AIA ENGINEERING Directors Report

The Members,

AIA Engineering Limited


The Directors take pleasure in submitting the 27th Annual Report and the Audited Annual Accounts of the Company for the year ended 31st March, 2017.




P a r t i c u l a r s

Year ended 31st March, 2017

Year ended 31st March, 2016

Year ended 31st March, 2017

Year ended 31st March, 2016

Revenue from Operations





Other Operating Income





Total Income from Operations (net)





Other Income





Total Income





Profit before Finance Cost, Depreciation & Amortization and Tax Expenses





Finance Cost





Depreciation & Amortization





Profit Before Tax





(i) Provision for Taxation (Current)





(ii) Provision for Taxation (Deferred)





Total Tax (i ii)





Profit after Tax





Non-Controlling Interest





Net Profit after Non-Controlling Interest





Other Comprehensive Income





Total Comprehensive Income /(Expenses)





The Company has adopted Indian Accounting Standards (Ind AS) from 1st April, 2016. The figures for the Year ended 31st March, 2016 are also Ind AS compliant. Standalone Operating Results:

During the year under review, the Revenue from operations of the Company is Rs, 2,12,239.55 Lacs as compared to Rs, 1,88,438.97 Lacs in the previous Financial Year. Exports Turnover registered in the same period was Rs, 1,43,383.31 Lacs as against the Export Turnover of Rs, 1,21,400.08 Lacs in the previous Financial Year.

During the year under review, Company has earned a Profit Before Tax (PBT) of Rs, 62,106.36 Lacs and Profit After Tax (PAT) of Rs, 41,731.35 Lacs as compared to PBT of Rs, 80,371.66 Lacs and PAT of Rs, 61,562.82 Lacs respectively in the previous Financial year.

Consolidated Operating Results:

During the year under review, on a Consolidated basis, your Company (together with its Subsidiaries) has earned Revenue from Operations of Rs, 2,32,034.30 Lacs as compared to Rs, 2,17,238.84 Lacs in the previous Financial Year. Correspondingly, the Consolidated Profit After Tax (PAT) registered during the year under review is Rs, 45,679.01 Lacs (After Non Controlling Interest) as compared to PAT (After Non Controlling Interest) of Rs, 45,688.71 Lacs in the previous Financial Year.


During the year under review, the Company has declared and paid an Interim Dividend of Rs, 4/- (200%) per share on 9,43,20,370 Equity Share of the face value of Rs, 2/each amounting to Rs, 3,772.81 Lacs for the Financial Year 2016-17 on 13th February, 2017.

The Board of Directors are pleased to recommend a Final Dividend of Rs, 4/- (200%) per Equity Share of the face value of Rs, 2 each amounting to Rs, 3,772.81 Lacs for the Financial Year 2016-17.

The total Dividend outgo for the year ended 31st March, 2017 would be Rs, 7,545.62 Lacs (excluding the Corporate Dividend Tax).


The paid up Equity Share Capital of the Company as on 31st March, 2017 is Rs, 1,886.41 Lacs. During the year under review, the Company has neither issued shares with differential voting rights nor granted stock option or sweat equity.


Cash and cash equivalents as at 31st March, 2017 were Rs, 94,827.71 Lacs. The Company continues to focus on judicious management of its Working Capital,

Receivables, Inventories, all other Working Capital parameters were kept under strict check through continuous monitoring.

Capital Expenditure Outlay:

During the year under review, the Company has incurred Rs, 7,494.71 Lacs (including Rs, 463.29 Lacs of Capital work-in-progress) on Capital Expenditure.


During the year under review, the Company has neither accepted nor renewed any deposits within the meaning of Section 73 of the Companies Act, 2013.

Particulars of Loans, Guarantees or Investments:

During the year under review, Company has not provided any loan but it has provided a guarantee covered under the provisions of Section 186 of the Companies Act, 2013. The details of Guarantees provided and Investment made by the Company are given in the notes to the Financial Statements.

Internal Control and Audit:

The Company has a proper and adequate system of Internal Control commensurate with its size and the nature of its operations to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and those transactions are authorized, recorded and reported correctly. The Company has successfully migrated to the SAP-ERP system which has also helped in further strengthening the Internal Control System. Again, during the Fiscal Year

2016-17, your Company has comprehensively reviewed and re-designed the Internal Financial Controls across the organisation encompassing all key functional areas as well as covering the entire gamut of entity/operational level controls commensurate with the nature and size of business.

The Board of Directors at the recommendations of the Audit Committee appointed M/s. Shah & Shah, Chartered Accountants as Internal Auditors of the Company, M/s. NRCA & Associates, Chartered Accountants as Internal Auditors for Nagpur Unit and Rajesh Dudhara & Co., Chartered Accountants as Internal Auditors for Trichy Unit of the Company for the Financial Year 2017-18.

Internal Auditors monitor and evaluate the efficacy and adequacy of Internal Control System in the Company, its compliance with operating systems, accounting procedures, policies at all locations of the Company. Significant audit observations and corrective actions

thereon are presented to the Audit Committee of the Board.

Related Party Transactions:

All the Related Party Transactions entered into during the financial year were on an Arm’s Length basis and in the Ordinary Course of Business. There are no materially significant Related Party Transactions made by the Company with Promoters, Directors, Key Managerial Personnel (KMP) which may have a potential conflict with the interest of the Company at large.

Prior Omnibus approval of the Audit Committee is obtained on yearly basis for the transactions which are of a foreseen and repetitive nature. The transactions entered into pursuant to the omnibus approval so granted were placed before the Audit Committee and the Board of Directors for their approval on quarterly basis. The details of Related Party Transactions entered by the Company are disclosed in Form AOC-2 - as per Annexure "A".

The Policy on Related Party Transactions as approved by the Board of Directors is uploaded on the website of the Company viz pdf/POLICYONRELATEDPARTYTRANSACTIONS.pdf

Credit Rating:

CRISIL has reaffirmed both the Long Term and Short Term rating of the Company as CRISIL AA /Stable and CRISIL A1 , respectively.

Dun & Bradstreet Information India Private Limited (D & B) has evaluated the Company during October, 2016 and reassigned a Dun Bradstreet Rating of 5A1, which indicates that overall status of the Company is "Strong".


The Company gives utmost importance to its Human Resources and believes that employee involvement is crucial for sustaining growth. Our Human Resource policy, therefore, promotes employee engagement at all levels. Organization structure design, role profiles and goal setting exercise are periodically reviewed and strengthened to inculcate a performance oriented culture in the organization, and provide adequate growth opportunities within the organization. Behavioral & Technical training programmes and motivational seminars are regularly organized to enhance technical competencies and keep employees motivated and involved. The employees are also encouraged to participate in sporting events inside and outside the Company to foster team spirit. As a result of all these initiatives, we are able to sustain and strengthen employees'''' bond with the Company which has resulted in very low attrition rates for many years.


On termination of Joint Venture and Shareholders'''' Agreement between Mr. Bhadresh K. Shah, Managing Director of the Company and Magotteaux International

S.A. Belgium (Magotteaux), a Settlement Deed dated 16th February 2000 was executed. Under the arbitral mechanism provided in Settlement Deed, Magotteaux has initiated arbitral proceedings against Mr. Bhadresh K. Shah and the Company before the International Chamber of Commerce, London (ICC) claiming the reliefs of injunction and damages inter alia alleging infringement of its Patent by the Company (in relation to the Company''''s Sintercast Product) and breach of the Settlement Deed (in relation to Company''''s Sintercast product).

The amount involved in the said arbitral dispute is approximately US $ 60 Mn, including costs and damages. However, the Company disputes the arbitration request and denies the allegations made therein and is confident of successfully defending the matter in accordance with law.


Future growth prospects of the Company will rely on making further inroads in mining industry worldwide. The growth prospects are primarily emanating out of the large annual replacement market in this industry, primarily in four major metal ore types, viz., Iron, Platinum, Gold and Copper. The Company is now focusing on certain strategic drivers in the Mining Segment over and above the cost reduction due to much lower wear rates owing to High Chrome, viz. improved process efficiencies, reduction in the cost of other consumables (other than high-chrome grinding media), significantly reduced environment hazards and consequently improved environmental benefits, etc. for providing comprehensive solution to the mining industry. This has helped your Company in creating a unique positioning which augurs well for the consistent and steady growth in this industry over medium to long term. Reliance on multiple ores means that declining fortunes of one commodity will not significantly impact your Company’s growth prospects. During last few years, we have steadily increased our presence in the major mining groups across the globe with a stronger focus on major mining centers like North America, Latin America, Australia, Africa, and the Far East Asia, etc. The Company has fairly aggressive growth plans so as to capitalize upon the available opportunity in the mining segment and the vision is to emerge as the leading global solution provider in this segment. While the current focus of the Company in mining segment is outside India, your Company also has a major share of the domestic mining demand and shall be able to capture incremental demand as and when the same arises.

In as much as the cement segment is concerned, the near term prospects continue to remain flat, although in India it seems that the average capacity utilization levels of cement companies have started to go up. It is also expected that with the government taking lot of initiatives on the infrastructure segment, more particularly the road construction and port infrastructure, it might provide much needed stimulus to the overall construction and industrial segments and it is hoped that from the current fiscal year onwards the positive impact of this stimulus should start coming in. As and when India''''s cement production will go up your company will be an immediate beneficiary in terms of incremental production going to service the additional requirement. On the global front, while most of the key markets like North America, Latin America, Western and Eastern Europe, Africa, etc. continue to remain sluggish, there are certain specific markets in Asia, Africa and South America, which continue to add capacity or have increased capacity utilization. In China, the Company currently maintains a limited presence by marketing specific products. On the whole, in near term, your Company continues to believe that the overall production and sales will remain flat in this segment.

In the Utility sector (Thermal Power Plants), which is more prominent in the domestic market, your Company continues to enjoy a niche position. The Company will strive to maintain a steady growth rate in this particular segment matching with the rate at which the sector grows.


The Company''''s effective capacity reached 3,40,000 Metric Tonnes after successful commission of Phase I of Kerala GIDC brown field expansion project during 2016 17. We are on track for of implementing second phase of capital expenditure plan at GIDC Kerala involving augmentation of the total capacity by further 1,00,000 MT, which is expected to be commissioned in FY 201819, which will take the total installed capacity to 4,40,000 MT. The incremental Capex to be incurred for the second phase is estimated around Rs, 350 Crores and the same is being funded entirely from internal cash accruals.


In accordance with the Indian Accounting Standard (Ind AS) - 110 on Consolidated Financial Statements as provided under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the audited Consolidated Financial Statements are provided in the Annual Report, which show the financial resources, assets, liabilities, income, profits and other details of the Company and its subsidiaries as a single entity as per Annexure "B".

The Company will make available the Annual Accounts of the Subsidiary Companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The annual accounts of the Subsidiary Companies will also be kept open for inspection at the Registered Office of the Company. The Consolidated Financial Statements presented by the Company include financial results of its Subsidiary Companies.


The Company has taken adequate insurance coverage of all its assets and Inventories against various types of risks viz. fire, floods, earthquake, cyclone, etc.


The Company continues to maintain harmonious industrial relations. Company periodically review its HR policies and procedures to aid and improve the living standards of its employees, and to keep them motivated and involved with the larger interests of the organization. The Company has systems and procedures in place to hear and resolve employee''''s grievances in a timely manner, and provides avenues to its employees for their all-round development on professional and personal levels. All these measures aid employee satisfaction and involvement, resulting in good Industrial Relations.


In line with the Company''''s commitment to good Corporate Governance Practices, your Company has complied with all the mandatory provisions of Corporate Governance as prescribed in Regulations 17 to 27 of the SEBI Listing Regulations.

A separate report on Corporate Governance and Practicing Company Secretaries Report thereon is included as a part of the Annual Report.


MDA covering details of operations, International markets, Research and Development, Opportunities and Threats etc. for the year under review is given as a separate statement, which forms part of this Annual Report.


In compliance with the provisions of Regulation 21 of SEBI Listing Regulations, the Board of Directors has constituted a Risk Management Committee. The details of Committee and its terms of reference are set out in the Corporate Governance Report forming part of the Board''''s Report.

The Company has a robust Risk Management framework to identify, evaluate business risks and opportunities. Corporate Risk Evaluation and Management is an ongoing process within the Organization. The Company has a well-defined Risk Management framework to identify, monitor and minimizing/mitigating risks.

The Risk Management framework has been developed and approved by the senior management in accordance with the business strategy.

The key elements of the framework include:

- Risk Structure;

- Risk Portfolio;

- Risk Measuring & Monitoring and

- Risk Optimizing.

The implementation of the framework is supported through criteria for Risk assessment, Risk forms & MIS. The objectives and scope of Risk Management Committee broadly comprises of:

- Oversight of risk management performed by the executive management:

- Reviewing the Corporate Risk Management Policy and framework within the local legal requirements and Listing Regulations;

- Reviewing risks and evaluate treatment including initiating mitigation actions and ownerships as per a predefined cycle;

- Defining framework for identification, assessment, monitoring, mitigation and reporting of risks.


(a) Vigil Mechanism / Whistle Blower Policy:

The Company has adopted a Vigil Mechanism/ Whistle Blower Policy through which the Company encourages employees to bring to the attention of Senior Management including Audit and Risk Management Committee, any unethical behavior and improper practice and wrongful conduct taking place in the Company. The brief details of such vigil mechanism forms part of the Corporate Governance Report.

(b) Policy on protection of Women against Sexual Harassment at Workplace:

In line with the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules made there under, the Company has adopted a policy for the same. The brief details of the said policy form part of the Corporate Governance Report of this Annual Report. The Company has not received any complaints in this regard.

(c) Code of Conduct to Regulate, Monitor and Report Trading by Insiders:

In pursuance to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and the SEBI Listing Regulations, the Company adopted the Code of Conduct to regulate, monitor and report trading by the employees, insider and connected person(s) in order to protect the Investor''''s Interest. The details of the said Code of Conduct forms part of the Corporate Governance Report.

(d) Policy for Business Responsibility:

In pursuance of Regulation 34 of SEBI Listing Regulations, top 500 companies based on market capitalization (calculated as on March 31 of every financial year) are required to prepare and enclose with its Annual Report, a Business Responsibility Report describing the initiatives taken by them from an environmental, social and governance perspectives. The policy for Business Responsibility was placed and approved in the Board Meeting of the Company held on 13.02.2017.

A separate report on Business Responsibility is Annexed herewith as Annexure "C".

(e) Dividend Distribution Policy:

The Board of Directors had approved the Dividend Distribution Policy in line with SEBI Listing Regulations. The policy is Annexed herewith as Annexure "D" to this Board''''s Report.


(a) Board of Directors:

The Board of Directors of the Company is led by the Independent - Non Executive Chairman and comprises eight other Directors as on 31st March, 2017, including one Managing Director, one Whole Time Director, three Independent Directors and three Non-Executive Directors (other than Independent Directors).

All the Independent Directors of the Company have furnished declarations that they meet the criteria of Independence as prescribed under the Companies Act, 2013 and Listing Regulations.

Mrs. Khushali S. Solanki (DIN -07008918), Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offered herself for re-appointment.

The Term of Mr. Yashwant M. Patel as Whole-Time Director came to an end on 31st March, 2017. The Board, therefore, recommends his re-appointment as Whole-Time Director for a further period of 5(Five) Years w.e.f. 1st April, 2017.

The Nomination and Remuneration Committee recommended the Board for the re-appointment of Mr. Yashwant M. Patel as Whole-Time Director and the Board has re-appointed him as the Whole Time Director subject to the approval of members of the Company at the ensuing 27th Annual General Meeting.

As required under SEBI Listing Regulations amended from time to time, the information on the particulars of the Directors proposed for re-appointment has been given in the Notice of the Annual General Meeting.

(b) Meetings:

During the year under review, Four Board Meetings and Four Audit Committee meetings were convened and held. The details of composition of Audit Committee is as under:-

Mr. Rajendra S. Shah, Chairman

Mr. Sanjay Shailesh Majmudar, Member

Mr. Bhadresh K. Shah, Member

Mr. Rajan Ramkrishna Harivallabhdas, Member

All recommendations made by the Audit Committee during the year were accepted by the Board.

The details of Composition of other Committees and dates of the meetings are given in the Corporate Governance Report. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013 and SEBI Listing Regulations.

(c) Committees of the Board of Directors:

In compliance with the requirement of applicable laws and as part of the best governance practice, the Company has following Committees of the Board as on 31st March, 2017.

(i) Audit Committee

(ii) Stakeholders'''' Relationship Committee

(iii) Nomination and Remuneration Committee

(iv) Corporate Social Responsibility Committee

(v) Risk Management Committee

The details with respect to the aforesaid Committees form part of the Corporate Governance Report.

(d) Board Evaluation:

Pursuant to the provisions of the Companies Act, 2013 (the Act) and SEBI Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

(e) Whole-Time Key Managerial Personnel:

Mr. Bhadresh K. Shah has been re-appointed as Managing Director for a further period of 5 (Five) years w.e.f. 1st October, 2016.

(f) Familiarization Program for Independent Director:

The Independent Directors have been updated with their roles, rights and responsibilities in the Company by specifying them in their appointment letter along with necessary documents, reports and internal policies to enable them to familiarize with the Company''''s procedures and practices. The Company has through presentations at regular intervals, familiarized and updated the Independent Directors with the strategy, operations and functions of the Company and Engineering Industry as a Whole. Site visits to various plant locations are organized for the Directors to enable them to understand the operations of the Company. The details of such familiarization programmes for Independent Directors is posted on the website of the Company and can be accessed at http:// governance.php

(g) Remuneration Policy:

The Board has on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management Personnel and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report which is a Part of the Board''''s Report.

(h) Directors'''' Responsibility Statement:

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

(a) in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

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

(d) the Directors have prepared the Annual Accounts on a going concern basis;

(e) the Directors have laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and

(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.


Statutory Auditors:

M/s. Talati & Talati, Chartered Accountants, the Statutory

Auditors of the Company will retire at the ensuing 27th

Annual General Meeting of the shareholders of the Company. As per Section 139 of the Companies Act, 2013 and Rules made there under, they will not be eligible to be reappointed as Statutory Auditor of the Company in the ensuing Annual General Meeting for Financial Year 2017-18 and onwards. The Board of Directors, in its meeting held on 25.05.2017, on the recommendation of Audit Committee has appointed M/s. BSR & Co. LLP as Statutory Auditors of the Company for a period of Five Years subject to the approval of members in the 27th Annual General Meeting (AGM). If appointed in the AGM, they will hold office for five years from the conclusion of the ensuing Annual General Meeting till the conclusion of the 32nd Annual General Meeting.

The Company has received a letter to the effect that their appointment, if made, would be within the prescribed limit under Section 139 (1) of the Companies Act, 2013 and that they are not disqualified for appointment within the meaning of Section 141 of the said Act and Rules framed there under.

As required under SEBI Listing Regulations, the Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

The Board has duly reviewed the Statutory Auditors'''' Report for the Financial Year ended 31st March, 2017. There were no qualifications/observations in the Report.

Cost Auditors:

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules 2014, the Cost Audit records maintained by the Company are required to be audited by Cost Accountant. On the recommendations of the Audit Committee, the Board of Directors of the Company had appointed M/s. Kiran J. Mehta & Co., Cost Accountants, Ahmadabad as the Cost Auditors of the Company to carry out audit of Cost Accounting Records of the Company for the Financial Year 2016-17.

The Cost Auditors has filled the cost audit report for the financial year ended 31st March, 2016 within stipulated time frame.

The Board of Directors on the recommendation of the Audit Committee has appointed M/s. Kiran J. Mehta & Co., Cost Accountants, Ahmadabad as the Cost Auditors of the Company to carry out audit of cost accounting records of the Company for the financial year 2017 18. As required under the Companies Act, 2013, the remuneration payable to the Cost Auditors is required to be placed before the members of the Company for their ratification at the ensuing Annual General Meeting. Accordingly, a resolution seeking member’s ratification of the remuneration payable to M/s. Kiran J. Mehta & Co., Cost Accountants, Ahmadabad for financial year 2017-18 is included in the Notice convening the 27th Annual General Meeting.

Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company has appointed, Tushar M. Vora & Associates, Company Secretary (ACS-3459, CP No. 1745), Ahmadabad to conduct a Secretarial Audit of the Company''''s Secretarial and related records for the year ended 31st March, 2017.

The Report on the Secretarial Audit for the year ended 31st March, 2017 is annexed herewith as Annexure "E" to this Board’s Report. There were no qualifications/ observations in the report.


The additional information regarding conservation of energy, technology absorption and foreign exchange earnings and outgo, stipulated under Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith to this report.


The Consolidated Financial Statements of the Company prepared in accordance with Indian Accounting Standards (Ind AS) 110 issued by the Ministry of Corporate Affairs, form part of this Annual Report.


The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as Annexure "F".


As per the provisions of Section 135 of the Companies Act, 2013 and Rules made there under, the amount required to be spent on CSR activities during the year under review, is Rs, 969.08 Lacs and the Company has spent Rs, 618.63 Lacs during the Financial Year ended 31st March, 2017. The shortfall in the spending during the year under report is intended to be utilized in a phased manner in future, upon identification of suitable projects within the Company''''s CSR Policy. The requisite details of CSR activities pursuant to Section 135 of the Companies Act, 2013 and as per Annexure attached to the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed as Annexure "G".

The composition and other details of the CSR Committee is included in the Corporate Governance Report which forms part of Board''''s Report.


The information required pursuant to Section 197 of Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is annexed as Annexure "H".


The Company is committed to health and safety of its employees, contractors and visitors. We are compliant with all EHS Regulations stipulated under the Water (Prevention and Control of Pollution) Act, The Air (Prevention and Control of Pollution) Act, The Environment Protection Act and The Factories Act and Rules made there under. Our mandate is to go beyond compliance standards and we have made a considerable improvement in this direction.


Your Directors would like to express their appreciation for the assistance and co-operation received from the Company''''s customers, vendors, bankers, auditors, investors and government bodies during the year under review. Your Directors place on record their appreciation of the contributions made by employees at all levels. Your Company''''s consistent growth was made possible by their hard work, solidarity, co-operation and support.

For and on behalf of the Board,

Place : Ahmadabad Rajendra S. Shah

Date : 25th May, 2017 Chairman

(DIN :00061922)

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at

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