Dear Shareholder,
 
 The year 2010-11 was a historic one for MRF as we crossed the turnover
 of Rs 10,000 crores. We have continued to maintain the same growth
 momentum this year too and we have crossed the turnover of Rs 13,000
 crores for the year 2011 -12. It is indeed a creditable achievement
 against the backdrop of a difficult economic environment.
 
 Our continued emphasis to cater to the changing customer needs with
 premium products has been one of the hallmarks of our success. As we
 enter the new financial year, the economic and business environment is
 grim. The global crisis continues and there is a distinct slow-down in
 the Indian economy. In addition, the competitive environment continues
 to be intense.
 
 Meanwhile, our plant at Tiruchirapally has commenced production and is
 slated to be one of our biggest plants.
 
 We have successfully turned around Sri Lanka operations through several
 initiatives and we are confident of increasing our revenue further.
 
 We continue to be optimistic about the automobile industry in the long
 term and the investments in our various plants will help us to increase
 our market share as we move forward.
 
 K. M. Mammen
 
 Chairman & Managing Director