The present invention relates to a process for the preparation of a nitro-group based topical formulation for treatment of cold injuries and other peripheral vascular diseases. The present invention also relates to a nitro-group based topical formulation for treatment of cold injuries and other peripheral vascular diseases. More particularly, the present invention relates to a nitro group based topical formulation for the treatment of cold injuries and other peripheral vascular diseases such as those afflicting microvasculature or microcirculation.