We have audited the accompanying Standalone Financial
Statements of Gujarat Mineral Development Corporation
Limited ("the Company"), which comprise the Balance Sheet
as at 31st March, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the
year ended on that date and a summary of the material
accounting policies and other explanatory information
(hereinafter referred to as "Standalone Financial
Statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Financial Statements give the information
required by the Companies Act, 2013 (the "Act") in the manner
so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under section 133 of
the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of the state
of affairs of the Company as at 31st March, 2025 and its profit
and total comprehensive income, changes in equity and its
cash flows for the year ended on that date.

Basis For Opinion

We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on Auditing
("SAs") specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described
in the Auditor's Responsibilities for the Audit of the
Standalone Financial Statements section of our report. We
are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of
India ("ICAI") together with the ethical requirements that are
relevant to our audit of the Standalone Financial Statements
under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and
the ICAI's Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis
for our audit opinion on the Standalone Financial Statements.

Emphasis of Matter

i. We draw kind attention to Note 2.29.01 of the
Standalone Financial Statements, whereby the company
earns on the fixed deposit held in the escrow accounts for
mine closure expenses and recognized such interest as
income in the Statement of Profit and Loss. The interest
income so earned is a part of escrow account over which
the company has no hold until the provisions of mine
closure plan are complied.

ii. We draw kind attention to Note 2.51 (a) of the Standalone
Financial Statements, whereby the company has
accounted for material prior period errors discovered
during the current period, retrospectively by restating
the comparative amounts to which the same relate.

iii. We draw kind attention to Note 2.48 B(i) of the
Standalone Financial Statements, regarding valuation of
investments in Gujarat Informatics Limited as per latest
audited/management approved financial statements.
Since the Company has not received Fair Valuation report
of Gujarat Informatics Limited as per Financial Statement
for the FY 2024-25, financial impact of the same has been
considered based on latest available records i.e.
provisional financials for FY 2021-22. Reduction or
increase in the value of investments, if any, will be
considered as and when the relevant information is
available.

Our opinion on the Standalone Financial Statements, and our
Report on Other Legal and Regulatory Requirements, is not
modified in respect of matters described above.

Key Audit Matter

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements of the current period. These
matters were addressed in the context of our audit of the
Standalone Financial Statements as a whole, and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters. We have determined the matters
described below to be the key audit matters to be
communicated in our report.

Information Other than the Standalone Financial
Statements and Auditors' Report Thereon

The Company's Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board's Report including Annexure
to Board's Report, Business Responsibility and Sustainability
Report, Report on CSR Activities, Corporate Governance and
Shareholders Information, but does not include the
Standalone Financial Statements and our auditor's report
thereon.

Our opinion on the Standalone Financial Statements does not
cover the other information and we do not express any form
of assurance conclusion thereon.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the Standalone
Financial Statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially
misstated.

When we read the other information, if we conclude that
there is material misstatement therein, we are required to
communicate the matter to those charged with governance
and take appropriate action, if required. We have nothing to
report in this regard.

Responsibilities of Management and Those Charged with
Governance for the Standalone Financial Statements

The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of the Companies Act, 2013
("the Act") with respect to the preparation of these
Standalone Financial Statements that give a true and fair view
of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows of
the Company in accordance with the Indian Accounting
Standards (Ind AS) prescribed under section 133 of the Act
read with relevant rules issued thereunder and accounting
principles generally accepted in India.

This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the Standalone Financial Statements that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Board
of Directors is responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either
intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the
Company's financial reporting process.

Auditors' Responsibilities For the Audit of the Standalone
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole are
free from material misstatement, whether due to fraud or
error, and to issue an auditors' report that includes our
opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these Standalone
Financial Statements.

As part of an audit in accordance with Standards on Auditing
("SAs"), we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of
the Standalone Financial Statements, whether due to
fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal
control.

• Obtain an understanding of internal controls relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section143(3)(i)
of the Companies Act, 2013, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls system in place and
the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's
report to the related disclosures in the Standalone
Financial Statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going
concern.

• Evaluate the overall presentation, structure and content
of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Standalone Financial
Statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in
the Standalone Financial Statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the Standalone Financial
Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor's
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in
our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order,
2020 ("the Order"), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in the Annexure 'A', a
statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

2. In terms of Section 143(5) of the Companies Act, 2013, we
give in Annexure 'B' a statement on the directions issued
under the aforesaid section by the Comptroller and
Auditor General of India.

3. As required by Section 143 (3) of the Companies Act, 2013
we report that:

a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of
the aforesaid Standalone Financial Statements;

b) In our opinion, proper books of account as required by
law relating to preparation of the aforesaid
Standalone Financial Statements have been kept by
the Company so far as it appears from our
examination of those books;

c) The Balance Sheet, the Statement of Profit and Loss
(including Other Comprehensive Income), the
Statement of Changes in Equity and the Cash Flow
Statement dealt with by this Report are in agreement
with the relevant books of account maintained for the
purpose of the Standalone Financial Statements;

d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read

with the Companies (Indian Accounting Standards)
Rules, 2015, as amended;

e) Being a Government Company, pursuant to the
Notification No. GSR 463(E) dated 5th June 2015
issued by Ministry of Corporate Affairs, Government
of India, provisions of sub-section (2) of Section 164 of
the Companies Act, 2013, are not applicable to the
Company;

f) With respect to the adequacy of the internal financial
controls with reference to Standalone Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in Annexure 'C'. Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial
controls with reference to Standalone Financial
Statements;

g) With respect to the other matters to be included in the
Auditors' Report in accordance with the requirements
of section 197(16) of the Act, as amended:

The provision of Section 197 read with Schedule V of
the Act, relating to managerial remuneration is not
applicable to the Company by virtue of Notification
No. G.S.R. 463(E) dated 05.06.2015 issued by the
Ministry of Corporate Affairs, Govt. of India; and

h) With respect to the other matters to be included in the
Auditors' Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of pending
litigations on its financial position in its Standalone
Financial Statements- Refer Note 2.39 to the
Standalone Financial Statements.

ii. As explained to us, the Company did not have any
long-term contracts including derivative contracts
for which there were any material foreseeable
losses.

iii. There has been no instance of delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Company during the year.

iv. [a] The management has represented that, to the

best of its knowledge and belief, no funds
(which are material either individually or in the
aggregate) have been advanced or loaned or
invested (either from borrowed funds or share
premium or any other sources or kind of funds)
by the Company to or in any other persons or
entities, including foreign entities
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that
the Intermediary shall, whether,

- directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or

- provide any guarantee, security or the like to
or on behalf of the Ultimate Beneficiaries;

[b] The management has represented, that, to the
best of its knowledge and belief, no funds
(which are material either individually or in the
aggregate) have been received by the Company
from any persons or entities, including foreign
entities ("Funding Parties"), with the
understanding, whether recorded in writing or
otherwise, that the Company shall, whether,

- directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries") or

- provide any guarantee, security or the like
from or on behalf of the Ultimate
Beneficiaries; and

[c] Based on such audit procedures as considered
reasonable and appropriate in the
circumstances, nothing has come to our notice
that has caused us to believe that the
representations under sub clause (i) and (ii) of
Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.

v. The dividend declared / paid during the year by the
company is in compliance with Section 123 of the
Companies Act, 2013.

vi. The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is as under:

Based on our examination which included test
checks, the Company has used accounting
software for maintaining its books of account,
which have a feature of recording audit trail (edit
log) facility and the same has operated throughout
the year for all relevant transactions recorded in
the respective software. Further, for the periods
where audit trail (edit log) facility was enabled and
operated throughout the year for the respective
accounting software, we did not come across any
instance of the audit trail feature being tampered
with.

The audit trail has been preserved by the Company
as per the statutory requirements for record
retention.

For Dhirubhai Shah & Co LLP

Chartered Accountants
FRN: 102511W/W100298

Parth S. Dadawala

Partner

Place: Ahmedabad m. No. 134475

Date: 15 May, 2025 UDIN: 25134475BMIVXP4618