Ice
Make Refrigeration Limited (Ice Make), one of the leading manufacturer & supplier of cooling solutions equipment,
has received a revision in rating from BBB Minus (Triple
B Minus) to BBB Plus (Triple B
Plus) from CARE Ratings.
The revised rating indicates stable and positive business outlook of the
company.
Care
Ratings in its report said “The revision in ratings for Ice Make Refrigeration Limited
factors in the healthy growth in its total operating income (TOI) during FY17, improvement
in its operating profitability and debt coverage indicators. The revision also
factors in the sizeable fund raised by Ice Make through its IPO (concluded in
November 2017), the proceeds of which are expected to be utilized by Ice Make for
its capex and working capital requirements, without resorting to major
additional debt in the medium term. The ratings continue to derive strength
from long standing experience of promoters into refrigeration equipment
manufacturing industry coupled with its established clientele and comfortable
liquidity position of the company which was aided by the funds raised through
its IPO”
Mr
Chandrakant P. Patel, CMD, Ice Make Refrigeration Limited said
“Ice Make has grown to become one of the leading player in its industry space,
preferred and trusted manufacturer and provider of Cooling Solutions to a
diversified set of customers in the country. We are happy to receive Triple B
Plus rating post the successful listing of Ice Make on NSE Emerge. Our
Backward
integration work and setting up of coil manufacturing plant at Dantali to
improve production efficiencies are expected to complete on schedule. We are confident of achieving sustainable
business growth by continuous value creation, hard work & innovation, which
will further improve our financials and rating”
About
Us
ICE MAKE REFRIGERATION LIMITED has been successfully
satisfying the needs of its customers, from production to after-sales service, since
1993. The Company is engaged
in the business of providing customized cooling solutions to diverse set of
clients across wide range of industries by manufacturing and supply of high
quality refrigeration products & equipment’s. ICE Make was listed on NSE
Emerge on December 8, 2017. The Company attracted record SME IPO subscription
of over 260 Times, worth over 6000 Crore. The Company operates under four key
business verticals including Cold Room, Commercial Refrigeration, Industrial
Refrigeration & Transport Refrigeration and caters to wide
range of Industries including Diary, Ice-cream, food processing, agriculture,
pharmaceuticals, Cold Chain, Logistics, hospitals, Hospitality and retail among
others. The Company received
several awards and accolades including Indian Leadership Award for Industrial
Development in 2011, Best Medium Enterprise (Manufacturing) & Skoch Award
in 2014 and India SME 100 Award in 2017.
About CARE Ratings
CARE Ratings commenced
operations in April 1993 and over two decades, it has established itself as one
of the leading credit rating agencies in India. CARE is registered with the
Securities and Exchange Board of India (SEBI) and also recognized as an External
Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE
Ratings is proud of its rightful place in the Indian capital market built
around investor confidence. CARE Ratings provides the entire spectrum of credit
rating that helps the corporates to raise capital for their various
requirements and assists the investors to form an informed investment decision
based on the credit risk and their own risk-return expectations. Our rating and
grading service offerings leverage our domain and analytical expertise backed
by the methodologies congruent with the international best practices.
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