Dear Shareholders ANJANI DHAM INDUSTRIES LIMITED
 
 The Directors have great pleasure In presenting the 24th Annual Report
 on business and operations of the Company together with the Audited
 statements of Accounts for the financial year ended on 31st March 2012.
 
 FINANCIAL RESULTS                                   [Amount In Lacs]
 
 Particulars                            Financial Year   Financial Year 
                                        2011-12          2010-11
 
 Revenue from operations                    24087,68         23550,14
 
 Other Income                                  33,25            31,89
 
 Depreciation                                 340,94           407,71
 
 Profit/(Loss) before Taxation                 47,19            50,15
 
 Provision for taxation current year           42,50            41.00
 
 Net Profit/(Loss) after Tax                   31,09            29,30
 
 Earning per Share [EPS]                        0,33             0,31
 
 RESUME OF PERFORMANCE
 
 Your Directors are pleased to report satisfactory performance of the
 Company for yet another year. The total revenue from operations was
 Rs.24687.68 lacs as against Rs.23550.14 lacs in the previous y«ar, The
 Company has made net profit of Rs.31.09 lacs as against the previous
 net profit of Rs.29,30 lacs after providing depreciation of Rs.340.94
 lacs and provision for taxation (current year) of Rs.42.50 lacs for the
 financial year ended on 31st March, 2012, The Increase In profits
 during the year under review was on account of increased sales, better
 margins, reduction in Input costs, interest costs and overall
 efficiency in operations at all levels. With the surge in demand
 coupled with better marriage season and softening of key raw material
 prices in improving the margins significantly during the year under
 review.
 
 The outlook for the current year is encouraging.
 
 DIVIDEND:
 
 No dividend has been recommended in respect of the year ended 31st
 March, 2012 and the entire surplus be ploughed back to the business to
 meet the needs for additional finance for capital expenditure.
 
 FIXED DEPOSIT:
 
 The Company has not accepted any deposit from the public pursuant to
 the provisions of Section 58A of the Companies Act, 1956.
 
 DIRECTORS:
 
 At the ensuing Annual General Meeting Mr. Ramniwas K. Pandia will
 retire by rotation and being eligible and offers him- self for
 re-appointment in the term of provision of Articles of Association of
 the Company.
 
 Mr. Anjani R. Agarwal was resigned from the Board of Directors of the
 Company w.e.f.14.02.2012. The Board placed on record its deep sense of
 appreciation for the valuable contribution made by Mr. Anjani R.
 Agarwal during his tenure.
 
 AUDITORS AND THEIR REPORTS:
 
 Auditors of the Company, M/s. Nahta Jain & Associates, Chartered
 Accountants, Ahmedabad will retire at the ensuing Annual General
 Meeting of the Company and are being eligible have offered themselves
 for re-appointment. The Shareholders are requested to appoint the
 Auditors of the Company and authorize the Board to fix their
 remuneration.
 
 The observations made by the Auditors'' in their Auditors'' report
 and the notes appearing in the accounts with regard to it are
 self-explanatory and do not requires further clarification by the
 Board.  -
 
 ADDITIONAL DISCLOSURES:
 
 In line with the requirements of the Listing Agreement with the Stock
 Exchanges and Accounting Standard of the Institute  of Chartered
 Accountants of India, your Company has made additional disclosures in
 the notes on accounts for the year under review in respect of Related
 Party Transactions, Deferred Tax Liability, etc.
 
 CORPORATE GOVERNANCE REPORT:
 
 Your Company perceives Corporate Governance as an endeavor for
 transparency and a wholehearted approach towards continuous enhancement
 of shareholders'' value. Your Company has been complying with the
 conditions of Corporate Governance as stipulated in Clause 49 of the
 Listing Agreement. Further, the Board of Directors of your Company
 constituted a Committee known as Corporate Governance Committee, which
 recommends the best practices in the Corporate Governance.
 
 A separate report on Corporate Governance along with Auditors''
 Certificate on compliance with the Corporate Governance norms and
 stipulated in Clause 49 of the Listing Agreement, forming part of this
 report is annexed herewith.
 
 PARTICULARS OF EMPLOYEES:
 
 The statement showing particulars of employees under section 217(2A) of
 the Companies Act, 1956, read with the companies (Particulars of
 Employees) Rules, 1975, as amended, is not required to be given as
 there were no employees coming within the purview of this section.
 
 INSURANCE:
 
 The assets of the Company are adequately insured against the loss of
 fire and other risks which considered necessary by the management.
 
 MANAGEMENT DISCUSSION AND ANALYSIS:
 
 Industry structures relating to the Company''s activity is performing
 well in economy. The Company has obtained various order (domestic and
 exports) during the financial year 2011-12. Growth of the Industry is
 providing the opportunity to over come the threat of increasing cost
 and competition for the Industry. The Audit Committee of the Company
 has regularly reviewed internal Control System of the company.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO:
 
 Information pursuant to Section 217(1)(e) of the Companies Act 1956
 read with the Companies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988 relating to the foregoing matters is
 given hereunder.
 
 a) Conservation of energy : Rs. 10,85,71,526=00
 
 b) Technology absorption, research & development : Rs. Nil
 
 C) FOREIGN EXCHANGE EARNINGS AND OUTGO :
 
 Foreign Exchange Earnings during the year : Rs. Nil
 
 Foreign Exchange Outgo during the year : Rs. 1,43,19,350=00
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to the provisions of Section 217(2AA) of the Companies Act,
 1956, the Directors of your Company confirm that:
 
 i) in the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 ii) the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that were 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;
 
 iii) the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the company and for preventing and detecting fraud and other
 irregularities;
 
 iv) the Directors have prepared the accounts on a going concern
 basis.
 
 APPRECIATION:
 
 Your Directors would like to express their 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 also wish to place on record
 their deep sense of appreciation for the committed services by the
 executives, staff of the Company.
 
                                                On behalf of the Board 
 
                                   For, ANJANI DHAM INDUSTRIES LIMITED
 
 PLACE: AHMEDABAD.
 
 DATE: 21.08.2012
 
                                                [PURSHOTTAM R. AGARWAL] 
 
                                          CHAIRMAN & MANAGING DIRECTOR