Action Construction Equipment Ltd Company Summary

Action Construction Equipment Ltd Summary

Action Construction Equipments Limited was incorporated on January 13, 1995 as a Public Limited Company. The Company is engaged in the business of manufacturing and marketing of Hydraulic Mobile Cranes, Mobile Tower Cranes, Crawler cranes, Truck mounted Cranes, Material Handling equipment like Forklifts, Road construction equipment like Backhoe loaders, Compactors, Motor graders and Agriculture equipment like Tractors, Harvesters, Rotavators etc. in Haryana. The Company was initially promoted by Mr. Vijay Agarwal, Mrs. Mona Agarwal, Mr. Khem Karan Arora and Mrs. Laj Arora as subscribers to the Memorandum. Subsequently, Mr. Khem Karan Arora and Mrs. Laj Arora ceased to be the members of the Company and the shares were transferred to the current promoters of the Company. The Company commenced its activities in the year 1995 and started manufacturing Hydraulic Mobile Cranes in 1995 under the brand name ACE. Apart from this, it started manufacturing of mobile tower cranes and loaders subsequently. During the year 1995-96, the Company has manufactured 110 mobile cranes and for the year 2004-05, the company has manufactured 1146 equipment.The Company concluded its Initial Public Offer (IPO) in September 2006 and its Equity Shares got listed at BSE Limited and NationalStock Exchange of India Limited on September 26, 2006.In 2009, the Company acquired 73.90% equity stake in a Romanian Company viz. SC FORMA SA, Romania in FY 2006-07. Further, in the financial year 2007-08, it further acquired 144,781 of SC FORMA SA, Romania through FRESTED LIMITED, making total No. of shares held by the Company to 89.5% of the total Equity Shares of the SC FORMA SA, Romania. During the Financial year 2008-09, the Company also formed a wholly-owned subsidiary Company viz. Action Developers Ltd. The Company started rolling out Tractors from its Dhudholla plant in Faridabad in 2010. In 2010-11, the Company had a wholly owned overseas subsidiary (WOS) Company at Cyprus viz M/s FRESTED LIMITED, and through it, the Company acquired 89.50% equity stake in a Romanian Company viz. SC FORMA SA, Romania, which became fellow subsidiary of the Company. During the year 2011-12, ACE Steel Fab Pvt Ltd merged with the Company w.e.f. 1 Oct, 2011. Accordingly, the Company issued 60,55,000 Equity shares to the Shareholders of ACE Steelfab Private Ltd consequent to the order received from Honble High Court of Delhi sanctioning the scheme of Amalgamation of ACE Steelfab Private Ltd with the Company.As per the Scheme of Amalgamation sanctioned by the Honble High Court of Punjab and Haryana dated 17th November, 2015, 1,83,83,000 Equity Shares and 3,02,19,380 Preference Shares of the Company were issued on 15 March, 2016 to the Shareholders of ACE TC Rentals Private Limited in the ratio of 1168 fully paid up equity shares of Rs. 2/- each of the ACE for every 100 fully paid up equity shares of Rs 10/- each of ACE TC Rentals Private Limited (the Transferor Company) and consequently, the entire business of ACE TC Rentals Private Limited was transferred to and vested in the Company effective from April 01, 2014, the Appointed Date of the Scheme.During the year 2015-16, Company launched new products like skid loaders, wheel based harvesters and introduced smart features in its existing product range.