Dear Shareholder,
 
 This is a momentous occasion for your company. In the financial year
 just closed, MRF crossed the landmark figure of Rs 10,000 crores in
 turnover. The current year also marks 25 years of market leadership
 since MRF first became the market leader in 1987.
 
 The year gone by was a difficult and trying one. MRF''s quantum jump in
 turnover has been the highest one in its history and this has been
 achieved through our overall commitment to deliver premium products and
 well executed strategies.
 
 The last six months have witnessed a slowdown in the domestic economic
 growth coupled with uncertainties in the international environment.
 
 In the year ahead, one would have to contend with an increased
 competitive environment.  However, we have taken a long term view of
 the auto industry and are adding capacities in our existing factories
 and our new plant at Tiruchirappalli will commence production in 2012,
 which would help us to maintain our market leadership.
 
 
 K. M. Mammen
 
 Chairman & Managing Director.