Ice Make Refrigeration Limited — Annual Report 2021

Jun 29, 2021

June 29, 2021

National Stock Exchange of India Limited Exchange Plaza, Plot No. C / 1, G .Block, "Bandra Kurla Complex - Bandra '(E) Mumbai - 400051

NSE Symbol: ICEMAKE

Subject: Outcome of the Board Meeting - June 29, 2021

• Reference: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations; 2015

Dear Sir,

[A] We would like to-inform you that the Board of Directors of the Company at its meeting held today, has inte� alia

• 1) Considered, Approved . and · taken on record the Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended on March 31, 2021 as recommended by the Audit Committee.

• 2) Recommended Final Div_idend of Rs. 1.20 (12%) per Equity Share of Rs. 10/- each, for the financial year ended on March 31, 2021.

• 3) The Board of Directors of the Cof!lpany has at its meeting held today, i.e. June 29, 2021, allotted 29,219 Equity Shares of face value of no;- each to

• the Eligible Employees of the Company who have exercised their Employee Stock Options under · 'Ice Make Refrigeration Limited - Employee Stock Option Plan 2018' • ("Ice Make ESOP 2018"). of the Cor:npany. The 'Equity Shares shall rank pari-passu with the existing Equity Shares of the Company in all respects .

. Consequent to the said allotment, the paid up equity shares capital of tlie Company shall be as follows:

15,70,12,190

. Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the following:

• 1) · Statement Showing the Audited Financial Results (Standalone and Consolidated) for the half anc!Jear ended on March 31m 202;1,;_

• I MAKE cRATION LIM11TE11 AN ISO 9001 : 20·15 , ISO 14001 : 2015 & BS OHSAS 18001 : 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

· . . o. . . . . CJ.NO : L29220GJ2009PLC056482 India. +91-79 -27540630 """+91-79-27540620 Q B/l, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014 , GujaratIndia. Q 226 , Dantali Industrial Estate, Gola_ Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta.: Kaloi, Dist.: Gandhinagar -382721 , Gujarat _- +91.9879107881 / 884 e +91-79-27540620 121 info@icemakeindia.com � www.icemakeindia.com Corporate Office/ Plant Address: Registered Office/ Mailing Address:

• 2) Auditors Report on Financial Results - for half year and year ended on March 31, 2021 Standalone and Consolidated;

• 3) Declaration of Unmodified Opinion on Auditors' Report

• 4) The Disclosures with respect to the stock options exercised under Ice Make ESOP 2018 pursuant to SEBI circular bearing reference number: CIR/CFD/CMD/4/2015 dated September 9, 2015 read with Regulation 30 of the SEBI LODR Regulations is attached as Annexure - i.

• The Meeting of the Board of Directors was commenced at .U ! 3 d At'rld was concluded at ..::J..S ! Lj5 f:' i"'1

Kindly"take the same on records.

Thanking you.

Yours faithfully, For Ice Make Refrigeration Limited . 8 o-i Ylo/ 01--1 V esC..--: Mandar Desai Company Secretary & Compliance Officer Encl.: Al a

I I AN ISO 9001: 2015, ISO 14001: 2015 & BS OHSAS 18001: 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

CorP,orate Office/ Plant Address: Q 8/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cr�ss Road, Ashram Road, Ahmedabad-380 014, Gujarat - India. � +91-79-27540630 �+91-79-27540620 Registered Office/ Mailing Address:

+91 9879107881 / 884 � +91-79-27540620l2linfo@icemakeindia.com$www.icemakeindia.com CJ.NO: L292.20GJ2009PLC056482 Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedaba? City, At: [)antali, Ta.: Kalal, Dist.: Gandhinagar - 382721, Gujarat -·India.

.

ICE MAKE REFRIGERATION LIMITED

Trust{'" Coolitt" Pat1°hi't"

Statement of Standalone Audited Financial Results for the quarter and year ended 31st March, 2021

II Ill Total Income(1+11) IV Expenses (a)Cost of materials consumed (b}Purchases of stock-in-trade (c)Changes in inventories of finishedgoods and work-in-process (d}Employee Benefits Expenses (e}Finance Costs (f)Depreciation and amortization expenses (g} Other expenses Total expenses(IV} V Profit/ (Loss} before exceptional items and tax(Ill-IV) VI Exce tional Items VII Profit/ (Loss}Before.Tax{V - VI} VIII Tax expense : a}CurrentTax b}DeferredTax Liability/ (Assets} c}Adjustmentoftax for Earlier Years Total Tax Expenses(VIII} IX Profit/ (Loss}for thepreiod from continuingoperations{VII - VIII} X Profit/ (Loss}from discontinuingoperations beforeTax XI Tax expense of discontinuingoperations XII Profit/ (Loss}from discontinuingoperations XIII Profit/ (Loss) for theperiod(IX+ XII} XIV OtherComprehensive Income( net of taxes) i} Itemsthatwill notbe reclassifiedtoprofitor loss a)Remeasurements of the defined benefitplans b) Income tax relating to items that will not be reclassified to profit or loss XI Total comprehensiveincome for theperiod(XIII+ XIV} XII Paid upequityshare capital(face value of Rs. 10per share) XIII Other equityexcludingRevaluation Reserve XIV Earnings per share (of Rs. 10/- each} (for continuing operations) (not annualised}: Basic Diluted Earnings per share (of Rs.10/- each) (for discontinued operations) (not annualised}: Basic Diluted Earnings per share(ofRs.10/- each} (for discontinued &continuing o erations notannualised : Basic Diluted	II Ill Total Income(1+11) IV Expenses (a)Cost of materials consumed (b}Purchases of stock-in-trade (c)Changes in inventories of finishedgoods and work-in-process (d}Employee Benefits Expenses (e}Finance Costs (f)Depreciation and amortization expenses (g} Other expenses Total expenses(IV} V Profit/ (Loss} before exceptional items and tax(Ill-IV) VI Exce tional Items VII Profit/ (Loss}Before.Tax{V - VI} VIII Tax expense : a}CurrentTax b}DeferredTax Liability/ (Assets} c}Adjustmentoftax for Earlier Years Total Tax Expenses(VIII} IX Profit/ (Loss}for thepreiod from continuingoperations{VII - VIII} X Profit/ (Loss}from discontinuingoperations beforeTax XI Tax expense of discontinuingoperations XII Profit/ (Loss}from discontinuingoperations XIII Profit/ (Loss) for theperiod(IX+ XII} XIV OtherComprehensive Income( net of taxes) i} Itemsthatwill notbe reclassifiedtoprofitor loss a)Remeasurements of the defined benefitplans b) Income tax relating to items that will not be reclassified to profit or loss XI Total comprehensiveincome for theperiod(XIII+ XIV} XII Paid upequityshare capital(face value of Rs. 10per share) XIII Other equityexcludingRevaluation Reserve XIV Earnings per share (of Rs. 10/- each} (for continuing operations) (not annualised}: Basic Diluted Earnings per share (of Rs.10/- each) (for discontinued operations) (not annualised}: Basic Diluted Earnings per share(ofRs.10/- each} (for discontinued &continuing o erations notannualised : Basic Diluted	II Ill Total Income(1+11) IV Expenses (a)Cost of materials consumed (b}Purchases of stock-in-trade (c)Changes in inventories of finishedgoods and work-in-process (d}Employee Benefits Expenses (e}Finance Costs (f)Depreciation and amortization expenses (g} Other expenses Total expenses(IV} V Profit/ (Loss} before exceptional items and tax(Ill-IV) VI Exce tional Items VII Profit/ (Loss}Before.Tax{V - VI} VIII Tax expense : a}CurrentTax b}DeferredTax Liability/ (Assets} c}Adjustmentoftax for Earlier Years Total Tax Expenses(VIII} IX Profit/ (Loss}for thepreiod from continuingoperations{VII - VIII} X Profit/ (Loss}from discontinuingoperations beforeTax XI Tax expense of discontinuingoperations XII Profit/ (Loss}from discontinuingoperations XIII Profit/ (Loss) for theperiod(IX+ XII} XIV OtherComprehensive Income( net of taxes) i} Itemsthatwill notbe reclassifiedtoprofitor loss a)Remeasurements of the defined benefitplans b) Income tax relating to items that will not be reclassified to profit or loss XI Total comprehensiveincome for theperiod(XIII+ XIV} XII Paid upequityshare capital(face value of Rs. 10per share) XIII Other equityexcludingRevaluation Reserve XIV Earnings per share (of Rs. 10/- each} (for continuing operations) (not annualised}: Basic Diluted Earnings per share (of Rs.10/- each) (for discontinued operations) (not annualised}: Basic Diluted Earnings per share(ofRs.10/- each} (for discontinued &continuing o erations notannualised : Basic Diluted	14.81 3,270.57 2,401.70 {193.40) 237.74 53.54 88.93 595.08 3,183.59 86.98 86.98 25.47 11.93 37.40 49.57 49.57 9.78 (2.46} 56.89 1,567.20	14.81 3,270.57 2,401.70 {193.40) 237.74 53.54 88.93 595.08 3,183.59 86.98 86.98 25.47 11.93 37.40 49.57 49.57 9.78 (2.46} 56.89 1,567.20	(Rs. in Lakhs ex t EPS) 80.85	(Rs. in Lakhs ex t EPS) 80.85
	Total Income(1+11)
II Ill
						13,671.72
IV	Expenses					9,208.97
	(a)	Cost of materials consumed
	(b}	Purchases of stock-in-trade
	(c)	Changes in inventories of finishedgoods and work-in-process				(394.30)
	(d}	Employee Benefits Expenses				1,094.77
	(e}	Finance Costs				190.17
	(f)	Depreciation and amortization expenses				395.28
	(g}	Other expenses				2,270.69
	Total expenses(IV}					12,765.58
V	Profit/ (Loss} before exceptional items and tax(Ill-IV)					906.14
VI	Exce tional Items
VII	Profit/ (Loss}Before.Tax{V - VI}					906.14
VIII	Tax expense :					248.15
	a}CurrentTax
	b}DeferredTax Liability/ (Assets}					(8.87)
	c}Adjustmentoftax for Earlier Years
	Total Tax Expenses(VIII}					239.28
IX	Profit/ (Loss}for thepreiod from continuingoperations{VII - VIII}					666.86
X	Profit/ (Loss}from discontinuingoperations beforeTax
XI	Tax expense of discontinuingoperations
XII	Profit/ (Loss}from discontinuingoperations
XIII	Profit/ (Loss) for theperiod(IX+ XII}		49.57			666.86
XIV	OtherComprehensive Income( net of taxes)
	i}	Itemsthatwill notbe reclassifiedtoprofitor loss
	a)	Remeasurements of the defined benefitplans	9.78			39.13
	b)	Income tax relating to items that will not be reclassified to profit or loss	(2.46}			(9.85}
XI	Total comprehensiveincome for theperiod(XIII+ XIV}		56.89			696.14
XII	Paid upequityshare capital(face value of Rs. 10per share)		1,567.20			1,567.20
XIII	Other equityexcludingRevaluation Reserve					3,957.36
XIV	Earnings per share (of Rs. 10/- each} (for continuing operations) (not annualised}:
	Basic		0.32			4.26
	Diluted		0.32			4.26
	Earnings per share (of Rs.10/- each) (for discontinued operations) (not annualised}: Basic Diluted
	Earnings per share(ofRs.10/- each} (for discontinued &continuing o erations notannualised :
	Basic Diluted		0.32			4.26 4.26
			0.32

NOTES:-

• 1 The above audited standalone financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meetings held on June 29, 2021.

• 2 The statutory auditor have carried out an audit for the above result for the financial year ended 31st March, 2021 and issued an unmodified opinion on the same.

• 3 This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 {Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. Beginning April 1, 2020, the Company has adopted Ind AS with a transition date of April 1, 2019.

ICE MAKE REFRIGERATION LIMITED AN ISO 9001 : 2015, ISO 14001 : 2015 & BS OHSAS 18001 : 2007 CERTIFIED COMPANY

Commercial & Industrial Refrigeration Equipment Manufacturer

Registered Office/ Mailing Address:

;.;:� ... ��\�

Q 8/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat - India . .: + 91-79-2754063�+91-79-27540620 Corporate Office/ Plant Address:

Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - India. 2' +91 9879107881 / 884 � +91-79-27540620 121 info@icemakeindia.com � www.icemakeindia.com C.1.NO :

C.1.NO : L29220GJ2009PLC056482

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• 4 :The Company operates in a single segment and in line with Ind AS 108 - "Operating Segments", the operations of the corf"�Jte4',Cic,'Q{ �rai� Rooms, Freezer, Refrigeration System, Chilling Plants, etc." which is considered to be the only reportable business segment.

• 5 The figures in respect of results for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year and published year to date figures of the third quarter of the respective financial year.

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• 6 Previous year / period figures have been regrouped / rearranged whereever considered necessary.

• 7 The company has one wholly owned subsidiary M/s. Bharat Refrigerations Private Limited.

• 8 The Company migrated from NSE SME Exchange to NSE Main Board on October 12, 2020.

• 9 The Company has assessed the probable impact of COVID-19 pandemic. It has considered internal and external information available up to the date of approval of these financial results and expects that the carrying amounts of inventories, trade receivables and other assets are recoverable. However, the impact of COVID-19, including the current wave, may be different from that estimated as at the approval of these financial results. The company will continue to monitor any material changes to future economic condition.

• 10 The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. Final rules are yet to be notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any.

• 11 Reconciliation between statement of equity as previously reported (referred to as "Previous GAAP) and Ind AS is given below:

(Rs. In Lakhs)	(Rs. In Lakhs)	(Rs. In Lakhs)
Particulars	As at 31st March, 2020	As at 1st April, 2019
Equity under Previous Indian GAAP Adjustments: Relating to Ind AS 116 "Leases" Recognition of deferred taxes in accordance with Ind AS	5,540.17 (8.63) (6.98)	5,044.19 - (12.92)
Equityunder IndAS	5,524.56	5,031.27

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• 12 The reconcilation of net profit reported for the year ended March 31, 2020 in accordance with Indian GAAP to Total Comprehensive Income in accordance with Ind AS is given below:-

Particulars	Rs. InLakhs
Net Profit asper Indian GAAP 717.21 Add/Less : Adjustments Remeasurement of defined benefit obligations (39.13) Impact of Ind AS 116 "Leases" (8.63) Impact of recognising cost of employee stock option scheme at fair value (18.38) Tax Impact on IndAS adjustments 15.79
NetProfit before other Comprehensive Income(OCI) asper IndAS	666,86
Other Comprehensive Income: Remeasurementof defined benefitobligations(netoftaxes)	29.28
TotalComprehensiveIncome (net oftax)asper IndAS	696.14

1•2.o

• 13 The Board of Directors have recommended a final dividend of Rs ..... Per Equity Share d.�. % of the face value of Rs.10/- each) for the financial year ended March 31, 2021 subject to the approval of Shareholders at the ensuing Annual General Meeting.

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Date: June 29, 2021
Place: Gandhinagar
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For and on Behalf of Board of Directors, Ice Make Refrigeration Limited

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Chandrakant Patel Chairman & Managing Director DIN - 02441116

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ICE MAKE REFRIGERATION LIMITED

AN ISO 9001 : 2015, ISO 14001 : 2015 & BS OHSAS 18001 : 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

Registered Office/ Mailing Address:

Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - India. ':i¥' +91 987910788t / 884 � +91-79-27540620 rg)info@icemakeindia.com � www.icemakeindia.com

Q B/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road; Ashram Road, Ahmedabad-380 014, Gujarat - India. ':i¥' +91-79-27540630 �+91-79-27540620 Corporate Office / Plant Address:

CJ.NO: L29220GJ2009PLC056482

ICE MAKE REFRIGERATION LIMITED STATEMENT OF STANDALONE ASSETS AND LIABILITIES Particulars As at As at 31st March,2021 31stMarch, 2020 I ASSETS 1 Non-current Assets {a) Property, Plant and Equipment 2,530.87 2,448.42 (b) Capital work-in-progress 97.48 - (c) Right of Use Assets 65.68 128.74 (d) Other Intangible assets 20.53 3.06 (e) Financial Assets {i) Investments 336.00 336.00 {ii) Loans 442.25 399.93 (iii) Other Financial Assets 220.29 331.27 (f) Deferred tax assets (Net) 4.90 21.35 (g) Other non-current assets - - Total Non-current Assets 3,718.01 3,668.77 2 CurrentAssets {a) Inventories 3,479;51 3,240.38 {b) Financial Assets (i) Investments - - {ii) Trade receivables 2,723.50 2,742.77 {iii) Cash and cash equivalents 15.50 35.55 {iv) Bank balances other than (iii) above 103.85 116.76 {v) Loans - (vi) Other Financial Assets 113.77 93.30 {c) Current Tax Assets {Net) 45.05 17.39 (d) Other current assets 498.06 269.21 Total Current Assets 6,979.25 6,515.36 3Assets held for sale - TOTAL ASSETS 10,697.26 10,184.13 II EQUITY AND LIABILITIES 1 Equity (a) Equity Share capital 1,567,20 1,567.20 (b) Other Equity 4,350.76 3,957.36 Total Equity 5,917.96 5,524.56 2LIABILITIES Non-current Liabilities (a) Financial Liabilities (i) Borrowings 182.14 231.66 (ii) Lease Liabilities 43.38 72.54 (iii) Other financial liabilities 0.50 0.50 (b) Provisions - - (c) Deferred tax liabilities (Net) - - (d) Other non-current liabilities 99.87 29.76 Total Non-current Liabilities 325.90 334.46 (Rs. in Lakhs) As at 1st April, 2019 2,033.60 - 83.80 5.93 336.00 314.97 36.76 12.47 - 2,823.53 2,554.88 - 2,063.99 174.12 198.26 - 87.46 34.83 285.49 5,399.03 - 8,222.57 1,567.20 3,464.07 5,031.27 5.57 69.95 0.50 - - 36.34 112.36	ICE MAKE REFRIGERATION LIMITED STATEMENT OF STANDALONE ASSETS AND LIABILITIES Particulars As at As at 31st March,2021 31stMarch, 2020 I ASSETS 1 Non-current Assets {a) Property, Plant and Equipment 2,530.87 2,448.42 (b) Capital work-in-progress 97.48 - (c) Right of Use Assets 65.68 128.74 (d) Other Intangible assets 20.53 3.06 (e) Financial Assets {i) Investments 336.00 336.00 {ii) Loans 442.25 399.93 (iii) Other Financial Assets 220.29 331.27 (f) Deferred tax assets (Net) 4.90 21.35 (g) Other non-current assets - - Total Non-current Assets 3,718.01 3,668.77 2 CurrentAssets {a) Inventories 3,479;51 3,240.38 {b) Financial Assets (i) Investments - - {ii) Trade receivables 2,723.50 2,742.77 {iii) Cash and cash equivalents 15.50 35.55 {iv) Bank balances other than (iii) above 103.85 116.76 {v) Loans - (vi) Other Financial Assets 113.77 93.30 {c) Current Tax Assets {Net) 45.05 17.39 (d) Other current assets 498.06 269.21 Total Current Assets 6,979.25 6,515.36 3Assets held for sale - TOTAL ASSETS 10,697.26 10,184.13 II EQUITY AND LIABILITIES 1 Equity (a) Equity Share capital 1,567,20 1,567.20 (b) Other Equity 4,350.76 3,957.36 Total Equity 5,917.96 5,524.56 2LIABILITIES Non-current Liabilities (a) Financial Liabilities (i) Borrowings 182.14 231.66 (ii) Lease Liabilities 43.38 72.54 (iii) Other financial liabilities 0.50 0.50 (b) Provisions - - (c) Deferred tax liabilities (Net) - - (d) Other non-current liabilities 99.87 29.76 Total Non-current Liabilities 325.90 334.46 (Rs. in Lakhs) As at 1st April, 2019 2,033.60 - 83.80 5.93 336.00 314.97 36.76 12.47 - 2,823.53 2,554.88 - 2,063.99 174.12 198.26 - 87.46 34.83 285.49 5,399.03 - 8,222.57 1,567.20 3,464.07 5,031.27 5.57 69.95 0.50 - - 36.34 112.36	ICE MAKE REFRIGERATION LIMITED STATEMENT OF STANDALONE ASSETS AND LIABILITIES Particulars As at As at 31st March,2021 31stMarch, 2020 I ASSETS 1 Non-current Assets {a) Property, Plant and Equipment 2,530.87 2,448.42 (b) Capital work-in-progress 97.48 - (c) Right of Use Assets 65.68 128.74 (d) Other Intangible assets 20.53 3.06 (e) Financial Assets {i) Investments 336.00 336.00 {ii) Loans 442.25 399.93 (iii) Other Financial Assets 220.29 331.27 (f) Deferred tax assets (Net) 4.90 21.35 (g) Other non-current assets - - Total Non-current Assets 3,718.01 3,668.77 2 CurrentAssets {a) Inventories 3,479;51 3,240.38 {b) Financial Assets (i) Investments - - {ii) Trade receivables 2,723.50 2,742.77 {iii) Cash and cash equivalents 15.50 35.55 {iv) Bank balances other than (iii) above 103.85 116.76 {v) Loans - (vi) Other Financial Assets 113.77 93.30 {c) Current Tax Assets {Net) 45.05 17.39 (d) Other current assets 498.06 269.21 Total Current Assets 6,979.25 6,515.36 3Assets held for sale - TOTAL ASSETS 10,697.26 10,184.13 II EQUITY AND LIABILITIES 1 Equity (a) Equity Share capital 1,567,20 1,567.20 (b) Other Equity 4,350.76 3,957.36 Total Equity 5,917.96 5,524.56 2LIABILITIES Non-current Liabilities (a) Financial Liabilities (i) Borrowings 182.14 231.66 (ii) Lease Liabilities 43.38 72.54 (iii) Other financial liabilities 0.50 0.50 (b) Provisions - - (c) Deferred tax liabilities (Net) - - (d) Other non-current liabilities 99.87 29.76 Total Non-current Liabilities 325.90 334.46 (Rs. in Lakhs) As at 1st April, 2019 2,033.60 - 83.80 5.93 336.00 314.97 36.76 12.47 - 2,823.53 2,554.88 - 2,063.99 174.12 198.26 - 87.46 34.83 285.49 5,399.03 - 8,222.57 1,567.20 3,464.07 5,031.27 5.57 69.95 0.50 - - 36.34 112.36	ICE MAKE REFRIGERATION LIMITED STATEMENT OF STANDALONE ASSETS AND LIABILITIES Particulars As at As at 31st March,2021 31stMarch, 2020 I ASSETS 1 Non-current Assets {a) Property, Plant and Equipment 2,530.87 2,448.42 (b) Capital work-in-progress 97.48 - (c) Right of Use Assets 65.68 128.74 (d) Other Intangible assets 20.53 3.06 (e) Financial Assets {i) Investments 336.00 336.00 {ii) Loans 442.25 399.93 (iii) Other Financial Assets 220.29 331.27 (f) Deferred tax assets (Net) 4.90 21.35 (g) Other non-current assets - - Total Non-current Assets 3,718.01 3,668.77 2 CurrentAssets {a) Inventories 3,479;51 3,240.38 {b) Financial Assets (i) Investments - - {ii) Trade receivables 2,723.50 2,742.77 {iii) Cash and cash equivalents 15.50 35.55 {iv) Bank balances other than (iii) above 103.85 116.76 {v) Loans - (vi) Other Financial Assets 113.77 93.30 {c) Current Tax Assets {Net) 45.05 17.39 (d) Other current assets 498.06 269.21 Total Current Assets 6,979.25 6,515.36 3Assets held for sale - TOTAL ASSETS 10,697.26 10,184.13 II EQUITY AND LIABILITIES 1 Equity (a) Equity Share capital 1,567,20 1,567.20 (b) Other Equity 4,350.76 3,957.36 Total Equity 5,917.96 5,524.56 2LIABILITIES Non-current Liabilities (a) Financial Liabilities (i) Borrowings 182.14 231.66 (ii) Lease Liabilities 43.38 72.54 (iii) Other financial liabilities 0.50 0.50 (b) Provisions - - (c) Deferred tax liabilities (Net) - - (d) Other non-current liabilities 99.87 29.76 Total Non-current Liabilities 325.90 334.46 (Rs. in Lakhs) As at 1st April, 2019 2,033.60 - 83.80 5.93 336.00 314.97 36.76 12.47 - 2,823.53 2,554.88 - 2,063.99 174.12 198.26 - 87.46 34.83 285.49 5,399.03 - 8,222.57 1,567.20 3,464.07 5,031.27 5.57 69.95 0.50 - - 36.34 112.36
Particulars	As at 31st March,2021	As at 31stMarch, 2020	As at 1st April, 2019
I ASSETS 1 Non-current Assets {a) Property, Plant and Equipment (b) Capital work-in-progress (c) Right of Use Assets (d) Other Intangible assets (e) Financial Assets {i) Investments {ii) Loans (iii) Other Financial Assets (f) Deferred tax assets (Net) (g) Other non-current assets Total Non-current Assets 2 CurrentAssets {a) Inventories {b) Financial Assets (i) Investments {ii) Trade receivables {iii) Cash and cash equivalents {iv) Bank balances other than (iii) above {v) Loans (vi) Other Financial Assets {c) Current Tax Assets {Net) (d) Other current assets Total Current Assets 3Assets held for sale TOTAL ASSETS II EQUITY AND LIABILITIES 1 Equity (a) Equity Share capital (b) Other Equity Total Equity 2LIABILITIES Non-current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (Net) (d) Other non-current liabilities Total Non-current Liabilities	2,530.87 97.48 65.68 20.53 336.00 442.25 220.29 4.90 -	2,448.42 - 128.74 3.06 336.00 399.93 331.27 21.35 -	2,033.60 - 83.80 5.93 336.00 314.97 36.76 12.47 -
	3,718.01	3,668.77	2,823.53
	3,479;51 - 2,723.50 15.50 103.85 113.77 45.05 498.06	3,240.38 - 2,742.77 35.55 116.76 - 93.30 17.39 269.21	2,554.88 - 2,063.99 174.12 198.26 - 87.46 34.83 285.49
	6,979.25	6,515.36	5,399.03
		-	-
	10,697.26	10,184.13	8,222.57
	1,567,20 4,350.76	1,567.20 3,957.36	1,567.20 3,464.07
	5,917.96	5,524.56	5,031.27
	182.14 43.38 0.50 - - 99.87	231.66 72.54 0.50 - - 29.76	5.57 69.95 0.50 - - 36.34
	325.90	334.46	112.36

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AN ISO 9001 : 2015, ISO 14001 : 2015 & BS 0HSAS 18001 : 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

Registered Office/ Mailing Address:

0 8/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat- India.

Corporate Office / Plant Address:

O 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta.: Kaloi, Dist.: Gandhinagar - 382721, Gujarat-' �+91 9879107881 / 884 � + 91-79-27540620 [gj info@icemakeindia.com � www.icemakeindia.com C.I.NO :

C.I.NO : L29220GJ2009PLC056482

	ltCst◄ a Coo(ii1 Pat1 453.72 990.34 197.47 152.53 149.10 33.36 2,345.03 1,980.95 1,949.94 29.16 61.00 11.02 121.41 128.72 82.92 1,339.86 1,005.41 770.24 11.70 9.60 33.99 - - - 4,453.41 4,325.10 3,078.94 10,697.26 10,184.13 8,222.57	ltCst◄ a Coo(ii1 Pat1 453.72 990.34 197.47 152.53 149.10 33.36 2,345.03 1,980.95 1,949.94 29.16 61.00 11.02 121.41 128.72 82.92 1,339.86 1,005.41 770.24 11.70 9.60 33.99 - - - 4,453.41 4,325.10 3,078.94 10,697.26 10,184.13 8,222.57	ltCst◄ a Coo(ii1 Pat1 453.72 990.34 197.47 152.53 149.10 33.36 2,345.03 1,980.95 1,949.94 29.16 61.00 11.02 121.41 128.72 82.92 1,339.86 1,005.41 770.24 11.70 9.60 33.99 - - - 4,453.41 4,325.10 3,078.94 10,697.26 10,184.13 8,222.57
3 Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Trade payables - Total outstanding dues of micro and small enterprises - Total outstanding dues of trade payables other than micro and small enterprises (iii) Lease Liabilities (iv)Other financial liabilities (b)Other current liabilities (c)Provisions (d) Current Tax Liabilities (Net) Total Current Liabilities TOTAL EQUITY AND LIABILITIES	453.72 152.53 2,345.03 29.16 121.41 1,339.86 11.70 -	ltCst◄ a Coo(ii1 Pa 990.34 197.47 149.10 33.36 1,980.95 1,949.94 61.00 11.02 128.72 82.92 1,005.41 770.24 9.60 33.99 - -
	4,453.41	4,325.10	3,078.94
	10,697.26	10,184.13	8,222.57

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For and on Behalf of Board of Directors, Ice Make Refrigeration Limited Chandrakant Patel �et- Chairman & Managing Director Chief Financial Of DIN - 02441116

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Date: June 29, 2021 Place: Gandhinagar

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I

AN ISO 9001 : 2015, ISO 14001 : 2015 & BS OHSAS 18001 : 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

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Registered Office/ Mailing Address:

Q 8/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat - India. +91-79-27540630 e+91-79-27540620 Corporate Office/ Plant Address:

Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - India. +91 9879107881 / 884 iii+ 91-79-27540620 122'.linfo@icemakeindia.com � www.icemakeindia.com C.I.NO :

C.I.NO : L29220GJ2009PLC056482

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(Rs in Lakhs)
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ICE MAKE REFRIGERATION LIMITED

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----- Start of picture text -----

STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH, 2021
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(Rs in Lakhs)
Year Ended 31st March, Year Ended 31st March,
Particulars
2021 2020
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit / {loss) before tax 647.59 906.14
Adjustments
Depreciation and. amortisation 354.80 395.28
Interest and Finance Charges 166.00 190.17
{Profit)/ loss on sale / write off of assets 0.51 (1.97)
Deferred Grant Income (12.89) {8.03)
Bad debts written off 78.50 -
Interest Income {58.05) (68.19)
Unrealized forex loss / {gain) (0.94) {1.51)
Expense on employee stock option scheme 0.79 23.88
Actuarial gains/ {losses) on post employment defined benefit plans (0.80) 527.93 39.13 568.75
Operating Cash Flow Before Working Capital Changes 1,175.52 1,474.89
Adjusted for (increase)/ decrease in operating assets:
Trade & Other Receivables (207.14) {962.16)
Inventories (239.12) (685.51)
Trade & Other Payables 683.19 236.93 362.94 (1,284.73)
Cash Flow from Operating Activities 1,412.45 190.15
Income Tax (Paid) /Refund (209.28) (240.55)
Net Cash Flow from Operating Activities 1,203.16 (50.40)
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment (489.69) (746.94)
Loan to Subsidiary (40.82) (80.92)
Interest Income 58.05 68.19
Movement in other Bank Balances {Net) 21.54 74.33
Receipt of Grant 100.72 -
Proceeds from sale of Property, Plant & Equipment 0.03 3.82
Net Cash used in Investing Activities (350.16) (681.52)
C CASHFLOW FROM FINANCING ACTIVITIES
Dividend Paid (including tax on dividend) (56.39) (226.55)
Availment/(Repayment) of borrowings (Net) (589.66) 1,062.20
Payment of Lease Liability (61.00) (52.13)
Interest Paid (166.00) (190.17)
Net Cash used in Financing Activities (873.05) 593.35
Net increase/ (decrease) in cash and cash equivalents (20.04) (138.58)
Opening Cash and Cash Equivalent 35.55 174.12
Closing Cash and Cash Equivalent 15.50 35.55
Ice Make Refrigeration Limite
Date: June 29, 2021
Place: Gandhinagar Chandrakant Patel
Chairman & Managing Chief Financial Officer
I
AN ISO 9001: 2015, ISO 14001: 2015 & BS OHSAS 18001: 2007 CERTIFIED COMPANY
Commercial & Industrial Refrigeration Equipment Manufacturer
----- End of picture text -----

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Registered Office/ Mailing Address:

Q 8/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat - India. ill' +91-79-27540630 �+91-79-27540620 Corporate Office/ Plant Address:

Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - India. +91 9879107881 / 884 � + 91-79-27540620 1221 info@icemakeindia.com «l\ www.icemakeindia.com C.1.NO :

C.1.NO : L29220GJ2009PLC056482

UMESH SHAH & ASSOCIATES

CHARTERED ACCOUNTANTS

Independent Auditors' Report

To the Board of Directors of Ice Make Refrigeration Limited

Report on the. audit of the Standalone Financial Results

Opinion

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1. We have audited the accompanying standalone financial results of Ice Make Refrigeration Limited ('the Company') for the quarter and year ended March 31, 2021 and year to date results for the period from 01[st ] April, 2020to 31[st ] March, 2021 ('the Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

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• to us, these standalone financial results:

• 1. In our opinion and to the best of our information and according to the explanations given

• i. are presented in accordance with the requirements of Regulation 33 of Listing Regulations in this regard; and

• ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards (Ind AS) and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended March 31, 2021 as well as the year to date results for the period from 01[s][t ] April, 2020 to 31[st ] March, 2021.

Basis for Opinion

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1. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Companies Act, 2013 ('the Act'). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Standalone Financial Results

1. The Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared on the basis of the standalone financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility

7-8. 4t11 Floor. S11eh Sl1rustI Complex. Sambhav Printing Press Lane. Near Judges Bunglows. Bodakdev. Ahmedabad-380 015. Phone 079 26872095 Telefax: 079 40007747 E-mail: shahumesl1ca@gmail.com

UMESH SHAH & ASSOCIATES

CHARTERED ACCOUNTANTS

also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

1. In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or

· has no realistic alternative but to do so.

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1. The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

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1. Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

2. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

3. Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions; misrepresentations, or the override of internal control.

4. Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures thatare appropriate in the circumstances. Under Section 143(3){i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

7 8. 4til Floor. S11el1 Slirusti Complex Sarnbliav Printing Press Lane. Near Judges Bungiows, Bodakdev. Aiirneciabacl-380 015. Phone 079 26872095 TeleFax 079 40007747 E-rnail sl1al1umeshca@gmailco111

UMESH SHAH & ASSOCIATES

CHARTERED ACCOUNTANTS

• Conclude on the appropriateness of the management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

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1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

· Other Matter

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1. The financial results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited_ figures with respect to full financial year ended March 31, 2021 and the published unaudited year-to-date figures upto December 31, 2020, which were subject to limited review by us, as required under the Listing Regulations.

Our opinion is not modified in respect of the above stated matter.

Place: Gandhinagar Date: 29[th ] June, 2021

For, Umesh Shah & Associates Chartered Accountants Firm R istration No. 114563W C mes Partner Membership No. 048415 UDIN:-21048415AAAAIZ8884

7-8, 4t11 Floor, Sne11 Shrusti Complex. Sambhav Printing Press Lane. Near Judges Bunglows, Bodakdev. f.\hmedabad-380 015. Phone 079 26872095 TeleFax: 079 40007747 E-mail shahwneshca@gmail.com

ICE MAKE REFRIGERATION LIMITED 1t<ust-eJ Coo(ii-i4' Pat1i-i t< Statement of Consolidated Audited Financial Results for the quarter and year ended 31st March, 2021

		, , ,�,-�.+(R ;s. in Lakhs except EPS)	, , ,�,-�.+(R ;s. in Lakhs except EPS)
	Particulars
II	Other Income
**Ill **	Total Income (1+11)	3,365.92	13,815.54
IV	Expenses
	(a) Cost of materials consumed	2,432.64	9,369.29
	(blPurchases of stock-in-trade
	(c}Changes in inventories of finishedgoods and work-in-process	(177.05)	(582.42)
	(d}Employee Benefits Expenses	272.83	1,187.83
	(e}Finance Costs	61.58	229.34
	(f) Depreciation and amortization expenses	108.51	480.31
	(g) Other expenses	620.27	2,442.25
	Total expenses(IV)	3,318.78	13,126.61
V	Profit / (loss) before exceptional items and tax (Ill-IV)	47.14	688.93
VI	Exceptional items
VII	Profit/ (Loss} Before Tax (V- VI}	47.14	688.93
VIII	Tax expense :
	a.}Current Tax	25.47	248.15
	b.}Deferred Tax Liability/ (Assets)	6.19	(66.67)
	c.)Adjustment of Tax for Earlier Years		2.29
	Total Tax Expenses(VIII)	31.67	183.77
IX	Profit/ (loss) for the period from continuing operations (VII-VIII)	15.47	505.16
X	Profit/(Loss} from discontinuing operations before Tax
XI	Tax Expense of discontinuing operations
XII	Profit/ (Loss)from discontinuingoperations
XIII	Profit/ (Loss) for the period	15.47	505.16
XIV	OtherComprehensive Income:
	i} Items that will not be reclassified toprofit or loss
	a)Remeasurements of the defined benefitplans	10.19	40.76
	b) Income tax relating to items that will not be reclassified to profit or loss	(2.57}	(10.27)
XI	Total comprehensive income for theperiod(XIII + XIV)	23.09	535.65
XII	Profit/(Loss} attributable to:
	- Owners of the company	15.47	505.16
	- Non-controllinginterests
XIII	Othercomprehensive income attributable to:
	- Owners ofthe company	7.62	30.49
	- Non-controllinginterests
XIV	Total comprehensive income attributable to:
	- Owners ofthe company	23.09	535.65
	- Non-controllinginterests
XV	Paid up equity share capital (face value of Rs. 10 per share)	1,567.20	1,567.20
XVI	Other equity		3,427.00
XVII	Earnings per share (of Rs. 10/- each} (for continuing operations) (not
	annualised}:
	Basic	0.10	3.22
	Diluted	0.10	3.22
	Earnings per share (of Rs. 10/- each} (for discontinued operations) (not
	annualised}:
	Basic
	Diluted
	Earningsper share(of Rs. 10/- each} (for discontinued & continuing
	Basic	0.10	3.22
	Diluted	0.10	3.22

NOTES:-

I

I

AN ISO 9001 : 2015, ISO 14001 : 2015 & BS OHSAS 18001 : 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

Registered Office / Mailing Address: . · , . C •• •

9 8/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat - India. �]1+91-79-27540630 �+9f7!f27540620 , . C • Corporate Office / Plant Address:

9 226, Dantali Industrial Estate, Gola[-] Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta.: Kaloi, Dist.: Gandhinagar[-][382721, Gujarat -] India. ii +91 9879107881 / 884 � + 91-79-27540620 [gj info@icemakeindia.com � www.icemakeindia.com C.I.NO :

C.I.NO : L29220GJ2009PLC056482

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• 1 The ·above consolidated financial results have been reviewed by the Audit Committee and thereafter approved by the Bol"tt�oCMl�,,R��lf respective meetings held on June 29, 2021.

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• 2 The st.itutory auditor have carried out an audit for the above result for the financial year ended 31st March, 2021 and issued an unmodified opinion on the same.

• 3 This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. Beginning April 1, 2020, the Company has adopted Ind AS with a transition date of April 1, 2019.

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• 4 The Company operates in a single segment and in line with Ind AS 108 - "Operating Segments", the operations of the Company fall under "Manufacturing of Cold Rooms, Freezer, Refrigeration System, Chilling Plants, etc." which is considered to be the only reportable business segment.

• 5 The figures in respect of results for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year and published year to date figures of the third quarter of the respective financial year.

• 6 Previous year / period figures have been regrouped / rearranged whereever considered necessary.

• 7 The consolidated audited financial results of the company are comprising of it's wholly owned subsidiary M/s. Bharat Refrigerations Private limited.

• 8 The Company migrated from NSE SME Exchange to NSE Main Board on October 12, 2020.

• 9 The Group has assessed the probable impact of COVID-19 pandemic. It has considered internal and external information available up to the date of approval of these financial results and expects that the carrying amounts of inventories, trade receivables and other assets are recoverable. However, the impact of COVID-19, including the current wave, may be different from that estimated as at the approval of these financial results. The company will continue to monitor any material changes to future economic condition.

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• 10 The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund; gratuity and ESIC. The Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. Final rules are yet to be notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any.

• 11 Reconciliation between statement of equity as previously reported (referred to as "Previous GAAP) and Ind AS is given below :

(Rs. In Lakhs)

	Particulars	As at 31st March, 2020	Asat 1st April , 2019
	Equity under Previous Indian GAAP Adjustments: Relating to Ind AS 116 "Leases" Recognition of deferred taxes in accordance with Ind AS	5,355.58 (26.15) (2.42)	5,007.12 - (12.92)
	Equityunder Ind AS	5,327.01	4,994.20

• 12 The reconcilation of net profit reported for the year ended March 31, 2020 .in accordance with Indian GAAP to Total Comprehensive Income in accordance with Ind AS is given below:-

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AS is given below:-
Particulars	Rs. In Lakhs
Net P rofit asper Indian GAAP 569.69 Add/Less : Adjustments Remeasurement of defined benefit obligations (40.76) Impact of Ind AS 116 "Leases" (26.15) impact of recognising cost of employee stock option scheme at fair value (18.38) Tax Impact on Ind AS adjustments 20.76
Net Profitbefore otherComprehensive Income(OCI)asper Ind AS	505.16
Other Comprehensive Income: Remeasurementof defined benefit obligations{net oftaxes)	30.49
Total Comprehensive Income{net of tax)asper Ind AS	535.65

• 13 The Board of Directors have recommended a final dividend of Rs\'.��Per Equity Share(.!�% of the face value of Rs.10/- each) for the financial year ended March 31, 2021 subject to the approval of Shareholders at the ensuing Annual General Meeting.

For and on Behalf of Board of Directors, Ice Make Refrigeration Limited

Date: June 29, 2021 Chandrakant Patel Place: Gandhinagar Chairman & Managing Director DIN • 02441116 .. REFRIGERATION LIMITED AN ISO 9001 : 2015, ISO 14001 : 2015 & BS OHSAS 18001 : 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

REFRIGERATION LIMITED

Registered Office/ Mailing Address:

Q 8/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat - India. iif + 91-79-27540630 e+ 91-79-27540620 Corporate Office / Plant Address:

Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - India. �+91 9879107881 / 884 e +91-79-27540620 l2 nfo@icemakeindia.com � www.icemakeindia.com

C.I.NO: L29220GJ2009PLC056482

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ICE MAKE REFRIGERATION LIMITED

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STATEMENT OF CONSOLIDATED ASSETS AND LIABILITIES

			(Rs In Lakhs)	(Rs In Lakhs)
Particulars	As at 31st March, 2021	As at 31st March, 2020		As at 1st April, 2019
IASSETS 1Non-current Assets (a) Property, Plant and Equipment (b) Capital work-in-progress (c) Right of Use Assets (d) Other Intangible assets (d) Goodwill (on Consolidation) (e) Financial Assets (ii) loans (iii) Other Financial Assets (f) Deferred tax assets (Net) (g) Other non-current assets Total Non-current Assets 2Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) loans (vi) Other Financial Assets (c) Current Tax Assets (Net) (d) Other current assets Total Current Assets 3Assets held for sale TOTAL ASSETS II EQUITY AND LIABILITIES 1Equity (a) Equity Share capital (b) Other Equity Total Equity 2LIABILITIES Non-current liabilities (a) Financial Liabilities (i) Borrowings (ii) lease Liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (Net) (d) Other non-current liabilities Total Non-current Liabilities 3Current Liabilities (a) Financial Liabilities (i) Borrowings	2,625.59 97.48 176.46 20.55 151.62 60.49 222.42 104.54 .	2,563.81 . 339.50 3.08 151.62 51.80 332.75 89.37 .		2,151.04 . 356.25 5.99 151.62 43.65 38.23 23.12 .
	3,459.17	3,531.93		2,769.90
	4,001.41 . 2,492.29 42.04 103.85 115.17 45.80 520.30	3,749.51 . 2,594.92 62.19 121.29 . 94.19 19.48 310.80		2,881.53 - 2,158.03 202.47 198.26 . 87.46 41.69 300.22
	7,320.86	6,952.38		5,869.65
	.	-		-
	10,780.03	10,484.31		8,639.55
	1,567.20 4,064.44	1,567.20 3,759.81		1,567.20 3,427.00
	5,631.64	5,327.01		4,994.20
	314.45 106.61 0.50 6.81 . 99.87	350.01 233.68 0.50 4.61 - 29.76		121.89 279.81 0.50 5.03 - 36.34
	528.24	618.58		443.57
	453.72	990.34		197.47
I I AN ISO 9001 : 2015, ISO 14001 : 2015 & BS OHSAS 18001 : 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

Registered Office / Mailing Address:

Q B/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat - India. Corporate Office / Plant Address:

Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - In +91 9879107881 / 884 e + 91-79-27540620 121 info@icemakeindia.com (II\ www.icemakeindia.com C.I.NO :

C.I.NO : L29220GJ2009PLC056482

	r .ust-cCoo(in" Par 152.53 149.10 33.36 2,407.55 2,071.89 1,972.53 68.03 109.71 51.06 129.93 137.12 86.16 1,394.52 1,069.55 825.39 13.87 11.03 35.80 . - - 4,620.15 4,538.73 3,201.77 10,780.03 10,484.31 8,639.55 For and on Behalf of Board of Directors, • :: • UmltedrItt_-. Chand,akant Patel A � Chief Financial Chairman & Managing Director Officer DIN · 02441116	r .ust-cCoo(in" Par 152.53 149.10 33.36 2,407.55 2,071.89 1,972.53 68.03 109.71 51.06 129.93 137.12 86.16 1,394.52 1,069.55 825.39 13.87 11.03 35.80 . - - 4,620.15 4,538.73 3,201.77 10,780.03 10,484.31 8,639.55 For and on Behalf of Board of Directors, • :: • UmltedrItt_-. Chand,akant Patel A � Chief Financial Chairman & Managing Director Officer DIN · 02441116	r .ust-cCoo(in" Par 152.53 149.10 33.36 2,407.55 2,071.89 1,972.53 68.03 109.71 51.06 129.93 137.12 86.16 1,394.52 1,069.55 825.39 13.87 11.03 35.80 . - - 4,620.15 4,538.73 3,201.77 10,780.03 10,484.31 8,639.55 For and on Behalf of Board of Directors, • :: • UmltedrItt_-. Chand,akant Patel A � Chief Financial Chairman & Managing Director Officer DIN · 02441116
(ii) Trade payables - Total outstanding dues of micro and small enterprises - Total outstanding dues of trade payables other than micro and small enterprises (iii) Lease Liabilities (iv) Other financial liabilities (b) Other current liabilities ( c) Provisions (d) Current Tax Liabilities (Net) Total Current liabilities TOTAL EQUITY AND LIABILITIES	152.53 2,407.55 68.03 129.93 1,394.52 13.87 .	r .ust-cCoo(in" Pa 149.10 33.36 2,071.89 1,972.53 109.71 51.06 137.12 86.16 1,069.55 825.39 11.03 35.80 - -
	4,620.15	4,538.73	3,201.77
	10,780.03	10,484.31	8,639.55
Date:June 29, 2021 Place:Gandhinagar

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ICE MAKE REFRIGERATION LIMITED

AN ISO 9001 : 2015, ISO 14001 : 2015 & BS OHSAS 18001 : 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

Registered Office / Mailing Address: Commercial & Industrial Refrigeration Equipment Manufacturer Q B/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat -India. � + 91-79-27540630 e+ 91-79-27540620 Corporate Office / Plant Address: Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - India. � +91 9879107881 / 884 e +91-79-27540620 121 info@icemakeindia.com � www.icemakeindia.com CJ.NO : L29220GJ2009PLC056482

ICE MAKE REFRIGERATION LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2021

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		(Rs In Lakhs) Year Ended 31st March, Year Ended 31st March, 2021 2020 528.19 688.93 436.60 480.31 190.44 229.34 0.51 (1.97) 92.91 - (12.89) (8.03) (31.40) - (31.50) (37.28) (0.94) (1.51) 0.79 23 .. 88 (1.78) 642.74 40.76 725.50 1,170.93 1,414.44 {123.97) (752.13) (251.90) (867.98) 648.34 272.48 444.64 1,175.47 1,443.41 238.97 (207.93) (238.09) 1,235.48 0.87 (489.86) (768.21) 31.50 37.28 26.07 69.80 100.72 - 0.03 3.82 (331.54) (657.32) (56.39) (226.55) (575.71) 1,064.23 (101.56) (92.17) (190.44) (229.34) (924.09) 516.16 (20.15) (140.28) 62.19 202.47 42.04 62.19	(Rs In Lakhs) Year Ended 31st March, Year Ended 31st March, 2021 2020 528.19 688.93 436.60 480.31 190.44 229.34 0.51 (1.97) 92.91 - (12.89) (8.03) (31.40) - (31.50) (37.28) (0.94) (1.51) 0.79 23 .. 88 (1.78) 642.74 40.76 725.50 1,170.93 1,414.44 {123.97) (752.13) (251.90) (867.98) 648.34 272.48 444.64 1,175.47 1,443.41 238.97 (207.93) (238.09) 1,235.48 0.87 (489.86) (768.21) 31.50 37.28 26.07 69.80 100.72 - 0.03 3.82 (331.54) (657.32) (56.39) (226.55) (575.71) 1,064.23 (101.56) (92.17) (190.44) (229.34) (924.09) 516.16 (20.15) (140.28) 62.19 202.47 42.04 62.19	(Rs In Lakhs) Year Ended 31st March, Year Ended 31st March, 2021 2020 528.19 688.93 436.60 480.31 190.44 229.34 0.51 (1.97) 92.91 - (12.89) (8.03) (31.40) - (31.50) (37.28) (0.94) (1.51) 0.79 23 .. 88 (1.78) 642.74 40.76 725.50 1,170.93 1,414.44 {123.97) (752.13) (251.90) (867.98) 648.34 272.48 444.64 1,175.47 1,443.41 238.97 (207.93) (238.09) 1,235.48 0.87 (489.86) (768.21) 31.50 37.28 26.07 69.80 100.72 - 0.03 3.82 (331.54) (657.32) (56.39) (226.55) (575.71) 1,064.23 (101.56) (92.17) (190.44) (229.34) (924.09) 516.16 (20.15) (140.28) 62.19 202.47 42.04 62.19	(Rs In Lakhs) Year Ended 31st March, Year Ended 31st March, 2021 2020 528.19 688.93 436.60 480.31 190.44 229.34 0.51 (1.97) 92.91 - (12.89) (8.03) (31.40) - (31.50) (37.28) (0.94) (1.51) 0.79 23 .. 88 (1.78) 642.74 40.76 725.50 1,170.93 1,414.44 {123.97) (752.13) (251.90) (867.98) 648.34 272.48 444.64 1,175.47 1,443.41 238.97 (207.93) (238.09) 1,235.48 0.87 (489.86) (768.21) 31.50 37.28 26.07 69.80 100.72 - 0.03 3.82 (331.54) (657.32) (56.39) (226.55) (575.71) 1,064.23 (101.56) (92.17) (190.44) (229.34) (924.09) 516.16 (20.15) (140.28) 62.19 202.47 42.04 62.19
	Particulars	Year Ended 31st March, 2021 528.19 436.60 190.44 0.51 92.91 (12.89) (31.40) (31.50) (0.94) 0.79 (1.78) 642.74		Year Ended 31st March, 2020 688.93 480.31 229.34 (1.97) - (8.03) - (37.28) (1.51) 23 .. 88 40.76 725.50
A B C	CASH FLOWFROMOPERATINGACTIVITIES Net Profit / (Loss) before tax Adjustments Depreciation and amortisation Interest and Finance Charges (Profit)/ loss on sale / write off of assets Bad debts written off Deferred Grant Income Lease Liability written back Interest Income Unrealized forex loss / (gain) Expense on employee stock option scheme Actuarial gains/ (losses) on post employment defined benefit plans Operating Cash Flow Before Working Capital Changes Adjusted for (increase)/ decrease in operating assets: Trade & Other Receivables Inventories Trade & Other Payables Cash Flow from Operating Activities Income Tax (Paid) /Refund NetCash Flow from Operating Activities CASHFLOW FROM INVESTING ACTIVITIES Purchase of Property, Plant & Equipment Interest Income Movement in other Bank Balances (Net) Receipt of Grant Proceeds from sale of Property, Plant & Equipment NetCash used in Investing Activities CASHFLOW FROM FINANCING ACTIVITIES Dividend Paid (including tax on dividend) Availment/(Repayment) of borrowings (Net) Payment of Lease Liability Interest Paid NetCash used in Financing Activities Netincrease / (decrease) in cash and cash equivalents Opening Cash and Cash Equivalent ClosingCash and Cash Equivalent
		{123.97) (251.90) 648.34	1,170.93 272.48	(752.13 (867.98 444.64	1,414.44 ) ) 1,175.47
		(489.86) 31.50 26.07 100.72 0.03	1,443.41 (207.93)	(768.21) 37.28 69.80 - 3.82	238.97 (238.09)
			1,235.48		0.87
		(56.39) (575.71) (101.56) (190.44)	(331.54)	(226.55 1,064.23 (92.17) (229.34	(657.32) ) )
			(924.09) (20.15) 62.19 42.04		516.16 (140.28) 202.47 62.19

For and on Behalf of Board of Directors, Ice Make Refrigeration Limited

Date: June 29, 2021 Place: Gandhinagar h.. ·:.r·1: � \ . PJiMEDMlil. Chandrakant Patel Chairman & Managing Chief Financial Officer '��)�., .. . _�. � -,__ Director . "� ..... · "'•-,::�::::;;::.�/ A DIN - 02441116*

ICE MAKE REFRIGERATION LIMITED AN ISO 9001: 2015, ISO 14001: 2015 & BS OHSAS 18001: 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

Registered Office / Mailing Address:

Q B/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat - India. � + 91-79-27540630 e+ 91-79-27540620 Corporate Office / Plant Address:

Q 226, Dantali Industrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - India. 'lii +91 9879107881 / 884 e + 91-79-27540620 121 info@icemakeindia.com � www.icemakeindia.com C.I.NO :

C.I.NO : L29220GJ2009PLC056482

UMESH SHAH & ASSOCIATES

CHARTERED ACCOUNTANTS

Independent Auditors' Report

To the Board of Directors of Ice Make Refrigeration Limited

· Report on the audit of the Consolidated Financial Results

Opinion

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1. We have audited the accompanying consolidated financial results of Ice Make Refrigeration Limited ('Holding Company') and its subsidiary (Holding Company and its subsidiary together referred to as "the Group") for the quarter and year ended March 31, 2021 and the year to date results for the period from 01[st ] April, 2020 to 31[st ] March, 2021 ('the Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 3 3 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

2. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of report of other auditors on separate audited financial results of subsidiary, these consolidated financial results:

3. a. include the financial results of the following subsidiary: - Bharat Refrigerations Private Limited

4. b. are presented in accordance with the requirements of Regulation 33 of Listing Regulations in this regard; and

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• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter and year ended March 31. 2021 and for the period from lat April, 2020 to 31[st ] March, 2021.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ('SAs'} specified under section 143(10) of the Companies Act, 2013 ('the Act'). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Consolidated Financial Results

· --� 4. The Statement, which is the responsibility of the Company's Management and approved by As.s-� the Board of Directors, has been prepared on the basis of the Consolidated financial BAD \ statements. The Holding Company's Board of Directors are responsible for the preparation f and presentation of these consolidated financial results that give a true and fair view of the �'s:. net consolidated profit and other comprehensive income and other financial information in ACCo[v ]

7-8. 4111 Floor, S11el1 Si11usti Complex. Sambl1av Printing f[J] ress Lane. Near Judges Bunglows, Bodakdev. Ahmedatiad-380 015. Phone 079 26872095 TeieFax 079 4000"/7,17 E-mail: shahumeshca@gmail.com

UMESH SHAH & ASSOCIATES

C H·A RTE RED ACCOUNTANTS

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accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

1. In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

2. The respective Board of Directors of the v are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

1. Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance. with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

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1. As paii of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

2. Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions; misrepresentations, or the override of internal control.

3. Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

7·8. 4th Floor. Snell Shrusti Complex. Sambhav Printing i[0] ress Lane. Near Judges Bunglows, Bodakdev. Ahmedabad-380 015. I01ione 079 26872095 Telefax 079 40007747 E-mail: sl1al1umeshca@gmai!com

UMESH SHAH & ASSOCIATES CHARTERED ACCOUNTANTS

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• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as ageing concern. If we conclude that a material unce1iainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

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• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entity within the Group to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

• We communicate with those charged with governance of the Holding Company regarding, among other matters, the planned. scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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1. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matter

1. The accompanying consolidated financial results include the audited financial results of one subsidiary whose financial statement reflect total assets of Rs. 1039.20 lakh as at March 31, 2021, total revenues of Rs. 366.55 lakh and Rs. 890.64 lakh, total loss after tax of Rs. 11.11 lakh and Rs. 89.26 lakh, total comprehensive income of Rs.(-) 12.74 lakh and Rs.(-) 89.99 lakh, for the quarter and the year ended on that date respectively, and net cash out flows of Rs. 0.11 lakh for the year ended March 31, 2021, as considered in the Statement which have been audited by its independent auditor.

7-8. 4th Floor. Snell Shrusti Complex. Sambhav Printing Press Lane. Near Judges Bunglows, Bodal<dev. Ahmedabad-380 015. Pl1one 079 26872095 TeleFax: 079 40007747 E-mail: shahumeshca@gmailcom

UMESH SHAH & ASSOCIATES

CHARTERED ACCOUNTANTS

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1. The financial results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures with respect to full financial year ended March 31, 2021 and the published unaudited year-to-date figures upto December 31, 2020, which were subject to limited review by us, as required under the Listing Regulations.

Our opinion is not modified in respect of the above stated matter.

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Place: Gandhinagar _Date: 29th June, 2021

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7-8. 4th Floor, Sneh Sl1rusti Complex. Sambhav Printing Press Lane, Near Judges Bunglows, Bodakdev, Alimedabad-380 015. Pl1one 079 26872095 TeleFax: 079 40007747 E-mail: shal1u111eshca@g111ail.com

June 29, 2021

·National Stock Exchange of India· Limited

Exchange Plaza, Plot No. C / 1, G Block, Bandra Kurla Complex - Bandra (E) Mumbai - 400 051

NSE Symbol: ICEMAKE

. Subject: Declaration pursuant to Regulation. 33(3)(d) of the SEBI (Listing Obligations and Disclosure �equirements) Regulations, 2015

Dear Sk,

In Compliance with the provisions of Regulation ⇒3(3)(d) of the SEBI (Listing Obligations and Disclosure Requiremer,ts) Regulations, 2015, as amended, and SEBI Circular No. CIR/CFD/CMD/56/2016 dated 27th May, 2016 we hereby declare that the Statutory Auditors of the Company, M/s. Um_esh Shah· & Associates, Chartered Accountants, have issued audit reports with unmodified opihion on Financial Results of the Company for the financial year ended on March 31, 2021.

Kindly take the same on records.

Yours Faithfully,

For Ice Make Refrigeration Limited ctlill,eL Chandrakant P. Patel Chairm.an & Managing Director DIN: 02441116

I

AN ISO 9001: 2015, ISO 14001: 2015 & BSOHSAS 18001: 2007 CERTIFIED COMPANY Commercial & Industrial R()frigeration Equipment Manufacturer

Registered Office / Mailing Address: Q B/1, Ground Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat - India. + 91-79-27540630 �+ 91-79-27540620 Corporate Office / Plant Address:

+91 9879107881 / 884 � +91-79-27540620l2linfo@icemakeindia.com�www.icemakeindia.com Q 226, Dantali Industrial Estate, Gata - Vadsar Road, Nr. Ahmedabad City, �t: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat: India.

CJ.NO: L29220GJ2009PLC056482

1rustt1el Coo(i.-i1 P�r"ti-it>r Annexure - I

.[Disclosure with respect to the Ice Make ESOP 2018 pursuant to SEBI circular bearing reference number:] CIR/CFD/CMD/4/2015 dated September 9, 2015 read with Regulation 30 of the SEBI LODR Reg1,1lations:

.Disclosure with respect to the Ice Make ESOP 2018 pursuant to SEBI circular bearing reference number: CIR/CFD/CMD/4/2015 dated September 9, 2015 read with Regulation 30 of the SEBI LODR Reg1lations:	.Disclosure with respect to the Ice Make ESOP 2018 pursuant to SEBI circular bearing reference number: CIR/CFD/CMD/4/2015 dated September 9, 2015 read with Regulation 30 of the SEBI LODR Reg1lations:	.Disclosure with respect to the Ice Make ESOP 2018 pursuant to SEBI circular bearing reference number: CIR/CFD/CMD/4/2015 dated September 9, 2015 read with Regulation 30 of the SEBI LODR Reg1lations:
Name of the Scheme Ice Make Refrigeration Limited - Employee Stock Option Plan 2018 ("Ice Make ESOP"2018"/ "Scheme"/ "Plan")
2.	Brief details pf the Scheme	Ice Make ESOP 2018 is formed with the object to provide stock based benefits in frm of employee stock options to Employees of the Company and tq the Employees of its existing and future �ubsidiary companies, in India or abroad (as defined in the Plan), which shall be implemented and administered by the Company through_ Nomination and Remuneration Committee ("NRC;') in accordance with the applicable laws
3.	Whether the Scheme is in terms of SEBI SBEB Re ulations Total number of Equity Shares covered by these 0 tions	Yes The aggregate number of Equity Shares to be issued a�d allotted by t�e Company upon exercise of Optiols under the Plan shall not exceed 3,92,000 (Three Lakhs Ninet Two Thousand) E uit Shares.
4.
5.	Time within which Option may be exercised	The Exercise Period in respect of Vested Option shall be a period not exceeding 3 (three) months from the date of Vesting of such 0tions or as decided b the NRC 16,65,483
	0 tions Exercised
7.	money realized by exercise of o tions
8.	pricing formula	_fs_per Ice Make ESOP 2018, the consideration payable by an Option Grantee for exercising an individual Option would be the Exercise. Price, wnich shall be as mentioned in the Letter of Grant. Such Exercis� Price shall not be less than face value and not more than the market value of the Equity Share of the Company at the time of Grant of the Option(s). For the captioned Exercise, the Exercise Price as determined by NRC at the time ofGrantisRs.57
9.	The total number of Equity Shares arising as a result of exercise of Option	As per Ice Make ESOP 2018, Each Option when exercised would be converted into-1 (one) fully paid-up Equity Share Company. For the captioned Exercise, 29,219 Equity Shares have been allotteq as a result of exercise of 29,219 0 tion. # 2.86
10.	diluted earnings per share pursuant to issue of equity shares on exercise ofoptions

AN ISO 9001: 2015, ISO 14001": 2015 & BS OHSAS 18001: 2007 CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer

Registered Office/ Mailing Address; CJ.NO : L29220GJ2009PLC056482 Q B/1, (3round Floor, Vasupujya Chambers, Nr. Income Tax Cross Road, Ashram Road, Ahmedabad-380 014, Gujarat- India. +91-79-27540630 e+91-79-27540620 Q 226, Dantali l�dustrial Estate, Gola - Vadsar Road, Nr. Ahmedabad City, At: Dantali, Ta. : Kaloi, Dist. : Gandhinagar - 382721, Gujarat - India. +91 9879107881 / 884 e + 91-79-27540620 � info@icemakeindia.co11; <ft\ www.icemakeindia.com Corporate Office / Plant Addi:ess: