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Nirman Cements Ltd.

BSE: 531954 Sector: Industrials
NSE: N.A. ISIN Code: INE162E01012
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Nirman Cements Ltd. (NIRMANCEMENTS) - Director Report

Company director report

NIRMAN CEMENTS LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT To The Members, 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. FINANCIAL HIGHLIGHT: 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 DIVIDEND Considering the overall performance of the company and the market outlook for the coming year, your directors express their inability to recommend any dividend. 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. PROSPECTUS 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. DIRECTORS Sri Sunil Kumar Khemka, Director whose office expires on the date of ensuing Annual General meeting but has offered himself for reappointment. PUBLIC DEPOSITS The company has not accepted any deposit from public during the year under reviews. 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 basis. 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. AUDITORS 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 activities. ANNEXURE TO DIRECTORS REPORT Power & Fuel Consumption 2010-11 2009-10 Electricity (Purchased) Units (KWH) 1020939 1573200 Amount (Rs.) 4437179 6544928 Rate per Unit (Rs.) 04.34 04.16 Production (Bags) 5525 8600 LISTING 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. ACKNOWLEDGEMENTS 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 Sd Place: Patna (S.K.Khemka) Date : 04.06.2011 Director