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Ice Make Refrigeration Limited receives Care BBB + (Care Triple B Plus) Rating

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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) fromCARE 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 es…