Man Industries (India)

Dear Shareholders,
 
 It gives me immense pleasure in welcoming you to the 20th Annual General
 Meeting of your Company. I would like to update you on your Companys
 performance across all operating and financial parameters. The Indian
 economy is now booming with its real GDP to be estimated to have grown
 at 8.7% and is poised to grow further. The high growth rate is mainly
 due to structural increase rather than cyclical upturn, driven by
 favorable demographics, high investment and productivity growth.
 
 The Indian pipe industry with presence across all categories of pipe is
 among the top three manufacturing hubs after Japan and Europe. India is
 also becoming a major export hub to countries like USA, Europe and
 Middle East.
 
 Man Group has emerged out as a well diversified industrial conglomerate
 by the virtue of the vision and the dynamic leadership of its
 management; it has established itself well in the market.
 
 Your Company endeavors to ensure complete satisfaction to its worldwide
 customers by supplying quality products at optimum prices and within
 the scheduled delivery time and to establish the company in the league
 of leading players in its sphere of activities. The company has
 calculated plans for continuous technological enhancement on fast
 decision making for implementation of strategies for faster growth,
 which is quite evident from the operations of past 20 years.
 
 Man Industries ensures utmost quality in products. The Quality testing
 procedures of the plant comply with National and International
 standards. As a testimony to this fact, Man Industries has achieved
 various quality certifications such as API, ISO-9001, ISO-9002,
 ISO-14001, and ISO-18001. These certifications have helped the company
 to establish a strong foot-hold globally.
 
 In spite of turbulence in the global market, your Company anticipates a
 good year ahead in 2008-09 and we look forward to our future with
 confidence.The core values of your Company which include identifying
 the need of the customers, delivering value for money product and
 services, optimum utilization of resources and maximizing long term
 value for the stakeholders have been the strength of your Company. With
 intense global competition, the challenges will be great but with the
 spirit, commitment and dedication displayed by employees and the
 management of your Company, these challenges will continue to be met
 and overcome.
 
 I would like to take the opportunity to thank our customers, our team,
 our investors, our Board members and all stakeholders for their
 continuous support.
 
 
 Chairman