Monitoring Agency Report

6th November, 2026 The Manager, Listing Compliance Department, National Stock Exchange of India Ltd, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Symbol: ICEMAKE Dear Sir, Sub: Monitoring Agency Report for the quarter ended 30th September, 2026 Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Monitoring Agency Report for the quarter ended 30th September, 2026, issued by Crisil Ratings Limited, (the “Monitoring Agency”), in respect of utilization of proceeds of the Preferential Issue of the Company. The Monitoring Agency Report is also available on website of the Company i.e. www.icemakeindia.com You are requested to kindly note the above. Thanking you, Yours faithfully, For Ice Make Refrigeration Limited Mandar Desai Company Secretary & Compliance officer Encl: As above. ICE MAKE REFRIGERATION LTD. AN ISO 9001 : 2015, ISO 14001 : 2004, BS OHSAS 18001 : 2007, CRISIL & CE CERTIFIED COMPANY Commercial & Industrial Refrigeration Equipment Manufacturer Office : B/1, Vasupujya Chambers, Income Tax Cross Road, Ashram Road, Ahmedabad – 380014. Phone: +91-79 - 2754 0630 Telefax : +91-79-2754 0620 Factory: 226, Dantali Industrial Estate, Gota-Vadsar Road, At: Dantali, Ta: Kalol, Dist: Gandhinagar - 382721 (Gujarat) Phone: +91 9879107881 / 84 Fax: +91-2764-248376 Email: info@icemakeindia.com, Website : www.icemakeindia.com C.I.NO: L29220GJ2009PLC056482 Monitoring Agency Report Ice Make Refrigeration Limited for the quarter ended September 30, 2026 CRL/MAR/IIMR/2026-27/2111 November 06, 2026 Ice Make Refrigeration Limited 226, Dantali Industrial Estate, Gota – Vadsar Road, At: Dantali, Ta: Kalol, Gandhinagar - 382721 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential Issue (“PI”) of Ice Make Refrigeration Limited (“the Company”) Pursuant to Regulation 162A of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated October 12, 2026, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of PI for the quarter ended September 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Ice Make Refrigeration Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable (b) Range of Deviation: Not applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no Statutory verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Ice Make Refrigeration Limited Names of the promoter: a. Mr. Chandrakant P. Patel b. Mr. Rajendra P. Patel c. Mr. Vipul I. Patel Industry/sector to which it belongs: Refrigeration 2) Issue Details Issue Period: Thursday, September 10, 2026 Type of issue (public/rights): Preferential Issue (PI) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs. 190,00,01,010.00* *Crisil Ratings shall be monitoring the Issue proceeds amount. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments of Comments of the Particulars Reply considered by the Board of Monitoring Agency Monitoring Agency Directors for preparation of report Proceeds were utilised Management towards objects undertaking, disclosed in the Offer Statutory Auditors document viz, Certificate^, Notice to subscription of shares Whether all utilization is as per the Shareholders dated of Joint Venture Yes No Comments disclosures in the Offer Document? July 24, 2026 company, new (hereinafter referred expansion/modification as “Offer of existing factory, document”), Bank repayment of financial Statements indebtedness, general corporate purpose Source of information/ certifications Comments of Comments of the Particulars Reply considered by the Board of Monitoring Agency Monitoring Agency Directors for preparation of report Whether shareholder approval has been obtained in case of material NA No Comments No Comments deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue has No No Comments No Comments changed? Is there any major deviation observed over the earlier monitoring agency NA No Comments No Comments reports? Government and Management Whether all Government/statutory statutory approvals Undertaking, approvals related to the object(s) have Yes required for the No Comments Statutory Auditors been obtained? relevant objects have Certificate, offer been obtained. document, bank Whether all arrangements pertaining statements to technical assistance/collaboration NA No Comments No Comments are in operation? Are there any favorable events improving the viability of these No No Comments No Comments object(s)? Are there any unfavorable events No No Comments No Comments affecting the viability of the object(s)? Is there any other relevant information that may materially affect the decision No No Comments No Comments making of the investors? NA represents Not Applicable ^Certificate dated October 29, 2026, issued by M/s Umesh Shah & Associates (Firm Registration Number: 114563W), Statutory Auditors of the Company. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Comments of the Board of information Directors Original cost / Comment (as per the Particula Sr. certification Revised Cost of th [Showing first 8,000 characters — download PDF for full document]