Action Construction Equipments Ltd. — Regulatory Filings 2018

Dec 31, 2018

Action Construction Equipment Ltd.

Dudhola Link Road. Dudhola, Disti. Palwal — 121102, Haryana, India Corporate & Regd. Office

Date: 31It December, 2018

BRANDS The Manager Listing BSE Limited Scrip Code: ⁵³²⁷⁶² 5th Floor, P.J. Towers, Dalal Street, Mumbai-400001

The Manager Listing National Stock Exchange of India Ltd. CM Quote: ACE Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai-400051

Subject: ICRA assigns Credit Rating for Rs. ²⁹⁵ Crore line of credit of Action Construction Equipment Limited.

Dear Sir/Madam,

Pursuant to Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. We wish to inform that ICRA Limited has assigned ^a long-term rating of [ICRA]AA- (pronounced ICRA double ^A minus) with ^a stable outlook and ^a short-term rating of [ICRA]A1+ (pronounced ICRA ^A one plus) to the Rs. 295.00-crore bank facilities of the Company.

Copy of credit rating letter received from ICRA Limited is also enclosed for your reference.

This is for your information and record please.

Thanking you Yours faithfully For Action Construction Equipment Limited

Q1 LL [. ^L '13

Anil KumarElma? Company Secretary

and Corporate Office 8- Regd. Office : Phone : +91-1275-280111 (50 Lines), Fax 2+91-1275-280133. E-mail : work52@ace:cranes.com Mktg. H.O.: 4th Floor, Pinnacle. Surajkund, Faridabad, NOR-121009, Phone: +91-129-4550000 (100 Lines), Fax : +91-129-4550022, E-mall: marketung©ace~cranes.com Customer Care No.: 1800 1800 004 (Toll Free), CIN : L74899HR1995PL0053860

My; NWW

Ref: D/RAT/2018-19/A-586/4

Date: December 11, 2018

Mr. Rajan Luthra

Chief Finance Officer Action Construction Equipment Limited Dudhola Link Road, Village Dudhola, Distt. Palwal — 121102, Haryana, India

Dear Sir,

Re: ICRA-assigns Credit Rating for Rs. ²⁹⁵ crore Line of Credit of Action Construction Equipment Limited (instrument details in Annexure)

Please refer to your Rating Agreement dated November 05, 2018 requesting ICRA Limited ("ICRA") to carry out the rating of Rs. ²⁹⁵ crore Line of Credit (LOC) of your company. The Rating Committee of ICRA, after due consideration, has assigned ^a long-term rating of [ICRA]AA- (pronounced ICRA double A minus) with ^a Stable outlook and ^a short-term rating of [ICRA]A1+ (pronounced ICRA A one plus) to the captioned LOCI.

The aforesaid ratings will be due for surveillance any time before November 30, 2019.

The ratings are specific to the terms and conditions of the LOC as indicated to us by you, and any change in the terms or size of the same would require ^a review of the ratings by us. In case there is any change in the terms and conditions or the size of the rated LOC, the same must be brought to our notice before the facility is used by you. In the event such changes occur after the ratings have been assigned by us and their use has been confirmed by you, the ratings would be subject to our review, following which there could be ^a change in the ratings previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the LOC from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.

ICRA reserves the right to review and/or, revise the above ratings at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the ratings assigned.

"'ZTBW/ 5%" / /./ Lfi/ /

J For complete rating definition please refer to ICRA Website www.icra.in or any ofthe ICRA Rating Publications

Building No. 8, 2"6 Floor, Tower A Tel. : +91 .124.4545300 Website :www.icra.in DLF Cyber City, Phase ¹¹ CIN : L74999DL1991PLC042749 Email : info@icraindia.com Gurugram 122002, Haryana Helpdesk: +91.124.2866928 Registered Office : 1105, Kailash Building, 11m Floor, 26 Kasturba Gandhi Marg, New Delhi —

110001 .Tel. : +91.11.23357940-45 RATING ⁰ RESEARCH ⁰ INFORMATION 38101

The rating, as aforesaid, however, should not be treated as ^a recommendation to buy, sell or hold the Debt instruments issued by you. The Rating assigned to the Bank facility of your company shall require revalidation ifthere is any change in the size or structure of the Rated Bank facility.

You are requested to furnish ^a monthly 'No Default Statement (NDS)' (in the enclosed format) on the first working day of every month, confirming the timeliness of payment of all obligations against the rated debt programme [interest and principal obligations for fund based as well as obligations under LOC/BG for non-fund based facility]. This is in accordance with requirements as prescribed in circular dated June 30, ²⁰¹⁷ on 'Monitoring and Refiew of Ratings by Credit Rating Agencies(CRAs) ' issued by the Securities and Exchange Board of India.

You are also requested to inform us forthwith of any default or delay in the payment of interest and/or principal against the rated debt programme, or any other debt instruments and/0r borrowings of your company. Further, you are requested to keep us informed of any other developments that could have ^a direct or indirect impact on the debt servicing capability of your company, with such developments including, but not limited to, any proposal for re-schedulement or postponement of repayment against any dues and/or debts of your company with any lender(s) and/or investor(s).

We thank you for your kind cooperation extended during the course of the rating exercise. Please let us know if you need any clarification.

We look forward to further strengthening our existing relationship and assure you of our best services.

With regards,

Yours sincerely,

for ICRA Limited

".741; l {I'LL/f, Shafnshcyfjewan / /

Vice President Senior Analyst shamsherd@icraindia.com sreejan.dutta@icraindia.com

w Sreejan Dutta

Details of Bank Limits Rated	Amount	Rating	Assigned on Rating
ICRA both on by (Rated	(Rs. crore)
and Shor—Term Long-Term
Scale)
Fund-Based Limits
Axis Bank _	_ 25.00	[ICRA]AA-(Stable)/A1+	fiember 10, 205
fCICI Bank	' 20.00	[ICRA]AA-(Stable)/Al+	December 10,2018
_ Standard Chafierfiamk"	(25.00)	[ICRA]AA-(Stable)/A1+	2018 December 10,
IndusInd Bank* _	(15.00)	[lC—RAjAA-(StableyKl—Jr—	December 10, 2018
State flank of India	45.00	[ICRA1AA-(Statie5/AH	December 10, 2018
Non-Fund BaEcd Limits
_ Axis Bank	50.00	[ICRA]AA-(Stable)/A1+ '	December 10, 2018
ICICI Bank	40.00	[ICRA]AA-(Stable)/A1+	December 10,2018
'Standard Chartered Bank	45.00	[ICRA]AA-(Stable)/A1+	December 10, 2018
lndusInd Bank	15.00	" [ICRA]AA-(Stable)/A1+	December 10, 2018
State Bank of India	100—0	' ' [W]KA:(Stable)/Al+	2V" December 10,
Unallocated	45.00	[ICRA]AA-(Stable)/A1+	December 10, 2018
Total	295.00

*Sub-limit of non-fund based limits