To The Members of Nirman Cements Limited
 
 The hereby present the eleventh Annual Report of the company together
 with the Audited Statements of Account for the year ended 31st March
 2012.
 
 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 31.03.12     ended 31.03.11
 
 Turnover                                     141.99             182.56 
 
 Other Income                                  22.73              83.69 
 
 Profit before interest,Dep. Tax               32.78              90.21 
 
 Less: Interest                                39.01              18.53 
 
       Depreciation                            42.85              38.86 
 
       Income Tax & FBT                         1.35                 -- 
 
 Profit for the year                       (-) 50.42              32.80 
 
 Add: Balance b/f from previous year       (-) 47.12          (-) 79.93 
 
 Balance Carried to Balance Sheet          (-) 97.54          (-) 47.12
 
 
 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 201-12 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 2012-13 which we recommend.
 
 CASH FLOW STATEMENT
 
 A cash flow statement for the period ended 31-03-2012 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
 
 Electricity (Purchased)
 
 Units (KWH)
 
 Amount (Rs.) AS PER ANNEXURE
 
 Rate per Unit (Rs.)
 
 Production (Bags)
 
 LISTING
 
 Equity shares of the company are listed with Bombay 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: 04.06.2012                         Director