It gives me great pleasure to welcome you to the
 76th Annual General Meeting of your Company.
 
 As we gather today, I am sure you share my sense 
 of satisfaction as your Company has witnessed yet 
 another year of robust performance, thanks to our 
 capability to sustain superior performance over the 
 years and emerge as a competitive player in the industry. 
 The focus on nurturing strategic capability is rapidly 
 positioning each business to garner a growing share 
 of the exciting market opportunities unfolding in 
 India and the world.
 
 Indian economy: 
 
 India’s fastest growing economy after China — at
 around 9.4% — represents an attractive potential for 
 business growth, emerging as an exciting global investment 
 destination. Supported by the liberalized economic 
 policies and robust fiscal initiatives by the government, 
 encouraging private sector investment and foreign capital,
 the country is all set to transform from a developing 
 to a developed nation. The manufacturing sector remains 
 the principal growth driver and would continue to remain 
 so across the foreseeable future. The Indian corporate 
 sector is well equipped to grab the emerging opportunities,
 through rapid expansions facilitated by favourable 
 government policies.
 
 Performance review: 
 
 Your Company performed commendably in 2006-07.
 
 • Turnover for 2006-07 grew by 32.69% to Rs.1212.80 
 crores, driven by impressive growth across all business
 verticals of your Company. 
 
 • Pre-tax profit increased by 41.32% to 161.53 crores
 and post-tax profit grew to Rs.130.58 crores, registering 
 a growth of 41.91%. 
 
 • Basic earning per share and diluted earning per 
 share stands at Rs.12.15 and Rs.11.97 respectively. 
 
 • Proposed dividend for the year has also surged 
 to 48% (Rs. 0.96 per share) compared to 44% 
 (Rs. 0.88 per share) in the previous year.
 
 The financial strength, resulting from sustained 
 superior performance and the capability of Sintex’s 
 human capital, constitute the foundations to scale 
 even greater heights in the years to come.
 
 Plastic division: 
 
 Over the last two decades, plastic consumption grew
 exponentially across India. During the last decade, 
 the total consumption of plastics grew by approximately 
 12% per annum. The Indian market potential has motivated 
 entrepreneurs to acquire technical expertise, achieve
 high quality standards and build capacities across various
 facets of the booming plastic industry. Phenomenal 
 developments in the plastic sector, coupled with the 
 growing economy, have facilitated the plastic processors 
 to build capacities to service both the domestic and 
 overseas markets. Moreover, joint ventures, foreign 
 investments, easier access to technology from developed 
 countries have opened up new vistas to further facilitate 
 the growth of this industry.
 
 Sintex’s plastic division is attractively placed 
 to capitalize on this growing demand as it addresses 
 the broad-based growth coming out of the infrastructure, 
 housing, health, education, energy and environment 
 industries and the company has even forayed into emerging 
 businesses in line with the national priorities.
 The Company’s focus remains the innovation of 
 mass utility products across the industrial and 
 household segments. In line with the strategy,
 your Company has consciously introduced improved 
 variants of its existing products, servicing the 
 requirement of large number of income profiles and 
 requirements. These initiatives helped your company
 to grow the market and strengthen its recall as a pioneer.
 
 Your Company’s plastic business posted yet 
 another impressive financial performance during the
 year with segment revenues growing by 32.67% to 
 touch Rs.804.91 crores, driven by the rising 
 demand of the Company’s products; and PBIT 
 stands at Rs.121.11 crores, growing by 53.95% over 
 the previous year. 
 
 Robust strategies, backed by strong operational 
 excellence, enabled your Company to exploit the 
 growth opportunities in the plastic industry.
 
 Textile Division: 
 
 The textile industry occupies a unique place 
 in our country. Enjoying an age-old tradition, 
 it accounts for 14% of the total industrial 
 production and contributes nearly 30% of the 
 total exports and is the second largest employment 
 generator after agriculture.
 
 Moreover, foreign investment and collaboration 
 in India’s textile and apparel industry has increased 
 significantly in recent years. The increase can be
 partly attributed to the liberalized foreign direct 
 investment (FDI) policy of the government of India 
 and partly to the fact that domestic demand for 
 textiles and apparel in India is large and buoyant. 
 
 The industry expects investment of Rs.1,40,000 crore
 in this sector in the post-MFA phase (Multi Fibre Agreement).
 A Vision 2010 for textiles was formulated by the 
 government after intensive interaction with the 
 industry and Export Promotion Councils to capitalise 
 on the upbeat mood in the textiles industry and aims 
 to enhance India's share in world's textile trade 
 from the current 4% to 8% by 2010, achieving export 
 value of US$ 50 billion by 2010. Vision 2010 for 
 textiles envisages growth in the Indian textile 
 economy from the current US  billion to  
 billion by 2010; creation of 12 million new jobs 
 in the textile sector; and modernisation and 
 consolidation for creating a globally competitive 
 textile industry.
 
 To take advantage of the favourable economic and 
 industry environment, your Company focuses on niche 
 offerings and enhanced realizations. Your Company’s 
 products are marketed to leading brands like Louis 
 Philippe, Van Heusen, Arrow, Zodiac, Wills life style, 
 Pentaloons etc. in India and Marks & Spencer, 
 Tommy Hilfiger, Gap etc. abroad. The business 
 prospects are protected by long term relationship
 with these large and growing brands. Moreover, 
 the company has enhanced its footprint across 
 high-end European markets and enjoys access to 
 international designs, thanks to the alliances 
 with various European Design Houses The above 
 factors contributed to the strong financial 
 performance of the textile division during the 
 year both in terms of sales and operating profits. 
 Segment revenue of the textile division grew by 
 27.53% to Rs.318.02 crores and Segment profit 
 (PBIT) increased by 67.23% to Rs.65.36 crores.
 
 Significant developments
 
 Acquisition of US based Wausaukee Composites Inc.:
 
 I am very pleased to inform you all that your 
 Company has successfully acquired US based Wausaukee 
 Composites Inc. (WCI), located in Wisconsin, USA, 
 in an all cash transaction through US based 
 down stream subsidiary, Sintex Holding US, Inc. 
 on 1st June, 2007. The total enterprise value of 
 Wausaukee is US$ 20.5 million. Your Company has 
 acquired 81% stake in Wausaukee in the first 
 tranche and the balance shall be acquired 
 subsequently. 
 
 Wausaukee is a leading manufacturer of highly 
 engineered composite plastic components for OEMs 
 with 50% of its customer base being fortune 500 
 companies. The Company enjoys a presence across 
 diverse sectors such as medical imaging, mass 
 transportation, electrical components, auto-components 
 and engineering plastics. ‘Composites’ have a large 
 and growing market globally. It offers better 
 strength-to-weight ratio, non-corrosive, weather 
 ability, design flexibility and moulding ability,
 heat and chemically resistant and also offers 
 electrical insulation properties.This acquisition 
 will enable Sintex to expand its product portfolio
 as well as widen and deepen its presence in the fast 
 growing auto-components business both in India and 
 in the US market.
 
 Acquisition at Domestic Front – Zeppelin Mobile 
 Systems India Limited
 
 I am very proud to inform you that your Company 
 has acquired Zeppelin Mobile Systems India Limited, 
 the erstwhile subsidiary of Zeppelin Mobile Systeme
 GmbH, Germany on 4th May, 2006 at Rs. 390/- per share. 
 Your Company has acquired 74% stake in Zeppelin.
 
 Zeppelin is one of the top two telecom shelter 
 manufacturing companies in India today with a market
 share of 25%. Zeppelin which manufactures value added
 & high end BT shelter products gives Sintex a high 
 end niche presence. Zeppelin’s current range extends 
 to products such as Radar Shelters, Green Shelters, 
 Mobile Maintenance Shelters, Mobile Hospitals & 
 ambulances a s well as Refrigerated Vehicles. 
 
 The above acquisitions will result projected 
 19.72% CAGR in revenue over coming four years 
 while 17.18% CAGR in EBITDA over next four years.
 
 Monolithic prefab
 
 During the year, your Company has entered into 
 an agreement with the Government of Gujarat,
 represented by the Gujarat Urban Development 
 Company (GUDA) for the construction of 50,000 
 EWS quarters with Monolithic Construction 
 Technology in Ahmedabad, Baroda, Rajkot and 
 Surat for Rs.750 crores. Monolithic Constructions 
 are housing solutions designed by your Company to 
 address mass and low-cost housing needs.
 
 Agreement with UK based design and marketing firm:
 
 An agreement with UK based firm allows Sintex 
 to supply fabrics to 27 high-end brands which 
 include New & Lingwood, Budd, Michael Kors, Henry
 Jacobsen and Dunhill, among others. Moreover, 
 it will also provide Sintex an access to 9,000 
 designs per quarter and it will also train our 
 people to work with these fabrics and train marketing 
 staff for promoting several leading brands.
 
 Launch of 3000 plus designs for Spring/ Summer 
 Collection 2008 in Europe: 
 
 The Company has launched its spring – summer 
 2008/9 Dobby and Jacquard collection across
 Europe during March, 2007. This collection comprises 
 over 3000 designs in the men’s formals, evening wear, 
 and ladies wear range.
 
 Commissioning Gas Based Power Plant:
 
 Your Company has successfully commissioned its gas 
 based power plant in its Kalol manufacturing facility 
 at a total cost of Rs.45 crores which will translate 
 to a saving of Rs.14.4 crores per annuam.
 
 Excellence Award to Sintex and Udyog Rattan Award 
 to Mr. Amit Patel, MD
 
 I am very pleased to inform you that The Institute 
 of Economics Studies, New Delhi has honored Sintex 
 Industries Limited with an “Excellence Award” for 
 excellence in productivity, quality, innovation 
 & management and has conferred Mr. Amit Patel, 
 MD with the “Udyog Rattan award”
 
 Expansion Plans:
 
 Textile Division: 
 
 The textile division currently has an annual 
 capacity of 21 million metres and is to be 
 expanded to 24 million metres by FY’08 at 
 a cost of Rs.70 crores in Phase I and the further 
 increase in capacity by 5 million metres, 
 touching 29 million metres by 2008-09 at a 
 cost of Rs.80 crores in Phase II by FY 09.
 
 Plastic Division: 
 
 Sintex’s electrical accessory manufacturing 
 operations are presently running at 100% capacity. 
 Your Company has planned to increase the capacity 
 by 12,000 MT by December, 2007 at a cost of 
 Rs. 70 crores, considering its rising demand.
 
 In addition, your Company has also planned to 
 invest Rs.110 crores towards increasing its 
 prefabricated structure capacity.
 
 New projects: 
 
 Your Company has planned to foray into 
 high-end women’s wear and started setting up 
 of a new garmenting facility near Kalol, with a 
 capacity of manufacturing 10,000 garments per day, 
 scalable to 15,000 units per day at a cost 
 of Rs.35 crores. It is expected to be commissioned 
 by September 2008.
 
 Your Company has also announced its first quarter 
 result (April-June 2007) for the financial year 2007-08. 
 The turnover of the company increased by 34 % 
 to Rs.299.98 crores compared to Rs. 223.84 crores 
 for the corresponding period in the previous year.
 
 Appreciation 
 
 Finally, I believe few organizations can take 
 righteous pride in the quality of competence, 
 passion and commitment that we find in Sintex. 
 We have the organizational will, discipline and 
 people power to achieve our stretched ambition. 
 I am grateful to all the shareholders for their 
 continued trust and support.
 
 I am also thankful to all stakeholders of the 
 Company  employees, bankers, financial institutions, 
 suppliers, customers and social institutions  
 for their consistent and resolute support which 
 has greatly contributed towards our achieving 
 such robust growth.