Directors Report of Vikram Aroma Ltd.

Mar 31, 2025

Your Directors have pleasure in presenting their 4TH Annual Report on the business and operations of the Company and the accounts for the Financial Year ended March 31, 2025.

1. FINANCIAL SUMMARY & HIGHLIGHTS

The summarized Audited Standalone Financial Performance of your Company for the Financial Year 2024-25 and the previous Financial Year 2023-24 is tabled below:

PARTICULARS	2024-25 (Rs. in Lakhs)	2023-24 (Rs. in Lakhs)
Revenue from Operations	2813.58	2512.29
Other income	16.31	9.25
Total Income	2829.89	2521.54
Profit/loss before Depreciation, Finance Costs, Exceptional items and Tax Expense	(5.95)	39.95
Less: Depreciation	106.62	105.33
Profit/loss before Finance Costs, Exceptional items and Tax Expense	(112.57)	(65.38)
Less: Finance Cost	44.74	4.83
Profit/loss before Exceptional items and Tax Expense	(157.31)	(70.21)
Less: Exceptional Items	0	0
Profit / (Loss) Before Tax	(157.31)	(70.21)
Provision for Tax & Deferred Tax	(7.41)	(26.82)
Profit / (Loss) After Tax	(149.89)	(43.39)
Other Comprehensive income (net of tax effect)	3.07	0.67
Total Comprehensive income	(146.82)	(42.73)

The financial results for the year ended March 31, 2025, have been restated to give effect to the Scheme of Demerger involving Vikram Thermo (India) Limited and Vikram Aroma Limited.

Key Financial Highlights & Comparison with the Previous Financial Year:

? Total Income increased to Rs. 2813.58 Lakhs in comparison to Rs. 2512.29 Lakhs of Previous Financial Year 2023-24.

? PBT loss increased to Rs. (157.31) Lakhs in comparison to Rs. (70.21) Lakhs of Previous Financial Year 2023-24.

? PAT loss increased to Rs. (149.89) Lakhs in comparison to Rs. (43.39) Lakhs of Previous Financial Year 2023-24.

? EPS decreased to Rs. (4.78) in comparison to Rs. (1.38) of Previous Financial Year 2023-24.

Further, the Audited Standalone Financial Statements for the Financial Year 2024-25, forming part of this Annual Report, have been prepared in accordance with the Schedule III and Indian Accounting Standards (Ind-AS) as notified by the Ministry of Corporate Affairs (MCA) and The Securities Exchange Board of India (SEBI) read with the provisions of Section 133 of the Companies Act, 2013 and Companies (Indian Accounting Standard) Rules, 2015.

2. STATE OF AFFAIRS AND REVIEW OF OPERATIONS AND WAY AHEAD

Your company''s main object is regarding the business of manufacturers, producers, processors, exporters, importers, traders, suppliers, stockiest, dealers, consignors, consignees, factors, agents, whole sellers, retailers, manufacturers'' representatives, packers and repackers and buyers and sellers or otherwise to deal in all types of aromatic chemicals, heat transfer fluids, perfumery chemicals, organic and inorganic chemicals, agrochemicals, and petrochemicals etc. and to acquire the demerged business undertaking.

3. DIVIDEND:

To achieve the business growth, your Directors thought it would be better to preserve the resources of the company for its future growth & utilize such financial resource for the expansion of business activities and therefore, your directors did not recommend any dividend for the financial year ended on 31st March 2025.

4. THE AMOUNTS, IF ANY, WHICH IT PROPOSES TO CARRY TO ANY RESERVES;

The company has not transferred any amount to the reserves from the profit for the financial year 2024-25.

5. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Your Company is having dynamic, qualified, experienced, committed and versatile professionals in the Management of the Company. In pursuance to provisions of Section 203 of the Companies Act, 2013 ("the Act") read with relevant Rules thereunder, the personnel of the Company who acted as "Key Managerial Personnel" during the year under review are as appended below:

Name of Key Managerial Personnel	Designation
MR. ANKUR DHIRAJLAL PATEL	CHAIRMAN &MANGING DIRECTOR
MR. BHARATBHAI MANUBHAI SHAH	NON-EXECUTIVE INDEPENDENT DIRECTOR
MR. KETAN CHIMANLAL PATEL	NON-EXECUTIVE INDEPENDENT DIRECTOR
MRS. ALPABEN ALPESHBHAI PATEL	WOMAN DIRECTOR
MR. SHAILESHKUMAR
PRAHLADBHAI PATEL	NON-EXECUTIVE INDEPENDENT DIRECTOR
* MR. MAHENDRABHAI GHANSHYAMBHAI PATEL	EXECUTIVE DIRECTOR & CFO
* TARUNA SONI	COMPANY SECRETARY & COMPLIANCE OFFICER

• *Ms. Taruna Soni was appointed as Company Secretary and Compalinace Officer of the company w.e.f 01.05.2024.

• * Mr. Mahendrabhai Patel was appointed as CFO of the company w.e.f 23.05.2024.

• The Board of Directors of your Company are fully committed to steering the organization for long-term success through setting of strategies, delegating responsibilities and providing an overall direction to the business, while effectively managing risks and ensuring high quality of governance by keeping the Company on the path of Sustainable growth and development.

• The details of size and composition of the Board is provided in Corporate Governance Report, which forms part of this Annual Report.

• *In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and in terms of the Memorandum and Articles of Association of the Company, Alpaben Alpeshbhai Patel (DIN: 06950180), Director of the Company retires by rotation at this ensuing Annual General Meeting and has offered himself for reappointment.

• Further, all the Directors of the Company have confirmed that they are not disqualified from being appointed as Directors in terms of Section 164 of the Companies Act, 2013.

• Also, pursuant to Schedule VI(10)(i) of SEBI (LODR) Regulation, 2015 ; the Company has received a certificate from Practicing Company Secretary stating that the Directors of the Company are not debarred or disqualified by the SEBI / Ministry of Corporate Affairs or any such statutory authority.

• During the year under review, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Board/Committee of the Company.

• The Company has received declarations from all the Independent Director of the Company confirming that they meet with the criteria of independence as prescribed under sub-section 6 of Section 149 of the Companies Act, 2013 and under Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 and complied with the Code for Independent Directors prescribed in Schedule IV to the Act.

6. MEETINGS OF THE BOARD & COMMITTEE:

During the Financial Year under review, the Board of Directors of the Company met for 9(Nine) times for various agenda

items of the Company, the same which were circulated well in advance to the Board. The details of the meetings are duly

mentioned in the Corporate Governance Report, which forms part of this Annual Report.

The following are the dates on which the Board Meetings and Committee Meeting held during the year under review:

7. BOARD DIVERSITY

The Company recognizes and embraces the importance of a diverse board in its success. The Company believes that a truly diverse board will leverage differences in thought, perspective, knowledge, skill, regional and industry experience, cultural and geographical background, age, ethnicity, race and gender, which will help the Company to retain its competitive advantage. The Board has adopted the Board Diversity Policy which sets out the approach to diversity of the Board of Directors. The policy is available on our website at www.vikramaroma.com

8. COMMITEES OF BOARD:

The company has several committees which have been established as a part of best corporate governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statues.

The Board has constituted following Committees:

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholder''s Relationship Committee

• Internal Complaints Committee

9. ANNUAL RETURN

The Annual Return of the Company as on March 31, 2025 is available on the Company''s website and can be accessed at (www.vikramaroma.com).

10. STATUTORY AUDITORS &AUDIT REPORT

Pursuant to the provisions of Section 139 of the Companies Act, 2013 M/S. J.T. SHAH & CO., Chartered Accountants (Firm Registration No.109616W), has been appointed as First Statutory Auditors in the 1ST Annual General Meeting of the company held on 19th September, 2022 to hold office till the conclusion of the Annual General Meeting of the Company for the financial year 2026-27.

Auditors comments on your company''s accounts for year ended March 31, 2025 are self-explanatory in nature and do not require any explanation as per provisions of Section 134(3)(f) of the Companies Act, 2013.

There were no qualifications, reservation or adverse remark or disclaimer made by Statutory Auditor in its report for financial year 2024-25.

11. BOARD''S COMMENT ON THE AUDITORS'' REPORT:

The observations of the Statutory Auditors on your company''s accounts for year ended March 31, 2025, when read together with the relevant notes to the accounts accounting policies are self-explanatory and do not any explanation as per provisions of Section 134(3) (f) of the Companies Act, 2013.

12. DISCLOSURE OF REPORTING OF FRAUD BY AUDITORS UNDER SECTION 143(12):

During the financial year 2024-25, the Statutory Auditor of the Company has no reported to the audit committee any instance of fraud committed against the Company by its employees or officers under section 143(12), the details of which need to be reported in Board''s Report.

13. INTERNAL AUDIT AND FINANCIAL CONTROL:

The Company has appointed M/S. SAMIR M. SHAH & ASSOCIATES, Chartered Accountants as an Internal Auditor of the Company. The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company''s policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures. The reports of Internal Audit are reviewed by the Audit Committee of the Board.

14. MAINTENANCE OF COST RECORDS:

Pursuant to Section-148 (1) of the Companies Act, 2013 read with Rule 3 of Companies (Cost Records and Audit) Rules, 2014, the Company does not fall under the criteria for maintaining cost record for the financial year 2024-25.

15. SECRETARIAL AUDIT:

Pursuant to section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the company has appointed M/s. A. SHAH & ASSOCIATES, Practicing Company Secretaries to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is enclosed as Annexure -I to the Board''s Report.

16. NOMINATION AND REMUNERATION POLICY:

The Board has on the recommendation of Nomination and Remuneration / Compensation Committee framed a policy on directors'' appointment and remuneration of Directors including criteria for determining qualification, positive attributes, independence of directors and remuneration for Directors, Key Managerial Personnel and other employees. The policy is annexed to this report as ''Annexure:II.

17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All Related Party Transactions those were entered during the financial year were in ordinary course of the business of the company and were on arm''s length basis. There were no materially significant related party transactions entered by the Company with Promoters, Directors, Key Managerial Personnel or other persons which may have a potential conflict with the interest of the company.

All such Related Party Transactions have been placed before the Audit Committee for approval.

The policy on materiality of Related Party Transactions and also on dealing with Related Party Transactions as approved by the Audit Committee and the Board of Directors has been uploaded on the website of the Company at www.vikramaroma.com under investors/policy documents/Related Party Transaction Policy.

The particulars of every contract or arrangements entered into by the Company with related parties referred to the subsection (1) of section 188 of the Companies Act, 2013, are disclosed in Form No. AOC-2 ''Annexure: III'' the same forms part of this report, pursuant to Section 134 (3) (h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014.

18. TRANSFER OF UNPAID/UNCLAIMED AMOUNTS TO IEPF

Pursuant to the provisions of Section 125 of Companies Act, 2013 the Unclaimed Dividend, Fixed Deposits and interest thereon which remained unpaid/unclaimed for a period of 7 years have been transferred by the Company to the Investor Education and Protection Fund (IEPF) established by the Central Government pursuant to Section 125 of the Companies Act, 2013. The company has transferred the unclaimed shares to IEPF account resulted out of the scheme of demerger between the Vikram Thermo (India) Limited and Vikram Aroma Limited.

19. BOARD EVALUATION:

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and individual directors pursuant to the provisions of the Companies Act, 2013 and the corporate governance requirements as prescribed by Securities and Exchange Board of India ("SEBI") under Regulation 17 to 27 and clauses (b) to (i) of subregulation (2) of regulation 46 and Para C, D and E of Schedule V of SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015.

The Board and the Nomination and Remuneration Committee ("NRC") reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

20. DEPOSITS:

Your Company has not accepted any fixed deposits from the public within the provisions of Section 73 to 76 of the Companies Act, 2013. Hence, the disclosures required as per Rule 8(5)(v)&(vi) of the Companies (Accounts) Rules, 2014, read with Section 73 to 76 of the Companies Act, 2013 are not applicable to your Company.

21. CORPORATE GOVERNANCE:

Further, this is to inform you that the paid-up equity Share capital of the Company and net worth of the Company as on 31st March, 2025 does not exceed the stipulated criteria of rupees ten crore and rupees twenty-five crore respectively. Hence, Regulation - 17 to 27 and Regulation - 46 (2) (b) to (i) and para C, D and E of Schedule V shall not apply to the Company and the Company is exempt from filing Regulation 27(2) Corporate Governance Report to BSE under SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015.

22. 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 no contribution was made towards this fund.

23. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

During the year under review there are no loans, guarantees or investments under section 186 made by the company. However, in terms of provisions of Section 134(3)(g)of the Companies Act 2013, the Particulars of Loans, Guarantees or Investments under Section 186, is annexed hereto as ''Annexure: IV'' and forms part of this Report.

24. PARTICULARS OF EMPLOYEES REMUNERATION:

A The ratio of the remuneration of each director to the median employee''s remuneration and other details in terms of sub-section 12 of Section 197, of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are forming part of this report as ''Annexure: V'' to the Directors'' Report.

B. The statement containing particulars of employees as required under Section 197(12) of the Companies Act,

2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014 is not provided as no employee is paid remuneration of Rs. 8.5 Lac Per month and Rs. 1.02 Cr. Per Annum if employed for the whole year.

25. FOREIGN EXCHANGE EARNINGS / OUTGO:

Particulars regarding the foreign exchange earnings and outgo during the year 2024-25 is as Annexed hereto as "ANNEXURE VI".

26. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION:

Pursuant to Sub-section 3(m) of the Section 134 of Companies Act, 2013, read with Rule 8(3) of the companies (Accounts) Rules, 2014. Every company is required to disclose about the steps taken for conservation of energy & Technology Absorption during the year in the board report of the company.

(a) Conservation of energy:
SR. NO.	PARTICULARS	REMARKS
(i)	the steps taken or impact on conservation of energy	The company ensures that the manufacturing operations are conducted in the manner whereby optimum utilization and maximum saving of energy is achieved.
(ii)	the steps taken by the company for utilizing alternate sources of energy	No alternate source of energy is available at present. However, the company is exploring various alternatives in this direction.
(iii)	the capital investment on energy conservation equipment''s	No specific investment has been made in energy conservation areas.
As the impact of measures taken for conservation and optimum utilization of energy are not quantitative, its impact on cost cannot be stated accurately. (b) Technology absorption:
SR. NO.	PARTICULARS		REMARKS
(i)	the efforts made towards technology absorption		N.A.
(ii)	the benefits derived like product improvement, cost reduction, product development or import substitution		N.A.
(iii)	in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)		N.A.
	(a) the details of technology imported		N.A.
	(b) the year of import;		N.A.
	(c) whether the technology been fully absorbed		N.A.
	(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof		N.A.
(iv)	the expenditure incurred on Research and Development		Capital Expenditure - Nil Revenue Expenditure - Nil Total - Nil R&D Expenditure as % of total revenue Nil
The efforts are being made for energy conservation to new and innovative means. Further, the Company did not have any imported technology during the financial year.

27. RISK MANAGEMENT

The Company has developed and implemented a risk management policy which identifies major risks which may threaten the existence of the Company. The same has also been adopted by your Board and is also subject to its review from time to time. Risk mitigation process and measures have been also formulated and clearly spelled out in the said policy.

Your Company has adopted and implemented a Risk Management Policy voluntarily which includes identification of elements of risk, if any, which in the opinion of the Board may threaten the existence of the Company.

28. VIGIL MECHANISM:

Pursuant to the provisions of section 177 (9) & (10) of the Companies Act, 2013, and Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015,your Company believes in conducting business affairs in a fair and transparent manner to foster professionalism, honesty, integrity and ethical behaviour via Vigil Mechanism/ Whistle Blower Policy. Through this Policy, the Company seeks to provide a procedure for all the employees, Directors and other stakeholders of the Company to report concerns about unethical behaviour, misconduct, violation of Company''s Code of Conduct and implementation of improper practices taking place in the Company and provide for adequate safeguards in that regard and also provide for direct access to the Chairman of the Audit Committee, in exceptional cases

The Vigil Mechanism Policy has been uploaded on the website of the Company at www.vikramaroma.com under investors / policy documents / Vigil Mechanism Policy link.

30. DETAILS OF SUBSIDIARY JOINT VENTURE AND ASSOCIATES COMPANY

The company does not have any Subsidiaries, joint ventures or associate companies.

31. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Board of Directors of your company hereby confirms that the provisions of section 135(1) of the Companies Act, 2013 and Rule 9 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is not applicable to our company for the financial year 2024-25.

32. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

1. Disclosure under Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 the company has setup the Internal complaints committee and the said committee has framed the policy "Prevention of Sexual Harassment" on prevention, prohibition and Redressal of complaints related to sexual harassment of women at the workplace. All women employees whether permanent, temporary or contractual are covered under the above policy.

Disclosure of complaints during the year:

(a) Number complaints of sexual harassment received in the year:Nil

(b) Number of complaints disposed off during the year: Nil

(c) Number of cases pending for more than ninety days: Nil

However, during the year no complaints were received by the Internal Complaints committee for sexual harassment from any of the women employees of the company.

33. MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT 1961:

The Company declares that it has duly complied with the provisions of the Maternity Benefit Act, 1961. All eligible women employees have been extended the statutory benefits prescribed under the Act, including paid maternity leave, continuity of salary and service during the leave period, and post-maternity support such as nursing breaks and flexible return-to-work options, as applicable. The Company remains committed to fostering an inclusive and supportive work environment that upholds the rights and welfare of its women employees in accordance with applicable laws.

34. HUMAN RESOURCES DEVELOPMENTAND INDUSTRIAL RELATIONS:

Your Company treats its "Human Resources" as one of its most significant assets. The people are the backbone of its business. The Company believes that human resources are the most significant element responsible for any organization''s growth. The Company continues to focus on attracting, retaining and developing the best in class talent to deliver on its goals of Growth, Profitability and Sustainability. The Company has systems and procedures in place to provide avenues to employees for their all-round development, enhancement of skills on professional and personal levels. It operates its business affairs in a fair and transparent manner, and adheres to the highest standards of ethical behaviour and integrates practices that support environment, human rights and labour laws. All these measures aid employee satisfaction and involvement, resulting in maintenance of harmonious and cordial Industrial Relations.

35. CHANGE IN NATURE OF THE BUSINESS:

There has been no change in the nature of business of the company during the year under review.

36. MANAGEMENT DISCUSSION AND ANALYSIS:

As per corporate governance norms, a separate section on Management Discussion and Analysis outlining the business of the Company is set out in Annexure forming part of this Report.

37. SIGNIFICANT OR MATERIAL ORDERS AGAINST COMPANY:

No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Company''s operation in future.

38. SIGNIFICANT OR MATERIAL EVENTS OCCURRED DURING THE YEAR:

During the year, the Company achieved several key milestones pursuant to the Scheme of Arrangement for demerger:

• The Hon''ble National Company Law Tribunal (NCLT) granted its final order approving the Scheme of Arrangement for demerger on April 29, 2024.

• Subsequently, the Company filed a listing application with BSE Limited on June 15, 2024.

• The Company received the in-principle approval for the listing application from BSE on December 9, 2024.

• Further, the Company was granted relaxation under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 on January 16, 2025.

• Trading approval for the equity shares was received on March 4, 2025.

• Trading of the Company''s equity shares commenced on BSE with effect from March 6, 2025.

These developments mark a significant step in the corporate restructuring process and reinforce the Company''s strategic focus and commitment to value creation for stakeholders.

39. SIGNIFICANT OR MATERIAL EVENTS OCCURING AFTER THE BALANCE SHEET DATE:

There has been no significant or material events occurred after the balance sheet date.

40. STATEMENT OF DIRECTORS'' RESPONSIBILITY:

Pursuant to requirement under Section 134(3)(c ) and Section 134(5) of the Companies Act, 2013 (Act), Directors, confirm that:

(a) in the preparation of the annual accounts for the year ended on 31st March, 2025, the applicable accounting standards read with requirement set out under Schedule III to the Act, have been followed and there are no material departures from the same;

(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2025 and of the profit of the company for the year ended on that date;

(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the Directors had prepared the annual accounts on a going concern basis;

(e) the Directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and are operating effectively and;

(f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

41. ACKNOWLEDGEMENT:

Your Directors wish to place on record their gratitude and sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review.

Your Directors would like to express a profound sense of appreciation for the commitment shown by the employees in supporting the Company in its continued robust performance on all fronts.

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Mar 31, 2024

Your Directors have pleasure in presenting their 3^rd Annual Report on the business and
operations of the Company and the accounts for the Financial Year ended March 31, 2024.

(1) PERFORMANCE OF THE COMPANY: (Amt. In Thousand)

PARTICULARS	2023-24	2022-23
REVENUE FROM OPERATIONS	0	0
OTHER INCOME	0	0
DEPRECIATION	0	0
OTHER EXPENSES	228.816	236.488
FINANCE COST	5.150	3.540
PROFIT/( LOSS) BEFORE EXTRAORDINARY ITEMS & TAX	(233.966)	(240.028)
EXTRAORDINARY ITEMS	0	0
PROFIT/(LOSS) BEFORE TAX	(233.966)	(240.028)
TAX EXPENSES	0	0
PROFIT/(LOSS) AFTER TAX	(233.966)	(240.028)
BASIC AND DILUTED EARNING PER SHARE OF RS. 10 EACH	(3342.38)	(3428.97)

The Company was incorporated on 17^th MARCH, 2021 with an object to carry on the
business of aromatic chemicals, heat transfer fluids, perfumery chemicals, organic and
inorganic chemicals, agrochemicals, and petrochemicals etc.

During 2023-24, Company has not performed any operational activity and therefore there
was no Revenue & the expenses forms the major part of Profit and Loss account. Hence,
Company incurred a loss of Rs 233.966/- (in thousand).

The Board of Directors of your Company will try to achieve the performance in terms of
profit as well as in term of turnover in next Year by making more initiatives in the activities
of the Company.

(2) STATE OF AFFAIR AND PRINCIPLE BUSINESS ACTIVITY:

The main object of the company is regarding the business of manufacturers, producers,
processors, exporters, importers, traders, suppliers, stockiest, dealers, consignors,
consignees, factors, agents, whole sellers, retailers, manufacturers'' representatives,
packers and repackers and buyers and sellers or otherwise to deal in all types of aromatic
chemicals, heat transfer fluids, perfumery chemicals, organic and inorganic chemicals,
agrochemicals, and petrochemicals etc. and to acquire the demerged business undertaking
and there has been no change in business activity in year 2023-24.

SR. NO.	NAME AND DESCRIPTION OF MAIN PRODUCTS / SERVICES	NIC CODE OF THE PRODUCT/SERVICE	% TO TOTAL TURNOVER OF THE COMPANY
1	Manufacture of chemicals and chemical products	2429	100%

(3) DIVIDEND:

On account of Accumulated Losses during the year, Board of Directors of your company did
not recommend any dividend during the year under review.

(4) THE AMOUNTS. IF ANY. WHICH IT PROPOSES TO CARRY TO ANY RESERVES;

The company has not transferred any amount to the reserves from the profit for the
financial year 2023-24.

(5) BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

During the Financial Year 2023-24, the Composition of Board of Directors & Key
Managerial Personnel as under:

SR. NO	NAME OF THE DIRECTOR	DESIGNATION
1.	MR. ANKUR DHIRAJLAL PATEL	CHAIRMAN & MD
2.	MR. BHARATBHAI MANUBHAI SHAH	NON EXECUTIVE INDEPENDENT DIRECTOR
3.	MR. KETAN CH1MANLAL PATEL	NON EXECUTIVE INDEPENDENT DIRECTOR
4.	MRS. ALPABEN ALPESHBHAI PATEL	WOMAN DIRECTOR

5.	MR. SHAILESHKUMAR PRAHLADBHAIPATEL	NON EXECUTIVE INDEPENDENT DIRECTOR
6.	MR. MAHENDRABHAI GHANSHYAMBHAI PATEL	EXECUTIVE DIRECTOR & CFO
7.	TARUNASONI	COMPANY SECRETARY & COMPLIANCE OFFICER

During the year, there were appointments of Directors or Key Managerial Personnel in
the company:

* Mr. Bharatbhai Manubhai Shah appointed as Non-Executive- Independent Director
w.e.f. 22.02.2024

* Mr. Ketan Chimanlal Patel appointed as Non-Executive- Independent Director w.e.f.

22.02.2024

* Mrs. Alpaben Alpeshbhai Patel appointed as Women Director w.e.f. 22.02.2024

* Mr. Shaileshkumar Prahladbhai Patel appointed as Non-Executive- Independent
Director w.e.f. 22.02.2024

*Mr. Mahendrabhai Ghanshyambhai Patel appointed as Executive Director & CFO w.e.f.

22.02.2024

*Mrs. Taruna Soni appointed as Company Secretary & Compliance Officer w.e.f.

22.02.2024

(6) BOARD MEETINGS HELD DURING THE YEAR:

During the year, SIX [6] Board meetings were held as follows:

SR. NO.	DATE OF BOARD MEETING	SERIAL NUMBER OF BOARD MEETING
1.	25th May, 2023	2023-24/01
2.	31st May, 2023	2023-24/02
3.	29th June, 2023	2023-24/03
4.	2nd September, 2023	2023-24/04
5.	21st November, 2023	2023-24/05
6.	22nd February, 2024	2023-24/06

An intervening gap between Two Board of Directors'' Meetings was as per the provision of
Section 173 (1) of the Companies Act, 2013 during the year under review.

(7) EXTRACT OF ANNUAL RETURN:

A Company shall not be required to attach the extract of annual return wide amendment
inserted by Ministry of Corporate affair through Companies (Amendment) Act, 2017,
effective from 31^st July, 2018.

(8) WEBLINK OF ANNUAL RETURN:

The Annual Return of the Company as on March 31, 2024 will be available on the
Company''s website and can be accessed at www.vikramaroma.com.

(9) STATUTORY AUDITORS AND AUDIT REPORT:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 M/S. J.T. SHAH &
CO., Chartered Accountants (Firm Registration No.l09616W), has been appointed as
First Statutory Auditors in the 1^st Annual General Meeting of the company held on 19^th
September, 2022 to hold office till the conclusion of the Annual General Meeting of the
Company for the financial year 2026-27.

Auditors comments on your company’s accounts for year ended March 31, 2024 are self-
explanatory in nature and do not require any explanation as per provisions of Section
134(3)(f) of the Companies Act, 2013.

There were no qualifications, reservation or adverse remark or disclaimer made by
Statutory Auditor in its report for financial year 2023-24.

(10) BOARD''S COMMENT ON THE AUDITOR''S REPORT

The observations of the Statutory Auditors on your company''s accounts for year
ended March 31, 2024, when read together with the relevant notes to the accounts
accounting policies are self-explanatory and do not any explanation as per
provisions of Section 134(3) (f) of the Companies Act, 2013.

(11) DISCLOSURE OF REPORTING OF FRAUD BY AUDITORS UNDER SECTION
1431121:

During the financial year 2023-24, the Statutory Auditor of the Company has not reported
to the management any instance of fraud committed against the Company by its employees
or officers under section 143(12), the details of which need to be reported in Board''s
Report.

(12) MAINTENANCE OF COST RECORDS:

Pursuant to Section-148 (1) of the Companies Act, 2013 read with Rule 3 of Companies
(Cost Records and Audit) Rules, 2014, the Company does not fall under the criteria for
maintaining cost record for the financial year 2023-24.

(13) INTERNAL FINANCIAL CONTROL:

The company had laid down set of standards, processes and structure which enables to
implement internal financial control across the organization and ensure that the same are
adequate and operating effectively. There were no qualifications, reservation or adverse
remark or disclaimer made by Statutory Auditor in its report regarding internal financial
controls.

(14) DEPOSITS:

Your company has not accepted any deposits from the public within the provisions of
Section 73 to 76 of the Companies Act, 2013. Hence, the disclosures required as per Rule
8(5)(v) & (vi) of the Companies (Accounts) Rules, 2014, read with Section 73 to 76 of the
Companies Act, 2013 are not applicable to your Company.

Your company has raised an amount of Unsecured Loan of Rs.548130/- as the closing
balance during the year under review. The details regarding the same are given below:

SR. NO.	NAME OF DIRECTOR AND RELATED PARTY	LOAN TAKEN DURING THE YEAR (Rs.)	LOAN REPAID DURING THE YEAR (RS.)	LOAN OUTSTANDING AS ON 31.03.2024
1.	MR. DHIRAJLAL K PATEL	0	0	5,48,130
TOTAL		0	0	5,48,130

An outstanding amount of unsecured loan as on 31^st March, 2024 was Rs. 5,48,130/-.

(15) CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION:

Pursuant to Sub-section 3(m) of the Section 134 of Companies Act, 2013, read with Rule
8(3) of the companies (Accounts) Rules, 2014. Every company is required to disclose about
the steps taken for conservation of energy & Technology Absorption during the year in the
board report of the company.

(a) Conversation of Energy:

SR. NO.	PARTICULARS	REMARKS
(i)	The steps taken or impact on conservation of energy	NA
(ii)	The steps taken by the company for utilizing alternate	NA
	sources of energy
(iii)	The capital investment on energy conservation equipment	NA

(b) Absorption of Technology:

SR. NO.	PARTICULARS	REMARKS
(i)	The efforts made towards technology absorption	NA
(ii)	The benefits derived like product improvement, cost reduction, product development or import substitution	NA
(iii)	In case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-	NA
	(a) the details of technology imported	NA
	(b) the year of import;	NA
	(c) whether the technology been fully absorbed	NA
	(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof	NA
(iv)	The expenditure incurred on Research and Development	NA

(16) FOREIGN EXCHANGE EARNINGS AND OUTGO:

Your Company had not carried out any activities relating to the export and import during
the financial year. There were no transactions in foreign currency during the financial year
under review.

(17) DETAIL OF SHAREHOLDING OF PROMOTER AND PUBLIC AND SHARE
TRANSFER/TRANSMISSION:

There is no change in the Shareholding of Promoter during the year 2023-24.

CATEGORY OF	NO. OF SHARES HELD AT THE	NO. OF SHARES HELD AT THE END OF THE
SHAREHOLDER	BEGINNING OF THE YEAR	YEAR

CATEGORY OF SHAREHOLDER	NO. OF SHARES HELD AT THE BEGINNING OF THE YEAR				NO. OF SHARES HEL Y		DAT THE END OF THE EAR
	DE							% OF
	MA	PHYSICA		% OF TOTAL		PHYS		TOTAL
	T	L	TOTAL	SHARES	DEMAT	ICAL	TOTAL	SHARES
A. Promoters/Promot ers Group
(l}Indian
a) Individual/HUF	-	70	70	100%	-	70	70	100%
b)Bodies corporate
Sub-total(A)fl):	-	70	70	100%	-	70	70	100%
(2) Foreign	-	-	-	-	-	-	-	-
Total shareholding of Promoter (A) =(A)(1) (A)(2)		70	70	100%		70	70	100%
B. Public Shareholding		“	-	-		-	“	-
C. Shares held by Custodian for GDRs & ADRs (C)
Grand Total (A B C)	“	70	70	100%	"	70	70	100%

*However pursuant to Scheme of Arrangement involving Demerger approved by NCLT
Ahmedabad Bench on 26^th April, 2024, the shares of V1KRAM AROMA LIMITED
(RESULTING COMPANY) which have been allotted to shareholders of DEMERGED
COMPANY on 23^rd May, 2024 and pursuant to that the shareholding pattern of the
Company has been changed as follows:

CATEGORY OF SHAREHOLDER	NO. OF SHARES HE THE YI		LD AT THE BEGINNING OF 1AR f2024-251
	DEMAT	PHYS ICAL	TOTAL	% OF TOTAL SHARES
A. Promoters/Promoters Group
(T)Indian
a] Individual/HUF	2067807	-	2067807	65.94%
bfBodies corporate	-	-	-
Sub-total(A](l):	2067807	-	2067807	65.94%
(2) Foreign	-	-	-
Total shareholding of Promoter (A) =(A)(1) (A)(2)	2067807		2067807	65.94%
B. Public Shareholding	1067978		1067978	34.06%

CATEGORY OF SHAREHOLDER	NO. OF SHARES HELD AT THE BEGINNING OF THE YEAR 12024-251
C. Shares held by Custodian for GDRs & ADRs (C)	-		-	“
Grand Total (A B C)	3135785	-	3135785	100%

(18) PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
UNDER SECTION 188 OF THE COMPANIES ACT. 2013:

Pursuant to provision of section 188 (1) of the Companies Act, 2013 read with Rule 15 of
the Companies (Meetings of Board of Directors and its powers) Rules, 2014 there were no
Related Party Transactions made by the company during the year with Promoters,
Directors, Key Managerial Personnel or other persons which may have a potential conflict
with the interest of the company.

However, the details as required under Section 188 (1) of the Companies Act, 2013 are
disclosed in Form No. AOC 2 in "Annexure I”

(19) PARTICULARS OF LOAN. GUARANTEE OR SECURITY PROVIDED UNDER
SECTION 186 OF THE COMPANIES ACT. 2013:

Pursuant to provision of Section 186 of the Companies Act, 2013 read with Rule 11 of the
Companies (Meetings of Board and its power) Rules, 2014, there were no Loans,
Guarantees and Investments made by the company during the year.

However, the details as required under section 186 of the Act read with Rule 11 of the
Companies (Meetings of Board and its Powers) Rules, 2014 are given in Annexure- II.

(20) HUMAN RESOURCE:

Your Company treats its "human resources" as one of its most important assets. Your
Company continuously invests in attraction, retention and development of talent on an
ongoing basis. A number of programs that provide focused people attention are currently
underway. Your Company thrust is on the promotion of talent internally through job
rotation and job enlargement.

(21) CORPORATE SOCIAL RESPONSIBILITY:

Pursuant to requirement under section 135 of the Companies Act, 2013 (Act), every
company having a net worth of rupees five hundred crore or more, or turnover of rupees
one thousand crore or more or a net profit of rupees five crore or more during immediate
preceding financial year shall constitute a Corporate Social Responsibility Committee of the
Board of directors.

However, your company is not falling in any of the above mentioned criteria. Hence, there
is no requirement to constitute a Corporate Social Responsibility Committee of the Board of
directors during the financial year 2023-24.

(22) CHANGE IN THE NATURE OF BUSINESS OF THE COMPANY:

There was no change in the nature of business of the company during the year under
review.

(23) SIGNIFICANT OR MATERIAL ORDERS AGAINST THE COMPANY:

No significant and material orders were passed by the regulators or courts or tribunals
impacting the going concern status and Company''s operation in future.

(24) SIGNIFICANT OR MATERIAL EVENTS OCCURRED DURING THE YEAR:

The Company is in expansion drive so as to enlarge business activities; the Company shall
need more funds in future.

(25) SIGNIFICANT OR MATERIAL EVENTS OCCURRED AFTER SIGNING OF BALANCE
SHEET BUT BEFORE PREPARATION OF BOARD REPORT:

The Scheme of Arrangement involving Demerger has been approved by NCLT Ahmedabad
Bench on 26^th April, 2024 between VIKRAM THERMO (INDIA) LIMITED (Demerged
Company) and VIKRAM AROMA LIMITED (Resulting Company) and the same have been
submitted to BSE. The Resulting Company has made an application to BSE for listing on
main board and listing approval is awaited.

(26) SEXUAL HARASSMENT OF WOMEN AT WORKPLACE fPREVENTION.
PROHIBITION AND REDRESSAL1 ACT. 2013:

Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013, every Company having ten or more Employees
engaged in the Company during the financial year is required to set up an Internal
Complaints Committee to look into complaints relating to sexual harassment at work place
received from any women employee.

The motive of the company is to provide the protection against the Sexual Harassment of
woman employee at the work place. However, there is no employee working in the
Organization and hence the company is not required to setup the internal complaints
committee in accordance with the section 22 of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

(27) RISK MANAGEMENT POLICY

The Company has developed and implemented a risk management policy which identifies
major risks which may threaten the existence of the Company. The same has also been
adopted by your Board and is also subject to its review from time to time. Risk mitigation
process and measures have been also formulated and clearly spelled out in the said policy.

27. HOLDING. SUBSIDIARY AND ASSOCIATE COMPANIES

The company is not having any Associate, Holding, Subsidiary Company and Joint venture.

28. INDEBTEDNESS OF THE COMPANY:

During the year under review the company has following indebtedness:

PARTICULARS	SECURED LOANS EXCLUDING	UNSECURED LOANS	DEPOSITS	TOTAL INDEBTEDNESS
Indebtedness at the beginning of the financial year
i) Principal Amount	-	5,48,130	-	5,48,130
ii) Interest due but not paid	-	-	-	-
iii) Interest accrued but not due	-	-	-	-
Total (i ii iii)	-		-
Change in Indebtedness during the financial year
* Addition	-	-	-	-
* Reduction	-	-	-	-
Net Change	-	-	-	-
Indebtedness at the end of the financial year
i) Principal Amount	-	5,48,130	-	5,48,130

ii) Interest due but not paid	-	-	-	-
iii) Interest accrued but not due	-	-	-	-
Total (i ii iii)	-	5,48,130	-	5,48,130

(28) REMUNERATION OF DIRECTOR/MANAGING DIRECTOR OF THE COMPANY:

During the year company paid remuneration to following directors:

SR. NO	PARTICULARS OF REMUNERATION	NAME OF THE DIRECTOR
		MR. ANKUR PATEL	MR. DHIRAJLAL K PATEL	MR. DINESHKUMAR PATEL	MR. MAHENDRABHAI GHANSHYAMBHAI PATEL	Total Amount
1	Gross Salary	-		-	-
	(a) Salary as per provisions contained in section 17(1) of the Income- tax Act, 1961
	(b) Value of perquisites u/s 17(2) Income- tax Act, 1961			-	-
	(c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961			-	-
2	Stock Option	“		-	“
3	Sweat Equity		-	-
4	Commission - as % of profit - others, cnoriftf_
5	Others, please specify, Contribution to

Total (A)

-

-

-

“

(29) DIRECTORS'' RESPONSIBILITY STATEMENT:

/

Pursuant to requirement under 134(3) (c) of the Companies Act, 2013 (Act), Directors,
confirm that:

> In the preparation of the annual accounts for the year ended on 31^st March, 2024, the
applicable accounting standards read with requirement set out under Schedule 111 to the
Act, have been followed and there are no material departures from the same;

> The Directors have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the company as at March 31, 2024 and of the profit of
the company for the year ended on that date;

> The Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;

> The Directors had prepared the annual accounts on a going concern basis;

> The Directors had laid down internal financial controls to be followed by the company
and that such internal financial controls are adequate and are operating effectively.

> The Directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating effectively.

(30) ACKNOWLEDGEMENT:

Your Directors wish to place on record their gratitude and sincere appreciation for the
assistance and co-operation received from the banks, Government authorities and
members during the year under review.

PLACE: AHMEDABAD BY ORDER OF THE BOARD OF DIRECTORS,

DATE: 22/08/2024 FOR, VIKRAM AROMA LIMITED

MR. ANKUR DHIRAJLAL PATEL
CHAIRMAN & MD
(DIN: 07395218)