SSWL Directors Report

To


The Members,


The Directors are pleased to present the 31st Annual Report together with audited financial statements of the Company for the financial year ended 31st March, 2017.


FINANCIAL HIGHLIGHTS


(Rs.in Millions)
































































































S No



Particulars



2016-17



2015-16



A)



Gross Sales



14819.42



13197.98



B)



Other Income



193.96



188.37



C)



Gross Income (A B)



15013.38



13386.35



D)



Total Expenditures (excl Finance Cost, depreciation and amortization)



13177.51



11745.06



E)



Earnings before Interest and Depreciation (C-D)



1835.87



1641.29



F)



Interest & Financial Charges



417.08



430.35



G)



Earnings before Depreciation and amortization (E-F)



1418.79



1210.94



H)



Depreciation and other w/ off



479.02



420.61



I)



Earnings after Depreciation (G-H)



939.77



790.33



J)



Add/(Less): Prior Period Adjustment (net)



11.33



0.17



K)



Profit Before Tax (I-J)



951.10



790.50



L)



Income tax (net of MAT credit entitlement)



129.58



36.21



M)



Deferred Tax Liability/(Assets)



111.17



142.48



N)



Profit after tax for the year (K-L-M)



710.35



611.81



FINANCIAL PERFORMANCE


The Gross Income for the year under review increased by 12.15% to Rs. 15013.38 million as compared to Rs. 13386.35 million in FY 2015-16. In terms of Number of wheels, the Company has achieved sale of 14.20 million wheels rims during FY 2016-17 against sale of 13.17 million wheels rims during the previous year, showing an increase of 7.82 %. Your Company expects to see higher growth in the coming years.


The Earnings Before Interest, Depreciation and Tax (EBIDTA) increased to Rs.1835.87 million in FY 2016-17 from Rs. 1641.29 million in 2015-16, registering a growth of 11.86 %.


The Depreciation and other amortization have increased to Rs. 479.02 million in FY 2016-17 from Rs. 420.61million in FY 2015-16.


Profit before tax during the year under review has increased to Rs. 951.10 million from Rs. 790.50 million in FY 2015-16 recording a growth of 20.32%.The profit after tax have also increased to Rs. 710.35 million from Rs.611.81 million, showing a growth of 16.11%.


TRANSFER TO RESERVES


Your Company proposes to transfer an amount of Rs. 611.81 million to the General Reserve out of the amount available for appropriation. DIVIDEND


The Board, in its meeting held on May 29, 2017, has recommended a final dividend of Rs. 3.00 (30%) per equity share of Rs. 10/- each (previous year Rs. 3.00 per equity share including interim dividend of Rs.1.50 per equity share) for the financial year ended March 31, 2017. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting. The total cash outflow on account of dividend, if approved by the shareholders for the Current year will amount to Rs.56.17 million (including Dividend Distribution Tax of Rs 9.50 million) as against Rs. 55.59 million (including Dividend Distribution Tax of Rs 9.40 million) in the previous year, which represents 7.91% of the Profit After Tax earned during the year.


SHARE CAPITAL


During the year under review, the company has made the following allotments of equity shares:


- 209525 equity shares of Rs. 10/- each on 10th June, 2016, at a price of Rs. 640/- per equity share i.e. at a premium of Rs. 630/- per equity share on preferential allotment basis through private placement to Kalink Co. Ltd., a non promoter foreign body corporate.


- 53375 equity shares of Rs. 10/- each on 2nd July, 2016 and 11450 equity shares of Rs. 10/- each on 26th August, 2016 to the employees of the company, upon exercise of options by them under “Steel Strips Wheels Limited - Employee Stock Option Scheme, 2014” (“ESOS 2014”) at an exercise price of Rs. 100/- each.


Besides above, your company has also allotted 22750 equity shares of Rs. 10/- each on 13th May, 2017 upon exercise of options by the employees of the Company under “Steel Strips Wheels Limited-Employee Stock Option Scheme, 2014” (“ESOS 2014”) at an exercise price of Rs. 100/- each.


Consequent to the allotment of above stated shares, the issued and paid up Equity Share Capital of the Company increased from Rs. 152591700 (divided into 15259170 Equity Shares of Rs. 10/- each) to Rs. 155562700 (divided into 15556270 equity shares of Rs. 10/each) as on the date of this report.


During the year under review, the Company has not issued shares with differential voting rights and sweat equity shares.


EMPLOYEE STOCK OPTION SCHEME


During the year under review, there were no material changes in the existing Employee Stock Option Schemes {i.e Steel Strips Wheels Limited-Employee Stock Option Scheme, 2014 (ESOS 2014) and Steel Strips Wheels Limited- Employee Stock Option Scheme (ESOS 2016)} of the Company and the Schemes are in compliance with Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014.


The applicable details/disclosures as stipulated under SEBI (Share Based Employee Benefits) Regulations, 2014 and SEBI Circular No. CIR/CFD/POLICY CELL/2/2015 dated 16th June, 2015 with regard to “ESOS 2014” and “ESOS 2016” have been uploaded on the website of the Company under the web-link: http://www.sswlindia.com/pages/disclosureregardingesos.htm.


The Company has received a certificate from the Auditors of the Company that the Schemes i.e. “ESOS 2014” and “ESOS 2016”have been implemented in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and in accordance with the resolution passed by the members in their EGM held on 27/02/2015 and AgM held on 30/09/2016 respectively. The certificate would be placed at the Annual General Meeting for inspection by members.


NATURE OF BUSINESS


During the year, there has been no change in the nature of business of your Company.


CORPORATE GOVERNANCE


The company is firmly committed to the principles of good Corporate Governance and believes that statutory compliances and transparency are necessary to enhance the shareholder value. A separate section on Corporate Governance forming part of the Board’s Report and a Certificate from the Company’s Statutory Auditors, confirming compliance with the conditions of Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are included in the Annual Report.


MANAGEMENT DISCUSSION AND ANALYSIS


Management Discussion and Analysis report for the year under review, as stipulated under SEBI (LODR) Regulations, 2015, is presented in a separate section forming part of the Annual Report.


HEALTH, SAFETY AND ENVIRONMENT PROTECTION


Your Company has complied with all the applicable Health & Safety standards, Environment Laws and Labour Laws and has been taking all necessary measures to protect the environment and provide workers a safe work environment. The Company is committed for continual improvement in Health & Safety as well as Environmental performance by involving all the employees.


Employees have been encouraged to practice safety in all their activities in and out of company premises. Continuous safety training is conducted at all levels and special emphasis is given to implementation of safety work standards.


HUMAN RESOURCES DEVELOPMENT


Your Company has continuously adopted structures that help in attracting best external talent and promote internal talent to take higher roles and responsibilities. Your Company’s people centric focus is providing an open work environment fostering continuous improvement and development among the employees of the company. Your Company provides a holistic environment where employees get opportunities to realize their potential. Company’s performance driven culture helps and motivates employees to excel in their respective areas and progress within the organization.


DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013


The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed there under.


An Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary trainees) are covered under this policy.


During the financial year 2016-17, the Company has not received any complaint on sexual harassment.


DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL


The Board consists of optimum number of Executive and Non- Executive Directors including Independent Directors who have wide and varied experience in the field of business, finance, education, industry, commerce and administration. Independent Directors provide their Declarations confirming that they meet the criteria of independence as prescribed under Companies Act, 2013 and Listing Regulations.


Pursuant to provisions of Section 152 of the Companies Act, 2013, Sh. Manohar Lal Jain, Executive Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment. The Board recommends his reappointment for your approval.


Pursuant to the Members’ approval at the 29th Annual General Meeting held on September 30, 2015, Ms. Jaspreet Takhar was appointed as Non Executive- Independent Director of the Company with effect from 30.03.2015 to 30.09.2017. Special Resolution seeking members1approval for re-appointing her as Independent Director for the second term of 3 years from expiry of her current term i.e. from 01.10.2017 to 30.09.2020,forms part of the Notice of the ensuing Annual General Meeting. Your Company has received notice in writing along with requisite amount pursuant to Section 160 of Companies Act, 2013, proposing her appointment for the second term and based on the recommendation of Nomination and Remuneration Committee and her performance evaluation, your Board recommends her appointment for the second term of 3 years upon expiry of her current term w.e.f. 01.10.2017 to 30.09.2020.


Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company are Sh. Dheeraj Garg, Managing Director, Sh. Andra Veetil Unnikrishnan, Deputy Managing Director, Sh. Manohar Lal Jain, Executive Director, Sh. Naveen Sorot, Chief Financial Officer and Sh. Shaman Jindal, Company Secretary. There has been no change in the key managerial personnel during the year under review.


DETAILS OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR


The Company is not having any Subsidiary Company, Joint Venture Company or Associate Company.


DEPOSITS FROM PUBLIC


The company has not accepted any deposits from public during the financial year 2016-17 and, as such, no amount on account of principal or interest on deposit from public was outstanding as on the date of this report.


SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATION IN FUTURE


There are no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company’s operations in future.


INTERNAL FINANCIAL CONTROL


The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information(s).


INTERNAL CONTROL SYSTEMS


Your Company has adequate internal control procedures commensurate with its size and nature of business. These internal policies ensure efficient use and protection of the assets and resources, compliances with policies and statutes and ensure reliability as well as promptness of financial and operational reports.


To enhance effective internal control system, the Company has laid down following measures:


- The Company’s Books of accounts are maintained in SAP and transactions are executed through SAP (ERP) setups to ensure correctness/effectiveness of all transactions integrity and reliable reporting.


- The Company has in place a well-defined Whistle Blower Policy/Vigil Mechanism.


- Compliance of secretarial functions is ensured by way of secretarial audit.


- Internal Audit is being done for providing assistance in improvising financial control framework.


- The Company has adequate risk management policy.


AUDIT COMMITTEE AND OTHER COMMITTEES OF THE BOARD


The details pertaining to composition of Audit Committee and other committees of the Board are included in the Corporate Governance Report, which forms part of this report.


VIGIL MECHANISM/WHISTLE BLOWER POLICY


In compliance with the requirements under Section 177(9) & (10) of the Companies Act, 2013 and in accordance with Regulation 22 of SEBI (LODR) Regulations, 2015, the company has adopted a vigil mechanism named “Whistle Blower Policy” for Directors and Employees to report their genuine concerns and to provide for adequate safeguards against victimization of director(s) or employee(s) or any other person who avail the mechanism and also provide for direct access to the chairperson of the audit committee in appropriate or exceptional cases. The details of Whistle Blower Policy is explained in the Corporate Governance Report and is also posted on the website of the company. (Website link: http://www.sswlindia.com/pages/whistleblower.htm)


During the year, no person was denied access to the Audit Committee.


NUMBER OF MEETINGS OF THE BOARD


During the year, nine (9) Board Meetings were convened and held, details of which are given in the Corporate Governance Report that forms part of this Annual Report. The Intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 i.e interval between two meetings did not exceed 120 days.


DIRECTORS’ RESPONSIBILITY STATEMENT


Pursuant to the requirement of Section 134 (5) of the Companies Act, 2013, (hereinafter referred as “Act”) and based on the representations, information and explanations received from the management, your directors hereby confirm that:


- in the preparation of the annual accounts for the financial year 2016-17, the applicable accounting standards have been followed and there are no material departures;


- they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the financial year;


- they have taken proper and sufficient care for the 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 fraud and other irregularities;


- they have prepared the annual accounts on a going concern basis;


- they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively; and


- they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.


DECLARATION BY INDEPENDENT DIRECTORS


All Independent Directors of the Company have submitted their declaration that they meet the criteria of Independence as provided in Sub Section (6) of Section 149 of the Companies Act, 2013. Further, there has been no change in the circumstances which may affect their status as Independent Director during the year.


POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION


Company’s policy on Directors’ appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178(3) of the Companies Act, 2013, are covered under Corporate Governance Report which forms part of this Report.


DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO CENTRAL GOVERNMENT


The Statutory Auditors and/or Secretarial Auditors of the Company have not reported any offence involving fraud which is being or has been committed against the company by officers or employees to the Audit Committee or to the Board of Directors or to the Central Government under section 143(12) of the Companies Act, 2013 and Rules framed thereunder.


STATUTORY AUDITORS AND THEIR REPORT


M/s. S. C. Dewan & Co, Chartered Accountants, [Firm’s Registration No. 000934N] the Statutory Auditors of your Company, hold office up to the conclusion of the forthcoming Annual General Meeting (AGM) of the Company. M/s. S. C. Dewan & Co have been auditor of the Company for more than 10 years and will complete permissible maximum number of 3 consecutive years after the commencement of the Companies Act 2013, as statutory auditors at the forthcoming AGM. As such, pursuant to the provisions of Section 139(2) of the Companies Act 2013 read with Rule 6 of Companies (Audit and Auditors) Rules 2014, the Audit Committee recommended the appointment of M/s AKR & Associates, Chartered Accountants (Firm Registration No. 021179N) as Statutory Auditor of the Company in place of the incumbent auditor whose term will expire at the conclusion of this AGM. M/s AKR & Associates have consented to their appointment as Statutory Auditors and have confirmed that if appointed, their appointment will be in accordance with Section 139 read with Section 141 of the Act and relevant Rules prescribed there under and have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.


Your Board recommends the appointment of M/s AKR & Associates, Chartered Accountants as Statutory Auditor for a term of five years from the conclusion of the forthcoming Annual General Meeting until the conclusion of the Annual General Meeting for the financial year 2021-22 subject to ratification by members at every Annual General Meeting if so required under the act and to fix their remuneration.


Auditors’ Report is self explanatory and does not contain any qualification, reservations or adverse remarks or disclaimers in their report for the financial year ended March 31, 2017,and therefore, needs no comments. The board of directors places on record its sincere appreciation for the valuable services rendered by M/s S. C. Dewan & Co.


SECRETARIAL AUDITORS AND THEIR REPORT


Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Sushil K. Sikka, a practicing Company Secretary (Membership No. 4241 and CP No. 3582), proprietor of S. K. Sikka & Associates, to undertake the Secretarial Audit of the Company and the Secretarial Audit Report is being attached with the Directors Report as an Annexure, which is self explanatory and does not contain any qualification, reservations or adverse remarks or disclaimers ,hence needs no comments.


PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS


There have been no loans, guarantees and investments made by the Company under Section 186 of the Companies Act, 2013 and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 during the financial year 2016-17.


PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES


All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm’s length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Accordingly, disclosure in form AOC-2 is not required.


All Related Party Transactions were placed before the Audit Committee for their prior approval in accordance with the requirements of the applicable provisions of Companies Act and Listing Regulations. The transactions entered into pursuant to such approval are placed periodically before the Audit Committee.


There are no materially significant Related Party Transactions made by the Company with Promoters, Directors and Key Managerial Personnel which may have a potential conflict with the interest of the Company at large.


The policy on materiality of Related Party Transactions and dealing with related party transactions as approved by the Board is uploaded on the Company’s Website. http://www.sswlindia.com/pages/relatedpartytransaction.htm.


Disclosure as required underAS 18 has been made in Note 27 of the Notes to the financial statements.


None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.


MATERIAL CHANGES AND COMMITMENT, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF FINANCIAL YEAR 2016-17 AND THE DATE OF THIS REPORT


No material changes and commitment, affecting the financial position of the company, has occurred between the end of the Financial year 2016-17 of the company and the date of this report except the following:-


Your company has allotted 22750 equity shares of Rs. 10/- each on 13th May, 2017 upon exercise of options by the employees of the Company to whom options were granted under “Steel Strips Wheels Limited-Employee Stock Option Scheme, 2014” (“ESOS 2014”) at an exercise price of Rs. 100/- each.


As on 31.03.2017, the issued and paid up Equity Share Capital of the Company was Rs. 155335200 (divided into 15533520 Equity Shares of Rs. 10/- each) and consequent to the allotment of above stated shares, the issued and paid up Equity Share Capital of the Company increased to Rs. 155562700 (divided into 15556270 Equity Shares of Rs. 10/- each) as on the date of this report.


On 16th May, 2017, your Company has granted 26500 options convertible into equal number of equity shares of Rs. 10/- each at an exercise price of Rs. 200/- each to the eligible employees, as per the terms and conditions of the Company’s Employee Stock Option Scheme titled as “Steel Strips Wheels Limited-Employee Stock Option Scheme, 2016”.


THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO


A Statement giving details of conservation of energy/technology absorption and foreign exchange earnings and outgo in terms of Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8 (3) of the Companies (Accounts) Rules, 2014,forms part of this report and is annexed herewith as Annexure A


BUSINESS RISK MANAGEMENT


Pursuant to the requirement of Regulation 21 of SEBI (LODR) Regulations, 2015, your Company has constituted a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The committee is responsible for reviewing the risk management plan and ensuring its effectiveness.


The Details of the Committee and its terms of reference are set up in the Corporate Governance Report forming part of this Report.


Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.


The development and implementation of risk management policy including identification of element of business risk and its mitigation plans has been covered in the Management Discussion and Analysis, which forms part of this Report.


CORPORATE SOCIAL RESPONSIBILITY INITIATIVES


In compliance to Section 135 and in consonance with Schedule VII of the Companies Act, 2013, the company has constituted a Corporate Social Responsibility Committee and also framed a Corporate Social Responsibility Policy and the same is posted on the website of the company at http://www.sswlindia.com/pages/csr-policv.htm.


The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure B to this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.


BOARD EVALUATION


In compliance with the provisions of Section 134 (3) (p) of the Companies Act, 2013 read with Rule 8 (4) of the Companies (Accounts) Rules, 2014, the Listing Regulations and recent Guidance note on Board evaluation issued by SEBI, the Board carried out a formal annual evaluation of its own performance, and that of its committees and individual directors.


The performance of the Board and its committees were evaluated by the Board after seeking inputs from all the directors of the company on the basis of effectiveness of Board processes, information and functioning, degree of fulfillment of key responsibilities, govenance issues, effectiveness of control system in identifying material risks and reporting of material violations of policies and law, Board Structure and composition, experience and competencies, establishment and delineation of responsibilities to committees, frequency of meetings, circulation of agenda of the meeting, Recording of Minutes, adherence to law, Board culture and dynamics, Quality of relationship between Board and Management, efficacy of communication with external stakeholders, etc.,


The Board and the Nomination and Remuneration Committee (NRC) of the company evaluated the performance of individual directors based on criteria such as qualifications, experience, knowledge and competency, fulfillment of functions and integrity including adherence to Code of Conduct and code of Independent directors of the company, safeguarding of the Confidential information and of interest of Whistle blowers under vigil Mechanism, compliance with policies and disclosures of interest and fulfillment of other obligations imposed by the Law, Contribution and Initiative, availability, attendance, participation and ability to function as a team, commitment, independence, independent views and judgement and Guidance/support to Management outside board, etc.,


A separate meeting of the Independent Directors (“Annual ID meeting”) was convened, which reviewed the performance of the Board (as a whole), the non-independent directors and the Chairman and the quality, quantity and timeliness of flow of information between the company, Management and the Board, that is necessary for the Board to effectively and reasonably perform their duties. Post the Annual Independent Directors meeting, the collective feedback of each of the Independent Directors was discussed by the Chairman of the Nomination and Remuneration Committee with the Board’s Chairman covering performance of the Board as a whole; performance of the non-Independent Directors and performance of the Board’s Chairman.


FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS


The Company has practice of conducting familiarization program of the independent directors as detailed in the Corporate Governance Report which forms part of this Report.


EXTRACT OF THE ANNUAL RETURN


In accordance with Section 134(3)(a) of the Companies Act, 2013, an extract of the Annual Return as provided under Sub-Section (3) of Section 92 of the Companies Act, 2013 is enclosed as Annexure C in the prescribed form MGT-9 and forms part of this Report.


PARTICULARS OF REMUNERATION OF DIRCTORS/KMP’S/EMPLOYEES


The information required under Section 197(12) of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure D to this report. The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary.


INSURANCE


All properties and insurable interests of your company including building and plant & machinery are adequately insured.


INDUSTRIAL RELATIONS WITH THE PERSONNEL OF THE COMPANY


The company has continued to maintain cordial and harmonious relations with its employees at all levels. As a result of it, the company is thriving to achieve growth and greater heights in the times to come.


ACKNOWLEDGEMENT


Your Directors wish to place on record their appreciation for the continued co-operation, the Company received from various departments of the Central and State Government, Bankers, Financial Institutions, Dealers and Suppliers. The Board also wishes to place on record its gratitude to the valued customers, members and investing public for their continued support and confidence reposed in the Company. It also acknowledges and appreciates the commitment, dedication and contribution of the Employees towards growth of the Company in all fields.


For and on behalf of the Board


Date: 11.08.2017 Rajender Kumar Garg


Place: Chandigarh Chairman


(DIN: 00034827)

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.
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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 compliance@dynamiclevels.com

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