A STUDY ON THE EQUITY RESEARCH IN BANKING SECTOR

Project submitted to the Madurai Kamaraj University in partial fulfillment of the requirements for the award of the Degree of Master of Business Administration Submitted By N. DINAKARAN
(Reg. No. B029008)

Under the Guidance of

Dr. V. CHINNIAH

DEPARTMENT OF MANGEMENT STUDIES MADURAI KAMARAJ UNIVERSITY MADURAI 625 021. JANUARY 2012

Dr. V. CHINNIAH, M.Com., M.B.A., M.Phil., B.L., Ph.D.,

Professor, Department of Management Studies, Madurai Kamaraj University, Madurai 625 021

CERTIFICATE
This is to certify that the project entitled A STUDY ON THE WORKING CAPITAL MANAGEMENT AT MEENAKSHI MISSION HOSPITAL & RESEARCH CENTRE submitted by Mr. N.

DINAKARAN,

I year MBA is a record of research work carried out by him

for the degree of Master of Bussiness Administration, under my guidance. The subject of the dissertation is her original work and it has not previously formed the basis for the award of any degree, diploma, associateship, and any other similar titles of any university or institution. The project represents entirely an independent work on the part of the candidate. Place: Madurai-21 Date: (Dr.V.CHINNIAH)

N. DINAKARAN, Department of Management Studies, Madurai Kamaraj University, Madurai 625 021.

DECLARATION
I hereby declare that the project is entitled A STUDY ON THE WORKING CAPITAL MANAGEMENT AT MEENAKSHI MISSION HOSPITAL & RESEARCH CENTRE for the degree of Master of Bussiness Administration, is my original work and done under the supervision of Dr. V. CHINNIAH, M.Com., M.B.A., M.Phil., B.L., Ph.D., Professor, Department of Management Studies, Madurai Kamaraj University, Madurai and that it has not previously formed the basis for the award of any degree, diploma or other similar titles of any university or institution.

Station : Madurai-21 Date:

(N.DINAKARAN)

ACKNOWLEDGEMENT
First I would like to thank God and my beloved parents and the members of my family, for their blessings and prayers in making this dissertation a success. I owe a deep of sense of gratitude to my esteemed guide Dr. V. Chinniah, M.Com., M.B.A., M.Phil., B.L., Ph.D., Professor, Department of Management Studies, Madurai Kamaraj University, Madurai. His help in correcting the drafts and clarifying the doubts are greatly appreciated with deep sense of gratitude. I wish to express my sincere thanks to Dr.C. Chandran, M.B.A., Ph.D., Professor and Head of the Department of Management Studies, Madurai Kamaraj University for his encouragement and support and also for permitting me to do research work in the Department of Management Studies. I am very thankful to Dr. N. Sethuraman Founder Chairman, Dr. V. N. Rajasekaran Medical Director and Dr. N. Krishnamoorthy Academic Director of MMHRC for permitting me to undergo summer project in their organization. I am also thankful to all the staffs of the Finance department of MMHRC for helping me to complete summer project in their organization.

I wish to express my thanks to my classmates & my friends who have cooperated with me to complete this project.

TABLE OF CONTENTS

Page No

Acknowledgement

List of Tables List of Graphs

CHAPTER 1.

Introduction and Design of the Study

1.1 Introduction 1.2 Scope of the Study 1.3 Objectives of the Study 1.4 Methodology 1.5 Limitation of the Study 1.6 Chapter Scheme

1 -11

II.

Background of the study area

2.1Introduction 2.2 History of the Organisation 2.3 Objective of MMHRC 2.4 S.R.Trust 2.5 Quality Policy

12 30

2.6Location and Layout 2.7Organisation Principles 2.8 Future Plans 2.9 Departments In MMHRC 2.10 Recognition Awards and Acceleration 2.11 Social Activities 2.12 Summary III.

The Analysis and Interpretation

3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 Introduction Gross Working Capital to Total Assets Ratio Net Working Capital to Current liability Ratio Gross Working Capital to Sales Working Capital Turnover Ratio Gross Profit Ratio Net Profit Ratio Current Ratio Quick Ratio Absolute Liquid Ratio Debtors Turnover Ratio

31 87

3.12 Average Collection Period

3.13 Creditors Turnover Ratio 3.14 Cash as Percentage of Current Assets 3.15 Statement Of Changes In Working Capital

3.16 Regression Analysis 3.17 summary IV.

Summary of Findings, Suggestions and Conclusion

4.1 4.2 4.3 Findings Suggestions Conclusion

88 92

Bibliography Appendix

Chapter-I INTRODUCTION & DESIGN OF THE STUDY

Equity Analysis

1.1 Introduction 1.2 Concept of working capital 1.3 Need for working capital 1.3 Introduction to the variable 1.4 Scope of the study 1.5 Objectives of the study 1.6 Methodology of the study 1.7 Period of the study 1.8 Sources of data 1.9 Tools used 1.10 Limitations of the study.

CHAPTER I - INTRODUCTION

INTRODUCTION
India is a developing country. Nowadays many people are interested to invest in financial markets especially on equities to get high returns, and to save tax in honest way. Equities are playing a major role in contribution of capital to the business from the beginning. Since the introduction of shares concept, large numbers of investors are showing interest to invest in stock market. In an industry plagued with skepticism and a stock market increasingly difficult to predict and contend with, if one looks hard enough there may still be a genuine aid for the Day Trader and Short Term Investor. The price of a security represents a consensus. It is the price at which one person agrees to buy and another agrees to sell. The price at which an investor is willing to buy or sell depends primarily on his expectations. If he expects the security's price to rise, he will buy it; if the investor expects the price to fall, he will sell it. These simple statements are the cause of a major challenge in forecasting security prices, because they refer to human expectations. As we all know firsthand, humans expectations are neither easily quantifiable nor predictable. If prices are based on investor expectations, then knowing what a security should sell for (i.e., fundamental analysis) becomes less important than knowing what other investors expect it to sell for. That's not to say that knowing what a security should sell for isn't important--it is. But there

is usually a fairly strong consensus of a stock's future earnings that the average investor cannot disprove Fundamental analysis and technical analysis can co-exist in peace and complement each other. Since all the investors in the stock market want to make the maximum profits possible, they just cannot afford to ignore either fundamental or technical analysis. FUNDAMENTAL ANALYSIS Fundamental movements analysis is a method of forecasting the future of a financial instrument based price on economic, political,

environmental and other relevant factors and statistics that will affect the basic supply and demand of whatever underlies the financial instrument. It is the study of economic, industry and company conditions in determine the value of a companys stock. an effort to Fundamental analysis

typically focuses on key statistics in companys financial statements to determine if the stock price is correctly valued. The term simply refers to the analysis of the economic well-being of a financial entity as opposed to only its price movements. Fundamental analysis is the cornerstone of investing. The basic philosophy underlying the fundamental analysis is that if an investor invests re.1 in buying a share of a company, how much expected returns from this investment he has. The fundamental analysis is to appraise the intrinsic value of a security. It insists that no one should purchase or sell a share on the basis of tips and rumors. The fundamental approach calls upon the investors to make his buy or sell decision on the basis of a detailed analysis of the information about the company, about the industry, and the economy. It is also known as top-down approach. This approach attempts to study the economic scenario, industry position and the company expectations and is also known as economic-industry- company approach (EIC approach)

Thus the EIC approach involves three steps: 1. Economic analysis 2. Industry analysis 3. Company analysis 1.ECONOMIC ANALYSIS The level of economic activity has an impact on investment in many ways. If the economy grows rapidly, the industry can also be expected to show rapid growth and vice versa. When the level of economic activity is low, stock prices are low, and when the level of economic activity is high, stock prices are high reflecting the prosperous outlook for sales and profits of the firms. The analysis of macro economic environment is essential to understand the behavior of the stock prices. The commonly analyzed macro economic factors are as follows: Gross Domestic Product (GDP): GDP indicates the rate of growth of the economy. It represents the aggregate value of the goods and services produced in the economy. It consists of personal consumption expenditure, gross private domestic investment and government expenditure on goods and services and net exports of goods and services. The growth rate of economy points out the prospects for the industrial sector and the return investors can expect from investment in shares. The higher growth rate is more favorable to the stock market. Savings and investment: It is obvious that growth requires investment which in turn requires substantial amount of domestic savings. Stock market is a channel through which the savings are made available to the corporate bodies. Savings are distributed over various assets like equity shares, deposits, mutual funds, real estate and bullion. The savings and investment patterns of the public affect the stock to a great extent.

Equity Analysis

Inflation: Along with the growth of GDP, if the inflation rate also increases, then the real growth would be very little. The effects of inflation on capital markets are numerous. An increase in the expected rate of inflation is expected to cause a nominal rise in interest rates. Also, it increases uncertainty of future business and investment decisions. As inflation increases, it results in extra costs to businesses, thereby squeezing their profit margins and leading to real declines in profitability. Interest rates: The interest rate affects the cost of financing to the firms. A decrease in interest rate implies lower cost of finance for firms and more profitability. More money is available at a lower interest rate for the brokers who are doing business with borrowed money. Availability of cheap funds encourages speculation and rise in the price of shares. Tax structure: Every year in March, the business community eagerly awaits the Governments announcement regarding the tax policy. Concessions and incentives given to a certain industry encourage investment in that particular industry. Tax reliefs given to savings encourage savings. The type of tax exemption has impact on the profitability of the industries. Infrastructure facilities: Infrastructure facilities are essential for the growth of industrial and agricultural sector. A wide network of communication system is a must for the growth of the economy. Regular supply of power without any power cut would Boost the production. Banking and financial sectors also should be sound enough to provide adequate support to the industry. Good infrastructure facilities affect the stock market favorably.2.

Equity Analysis

INDUSTRY ANALYSIS An industry is a group of firms that have similar technological structure of production and produce similar products and Industry analysis is a type of business research that focuses industrial sector (a broad on the status of an industry or an industry classification, like "manufacturing").

Irrespective of specific economic situations, some industries might be expected to perform better, and share prices in these industries may not decline as much as in other industries. This identification of economic and industry specific factors influencing share prices will help investors to identify the shares that fit individual expectations Industry Life Cycle: The industry life cycle theory is generally attributed to Julius Grodensky. The life cycle of the industry is separated into four well defined stages. Pioneering stage: The prospective demand for the product is promising in this stage and the technology of the product is low. The demand for the product attracts many producers to produce the particular product. There would be severe competition and only fittest companies survive this stage. The producers try to develop brand name, differentiate the product and create a product image. In this situation, it is difficult to select companies for investment because the survival rate is unknown. Rapid growth stage: This stage starts with the appearance of surviving firms from the pioneering stage. The companies that have withstood the competition grow strongly in market share and financial performance. The technology of the production would have improved resulting in low cost of production and good quality

Equity Analysis

products. The companies have stable growth rate in this stage and they declare dividend to the shareholders. It is advisable to invest in the shares of these companies. Maturity and stabilization stage: The growth rate tends to moderate and the rate of growth would be more or less equal to the industrial growth rate or the gross domestic in the product growth rate. Symptoms of obsolescence may appear in the technology. To keep going, technological innovations production process and products should be introduced. The investors have to closely monitor the events that take place in the maturity stage of the industry. Decline stage: Demand for the particular product and the earnings of the companies in the industry decline. It is better to avoid investing in the shares of the low growth industry even in the boom period. Investment in the shares of these types of companies leads to erosion of capital. Growth of the industry: The historical performance of the industry in terms of growth and profitability should be analyzed. The past variability in return and growth in reaction to macro economic factors provide an insight into the future.

Nature of competition: Nature of competition is an essential factor that determines the demand for the particular product, its profitability and the price of the concerned company scrips. The companies' ability to withstand the local as well as the multinational competition counts much. If too many firms are

Equity Analysis

present in the organized sector, the competition would be severe. The competition would lead to a decline in the price of the product. The investor before investing in the scrip of a company should analyze the market share of the particular company's product and should compare it with the top five companies. SWOT analysis: SWOT analysis represents the strength, weakness, opportunity and threat for an industry. Every investor should carry out a SWOT analysis for the chosen industry. Take for instance, increase in demand for the industrys product becomes its strength, presence of numerous players in the market, i.e. competition becomes the threat to a particular company. The progress in R & D in that industry is an opportunity and entry of multinationals in the industry is a threat. In this way the factors are to be arranged and analyzed. COMPANY ANALYSIS In the company analysis the investor assimilates the several bits of information related to the company and evaluates the present and future values of the stock. The risk and return associated with the purchase of the stock is analyzed to take better investment decisions. The present and future values are affected by a number of factors. Competitive edge of the company: Major industries in India are composed of hundreds of individual companies. Though the number of companies is large, only few companies control the major market share. The competitiveness of the company can be studied with the help of the following; Market share: The market share of the annual sales helps to determine a companys

Equity Analysis

relative competitive position within the industry. If the market share is high, the company would be able to meet the competition successfully. The companies in the market should be compared with like product groups otherwise, the results will be misleading. Growth of sales: The rapid growth in sales would keep the shareholder in a better position than one with stagnant growth rate. Investors generally prefer size and growth in sales because the larger size companies may be able to withstand the business cycle rather than the company of smaller size. Stability of sales: If a firm has stable sales revenue, it will have more stable earnings. The fall in the market share indicates the declining trend of company, even if the sales are stable. Hence the stability of sales should be compared with its market share and the competitors market share Earnings of the company: Sales alone do not increase the earnings but the costs and expenses of the company also influence the earnings. Further, earnings do not always increase with increase in sales. The companys sales might have increased but not only depend on the sales, but should analyze the earnings of the company. its earnings per share may decline due to rise in costs. Hence, the investor should

Equity Analysis

Financial analysis: The best source of financial information about a company is its own financial statements. This is a primary source of information for evaluating the investment prospects in the particular companys stock. Financial statement analysis is the study of a companys financial statement from various viewpoints. The statement gives the historical and current information about the companys operations. Historical financial statement helps to predict the future and the current information aids to analyze the present status of the company. The two main statements used in the analysis are Balance sheet and Profit and Loss Account. The balance sheet is one of the financial statements that companies prepare every year for their shareholders. It is like a financial snapshot, the company's financial situation at a moment in time. It is prepared at the year end, listing the company's current assets and liabilities. It helps to study the capital structure of the company. It is better for the investor to avoid a company with excessive debt component in its capital structure. From the balance sheet, liquidity position of the company can also be assessed with the information on current assets and current liabilities. Ratio analysis: Ratio is a relationship between two figures expressed mathematically. Financial ratios provide numerical relationship between two relevant financial data. Financial ratios are calculated from the balance sheet and profit and loss account. The relationship can be either expressed as a percent or as a quotient. Ratios summarize the data for easy understanding, comparison and interpretations. Ratios for investment purposes can be classified into profitability ratios, turnover ratios, and leverage ratios. Profitability ratios are the most popular ratios since investors prefer to measure the present profit performance and use this information to forecast the future strength of the company. The most often used profitability ratios are return on assets, price earnings multiplier, price to book value, price to cash flow, and price to sales, dividend yield, return on equity,

Equity Analysis

present value of cash flows, and profit margins. a) Return on Assets (ROA) ROA is computed as the product of the net profit margin and the total asset turnover ratios. ROA = (Net Profit/Total income) x (Total income/Total Assets) This ratio indicates the firm's strategic success. Companies can have one of two strategies: cost leadership, or product differentiation. ROA should be rising or keeping pace with the company's competitors if the company is successfully pursuing either of these strategies, but how ROA rises depend on the company's strategy. ROA should rise with a successful cost leadership strategy because the companys increasing operating efficiency. An example is an increasing, total asset, turnover ratio as the company expands into new markets, increasing its market share. The company may achieve leadership by using its assets more efficiently. With a successful product differentiation strategy, ROA will rise because of a rising profit margin. b) Return on Investment (ROI) ROI is the return on capital invested in business, i.e., if an investment Rs 1 crore in men, machines, land and material is made to generate Rs. 25 lakhs of net profit, then the ROI is 25%. The computation of return on investment is as follows: Return on Investment (ROI) = (Net profit/Equity investments) x 100 As this ratio reveals how well the resources of a firm are being used, higher the ratio, better are the results. The return on shareholders investment should be compared with the return of other similar firms in the same industry. The inertfirm comparison of this ratio determines whether the investments in the firm are attractive or not as the investors would like to invest only where the return is higher.

Equity Analysis

c) Return on Equity Return on equity measures how much an equity shareholder's investment is actually earning. The return on equity tells the investor how much the invested rupee is earning from the company. The higher the number, the better is the performance of the company and suggests the usefulness of the projects the company has invested in. The computation of return on equity is as follows: Return on equity = (Net profit to owners/value of the specific owner's Contribution to the business) x 100 The ratio is more meaningful to the equity shareholders who are invested to know profits earned by the company and those profits which can be made available to pay dividend to them. d) Earnings per Share (EPS) This ratio determines what the company is earning for every share. For many investors, earnings are the most important tool. EPS is calculated by dividing the earnings (net profit) by the total number of equity shares. The computation of EPS is as follows: Earnings per share = Net profit/Number of shares outstanding The EPS is a good measure of profitability and when compared with EPS of similar other companies, it gives a view of the comparative earnings or earnings power of a firm. EPS calculated for a number of years indicates whether or not earning power of the company has increased. e) Dividend per Share (DPS) The extent of payment of dividend to the shareholders is measured in the form of dividend per share. The dividend per share gives the amount of cash flow from the company to the owners and is calculated as follows: Dividend per share = T otal dividend payment / Number of shares outstanding The payment of dividend can have several interpretations to the

Equity Analysis

shareholder. The distribution of dividend could be thought of as the distribution of excess profits/abnormal profits by the company. On the other hand, it could also be negatively interpreted as lack of investment opportunities. In all, dividend payout gives the extent of inflows to the shareholders from the company. f) Dividend Payout Ratio From the profits of each company a cash flow called dividend is distributed among its shareholders. This is the continuous stream of cash flow to the owners of shares, apart from the price differentials (capital gains) in the market. The return to the shareholders, in the form of dividend, out of the company's profit is measured through the payout ratio. The payout ratio is computed as follows: Payout Ratio = (Dividend per share / Earnings per share) * 100 The percentage of payout ratio can also be used to compute the percentage of retained earnings. The profits available for distribution are either paid as dividends or retained internally for business growth opportunities. Hence, when dividends are not declared, the entire profit is ploughed back into the business for its future investments. g) Dividend Yield Dividend yield is computed by relating the dividend per share to the market price of the share. The market place provides opportunities for the investor to buy the company's share at any point of time. The price at which the share has been bought from the market is the actual cost of the investment to the shareholder. The market price is to be taken as the cum-dividend price. Dividend yield relates the actual cost to the cash flows received from the company. The computation of dividend yield is as follows Dividend yield = (Dividend per share / Market price per share) * 100 High dividend yield ratios are usually interpreted as undervalued companies in the market. The market price is a measure of future discounted values, while the dividend per share is the present return from the investment. Hence, a

high dividend yield implies that the share has been under priced in the market. On the other hand a low dividend yield need not be interpreted as overvaluation of shares. A company that does not pay out dividends will not have a dividend yield and the real measure of the market price will be in terms of earnings per share and not through the dividend internally for business growth opportunities. Hence, when dividends are not declared, the entire profit is ploughed back into the business for its future investments. h) Price/Earnings Ratio (P/E) The P/E multiplier or the price earnings ratio relates the current market price of the share to the earnings per share. This is computed as follows: Price/earnings ratio = Current market price / Earnings per share This ratio is calculated to make an estimate of appreciation in the value of a share of a company and is widely used by investors to decide whether or not to buy shares in a particular company. Many investors prefer to buy the company's shares at a low P/E ratio since the general interpretation is that the market is undervaluing the share and there will be a correction in the market price sooner or later. A very high P/E ratio on the other hand implies that the company's shares are overvalued and the investor can benefit by selling the shares at this high market price. i) Debt-to-Equity Ratio Debt- Equity ratio is used to measure the claims of outsiders and the owners against the firms assets. Debt-to-equity ratio = Outsiders Funds / Shareholders Funds The debt-equity ratio is calculated to measure the extent to which debt financing has been used in a business. It indicates the proportionate claims of owners and the outsiders against the firms assets. The purpose is to get an idea of the cushion available to outsiders on the liquidation of the firm.

Equity Analysis

NEED OF THE STUDY To start any business capital plays major role. Capital can be acquired in two ways by issuing shares or by taking debt from financial institutions or borrowing money from financial institutions. The owners of the company have to pay regular interest and principal amount at the end. Stock is ownership in a company, with each share of stock representing a tiny piece of ownership. The more shares you own, the more of the company you own. The more shares you own, the more dividends you earn when the company makes a profit. In the financial world, ownership is called Equity. Advantages of selling stock: A company can raise more capital than it could borrow. A company does not have to make periodic interest payments to creditors. A company does not have to make principal payments Stock/shares play a major role in acquiring capital to the business in return investors are paid dividends to the shares they own. The more shares you own the more dividends you receive. role of equity analysis is to provide information to the market. An efficient market relies on information: a lack of information creates inefficiencies that result in stocks being misrepresented (over or under valued). This is valuable because it fills information gaps so that each individual investor does not need to analyze every stock thereby making the markets more efficient. OBJECTIVES OF THE STUDY The objective of this project is to deeply analyze our Indian Automobile Industry for investment purpose by monitoring the growth rate and performance on the basis of historical data.

The main objectives of the Project study are: Detailed analysis of Automobile industry which is gearing towards international standards Analyze the impact analysis of of qualitative three tough factors on industrys TATA and companys prospects Comparative competitors Motors, Maruti Suzuki and Mahindra and Mahindra through fundamental analysis. Suggesting as to which companys shares would be best for an investor to invest.

SCOPE OF THE STUDY The scope of the study is identified after and during the study is conducted. The project is based on tools like fundamental analysis and ratio analysis. Further, the study is based on information of last five years. The analysis is made by taking into consideration five companies i.e. TATA Motor s, Maruti Suzuki and Mahindra and Mahindra. The scope of the study is limited for a period of five years. The scope is limited to only the fundamental analysis of the chosen stocks. Sources and methods of collecting data: To meet the objective of the project, a lot of data was required to be collected from varied sources. For the technical analysis, the data was required in respect of Interest Income, Advances, Various rates, Share Prices, etc. For this, the data was obtained from Balance Sheets, Quarterly results, Websites, News Papers, etc. A list of same is provided in the references.

Page | 12

METHODOLOGY Research design or research methodology is the procedure of collecting, analyzing and interpreting the data to diagnose the problem and react to the opportunity in such a way where the costs can be minimized and the desired level of accuracy can be achieved to arrive at a particular conclusion. The methodology used in the study for the completion of the project and the fulfillment of the project objectives. The sample of the stocks for the purpose of collecting secondary data has been selected on the basis of Random Sampling. The stocks are chosen in an unbiased manner and each stock is chosen independent of the other stocks chosen. The stocks are chosen from the automobile sector. The sample size for the number of stocks is taken as 3 for fundamental analysis of stocks as fundamental analysis is very exhaustive and requires detailed study.

LIMITATIONS This study has been conducted purely to understand Equity analysis for investors. The study is restricted to three companies based on Fundamental analysis. The study is limited to the companies having equities. Detailed study of the topic was not possible due to limited size of the project. There was a constraint with regard to time allocation for the research study i.e. for a period of 45 days. Suggestions and conclusions are based on the limited data of five years.

Equity Analysis

Chapter-II BACKGROUND OF THE STUDY AREA

Equity Analysis

HDFC securities Ltd, a trusted financial services intermediary is a subsidiary of India's respected private sector bank- (HDFC Bank) Suggestions and conclusions are based on the limited data of five years A leading stock broking company having completed 10 years in operation, serves a diverse customer base of retail and institutional investors.

Discerning investors experience a robust platform to trade in Equities, derivatives, currency futures and mutual funds through both NSE & BSE and other investment options like IPO's, bonds, corporate fixed deposits ,insurance etc.

Investors are also provided with niche - Equity Investment advise and execution platform with superior technology aid and unbiased research across sector, Our web portal is designed to meet the requirements of everyone from a beginner to a savvy and well-informed trader with highest service standards, convenience and hassle-free trading tools.

The Web portal aims to provide a one stop window for all financial needs with seamlessness and customer centric services

WEBPORTAL Based on Web 2.0 technology. SPEED

Equity Analysis

State-of-the art technology enabling seamless trading experience on both the exchanges BSE and NSE. CONVENIENCE

Clients could adopt to trade with us either online, or on the phone, or The 4-in-1 Advantage account enables clients to seamlessly move funds Clients get to enjoy limits across exchanges to trade No need to issue cheques or delivery instructions. Place IPO / NCD applications via few clicks using the trading account or ASBA application facility. Customer care centre to address all queries and grievances.

relationship managers from the convenience of their home or office.

and securities across your bank, demat and trading account.

by the phone. No standing in queues or filling application forms.

REACH HDFC securities has a strong unified call centre catering to clients across India and overseas aiding clients who wish to have their orders placed by a tele-agent. 7 Regional language call centre facility is available for clients. Over 128 exclusive branches across India also service clients locally by dedicated relationship managers. TRANSPARENCY With our trusted pedigree, a client can be assured of best services in a transparent manner and is in total control of their funds and stocks. EXPERTISE With a decade of experience and a rating of A1+1, HDFC securities has a

admired lineage of providing financial services to customers in a transparent and trusted manner. We have a dedicated,motivated and experienced team of professionals to provide you top class service. TIMELY AND RELEVANT INFORMATION We realize the importance of making information available to clients as it happens. Empowered with the latest news, developments and unbiased research, enables a client to take informed decisions. YOUR INTEREST For HDFC securities, client's interest comes first. We endeavor to provide high quality investment services, in a simple, direct and cost-effective manner to help you achieve your financial goals. OUR OFFERINGS' ONE STOP SHOP, FOR ALL YOUR INVESTMENT NEEDS

Equity and Derivatives IPO Mutual Fund Fixed Deposits Non Convertible Debentures General Insurance Life Insurance Bonds Currency Derivatives PMS

Automobile industry
The Automobile industry in India is one of the largest in the world and one of the fastest growing globally. India's passenger car and commercial vehicle manufacturing industry is the seventh largest in the world, with an annual production of more than 3.7 million units in 2010. According to recent reports, India is set to overtake Brazil to become the sixth largest passenger vehicle producer in the world, growing 16-18 per cent to sell around three million units in the course of 2011-12. In 2009, India emerged as Asia's fourth largest exporter of passenger cars, behind Japan, South Korea, and Thailand. As of 2010, India is home to 40 million passenger vehicles. More than 3.7 million automotive vehicles were produced in India in 2010 (an increase of 33.9%), making the country the second fastest growing automobile market in the world. According to the Society of Indian Automobile Manufacturers, annual vehicle sales are projected to increase to 5 million by 2015 and more than 9 million by 2020. By 2050, the country is expected to top the world in car volumes with approximately 611 million vehicles on the nation's roads. The majority of India's car manufacturing industry is based around three clusters in the south, west and north. The southern cluster near Chennai is the biggest with 35% of the revenue share. The western hub near Maharashtrais 33% of the market. The northern cluster is primarily Haryana with 32%. Chennai, is also referred to as the "Detroit of India with the India operations of Ford, Hyundai, Renault and Nissan headquartered in the city and BMW having an assembly plant on the outskirts. Chennai accounts for 60% of the country's automotive exports. Gorgon and Manesar in Haryana form the northern cluster where the country's largest car manufacturer, MarutiSuzuki, is

based. The Chakan corridor near Pune, Maharashtra is the western cluster with companies like General Motors, Volkswagen, Skoda, Mahindra and Mahindra, Tata Motors, Mercedes Benz, Land Rover, Fiat and Force Motors having assembly plants in the area. Aurangabad with Audi, Skoda and Volkswagen also forms part of the western cluster. Another emerging cluster is in the state of Gujarat with manufacturing facility of General Motors in Halol and further planned for Tata Nano at Sanand. Ford, Maruti Suzuki and Peugeot-Citroen plants are also set to come up in Gujarat.[14] Kolkata with Hindustan Motors, Noida with Honda and Bangalore with Toyota are some of the other automotive manufacturing regions around the country A total of 11.8 m two-wheelers were sold in India in FY11, a growth of a strong 26% over the previous year. Motorcycles accounted for 76% of the total two wheelers sold. The growth came in despite the series of interest rate hikes undertaken by the RBI to bring inflation under control. The scooters (geared & ungeared) improved their sales considerably, largely due to improved performance of the ungeared scooter segment. The 3-wheeler segment also performed well as domestic volumes improved 19% YoY, led by 22% growth in passenger carriers. The medium and heavy commercial vehicles (M/HCVs) segment saw its volumes grow by a huge 32% after having grown by an impressive 34% in FY10 as well. LCVs on the other hand, underperformed their HCV peers as volumes increased at a relatively lower rate of 23%. The strong growth in the overall CV segment was due to high growth rates during the first half of the fiscal supported by sustained economic growth and impact of a lower base in the corresponding period last year. Healthy growth in the agricultural and industrial sectors also fuelled demand for CVs.

The tractor industry, the worlds largest also logged in good growth in FY11. Domestic volumes grew by 20% as against a growth of 32% in the previous year. After increasing by 26% in FY10, sales of passenger cars did well in FY11 as well as volumes grew by 30% YoY. A strong growth in GDP aided by recovery in agriculture and good performance in the industry and services sector had a positive impact on the same of passenger vehicles as well. Utility Vehicles also logged in a strong grow 19% in FY11. While raw material prices softened considerably in FY10 and bolstered operating margins, the scenario reversed in FY11. Although sales growth in FY11 remained strong, auto companies began to feel the pressure on operating margins on the back of rising raw material prices. The government spending on infrastructure in roads and airports and higher GDP growth in the future will benefit the auto sector in general. We expect a slew of launches in the Segment 'B' and Segment 'C' of passenger cars. Utility vehicle segment is expected to grow at around 8% to 9% in the long-term In the 2-wheeler segment, motorcycles are expected to witness a flurry of new model launches. Though the market size is expected to grow by 10% to 12%, competitive pressure could keep prices and margins under control. TVS, Honda and Hero Motocorp are poised to benefit from higher demand for ungeared scooters in the urban and rural markets. Riding the wave of structural changes taking place in the country, the tractor industry registered good growth in FY10 as well as FY11. However, while fiscal FY09 saw volumes grow marginally, the same roared back in FY10, witnessing a growth of 32%. The strong performance continued in FY11 as well as volumes grew by 20%. While good monsoon is a positive for the sector, given the fact that non-farm incomes have continued to climb up, volumes

should still hold up pretty well despite a year or two of poor monsoons. The longer-term picture is impressive in light of poor mechanization levels in the countrys farm sector and the thrust of the government on improving rural infrastructure. With an estimated 40% of CVs plying on the roads being 10 years old, demand for HCVs is expected to grow by 7% to 8% over the long term. While the industry is going through cyclical hiccups currently, we expect this factor to weaken in the future on account of strong structural tailwinds. The privatization of select state transport undertakings bold well for the bus segment The Indian Automobile Industry manufactures over 11 million vehicles and exports about 1.5 million each year. The dominant products of the industry are two wheelers with a market share of over 75% and passenger cars with a market share of about 16%. Commercial vehicles and three wheelers share about 9% of the market between them. About 91% of the vehicles sold are used by households and only about 9% for commercial purposes. The industry has a turnover of more than USD $35 billion and provides direct and indirect employment to over 13 million people.? The supply chain is similar to the supply chain of the automotive industry in Europe and America. Interestingly, the level of trade exports in this sector in India has been medium and imports have been low. However, this is rapidly changing and both exports and imports are increasing. The demand determinants of the industry are factors like affordability, product innovation, infrastructure and price of fuel. Also, the basis of competition in the sector is high and increasing, and its life cycle stage is growth. With a rapidly growing middle class, all the advantages of this sector in India are yet to be leveraged.

With a high cost of developing production facilities, limited accessibility to new technology, and increasing competition, the barriers to enter the Indian Automotive sector are high. On the other hand, India has a well-developed tax structure. The power to levy taxes and duties is distributed among the three tiers of Government. The cost structure of the industry is fairly traditional, but the profitability of motor vehicle manufacturers has been rising over the past five years. Major players, like Tata Motors and Maruti Suzuki have material cost of about 80% but are recording profits after tax of about 6% to 11%. The level of technology change in the Motor vehicle Industry has been high but, the rate of change in technology has been medium. Investment in the technology by the producers has been high. System-suppliers of integrated components and sub-systems have become the order of the day. However, further investment in new technologies will help the industry be more competitive. Over the past few years, the industry has been volatile. Currently, India's increasing per capita disposable income which is expected to rise by 106% by 2015 and growth in exports is playing a major role in the rise and competitiveness of the industry. Tata Motors is leading the commercial vehicle segment with a market share of about 64%. Maruti Suzuki is leading the passenger vehicle segment with a market share of 46%. Hyundai Motor India and Mahindra and Mahindra are focusing expanding their footprint in the overseas market. Hero Honda Motors is occupying over 41% and sharing 26% of the two wheeler market in India with Bajaj Auto. Bajaj Auto in itself is occupying about 58% of the three wheeler market. Consumers are very important of the survival of the Motor Vehicle manufacturing industry. In 2008-09, customer sentiment dropped, which burned on the augmentation in demand of cars. Steel is the

major input used by manufacturers and the rise in price of steel is putting a cost pressure on manufacturers and cost is getting transferred to the end consumer. The price of oil and petrol affect the driving habits of consumers and the type of car they buy. The key to success in the industry is to improve labour productivity, labour flexibility, and capital efficiency. Having quality manpower, infrastructure improvements, and raw material availability also play a major role. Access to latest and most efficient technology and techniques will bring competitive advantage to the major players. Utilising manufacturing plants to optimum level and understanding implications from the government policies are the essentials in the Automotive Industry of India. Both, Industry and Indian Government are obligated to intervene the Indian Automotive industry. The Indian government should facilitate infrastructure creation, create favourable and predictable business environment, attract investment and promote research and development. The role of Industry will primarily be in designing and manufacturing products of world-class quality establishing cost competitiveness and improving productivity in labour and in capital. With a combined effort, the Indian Automotive industry will emerge as the destination of choice in the world for design and manufacturing of automobiles.

Key statistics
The production of automobiles has greatly increased in the last decade. It passed the 1 million mark during 2003-2004 and has more than doubled since. Year 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 Car Production 2,814,584 2,175,220 1,846,051 1,713,479 1,473,000 1,264,000 1,178,354 907,968 703,948 654,557 517,957 533,149 Year % Change 29.39 17.83 7.74 16.33 16.53 7.27 29.78 28.98 7.55 26.37 -2.85 Commercial % Change 54.86 -4.10 -9.99 -1.20 50.74 9.00 31.25 32.86 19.24 -43.52 -0.58 Total Vehicles Prodn. 3,536,783 2,641,550 2,332,328 2,253,999 2,019,808 1,628,755 1,511,157 1,161,523 894796 814611 801360 818193 2007-2008 2008-2009 10,853,93 0 32,383 1,238,333 3,008 % Change 33.89 13.25 3.35 10.39 19.36 7.22 23.13 22.96 8.96 1.62 -2.10 200920010 11,175,479 33,342* 1,530,660 3,718*

Motor Vehicle Production Industry Revenue USD Million Exports (Units) Exports (Revenue)

722,199 466,330 486,277 540,250 546,808 362,755 332,803 253,555 190,848 160,054 283,403 285,044 200520062006 2007 8,467,853 9,743,503 24,379 629,544 1,915 26,969 806,222 2,231

11,087,99 7 30,507 1,011,529 2,552

Automobile Production
Type of Vehicle Passenger Vehicles Commercial Vehicles Three Wheelers Two Wheelers Total 20052006 1,209,876 353,703 374,445 6,529,829 8,467,853 20062007 1,309,300 391,083 434,423 7,608,697 9,743,503 2007-2008 1,545,223 519,982 556,126 8,466,666 11,087,99 7 2008-2009 1,777,583 549,006 500,660 8,026,681 10,853,93 0 2009-2010 1,838,697 417,126 501,030 8,418,626 11,175,479

Automobile Sales
20052006 Passenger Vehicles 1,061,572 Commercial Vehicles 318,430 Three Wheelers 307,862 Type of Vehicle 20062007 1,143,076 351,041 359,920 2007-2008 1,379,979 467,765 403,910 20082009 1,549,882 490,494 364,781 2009-2010 1,551,880 384,122 349,719

Two Wheelers Total

6,209,765 7,897,629

7,052,391 8,906,428

7,872,334 10,123,98 8

7,249,278 9,654,435

7,437,670 9,723,391

Automobile Exports
20052006 Passenger Vehicles 166,402 Commercial Vehicles 29,940 Three Wheelers 66,795 Two Wheelers 366,407 Total 629,544 Type of Vehicle 20062007 175,572 40,600 76,881 513,169 806,222 20072008 198,452 49,537 143,896 619,644 1,011,529 20082009 218,401 58,994 141,225 819,713 1,238,333 2009-2010 335,739 42,673 148,074 1,004,174 1,530,660

Product and service segmentation The automotive industry of India is categorised into passenger cars, two wheelers, commercial vehicles and three wheelers, with two wheelers dominating the market. More than 75% of the vehicles sold are two wheelers. Nearly 59% of these two wheelers sold were motorcycles and about 12% were scooters. Mopeds occupy a small portion in the two wheeler market however; electric two wheelers are yet to penetrate. The passenger vehicles are further categorised into passenger cars, utility vehicles and multi-purpose vehicles. All sedan, hatchback, station wagon and sports cars fall under passenger cars. Tata Nano, is the world's cheapest passenger car, manufactured by Tata Motors - a leading automaker of India. Multi-purpose vehicles or people-carriers are similar in shape to a van and are taller than a sedan, hatchback or a station wagon, and are designed for maximum interior room.

Utility vehicles are designed for specific tasks. The passenger vehicles manufacturing account for about 15% of the market in India. Commercial vehicles are categorised into heavy, medium and light. They account for about 5% of the market. Three wheelers are categorised into passenger carriers and goods carriers. Three wheelers account for about 4% of the market in India.

Chapter- IV Industry Profile

Bajaj Auto Bajaj Auto Limited

Type Industry

Public Automobile

Headquarters Pune, Maharashtra, India Rahul Bajaj (Chairman), Rajiv Bajaj (Managing Director) Bikes, scooter, Autorickshaw, cars 16,975 crore (US$3.23 billion) [1] 3,340 crore (US$634.6 million) 10,250 (2006-07) Bajaj Group www.bajajauto.com

Key people

Products

Revenue

Net income Employees Parent Website

Bajaj Auto is a major Indian vehicle manufacturer started by Jamnalal Bajaj from Rajasthan in the 1930s. It is based in Pune, Maharashtra, with plants in Chakan (Pune), Waluj (near Aurangabad) and Pantnagar in Uttaranchal. The oldest plant at Akurdi (Pune) now houses the R&D centre Ahead. Bajaj Auto makes and exports automobiles, scooters, motorcycles and the auto rickshaw.

The Forbes Global 2000 list for the year 2005 ranked Bajaj Auto at 1,946. It features at 1639 in forbes 2011 list. Over the last decade, the company has successfully changed its image from a scooter manufacturer to a two wheeler manufacturer. Its product range encompasses scooterettes, scooters and motorcycles. Its real growth in numbers has come in the last four years after successful introduction of a few models in the motorcycle segment. The company is headed by Rahul Bajaj who is worth more than US$1.5 billion. Bajaj Auto came into existence on 29 November 1945 as M/s Bachraj Trading Corporation Private Limited. It started off by selling imported two- and threewheelers in India. In 1959, it obtained license from the Government of India to manufacture two- and three-wheelers and it went public in 1960. In 1970, it rolled out its 100,000th vehicle. In 1977, it managed to produce and sell 100,000 vehicles in a single financial year. In 1985, it started producing at Waluj near Aurangabad. In 1986, it managed to produce and sell 500,000 vehicles in a single financial year. In 1995, it rolled out its ten millionth vehicle and produced and sold one million vehicles in a year. According to the authors of Globality: Competing with Everyone from Everywhere for Everything, Bajaj has grown operations in 50 countries by creating a line
of value-for-money bikes targeted to the different preferences of entry-level buyers.

Timeline of new releases

1960-1970 - Vespa 150 - Under the licence of Piaggio of Italy 1971 - three-wheeler goods carrier 1972 - Bajaj Chetak

1976 - Bajaj Super 1977 - Bajaj Priya 1977 - Rear engine Autorickshaw 1981 - Bajaj M-50 1986 - Bajaj M-80, Kawasaki Bajaj KB100, Kawasaki Bajaj KB125, 1990 - Bajaj Sunny 1991 - Kawasaki Bajaj 4S Champion 1993 - Bajaj Stride 1994 - Bajaj Classic 1995 - Bajaj Super Excel 1997 - Kawasaki Bajaj Boxer, Rear Engine Diesel Autorickshaw 1998 - Kawasaki Bajaj Caliber, Bajaj Legend, India's first four-stroke 2000 - Bajaj Saffire 2001 - Eliminator, Bajaj Pulsar 2003 - Caliber115, Bajaj Wind 125, Bajaj Pulsar Bajaj Endura FX 2004 - Bajaj CT 100, New Bajaj Chetak 4-stroke with Wonder Gear, 2005 - Bajaj Wave, Bajaj Avenger, Bajaj Discover 2006 - Bajaj Platina 2007 - Bajaj Pulsar-200 (Oil Cooled), Bajaj Kristal, Bajaj Pulsar 220 2008 - Bajaj Discover 135 DTS-i - sport (Upgrade of existing 135cc 2009 - Bajaj Pulsar 135(December 9) (January) Bajaj XCD 135 cc, Bajaj

scooter, Bajaj Spirit

Bajaj Discover DTS-i

DTS-Fi (Fuel Injection), XCD 125 DTS-Si

model)

Pulsar 150 DTS-i UG IV, Bajaj Pulsar 180 DTS-i UG IV, Bajaj Pulsar 220 DTS-i, Bajaj Discover 100 DTS-Si, Kawasaki Ninja 250R

2012 - Bajaj RE 60, mini car for intra-city urban transportation

Spinoffs and acquisitions The demerger of Bajaj Auto Ltd into three separate corporate entitiesBajaj Finserv Ltd (BFL), Bajaj Auto Ltd (BAL), and Bajaj Holdings and Investment Ltd (BHIL)was completed with the shares listing on 26 May 2008. In November 2007, Bajaj Auto acquired 14.5% stake in KTM Power Sports AG (holding company of KTM Sportmotocycles AG). The two companies have signed a cooperation deal, by which KTM will provide the know-how for joint development of the water-cooled four-stroke 125 and 250 cc engines, and Bajaj will take over the distribution of KTM products in India and some other Southeast Asian nations. Bajaj said it is open to taking a majority stake in KTM and is also looking at other takeover opportunities. On 8 January 2008, Managing Director Rajiv Bajaj confirmed the collaboration and announced his intention to gradually increase Bajaj's stake in KTM to 25%. Products Main article: List of Bajaj Auto products Bajaj has made a number of motorcycles, scooters and cars. Motorcycles in current production are the XCD, Platina, Discover, Pulsar and Avenger. Bajaj also produces many motorcycles for other manufacturers, such as the Kawasaki Ninja 250R, and new for 2011, the KTM Duke 125.[citation needed] Cars include the Bajaj ULC ultra-low-cost car. Low cost cars In 2010, Bajaj Auto announced the cooperation with Renault and Nissan Motor to develop of a US$ 2,500 car, aiming at a fuel-efficiency of 30 kilometres per litre (85 mpg-imp; 71 mpg-US) (3.3 L/100 km), or twice an average small car, and carbon dioxide emissions of 100 g/km.[9][10] On 3 January 2012, Bajaj auto

unveiled the Bajaj RE 60, a mini car for intra-city urban transportation. The target customer group will be Bajaj's three wheeler customers.[11] According to Managing Director Rajiv Bajaj, the Bajaj RE60 powered by a new 200 cc rear mounted petrol engine will have a top speed of 70 kilometres per hour (43 mph), a mileage of 35 kilometres per litre (99 mpg-imp; 82 mpg-US) and carbon dioxide emissions of 60 g/km. The Bajaj RE 60 will be a direct Tata Nano competitor. The Bajaj venture will have an initial capacity of 400,000 units, while Tata expects eventual demand of one million Nanos.

Hero MotoCorp (BSE: 500182, NSE: HEROMOTOCO) formerly Hero Honda is a motorcycle and scooter manufacturer based in India. Hero Honda started in 1984 as a joint venture between Hero Cycles of India and Honda of Japan. The company is the largest two wheeler manufacturer in India. The 2006 Forbes 200 Most Respected companies list has Hero Honda Motors ranked at 108. In 2010, When Honda decided to move out of the joint venture, Hero Group bought the shares held by Honda. Subsequently, in August 2011 the company was renamed Hero MotoCorp with a new corporate identity.

Company profile
Hero is the brand name used by the Munjal brothers for their flagship company Hero Cycles Ltd. A joint venture between the Hero Group and Honda Motor Company was established in 1984 as the Hero Honda Motors Limited At Dharuhera India. Munjal family and Honda group both own 26% stake in the Company. In 2010, it was reported that Honda planned to sell its stake in the venture to the Munjal family. During the 1980s, the company introduced motorcycles that were popular in India for their fuel economy and low cost. A popular advertising campaign based on the slogan 'Fill it - Shut it - Forget it' that emphasised the motorcycle's fuel efficiency helped the company grow at a double-digit pace since inception. The technology in the bikes of Hero Honda for almost 26 years (19842010) has come from the Japanese counterpart Honda [9] Hero MotoCorp has three manufacturing facilities based at Dharuhera, Gurgaon in Haryana and at Haridwar in Uttarakhand. These plants together are capable of churning out 3 million bikes per year.[10] Hero MotoCorp has a large sales and service network with over 3,000 dealerships and service points across India. Hero Honda has a customer loyalty program since 2000,[11] called the Hero Honda Passport Program. The company has a stated aim of achieving revenues of $10 billion and volumes of 10 million two-wheelers by 2016-17. This in conjunction with new countries where they can now market their two-wheelers following the disengagement from Honda, Hero MotoCorp hopes to achieve 10 per cent of their revenues from international markets, and they expected to launch sales in Nigeria by end-2011 or early-2012. In addition, to cope with the new demand over the coming half decade, the company was going to build their fourth factory in South India and their fifth factory in Western India. There is no confirmation where the factories would be built. [12]

History
Hero MotoCorp was started in 1984 as Hero Honda Motors Ltd.[3]

1956 -- Formation of Hero Cycles in Ludhiana(majestic auto limited) 1975 -- Hero Cycles becomes largest bicycle manufacturer in India.

1983 -- Joint Collaboration Agreement with Honda Motor Co. Ltd. Japan signed Shareholders Agreement signed 1984 -- Hero Honda Motors Ltd. incorporated 1985 -- Hero Honda motorcycle CD 100 launched. 1989 -- Hero Honda motorcycle Sleek launched. 1991 -- Hero Honda motorcycle CD 100 SS launched. 1994 -- Hero Honda motorcycle Splendor launched. 1997 -- Hero Honda motorcycle Street launched. 1999 -- Hero Honda motorcycle CBZ launched. 2001 -- Hero Honda motorcycle Passion and Hero Honda Joy launched. 2002 -- Hero Honda motorcycle Dawn and Hero Honda motorcycle Ambition launched. 2003 -- Hero Honda motorcycle CD Dawn, Hero Honda motorcycle Splendor, Hero Honda motorcycle Passion Plus and Hero Honda motorcycle Karizma launched. 2004 -- Hero Honda motorcycle Ambition 135 and Hero Honda motorcycle CBZ* launched. 2005 -- Hero Honda motorcycle Super Splendor, Hero Honda motorcycle CD Deluxe, Hero Honda motorcycle Glamour, Hero Honda motorcycle Achiever and Hero Honda Scooter Pleasure. 2007 -- New Models of Hero Honda motorcycle Splendor NXG, New Models of Hero Honda motorcycle CD Deluxe, New Models of Hero Honda motorcycle Passion Plus and Hero Honda motorcycle Hunk launched. 2008 -- New Models of Hero Honda motorcycles Pleasure, CBZ Xtreme, Glamour, Glamour Fi and Hero Honda motorcycle Passion Pro launched. 2009 -- New Models of Hero Honda motorcycle Karizma:Karizma - ZMR and limited edition of Hero Honda motorcycle Hunk launched 2010 -- New Models of Hero Honda motorcycle Splendor Pro and New Hero Honda motorcycle Hunk and New Hero Honda Motorcycle Super Splendor launched. 2011 -- New Models of Hero Honda motorcycles Glamour, Glamour FI, CBZ Xtreme, Karizma launched. New licensing arrangement signed between Hero and Honda.

August 2011 -- Hero and Honda part company, thus forming Hero MotoCorp and Honda moving out of the Hero Honda joint venture.

November 2011 -- Hero launched its first ever Off Road Bike Named Hero "Impulse".

Termination of Honda joint venture

Main article: Hero Honda split In December 2010, the Board of Directors of the Hero Honda Group have decided to terminate the joint venture between Hero Group of India and Honda of Japan in a phased manner. The Hero Group would buy out the 26% stake of the Honda in JV Hero Honda. [13] Under the joint venture Hero Group could not export to international markets (except Sri Lanka) and the termination would mean that Hero Group can now export. Since the beginning, the Hero Group relied on their Japanese partner Honda for the technology in their bikes. So there are concerns that the Hero Group might not be able to sustain the performance of the Joint Venture alone.[14]

Hero MotoCorp
The new brand identity and logo, Hero MotoCorp, was developed by the London firm Wolff Olins.[15] The logo was revealed on 9 August 2011 in London, the day before the third test match between England and India.[15] Hero MotoCorp can now export to Latin America, Africa and West Asia.[15] Hero is free to use any vendors for its components instead of just Honda-approved vendors.[15]

Company performance
During the fiscal year 2008-09, the company sold 3.7 million bikes, a growth of 12% over last year. In the same year, the company had a market share of 57% in the Indian market.[16] Hero Honda sells more two wheelers than the second, third and fourth placed two-wheeler companies put together.[9] Hero Honda's bike Hero Honda Splendor sells more than one million units per year.[17]

Recognition

Logo of Hero Honda, as the company was known till Aug. 2011 The Brand Trust Report published by Trust Research Advisory has ranked Hero Honda in the 13th position among the brands in India.

Motorcycle models
See also: Category:Hero Honda motorcycles Sleek Achiever Ambition 133, Ambition 135 CBZ, CBZ Star, CBZ Xtreme CD 100, CD 100 SS, CD Dawn, CD Deluxe, CD Deluxe (Self Start) Glamour, Glamour F.I Hunk Karizma, Karizma R, Karizma ZMR FI Passion, Passion+, Passion Pro Pleasure Splendor, Splendor+, Splendor+ (Limited Edition), Super Splendor, Splendor NXG,Splendor PRO

Suppliers
It is reported Hero Honda has five joint ventures or associate companies, Munjal Showa, AG Industries , Sunbeam Auto, Rockman Industries and Satyam Auto Components, that supply a majority of its components. Company

Hero MotoCorp Ltd. (Formerly Hero Honda Motors Ltd.) is the world's largest manufacturer of two wheelers, based in India. In 2001, the company achieved the coveted position of being the largest twowheeler manufacturing company in India and also, the 'World No.1' twowheeler company in terms of unit volume sales in a calendar year. Hero MotoCorp Ltd. continues to maintain this position till date.

Vision

The story of Hero Honda began with a simple vision - the vision of a mobile and an empowered India, powered by its bikes. Hero MotoCorp Ltd., company's new identity, reflects its commitment towards providing world class mobility solutions with renewed focus on expanding company's footprint in the global arena. Mission

Hero MotoCorp's mission is to become a global enterprise fulfilling its customers' needs and aspirations for mobility, setting benchmarks in technology, styling and quality so that it converts its customers into its brand advocates. The company will provide an engaging environment for its people to perform to their true potential. It will continue its focus on value creation and enduring relationships with its partners.

Strategy

Hero MotoCorp's key strategies are to build a robust product portfolio across categories, explore growth opportunities globally, continuously improve its operational efficiency, aggressively expand its reach to customers, continue to invest in brand building activities and ensure customer and shareholder delight. MANUFACTURING Hero MotoCorp two wheelers are manufactured across three globally benchmarked manufacturing facilities. Two of these are based at Gurgaon and Dharuhera which are located in the state of Haryana in northern India. The third and the latest manufacturing plant is based at Haridwar, in the hill state of Uttrakhand.

This article is about the company. For the entire conglomerate, see Mahindra Group. For other uses, see Mahindra Group.

Mahindra & Mahindra Limited

Type Industry Founded

Public (BSE: 500520) Automotive 1945

Headquarters Mumbai, Maharashtra, India Products Revenue Automobiles 23,803.24 crore (US$4.52 billion) (2011).[1] 2,871.49 Net income
[2]

crore

(US$545.58 million) (2010).

Employees Parent Website

119,900 [2] Mahindra Group Mahindra.com

Mahindra & Mahindra Limited (M&M) (BSE: 500520) is an Indian multinational automaker company and a subsidiary of Mahindra Group conglomerate. Its based in Mumbai, India. The company was set up in 1945 in Ludhiana as Mahindra & Mohammed by brothers K.C. Mahindra and J.C. Mahindra and Malik Ghulam Mohammed.[3] After India gained independence and Pakistan was formed, Mohammed emigrated to Pakistan where he became the nation's first finance minister. The company changed its name to Mahindra & Mahindra in 1948.[4]

History Mahindra & Mahindra was set up as a steel trading company in 1945. It soon expanded into manufacturing general-purpose utility vehicles, starting with assembly under licence of the iconic Willys Jeep in India. Soon established as the Jeep manufacturers of India, M&M later branched out into the manufacture of light commercial vehicles (LCVs) and agricultural tractors. Today, M&M is the leader in the utility vehicle segment in India with its flagship UV Scorpio and enjoys a growing global market presence in both the automotive and tractor businesses. Over the past few years, M&M has expanded into new industries and geographies. They entered into the two-wheeler segment by taking over Kinetic

Motors in India.[5] M&M also has controlling stake in REVA Electric Car Company[6] and acquired South Korea's SsangYong Motor Company in 2011.[7] The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its 'Global 200: The World's Best Corporate Reputations' list.
[8]

[edit] Major Mahindra & Mahindra Divisions [edit] Automotive Automotive Mahindra & Mahindra Limited

Mahindra Scorpio

Mahindra Jeep CJ 340.

Mahindra Bolero

Mahindra XUV 500

Mahindra Axe

Mahindra Bolero Camper (old version)

Mahindra Legend used by MONUC in DR of Congo

Mahindra Xylo

Mahindra Verito Mahindra & Mahindra is a major automobile manufacturer of utility vehicles, passenger cars, pickups, commercial vehicles, and two wheelers. Its tractors are sold on six continents. It has acquired plants in China[9] and the United Kingdom,
[10]

and has three assembly plants in the USA. M&M has partnerships with

international companies like Renault SA, France[11] and International Truck and Engine Corporation, USA. M&M has a global presence[12] and its products are exported to several countries.
[13]

Its global subsidiaries include Mahindra Europe Srl. based in Italy,[14]

Mahindra USA Inc., Mahindra South Africa[15] and Mahindra (China) Tractor Co. Ltd. M&M made its entry into the passenger car segment with the Logan in April 2007 under the Mahindra Renault joint venture.[16] M&M will make its maiden entry into the heavy trucks segment with Mahindra Navistar, the joint venture with International Truck, USA.[17] M&M's automotive division makes a wide range of vehicles including MUVs, LCVs and three wheelers. It offers over 20 models including new generation multi-utility vehicles like the Scorpio and the Bolero. It formerly had a joint venture with Ford called Ford India Private Limited to build passenger cars. At the 2008 Delhi Auto Show, Mahindra executives said the company is pursuing an aggressive product expansion program that would see the launch of several new platforms and vehicles over the next three years, including an entry-level SUV designed to seat five passengers and powered by a small turbodiesel engine.

[18]

True to their word, Mahindra & Mahindra launched the Mahindra Xylo in

January 2009, and as of June 2009, the Xylo has sold over 15000 units.[19] Also in early 2008, Mahindra commenced its first overseas CKD operations with the launch of the Mahindra Scorpio in Egypt,[20] in partnership with the Bavarian Auto Group. This was soon followed by assembly facilities in Brazil. Vehicles assembled at the plant in Bramont, Manaus, include Scorpio Pik Ups in single and double cab pick-up body styles as well as SUVs.[21] Mahindra planned to sell the diesel SUVs and pickup trucks starting in late 2010 in North America[22] through an independent distributor, Global Vehicles USA, based in Alpharetta, Georgia.[23] Mahindra announced it will import pickup trucks from India in knockdown kit (CKD) form to circumvent the Chicken tax.[24] CKDs are complete vehicles that will be assembled in the U.S. from kits of parts shipped in crates.[24] On 18 October 2010, however, it was reported that Mahindra had indefinitely delayed the launch of vehicles into the North American market, citing legal issues between it and Global Vehicles after Mahindra retracted its contract with Global Vehicles earlier in 2010, due to a decision to sell the vehicles directly to consumers instead of through Global Vehicles.[25] However, a November 2010 report quoted John Perez, the CEO of Global Vehicles USA, as estimating that he expects Mahindras small diesel pickups to go on sale in the U.S. by spring 2011, although legal complications remain, and Perez, while hopeful, admits that arbitration could take more than a year.[26] Later reports suggest that the delays may be due to an Manindra scrapping the original model of the truck and replacing it with an upgraded one before selling them to Americans[27] Mahindra & Mahindra has a controlling stake in Mahindra Reva Electric Vehicles. In 2011, it also gained a controlling stake in South Korea's SsangYong Motor Company.[28]

Mahindra & Mahindra Ltd. (M&M), has launched its much awaited SUV, XUV 500, code named as W201[29] in September 2011. The last 500 in the name is pronounced as 5 double-O (alphabet). The new SUV by Mahindra has been designed in-house and it is developed on the first global SUV platform that could be used for developing more SUVs. In India, the new Mahindra XUV 500 comes in a price range[30] between Rs 14 lakh to Rs 15 lakh. Besides India, the company also targets Europe, Africa, Australia and Latin America for this model.[31] [edit] Components Combining its experience in the automotive and farm equipment industries with a series of key acquisitions of European components companies, Mahindra & Mahindra maintains art-to-part manufacturing units across India, Germany, Italy, and the United Kingdom. Mahindra & Mahindra has expertise in forgings, castings, gears, stampings, steel, ferrites, contract sourcing, and composites. It also offers full-service art-to-part solutions that integrate design, manufacturing, and sourcing. More than 12,000 people are employed at Mahindra & Mahindra's Components division.[32] [edit] Defense Mahindra & Mahindra became involved in defense systems in 1947, when it started importing, assembling, and adapting the Willys Jeeps used in World War II.[33] It later began designing and constructing its own line of armored vehicles, becoming the largest private-sector supplier to the Government of India. Today, Mahindra & Mahindra partners with several countries to provide a range of defense solutions for police forces, Armies, and Naviesincluding sea mines, surveillance solutions, weapons, ammunition, and more.

Defence Land Systems India is Mahindra & Mahindras joint venture with BAE Systems, a world leader in defense technology. With more than 100 employees, it develops new technologies and manufactures armored vehicles like the Axe, Rakshak, Marksman, up-armored and bulletproof Scorpios and Boleros, and Rapid Intervention Vehicles. Its Special Military Vehicles facility outside Faridabad is ISO-9000-2008 certified. The facility manufactures world-class military vehicles, select artillery systems, and other land system weapons and will provide support to the Indian Army as it pursues its Field Artillery Rationalization Plan and upgrade program as a center for design, development, manufacture, assembly, integration, and test of artillery systems.[34] [edit] Energy Mahindra & Mahindra entered the energy sector in 2002, in response to growing demands for reliable and quality power in India.[35] Since then, more than 150,000 Mahindra Powerol engines and diesel generator sets (gensets) have been installed in India, offering uninterrupted power in areas with unreliable grid electricity. The inverters, batteries, and gensets are manufactured at three facilities in Pune, Chennaie, and Delhi; and 160 service points across India offer 24-7 support to most key markets. Powerol is present in countries across Latin America, Africa, the Middle East, and Southeast Asiaand expanding into the United Arab Emirates, Bangladesh, and Nepal.[35] M&Ms energy services include power leasing and telecom infrastructure management.[36] In 2006, it became the market leader in the telecom segment (and in 2011, its market share passed 45 percent). In 2007, it won the Frost and Sullivan Voice of the Customer award for best practices in telecom.

Mahindra Cleantech Ltd examines reliable and creative energy solutions through green power. In response to growing demand, it formed a subsidiary, Mahindra Solar, in 2010 to offer a range of solar solutions, including on- and off-grid solutions and Engineering, Procurement, and Construction (EPC).[37] By building utility-scale solar power plants, it offers turnkey EPC solutions. Meanwhile, its off-grid solutions include power packs and rooftop setups for commercial organizations and institutions, solar hybrid solutions to telecom towers, and rural electrification through lanterns and home and street lighting systems. The company works closely with Mahindras farm equipment division to offer lighting solutions to even the most rural areas in India. It also works with Mahindra Powerol to offer solar power backup to telecom sites in India. In 2011, Mahindra Solar received a CRISIL rating of SP1A in 2011, the highest rating for any solar photovaltaic off-grid company.[37] [edit] Farm Equipment Main article: Mahindra Tractors Mahindra & Mahindra began manufacturing tractors for the Indian market in the early 1960s. Today, it is one of the top three tractor companies in the world with annual sales totaling more than 150,000 tractors.[38] It has expanded its offerings to include farm-support services via Mahindra AppliTrac (agri-mechanization solutions), Mahindra ShubhLabh (seeds, crop protection, and market linkages and distribution), and the Samriddhi Initiative (agri-support information and counseling). Mahindra & Mahindras farm equipment division (Mahindra Tractors) is one of the top-selling tractor companies in the world, with more than 1,000 dealers servicing more than 1.45 million customers.[39] Mahindra tractors are sold in 40 countries on six continents, including the United States, China, Australia, New

Zealand, Africa (Nigeria, Mali, Chad, Gambia, Angola, Sudan, Ghana, and Morocco), Latin America (Chile, Argentina, Brazil, Venezuela, Central America, and the Caribbean), South Asia (Sri Lanka, Bangladesh, and Nepal), the Middle East (Iran and Syria) and Eastern Europe (Serbia, Turkey, and Macedonia.[39] Mahindra tractors are manufactured at four plants in India, two in China, three in the United States, and one in Australiaallowing Mahindra & Mahindra a foothold in major agricultural hubs. It has three major subsidiaries: Mahindra USA, Mahindra (China) Tractor Company, and Mahindra Yueda (Yancheng) Tractor Company (a joint venture with the Jiangsu Yueda Group).[39] The company has enjoyed 27 years of market leadership and has garnered the highest customer satisfaction index (CSI) in the industry at 88 percent.[39] In its 2009 survey of Asias 200 most admired and innovative companies, the Wall Street Journal named Mahindra & Mahindra one of the 10 most innovative Indian companies. It earned a 2008 Golden Peacock Award in the Innovative Product/Services category for its in-house development of a load-car. In 2007, Mahindra & Mahindra became the only tractor company to win the Deming Application Prize and the Japan Quality Medal for Total Quality Management excellence in entire business operations. In addition to tractors, Mahindra sells farm implements. [edit] Aerospace Main articles: Mahindra Aerospace and Gippsland Aeronautics Mahindra Aerospace is aerospace division of the Indian multinational conglomerate company Mahindra Group. It is the first Indian private firm to make

smaller civil aircraft for the Indian general aviation market. It is an AS9100 Rev.B certified design organization.

Gippsland GA200 Gippsland GA8 Airvan Gippsland GA10 Airvan Gippsland GA18

[edit] Awards
1. Bombay Chamber Good Corporate Citizen Award for 2006-07 [40] 2. Businessworld FICCI-SEDF Corporate Social Responsibility Award

2007
3. Deming Prize [41] 4. Japan Quality Medal in 2007[42]

[edit] Automotive Models

Mahindra MM540DP Mahindra MM550DP Mahindra Armada Mahindra Commander Mahindra Marshal Mahindra Major Mahindra Legend Mahindra Thar Mahindra Invader Mahindra Bolero Mahindra Xylo Mahindra Scorpio

Mahindra Verito Mahindra XUV500 Founded in 1945 as a steel trading company, we entered automotive manufacturing in 1947 to bring the iconic Willys Jeep onto Indian roads. Over the years, weve diversified into many new businesses in order to better meet the needs of our customers. We follow a unique business model of creating empowered companies that enjoy the best of entrepreneurial independence and Group-wide synergies. This principle has led our growth into a US $14.4 billion multinational group with more than 144,000 employees in over 100 countries across the globe.

Today, our operations span 18 key industries that form the foundation of every modern economy: aerospace, aftermarket, agribusiness, automotive, components, construction equipment, consulting services, defense, energy, farm equipment, finance and insurance, industrial equipment, information technology, leisure and hospitality, logistics, real estate, retail, and two wheelers.

Our federated structure enables each business to chart its own future and simultaneously leverage synergies across the entire Groups competencies. In this way, the diversity of our expertise allows us to bring our customers the best in many fields Our motivation to give our best every day comes from our core purpose: we will challenge conventional thinking and innovatively use all our resources to drive positive change in the lives of our stakeholders and communities across the worldto enable them to Rise.

Our products and services support our customers ambitions to improve their living standards; our responsible business practices positively engage the communities we join through employment, education, and outreach; and our commitment to sustainable business is bringing green technology and awareness into the mainstream through our products, services, and light-footprint manufacturing processes.

This commitment to sustainabilitysocial, economic, and environmental rests upon a set of core values. They are an amalgamation of what we have been, what we are, and what we want to be. These values are the compass that guides our actions, both personal and corporate. They are:

Good corporate citizenship We will continue to seek long term success in alignment with the needs of the communities we serve. We will do this without compromising on ethical business standards.

Professionalism We have always sought the best people for the job and given them the freedom and the opportunity to grow. We will continue to do so. We will support innovation and well reasoned risk taking, but will demand performance.

Customer first We exist and prosper only because of the customer. We will respond to the

changing needs and expectations of our customers speedily, courteously and effectively.

Quality focus Quality is the key to delivering value for money to our customers. We will make quality a driving value in our work, in our products and in our interactions with others. We will do it 'First Time Right.'

Dignity of the individual We will value individual dignity, uphold the right to express disagreement and respect the time and efforts of others. Through our actions, we will nurture fairness, trust, and transparency Mahindra 2 Wheelers launches the New Mahindra Duro DZ at AutoExpo 11 Jan 2012 Mahindra to launch its new range of mobility products in FY 2012-13 10 Jan 2012 Mahindra Solar One amongst first to commission a 5 MW solar power plant in Rajasthan 09 Jan 2012 Mahindra Solar 1 amongst first to commission a 5 MW solar power plant in Rajasthan 09 Jan 2012 Shaping the FUTURE of Mobility 06 Jan 2012

Mahindra showcases comprehensive suite of mobility solutions at the Delhi Auto Expo 2012 05 Jan 2012 Mahindra Blues Festival is back with global superstars on February 11 and 12 05 Jan 2012 Mahindra Lifespaces set to enter Hyderabad 05 Jan 2012 Mahindra 2 Wheelers to launch its much awaited scooter, Duro DZ, this month 03 Jan 2012 Mahindra Tractors selctors sells 15315 units in the domestic market during December 2011 02 Jan 2012 Ssangyong Motor records combined total of 8,665 in domestic and overseas sales for December 02 Jan 2012 Mahindra's Automobile Sector registers a 26% growth in sales during December 2011 01 Jan 2012

The Company started its business in the year 1909 as Suzuki Loom Works and then was incorporated as Suzuki Motor Corporation in the year 1920.

With headquarters at Hamamatsu, Japan, Suzuki has steadily grown and expanded its business across geographies. During the post WW II period, the

company's 'Power Free' motorized bike earned a good reputation. Post the success of its first motorized bike 'Power Free', the company launched a 125cc motorcycle 'Colleda', and later launched its first lightweight car 'Suzulight' that marked the start of Japan's automotive revolution. Each of these products were epoch-making in their own right as they were developed and manufactured by optimizing the most advanced technologies of that period. Suzuki today offers its customers a wide range of motorcycles, automobiles, outboard motors and related products such as generators and motorized wheelchairs. Suzuki's trademark is recognized throughout the world as a brand that offers high quality, reliable and genuine products. Suzuki stands behind this global symbol with a determination to maintain this confidence in the future as well, never stopping in creating such advanced 'value-packed' products.

Financial highlights for FY 2009 (1 April 2009 - 31 March 2010) Net sales 2.5 trillion (up 1.3% y-o-y) Operating Income 80.0 billion (up 0.8% y-o-y) Net Income 30.0 billion (up 3.8% y-o-y) The company's consolidated profits exceeded those of the previous year with 79.4 billion of operating income (103.2% y-o-y), 93.8 billion of ordinary income (117.8% y-o-y) and 28.9 billion of net income (105.4% y-o-y).

Suzuki develops products for the new generation and changeable lifestyles, constantly creating new technologies and applying them to products with affluent imagination. The team covers a wide range of latest advances in energy, environment, electronics, communication, information and control applications.

Maruti Suzuki From Wikipedia, the free encyclopedia Jump to: navigation, search Maruti Suzuki India Limited

Type Traded as Industry Founded

Public BSE: 532500 NSE: MARUTI Automotive 1981(as Maruti Udyog Limited)

Headquarters New Delhi, India[1] Key people Products Revenue Shinzo Nakanishi, Managing Director and CEO Automobiles 37,522.4 crore (US$7.13

billion) (2010-11) [2] Net income Employees Parent Website 2,288.6 crore (US$434.83 million) (2010-11) [2] 6,903[3] Suzuki Motor Corporation www.marutisuzuki.com

Maruti Suzuki India Limited (NSE: MARUTI, BSE: 532500) is a subsidiary company of Japanese automobile and motorcycle manufacturer Suzuki. The company offers a complete range of cars from entry level Maruti 800 and Alto, to hatchback Ritz, A-Star, Swift, Wagon-R, Estillo and sedans DZire, SX4, in the 'C' segment Maruti Eeco and Sports Utility vehicle Grand Vitara.[4] It was the first company in India to mass-produce and sell more than a million cars. It is largely credited for having brought in an automobile revolution to India. It is the market leader in India, and on 17 September 2007, Maruti Udyog Limited was renamed as Maruti Suzuki India Limited. The company's headquarters are located in New Delhi.[1]

Contents [hide]

1 Profile 2 Joint venture related issues 3 Industrial relations 4 Services offered

o o o o o o o o o o

4.1 Current sales of automobiles 4.1.1 Imported 4.2 Discontinued car models 4.3 Manufacturing facilities 4.3.1 Gurgaon Manufacturing Facility 4.3.2 Manesar Manufacturing Facility 4.4 Sales and service network 4.5 Maruti Insurance 4.6 Maruti Finance 4.7 Maruti TrueValue 4.8 N2N Fleet Management 4.9 Accessories 4.10 Maruti Driving School

5 Issues and problems 6 Exports 7 Awards and recognition 8 See also 9 References and notes 10 External links

[edit] Profile

The old logo of Maruti Suzuki India Limited. Later the logo of Suzuki Motor Corp. was also added to it

'To Munsiyari on a Maruti 800', Uttarakhand Himalayas

Maruti Suzuki plant in Manesar Maruti Suzuki is India and Nepal's number one leading automobile manufacturer and the market leader in the car segment, both in terms of volume of vehicles sold and revenue earned. Until recently, 18.28% of the company was owned by the Indian government, and 54.2% by Suzuki of Japan. The BJP-led government held an initial public offering of 25% of the company in June 2003. As of 10 May

2007, the government of India sold its complete share to Indian financial institutions and no longer has any stake in Maruti Udyog.[citation needed] Maruti Udyog Limited (MUL) was established in February 1981, though the actual production commenced in 1983 with the Maruti 800, based on the Suzuki Alto kei car which at the time was the only modern car available in India, its only competitors- the Hindustan Ambassador and Premier Padmini were both around 25 years out of date at that point. Through 2004, Maruti Suzuki has produced over 5 Million vehicles. Maruti Suzukis are sold in India and various several other countries, depending upon export orders. Models similar to Maruti Suzukis (but not manufactured by Maruti Udyog) are sold by Suzuki Motor Corporation and manufactured in Pakistan and other South Asian countries.[citation needed] The company exports more than 50,000 cars annually and has an extremely large domestic market in India selling over 730,000 cars annually. Maruti 800, till 2004, was the India's largest selling compact car ever since it was launched in 1983. More than a million units of this car have been sold worldwide so far. Currently, Maruti Suzuki Alto tops the sales charts.[citation needed] Due to the large number of Maruti 800s sold in the Indian market, the term "Maruti" is commonly used to refer to this compact car model. Its manufacturing facilities are located at two facilities Gurgaon and Manesar south of Delhi. Maruti Suzukis Gurgaon facility has an installed capacity of 350,000 units per annum. The Manesar facilities, launched in February 2007 comprise a vehicle assembly plant with a capacity of 100,000 units per year and a Diesel Engine plant with an annual capacity of 100,000 engines and transmissions. Manesar and Gurgaon facilities have a combined capability to produce over 700,000 units annually. More than half the cars sold in India are Maruti Suzuki cars. The company is a subsidiary of Suzuki Motor Corporation, Japan, which owns 54.2 per cent of

Maruti Suzuki. The rest is owned by public and financial institutions. It is listed on the Bombay Stock Exchange and National Stock Exchange in India.[citation needed] During 2007-08, Maruti Suzuki sold 764,842 cars, of which 53,024 were exported. In all, over six million Maruti Suzuki cars are on Indian roads since the first car was rolled out on 14 December 1983. Maruti Suzuki offers 14 models, Maruti 800, Alto, WagonR, Estilo, A-star, Ritz, Swift, Swift DZire, SX4, Omni, Eeco, Gypsy, Grand Vitara, Kizashi. Swift, Swift DZire, A-star and SX4 are manufactured in Manesar, Grand Vitara and Kizashi are imported from Japan as completely built units(CBU), remaining all models are manufactured in Maruti Suzuki's Gurgaon Plant.[citation needed] Suzuki Motor Corporation, the parent company, is a global leader in mini and compact cars for three decades. Suzukis technical superiority lies in its ability to pack power and performance into a compact, lightweight engine that is clean and fuel efficient. Nearly 75,000 people are employed directly by Maruti Suzuki and its partners. It has been rated first in customer satisfaction among all car makers in India from 1999 to 2009 by J D Power Asia Pacific.[5] Further information: Timeline of Maruti Suzuki [edit] Joint venture related issues

Maruti Suzuki's A-Star vehicle during its unveiling in Pragati Maidan, Delhi. AStar, Suzuki's fifth global car model, was designed and is made only in India.[6] Maruti Suzuki is also Suzuki's leading research and development arm outside Japan Relationship between the Government of India, under the United Front (India) coalition and Suzuki Motor Corporation over the joint venture was a point of heated debate in the Indian media till Suzuki Motor Corporation gained the controlling stake. This highly profitable joint venture that had a near monopolistic trade in the Indian automobile market and the nature of the partnership built up till then was the underlying reason for most issues. The success of the joint venture led Suzuki to increase its equity from 26% to 40% in 1987, and further to 50% in 1992. In 1982 both the venture partners had entered into an agreement to nominate their candidate for the post of Managing Director and every Managing Director will have a tenure of five years[7] R.C. Bhargava was the initial managing director of the company since the inception of the joint venture. Till today he is regarded as instrumental for the success of Maruti Suzuki. Joining in 1982 he held several key positions in the company before heading the company as Managing Director. Currently he is on the Board of Directors.[8] After completing his five year tenure, Mr. Bhargava later assumed the office of Part-Time Chairman. The Government nominated Mr. S.S.L.N. Bhaskarudu as the Managing Director on 27 August 1997. Mr. Bhaskarudu had joined Maruti Suzuki in 1983 after spending 21 years in the Public sector undertaking Bharat Heavy Electricals Limited as General Manager. In 1987 he was promoted as Chief General Manager. In 1988 he was named Director, Productions and Projects. The next year (1989) he was named Director of Materials[clarification needed] and in 1993 he became Joint Managing Director.[citation
needed]

Suzuki Motor Corporation didn't attend the Annual General Meeting of the Board with the reason of it being called on a short notice.[9] Later Suzuki Motor Corporation went on record to state that Bhaskarudu was "incompetent" and wanted someone else. However, the Ministry of Industries, Government of India refuted the charges. Media stated from the Maruti Suzuki sources that Bhaskarudu was interested to indigenise most of components for the models including gear boxes especially for Maruti 800. Suzuki also felt that Bhaskarudu was a proxy for the Government and would not let it increase its stake in the venture.[10] If Maruti Suzuki would have been able to indigenise gear boxes then Maruti Suzuki would have been able to manufacture all the models without the technical assistance from Suzuki. Till today the issue of localization of gear boxes is highlighted in the press.[11] The relations strained when Suzuki Motor Corporation moved to Delhi High Court to bring a stay order against Bhaskarudu's appointment. The issue was resolved in an out-of-court settlement and both the parties agreed that R S S L N Bhaskarudu would serve up to 31 December 1999, and from 1 January 2000, Jagdish Khattar, Executive Director of Maruti Udyog Limited would assume charges as the Managing Director.[12] Many politicians stated in parliament that the Suzuki Motor Corporation is unwilling to localize manufacturing and reduce imports. As of 2011 Gear boxes are still imported from Japan and are assembled at the Gurgaon facility.[citation needed] [edit] Industrial relations For most of its history, Maruti Udyog Limited had relatively few problems with its labour force. Its emphasis of a Japanese work culture and the modern manufacturing process, first instituted in Japan in the 1970s, was accepted by the workforce of the company without any difficulty. But with the change in

management in 1997, when it became predominantly government controlled for a while, and the conflict between the United Front Government and Suzuki may have been the cause of unrest among employees. A major row broke out in September 2000 when employees of Maruti Udyog Ltd (MUL) went on an indefinite strike, demanding among other things, revision of the incentive scheme offered and implementation of a pension scheme.[citation needed] Employees struck work for six hours in October 2000, irked over the suspension of nine employees, going on a six-hour tools-down strike at its Gurgaon plant, demanding revision of the incentive-linked pay and threatened to fast to death if the suspended employees were not reinstated. About this time, the NDA government, following a disinvestments policy, proposed to sell part of its stake in Maruti Suzuki in a public offering. The Staff union opposed this sell-off plan on the grounds that the company will lose a major business advantage of being subsidised by the Government.[citation needed] The standoff with the management continued to December with a proposal by the management to end the two-month long agitation rejected with a demand for reinstatement of 92 dismissed workers, with four MUL employees going on a fast-unto-death. In December the company's shareholders met in New Delhi in an AGM that lasted 30 minutes. At the same time around 1500 plant workers from the MUL's Gurgaon facility were agitating outside the company's corporate office demanding commencement of production linked incentives, a better pension scheme and other benefits. The management has refused to pass on the benefits citing increased competition and lower margins.[13]

[edit] Services offered [edit] Current sales of automobiles

Red Bull Maruti Suzuki Swift

Maruti Omni

India's Corps of Military Police personnel patrolling the Wagah border crossing in the Punjab in a Maruti Gypsy.

Maruti Alto

Maruti Suzuki Swift

Maruti Suzuki Zen Estilo

Suzuki SX4

7th Generation Suzuki Alto is sold as Maruti Suzuki A-Star in India.

Maruti Suzuki Swift DZire

Suzuki Splash is sold as Maruti Suzuki Ritz in India.

1. 800 (Launched 1983) 2. Omni (Launched 1984) 3. Gypsy (launched 1985) 4. Zen (launched 1995) 5. WagonR (Launched 1999) 6. Alto (Launched 2000) 7. Swift (Launched 2005)

8. Estilo (Launched 2009) 9. SX4 (Launched 2007) 10. Swift DZire (Launched 2008) 11. A-star (Launched 2008) 12. Ritz (Launched 2009) 13. Eeco (Launched 2010) 14. Alto K10 (Launched 2010) 15. Maruti Ertiga, seven seater MPV R3 designed and developed in India, will

compete with Toyota Innova, Mahindra Xylo, and Tata Sumo Grande.[14] In early 2012, Suzuki Ertiga will be exported first to Indonesia in Completely Knock Down car.[15]
16. Maruti XA Alpha will be launched in the year 2014

[edit] Imported

Suzuki Grand Vitara

1. Grand Vitara (Launched 2007) 2. Kizashi (Launched 2011)

[edit] Discontinued car models

1. 1000 (19901994) 2. Zen (19932006) 3. Esteem (19942008)

4. Baleno (19992007) 5. Zen Estilo (20062009) 6. Versa (20012010) 7. Grand Vitara XL7 (20032007)
*Source

[edit] Manufacturing facilities Maruti Suzuki has two state-of-the-art manufacturing facilities in India.[16] Both manufacturing facilities have a combined production capacity of 1,250,000 vehicles annually. [edit] Gurgaon Manufacturing Facility The Gurgaon Manufacturing Facility has three fully integrated manufacturing plants and is spread over 300 acres (1.2 km2). All three plants have an installed capacity of 350,000 vehicles annually but productivity improvements have enabled it to manufacture 700,000 vehicles annually. The Gurgaon facilities also manufacture 240,000 K-Series engines annually. The entire facility is equipped with more than 150 robots, out of which 71 have been developed in-house. The Gurgaon Facilities manufactures the 800, Alto, WagonR, Estilo, Omni, Gypsy and Eeco. [edit] Manesar Manufacturing Facility The Manesar Manufacturing Plant was inaugurated in February 2007 and is spread over 600 acres (2.4 km2). Initially it had a production capacity of 100,000 vehicles annually but this was increased to 300,000 vehicles annually in October 2008. The production capacity was further increased by 250,000 vehicles taking

total production capacity to 550,000 vehicles annually. The Manesar Plant produces the A-star, Swift, Swift DZire and SX4. [edit] Sales and service network As of 31 March 2011 Maruti Suzuki has 933 dealerships across 666 towns and cities in all states and union territories of India. It has 2,946 service stations (inclusive of dealer workshops and Maruti Authorised Service Stations) in 1,395 towns and cities throughout India.[17] It has 30 Express Service Stations on 30 National Highways across 1,314 cities in India. Service is a major revenue generator of the company. Most of the service stations are managed on franchise basis, where Maruti Suzuki trains the local staff. Other automobile companies have not been able to match this benchmark set by Maruti Suzuki. The Express Service stations help many stranded vehicles on the highways by sending across their repair man to the vehicle.[18] [edit] Maruti Insurance Launched in 2002 Maruti Suzuki provides vehicle insurance to its customers with the help of the National Insurance Company, Bajaj Allianz, New India Assurance and Royal Sundaram. The service was set up the company with the inception of two subsidiaries Maruti Insurance Distributors Services Pvt. Ltd and Maruti Insurance Brokers Pvt. Limited[19] This service started as a benefit or value addition to customers and was able to ramp up easily. By December 2005 they were able to sell more than two million insurance policies since its inception.[20]

[edit] Maruti Finance To promote its bottom line growth, Maruti Suzuki launched Maruti Finance in January 2002. Prior to the start of this service Maruti Suzuki had started two joint ventures Citicorp Maruti and Maruti Countrywide with Citi Group and GE Countrywide respectively to assist its client in securing loan.[21] Maruti Suzuki tied up with ABN Amro Bank, HDFC Bank, ICICI Limited, Kotak Mahindra, Standard Chartered Bank, and Sundaram to start this venture including its strategic partners in car finance. Again the company entered into a strategic partnership with SBI in March 2003[22] Since March 2003, Maruti has sold over 12,000 vehicles through SBI-Maruti Finance. SBI-Maruti Finance is currently available in 166 cities across India.[23] "Maruti Finance marks the coming together of the biggest players in the car finance business. They are the benchmarks in quality and efficiency. Combined with Maruti volumes and networked dealerships, this will enable Maruti Finance to offer superior service and competitive rates in the marketplace". Jagdish Khattar, Managing director of Maruti Udyog Limited in a press conference announcing the launch of Maruti Finance on 7 January 2002[21] Citicorp Maruti Finance Limited is a joint venture between Citicorp Finance India and Maruti Udyog Limited its primary business stated by the company is "hirepurchase financing of Maruti Suzuki vehicles". Citi Finance India Limited is a wholly owned subsidiary of Citibank Overseas Investment Corporation, Delaware, which in turn is a 100% wholly owned subsidiary of Citibank N.A. Citi Finance India Limited holds 74% of the stake and Maruti Suzuki holds the remaining 26%.[24] GE Capital, HDFC and Maruti Suzuki came together in 1995 to form Maruti Countrywide. Maruti claims that its finance program offers most

competitive interest rates to its customers, which are lower by 0.25% to 0.5% from the market rates.[citation needed] [edit] Maruti TrueValue Main Article: Maruti True Value Maruti True service offered by Maruti Suzuki to its customers. It is a market place for used Maruti Suzuki Vehicles. One can buy, sell or exchange used Maruti Suzuki vehicles with the help of this service in India. As of 31 March 2010 there are 341 Maruti True Value outlets.[citation needed] [edit] N2N Fleet Management N2N is the short form of End to End Fleet Management and provides lease and fleet management solution to corporates. Clients who have signed up of this service include Gas Authority of India Ltd, DuPont, Reckitt Benckiser, Sona Steering, Doordarshan, Singer India, National Stock Exchange and Transworld. This fleet management service include end-to-end solutions across the vehicle's life, which includes Leasing, Maintenance, Convenience services and Remarketing.[25] [edit] Accessories Many of the auto component companies other than Maruti Suzuki started to offer components and accessories that were compatible. This caused a serious threat and loss of revenue to Maruti Suzuki. Maruti Suzuki started a new initiative under the brand name Maruti Genuine Accessories to offer accessories like alloy wheels, body cover, carpets, door visors, fog lamps, stereo systems, seat covers and other car care products. These products are sold through dealer outlets and authorized service stations throughout India.[26]

[edit] Maruti Driving School

A Maruti Driving School in Chennai As part of its corporate social responsibility Maruti Suzuki launched the Maruti Driving School in Delhi. Later the services were extended to other cities of India as well. These schools are modelled on international standards, where learners go through classroom and practical sessions. Many international practices like road behaviour and attitudes are also taught in these schools. Before driving actual vehicles participants are trained on simulators.[27] "We are very concerned about mounting deaths on Indian roads. These can be brought down if government, industry and the voluntary sector work together in an integrated manner. But we felt that Maruti should first do something in this regard and hence this initiative of Maruti Driving Schools."[citation needed] Jagdish Khattar, at the launch ceremony of Maruti Driving School, Bangalore [edit] Issues and problems On 24 February 2010, Maruti Suzuki India announced recalling of 100,000 A-Star hatchbacks to fix a fuel leakage problem. the company will replace the gaskets for all 100,000 A-Star cars.[28]

[edit] Exports Maruti Exports Limited is the subsidiary of Maruti Suzuki with its major focus on exports and it does not operate in the domestic Indian market. The first commercial consignment of 480 cars were sent to Hungary. By sending a consignment of 571 cars to the same country Maruti Suzuki crossed the benchmark of 300,000 cars. Since its inception export was one of the aspects government was keen to encourage.[citation needed] Every political party expected Maruti Suzuki to earn foreign currency. Angola, Benin, Djibouti, Ethiopia, Europe, Kenya, Morocco, Nepal, Sri Lanka, Uganda, Chile, Guatemala, Costa Rica and El Salvador are some of the markets served by Maruti Exports.[citation needed] [edit] Awards and recognition The Brand Trust Report published by Trust Research Advisory has ranked Maruti Suzuki in the seventh position among the brands in India.

Madras Rubber Factory

Type Founded Founder(s) Headquarters Key people Products Revenue Operating income Net income

Public 1949 K.M.Mammen Mappillai Chennai, India Arun Mammen (MD) Tyres, Toys, Sports Goods 8,080 crore (US$1.54 billion) (2010) 354 crore (US$67.26 million) (2010) 543 crore (US$103.17 million) (2010) Funskool, MRF Pace Foundation, MRF Racing www.mrftyres.com

Subsidiaries Website

Madras Rubber Factory, popularly known as MRF, is a major tyre manufacturing company located in Chennai, Tamil Nadu, India.The name was

later changed as "Manorama Rubber Factory". MRF is mainly involved in making vehicle tyres. It is India's largest tyre manufacturing company, and among the dozen largest worldwide. It exports to more than 65 countries.MRF is the sister concern of the leading malayalam daily "Malayala Manorama".The founder of the MRF, Mr.K.M.Mammen Mappilai was the brother of late Mr.K.M.Mathew, exchief editor of "Malayala Manorama"

1946 A young entrepreneur, K.M.Mammen Mappillai, opened a small toy balloon manufacturing unit in a shed at Tiruvottiyur, Madras (now Chennai). 1949 Although the factory was just a small shed without any machines, a variety of products, ranging from balloons and latex-cast squeaking toys to industrial gloves and contraceptives, were produced. During this time, MRF established its first office at 334, Thambu Chetty Street, Madras (now Chennai), Tamil Nadu, India. 1952 MRF ventured into the manufacture of tread rubber. And with that, the first machine, a rubber mill, was installed at the factory. This step into treadrubber manufacture, was later to catapult MRF into a league that few had imagined possible. 1955 MRF soon became the only Indian-owned unit to manufacture the superior extruded, non-blooming and cushion-backed tread-rubber, enabling it to compete with the MNC's operating in India at that time.

1956 By the close of 1956, MRF had become the market leader with a 50% share of the tread-rubber market in India. So effective was MRF's hold on the market, that the large multinationals had no other option but to withdraw from the tread rubber business in India. 1960 The Company was incorporated as a private limited company on 5 November. The Company Manufacture automobile, aircraft, cycle tyres and tubes in collaboration with the Mansfield Tire & Rubber Co., Mansfield, Ohio, U.S.A. The tyres are sold under the trade name Mansfield Tyres (MRF). The Company also produces other industrial products made of rubber like conveyor belt, hoses etc. It took over the entire business of the Madras Rubber Factory as a going concern as from 16 November, for a consideration of Rs.25 Lakh. 1961 The Madras Rubber Factory Private Limited was converted into a public company on 1 April, and additional capital was issued in order to start the manufacture of automobile tyres and tubes in collaboration with the Mansfield Tire & Rubber Co., Mansfield, Ohio, U.S.A. The Company was given permission to export tyres having Mansfield trade mark to all world markets except U.S.A. and Canada. : 2,49,650 shares allotted without payment in cash. 350 shares subscribed for by the signatories to the Memorandum of Association. 2,50,000 shares reserved and allotted directors. 5,00,000 shares issued to public in April 1961. The balance 2,50,000 shares allotted to collaborators as payment for machinery. 1962

The main plant for production of tyres and tubes were commissioned on 4 December. 1963 Nylon Hot-Stretch Unit of the latest design was commissioned in November. 6,25,000 Right Equity shares offered at par in the proportion 1:2.

1964 With the commissioning of the main plant in 1964, MRF also made progress in the export of tyres. An overseas office at Beirut (Lebanon) was established to develop the export market, and it was amongst India's very first efforts. This year also marked the birth of the now famous MRF Muscleman. 1967 MRF became the first Indian company to export tyres to USA - the very birthplace of tyre technology. 1970 In March, 5,62,500 bonus equity shares issued in the proportion 3:10. 1973 MRF scored a major breakthrough by being among the very first in India to manufacture and market Nylon tyres. 1975 During September, 12,18,714 bonus shares issued in proportion 1:2. (Only 12,18,689 shares were taken up). 1978

The Company finalised a technical know-how collaboration with B.F. Goodrich Co., U.S.A., which became fully operative in early 1980-81.This agreement was revalidated for further five years. 1979 The Mansfield Tire & Rubber Co., U.S.A. offered for sale out of its holding 3,74,250 No. of Equity shares of Rs 10 each of the Company ata premium of Rs 4 each as follows: 3,63,786 shares as rights to the existing shareholders in the proportion 1:8 and 10,464 shares to the employees of the Company. 1980 The Company crossed several milestones in its history. It went into technical collaboration with BF Goodrich Tire Co., USA in the year. The name of the Company, Madras Rubber Factory Ltd. was changed to MRF Ltd in the year. 1981 Mansfield Tire & Rubber Co. of U.S.A., offered for the their balance shareholding of 3,55,537 No. of Equity shares of Rs 10 each in theCompany at a premium of Rs.4 per share as follows: 3,29,587 shares to the existing resident Indian shareholders and non-resident Indian shareholders (on non-repatriation basis) in proportion 1:10 and 25,950 shares to the Indian employees, business associates and dealers of the Company. 2,00,000 No. of Equity shares allotted in Feb. 1982 to IFCI at a premium of Rs 5 per shares on conversion of loans. 1983

The Company finalised a technical collaboration agreement with M/s. Marangoni TRS SPA, Italy for the supply of know-how for the manufacture pre-cured tread rubber for retreading industry. 1984 Sales crossed INR two billion. MRF tyres were the first tyres selected for fitment onto the Maruti Suzuki 800 - India's first small, modern car. 1985 A letter of intent was obtained for the manufacture of conveyor belts and hoses in collaboration with Industrial Pirelli SPA, Italy. Plans were also on hand to go in for a joint venture with the aero tyre division of B.F. Goodrich & Co., for retreading and subsequently for manufacturing aircraft tyres. 1986 The Company issued 15% non-convertible debentures of Rs 100 each (II Series) for Rs.8 Crore as rights to the existing shareholders to raise finances for modernisation of the Company. Under Cumulative interest payment scheme, these debentures are redeemable in 3 annual instalments of Rs 35 each commencing on 8 May 1993 at a premium of 5% in the first instalment. Under the non-cumulative interest payment scheme, the debentures are redeemable in five equal annual instalments of Rs.20 each commencing from 8 May 1991 at a premium of 5% which will be paid on 8 May 1993. 1987

(18 months), The Company obtained MRTP clearance and a letter of intent for the manufacture of pre-cured tread rubber up to 6,000 tonnes per annum by using indigenous technology developed by the Company. MRTP clearance was also obtained for setting up a new plant at Tada in Andhra Pradesh for manufacture of 1.5 million number of tyres and tubes per annum. The Company entered into a collaboration agreement with Vapocure of Australia to manufacture polyurethane paint formulations that can be rapidly cured at room temperature and would also help in the manufacture of shatter-proof glass. The plant with an installed capacity of 10,000 tonnes per annum was being set up at Gummidipoondi in Tamil Nadu. Funskool (India), Ltd. and `Crystal Investment and Finance Co. Ltd.' became subsidiaries of the Company. Funskool (India), Ltd. was promoted in collaboration with Hasbro International, U.S.A., the World's largest toy makers. 1988 The MRF Pace Foundation was set up, with international pace bowler, Dennis Lillee as its Director. Not long thereafter, pace bowlers trained at the Foundation were selected for the Indian Cricket Team. 1989 The Company was identified as `Star Exporter', a status that enables the company to get priority treatment in several areas concerned with Customs, RBI, etc.

Aero tyre division of B.F. Goodrich Co., USA was taken over by Michelin Cie of France. Government approved the technical collaboration with Uniroyal Goodrich Tire Co., U.S.A., a subsidiary of Michelin Cie., France, for imparting latest technology for bias ply/radial aircraft tyres for a period of 5 years. 1990 The Aruna Leathers & Exports Ltd. was amalgamated with the Company. As per the scheme one equity share of Rs 10 each of MRF Ltd. was allotted for every 10,000 shares of Rs.10 each fully paid-up held in ALEL. Accordingly, 25 equity shares were allotted to the erstwhile shareholders of ALEL. The Company introduced `Vapocure' colours in the market. (6 months), the Company privately placed 15,00,000 - 14% non-convertible debentures of Rs 100 each (III Series). The debentures are redeemable - at a premium of 5% in three annual instalments of Rs.35 each commencing from 31 July 1997. The Company privately placed with SBI Mutual Fund 10,00,000 - 14% debentures (IVth Series) which are redeemable at a premium of 5% on 26 June 1998. During the year 5,00,000 - 14% debentures were also privately placed with Infrastructure Leasing & Financial Services, Ltd. These

debentures are redeemable in three annual instalments at a premium of 5% commencing from 23 July 1997. 1991 The Company promoted a new Company viz. MRF International, Ltd., in view of the tremendous growth potential in the export market. 3,85,000 of equity shares issued at a premium of Rs.242 per share to the foreign collaborators M/s. Asia Trading Services, Hong Kong. 1992 The Company has formed a new Company, viz., MRF INTERNATIONAL LIMITED and the Company has received the certificate of commencement of business. 1993 K.M.Mammen Mappillai was awarded the Padma Shri Award of National Recognition for his contribution to industry - the only industrialist from South India to be accorded this honour. MRF also became the first tyre company in India to cross the INR 10 billion mark. In addition, the company was voted by the Far Eastern Economic Review, as one of the ten leading Corporate Groups in India and a Leader in Asia, and by readers of the A & M magazine, as one of India's most admired Marketing Companies. 1995 The Company has received the Top Export Award for the year from All India Rubber Industries Association. 1996 The Company has received an award from CAPEXIL - Certificate of Merit based on the export performance for the year.

The Far Eastern Economic Review Award was presented to MRF for the fourth year in succession in recognition of excellence. 1997 MRF Ltd has been assigned a credit rating of `PR1+' (superior) for its proposed Rs 100 crore commercial paper (CP) programme by Credit Analysis and Research Ltd (CARE). MRF is setting up a new plant in Pondicherry for the production of radial tyres. The company set up the Arakkonam plant in Chennai to produce bicycle tyres and tubes. MRF began manufacturing tyres and tubes in technical collaboration with Mansfield Tire and Rubber Company, USA. MRF has launched Nylogrip Zapper, a high performance tyre for new generation bikes. The company tied up with Uniroyal Goodrich Tire Co. of USA, a subsidiary of the French Tyre giant Michelin, which held 9.8 percent stake in the company. 1998 MRF Tyres has signed an OEM (original equipment manufacturer) alliance with Siel Honda Motors and Hindustan Motors. MRF has launched a market sampling operation for the MRF Zigma. 1999 MRF Ltd has decided to set up more such clinics in Northern and Western cities. The Company has entered into agreements with the Depositories viz., National Securities Depository Ltd. [NSDL] & Central Depository

Services (India) Ltd. 2000 The Company has set up shop in Dubai to target markets in the UAE as part of its export thrust. MRF has launched a steel-belted premium radial tyre variant called `MRF ZVTS'. 2002 MRF Tyres Ltd sees slump in commercial vehicle tyre market and passenger car growth has also declined. High court dismisses the writ petition filed by MRF Employees Union challenging the order of dismissal of a worker, who was the secretary of the union. Advertising Standard Council of India Quashed the objection raised by MRF by upholding J K Industries claim of being India's Number one tyre maker in the four wheeler segment. 2003 MRF and Bridgestone are ranked highest in a tie for the second year in a row in customer satisfaction with original tries according to JD Power Asia Pacific. Shri K.M. Mammen Mappillai, Chairman and Managing Director expired[clarification needed] on March 2nd. Mr. C.D.Khanna has ceased to be the Director of the company. And Mr. K.S.Narayanan has resigned from the board of MRF. Mr. N.Kumar and Mr. Ranjit Issac Jesudasen have been appointed as the directors of the company.

Mr. K.S.Narayanan ceased to be director of the Company with effect from April 17, 2003, consequent to his resignation from the Board of Directors. MRF Ltd. has informed the Exchange that at its meeting held on December 19, 2003 the BOD have re-designated Jt. Managing Director Mr. Arun Mammen as Managing Director of the Company w.e.f April 1, 2004. 2004 MRF Ltd. has informed that Mr. Ravi Mannath has been appointed as Additional Company Secretary of the Company w.e.f. January 5, 2004. MRF Tyres is the biggest consumer of natural rubber in India during 200203 Ties up with Maruti Udyog to boost motorsports in India 2007 MRF Ltd launches premium truck tyre Super Lug 50-FS 2011 MRF Ltd inaugurated its 7th manufacturing facility at Ankanpally near Hyderabad, exclusively for radial tyres. 2011 MRF Ltd crosses gross revenue mark of 10,000 crores. Sports MRF has been involved in the development of cricket through its sponsorship of many cricketers and MRF Pace Foundation. At one point of time, MRF was the bat sponsor of world-class batsmen including Brian Lara, Sachin Tendulkar, and

former Australian captain Steve Waugh. MRF currently sponsoring Gautam Gambhir and Rohit Sharma. At IPL 2010, MRF got the charge of the moored balloon floating above the cricket grounds. It contained a high-definition camera recording live actions of the cricket match.