Action Const.Eq. Director Discussions


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: TheCompanysfinancial

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 Companys 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 Companys 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 Companys 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 Companys 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. Its 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 Boards 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 TheCompanysCSR 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 arms 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 Companys 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

Companys 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 Companys 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 Companys 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 COMpANYS OpErATIONS IN fUTUrE

There was no regulatorsorcourtsortribunalsimpactingthe going concern status and Companys 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;Indias 20 Most Impactful Power Brands by Daily Indian Media;Power Brands Indias 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 Companys 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.

construction equipment limited
Sd/

place : faridabad

Vijay Agarwal

Date : May 30, 2023

Chairman & Managing Director