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Date of Establishment 1984 Revenue4633.86 ( USD in Millions ) Market Cap 372926.390625 ( Rs. in Millions ) Corporate Address34 Community Centre,Basant Lok Vasant Vihar, New Delhi-110057, Delhi www.herohonda.comManagement Details Chairperson - Brijmohan Lall Munjal MD - Pawan Munjal Directors - Analjit Singh, Anand C Burman, Arun Nath Maira, Brijmohan Lall Munjal, Ilam C Kamboj, M Damodaran, Masahiro Takedagawa, Om Prakash Munjal, Paul Edgerley, Pawan Munjal, Pradeep Dinodia, Pritam Singh, Ravi Nath, Satoshi Matsuzawa, Shobhana Bhartia, Suman Jyoti Khaitan, Suman Kant Munjal, Sumihisa Fukuda, Sunil Kant Munjal, Takashi Nagai, Toshiaki Nakagawa, V P Malik, Ved Prakash Malik, Yuji Shiga Business OperationAutomobile Two & Three WheelersBackground Hero MotoCorp is the World's single largest two-wheeler motorcycle company. Honda Motor Company of Japan and the Hero Group entered a joint venture to setup Hero Honda Motors Limited in 1984. The joint venture between India's Hero Group and Honda Motor Company, Japan has not only created the world's single largest two wheeler company but also one of the most successful joint ventures wor FinancialsTotal Income - Rs. 197421.4 Million ( year ending Mar 2011) Net Profit - Rs. 19279 Million ( year ending Mar 2011) Company SecretaryIlam C KambojBankersABN Amro Bank, Bank of America, Bank of Tokyo Mitsubishi , Canara Bank , Citi Bank, HDFC Bank, HSBC Bank, ICICI Bank, Punjab National Bank, Standard Chartered BankAuditorsAF Ferguson & Co
COMPANY HISTORY Hero MotoCorp is the World's single largest two-wheeler motorcycle company. Honda Motor Company of Japan and the Hero Group entered a joint venture to setup Hero Honda Motors Limited in 1984. The joint venture between India's Hero Group and Honda Motor Company, Japan has not only created the world's single largest two wheeler company but also one of the most successful joint ventures worldwide. During the 80s, Hero Honda became the first company in India to prove that it was possible to drive a vehicle without polluting the roads. The company introduced new generation motorcycles that set industry benchmarks for fuel thrift and low emission. A legendary 'Fill it - Shut it - Forget it' campaign captured the imagination of commuters across India, and Hero Honda sold millions of bikes purely on the commitment of increased mileage. Over 20 million Hero Honda two wheelers tread Indian roads today. These are almost as many as the number of people in Finland, Ireland and Sweden put together. Hero Honda has consistently grown at double digits since inception; and today, every second motorcycle sold in the country is a Hero Honda. Every 30 seconds, someone in India buys Hero Honda's top -selling motorcycle – Splendor. This festive season, the company sold half a million two wheelers in a single month—a feat unparalleled in global automotive history. 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 an excellent distribution and service network spread throughout the country. Hero Honda bikes currently roll out from its three globally benchmarked manufacturing facilities. Two of these are based at Dharuhera and Gurgaon in Haryana and the third state of the art manufacturing facility was inaugurated at Haridwar, Uttrakhand in April this year. These plants together are capable of producing out 4.4 million units per year. Having reached an unassailable pole position in the Indian two wheeler market, Hero Honda is constantly working towards consolidating its position in the market place. The company believes that changing demographic profile of India, increasing urbanization and the empowerment of rural India will add millions of new families to the economic mainstream. This would provide the growth ballast that would sustain Hero Honda in the years to come. As Brijmohan Lall Munjal, the Chairman, Hero Honda Motors succinctly points out, 'We pioneered India's motorcycle industry, and it's our responsibility now to take the industry to the next level. We'll do all it takes to reach there.'' Product range of the company includes:
'Sleek' introduced 1991 • • New motorcycle model . Japan signed Shareholders Agreement signed 1984 • Hero Honda Motors Ltd. Ltd.000th motorcycle produced 1992 .'CD 100 SS' introduced 500.000th motorcycle produced 1989 • New motorcycle model .• • • • • • • • • • • • • • CD Dawn CD Deluxe Pleasure Splendor + Splendor NXG Passion PRO Passion Plus Super Splendor Glamour Glamour PGM FI Achiever CBZ Extreme Hunk Karizma Milestones: 1983 • • Joint Collaboration Agreement with Honda Motor Co. Incorporated 1985 • First motorcycle 'CD 100' rolled out 1987 • 100.
'Passion' introduced One million production in one single year New motorcycle model .000th motorcycle produced 1997 • • New motorcycle model .largest selling single two-wheeler model 'Hero Honda Passport Programme' . Raman Kant Munjal 2000 • • • • 4. 1' . Mr.• Raman Munjal Vidya Mandir inaugurated .'Splendor' introduced 1.'Joy' introduced 5.000.000th motorcycle produced Environment Management System of Gurgaon Plant certified ISO-14001 by DNV Holland Splendor declared 'World No.000. 2001.000. Raman Kant Munjal 1994 • • New motorcycle model .'Street' introduced Hero Honda's 2nd manufacturing plant at Gurgaon inaugurated 1998 • 2.000.CRM Programme launched 2001 • • • • New motorcycle model .A Hospital in the memory of founder Managing Director.000th motorcycle produced 2002 • • Becomes the first Indian Company to cross the cumulative 7 million sales mark Splendor has emerged as the World's largest selling model for the third calendar year in a row (2000. Mr. 2002) .'CBZ' introduced Environment Management System of Dharuhera Plant certified with ISO-14001 by DNV Holland Raman Munjal Memorial Hospital inaugurated .000th motorcycle produced 1999 • • • New motorcycle model .A School in the memory of founder Managing Director.
New motorcycle model .'Achiever' introduced First Scooter model from Hero Honda .'Passion Plus' introduced. 1 Company for the third consecutive year.'CD Dawn' introduced. Crossed sales of over 2 million units in a single year. New motorcycle model 'Karizma' introduced 2004 • • • • • • • New motorcycle model .'Splendor +' introduced. a global record Splendor .'CD Deluxe' introduced New motorcycle model .'Glamour' introduced. 1 for the 4th year in a row New motorcycle model .'CBZ' introduced Joint Technical Agreement renewed Total sales crossed a record of 10 million motorcycles 2005 • • • Hero Honda is the World No. New motorcycle model .'Super Splendor' introduced.World's largest selling motorcycle crossed the 5 million mark New motorcycle model . 1 for the 6th year in a row New 'Splendor NXG' launched New 'CD Deluxe' launched New 'Passion Plus' launched New motorcycle model 'Hunk' launched 20 million production milestone achieved 2008 • • • • • • Hero Honda Haridwar Plant inauguration New 'Pleasure' launched Splendor NXG launched with power start feature New motorcycle model 'Passion Pro' launched New 'CBZ Xtreme' launched 25 million production milestone achieved . New motorcycle model .'Ambition 135' introduced Hero Honda became the World No.'Pleasure' introduced 2006 • • Hero Honda is the World No. New motorcycle model .• New motorcycle model . 1 for the 5th year in a row 15 million production milestone achieved 2007 • • • • • • Hero Honda is the World No.
3 Most Trusted Brand across categories amongst Young Adult Males Company of the Year awarded by Economic Times Awards for Corporate Excellence 2008-09 CNBC TV18 Overdrive Awards 2010 'Hall of Fame' to Splendor .• • • CD Deluxe launched with power start feature New 'Glamour' launched New 'Glamour Fi' launched 2009 • • • • Hero Honda GoodLife Program launched Hunk' (Limited Edition) launched Splendor completed 11 million production landmark New motorcycle model 'Karizma . Karizma Crosses the landmark figure of 5 million cumulative sales in a single year July 29.ZMR' launched Silver jubilee celebrations 2010 • • New model Splendor Pro launched Launch of new Super Splendor and New Hunk 2011 • • • • New licensing arrangement signed between Hero and Honda Launch of new refreshed versions of Glamour. Honda. Adjudged at top of the two-wheeler category in the Brand Equity Most Trusted Brands 2010 Survey Ranked No. 2011 .Rolta Corporate Awards 2009 Most Preferred Brand of Two-Wheelers' award at the CNBC Awaaz Consumer Awards. from the company Achievements/ recognition:2011 • • Two-wheeler Manufacturer of the Year award by Bike India magazine Adjudged the 'Bike Manufacturer of the Year' at the Economic Times ZigWheels Car and Bike Awards 2010 • • • • • • Rated as Top Indian Company in Automobile . CBZ Xtreme.Two Wheelers sector by Dun & Bradstreet .Hero Honda Motors changed its name to Hero MotoCorp following the exit of its erstwhile Japanese promoter. Glamour FI.
Two-wheeler Manufacturer of the Year.American Express Corporate Awards 2006 Hero Honda Splendor rated as India's most preferred two-wheeler brand at the Awaaz Consumer Awards 2006 NDTV Profit Car India & Bike India Awards 2006 2005 • Awaaz Consumer Awards 2005 Bike Maker of the Year Award by Overdrive Magazine .• NDTV Profit Car & Bike Awards 2010 .Two Wheeler sector by Dun & Bradstreet .Two-wheelers' sector bythe Dun & BradstreetRolta Corporate Awards Won Gold in the Reader's Digest Trusted Brand 2009 in the 'Motorcycles' category NDTV Profit Business Leadership Awards 2009 . CnB Viewers' Choice Two-wheeler of the Year (Karizma ZMR) and Bike Maker of the Year by ET-ZigWheels Car & Bike of the Year Awards 2009' 2009 • • • • 'Two-wheeler Manufacturer of the Year' by NDTV Profit Car & Bike Awards 2009 and Passion Pro adjudged as CNB Viewers' Choice two-wheeler Top Indian Company under the 'Automobile .two-wheeler category 2008 • • • • • • • • NDTV Profit Business Leadership Award 2008 TopGear Design Awards 2008 NDTV Profit Car India & Bike India Awards IndiaTimes Mindscape and Savile Row ( A Forbes Group Venture ) Loyalty Awards Asian Retail Congress Award for Retail Excellence (Strategies and Solutions of business innovation and transformation) NDTV Profit Car India & Bike India Awards Overdrive Magazine TNS Voice of the Customer Awards 2007 The NDTV Profit Car India & Bike India Awards 2007 2006 • • • • Corporate Social Responsibility Award Top Indian company in the Automobile .
. And many more. 2002 • • Bike Maker of the Year by Overdrive Magazine Winner of the Review 200 Company of the Year of ET Awards for Corporate Excellence..Asia's Leading Companies Award (3rd Rank amongst the top 10 Indian companies) ICSI National Award for Excellence in Corporate Governance 2004 by The Institute of Company Secretaries of India. 2001 • • • • Bike Maker of the Year by Overdrive Magazine Winner of Three Leaves Award for showing Corporate Environment Responsibility in the Automobile Sector by Centre for Science & Environment Business School Award for Corporate Performance to Hero Honda Motors Ltd.2004 • • Winner of the Review 200 . 2003 • • • Winner of the Review 200 Most Respected Company in Automobile Sector by Business World Bike Maker of the Year by Overdrive Magazine.
KEY EXECUTIVES S.No 1 2 3 4 5 6 Officer 7 8 9 10 11 12 13 Name Brijmohan Lall Munjal Ilam C Kamboj Suman Kant Munjal Paul Edgerley Sunil Kant Munjal Pawan Munjal V P Malik Analjit Singh Pritam Singh M Damodaran Ravi Nath Anand C Burman Pradeep Dinodia Designation Chairman Company Secretary Non Executive Director Non Executive Director Joint Managing Director Managing Director & Chief Executive Non Executie & Independent Director Non Executie & Independent Director Non Executie & Independent Director Non Executie & Independent Director Non Executie & Independent Director Non Executie & Independent Director Non Executive Independent Director .
30 61794.00 63.00 372926.00 17.00 Current Price 1466.25 61.15 356.Million) 159981.78 2.56 -2.00 -2.85 90.12 103.20 192450.32 0.00 308.72 22.65 1899.89 2015.00 6.85 70/44 395/275 54/24 194/77 132/77 103/53 13/7 27/10 7/5 .87 1522.84 659.80 61.06 422794.88 906.82 12.15 990.00 31.57 1410.52 841.65 4.70 0.00 50.39 -4.00 13.15 1822/1190 2.20 8.39 2248/1378 23564.73 -1.96 1599.56 0.00 112.00 -4.15 675.83 10.(Rs.09 0.COMPETITORS: Company Bajaj Auto Hero MotoCorp TVS Motor Maharashtra Scooters Scooters India Kinetic Engg Atul Auto Majestic Auto LML Kinetic Motors VCCL Sales (Rs.57 3450.58 4.76 Change Market 52-Week P/E Ratio (%) Cap.00 0.60 5.Million) High/Low 0.17 0.25 1.15 1.32 3564.
PRODUCTS: Product Name Motorised Two Wheeler upto 350 cc Spares Year Month 2011 2011 Sales Sales Quantity Value(Rs.00 % of STO 93.00 .Million) 193749.00 03 0.77 6.23 03 5402444.90 12874.
the company sold 3. the Board of Directors of the Hero Honda Group have decided to terminate the joint venture between Hero Group of India and Honda of Japan in a phased manner. Hero MotoCorp. The Hero Group would buy out the 26% stake of the Honda in JV Hero Honda.TERMINATION OF HEROHONDA JOINT VENTURE In December 2010. Hero MotoCorp The new brand identity and logo. Under the joint venture Hero Group could not export to international markets (except Sri Lanka) and the termination would mean that Hero Group can now export. was developed by the London firm Wolff Olins The logo was revealed on 9 August 2011 in London. a growth of 12% over last year. the day before the third test match between England and India. the company had a market share of 57% in the Indian market. Company performance During the fiscal year 2008-09. Hero MotoCorp can now export to Latin America. Since the beginning. third and fourth placed two-wheeler companies put together. Recognition . Hero Honda's bike Hero Honda Splendor sells more than one million units per year. Hero Honda sells more two wheelers than the second. In the same year. the Hero Group relied on their Japanese partner Honda for the technology in their bikes. So there are concerns that the Hero Group might not be able to sustain the performance of the Joint Venture alone.7 million bikes. Africa and West AsiaHero is free to use any vendors for its components instead of just Honda-approved vendors.
2011 The Brand Trust Report published by Trust Research Advisory has ranked Hero Honda in the 13th position among the brands in India. Motorcycle models • • • Sleek Achiever Ambition 133. Glamour F. Munjal Showa. Passion Pro Pleasure Splendor. that supply a majority of its components. Passion+. . Super Splendor. Karizma ZMR FI Passion.Splendor PRO Suppliers It is reported Hero Honda has five joint ventures or associate companies. Rockman Industries and Satyam Auto Components. Splendor+ (Limited Edition). as the company was known till Aug. Ambition 135 CBZ. CD Deluxe. CD Dawn.Logo of Hero Honda. CBZ Star.I Hunk Karizma. Splendor+. CBZ Xtreme • • • • • • • CD 100. CD Deluxe (Self Start) Glamour. CD 100 SS. Sunbeam Auto. AG Industries . Splendor NXG. Karizma R.
low per capita income and pathetic public transport system would be in need for frugal means of personal transportation. it played a big role in the growth of the Indian automotive industry as it became the world’s largest two wheeler maker by the turn of the century. Hero and Honda Back in 1983. Honda was already the giant in the global automobile industry. when Hero Group controlled by the Munjals centred in Punjab and Honda Motor Corp of Japan sat down to sign a joint collaboration agreement. Hero was a desi company that had mastered the art of making bicycles and was looking to graduate to the next step. a technology and quality driven company that has few parallels. The two firms had one common belief. It will be a farce not to look back at that journey and speculate on the way forward. . that India with its bulging population. And they knew that together they can provide it like nobody else. Hero Honda was not a company that made cars but like Maruti.Hero Honda ≠ Hero Motocorp By now. This blog’s primary motto has been to raise and simplify issues related to cars in general. I choose to make an exception. but this week. it had its roots in the pre liberalisation era that abhorred competition and quality. But like Maruti. the two firms were as different as chalk and cheese. the vast majority of the people exposed to mainstream multimedia are already aware of Hero group and Honda Motorcorp’s divorce last year and the subsequent solo journey of the Munjals that began in earnest last week.
No longer was a bicycle the preferred mode of transport for students in college and Splendor quickly took over that segment. The magic of Splendor Though the journey began with the frugal 4 stroke 100cc motor bike CD 100 in the 80s. Honda was the undisputed leader in two wheeler technology worldwide. This marriage was made in heaven. The market then was dominated by scooters made by Pune based Bajaj and the Splendor’s tag line of fill it. forget it. the Hero Honda story really started gathering momentum when in 1994. What helped the bike’s cause was also the young population in college which was exposed to the winds of globalisation.Hero with its inherent knowledge of how to sell products in India was the champion in marketing and sales. . shut it. This bike was a significantly more improved version of the CD 100 and offered a fuel efficiency of more than 70 kmpl. aimed centrally at the relatively poor fuel consumption figures of a scooter. it launched the Splendor.
It may be a hard core biker’s nightmare. By the turn of the century it became the world’s largest selling motorcycle and by 2002 it catapulted Hero Honda to the top. but even today after being on the roads for 17 years Splendor does the job of ferrying around the country like no other. Honda’s might in two wheeler engine technology worldwide paid dividends and Splendor proved to be as easy to maintain as it was to run. It rarely complained when abused.But no product in the competitive automotive space can withstand the test of time only with lever marketing and branding. . was sprightly and sporty and returned excellent fuel economy figures. The Splendor remains one of the largest selling motorcycles in India with sales of over 1 million units per year. a position it has withheld ever since.
the Japanese officials at Honda who were also on the board of Hero Honda suspected the hand of Munjals behind every instance of labour strife HMSI suffered between 2005 and 2010.The differences Even though. With both holding grouses against each other while growing more confident and ambitious of their own capabilities. This was one reason why it had to enter India first as a scooter manufacturer in 1999 (Honda Motorcycle and Scooter India) and even for that it had to reach a consensus with the Munjals. The relations between the two partners reached a flashpoint after Honda suffered one of the cases of labour unrest in the country at its Manesar factory in the summer of 2005. Honda decided to get into motorcycles with the 150cc Unicorn. The differences escalated further when after renewing the technical collaboration agreement in 2004. the two companies complemented each other very well. Hero Honda could never build its own research and development capabilities as Honda. which had a 26% share (the same as the other promoters Munjals) would always argue the rationale when technology was being provided by it in anycase. export of two wheelers took off in a big way since 2005. Honda promised to keep off the commuter segment (100-110cc) that accounted for the bulk of the sales in India and where Hero Honda was the strongest. there were quite a few areas of discord that often fuelled rumours of an imminent split. Though it could never substantiate it. Even though. relations between the two promoters was deteriorating. This did not go down well with the Munjals. Initial the joint venture agreements between the two firms that were renewed after every 10 years. a divorce was duly executed in December 2010. The company could also not spread its wings and look at exports as that would cannibalise Honda’s own global export strategy from Japan. itself prohibited Honda to sell motorcycles on its own. which has been well exploited by rivals Bajaj and TVS. This was the first time that a Honda bike was competing directly with a Hero Honda (CBZ). . As things panned out.
Even then. McKenzie 7S framework . one that uses its own basic edifice. What we have in its place instead are two companies with their own strengths and weaknesses. The Munjals would like everybody to believe that Hero Motocorp is the same as Hero Honda. it will be a very steep learning curve for the next few years. Hero would get to use Honda technology till 2014 as also keep ubiquitous brands like Splendor. Further. To their advantage. Hero would have its hands full. Honda also does not have the marketing prowess of Hero and would take its time to shore up its dealer network. two wheelers do not boast of very complex engine technologies that keeps upgrading itself in short cycles. For Honda. two very critical aspects in a country as geographically wide as India. Passion and Glamour but eventually its bikes would be powered by technology that is developed in house. it will be difficult for the Munjals to either develop or buy technology as advanced and reliable as the one that has powered all its bikes till date. the sad reality is it is not true. Hero Honda no longer exists and what remains at its place is a very stern and ruthless competitor. Whether HMSI can act smartly enough and press than advantage fully would be critical. especially in the case of low cost commuter bikes. that some of these technologies is available at very attractive prices all over Europe.What next Hero Honda may become Hero Motocorp but the two companies would never be the same. Individually Hero and Honda’s strengths do not match up to those of the erstwhile Hero Honda. Instead the two firms are much weaker than what Hero Honda ever was. the demand for two wheelers elsewhere in the world is such. to the full but should Honda be able to develop a revolutionary low cost technology for emerging markets in the near future. the Indian consumer recognises what Honda brings to the table and is knowledgeable enough that the technology that powers the Splendor they ride everyday is courtesy them. Unlike cars. It will use its muscle of marketing and low cost servicing.
It is difficult to build new structures and strategies upon inappropriate cultures and values. Let us describe these elements one by one: . For example. The soft elements are hard to describe. They can be found in strategy elements. rather it is made up of seven elements. They are sort of intangible.The organization is not just the structure. One should look at the current status of these seven elements in the organization and compare with the ideal state. corporate plans. Elements in green are hard. Effective organizations achieve a fit between all these seven elements. a change in HR-systems like internal career plans and management training will have an impact on organizational culture (management style) and thus will affect structures. organizational structures and other documentations. more focus is given on hard S’s and often soft S’s are ignored. they are easy to identify and feasible. These are divided into two types: Hard and Soft. and finally characteristic competences of the organization. In any change process in an organization. value and style. processes. This is not a good strategy. Then make and plan and implement them. Hence it is more difficult to plan or influence these elements. Many M&A fail because of the clash of culture. shown above. Hence 7S model is an effective tool in initiating change process in the organization. If one element changes then this will affect all the others.
75 1.00 66.16 4.49 3.27 942.in Rs.14 3.00 2.00 0.82 1.56 1.22 Mar '11 12 mths Application Of Funds Gross Block Less: Accum.06 0.658.30 0.092.Balance Sheet of Hero Motocorp ------------------.465.425.02 0.368.08 0.973.156.24 Mar '09 12 mths 39.925.81 0.94 39.78 782. Cr.26 408.00 0.956.128.080.118.538.17 165.00 2.566.470.00 165.23 Mar '07 12 mths .00 132.00 2.45 32.12 0.92 1.00 3.516.78 48.54 3.531.71 2.00 3.94 39.946.24 0.52 1.71 1.00 0.03 3.760.573.28 125.06 1.24 Mar '08 12 mths 39.635.00 2.71 120.94 0.916.938.94 0.18 4.00 3.00 132.94 39.00 3. Depreciation Net Block Capital Work in Progress Investments 5.98 1. ------------------Mar '11 12 mths Mar '10 12 mths Mar '09 12 mths Mar '08 12 mths Mar '07 12 mths Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities 39.458.165.00 0.94 39.20 1.75 0.94 0.12 0.00 2.49 78.00 78.491.94 0.63 635.10 1.986.75 2.879.00 2.94 39.00 3.17 2.49 2.447.46 1.03 66.800.800.87 39.750.53 189.430.94 0.458.05 Mar '10 12 mths 39.00 0.14 5.
90 148.52 326.03 436.531.00 1.12 196.955.07 6.890.37 149.608.69 1.00 5.316.76 1.09 0.992.00 2.93 526.83 149.04 0.52 914.00 3. ------------------- .09 268.80 2. Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) 524.58 0.35 4.081.94 217.00 3.40 1.74 -694.101.14 0.00 3.97 2.04 173.46 43.205.77 1.33 317.00 1.48 23.022.58 745.397.49 694.026.013.59 47.70 Profit & Loss account of Hero Motocorp ------------------.863.678.00 3.00 4.48 2.75 703.23 165.in Rs.408.57 499.879.118.33 -1.24 1.886.51 942.27 438.95 0.24 100.40 108.76 0.24 56.22 131.Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA.25 35.26 646.04 -2.54 190.58 335.46 0.05 73.10 297.52 0.183. Cr.73 2.33 0.39 1.510.965.65 0.59 123.90 -1.171.37 0.447.50 437.26 325.44 130.455.93 130.55 275.635.47 -4.08 1.00 0.00 1.27 783.
------------------- .Cash Flow of Hero Motocorp ------------------. Cr.in Rs.
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