To,

The Members,

Crown Lifters Limited,

The Board of Directors of your company presents 22^nd (Twenty Second) Annual Report of your company together with the Audited Financial Statements (Standalone) for the period ended 31^st March, 2024.

The detailed information on the operation of the company and details on the state of affairs of the company are covered in the "Management Discussion and Analysis Report".

During the year, The board of Directors of the company at their meeting held on 2^nd November, 2023 has declared and paid interim dividend of Rs. 0.40/- per equity share i.e. 4% of the face value of Rs. 10/- per share amounting to Rs. 10,41,000/- out of the profits & reserves of the company to public category equity shareholders. The promoters of the company have waived off/forgone their right to receive dividend for F.Y. 2023-24. The record date for the payment of dividend was fixed as 17^th November, 2023.

However, the board does not recommend any final dividend for the year 2023-24.

During the year under review, the authorized share capital of the company was increased from Rs 10,50,00,000 (Rupees Ten Crore Fifty Lakh only) divided into 1,05,00,000 (One Crore Five Lakh) equity shares of Rs. 10 (Rupees 10 only) each to Rs. 11,25,00,000 (Rupees Eleven Crore Twenty Five Lakh only) divided into 1,12,50,000 (One Crore Twelve Lakh Fifty Thousand) equity shares of Rs. 10 each vide ordinary resolution passed at the extraordinary general meeting of the company held on 7^th March, 2024.

Moreover, the Paid-up Share Capital of the company was also increased from Rs. 10,41,00,000 (Rupees Ten Crore Forty One Lakh only) divided into 1,04,10,000 (One Crore Four Lakh Ten Thousand) Fully paid-up Equity Shares of Rs. 10 (Rupees Ten Only) each to Rs. 11,22,33,440 (Rupees Eleven Crore Twenty Two Lakh Thirty Three Thousand Four Hundred forty only) divided into 1,12,23,344 equity shares of Rs. 10 each vide circular resolution dated 26^th March, 2024 passed by Board of directors of the company.

During the year under review, the company has generated total revenue of Rs. 28,86,77,389/- as against Rs. 19,69,93,306 during the previous financial year. The net profit after tax for the year under review has been Rs. 5,50,77,104 as against the net profit of Rs. 3,89,66,584 during the previous financial year. Your directors are continuously looking for the new avenues for future growth of the company and expect growth in future period. A detailed analysis of the financial results is given in the Management Discussion and Analysis Report, which forms part of this report.

The company has reserves and surplus of Rs. 24,84,95,972 in the present financial year as against the reserve and surplus of Rs. 10,72,05,986 during the previous financial year.

During the year under review, the following object was inserted in the ancillary object clause by passing a special resolution in the Extra Ordinary general meeting of shareholders held on 27^th May, 2023:

During the year under review, the company had received request from Mr. Siraj Virji Jaria, promoter shareholder of the company to reclassify him as public shareholder of the company as he was holding nil shares in the company.

Accordingly, the same was approved by the Board of Directors and Shareholders of the company at their meetings held on 4^th April, 2023 and 27^th May, 2023 respectively. Thereafter, the company submitted the application to NSE along with the requisite documents.

The application was the approved by the Exchange on 17^th July, 2023 reclassifying Mr. Siraj Virji Jaria as public shareholder of the company.

During the year under review, there was no change in directors of the company.

The present structure of board of directors is as follows:

In accordance with the provisions of section 152 of the Companies Act, 2013, Mr. Nizar Nooruddin Rajwani (holding DIN 03312143), who retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The Board of directors, based on the recommendation of the Nomination and Remuneration Committee has proposed re-appointment of Mr. Nizar Nooruddin Rajwani. Appropriate Resolution in connection with the said reappointment and his brief profile is given in this report as notes to the notice.

Ms. Payal Pravin Madhani and Mr. Sanjay Dayal are eligible for re-appointment for their second term to act as a Non-Executive Independent Director of the Company and declaration of independence is received from them. Their re-appointment is proposed to the members at the ensuing Annual General Meeting of the company.

Pursuant to section 149 of the Companies Act, 2013, company has received requisite declarations/confirmations from all the independent directors confirming their independence. The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, domain knowledge, experience and expertise in the fields of finance, administration, management, strategy, etc. and they hold highest standards of integrity.

All the Independent Directors of the Company have registered themselves with the Indian Institute of Corporate Affairs, Manesar ('IICA') as required under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and thereby have complied with the provisions of sub-rule (1) and sub rule (2) of Rule 6 of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 to the extent applicable. All the Independent Directors have also complied with the provisions of sub-rule (4) of Rule 6 of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019.

The following are independent directors of the company in terms of Section 149(6) of the Act and SEBI (Listing Obligations and Disclosure requirements) Regulations 2015;

1. Ms. Payal Pravin Madhani

2. Mr. Sanjay Dayal

3. Mr. Amit Bhalchandra Nandedkar

4. Mr. Divakar Hebbar Kapoli

This shall be deemed to be a disclosure as required under Rule 8 (5) (iiia) of the Companies (Accounts) Rules, 2014, as amended.

Mrs. Priyanka Sanatkumar Shastri, Company Secretary holding requisite qualification from the Institute of Company Secretaries of India, having Membership No. A-29506 was working as Company Secretary (KMP) & Compliance Officer of the company and she has resigned from the said post w.e.f. 31^st July, 2024. The company is in search of new Compliance officer & Company Secretary in her place.

Mr. Nizar Nooruddin Rajwani holds designation of Chief Financial Officer of the company. CORPORATE GOVERNANCE REPORT:

The directors of the company affirm the commitment of company towards achieving the highest standards of corporate governance. Since the company is listed on Main Board of NSE, by virtue of Regulation 15 of SEBI (Listing Obligation And Disclosure Requirements) Regulation, 2015 the compliances with the corporate governance provisions as specified in regulations 17 to 27 and clauses (b) to (i) of sub regulation (2) of Regulation 46 and Para C, D and E of Schedule V are applicable to the company. Hence, Corporate Governance Report forms a part of this Annual Report as "ANNEXURE-A".

The company has no subsidiary company, joint venture company or associate Company. PUBLIC DEPOSIT:

During the year under review your company has neither accepted the deposit from public nor renewed the same and has neither defaulted in the repayment of deposits or payment of interest during the financial year as envisaged by Chapter V of the Companies Act, 2013.

There is no change in the nature of the business of the company done during the year under review.

However, the company has inserted object in ancillary object clause of Memorandum of Association vide special resolution passed on 27^th May, 2023 as mentioned above.

In compliance with provisions of Section 134(3)(m) of the Act and Rule 8 of the Companies (Accounts) Rules, 2014 the information pertaining to the conservation of energy, technology absorption and foreign exchange earnings and outgo for the year ended March 31, 2024, are to be given by the Company as a part of the Boards Report. Your Company strives to achieve the optimum utilization of resources by innovative techniques and processes and further reducing wastage.

All the servicing/job work facilities continued their efforts to reduce the specific energy consumption. Specific and total energy consumption is tracked at individual block level and also at consolidated servicing level. Apart from regular practices and measures for energy conservation, many new initiatives were driven across the units. Some of them are mentioned below:-

• LED Lights in office in place of CFL in offices.

• Encouraging Go Green Initiatives.

• Use of Natural Ventilation.

• Switch off electrical appliances, whenever not required.

Efforts have been made by Company to reduce or optimize the energy requirements at all the plants. Company encourages capital investment in energy saving equipment, plants or machinery. No significant investments were incurred during the year.

The Company being a service provider, there is no expenditure incurred on research and development during the year under review. Moreover, during the year, the company has no Foreign Exchange earnings and no foreign exchange outgo during the year.

During the year under review, contracts or arrangements entered into with the related party, as defined under section 2(76) of the Companies Act, 2013 were in the ordinary course of business and on arm's length basis. Details of transactions pursuant to compliance of section 134(3) (h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 are annexed herewith as per "ANNEXURE-B" in the FORM AOC-2.

During the year, the company has not entered into any materially significant related party transactions which may have potential conflict with the interest of the Company and stakeholders at large. Suitable disclosures as required are provided in AS-18 which is forming part of the notes to the financial statement.

The board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for appointment and remuneration of Directors, key managerial personnel and senior management. Remuneration policy of the company acts as a guideline for determining, inter alia, qualification, positive attributes and independence of a Director, matters relating to the remuneration, perquisites, appointment, removal and evaluation of the performance of the Director, Key Managerial Personnel and senior managerial personnel. Nomination and Remuneration Policy is annexed as "ANNEXURE-C" to this report and also placed on the Company's website: www.crownlifters.com.

The company has no employee, who is in receipt of remuneration of Rs. 8,50,000 per month/- or Rs. 1,02,00,000 per annum and hence, the company is not required to give information under Sub Rule 2 and 3 of Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Further the following details form part of Annexure to the Board's report: - i) Disclosure under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014- "ANNEXURE-D".

No material changes occurred which affect the financial position of the company between the end of the financial year of the company to which financial statements relate and date of the report.

During the year, no material orders are passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future.

Pursuant to the provisions of Section 124 of the Companies Act, 2013 and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019, read with all relevant notifications as issued by the Ministry of Corporate Affairs from time to time, during the F.Y. 2023-24, the company is not required to transfer any fund to Investors Education and Protection Fund.

However during the year 2024-25, the company is required to transfer unclaimed/ unpaid dividend amounting to Rs. 4000/- to Investors Education and Protection Fund.

The website of your Company, www.crownlifters.com carry comprehensive database of information of interest to the stakeholders including the corporate profile, information with regard to products, plants and various depots, financial performance of your

All the assets of the company are adequately insured and the company has developed proper system for taking insurance on all its insurable assets in order to mitigate the risk.

In accordance with the provisions of Section 139 of the Companies Act, 2013 M/s. Shiv Pawan & Company., Chartered Accountants (FRN: 120121W) was appointed as Statutory Auditors of the company by the shareholders of the company at the 20^th Annual General meeting held on 29^th September, 2022 for a term of 5 (five) years to hold office until the conclusion of 25^th Annual General Meeting of the company to be held in 2027.

The Ministry of Corporate Affairs vide its Notification dated May 7, 2018, has dispensed with the requirement of ratification of Auditor's appointment by the shareholders, every year. Hence, approval of the Members for the ratification of Auditor's appointment is not being sought at the ensuing Annual General Meeting.

The Auditors' Report does not contain any qualification, reservation or adverse remark(s) on the financial statements for the year ended on March 31, 2024. The notes of accounts referred to in the auditors' report are self explanatory and therefore do not require any further comments.

Pursuant to the provisions of section 204 of the Act and The Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014, the Company has appointed M/s. Ronak Doshi & Associates, Practicing Company Secretary to undertake Secretarial Audit for the financial year ended on 31^st March, 2024. Secretarial Audit Report is annexed as "ANNEXURE-E" as Form MR-3. The board has duly reviewed the Secretarial Auditor's Report and the observations and comments appearing in the report are selfexplanatory and do not call for any further explanation / clarification by the Board of Directors as provided under section 134 of the Act.

Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, A certificate from Mr. Ronak D. Doshi, Practicing Company Secretary certifying that none of the directors on the Board of the company have been debarred or disqualified from being appointed or continuing as directors of the company by SEBI or MCA or any such statutory authority is enclosed as "ANNEXURE-F".

Pursuant to the provisions of section 138 of the Companies Act and rules made there under, the company has its proper system of Internal Control and it regularly monitors the safeguarding of its assets, prevention and detection of frauds and errors and accuracy and completeness of accounting records including timely preparation of financial information.

Mr. Mehul Mehta, Chartered Accountant together with the Statutory Auditor of the company M/s. Shiv Pawan & Company acts as internal auditor of the company and

consults and reviews the effectiveness and efficiency of these systems and procedures to ensure that all the assets are protected against loss and that the financial and operational information is accurate and complete in all respects.

During the year under review, the company was outside the purview of Section 135 of Companies Act, 2013 related to Corporate Social Responsibility and hence it was not required to spend for CSR Activities.

However, as per the provisions of Section 135, Corporate Social Responsibility (CSR) is applicable for the financial year 2024-25 as the profit before tax exceeds Rs. Five crore during the immediately preceding financial year i.e. F.Y. 2023-24. In the year 2024-25, the company is required to spend Rs. 7,68,652 (as a 2% of Avg. Net profit before tax for the years 2021-22, 2022-23 and 2023-24) for the CSR Activities.

The company accords the highest priority to Environment, Health and Safety. The management is constantly reviewing the safety standards of the employees and the management believes in the concept of sustainable development.

Pursuant to Rule 7 of the Companies (Meetings of Board and its Powers) Rules 2014 read with Section 177(9) of the Act and as per Regulation 22 of the Listing Regulations (as amended from time to time), the Company has framed Vigil Mechanism/ Whistle Blower Policy ("Policy") to enable Directors and employees to report genuine concerns or grievances, significant deviations from key management policies and reports on any noncompliance and wrong practices, e.g., unethical behavior, fraud, violation of law, inappropriate behavior/conduct, etc.

The objective of this mechanism is to maintain a Redressal system that can process all complaints concerning questionable accounting practices, internal controls, or fraudulent reporting of financial information.

During the year, none of the matter having any unethical practices or behavior was reported to the company.

The company has framed "Business Conduct Policy". Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the Policy. The objective of the Policy is to conduct the business in an honest, transparent and in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices by the employees of the company.

The Board of Directors duly met at regular intervals during the mentioned financial year and in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The details

regarding the meetings of board of directors and the attendance of the directors in the same is mentioned in Corporate Governance Report.

The Audit Committee duly met at regular intervals during the mentioned financial year and in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The details regarding the meetings of Audit Committee and the attendance of the committee members in the same is mentioned in Corporate Governance Report.

The Nomination and Remuneration Committee duly met at regular intervals during the mentioned financial year and in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The details regarding the meetings of Nomination and Remuneration Committee and the attendance of the committee members in the same is mentioned in Corporate Governance Report.

The Stakeholder relationship Committee duly met at regular intervals during the mentioned financial year and in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The details regarding the meetings of stakeholder relationship Committee and the attendance of the committee members in the same is mentioned in Corporate Governance Report.

The Board of Directors of the Company has constituted Independent Director's Committee as per Companies Act, 2013.

The duties of the Independent Directors are as under:

1. Evaluation of performance of Non-Independent Directors and the Board of Directors as a whole,

2. Evaluation of performance of the Chairman of the company, taking into account the views of other Executive and Non-Executive Directors and

3. Evaluation of the quality, content and timelines of flow of information between the Management and the Board that is necessary to effectively and reasonably perform its duties. All the Independent Directors were present at the meetings of Independent Directors.

The details regarding the meetings of Independent Directors and the attendance of the committee members in the same is mentioned in Corporate Governance Report.

The relations of the company with the laborers were cordial in nature.

The company incorporates the accounting standards as and when issued by the Institute of Chartered Accountants of India. The company complied with the Stock Exchange and all the other legal requirements, if any applicable to the company concerning the Financial Statements at the time of preparing of the Annual Report.

Management Discussion & Analysis Statement is part of this Annual Report.

As per direction of the SEBI and National Stock Exchange Limited, the shares of the Public Company must be under compulsory Demat form. The Company has established connectivity with both the Depositories i.e. National Securities Depository Limited and Central Depository Services (India) limited and the Demat activation number allotted to the Company is ISIN: INE491V01019. Presently 99.96% shares are held in electronic mode.

The company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. 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.

Directors further state that no complaints regarding the sexual harassment were raised during the year.

In accordance with the provision of section 134(5) the board confirms and submits the Director's Responsibility Statement:-

a) In preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b) The Directors 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 at the end of the financial year and of the profit or loss of the company for that period;

c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts on a going concern basis; and

e) The Directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

f) The Directors had devised proper system to ensure compliance with the provision of all applicable laws and that such systems were adequate and operating effectively.

The company has not provided directly or indirectly any loan to any other person or body corporate or has given any guarantees or provided security in connection with loan to any

other body corporate or person and acquire by way of subscription, purchase or otherwise, the securities of any other body corporate, exceeding sixty percent of its paid up capital, free reserves and securities premium account or one hundred percent of its free reserves and securities premium account, whichever is more and hence it is outside the purview of Section 186 of the Companies Act, 2013.

Pursuant to the provisions of the Companies Act, 2013 and as per Regulations under SEBI (LODR), 2015, the board has carried out an annual performance evaluation of its own performance, the directors individually, as well as, the evaluation of the working of its Committees. The performance of the Board was evaluated by the board after seeking feedback from all the directors on the basis of the parameters/criteria including the matters stated in guidance notes issued by the Securities and Exchange Board of India, such as, degree of fulfillment of key responsibility by the Board, Board Structures and Composition, frequency of its meetings, establishment and delineation of responsibilities to the Committees, effectiveness of Board processes, information and functioning, Board culture and dynamics and, Quality of relationship between the Board and the Management. The performance of the committees' viz. Audit Committee and Nomination & Remuneration Committee was evaluated by the Board after seeking feedback from Committee members on the basis of parameters/criteria such as degree of fulfillment of key responsibilities, adequacy of committee composition, effectiveness of meetings, committee dynamics and, quality of relationship of the committee with the Board and the Management. The directors expressed their satisfaction with the evaluation process and outcome.

The performance of Chairman, Managing Director, Independent Directors and NonExecutive Directors were evaluated based on inter alia leadership abilities, qualification and experience, knowledge and competency, attendance record, intensity of participation at meetings, quality of interventions and special contributions during the Board Meeting, identification, monitoring and mitigation of significant corporate risks, etc. The Independent Directors were additionally evaluated based on independence and their ability of expressing independent views and judgment, etc. The performance evaluation of each of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated.

The performance of Non- Independent Directors, including chairman was also evaluated by the Independent Directors at the separate meeting held of Independent Directors of the company. More details on the same are given in the Corporate Governance Report.

No cases of fraud have been reported under Section 143(12) of the Companies Act, 2013, during the period under review.

As required under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended the Board has developed and implemented a Risk Management Plan for the Company which identifies, assess, monitor and mitigate various risks which may threaten the existence of the Company and specifically covers cyber security.

Your Directors wish to place on record their sincere appreciation to the financial institutions, Company's bankers and customers, vendors and investors for their continued support during the year.

Your directors are also pleased to record their appreciation for the dedication and contribution made by employees at all levels who through their competence and hard work have enabled your company to achieve good performance year after year and look forward to their support in future as well.