CST / Entry Tax	3516.76	3516.76
	ii. Disputed Excise Duty	2947.97	2947.97
	iii. Disputed Income Tax	23113.43	23113.43
	iv. Other Demand	43634.72	39110.70
	SUB-TOTAL (A)	73212.88	68688.86
	b. Other money for which the company is contingently liable :
i	Bank Guarantee	1534.33	2767.54
U.	Letter of Credit	93.17	53.26
iii.	Bill discounting	-	-
	SUB-TOTAL (B)	1627.50	2820.80
	GRAND TOTAL (A+B)	74840.38	71509.66

ii) Commitments:-

Estimated amount of contracts remaining to be
executed on capital account and not provided for
(Net of advance and deposit)	67835.44	73913.51

1. During the nine months ended 31.12.2020, the company has made a provision amounting to 176.00 lakh (Previous Year Nil) in terms of DPE guidelines towards Performance Related Pay payable to the executives which is shown under 'Employee Benefit Expense'.
1. Lease premium paid for land for mining purposes including payment for Net Present Value (NPV) of forest area paid to forest department is capitalized under the head Right to Use shown under Note No. 9(c) & 17(h).
1. The lease agreements of Kendadih and Rakha Mining Lease at ICC has been renewed and executed by the Govt of Jharkhand in respect of leasehold lands valid upto 02.06.2023 and 28.08.2021 respectively. In respect of Surda Mining Lease, the lease agreement has expired on 31.03.2020 and the company has applied for extension of the lease agreement with the Govt of Jharkhand. Govt of Jharkhand has issued Letter of Intent (L01) for extension of the lease vide letter dated 05.08.2020. Formal letter of extension of the lease is under active consideration of the Department of Mines & Geology, Govt of Jharkhand, Ranchi.
1. The commercial operation of Smelter, Refinery and Sulphuric Acid Plant at Khetri Copper Complex (KCC) were suspended since December 2008. The Company suffered loss on account of impairment of the said plants valued by an independent consultant in earlier years and consequently a total sum of 464.01 lakh was provided in the accounts for impairment loss in compliance with the guidelines of IND AS 36 on "Impairment of Assets" as on 31.12.2020. Total inventory valued 8.06 lakh (Previous Year 33.21 lakh) which remained as process material in the above Plant is included in the Inventory of the company. The management is of the opinion that such inventories consisting mainly of metal content and having realizable value at least equal to the amount at which they are stated.

1. The title deeds for Freehold and Leasehold Land and Building acquired in respect of Gujarat Copper Project (GCP) with book value of! 5365.75 lakh are yet to be executed (Previous year 5578.11 lakh).
1. At ICC, Pollution Control Plant under Package I & III amounting to 2100.50 lakh have not been capitalized for want of completion of trial / guarantee run as per terms of contract. As a matter of prudence, full provision for the same has been made in the accounts to take care of efflux of time over the years.
1. During the nine months ended 31.12.2020, the company has spent a sum of 46.47 lakh on account of Corporate Social Responsibility (CSR) expenses.

Amount spent during the year on:

Srl. No.	Particulars in cash	In cash	Yet to be paid	Total
(i)	Construction/acquisition of any asset	-		-
(ii)	On purposes other than (i)above	! 46.47 lakh	-	Z46.47 lakh

Information related to Micro, Small and Medium Enterprises Development Act, 2006 as on 31.12.2020 is disclosed hereunder:

	31.12.2020 is disclosed hereunder:	!
a)	i) Principal amount remaining unpaid to any supplier at the end of the financial year	! 384.43 lakh
	ii) Interest due on above	299.00 lakh
b)	Amount of interest paid by the buyer in terms of Section 16 of the Act, along with amount of payment made beyond the appointed date during the year	!
c)	Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the due date during the year) but without adding the interest specified under the Act	837.34 lakh !
d)	Amount of interest accrued and remaining unpaid at the end of the financial year	! 1136.34 lakh
e)	Amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the Small enterprise, for the purpose of disallowance as a deductible expenditure under Section 23 of the Act	NIL

The information has been given of such vendors to the extent they could be identified as "Micro and Small" enterprises on the basis of information available to the Company.

During the nine months ended 31.12.2020, the Company has written back old liabilities / provisions amounting to 981.69 lakh (Previous Year! 2280.83 lakh) in the accounts, the details of which are as under :-

SI. No.	PARTICULARS	? in lakh	REASONS FOR REVERSAL
1.	Excess provision for doubtful debts no longer required is written back in TCP -! 0.04 lakh	0.04	The relevant amount of debts were recovered from the customers/parties and hence the provision for doubtful debts created in earlier years has been written back.
2.	provision for doubtful Excess is longer required advances no written back in KCC -! 0.86 lakh	0.86	The relevant amount of advances were recovered from the parties and provision for hence the doubtful advances created in earlier years has been written back.
3.	Excess provision for interest on MSME is written back in TCP - Z 0.07 lakh & MCP -! 224.81 lakh	224.88	Excess provision for interest on MSME created in earlier years has been written back.
4.	Liability for unclaimed EMD, SD, Sundry Creditors & Advance from customers for more than 5 years written back at HO - Z 10.81 lakh, - Z - 39.66 lakh, MCP RSON Z 425.01 lakh, TCP - Z 0.65 lakh, RSOW - Z 64.03 lakh, RSOS - Z 26.23 lakh & RSOE -! 189.52 lakh	755.91	The unclaimed liability for EMD, SD & Sundry Creditors unmoved for more than 5 years has been written back
	TOTAL	981.69

1. Management has not become aware of any instance of fraud by the company or any fraud on the company by its officers and employees during the current nine months ended 31.12.2020.
1. The Company has closed / suspended many of its mining operations located at various places, Fertilizer Plant at Khetri in different years due to their uneconomic operations. As per requirement of IND AS 105 on "Non-current Assets Held for Sale and Discontinued Operations" the following information for nine months ended 31.12.2020 are furnished: (Z in lakh)

					Previous year fi ures in brackets)
	MS8 GROUP OF MINES	RCP	CCP	DCP	Fertilizer Plant
event disclosure Initial i) (Year of closure)	1997 to 2003	2001	2002	1994	2001
amount of Carrying H)	No separate	470.49	-	-	separate No
Assets	records	(490.05)	(-)	(-)	are records
Hi) Liabilities to be settled	maintained	137.17	73.04	3.38	maintained
		(137.17)	(73.04)	(3.38)
iv) Amount of income	-		-	-
	(-)	(-)	(-)	(-)
v) Amount of expenses	-	26.14*	-	-
	(-)	(34.70)	(-)	(-)
vi) Gain on sale of assets			-	-
(Included in iv above)	(-)	(-)	(-)	(-)

Previous year fi ures in brackets)

*This is included in cash generated from operations In the Cash Flow Statement.

1. Since the company is primarily engaged in the business of manufacture and sale of copper products, the same is considered to be the only primary reportable business segment and accordingly has been reported. As the Company operates predominantly within the geographical limits of India, no secondary segment reporting has been considered as per IND AS 108 "Operating Segments".
1. Sales for the period include FOB value of Export Sales:-

	2020-21 (9 months)		2019-20
	Qty (MT)	tin lakh	Qty (MT)	tin lakh
Anode Slime	4.600	649.58	25.040	1995.90
Copper Reverts	198.211	808.72	265.347	815.91
Copper Concentrate (CMT)	14118.833	66867.39	10647.339	43317.52
Total		68325.69		46129.33

In terms of IND AS 24 on "Related Party Disclosures":

The company does not have any Advances provided to its Subsidiary and Joint Venture Company as at 31.12.2020 except as is disclosed below:

Transactions with Related Party during the year and balance outstanding as on 31.12.2020

				in lakh
Name of	Nature of	Type of	9 months ended	Year ended
Related Party	Relationship	Transaction	31.12.20	31.03.20
Chhattisgarh	Subsidiary	Investment in	33.30	18.50
Copper		shares as on
Limited		Advances given	-	6.50
(CCL)		as on

Name of	Nature of	Type of	9 months ended	Year ended
Related Party	Relationship	Transaction	31.12.20	31.03.20
Khanij Bidesh	joint Venture	Investment in	75.00	3.00
India Limited		shares as on
(KABIL)		Advances given		72.00
		as on

The remuneration of Key Management Personnel are given below:

Particulars	Key Management Personnel		Total Remuneration
		For 9 months	Year ended
		ended 31.12.20	2019-20
FUNCTIONAL DIRECTORS
	1. Sri Arun Kumar Shukla	37.97	12.37
Receiving	Chairman-cum-Managing Director		(wet. 1.01.2020) 0
of Services	2. Sri Santosh Sharma		44.31
	Chairman-cum-Managing Director		(upto 31.12.2019)
	3. Sri K D Diwan		1.55
	Chairman-cum-Managing Director		(Arrear PRP)
	4. Sri Anupam Anand	26.03	10.55
	Director (Personnel)		(upto 04.08.2019)
	5. Sri S K Bhattacharya		93.70
	Director (Mining)		(upto 31.12.2019)
	6. Sri S K Bandyopadhyay	40.15	52.41
	Director (Finance)
	7. Sri Arun Kumar Shukla	-	35.70
	Director (Operations)		(upto 31.12.2019)
	OTHER THAN FUNCTIONAL DIRECTORS
	8. Sri CS Singh'	36.24	51.28
	Company Secretary

INDEPENDENT DIRECTORS

Sri Subhash Sharma - Date of appointment - 18.02.2018

Sri Pawan Kumar Dhawan - Date of appointment - 22.07.2019

Sri Balwinder Singh Canth - Date of appointment - 22.07.2019

Sri Kalyansundaram - Date of appointment - 22.07.2019

SI. No.	Payment to Independent Directors	For 9 months ended 31.12.2020	Year ended 31.03.2020
1.	Sitting Fees	13.20	12.75

Balance Outstanding with Key Managerial Personnel as on 31.12.2020

	SI. No.	Particulars	As on 31.12.2020	As on 31.03.2020
	1.	Amount payable	Nil	Nil
	2.	Amount receivable	Nil	Nil
16		In terms of IND AS 33 on Earning per are" torY months en e	. . _

		. Z in lakh)
	BASIC	DILUTED
Profit / (Loss) After Tax	14678.50 (-)56935.41	14678.50 (-) 56935.41
Denominator used: Weighted average of Equity Shares 5/- of Z number (Previous year Z 5/- each) outstanding during the period.	925218000 (925218000)	925218000 (925218000)
Earning Per Share (Z)	1.587 (-)6.154	1.587 (-) 6.154

The Company has accounted for Deferred Tax in accordance with the guidelines of IND AS 12 on "Income Taxes" issued by The Institute of Chartered Accountants of India. The Deferred tax balances are set out below:-

—.-— __. ,_.,.			Z in lakh)
Particulars	Deferred Tax Asset/ (Liability) as at 01.04.2020	Credit/ (Charge) during the nine months ended 31.12.2020	Deferred Tax Asset/ (Liability) as at 31.12.2020
Deferred Tax Asset :-
provision between Difference made in accounts and claims made as per I. T Act	5864.22	3500.95	9365.17
	5864.22	3500.95	9365.17
Deferred Tax Liability :-
net book between Difference capital depreciable of value vis-a-vis WDV as per IT assets Act	(1914.43)	(16.10)	(1930.53)
	(1914.43)	(16.10)	(1930.53)
- Asset Tax (Net) Deferred Recognised in Statement of Profit 64 Loss	3949.79	3484.85	7434.64
- (Net) Asset Tax Deferred - Plan Benefit Defined Recognised in OCI	1341.02	377.52	1718.54
Total Deferred Tax Asset (Net)	5290.81	3862.37	9153.18

11 0

18. PROVISIONS FOR CONTINGENCIES (For 9 months ended 31.12.2020 : -

Particulars	Discarded Fixed Assets	Capital WIP & Advance	Mines Development Expenditure	Others	TOTAL
Carrying amount as at 01.04.2020	1838.56	3392.91	4664.86	32274.97	42171.30
provided Amount during the year	-	-	-	2161.51	2161.51
utilized Amounts against provision	-		-	1.33	1.33
Carrying amount as at 31.03.2020	1838.56	3392.91	4664.86	34435.15	44331.48

19. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS IN TERMS OF Ind AS 19:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded through Life Insurance Corporation of India, SBI Life Insurance Co. Ltd. and India First Life Insurance and are managed by separate trust. The Company has also funded through Life Insurance Corporation of India and SBI Life Insurance Co. Ltd towards leave encashment. Expenses recognized in Statement of Profit & Loss and Other Comprehensive Income for 9 months ended 31.12.2020 amounting to Z 3584.66 lakh in respect of Gratuity and Leave Encashment is on estimation basis based on the actuarial valuation report of the preceding year.

1. With effect from April, 2019, the company has adopted Ind AS 116. However, since the company has no lease liabilities at present, Ind AS 116 has no financial impact on the accounts of the company during the 9 months ended 31.12.2020.
1. INFORMATION IN RESPECT OF SUBSIDIARY, ASSOCIATE & JOINT VENTURE (FORM AOC 1) (Pursuant to Section 129(3) of Companies Act 2013 read with Rule 5 of Companies (Accounts) Rules, 2014)

SI.	Particulars	9 months ended
No.		31.12.2020
1	Name of the subsidiary	Chhattisgarh Copper
		Limited (CCL)
2	Reporting period for the subsidiary concerned, if	NA
	different from the holding company's reporting period
3	Reporting currency	INR
4	Equity Share Capital	Z 45,00,000
5	Other equity	Z (38,88,139)
6	Total assets	Z 8,96,515
7	Total liabilities	Z 2,84,654
8	Investments	Nil
9	Total Income from operations (net)	Nil
10	Profit/(Loss) from ordinary activities before tax	Z (2,33,805)
11	Tax expense	Nil
12	Profit/(Loss) from ordinary activities after tax	Z (2,33,805)
13	Proposed Dividend	Nil
14	% of shareholding	74%

PART — A - SUBSIDIARY

Note:

1. CCL is yet to commence operations.
1. The subsidiary has neither been liquidated nor sold during the nine months ended 31.12.2020.

SI. No.	Particulars	9 months ended 31.12.2020
1	Name of the Associate/joint Venture	Khanij Bidesh India Limited (KABIL)
2	Latest audited Balance Sheet Date	31.03.2020
3	Venture was the Associate/joint on which Date associated or acquired	01.08.2019
4	Shares of Associate/joint Venture held by the company on the year end
	Nos.	7,50,000
	Amount of investment in Associate/joint Venture	Z 75,00,000
	Extent of holding (c/o)	30%
5	Description of how there is significant influence	Controlling 30% shareholding
6	is not Venture Associate/joint the why Reason consolidated	Not applicable
7	Net Worth attributable to shareholding as per latest audited Balance Sheet	Z 47,35,848
8	Profit/(Loss) for the 9 months ended 31.12.2020	Not applicable
	Considered in consolidation	Not applicable
	Not considered in consolidation	Not applicable

PART - B - ASSOCIATE/ JOINT VENTURE

Note:

1. KABIL is yet to commence operations.
1. The associate/joint venture has neither been liquidated nor sold during the year.

Pursuant to Section 186(4) of the Companies Act, 2013, details of investment made to subsidiary & joint venture have been shown under Note No. 5. However no loan have been given to the subsidiary and joint venture during the 9 months period ended 31.12.2020.

The income tax expense for the year can be reconciled to the accounting profit as follows :

		Z in lakh
	9 months ended	Year ended
	31.12.2020	31.03.2020
Profit / (Loss) before Tax	15045.21	(53771.43)
Income Tax expense calculated at 25.168%	3786.58	-
Effect of Deferred Tax balances due to the change in		1534.21
income tax rates
Income Tax effect of earlier years	-	842.18
Others (net)	45.42	761.62
Income Tax expense recognized in profit or loss	3832.00	3138.01

The company elected to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment Act, 2019). Accordingly the company has recognised Provision for Income Tax for the 9 months ended 31.12.2020 and remeasured its deferred tax assets/(liabilities) basis the rates prescribed in the said section.

41,e-

1. The value of assets, other than fixed assets and non-current assets, have realizable value at least equal to the amount at which they are stated.
1. Gujarat Copper Project of the Company consists of three units namely, Anode furnace (Smelter), Refinery and Kaldo Furnace having aggregate book value of Z 22704.69 lakh as at 31.12.2020. The Anode Furnace and Refinery unit has been commissioned in October 2016 while Kaldo unit is commissioned on 25.05.2020. Since commissioning, the plant is being operated at a sub optimal level for want of feed stock. GCP being a secondary smelter, the feed stock are copper scrap, copper blister, liberator cathode etc. The Company has not been able to operate profitably the plant due to various constraints. However, the company has floated an 'Expression of Interest for Long Term Leasing or Outright Sale of the Gujarat Copper Project located at Bharuch'.

26. Financial instrument

1. Derivatives not designated as hedging instruments

The Company uses Commodity Futures Contracts to manage its commodity price risk . The Commodity Futures Contracts are not designated as hedging instnannets and are entered into for periods consistent with commodity price risk exposure of the underlying transactions, generaly from one to four months. However during the nine month ended 31st December 2020, the Cornpany has not entered into any Commodity Futures Contract

The Company uses foreign exchange forward contacts to manage sonic of Its transaction exposures. The foreign exchange forward contracts are not designated as cash flow hedges arid are entered Into for periods consistent with foreign currency exposure of the underlying transactions, generaly from we to four months.

Commodity price risk

The Company purchases capper blister/ anode on an ongoing basis for Its operating activities in its Gujarat Copper Project (GCP) plant for the production of cathode. To hedge itself against the yolataity in LME copper prizes In the International market has led to the decision to enter into commodity future contracts. Haweverduring the nine month ended 31st December 2020, the Company has not purchased any such copper bfisterl anode for Its gent in GCP.

These contracts, which commenced in August 2016, are expected to reduce the volatility attributable to mice fluctuations of copper. Hedging the price votatitry of copper purchases lain accedence with the Risk Management Poky approved by the Board of Directors. The hedging relationships are for a period between 1 and 4 months based on existing purchase agreements. The Company designated only the spoktospot movement of the entire commodity purchase price as the hedged deli It has been decided by the company not to follow the hedge aoocunting for these instruments.

As at 31st December 2020, the fair value of the open position of commodity future contracts is nil.

2. Financial Instruments by Categories The carrying value and fair yedue of financial instruments by categories were as follows:

Set out below, is a comparison by class of the carrying amounts and fair value of the Campania financial Mstruments, other than those with caning amounts that are reasonable approximations of Fair values:

				Amount In T lath
Particulars	Total carrying value seat December 31,2020	Total carrying value as at March 31,2020	Fair Value as at December 31,2020	Fat Value as at Match 31,2020
Financial Assets at FV through Statement of Profit Oil oss
Mutual Funds	7.84	7.84	9.87	9.48
Derivatives not designated as hedges
Future Contract Receivable on commodity
Total of Financial Assets	7.84	7.84	9.87	9.48
Financial Liabilities
DerivaUves not designated as hedges
Forward Cover Contract Liability
Total of Financial Liabilities

3, The Management considered the Service fees of Rs 15 lath paid an the Exim Bank Tam loan amounting to Rs. 30000 lath drawn on 29.05.2018 as immaterial, as the amount of service fee %vas only 0.012% of the Turnover for 9 months ended 31.12.2020 of the company and hence the same was not considered as a transaction cost in terms of fair valuation at Millet recognition under INCAS 109, Further, the Management assessed that for the purpose of INC AS 109, the carrying value of loan is considered as its fair value as no loan could be provided at a rate lower that the rate of interest of Exim Bank loan for similar terms and conditions of the loan at that point of time.

Simiady, the Management considered the total of Upfront fees 8 Other charges of Rs 245.33 lath paid on the 581ECB loan amounting to Rs. 17734.75 takh drawn during My 2018 to January 2019 as Immaterial, as the amount of such fees/charges was only 0.196% of the Turnover for 9 months ended 31.12.2020 of the company and hence the same was not considered as a transaction cost in terms of fair valuation at initial recognition under INDAS 109. Further, the Management assessed that for the purpose of INC AS 109. the carrying value of loan Is considered as its lair value as no loan could be provided at a rate lower that the rare of Interest of SSIECB loan for simfiar terms and conditions of the loan at that point of tine.

The Management assessed that Cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liablities approximate their carrying amounts largely due to the short-term maturities of these Instruments.

The fair value of the financial assets and kabilities is Included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or fiquidation sale. The following methods and assumptions were used to estimate the fair values:

The Company enters into derivative financial instruments with various counterparties, principally with financial Institutions having Investment grade credit ratings. Foreign exchange forward contracts and commodity futures contracts are valued using valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques lackede forward pdoing

Fair Value Hierarchy

. Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices (unadjusted) In active markets.

Level 2- Level 2 hierarchy includes financial instruments measured using inputs other than quoted prices Included within Level 1 that are observable for the asset or lability, either directly (i.e. ⁸³ prices) or Indirectly (i.e. dotted from prices).

• Level 3' Level 3 hierarchy includes financial instruments measured using Inputs that are not based on observable market data (unobservable inputs).

The following table presents fair value hiararchy of assets and liabilities measured at fair value

	Date of Valuation a angeroage ( Sec.

Financial Assets at FV through Statement
of Profit & Loss
Non-derivative financial assets
Mutual funds	31-Dec-2020	9.37	9.87
Derivative financial assets
Future Contract Receivable on commodity	31-Dec-2020
Liabilities measured at fair value:
Derivative financial liabilities
Forward Cover Contract Liability	31-Dec-2020
Assets measured at FV through DCI	31-Dec-2020

				(Amount in ₹ lakh)
www.rease Particulars agencies on the	Date of Valuation : 3 Partic Level 1 Server I am News12 mm		Fathern Leval 3 answering the top	of ctal diam
Financial Assets at FV through Statement of Profit & Loss
Non-derivative financial assets
Mutual funds	31-Mar-2020	9.48		9.46
Derivative financial assets
Future Contract Receivable on commodity	31-Mar-2020
Liabilities measured at fair value:
Derivative financial liabilities
Forward Cover Contract Liability	31-Mar-2020
Assets measured at FV through OCI.	31-Mar-2020

Financial Risk Management
Financial risk factors

The Company's activities expose it to a variaty of financial risks: market risk, credit risk and liquidity risk. The Company's primary focus is to foresee the unpredictability of financial markets and seek
to minimize pote

Risk	Exposure #rising from	Measurement	Management Savan Management
Market risk-Foreign Exchenge	Future commercial trensactions Recognised financial assets and financial liebilities	Sensitivity analysis	Forward fareign exchange contracts and natural hedge as sales are also demoniated In foreign excchange.
Market-Commodity Price Risk	Purchase of Copper	Price Sensitivity	Commodity Futures Contrect
Credit risk	Trade receivables	Ageing analysis	Sales are mainly done against Advance or Letters of Credit
Liquidity risk	Borrowings and other llabilitias	Rolling cash flow forecasts	Cash flow management

(Amount in ₹ lakh)

a) Market Risk

I) Foreign Currency Risk The Company operates at international level which exposes the company to foreign currency risk arising from foriegn currency transaction primarily from Imports,exports and foreign currency borrowing. Foreign currency risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency other than INR as on reporting date.

			ramount In lath s of December 312020 )
Particulars			Rs. In Iskhr.)):IRMBISOMMIR
Cash & cash equivalents
Trade Receivables EXPORT			6589.01
Trade Payables			4814436
Loans
Others In any)			-41555.35
Net Assets/ (-) Liabilities

Amount in lakh as of March 31.2020) Particulars ji,. Rs. In lakhirrrcesstrgemgm,. Cash 8 cash equivalents Trade Receivables EXPORT 7114.00 Trade Payables -55664.08 Loans Others (if any) 48550.08 Net Assets/ (.) Liabilities

Sensitivity The sensitivity of profit or loss to changes in exchange rate arises mainly from foreign currency denominated financial instrument.

			Impact on profit before taxiceignig
	rrn, Particulars		December 31, 2020 Rtritr:March 312020
		2,407.22	2.783.20
Increase by 5%		(2,407.22)	(2,783.20)
Decrease by 5 %

In Commodity Price Risk

The company's exposure to Commodity price from copper price fluctuation in International market does root arise a the company hedges at its imports through Future contracts at LME.

b) Credit Risk Credit risk refers to the risk of default on its obligation by the Debtors resulting in a financiM loss. The company sells majority of its products either against Advance from Customers or Letters of Credit. Accordingly, credit risk from Trade receivables has not been cosidered as credit risk.

Credit risk exposure

An anahrsis of age of Trade receivables at each reporting date is summarized as follows: A:MUM In Mkh

		31•Mar-20
Particulars	31-Dec-20
	Gross	Gross

Not past due	6360.07	5712.45
Past not more than Mx months		553.2
Past due mom than six months but not more than one year	6040.11
More than one year	1782.59	2910.21
	14182.77	9175.86
Total	1064.08	886.51
Less Allowances for Bad a Doubtful Debts		8289.35
Net Debtors	13118.69

Customer credit risk Is managed by each business unit subject to the Cornparhes established Marketing policy, procedures and control relating to customer credit risk management Outstanding customer receivables are regularly monitored and any shipments to major customers are generally covered by tatters of credit or other forms of great Insurance. The maximum exposure to credit risk at the reporting date is Rs 1064.08 lakh for which ful provision has been made in the accounts as disclosed In Note No 12.

Other financial assets Credit risk relating to cash and cash equivalents Is considered negligible because our counterparties are scheduled banks. We consider the credit quality of Term deposits with such banks as good as these banks are under the regulariory framework of Reserve Bank of India. We review these banking relationshMs on an ongoing basis.

LMuidity Risk Ott liquidity needs are monitored on the basis of monthly and yearly projections. The company's principal sources of liquidity are cash and cash equivalents and cash generated MOM operations.

We manage our liquidly needs by continuously monitoring cash inflows and by striving to maintain adequate cash and cash equivalents. Net cash requirements are compared to available cash in

Short term Gquidity requirements consists mainly of Loans, Sundry am:Mors, Expense payable. Employee dues arising during the normal course of businesses of each reposing date. We strive to order to determine any shortfall. maintain a sufficient balance in trace and cash equivalents to meet our short term liquidity regUrements.

The table below provides detals regarding the contractual maturities of financial liablities. The table has been drawn up based on the undisclosed cash flows of friancial liabigies based on the eeriestdate on which the company can be required to pay. of December 31 2020 remount in! lakh as

Particulars	On Demand	Less than 3	3 months to 1 year	1-3 years	3.5 years	5-7 years	Total
Shm1 term borrowings (cash credit)	4000.48	Months 0.00	0.00	0.00	0.00 0.00	0.130 0.00	4000 48 14550.00
Short term borrovAnos (Others)	0.00 0.00	7050.03 250.00	7500.00 27001.00	0.00 68043.00	13197.36	0.013	10849136
Lona Term ROWOWinOS Total	4000.48	7300.00	34501.00	68043.00	13197.36	0.00	127041.84

in lakh as of M rch 31 2020)

Particulars	On Demand	Less than 3 months	3 months to 1 year	1-3 years	3-5 years		Total
	13603.41						13603.41
Short term borrowings (cash credit)		36806.00	I8500.00				55300.00
Short term borrowings (Others)		251500	10515.78	01548.20	12225.00	•	86464.05
Long Term Borrowings	13603.41	38975.00	30015.79	61548.29	12,225.00	-	156367.49
Total NB: Under RBI Notification No. RBll201S-ZO1t* osteo hum.	-	n cr-		on nnionnioce rins n 73 05 2020 the schediiino of Man instalme Is has been given as per approval

received from banks under COVID-19- Regulatory Package.

Capital Management For the purpose of the Company's capital management, capital irmludes issued equity capital and al other equity reserves attributable to the Company. The primary objective of the Company's capital management Is to martinis° the shareholder value.

1. Copper ore tailing (COT) beneficiation plant was set up at MCP unit for extraction of valuable minerals and metals from copper ore tails with a capacity of 10000 tonnes per day (TPD) at an estimated cost of 20000 lakh. The intermittent trial run failed on number of occasions (chockage/ spillage, stoppages, cleaning etc) and the quality and quantity of products achieved at various stages are not as per the parameters envisaged in contract agreement. A preliminary notice was issued to the party to complete the project and commission the same. The party agreed to commission the plant, but the progress of the work at site was stopped due to lockdown for COVID-19 pandemic. The company has extended the timeline upto 31.08.2020 for supply, erection of the thickener and commission of the plant. But the party failed to execute the contract and the contract got terminated with efflux of time.
1. Consequent upon the Judgment of Common Cause dated 02.08.2017, which is applicable only to the mining leases of iron and manganese ore, passed by the Apex court in the case of Common Cause Vs U01 and others, a demand of 4353.78 lakh was raised by the District Mining Officer of Jamshedpur for running the Surda mine without valid environment clearance (EC) although Surda mine has a valid mining lease, forest clearance and it has adhered to the terms of approved mining plan and it was working on valid Consent to Operate. Based on the Revision Application filed by the company, the Revisional Authority of the Ministry of Mines, after hearing at length both parties had issued specific direction against the District Mining Officer (DMO) not to take any coercive measures in terms of recovery of the said demand. On revision of demand from 4353.78 lakh to 12690.49 lakh by the office of the District Mining Officer and subsequently revised to 92940.06 lakh by the State Government, the company again appealed before the Revisional Authority and hearing was held on 14.11.2019 and interim stay is granted by the Revisional Authority till the next date of hearing. Since at present mining leases of copper ore are not included under Common Cause Judgement, the Management, based on the legal opinion, is of the view that the same has not to be shown as Contingent Liability as on 31.12.2020.
1. The cost of production per unit has gone up owing to low volume of production during the nine months ended 31.12.2020 due to measures taken by the Government of India to contain COVID-19 pandemic situation prevalent in the country. Post unlocking of the lockdown, the Company's operations are gradually stabilizing. The Company has considered the possible effects that may result from COVID-19 in the preparation of these financial results including recoverability of carrying amounts of financial and nonfinancial assets. The Company will continue to closely monitor any material changes arising out of future economic conditions and the resultant impact on its business.
1. The company has not changed any accounting policies during preparation of Condensed Interim Unaudited Financial Statements for Nine months ended 315tDecember 2020 w.r.t to accounting policies of previous financial year. This Condensed Interim Unaudited Financial Statements has been prepared by the company for internal use with regards to the proposed Qualified Institutional Placement of equity share of the Group. Accordingly , this financial statement should not be used, referred to or distributed for any other purpose.
1. The previous year's figures are not comparable with the current period figures since the current period consists of 9 months. The previous year's figures have been regrouped / rearranged, wherever necessary.

CHATURVEDI & CO. CHARTERED ACCOUNTANTS

Park Centre, 24 Park Street, Kolkata - 700 014. Phone: 2229 2229, 4601 2507 chaturvedikol@hotmaitcrint chatuniedisctitlahno.co in (PIA Kialkata. Branches at: Delhi. Altnnbai. Chennai . Lueknina)

Report on Review of the Condensed Consolidated Interim Financial Statements

The Board of Directors of Hindustan Copper Limited Kolkata

Introduction

1) We have reviewed the accompanying Condensed Consolidated Unaudited Balance Sheet of Hindustan Copper Limited (hereinafter referred to as "The Parent Company) and its one subsidiary company (Parent company and Subsidiary together referred to as "The Group") and its jointly controlled entity as on 31stDecember 2020 and the related Condensed Consolidated Unaudited Profit and Loss Account, Condensed Consolidated Unaudited Cash Flows Statement and Condensed Consolidated Unaudited Statement of Changes in Equity of the Company for the nine months period then ended, and a summary of significant accounting policies and other respective select explanatory notes (hereinafter referred to as the "Condensed 'Consolidated Unaudited Interim Financial Statements").
2) The Parent's management is responsible for the preparation and fair presentation of these Condensed Consolidated Unaudited Interim Financial Statements in accordance with the measurement and recognition principles of Indian Accounting Standard 34- "Interim Financial Reporting" prescribed under Section 133 of Companies Act, 2013 tread with relevant rules issued there-under and other accounting principles generally accepted in India. The Condensed Consolidated Unaudited Interim Financial Statements are the responsibility of the Company's management and have been approved by the Board of Directors. Our responsibility is to express a conclusion on this Condensed Consolidated Unaudited Interim Financial Statements based on our review.

Scope of Review

3) We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410- "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of people responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain

Page 1 of 3

assurance that we would become aware of all significant matters that can be identified in tot, an audit Accordingly, we do not express an audit opinion.

The Group

4) The Condensed Consolidated Unaudited Interim Financial Statements include the unaudited interim financials of its one Subsidiary Company named as "Chhattisgarh Copper Limited" (74% holding) which have been reviewed by Other auditors within the Group and unaudited results of its one Joint Venture company named as %hang Bidesh India Limited" (30% holding) duly certified by the Parent's management for the nine months period ended 31stDecember 2020.

Emphasis of Matter

5) Without qualifying our conclusion, we draw attention to the following matters of the Parent Company:
a) Title deeds for freehold and leasehold land and building acquired in respect of Gujarat Copper Project (GCP) with book value of INR 5365.75 Lakh are yet to be executed in favour of the company. Title deeds for freehold and leasehold lands or other evidences of title in respect of lands at KCC,MCP and ICC as stated by the management is in the process of the reconciliation with financial records; and
b) Gujarat Copper project valuing INR 27559.37 Lakh where the project is not operating due to various constraints, viability assessment needs to be done to evaluate and adjust for possible impairment loss, if any.

Our conclusion is not modified in respect of these matters.

Conclusion

6) Based on our review conducted as above, subject to limitation in scope as mentioned in paragraph 3 & 4 above, nothing has come to our attention that causes us to believe that the accompanying Condensed Consolidated Unaudited Interim Financial Statements are not prepared, in all material respects, in accordance with the recognition and measurement principles of Indian Accounting Standard 34-interim Financial Reporting" prescribed under Section 133 of Companies Act, 2013 read with relevant rules issued there-under and other accounting principles generally accepted in India.

Limitation in Scope

7) We did not review the interim financial information/financial results of its Subsidiary Company included in the Condensed Consolidated Unaudited Interim Financial Statements whose interim financial information / financial results reflect the total revenue of Nil, total net loss after tax of INR 0.87 Lakh and INR 10.32 Lakh and total comprehensive loss of INR 0.87 Lakh and INR 10.32 Lakh for the quarter and nine

Page 2 of 3

Restriction on Distribution and Use

8) This review report is issued for the internal use of the Board of Directors of tre Company for the purpose of inclusion in the Praliminary Placement Document and the Placement Document In be filed with the Securities and Exchange Bowd of India, Registrar of Companies and Stock Exchanges with regards to the proposed Qualified Institutional Placement of equity share of the Company as referred to in Note No39 (31) e the Condensed Consolidated Unaudited Interim Financial Statements end should not be used by any other person for any other purpose. We neither accept not assume any duty or liabilifty for any other purpose or to any other party to whom our report is shown Olin whose hands ft may come without our prior consent in writing

For Cnaturvedl & Co. Chartered Accountants Firm Registration No.:-302137E

RAC Nang a Partner M NO.:-510574

Place:•Kolketa Dated:- olnAfrirt, 7024 tiDth3:-.2.1.510S714PtAAAAms9s9

Pay/ 3dS

HINDUSTAN COPPER LIMITED

(A GOVT. OF INDIA ENTERPRISE) Regd. Office : Tamra Shaven 1, Ashutosh Chcnvdhury Avenue, Kolkata - 700 019.

CIN :L272131W191987G01028825 CONDENSED INTERIM UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2020

				(T In lakh)
	PARTICULARS	Note No.	As at 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)
			(Limited Review)	(Audited)

	ASSETS
(1)	NONCURRENT ASSETS	3A S 3B	38746.89	29427.52
(a)	Property, Plant and Equipment Capital Work In Progress	4	123814.15	123177.57
(b)	Financial Assets
(c)	(I) Investments	5	47.36	3.00
	(it) Others	6	470.57	2836
(d)	Deterred Tax Assets (Net)	7	9153.18	5290.81
(e)	Non-Current Tax Assets (Net)	8	689.82	689.82
01	Other Non-Current Assets	9	45221.51	49269.28
(2)	CURRENT ASSETS	10	19671.97	51982.72
(a)	Inventories Financial Assets
(b)	(i) Investments	11	9.87	9.48
	(ii) Trade receivables	12	13118.69	6289.35
	(ii) Cash and cash equivalents	13	2641.38	1134.86
	(Iv) Bank Balances other than above	14	15.56 5215.12	452.52 2686.41
	(v) Others	15 16	1866.62	1845_39
(c)	Current Tax Assets (Net)	17,	40301.14	37491.49
(6)	Other current assets
	Total Assets		309983.82	311776.58

	EQUITY AND LIABILITIES
(1) (a)	Equity Equity Share Capital	18	46260.90	46260.90
(b)	Other Equity	19	64952.03	49734.19
	Attributable to Non Controlling Interest
	(a) Equity Share Capital		11.70	6.50
	(b) Other Equity		(10.11)	(6.45)
	Liabilities
1 (a)	NONCURRENT LIABILITIES Financial Liabillies
	(I) Borrowings	20	8.4731.11	63617.53
	(ii) Other financial liabilities	21	64153	843.53
(b)	Provisions	22	8215.93	6666.93
(2)	CURRENT LIABILITIES
(a)	Financial LiatAkties (i) SorraInge	23	42310.73	92749.96
	(5) Trade Payables	24	16281.20	23374.42
	Qh Other financial Gabilities	25	9868.11	8582.21
(b)	Other current (Wallies	26	21090.57	16984.81 3063.04
(c)	Provisions Current Tax Liabilities (Net)	27 28	3398.12 3832.00
(d)
	Total Equity & Liabilities		300983.82	31 776. 8
	Corporate Information	1
	Significant Accounting Policies	2
	General Notes on Accounts	39
	The notes referred to above form an Integral part of the Financial Statements.
	As per our limited review report of even date attached.		For and on behalf of the Board of Directors

		teLtitepic	i/. 1.11A r	0, _ .LC"-'ki` C-CP
For Chaturvedi & Co.		C.S.Sffight	Sulthen Kumar Bandyopadhyay	Awn Kumar Shukla
	Chartered Accountants	Company Secretary	Director (Finance) 8 CFO	Chairman and Managing Director 8 CEO
FRN 302137E		(M No. FCS 2570)	( DIN : 08173882)	( DIN :03324672)


(CA R K NANDA ) Partner
(M No. 510574 )

	;
Place : Kolkata	• Ott 2.0
Dated CI

		HINDUSTAN COPPER LIMITED
		(A GOVT. OF INDIA ENTERPRISE)
		Regd. Office : Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolkata - 700 019.
		CIN :L27201WB1967GOI028825
	CONDENSED INTERIM UNAUDITED CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE NINE MONTHS ENDED 31st DECEMBER 2020
				(t in lakh except EPS)
	Particulars	Note	For the Nine Months anded 31st December, 2020	For the year ended 31st March, 2020
		No.	(Unaudited) Reviewed	(Audited)
			[Limited Review]	(Audited)
	INCD ME
ı	Revenue from Operations	20	126452.05	33185.25
п	Other Income	30	2553.63	5696.22
$\mathbf{u}$	Total Incoma (I+II)		120005.68	8888t.47

N	EXPENSES
	Cost of Materials Consumed	31	151.07	628 24

	Changes in triventories of Finished Goods,
	Semi-Finished and Werk-In-Process	32	32517.01	(5113.58)
	Employees Benefit Expense	33	19621.98	25952.31
	Finance Cost	34	5103.52	604189
	Depreciation and Amortisation Expense	35	20179.63	2806206
	General, Administration & Other Expenses	38	36355.38	86257.39
	Tetal Expenses (IV)		113939.39	142638.31


v	PROFIT ALOSS) BEFORE EXCEPTIONAL ITEMS AND TAX (IO-IV)		15066.29	(53756.84)
vı	Exceptional items		$\blacksquare$
vı	PROFIT //LOSS) BEFORE TAX (V-VI)		15065.29	[53756.84]
vm	TAX EXPENSE	37
1]	Current Tax		3832.00	642.18
2)	Oeferred Tax		[34B4.B5]	2295.83
ïХ.	PROFIT (ILDSS) FOR THE PERIDD FROM CONTINUING OPERATIONS AFTER TAX (VII-VIII)		14719.14	(50894.85)
IX(A)	PROFIT /[LDSS) FOR THE PERIOD AFTER TAX - Attributable to Owners (IX-IX(B)]		14722.68	(56804.85)
(X(B))	PRDFIT /(LOSS) FOR THE PERIOD AFTER TAX - Attributable to Non Contrelling Interest		(3.66)
x	Prolit/(Loss) from discontinued operations		[26.14]	(34.70)
XI XII	Tax expense of discontinued operations PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS AFTER TAX (X -XI)		(6.58) (19.56)	(0.73) (25.97)
XIII	PROFIT MLDSSI FOR THE PERIOD AFTER TAX (IX+XII)		14699.58	(56920.82)
XIV	Shara of Profit/(Loss) of Joint venture/ Associate			(27.64)
	NET PROFIT ALOSS) FOR THE PERIOD AFTER TAX &
xv	SHARE OF PROFIT/(LDSS) OF JV/ASSOCIATE (XIII+ xIV)		14699.58	[56948.46]
XV(A)	PROFIT I(LOSS) FOR THE PERIOD AFTER TAX - Attributable to Owners (XIII-XIII(B))		14703.24	(53948.46)
XV(B)	PROFIT /(LOSS) FOR THE PERIOD AFTER TAX - Attributable to Non Controlling Interest		(3.66)
XIV	DTHER COMPREHENSIVE INCOME / (LDSS)	38
A(i)	items that will not be reclassified to Profit / (Loss) inceme Tax relating to items that will not be		(1500.00)	(3000.95)
A(ii)	reclassified to Profit / Loss		377.52	755.21
B(i)	Items that will be reclassified to Profit / [Loss]
$\mathsf{B}(\mathbb{I})$	Income Tax relating to items that will be reclassified to Profit/ (Loss)
x٧	TOTAL COMPREHENSIVE INCOME /(LDSS) FOR THE
	PERIDO (XIII-XIV)
	(Comprising Profit/(Loss) and Other Cemprehensive Income for the period ]		13577.10	(50194.13)
	Attributable to Owners of the Company		13580.79	(59194.1
	Non Centrolling Interest		(3.63)

XV.	Earning per equity share (for continuing eperations)		1.561	(6.152)
1 2	BASIC (T) DILUTED (T)		1,501	(6.152)

XVII	Earning per equity share (for discontinued eperations)
1	BASIC (T)		(0.00.2)	(0.003)
2	DILUTED (T)		(0.002)	(0.003)

	Eaming per equity share (for discontinued & continuing
XVIII	eperations)
t	8ASIC (?)		1,559	(6.155)
2	DILUTED (?)		1.589	(6.155)

Cerporate Information	Significent Accounting Policies	$\mathbf{z}$
	General Notes on Accounts	39

	The netes referred to above form an integral part of the Financial Statements.
	As per our limited review report of even date attached.		For and on behalf of the Board of Directors


		C.S.Singhi
Fer Chaturvedi & Co. Charlered Accountants		Company Secretary	Sukhen Kumar Bandyepadhyay Directar (Finance) & CFD	Arun Kumar Shukla Chairman and Managing Director & CED
FRN 302137E		(M No. FCS 2570)	(DIN: 03173882)	DIN : 03324572)


(CARK NANDA ) Partner
(M No. 510574)


Place: Kolkata
	$\sim$ Dated: 07, 04, 2021

							c_3
		Hindustan Copper Limited
Condensed Interim Unaudited Consolidated Statement of Changes in Equity for the period ended 31st December 2020 A . Equity Share Capital							(tin lakh)
Balance at the beginning of the reporting period 01.04.2019		Changes in equity share capital during the period					Balance at the end of the reporting period 3103.2020
46260.90							96260.90

B. Other Equity
Particulars	General Reserve	Capital Reserve	Corporate Social Responsibilit v ReServe	Mine Closure Reserves	Currency Fluctuation Reserve	Retained Earnings	Total
Balance at the beginning of the reporting period 01.04.2019	8965.97	21166.24		163.00	155.94	86960.39	117411.54
Dividends & Dividend Tax						(5800.08)	(5800.08)
Profit for the Year After Tax - Atributable to Owner						(56948.46)	(56948.46)
Profit for the Year After Tax - Atributable to Non Controlling Interest
Other Comprehensive Income (net of tax)						(2245.67)	(2245.67)
Amout addition during the year				75.00	(2764.59)		(2689.59)
Amout used during the year Balance at the end of the reporting period
31.03.2020	8965.97	21166.24		238.00		(2608.65) 21966.18	49727.74
Statement of Changes In Equity
A. Equity Share Capital							(tin lakh)
Balance at the beginning of the reporting period 01.04.2020		Changes in equity share capital during the year					Balance at the end of the reporting period 31.12.2020
46260.90							46260.90

B. Other Equity Particulars	General Reserve	Capital Reserve	Corporate Social Responsibilit y Reserve	Mine Closure Reserves	Currency Fluctuation Reserve	Retained Earnings	Total
Balance at the beginning of the reporting period 01.04.2020	8965.97	21166.24		238.00		(2608.65) 21966.18	49727.74
Dividends & Dividend Tax
Profit for the Year After Tax• Atributable to Owner						14703.24	14703.24
Profit for the Year After Tax' Atributable to Non Controlling Interest						(3.66)	(3.66)
Other Comprehensive Income (net of tax)						(1122.48)	(1122.48)
Amaut addition during the year					1637.08		1637.08
Amout used during the year Balance at the end of the reporting period
31.12.2020	8965.97	21166.24		238.00		(971.57) 35543.28	64941.92
As per our limited review report of even date attached.	4 : O		J	For and on behalf of the Board of Directors
	c 1; 1	31-51
For Chaturvedi & Co.	C.S.Sing		Sukhen Kumar Bandyopadhyay Director (Finance) & CFO			Arun Kumar Shukla	Chairman and Managing Director & CEO
Chartered Accountants FRN 302137E	Company Secretary (11 No. PCS 2570)		( DIN : 08173882)			( DIN: 03324672)
(CA R K NANDA ) Partner M No. 510574
Place : Kolkata 04. f20 Dated:

HINDUSTAN COPPER LIMITED ( (A GOVT. OF INDIA ENTERPRISE) _

Regd. Office: Tamra Bhavan 1, Ashutosh Chowdhuly Avenue, Kolkata - 700 019. CIN: L27201WB1967G01028825

	ended 31st Dec 2020 (Unaudited)	Year ended 31st March, 2020 (Audited)
	15066.29	-53756.84
		3590.33
	559.97	18866.24
	(981.69)	(2280.83)
	5103.52	6041.89
		25271.73 (1021.90)
		2.04
	-	(27.64)
	39901.77	(3314.98)
		27921.74 (5682.60)
		(3781.12)
	(551.68)	(2121.72)
	60559.41	13021.32
	-	0.00 (4423.72)

(A)	60559.41	8597.60
		(22094.87)
	0.11	12.03
		1015.68
		0.00 (3.00)
	(12926.38)	(21913.69)
( B )	(26214.62)	(42983.86)

	23664.35	15895.20
		(4811.14) (988.94)
		(5895.91)
	5.20	0.00
( C )	18527.05	4199.21
(A+13+C)	52871.84	(30187.04)
		(38113.46) (68300.60)
	Arun K Shukla ( DIN :03324672)
	NET PROFIT/ (LOSS) BEFORE TAX AS PER PROFIT AND LOSS ACCOUNT This is the Cash Flow Statement referred to in our limited review report of even date. Sukhen Kumar Bandyopadhyay Director (Finance) & CFO ( DIN :08173682)	Condensed Interim Unaudited Consolidated Statement of Cash Flow for the Nine Months Period ended 31st December 2020 g in lakh) Nine MOntris period Reviewed 3105.96 17073.67 (25.95) -5893.42 32310.75 (5208.01) - (13271.37) 27.38 - (44.36) 0.00 0.00 (5142.50) (68300.50) (15428.66) ---- The above Condensed Interim Unaudited Standalone Cash Flow Statement should be read in conjunction with the accompanying notes. For and on behalf of the Board of Directors p . Chairman and Managing Director & CEO

Place: Kolkata Dated: 0 T i 0 Li . Ea 2_1

1. CASH AND CASH EQUIVALENTS - opening balance	01/04/2020	01104/2019
i) Current Financial Assets - Cash & Cash Equivalents (Note 13)	1134.86	663.53
ii) Current Financial Assets - Bank Balance other that above (Note 14) (Excluding Unpaid Dividend of 15.56 Lakh)	432.21	408.33
iii) Current Financial Assets - Investments (Note 11)	9.48	8.85
iv) Non-current Financial Assets - Others (Note 6)	26.36	12.47
v) Current Financial Liabilities - Borrowings (Note 23) (Excluding Long Term Loans of 22846.55 lakh)	(69903.41)	(39206.64)
	68300.50	(38113.46)
CASH AND CASH EQUIVALENTS - closing balance	31/12/2020	31/03/2020
	2641.38	1134.86
i) Current Financial Assets - Cash & Cash Equivalents (Note 13) ii) Current Financial Assets - Bank Balance other that above (Note 14)		432.21
(Excluding Unpaid Dividend of Z 20.31 Lakh)	9.87	9.48
iii) Current Financial Assets - Investments (Note 11)	470.57	26.36
iv) Non-current Financial Assets - Others (Note 6) v) Current Financial Liabilities - Borrowings (Note 23)	(18550.48)	(69903.41)

(Excluding Long Term Loans of Z 23760.25 lakh)	15428.66	(68300.50)

The Cash Flow Statement has been prepared as set out in Indian Accounting Standard (IND AS) 7 : STATEMENT OF CASH FLOWS, as amended by Companies (Indian Accounting Standards) (Amendment) Rules 2016.

This is the Cash Flow Statement referred to in our report of even date attached

HINDUSTAN COPPER LIMITED

NOTES TO CONDENSED INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.Corporate Information

Hindustan Copper Limited, established in 1967 and domiciled in India is a Central public sector undertaking under the administrative control of Ministry of Mines, Government of India. The registered office of the Company is situated at Kolkata. The principal activities of the Company are exploration, exploitation, mining of copper and copper ore including beneficiation of minerals, smelting and refining. The Company has copper mines & concentrator plants in Malanjkhand Copper Project at Madhya Pradesh (MCP), Khetri Copper Complex at Rajasthan (KCC) and Indian Copper Complex, Ghatsila at Jharkhand (ICC). The Company is operating Smelter & Refinery in ICC and Gujarat Copper Project, Gujarat (GCP) for production of copper cathode. Further, cathode is converted into copper wire rod at Copper wire rod plant at Taloja Copper Project, Taloja, Maharashtra (TCP). The Company is listed with BSE Ltd. and National Stock Exchange of India Ltd.

Chhattisgarh Copper Limited (CCL) ,established on 21.05.2018 and domiciled in India, is a Joint Venture Company (JVC) formed between Hindustan Copper Limited (HCL) and Chhattisgarh Mineral Development (CMDC) for exploration, mining and beneficiation of copper and its associated minerals in the State of Chhattisgarh. Since HCL holds 74% equity in ]VC, it is also a Subsidiary of HCL as per Section 2(87) of the Companies Act, 2013.

2.Sionificant Accounting Policies

2.1 Basis of Accounting

2.2 Basis of consolidation

2.2.1 Subsidiaries

Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date when control ceases.

The acquisition method of accounting is used to account for business combinations by the Company.

The Company combines the financial statements of the parent and its subsidiaries line by line adding together like items of assets, liabilities, equity, cash flows, income and expenses, Intercompany transactions, balances and unrealized gains on transactions between Company companies are eliminated.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit and loss, consolidated statement of changes in equity and balance sheet respectively.

2.2.2 Joint Ventures

Joint Ventures are those joint arrangements whereby the Company is having rights to the net assets of the arrangements. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost.

2.2.3 Equity method

Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Company's share of post-acquisition profit or losses of the investee in profit and loss, and the Company's share of Other Comprehensive Income of the investee in the Other Comprehensive Income.

2.3 Application of Indian Accounting Standards (Ind-AS)

The Group adopted Indian Accounting Standards (Ind AS) from April 1,2016 and accordingly the financial statements have been prepared in accordance with the recognition and measurement principles as notified by MCA under the Companies (Indian Accounting Standards) Rules, 2015 ("Ind AS Rules"), as amended and other relevant provisions of the Companies Act, 2013.

The Group has adopted all the Ind AS as applicable and relevant to the Group.

2.4 Use of Estimates

The preparation of the Group's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Revision to accounting estimates are recognised in the period on which the estimates are revised and, if material their effects are disclosed on the notes to the financial statements.

2.5 Current and Non-current Classification

The Group presents assets and liabilities in the Balance sheet based on current/non-current classification. An asset are treated as current by the Group when:

a) its expects to realize the asset, or intends to sell or consume it in its normal operating cycle;
b) it holds the assets primarily for the purpose of trading;
c) it expects to realize the asset within twelve months after the reporting date; or
d) the asset is cash or cash equivalent (as defined under Ind AS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

Except the above, all other assets are classified as Non-current.

A liability is treated as current by the Group when:

a) its expects to settle the liability realize the asset, or intends to sell or consume it in its normal operating cycle;
b) it expects to settle the liability in its normal operating cycle;
c) it holds the liability primarily for the purpose of trading; Sri--

d) the liability is due to be settled within twelve months after the reporting period; or
e) it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Except the above, all other liabilities are classified as non-current.

2.6 Revenue Recognition

Sale of Products

An entity shall account for a sale contract with a customer only when all of the following criteria are met:

(a) the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations;

(b) the entity can identify each party's rights regarding the goods to be transferred;

(d) the contract has commercial substance i.e the risk, ownership, timing or amount of the entity's future cash flows etc is expected to change as a result of the contract; and

(e) it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods that will be transferred to the customer.

In case of sale of Copper Concentrate, Copper Reverts, Anode Slime etc. and tolling of Copper Concentrate of Khetri and Malanjkhand origin, sales /tolling at the end of the accounting period are recorded on provisional basis as per standard parameters for want of actual specifications and differential sales value are recorded only on receipt of actual. This is as per consistent practice followed by the Group.

Sale of Services

Income from conversion of job work is accounted for on the basis of actual quantity dispatched. When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction shall be recognized by reference to the stage of completion (Percentage of Completion Method) of the transaction at the end of the reporting period.

Advances received from the customers are reported as customer's deposits unless the above conditions for revenue recognition are met.

Other Operating Revenues

a. Sale of Scrap

Sale of Scrap is accounted for on delivery of material. Si--

b. Interest from Customers

In case of credit sales ,interest up to the date of Balance Sheet on all outstanding bills is accounted for on accrual basis.

c. Interest from Contractors against mobilisation advance for mining operations

Interest up to the date of Balance Sheet on all mobilisation advances for mining operations is accounted for on accrual basis.

d. Penalty and Liquidated Damages

Penalty and liquidated damages are accounted for as and when these are realised by the company as per contract terms.

Other Income

a. Claims

b. Dividend and Interest from Investments

Dividend income from Investments is recognised in the Statement of Profit and Loss when the right to receive the dividend has been established and it is certain that the economic benefits will flow to the Group and the amount of income can be measured reliably.

Interest Income from a financial asset is recognised using Effective Interest Method. When it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably.

c. Profit on Sale of Investment

Profit on sale of investment is recognised upon transfer of title by the Group and is determined as the difference between the sales price and the then carrying value of the investment.

d.Provisions not required written back

Provisions/Liabilities created from business activities in earlier years no longer required are accounted for.

e. Others

Any other income is recognised on accrual basis.

2.7 Employees Benefit

Retirement benefit costs and termination benefits

Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.

t4"--

immediately in the statement of financial position with a charge or credit recognized in other he comprehensive income in the period in which they occur. Re-measurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to Statement of Profit or Loss. Past service cost is recognized in Statement of Profit or Loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows:

i. Service cost (including current service cost, past service cost, etc.);
ii.Net interest expense or income; and
iii. Re-measurement.

The Group presents the first two components of defined benefit costs in profit or loss in the line item 'employee benefits expense'.

The retirement benefit obligation recognized in the statement of financial position represents the actual deficit or surplus in the Group defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

A liability for a termination benefit is recognized at the earlier of when the Group can no longer withdraw the offer of the termination benefit and when the Group recognises any related restructuring costs.

Short-term and other long-term employee benefits

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date.

Deficit in Provident Fund

Deficit, if any, in the accounts of Provident Fund Trust ascertained on the basis of last audited accounts of the Trust is accounted for as a charge to Revenue.

2.8 Borrowing Cost

2.9Taxation

Income tax expense represents the sum of current tax and deferred tax.

Current tax

Deferred tax

Current and Deferred Tax for the year

2.10(a) Property Plant and Equipments (PPE)

The cost of an item of PPE is recognized as an asset if and only if, it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The cost of an item of PPE is the cash price equivalent at the recognition date. The cost of an item of PPE comprises:

Purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates.
U. Costs directly attributable to bringing the PPE to the location and condition necessary for it to be capable of operating in the manner intended by management.
iii. The initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which the Group incurs either when the PPE is acquired or as a consequence of having used the PPE during a particular period for purposes other than to produce inventories during that period.

The Group has chosen the cost model of recognition and this model is applied to an entire class of PPE. After recognition as an asset, an item of PPE is carried at its cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation and Amortization

The Group has used the exemption available in Ind AS 101 with respect to recognition of Plant, Property and Equipment (PPE) and Intangible Assets at their carrying value being deemed cost.

The depreciable amount of an item of PPE is allocated on a straight line basis over its useful life prescribed in Part C of Schedule II of the Companies Act,2013 or actual useful life of assets assessed by the Technical Committee of the Group, whichever is lower. The residual value and the useful life of an asset are reviewed, at each financial year-end. Each part of an item of PPE with a cost that is significant in relation to the total cost of the item is depreciated separately. Depreciation on all such items have been provided from the date they are 'Put to Use' till the date of sale and includes amortization of intangible assets and lease hold assets. Freehold land is not depreciated. The residual value of all such items is taken at 5% of the original cost of individual asset.

2.10(b) Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation (calculated on a straight-line basis over their useful lives) and accumulated impairment losses, if any. joie_

Intangible Assets other than Software are amortized over estimated useful life which is equivalent to license period, generally not more than 5 years.

2.11 Capital Work in Progress

2.12 (a) Mine Development Expenditure

In case of working mines, where development activities are going on simultaneously: Expenses are apportioned between capital and revenue on the basis of in-house technical estimates.

If a working mine is closed due to economic reasons, the un-depleted value of Mine Development Expenditure related to that mine is provided in the books of accounts in the year in which it is decided to close or suspend operation of the mine. If later on, the closed / suspended mines are reopened and the Group remains the owner of the mines, the unamortized Mine Development Expenditure which was fully provided in the year of closure will be written back in the books of accounts in the year of re-opening and the Group will be depleting it year wise based on the estimated remaining life of that mine.

2.12(b) Mineral Exploration and Evaluation Expenditures

2.12(b)(i) Pre-exploration costs

Pre-exploration costs are expensed in the period in which they are incurred.

2.12(b) (ii) Exploration and Evaluation Assets (E & E Assets)

Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation expenditures are recognized and capitalized, in addition to the acquisition costs. These direct expenditures include such costs as acquisition of rights to explore, materials used, topographical, geological, geochemical and geophysical evaluation, surveying costs, sampling, drilling costs, activities in relation to evaluation of technical feasibility and commercial viability of extracting a mineral resource, consultancy cost, payments made to contractors etc. during the exploration phase. Costs not directly attributable to exploration and evaluation activities are expensed in the period in which they occur.

Administrative and general overhead cost that are directly attributable to the assets are capitalized as E & E Assets.

E & E Assets may be tangible or intangible. To the extent that a tangible asset is consumed in developing an intangible asset, the amount reflecting that consumption may be part of the cost of the intangible asset created. However, the asset being used remains a tangible asset.

When a project is deemed to no longer have commercially viable prospects for the Group, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to Statement of Profit &Loss.

The Group assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount.

Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as "mines under construction".

Exploration and evaluation Assets are also tested for impairment before the assets are transferred to development properties.

As the Group currently has not commenced commercial operations, any incidental revenues, including receipt of input tax credit receivables, earned in connection with exploration activities are applied as a reduction to capitalized exploration costs.

An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognized.

2.130verhauling Expenses

Revenue expenditure attributable to overhaul of smelter and/ or refinery is charged off to the Statement of Profit & Loss in the year of incurrence.

2.14 Mine Closure Expenditure & Decommissioning/Site restoration liability

2.15Non-Current Assets Held for Sale

The Group classifies a non-current asset (or disposal group of assets) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Immediately before the initial classification of the asset (or disposal group) as held for sale, the carrying amounts of the asset (or all the assets and liabilities in the group) are to be measured in accordance with applicable Indian Accounting Standards. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification except as permitted by Ind AS 105.

2.16Inventories

Physical verification of Semi-Finished and In-Process (WIP) and Finished Goods is conducted departmentally in all the units at reasonable intervals during the year by a duly approved committee. Also, physical stock verification of WIP and Finished Goods is undertaken by a duly approved committee at the end of every financial year alongwith an independent agency once in a block of three years. In respect of Stores and Spares, physical verification is carried out by external agencies once in every year covering all the units. Shortage/(Excesses). if any, identified on such physical verification is duly adjusted in the books of accounts in the year of identification rsitio_

2.17Government Grants

All government grants are recognized as deferred income and it will be taken to Statement of Profit and Loss over the period of time in accordance with the pattern in which the obligations are met.

2.18Impairment of Assets (Other than Financial Assets)

The Group assesses at the end of each reporting period whether there is any indication that an asset may be impaired. If any such indication exists, the Group estimates the recoverable amount of the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in Statement of Profit and Loss, unless the relevant asset is carried at a revalue amount, in which case the impairment loss is treated as a revaluation decrease.

2.19Foreign Exchange Transactions

Transactions in currencies other than the Group's functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions.

In case of long term foreign currency monetary items outstanding as of 31st March 2016,liability in foreign currency loans relating to acquisition of fixed assets is converted using the closing rate as defined in Ind AS 21-The effects of changes in Foreign Exchange Rates andthe difference in exchange is recognized in terms of exemptions given in paragraph D13AA of Appendix D to Ind AS-101, where the effect of exchange differences on foreign currency loans of the Group is accounted for by addition or deduction to the cost of the assets so far it relates to the depreciable capital assets and shall be depreciated over the balance life of the assets.

NiOs—

2.20Provisions, Contingent Liabilities & Contingent Assets

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent Liabilities are disclosed in the General Notes forming part of the accounts.

2.21 Leasing

Depreciation expenses are recorded if asset held under finance lease is depreciable.

Operating lease payments are recognized as an expense on a straight-line basis over the lease term.

2.22 Financial Instruments

Non Derivative Financial Instruments

(i) Initial Recognition

Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. 30_

a. Financial assets

Financial assets are subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss.

b. Financial Liabilities

Financial liabilities are subsequently measured at amortized cost using Effective Interest Rate (EIR) method except for derivatives, which are measured at fair value.

Derivative Financial Instruments

All derivatives are recognized and measured at fair value with changes in fair value being recognized in profit or loss for the period.

Impairment of financial assets

At each reporting date, assessment is made whether the credit risk on a financial instrument has increased significantly or not since initial recognition.

The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date is recognised as an impairment gain or loss in the statement of profit and loss.

2.23Events Occurring after the Reporting Period

The Group adjusts the amount recognized in its financial statements to reflect adjusting material events after the reporting period and does not adjust the amount to reflect non-adjusting events after the reporting period. However where retrospective restatement is not practicable for a particular prior period then the circumstances that lead to the existence of that condition and the description of how and from where the error is corrected are disclosed in Notes on Accounts.

2.24Dividends

2.25 Cash and Cash Equivalents

2.26 Rounding of amounts

Amounts in these financial statements have, unless otherwise indicated, have been rounded off to 'Rupees in lakh' upto two decimal points.

Note : 3 (A) Consolidated Prooestv.Plant and Eouinment (Active Assets)										(T in lakh)
DESCRIPTION	Free Hold Land	Buildings including Sanitary and Water Supply [yarn.,	Flant,Machlner y and Mining Equipment	Furniture 6 Fixtures & Office Equipment	Vehicles	Road Bridges an ' an Culverts		Electrical Railway Siding Equipment and Installation	Shafts and inclines	Total

Gross CarryInd ArnOurB
Gross Carrying Amount as at 01M41019	2446.58	6728.85	26588.06	323.97	168.24	1026.39	293.86	2878.22	444.21	41697.88
Exchange Differences								41.52	-	1824.19
Additions	•	14.47	1626.18	84.29	57.73
Inter-head Transfer in /(Out)									•	-
Transfer From Discarded Assets	•		•		•	•
Transfer To Discarded Assets			-	(0.01)	- (0.45)			(0.02)	•	- (14.07)
Disposals	•	• •	(13.59)							0.57
Transfer Adjustments			0.58	(0.01)	-	0.01		(0.01)
								2919.71	494.21	43508.57
Gross CarryIng Amount as at 31.03.2020	2446.58	6793.32	28201.23	007.74	225.52	1826.40	293.86

Accumulated DePreclation & Impairment						987.39	98.01	778,57	41.97	10044.16
Accumulated Depreciation as at 01.04.2019		2042.70	5926.16	105.46	63.90 29.94	325.17	32.67	222.95	13.99	4036.90
Depreciation charge during the year		522.27	2846.05	44.36
Inter-head Transfer in Bout)					-		-			-
Transfer From Discarded Assets		-	•		•		-
Transfer To Discarded Assets										-•
Impairment Losses Exchange Differences	•						•
Disposals								•	•	•
Transfer		•		•
Accumulated Depreciaton 6 Impairment as		2564.97	8772.21	149.82	93.34	1312.56	130.68	1001.52	55.96	14081.06
at 31.03.2020	2046.58	4178.35	19429.02	257.93	132.18	513.84	163.18	1918.19	388.25	29427.52
Net Carrying Amount as at 31.03.2020

Gross Carrying Amount									494.21	43508.57
Gross Carrying Amount as at 01.04.2020	2446.58	6743.32	28201.23	907.74	225.52	1826.40	293.86	2919.71
Exchange Differences										12639.09
Additions		226.45	12,411.50	1.14
inter-head Transfer in /Put)							•
Transfer From Discarded Assets								•
Transfer To Discarded Assets	•			-	(0.32)					(0.32)
Disposals				(0.19)						(0.19)
Transfer	-			(0.02)	•				•	(0.02)
Adjustments						1826.40	293.86	2919.71	444.21	56147.13
Gross Carrying Amount as at 31.121020	2406.58	6969.77	40612.73	408.67	225.20
Accumulated Depreciation A Impairment									••
Accumulated Depreciation as at 01.04,2020		2564.97	8772.21	149.82	93.34	1312.56	130.68	1001.52	55.96	19081.06
Depreciation charge during the year		401.39	2597.48	43.31	29.43	100.17	24.62	112.35	10.54	3319,29
Inter-head Transfer In /(Out)
Transfer From Discarded Assets					•		-	•		•
Transfer To Discarded Assets
impairment Losses						-
Exchange Differences
Disposals			•	(0.09)		-			-	(0.09)
Transfer
Accumulated Depreciaton bi impairment as		2966.36	11369.69	193.03	122.77	1412.73	155.30	1113.87	66.50	17400.25
at 31.12.2020						413.67	138.56	1805.84	377.71	38746,88
Net Carrying Amount as at 31.121020	2446.58	4003.41	29203.04	215.64	102.03

Note : HCL has used the exemption available In Ind AS 101 with respect to recogni on of Property, Plant, Equipments 9

Note: 3 (B) Consolidated Property, Plant and Equipment (Discarded Assets)										(र in lakh)

DESCRIPTION	Free Hold & Lease Hold Land	Buildings including Sanitary and Water Supply System	Plant, Machiner y and Mining Equipment	Furniture & Fixtures & Office Equipment	Vehicles	Roads, Bridges and Cuiverts	Railway Siding	Electrical Equipment and Installation	Shafts and Inclines	Total

Gross Carrying Amount
	3.64	181.91	946.84	39.56	23.09	24.93		62.28	92.30	1,374.55
Gross Carrying Amount as at 01.04.2019 [Exchange Differences				ż.	$\overline{\phantom{a}}$			٠
Additions Inter-head Transfer In /(Out)	$\blacksquare$ $\overline{\phantom{a}}$				$\overline{a}$
Transfer From Active Assets	$\cdot$				$\sim$ $\bullet$
Transfer To Active Assets Disposals					$\overline{\phantom{a}}$					$\overline{\phantom{a}}$
Transfer				$\overline{\phantom{a}}$	$\overline{\phantom{a}}$ $\overline{\phantom{a}}$	$\bullet$		0.00	0.00
Adjustments
Gross Carrying Amount as at 31.03.2020	3.64	181.91	946.84	39 56	23.09	24.93	Ξ	62.28	92.30	1374.55
Accumulated Depreciation & Impairment

Accumulated Depreciation as at 01.04.2019 Depreciation charge during the year		$\overline{a}$			$\blacksquare$
inter-head Transfer in /(Out)		$\overline{a}$			$\cdot$ $\bullet$
Transfer From Discarded Assets Transfer To Discarded Assets										$\overline{\phantom{a}}$ $\overline{\phantom{a}}$
impairment Losses		٠								$\tilde{\phantom{a}}$
Exchange Differences Disposals
Transfer
Accumulated Depreciaton & Impairment as			$\bullet$				$\overline{a}$
at 31.03.2020 Net Carrying Amount as at 31.03.2020	3.64	181.91	946.84	39.56	23.09	24.93	$\bullet$	62.28	92.30	1374.55
Less Provisions for Discarded Assets										1374.55
Net Carrying Amount (Net of Provisions) as at 31.03.2020

Gross Carrying Amount
	3.64	181.91	946.84	39.56	23.09	24.93		62.28	92.30	1374.55
Gross Carrying Amount as at 01.04.2020 Exchange Differences									$\overline{a}$
Additions	$\overline{a}$				$\blacksquare$ $\blacksquare$
inter-head Transfer in (Out) Transfer From Active Assets					$\bullet$			$\overline{\phantom{a}}$ $\bullet$
Transfer To Active Assets		٠						$\bullet$	٠	$\ddot{\phantom{0}}$
Disposals Transfer		$\blacksquare$				÷		$\blacksquare$ $\bullet$	÷, $\overline{a}$	٠
Adjustments
Gross Carrying Amount as at 31.12.2020	3.64	181.91	946.84	39.56	23.09	24.93	$\sim$	62.28	92.30	1374.55
Accumulated Depreciation & Impairment

Accumulated Depreciation as at 01.04.2020 Depreciation charge during the year					$\overline{a}$			$\overline{\phantom{0}}$
inter-head Transfer in (Out)					$\bullet$ $\mathbf{r}$
Transfer From Discarded Assets Transfer To Discarded Assets							$\ddot{\phantom{0}}$
Impairment Losses			$\mathbf{r}$ $\blacksquare$			$\overline{a}$
Exchange Differences Disposais
Transfer
Accumulated Depreciator & Impairment as			$\sim$	$\bullet$	$\blacksquare$	$\hat{\phantom{a}}$	÷,			$\overline{\phantom{a}}$
at 31.12.2020		$\bullet$
Net Carrying Amount as at 31.12.2020	$3.64$ T	181.91	946.84	39.56	2309	24.93	Ξ	62.28	92.30	1374.55 1374.55
Less Provisions for Discarded Assets Net Carrying Amount (Net of Provisions) as at 31.12.2020

Note:
HCL has used the exemption available in Ind AS 101 with respect to recognition of Property, Plant, Equipments (PPE) and Intangible Assets at their carrying value.

A

	Note No 4 CAPITAL WORK IN PROGRESS		VI (6 in lakh)
	PARTICULARS	As at 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)
i)	Building	24.22	163.27
ii)	Plant 8 Machinery	21630.87	34389.11
ii)	Others Magna Mine Expansion	106551.97	92018.10
		127207.136	126570.48
	Less: Provision	3392.91	3392.91
	TOTAL	123814.15	123177.57

Note No 5 NON - CURRENT FINANCIAL ASSETS - INVESTMENTS (2 in lakh)

	PARTICULARS			As at 31st December ,2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
0	Investments In equity instruments - (classified as at cost) A Joint Venture Company (NC) named Khan( Bidesh India Lim6ed (KABIL) was formed on 01.08.2019 among National Mmunium Company (NALCO) ,Hindustan Copper Limited (MCI.) and Mineral Exploration Corporation Limited (MECL)
	Investment in JV Company - Khanij Bidesh India Limded		75.00		3.00
	(HABIL) (Investment In KABIL.75,000 Nos. (Previous Year 30,000 Nos. ) of equity shares of flU (Previous Year 10) each fully paid up as at 31.12.2020)
	Addl(Less): Group Share of Profdsf(Lass) hi JvfAssociates upto 31.03.2020		27.64
	TOTAL			47.36		3.00
	Details of JVC Principal Activity and place of Incoporation To identify , explore, process acquire, develop, primarily strategic minerals overseas for supply to India for meeUng domestic requkements and for sale to any other counties for commercial use.	Principal place of business New Delhi		Proportion of ownership interest / voting rights held by the Company as on 31.03.2020 30%
I)	Non Trade Investment in Debentures		0.17		0.17
	Less : Provision for diMillUti011 in value		0.17		0.17
	TOTAL			47.35		3.00
	AGGREGATE BOOK VALUE -UNOUOTED			47.36		3.00
	AGGREGATE BOOK VALUE . QUOTED			Nil		Nil
	MARKET PRICE OF QUOTED INVESTMENT

NOW No 6 NON CURRENT FINANCIAL ASSETS -OTHERS in Mich)

PARTICULARS	As at 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)
Bank deposits vdth more than 12 months maturity - With scheduled banks	470.57	26.36
TOTAL	470.57	26.36

-Note No 7 DEFERRED TAX ASSETS (NET) (7 in lakh) 2020, As at 31st December
(Unaudited) Reviewed As at 31st March, 2020
[Audited] PARTICULARS I) DEFERRED TAX ASSET OPENING BALANCE 5864.22 9243.00 Adjustment/Credit during the year
CLOSING BALANCE 3500.65 $(3376.68)$ 8365.17 5864.22 I) DEFERREO TAX LIABILITY
OPENING BALANCE
Adjustment/Credit during the year
CLOSING BALANCE (2998 25)
1083 65 $(1014.43)$ $(16.10)$ $(1930.53)$ $(1914.43)$ i)-li) OEFERRED TAX AS 5ETS / [LIABILITIES] (Net) 7434.64 3949.79 (ii) DEFINED BENEFIT PLANS 1341.02 585.74 OPENING BALANCE
Adjustment/Credit during the year
CLOSING BALANCE 377.52 755 29 1718.54 1341.02 DEFERRED TAX ASSETS / (LIABILITIES) (Net)
Including OCI 9153.19 5290.91 (Refer Note No. 39 General Notes on Accounts Point No. 18)

Note No s NON-CURRENT TAX ASSETS (NET) (? in lakh) As at 31st December, 2020 As at 31st March, 2020 PARTICULARS Income Tax (including advance income lax, TDS &
excluding current tax liability) Unsecured - Considered 689.92 689.82 TOTAL 685.82 689.92

	Note No 9 OTHER NDN - CURRENT ASSETS				(tin lakh)
	PARTICULARS		As at 31st December, 2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
n)	MOBILISATION ADVANCES
ij.	5ecured (considered good)		1631.06		1532 12
Ð	Unsecured (considered good)
	- Against Sank Guarantee
	$-$ Others				ä.
Đ)	Unsecured (considered doubths)	0.02		6.02
	Less: Provisions for Capital Advances	5.02		0.02
b)	Mine Development Expenditure
	As per Last Balance Sheet	48204.35		51115.82
	Add: Expenditure during the Year (ce per Note Below)	13300.78		22505.21
			0150513		73521 03
	Less: Value of Ore recovered during Mine Development	181.67		144.95
	Lees: Amorbeation during the Year	17073.67	17234.74	25271.73	25416.68
			44270.39		48204 35
			4664.06		4664 86
	Lees: Provision
	TOTAL		39605.53		43530.4%
	Nate: MINE DEVELOPMENT EXPENDITURE DURING THE YEAR
ŋ	Salaries Wages Allowances		1726.15		2555.31
ñ,	Contribution to Provident & Othor Funds		134.58		211.43
Đ)	Workman & Staff Welfare Expenses		2.35		958
iv)	Stores. Spares & Tools Consumed		1221.94		1983 75
v)	Power, Fuel & Water		420.20		555.21
YĎ.	Rowth.		11,71		1103
۷Ū	Repair & Mailenance		2399.09		4352.33
viii)	Insurance		1.33		1.17
b.	Overburden Removal Expenditure		6790.10		11275.24
X)	Depreciation		213.33		445.57 922.99
xi)	Other Expenses		372.90
	TOTAL		13300.78		22505.21
	The ebove expenditure is in addition to the expenses shown under the respective natural head at accounts indicated and charged in the Statement of Profit and Loss Account for the year and in the relevant schedules thereof. Amortisation during the year is in relation to the expenses incurred on mines which are under operation/production and does not include expenditure on
	prospecting of minerals in new mines area.
c)	Right to Use				4097.67
	Rent for Leasehold Land		3984.02 3984.02		4007.67
	TOTAL
	TOTAL [a+b+c]		45221.51		45269.20
	PROVISIONS FOR CAPITAL ADVANCES *
	OPENING BALANCE		0.02		802
	Additiona during the year
	Amount used during the year		8.02		0.02
	CLDSING BALANCE

$72$

$\mathbf{r}$

	PARTICULARS		As at 31st December, 2828 (Unaudited) Reviewed		As at 31st March, 2028. (Audited)

ŋ,	Raw Materials
Iŋ.	Semi-Finished and in-Process (at lower of cost or net realisable velue)	31938.22		54456.83
	Less: Provision for Semi-Finished and in-Process *	18454.83	13483.39	18454.83	46001.20
iii)	Finished Goods (at lower of cost or net reatisable value)		33.00		83,00
iv)	Steres and apares	7432.91		7648.10
	Stores in transit/ pending inspection	1023.55		683.30
	Less: Provision for Obsoleto Stores & Spares **	6456.46 2350.88	6105.58	8249.40 2350.88	5898.52
	TOTAL		18671.97		51982.72
	PROVISION FOR SEMI-FINISHED AND IN-PROCESS *
	OPENING BALANCE		18454.83		123.03
	Additions during the year				18331.60
	Amount used during the year
	CLOSING BALANCE		18454.83		18454.83
	PROVISION FOR OBSOLETE STORES & SPARES **
	OPENING BALANCE		2350.88		2616.83
	Additions during the year		0.00		1.43
	Amount used during the year		8.00		266.55
	CLOSING BALANCE		2358.88		2350.88

Note No 11 CURRENT FINANCIAL ASSETS - INVESTMENTS				{ in lakh}
PARTICULARS			As at 31st December, 2828 (Unaudited) Raviewed	As at 31st March, 2820 (Audited)
Investments in Mutual Fund (Maturity within 3 months from date of enginal investments)	Number of units	NAV (in ₹)
UTI MONEY MARKET - GROWTH	51,738 (51.736)	2267.75 (2112.55)	1.21	1.17
SBI ULTRA SHORT TERM DEBT FUND - GROWTH	132.117 (132.117)	4479.65 (4169.48)	6.22	5.82
CANARA REBECO LIQUID FUND - GROWTH	38.893 (38.993)	2389.98 (2258.68)	8.95	0.93
IDBI LIQUID FUND - GROWTH	63.469 (61.469)	2130.97 (2902.99)	1.49	1.46
TOTAL			8.87	9.48
AGGREGATE BOOK VALUE - UNQUOTED			NI	NII
AGGREGATE BOOK VALUE - QUOTED			7.14	7.84
MARKET PRICE OF QUOTED INVESTMENT			8.37	9.42

	PARTICULARS		As \$1 31st December, 2820 (Unaudited) Reviewed		As at 31st March, 2828 [Audited]
	DEBTS OUTSTANDING
ŋ,	- Secured - Considered good	13118.69		8289.35
II)	- Unsecured - Considered good
HD.	- Considered doubtful	1064.88		855.51
		14182.77		8175.86
	Less: Allowances for bad & doubtful debts	1064.8e	13118.69	886.51	8289.35
	TOTAL		13118.69		8289.35
	ALLOWANCES FOR BAD & DOUBTFUL DEBTS*
	OPENING BALANCE		886.51		942.77
	Additions during the year		177.01		0.31
	Amount used during the year		0.04		56.57
	CLOSING BALANCE		1064.88		845.51
	Explanatory Note: -

Debt due by Directors or other officers of the company er any of them either severally or jointly with any other per
which any Director of the Company is s partner or a Director or a member amounts to ₹ Nii (Previous year ns or private co by :

$\frac{1}{\sqrt{1-\frac{1}{2}}\left(1-\frac{1}{2}\right)}=\frac{1}{2\sqrt{1-\frac{1}{2}}\left(1-\frac{1}{2}\right)}=\frac{1}{2\sqrt{1-\frac{1}{2}}\left(1-\frac{1}{2}\right)}=\frac{1}{2\sqrt{1-\frac{1}{2}}\left(1-\frac{1}{2}\right)}=\frac{1}{2\sqrt{1-\frac{1}{2}}\left(1-\frac{1}{2}\right)}=\frac{1}{2\sqrt{1-\frac{1}{2}}\left(1-\frac{1}{2}\right)}=\frac{1}{2\sqrt{1-\frac{1}{2}}\left(1-\frac{1}{2}\right)}=\frac{1}{2\sqrt{1-\$

Note No 13 CURRENT FINANCIAL ASSETS CASH 8. CASH EQUIVALENTS (T in lakh)

	PARTCULARS	As 51 31.6 December ,2020 (Unaudited) Reviewed	As .131st Mirth, 2020 (Audited)
	CASH AND CASH EQUIVALENTS
	Cash on hand including Imprint	0.25	0.25
I.	Balance wIlh Banks
	-Current Account	2641.13	1134.61
It.	OTHER BALANCES WITH BANK
	Bank deposits upta 3 months maturity from dale of origins! investmen1
	• With scheduled banks
	TOTAL	2641.38	1134.86

		In lath)
PARTICULARS	As at 31st December 2020 (Unaudited) Reviewed	As at 31.1 March, 2020 (Audited)
Other Balances with Bank
• in Dividend Balance ACCOurit	15.56	20.31
Bank deposes with more than 3 months and unto 12 months maturity - With scheduled banks		43221
	15.56	452.52

	Note No 15 CURRENT FINANCIAL ASSETS - OTHERS				18 in lakh)
	PARTICULARS		As at 31st December ,2020 (Unaudited) Reviewed		As at 31s1 March, 2020 (Audited)
a)	ADVANCES
	Employees
	- secured (considered good)	132,64		112.55
	- Unsecured (considered doubtful)	2.03		2.03
	Less : Provisions for doubtful Advances'	2.03		2.03
			132.64
					112.55
0)	INTEREST ACCRUED ON
	LC front Customers	•		•
it)	investments	1514		10.66
	Deposits	20.31		29.64
Fr)	Others	0.18	3923	0.36	40.66
	CLAIMS RECOVERABLE
C)	Maims recoverable from different agencies	5222.66		2712.61
	Less: Prorislon for Doubtful Claims '"	179.41	504325	179.41	2533.20
	TOTAL (art•c)		5215.12		2586.41
	RETAILS OF PROVISIONS
	PROVISION FOR DOUBTFUL ADVANCES •
	OPENING BALANCE		2.03		2.03
	AcKtIons during the year
	Amount used during the year
	CLOSING BALANCE		2.03		2,03
	PROVISION FOR DOUBTFUL CLAIMS w
	OPENING BALANCE		179.41		133.10
	Additions dudng the year		0.00		46.31
	&Miura used during the year
	CLOSING BALANCE		179.41		179.41
	Explanatory Note: -
	PARTICULARS OF LOANS AND ADVANCES DUE FROM DIRECTORS
	I) Amount due at the end of the year		T		NO
	11) Advance due by frms or private companies In which any Director close Company lie Penner ore director or a member amounts to MI (Previous year NII)

40-

Note No 16 CURRENT TAX ASSETS (Net) 7 C (3 in latch) PARTICULARS As at 31st March, 2020 (Audited) As at 31st December 2020 (Unaudited) Reviewed 1866.62 1845.39 Income Tax (incithrs advance income tax, TDS & excluding current Lax liablity) Unsecured - Considered good TOTAL 1866.62 1,845.39

	Note No 17 OTHER CURRENT ASSETS				(ff in latch)
	PARTICULARS		As at 31st December ,2020 (Unaudited) Reviews		As at 31st March, 21:020 (Audited)
a)	Advances to contractors I suppliers
	- Secured (considered good)	388.30		239.21
	- Unsecured (considered good)
	- Agahst Bank Guarantee
	-Others	1023.52		1127.08
	- Unsecured (considered doubtful)	678.68		679.54
			2088.50		2045.63
b)	Other Advances
	- secured (considered good)	50.90		50.90
	- Unsecured (considered doubtful)	13.93		13.93
			64.83		64.83
			2153.33		2110.66
	Less: Provision for Doubtful Loans and Advances •		692.61		693.47
			1480.72		1417.19
c)	Advance to JV44ABIL			72.00
	in Profits/(Loss) Addl(Less): Group Share of JWAssociates upto 31.03.2020			27.64
					44.36
d)	DEPOSITS
	Other Deposits	10760.85		10136.08
	Less: Provision for Doubtful Deposits'*	75.56	10685.09	75.56	10050.52
e)	OTHER CURRENT ASSETS
	Other Current Assets	213.41		211.52
	Less: Provision for Other Current Assets •••	3.52	209.89	3.52	208.00
5	OTHER RECOVERABLES
	IGSTfCGST 8 SGST		27784.90		25554.81
g)	RIGHT TO USE
	Rent for Leasehold Land		160.54		206.81
	TOTAL		40301.14		37491.49
	DETAILS OF PROVISIONS
	PROVISION FOR DOUBTFUL LOANS AND ADVANCES
	OPENING BALANCE		693.47		737.26
	Additions during the year		0.26		2.52
	Amount used during the year		1.12		46.31

CLOSING BALANCE 692.61 693.47

OPENING BALANCE 75.56 75.56

CLOSING BALANCE 75.56 76.56

OPENING BALANCE 3.52 3.52

CLOSING BALANCE 152 3.62

PROVISIONS FOR DEPOSITS ••

PROVISION FOR OTHER CURRENT ASSETS •••

Additions during the year Amount used during the year

a) AUTHORISED SHARE CAPITAL - Equity Share Capital

b) PAR VALUE PER EQUITY SHARE (In T) c) PAR VALUE PER PREFERENCE SHARE (In 2)

PAID UP

PARTICULARS As at 31st December 2020 As at 31st March, 2020 (Unaudited) Reviewed (Audited) 18110000000 90000.00 1800000000 90000.00 2000000 20000.00 2000000 20000.00 In No. in lakh) In No. CT In lakh) d) NO. OF SHARES ISSUED, SUBSCFUBED AND FULLY - Equity Share Capita! 925218000 46260.90 925218000 46260.90 - 7.50% Non-Cum. Redeemable Preference Shams TOTAL 46260.90 46260.90 RECONCILIATION OF NO. OF SHARES & SHARE e) CAPITAL OUTSTANDING: No. of Shares IT in lakh) No. of Shares (T In lakh) OUTSTANDING AS ON 01.04.2019 925218000 46260 90 925218000 46260.90 - 7.50% Non-Cum, Redeemable Preference Shares 5.00 5.00 1000.00 1000.00 Note No 18 EQUITY SHARE CAPITAL (Tin lakh)

Add: Share Capital issued/ subscribed during the year

Less: Reduction in Share Capital

OUTSTANDING AS ON 31.03.2020 925218000 46260.90 925218000 46260 90

TERMS/RIGHTS ATTACHED TO EQUITY SHARES

The Company has or one class of Equity Shares having par value of T 51- each and is entitled to one vote per share.

		SHARES IN THE COMPANY HELD BY		EACH
SHAREHOLDER

HOLDING MORE THAN 5 PERCENT OF THE NUMBER In No. In (%) In No. In (%) OF SHARES - President of India 703587852 76.05% 703587852 76.05%

-Life Insurance Corporation of India	105685655	11.42%	105585666	11.42%
For Subsidiary
- HCL	185000	74.00%	185000	74.00%
- CMDC LTD	65000	26.00	65000	26.00

	Note No 19 OTHER EQUITY				(Tin lakh)
	PARTICULARS		As at 31st December ,2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
a)	CAPITAL RESERVE '
	AS PER LAST BALANCE SHEET		21166.24		21188.24
b)	GENERAL RESERVE
	AS PER LAST BALANCE SHEET		8985,97		8965.97

C)	CORPORATE SOCIAL RESPONSIBIUTY FUND
	AS PER LAST BALANCE SHEET
	Add: During the year
	Less: Amount reversed during the year
	Less: Amount used during the year
	AS AT BALANCE SHEET DATE
40	MINE CLOSURE RESERVE
	AS PER LAST BALANCE SHEET	238.00		163,00
	Add: During the year			75.00
	Less: Amount reversed during the year
	Less: Amount used during the year
	AS AT BALANCE SHEET DATE		23E100		238,00
0	CURRENCY FLUCTUATION RESERVE
	AS AT BALANCE SHEET DATE	(2608.65)		155,94
	Add: Equity Component of Foreign Currency Loan	1637.08		(2764.59)
	Less: Amount reversed during the year
	Less: Amount used during the year
	AS AT BALANCE SHEET DATE		(971.57)		(2608,85)
St	RETAINED EARNING •••		35553.39		21972.63

	TOTAL		64952.03		49714.19
	Details of Retained Earning •••
	Profit ((Loss) for the period after tax as per statement of Profit and Loss in		14699.58		(56920.82)
	Share of Profits/(Loss) Group Add/(Less): At/Associates				(27.64)
	Less : Profit /(Loss) for the period after tax - Attnbutable to Non Controlling Interest		(3.66)
	Profit /(Loss) for the period after tax - Attributable to Owners		14703.24		(56948.46)
	Other Comprehensive Income f(Loss) as per Statement of Profit and Loss (net of tax)		(1122.48)		(2245.67)
	Total Comprehensive Income ((Loss) for the period		13577.10		(59194.13)
	Total Comprehensive Income for the period- Attributable		13580.78		(59194.13)
	to Owners Balance brought forward		21972.63		86966.84
	BALANCE AVAILABLE FOR APPROPRIATION		35553.39		27772.71
	Less :Dividend				4811.14
Ii)	Less :Tax on Dividend				988.94
	BALANCE CARRIED FORWARD		35553.39		21972.53

out of Capital Profits over the years.Thls Reserve Is not created out of Revenue Profits of the Company. •• Currency Fluctuation Reserve Is not created out of Revenue Profits of the Company.

NON-CURRENT FINANCIAL UABILITIF-S • Note No 20 BORROWINGS		n lakh)
PARTICULARS	As at 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)
LONG TERM LOANS
• From Banks/ Hs
• Seo.sred
- EYJM Bank (Lean II)	17856.11	22647.53
(First pan-passu charge on movable fixed assets, both present and future of the Company, excluding GCP and TCP)
SBI	15410.00	18975.00
(First pari-passu charge on immovable lived assets of the Company located at MCP, both present and future , excluding leasehold land/properly)
- U81	9650.00	9800.00
(First parkpassu charge on immovable feed assets of the Company located at MCP. both present and future , excluding leasehold land/property)
11CIFC	9000.00	9500.00
(First parkpassu charge on Immovable Fixed assets of the Company located at MCP, both present and future , exciudng leasehold land/property)
• AXIS	8147.00	2695.1:0
(First paritassu charge on immovable rued assets of the Company located at MCP, both present and future , excluding leasehold land/property)
- Federal Bank	16668 00
(First parkpassu charge on immovable feed assets of the Company located at KCC, both present and future , excluding leasehold land/property)
- Unsecured
- Exlm Bank	8000.013

TOTAL	84731.11	63617.53

Note No 21 NONCURRENT FINANCIAL LIABILITIES - OTHERS		g in lac)
	As al 31st December .2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)
Others (Compensation received from Govt of Jharichand for repair of township)	843.53	843.53
TOTAL	843.53	843.53

Note No 22 NON - CURRENT -PROVISIONS				(Z in lakh)
PARTICULARS		As at 31st December •2020 (Unaudited) Reviewed		As at 31st March, 2020 (Audited)
PROVISION FOR EMPLOYEE BENEFITS
PROVISION FOR LEAVE ENCASHMENT
AS PER LAST BALANCE SHEET	9032.66		10920.32
Additions during the year	75.00
Amount used during the year			188746
CLOSING BALANCE		9107.66		9032.66
PROVISION FOR GRATUITY
AS PER LAST BALANCE SHEET	(2466.73)		(5448.73)
Additions during the year	1575.00		2982.00
Amount used/funded during the year
CLOSING BALANCE		(891.73)		(2468.73)

TOTAL		8215.03		e565.93
(Refer Nola Na. 39 General Notes on Accounts Point No. 20)

Note No 23 CURRENT FINANCIAL UABILMES - BORROWINGS		(T in lakh)
PARTICULARS	As at 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited) ?j
SHORT TERM LOANS
- Cash Credit- From Banks/ Fls	4000.48	13603.41
- WCDL- From Banks/ Fla		16300.00
- Secured (Secured by hypothecation of Stock-In Trade,Stores & Spare Parts and Book Debts, both present and future of the Company)
- Working Capital Term Loan (Unsecured)
- AldS Bank	4550.00	221300.00
- Kotak Mahindra Bank		5000.00
- HDFC Bank		10500.00
• 106		1250.00
- DEO	10000.00	1250.00
LONG TERM LOANS
• Due in next 1 year
- EXIM Bank (Loan I)	2879.25	5933.16
- EXIM Bank (Loan II)	9000.00	8109.39
- Ads Bank	2500.00	8105.00
- HDFC Bank	750.00	500.00
- Vol Bank	300.00	200.00
- SBI ECB	3000.00
- Federal Bank	3332.00
- EXIM Bank	2000.00
TOTAL	42310.73	92749.96

	Note No 24 CURRENT FINANCIAL LIABILITIES - TRADE PAYABLE		n lakh)
	PARTICULARS	As at 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)

I)	Total outstanding dues of mkro entreprises and small enterprises	730.94	961.60
fri	Total outstanding dues of crecntors other than micro enperprises and smell enterprises	15550.26	22412.82
	TOTAL	16281.20	23 74.42

	Note No 25 CURRENT FINANCIAL LIABILITIES OTHERS		(!in lakh)
		As at 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020 (Audited)
I)	Interest accrued but not due on borrowings & term loans	466.97	505.95
It)	Unpaid dividend	15.56	20.31
iii)	Deposits( Retention money	6993.48	6361.31
iv)	Other liabilities	1592.10	1694,61
		9068.11	8582.21

	Note No 26 OTHER CURRENT LIABIUTIES		IT in lakh)
	PARTICULARS	Mat 31st December ,2020 (Unaudited) Reviewed	As at 31st March, 2020 (Auditedi

I)	Statutory dues payables	6235.60	5763.29
ip	Advances from Customers	5479.59	3105.82
it)	Sundry Creditors - Others	9375.38	8115.70
	TOTAL		16384.81

(tin lath)				Note No!? CURRENT PROVISIONS
As at 31st March. 2020 (Audited)		As at 31s1 December ,202-0 (Unaudited) Reviewed		PARTICULARS
				PROVISION FOR EMPLOYEE BENEFITS	a)
				PROVISION FOR LEAVE ENCASHMENT	0
	1980.85		150188	AS PER LAST BALANCE SHEET
				Additions during the year
	386.97			Amounl used during the year
159388		1593.83		CLOSING BALANCE
				PROtASION FOR GRATUITY	Ii)
	(2135039)		(2E131.41)	AS PER LAST BALANCE SHEET
	29.48			Additions during 1he year
				Amount used dtergig the year
(2831.41)		(2831.41)		CLOSING BALANCE
				PROVISION FOR LEAVE TRAVEL CONCESSION (LTC)	111)
	171.93		198.03	AS PER LAST BALANCE SHEET
	26.10			Additions during the year
				Amount used dudng the year
198.03		195.03		CLOSING BALANCE
				PROVISION FOR PRPANCENTIVE	iv)
	1727.00		1145.00	AS PER LAST BALANCE SHEET
			176.00	Additions during the year
	58200			Amount used during the year
1145.00		1321.00		CLOSING BALANCE
				PROVISION FOR WAGE REVISION	v)
	4256.27		1878.87	AS PER LAST BALANCE SHEET
				Additions during the year
1878.87	2379.40	1878.87		Amount used during the year
				CLOSING BALANCE
				OTHERS
				DIVIDEND
	4811.14			AS PER LAST BALANCE SHEET
	4811.14			Additions during the year Amount used during the year
				CLOSING BALANCE
				TAX ON DIVIDEND	ID
				AS PER LAST BALANCE SHEET
	988.94			Additions during the year
	988.94			Amount used during The year
				CLOSING BALANCE
				PROVISION • OTHERS	110
	1019.67		1078.67	AS PER LAST BALANCE SHEET
	329.76		157.65	Additions during the year
1075.67	270.96		0.57	Amount used during the year
		1215.75		CLOSING BALANCE
3063.04		3398.12		TOTAL

Nate No 28 CURRENT TAX LIABILITIES (Net)		IT In lakhl
PARTICULARS	As .131st December 2020 (Unaudited) Reviewed	As at 31s1 March, 2020 (Audited)
Additions during the year Len: Refund pedalling to eadier years	3832.00
Less :Advance Income Tax &TOS Current Tax Liabilities (Net of Advance Tax & TDS)	3932.00

Note No 29 REVENUE FROM OPERATIONS			2 (, In lakh) j
PARTICULARS	For the Nine Months ended 31st December , 2020 (Unaudited) Reviewed		For the year ended 31st March, 2020 (Audited)
SALE OF PRODUCTS
-Domestic	56782.95		34187.32
- Export	68325.69		46129.33
	125108.64		80316.65
Less : Discount & Rebate	-
SALES (Net of Discounts) (A)	125108.84		80316.65
SALE OF SERVICES (B)	78.55		310.79
OTHER OPERATING INCOME (C)
-Sale of Scrap	514.00		329.54
-Interest from Customers	2.36		116.11
-Interest from Contractors against mobilization advances for mining operations	5699		252.49
- Penalty & Liquidated Damages	691.60	1920.36
Less : Refunded during the year	2.09 689.51	60.69	1859.67
TOTAL (C)	1264.86		2557.81
TOTAL (MIN-C)	126462.05		83185.25

Note No 30 OTHER INCOME		(tin lakh)
PARTICULARS	For the Nine Months ended 31st December , 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
	3.42
- Claims Received - Interest from Term Deposfts	22.79	8.80 29.63

- Interest - Others	3.16	992.27
- Profit on sale of Assets	•
- Profit on Fair Value of Investment	0.38	0.63
.Others	1542.19	2384.06
- Provisions not required written back #	981.69	2280.83
TOTAL	2663.83	5696.22
Details of Provisions not required written back 0 (Refer
Note No.39 General Notes on Accounts Point No.11)
Bad and doubtful Debts,advancesideposits & claims	0.90
provisions on account of shortagenon Excess moving,obselete & insurance Stores & Spares and finished goods	(0.01)
Provision for Discarded Assets no longer required	-	-
Pray Written back for feasibility study of Concentrator
plant at MCP Provision for CSR no longer requied Written Beek	•	-
Provision for Interest on MSME	224.88
PrOviSidl for MP Rural Infrastructure & Road Development
Tax & Water Charges Excess Provision created for Transportation of Copper Concentrate from KCC to load port	0.00
Old Liability Written Back for S.Creditors, SD & EMD more than 5 years MA Others	755.90	56.57 266.54 827.46 264.01 17656 686.69

Note No 31 COST OF MATERIALS CONSUMED g2- (T In lakh) PARTICULARS For the Nine Months ended 31st December, 2020 (Unaudited) Reviewed For the year ended 31st March, 2020 (Audited) Raw Materials Consumed 483.29 Vake of Ore Raised During Mine Development 161.07 144.95 TOTAL 161.07 628.24

	Note No 32 CHANGES IN INVENTORIES OF FINISHED GOODS, SEMI-FINISHED AND WORK- IN-PROCESS		IT in lakh)
		For the Nine Months ended 31st December, 2029 (Unaudited) Reviewed	For the year ended 315t March, 2029 (Audited)
A.	OPENING STOCK:
	Finished Goods	83.00	1176.03
	Semi-Finished and In-Process	64456.03	58249.42
	TOTAL OPENING STOCK	64639.03	59426.45
B.	CLOSING STOCK:
	Finished Goods	83.00	83.00
	Semi-Finished and In-Process	3193922	6445603
	TOTAL CLOSING STOCK	32021.22	64639.03
	(INCREASEK DECREASE (A-B)	32517.81	(5113.58)

ENEFTT EXPENSE		(t in lakh)
PARTICULARS	For the Nine Months ended 3151 December , 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
Salaries, Wages & Allowances	149E4.54	218015.24
Bonus/Ex-gratia/Perfonnance Related Pay	262.53	104.00
Contribution to Provident & Other Funds	1458.34	2166.55
Workmen & Staff Welfare Expenses	894.94	1568.32
Gratuity & Leave Encashment	2043.63	297.20
TOTAL	19621.98	25962.31
Explanatory Note: - The detail of Remuneration pan/payable to Directors as included in above payments are as follows: -
(i) Salaries & Allowances	153.84	153.84
(ii) Contribution to Provident & Other Funds	13.18	13.18
gig Re-imbursement of Medical Expenses	1.06	1.06
(iv) Leave Encashment	32.83	32.83
(v) Gratuity paid	20.00	20,00
(vi) Other Benefits	29.68	29.68
TOTAL	250.59	250.59

In ad&tion the VVnole-time Directors are allowed the use of company car for private purpose and have been provided with residential accornodation as per terms of their appointment / Government guidelines and the charges am recovered at the rates prescribed by the GovemmenL

Note No 34 FINANCE COST		IT in lath)
PARTICULARS	For the Nine months ended 31st December. 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
• Interest on Cash Credt	1339.00	2001.93
- Others ( induding Term Loans)	3764.52	4039.96
TOTAL	5103.52	6041.89

	PENSE		IT in lath)
	PARTICULARS	For the Nine Months ended 31st December , 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
A.	DEPRECIATION
	Depreciation for the year	3319.29	4036.90
	Less: Depredation transferred to Mine Development	213.33	446.57
	Expenditure
	SUB TOTAL (A)	3105.96	3590.33
B.	AMORTISATION
	Amortisation during the year •	17073.67	25271.73
	SUB TOTAL (B)	17073.67	25271.73
	TOTAL (A4B)	20179.63	26662.06

• Amortisation during the year Is In relation to the expenses Incurred on mines which are under operation/production and does not include expenditure on prospecting of minerals In new mines area.

(Tin lakh)
For the year ended 31st March, 2920 (Audited)	For the Nine Months ended 31st December, 2020 (Unaudited) Reviewed	PARTICULARS
		OTHER MANUFACTURING EXPENSES	A
10618.82	484125	- Stores ,Spere58 Tools Consumed
17757.59	8624.34	- Consumption of Power. Fuel 8 Water
7717.04	8222.52	-Royalty, Coss & Decretal amount
16744.17	8810.32	- Contradual Job for Process
2975.64	2817.32	- Handing & Transportation
206.61	134.41	- Expenses for Leasehold Land
5601927	30450.16	SUB TOTAL (A)
		REPAIRS & MAINTENANCE 8 MAJOR OVERHAUL EXPENSES	8.
145.54	22.30	- Bonding
41303.83	1946.21	• Machinery
817.77	295.68	- Others
4967.14	2264.19	SUB TOTAL (2)
		ADMINISTRATION EXPENSES	C.
383.85	409.04	• Insurance
133.213	85.29	• Rent
1132.38	278.51	- Rates and Taxes
804.49	1041.92	- SeoJdty Expenses
410.12	110.94	- TravdIMg and Conveyance
129.93	67.13	- Telephone, Telex and Postage
246.45	45.34	- Advertisement and PubAcIty
70.15	10.38	- Printing and Stationery
1.81	0.54	-Books 8 Periodicals
1006.15	213.21	- Consultancy Charges- Indigenous
2.134	0.06	- Less on Sale of Assets(Net)
-20.60	(83.33)	- MTM Debiti(Credig Foreign Exchange
- 331.01		-Exchange Rate Variation (Net)
29918	46.47 130.03	- Corporate Social Responsibility Expenses
42.41	15.41	- Hire Charges
12.75	13.20	- Audi Expenses (Refer detail below at 55 1)
176.93	73.06	- Independent Directors Expenses - Bank charges
1241.43	615.06	- Other General Expenses
6404.14	3081.06	SUB TOTAL (C)
18866.24	559.97	PROVISIONS (Refer detail below at S4 2)	D.
862 7.39	3e355_38	TOTAL (A 13•C D)

Note No 36 OTHER EXPENSES

For the year ended 31st March, 2020 (Audited)	For the Nine Months ended 31st December , 2020 (Unaudited) Reviewed		PARTICULARS
			Explanatory Note: -
			1) Detail of Audit Expenses are as under -
			i) Statutory Auditors
16.65		0.00	- Statutory Audit Fees
5.16		3.30	- Tax Audi Fees
14.95		11.18	-In Other Capacity
2.29 39.05	14.75	0.27	- Reimbursement of Expenses
			ii) Cost Auditors
0.70		•	- Cost Audit Fees
0.47 1.17	0.01	0.01	- Reimbursement of Expenses
			iii) Internal Auditors
0.65		-	• Audit Fees
1.54 2.19	0.65	0.65	• Reimbursement of expenses
42.41	15.41		TOTAL
			2) Detail of Provisions are as under: -
0.31	177.60		Doubtful debts
2.52	0.00		Doubtful advances) deposits
1.05	0.00		Provisions for Obsolete /Non-moving Stores
18,331.80	0.00		Previsions for WIP 8 Finished Goods
131.68	0.00		Provisions for Capital Work In Progress
0.00			Provisions for Loss of Assets
323.88	382.37		Interest on MSMED
75.00			Provision for Mine Closure Expenditure
-	-		Provision for Others
18866.24	559.97		TOTAL

Note No 37 TAX EXPENSE		(T in 15th)
	For the Nine Months ended 31st December, 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
CURRENT TAX
Income Tax Provision	38321)0
Income Tax relating to earlier years		842.18
Deferred Tax ACO3l1111	(34134.85)	2295.83
TOTAL	347.15	3138.01

	Note No 38 OTHER COMPREHENSIVE INCOME		(T In latch)
		For the Nine Months ended 31st December , 2020 (Unaudited) Reviewed	For the year ended 31st March, 2020 (Audited)
A(i)	Items that win not be reclassified to Profit/fLoss)
	Adurial galrYloss recognised in the year for employees :
	Gratuity	(1500.00)	(3020.95)
	TOTAL (A(i))	(1500.00)	(3000.95)
A91)	not be Income Tax relating to items that reclassified to Profit !(Loss)	377.52	75828
	TOTAL (A(II))	377.52	755.25
B(9	Items that wig be reclassiffed to Profit/(Loss)
	TOTAL (BM)
B(E)	Income Tax relating to items that will be reclassified
	to Profit l(Loss)
	TOTAL (13(11))	-

39 GENERAL NOTES ON ACCOUNTS

1. CONTINGENT LIABILMES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(i) Contingent Liabilities: -

	Claims against the Group not acknowledged	9 months ended	2019-20
a.		31.12.2020
	as debt :	(Z in lakh)	(!in lakh)

i.	Disputed VAT / CST / Entry Tax	3516.76	3516.76
H.	Disputed Excise Duty	2947.97	2947.97
	iii. Disputed Income Tax	23113.43	23113.43
	iv. Other Demand	43634.72	39110.70
	SUB-TOTAL (A)	73212.88	68688.86
	b. Other money for which the Group is contingently liable :
i.	Bank Guarantee	1534.33	2767.54
ii.	Letter of Credit	93.17	53.26
Hi.	Bill discounting	-
	SUB-TOTAL (B)	1627.50	2820.80
	GRAND TOTAL (A+B)	74840.38	71509.66

ii) Commitments:-

1. During the nine months ended 31.12.2020, the Group has made a provision amounting to 176.00 lakh (Previous Year Nil) in terms of DPE guidelines towards Performance Related Pay payable to the executives which is shown under 'Employee Benefit Expense'.
1. Lease premium paid for land for mining purposes including payment for Net Present Value (NPV) of forest area paid to forest department is capitalized under the head Right to Use shown under Note No. 9(c) & 17(h).
1. The lease agreements of Kendadih and Rakha Mining Lease at ICC has been renewed and executed by the Govt of Jharkhand in respect of leasehold lands valid upto 02.06.2023 and 28.08.2021 respectively. In respect of Surda Mining Lease, the lease agreement has expired on 31.03.2020 and the Group has applied for extension of the lease agreement with the Govt of Jharkhand. Govt of Jharkhand has issued Letter of Intent (L01) for extension of the lease vide letter dated 05.08.2020. Formal letter of extension of the lease is under active consideration of the Department of Mines & Geology, Govt of Jharkhand, Ranch'.
1. The commercial operation of Smelter, Refinery and Sulphuric Acid Plant at Khetri Copper Complex (KCC) were suspended since December 2008. The Group suffered loss on account of impairment of the said plants valued by an independent consultant in earlier years and consequently a total sum of 464.01 lakh was provided in the accounts for impairment loss in compliance with the guidelines of IND AS 36 on "Impairment of Assets" as on 31.12.2020. Total inventory valued Z 8.06 lakh (Previous Year 33.21 lakh) which remained as process material in the above Plant is included in the Inventory of the Group. The management is of the opinion that such inventories consisting mainly of metal content and having realizable value at least equal to the amount at which they are stated.

1. The title deeds for Freehold and Leasehold Land and Building acquired in respect of c Gujarat Copper Project (GCP) with book value of 5365.75 lakh are yet to be executed 0 (Previous year 5578.11 lakh).
1. At ICC, Pollution Control Plant under Package I & Ill amounting to! 2100.50 lakh have not been capitalized for want of completion of trial / guarantee run as per terms of contract. As a matter of prudence, full provision for the same has been made in the accounts to take care of efflux of time over the years.
1. During the nine months ended 31.12.2020, the Group has spent a sum of! 46.47 lakh on account of Corporate Social Responsibility (CSR) expenses.

Amount spent during the year on:

Srl. No.	Particulars in cash	In cash	Yet to be paid	Total
(i)	Construction/acquisition of any asset			-
(ii)	On purposes other than (i)above	Z 46.47 lakh	-	! 46.47 lakh

Information related to Micro, Small and Medium Enterprises Development Act, 2006 as on 31.12.2020 is disclosed hereunder:

	31.12.2020 is disclosed hereunder:	!
a)	i) Principal amount remaining unpaid to any supplier at the end of the financial year	384.43 lakh
	ii) Interest due on above	Z 299.00 lakh
b)	Amount of interest paid by the buyer in terms of Section 16 of the Act, along with amount of payment made beyond the appointed date during the year	-
c)	Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the due date during the year) but without adding the interest specified under the Act	Z 837.34 lakh !
d)	Amount of interest accrued and remaining unpaid at the end of the financial year	! 1136.34 lakh
e)	Amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the Small enterprise, for the purpose of disallowance as a deductible expenditure under Section 23 of the Act	NIL

The information has been given of such vendors to the extent they could be identified as "Micro and Small" enterprises on the basis of information available to the Group.

During the nine months ended 31.12.2020, the Group has written back old liabilities / provisions amounting to 981.69 lakh (Previous Year 2280.83 lakh) in the accounts, the details of which are as under :-

SI. No.	PARTICULARS	Z in lakh	REASONS FOR REVERSAL
1.	Excess provision for doubtful debts no longer required is written back in TCP -! 0.04 lakh	0.04	The relevant amount of debts were recovered from the customers/parties and hence the provision for doubtful debts created in earlier years has been written back.
2.	provision for doubtful Excess longer required is advances no written back in KCC -! 0.86 lakh	0.86	The relevant amount of advances were recovered from the parties and provision doubtful the for hence advances created in earlier years has been written back.
3.	provision for interest on Excess MSME is written back in TCP - Z 0.07 lakh & MCP -! 224.81 lakh	224.88	Excess provision for interest on MSME created in earlier years has been written back.
4.	Liability for unclaimed EMD, SD, Sundry Creditors & Advance from ! customers for more than 5 years written back at HO - Z 10.81 lakh, - - 39.66 lakh, MCP RSON Z 425.01 lakh, TCP - Z 0.65 lakh, RSOW - ! 64.03 lakh, RSOS - Z 26.23 lakh & RSOE -! 189.52 lakh	755.91	The unclaimed liability for EMD, SD & Sundry Creditors unmoved for more than 5 years has been written back
	TOTAL	981.69

1. Management has not become aware of any instance of fraud by the Group or any fraud on the Group by its officers and employees during the current nine months ended 31.12.2020.
1. The Group has closed / suspended many of its mining operations located at various places, Fertilizer Plant at Khetri in different years due to their uneconomic operations. As per requirement of IND AS 105 on "Non-current Assets Held for Sale and Discontinued Operations" the following information for nine months ended 31.12.2020 are furnished:

					(Z in lakh)
					Previous year fi ures in brackets)
	MSB GROUP	RCP	CCP	DCP	Fertilizer
	OF MINES				Plant

event i) Initial disclosure	1997 to	2001	2002	1994	2001
(Year of closure)	2003
ii) Carrying amount of	No separate	470.49	-	-	separate No
Assets	records	(490.05)	(-)	(-)	records are
iii) Liabilities to be settled	maintained	137.17	73.04	3.38	maintained
		(137.17)	(73.04)	(3.38)
iv) Amount of income	-		-	-
	(-)	(-)	(-)	(-)
v) Amount of expenses	-	26.14*	-	-
	(-)	(34.70)	(-)	(-)
vi) Gain on sale of assets			-	-
(Included in iv above)	(-)		(-)_ (-)	(-) _ _.

*This is included in cash generated from operations in the Cash Flow Statement.

1. Since the Group is primarily engaged in the business of manufacture and sale of copper products, the same is considered to be the only primary reportable business segment and accordingly has been reported. As the Group operates predominantly within the geographical limits of India, no secondary segment reporting has been considered as per IND AS 108 "Operating Segments".
1. Sales for the period include FOB value of Export Sales:-

	2020-21 (9 months)		2019-20
	Qty (MT)	Z in lakh	Qty (MT)	Z in lakh
Anode Slime	4.600	649.58	25.040	1995.90
Copper Reverts	198.211	808.72	265.347	815.91
Copper Concentrate (CMT)	14118.833	66867.39	10647.339	43317.52
Total		68325.69		46129.33

In terms of IND AS 24 on "Related Party Disclosures":

The Group does not have any Advances provided to its Subsidiary and Joint Venture Company as at 31.12.2020 except as is disclosed below:

Transactions with Related Party during the year and balance outstanding as on 31.12.2020 in lakh

	Nature of	Type of	9 months ended	Year ended
Name of	Relationship	Transaction	31.12.20	31.03.20
Related Party		Investment in	33.30	18.50
Chhattisgarh	Subsidiary	shares as on
Copper			-	6.50
Limited		Advances given
(CCL)		as on

Name of Related Party	Nature of Relationship	Type of Transaction	9 months ended 31.12.20	Year ended 31.03.20
Khanij Bidesh India Limited	Joint Venture	Investment in shares as on	75.00	3.00
(KABIL)		Advances given as on	-	72.00

The remuneration of Key Management Personnel are given below:

	Key Management Personnel	Total Remuneration
Particulars		For 9 months	Year ended
		ended 31.12.20	2019-20
FUNCTIONAL DIRECTORS
	1. Sri Arun Kumar Shukla	37.97	12.37
Receiving	Chairman-cum-Managing Director		(w.e.f. 01.01,2020)
of Services	2. Sri Santosh Sharma		44.31
	Chairman-cum-Managing Director		(upto 31.12.2019)
	3. Sri K D Diwan	-	1.55 (Arrear PRP)
	Chairman-cum-Managing Director
	4. Sri Anupam Anand	26.03	10.55 (upto 04.08.2019)
	Director (Personnel)
	5. Sri S K Bhattacharya Director (Mining)	-	93.70 (upto 31.12.2019)
	6. Sri S K BandyopadhyaY	40.15	52.41
	Director (Finance)
	7. Sri Arun Kumar Shukla	-	35.70
	Director (Operations)		(upto 31.12.2019)
	OTHER THAN FUNCTIONAL DIRECTORS
	8. Sri CS Singh'	36.24	51.28
	Company Secretary

INDEPENDENT DIRECTORS Sri Subhash Sharma - Date Sri Pawan Kumar Dhawan - Sri Balwinder Singh Canth - Sri Kalyansundaram - Date of appointment - 18.02.2018 Date of appointment - 22.07.2019 Date of appointment - 22.07.2019 of appointment - 22.07.2019

SI. No.	Payment to Independent Directors	For 9 months ended 31.12.2020	Year ended 31.03.2020
	Sitting Fees	13.20	12.75
1.

Balance Outstanding with Key Managerial Personnel as on 31.12.2020

SI. No.	Particulars	As on 31.12.2020	As on 31.03.2020
1.	Amount payable	Nil	Nil
	Amount receivable	Nil	Nil
2.

In terms of IND AS 33 on "Earning per Share" for 9 months ended 31.12.2020: (Z in lakh)

	BASIC	DILUTED
Profit / (Loss) After Tax	14703.24 (-)56948.46	14703.24 (-) 56948.46
Denominator used: Weighted average of 5/- Shares Equity Z of number (Previous year Z 5/- each) outstanding	925218000 (925218000)	925218000 (925218000)
during the period. Earning Per Share (Z) _	1.589 (-)6.155	1.589 (-) 6.155

The Group has accountedor UeTerreo on "Income Taxes" issued by The Institute of Chartered Accountants of India. The Deferred tax balances are set out below:-

			Z in lakh)
UtrCISISCIJ I /AA tAa.Ji- I Particulars	Deferred Tax Asset/ (Liability) as at 01.04.2020	Credit/ (Charge) during the nine months ended 31.12.2020	Deferred Tax Asset/ (Liability) as at 31.12.2020
Deferred Tax Asset :-
provision between Difference made in accounts and claims	5864.22	3500.95	9365.17
made as per I. T Act	5864.22	3500.95	9365.17
Deferred Tax Liability :-
book net between Difference capital depreciable of value vis-a-vis WDV as per IT assets	(1914.43)	(16.10)	(1930.53)
Act	(1914.43)	(16.10)	(1930.53)
- (Net) Asset Tax Deferred Recognised in Statement of Profit	3949.79	3484.85	7434.64
& Loss - Asset (Net) Tax Deferred - Plan Benefit Defined	1341.02	377.52	1718.54
Recognised in OCI Total Deferred Tax Asset (Net)	5290.81	3862.37	9153.18
	iscsk.

18. PROVISIONS FOR CONTINGENCIES (For 9 months ended 31.12.2020: -

Particulars	Discarded Fixed Assets	Capital WIP & Advance	Mines Development Expenditure	Others	TOTAL
Carrying amount as at 01.04.2020	1838.56	3392.91	4664.86	32274.97	42171.30
provided Amount during the year	-	-		2161.51	2161.51
utilized Amounts against provision	-	-		1.33	1.33
Carrying amount as at 31.03.2020	1838.56	3392.91	4664.86	34435.15	44331.46

19. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS IN TERMS OF Ind AS 19:

The Group has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded through Life Insurance Corporation of India, SBI Life Insurance Co. Ltd. and India First Life Insurance and are managed by separate trust. The Group has also funded through Life Insurance Corporation of India and SBI Life Insurance Co. Ltd towards leave encashment. Expenses recognized in Statement of Profit & Loss and Other Comprehensive Income for 9 months ended 31.12.2020 amounting to 3584.66 lakh in respect of Gratuity and Leave Encashment is on estimation basis based on the actuarial valuation report of the preceding year.

With effect from April, 2019, the Group has adopted Ind AS 116. However, since the Group has no lease liabilities at present, Ind AS 116 has no financial impact on the accounts of the Group during the 9 months ended 31.12.2020.

22. INTEREST IN OTHER ENTITIES

a) Subsidiary

Name of Entity	Nature of relationship	of Proportion shareholding	of Country incorporation
Chhattisgarh Copper Limited(CCL)	Subsidiary	74%	India

b) Associate/Joint Venture

Name of Entity	Nature of relationship	of Proportion	of Country
		shareholding	incorporation
Bidesh India Khanij Limited (KABIL)	Joint Venture	30%	India

(i) Commitments and contingent liabilities in respect of Associate/Joint Venture - NIL

(c) Summarized financial information for Associate/Joint Venture as on 31.03.2020

	z
Summarized Balance Sheet	KABIL
Cash & Cash Equivalents	1,58,39,059
Total Assets	1,58,39,059
Equity Share Capital	2,50,00,000
Other Equity	(92,13,841)
Other Current Liabilities	52,900
Total Equity and Liabilities	1,58,39,059

	z
Summarized Statement of Profit and Loss	KABIL
Total Income	Nil
Other Expenses	92,13,841
Total Expenses	92,13,841
Profit/(Loss) Before Tax for the period	(92,13,841)
Profit/(Loss) After Tax for the period	(92,13,841)

The income tax expense for the year can be reconciled to the accounting profit as follows :

		in lakh
	9 months ended	Year ended
	31.12.2020	31.03.2020
Profit / (Loss) before Tax	15066.29	(53756.84)
Income Tax expense calculated at 25.168%	3791.88	-
Effect of Deferred Tax balances due to the change in		1534.21
income tax rates
Income Tax effect of earlier years	-	842.18
Others (net)	40.12	761.62
Income Tax expense recognized in profit or loss	3832.00	3138.01

The Group elected to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment Act, 2019). Accordingly the Group has recognised Provision for Income Tax for the 9 months ended 31.12.2020 and remeasured its deferred tax assets/(liabilities) basis the rates prescribed in the said section.

1. During the nine months ended 31.12.2020 52,000 nos. ( Previous year Nil) equity shares of face value 10/- each have been issued to Chattisgarh Mineral Development Corporation Limited by Chattisgarh Copper Limited for providing consultancy services and no consideration has been received in cash. This represents 26% of the share capital of Chhattisgarh Copper Limited.
1. The value of assets, other than fixed assets and non-current assets, have realizable value at least equal to the amount at which they are stated.
1. Gujarat Copper Project of the Group consists of three units namely, Anode furnace (Smelter). Refinery and KaIdo Furnace having aggregate book value of 22704.69 lakh as at 31.12.2020. The Anode Furnace and Refinery unit has been commissioned in October 2016 while Kaldo unit is commissioned on 25.05.2020. Since commissioning, the plant is being operated at a sub optimal level for want of feed stock. GCP being a secondary smelter, the feed stock are copper scrap, copper blister, liberator cathode etc. The Group has not been able to operate profitably the plant due to various constraints. However, the Group has floated an 'Expression of Interest for Long Term Leasing or Outright Sale of the Gujarat Copper Project located at Bharuch'.

27. Financial Instrument

1. Derivatives not designated as hedging Instruments

The Group uses Commodity Futures Contracts to manage its commodity price risk . The Commodity Futures Contracts are not designated as hedging instrumnets and are entered into for periods consistent with commodity price risk exposure of the underlying transactions, generally from one to four months. However during the nine month ended 31st December 2020, the Group has not entered into any Commodity Futures Contract.

The Group uses foreign exchange forward contracts to manage some of its transaction exposures. The foreign exchange forward contracts are not designated as cash flow hedges and are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally from one to four months.

Commodity price risk

The Group purchases copper blister( anode on an ongoing basis for Its operating activities In its Gujarat Copper Project (GCP) plant for the production of cathode. To hedge itself against the volatility in LME copper prices in the international market has led to the decision to enter into commodity future contracts. Howeverduring the nine month ended 31st Decanter 2020, the Group has not purchased any such copper blister/ anode for its plant in GCP.

These contacts, which commenced in August 2016, are expected to reduce the volatlity attributable to price fluctuations of copper. Hedging the price volatility of copper purchases is in accordance with the Risk Management Policy approved by the Board of Directors. The hedging relationships are for a period between 1 and 4 months based on existing purchase agreements. The Group designated only the spot-to-spat movement of the entire commodity purchase price as the hedged risk. It has been decided by the Group not to follow the hedge accounting for these instruments.

Mat 31st December 2020, the fair value of the open position of commodity future contracts is nil.

2. Financial Instruments by Categories

The carrying value and fair value of financial instruments by categories were as follows:

Set out below, is a comparison by class of the carrying amounts and fair value of the Group's financial instruments, other than those with carrying amounts that are reasonable approximations of fair values:

Particulars	Total carrying value as at December 31,2020	Total carrying value as at March 31,2020	Fair Value as at December 31,2020	Fair Value as at March 31,2020
Financial Assets at FV through Statement of
Profit & Loss
Mutual Funds	7.84	7.84	9.87	9.48
Derivatives not designated as hedges
Future Contract Receivable on commodity
Total of Financial Assets	7.84	7.84	9.87	9.48
Financial Liabilities
Derivatives not designated as hedges
Forward Cover Contract Liabiffiv


Total of Financial Liabilities

The Management considered the Service fees of Rs 15 lakh paid on the Exim Bank Term loan amounting to Rs. 30300 lath drawn on 29.05.2018 as immaterial, as the amount of service fee was only 0.012% of the Turnover for 9 months ended 31.12.2020 of the Group and hence the same was not considered as a transaction cost in terms of fair valuation at Initial recognition under INDAS 109. Further, the Management assessed that for the purpose of IND AS 109, the carrying value of loan is considered as its fair value as no loan could be provided at a rate lower that the rate of interest of Exim Bank loan for similar terms and conditions of the loan at that point of time.

Similarly, the Management considered the total of Upfront fees & Other charges of Rs 245.33 lath paid on the SW ECB loan amounting to Rs. 17734.75 lath drawn during July 2018 to January 2019 as immaterial, as the amount of such fees/charges was only 0.196% of the Tumover for 9 months ended 31.12.2020 of the Group and hence the same was not considered as a transaction cost in terms of fair valuation at initial recognition under INDAS 109. Further. the Management assessed that for the purpose of IND AS 109, the carrying value of loan is considered as its fair value as no loan could be provided at a rate lower that the rate of interest of SBI ECB loan for similar terms and conditions of the loan at that point of time.

The Management assessed that cash and cash equivalents, trade receivables, trade payables, batik overdrafts and other current liabilities approximate their carrying amounts largely due to the shortterm maturities of these instruments.

The fair value of the financial assets and liabilities is Included at the amount at which the instrument could be exchanged in a current transaction between vrilling parties, other than in a forced or

The Group enters Into derivative financial instruments with various counterparties, principally with financial institutions having Investment grade credit ratings. Foreign exchange forward contracts and

commodity futures contracts are valued using valuation techniques. which employs the use of market observable Inputs. The most frequently applied valuation techniques include forward pricing .

Fair Value Hierarchy

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices (unadjusted) In active Markets.

liquidation sale. The following methods and assumptions were used to estimate the fair values:

Level 2- Level 2 hierarchy includes financial instruments measured using inputs other than quoted prices Included within Level 1 that are observable for the asset or liability, either directly (i.e. as

prices) or indirectly (i.e. derived from prices). Level 3 - Level 3 hierarchy Includes financial instruments measured using Inputs that are not based on observable market data (unobservable inputs).

Amount in ? latch

The following table presents fair value hierarchy of assets and liabilities measured at fair value

The following table presents fair value hierarchy of assets and liabilities measured at fair value					(Ameunt in ₹ iakh )
F Particulars References W. 经凌 Ģ.	Except Date of Valuation 呼發	Level 1.2.深刻	Aria Level 2 - 25	' Levei 31	i etal
Financial Assets at FV through Statement
of Profit & Loss
Non-derivative financial assets					9 B7
Mutual funds	31-Dec-2020	9.87
Derivative financial assets
Future Contract Receivable on commodity	31-Dec-2020
Liabilities measured at fair vaiue: Derivative financial liabilities
Forward Cover Contract Liability	31-Dec-2020
	31-Dec-2020
Assets measured at FV through OCI

(Amount in ₹iakh) Financial Assets at FV through Statement
Financial Assets at FV through Statement
Lit Bradie 4 Lectures at FV through Statement $\sqrt{1}$ otal - 1 ef Profit & Loss Non-derivative financial assets
Mutual funds $9.48$ $9.48$ 31-Mar-2020 Derivative financial assets
Future Contract Receivable on commodity 31-Mar-2020 Liabilities measured at fair value;
Derivative financial liabilities 31-Mar-2020 Ferward Cover Contract Liability 31-Mar-2020 Assets measured at FV threugh OCI

5. Financial Risk Management
Financial risk factors

The Group's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group's primary focus is te foresee the unpredictability of financial markets and seek te minimize potential adverse effects on its financial performance.

	Exposure artsing from $Risk$ Future commercial transactions Recognised Market risk- Foreign Exchanga financial assets end financiai liabilities		Management
			Forward foreign exchange contracts and natural hedge as sales are also demoniated in foreign axcchange.
Market-Commodity Price Risk	Purchase of Copper	Price Sensitivity	Commodity Futures Contract
Credit risk	Trade receivables	Ageing enalysis	Sales are mainly done against Advance or Letters of Credit
Liquidity risk	Borrowings and ether liabilitias	Rolling cash flow forecasts	Cash flow management

a) Market Risk
1) Farelyn Currency Risk
The Group eperates at intarnational level which exposes the Group to foreign currency isk artistical promise many many from king the many from king and the group ourcency borre
The G

	(Amount in Clakh as of December 31,2020)
articulars	Re. In lakb (1999): 2009 $\sim$
Cash & cash equivalents
Insda Receivables EXPORT	6589.01
Trada Peyablee
COUTS	48144.30
Cthers (if any)
Net Assets/ (-) Liabiklies	$-41555.35$

(Amount to 7 lekh as of March 31,2020)

Particulars	$\cdots$	home a street built with $\overline{\phantom{a}}$	Rs. In lakh ³⁰² - "Generation"
Cash & cash equivalents
Trade Receivables EXPORT			7114 00
Trade Payables
Loans			-55864.08
Others (if any)
Net Assets/ (-) Liabilities			48550.00

Sensitivity
The sensitivity of profit or loss to changes in exchange rate arises mainly from foreign currency denominated financial instrum

	. . Particulars	however, the entrepreneurs of the second list of the second collection and	2820 December 31.	Impact on profit before tax in story March 31: 282a) .
A 9 YO F HANDRICK STANDARD CONTACT . ncrease by 5%	The design country is a support of the country of and the company of the company of		2.407.22	2,783.20
Dacresse by 5 %			(2.407.22)	(2.78328) _

ii) Commodity Price Risk

The Group's exposure to Commodity price from copper price Suctuelion in International market does not erise as the Group hedges ell its imports through Future contracts at LME.

p) unsdit Risk
Credit risk refsrs to the risk of blefault on its obligation by the Debiton resulting in a financial loss. The Group sells majority of its products either against Advance from Customers or Letters of Credit.

Credit riak exposure
An analyais af age af Trada receivables at each raporting date is summarized as follows:

An analyais at age at Trada receivables at each reporting cate is summarized as loadwa. (Amaunt in 7 lakh)
Particulars	31-Dec-201	31-Mai -20
	Gross	Cross
Not past oue
Past not more than six months	6380.87	5712.45
Past due more than six months but not more than one year.	6040.11	5532
More than one year	1702.59	2910.21
lTotal	14182.77	P175 86
Less Allowances for Bad & Doubtful Debts	1064.88	866.51
Net Debtors	13118.89	1289.35

Customer credit risk is managed by each business unit subject to the Group's established Marketing policy, procedures and control relating to customer credit risk management. Outstanding customer
receivables are regularly

er financial assets

Other financial assets
Credit risk relating to cash source and equivalents is completed on equipped on counterparties are schooled banks. We consider the credit quality of Term deposits with such benks as good as
these ban

c) Liquidity Risk

c) usumup was
Our liquidity needs are manitored on the basis of monthly and yearly projections. The Group principal sources of inpidity are cash and cost equivalents and cash ganerated from operations.

We manage our liquidity needs by continuously monitoing cash inflows and by striving to makilal adequate cash and cash aquivalents. Net cash requirements are compared to evaluate cash in
Short term liquidity requirements c

The toble below provides details regarding the contractual maturities of formcial liabilities. The toble has been drewn up based on the undisclosed cosh flows af financial liabilities based on the earliest
data en which th (Amount in ₹ lakh as af December 31, 2020)

Less than 3 months	l month a to 1 year	1-3 vears	$3-5$ years	5-7 veera	Total
					4000 48
					14550.00
					188491361
					127041.641
4000.48	4000.48 8.DO) a ool	8.001 7050.00 250.00 7300.00	8.00 7500.00 ---- 2700100 34501.00	8.001 8.OOI 4804300 68043.00	a.col 8.00 0.00 8,001 8 O O 13107.36 8.001 13197.36

(Amount in ₹ takh as ar March 31, 2020)
Particulars	On Demand	Less than 3 manths	3 months to 1 vest	1-3 years	3-6 years	Tetal
Short term barrowings (cash credit)	1300341					13603.41
Short term borrowings (Others)		SEECO COF	19600.00			58300.00
Long Term Borrowings		2175.00	10515.79	61, 10, 29	12225.00	88464.08
	----- ---	senze onli	SOOTE 751	81548.20L	12.225.00	156387.49

The University of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract

Capital Management
For the purpose of the Group's espital management, capital includes issued equity capital end of ather equity reserves attributable to the Group. The primery objective of the Group's capital
managemen

1. Copper ore tailing (COT) beneficiation plant was set up at MCP unit for extraction of valuable minerals and metals from copper ore tails with a capacity of 10000 tonnes per day (TPD) at an estimated cost of 20000 lakh. The intermittent trial run failed on number of occasions (chockage/ spillage, stoppages, cleaning etc) and the quality and quantity of products achieved at various stages are not as per the parameters envisaged in contract agreement. A preliminary notice was issued to the party to complete the project and commission the same. The party agreed to commission the plant, but the progress of the work at site was stopped due to lockdown for COVID-19 pandemic. The Group has extended the timeline upto 31.08.2020 for supply, erection of the thickener and commission of the plant. But the party failed to execute the contract and the contract got terminated with efflux of time.
1. Consequent upon the Judgment of Common Cause dated 02.08.2017, which is applicable only to the mining leases of iron and manganese ore, passed by the Apex court in the case of Common Cause Vs U01 and others, a demand of 4353.78 lakh was raised by the District Mining Officer of Jamshedpur for running the Surda mine without valid environment clearance (EC) although Surda mine has a valid mining lease, forest clearance and it has adhered to the terms of approved mining plan and it was working on valid Consent to Operate. Based on the Revision Application filed by the Group, the Revisional Authority of the Ministry of Mines, after hearing at length both parties had issued specific direction against the District Mining Officer (DMO) not to take any coercive measures in terms of recovery of the said demand. On revision of demand from 4353.78 lakh to 12690.49 lakh by the office of the District Mining Officer and subsequently revised to 92940.06 lakh by the State Government, the Group again appealed before the Revisional Authority and hearing was held on 14.11.2019 and interim stay is granted by the Revisional Authority till the next date of hearing. Since at present mining leases of copper ore are not included under Common Cause Judgement, the Management, based on the legal opinion, is of the view that the same has not to be shown as Contingent Liability as on 31.12.2020.
1. The cost of production per unit has gone up owing to low volume of production during the nine months ended 31.12.2020 due to measures taken by the Government of India to contain COVID-19 pandemic situation prevalent in the country. Post unlocking of the lockdown, the Group's operations are gradually stabilizing. The Group has considered the possible effects that may result from COVID-19 in the preparation of these financial results including recoverability of carrying amounts of financial and non-financial assets. The will continue to closely monitor any material changes arising out of future economic conditions and the resultant impact on its business.
1. The Group has not changed any accounting policies during preparation of Condensed Interim Unaudited Financial Statements for Nine months ended 31st December 2020 w.r.t to accounting policies of previous financial year. This Condensed Interim Unaudited Financial Statements has been prepared by the Group for internal use with regards to the proposed Qualified Institutional Placement of equity share of the Group. Accordingly ,this financial statement should not be used ,referred to or distributed for any other purpose.
1. The previous year's figures are not comparable with the current period figures since the current period consists of 9 months. The previous year's figures have been regrouped / rearranged, wherever necessary.

AI assistant

Hindustan Copper Ltd. — Interim / Quarterly Report 2021

61586_rns_2021-04-07_7fa669c2-9cce-4a99-a9be-c24d234bf0d3.pdf

CHATURVEDI & CO. CHARTERED ACCOUNTANTS

Report on Review of the Condensed Standalone Unaudited Interim Financial Statements

Introduction

Scope of Review

Emphasis of Matter

Conclusion

Restriction on Distribution and Use

HINDUSTAN COPPER LIMITED

HINDUSTAN COPPER LIMITED

HINDUSTAN COPPER LIMITED

NOTES TO CONDENSED INTERIM UNAUDITED STADALONE FINANCIAL STATEMENTS

1.Corporate Information

2.5ignificant Accounting Policies

2.1 Basis of Accounting

2.2 Application of Indian Accounting Standards (Ind-AS)

2.3 Use of Estimates

2.4 Current and Non-current Classification

2.5 Revenue Recognition

Sale of Products

Sale of Services

Other Operating Revenues

a. Sale of Scrap

b. Interest from Customers

d. Penalty and Liquidated Damages

b. Dividend and Interest from Investments

c. Profit on Sale of Investment

2.6 Employees Benefit

Retirement benefit costs and termination benefits

Deficit in Provident Fund

2.7 Borrowing Cost

2.8 Taxation

Current tax

Deferred tax

Current and Deferred Tax for the year

2.9(a) Property Plant and Equipments (PPE)

Depreciation and Amortization

2.9(b) Intangible Assets

2.10 Capital Work in Progress

2.11 Mine Development Expenditure

2.12 Overhauling Expenses

2.14 Non-Current Assets Held for Sale

2.15 Inventories

2.16 Government Grants

2.17 Impairment of Assets (Other than Financial Assets)

2.18 Foreign Exchange Transactions

2.19 Provisions, Contingent Liabilities & Contingent Assets

2.20 Leasing

2.21 Financial Instruments

(ii) Subsequent Recognition

Derivative Financial Instruments

Impairment of financial assets

2.22 Events Occurring after the Reporting Period

2.23 Dividends

2.24 Cash and Cash Equivalents

2.25 Rounding of amounts

Note No 5 NON - CURRENT FINANCIAL ASSETS - INVESTMENTS

39 GENERAL NOTES ON ACCOUNTS

1. CON11NGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

ii) Commitments:-

INDEPENDENT DIRECTORS

18. PROVISIONS FOR CONTINGENCIES (For 9 months ended 31.12.2020 : -

19. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS IN TERMS OF Ind AS 19:

PART — A - SUBSIDIARY

PART - B - ASSOCIATE/ JOINT VENTURE

26. Financial instrument

1. Derivatives not designated as hedging instruments

Commodity price risk

2. Financial Instruments by Categories The carrying value and fair yedue of financial instruments by categories were as follows:

a) Market Risk

In Commodity Price Risk

Credit risk exposure

in lakh as of M rch 31 2020)

CHATURVEDI & CO. CHARTERED ACCOUNTANTS

Report on Review of the Condensed Consolidated Interim Financial Statements

Introduction

Scope of Review

The Group

Hindustan Copper Ltd. Interim / Quarterly Report 2021