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ICE Make Refrigeration Ltd.


Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE520Y01019 | SECTOR: Miscellaneous

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Jun 18, 15:54
83.60 -2.35 (-2.73%)
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Annual Report

For Year :

Chairman's Speech

Dear Fellow Shareholders,

Welcome to the Ice Make families. As witnessed by your, in recent past your Company came out with an SME IPO and got its equity shares listed on SME Platform of NSE (NSE Emerge) in December 2017. We have seen behemoth over-subscription in our IPO with the trust, support and confidence of investors and valued shareholders like you. With this letter, I take this opportunity to share with you my thoughts and beliefs for the future.


The Indian economy is in a consolidation phase after a series of structural reforms over the past two years. This consolidation will be largely driven by the players in the micro, small and medium enterprises (MSME) sector. The sentiments are highly positive, especially in the manufacturing segment with improving orders and capacity utilisations. As a further boost to this segment, the Government announced a reduction in corporate tax rates. This will further allow all the MSMEs like us to invest the additional surplus and also help in job creation.

The positive macro-economic scenario augurs quite well for our business. As you are aware, we are into the business of refrigeration products handling temperature-controlled equipment and its related logistics. It is anticipated that the cold chain market is expected to witness a 14-16% CAGR between 2017-22. The optimism is largely driven by the following facts:

1. The organised players comprise a mere 10% of the cold storage market in India. With the implementation of Goods and Service Tax (GST), the focus has shifted to organised segment.

2. Uneven monsoon patterns and global warming are driving continuous demands for single and multi-commodity storage space in India.

3. Temperature controlled warehouses (TCW) comprise 90% of the cold chain industry and play a key role in storing the harvests, reducing wastages and spoilage and ensuring minimum price fluctuations. With the advent of quick-service restaurants, organised retail and rising demand of processed food, the TCW segment is expected to witness a CAGR of 14-16% between 2017-22.

4. Temperature-controlled vehicles (TCV), or reefer, are equipped with active refrigeration for temperature-controlled transfer of perishable products. According to a study by National Centre for Cold-chain Development (NCCD), there are around 15,000 units of registered reefer vehicles against a demand of 62,000 such vehicles. This augurs well for our TCV segment.

5. 100% FDI in food and retail sector will generate additional demand from the organised segment.

Currently we are utilising less than 50% of our total installed capacities. We are evenly poised to cater to the demand arising from the above stated facts. The Company does not require any major additional capex and is well positioned to capture this growth.


The condenser coils and evaporator coils are essential component of the condenser and evaporator, respectively. They are integrated into the refrigeration equipment. At present, the condenser coils are procured from the domestic markets, while a majority of evaporator coils are imported. As a measure to reduce external dependency and lead time, we are integrating backwards and setting up the Coil Manufacturing Facility at Dantali. This will optimise our manufacturing cost and give us a pricing advantage. It should be noted that, out of total raw materials consumed, the coil cost contributes to around 8%. This backward integration would reduce the Company’s cost of production. The facility will be operational by the end of 2018-19.


We understand the power of technology and its resultant benefits and hence invest in technological upgradation across both our units, Gandhinagar (Dantali) and Chennai. We are installing latest laser cutting machines, upgrading the PUF foaming technologies, adding new models of bulk milk chillers and carrying our other ancillary improvements in the system assembly. We have replaced obsolete machineries at Chennai by installing auto controlled shearing machine and CNC press break machine, purchasing pyramid type sheet bending machine. We are looking forward to acquire new machinaries such as mig welding machine. We are also trying to upgrade the fabrication shop with new hand tools and pneumatic tools and investing in information technology and surveillance system, for increasing product efficiency and improving the quality of our products.


The Company launched eco-friendly and energy efficient solar cold rooms during the year with a storage space of about 4-5 metric ton. It will help retain the quality, freshness, shelflife and reduce wastage of perishable farm products. Besides, it will also play a significant role in the distant rural area which are not yet electrified or where power supply is poor. The Government’s rural-centric budget and their support through 40% to 50% subsidy scheme to solar refrigeration units to make them affordable, augurs well for us. It is expected that with proper utilisation of the solar based cold storages, it can lead to over 30%-40% increase in the farmer’s income. The Company is keeping no stone unturned towards creating farmer awareness and help them double their income and reap strong benefits from the good quality cold storage facilities.


Going ahead, we have charted out few strategic priorities that will drive our growth in the coming years. These include:

1. Building a technology-intensive asset base to achieve scale and efficiencies.

2. Focussing on R&D and innovation to drive home better products and solutions.

3. Building long-term customer relationships across India and abroad through product marketing, brand building, promotion, after-sale services and relationship- building activities with key stakeholders.

4. Strengthening after-sale service network to reinforce our brand image and visibility.

5. Exploring opportunities in the Ammonia refrigerant segment. Our technically sound manufacturing facility gives us the edge to match the industry standards and penetrate into the newer customer segment.


Our dedicated team across all the business verticals remains our Company’s legacy of innovation and continuous improvement. They are the key factors to our consistent performance and our success in addressing the ever-changing needs of consumers.


On behalf of the Board of Directors and the Senior Leadership Team, I hereby assure you that we have effective growth strategies in place. Our business is aligned with today’s consumers and are well-positioned for the future. We were, and we will stay committed to building the value of your investment in Ice Make.

Best Wishes,

Chandrakant P. Patel

Chairman & Managing Director