Notes to Accounts of ICE Make Refrigeration Ltd.

Mar 31, 2025

2.10Provisions, contingent liabilities and contingent
assets

Provisions are recognized when the Company has a
present legal or constructive obligation as a result
of past events, it is probable that an outflow of
resources will be required to settle the obligation and

the amount can be reliably estimated. Provisions are
not recognized for future operating losses.

Provisions are measured at the present value of
management’s best estimate of the expenditure
required to settle the present obligation at the end
of the reporting period. The discount rate used to
determine the present value is a pretax rate that
reflects current market assessments of the time
value of money and the risks specific to the liability.
The increase in the provision due to the passage of
time is recognized as interest expense.

Contingent Liabilities are disclosed in respect of
possible obligations that arise from past events but
their existence will be confirmed by the occurrence
or nonoccurrence of one or more uncertain future
events not wholly within the control of the Company
or where any present obligation cannot be measured
in terms of future outflow of resources or where a
reliable estimate of the obligation cannot be made.

A contingent asset is a possible asset arising from
past events, the existence of which will be confirmed
only by the occurrence or non-occurrence of one
or more uncertain future events not wholly within
the control of the Company. Contingent assets are
not recognized till the realization of the income is
virtually certain. However, the same are disclosed in
the financial statements where an inflow of economic
benefit is possible.

2.11 Leases

As a Leasee

At inception of a contract, the Company assesses
whether a contract is, or contains, a lease. A contract
is or contains, a lease if the contract conveys the right
to control the use of an identified asset for a period of
time in exchange for consideration.

The Company recognizes a Right-of-Use (ROU) asset
and a lease liability at the lease commencement date.
The ROU asset is initially measured at cost, which
comprises the initial amount of the lease liability
adjusted for any lease payment made at or before
the commencement date, plus any initial direct
cost incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less
any lease incentive received.

The ROU asset is subsequently amortized over the
useful life of the ROU asset or the period of the lease
term. The estimated useful lives of ROU assets are
determined on the same basis as those of Property,

Plant and Equipment. In addition, the ROU asset is
periodically reduced by impairment losses, if any,
and adjusted for certain remeasurements of the
lease liability.

The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be
readily determined, the Company’s incremental
borrowing rate. Generally, the Company uses its
incremental borrowing rate as the discount rate.

Short-term leases and leases of low-value assets
The Company has elected not to recognize right-to-
use assets and lease liabilities for short-term lease
that have a lease term of 12 months or less and
leases of low-value assets. The Company recognize
the lease payments associated with these leases as
an expense on a straight-line basis over the lease
term.

1.12 Employee benefits

Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in
which the employees render the related service are
recognized in respect of employees’ services up to
the end of the reporting period and are measured at
the amounts expected to be paid when the liabilities
are settled.

Other long-term employee benefit obligations
The liabilities for earned leave and sick leave that are
not expected to be settled wholly within 12 months
are measured as the present value of expected future
payments to be made in respect of services provided
by employees up to the end of the reporting period
using the projected unit credit method.

Post-employment obligations
The Company operates the following post¬
employment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident
fund.

Gratuity obligations

The liability or asset recognized in the balance sheet
in respect of defined benefit gratuity plan is the
present value of the defined benefit obligation at the
end of the reporting period less the fair value of plan
assets. The defined benefit obligation is calculated

annually by actuaries using the projected unit credit
method.

The present value of the defined benefit obligation is
determined by discounting the estimated future cash
outflows by reference to market yields at the end
of the reporting period on government bonds that
have terms approximating to the terms of the related
obligation.

The net interest cost is calculated by applying
the discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense in
the Statement of Profit and Loss.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognized in the period in which
they occur, directly in other comprehensive income.
They are included in retained earnings in the
statement of changes in equity and in the balance
sheet.

Gratuity liability of employees is funded with the
approved gratuity trusts.

Defined Contribution Plans

Defined Contribution Plans such as Provident Fund,
etc., are charged to the Statement of Profit and Loss
as incurred.

2.13 Borrowing costs

I nterest and other borrowing costs attributable to
qualifying assets are capitalized. Other interest and
borrowing costs are charged to Statement of Profit
and Loss.

2.14 Earnings Per Share

Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• average number of equity shares outstanding
during the financial year, adjusted for bonus
elements in equity shares issued during the year
and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in
the determination of basic earnings per share to take
into account:

• the after-income tax effect of interest and other
financing costs associated with dilutive potential
equity shares, and

• the weighted average number of additional
equity shares that would have been outstanding
assuming the conversion of all dilutive potential
equity shares.

2.15 Impairment of Assets:

An asset is treated as impaired when the carrying
cost of asset exceeds its recoverable Value. An
impairment loss is charged to the statement of Profit
and Loss in the year in which an asset is identified as
impaired. The impairment loss recognized in earlier
accounting period is reversed if there has been a
change in the estimate of recoverable amount.

2.16 Foreign currency transactions:

Foreign currency transactions are translated into
the functional currency using exchange rate at the
date of the transaction. Foreign exchange gains and
losses from the settlement of these transactions
are recognized in the statement of profit and loss.
Foreign currency denominated monetary assets and
liabilities are translated into functional currency at
the exchange rates in effect at the balance sheet
date, the gain or loss arising on such translations are
recognized in the statement of profit and loss.

2.17 Exceptional items

Exceptional items are disclosed separately in the
financial statements where it is necessary to do so
to provide further understanding of the financial
performance of the Group. These are material
items of income or expense that have to be shown
separately due to their nature or incidence.

2.18 Cash Flow Statements

The Cash Flow statement is prepared by the “Indirect
method” set out in Ind AS-7 on “Cash Flow Statement
“and presents the cash flows by operating, investing

and financing activities of the Company. Cash and
cash Equivalent presented in the cash flow statement
consist of cash on hand and demand deposits with
banks.

2.19 Share-based payment arrangements

Equity-settled share-based payments to employees
and others providing similar services are measured
at the fair value of the equity instruments at the grant
date.

The fair value determined at the grant date of the
equity settled share-based payments is expensed on
a straight-line basis over the vesting period, based on
the Company’s estimate of equity instruments that
will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the
Company revises its estimate of the number of
equity instruments expected to vest. The impact
of the revision of the original estimates, if any, is
recognized in Statement of Profit and Loss such
that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to the
equity-settled employee benefits reserve.

2.20 Events occurring after the balance sheet date

Assets and liabilities are adjusted for events occurring
after the reporting period that provides additional
evidence to assist the estimation of amounts relating to
conditions existing at the end of the reporting period.
Dividends declared by the Company after the
reporting period are not recognized as liability at the
end of the reporting period. Dividends declared after
the reporting period but before the issue of financial
statements are not recognized as liability since no
obligation exists at that time. Such dividends are
disclosed in the notes to the financial statements.

Refer Statement of Changes in Equity for detailed break-up
Securities Premium:

The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. The reserve
is utilised in accordance with the specific provisions of the Companies Act, 2013.

Retained Earnings:

Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit
obligations less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is
a free reserve available to the Company.

E9I EARNING PER SHARE

Earning Per share is calculated by dividing the Profit / (Loss) attributable to the Equity Shareholders by the weighted average
number of Equity Shares outstanding during the year. The numbers used in calculating basic and diluted earning per Equity
Share as stated below:

E0i DISCLOSURE UNDER IND AS 116 - LEASES

The Company has adopted Ind AS 116 on “Leases” by applying it to all contracts of leases existing on April 1, 2019 by using
modified retrospective approach. The Company has recognised and measured the Right-of-Use (ROU) asset and the lease
liability over the remaining lease period and payments discounted using the incremental borrowing rate as at the date of
initial application.

ESI FINANCIAL INSTRUMENTS - FAIR VALUES & RISK MANAGEMENT

48.1 Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured at the amount at which the instrument could be

exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

All financial instruments are initially recognized and subsequently re-measured at fair value as described below :

1. The fair value of investment in quoted equity shares and mutual funds is measured at quoted price or NAV.

2. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current
liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely
due to short-term maturities of these instruments.

3. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters
such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances
are taken to account for the expected losses of these receivables.

4. The fair value of forward foreign exchange contracts and currency swaps is determined using forward exchange
rates and yield curves at the balance sheet date.

The company uses the following hierarchy for determining and disclosing the fair values of financial instruments by

valuation technique:

Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 : Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either

directly or indirectly.

R9I FINANCIAL RISK MANAGEMENT

The company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk
management framework. The company’s risk management policies are established to identify and analyse the risks faced
by the Company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company’s activities.

49.1 Credit Risk Management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this,
the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current
economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.

The ageing analysis trade receivables from the date the invoice falls due is given below :

Based on historic default rates and overall credit worthiness of customers, management believes that no impairment
allowance is necessary in respect of outstanding trade receivables as on March 31, 2025.

49.2 Liquidity Risk

Liquidity Risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable
price. The company’s treasury department is responsible for liquidity, funding as well as settlement management. In addition,
processes and policies related to such risks are overseen by senior management. Management monitors the Company’s net
liquidity position through rolling forecast on the basis of expected cash flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date
based on contractual undiscounted payments.

49.3 Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price
of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market
risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency
receivables, payables and loan borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control
over the entire process of market risk management. The treasury department recommends risk management objectives
and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include
management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies, and
ensuring compliance with market risk limits and policies.

49.3.1 Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. In order to optimize the Company’s position with regards to the interest income and interest
expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management
by balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

With all other variables held constant, the following table demonstrates the impact of the borrowing cost on floating rate
portion of loans and borrowings and excluding loans on which interest rate swaps are taken.

49.3.2 Foreign currency risk

The company operates internationally and is exposed to currency risk on account of its receivables in foreign currency. The
functional currency of the Company is Indian Rupee. The company uses forward exchange contracts to hedge its currency
risk, most with a maturity of less than one year from the reporting date.

The company does not use derivative financial instruments for trading or speculative purposes.

U (a) No funds (which are material either individually or in the aggregate) have been advances or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or any
other person or entity, including foreign entity (“Intermediaries”)

(b) No funds (which are material either individually or in the aggregate) have been received by the Company from any
person or entity, including foreign entity (“Funding Parties”).

H In terms of Ind AS 36 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and
arrived at the conclusion that impairment loss which is difference between the carrying amount and recoverable value
of assets, was not material and hence no provision is required to be made.

g The company does not have any transactions of balances with companies struck off under section 248 of the Companies
Act, 2013 or section 560 of the Companies Act., 1956 during the year and the previous year.

H The Company does not have any transactions not recorded in books of accounts that has been surrendrerd or disclosed
as income during the year and previous year in the tax assessment under the Income Tax Act., 1961.

J The Company has not traded or invested in any Crypto Currency or Virtual Currency during the year and previous
year.

J There has been no fraud by the Company or on the Company during the year and previous year.

H The Company has complied with the requirement of number of layers prescribed under the Companies Act, 2013.

| The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

g Previous year’s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them
comparable with current year’s figures.

The accompanying significant accounting policies and notes form an integral part of the standalone financial statements.
As per our reports of even date annexed

For Umesh Shah & Associates For Ice Make Refrigeration Limited

Chartered Accountants

Firm Reg. No. 114563W Mr. Chandrakant Patel Mr. Rajendra Patel

Chairman & Managing Director Joint Managing Director

DIN - 02441116 DIN - 02441138

CA Umesh Shah Mr. Vipul Patel

Partner Joint Managing Director

M.No. 048415 DIN - 02473121

Place : Gandhinagar Mr. Ankit Patel Mr. Mandar Desai

Date : May 17, 2025 CFO Company Secretary

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Mar 31, 2024

18.2 The Company has issued only one class of equity shares having a par value of '' 10 per share. Each holder of Equity Shares are entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the realised value of the assets of the Company, remaining after the payment of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.

18.4The Board of Directors has proposed a final dividend of '' 2.00 (P.Y. '' 1.80) per share [i.e.20% (P.Y. 18%)] on the face value of '' 10/- for the year ended March 31, 2024, which is subject to the approval of the shareholders at the Annual General Meeting.

Refer Statement of Changes in Equity for detailed break-up Securities Premium:

The amount received in excess of face value of the equity shares is recognized in Securities Premium Reserve. The reserve is utilized in accordance with the specific provisions of the Companies Act, 2013.

Retained Earnings:

Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit obligations less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company.

24.1 Working Capital Facilities from Banks are secured against hypothecation of inventories and present and future book-debts of the Company and personal properties and guarantee of directors. Applicable rate of interest on working capital loans is between 8% to 9.25%.

24.2 The formalities with respect to Registration of charges or satisfaction with Registrar of Companies have been completed within stipulated time.

24.3Quarterly return/statement of current assets filed by the Company with bank are in agreement with books of accounts.

24.4 The Company has not been declared as wilful defaulter by the banks.

E9I EARNING PER SHARE

Earning Per share is calculated by dividing the Profit / (Loss) attributable to the Equity Shareholders by the weighted average number of Equity Shares outstanding during the year. The numbers used in calculating basic and diluted earning per Equity Share as stated below:

P0! DISCLOSURE UNDER IND AS 116 - LEASES

The Company has adopted Ind AS 116 on "Leases" by applying it to all contracts of leases existing on April 01, 2019 by using modified retrospective approach. The Company has recognized and measured the Right-of-Use (ROU) asset and the lease liability over the remaining lease period and payments discounted using the incremental borrowing rate as at the date of initial application.

E0| CONTINGENT LIABILITIES AND COMMITMENTS		('' in lakhs)
Particulars	Year Ended March 31, 2024	Year Ended March 31, 2023
Contingent Liabilities
Bank Guarantees issued on behalf of the Company	1,015.43	817.07
Commitments
Estimated amount of contracts remaining unexecuted on capital account and not provided for in Books (net of advances)	3,892.27	-

E9 SEGMENT INFORMATION

The Company manufactures and deals in single product, i.e. manufacturing of Cold Rooms, Freezer, Refrigeration Systems and chilling Plant etc. Therefore no separate disclosure as per Ind AS 108 - "Operating Segments" is given.

P4I ICE MAKE REFRIGERATION LIMITED - EMPLOYEE STOCK OPTION PLAN 2018

The Company instituted the 2018 plan for all eligible employees in pursuance of a special resolution approved by the shareholders at the extraordinary general meeting held on October 25,2018. Scheme covers grant of options to specified permanent employees of the Company as well as its subsidiary.

Pursuant to scheme, the Company has granted options each to eligible employees at an exercise price of '' 57.00 per equity share of '' 10 each.

Under the term of scheme, the vesting period shall commence on the expiry of one year from the date of grant of the options to the employees and it will be spread over 3 years. 30% of the options will vest in the employees at the end of first year, 30% at the end of second year and balance 40% at the end of third year from the grant date.

The employee stock options granted shall be capable of being exercised within a period of three months from the date of vesting the options, they would be exercisable by the option holder and the shares arising on exercise of such options shall not be subject to any lock-in period. The movement in the stock options during the year was as per the table given below:

vii) Sensitivity Analysis

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and employee turnover. The sensitivity analysis below, have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The result of sensitivity analysis on defined benefit obligation is given below :

P9I FINANCIAL INSTRUMENTS - FAIR VALUES & RISK MANAGEMENT

49.1 Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

All financial instruments are initially recognized and subsequently re-measured at fair value as described below :

1. The fair value of investment in quoted equity shares and mutual funds is measured at quoted price or NAV.

2. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.

3. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these receivables.

4. The fair value of forward foreign exchange contracts and currency swaps is determined using forward exchange rates and yield curves at the balance sheet date.

The Company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique:

Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 : Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

B50I FINANCIAL RISK MANAGEMENT

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

50.1 Credit Risk Management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.

Based on historic default rates and overall credit worthiness of customers, management believes that no impairment allowance is necessary in respect of outstanding trade receivables as on March 31, 2024.

50.2 Liquidity Risk

Liquidity Risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecast on the basis of expected cash flows.

50.3 Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loan borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with market risk limits and policies.

50.3.1 Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

50.3.2 Foreign currency risk

The Company operates internationally and is exposed to currency risk on account of its receivables in foreign currency. The functional currency of the Company is Indian Rupee. The Company uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date.

The Company does not use derivative financial instruments for trading or speculative purposes.

50.3.3 Price Risk

The Company does not have any significant investments in equity instruments which create an exposure to price risk.

BCT CAPITAL MANAGEMENT

For the purposes of the Company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company''s Capital Management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.

g (a) No funds (which are material either individually or in the aggregate) have been advances or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or any other person or entity, including foreign entity ("Intermediaries")

(b) No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties").

g In terms of Ind AS 36 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and arrived at the conclusion that impairment loss which is difference between the carrying amount and recoverable value of assets, was not material and hence no provision is required to be made.

| The Company does not have any transactions of balances with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act., 1956 during the year and the previous year.

| The Company does not have any transactions not recorded in books of accounts that has been surrendrerd or disclosed as income during the year and previous year in the tax assessment under the Income Tax Act., 1961

| The Company has not traded or invested in any Crypto Currency or Virtual Currency during the year and previous year.

g There has been no fraud by the Company or on the Company during the year and previous year.

g Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them comparable with current year''s figures.

The accompanying significant accounting policies and notes form an integral part of the standalone financial statements.

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Mar 31, 2023

The Company has issued only one class of equity shares having a par value of ^ 10 per share. Each holder of Equity Shares are entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the realized value of the assets of the Company, remaining after the payment of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.

Securities Premium:

The amount received in excess of face value of the equity shares is recognized in Securities Premium Reserve. The reserve is utilized in accordance with the specific provisions of the Companies Act, 2013.

Retained Earnings:

Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit obligations less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company.

Share-based Payment Reserve:

The share-based payment reserve is used to recognize the value of equity-settled share-based payments provided to the key employees and directors as part of their remuneration. Refer to Note 38 for further details of the employee share option scheme.

20.2 Term Loans have been applied for the purpose of capacity expansion of plant.

20.3 The formalities with respect to Registration of charges or satisfaction with register of companies have been completed within stipulated time.

20.4Quarterly return/statement of current assets filed by the Company with bank are in agreement with books of accounts.

20.5 The Company has not been declared as wilful defaulter by the banks.

24.1 Working Capital Facilities from Banks are secured against hypothecation of inventories and present and future book-debts of the Company and personal properties and guarantee of directors. Applicable rate of interest on working capital loans is between 7% to 9%.

24.2 The formalities with respect to Registration of charges or satisfaction with register of companies have been completed within stipulated time.

24.3 Quarterly return/statement of current assets filed by the Company with bank are in agreement with books of accounts.

24.4 The Company has not been declared as wilful defaulter by the banks.

nOTEPl DISCLOSURE UNDER IND AS 116 - LEASES

The Company has adopted Ind AS 116 on "Leases" by applying it to all contracts of leases existing on April 01, 2019 by using modified retrospective approach. The Company has recognized and measured the Right-of-Use (ROU) asset and the lease liability over the remaining lease period and payments discounted using the incremental borrowing rate as at the date of initial application.

I7TOTE42 SEGMENT INFORMATION

The Company manufactures and deals in single product, i.e. manufacturing of Cold Rooms, Freezer, Refrigeration Systems and chilling Plant etc. Therefore no separate disclosure as per Ind AS 108 - "Operating Segments" is given.

USQEE3 ICE MAKE REFRIGERATION LIMITED - EMPLOYEE STOCK OPTION PLAN 2018

The Company instituted the 2018 plan for all eligible employees in pursuance of a special resolution approved by the shareholders at the extraordinary general meeting held on October 25, 2018. Scheme covers grant of options to specified permanent employees of the Company as well as its subsidiary.

Pursuant to scheme, the Company has granted options each to eligible employees at an exercise price of ^ 57.00 per equity share of ^ 10 each.

Under the term of scheme, the vesting period shall commence on the expiry of one year from the date of grant of the options to the employees and it will be spread over 3 years. 30% of the options will vest in the employees at the end of first year, 30% at the end of second year and balance 40% at the end of third year from the grant date.

The employee stock options granted shall be capable of being exercised within a period of three months from the date of vesting the options, they would be exercisable by the option holder and the shares arising on exercise of such options shall not be subject to any lock-in period. The movement in the stock options during the year was as per the table given below:

nOTE49 FINANCIAL INSTRUMENTS - FAIR VALUES & RISK MANAGEMENT49.1 Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured at the amount at which the instrument could be

exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

All financial instruments are initially recognized and subsequently re-measured at fair value as described below :

1. The fair value of investment in quoted equity shares and mutual funds is measured at quoted price or NAV.

2. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.

3. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these receivables.

4. The fair value of forward foreign exchange contracts and currency swaps is determined using forward exchange rates and yield curves at the balance sheet date.

The Company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique:

Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 : Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

INfflTEH! FINANCIAL RISK MANAGEMENT

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

50.1 Credit Risk Management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.

50.2Liquidity Risk

Liquidity Risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecast on the basis of expected cash flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.

50.3 Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loan borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with market risk limits and policies.

50.3.1 Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

50.3.2 Foreign currency risk

The Company operates internationally and is exposed to currency risk on account of its receivables in foreign currency. The functional currency of the Company is Indian Rupee. The Company uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date.

50.3.3 Price Risk

The Company does not have any significant investments in equity instruments which create an exposure to price risk. INOTE51 CAPITAL MANAGEMENT

For the purposes of the Company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company''s Capital Management is to maximize shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.

J (a) No funds (which are material either individually or in the aggregate) have been advances or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or any other person or entity, including foreign entity ("Intermediaries")

(b) No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties").

^ In terms of Ind AS 36 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and arrived at the conclusion that impairment loss which is difference between the carrying amount and recoverable value of assets, was not material and hence no provision is required to be made.

3 The Company does not have any transactions of balances with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act., 1956 during the year and the previous year.

3 The Company does not have any transactions not recorded in books of accounts that has been surrendrerd or disclosed as income during the year and previous year in the tax assessment under the Income Tax Act., 1961

3 The Company has not traded or invested in any Crypto Currency or Virtual Currency during the year and previous year.

3 There has been no fraud by the Company or on the Company during the year and previous year.

J Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them comparable with current year''s figures.

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Mar 31, 2018

1. Corporate Information

Ice Make Refrigeration Limited is a Company domiciled in India. The Company is engaged in the manufacturing of Cold Rooms, Freezer, Refrigeration System and Chilling Plant etc The Company was converted from a Private Limited Company to a Public Limited Company along with change of name of the Company from Ice Make Refrigeration Private Limited to Ice Make Refrigeration Limited vide fresh Certificate of Incorporation given by the Ministry of Corporate Affairs on August 29, 2017.

The Company had made a public issue of 41,60,000 Equity Shares of face value of Rs. 10 each at a premium of Rs. 47 per equity share during the year. The Initial Public Offer was fully subscribed and has been listed on the SME Platform of the National Stock Exchange of India Limited (NSE Emerge) on December 8, 2017.

2. Basis of Preparation:

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention method.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

Terms / Rights attached to Equity Shares

The Company is having only one class of Equity Shares having par value of Rs. 10/- each. Each holder of Equity Share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The Dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in ensuing Annual General Meeting.

NOTES 3 TO FINANCIAL STATEMENTS

1. Provisions

A provision is recognized when the Company has a present obligation as a result of past event. It is possible that an outflow of resources embodying benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

2. Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but disclosed its existence in the financial statements.

3. Segment Reporting

The Company operates under only one segment viz. manufacturing of Cold Rooms, Freezer, Refrigeration Systems and chilling Plant etc. Hence there is only one reportable segment.

4. Value of closing stock is taken as certified by management.

5. CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company during the year is Rs.8,70,984. Expenditure incurred towards Corporate Social Responsibility is Rs.5,88,000.

6. The Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprise Development Act, 2006, and hence disclosure, if any, relating to amounts unpaid as at the year end together with the interest paid / payable as required under the said Act has not been given.

7. In the opinion of the Board, the loans and advances including Current Assets are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of the Business.

8. Previous year’s figures are regrouped, rearranged and reclassified whenever necessary to make the same comparable with current year.

9. In the instances where the transactions are not supported by the documentary evidences, auditors have relied on the management representation.

10. Board of Directors proposed a final dividend of Rs.1 per share, (10% on the face value of Rs.10/-) aggregating to Rs.1,56,72,000/- on the equity shares of the Company, for the year ended March 31, 2018, which is subject to the approval of the shareholders at the Annual General Meeting.

The Ministry of Corporate Affairs through amendments to Companies (Accounting Standards) Amendment Rules, 2016, dated March 30, 2016, has amended Accounting Standard (AS)-4 “Contingencies and Events occurring after Balance sheet date”. Consequently, the Company has not accounted for proposed dividend as liability as at March 31, 2018.

11. The Company has written off Ozone Layer Conservation Plant amounting to Rs.21.19 lakhs acquired by the erstwhile firm of M/s. Ice Make Refrigeration (Proprietorship concern whose business was taken over by the Company) during the year 2004-05 out of subsidy received by the said concern and credited to proprietor’s capital accounts. As neither the proprietorship concern nor the Company has claimed any depreciation and as the same has now become obsolete, the same is written off from the reserve.

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Mar 31, 2017

1. Corporate Information:

Ice Make Refrigeration Private Limited is a company domiciled in India. The company is engaged in the manufacturing of Cold Rooms, Freezer, Refrigeration System and Chilling Plant etc.

2. Basis of Preparation:

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention method.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3. Provisions

A provision is recognized when the company has a present obligation as a result of past event. It is possible that an outflow of resources embodying benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

4. Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that Is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because It cannot be measured reliably. The Company does not recognize a contingent liability but disclosed Its existence in the financial statements.

5. Segment Reporting

The Company’s main activity is manufacturing of Cold Rooms, Freezer, Refrigeration Systems and chilling Plant etc. which constitutes a single reportable segment In the context of Accounting Standard – 17 “Segment Reporting” issued by the Institute of Chartered Accountants of India.

6. Related Party Disclosures

As per Accounting Standard 18, the disclosures of transactions with the related parties, disclosing relationship, nature of transaction and quantum of transaction are as under:

7. Disclosure on specified bank notes (SBNs)

During the year, the Company had SBNs/ other denomination notes (other notes) as defined in the MCA notification G.S.R. 308 (E) dated 30 March 2017. The denomination wise details of the SBNs and other notes held and transacted during the period from 8 November 2016 to 30 December 2016 is given below:

8. Deferred tax

As per Accounting Standard -22 on ‘Accounting for taxes on income” issued by institute of Chartered Accountants of India, the company has accounted for deferred tax during the year.

9. Value of closing stock is taken as certified by management.

10. The company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprise Development Act, 2006, and hence disclosure, if any, relating to amounts unpaid as at the year end together with the interest paid / payable as required under the said Act has not been given.

11. In the opinion of the Board, the loans and advances including Current Assets are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of the Business.

12. Previous year’s figures are regrouped, rearranged and reclassified whenever necessary to make the same comparable with current year.

13. In the instances where the transactions are not supported by the documentary evidences, auditors have relied on the management representation.