Very good morning ladies and gentlemen,

It gives me great pleasure in welcoming you all to this 19th Annual General Meeting of the Company.

The financial year 2010-11 has been extremely good for Indian Automobile Industry. Indian Economy posted a healthy GDP growth of 8.5% and Indian Automobile Industry posted a growth of 26% in 2010-11, which is the highest ever automobiles sales in India.

It is a matter of pride for us that the Company has performed as per the expectations in the year 2010-11 and we are consistently on the growth track with renewed focus on serving the customer better and providing best quality at reasonable price.

The sales and operating revenue of the Company (including the sales of Minda Autogas Limited merged with the Company) stood at Rs. 91231 Lacs during the FY 2010-11. i.e., a growth of 52%. Export sales of the Company stood at Rs. 3725 lacs having a growth over 14%.

The profit after tax of the Company stood at Rs. 3484 Lacs as compared to Rs. 2287 lacs in the previous year, a growth of 52%.

The Board of your Company has recommended 30% Dividend i.e. Rs. 3 per share for the year ended 31st March, 2011 and 3% Dividend on preference shares.

It gives me immense pride to announce that your Company has won 8 Awards and recognition during the year. I am delighted to place on record that this year we won “Gold Award” in productivity council competition and in QCFI, “Excellent” in TPS and “Distinguished” Award in QCFI-NCQC, “Manufacturing Excellence Award” from Eicher group and “Vendor Performance- Gold Award” from Maruti Suzuki India Limited.

As responsible Corporate Citizen your Company takes pride in being actively involved in various CSR activities and continuous to support Moga Devi Minda Charitable Trust which operates through: Minda Bal Gram, Minda Seva Kendra, Sankranti programme and various other programmes for the benefit and upliftment of the society.

On the domestic front, owing to the high interest rates and increasing fuel prices, the overall domestic vehicle sales have shown 15% growth in first quarter of FY2011-12 as compared to the same period last year. The rise in global cost of commodities and energy has resulted in inflation which has increased the interest rate in the domestic market. These factors continue to cause some concerns on the growth of the automobile market in the current year.

ACKNOWLEDGEMENT

In conclusion, I would like to reiterate that we will continue to focus on being competitive to attain sustainable growth. I express my heartiest gratitude for the invaluable support and confidence reposed in us by our shareholders, bankers, customers and our in house dedicated employees. As ever, I seek your whole-hearted support and encouragement in this exciting journey.

I will not be fulfilling my duties unless I thank all the Members of the Board in providing persistent guidance and support from time to time in successfully running the operations of the Company. Your abiding trust and encouragement will go a long way in taking your Company to greater excellence.

Thank you.

	N.K. Minda Chairman & Managing Director August 11, 2011