Dear  Shareholders,
 
 The year gone by was indeed full of challenges. Estimated GDP growth
 rate at merely 6.5% was considerably lower than the previous year.
 Depreciation of rupee in the second half of the year led to costlier
 imports and higher domestic input costs. This impacted profitability.
 
 The slowdown in the economic activity had a direct impact on the
 automotive sector. While Truck/Bus segment registered a growth of 7%,
 high interest rates and high fuel cost affected Car sales, which
 recorded growth of meagre 2.7% after several years of sustained high
 growth (in 2010-11 it was 25%).
 
 The long term outlook for domestic tyre industry is positive in line
 with the automotive sector growth story of India. Car penetration in
 India is at 11 cars per thousand people as compared to China - 27,
 Japan - 320, USA - 450, Germany - 501, etc. Increasing demand for cars
 and transportation in general along with better connectivity certainly
 reflects high growth potential for this sector in the coming years.
 
 At JK Tyre, several expansion projects were completed during the year.
 The new Green Site Plant at Chennai went on stream towards end of the
 year. The coming year shall have the benefit of volumes from this unit.
 
 I take this opportunity to acknowledge whole-hearted support of all
 stakeholders and our committed team at JK Tyre in our growth process.
 
 With your continued support, dear shareholders, I am confident that JK
 Tyre will move from strength to strength in the times ahead.
 
 
                                                Best wishes,
 
 
                                                Hari Shankar Singhania 
 
                                                Chairman