NIRMAN CEMENTS LIMITED
ANNUAL REPORT 2010-2011
Nirman Cements Limited
We hereby present the tenth Annual Report of the company together with the
Audited Statements of Account for the year ended 31st March 2011.
The Financial and operational results of the company for the year under
review as compared to the previous year are furnished here under:-
Rs. In Lacs Rs. In Lacs
For the year For the year
Ended 31.03.11 Ended 31.03.10
Turnover 182.56 295.59
Other Income 83.69 11.52
Profit before interest, Dep. Tax 90.21 89.13
Less: Interest 18.53 31.07
Depreciation 38.86 37.39
Income Tax & FBT - -
Profit for the year 32.81 20.68
Add: Balance b/f from previous year (-) 79.93 (-) 100.61
Balance Carried to Balance Sheet (-) 47.12 (-) 79.93
Considering the overall performance of the company and the market outlook
for the coming year, your directors express their inability to recommend
REVIEW OF PERFORMANCE
The result of the current year has not been satisfactory due the factors /
details given below:-
1. Over supply cement position and weak sentiment in cement market.
2. Increase in cost of clinker and electricity.
3. Cut throat competition by large scale company.
The coming year may be emerging to be the bright as the central Government
as well as state government is focusing on the development of the
infrastructure that will in turn boost up the cement market.
Sri Sunil Kumar Khemka, Director whose office expires on the date of
ensuing Annual General meeting but has offered himself for reappointment.
The company has not accepted any deposit from public during the year under
DIRECTOR'S RESPONSIBILITY STATEMENT
Your directors would like to inform members that the audited accounts
containing the financial statements for the year 2010-11 are in conformity
with requirements of the Companies Act and they believe that the financial
statement reflect fairly, the form and substance carried out during the
year, and reasonably present company's financial condition and result of
the operations. These financial statements have been audited by the
statutory auditors, ALOK JAIN & CO., Chartered Accountants, Patna.
Based on the same and as per section 217 (2AA) of the Companies Act, 1956
your Directors State:-
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed and no material departure has been
made from the same.
2. That your Directors have selected such accounting policies and applied
them consistently and made judgment and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company at the end of the financial year and of the profit or loss of the
company for that period.
3. That your directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguarding the assets of your company and for
preventing and detecting fraud and other irregularities.
4. That your directors have prepared the annual accounts on a going concern
CORPORATE GOVERNANCE REPORT
A separate report on 'Corporate Governance' is annexed herewith forming a
part of Annual Report of the company in terms of compliance of requirement
of clause 49 of the Listing Agreement of stock exchange.
M/S ALOK JAIN & CO., Chartered Accountants retires at the forthcoming
Annual General Meeting and being eligible, offers themselves for
reappointment for the year 2010-11 which we recommend.
CASH FLOW STATEMENT
A cash flow statement for the period ended 31-03-2011 is annexed herewith
forming a part of Annual Report in compliance with the requirement of
clause 32 of the listing agreement of Stock Exchanges.
PARTICULARS OF EMPLOYEES
Pursuant to section 217 (2A) of the Companies Act, 1956 read with the
companies (Particulars of Employees) Rules 1975 as amended, particulars of
employees have not been given as no employee was in receipt of
remuneration exceeding the limits specified there under.
PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO.
The information required under section 217 (1) (e) of the Companies Act,
1956 read with companies (Disclosure of particulars in the Reports of the
Board of Directors) Rules, 1988 with respect to energy consumption is
appended hereto and forms part of this report. The company has neither
earned nor spend foreign exchange during the year. No new technology has
been imported. Company has not undertaken any research and development
ANNEXURE TO DIRECTORS REPORT
Power & Fuel Consumption
Units (KWH) 1020939 1573200
Amount (Rs.) 4437179 6544928
Rate per Unit (Rs.) 04.34 04.16
Production (Bags) 5525 8600
Equity shares of the company are listed with Mumbai Stock Exchange and
listing fees have been paid to above stock exchanges and trading of shares
has not been suspended anytime during the year under review.
Your Directors wish to place on record their appreciation of the assistance
and co-operation extended to the company by Commercial Banks, Government
of India, Shareholders and all others whose continued support has been a
source of strength to the company. Your Directors also wish to place on
records their appreciation for sincere contribution and high level
commitment of employees of all levels.
For and on behalf of the Board of Directors
Place: Patna (S.K.Khemka)
Date : 04.06.2011 Director