The directors have pleasure in submitting their Annual Report together
 with the Audited Statements of Accounts for the year ended on 31st
 March 2012.
 
 FINANCIAL RESULTS:
 
 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
 
 APPROPRIATIONS
 
 General Reserves                               3000000          3000000
 
 Proposed Dividend                              8373855          8373855
 
 Provision for Dividend Tax                     1358450          1358450
 
 Balance carried to Balance Sheet             104231771         59195900
 
                                              116964076         71928205
 
 DIVIDEND:
 
 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
 Rs. 97,32,305/-).
 
 OPERATIONS:
 
 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
 prosperity.
 
 FIXED DEPOSIT:
 
 The Company has not accepted any deposit as per the provisions of the
 Section 58 - A of the Companies Act, 1956.
 
 GRATUITY:
 
 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
 irregularities; and
 
 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
 export sales.
 
 The Company has spent Rs. 2,08,707/- (Previous year Rs.2,25,989/-) on
 sales Commission.
 
 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.
 DIRECTORS:
 
 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.
 
 CORPORATE GOVERNANCE:
 
 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.
 
 INSURANCE:
 
 The assets of the Company are adequately insured against various risks.
 
 AUDITORS:
 
 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.
 
 COST AUDIT:
 
 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.
 
 APPRECIATION:
 
 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