A

PROJECT
REPORT
On
‘COMPARATIVE ANALYSIS OF TWO-WHEELER (W.R.T.) HONDA
MOTOR CYCLE AND SCOOTER INDIA PVT LTD (HMSI) AND HERO
MOTOCORP’
Submitted in partial fulfillment for the award of
BACHELOR OF BUSINESS
ADMINISTRATION
Degree from
HEMCHAND YADAV VISHWAVIDYALAYA (C.G.)

Shri Shankaracharya Mahavidyalaya

SESSION 2022-23

Project guide: Submitted by:

Mr.Sandeep Jaswant Aastha Baghel
HOD, Department of BBA 6th semester
Management Studies
 CERTIFICATE

This is to certify that the Project Report on “COMPARATIVE ANALYSIS

OF TWO-WHEELER WITH RESPECT TO HONDA MOTOR CYCLE
AND SCOOTER INDIA PVT LTD (HMSI) AND HERO MOTOCORP”
submitted in partial fulfilment for the award of BBA degree to Shri
Shankarchaya Mahavidyalaya, Bhilai, affiliated to Hemchand Yadav
Vishwavidyalaya, Durg (C.G.) is the genuine work done by AASTHA
BAGHEL under our supervision and guidance.

Mr. Sandeep Jaswant

HOD, Department of
Management Studies
 DECLARATION

I, AASTHA BAGHEL, student of BBA 6 th semester hereby declares that this

project report on the ‘COMPARATIVE ANALYSIS OF TWO-WHEELER
(W.R.T) HONDA MOTOR CYCLE AND SCOOTER INDIA PVT LTD
(HMSI)AND HERO MOTOCORP’ is my original work. This work was done
as a requirement for the partial fulfilment for the degree of Bachelor of Business
Administration given by Hemchand Yadav Vishwavidyalaya, Durg. All the
information and data given in this project are authentic to the best of my
knowledge and are taken from reliable sources.

Aastha Baghel
BBA 6th SEMESTER
 ACKNOWLEDGEMENT

Words never seemed so inadequate to acknowledge the kind cooperation and

guidance that has been received for this project. Many people have expressed
their able and timely support and it is only because of them that this study was
made possible.
This project report bears the imprint of many people who have extended their
invaluable suggestions and cooperation in its materialization.
My special thanks to my respected Mr.Sandeep Jaswnant, HOD, Department of
Management Studies, who has given me the guidance and support during my
completion of this project.
I, would like to express my gratitude and heartfelt thanks to my parents and
friends for their cooperation encouragement and moral support.
 INDEX
Pg. No.
1: INRODUCTION 1-13
: Meaning of comparative study 1
: Classification of the comparative study 2
: Types of comparative study 3
: Comparative study model 13
2: COMPANY PROFILE 14-65
: About Honda Motor Cycle & scooter India Pvt ltd 14
: About Hero MotoCorp 42
: Comparison between Honda motor cycle and scooter
India Pvt Ltd and Hero MotoCorp 64
3: RATIONALE OF THE STUDY 66-68
: Objective of the study 66
: Limitations of the study 67
: Research methodology 68
4: DATA ANALYSIS AND INTERPRETATION 69-83
5: CONCLUSION 84-87
: Findings of the study 84-85
: Suggestions of the study 86
: Conclusions 87

BIBLIOGRAPHY
APPENDIX
QUESTIONNAIRE
CHAPTER-1 INTRODUCTION
: MEANING OF COMPARATVE ANALYSIS
Advantage of comparative study
Disadvantage of comparative study

: CLASSIFICATION OF COMPARATIVE STUDY

Descriptive comparison
Normative comparison

: TYPES OF COMPARITIVE STUDY

For the study of Balance Sheet
For the study of Profit and Loss Account

: COMPARITIVE STUDY MODEL

Chapter 1: INTRODUCTION
Comparative Study is a research methodology in the social sciences, management and
accounting etc. that aims to make comparisons across different countries, cultures,
associations accounting performances. A major problem in comparative research is that the
data sets in different countries may not use the same categories, or define categories
differently (for example by using different definitions of Poverty.
Comparative research, simply put, is the act of comparing two or more things with a view
to discovering something about one or all of the things being compared. This technique
often utilizes multiple disciplines in one study. When it comes to method, the majority
agreement is that there is no methodology peculiar to comparative research. The
multidisciplinary approach is good for the flexibility it offers, yet comparative programs do
have a case to answer against the call that their research lacks a "seamless whole."

Comparative research, simply put, is the act of comparing two or more things with a view
to discovering something about one or all of the things being compared. This technique
often utilizes multiple disciplines in one study. When it comes to method, the majority
agreement is that there is no methodology peculiar to comparative research. The
multidisciplinary approach is good for the flexibility it offers, yet comparative programs do
have a case to answer against the call that their research lacks a "seamless whole."

: MEANING OF COMPARATIVE STUDY

There are certainly methods that are far more common than others in comparative studies,
however. Quantitative analysis is much more frequently pursued than qualitative, and this is
seen by the majority of comparative studies which use quantitative data. The general method
of comparing things is the same for comparative research as it is in our everyday practice
of comparison. Like cases are treated alike, and different cases are treated differently; the
extent of difference determines how differently cases are to be treated. If one is able to
sufficiently distinguish two carry the research conclusions will not be very helpful.

Secondary analysis of quantitative data is relatively widespread in comparative research,

undoubtedly in part because of the cost of obtaining primary data for such large things as a
country's policy environment. This study is generally aggregate data analysis. Comparing
large quantities of data (especially government sourced) is prevalent. A typical method of
comparing welfare states is to take balance of their levels of spending on social welfare.

The comparative method is often used in the early stages of the development of a branch
of science. It can help the researcher to ascend from the initial level of exploratory case
studies to a more advanced level of general theoretical models, invariances, such
as causality or evolution.

The design of comparative research is simple. Your objects are specimens or cases which
are similar in some respects (otherwise, it would not be meaningful to compare them) but
they differ in some respects. These differences become the focus of examination. The goal
is to find out why the cases are different: to reveal the general underlying structure which
generates or allows such a variation.

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 Comparison one of the most efficient methods for explicating or utilizing tacit knowledge
or tacit attitudes. This can be done, for example, by showing in parallel two slides of two
slightly different objects or situations and by asking people to explain verbally their
differences.

The method is also versatile: you can use it in detail work as a complement to other
methods, or the entire structure of a research project can consist of the comparison of just
a few cases.

: ADVANTAGES OF COMPARATIVE STUDY

The varied advantages of the comparative study may be summarized as under:

▪ Inter period and/ or inter form comparisons are very much facilitated by such comparative
study.

▪ These study highlight upon trends in number of accounting variables relating to

performance, efficiency and financial position.

▪ With the help of comparative study, weakness in operating cycles, financial health etc.
Can be easily identified and suitable remedial steps may be taken.

: DISADVANTAGES OF COMPARATIVE STUDY.

Like any tool of financial and managerial analysis, comparative study carry with a number of
disadvantages, viz.

▪ Inter- period comparison (i.e. trends in accounting variables) may be misleading frequent
changes have been allowed in principles, convention and policies of accounting over a
period of time.

▪ Inter- firm comparison may also yield misleading results, if the business concerns are not
of the same age, uniform size do not follow uniform accounting policies and practices.

: CLASSIFICATION OF COMPARATIVE STUDY

: Descriptive Comparison
In descriptive study of products there are many situations where comparison is an adequate
method. You could, for example, study comparable products which have been designed by
different designers or made by different producers. Or you can study the same type of
products as they are used in the same circumstances but in different countries.
Comparison may be useful even when the researcher is not interested in differences but in a
single case. If the interesting object belongs to the researcher's own cultural environment, it
is not always easy to perceive its special characteristics. The case may appear too obvious
and non-problematic.

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: Normative Comparison
The difference between descriptive and normative styles of comparison is that in normative
analysis one of the principal criteria is evaluative like "satisfaction", "usefulness" etc., and
the aim of the study is to point out the best (in this respect) among the alternatives that are
being studied. The final aim perhaps is not only to find the best, but also to improve it or
similar objects later on.

: TYPES OF COMPARATIVE STUDY

For the purpose of accounting and financial analysis, a number of comparative study may be
constructed but the most important types are as follows:
: FOR THE STUDY OF BALANCE SHEET
I. Comparative Balance sheet
II. Comparative statements of Changes in Capital
III. Comparative statements of Changes in Proprietary Fund
IV. Comparative statements of Working Capital

: FOR THE STUDY OF PROFIT AND LOSS ACCOUNT

I. Comparative Profit and Loss Account
II. Comparative Statements of Production
III. Comparative Statements of Changes in Profit

: FOR THE STUDY OF BALANCE SHEET

(I) Comparative Balance Sheets
A comparative balance sheet presents side-by-side information about an
entity's assets, liabilities, and shareholders' equity as of multiple points in time. For
example, a comparative balance sheet could present the balance sheet as of the end of
each year for the past three years. Another variation is to present the balance sheet as of
the end of each month for the past 12 months on a rolling basis. In both cases, the intent
is to provide the reader with a series of snapshots of a company's financial condition
over time, which is useful for developing trend line analyses (though this works better
when the reader has the entire set of financial statements to work with and not just the
balance sheet).
There is no standard format for a comparative balance sheet. It is somewhat more
common to report the balance sheet as of the least recent period furthest to the right,
though the reverse is the case when you are reporting balance sheets in a trailing twelve-
months format.

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In order to analyse the financial statements for a business, more information is needed
from the balance sheets. The owner must look at the last two years of the firm's balance
sheets and compare the differences between the two in order to develop the Statement of
Cash Flows.
The table below gives you sample Comparative Balance Sheets for a firm. With sample
information from an income statement and the information from these comparative
balance sheets, you can develop your Statement of Cash Flows. The business owner
must also have information from both the income statement. The primary information
needed from the income statement is net income (or loss) and depreciation as both are
considered cash flows to the firm.

A. Advantages of Comparative Balance Sheet:

(a) Comparison
The comparative statements show the figures of various firms or number of years side by side
i.e. both for inter-firm comparison and intra-firm comparison.

(b) Horizontal Analysis

The variables are arranged horizontally for the purpose of analysis and interpretations of data
taken from financial statements for assessing profitability, overall efficiency and financial
position of a firm.

(c) Trend Analysis

The comparative financial statement helps to ascertain the ‘trend’ relating to sales, cost
of goods sold, operating expenses etc. so that a proper comparison can easily be made
which helps the analyst to understand the overall performance of a firm.

(d) Trend and Directions

The comparative financial statement provides necessary information for comparison of trends
in related items e.g. the analyst can compare the trend of sales with the trend of accounts
receivable which gives very useful information. A 20% increase in accounts receivable and
an increase of sales by only 10% warrants investigation into the reasons for this difference
in the rate of increase.

(e) Evaluation
The comparative financial statement helps the analyst to compare Performance the
performance of one firm with that of other similar firm in the industry and also compare
the performance of the competitors in the line. This comparison helps to find out the
weakness or strength of a firm and to take adequate steps.

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(f) Measuring Financial:
Comparative financial statements help to measure important Distress financial ratios which
are used for predicting financial distress and predicting corporate failure with the help of
Multivariate Model.

B. Disadvantages of Comparative Balance Sheet :

Comparative financial statements are not even free from snags.

(a) Inter-firm Comparison:

Inter firm comparison will only be effective if both the firms follow the same accounting
principles, method of valuations of stocks, assets etc. i.e. all the accounting concepts and
conventions, which in real world situation, are not identically followed by both the firms e.g.
Firm A follows the FIFO method of valuing stock whereas Firm B follows LIFO method
for the same.

(b) Inflationary Effect:

Comparative financial statements do not recognise the change in prices level and, as such,
it will be of no use.

(c) Ascertaining Correct Trend:

It is very difficult to ascertain the correct trend if there is a structural changes in a firm
which are frequently happened.

(d) Supply Misleading Information:

Sometimes a comparative financial statement provides meaningless information, e.g. if a
negative amount comes in base year, and a positive amount in the next year, it is not
possible to find out the change in percentage.

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(e) Uniformity in Principle:

There must be a consistency while following accounting principles, concepts and convention.
But in practice, this is not done and as such, multi-year analysis becomes useless.

(II) Comparative Statements of Changes in Capital

A Statement of changes in equity and similarly the statement of changes in owner's equity
for a sole trader, statement of changes in partners' equity for a partnership, statement of
changes in Shareholders' equity for a Company or statement of changes in Tax payers
'equity for Government financial statements is one of the four basic financial statements.

The statement explains the changes in a company's Share Capital, accumulated

reserves and retained earnings over the reporting period. It breaks down changes in
the
owners' interest in the organization, and in the application of retained profit or surplus
from one accounting period to the next. Line items typically include profits or losses
from operations, dividends paid, issue or redemption of shares, revaluation reserve and any
other items charged or credited to accumulated other comprehensive income.

It also includes the Non-Controlling Interest attributable to other individuals and

organisations. In the United States this is called a statement of retained earnings and it is
required under the U.S. Generally Accepted Accounting Principles (U.S. GAAP) whenever
comparative balance sheets and income statements are presented. It may appear in
the balance sheet, in a combined income statement and changes in retained
earnings statement, or as a separate schedule.

Therefore, the statement of retained earnings uses information from the income statement
and provides information to the balance sheet.

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Retained earnings are part of the balance sheet (another basic financial statement) under
"stockholders’ equity (shareholders' equity)" and is mostly affected by net income earned
during a period of time by the company less any dividends paid to the company's owners /
stockholders. The retained earnings account on the balance sheet is said to represent an
"accumulation of earnings" since net profits and losses are added/subtracted from the
account from period to period.

There are two types of changes in shareholders’ equity: (a) changes that originate from
transactions with shareholders such as issue of new shares, payment of dividends, etc. and
(b) changes that result from changes in total comprehensive income, such as net income for
the period, revaluation of fixed assets, changes in fair value of available for sale
investments, etc.

The comparative Balance sheets discussed and illustrated earlier may be substituted bye
another comparative statement which is known as comparative statement of changes in
capital. As already known and established, every change in an individual items or assets and
liabilities brings out a change in capital. Increase in assets and decrease in liabilities brings
out increase in capital. Similarly decrease in assets and increase in liabilities brings out
decrease in capital.
Following are the most common changes in shareholders’ equity:
 Issue of new share capital: it increases the common stock and additional paid-up
capital component.

 Net income (loss) for the period: it increases (decreases) retained earnings.

 Payment of cash dividends: it decreases retained earnings.

 Purchase of treasury stock: it increases treasury stock component and eventually

decreases total net shareholders equity.

 Sale of treasury stock: it decreases treasury stock component and affects retained earnings
and additional paid-up capital and ultimately increases total shareholders equity.

 Issue of bonus shares: affects common stock, additional paid-up capital and
retained earnings.

 Revaluation of fixed assets: increases revaluation surplus.

(III) Comparative Statements of Proprietary Fund

The statement of changes in capital is not taken to be scientific in the sector that it fails to
depicts the changes in capital on the basis of the proprietary theory. According to this
theory, all the assets and the liabilities should be studied with references to proprietary fund
with this in the end view, another statement is prepared called Comparative statements of
Proprietary Fund. In this statement, the composition of Proprietary fund and its investment
financial users is shown distinctly. Both the composition as well as investment of
Proprietor’s funds are shown in as much as descriptive way as possible by the data available.
7
Generally proprietors’

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funds are shown composed of paid up capital(both preference and equity) and reserves and
surplus. Investment of such funds may be in fixed assets and in working capital or in the
form of deferred expenses etc. While preparing statements long term liabilities are deducted
from fixed assets. In other words to find out investment in working capital, current
liabilities are deducted from current assets. To make this statement more Successful and
meaningful, a percentage column is also inserted and all items are converted into
percentage based on total of Proprietors fund, this conversion of statement into percentage
based on total of Proprietors fund, this conversion of statement into percentage may be
more useful in comparing the position of various business concerns.

(IV) Comparative Statements of Working Capital

A small company's working capital is one of several financial ratios that can reveal the
financial health of the business. Working capital is a measure of the company's liquidity,
taken by subtracting a company's current liabilities from its current assets. It's possible for
you to calculate your working capital from information included in your company’s
balance sheet. The working capital balance can identify if your business will be able to
meet its current debt obligations as they come due.

1. Identify the section of the balance sheet that lists the company’s current assets. The asset
section of a balance sheet typically lists assets in order of liquidity, so current assets should
be listed near the top of the section. Add all individual current asset account balances
and derive a total.

2. Identify the section of the balance sheet that lists the company’s current liabilities. The
liability section of a balance sheet typically lists liabilities in order of due date, so current
liabilities should be listed near the top of the section. Add all individual current
liability account balances and derive a total.

3. Subtract the total of current liabilities from the total of current assets. The result is
the amount of working capital.

On the one hand, working capital is always significant. This is especially true from the
lender's or creditor's perspective, where the main concern is defensiveness.
But from the perspective of equity valuation and the company's growth prospects, working
capital is more critical to some businesses than to others. At the risk of oversimplifying, we
could say that the models of these businesses are asset or capital intensive rather than
service or people intensive. Examples of service intensive companies include H&R Block,
which provides personal tax services, and Manpower, which provides employment services.
In asset intensive sectors, firms such as telecom and pharmaceutical companies invest heavily
in fixed assets for the long term, whereas others invest capital primarily to build and/or buy
inventory. It is the latter type of business - the type that is capital intensive with a focus on
inventory rather than fixed assets - that deserves the greatest attention when it comes to
working capital analysis. These businesses tend to involve retail, consumer goods and
technology hardware, especially if they are low-cost producers or distributors.

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It is quite evident that comparative statement of Proprietary fund also highlights upon the
changes in fixed capital and working of depict detailed capital. But it fails to depict detailed
information regarding the changes in working capital. It only narrates the quantum of changes
in the working capital. Factors affecting the changes in working capital are not brought to
the notice of the analyst. In many cases a financial analyst may be introduced to know not
only the quantum and direction of changes in working capital but also the factors
responsible for the changes. For statement is constructed which is commonly known as
Comparative statements of changes in working capital of the concern and also throw light
on causes for these changes.

: FOR THE STUDY OF PROFIT AND LOSS ACCOUNT

(I) Comparative Profit and Loss Account

An income statement or profit and loss account (also referred to as a profit and loss
statement (P&L), statement of profit or loss, revenue statement, statement of financial
performance, earnings statement, operating statement, or statement of operations is one of
the financial statements of a company and shows the
company’s revenues and expenses during a particular period. It indicates how
the revenues (money received from the sale of products and services before expenses are
taken out, also known as the “top line”) are transformed into the net income(the result after
all revenues and expenses have been accounted for, also known as “net profit” or the
“bottom line”). The purpose of the income statement is to show managers and investors
whether the company made or lost money during the period being reported.
One important thing to remember about an income statement is that it represents a period
of time like the cash flow statement. This contrasts with the balance sheet, which
represents a single moment in time.

Charitable organizations that are required to publish financial statements do not produce an
income statement. Instead, they produce a similar statement that reflects funding sources
compared against program expenses, administrative costs, and other operating commitments.
This statement is commonly referred to as the statement of activities. Revenues and expenses
are further categorized in the statement of activities by the donor restrictions on the funds
received and expended.

The income statement can be prepared in one of two methods. The Single Step income
statement takes the simpler approach, totalling revenues and subtracting expenses to find
the bottom line. The more complex Multi-Step income statement (as the name implies)
takes several steps to find the bottom line, starting with the gross profit. It then calculates
operating expenses and, when deducted from the gross profit, yields income from
operations. Adding to income from operations is the difference of other revenues and other
expenses. When combined with income from operations, this yields income before taxes.
The final step is to deduct taxes, which finally produces the net income for the period
measured.

Income statements should help investors and creditors determine the past financial
performance of the enterprise, predict future performance, and assess the capability of
generating future cash flows through report of the income and expenses.

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 However, information of an income statement has several limitations:

 Items that might be relevant but cannot be reliably measured are not reported (e.g.,
brand recognition and loyalty).
 Some numbers depend on accounting methods used (e.g., using FIFO or LIFO accounting to
measure inventory level).
 Some numbers depend on judgments and estimates (e.g., depreciation expense depends on
estimated useful life and salvage value).

1. Operating section

a) Revenue - Cash inflows or other enhancements of assets (including accounts

receivable) of an entity during a period from delivering or producing goods, rendering
services, or other activities that constitute the entity's ongoing major operations. It
is usually presented as sales minus sales discounts, returns, and allowances. Every
time a business sells a product or performs a service, it obtains revenue. This often
is referred to as gross revenue or sales revenue.

b) Expenses - Cash outflows or other using-up of assets or incurrence of liabilities

(including accounts payable) during a period from delivering or producing goods,
rendering services, or carrying out other activities that constitute the entity's
ongoing major operations.

a. Cost of Goods Sold (COGS) / Cost of Sales - represents the direct

costs attributable to goods produced and sold by a business
(manufacturing or merchandizing). It includes material costs, direct
labour, and overhead costs(as in absorption costing), and excludes
operating costs (period costs) such as selling, administrative, advertising
or R&D, etc.

b. Selling, General and Administrative expenses (SG&A or SGA) - consist of

the combined payroll costs. SGA is usually understood as a major portion of
non-production related costs, in contrast to production costs such as direct
labour.
i. Selling expenses - represent expenses needed to sell products
(e.g., salaries of sales people, commissions and travel
expenses,
advertising, freight, shipping, depreciation of sales store buildings and
equipment, etc.).
General and Administrative (G&A) expenses - represent expenses to manage the
business (salaries of officers / executives, legal and professional fees, utilities, insurance,
depreciation of office building and equipment, office rents, office supplies, etc.).

c. Depreciation / Amortization - the charge with respect to fixed

assets / intangible assets that have been capitalised on the balance sheet for
a specific (accounting) period. It is a systematic and rational allocation of
cost rather than the recognition of market value decrement.

Research & Development (R&D) expenses - represent expenses included in research

and development.

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Expenses recognised in the income statement should be analysed either by nature
(raw materials, transport costs, staffing costs, depreciation, employee benefit etc.) or
by function (cost of sales, selling, administrative, etc.). (IAS 1.99) If an entity categorises by
function, then additional information on the nature of expenses, at least, – depreciation,
amortisation and employee benefits expense – must be disclosed. (IAS 1.104) The major
exclusive of costs of goods sold, are classified as operating expenses. These represent the
resources expended, except for inventory purchases, in generating the revenue for the period.
Expenses often are divided into two broad sub classifications selling expenses and
administrative expenses

2. Non-operating section
a) Other revenues or gains - revenues and gains from other than primary business
activities (e.g., rent, income from patents, goodwill). It also includes unusual
gains that are either unusual or infrequent, but not both (e.g., gain from sale of
securities or gain from disposal of fixed assets)
b) Other expenses or losses - expenses or losses not related to primary business
operations, (e.g., foreign exchange loss).
c) Finance costs - costs of borrowing from various creditors (e.g.,
interest expenses, bank charges).
d) Income tax expense - sum of the amount of tax payable to tax authorities in
the current reporting period (current tax liabilities/ tax payable) and the
amount
of deferred tax liabilities (or assets).
e) They are reported separately because this way users can better predict future cash
flows - irregular items most likely will not recur. These are reported net of
taxes.
f) Discontinued operations is the most common type of irregular items. Shifting
business location(s), stopping production temporarily, or changes due to technological
improvement do not qualify as discontinued operations. Discontinued
operations must be shown separately.

Cumulative effect of changes in accounting policies (principles) is the difference between the
book value of the affected assets (or liabilities) under the old policy (principle) and what the
book value would have been if the new principle had been applied in the prior periods. For
example, valuation of inventories using LIFO instead of weighted average method. The
changes should be applied retrospectively and shown as adjustments to the beginning balance
of affected components in Equity. All comparative financial statements should be restated.
However, changes in estimates (e.g., estimated useful life of a fixed asset)
only requires prospective changes.

It is important to compare income statements from different accounting periods, as the

changes in revenues, operating costs, research and development spending and net earnings
over time are more meaningful than the numbers themselves. For example, a company's
revenues may be growing, but its expenses might be growing at a faster rate.

(II) Comparative Analysis of Production Cost

Production cost refers to the cost incurred by a business when manufacturing a good or
providing a service. Production costs include a variety of expenses including, but not limited
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to, labour, raw materials, consumable manufacturing supplies and general overhead.

13
 Additionally, any taxes levied by the government or royalties owed by natural resource
extracting companies are also considered production costs.

In production, there are direct costs and indirect costs. For example, direct costs for
manufacturing an automobile are materials such as the plastic and metal materials used
as well as the labour required to produce the finished product. Indirect costs include
overhead such as rent, administrative salaries or utility expenses.

Deriving Unit Costs for Product Pricing

To figure out the cost of production per unit, the cost of production is divided by the
number of units produced. Once the cost per unit is determined, the information can be
used to help develop an appropriate sales price for the completed item. In order to break
even, the sales price must cover the cost per unit. Amounts above the cost per unit are
often seen as profit while amounts below the cost per unit result in losses.

If the cost of producing a product outweighs the price that is paid for it, this may
lead producers to consider temporarily ceasing operations.

In the analysis of production cost, the analyst attempts to seek information on two fronts

1. What is the trend inn expenditure on various items, i.e. whether there
is increase or decrease in the value every year.

2. What is the proportion pic a particular element of cost in total cost and
what changes have been there in i.e. which item has greatly affected the
total cost, needless to mention that an analyst comparative statement of
production cost is prepared.

(III) Comparative Statement of Changes in Financial Position

In business accounting, the statement of change in financial position is a

financial statement that outlines the sources and uses of funds and explains any
changes
in cash or working capital.

 Financing activities include obtaining shareholder funds and the repayment or payment of the
benefits of their investment, payment of funds obtained through operations in the short and
long term.
 Investing activities include the provision and collection of loans, purchase and sale of debt
instruments, capital, real estate, equipment, machinery and other productive assets other than
those that are considered business inventory.
 Operating activities are generally related to the production and distribution of goods and
services, transactions and other events which affect the determination of net income and /
or activities that result in movement of balances be directly related to the operation of the
entity and are not framed in the activities of financing or investment.

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The set of changes in financial position, showing the registered modification in weights
in each of the main areas of coverage, which, together with the profit or loss, determine
the change of the resources of the entity during a period .

In this state relate the net result of the change management in the financial structure and all
cl reflect the increase or decrease in cash and temporary investments during the period.

Within the range of activities promoted by businesses, has become increasingly clear that the
resources are generated and / or used in three main areas:

1. In the course of its operations.

2. As a result of borrowings and their real depreciation in the short and long term.

3. In terms of investments and / or emersion made.

: COMPARATIVE STUDY MODEL

Underlying Principle

Comparative Knowledge Model is one of the least used but a highly significant model for
developing countries which is now gaining acceptance. The model can be used for
empowering people by matching cases of bad governance with those of good governance,
and then analysing the different aspects of bad governance and its impact on the people.
The model is based on ICT to explore information available in the public or private
domain and comparing it with the known information sets. The outcome is strategic
learning and arguments.

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CHAPTER-2 COMPANY PROFILE
2.1: ABOUT HONDA MOTORCYCLE AND SCOOTER INDIA
LTD(HMSI)
History of HMSI
Philosophy
Technology of HMSI
Honda Global Environmental Symbol
Corporate Social Responsibility
Projects of HMSI
Products of HMSI

: ABOUT HERO MOTOCORP

History of Hero MotoCorp
Key Policies
Green Initiative
Corporate Social Responsibility
Products of Hero MotoCorp

: COMARISON BETWEEN HONDA MOTORCYCLE AND

SCOOTER INDIA LTD(HMSI) AND HERO MOTOCORP
CHAPTER 2. COMPANY PROFILE:

ABOUT HONDA
Honda is the world’s largest manufacturer of two wheelers, recognized over the world as
the symbol of Honda Two Wheelers, the ‘Wings’ arrived in India as Honda Motorcycle
and Scooter India Pvt. Ltd. (HMSI), a 100% subsidiary of Honda Motor Company Ltd.,
Japan, in 1999. Since its establishment in 1999 at Manesar, District Gurgaon, Haryana,
Honda has lived up to its reputation of offering the highest quality products at the most
reasonable price. Despite being one of the youngest players in the Indian two-wheelers
market, Honda has become the largest two-wheeler manufacturer as well as the second
largest two-wheelers company in India.
Honda is also the fastest growing company in country today. With a host of facilities
under its wings, the first factory of HMSI is spread over 52 acres including a covered area
of about 100,000 sq. meters in Manesar, District Gurgaon, Haryana with an annual
capacity of 1.65 million units. To meet the ever-increasing demands of the products,
Honda has started operations of its second plant in Tapukara, District Alwar, Rajasthan.
Expanding to full operations, Honda production capacity has jumped 30% year on year to
2.8 million per annum in FY 12- 13.
Honda’s third plant at Narsapura Industrial Area near Bengaluru, Karnataka is equipped to
manufacture 1.2 million units. Utilizing production technologies refined at Manesar &
Tapukara plants as starting point, the 3rd plant is employed with state-of-the-art
manufacturing, automation and environment friendly technologies to deliver quality products.
On February 17 2016, Honda inaugurated the “World’s largest only scooter plant" at
Vithalapur Gujarat with annual capacity of 1.2 million units. The new plant will employ
approximately 3000 people within first 2 years of commercial production.
HISTORY
The History of the Honda Brand
The history of the Honda brand is nothing more than the history of our challenges and
achievements in creating values, invariably ahead of our time. It is also the history of the
dreams of each of our associates that have come true and have been shared by people
around the world.

14
Honda Motorcycle and Scooter India, Private Limited (HMSI) is the wholly owned
Indian subsidiary of Honda Motor Company, Limited, Japan.[3] Founded in 1999,[3] it was the
fourth Honda automotive venture in India, after Kinetic Honda Motor Ltd (1984-1998),
Hero Honda (1984-2011) and Honda Siel Cars India (1995-2012).[4] HMSI was established
in 1999 at Manesar, District Gurgaon, Haryana.
Currently HMSI has four manufacturing locations at Manesar in Haryana, Tapukara
in Rajasthan, Narsapura, Kolar in Karnataka and Vithalpur, NW of Ahmedabad.
Scooter -exclusive plant in Gujarat. Its facility in Narsapura is the largest amongst its four
locations and has a capacity of 6,600 vehicles per day. Honda India sales skyrocketed up to
4.28 million motorcycles and scooters backed by scooterization of India via bestselling
scooter Activa over 350,000 scooter sales in September 2017. Honda scooter Activa sales
record expected 3.5million scooters in 2017/18. Honda motorcycle & scooter started
independent operation since 2010s after separation from Hero Honda motors J/V since
1984. 6million production capacity establishment within 7 years record in India, Top
world motorcycle market.

Important Milestone of Honda 2-Wheeler India.

Year Milestone

1999 - Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI) is incorporated

2001 - Starts production at first plant in Manesar, the first model Activa is launched

2002 - Starts exports from India

2004 - Enters the motorcycle market with 150cc CB Unicorn

- Becomes No. 1 brand in scooter segment led by Activa success

2006 - Diversifies in the motorcycle segment with launch of 125cc CB Shine

2008 - Only two-wheeler company to continue to grow double-digit after Lehman crisis

2009 - Introduces Combi-Brake System with Equalizer technology – An industry First

2011 - Inaugurates 2nd manufacturing plant at Tapukara (Rajasthan) of 12 lac unit’s capacity

2012 - Becomes Only Honda in India

- Enters 110cc motorcycle segment with Dream Yuga
- New Technical Centre with integrated SEDBQ function inaugurated

2013 - Inaugurates 3rd manufacturing plant at Narsapura (Karnataka) with 12 lac unit’s capacity
- Honda Eco Technology (HET) introduced for improved mileage

2014 - Expands capacity at 3rd manufacturing plant to 18 lac units

15
 2015 - Launches 15 new models in 2015 including first CKD model CBR 650F

2016 - Inaugurates 4th manufacturing plant at Vithalapur (Gujarat) of 12 lac unit’s capacity
- Honda 2Wheeler India sales cross 5 million mark annually for first year

2017 - Expands capacity at 3rd manufacturing plant to 24 lac units, total capacity reaches 6.4 million
units annually from 11 assembly lines at four plants
- Iconic Activa becomes India’s No. 1 selling two-wheeler and is trusted by 1.5 crore families

2018 - Achieves historic 35 million cumulative milestone

BRAND AMBASSDOR OF HONDA MOTOR CYCLE AND SCOOTER INDIA LTD

AKSHAY KUMAR

Honda Motorcycles and Scooters India (HMSI) has roped in Bollywood star Akshay
Kumar as the brand ambassador for the brand. The announcement was made by the company
was made at the launch of its mass-market motorcycle, Honda Dream Yuga 110

16
 Fig 2.1
PHILOSOPHY OF HONDA:
Corporate Philosophy:

17
HMSI operates on a principle, which is followed worldwide by all Honda companies.
Maintaining a global viewpoint, we are dedicated to supplying products of the highest
quality, yet at a reasonable price for worldwide customer satisfaction. Honda's philosophy is
based on the company's guiding principle and advocates 2 fundamental beliefs:

Respect for the Individual

Honda recognizes and respects individual differences. The respect for individual stems
from the following three points:
 Initiative
 Equality
 Trust
It is the contribution from each individual in the company that has made our company what it
is today and that, which will take us into the future.
The Three Joys
In line with Honda's Philosophy, HMSI conducts all its daily activities in pursuit of the
following joys:
 The joy of buying high quality products.
 The joy of selling high quality products.
 The joy of manufacturing high quality products.
Brand Philosophy:
The Power of Dreams
Everyone has a dream, some goal or activity that gives their life deeper meaning and sparks
passion. When we pursue our dreams, we feel empowered. This power, in turn, connects us
to others who share the same dreams. It gives us the strength to overcome great challenges.
It inspires us to spread the joy of our dreams to other people. Ultimately, the power borne
of a dream is a creative force, capable of producing revolutionary ideas. Honda encourages all
its associates to pursue their dreams. That’s why we say we are a company built on dreams.
The power of Honda’s dream will continue to lead to new insights and technologies in
motorcycles and other fields of mobility. And Honda will spread the philosophy of The
Power of Dreams across India. A country where a billion people carry dreams in their hearts,
this philosophy is brought alive by

SACH KAR DENGE SAPNE

18
 TECHNOLOGY OF HONDA
Cutting-edge technology and the spirit of Honda
Our fundamental design philosophy seeks to maximise space and comfort for people, while
minimising the space required for mechanical components. With this aim in mind, Honda's
R&D activities include product-specific development and fundamental research.
Let's talk about few of the advanced technologies that we have:
1. HONDA ECO TECHONOLOGY
In keeping with its strategic approach of Mileage Up for maximizing customer
satisfaction, Honda launched the all new Honda Eco technology in 2013, making the
Most Fuel Efficient two wheelers in India!
The new Honda Eco Technology boosts fuel efficiency of Honda's products resulting in a
Dream Mileage (Mileage based on internal Honda test ride mode that is close to actual
city riding conditions). This revolutionary mileage benchmark is yet another milestone
from Honda.
Forming the crux of the revolutionary Honda Eco Technology is the trio of improved
combustion, significantly reduced friction and optimized transmission in Honda engine:

 Reduced friction by offset crank, significant weight reduction of reciprocating parts,

low tension piston ring and improved bearing oil seal.

 Improved combustion with highly ignitable nickel spark plug and optimized inlet port.

 By optimizing Pulley converter ratio & driving force, the power has been maintained
& mileage has been increased.

2. COMBI BRAKE SYSTEM

19
Generally, it is not easy to control a 2-wheeler while braking during emergencies and
bad road conditions. This system not only allows easy & simultaneous operation of the
front & rear brake but also provides optimal braking performance. Once the left side
brake lever is pressed, the system distributes the appropriate braking power between the
front and rear wheels, which assures complete safety for the rider.
What is Combi Brake System?
 The most efficient way of braking is to apply the front and rear brakes
simultaneously. But it is a practice, most two-wheeler riders have not
mastered.
 The Combi Brake System in Honda two-wheelers enables you to use both brakes
with just a lever^.
 It reduces the braking distance and improves stability while braking.
 Honda Combi Brake with Equaliser, ensures distribution of Force between the Front
and Rear Wheel at the same time, giving perfect balance to the rider.
 It ensures that rider with low expertise is also confident while braking.
 Simultaneous application of Front and Rear Brake leads to the most effective braking.

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3. HONDA MATIC TRANSMISSION

The compact, efficient & oil pressure-controlled Honda Matic Transmission is

the world's first fully automatic transmission system, which delivers a dynamic
combination of torque & excellent accelerator response for a constant and
superior driving experience. The transmission is being used in Honda's all terrain
vehicles. Honda is working hard to introduce this Honda matic in two-wheelers.

4. FUEL INJECTION SYSTEM

Honda's fuel injection technology is designed to realise ideal combustion, which

results in delivering maximum power output, greatly improved fuel efficiency and yet
be environment - friendly.

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5. IDLE STOP SYSTEM

Honda has created an advanced Idle Stop System (Image is on the left side) that reduces
fuel consumption while totally blocking out toxic exhaust gas and unwanted noise. It
enables the engine to stop automatically for 3 seconds after the vehicle stops moving. And
when the throttle is opened, the vehicle engine restarts and takes off smoothly.

6. INTRODUCTION TO THE FUTURE

ASIMO is a symbol of Honda's advanced technology, and a member of Honda's fourth line
of mobility creations, after motorcycles, automobiles and general power products. ASIMO is
an achievement in the evolution of 'Human Walk' technology. This technology, called I-
Walk, enables ASIMO to move back and forth, vary its pace, step right and left and walk
along an '8' shape path. ASIMO can also move in more complex ways, such as waving its
hands while walking. This humanoid robot has put Honda at the front of cutting edge
technology that promises to improve the quality of our lives. To know more about ASIMO.

7. HONDA AIR BAG TECHNOLOGY

The Honda Airbag System is designed to function in a frontal collision in which the rider
is likely to be thrown forward, helping to lessen the severity of the rider’s injuries.
Honda
22
developed an oversized, V-shaped airbag that offers increased stability as the rider comes into
contact with it. Honda unveiled its production motorcycle airbag technology in 2005,
followed by the release in 2006 of the Gold Wing Airbag, a production bike equipped with
the world’s first motorcycle airbag.

These are the different types of technology of Honda Motorcycle and Scooter India Pvt. Ltd.

23
 HONDA GLOBAL ENVIRONMENTAL SYMBOL

Components and connotations of the global environmental symbol

The global environmental symbol was created to symbolize our environmental slogan, "Blue
Skies for Our Children", and consists of the slogan combined with graphics.
The global environmental graphics have the following connotations. The circular graphic
represents the earth and sun with blue skies (clean air), clean water, and lush green land
expressing the bounty of nature that is necessary for us to realize a sustainable society where
people can enjoy life. The white line through the middle represents a road where freedom
of mobility is realized, while the heart represents Honda's thinking and passion toward our
environmental commitment.
As a mobility company that strives to realize “the joy and freedom of mobility and a
sustainable society where people can enjoy life,” we pursue sustainability by addressing the
issues of the environment, safety, quality, and corporate social responsibility. In our "Asia
and Oceania" Region there are many initiatives has been taken to safeguard our Environment.

 Developing Green Vehicles

At Honda, we are striving towards developing zero-emission in all our vehicles. We are
the first company in Japan to meet the most recent exhaust emission regulations. To reduce
the environmental burden of four-stroke engines, we have developed a unique exhaust air
injection system and a programmed fuel injection (PGM- F1) (PGM-F1) system, which
is currently in use in the HONDA VFR motorcycle. On the other hand, the Giorno Crea,
is a new generation, environment friendly 50cc scooter that is highly fuel-efficient.

 Eco-Friendly Factory
Honda's production facilities across the world also actively pursue energy-efficient methods
and prevent water pollution by reducing industrial waste. Honda has taken aggressive
initiatives to reduce the environmental impact of its manufacturing operations, by
implementing its concept of the "Green Factory". HMSI too is actively working towards
establishing an environment management system.

 HMSI Environment

24
Expansion by addition of 11.5 MW HSD Based Back-Up Power Plant at Tapukara Industrial
Area, in Tijara Taluk, in Alwar Distt., in Rajasthan - reg. Environmental Clearance.
Environmental Clearance Certificate.
Half Yearly Compliance Status of Environmental Clearance Conditions.
Ambient Air Monitoring.
Biomedical Waste Record.

 HMSI Environmental Policy

As responsible members of society and industry, Honda Motorcycle and Scooters India Pvt.
Ltd. (HMSI), recognize that well being of humans and conservation of earth's environment
is important.
HMSI got ISO 14001 certification in Dec. 2002, which is committed to
achieve, environmental excellence in all its industrial activities.
HMSI will establish its environmental management system following PDCA cycle and
continuously work to make it more effective. The policy will be well disseminated to our
employees as well as to the public at large.

 ISO 14001 Policy

 Conserving environment through preventing pollution at its source of generation and

strengthening our existing pollution control system.
 Promoting conservation of resources such as energy, water, oil and grease and
other raw materials, by reusing, recycling and minimizing the waste generation.
 Complying with all applicable legal/regulatory requirements and strive to go beyond
wherever possible.
 Regular monitoring and reviewing of environmental objectives and targets.
 Increasing environment awareness and competence amongst our employees and
encourage vendors & dealers to adopt EMS.

 The "Green Dealer Concept"

Started by Honda is a step further in the direction of conservation of the environment. The
"Green Dealer Concept" would not only help in proper and efficient use of resources such as
water, electricity, paper etc. by constantly monitoring and improving the existing systems
thus doing lots of cost cutting but also reducing the polluting activities to minimum.
Increasing environment awareness amongst the employees and the general public is
also feature of this unique concept.

25
 HONDA CSR
 ABOUT HONDA CSR
TITLE AND APPLICABILITY

 The document describes the Corporate Social Responsibility Policy (“CSR policy”) of
Honda Motorcycle and Scooter India Pvt. Ltd. (“HMSI” or “the company”). It
includes HMSI’s vision, mission and other relevant attributes of Corporate
Social Responsibility.
 The CSR policy shall be guided by HMSI’s corporate philosophy of respect for the
individual and the society at large.
 The CSR policy has been formulated in accordance with Section 135 of the
Companies Act 2013 and the CSR Rules 2014 and the relevant amendments /
notifications / circulars.
 The CSR policy shall apply to all CSR programs of HMSI

Driven by the philosophy of our company’s founder, Honda follows the spirit of safe co –
existence. Since its inception, the company has strived to serve its customers & society at
large by creating quality products and technologies while harmoniously co – existing within
its communities.

At Honda, we believe in basic principles of ‘Respect for the Individual’ and ‘The Three Joys’
– The Joy of Buying, The Joy of Selling & The Joy of Creating. By Respecting each entity,
we wish to incorporate equity, initiative and trust in the way we operate. We therefore are
committed to sharing the joy of creation and innovation with all our valued stakeholders.

Our Continued success and significant market presence in India bring with it a
responsibility on our shoulders for ‘’Being a Company the Society wants to exist’’. It is
with this ethos that we are committed to improving the lives of our stakeholders and the
communities we work in. In order to achieve this mission, we have aligned our Vision
2030

to the United Nations 2030 Agenda for Sustainable Development.

In particular, the four pillars of our CSR thematic areas – Road Safety, Environment,
Education, Health and Rural Development are aligned to the 17 goals that define
global priorities to eradicate poverty, fight inequalities and tackle climate change.

As communities evolve, so do our roles and responsibilities towards our various

stakeholders. Through our passion for innovation, we hope to set in motion and sustain
positive change to make the world better place to live and prosper for all of us

 VISION
In pursuance of our vision that HMSI desires to be a ‘Company which society wants to exist’,
we are dedicated towards fulfilling the social objectives through various CSR activities.
The Company shall make its endeavour to positively impact and influence the Society for
its sustainable development.
26
  MISSON
HMSI is committed to build a sustainable business with strong social relevance and a
commitment to inclusive growth and contribute to the society by supporting causes on
various concerns including road safety, healthcare, environmental sustainability, promoting
education, promoting sports and other rural development activities.
 CSR COMMITTEE
 Constitution of CSR Committee
Corporate Social Responsibility Committee (“the CSR Committee”) has been constituted by
the Board of Directors to oversee the CSR agenda of the Company. The committee has
been formed as per the requirements of Section 135 of the Companies Act, 2013 and
Companies (Corporate Social Responsibility Policy) Rules, 2014.
Board of Directors shall be empowered to take decision for making or effecting changes
in the constitution of the CSR Committee. The composition of CSR Committee shall be
disclosed in the Board of Directors’ Report.

 Responsibilities of the CSR Committee

To formulate & recommend to the Board of Directors, a CSR Policy indicating the activities
to be undertaken as specified in Schedule VII of the Companies Act, 2013 and modify /
amend the same as required;
To review and approve annual budgets with respect to CSR programs;
To develop and institutionalize a CSR reporting mechanism in light with Section 135, Rule 8
of the Companies Act 2013;
To ensure that HMSI corporate website displays the approved CSR policy of the
company To monitor the CSR Policy, Projects and Programs from time to time.

 Meetings of CSR Committee

The CSR Committee shall meet at least once in six months. The meeting shall be held
either at the registered office of the company or any other place, as may be decided by the
members.
Physical presence of a minimum of two members of the committee shall constitute
the quorum.

 Notice of Meeting
At least three days advance notice of every meeting, specifying the day, place and timing of
Meeting and the general nature of the business to be transacted there at shall be given to
the members. In urgency, a meeting may be convened by shorter notice.
 AREAS OF CSR ACTIVITES
The Company is hereby devoted to direct its CSR resources, to a reasonable extent, for
improving the quality of life of the people by focusing on the social causes, including but not
limited to the following areas:

27
 i. Eradicating hunger, poverty and malnutrition, promoting health care including
preventive health care and sanitation, including contribution to the Swacch
Bharat Kosh set-up by the Central Government for the promotion of sanitation and
making available safe drinking water;
ii. Promoting education, including special education and employment enhancing
vocation skills especially among children, women, elderly, and the differently abled
and livelihood enhancement projects;
iii. Promoting gender equality, empowering women, setting up homes and hostels for
women and orphans; setting up old age homes, day care centres and such other
facilities for senior citizens and measures for reducing inequalities faced by
socially and economically backward groups;
iv. Ensuring environmental sustainability, ecological balance, protection of flora and
fauna, animal welfare, agroforestry, conservation of natural resources and maintaining
quality of soil, air and water, including contribution to the Clean Ganga Fund set-up
by the Central Government for rejuvenation of river Ganga;
v. Protection of national heritage, art and culture including restoration of buildings
and sites of historical importance and works of art; setting up public libraries;
promotion and development of traditional arts and handicrafts;
vi. Measures for the benefit of armed forces veterans, war widows and their dependents;
vii. Training to promote rural sports, nationally recognized sports, Paralympic sports and
Olympic sports;
viii. Contribution to the Prime Minister's National Relief Fund or any other fund set up by
the Central Government for socio-economic development and relief and welfare of
the Scheduled Castes, the Scheduled Tribes, and other backward classes, minorities
and women;
ix. Contributions or funds provided to technology incubators located within academic
institutions which are approved by the Central Government;
x. Rural Development Projects; and
xi. Slum area development
xii. Activities related to promotion of road safety as suggested vide General Circular
No. 21/2014 dated 18.06.2014 issued by Ministry of Corporate Affairs
EXCLUSIONS:

Following activities shall be excluded from the CSR expenditure of HMSI:

1. Activities which are exclusively for the benefit of employees of the company or their
family members;
2. Activities undertaken in pursuance of normal course of business of the Company;
3. Direct or indirect contribution to political parties;
4. Expenditure on item/s not in conformity with Schedule VII of the Companies Act
2013;
5. Surplus arising out of CSR projects shall not form part of the business profits
of Company instead the same will be further used for CSR purposes only.

28
  IMPLEMENTATION MECHANISM
The company may conduct / implement CSR programs by itself and/or through registered
trusts, societies and / or section 8 (previously section 25) companies with an established track
record of at least three years in carrying on activities in the related area/s or as suggested by
Ministry of Corporate Affairs vide circulars/notifications.

The company may collaborate or pool resources with other companies to undertake CSR
activities and any expenditure incurred on such collaborative efforts would qualify for
computing the CSR spending.

The progress will be reported to the CSR Committee during the committee meetings. The
progress on CSR programs undertaken by the Company will be reported in the Annual Report
in the format prescribed by the CSR Rules 2014. Format for Annual Report.

 MONITORING OF CSR PROGRAMS

The HMSI CSR team shall be responsible for day to day management of CSR related
activities of the company. The team shall periodically report to the CSR committee regarding
the financial and programmatic progress of CSR projects.

All projects undertaken by HMSI shall be monitored on a regular basis. On-site

monitoring would also be undertaken at least once a year to ensure on-track
implementation.

The CSR team shall be empowered to appoint an external third party to monitor / review /
audit the progress (financial and programmatic) of the CSR projects.
 EFFECTIVE DATE
The CSR Policy shall be effective from the date of its approval by the Board of Directors.
This Policy document shall supersede the earlier CSR Policy dated 10th July 2014. Provided,
however, that all the acts done in pursuance of the earlier CSR Policy shall stand ratified
and covered under this policy.
 AMENDMENTS TO THE CSR POLICY
CSR Policy may be updated to align it with the changing requirement or changes in the legal
and regulatory framework. Any revision in the Policy shall be approved by the Board of
Directors.

29
Let us discuss the point of president of Honda Motorcycle and Scooter India Pvt. Ltd.

PRESIDENT DESK

Minoru Kato
President and CEO

2018 is a very special year for us here at Honda 2Wheelers. It signifies in many ways the
coming of age of the firm's India operations and its transformation is there for everyone to
see. It has been 18 years since we made India and specifically Manesar, Haryana, our home.
We have only grown from strength to strength over the years drawing strongly from our
global vision and mandate of spreading customer delight. We have done that through our
products which bear testimony to our commitment to quality and innovation.
At Honda we believe in dreams and we work towards making those dreams a reality for
our customers and our stakeholders alike. The last 18 years showcase our commitment to
preserving the environment by undertaking mitigation measures through deployment of
technologies designed to curb emissions. We have continued to systematically plough back
profits to undertake social development projects across our plant locations. Over these
years our understanding of the local context and developmental issues has improved, we
are therefore increasingly looking to invest in projects which are community centric,
community driven and converge with the larger government efforts aimed at ensuring
holistic development. We have however not shied away from taking up bold, innovative or
unconventional projects as long as it is based on need and has a clear focus on outcomes.
Through our material investments we continue to demonstrate our commitments to become
a company that society wants us to be thereby placing people before profits. Our projects
have continued to cater to requirements that are aligned with our global mandate of
ensuring 'blue skies for our children' and creating a 'collision free society' through
sustained investments in road safety. Over the next few years, we will continue to
restructure our investments around CSR to increasingly align them with the sustainable
development goals (SDGs). We feel that the time is apt for this transition as the social
development space and the understanding that we as a corporate have of priorities has
matured significantly. We will aim to structure our

30
interventions in a manner that stakeholder delight becomes a reality and Honda's brand as a
conscientious corporate receives further impetus.
Our CSR report for the year 2017-18 highlights how we are gradually moving in this
direction and making sustainable stakeholder led projects a priority.

DIRECTOR DESK
Harbhajan Singh
Director General & Corporate Affairs

We live in a rapidly transforming world where change is the only real constant. How we
adapt to this change decides our present and shapes the course of our future. The impact is
amplified when this framework is applied at a firm level. Honda's 18 years in India have
seen firm wide transformations in how we approach stakeholder engagement and how we
deploy our capabilities to generate social good. The process of identifying priority themes
has become structured over the years. With our corporate social responsibility mandate
strengthened by our global vision of spreading excellence and innovation in everything that
we aspire to do, we have constantly endeavored to develop innovative solutions.
The last year has seen our focus becoming sharper around two central themes, that of road
safety and environment protection. As a leading automobile manufacturer, it pains us to see
lives being lost on the road due to a combination of deficient driving skills and
infrastructure gaps. We have therefore partnered with the state government of Haryana to
work towards addressing both these gaps. In the days and years ahead, we will be taking
this effort to other states as well.
The mandate of creating a collision free society involves directing investments towards the
creation of facilities for training, developing platforms which will make learning
effective and awareness creation through mass outreach activities. All along we have
made efforts to ensure gender parity in outreach and messaging strategies.
It has been 4 years since the government of India mandated spending under the provisions
of the companies act, 2013 and we have seen the space evolve sharply over this period.
Better questions are being asked by corporates, better strategies are being co-developed
with our NGO partners and an increased focus on due diligence has set in to ensure that
mandatory compliances are heeded to.

31
At an overall level, Honda aspires to be a company which society wants to exist and to
ensure that we have sharpened our focus on adopting research driven methodologies to
assess community level needs before commissioning of projects. Furthermore, in project
designs we are keen to have community participation inbuilt in the execution strategy and at
an aggregate level we work towards converging with identified state or national priorities.
This thought process we hope will help in aligning interventions with actual needs along
with a clear execution plan aimed at a definitive outcome.

Tenets of the sustainable development goals are being imbibed in project design and
our year-round efforts in 2017-18 have gone towards restructuring interventions towards
that effect. We hope to bring more structured thought and innovations as the year rolls
by.

i. RESPONSIBILITES OF BOARD OF DIRECTOR

The responsibility of the Board of Directors shall be as under:

a. To approve the CSR Policy & disclose the contents of such policy in its report
and also place it on the Company’s website;
b. Ensure that the activities proposed in the CSR Policy are undertaken;
c. Ensure that the company spends, in every financial year, at least 2% of average
net profits of the company made during the 3 immediately preceding financial
years, as required under Section 135 of the Companies Act, 2013 & Rules made
thereunder;
d. If company fails to spend the sum as mentioned above, then the Board shall, in
its Report specify the reasons for not spending the amount.

PROJECTS OF HONDA

 ROAD SAFTEY

Cognizant of the fact that India has one of the highest fatalities from road accidents in the
world, Honda 2Wheelers aims to work toward a “collision-free mobile society”. We at
Honda proudly operate on a 4S dealership model encompassing sales, services, spares and
safety. It is with this ideology that we have designed our CSR interventions in road safety in
alignment with the Sustainable Development Goal 3: Good Health and Well Being. Since
2001, the company has ensured safe commute to over 10 lakh people across all age groups
by providing access to superior technology and creating an enabling environment.

 ENVRONMENT SUSTANIBILITY

While rapid economic development and urbanization should be seen as positive results of
investing in the Indian economy, the unfortunate reality is that, India's vast natural resources
and environment are degrading at a rapid rate. From improper planning of development
activities and setting up of polluting industrial units to rigorous agricultural practices and

32
incongruous consumption patterns have been contributing factors towards creating an
imbalance in the relationship between people and ecosystems.

33
As responsible and law-abiding corporate citizens, we believe our task lies in preserving
global environment through recycling and conserving at every stage of our products life cycle
by enhancing research, design, production, sales and disposal. It gives us immense joy to say
that all Honda plants have received ISO 14001:2015 Standard certification by December
2017. However, after achieving standards of excellence in resource management and
conservation within our organisation we wished to expand our vision of 'Zero greenhouse
emissions and unhindered mobility amongst our communities. Thus, we designed our
outreach campaigns in alignment to United Nation's 2030 Agenda for Sustainable
Development. To build a sustainable and greener future we have aligned our CSR
initiatives with Sustainability Goal 6 of Clean Water and Sanitation, Goal 13 of Climate
Action and Goal 15 of Life on Land.

 HEALTHCARE

The aim for 2030 is a healthier world. Improvements in health outcomes has been
embedded as a national development priority in India's political agenda for decades.
However, statistics across the health sector in India continue to show the grim reality of
challenges faced by a large portion of the Indian population living in rural areas. Basics of
quality healthcare and medical services, including accessibility and affordability, continue to
be a roadblock towards achieving better health across the country. Moreover, we at Honda
2Wheelers, recognise that health cannot be discussed in isolation. It is an issue that is
intricately linked to unclean water and inadequate sanitation. All three aspects have to be
addressed as a combined challenge.
According to statistics, more than 1 billion people around the world have no access to safe,
clean drinking water, and over 2.5 billion do not have adequate sanitation service. Of
particular concern is the fact that over 2 million people die each year because of
consumption of unsafe water - and most of them are children.

Resonating with the clarion call of “Health for All” under the United Nations' 2030
agenda for Sustainable Development Goals and to strengthen the healthcare system by
providing universally accessible, affordable and quality healthcare to all, we at Honda
2Wheelers, have focused part of our CSR programmes towards creating an integrated
healthcare model. Our aim is to prioritise health care as a definitive step towards achieving
long term sustainable impacts to make our societies healthier, more inclusive, and overall
aligned to global goals surrounding health and well-being.

 EDUCATION

Ensuring inclusive and equitable education, and promoting lifelong learning opportunities for
all is essential for sustainable improvement in learning outcomes. Its prominence is
enhanced given its role as an outcome multiplier, with its impact percolating to the other
Sustainable Development Goals as well. Here at Honda 2Wheelers India, we recognize this
role and are mindful of the potential that the access to quality education and skill
development has for improving the lives of children. It is with this ethos that we envisaged
our education interventions. With our focus on school education and the development of
vocational skills, our aim is to ensure that children get a good head-start in their early
education and develop relevant skills along the way, to equip them to be gainfully
employed and economically empowered in the future.

 WOMEN EMPOWERMENT

34
Women empowerment means empowering women with all their rights they should have in
the family, society, school, college and country just like a man. It is to make them able so
that they can make own independent decisions for their personal development. The status
of women in the Indian society is still backward because of the gender inequality. Women
also should be given equal rights like men to really empower them. They should not be
treated as weak gender of the society as they occupy almost half population of the country
so they are half strength of the country. Women have more patience and effort; they can
better develop their country.

 RURAL DEVELOPMENT

Close to 70% of India's population resides in rural areas, however, there remains a yawning
gap between rural and urban India with respect to infrastructure, standard of living, and
economic empowerment. For the country to reach its development potential, it is imperative
to bring rural areas at par with the urban areas through infrastructure development. In view
of reducing the rural-urban disparities, government is working with the primary objective
of “Sabka Saath, Sabka Vikas”. Resonating with the policies of the government, we aim to
provide urban amenities in rural areas. We are making efforts to improve lives of people of
villages sustainably by supporting infrastructural development in the villages.

 PROMOTION OF SPORTS

Sports is a vital component for overall development of an individual as well as that of a

nation. In recent years, India has showcased tremendous potential in sports. To fine-tune
this potential for the global platform, development of a durable and reliable sports
ecosystem is needed. To fill this need, the Indian Government has introduced the Khelo
India Programme which aims to provide world-class training and infrastructure facilities
to talented sports person in urban and rural areas. However, the major challenge is
recognising the talent in rural areas of the country. We at Honda 2Wheelers have taken
various initiatives to promote sports among the youth, with particular focus on rural areas.

PRODUCTS OF HONDA MOTORCYCLE AND SCOOTER INDIA PVT LTD

The products of Honda Motorcycle and Scooter India Pvt Ltd are classified intro four
basic segments they are

o Motorcycle
o Scooter
o Superbikes
o Navi

Let us discuss the few products of each segment

35
 MOTORCYCLE

 UNICORN BS VI

Ex Showroom price 94,646rs

BODY DIMENSION
Length x Width x Height 2081 mm x 756 mm x 1103 mm
Kerb Weight 140 kg
Wheelbase 1335 mm
Seat Height 798 mm
Ground Clearance 187 mm
ENGINE
Engine Type Air cooled, 4 stroke, BS VI Engine
Ignition Electronic Control Unit (ECU)
Gearbox Type Automatic
Braking System Integrated breaking system (IBS)
Displacement 162.7 cc
Emission Standard BS-VI
Fuel Delivery System PGM-FI
Fuel Type Petrol
Starting Kick & Electric Start
TYRE
Front Tyre 80/100 – 18 M/C 47P,
Rear Tyre 100/90 – 18 M/C 56P,
Tyre Type Tubeless

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 HONDA SHINE 125 (DISC)

Ex showroom Price 73,624rs

BODY DIMENSION
Length x Width x Height 2046 mm x 737 mm x 1116 mm
Kerb Weight 115 kg
Wheelbase 1285 mm
Seat Height 791 mm
Ground Clearance 162 mm
ENGINE
Engine Type Air cooled,4 stroke
Ignition Electronic Control Unit (ECU)
Gearbox Type Automatic
Braking System Integrated breaking system (IBS)
Displacement 124 cc
Emission Standard BS-VI
Fuel Delivery System PGM-FI
Fuel Type Petrol
Starting Kick & Electric Start
TYRE
Front Tyre 80/100-18 M/C 47P
Rear Tyre 80/100-18 M/C 54P
Tyre Type Tubeless

37
o HONDA DREAM
YUGA
o

Ex Showroom Price 55,311

BODY DIMENSION
Length x Width x Height 2022 mm x 733 mm x 1095 mm
Kerb Weight 111 Kg
Wheelbase 1285 mm
Seat Length 710 mm
Ground Clearance 179 mm
ENGINE
Engine Type Air cooled, 4 stroke, SI Engine
Ignition FI (Fuel Injection)
Gearbox Type Automatic
Braking System Integrated breaking system (IBS)
Displacement 109.19 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Electric Start
TYRE
Front Tyre 80/100 – 18 47 P
Rear Tyre 80/100 – 18 54P
Tyre Type Tubeless

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 SCOOTER
 DIO 2020

Ex Showroom Price 63,852

BODY DIMENSION
Length x Width x Height 1088 mm x 723 mm x 1150 mm
Kerb Weight 105 kg
Wheelbase 1260 mm
Seat Length 650 mm
Ground Clearance 160 mm
ENGINE
Engine Type Fan cooled, 4 stroke, single SI
Engine
Ignition Electronic Control Unit (ECU)
Compression Ratio 10.0+0.2
Bore & Stroke 47.0 mm & 63.1mm
Displacement 109.51 cc
Emission Standard BS-VI
Fuel Delivery System PGM-FI
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 90/90-12 54J
Rear Tyre 90/100-10 53J
Tyre Type Tubeless

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 ACTIVA 6G

Ex Showroom Price 65813rs (STD) – 67313rs (DLX)

BODY DIMENSION
Length x Width x Height 1833 mm x 697 mm x 1156 mm
Kerb Weight 107 Kg
Wheelbase 1260 mm
Seat Length 692 mm
Ground Clearance 171 mm
ENGINE
Engine Type Fan cooled, 4 stroke, single SI
Engine
Ignition DC Digital CDI
Air Filter Type Viscous Paper Filter
Bore & Stroke 47.0 mm 63.1 mm
Displacement 109.51 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 90/90-12 54 J
Rear Tyre 90/100-10 53J
Tyre Type Tubeless

40
 GRAZIA

Ex Showroom Price 67,740rs

BODY DIMENSION
Length x Width x Height 1812 mm x 697 mm x 1146 mm
Kerb Weight 107 kg
Wheelbase 1260 mm
Seat Length 725 mm
Ground Clearance 155 mm
ENGINE
Engine Type Fan cooled, 4 stroke, SI Engine
Ignition Electronic Control Unit (ECU)
Max Net Torque 10.54 Nm @ 5000 rpm
Max Net Power 6.35 KW (8.52bhp) @ 6500rpm
Displacement 124.9 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 80/100 – 18
Rear Tyre 80/100 – 18
Tyre Type Tubeless

41
 NAVI

Ex Showroom Price 46,981rs

BODY DIMENSION
Length x Height 1805 mm x 1039 mm
Kerb Weight 112 kg
Seat Length 625 mm
Ground Clearance 156 mm
ENGINE
Engine Type Fan cooled, 4 stroke, SI Engine
Ignition Electronic Control Unit (ECU
Max Net Power 5.91 Kw @ 7000 rpm
Emission Standard BS-VI
Air Filter Type Viscous Paper Filter
Fuel Delivery System Carburettor
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 90/90 – 12
Rear Tyre 90/100 – 10
Tyre Type Tubeless

42
 ABOUT HERO MOTOCORP LTD.

Hero MotoCorp is the dominant market leader in India – the world’s largest two-wheeler
market – with over 50% share in the domestic motorcycle market. With innovation at the
core of its philosophy, the New Delhi (India) headquartered Hero MotoCorp has been at the
forefront of designing and developing technologically advanced motorcycles and scooters
for customers around the world. It became the world’s largest two-wheeler manufacturer in
2001, in terms of unit volume sales in a calendar year, and has maintained the coveted title
for the past 18 consecutive years.
With over 90 million satisfied customers across the globe, it continues to champion socio-
economic progress and empowerment through its range of products and services.
Led by Dr Pawan Munjal, Chairman, Hero MotoCorp, it has taken rapid strides to expand
its presence to 37 countries across Asia, Africa, and South & Central America. Hero
MotoCorp is a truly global enterprise with a workforce that comprises of people from different
nationalities including India, Bangladesh, Colombia, Germany, Austria, Japan, and France.

The state-of-the-art, world-class Center of Innovation and Technology (CIT) at Jaipur, in the
northern Indian state of Rajasthan, is the global hub of Hero’s Research and Development.
The CIT has more than 700 engineers from across the world that are engaged in developing
the new range of mobility solutions for customers across the globe. The sprawling one-of-its-
kind, world-class R&D Center houses the best global facilities for product design &
development, testing, and validation under one-roof.
With an objective of building a robust R&D ecosystem that is spread across global
geographies, Hero MotoCorp has also set-up the ‘Hero Tech Center Germany GmbH’ at
Stephanskirchen, near Munich. A wholly owned subsidiary of Hero MotoCorp, the Hero
Tech Center in Germany focuses on the development of new vehicle concepts and
future technologies in close cooperation with the teams at CIT in Jaipur.
As part of its technology ecosystem, Hero MotoCorp also engages with top global design
and technology houses from across the world, including Italy, Spain, and Thailand.
In keeping with the diverse demography of customers in different geographies of the world,
the Company is developing market-specific products to suit every customer need.

Hero MotoCorp’s manufacturing facilities are based on the core principle of sustainable
development, as the Company remains committed to maintaining the highest ecological
standards. Hero MotoCorp has seven globally benchmarked manufacturing facilities,
including five in India and one each in Colombia and Bangladesh.
In India, the facilities are located at Dharuhera and Gurugram in the northern Indian state
of Haryana; at Haridwar in the hill state of Uttarakhand; at Neemrana in the northern state
of Rajasthan, and at Halol in the coastal state of Gujarat in western India. The facility in
Colombia is located at Villa Rica in Cauca province and at Jessore in Bangladesh, situated
in the southwestern region of the country.
It became the only Indian two-wheeler company to set up a manufacturing base in Latin
America when it started operations at its manufacturing facility at Colombia in 2016.

43
Hero MotoCorp currently has an annual combined production capacity of around 9 million
units of two-wheelers.
The Company’s manufacturing facilities at Neemrana and Halol have been aptly called the
‘Garden Factories’, for their various measures, which have redefined green manufacturing.
The new manufacturing facility of Hero MotoCorp is coming up at Chittoor, in the southern
Indian state of Andhra Pradesh.
As a responsible corporate citizen, Hero MotoCorp has always gone beyond its business
objectives to ensure a green, safe and happy environment for the society at large. Its
efforts continue to bring about noticeable improvements in the lives of hundreds of
thousands of people.
Hero’s Corporate Social Responsibility (CSR) platform revolves around three flagship
initiatives – the ‘Ride Safe’ program, empowerment of the girl child, and the ‘Happy Earth’
program for the environment.
The Company’s Ride Safe program, which has been recognized by the Ministry of Road
Transport and Highways of the Government of India, has seen participation from over
100,000 people, including students, teachers, police personnel and Hero customers.
The ‘Hamari Pari’ (Our Angels) program, which recognizes the ability of girls to become
agents of social change, has already benefited over 100,000 adolescent underprivileged girls
through financial assistance, motivational sessions, and guidance camps.
The ‘Happy Earth’ program aims to protect, conserve, restore and optimally use
environmental resources through various initiatives including tree plantation drives, water
conservation programs and conservation of wildlife.
Additionally, under its Community Care Program, Hero has been engaged in the socio-
economic development of more than 100 villages in several parts of India through
various initiatives including skill development of the youth, promotion of sports, health
camps and water harvesting projects.

HISTORY OF HERO
MOTOCORP Hero MotoCorp Ltd.,
formerly Hero Honda, is
Indian motorcycle and scooter manufacturer based in New Delhi, India. The company is the
largest two-wheeler manufacturer in the world, and also in India, where it has a market
share of about 46% in the two-wheeler category. The 2006 Forbes list of the 200 World's
Most Respected Companies has Hero Honda Motors ranked at #108. On 31 March 2013,
the market capitalisation of the company was ₹308 billion (US$4.3 billion).
Hero Honda started its operations in 1984 as a joint venture between Hero Cycles
(sometimes called Hero Group, not to be confused with the Hero Group food company of
Switzerland) of India and Honda of Japan. In 2010, when Honda decided to move out of
the joint venture, Hero Group bought the shares held by Honda, and focused on its entirely
owned subsidiary, Honda Motorcycle and Scooter India (HMSI).
In June 2012, Hero MotoCorp approved a proposal to merge the investment arm of its
parent Hero Investment Pvt. Ltd. with the automaker. This decision came 18 months after
its split from Hero Honda.
"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 owned 26% stake in the Company.
During the 1980s, the company introduced motorcycles that were popular in India for their

44
fuel economy and low cost. A popular advertising campaign based on the slogan 'Fill it –

45
Shut it – Forget it' that emphasised the motorcycle's fuel efficiency helped the company grow
at a double-digit pace since inception. In 2001, the company became the second largest two-
wheeler manufacturing company in India and globally. It maintains global industry leadership
to date. The technology in the bikes of Hero MotoCorp (earlier Hero Honda) for almost 26
years (1984–2010) has come from the Japanese counterpart Honda.

KEY POLICIES OF HERO MOTOCORP

A company that believes in maintaining ecological standards along with business standards.

"We must do something for the community from whose land we generate our
wealth." - Chairman Dr. Brijmohan Lall Munjal.

At Hero MotoCorp, our goal isn't limited to business but encompasses the broader
spectrum of serving humanity through social initiatives. Hero MotoCorp takes a stand as a
socially responsible enterprise respectful of its environment.

Hero MotoCorp has been strongly devoted not only to environmental conservation programs
but also expresses the increasingly inseparable balance between economic concerns,
environmental and social issues faced by business. A business must not grow at the expense
of mankind but must serve humankind at large.
 Related Party Transactions Policy
Hero MotoCorp Ltd. (hereinafter referred to as HMCL or the company) recognizes that
Related Party Transactions can present potential or actual conflicts of interest and may raise
questions about whether such transactions are consistent with the Company and its
shareholders’ best interests and in compliance to the provisions of the Companies Act,
2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations).
 Environment Policy
We at Hero MotoCorp have been committed to demonstrate excellence in our
environmental performance on a continuous basis, as an intrinsic element of our corporate
philosophy.
 Corporate Social Responsibility policy
The Board of Directors (the "Board") of Hero MotoCorp Limited (the "Company") has adopted the
following policy and procedures with regard to Corporate Social Responsibility. The Board may review
and amend this policy from time to time subject to the recommendations of Corporate Social
Responsibility Committee.

 Remuneration and Board Diversity Policy

The purpose of this Policy is to establish principles, parameters and Governance framework of remuneration for
Directors, KMPs, Senior Management Personnel and Employees.

 Dividend Distribution Policy

Hero MotoCorp Limited (“the Company”) is in the business of development,
manufacturing, marketing, sale and distribution of two-wheelers and its parts since
1984.The Company’s strategies to build a robust product portfolio of mobility solutions
across categories, explore growth opportunities in both domestic market and globally,
46
aggressively expand reach to

47
customers and ensure customer satisfaction. The Company strives to make positive
contribution to society it operates in, through its sustainable and green manufacturing
initiatives and its active social responsibility programmes.

 Policy on Material Subsidiaries

The Board of Directors (the “Board”) of Hero MotoCorp Limited (the "Company")
has adopted the following policy and procedures with regard to determination of
Material Subsidiaries. The Board may review and amend this policy from time to
time.

 Safety Policy
We believe that safe work practices lead to better business performance, motivated workforce
and higher productivity.

 Quality Policy
Excellence in quality is the core value of Hero MotoCorp philosophy.

 Code of Conduct of Hero MotoCorp (Employees)

In our pursuit of making Hero MotoCorp Ltd. (HMCL) one of the world's most respected
companies, we have set high standards for our individual behaviour and the management
of our business.

 Code of Practices and Procedures of Fair Disclosure of Unpublished Price

Sensitive Information
This Code of practices and procedures of fair disclosure of unpublished price sensitive
information (“Code”) is framed pursuant to Regulation 8(1) of SEBI (Prohibition of
Insider Trading) Regulations, 2015 (“Regulations”), as amended from time to time. This
Code has been framed with an aim to ensure fair disclosure of unpublished price sensitive
information, that Hero MotoCorp Limited (“Company”) would follow in order to adhere
to each of the principles set out in Schedule A to the Regulations without diluting the
provisions of the Regulations in any manner, by the Company to the Stock Exchanges and
disseminate on a continuous and prompt basis.

 Whistle Blower Policy/ Vigil Mechanism

Hero MotoCorp Limited (hereinafter referred to as “HMCL” or “Company” in this
document), believes in promoting a fair, transparent, ethical and professional work
environment. Towards this end, the Company has adopted the Code of Conduct (hereinafter
referred to as “Code”), which lays down the principles and standards that govern the
Company and its employees.

 Risk Management Policy

Progressive organizations need to take new initiatives, which often come along with
certain risks.

 Preservation of Documents and Archival

The Policy for preservation and archival of documents (hereinafter referred to as "Policy") has been
formulated in accordance with Regulation 9 and 30(8) of the Securities and Exchange
48
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter
referred to as "Listing Regulations").

These are the various key policies if Hero MotoCorp

GREEN INITIATIVES
 GREEN MANUFACTURING
A MISSION TO MAINTAIN HIGH ECOLOGICAL STANDARDS
At Hero MotoCorp we believe in sound and sustainable environmental practices.
Since inception we have cared for the environment by launching four stroke motorcycles in
the era when two stroke two wheelers were popular.
In this endeavour we have always been blessed and guided by our Chairman Emeritus Dr.
Brijmohan Lal that 'We must give back to the society from whom we generate our wealth'.
As leaders in the automotive industry, we fully realized our responsibility to the fast changing
industrial environment and understand our role in Sustainable Development of the Nation.
Hero MotoCorp has introduced Green initiatives in the organisation in Product Development,
Manufacturing, Supply Chain and all the functions. At Hero we have taken several initiatives
to reduce Carbon, Water & Waste footprint.
We care for the environment
Green Building

Our latest plants have been developed on the green building concept i.eNeemrana
Manufacturing plant, GPC, HGCIT facility Jaipur are LEED IGBC certified these are Hero’s
one-of-a-kind-garden factories. From efficient building envelope, to the Big Foot air
handlers, to water and energy optimisation - the Garden Factory demonstrates HMCL’s
environmental aspirations.
Green Roof
Put together all are our plants cover 1,16,500sq meters of green Roof, the latest being
25000sqm in 2016-17 at Vadodara. Hero's green roof helps to conserve energy by moderating
the temperature on the roof and within surrounding areas. It also helps to reduce the storm
water runoff volume and peak flow rate dramatically. The green roof can restore aesthetic
and ecological value of open urban spaces. It addition to this, it protects conventional
roofing systems by doubling the service life of the underlying waterproof membrane.

49
 Green Bio walls and Green Houses
Our latest plants Green Houses with Green Roof, with Hydroponics technology, in which it
requires only 2% of water as compare to actual farming. By recycling carbon dioxide into the
greenhouse, we enhance the plants photosynthesis. The green walls Generates Oxygen and
gives back to work environment.
Sewage Treatment Plant
Hero ensures that sewage is biologically treated to attain efficacy. This treatment plant is
designed to accommodate up to 6 hours of holding and ensuring effluent is 100% treated
and recycled into soft water that is used in cooling towers.
Zero Liquid Discharge Plant
To prevent water pollution, Hero has also invested in an Effluent Treatment Plant which is
capable of treating waste water that contains degreasing chemicals, acidic/ alkaline nature,
plating waste, heavy metals and waste oil that is generated out of processes. The Waste water
is either re-used in general activities or recycled back to processes with help of reverse
osmosis process and multi effect evaporators thereby reducing the fresh water foot print.We
recycle 90% of our waste water back to the process using Zero liquid discharge platform.
Balance 10% is being reused for horticulture activities.
Rain Water Harvesting
All or plants are equipped with efficient rain water harvesting system which captures the
rain water runoff and recharged into the aquifer thereby improving the ground water levels
with total rain water harvesting potential of 25lakhs cubic meters which is much more than
annual water requirement. The Rain water Harvesting scheme extend up to the
surrounding community and villages with an objective to control the rain water runoff,
maintain ground water levels hence improve water security and minimise water logging /
flooding.
Waste Food Recycling
Hero ensures hygienic disposal of municipal waste through its organic waste converter,
which in turn generates manure. This waste goes through 15 minutes of treatment and is
then homogenized and odour free. It is turned into compost in the next two weeks and
finally is available for landscaping and greening applications. The waste treatment helps in
preventing generation of methane which has 25 times more global warming potential as
compared to CO2.
Paint Conservation
Along with preventing water pollution, Hero MotoCorp does its very best to prevent releasing
pollutants in the air as well. The company is gradually adopted water based painting system
and advanced robotic painting system which improves paint transfer efficiency. Our latest
Vadodara plant is provided with a unique feature of VOC control in the paint shop using
the concept of Regenerative Thermal Oxidizers (RTO) to treat the VOC before letting the
emission into the environment.
Energy Conservation
Company has taken several initiative towards conservation of energy and carbon reduction
during the year 2016-17

 Company has very aggressive plans for expanding its renewal energy base, total solar PV
capacity has been enhanced to 5.6 MW. In FY 2016-17 itself we have added 3.0 MW Solar
power including 2.0 MW at Vadodara plant roof emission and 1 MW Solar Power Plant
at Haridwar plant. It will have positive impact on CO2 emission.

50
 100% LED lights are installed in all our latest plants and 40% of the conventional lights
of our existing plants have changed to LED.
 Closed type Cooling Tower at Dharuhera Plant having highly efficient cooling system
irrespective of ambient conditions with Energy reduction by 36%. Savings of 1.17 Lac
KWH/year
 Small capacity Centrifugal compressor have been installedat Dharuhera Plant replacing
screw type compressors resulting in energy reduction by 33% (Savings of 5 Lac
KWh/year).
 Energy Conservation at Gurgaon Plant expanding VAM by 150 TR., Reduced power
consumption by increasing LED lights, Occupation sensors in toilets, trip circuits for ideal
running machines, Replacement of AC’s with five star rating and VFD’s.
 Reduction in power consumption in Canteen & Admin block VRV control through RTC
and by installation of Air Conserve System in Plant Utility system at Neemrana Plant
resulting in combined saving of 16.4 Lac KWH

 SUPPLY CHAIN
Green Vendor Development Programme

An Initiative by Hero MotoCorp for protecting and preservation of Environment

Rapid industrialization and advanced technological changes have put Indian economy on fast
growth. But such developments pose, unprecedented challenges to human society in term of
climatic and environmental degradation. Therefore, the people and governments have come
forward to dealt with environmental threats and also to explore many opportunities so as to
address the environmental issues and also to create a sustainable environmental future for
all. We at Hero MotoCorp are continuously striving for synergy between technology, system
and human resources, to provide products and services, to meet the aspiration of our valued
customers that too, demonstrating our "WE CARE" philosophy. While doing so, we maintain
the highest standards of ethics and societal responsibility, constantly innovate the products
and process and work in partnership with our supply vendors to take the organization to
new excellences. We believe that our vendors and dealers are key stakeholders and
partners to work towards the goal of sustainable development.
Green Vendor Development Programme refers to the way in which organizational
innovations in industrial supply chain management may be considered in the context of the
environment. Organizations which act proactively not only to identified but also to
implement actions in process / operation so as to address environmental issues.
Green Vendor Development Programme (GVDP) encourages a collaborative effort between
Hero MotoCorp and its suppliers to achieve Hero MotoCorp's overall corporate
environmental goal. GVDP calls for partner companies to demonstrate their commitment
towards improved environmental performance and striving for continual improvement.
Six pillars have been assigned to GVDP model which are Energy management, Water
management, Waste minimization, Prevention of Pollution, Substitution of hazardous
chemical and Environmental compliance management. Partner vendors are given specific
training on all six pillars of GVDP and mapping of processes/equipments is carried out
based on logical analysis so as to identify the gaps or significant environmental aspect and
accordingly improvements projects are undertaken for implementation. The programme
works on PDCA approach.
HMCL also endeavours to provide a platform on which the vendors can share their
environment achievements and problems encountered during implementation of the green
vendor program. The objective of this meet is to share success stories on environmental

51
 improvements that can be replicated at other vendor facilities. This platform lays
the foundation for a mutually beneficial eco-future.
We understand that environmental protection is our responsibility towards our future
generations and thus while providing our customers with supreme quality of products and
services it is important for us to ensure that environmental considerations are given utmost
importance. We will continue taking initiatives towards environmental protection and base
all our business decisions on environmental considerations.

 GREEN IT

A MISSION TO MAINTAIN HIGH ECOLOGICAL STANDARDS

Target Key Areas For Maximum Impact
Though according to some estimates today IT contributes to around 2-3% of Global
Carbon Emissions and we need to control that, IT has the potential and power to impact
the remaining 97-98% as well. The critical element in this entire journey is the Green IT
intervention strategy where everyone agrees on plan on areas where IT could influence the
environment.
Actions Speak Louder Than Plans
Here are some Green IT Initiatives that we have taken or are underway at Hero MotoCorp:
 Green IT as a focus area in the IT Policy
 New, energy efficient datacenter with power management features
 Virtualization and server consolidation
 Use of TFTs in place of CRTs for displays
 Reduction of printers
 Video conferencing / Collaboration tools - to reduce travel
 Buying of energy certified equipment - replacing old inefficient equipment
 Creating Awareness in organisation
 Usage of e-learning to reduce trainee or trainer travel
 New IT initiatives to cut paper consumption such as;
o Converting our paper based customer loyalty program to an online card based
program
o Cutting down on printing of cheques in a big way and going for electronic
fund transfer
o Digitization of workflows needing approvals
o Using digital signatures and sending documents electronically to partners

Reaping Benefits

Implementing Green IT initiatives benefits not only the environment but the enterprise as
well. Here are some positive outcomes that we saw after embarking on our Green IT
mission:
 Focus on Green IT provided excellent means for opportunity to care for the society and
environment
 For the employees, it gave a sense of satisfaction and ownership as they feel that they
are also trying to contribute at their level in saving the environment
 Many initiatives also helped to improve productivity in the organisation - e.g. video
conferencing, workflow automation, customer loyalty program automation, electronic
transfer of funds, digital signatures etc
52
 Green IT has helped the IT team in day to day management - e.g. number of servers to
be managed reduced as we used virtualization, or number of printers to be managed
have reduced
 There were direct savings in power consumption and cost thereof - whether at
datacenter or at user end it was not just considering power consumption by equipment
but also considering lower heat generation as the room requires reduced air-
conditioning.
 Other savings include space, power and administrative cost savings at the
datacenter, reduced paper consumption costs, etc.

Today doing our bit for protecting the environment is something that touches every heart at Hero
MotoCorp and each and every employee is trying to contribute to this initiative for a cleaner,
greener planet.

CSR WE CARE

Chairman Emeritus'

Message

DR. BRIJMOHAN LALL MUNJAL

(1st July 1923 to 1st November 2015)

“We must give back to the

society
from whose resources we generate
wealth.”
About We Care

At Hero MotoCorp, the principles of CSR are integral to the way we conduct our business.
We believe in 'Manufacturing Happiness' through our various factories, where man, machine
and nature work together in harmony to minimize environmental impact and develop a
healthy ecosystem. Our efforts focus on activities that enhance environmental capital,
support rural development and education, facilitate healthcare, create sustainable
livelihoods and promote sports and road safety awareness. We Care is our CSR Umbrella,
under which we have four flagship programmes – Happy Earth, Ride Safe India, Hamari
Pari and Educate to Empower, that are aimed at fulfilling the CSR vision to have a
Greener, Safer and Equitable world.
53
CSR VISION

54
To have a Greener, Safer and Equitable World.
 Greener
Environment Sustainability, Sanitation & Hygiene Programs aimed at creating a Greener
and Cleaner World.
 Safer
A Road Safety initiative that aims to make Indian Roads safer by spreading awareness about
traffic rules and regulations.
 Equitable
Supporting Girl Child and School Student Education programs with high focus on Social and
Community Development.

CORPORATE SOCIAL RESPONSIBILITY POLICY

i) Introduction

The Board of Directors (the "Board") of Hero MotoCorp Limited (the "Company") has
adopted the following policy and procedures with regard to Corporate Social Responsibility.
The Board may review and amend this policy from time to time subject to the
recommendations of Corporate Social Responsibility Committee.

2. Policy Objective & Philosophy

It is pertinent that business enterprises are economic organs of society and draw on societal
resources, we at the company believe that a company's performance must be measured by its
Triple Bottom Line contribution to building economic, social and environmental capital
towards enhancing societal sustainability. HMCL believes that in the strategic context of
business, enterprises possess, beyond mere financial resources, the transformational capacity
to create game-changing development models by unleashing their power of entrepreneurial
vitality, innovation and creativity. In line with this belief, the Company will continue crafting
unique models to generate livelihoods and create a better society. Such Corporate Social
Responsibility ("CSR") projects are far more replicable, scalable and sustainable, with a
significant multiplier impact on sustainable livelihood creation and working for a cause of
humanity.

3. Definitions

"Board of Director" or "Board" means the Board of Directors of the Company,

as constituted from time to time.
"Company" means a company incorporated under the Companies Act, 2013 or under any
previous company law.

55
"CSR Programmes" means Programmes, projects and activities carried out in this regard
are the subject matter of this Policy.
"Corporate Social Responsibility Committee or Committee" means CSR Committee
constituted by the Board of Directors of the Company, from time to time.
"Independent Director" means a Director of the Company, not being a whole time
director and who is neither a promoter nor belongs to the promoter group of the Company
and who satisfies other criteria for independence under the Companies Act, 2013 and the
Listing Agreement entered with the Stock Exchanges.
"Policy" means Corporate Social Responsibility.
Any other term not defined herein shall have the same meaning as defined in the Companies
Act, 2013 or any other applicable regulation.

4. Policy

a) To direct HMCL's CSR Programmes, inter alia, towards achieving one or more of
the following - enhancing environmental and natural capital; supporting rural
development; promoting education including skill development; providing preventive
healthcare, providing sanitation and drinking water; creating livelihoods for people,
especially those from disadvantaged sections of society, in rural and urban India and
preserving and promoting sports.;
b) To develop the required capability and self-reliance of beneficiaries at the grass
roots, in the belief that these are prerequisites for social and economic
development;
c) To engage in affirmative action/interventions such as skill building and vocational
training, to enhance employability and generate livelihoods for persons including
from disadvantaged sections of society;
d) To pursue CSR Programmes primarily in areas that fall within the economic vicinity
of the Company's operations to enable close supervision and ensure maximum
development impact;
e) To carry out CSR Programmes in relevant local areas to fulfil commitments arising
from requests by government/regulatory authorities and to earmark amounts of
monies and to spend such monies through such administrative bodies of the
government and/or directly by way of developmental works in the local areas around
which the Company operates;
f) To carry out activities at the time of natural calamity or engage in Disaster
Management system;
g) To contribute to the Prime Minister’ National Relief Fund or any other fund set up by
the Central Government for socio-economic development and relief and welfare of
the Scheduled Caste, the Scheduled Tribes, other backward classes, minorities and
women;
h) To contribute or provide funds to technology incubators located within academic
institutions which are approved by the Central Government;
i) To contribute to any fund setup by the Central Government or State Government(s)
including Chief Minister’s Relief Fund, which may be recognized as CSR
activity;
j) To promote sustainability in partnership with industry associations, like the
Confederation of Indian Industry (CII), PHD, FICCI, etc. in order to have a multiplier
impact.

56
The surplus arising out of the CSR projects or programs or activities shall not form part of
the business profit of the Company.

57
5. Implementation
To implement the Company's CSR Programmes through Company personnel or through
external implementing agencies or through Raman Kant Munjal Foundation (and other
Registered Trusts / Society or a Section 8 company that are established or that may be
established by the Company or its holding/subsidiary/associate Company from time to time).
In such cases, the Company will specify the CSR Programmes which may be undertaken by
those Trusts/Societies or Section 8 companies in accordance with their objects and
administrative and accounting processes laid down in the respective Trust Deeds/
Memorandum and Articles of Association.

6. Governance

Every year, the CSR Committee will place for the Board's approval, a CSR Plan
delineating the CSR Programmes to be carried out during the financial year and the
specified budgets thereof. The Board will consider and approve the CSR Plan with any
modification that may be deemed necessary.

The CSR Committee will assign the task of implementation of the CSR Plan within
specified budgets and timeframes to such persons or bodies as it may deem fit.
The persons/bodies to which the implementation is assigned will carry out such CSR
Programmes as determined by the CSR Committee within the specified budgets and
timeframes and report back to the CSR Committee on the progress thereon at such
frequency as the CSR Committee may direct.
The CSR Committee shall review the implementation of the CSR Programmes periodically
and issue necessary directions from time to time to ensure orderly and efficient execution of
the CSR Programmes in accordance with this Policy.
The CSR Committee will review periodically and keep the Board apprised of the status of the
progress of implementation of the approved CSR Programmes.
Finally at the end of every financial year, the CSR Committee will submit its report to
the Board.
7. CSR Expenditure

CSR expenditure will include all expenditure as may be permitted under the applicable laws,
including contribution to corpus for CSR Programmes approved by the Board on the
recommendation of its CSR Committee, but does not include any expenditure on an item not
n conformity or not in line with activities which fall within the purview of Schedule VII of
the Act

8. Reporting
The Board’s Report of the Company to include an annual report on CSR containing
particulars specified in the annexure to the rule pertaining to a financial year
commencing from April 1, 2014.

9. Disclosures

58
The contents of the approved CSR Policy shall be disclosed in the Board’s Report and
displayed on the Company’s website.
PRODUCTS OF HERO MOTOCORP

The Products Hero MotoCorp has basically classified into two segments, they are
1. Motorcycle
2. Scooter

 DESTNI 125

Ex Showroom Price 69,600

BODY DIMENSION

Length x Width x Height 1,809 mm x 729mm x 1,154

mm
Kerb Weight 113 kg
Wheelbase 1,245 mm
Seat Height 778 mm
Ground Clearance 155 mm
ENGINE
Engine Type Air cooled, 4 stroke, SI Engine
Ignition Electronic Control Unit (ECU)
Gearbox Type Automatic
Braking System Integrated breaking system (IBS)
Displacement 124.6 cc
Emission Standard BS-IV
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Electric Start
TYRE
Front Tyre 90/100 – 10
Rear Tyre 90/100 – 10
Tyre Type Tubeless

59
 MAESTERO EDGE 125

Ex Showroom Price 70750-72950rs

BODY DIMENSION
Length x Width x Height 1,843 mm x 718mm x 1,188 mm
Kerb Weight 110 kg
Wheelbase 1,261 mm
Seat Height 775 mm
Ground Clearance 155 mm
ENGINE
Engine Type Air cooled,4 stroke single cylinder
OHC
Ignition Electronic Control Unit (ECU)
Gearbox Type Automatic
Braking System Integrated breaking system (IBS)
Displacement 124.6 cc
Emission Standard BS-IV
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Electric Start
TYRE
Front Tyre 90/90 – 12
Rear Tyre 90/100 – 10
Tyre Type Tubeless

60
 PLEASURE PLUS 110

Ex Showroom Price 59,850rs

BODY DIMENSION
Length x Width x Height 1,769 mm x 704mm x 1,161 mm
Kerb Weight 104 Kg
Wheelbase 1,238 mm
Seat Height 765 mm
Ground Clearance 155 mm
ENGINE
Engine Type Air cooled, 4 stroke, single
cylinder, OHC
Ignition FI (Fuel Injection)
Gearbox Type Automatic
Braking System Integrated breaking system (IBS)
Displacement 110.9 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Electric Start
TYRE
Front Tyre 90/100 – 10
Rear Tyre 90/100 – 10
Tyre Type Tubeless

61
 SUPER SPLENDOR DISC BS6

Ex Showroom Price 71,650rs

BODY DIMENSION
Length x Width x Height 2,024 mm x 740 mm x 1,102mm
Kerb Weight 123 kg
Wheelbase 1,273 mm
Seat Height 799 mm
Ground Clearance 180 mm
ENGINE
Engine Type Air cooled, 4 stroke, single
cylinder, OHC
Ignition Electronic Control Unit (ECU)
Gearbox Type 5 Speed (Manual)
Braking System Integrated breaking system (IBS)
Displacement 124.7 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 80/100 – 18
Rear Tyre 90/90 – 18
Tyre Type Tubeless

62
 HF DELUXE BS6

Ex Showroom Price 55,925

BODY DIMENSION
Length x Width x Height 1,965 mm x 720 mm x 1,045mm
Kerb Weight 112 Kg
Wheelbase 1,245 mm
Seat Height 805 mm
Ground Clearance 165 mm
ENGINE
Engine Type Air cooled, 4 stroke, single
cylinder, OHC
Ignition DC Digital CDI
Gearbox Type 4 Speed (Manual)
Braking System Integrated breaking system (IBS)
Displacement 97.2 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 2.75 – 18
Rear Tyre 2.75 – 18
Tyre Type Tubeless

63
 GLAMOUR BS6

Ex Showroom Price 69,750rs

BODY DIMENSION
Length x Width x Height 2051 mm x 720mm x 1074 mm
Kerb Weight 123 kg
Wheelbase 1,273 mm
Seat Height 793 mm
Ground Clearance 155 mm
ENGINE
Engine Type Air cooled, 4 stroke, single
cylinder, OHC
Ignition Electronic Control Unit (ECU)
Gearbox Type 5 Speed (Manual)
Braking System Integrated breaking system (IBS)
Displacement 125 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 80/100 – 18
Rear Tyre 80/100 – 18
Tyre Type Tubeless

64
 SPLENDOR PLUS BS6

Ex Showroom Price 60,350rs

BODY DIMENSION
Length x Width x Height 2000 mm x 720 mm x 1052 mm
Kerb Weight 112 kg
Wheelbase 1,236 mm
Seat Height 785 mm
Ground Clearance 165 mm
ENGINE
Engine Type Air cooled, 4 stroke, single
cylinder, OHC
Ignition Electronic Control Unit (ECU
Gearbox Type 4 Speed (Manual)
Braking System Integrated breaking system (IBS)
Displacement 97.2 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 80/100 – 18
Rear Tyre 80/100 – 18
Tyre Type Tubeless

65
 SPLENDOR I SMART BS6

Ex Showroom Price 67,900rs

BODY DIMENSION
Length x Width x Height 2048 mm x 726 mm x 1110 mm
Kerb Weight 116 kg
Wheelbase 1,270 mm
Seat Height 799 mm
Ground Clearance 180 mm
ENGINE
Engine Type Air cooled, 4 stroke, BS-VI OHC
Engine
Ignition Electronic Control Unit (ECU)
Gearbox Type 4 Speed (Manual)
Braking System Integrated breaking system (IBS)
Displacement 113.2 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 80/100 – 18
Rear Tyre 80/100 – 18
Tyre Type Tubeless

66
 PASSION PRO BS6

Ex Showroom Price 67,940rs

BODY DIMENSION
Length x Width x Height 1980 mm x 725 mm x 1075 mm
Kerb Weight 123 kg
Wheelbase 1,235 mm
Seat Height 778 mm
Ground Clearance 155 mm
ENGINE
Engine Type Air cooled, 4 stroke, single
cylinder, OHC
Ignition Electronic Control Unit (ECU)
Gearbox Type 4 Speed (Manual)
Braking System Integrated breaking system (IBS)
Displacement 113.2 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 2.75- 18
Rear Tyre 2.75- 18
Tyre Type Tubeless

67
 XTREME 160CC

Ex Showroom Price 90000-95000

BODY DIMENSION
Length x Width x Height 2040 mm x 802 mm x 1010 mm
Kerb Weight 138 kg
Wheelbase 1,334 mm
Seat Height 790 mm
Ground Clearance 170 mm
ENGINE
Engine Type Air cooled, 4 stroke, 2 valve
Single cylinder OHC
Ignition Electronic Control Unit (ECU)
Gearbox Type 5 Speed (Manual
Braking System Integrated breaking system (IBS)
Displacement 163 cc
Emission Standard BS-VI
Fuel Delivery System Fuel Injection
Fuel Type Petrol
Starting Kick & Self Start
TYRE
Front Tyre 100/80 – 17
Rear Tyre 130/70 – 17
Tyre Type Tubeless

68
 . COMARISON BETWEEN HONDA MOTORCYCLE AND SCOOTER INDIA
LTD AND HERO MOTOCORP
MUMBAI:
Honda Motorcycle & Scooter India posted 16% growth in fiscal 2018 revenue to Rs
26,728 crore, helping the country's second largest two-wheeler maker narrow its margin
with market leader Hero MotoCorp NSE 9.97 %, its latest regulatory filings show.

Revenue at the local two-wheeler unit of Honda Motor has grown four-and-a-half times
and volume more than three-fold since fiscal 2011, when the Japanese company ended its
joint venture with the Hero Group. The Indian unit accounted for more than 30% of Honda
Motors’ global sales from scooters and motorcycles in FY18, making the country’s the No.1
market for it in this segment. India also accounted for 15% of Honda’s operating profit
from the two-wheeler business.

However, the company is unlikely to repeat the performance in the just-ended fiscal year due
to tepid demand for its bread and butter products: scooters. Its sales declined about 1%
during the April-February period of fiscal 2019 to 5.29 million units, and it is set to miss the
forecast of double-digit growth for the year by a quite a distance, said people in the know.

The story was different in fiscal 2018, though, as volume grew 22% on strong demand
for scooters.

Honda Motorcycle had posted revenue of about Rs 5,857 crore versus Hero MotorCorp
Rs 19,397 crore in fiscal 2011, the first year after the Hero Group and Honda broke up.
While the difference in their revenue was more than Rs 13,500 crore, it shrank to Rs
5,730 crore in FY18, when Hero MotoCorp reported revenue of Rs 32,458 crore.

NEW DELHI:
Two-wheeler market leader Hero MotoCorp has increased its lead over
rival Honda Motorcycle and Scooter India (HMSI) in the first quarter of the current fiscal.
According to data released by the Society of Indian Automobile Manufacturers (SIAM), Hero
MotoCorp sold 20,60,342 bikes and scooters in the April-June period as compared to
16,90,423 units sold by HMSI, a gap of 3,69,919.

In the April-June quarter of last fiscal, Hero had sold 18,11,343 units as compared
to 14,78,478 units of HMSI, a gap of 3,32,865 units.

Both the companies, however, have lost respective market shares during the first quarter
of the current fiscal.
Hero's market share stood at 37.67 per cent, down from 38.5 per cent in the April-June
period of 2017-18.

69
Similarly, HMSI's market share declined to 30.9 per cent in the first quarter from 31.43
per cent in the same period of the previous fiscal. Leading two-wheeler manufacturers
Hero MotoCorp and Honda Motorcycle & Scooter India (HMSI) have reported a double-
digit decline in sales last month, hit by lower offtake in a sluggish market.

The country’s largest two-wheeler maker Hero MotoCorp reported a 21.18 per cent dip

in total sales at 5,35,810 units in July, as compared with 6,79,862 units in the year-ago

period

“The sluggish market environment prevalent in the first quarter has continued in the

beginning of the second quarter as well and its impact is visible in the dispatch volumes,”

Hero MotoCorp said in a statement.

The outlook for the rest of the year will be dependent on multiple factors, including

the progress of monsoon and festive season offtake, as well as improvement in the

liquidity situation, it added.

Similarly, HMSI reported 10.77 per cent decline in total sales last month at 4,89,631 units.

It had sold 5,48,751 units in July 2018.

70
CHAPTER-3 RATIONALE OF THE STUDY
3.1: OBJECTIVE OF THE STUDY
: LIMITATIONS OF THE STUDY
: RESEARCH METHODOLOGY
 : Objective of the Study
 To study about the consumer behaviour of two-wheeler with respect to Honda Motor
Cycle and Scooter India Pvt Ltd. & Hero MotoCorp.
 To Study about the marketing strategy of Honda Motor Cycle and Scooter India Pvt
Ltd. & Hero MotoCorp.
 To study about the advertising strategy of Honda Motor Cycle and Scooter India Pvt
Ltd. & Hero MotoCorp.

66
: Limitations of the Study.
 The sample used for this study is consisted mostly of college students. Therefore, these
results may not be applicable to the wider population in general.
 To convince the people for a proper interviewing process is also difficult.
 Due to Situation of Covid-19 and Lockdown the entire region could not be covered.
 Lack of professional approach since researchers are students.
 Lack of finance is another limitation.

67
 : Research Methodology.
 Primary Data
As a primary source of data, I have filled the Questionnaires from the different
customers of two wheelers vehicle of Honda Motor Cycle and Scooter India Pvt
Ltd. & Hero MotoCorp.

 Secondary Data
As a secondary source I have collected information from websites, brochures of the
representative company, newspapers magazines, published from time to time.
Historical Documents and other sources of published informations.

The data has been used to cover the several aspects like consumption, consumer
preference, customer satisfaction regarding two wheelers vehicle of Honda Motor
Cycle and Scooter India Pvt Ltd. & Hero MotoCorp. For this project the
researcher has conducted a small survey based on around 100 people.

68
CHAPTER-4 DATA ANALYSIS AND INTERPRETATIONS
Ques 1. Which company’s motorcycle you prefer the most?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table No. 4.1

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 52 52%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 17 17%

C)Both 26 26%

D)None 5 5%

Total 100 100%

Chart No. 4.1

Number of responds

5%

26%

52%

17%

HONDA MOTORCYCLE AND SCOOTER PVT LTD HERO MOTOCORP BOTH NONE

Interpretation:
From the above data it can be inferred that out of 100 respondents, 52 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 17 respondents consider Hero
MotoCorp, 26 respondents consider both and remaining 5 consider none.

69
Ques 2. Which company’s mopede do you prefer the most?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.2

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 53 53%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 23 23%

C)Both 16 16%

D)None 8 8%

Total 100 100%

Chart 4.2

Number Of Respondents

8%

16%

53%

23%

Honda Motor Cycle And Scooter India Pvt Ltd. Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 53 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 23 respondents consider Hero
MotoCorp, 16 respondents consider both and remaining 8 consider none.

70
Ques 3. Which company’s mass media or television advertising attracts you to buy the
product?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.3

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 43 43%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 21 21%

C)Both 29 29%

D)None 7 7%

Total 100 100%

Chart 4.3

Number of reponds

7%

29% 43%

21%

Honda Motor Cycle Nd Scooter India Pvt Ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 43 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 21 respondents consider Hero
MotoCorp, 29 respondents consider both and remaining 7 consider none.

71
Ques 4. Which company’s sale executive personnel gives better service when you visit the
showroom?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.4
PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 35 35%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 17 17%

C)Both 35 35%

D)None 13 13%

Total 100 100%

Chart 4.4

Number of responds

13%

35%

35%

17%

Honda Motor Cycle And Scooter India Pvt Ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 35 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 17 respondents consider Hero
MotoCorp, 35 respondents consider both and remaining 13 consider none.

72
Ques 5. Which company prefers mode of newspapers, pamplets etc. more for advertising?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.5
PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 29 29%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 23 23%

C)Both 44 44%

D)None 4 4%

Total 100 100%

Chart 4.5

Number of responds

4%
29%

44%

23%

Honda Motor Cycle And Scooter pvt ltdHero MotocorpBothNone

Interpretation:
From the above data it can be inferred that out of 100 respondents, 29 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 23 respondents consider Hero
MotoCorp, 44 respondents consider both and remaining 4 consider none.

73
Ques 6. Which company’s EMI and credit sale services you like the most?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.6

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 24 24%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 18 18%

C)Both 41 41%

D)None 17 17%

Total 100 100%

Chart 4.6

Number of Responds

17%
24%

18%
41%

Honda Motor Cycle And Scooter India Pvt Ltd Hero Motocorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 24 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 18 respondents consider Hero
MotoCorp, 41 respondents consider both and remaining 17 consider none.

74
 Ques 7. Which company gives better interest rate on
EMI?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.7

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 27 27%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 19 19%

C)Both 36 36%

D)None 18 18%

Total 100 100%

Chart 4.7

Number Of Responds

18%
27%

36% 19%

Honda Motor Cycle And Scooter Pvt LtdHero MotoCorpBothNone

Interpretation:
From the above data it can be inferred that out of 100 respondents, 27 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 19 respondents consider Hero
MotoCorp, 36 respondents consider both and remaining 18 consider none.

75
Ques 8. Which company’s exchange offers satisfies you the most?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.8

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 43 43%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 25 25%

C)Both 17 17%

D)None 15 15%

Total 100 100%

Chart 4.8

Number Of resoponds

15%

43%
17%

25%

Honda Motor Cycle And Scooter India Pvt Ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 43 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 25 respondents consider Hero
MotoCorp, 17 respondents consider both and remaining 15 consider none.

76
Ques 9. Which company’s vehicle gives higher resale value?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.9

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 49 49%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 26 26%

C)Both 19 19%

D)None 6 6%

Total 100 100%

Chart 4.9

Number of responds

6%

19%

49%

26%

Honda Motor Cycle and Scooter India Pvt ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 49 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 26 respondents consider Hero
MotoCorp, 19 respondents consider both and remaining 6 consider none.

77
Ques 10. Which company’s vehicle price is more economical?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.10

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 27 27%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 50 50%

C)Both 20 20%

D)None 3 3%

Total 100 100%

Chart 4.10

Number of responds

3%
20% 27%

50%

Honda Motor cycle And Scooter Pvt ltdHero MotoCorpBothNone

Interpretation:
From the above data it can be inferred that out of 100 respondents, 27 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 50 respondents consider Hero
MotoCorp, 20 respondents consider both and remaining 3 consider none.

78
Ques 11. Which company’s vehicle gives more mileage?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.11

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 36 36%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 25 25%

C)Both 36 36%

D)None 3 3%

Total 100 100%

Chart 4.11

Number of responds

3%

36%
36%

25%

Honda Motor Cycle And Scooter India Pvt Ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 36 respondents
consider Honda Motor Cycle And Scooter pvt ltd, 25 respondents consider Hero
MotoCorp, 36 respondents consider both and remaining 3 consider none.

79
Ques 12. Which company provides better after sale services?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.12

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 34 34%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 19 19%

C)Both 40 40%

D)None 7 7%

Total 100 100%

Chart 4.12

Number of Responds

7%

34%

40%

19%

Honda Motor Cycle and Scooter India Pvt Ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 34 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 19 respondents consider Hero
MotoCorp, 40 respondents consider both and remaining 7 consider none.

80
Ques 13. Which company provides better cash discount offers & Paytm cash back?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.13

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 22 22%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 30 30%

C)Both 33 33%

D)None 15 15%

Total 100 100%

Chart 4.13

Number of responds

15%
22%

33%
30%

Honda Motor Cycle And Scooter India Pvt Ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 22 respondents
consider Honda Motor Cycle And Scooter pvt ltd, 30 respondents consider Hero
MotoCorp, 33 respondents consider both and remaining 15 consider none.

81
Ques 14. Which company’s warranty scheme satisfies you the most?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.14

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 28 28%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 20 20%

C)Both 44 44%

D)None 8 8%

Total 100 100%

Chart 4.14

Number of responds

8%
28%

44%

20%

Honda Motor Cycle Nad Scooter India Pvt Ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 28 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 20 respondents consider Hero
MotoCorp, 44 respondents consider both and remaining 8 consider none.

82
Ques 15. Which company offers better test drive of their product?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Table 4.15

PARAMETER NO. OF RESPONDENTS PERCENTAGE

A) Honda Motor Cycle 23 23%

and Scooter Pvt Ltd
B) Hero MotoCorp Pvt Ltd 21 21%

C)Both 49 49%

D)None 7 7%

Total 100 100%

Chart 4.15

Number Of responds

7%
23%

49%
21%

Honda Motor Cycle And Scooter India Pvt Ltd Hero MotoCorp Both None

Interpretation:
From the above data it can be inferred that out of 100 respondents, 23 respondents
consider Honda Motor Cycle and Scooter pvt ltd, 21 respondents consider Hero
MotoCorp, 49 respondents consider both and remaining 7 consider none.

83
CHAPTER-5 CONCLUSION
: FINDINGS OF THE STUDY
: SUGGESTIONS OF THE STUDY
: CONCLUSION
 : Findings of this Study
 52% people consider motor cycle of Honda Motorcycle and Scooter India Pvt Ltd,
17% people consider Hero MotoCorp, 26% consider both and remaining 5% consider
none.
 53% people consider mopede of Honda Motorcycle and Scooter India Pvt Ltd,
23% people consider Hero MotoCorp, 16% consider both and remaining 8%
consider none.
 43% people consider mass media advertising of Honda Motorcycle and Scooter India
Pvt Ltd, 21% people consider Hero MotoCorp, 29% consider both and remaining
7% consider none attracts them to buy the product.
 35% people consider better sales executive service of Honda Motorcycle and
Scooter India Pvt Ltd, 17% people consider Hero MotoCorp, 35% consider both
and remaining 13% consider none.
 29% people consider newspaper and pamplets for advertising of Honda
Motorcycle and Scooter India Pvt Ltd, 23% people consider Hero MotoCorp, 44%
consider both and remaining 4% consider none attracts them to buy the product.
 24% people consider Honda Motorcycle and Scooter India Pvt Ltd, 18% people
consider Hero MotoCorp, 41% consider both and remaining 17% consider none for
the EMI and credit sales service of the company.
 27% people consider Honda Motorcycle and Scooter India Pvt Ltd, 19% people
consider Hero MotoCorp, 36% consider both and remaining 18% consider none for
the interest rate of EMI of the company.
 43% people consider exchange offer service of Honda Motorcycle and Scooter India
Pvt Ltd, 25% people consider Hero MotoCorp, 17% consider both and remaining 15%
consider none.
 49% people consider for the higher resale value of the vehicle of Honda
Motorcycle and Scooter India Pvt Ltd, 26% people consider Hero MotoCorp, 19%
consider both and remaining 6% consider none.
 27% people consider for the economical price of Honda Motorcycle and Scooter
India Pvt Ltd, 50% people consider Hero MotoCorp, 20% consider both and
remaining 3% consider none.
 36% people consider for the better mileage of the vehicle of Honda Motorcycle
and Scooter India Pvt Ltd, 25% people consider Hero MotoCorp, 36% consider
both and remaining 3% consider none.
 34% people consider for the better after sale service of the vehicle of Honda
Motorcycle and Scooter India Pvt Ltd, 19% people consider Hero MotoCorp, 40%
consider both and remaining 7% consider none.
 22% people consider for the cash discount and Paytm cash back offers of Honda
Motorcycle and Scooter India Pvt Ltd, 30% people consider Hero MotoCorp, 33%
consider both and remaining 15% consider none.

84
 28% people consider for the satisfaction of the warranty scheme of the vehicle of
Honda Motorcycle and Scooter India Pvt Ltd, 20% people consider Hero
MotoCorp, 44% consider both and remaining 8% consider none.
 23% people consider for the test drive of the vehicle of Honda Motorcycle and
Scooter India Pvt Ltd, 21% people consider Hero MotoCorp, 49% consider both
and remaining 7% consider none

85
 : Suggestions
Followings are the suggestions for Honda Motor Cycle and Scooter India Pvt Ltd
and Hero MotoCorp
 promotional activities should be increased.
 Displaying of products should be done in effective manner so that it can
attract customers.
 Both sector companies should arrange more demonstration.
 Products should be made available to all major stores.
 New innovative products should be launched in the markets with effective promotions
so that it could be made popular in common public.

86
 : Conclusion

Each company has its own advantages and disadvantages with different kinds of
methods of approaching customers as well. So does Honda Motor Cycle And
Scooter India Pvt ltd and Hero MotoCorp both are having different CSR and their
working methods are different in their own ways.

Future Group is Confident of the vehicle which gives more mileage. The group has
not slowed down their expansion plans despite the fiscal woes in the economy present
today. Both Honda Motor Cycle And Scooter India Pvt ltd and Hero MotoCorp are
in verge of growth today.

Promotional Advertisement should be done in order to achieve higher response

and attention of customers. The company whose products are sold should introduce
new schemes and offers for their customers as well so that the growth of the
company should be consecutively maintained.

87
BIBLOGRAPHY

References: -
 Double Entry Book Keeping
 Author Name: TS Gerewal
 Publication Year 2018-19
 Project
Websites: -
Company profile
https://www.honda2wheelersindia.com/
https://www.honda2wheelersindia.com/media-center/PressReleaseDetails/219
https://www.heromotocorp.com/en-in/about-us.php
Comparison
https://economictimes.indiatimes.com/industry/auto/two-wheelers-three-wheelers/in-top-
gear-honda-motorcycle-fy18-sales-rise-16-to-rs-26728-
crore/articleshow/68680146.cms?from=mdr
https://auto.economictimes.indiatimes.com/news/two-wheelers/motorcycles/hero-motocorp-
stretches-sales-lead-over-honda-motorcycle-and-scooter-in-first-quarter/64936032
https://www.thehindubusinessline.com/companies/hero-motocorp-hmsi-report-double-digit-
dip-in-july-sales/article28796348.ece
APPENDIX
 QUESTIONNAIRE
Name: - Place: -
Contact no.: -

Ques 1. Which company’s motorcycle you prefer the most?

(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 2. Which company’s mopede do you prefer the most?

(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero Motocorp Pvt Ltd (d) None

Ques 3. Which company’s mass media or television advertising attracts you to buy the
product?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero Motocorp Pvt Ltd (d) None

Ques 4. Which company’s sale executive personnel gives better service when you visit the
showroom?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero Motocorp Pvt Ltd (d) None

Ques 5. Which company prefers mode of newspapers, pamplets etc. more for advertising?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 6. Which company’s EMI and credit sale services you like the most?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 7. Which company gives better interest rate on EMI?

(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None
Ques 8. Which company’s exchange offers satisfies you the most?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 9. Which company’s vehicle gives higher resale value?

(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 10. Which company’s vehicle price is more economical?

(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 11. Which company’s vehicle gives more mileage?

(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 12. Which company provides better after sale services?

(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 13. Which company provides better cash discount offers & Paytm cash back?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 14. Which company’s warranty scheme satisfies you the most?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

Ques 15. Which company offers better test drive of their product?
(a) Honda Motor Cycle and Scooter Pvt Ltd (c) Both
(b) Hero MotoCorp Pvt Ltd (d) None

SUGGESTIONS: -
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