Ice Make Refrigeration was originally incorporated on March 31, 2009 as a private limited company under the Companies Act, 1956 in the state of Gujarat as ‘Ic Ice Make Refrigeration Private Limited’ vide Certificate of Incorporation issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Subsequently, the name of Company was changed to ‘Ice Make Refrigeration Private Limited’ vide Certificate of Incorporation pursuant to change of name dated August 04, 2015 issued by Registrar of Companies, Ahmedabad.

Business area of the Company:

Ice Make Refrigeration 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. It classifies its business into 4 verticals: (i) Cold Room (ii) Commercial Refrigeration (iii) Industrial Refrigeration and (iv) Transport Refrigeration. The company operates its business verticals under the brand of ‘Ice Make’. Top 5 products of the company are (i) Cold Room (ii) Commercial Freezer (iii) Chiller (iv) Refrigerated Vehicle and (v) Ice Cream Hardener. In December 2016, it acquired ‘Bharat Refrigerations Private Limited’, a company based in Chennai, engaged in similar business, which is now a wholly owned subsidiary of the company. Bharat Refrigerations Private Limited is present in the above business verticals through the brands named ‘Bharat’ and ‘Trans Freez’. The company’s dealers and associates are present in the cities of Bikaner, Cochin, Cuttack, Goa, Hubli, Jodhpur, Kolhapur, Kolkata, Nagpur, Patna, Pune, Pondicherry, Trivandrum, Kathmandu and Colombo. Its customers include leading and reputed names across each industry. To name some of them are Amul, Havmor, Vadilal, The Grand Bhagwati, Thirumala, Sankalp, Vimal Dairy, Scoops, Himalayan, Kitchen Express, Urmin, Haldiram’s Prabhuji etc.

Major events and milestones

2009: Incorporation of Company with the name ‘Ic Ice Make Refrigeration Private Limited’
2009: Takeover of running businesses of M/s Ice Make Refrigeration and M/s Colpan Poly Panel Industries.
2009: Shifting of the manufacturing unit of Company.
2012: Addition of new business vertical, i.e., Transport Refrigeration.
2015: Change of name of Company from ‘Ic Ice Make Refrigeration Private Limited’ to ‘Ice Make Refrigeration Private Limited’.
2016: Acquisition of Bharat Refrigerations Private Limited
2017: Conversion into Public Limited Company

Awards/Recognition/Achievements:

2011: Indian Leadership Award for Industrial Development by All India Achievers Foundation
2013: Management System of our Company certified to be in accordance with ISO 9001:2015 & BS OHSAS 18001:2007 by Bureau Veritas Certification
2014: Best Medium Enterprise (Manufacturing) Award by Canara Bank in respect of the Ahmedabad Circle
2014: Skoch Achiever Award-2014 and Skoch Order of Merit for qualifying amongst India’s best SMEs - 2014 by Skoch group
2014: Management System of Company certified to be in accordance with ISO 14001:2004 by Bureau Veritas Certification
2016: ‘India SME 100’ Award of FY 2015-16 by India SME Forum for scoring in the top 100 in the overall evaluation of financial & non-financial parameters
2017: CRISIL MSE*1 rating by CRISIL

Market Cap	924 Cr	ROE	29.2%
P/E Ratio(TTM)	40.3	EPS(TTM)	0.0
P/B Ratio	10.2	Dividend Yield	0.3%
Industry P/E	75.4	Book Value	57.7
		Face Value	10.0

Fundamentals