CHAPTER-1 : INTRODUCTION

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 INTRODUCTION

HISTORY OF BIKES Through the years…

Bob Stark has been involved with Indian motorcycles throughout his entire

life. Bob's father became an Indian dealer in 1918, after returning from

military service during World War I. Bob still has a photo of his mother riding

in a sidecar in 1923. Since Bob was born in 1934, his parents were involved

with Indian cycles long before that.

At the age of 10 Bob started staying around his fathers shop, and developed quite
an interest in the Indian cycles. The mechanic considered him a pest, but allowed
him to do minor items, such as changing oil & polishing cycles.

By 1946 Bob was riding his own Whizzer motorbike, and in 1947 graduated to a
Cushman scooter. By 1950, he had learned quite a bit more about the cycles and
got his first Indian, a 741 Scout with skirted fenders. He bought the cycle for
$50.00 without his father’s permission and had it for 4 months before his father
knew it was his. By 1951, Bob purchased the '48 Chief, which he still rides. In
addition, his father deemed the $50.00 741 Scout to be unsafe. So he traded a new
Triumph 650cc even up for it. That was the best cycle deal in Bob's life. 1951 also
was high school graduation, and the start of college. Some extra money was
obtained during the next 3 summers by working on cycles. Bobs father had sold the
Indian shop in 1952, so the work was done in the "ex" chicken coop at home. 1955
was the big change, graduation from Case Institute of Technology, Akron Ohio
(Now called Case/Western) with a degree in mechanical engineering. This was a
year of working days at Goodyear Tire & Rubber and nights on Indians.

A short time was spent in the army during 1956 & 1957. The off hours were spent
at Herb Reiber’s Indian shop in Washington D.C. The '48 Chief (purchased in 1951)
was kept about 2 miles from Fort Belvoir.

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After an army discharge in the fall of 1957 Bob returned to Goodyear Tire during
the day and worked on Indians at home during the evenings. By 1957 he reopened
his fathers shop part time, selling the Royal Enfield built Indians, servicing them,
and servicing the older Chiefs & Scouts. By 1958 Goodyear Tire was no longer in
the picture as Bob quit to spend full time at the cycle shop. In 1959 health reasons
mandated a move to Florida, and more building of cycles at home, while working at
Martin Marietta Corporation. 1961 was a move to California, and the nominal home
workshop for night work. Later 60' s meant trips back to Florida as part of the
launch crew on the first 2 moon shots from Cape Canaveral. Gary was born during
this time frame and started riding between Shorty & Bob by age 2. In 1970,
Starklite Cycle was formed and Bob was back to full time work on Indians. Again,
Starklite took on the Indian dealership, this time for the Taiwan/Italian built
models. This was different, but the main business was restoring the older Indians
and manufacturing parts for them. By now Gary was riding. He got his first Indian
at age 5, and his second one at age 7. He was given a '47 Chief at age 5 and he
finished his restoration of it at age 16.

As the years have progressed, Indian parts have become increasingly

scarcer. This has led to the need to design and build increasing amounts of
Indian parts. In 1989, Gary graduated from California State University of
Long Beach with an Engineering degree in Manufacturing Engineering. The
engineering has helped both Bob and Gary in the production of what we
believe to be the best quality of Indian parts available.
The line now stands at over 3000 items. Shortly has done her part by putting up
with all of this for nearly 30 years, as well as handling most of the work in
connection with the Indian Motorcycle Club. Gary has started helping her last
couple or years with much of the mailing and typesetting, as he has become very
proficient on the computer.

In the fall of 1988, Starklite moved from Fullerton to Perris. The shop in Fullerton
was left in the hands of Wilson Plank, who was employed there for 14 years. He is

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currently operating it under the name of American Indian Specialists and is running
it very successfully working on Indians.

As you can see from this brief background, The Stark Family has been involved in
Indians from 1918 to the present with virtually no interruptions. Starklite is a family
owned business involving Bob, Shorty, and Gary, as well as others. Gary is the third
generation to be involved.

The most gratifying part of the business has been the amount of nice people we
have met. We consider them friends, not just a customer.

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 INDIAN AUTOMOBILE INDUSTRY
two-WHEELERS

2-Wheelers
India is the second largest manufacturer and producer of two-wheelers in the
world. It stands next only to Japan and China in terms of the number of two-
wheelers produced and domestic sales respectively. This distinction was achieved
due to variety of reasons like restrictive policy followed by the Government of India
towards the passenger car industry, rising demand for personal transport,
inefficiency in the public transportation system etc.

The Indian two-wheeler industry made a small beginning in the early 50s when
Automobile Products of India (API) started manufacturing scooters in the country.
Until 1958, API and Enfield were the sole producers. In 1948, Bajaj Auto began
trading in imported Vespa scooters and three-wheelers. Finally, in 1960, it set up a
shop to manufacture them in technical collaboration with Piaggio of Italy. Although
various government and private enterprises entered the fray for scooters, the only
new player that has lasted till today is LML. Under the regulated regime, foreign
companies were not allowed to operate in India. It was a complete sellers market
with the waiting period for getting a scooter from Bajaj Auto being as high as 12
years.

The motorcycles segment was no different, with only three manufacturers viz
Enfield, Ideal Jawa and Escorts. While Enfield bullet was a four-stroke bike, Jawa
and the Rajdoot were two-stroke bikes. The motorcycle segment was initially
dominated by Enfield 350cc bikes and Escorts 175cc bike. The two-wheeler market
was opened to foreign competition in the mid-80s. Moreover, the then market
leaders -Escorts and Enfield - were caught unaware by the onslaught of the 100cc
bikes of the four Indo-Japanese joint ventures. With the availability of fuel-efficient
low power bikes, demand swelled, resulting in Hero Honda - then the only producer
of four stroke bikes (100cc category), gaining a top slot. The first Japanese
motorcycles were introduced in the early eighties. TVS Suzuki and Hero Honda
brought in the first two-stroke and four-stroke engine motorcycles respectively.

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These two players initially started with assembly of CKD kits, and later on
progressed to indigenous manufacturing. In the 90s the major growth for
motorcycle segment was brought in by Japanese motorcycles, which grew at a rate
of nearly 25% CAGR in the last five years. The industry had a smooth ride in the
50s, 60s and 70s when the Government prohibited new entries and strictly
controlled capacity expansion. The industry saw a sudden growth in the 80s. The
industry witnessed a steady growth of 14% leading to a peak volume of 1.9mn
vehicles in 1990. The entry of Kinetic Honda in mid-eighties with a variometric
scooter helped in providing ease of use to the scooter owners. This helped in
inducing youngsters and working women, towards buying scooters, who were
earlier inclined towards moped purchases. In the 90s, this trend was reversed with
the introduction of scooterettes. In line with this, the scooter segment has
consistently lost its part of the market share in the two-wheeler market.

In 1990, the entire automobile industry saw a drastic fall in demand. This resulted
in a decline of 15% in 1991 and 8% in 1992, resulting in a production loss of 0.4mn
vehicles. Barring Hero Honda, all the major producers suffered from recession in
FY93 and FY94. Hero Honda showed a marginal decline in 1992. The reasons for
recession in the sector were the incessant rise in fuel prices, high input costs and
reduced purchasing power due to significant rise in general price level and credit
crunch in consumer financing. Factors like increased production in 1992, due to new
entrants coupled with the recession in the industry resulted in companies either
reporting losses or a fall in profit

Rise of a Product: The Motorcycles

Motorcycles are the most expensive of all two-wheelers. They are more powerful
than scooters and mopeds, have the highest load carrying capacity (which is
essential for rural areas), are fuel-efficient, have better road grip, and are the most
expensive. Besides, motorcycles are viewed as “trendy” in the urban areas as
compared with scooters and mopeds.

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Motorcycle production in India began in 1952, when Enfield India Limited
commenced manufacture at its plant in Tamil Nadu. It was the only
motorcycle producer in the country until the early 1960s when Ideal Jawa
(India) Private Limited and Escorts Limited entered the market. By 1970-71,
production of motorcycles had reached 39,000 units per annum.

The fortunes of the motorcycle industry changed after the announcement of

the liberal licensing policy in 1982 whereby foreign collaboration was
allowed. In 1982, the Government allowed foreign players to enter the
industry through joint ventures. Within four years, the TVS Group tied up
with Suzuki, the Hero Group with Honda, the Escorts Group with Yamaha,
and Bajaj Auto Limited (Bajaj Auto) with Kawasaki. TVS Suzuki introduced in
1984, Hero Honda Motors Limited (HHML) launched CD100 in 1985, and
both Escorts and Bajaj Auto launched their models in 1986-87. These
models catered for the upwardly mobile, middle-to-upper income group
consumers who preferred a stylish, powerful vehicle that could be used as an
urban personal transportation vehicle. The principal brands that competed in
the 1980s were the HHML CD100 (a four-stroke 100cc), the Ind-Suzuki
AX100 (from TVS, two-stroke, 100cc) and the Escorts-
Yamaha RX100 (two-stroke, 100cc). While the CD100 was positioned
primarily on the efficiency plank, giving riders an unprecedented mileage of
80 kms per liter (kmpl), the RX100 became popular with young buyers
because of its high power. The AX100 took the middle path, balancing power
with reasonable fuel efficiency. To reinforce its image of being a maker of
powerful motorcycles, Escorts launched the 350cc twin-crab, twin-cylinder
Yamaha RD350, a vehicle that soon gained cult status. It offered 36bhp, but
was plagued by problems—very few mechanics could tune the engine and
the average fuel consumption was as low as 15 kmpl. Subsequently, the

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product had to be discontinued. The launch of the 100cc motorcycles was
path breaking, as till then the existing big models like the Yezdi, Rajdoot and
Bullet could not compete with scooters.

A significant development in the motorcycle industry during the late 1990s was the
shift from two-stroke to four-stroke technology. The attraction of the four-stroke
technology was earlier limited to fuel efficiency, while two-stroke held its own by
offering better performance and easier maintenance. But, following the
enforcement of India 2000 emission norms beginning April 1, 2000, the less
polluting four-stroke has become the preferred technology. The two-stroke
technology can also meet the existing environment norms, but only when
supplemented by catalytic converters—an option that is both costly and
shortsighted. The high temperature of the exhaust, combustion irregularities, the
problem of lubricating oil contamination with metallic additives, and finally, fuel
adulteration can poison the catalyst and render it completely ineffective. Further,
the use of catalytic converter affects the initial pick-up of two-stroke engines, which
is one of their main attractions. Given these shortcomings, most motorcycle
manufacturers have offered four-stroke vehicles. While the four-stroke motorcycle
segment is the fastest growing, it is also highly competitive. Competition has
intensified in this segment since CY2001 when players introduced new products at a
relatively fast pace. Also, new entrants have entered the market by introducing
their products at lower price points, while the existing players have announced
price cuts. This has led to price competition in the domestic market. At the lower
end of the segment, Bajaj Auto has its Boxer range of motorcycles and Bike; HHML
has Dawn as well as CD Dawn and KEL Boss. Above this segment, there are strong
brands such as Victor (TVS), Passion and Splendor (HHML), Caliber 115 and Aspire
(Bajaj Auto), Freedom, Adriano and Energy (LML), and Crux R (Yamaha). Through
its CBZ model, HHML had tapped the premium segment of the market in 1999.

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Since then, however, quite a few models such as Pulsar 180 by Bajaj Auto
and Fiero by TVS have been launched in this segment. Royal Enfield is the
market leader in the lifestyle segment. This segment has also attracted new
model launches such as Eliminator by Bajaj Auto, Aquila by KEL and Karizma
by HHML.

The industry need to adopt suitable technology so that it can conveniently

meet these horns in time since the production largely of two stroke engines
figment of catalytic converter will become necessary. But it will lead some in
case in prices. The life of these converter is limited to 25/30 thousand hence
consumer will prefer something durable and longer lasting.

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Some manufacture is therefore planning to switch over to stroke technology
to comply with the emission norms. It has an additional advantage of more
complete combustion of hydrocarbons in petrol, which gives higher mileage
and better fuel economy. The 4 strokes bike are currently giving of fuel 70 to
80 km/hr. this will important from consumers point of view because of high
price level of petrol in India. It is therefore not surprising that every major
player is trying to get into the motor cycle market to have a piece of cake.

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11
 COMP
ANY PROFILE

HERO HONDA LTD.

The legend of Hero Honda what started out as a Joint Venture between Hero
Group, the world's largest bicycle manufacturers and the Honda Motor
Company of Japan, has today become the World's single largest two-wheeler
Company. Coming into existence on January 19, 1984, Hero Honda Motors
Limited gave India nothing less than a revolution on two-wheels made even
more famous by the 'Fill it - Shut it - Forget it ' campaign. Driven by the
trust of over 5 million customers, the Hero Honda product range today
commands a market share of 48% making it a veritable giant in the
industry. Add to that technological excellence, an expansive dealer network,
and reliable after sales service, and you have one of the most customer-
friendly companies.

Hero Group > Marketing Strategy

A thorough understanding of the fast-changing consumer behavior, new market

segments and product opportunities along with sensitivity to changing customer
needs, form the core of Hero's marketing strategy and philosophy.

At Hero, we essentially have a completely customer-driven approach. A nation-wide

dealer network comprising of over 3,500 bicycle dealers, 350 dealers for mopeds

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and 225 franchise holders for motorcycles, ensures convenient access to the
Group's products across the country.

With a deep sense of belonging to the Hero fraternity, the Group's dealer network
has catalyzed growth and acted as a strong bridge between the customers and the
Group.

Conventionally, very few Indian bicycle manufacturers were interested in exports.

However, the Hero Group's foray into the overseas markets pioneered Indian
exports in the bicycle segment as early as 1963. It was a move prompted primarily
by the need to be attuned to the global marketplace.

While initial exports were restricted to Africa and the Middle East, today more than
50 percent of the Group's bicycle exports meet the demands of sophisticated
markets in Europe and America. This is primarily because of appropriate product
development and excellent quality that Hero offers.

The Group has undertaken a steady up gradation of technologies and there has
been diversifications and setting up of newer establishments to meet stringent
international standards.

At the core of it all is a customer-centric scheme of policies and production ... and
the bottom line is to "Add Value while Engineering Satisfaction."

A rich background of manufacturing high value, reasonably priced products; an

uncompromising pursuit of the goals to attain quality along with customer
satisfaction; the resulting affinity in working cultures - brought the world's largest
manufacturer of motorcycles in collaboration with the world's largest bicycle
manufacturer, bringing forth a market leader. Honda Motor Company of Japan and
the Hero Group entered a joint venture to setup Hero Honda Motors Limited in
1984.

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BOARD OF DIRECTORS

Hero-Honda

No. Name of the Directors Designation

1 Mr. Brijmohan Lall Munjal Chairman & Whole-time Director
2 Mr. Pawan Munjal Managing Director & CEO
3 Mr. Toshiaki Nakagawa Joint Managing Director
4 Mr. Sumihisa Fukuda Technical Director
5 Mr. Om Prakash Munjal Non-executive Director
6 Mr. Sunil Kant Munjal Non-executive Director
7 Mr. Masahiro Takedagawa Non-executive Director
8 Mr. Satoshi Matsuzawa Non-executive Director
(Alternate Director to Mr. Takashi
Nagai)
9 Mr. Pradeep Dinodia Non-executive & Independent
Director
10 Gen.(Retd.) V. P. Malik Non-executive & Independent
Director
11 Mr. Analjit Singh Non-executive & Independent
Director
12 Dr. Pritam Singh Non-executive & Independent
Director
13 Ms. Shobhana Bhartia Non-executive & Independent
Director
14. Mr. Meleveetil Damodaran Non-executive & Independent
Director
15. Mr. Ravi Nath Non-executive & Independent
Director
16. Dr. Anand C. Burman Non-executive & Independent
Director

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 The Market Leader
Today Hero Honda has managed to achieve indigenization of over 95 percent, a
Honda record worldwide. Hero Honda is at present the largest-selling Indian
motorcycle and the most fuel-efficient in its category - the outcome of Hero Group's
foresight and another classic example of how the Group strives to provide the
customer with excellence and satisfaction.

Hero Honda became the first company in the country to introduce four-
stroke motorcycles and set the standards for fuel efficiency, pollution control
and quality. It has a production capacity of 1.2 million motorcycles, which
shall be enhanced to 1.5 million motorcycles in the coming years. It has an
excellent distribution and service network spread throughout the country.
Hero Honda is the market leader in motorcycles, with sales of over a million
motorcycles and a strong market share of 47% during 2000-01.

Advertisement strategy

Hero Honda has snagged the brat pack — Virender Sehwag, Mohammad Kaif,
Yuvraj Singh and Zaheer Khan. The two-wheeler maker, an official sponsor of the
World Cup tournament to be played in South Africa in February, has brought the
young and exciting cricketers of the Indian team on board as brand ambassadors.

The Fab Four — along with team captain Sourav Ganguly — will feature in the ads
for its latest motorcycle model: the Ambition. Hero Honda is extremely cagey about
saying how much they had to fork out to bring the top cricketers to feature in the
ads.

Atul Sobti, senior vice-president, marketing and sales declined to say how much
they planned to invest in the ad campaign. "It will give a lot of leverage to the new
product Ambition by giving the image of a powerful and efficient motorcycle. The
powerful-e-l bike will be well represented by the leadership qualities, power and the
capacity to face any challenges," he added.

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The current ad for Ambition is tame; it shows an important file reaching a
destination in time because of the power of the motorcycle. "It does not properly
appeal to the customers about the power and efficiency of the product. 'Team
Ambition' will be much better suited to represent the product," sources said.

Hero Honda is hoping to crank up sales of Ambition because of the endorsements

by the top cricketers during the World Cup when cricket fever will be at its highest.

One major advantage is that none of its rivals will be able to use cricketers to
endorse their products before and after the World Cup because of the ambush-
marketing clause that the International Cricket Council (ICC) has worked into the
players contracts.

The issue had sparked a row when it was raised just before the ICC champion’s
trophy in Sri Lanka in September but was resolved after a stand-off between ICC,
the cricket boards of several nations and the players.

Hero Honda plans to increase its market-share to 50 per cent this fiscal and is
targeting sales of 10,000 Ambitions a month. Its share dipped from 48 per cent to
45 per cent.

The 133 cc Ambition generates 11 bhp of thrust, which has been kept low in order
to improve fuel efficiency. It has been placed in between the 125cc and 150cc
motorcycle categories to draw the maximum clientele. The bike accelerates from 0-
60 kmph in only six seconds.

While launching the new campaign with the cricketers, Hero Honda is also drawing
up plans for a couple of ads with the other brand ambassador, Hrithik Roshan.

Hero Honda's association with cricket goes back to 1993, when it sponsored the
Hero Cup. It was the official sponsor of the recent ICC Champions Trophy in Sri
Lanka and will have the same status for the ICC World Cup in 2003.

As economies open up, are Asian enterprises ready for the global battle for export
markets and investment?

Hero Honda sales decline 1.2 pc

Our Bureau

NEW DELHI, May 1

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HERO Honda, the country's largest motorcycle manufacturer, saw its sales decline
by 1.2 per cent to 1,34,318 units in April 2003 from 1,35,961 units in the same
month last year.

According to industry sources, sales of the company could have been affected by
sluggish rural demand combined with the 10-day trucker's strike affecting
production as well as distribution of products in April.

The company saw a growth of 16.06 per cent in sales volume during April
compared to March.

Meanwhile, Hero Honda is planning to launch new 200 plus cc motorcycle during
May, a company release said.

The company today announced that it has achieved a milestone with its Daruhera
plant, in Haryana, becoming the first Indian two-wheeler plant to produce 5 million
units. The 5 millionth motorcycle was a Splendor. The first motorcycle, CD100, had
rolled off the assembly line in April 1985.

Customer satisfaction, a high quality product, the strength of Honda

technology and the Hero group's dynamism have helped HHML scale new
frontiers and exceed limits.

In the words of Mr. Brijmohan Lall Munjal, the Chairman and Managing
Director, "We will continue to make every effort required for the
development of the motorcycle industry, through new product development,
technological innovation, and investment in equipment and facilities and
through and through efficient management."

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Different models of Hero Honda bikes:

HERO HONDA CD DAWN HERO HONDA SPLENDOR

Technical Specifications Technical Specifications

4 Stroke, Single 4 Stroke, Single Cylinder,

Engine Engine
Cylinder, Air Cooled Air Cooled

Cubic Capacity 97.2cc Cubic Capacity 97.2cc

Max. Power 7.4 BHP @ 8000rpm Max. Power 7.5 BHP @ 8000rpm

Gear Box 4 Speed Gear Box 4 Speed

Ignition CDI Ignition CDI

Front Brakes 130mm Drum Front Brakes 130mm Drum

Rear Brakes 110mm Drum Rear Brakes 110mm Drum

Front Tyre 2.75 X 18 Front Tyre 2.75 X 18

Rear Tyre 3.00 X 18 Rear Tyre 3.00 X 18

Wheelbase 1230mm Wheelbase 1235mm

Ground Ground
160mm 159mm
Clearance Clearance

Dry Weight 114 Kg Dry Weight 116 Kg

Tank Capacity 10.5 Litres Tank Capacity 12.8 Litres

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 Colours Black, Silver, Blue & Red

HERO HONDA PASSION HERO HONDA GLAMOUR

Technical Specifications Technical Specifications

Air-cooled, 4-stroke Engine Quantum Core

Engine
single cylinder OHC
Displacement 124.7 cc
Displacement 97.2cc
Maximum 6.72 KW (9 BHP) @
Max. Power 7.5 Ps at 8000 rpm Power 7000 rpm

Gear Box 4 Speed Constant Mesh Maximum

95 kmph
Speed
Max. Speed 85 Kmph.
Gears 4 Gears
Frame Tubular Double Cradle
Frame Tubular Double Cradle
Tyre Size
2.75 * 18- 4 PR /42 P
(Front) Tyre Size
2.75 x 18 - 42 P / 4 PR
(Front)
Tyre Size(Rear) 3.00*18-4/6 PR
Tyre Size
(130mm)/ Hydraulic Disc 3.00 x 18 - 52 P / 6 PR
Brakes (Front) (Rear)
Type (Optional)
35/35 W Halogen Bulb
Brakes (Rear) Internal Expanding Headlight
(Multi-Reflector)

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 Shoes Type (130 mm) Starting Kick / Self

Ignition Electronic CDI Brakes (Front) Drum / Disc

Starting Kick Starter Brakes (Rear) Drum

Wheelbase 1235 mm No. of Variants 4

Ground
160mm
Clearance

Kerb Weight 116 kgs.

Fuel Tank 12.8 litres (Reserve 1.1

Capacity litres)

HERO HONDA KARIZMA HERO HONDA SUPER SPLENDOR

Technical Specifications
Technical Specifications

4 stroke, Single
Engine Cylinder OHC, air Engine 4 Stroke, Single Cylinder
cooled
Cubic Capacity 133cc
Displacement 223 cc
Man Power 11BHP @ 8000rpm
Max. Power 17.0 PS @ 7000 rpm

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 Gear Box 5 Speed, Constant Mesh

Maximum Ignition Digital CDI System

125 KMPH
Speed
Front Brakes 130mm Drum
Gear Box 5 speed, constant mesh
Rear Brakes 130mm Drum
Wheelbase 1355 mm
Front Tyre 2.75 X 18
Ground
150 mm Rear Tyre 3.00 X 18
Clearance

Tyres: 2.75 X 18 - 42 Wheelbase 1285mm

Front/Rear P/100/90 X 18 - 56 P
Ground
150mm
Fuel Tank Clearance
15.0 litre
Capacity
Ground
150mm
Disc (276 mm Clearance
Brake - Front
diameter)
Dry Weight 126.5 Kg
Internal Expanding
Rear Tank Capacity 12.5 Litres
Shoe (130 mm)

Kerb Weight 150 kg

Digital - CDI (AMI-

Advanced
Ignition
Microprocessor Ignition
System)

Starting Kick + Self

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 HERO HONDA PLEASURE

Engine Air-cooled, 4-stroke single cylinder OHC

Bore x Stroke 50.0 x 52.0 mm

Displacement 102 cc

Compression Ratio 9.0 : 1

Maximum Power 5.22 kW (7bhp) @ 7000 RPM

Maximum Torque 7.85 Nm @ 5000 RPM

Maximum Speed 77 kmph

Clutch Dry, Automatic Centrifugal Clutch

Ignition CDI

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Starting Self-start

Front Suspension Bottom Link with Spring-loaded Hydraulic Damper

Rear Suspension 150 kg

Ignition Swing Arm with Spring-loaded Hydraulic Damper

Length x Width x Height 1750 mm x 705 mm x 1100 mm

Wheel Base 1240 mm

Ground Clearance 125 mm

Kerb Weight 104 kg

Tyre Size* Front 3.50 x 10 - 4PR / 51 J

Rear 3.50 x 10 - 4PR / 51 J

Internal Expanding Shoe Type (130 mm)

Front Brake
Non-asbestos Type

Internal Expanding Shoe Type (130 mm)

Rear Brake
Non-asbestos Type

Fuel Tank Capacity 5 Ltrs (Min)

Head Lamp 35W / 35W Halogen Bulb (Multi-reflector Type)

Battery 12 V-5 Ah

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Sales of HERO HONDA Bikes:-

Feb 2008 1,59,508

Jan 2008 1,67,592

Jan 2007 1,97553

Jan 2006 1,87,334

Dec 2006 1,856239

Dec 2005 1,56,296

HERO HONDA close calendar year2007 with sale of over 33 lakhs bikes.

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BAJAJ AUTO LIMITED

The Bajaj Group came into existence during the turmoil and the heady
euphoria of India's freedom struggle. Jamnalal Bajaj, founder of the Bajaj
Group, was a confidante and disciple of Mahatma Gandhi, and was deeply
involved in the effort for freedom. The integrity, dedication, resourcefulness
and determination to succeed which are characteristic of the Company
today, are often traced back to its birth during those long days of relentless
devotion to a common cause.

Kamalnayan, the eldest son of Jamnalal Bajaj, succeeded his father in 1942,
at the age of twenty-seven. Putting the Nation before business, he devoted
himself to the latter only after India achieved independence in 1947. But
when he did so, he put his heart and soul into it. Within a short while, he not
only consolidated the Group, but also diversified into various manufacturing
activities, elevating the Group to the status it enjoys till this day.

Rahul Bajaj today heads the Group. He has been the Chief Executive Officer
of Bajaj since 1968 and is recognized as one of the most outstanding
business leaders in India. As dynamic and ambitious as his illustrious
predecessors, he has been recognized for his achievements at various
national and international forums.

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Bajaj is currently India's largest two and three-wheeler manufacturer and
one of the biggest in the world. Bajaj has long left behind its annual turnover
of Rs.72 million (1968), to currently register an impressive figure of
Rs.42.16 billion (US$ 936 million).

Group/ Management
Mr. Jamanalal Bajaj founded the Bajaj Group in the 30s. The group now has 24
companies, including 6 listed companies. Besides BAL, the major companies in the
group are Mukand Ltd. (Alloy/ Special Steel, term key projects), Bajaj Electricals
Ltd.(Electrical equipments, fans, and appliances) and Bajaj Hindustan Ltd.(Sugar,
industrial alcohol)

BELIEFS

 Transparency: A commitment that the business is managed along

transparent lines.
 Fairness: To all stakeholders in the Company, but especially to
minority shareholders.
 Disclosure: Of all relevant financial and non-financial information in an
easily understood manner.
 Supervision: Of the Company’s activities by a professionally competent
and independent board of directors.

PRESENCE

 Distribution network covers 50 countries.

 About 150,000 units likely to be exported this year.

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 Dominant presence in Sri Lanka, Mexico, Bangladesh, Columbia,
Guatemala, Peru, Egypt, Iran and Indonesia.

 Largest exporter of three-wheelers; over 40.875 units exported last year.

 All products customized as per market needs .

 83% growth in total exports in 2002-03.

Management Profile:

Rahul Bajaj Chairman

Madhur Bajaj Vice Chairman

Rajiv Bajaj Managing Director

Sanjiv Bajaj Executive Director

Abraham Joseph Vice President (Research & Development)

Pradeep Shrivastava President (Engineering)

S Sridhar CEO (2WH)

R C Maheshwari CEO (Commercial Vehicles)

Rakesh Sharma CEO (International Business)

C P Tripathi Vice President (Corporate)

N H Hingorani Vice President (Commercial)

Kevin P D'sa Vice President (Finance)
V S Raghavan Vice President (Corporate Finance)
S Ravikumar Vice President (Business Development)
K Srinivas Vice President (Human Resources)
Ranjit Gupta Vice President (Insurance)

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J. Sridhar Company Secretary

BORAD OF DIRECTERS
Rahul Bajaj Chairman
Madhur Bajaj Vice Chairman & Whole-Time Director
Rajiv Bajaj Managing Director
Sanjiv Bajaj Executive Director
D.S. Mehta Whole-Time Director
Kantikumar R. Podar Director
Shekhar Bajaj Director
D.J. Balaji Rao Director
J.N. Godrej Director
S.H. Khan Director
Mrs. Suman Kirloskar Director
Naresh Chandra Director
Nanoo Pamnani Director
Manish Kejriwal Director
P Murari Director

Niraj Bajaj Director

28
Milestones
2007
September Launch of XCD DTS-Si

June National Launch of 220 cc Pulsar DTS-Fi.

April Bajaj Auto Commissions New Plant at Pantnagar, Uttarakhand

February 200 cc Pulsar DTS-i launched

January Bajaj Kristal DTS-i launched

2006  

April Bajaj Platina launched

2005  

December Bajaj Discover launched

June Bajaj Avenger DTS-i launched

February Bajaj Wave DTS-i launched

2004  

October Bajaj Discover DTS-i launched

August New Bajaj Chetak 4 stroke with Wonder Gear launched

May Bajaj CT100 Launched

Bajaj unveils new brand identity, dons new symbol, logo and brand
January
line

2003  

October Pulsar DTS-i is launched.

October 107,115 Motorcycles sold in a month.

July Bajaj Wind 125,The World Bike, is launched in India.

Bajaj Auto launched its Caliber115 "Hoodibabaa!" in the executive

February
motorcycle segment.

2001  

29
 Bajaj Auto launches its latest offering in the premium bike segment
November
‘Pulsar’.

January The Eliminator is launched.

2000  

The Bajaj Safire is introduced.

1999  

Caliber motorcycle notches up 100,000 sales in record time of 12

months.

  Production commences at Chakan plant.

1998
June 7th Kawasaki Bajaj Caliber rolls out of Waluj.

July 25th Legend, India’s first four-stroke scooter rolls out of Akurdi.

October Spirit launched.

1997  

The Kawasaki Bajaj Boxer and the RE diesel Autorickshaw are

 
introduced.

1995  

November 29 Bajaj Auto is 50.

Agreements signed with Kubota of Japan for the development of

  diesel engines for three-wheelers and with Tokyo R&D for ungeared
Scooter and moped development.

The Bajaj Super Excel is introduced while Bajaj celebrates its ten
 
millionth vehicle.

  One million vehicles were produced and sold in this financial year.

1994  

  The Bajaj Classic is introduced.

1991  

  The Kawasaki Bajaj 4S Champion is introduced.

30
1990  

  The Bajaj Sunny is introduced.

1986  

The Bajaj M-80 and the Kawasaki Bajaj KB100 motorcycles are
  introduced.

  500,000 vehicles produced and sold in a single financial year.

1985  

The Waluj plant inaugurated by the erstwhile President of India, Shri

November 5
Giani Zail Singh.

Production commences at Waluj, Aurangabad in a record time of 16

 
months.

1984
January 19 Foundation stone laid for the new Plant at Waluj, Aurangabad.

1981  

  The Bajaj M-50 is introduced.

1977  

  The Rear Engine Autorickshaw is introduced.

Bajaj Auto achieves production and sales of 100,000 vehicles in a

  single financial year.

1976  

The Bajaj Super is introduced.

1975  

1972 BAL & Maharashtra Scooters Ltd. joint venture.

1972  

31
1971 The Bajaj Chetak is introduced.

 1971  

1970 The three-wheeler goods carrier is introduced.

 1970  

1960 Bajaj Auto rolls out its 100,000th vehicle.

 1960  

Bajaj Auto becomes a public limited company. Bhoomi Poojan of

1959 Akurdi Plant.

 1959  

Bajaj Auto obtains licence from the Government of India to

19489
manufacture two- and three-wheelers.

 1948  

1945 Sales in India commence by importing two- and three-wheelers.

1945
Bajaj Auto comes into existence as M/s Bachraj Trading Corporation
November 29
Private Limited.

Infrastructure

Plants
Bajaj Auto's three plants at Akurdi, Waluj and Chakan in Maharashtra and one plant
at Pant Nagar in Uttaranchal, western India, produced 1,814,799 vehicles in 2004-
05.

32
 Akurdi Geared scooters, ungeared scooters, CT100 and Discover

Waluj Bajaj - Kawasaki range of motorcycles and three-wheelers

Chakan Bajaj motorcycles - Pulsar and Discover

Pant Nagar Bajaj motorcycles - Platina

Plant Locations
Bajaj Auto plants are located at:

Mumbai - Pune Road, Akurdi, Pune 411 035

Bajaj Nagar, Waluj, Aurangabad 431 136

MIDC, Plot No A1, Mahalunge Village, Chakan 410 501 Dist. Pune

Plot No. 2, Sectoe 10 Phase -II - E, Pant Nagar, Sidcul, Rudrapur Dist

Udhamsingh Nagar Uttranchal

AWARDS :-

Year by
Product Awards
33
Bajaj Pulsar DTS-Fi - Bike of the Year 2007 CNBC-TV18Autocare Auto award
Bajaj Platina 100cc - Bike of the Year 2007 NDTV profit bike INDIA

Mr. Rajiv Bajaj - Man of the year 2005 2005 Car profession
Mr. Rajiv Bajaj - Automotive Man of the 2005 Bike India & NDTV India
year 2005

Bajaj CT 100 - Motorcycle Total Customer 2005 TNS Automotive

Satisfaction Study 2005

Bajaj Discover DTS-i - Bike of the Year 2005 OVERDRIVE Awards 2005
2005

Bajaj Discover DTS-i - Indigenous Design 2005 OVERDRIVE Awards 2005

of the Year 2005

BAJAJ AUTO - Bike Maker of the Year 2004 ICICI Bank OVERDRIVE
2004 Awards 2004
DTS-i Technology - Auto Tech of the Year 2004 ICICI Bank OVERDRIVE
2004 Awards 2004
Bajaj Pulsar DTS-i Bike of the Year 2004 2004 ICICI Bank OVERDRIVE
Awards 2004
Wind 125 Two Wheeler of the Year 2004 2004 CNBC AUTOCAR Awards 2004
Wind 125 Bike of the Year 2004 2004 Business Standard Motoring
Bajaj Pulsar 180 DTS-i BBC World Wheels 2003 BBC World Wheels Award 2003
Viewers Choice Two Wheeler of Year 2003

Bajaj Pulsar 180 DTS-i BBC World Wheels 2003 BBC World Wheels Award 2003
Award for Best Two Wheeler between Rs
55,000 to Rs 70,000

Bajaj Pulsar 150 DTS-i BBC World Wheels 2003 BBC World Wheels Award 2003
Award for Best Two Wheeler between Rs
45,000 to Rs 55,000

Bajaj Boxer AT KTEC BBC World Wheels 2003 BBC World Wheels Award 2003
Award for Best Two Wheeler under Rs
30,000

Bajaj Pulsar - Motorcycle Total Customer 2003 NFO Automotive

Satisfaction Study

Bajaj Pulsar - Bike of the year ICICI Bank OVERDRIVE Awards 2003

34
Different models of Bajaj bikes:

35
36
 Bajaj Discover Electric start

Engine 4 Stroke, Single Cylinder, Air Cooled

Cubic Capacity 124.52cc

Max. Power 11.51 BHP @ 8000rpm

Gear Box 4 Speed

Ignition CDI

Front Brakes 130mm Drum

37
Rear Brakes 130mm Drum

Front Tyre 2.75 X 17

Rear Tyre 3.00 X 17

Wheelbase 1305mm

Ground Clearance 0mm

Dry Weight 129 Kg

Tank Capacity 10 Liters

Colours Black, Red, Blue

Bajaj Pulsar 198.8 ES DTSi

Engine 4-stroke, DTS-i, Oil cooled

Cubic Capacity 198.8 cc

Max. Power 18 Ps / 13.25 Kw

Gear Box 5 Speed

Ignition CDI

Front Brakes 18 Ps / 13.25 Kw

Rear Brakes Mechanically expanding 130 mm drum type

90/90 x 17” Tubeless tyre, shod on aluminium

Front Tyre
alloy wheels

Rear Tyre 120/80 x 17” Tubeless tyre, shod on

38
 aluminium alloy wheels

Wheelbase 1345 mm

Ground Clearance 165mm

Dry Weight 145 Kg

Tank Capacity 15 Liters’

Colours Black, Silver, Orange, Blue, Dark Grey

39
Sale of BAJAJ Bikes:-

Year No.of units

Aug 2006 2,15,076
Aug 2007 2,40,875
Fy 06-07 12,82860
Fy 07-08 12,63,254

40
 CHAPTER-2
RESEARCH METHODOLOGY

RESEARCH METHODOLOGY

41
Meaning of Research

Research is a common parlance refers to a search for knowledge. One can

also define research as a scientific and systematic search for pertinent
information on a specific topic. In fact, research is an art of scientific
investigation. The Advance Learner’s Dictionary of current English lays down
the meaning of research as “A careful investigation or inquiry especially
through search for new facts in any branch of knowledge.” Redman and
Mory defines research as a ”Systematized efforts to gain new knowledge.”
Some people consider research as a movement, a movement to from the
known to unknown. It is actually a voyage of discovery. We possess the vital
instinct of inquisitiveness for, when the unknown confronts us, we wonder
and our Inquisitiveness make us probe and attain full and fuller
understanding of the unknown.

Methodology

In planning and designing a specific research project, it is necessary to

anticipate all the steps that must be undertaken if the project is to be
successful in collecting valid and reliable information.

42
 OBJECTIVES OF THE PROJECT

Primary Objective:-

 To study the position of two wheeler bikes (Highlighting BAJAJ & HERO HONDA)
in India.
 To forecast the consumers requirements and to study the consumers preference
by collecting the data through questionnaire and through other secondary
resources.
 To determine the consumers buying attitudes towards given bikes.

Secondary Objective:-

 To determine the satisfaction level of consumer regarding various product

features and various aspects of given bikes.
 To determine the usage of the product.
 To trace the customer profile.

RESEARCH DESIGN:

The research undertaken was descriptive research in nature. The emphasis

was made to understand the nature and the expectations of the customers.

43
TYPE OF SAMPLE DESIGN:
The type of sampling that was carried out was probability (convenience)
sampling due to limited resources available.

In non-probability sampling, I have chosen RANDOM sampling. Because this was

best sampling method to do market survey. On the other aspect, to cover all
consumers in Ghaziabad was easy task.

RESEARCH APPROACH:
There are two basic approaches to research. Quantitative and qualitative,
my approaches are both.
RESEARCH INSTRUMENT:
Research’s instrument is questionnaires for collecting the primary data. This
is very common and flexible instrument.

COLLECTING THE DATA:

 Primary sources
 Secondary sources

Primary data:
Through survey researcher obtains primary data directly from the Reader
through following method.
 Observation method.
 Interview method.
 Questionnaires.

44
Observation method:
Researcher went to the dealer’s showroom and service center and even
parking places. Researcher directly observes the customers researcher with
out asking any question. Here researcher found most of the customer was
empty buying behavior.
Interview Method:
Researcher went to the service center and parking places and collects the
data through personal interview.
Through Questionnaires:
Researcher collects most of the data through questionnaires; researcher
went to the consumers and requested them to fill the questionnaires.
Secondary data:
 Through Company Profile
 Through Newspapers
 Times of India
 Hindustan Times
 The Hindu
 Economics Times
 Through Magazines
 Business India
 Business India
 Auto India

SAMPLING SIZE: 100 RESPONDENTS

The total number of these selected persons is called sample size.
In this case, study sample units are One Hundred Only.

45
SAMPLE AREA: Ghaziabad Raj Nagar (Sec.23, 10, RDC), Rajendra Nagar,
Nehru Nagar, G.T. Road

46
 CHAPTER 3 :

LIMITATION OF RESEARCH STUDY

47
 LIMITATIONS

 Small Sample size:

In my survey, I have taken a sample size of 100 customers, but only
with these samples I can’t make a proper conclusion.

 Time Constraint:
Time for this project is not sufficient. As I go for the survey at the
dealership then time for completing and filling the questionnaires is
not sufficient.

 Sample Area:
The study was conducted in GHAZIABAD only. Hence, the study may not be
useful for projection of behavioral aspect of consumers living in other cities.

 Money Constraint:
Budget and finance are always been constraints in doing any project.

48
 FUTURE DIRECTION OF THE RESEARCH

 There should be at least six months time period for conducting a useful research
in any field of industry or organization.

 The respondent should provide correct information as and when needed by the
researcher and employees of the organization should be cooperative.

 Research should try to provide more elaborate information about international

marketing strategies.

 There should be more elaborate and meaningful suggestions and

recommendations by the researcher so that it can be helpful for the growth
prospects of the industry in the future.

49
 CHAPTER- 4

ANALYSIS AND INTERPRETATION

50
 ANALYSIS

Q1) Which bike do

you have?

Hero
Honda 47
Bajaj 38
Any other 15

Hero honda
Bajaj
Any other

51
Q2) Which Model do you Have?
Hero
Honda Bajaj
Splender 21 CT 100 7
Passion 13 Discover 12
Karizma 7 Pulsar 11
Any other 6 Any other 8

25

20 Hero Honda
No of Persons

Splender
15
Passion
10
Karizma
5 Any other

0
1
Model Name

14
12
Bajaj
No of Persons

10
CT 100
8
Discover
6
Pulsar
4
Any other
2
0
1
Model Nam e

52
Q3) In which family Income level
do you Fall?

100000-
200000 22
200000-
300000 45
300000-
400000 23
above
400000 10

50
40 100000-200000
No of Persons

30 200000-300000
20 300000-400000
10 above 400000

0
1
Income level

53
Q4) For how long do you own a
bike?

0-1 year 34
1-2 year 29
2-3 year 26
above 3
year 11

40

30
No of 0-1 year
20
Persons 1-2 year
10 2-3 year
0 above 3 year
1
No of years

54
Q5) For what purpose do you use your
Motor Bike?

Hero
Honda Bajaj
Office
Purpose 9 4
Personal
purpose 13 15
Joy
Purpose 19 16
Other 6 3

20
No
of 15
Per Hero Honda
sons 10
Bajaj
5

0
Office Personal Joy Other
Purpose purpose Purpose
Purpose

Q6) How do you come to know about this Motor

55
Bike?

Hero Honda Bajaj

Newspaper 4 2

Television 23 16

Magazine 2 1

Friends &
Relative 18 19

25

20
New spaper
No of Persons

15 Television
10 Magzine
Friends & Relative
5

0
Hero Honda Bajaj
Name of Company

Q7) Does Advertisement Influence

your decision in choosing a Motor
56
Bike?

Yes 87%
No 5%
Cant say 8%

Yes
No
Cant say

Q8) Do you have full knowledge about

57
Bikes before buying?

Hero Honda Bajaj

Yes 25 23

No 22 15

30
25
No of persons

20
Yes
15
No
10
5
0
Hero Honda Bajaj
Company Name

Q9) Which Factor below Influence

58
your decision?

Hero
Honda Bajaj

Price 72% 78%

Mileage 78% 64%
Quality 65% 48%
Resale
Value 40% 28%
Status
symbol 10% 7%

100%

80% Price
No of Persons

Mileage
60%
Quality
40%
Resale Value
20% Status symbol
0%
Hero Honda Bajaj
Com pany Name

Q10) How would you rate the following

factors of Bikes with respect to different

59
company?

Hero
Honda Bajaj

Mileage 74% 72%

Price 68% 65%
Pick up 70% 80%
Maintenanc
e 58% 62%
Look &
Shape 85% 80%
Brand
Image 53% 55%

100%
80% Mileage
No of Persons

60% Price
40% Pick up
20% Maintenance
0% Look & Shape
Hero Honda Bajaj Brande Image
Company Nam e

Q11) If new Bike with good features comes

60
in, then would you like to change your
bike?

Hero Honda Bajaj

Yes 19 21
No 17 14
Cant
say 11 3

25

20
No of Persons

15 Hero Honda
10 Bajaj

0
Yes No Cant say
View s

61
62
 FINDINGS

AMONG DIFFERENT AGE GROUP

 The age group 20-25 years figures out to be very much aware regarding
different bikes.
 Warranty/Guarantee never influenced any age far the purchase
availability of spare part is considered most important.
 Mileage was given top priority.
 Gift schemes and finance option are not option is not more success to
influence the people.

DIFFERENT INCOME GROUP

 The income group Rs. 8000-12000 seems to be very aware regarding

bikes market.

OTHERS

 Bajaj and Hero Honda motorbikes are most familiar by people.

 An ideal byke as suggested by respondents should have following
features:

63
  Good looks
 Good mileage
 Affordable price
 After sales services

SWOT ANALYSIS

STRENGTHS

 Installed manufacturing capacity until per annum.

 Technical and financial collaboration
 In motorbike collaboration with Japanese technology.
 Wide range of motorbike and scooter.
 Successful application of cost efficient inventory management technique
of JIT.
 Implementation of TQM quality circle meeting and kocizen.
 Scheme of participation.
 Extensive research and development both in house development facility
and interface with other in independent engineering.
 Large and competent work force
WEAKENESS

 Not much of media advertisement

 Inefficient in coupling the southern market in India.

OPPORTUNITY

64
 Boost up production to fully utilize the installed capacity.
 To chance of competition in the motorbike.
 Entry into light two wheeler category the demand of which and the ever
increase.
 Effectively meet the demand create by way of operation visitor creating
awareness among the rural consumer.

THREATS

 Sever competition by lightweight two-wheeler, which can make a huge

dent in the market Stiff competition, which as a relatively high market
with active participation in both northern and southern market.
 Comparatively high speed.
 Change in government fiscal policy import customer.

65
CHAPTER -5 : CONCLUSION

66
 Conclusion
1. Most of the Pulsar, CBZ & Karizma are purchased by young
generation 18 to 30 because they prefer stylish looks and rest of
the models of Hero Honda are purchased more by daily users who
needs more average of bikes than looks.
2. Hero Honda is considered to be most fuel-efficient bike on Indian
roads.
3. Service & Spare parts are available throughout India in local
markets also.
4. While buying a motorcycle, economy is the main consideration in
form of maintenance cost, fuel efficiency.
5. Majority of the respondent had bought their motorcycle more than
3 years.

67
CHAPTER -6 : RECOMMENDATION

68
 RECOMMENDATIONS & SUGGESTIONS

 The best target market for any new product is 20 to 35 yrs and income group of
8000 to 12000.
 Before the launch an aggressive advertising must be carried out in order to
inform the consumer about the new bike.
 The media adopted for such purpose should be electronic as it is wildly accepted.
 Continuous innovation in product process and services too are recommended to
get the competitive edge.
 Nicely designed and fuel efficient vehicle is must to find better prospects and
widen its market.
 Easily available spare parts at reasonable price backed by efficient sales as
competitions.
 An eye on competitor’s policies and review of its own according to changing
market condition will help in formulation of effective strategies from time to
time.
 The pricing TAG which BAJAJ is going to put on its bikes should not be more
Rs.35, 000 – 50,000 in any case, because it is the price which is going to
determine the success of the product.
 Through demonstration in rural area so that they can get specification of bike.

69
BIBLIOGRAPHY

70
 BIBLIOGRAPHY

In this project while finalizing and for analyzing quality problem in detail the
following books, magazines and websites have been referred.

Books Consulted:
 Marketing Management – Philip Kotler
 Research Methodology – Kothari
 Business Statistics – S.P. Gupta

Magazines Consulted:

 Indian Journal of Marketing

 IBAT Journal of Management
 Journal of Indian Management & Strategy
 Auto Expo of India

Newspapers:-

 Hindustan times
 Times of India
 The Hindu
 Financial Express
 Economics times

Websites Consulted: -

71
 www.bajajauto.com
 www.herohonda.com
 www.google.com

ANNEXURE
72
 QUESTIONNAIRE

NAME: - ………………………………………………

CONTACT NO ……………………………………….

AGE:- 15-20 20-25

25-30 Above 30

OCCUPATION:- Businessman Employee

Student Other

Q1) Which Bike do you have?

Hero Honda Bajaj Any Other

Q2) Which Model do you have?

Hero Honda: - Splendor Passion

73
 Karizma Other

Bajaj: - CT 100 Discover

Pulsar Other

Q3) In which Family Income do you Fall?

100000-200000 200000-300000

300000-400000 Above 400000

Q4) For how long do you own a Bike?

0-1 year 1-2 year

2-3 year above 3 years

Q5) For what purpose do you use your Motor Bike?

Office Purpose Personal Purpose

Joy Purpose Other

Q6) How do you come to know about this Motor Bike?

Newspaper Television

Magazines Friends/Relatives

Q7) Does Advertisement Influence your decision in choosing a Motor Bike?

Yes No Can’t say

Q8) Do you have full knowledge about Bikes before buying?

74
 Yes No

Q9) Which factor below influence your decision?

Price Mileage Quality

Resale Value Status Symbol

Q10) How would you rate the following factors of bikes with respect to different companies?

Hero Honda Bajaj

Mileage

Price

Pick up

Maintenance

Look/Shape

Brand Image

Q11) In new bike with good feature comes in, then would you like to change your bikes?

Yes No Can’t say

Q12) Any Suggestions for Company

…………………………………………………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………………

Date: (Signature)

75
76