Dear Members,

It gives me pleasure to welcome you all at this 16^th AGM of your Company.

I am delighted to report that your company has marked another positive year of performance inspite of negative growth of 10 % in 3 Wheeler market and 5% in 2 Wheeler market. The turnover of your company increased by 3.37% and profit after tax increased by 16.17% over last year.

The growth of auto component industry is directly linked with the growth of auto industry.

Your company’s ongoing efforts on cost reduction, productivity and efficiency improvement in all areas of operations has helped the company to grow at a healthy rate even in a difficult environment.

Entering in new product segments, like automobile batteries and blow moulded products will further boost up the growth of your company.

The company also has plans to buy plants in Europe and North America and other parts of World, to strengthen our Global presence.

The Polaris industries Inc., U.S.A. has awarded the company 3 star program 2007 award for supplying products and providing cost effective solutions. The Department of Scientific and Industrial Research, Govt. of India has also awarded the Company National R & D award 2007 for outstanding in house R&D achievement. This shows the company’s technological advancement and recognition in the eyes of customers and Government.

Future is extremely promising & bright and I foresee the group among the top auto component manufacturers in the world. India today is a high growth country and the Automobile Sector is bound to grow with the growth of economy. Minda Group is well placed to capture the tremendous opportunity, unfolding in India & the World.

I thank you for your support and assure you that your company will continue to scale new heights.

 

 

	For and on behalf of the Board of MINDA INDUSTRIES LIMITED S.L. Minda CHAIRMAN Place : Gurgaon, Haryana Date : May 23, 2008