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ICE Make Refrigeration Ltd

BSE Code : 535034 | NSE Symbol : ICEMAKE | ISIN:INE520Y01019| SECTOR : Engineering |

NSE BSE
 
SMC up arrow

60.00

0.70 (1.18%) Volume 280564

07-Dec-2021 10:14:21

Prev. Close

59.30

Open Price

61.05

Bid Price (QTY)

60.00(210)

Offer Price (QTY)

60.50(200)

 

Today’s High/Low 61.05 - 59.65

52 wk High/Low 120.20 - 57.30

Key Stats

MARKET CAP (RS CR) 93.11
P/E 20.73
BOOK VALUE (RS) 37.2633609
DIV (%) 12
MARKET LOT 1
EPS (TTM) 2.86
PRICE/BOOK 1.59137551116598
DIV YIELD.(%) 2.02
FACE VALUE (RS) 10
DELIVERABLES (%) 74.5
4

News & Announcements

17-Nov-2021

ICE Make Refrigeration Ltd - Ice Make Refrigeration Limited - Analysts/Institutional Investor Meet/Con. Call Updates

15-Nov-2021

ICE Make Refrigeration Ltd - Ice Make Refrigeration Limited - Outcome of Board Meeting

02-Nov-2021

ICE Make Refrigeration Ltd - Ice Make Refrigeration Limited - Monthly Business Updates

23-Oct-2021

ICE Make Refrigeration to announce Quarterly Result

23-Oct-2021

ICE Make Refrigeration to announce Quarterly Result

27-Jul-2021

ICE Make Refrigeration AGM scheduled

03-Jul-2021

Board of ICE Make Refrigeration recommends final dividend

18-Jun-2021

ICE Make Refrigeration to discuss results

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 147299 0.94
Total Institutions 0 0.00
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 243674 1.55
Total Promoters 11748000 74.82
Total Public & others 3562246 22.69
Total 15701219 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About ICE Make Refrigeration Ltd

Ice Make Refrigeration Limited was originally incorporated on March 31, 2009 as a private limited company with the name 'Ic Ice Make Refrigeration Private Limited'. Subsequently, the name of the Company was changed to 'Ice Make Refrigeration Private Limited' on August 04, 2015. Further, the Company was converted into a public limited company on August 29, 2017 and the name of the Company was changed to 'Ice Make Refrigeration Limited'. Ice Make is a refrigeration equipment manufacturer, engaged in providing cooling solutions. The Company provides cooling solutions for cooling systems and accessories used in industries such as dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others. The Company operates its business verticals under the brand of 'Ice Make'. The Company is promoted by Mr. Chandrakant P. Patel, Mr. Rajendra P. Patel and Mr. Vipul I. Patel. The promoters commenced the business in 2 firms (i) Ice Make Refrigeration (Proprietorship Firm) in 1993 and (ii) Hi Make Engineers (Proprietorship Firm) in 1997 (The name was thereafter modified to Colpan Poly Panel Industries). The running business of the 2 firms was taken over by way of a business transfer agreement in 2009. The Promoters, through the aforesaid firms, had initiated business as refrigeration equipment manufacturer by Commercial Refrigeration manufacturing in 1993 and forayed into Cold Room manufacturing in 2002 as well as Industrial Refrigeration manufacturing in 2003. Subsequently, the Company introduced Transport Refrigeration manufacturing in 2012. In December 2016, The Company had acquired Bharat Refrigerations Private Limited', a company based in Chennai, engaged in a business similar to their business, which is now its wholly owned subsidiary. Bharat Refrigerations Private Limited is present in the above business verticals through the brands named Bharat' and Trans Freez'.

ICE Make Refrigeration Ltd Chairman Speech

Dear Stakeholders,

We, at Ice Make Refrigeration Limited, cherish your association with us and remain committed to creating value to you sustainably. The theme of annual report 'Creating Value by Building Trust' is a tribute to the trusted relationships we have fostered over the years and to the inclusive growth path we tread on.

At a macro-economic level, due to global and local factors, the year remained muted for most part barring Q3 FY 2019-20 and early part of Q4 FY 2019-20, which unfortunately then ended on a sombre note following the events relating to the Covid-19 pandemic outbreak. During this period, interest rate regime was turning

expansionary, aiding liquidity and driving global financial markets. Key policy interventions by the Government announced including FDI policy reforms and cuts announced in corporate tax rate started helping market sentiments. As per the Government guidelines we had partly resumed operations in our facilities with all the necessary precautions and utmost care from April 22, 2020 to make our workplace safer.

The Indian refrigeration industry has a huge potential and we have aligned our strategies to explore these opportunities. Our focus area includes Ammonia Refrigeration, Exports, Online Food Chain Business,

Refer Van and Turnkey Solutions. We will continue to improve production efficiencies and quality of the products, increase awareness amongthe customers about the products we offer at cost effective price.

Thus, enabling us in good stead on various performance metrics.

During the FY 2019-20, we registered revenues of f 136.62 Crores as against f 129.57 Crores in the previous year. While EBIDTA was reported at f 14.67 Crores in 2019-20 against f 14.17 Crores in 2018-19 and PAT was registered at f 7.17 Crores in 201920 against f 7.83 Crores in 2018-19. The muted performance can be attributed to Covid-19 as March tends to be the peak season for the business. However, we have maintained strong business fundamentals and corporate philosophy by focusing on delivering strategies and building trust with stakeholders. Our aim is to not only survive but sustain and continue to improve performance, customerdelight, employee welfare and value creation. As per our commitment to our stakeholders, we have again proposed 12% dividend for the FY 2019-20.

We have taken several steps like coil in-house manufacturing, redesign of chillers and use of C5 technology to fulfil the aspiration of Atmanirbhar Bharat Vision. Furthermore, we have already reduced dependency on imports for raw material and will not be impacted by the restrictions imposed by the Government of India in recent time. Our coil manufacturing unit is functional and is producing more than required for internal captive consumption, which will support us to supply additional number of coil in the market too. This will further aid in reducing the procurement time and inventory carrying cost as well as attain strong operational and cost efficiencies.

Last year we launched Ammonia Refrigeration vertical, which provides turnkey solution and sales of which has almost doubled within ayear's time. Also, in FY 201920 we forayed into fast emerging online food business which has started showing results as it has received its first few orders from leading brands. We are strongly focussing on strengthening this further by providing solutions to their specific requirements.

We have been able to successfully innovate and transform ourselves over the last two decades to remain a leading-edge player in a competitive and technology- driven industry. We will consistently invest in R&D to cater to rapidly evolving customers requirement by offering unique and innovative solutions. Thus, further strengthening our position in the market as well as margins. In order, to propel the Company to the next phase of growth and transform into a company with a broader positioning, we embarked on a journey to migrate from NSE's Emerge to mainboard platform.

Greater the adversity, bigger the opportunity. Given the nature of this pandemic, opportunities are immense.

We are better prepared than ever to leverage our strengths and go the distance for our clients and for the communities that we are part of.

I am thankful to all of you - ourvalued stakeholders who have unflinchingly supported the Company and its Management. Your trust, support and inspiration have greatly helped us in building a value-accreting organisation. A special thanks to our staff and employees who have admirably and calmly risen to the challenge thrown up by Covid-19.1 am confident of the future of the Company which is built on strong values, capabilities, trust and a brand and is a part of an exciting industry in the growing Indian landscape. I extend my best wishes for all of you and your families during this very challenging time faced by our country and rest of the world.

Best Wishes,

Chandrakant P. Patel

Chairman & Managing Director

   

ICE Make Refrigeration Ltd Company History

Ice Make Refrigeration Limited was originally incorporated on March 31, 2009 as a private limited company with the name 'Ic Ice Make Refrigeration Private Limited'. Subsequently, the name of the Company was changed to 'Ice Make Refrigeration Private Limited' on August 04, 2015. Further, the Company was converted into a public limited company on August 29, 2017 and the name of the Company was changed to 'Ice Make Refrigeration Limited'. Ice Make is a refrigeration equipment manufacturer, engaged in providing cooling solutions. The Company provides cooling solutions for cooling systems and accessories used in industries such as dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others. The Company operates its business verticals under the brand of 'Ice Make'. The Company is promoted by Mr. Chandrakant P. Patel, Mr. Rajendra P. Patel and Mr. Vipul I. Patel. The promoters commenced the business in 2 firms (i) Ice Make Refrigeration (Proprietorship Firm) in 1993 and (ii) Hi Make Engineers (Proprietorship Firm) in 1997 (The name was thereafter modified to Colpan Poly Panel Industries). The running business of the 2 firms was taken over by way of a business transfer agreement in 2009. The Promoters, through the aforesaid firms, had initiated business as refrigeration equipment manufacturer by Commercial Refrigeration manufacturing in 1993 and forayed into Cold Room manufacturing in 2002 as well as Industrial Refrigeration manufacturing in 2003. Subsequently, the Company introduced Transport Refrigeration manufacturing in 2012. In December 2016, The Company had acquired Bharat Refrigerations Private Limited', a company based in Chennai, engaged in a business similar to their business, which is now its wholly owned subsidiary. Bharat Refrigerations Private Limited is present in the above business verticals through the brands named Bharat' and Trans Freez'.

ICE Make Refrigeration Ltd Directors Reports

To,

The Members,

Ice Make Refrigeration Limited

Dear Members,

Your Directors have pleasure in presenting the 11th Annual Report of the Company together with the Audited Financial Statements for the year ended on March 31, 2020.

1. FINANCIAL PERFORMANCE / HIGHLIGHTS

The Company's financial performance for the year ended on March 31, 2020 is highlighted below:

(f In lakhs)

Particulars

Standalone Results

Year Ended March 31, 2020 Year Ended March 31, 2019
Gross Revenue from Operations 15,917.84 15290.02
Less: Central Excise Duty / GST 2,326.97 2371.77
Net Revenue From Operations 13,590.87 12918.25
Add: Otherlncomes 71.44 39.72
Total Revenue 13662.31 12957.97
Earnings before Interest, Depreciation, Tax & Amortization 1466.93 1417.20
Less: Depreciation and Amortization (325.11) 223.56
Earnings before Interest & Tax 1141.81 1193.64
Less: Finance Cost (169.53) 92.30
Profit Before Tax 972.28 1101.34
Less: Provisions for Income Tax including Deferred Tax (255.07) 317.89
Profit After Tax 717.21 783.45
Profit Carried to Balance Sheet 717.21 783.45
Accumulated Balance of Profit 2135.06 1644.58

2. FINANCIAL HIGHLIGHTS AND STATE OF AFFAIRS OF THE COMPANY Standalone

For the year ended March 31, 2020 the Company's total revenue stood at f 13,662.31 lakhs indicating 5.44% increase from that of March 31, 2019.

Earnings before Interest, Depreciation, Tax and Amortization (EBIDTA) for the year was increased from f 1417.20 lakhs and reached to f 1466.93 lakhs indicating increase of 3.51%. This reflects a robust operational performance and ever increasing growth of the Company.

This year EPS stood at f 4.58.

Consolidated

For the year ended March 31, 2020 the Company's total revenue stood at f 13802.02 lakhs which was increased from f 13,200.70 lakhs in March 31, 2019 indicating 4.56% increase. Earnings before Interest, Depreciation, Tax and Amortization (EBIDTA) for the year was marginally reduced from f 1,417.54 lakhs and reached to f 1303.39 lakhs indicating decrease of 8.05%.

Further, this year EPS stood at f 3.64.

3. DIVIDEND:

Considering the profit, growth and future prospects of the Company, the Directors have decided to recommend the Final Dividend of f 1.20 (12 % on the face value of the share) per Equity Shares on 1,56,72,000 Equity Shares of the Company of f 10/- each for the financial year ended on March 31, 2020. The total amount of dividend recommended is f 1, 88, 06, 400.

4. TRANSFER TO RESERVES

The Company has not transferred any Amount to General Reserve during the year 2019-2020.

5. CASH FLOW AND CONSOLIDATED FINANCIAL STATEMENTS

The statement as required under Section 129 of the Companies Act, 2013, in respect of the subsidiaries of the Company viz. Bharat Refrigeration Private Limited is annexed and forms an integral part of this Report. Consolidated Financial Statements prepared in accordance with relevant Accounting Standards issued by the Institute of Chartered Accountants of India, form part of the Annual Report and Accounts. Cash Flow Statement is also attached as part of the Annual Report and Accounts.

6. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has in place adequate internal control systems commensurate with the size of its

operations. The internal control systems, comprising of policies and procedures, are designed to ensure sound management of your Company's operations, safekeeping of its assets, optimal utilization of resources, reliability of its financial information and compliance. Clearly defined roles and responsibilities have been institutionalized. Systems and procedures are periodically reviewed to keep pace with the growing size and complexity of your Company's operations.

7. DETAILS OF SUBSIDIARY / JOINT VENTURE / ASSOCIATE COMPANIES

Bharat Refrigerations Private Limited is wholly owned subsidiary Company of Ice Make Refrigeration Limited.

A statement containing the salient feature of the financial statement of Subsidiary company under the first proviso to sub-section (3) of section 129 in form AOC -1 is appended as Annexure - 6

The Company is not having any other Joint Venture or Associate Company.

8. MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THECOMPANY

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these Financial Statements relate and on the date of this report. Further, during the financial year under report, no significant or material orders have been passed by any of the regulators or courts or tribunals impacting the going concern status and operations of the Company in future.

9. DEPOSITS

During the financial year under report, your Company has not accepted any deposits within the meaning of Sections 73 of the Companies Act, 2013.

10. STATUTORY AUDITORS

M/s. Umesh Shah & Associates (FRN: 114563W), Chartered Accountants, Ahmedabad were appointed as a Statutory Auditor of the Company at the 10th Annual General Meeting until conclusion of 15th Annual General Meeting of the members of the Company.

The Auditors' Report for the financial year ended on March 31, 2020 forms part of this Annual Report and the same does not contain any qualification, reservation or adverse remark.

There have been no instances of fraud reported by the Auditors under Section 143(12) of the Companies Act, 2013.

11. SECRETARIAL AUDITOR

In terms of Section 204 of the Companies Act, 2013, the Board of Directors of your Company has appointed M/s. K. Jatin & Co., Practicing Company Secretaries, Ahmedabad as a Secretarial Auditors to conduct an Audit of secretarial records and compliances in accordance with the provisions of Section 204 of the Companies Act, 2013 for the financial year ended on March 31, 2020.

The Secretarial Audit Report given by M/s. K. Jatin& Co., Practicing Company Secretaries, Ahmedabad is enclosed herewith as Annexure - 4.

12. COST AUDITOR

The Board of Directors of your Company has appointed Mr. Mitesh Prajapati, Proprietor of the Firm M/s. M.I. Prajapati & Associates, Cost Accountants, Ahmedabad as Cost Auditors to conduct audit of the Cost Records for Financial Year to be ended on March 31, 2021.

13. COST RECORDS

The Central Government has prescribed the maintenance of cost records under section 148(1) of the act, for the goods supplied by the Company. The Company has maintained proper cost records.

14. SHARE CAPITAL

The paid up Equity Share Capital as at 31st March, 2020 remained at 1567.20 lakhs. During the period under report, your Company has not issued any share including Sweat Equity, Convertible Debentures.

15. LISTING:

The Equity Shares of the Company are listed on SME Platform of National Stock Exchange of India Limited (NSE Emerge). The Company is regular in payment of Annual Listing Fees. The Company has paid Listing fees up to the year 2020-21.

16. MIGRATION OF LISTING / TRADING OF 1,56,72,000 EQUITY SHARES OF THE COMPANY TO THE MAIN BOARD OF NATIONAL STOCK EXCHANGE OF INDIA LIMITED (NSE) :

The Company obtained approval of Members pursuant to the provisions of Section 110 and other applicable provisions, if any, of the Companies Act, 2013 and pursuant to provisions of Chapter IX of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulation, 2018 and other applicable provisions, if any, for Migration of Listing / Trading of 1,56,72,000 Equity Shares of the Company to the main Board of National Stock Exchange of India Limited (NSE) by declaring result of Postal Ballot on April 10, 2020. The Company is in the process of making "In Principle" Approval Application to NSE for the said migration.

17. GRANT OF STOCK OPTIONS UNDER ICE MAKE REFRIGERATION LIMITED EMPLOYEE STOCK OPTION PLAN 2018 ("Ice Make ESOP 2018"):

Pursuant to approval of Members obtained on October 26, 2018 via Postal Ballot, and as per applicable provisions of the SEBI (Share Based Employee Benefits) Regulations, 2014, the Companies Act, 2013, the Memorandum and Articles of Association of the Company and the Ice Make ESOP Plan 2018, and pursuant to the consent of the members of the Nomination and Remuneration Committee, the Company has granted 1,56,000 Options pursuant to the Ice Make ESOP Plan 2018 to eligible employees on the following terms and conditions:

Particulars Details
Total Number of Options to Grant 1,56,000
Vesting Schedule Period of Vesting % of Options to be vested
Upon expiry of 12 months from the date of Grant 30%
Upon expiry of 24 months from the date of Grant 30%
Upon expiry of 36 months from the date of Grant 40%
Exercise Price f 57/- per Option
Exercise Period Within 3 months from the date of vesting
Method of payment of Exercise Price Exercise Price shall be payable in Cash at the time of exercise of Option(s)
Number of Equity Shares that may arise out of Exercise of Option 1,56,000 Equity Shares
Other Terms As per the Scheme and the Letter of Grant

18. CREDIT RATINGS:

Ice Make has received Care BBB+ (Care Triple B Plus) from CRISIL in January 2018 which is maintained till date. The rating indicates stable and positive outlook of the Company.

19. DIRECTORS & KEY MANAGERIAL PERSONNEL Particulars of Executive Directors and KMP

Sr No Name Designation Appointment Date
1 Mr. Chandrakant P. Patel Chairman & Managing Director 05/09/2017
2 Mr. Rajendra P. Patel Joint Managing Director 05/09/2017
3 Mr. Vipul I. Patel Joint Managing Director 05/09/2017
4 Mr. Ankit Patel Chief Financial Officer 05/09/2017
5 Mr. Mandar Desai Company Secretary and Compliance Officer 02/03/2019

Their brief profile forms part of the Management Profile section of this Annual Report.

Non - Executive Independent Directors

Sr No Name Designation Appointment Date
1 Ms. Darsha Kikani Non-Executive Women Independent Director 05/09/2017
2 Mr. Hasmukh B. Patel Non - Executive Independent Director 05/09/2017
3 Mr. Harshadrai P. Pandya Non - Executive Independent Director 05/09/2017
4 Mr. Krishnakant L. Patel Non - Executive Independent Director 05/09/2017

Their brief profile forms part of the Management Profile section of this Annual Report.

Independent Directors have submitted the declaration of Independence, as required pursuant to the provisions of Section 149(7) of the Companies Act, 2013, stating that they meet the criteria of Independence as provided under Section 149(6).

A separate meeting of Independent Directors of the Company was held on February 29, 2020 in accordance with the provisions of Clause VII of the Schedule IV of the Companies Act, 2013.

Retirement by Rotation

In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and the Articles of Association of the Company Mr. Vipul I. Patel will retire by rotation at this Annual General Meeting of the Company and being eligible, offers himself for reappointment. The Board recommends his appointment

I. Evaluation of the Board's Performance:

During the financial year under report, exercise of evaluation was carried out through a structured Evaluation process covering various aspects of the Board's functioning such as composition of the Board & Committee(s), experience & competencies, performance of specific duties & obligations, Governance etc.

Separate exercise was carried out to evaluate the performance of each individual Director including the Board's Chairman who were evaluated on parameters such as attendance, contribution at the meetings and otherwise, independent judgments, safeguarding of minority shareholders' interest etc.

The evaluation of the Independent Directors was carried out by the entire Board excluding Independent Directors and that of the Chairman and the Non Independent Directors was carried out by the Independent Directors.

The Directors were satisfied with the evaluation results, which reflected the overall engagement of the Board and its Committees with the Company.

This may be considered as a statement under provisions of Section 134(3)(p) of the Companies Act, 2013 and Rule 8(4) ofthe Companies (Accounts) Rules, 2014.

The Board of your Company is composed with proper number of Executive and Non - Executive Directors.

II. Remuneration Policy:

The Company follows a policy on remuneration of Directors and Senior Management Employees. The policy has been approved by the Nomination & Remuneration Committee and the Board. More details on the same have been given in the Corporate Governance Report.

The policy on Remuneration of Directors, Key Managerial Personnel and Senior Employees can be accessed on website of the Company at following web link: http://www.icemakeindia.com/pdf/policies/policyon-remuneration- of-directors-key-managerialpersonnel-and-senior-employees.pdf

20. NUMBER OF MEETINGS OF BOARD OF DIRECTORS

The Board of Directors met 4 times during the financial year ended on March 31, 2020. The details ofthe Board meetings and the attendance of the Directors are provided in the Corporate Governance Report.

21. RELATED PARTY TRANSACTION

All the related party transactions during the period under report were entered on arm's length basis, in ordinary course of business and in compliance with the applicable provisions of the Companies Act, 2013 and relevant Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

There were no materially significant related party transactions made by the Company with Promoters, Directors or Key Managerial Personnel etc. which may have potential conflict with the interest of the Company at large.

All the related party transactions are presented to the Audit Committee and the Board. Necessary approval has been obtained from Audit Committee, Board of Directors and members for the transactions with the related parties.

The Policy on Related Party Transactions as approved by the Board has been uploaded on the Company's website at the following web link: http://www. icemakeindia.com/pdf/policies/policy-onrelated- party-transaction.pdf

22. ESTABLISHMENT OF VIGIL MECHANISM / WHISTLE BLOWER POLICY FOR DIRECTORS AND EMPLOYEES

The Company promotes ethical behaviour in all its business activities and has put in place a mechanism wherein the employees are free to report illegal or unethical behaviour, actual or suspected fraud or violation of the Company's Codes of Conduct or Corporate Governance Policies or any improper activity to the Chairman of the Audit Committee of the Company or Chairman of the Board. The Whistle Blower Policy has been duly communicated within the Company.

Under the Whistle Blower Policy, the confidentiality of those reporting violation(s) is protected and they are not subject to any discriminatory practices. No personnel have been denied access to the Audit Committee in this regard.

The said Vigil Mechanism / Whistle Blower Policy has been uploaded on website of the Company and can be accessed at following web link: http://www. icemakeindia.com/pdf/policies/whistleblower- policy-and-vigil-mechanism.pdf

23. AUDIT COMMITTEE

The Board has constituted an Audit Committee which comprises of Dr. Hasmukh B. Patel as the Chairman and Mr. Harshadrai P. Pandya & Mr. Chandrakant P. Patel as members.

Further, all the recommendations were accepted by the Board of Directors during the period under report. More details on the committee are given in the Corporate Governance Report.

24. NOMINATION AND REMUNERATION COMMITTEE

The Board has constituted a Nomination and Remuneration Committee which comprises of Ms. Darsha R. Kikani as a Chairperson and Mr. Chandrakant P. Patel & Mr. Krishnakant L. Patel as members.

The policy, required to be formulated by the Nomination and Remuneration Committee, under Section 178(3) of the Companies Act, 2013 is uploaded on the Company's website at the web link: http://www.icemakeindia.com/pdf/policies/

policy-onremuneration-of-directors-key-managerial- personneland-senior-employees.pdf More details on the Committee have been given in the Corporate Governance Report.

25. STAKEHOLDER RELATIONSHIP COMMITTEE

The Board has constituted a Stakeholder Relationship Committee which comprises of Mr. Harshadrai P. Pandya as the Chairman and Mr. Krishnakant L. Patel, Mr. Chandrakant P. Patel & Mr. Vipull. Patelas members.

More details on the Committee have been given in the Corporate Governance Report.

26. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place a Prevention of sexual harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. We have not received any sexual harassment complaints during the year ended on March 31, 2020.

A policy adopted by the Company for Prevention of Sexual Harassment is available on its website at the following web link: http://www.icemakeindia.

com/pdf/policies/policyon-prevention-of-sexual- harassment-of-women-atworkplace.pdf

27. LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The Company did not grant / make any Loan / Investment and provide Guarantees in respect of loans availed by others, under the pro visions of Section 186 of the Companies Act, 2013 and Rules framed there under during the financial year under report.

28. MANAGERIAL REMUNERATION

Sr. No. Name of the Director & Designation Remuneration for the year 2019-20 % increase over last year Parameters Median of Employees Ratio Commission received from Holding/ Subsidiary
1 Mr. Chandrakant P. Patel, Chairman & Managing Director 27,00,000 NIL NA 4,40,000 16:1 NIL
2 Mr. Rajendra P. Patel, Jt. Managing Director 27,00,000 NIL NA 4,40,000 16:1 NIL
3 Mr. Vipul I. Patel, Jt. Managing Director 27,00,000 NIL NA 4,40,000 16:1 NIL

The Company follows a policy on remuneration of Directors, Key Managerial Personnel and Senior Management Employees. The Company has paid remuneration to the Executive Directors as well as sitting fees to the Non-Executive Directors during the financial year under report.

More details on the Managerial Remuneration have been given in the Corporate Governance Report.

29. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A Detailed analysis of the Company's performance is made in the Management Discussion and Analysis Report, which forms part of this Annual Report.

30. KEY MANAGERIAL PERSONNEL:

% increase in remuneration of KMP:

Sr. No. Name of the Director & KMP Designation Percentage Increase (If any)
1. Mr. Chandrakant P. Patel Chairman & Managing Director NIL
2. Mr. Ankit Patel CFO 8%
3. Mr. Mandar Desai# Company Secretary N.A.

#Mr. Mandar Desai appointed as Company Secretary and Compliance Officer of the Company w.e.f. March 2, 2019.

31. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A Detailed analysis of the Company's performance is made in the Management Discussion and Analysis Report, which forms part of this Annual Report.

32. CORPORATE GOVERNANCE

During the financial year under report, pursuant to the SEBI (Listing Obligations and Disclosures Requirement) Regulations, 2015 the Company has complied with applicable provision of Corporate Governance and a separate report of Corporate Governance is included as a part of Annual Report along with requisite certificate from M/s. Kashyap R. Mehta & Associates, Practicing Company Secretaries, confirming compliance with the conditions of corporate governance is annexed herewith as Annexure - 5

33. DISCLAIMER

Though, the applicability and adherence of provisions of regulations relating to Corporate Governance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 being not mandated under the provisions of Regulation 15 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the listed entity

which has listed its specified securities on the SME Exchange, the Board of Directors of your Company has still made sufficient efforts to comply with the provisions related to Corporate Governance and to disclose the relevant information in the Directors' Report, Corporate Governance Report and in the entire Annual Report, to the extent possible as a matter of prudence and good governance.

34. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board meetings and Annual General Meetings.

35. CODE OF CONDUCT

The Board has laid down a Code of Conduct ("Code") for the Board Members, Managerial Personnel and for Senior Management Employees of the Company. This Code has been posted on the Company's website at http://www.icemakeindia.com/policies-disclosure. html. AH the Board Members and Senior Management Personnel have affirmed compliance with this Code. A declaration signed by the Managing Director to this effect forms part of the Corporate Governance Report.

The Board has also laid down a Code of Conduct for the Independent Directors pursuant to the provisions of Section 149(8) and Schedule IV to the Companies Act, 2013 via terms and conditions for appointment of Independent Directors, which is a guide to the professional conduct for Independent Directors and has been uploaded on the website of the Company at following web link: http://www.icemakeindia.com/

policies-disclosure.html

36. RISK MANAGEMENT POLICY

The Board of Directors has developed and implemented a Risk Management Policy for the Company.

It has identified and assessed internal and external risks with potential impact and likelihood that may impact the Company in achieving its strategic objectives.

There is nosuch risk which in the opinion of the Board which may threaten the existence of the Company.

The Policy lays down the procedures for risk identification, description, evaluation, estimation, reporting and development of action plan. The policy includes identification of elements of risks which mainly covers Strategic Risk, Operational Risk, Financial Risk and Hazardous Risks. The same can be accessed from the website of the Company at following web link: http://www.icemakeindia.com/ pdf/policies/policy-onrisk-management.pdf More details on the risk and concern factors have been given in the Management Discussion & Analysis Report.

37. CORPORATE SOCIAL RESPONSIBILITY

The Company has attracted criteria for Corporate Social Responsibility (CSR) by crossing net profit beyond f 5 crores pursuant to the provisions of Section 135 of the Companies Act, 2013 including Rules framed there under.

The Company has formulated the Corporate Social Responsibility Committee and it comprises of Mr. Rajendra P. Patel as Chairman of the Committee and Mr. Vipul I. Patel & Mr. Krishnakant L. Patel as Members.

In compliance with the requirements of section 135 of the Companies Act, 2013, the Company has laid down a CSR policy. The same can be accessed from website of the Company at the following web link: http://www.icemakeindia.com/pdf/policies/policy- oncorporate-social-responsibility.pdf The Company has contributed f 21.78 lakhs towards Corporate Social activities. The contributions in this regard have been also made directly and also indirectly through trust / institutions in fields like Education, Animal Welfare, Hunger, Promotion of Cold Chain for Farming etc.

The annual report on CSR during the financial year ended on March 31, 2020 in the format prescribed under Rule 8(1) of Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed herewith as Annexure - 7 forming part of this report.

38. DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the provisions of section 134(5) of the Companies Act, 2013, with respect to the Director's Responsibility Statement, it is hereby stated,

a. That in the preparation of the annual financial statements for the year ended March 31, 2020, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. That such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made 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, 2020 and of the profit of the Company for the year ended on that date;

c. That proper and sufficient care has been taken for the maintenance 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 fraud and other irregularities;

d. That the annual financial statements for the year ended March 31, 2020 have been prepared on a going concern basis;

e. That proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

f. That the system to ensure the compliances with the provisions of all applicable laws was in place and were adequate and operating effectively.

39. DISCLOSURE U/S 164(2) OF THE COMPANIES ACT, 2013

The Company has received the disclosure in Form DIR- 8 from its Directors being appointed or reappointed and has noted that none of the Directors are disqualified under Section 164(2) of the Companies Act, 2013 read with Rule 14(1) of Companies (Appointment and Qualification of Directors) Rules, 2014.

40. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars as to conservation of energy, technology absorption and foreign exchange earnings and outgo required to be disclosed in terms of Section 134 of the Companies Act, 2013 & Rule 8 of the Companies (Accounts) Rules, 2014 have been given separately as Annexure - 1.

41. EXTRACT OF ANNUAL RETURN

The Extract of Annual Return in the Form MGT-9 is enclosed herewith as Annexure - 2.The same is also available on the Company's website at www. icemakeindia.com

42. DISCLOSURE AS PER RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The Company has continued to maintain harmonious and cordial relations with its officers, supervisors and workers enabling the Company to maintain the pace of growth. Training is imparted to employees at all levels and covers both technical and behavioural aspects.

The details of Managerial Remuneration as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as "Annexure 3" as a part to this Report. There was no employee drawing an annual salary of f 102 lakhs or more where employed for full year or monthly salary of f 8.50 lakhs or more where employed for part of the year and therefore, no information pursuant to the provisions of Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is required to be given.

The details as per Rule 5(1) & (2) of the aforesaid Rule are enclosed herewith as Annexure - 3.

43. HUMAN RESOURCE AND INDUSTRIAL RELATIONS

The Company attaches importance to the dignity of employee irrespective of position and highly values the cultural diversities of employees. The Company is committed to nurturing, enhancing and retaining its top talent through superior learning and organizational development. This is a part of our Corporate HR function and is a critical pillar to support the organization's growth and its sustainability in the long run.

The number of Employees of the Company are 538 (266 Company Employees and 272 Contract Employees). The relationship between average increase in remuneration and Company's performance is as per the appropriate performance benchmarks and reflects short and long term performance objectives appropriate to the working of the Company and its goals.

The industrial relations continued to remain cordial and peaceful and your Company continued to give ever increasing importance to training at all levels and other aspects of H. R. D.

44. TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND

Total of unpaid amount of f 18000/- to be transferred to the Investor Education and Protection Fund by the Company.

45. INSURANCE

The movable and immovable properties of the Company including plant and Machinery and stocks wherever necessary and to the extent required have been adequately insured against the risks of fire, riot, strike, malicious damage etc. as per the consistent policy of the Company.

46. ENVIRONMENT AND SAFETY

The Company is conscious of the importance of environmentally clean and safe operations. The Company's policy requires conduct of operations in such a manner, so as to ensure safety of all concerned, compliances of environmental regulations and preservation of natural resources.

47. GRATUITY

The Company has entered in to an agreement with Life Insurance Corporation of India for covering its Gratuity Liability and has thus provided for the same. A Gratuity Trust Fund has been created with Life Insurance Corporation of India.

48. DISCLOSURE OF ACCOUNTING TREATMENT

In the preparation of the financial statements, the Company has followed the Accounting Standards referred to in Section 133 of the Companies Act, 2013. The significant accounting policies which are consistently applied are set out in the Notes to the Financial Statements.

49. DEMATERIALISATION OF EQUITY SHARES

The entire Shareholding of the Company is in demat mode. The ISIN No. allotted is INE520Y01019.

50. FINANCE

The Company's Income-tax Assessment has been completed up to the Assessment Year 2016-17 and Sales tax Assessment is completed up to the Financial Year 2014-2015.

The Company is enjoying Working Capital facilities from Canara Bank and Citibank. The Company is generally regular in payment of interest and principal amount.

51. ACKNOWLEDGMENT

Your Directors thanks all the Stakeholders including, Investors, Customers, Vendors, Bankers, Auditors, Consultants and Advisors for their continued support during the year. We also place on record our appreciation of the contributions of our employees at all the levels.

The Management is deeply grateful for the confidence and faith that all the stakeholders have reposed in them.

Your Directors look forward for their continued support in the future for the consistent growth of the Company.

   

ICE Make Refrigeration Ltd Company Background

Chandrakant P PatelChandrakant P Patel
Incorporation Year2009
Registered OfficeB-1 Vasupujya Chamber,Neer Navdeep Bldg IT Cross Rod
Ahmedabad,Gujarat-380009
Telephone91-79-27540630,Managing Director
Fax91-79-27540620
Company SecretaryMandar Desai
AuditorUmesh Shah & Associates
Face Value10
Market Lot1
ListingNSE,
RegistrarLink Intime India Pvt Ltd
5th Floor 506 to 508,ABC-I Off C G Road ,Navrangpura ,Ahmedabad-380009
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083

ICE Make Refrigeration Ltd Company Management

Director NameDirector DesignationYear
Chandrakant P PatelChairman & Managing Director2020
Rajendra P PatelJoint Managing Director2020
Vipul I PatelJoint Managing Director2020
Darsha R KikaniIndependent Director2020
Hasmukhbhai Baldevbhai PatelIndependent Director2020
Harshadrai P PandyaIndependent Director2020
Krishnakant L PatelIndependent Director2020
Mandar DesaiCompany Secretary2020

ICE Make Refrigeration Ltd Listing Information

ICE Make Refrigeration Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Cold Room/RefrigerationSystemsNA 000130.2117
GST No 00023.2697
Sale of Services NA 0005.6309
Duty Drawback NA 0000.0661
other operating revenue NA 0000

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