Dear Members,
Your Directors are pleased to present the 29th Annual Report on the business and
operation of the Company together with Audited Statement of Accounts for the financial 31,
2023. fINANCIAL rESULTS is summarized below: TheCompany'sfinancial
|
Standalone |
Consolidated |
pArTICULArS |
fY 2022-23 |
FY 2021-22 |
fY 2022-23 |
FY 2021-22 |
revenue from operations |
2157.99 |
1630.34 |
2159.68 |
1629.58 |
| Other Income |
22.24 |
10.79 |
41.11 |
10.78 |
Total Income |
2180.23 |
1641.13 |
2200.79 |
1640.36 |
earnings Before depreciation, |
|
|
|
|
Finance costs, exceptional items and Tax |
247.06 |
163.11 |
262.03 |
162.23 |
amortiz Less:Depreciationand expenses |
17.66 |
15.28 |
18.00 |
15.41 |
| Less: Finance Costs |
10.24 |
9.49 |
10.29 |
9.52 |
Profit before exceptional items and Tax |
219.16 |
138.34 |
233.74 |
137.30 |
| Less: Exceptional items |
|
|
|
|
Profit Before tax |
219.16 |
138.34 |
233.74 |
137.30 |
| Less: Tax expense (Net) |
57.96 |
32.43 |
60.76 |
32.30 |
Profit after tax |
161.20 |
105.91 |
172.98 |
105.00 |
Other Comprehensive income for the year (net of tax) |
0.03 |
-0.35 |
0.02 |
-0.27 |
Total Comprehensive income for the year |
161.23 |
105.56 |
173.00 |
104.73 |
fINANCIAL pErfOrMANCE OVErVIEW (STANDALONE BASIS)/ STATEO
f COMpANYS AffAIr S
The brief highlights of the Company's performance (standalone) during the financial
year 2022-23:
Total revenue from operations increased to `2157.99 crores as against `1630.34 crores
in the previous year - an increase of 32.36%. ts; righEarnings before Interest,
erentialDepreciation, Amortization, Exceptional Items & Tax for the current year is
`247.06 crores against `163.11 crores in the previous year - an increase of 51.47%.
Profit before Tax (PBT) and Profit after Tax (PAT) for the current year are `219.16
crores and `161.20 crores respectively against `138.34 crores and ` 105.91 crores in the
previous Equipment Limited Employee year - an increase of 58.42% and 52.20% respectively.
Earnings per share is `13.54 for the year under review.
CHANGE IN THE NATUrE Of BUSINESS
There was no change in the nature of the business of the Company during the financial
year ended March 31, 2023. passed by the
AMOUNTS TrANSfErrED TO rESErVES
During the year under review, no amount was transferred to any of the reserves by the
Company.
DIVIDEND
The Board of Directors at their meeting held on May 30, 2023, has recommended payment
of `1.00 i.e. (50%) per equity share of the face value of ` of2(RupeeTwoOnly)eachas final
the utilisationof funds, as on March 31, for the financialyearendedMarch31,2023.
The payment of final Institutional Placements (QIP) are dividend is subject to the
approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company.
The dividend distributionpolicy is available on our website at:
https://www.ace-cranes.com/home/investor-policies-and-programme-codes.
SHArE CApITAL
During the FY 2022-23, there is no change in the share capital of the Company and the
Company has not issued any: (a) Shareswith (b) Sweat equity shares; (c) Bonus shares; (d)
Debenture, bond and any other securities.
EMpLOYEE STOCk OpTION SCHEME (ESOS)
The ‘Action Construction
Option Scheme 2021 ("Scheme") is in line with the SEBI (Share Based Employee
BenefitsRegulations,2021 andSweatEquity) ("SBEB Regulations") and there were no
material changes to the scheme during the financial The Scheme is being implemented in
accordance with the SBEB
The Regulations andthe Certificwould be available during the SecretarialAuditors Annual
General Meeting for inspection details as required to be disclosed under the Act and/ or
SBEB
Regulations would be available on the Company's website at www.ace-cranes.com.
UTILIZATION Off UNDS rAISEDTH rOUGH QIp
The reporting dividend raised through the Qualified as follows:
|
Original Object |
Modi- fied Ob- ject, if any |
Origi- nal Alloca- tion |
Modi- fied Alloca- tion, if any |
funds uti- lised |
Amount of Devi- ation /Varia- tion |
1. |
and liquidation process |
Nil |
131.74 |
0.00 |
131.74 |
0.00 |
|
|
|
|
|
capital, working capital and or any other as may be permissible under
applicable law(s) and approved by the Board of Directors of the Company. |
|
|
|
|
|
| 2. |
Issue expenses |
Nil |
3.78 |
0.00 |
3.78 |
0.00 |
|
Total |
Nil |
135.52 |
0.00 |
135.52 |
0.00 |
LISTING Of SHArES
The equity shares of the Company are listed on the National Stock Exchange of India
Limited (NSE) and BSE Limited (BSE). The listing fee for the year 2023-24 has already been
paid to both the Stock Exchanges.
CrEDIT rATING
ICRA Limited on April 25, 2023 has re-affirmed the ratings of Company as per below
given details and outlook on the long-term Rating is Stable.
i |
re-affirmed rating |
| (Long Term Facilities) |
[ICRA]AA (Stable) (pronounced ICRA |
| Long Term Rating. |
double A ) with a stable outlook |
| (Short Term Facilities) |
[ICRA]A1+ |
| Short Term Rating. |
(pronounced ICRA A one plus) |
| Commercial paper. |
[ICRA]A1+ |
|
(pronounced ICRA A one plus) |
MATErIAL CHANGES AND COMMITMENTS, If ANY
No material changes and commitments affecting the financial position of the Company
occurred between the end of the the financial year to which this financial date of this
report.
DISCLOSUrES rELATING TO SUBSIDIArY COMpANY AND CONSOLIDATED fINANCIAL STATEMENTS
As on March 31, 2023, the Company has following subsidiaries Companies/Firms.
Name of the Company/firm |
Status |
Country |
Holding |
| 1. SC Forma SA |
Subsidiary |
Romania |
89.52% |
| CraneKraft |
Wholly Owned |
India |
|
| 2. |
|
|
100% |
| Private Limited |
Subsidiary |
|
|
| 3. Namo Metals |
Partnership Firm |
India |
90.00% |
Note : SC Forms SA, Romania, a subsidiary of the Company is under voluntary
dissolution applicable laws in Romania.
In accordance with Section 129(3) of the Regulations 33 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and applicable Accounting Standards, the
Company has prepared consolidated financial statements of the Company and its
subsidiaries, which form part of the Annual Report. For details please refer the
Consolidated Financial Statements.
A statement containing the salient features of the financial statement/highlights of
performance of our subsidiaries in the prescribed Form aoc-1 is attached as Annexure-I
to this Report. There are no associates and Joint Ventures Companies within the meaning of
Section 2(6) of theCompaniesAct, 2013 (Act) and there has been no material change in the
nature of the business of the subsidiaries except SC Forma SA which is under voluntary
dissolution and liquidation process.
In accordance withSection136 of the Companies Act, 2013, the audited financial
statements, including the consolidated financial statements and related information of the
Company and accounts of its subsidiaries, are available on our website at
www.ace-cranes.com. These documents will also be available for inspection during business
In terms of the Company's Policy on determining "material subsidiary", during
the financialyear ended March 31, 2023, there is no material subsidiary of the Company
whose income exceeds 10% of the consolidated income of the Company in the immediately
preceding financial year.
The Policy for determining material subsidiaries may be accessed on the Company's
website at https://www.ace-cranes.com/ home/investor-policies-and-programme-codes.
BOArD Of DIrECTOrS
In accordance with the provisions of Companies Act, 2013 (hereinafter referred as
"the Act") and Articlesof Association the Company, Mr. Sorab Agarwal (DIN:
00057666), Whole-Time
Director of the Company will retire by rotation at the ensuing AGM and being eligible,
offers himself for re-appointment. Details related to his re-appointment as required to be
disclosed under Companies Act/listing Annexure-I, to the notice of 29th AGM.
The Board of Directors, in their meeting held on May 30, 2023, had recommended the
re-appointment and remuneration of Mr. Vijay Agarwal (DIN:00057634), as Chairman &
Managing Director, Mrs. Mona Agarwal Executive (DIN:00057653), as Director and Mr. Sorab
Agarwal (DIN:00057666) as Executive Director for a further period of 5 years w.e.f.
October 1, 2023, subject to the approval of the shareholders in the ensuing Annual General
Meeting. Their appointment is appropriate and in the best interest of the Company. Details
related to their reappointment as required to be disclosed under Companies Act/ listing
Regulations is givenas of 29Annexure-I, to the notice th AGM.
The Company has received declarations from all the Independent Directors of the Company
confirmingthat they meet with criteria ofindependenceasprescribedunder sub-section 149 of
the Act and under Regulation 16(1)(b) of SEBI (Listing Requirements)
Regulations,Obligations (hereinafter referred as "the Listing In the opinion of Board
of Directors of the Company, Independent Directors on the Board of Company hold highest
standards of integrity and are highly qualified, recognized and respected individuals in
their respective mix of expertise (including financial expertise), leadership and
professionalism
. kEY MANAGErIAL pErSONNELS (kMp)
Pursuant to the provisions of Section
2013 read with Rules made thereunder following are designated as Key Managerial
Personnel (KMP) of the Company:
Mr. Vijay Agarwal, Chairman & Managing Director;Mrs. Mona Agarwal, Whole-Time
Director;
Mr. Sorab Agarwal, Whole-Time Director;Mrs. Surbhi Garg, Whole-Time Director;Mr. Rajan
Luthra, Chief Financial Officer (CFO); andMr. Anil Kumar, Company Secretary &
Compliance Officer.
NUMBEr Of BOArD MEETINGS
During the financial year 2022-23, four (4) Board Meetings held. For details thereof
kindly refer to the Corporate Governance Report forming part of this Annual Report.
Pursuant to the requirements of Schedule IV to the Companies Act, 2013 and the SEBI
(Listing Obligations Requirements) Regulations, 2015, separate Meeting of the Independent
Directors of the Company was also held on February 06, 2023, without the presence of
Non-Independent Directors and members of the management, to review the performance of
Non-Independent Directors and the Board as a whole, the performance of the Chairperson of
the Company, taking into account the views of Executive Directors, Non-Executive Non-
Independent Directors and also to assess the quality, quantity and timeliness of flow of
information between the Company management and the Board.
ANNUAL GENErAL MEETING (AGM)
During the financial th Annual General Meetingyear 2022 of the Company was held
on September 20, 2022 at 12:00 noon through Video Conferencing ("VC")/Other
Audio Visual Means ("OAVM").
COMMITTEES Of THE BOArD
The Board has 5 (Five) mandatory level committees: Audit Committee, Nomination and
Remuneration Committee, Stakeholders Relationship Responsibility Committee and Risk
Management During the year, all recommendations were approved by the Board. A detailed
note on the composition of the Board and its committees, is provided in the Corporate
Governance Report forming part of this Annual Report. .
NOMINATION AND rEMUNErATION pOLICY
The Board of Directors has framed a policy which lays down a framework in relation to
remuneration and appointment of fields. It's an optimum Directors, Key Managerial
Personnel and Senior Management of the Company. The Policy broadly lays down the guiding
principles, philosophy and the basis for payment of remuneration to Executive and
Non-Executive Directors (by way of sitting fees), Key Managerial Personnel, Senior
Management and other 203oftheCompaniesAct, employees. The policy also provides the
criteria for determining qualifications, positive and criteria for appointment of Key
Managerial Personnel / Senior Management and performance evaluation. The above policy has
been posted on the website of the Company at https://www.ace-cranes.com/home/investor-policies-and-programme-codes.
DIrECTOrS' rESpONSIBILITY STATEMENT
Pursuant to the provisions of clause (c) of Sub-section (3) of Section 134 of the
Companies Act, 2013, your confirm that they: (i) Have followed in the preparation of
Annual Accounts for the financial year 2022-23, the applicable Accounting Standards and no
material departures have been made for the same; (ii) Had selected such accounting
policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company as at March 31, and of the profit of the Company for the year ended on that date;
(iii) Had taken proper and of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraudandother tion (iv) Had prepared the annual accounts on a
going concern basis; (v) Have laid down internal financial the Company and that such
internal financial adequate and are operating effectively; and (vi) Have devised proper
systems to ensure compliance with the provisions of all applicable laws and that such
system are adequate and operating effectively.
ANNUAL pErfOrMANCE EVALUATION Of THE BOArD, ITS COMMITTEES AND INDIVIDUAL DIrECTOrS
Pursuant to the provisions of Companies Act, 2013 and Regulation 25 (3) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
Independent Directors at their separate meeting, without Non-Independent Directors and
Management have considered and evaluated the Board's performance and performance of the
Chairman and Non- Independent Directors. The Independent Directors in the said meeting
have also assessed the quality, quantity and timeliness of flow of information between
Company Management and the Board.
The Board of Directors has evaluated the performance of each of the Independent
Directors (without participation of the relevant Director). The Board has carried out the
annual evaluation of its own performance and that of its Directors individually. The
evaluation criteria as approved by the Nomination and Remuneration Committee functioning
including adequate and timely information, attendance, decision making, roles and
responsibilities etc. The performance of individual directors including the Chairman care
for the maintenance was evaluated on various parameters such as industry knowledge
& experience, vision, commitment, time devoted etc. The evaluation of Independent
Directors was based & contribution experience and integrity etc.
STATUTOrY AUDITOrS controls to be followed by
As per provisions of Section139(1) of the Act, the Company has controlsare appointed
M/s B S R & Co. LLP, Chartered Accountants (Firm Regn. No. 101248W/W-100022) as
Statutory Auditors of the Company for a period of 5 (Five) years (April 01, 2022 to March
31, 2027) i.e. till the conclusion of the 33rd AGM to be held in the
calendar year 2027, in the AGM of the Company held on September 20, 2022.
Statutory Auditors' report
The observations of Statutory Auditors in its reports on standalone and consolidated
financials are self-explanatory and therefore, do not call for any further comments. There
are no qualifications, reservations or adverse remarks made by Statutory Auditors in their
reports.
SECrETArIAL AUDITOrS
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with
corresponding Rules framed thereunder, M/s Vasisht & Associates, Company
Secretaries, were appointed as the Secretarial Auditors of the Company to carry out the
secretarial audit for the year ending March 31, 2023.
Secretarial Audit report
A Secretarial Audit Report given by the Secretarial Auditors in Form no. Mr-3 is
annexed with this Report as Annexure-II. There are no qualifications, included
various aspects of the Secretarial Auditors in their Report.
Secretarial Compliance report
Pursuant to SEBI circular no CIR/CFD/CMD1/27/2019 dated Feb-ruary 08, 2019, in addition
to secretarial audit, Annual Secretarial Compliance Report given by M/s Vasisht &
Associates, Company Secretaries on compliance of all applicable SEBI Regulations and
circulars/guidelines issued there under is annexed as annexure-iii. COST AUDITOrS of
Corporate Governance as stipulated under As per Section 148 of the Companies Act, 2013,
the Company is required to have the audit of its cost records conducted by a Cost
Accountant in practice. Pursuant to the provisions of Section141 read with Section 148 of
the Companies Act, 2013 and Rules made thereunder, M/s Vandana Bansal & Associates,
Cost Accountants (Firm Registration No. 100203) had been appointed as the Cost Auditor of
the Company for the year ending March 31, 2023. Cost audit report for financial year
2022-23 will be filed with the Ministry of Corporate Affairs within stipulated time
period.
INTErNAL AUDIT
The Board of Directors of the Company has appointed Internal Auditor of the Company, to
audit the function the Company and to review various operations the Company continued to
implement recommendations to
DETAILS IN rESpECT Of frAUDS rEpOrTED BY AUDITOrS OTHEr THAN THOSE WHICH ArE rEpOrTABLE
TO THE CENTrAL GOVErNMENT
The Statutory Auditors, Secretarial Auditors and Cost Auditors of the Company have not
reported any frauds to the Audit Committee or to the Board of Directors under Section 134
of the of the Companies Act, 2013, including rules made there under.
COrpOrATE SOCIAL rESpONSIBILITY (CSr) through its trust TheCompany'sCSR namely ACE
Emergency Response Service. The CSR Committee of the Board of Directors has been formed
comprising of three directors with Chairman being Independent Director. CSR
Committee has framed and formulated a CSR Policy indicating the Company, in accordance
the with schedule VII of the Act and the Companies (Corporate Social Responsibility
Policy) Rules, 2014 issued under the Act. The same has also been approved and reviewed
from time to time by the Board. The updated CSR policy is available at the website of the
Company at https://www.ace-cranes.com/home/investor-policies-and-programme-codes. The
Annual Report FY 2022-23 on CSR Activities, under the Act forms an Integral part of this
Report and is appended as Annexure-IV.
COrpOrATE GOVErNANCE
Your Company reaffirms its commitment to the good corporate governance practices and
has which has set out the systems, processes and policy conforming to international
standards In compliance with Regulation 34 of the Listing Regulations a separate report on
corporate governance along with a certificate from Practicing the conditions Schedule V of
the Listing Regulations forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis for the year as under Schedule V of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 as amended is separately given
and forms part of this Annual Report and provides a more detailed analysis on the
performance of individual businesses and their outlook.
CONTrACTS Or ArrANGEMENTS WITH rELATED pArTIES
All contracts or arrangements or transactions that were entered into by the Company
during the financialyear with related activities of and parties were on an arm's length
basis and in the ordinary course of the Company; of business. During the year, the Company
had not entered suggestions and improve the control environment. into any contracts or
arrangements or transactions with related parties which could be considered material in
accordance with Companies Act and SEBI Regulations and the policy of the Company on
materiality of related party transaction. All related party transactions have been
approved by the Audit and the Board.
Further, the prescribed details of related party transactions of 143 (12) AOC-2 the
Company in Form No. , in terms of section Act read with Rule 8 of the Company (Accounts)
Rules, 2014 is given as Annexure-V to this report.
The Policy on materiality of related party transactions and dealing with related party
transactions may be accessed on the Company's website at https://www.ace-cranes.com/home/
investor-policies-and-programme-codes.
Your Directors draw attention of the members to note no. 33 in the notes to accounts in
the Standalone Financial Statements which sets out related party disclosures.
DISCLOSUrE ON AUDIT COMMITTEE
The AuditCommittee as on March 31, 2023 comprises of the following Directors: Mr.
Avinash Parkash Gandhi (Chairman), Mr. Vijay Agarwal, Mr. Shriniwas Vashisht, and Dr.
Jagan Nath Chamber as Members. For more details kindly refer to the section
‘Committees of the Board-Audit Committee', in the Corporate Governance Report, which
forms part of this Annual Report. All recommendations of Audit Committee were accepted by
the Board of Directors.
rISk MANAGEMENT
The Company has constituted a Risk Management Committee Compliance with the
requirements of Regulation 21 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, Committand its terms of reference 2015.Thedetailsofthis are set
out in the Corporate Governance Report, which forms part of this Annual Report. The
Company has also formulated the Risk Management Policy, to identify risks and minimize
their adverse impact on business and strives to create transparency which in turn enhances
the
Company's competitive advantage.
According to the aforesaid business risk policy, the Company has identified action
planforitsmitigationof the same is put in place. The business ation have been dealt with
in the Management mitig risksandits Discussion and Analysis Section of this Annual
INTErNAL fINANCIAL CONTrOLS
The Company has in place adequateinternalfinancialcontrols with reference to financial
statements. Such controls were and no material weaknesses in testedduringthefinancial the
design or operation were observed. Review of the financial controls is done on an ongoing
basis. to invest
INTErNAL CONTrOL SYSTEMS AND THEIr ADEQUACY
Your Company maintains adequate internal control system and procedures commensurate
with its size and nature of operations. The internal control systems are designed to
provide a reasonable assurance over reliability in financial reporting, ensure appropriate
authorization of transactions, safeguarding the assets of the Company and prevent misuse/
losses and legal compliances. The internal control system includes a well-defined
delegation of authority and a comprehensive Management Information System coupled with
quarterly reviews of operational and financial performance, a
well-structuredbudgetingprocess with regular monitoring of expenses and Internal audit.
The Internal
Audit reports are periodically reviewed by the management and the Audit Committee and
necessary improvements are undertaken, if required.
During the year, such controls were tested and no reportable material weakness in
thedesignoroperation ant and material order passed bywasobserved.
WHISTLE BLOWEr pOLICY/ VIGIL MECHANISM
The Company has a vigil mechanism for Directors and Employees to report their concerns
about unethical behavior, actual or suspected fraud or violation of the Company's Code of
Conduct The mechanism provides for adequate safeguards against victimization of and
Employees have direct access to the Chairman of the Audit Committee. It is affirmed been
denied access to the Audit Committee.
The Whistle Blower Policy is available on Company's website at
https://www.ace-cranes.com/home/investor-policies-and-programme-codes. During the year, no
case of genuine concerns received under this policy.
COMpLIANCE WITH SECrETArIAL STANDArDS
The Company has devised proper systems to ensure compliance with the provisions of all
applicable Secretarial Standards issued by the Institute of Company Secretaries of India
(ICSI) and that such systems are adequate and operating effectively.
pOLICY ON prEVENTION, prOHIBITION AND rEDrESSAL Of SEXUAL HArASSMENT Of WOMEN AT
WOrkpLACE
The Company has laid down sexual harassment policy pursuant thebusiness risks to
provision of Sexual Harassment of Women at Workplace (Prevention, Prohibition thereunder.
The objective of this policy is to provide protection . against sexual harassment of women
at workplace and for the prevention and redressal of complaints of sexual harassment and
for matters connected therewith. The Company has zero tolerance on sexual harassment at
workplace. During the financial 2022-23, no complaint was received under this policy.
rESEArCH AND DEVELOpMENT a comprehensive Research YourCompanycontinues &
Development (R&D) programme to develop a unique source of sustainable competitive
advantage and build future readiness by leveraging contemporary advances in several
relevant areas of science and technology and blending the same with classical concepts of
product development.
The Company has dedicated R&D centers at Jajru Road, Faridabad and at Dudhola Link
Road, Dudhola Village, Palwal. Both these centers have accreditations from the Ministry of
Science and Technology, Govt. of India. Both the centers continuously out Research and
Developments for developing new products and also focus on the quality of products, making
them more economical, cost effective and user friendly.
DETAILS Of SIGNIfICANT AND MATErIAL OrDErS pASSED BY THE rEGULATOrS Or COUrTS Or
TrIBUNALS IMpACTING THE GOING CONCErN STATUS AND COMpANY'S OpErATIONS IN fUTUrE
There was no regulatorsorcourtsortribunalsimpactingthe going concern status and
Company's operations in future.
pArTICULArS Of rEMUNErATION Of DIrECTOrS/ kMp/ EMpLOYEES
Disclosures pertaining to remuneration and other details as required under
Section197(12) Director(s)andEmployee(s).Directors of the Companies Act, 2013 and Rule
5(1), 5(2) and 5(3) of the Companies (Appointment and thatnopersonneloftheCompanyhas
Remuneration of Managerial as Annexure-VI to this Report.
pUBLIC DEpOSITS
During the year under review, the Company has not accepted any public deposits under
Chapter V of the Companies Act, 2013 and as such, no amount on account of principal or
interest on public deposits was outstanding as of March 31, 2023
pArTICULArS Of LOANS, GUArANTEES Or INVESTMENTS under section 186 oF the coMPanies
act, 2013
Particulars of loans, guarantees 186 of the Companies Act, 2013 as at the end of the
financial year 2022-23 are provided in the notes to standalone financial statements.
CONSErVATION Of ENErGY, TECHNOLOGY ABSOrpTION AND fOrEIGN EXCHANGE EArNINGS AND OUTGO
Information pursuant to conservation of energy, technology absorption and foreign
exchange earnings and outgo, as required to be disclosed under the Companies Act, 2013 is
annexed as Annexure-VII and forms a part of this report.
ANNUAL rETUrN
The extracts of the Annual Return of the Company in Form Mgt-9, as they stood on
the close of the financial March 31, 2023 is furnished in Annexure-VIII and forms
part of this Report. Further, a copy of the Annual Return of the Companycontaining 43A of
the the particulars prescribed under section 92 of the Companies Act, 2013, in Form MGT-7,
as they stood on the close of the financial the Company at
https://www.ace-cranes.com/home/mgt-7.
INVESTOrS EDUCATION AND prOTECTION fUND (IEpf)
In accordance with the applicable provisions of Companies Act, 2013 read with Investor
Education and Protection (Accounting, Audit, Transfer and Refund) Rules, 2016
Rules"), all unclaimed dividends are required to be transferred by the Company to
the IEPF, after completion of seven (7) years. Further, according to IEPF Rules, the
shares on which dividend has not been claimed by the shareholders for seven (7)
consecutive years or more shall be transferred to the demat account of the IEPF Authority.
The details relating to amount of dividend transferred to the IEPF authority and
corresponding shares on which dividends were unclaimed for seven (7) consecutive years,
are provided in the Corporate Governance Report section of this Annual
AWArDS AND rECOGNITIONS
Your Company continues amongst its peers and has been conferred with awards every year.
The Company was awarded with many awards and recognition. The
Transformative Trailblazing Leader Mr Vijay Agarwal by Business Icons of
India;Innovative Construction Equipment Award by CE&CR
Magazine;
Fortune India- Ranked 171 in the Next 500 Companies;India's 20 Most Impactful Power
Brands by Daily Indian Media;Power Brands India's Most Dynamic Leader 2022 to Mr.
Vijay Agarwal;and investments under SectionBestseller in Mobile Cranes Category Award- 10th
Equipment India Awards 2022;Person of the Year Award to Mr. Sorab Agarwal by Equipment
India 2022;Best n Sales Pick & Carry Cranes at Equipment Times Award Feb 2023.
BUSINESS rESpONSIBILITY AND SUSTAINABILITY rEpOrT
(Brsr)
Pursuant to the provision of Regulation 34(2)(f) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Business Responsibility and Sustainability
Report (BRSR) for the financialyear i.Annexure-IX . year2022-23isannexed as and
forms a part of this report.
DIVIDEND DISTrIBUTION pOLICY
In compliance with the provisions of Regulation (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, the Board of Directors of the Company have
year i.e. March 31, 2022 is uploaded on the website of adopted the Dividend Distribution
Policy of the Company ("the Policy"). The policy inter alia, lays down various
parameters relating to declaration/recommendation of dividend. The policy is available on
the Company's website at weblink : https://www.
Distribution_Policy_ ace-cranes.com/public/front/pdf/Dividend_ Fund ACE_2021.pdf
OTHEr INfOrMATION
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review
or said items are not applicable to the Company: 1. The Managing Director and the Whole
Time Directors has not received any remuneration or commission from any of its
subsidiaries.
2. During the year under review, the company has not done any buy back of equity
shares. 3. The Disclosure pertaining to explanation for any deviation or with certain
terms of a public issue, variationinconnection right issue, preferential issue etc. is not
applicable to the Company. 4. No application has been made under the Insolvencyand
Bankruptcy Code; hence the requirement to disclose the details of application made or any
proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the
year along with their status as at the end of the financial year is not applicable;
5. The requirement to disclose the details of difference between amount of the
valuation done at the time of onetime settlement and the valuation done while taking loan
from the Banks or Financial Institutions along with the thereof, is not applicable; and
6. Your Company does not fall under the category of large corporate, as defined under
SEBI vide its circular SEBI/HO/ DDHS/CIR/P/2018/144 dated November 26, 2018, as such no
disclosure is required in this regard.
ACkNOWLEDGEMENT
The Board places on record its appreciation for the support and continued co-operation
extended by all the vendors, dealers, bankers, regulators and business associates. The
Board places on record its appreciation to all the employees for their dedicated and
committed services. Your Directors deeply acknowledgethe continued trust and
confidencethat the shareholders place in the management and is confident that with their
continued support, the and emerge stronger in the coming years.
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construction equipment limited |
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Sd/ |
place : faridabad |
Vijay Agarwal |
Date : May 30, 2023 |
Chairman & Managing Director |
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