Ice Make Refrigeration Limited — Investor Presentation 2021

Oct 2, 2021

October 02, 2021

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

NSE Symbol: ICEMAKE

Subject: Investors Presentation

Reference: Regulation 30 read with schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir,

Pursuant to Regulation 30 read with schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith our investor presentation for the year ended on March 31, 2021.

Kindly take the same on record.

Thanking you

Yours Faithfully,

For Ice Make Refrigeration Limited

jVICA1to/01.,., C(Je..sC-1�

Mandar Desai Company Secretary & Compliance Officer

Encl.: A/ a

ICE MAKE REFRIGERATION LIMITED

AN ISO 9001 : 2015, ISO 14001 : 2015 & ISO 45001 : 2018 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.

� +91 9879107881 / 884 � + 91-79-27540620 1:8:1 info@icemakeindia.com e www.icemakeindia.com C.I.NO : L29220GJ2009PLC056482

GOING THE DISTANCE

ICE MAKE REFRIGERATION LIMITED

Investors Presentation

CHAIRMAN & MANAGING DIRECTOR'S MESSAGE

It gives me immense pleasure to present to you the performance of the Company for the financial year ended March 31, 2021. Despite a series of challenges, including the novel coronavirus pandemic and the nationwide lockdowns and restrictions, alongside the consequent economic slowdown, we have successfully navigated through the hurdles and emerged stronger from the crisis..

With respect to growth avenues, we were marginally down and clocked marginal increase in export sales during the year as compared to the last financial year 2019-20. Our core team has identified several countries, including Nepal, Sri Lanka, Kenya, Uganda, and Ravanda, where exports could be an opportunity. Among these, in Nepal and USA, we have developed associates from whom we are getting regular business. We shall continue to assess and evaluate opportunities for these markets, and shall enter the market when we believe the riskreward trade-off is in our favour

. Over three decades, Ice Make Refrigeration Limited has grown from a small-scale operation to a prominent player in the refrigeration industry. During the FY 2020-21, we registered revenues of ₹ 132.62 Crores, as against ₹ 136.71 Crores in FY 2019-20. EBITDA was reported at ₹ 11.68 Crores in 2020-21, as against ₹ 14.91 Crores in FY 2019-20. PAT was registered at ₹ 4.49 Crores in 2020-21, as against ₹ 6.66 Crores FY 2019-20.

We have a portfolio of 50+ refrigeration and cooling solution products, being supplied to our diversified client base industries, comprising Dairy, Ice-Cream, Food Processing, Horticulture, Agriculture, Pharmaceuticals, Cold Chain, Logistics, Hospitals, Hospitality and Retail among others. Interestingly, our basket of products and services are placed in such a manner, that they remain largely insulated from in the overall market. Thanks to our consistent investments in R&D, we have been able to successfully innovate and transform ourselves over the last two decades, to cater to rapidly evolving customer requirements by offering unique and innovative solutions. Our innovations and technological advancements include backward integration for in-house manufacturing of condenser and evaporator coils, redesign of chillers, and use of C5 technology.

I would like to thank all our valued stakeholders for their ongoing support and encouragement of the Company and its management in our endeavours. Your unwavering faith, support, and inspiration have gone a long way toward assisting us in making a value-creating organization. I'd like to express my heartfelt gratitude to our staff and employees who have demonstrated their adaptability and flexibility in the aftermath of COVID-19. We believe we are well-positioned to capitalize on this structural mega trend because of our foundation of integrity, transparency, and trust, as well as the sector tailwind and our competitive edge. We remain upbeat about our prospects for expansion. Finally, I extend my best wishes to all shareholders and their families and pray for their good health in such trying times

PROMOTERS & BOARD OF DIRECTORS

CHANDRAKANT P. PATEL Chairman & Managing Director DIN: 02441116

RAJENDRA P. PATEL Joint Managing Director DIN: 02441138

VIPUL I. PATEL Joint Managing Director DIN: 02473121

DARSHA R. KIKANI Independent Director DIN: 00155791

HARSHADRAI P. PANDYA Independent Director DIN: 03372010

KRISHNAKANT L. PATEL Independent Director DIN: 01336433

ICE MAKE REFRIGERATION LIMITED – AT A GLANCE

Year of Inception 1993

Employees as on March 31, 2021 505

Revenues in 2020-21 3.39 % YoY Growth 132.62 Crores

AMONGEST INDIA'S LEADING MANUFACTURERS OF REFRIGERATION EQUIPMENT

• Engaged in the business of offering a comprehensive and highly customised suite of cooling products and accessories.
• Five Business verticals Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration and Ammonia Refrigeration
• Serves industries like dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chain, logistics, hospitals, hospitality and retail among others
• Caters to domestic as well export requirements across various countries

ACCOMPLISHMENTS OVER THE YEARS…

1993

Established as a proprietorship firm under the names of Ice Make Refrigeration and Hi Make Engineers (later modified to Colpan Poly Panel Industries

2013

Certified with BS OHSAS 18001:2007 by Bureau Veritas Certification for the Management Systems

2009

Incorporated as a Private Limited Company which took over the running business of M/s Ice Make Refrigeration and M/s Colpan Poly Panel Industries. Certified with ISO 9001:2008 for the Management Systems

2014

• Certified with ISO 14001:2015 for the order of company's merit management system
  • Awarded Best Medium Enterprise (Manufacturing) Award by Canara Bank, Skoch Achiever Award – 2014 by Skoch

2011

Awarded Indian Leadership Award for Industrial Development by All India Achievers Foundation

2015

Changed the name from "Ic Ice Make Refrigeration Private Limited" to "Ice Make Refrigeration Private Limited"

With over three decades of experience Ice Make Refrigeration Limited has grown from a small-scale business to one of the prominent player in the refrigeration industry. It is the most trusted brand in providing cooling solution to diversified set of customers in India

ACCOMPLISHMENTS OVER THE YEARS…

2016

• 1993 Acquired Bharat Refrigerations Private Limited
• Upgraded Management system certification to ISO 9001:2015

2017

• Achieved CRISIL MSE*1 ratings by CRISIL
• Conversion into Public Limited Company
• Listing of equity shares on NSE Emerge

2018

• Improved credit ratings to Care BBB + (Care Triple B Plus)
• Launched solar cold rooms targeted for the agriculture sector
• Entered into Ammonia Refrigeration segment
• Received recognition for the annual report 2017-18 at the LACP 2017-18 Vision Awards, ranking 27th amongst the top 100 global reports and receiving 'gold' for excellence in investor communication

2021

• Migrated from NSE SME emerge platform to NSE Main Board platform w.e.f. October 12th 2020
• Allotment of 29,219 equity shares at Rs. 57/- to employees as per Ice Make Refrigeration Limited ESOP Plan 2018.

With over three decades of experience Ice Make Refrigeration Limited has grown from a small-scale business to one of the prominent player in the refrigeration industry. It is the most trusted brand in providing cooling solution to diversified set of customers in India

2019

• Launched low temperature low humidity dryer manufactured specifically for the farm and food processing sector
• Increased our state of art manufacturing facilities to improve production efficiency
• Upgrade Health and Safety certificate to ISO 450001:2018 & CE certificate

2020

• Ice Make Family completes 30 years in business shaping the future of cold chain, supporting our clients and growing our employees
  • 500 + employees, 65+ business associates, 25000+ customers

BUSINESS VERTICALS

Contribution to standalone revenues in 2020-21

Cold Room

• Year of commencement: 2002
• Edge: Capability to produce thickness of 60 mm to 150 mm as per the customer needs, reduce the deterioration of products during the freezing process, maintains food quality including flavour, texture, colour, aroma and nutrients
• Product line: Cold Room, Solar Cold Room, Cold Room Puf Panel (Discontinuous Type), Cold Room Door, Condensing Unit (Air/Water-Cooled), Evaporator Unit, Cold Room Control Panel, Glass Door Display Chiller, Curd Incubation Chamber, Ripening Chamber, Precooling Chamber, Blast Chiller, Blast Freezer
• Storage: with temperature range of + 15° C to - 40° C
• End users: Dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others

Contribution to standalone revenues in 2020-21

Commercial Refrigeration

• Year of commencement: 1993
• Edge: Faster cooling owing to direct expansion, durable tank made of AISI 304 SS, digital temperature controller and occupies lesser space
• Product line: Ice Cream Mix Plant, Turnkey Dairy Solution, Bulk Milk Chiller, Pasteurizing Tank, Ageing Vat, Ice Candy Production Machine, Ice Cream Hardener (Static/Tunnel Type), Mini Blast Freezer & Chiller, Heat Pump Food Dehydrator Under Counter Refrigeration, Mortuary Chambers
• End users: Dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others

BUSINESS VERTICALS

7.42%

Contribution to standalone revenues in 2020-21

Industrial Refrigeration

• Year of commencement: 2003
• Edge: Ice water intensively cools the product without any risk and less power load
• Product line: Water Chilling Plant, Brine Chilling Plant, Oil Chilling Plant, Air Chiller, Ice Building Tank (IBT)
• Storage: capacity of ice building tanks ranges from 5,000 litres to 1,00,000 litres and capacity of water chilling plants ranges from 2 TR to 200 TR
• End users: Dairy, ice cream, food processing, pharmaceuticals and hospital, among others

11.17%

Contribution to standalone revenues in 2020-21

Transport Refrigeration

• Year of commencement: 2012
• Edge: Low weight, high strength with solid insulator
• Product line: Refrigerated Container (GRP), Refrigerated Van (Eutectic GRP), Insulated Container, Bunk House, Dry Insulated Container (GRP)
• Storage: with temperature range of +15° C to - 25° C
• End users: Dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chains, hospital, hospitality and retail among others

BUSINESS VERTICALS

7.42%

Contribution to standalone revenues in 2020-21

Ammonia Refrigeration

• Year of commencement: 2018
• Edge: Cost efficient, consumes less power, higher turnover
• Product line: Turnkey Projects for Cold Stores, Water Chillers for Dairy, Glycol Chillers for milk deep chilling for dairy & for Beverage & Brewery Plants, Water Chillers for Pharma, LP Receivers with Ammonia pumps for retrofit plants, Ice Accumulating Coils, Atmospheric Condensers
• Storage: with temperature range of 10° C to - 22° C
• End users: Food and beverage, dairy, ice cream, brewery and pharma sectors

… DRIVEN BY COMPETITIVE SUPPORTING STRENGTHS

• Equipped with latest & advanced technology that leads to cost-efficiency and competitive pricing
• Consistent delivery of quality products to meet the standards of domestic and international customers
• Strong marketing and distribution network
• Efficient after sales services
• Team of skilled technical engineers with requisite technical know-how

MANUFACTURING PLANTS

Plant 2 Chennai, Tamil Nadu

BRANCH OFFICE

Delhi, Jaipur, Indore**,** Surat and Mumbai

DEALERS & ASSOCIATES

Jammu, Bikaner, Jodhpur, Lucknow, Pune, Kolhapur, Goa, Hubli, Cochin, Trivandrum, Puducherry, Guwahati, Cuttack, Nagpur**,** Nasik, Ghaziabad, Nepal, Qatar, USA

COMPANY REPRESENTATIVES

Rajkot, Vadodara, Udaipur, Patna, Kolkata, Raipur, Hyderabad, Bengaluru, Bhubaneshwar, Sonipat

Plant 1

Gujarat

Gandhinagar,

… DRIVEN BY COMPETITIVE SUPPORTING STRENGTHS

GLOBAL FOOTPRINTS

U.S.A	Tanzania
Uganda	Zambia
Nepal	Sierra Leone
Bhutan	U.A.E
Japan	Bahrain
Kenya	Congo
Bangladesh	Seychelles
Algeria	Maldives
Nigeriya	Madagascar
Libya	Mauritius
Sri Lanka	Afghanistan
Australia	Canada

CATERING TO MARQUEE CLIENTELE

CATERING TO MARQUEE CLIENTELE

AWARDS AND CERTIFICATIONS

AWARDS

• Received recognition for the annual report 2017-18 at the League of American Professionals (LACP) 2017- 18 Vision Awards, ranking 27th amongst the top 100 global reports and receiving 'gold' for excellence in investor communication
• Best SME100 Award in 2017
• Best Medium Enterprise (Manufacturing) & Skoch Award in 2014
• Indian Leadership Award for Industrial Development in 2011
• Received award from Federation of Gujarat Industries by Mr. Chandrakant P. Patel for Excellence in the field of outstanding business leader

CERTIFICATIONS

ISO 9001:2015 & ISO 45001:2018

CE Certification

ISO 14001:2015

STANDALONE FINANCIAL FIGURES

(₹ lakhs)

Particulars	2020-21	2019-20	2018-19	2017-18	2016-17
Total Revenue	13,262.40	13,671.72	12,957.98	10,167.84	8,788.28
EBITDA	1,168.39	1,491.59	1,417.20	1,301.07	1,026.99
EBIDTA Margin (%)	8.81	10.91	10.94	12.80	11.69
PAT	449.32	666.86	783.44	663.32	501.79
PAT Margin (%)	3.39	4.88	6.05	6.52	5.71
Net Worth	5,917.96	5,524.56	5,044.19	4,461.21	1,559.13
Long Term Debt	182.14	231.66	6.07	10.24	563.30
Cash and Cash Equivalents	15.50	35.55	377.25	1,629.13	741.45
Dividend of ₹1.20 per equity share of face value

CONSOLIDATED FINANCIALS FIGURES

		(₹lakhs)
Particulars	2020-21	2019-20
Total Revenue	13,587.10	13,815.54
EBITDA	1155.23	1398.58
EBIDTA Margin (%)	8.50%	10.12%
PAT	361.29	505.16
PAT Margin (%)	2.66%	3.66%
Net Worth	5631.64	5327.01
Long Term Debt	314.45	350.01
Cash and Cash Equivalents	42.04	62.19

VERTICAL WISE SALES in 2020-21 (%)

COLD ROOM INDU.FREEZER COMMERCIAL VAN AMMONIA

VERTICAL WISE SALES in 2019-20 (%)

ZONE WISE SALES in 2020-21 (%)

ZONE WISE SALES in 2019-20 (%)

INDUSTRY OVERVIEW

Refrigeration products can be broadly classified into five categories

Cold Rooms and Storage Products

Commercial Refrigeration Systems

Industrial Refrigeration Systems

Transport Refrigeration Systems

Ammonia Refrigeration

One or multiple types of these systems are deployed for temperature controlled handling and logistics. It is estimated that a 14-16% CAGR for Indian cold chain market over FY 2017-2022, which would be a key driver for growth of refrigeration products in India

Multi Commodity Cold Storages in India

• Where commodities such as fruits and vegetables, pharmaceuticals, frozen products and potatoes, can be stored together
• Over the next five years, multipurpose cold storages will gradually gain volume share over single-commodity (potato) cold storages on faster growth in the production of fruits, vegetables and dairy products
• Organized players (which constitutes sub-10% of the overall cold-storage market) to witness faster volume growth than the unorganized players. It is estimated the share of multipurpose cold storages to increase from ~30% in 2016-17 to 35-40% in 2021-22

Source: CRISIL Report, CRISIL Research

Key commodities stored in organized multipurpose cold storages

Key industries where refrigeration products are deployed

INDUSTRY OVERVIEW

Temperature Controlled Warehouses (TCW)

• TCW play an important role in conserving the quality of the product and decreasing the post-harvest losses
• TCW account for 90% of the overall cold-chain industry and are projected to grow at a compound annual growth rate (CAGR) of 14- 16% over the next five years, driven by proliferation of quick-service restaurants (QSR), organised retail and rising demand for processed foods
• TCW segment's revenue will be led by multipurpose cold storage and its share in the total revenue is pegged to rise from 77-79% in 2016-17 to 84-86% by 2020-21

Source: CRISIL Report, CRISIL Research

Temperature Controlled Vehicles (TCV)

• TCV are equipped with active refrigeration for temperature controlled carriage of perishable products
• Broadly classified into primary haul vehicles and secondary haul vehicles
• About 60-65 per cent of the refrigerated transport vehicles are deployed for secondary transportation
• Number of refrigerated transport (reefer) vehicles is currently estimated at about 15,000 units. A National Centre for Cold-chain Development (NCCD) study, which was released in September 2015, has indicated a requirement of 62,000 reefer vehicles
• Volumes of TCV are expected to grow at a CAGR of 6-7% from 2016-17 to 2021-22 driven primarily by pharmaceuticals and frozen products which is largely for export markets as well as QSR in domestic markets

OPPORTUNITIES AND PRIORITIES

House holds

High Income & Upper Middle Income Segment

1 in 2 households by 2030

~70M fewer low income households by 2030

(Source: Bain & Company)

SAFE HARBOUR

This presentation and the accompanying slides (the "Presentation"), which have been prepared by Ice Make Refrigeration Limited. (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

THANK YOU 226, Dantali Industrial Estate,

ICE MAKE REFRIGERATION LIMITED

PLANT AND CORPORATE OFFICE

On Gota-Vadasar Road, Near Ahmedabad City, At: Dantali, Ta: Kalol, Dist.: Gandhinagar - 382721, Gujarat State, India CIN: L29220GJ2009PLC056482 Website: www.icemakeindia.com Phone: +91-9879107881 (Ext:- 220/221) Email: investor@icemakeindia.com cs@icemakeindia.com info@icemakeindia.com