The directors have pleasure in submitting their Annual Report together
with the Audited Statements of Accounts for the year ended on 31st
The financial results are as under: 2011-2012 2010-2011
Turn over 391569460 319854785
Profit before Tax 85680588 45770471
Provision for Taxation: 25671894 15570018
Profit after Tax 57768176 30242215
Balance Brought Forward 59195900 41685989
Balance profit available for Appropriation. 116964076 71928205
General Reserves 3000000 3000000
Proposed Dividend 8373855 8373855
Provision for Dividend Tax 1358450 1358450
Balance carried to Balance Sheet 104231771 59195900
Your directors are pleased to recommend payment of dividend @ 15%
(Previous year 15%) on the paid up Equity Share Capital of the Company.
Your directors feel that members with appreciate the same. The dividend
payout will result in a total outflow of Rs 97,32,305/- (Previous Year
During the year under report, your Company continued to achieve good
results. The turnover of the Company has increased to Rs.
39,15,69,460/- (Previous Year Rs. 31,98,54,785/-) which reflects more
than 22% rise. The gross profit has also increased from Rs.
7,42,61,729/- to Rs. 12,53,91,922/- which reflects sound performance of
the Company. Though the economic situation in the country as a whole
was not satisfactory, by the efforts of your Directors, the Company has
made remarkable increase in the profits. Members will appreciate that
the Company is gradually marching towards sound progress and
The Company has not accepted any deposit as per the provisions of the
Section 58 - A of the Companies Act, 1956.
The Company has already established a Group Gratuity Fund for the
benefit of the employees of the Company. The Group policy has been
taken with Life Insurance Corporation of India (Pension and Gratuity
Fund Scheme). During the year contribution amounting to Rs. 2,00,000/-
was made towards this fund (Previous year Rs. 7,68,095/-).
PARTICULARS OF THE EMPLOYEES:
There is no employee who is in receipt of remuneration exceeding the
limit specified under Section 217 (2A) of the Companies Act, 1956.
POLLUTION AND ENERGY CONSERVATION:
Pursuant to Section 217(1) (e) of the Companies Act, 1956 the
information required in respect of pollution and energy conservation is
given in the Annexure enclosed to this report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed that:
I. In the preparation of the accounts for the financial year under
report, the applicable accounting standards have been followed along
with proper explanation relating to material departures.
II. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at the end of the financial year under report, and of
the profit of the Company for the year under review.
III. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
IV. The Directors have prepared the annual accounts of the Company on
a ''going concern'' basis.
FOREIGN EXCHANGE EARNING AND OUTGO:
During the year Company has earned foreign exchange of Rs.
3,62,63,570/- (Previous year Rs. 1,27,63,024/-) on FOB basis against
The Company has spent Rs. 2,08,707/- (Previous year Rs.2,25,989/-) on
During the year foreign exchange Rs 1,26,76,500/- (Previous year
Rs.l,10,94,240/-) is remitted for import of raw materials on CIF basis.
During the year Company has also remitted Rs.18,750/- (Previous Year
RS. Rs.12,500/-) towards payment of dividend to NRI shareholders.
Shri Thakarshibhai M. Patel and Shri Ghanshyambhai D. Kewadia,
Directors of the Company retire by rotation and being eligible offer
themselves for the reappointment at the ensuing annual general meeting.
You are requested to appoint Directors.
DEMATERIALISATION OF SHARES:
To provide better and smooth services to the shareholders, the
Company''s Equity shares are made available for dematerialization in
electronic form in the Depository System operated by National
Securities Depository Limited (NSDL) and Central Depository Services
(India) Ltd. (CDSL).
In order to avail this service, shareholders, who have not yet
converted their shares in dematerialized form, are advised to
dematerialize the shares in the electronic form as quickly as possible.
As per Clause 49 of the Listing Agreements with the Stock Exchange, the
report of the Corporate Governance and the Certificates of the Managing
Director and Auditors of the Company in respect of compliance thereof
are appended here to and form part of this report.
The assets of the Company are adequately insured against various risks.
You are requested to appoint auditors from the conclusion of ensuing
Annual General Meeting up to conclusion of next Annual General Meeting
and fix their remuneration. Present auditors M/s. B. A. Rajpara & Co.
are eligible for reappointment and have confirmed their re-
appointment, if made shall be within the limits of Section 224(1B) of
the Companies Act, 1956.
The Ministry of Corporate Affairs has ordered Cost Audit under S. 233 B
of the Companies Act, 1956 from 1st April, 2012 through Cost Audit
Order No. 52/26/CAB-2010 dated 24th January 2012. Accordingly, Company
has appointed Shri V. H. Shah as Cost Auditor for F. Y. 2012-13.
The Board place on record the appreciation of the sincere and devoted
services rendered by all the employees and the continued co- operation
and confidence of shareholders. The Board expresses their sincere
thanks to the Punjab National Bank, Government and Semi Government
Authorities and all other well wishers for their support and
contribution towards the growth of the Company.
on behalf of Board of Directors
FOR, VIKRAM THERMO (INDIA) LIMITED
Registered Office :
101,Classic Avenue, Opp. Sales India,
Ashram Road, Ahmedabad - 380009 CHIMANBHAI K. PATEL
Date : 6th August 2012 CHAIRMAN