A report on industrial visit to Mahindra & Mahindra Ltd., tractors division.

1. A
PROJECT REPORT
ON
“INDUSTRIAL VISIT TO MAHINDRA & MAHINDRA LTD
TRACTOR DIVISION PLANT, KANDIVALI”
SUBMITTED BY:
PARAS.R. DHINGRA
EMAIL ID: dhingraparas21@gmail.com
1

2. Performa of the Report:
 Introduction to the Company
 Company‟s Profile
 Product Profile
 Competitor‟s Profile
 Functional Department- Overview
 Business Development Operations
 Financial Status- Financial Performance
 Conclusion
 Bibliography
2

3. 1. Introduction to the Company:
Mahindra & Mahindra Ltd is a flagship company of the Mahindra Group, a
multinational conglomerate based in Mumbai, India. The Company was set up in
1945 in Ludhiana as Mahindra by brothers K.C. Mahindra and J.C. Mahindra.
Mahindra & Mahindra is a major automobile manufacturer of tractors, utility
vehicles, passenger cars, pickups, commercial vehicles; its tractors are sold on six
continents. It has acquired plants in China and the United Kingdom, and has three
assembly plants in the U.S.A. M&M has a global presence and its products are
exported to several countries. Its global subsidiaries include Mahindra Europe Srl.
based in Italy, Mahindra USA Inc., Mahindra South Africa and Mahindra (China)
Tractor Co. Ltd. M&M is one of the leading tractor brands in the world by volume.
It is also the largest manufacturers of tractors in India with sustained market
leadership of over 25 years. It designs, develops, manufactures and markets
tractors as well as farm implements.
Mahindra is best known for utility vehicles and tractors in India, its automotive
division, the Company‟s oldest unit (founded in 1945), makes jeeps and three
wheelers (not passenger
“auto rickshaws” but utilitarian delivery and flatbed
incarnations). M&M‟s farm equipment sector, formed in 1963 during the India‟s
green revolution, manufactures tractors and industrial engines. M&M also
produces military vehicles. The company has facilities located throughout India.
The survey involved gathering wide information about the company, its products,
customer satisfaction and impact of various competitive firms on the company.
3

4. From the information collected, various aspects were identified where the company
needs to focus more to improve the efficiency of marketing team of Mahindra
Automotives.
The research was conducted through collection of primary and secondary data.
Secondary data was collected through various web sites, automobile magazines
and other reliable sources. Primary data was collected through a well framed
questionnaire, of which later a detailed analysis was done using various statistical
IT tools like MS Word and MS Excel.
On the basis, the secondary data analysis and the extensive analysis of the primary
data, interpretations were drawn for the questions and conclusion is drawn. Certain
suggestions are also drawn from the analysis to help.
4

5. 2. Company’s Profile:
1945:
-The Company was incorporated and converted into public limited in 1955 at
Mumbai. The Company manufactured jeep type vehicles, petrol industrial engines,
industrial control instruments and flow meters. Trading in steel and manufacture of
professional grade electronic components. Jeeps are manufactured under a license
and an agreement with Willys Motors Inc., Toledo, Ohio, USA, for whom the
company also acts as exclusive distributors for the whole of India for their entire
range of vehicles including utility vans, cargo/personnel carriers and pick-up
trucks.
1958:
-The Company entered into an agreement with Birfield Ltd., to from Mahindra
Sintered Products Private Limited for the manufacture of wide range of self
lubricating bearings.
1968:
-The Instrumentation and Electronics Division came into existence as a result of
merger of the wholly-owned subsidiary of Mahindra Engineering Co. Ltd., with
the Company with effect from 1st April, 1968. The activities of merged company
were being carried on in this division.
-The Company acquired the whole paid-up capital of Mahindra Electro-Chemicals
Products Ltd. Company.
-With effect from 1st April, the wholly owned subsidiary Mahindra Engineering co.
Ltd., was merged with the Company International Tractor Company of India Ltd.,
was merged with the Company effective from 1st November 1977.
5

6. 1970:
-The name was changed from Mahindra Van Wijk & Visser Ltd. to Mahindra &
Mahindra Ltd. This was merged with the Indian Company National Diesel Engine
Co. Ltd., during 1977-78, 1977-74.
-700-9.3% Pref. and 12,98,202 No. of Equity shares allotted without payment in
cash to shareholders of International Tractor Co. Ltd., on its merger in prop. 1:1
Pref. and 2:3 Equity. 12,500-7.8% Pref. shares redeemed on 1.2.1979.
1978:
-The Company started negotiation with Balania K. Zacharopoulos Ltd., Athens for
jointly promoting a new company in Greece for the manufacture of Jeep Vehicles
and trucks. Initially, it was proposed to assemble these vehicles mainly from CKD
packs to be shipped from India.
1979:
-57,22,764 Bonus Equity shares issued in prop. 2:3 in October 1984.
1984:
-Mahindra Spicer Ltd. (MSL), was amalgamated with Mahindra & Mahindra Ltd.
(MML) with effect from 3rd April. Pursuant to the scheme of amalgamation of
MSL with MML, the shareholders of MSL were allotted 1,88,166 equity shares of
MML in the ratio of 1 equity share of MML for every 6 shares held in MSL.
-The Company entered into a collaboration agreement with Foramer S.A., an
associate of Forasol S.A. for purchase of lle d‟ Amsterdam an offshore drilling rig
at a price US $10.75 million. The Company arranged for a foreign currency loan
6

7. through Bank of Baroda. In view of this purchase, the Company obtained a firm
order from ONGC for drilling services for 2 years.
1985:
A letter of intent was obtained for the manufacture of 50,000 lines of
EPABX/PAXs in collaboration with OKL Electric Co. of Japan.
-The Company also signed a Memorandum of Understanding with the British
Telecom p.i.c. of London under which the two companies were to jointly explore
and develop opportunities in telecommunication and technical fields in India.
-MBT was made a subsidiary of the Company with 60% holding and the remaining
40% was subscribed by the foreign partners, the British Telecommunications p.i.c
U.K. (BT) for provision of software engineers of MBT to work on various projects
of BT in the U.K. MBT also decided to issue equity capital to the extent of Rs. 4
Crores out of which shares worth Rs. 2.40 crores were to be offered to Mahindra &
Mahindra Ltd., for subscription and the balance shares worth Rs. 1.60 crores were
to be offered to BT.
1987:
-(17 months), approval from Government was received for the manufacture of
Peugeot 504 pick-up vehicles in collaboration with Automobiles Peugeot of France
-A new model M-595 tractor in the 50 H.P. range was introduced.
1988:
-The Company acquired an offshore drilling rig “lle d‟ Amsterdam” from Foramer
S.A., France on 1st March. A firm letter of intent was received for one land rig for
drilling operations at Jwalamukhi, Himachal Pradesh against a tender from ONGC.
7

8. The Company already entered into an agreement with Forasel S.A., for purchase of
a land rig and related equipment.
1989:During the year improved versions of CJ500 range of jeeps and FJ range of LCVs
were introduced. Also a sporty model of jeep was introduced which was well
received by the target audience.
-During September, the Company acquired the automotive pressing unit at Kanhe
from Guest Keen Williams Ltd. for a gross consideration of Rs. 28.75 Crores. The
unit has an installed capacity of 10,000 tonnes per annum.
1992:
It was proposed to launch a new LCV with a much larger platform, imported
driving comfort and better styling.
-The Company issued 72,42,719-14.5% secured non-convertible redeemable
debentures of Rs. 100 each with a detachable warrant attached to each debenture
entitling the holder thereof to apply for 1 equity share of Rs. 10 each at a premium
of Rs. 20 per share in the ratio 1 debenture: 5 equity shares held, on the expiry of
six months and 36 months from the date of allotment of debentures.
1996:
-The Company proposed to introduce the „Armada Grand‟ with XD3 diesel engine.
5 speed BA 10 transmission with air-conditioning and power steering as standard
features. New models like, soft top and FRP versions of CL/MM 550 models,
comfortable 8 seater Arnada with disc brakes and an optional factory fitted air
conditioner, Commander 650 DI on a longer wheel base and MM 540/550 XDB
8

9. models with the powerful 2.5 lines XD3 engines and all the-synchromesh 5 speed
BA 10 transmission were launched during the year.
-During july the company offered US $ 100,00,000-5% convertible note during
july 9, 2001 came into GDRs each representing one share at a cover sum price of
US $ 11.955 per GDR. Till date 15,73,830 shares issued.
2003:
-Unleashes Maxx Pik up utility vehicle.
-Signed an agreement with Canara Bank. Where in, Canara Bank will provide loan
to those farmers who are willing to buy Mahindra‟s tractors and other farm
implements.
-Mahindra and Mahindra Ltd on December 24th showcased its new products,
Bolero XL and Bolero XLS, for prospective customers in Karnataka.
2008:
-Mahindra & Mahindra acquires renowned Italian design house, GRD Italy.
2009:
-Mahindra & Mahindra unveiled its fourth generation Scorpio at an unbeatable
price.
-Mahindra & Mahindra (M&M) signed the memorandum of understanding with
State Bank of Bikaner & Jaipur (SBBJ) for vehicle finance.
-Mahindra launches luxury sedan XYLO
-M&M enters retail space with Mom & Me.
-Mahindra sold 1,788 XYLOs in two weeks.
-M&M signs pact with State Bank of Bikaner.
-Mahindra gets order for 15,000 XYLO in three months.
9

10. 2012:
-Mahindra & Mahindra had acquired Ssangyong Motor Company, a south Korean
SUV maker, almost a year ago and are now planning to set up an assembly plant
and invest Rs. 800 crore over next 3-4 years.
-Mahindra and Mahindra wins arbitration award and class action suit against global
vehicles.
-Mahindra & Mahindra has entered the Kenyan passenger vehicles market with the
launch of their utility vehicles, XUV500 and Scorpio. Other vehicles include pick
up range, Genio and Maxximo mini-truck.
-Mahindra & Mahindra Ltd said that the company has signed an agreement with
Telephonics Corporation to form a joint venture, named as Mahindra-telephonics
integrated systems limited.
-Mahindra Ugine linked joint venture with Sanyo special Steel & Mitsui & Co.
Ltd. names new venture as Mahindra Sanyo special Steel Pvt Ltd.
2013:
-Auto major Mahindra and Mahindra has inked partnership with online shopping
portal, Snapdeal.com to sell its two-wheelers on the site.
-Mahindra launches new visual identity reflecting modernity and dynamism.
-Mahindra & Mahindra Ltd- Mahindra launches the Verito Executive edition.
10

11. 3. Product Profile:
--Products and services offered by the Company:
 Automotive
- Scorpio
- Xylo
- Bolero
- Maxx Range
- Naya Commander
- Savari
- Major
- Bolero Camper DLX
- Maxx Pic-ups
- Champion range of Three Wheelers
- Farm Equipments
- Agri inputs and services
- Engines
- Farm implements
- Tractors
 Financial Services
- Loans and Mutual Funds
- Distribution
- Insurance and Risk Management Services
11

12.  Information Technology
- Dealership Management
- Facility Management
- Software Solutions
 Infrastructure Development
- Development of infrastructure projects
- Engineering consultancy
- Integrated Business Cities
- Lifetime holidays
- Living spaces and working spaces
 Systech
- Composites
- Engineering services
- Forgings
- Gears
- Sourcing of Auto Components
- Stampings and steel
 Specialty Business
- Ash handling equipments for power plants
- Defence vehicles
- Information security consultancy
12

13. 4. Competitor’s Profile:
The foremost competitors to Mahindra & Mahindra include Maruti Suzuki, Hind
Motors, etc.
The following is the static of all three companies:
---------------------- in Rs. Cr.---------------------Maruti Suzuki
Hind Motors
M&M
Mar‟13
Mar‟13
Mar‟13
Sales Turnover
43,587.93
525.15
40,441.16
Other Income
812.37
9.29
549.17
Total Income
44,400.30
534.44
40,990.33
Total Expenses
39,358.25
602.73
35,731.86
Operating Profit
4,229.68
-77.58
4709.30
Expenses
---------
48.34
90.62
Gross Profit
5,042.05
-68.29
5,258.47
Interest
189.82
19.29
191.19
PBDT
4,852.23
-39.24
5,157.90
Depreciation
1,861.17
13.46
710.81
PBT
2,991.06
-52.70
4,447.09
Tax
598.93
-6.31
1,094.27
Net Profit
2,392.13
-46.39
3,352.82
Earnings Per Share
79.19
-----
56.80
Equity
151.04
92.39
295.16
Reserves
15,042.86
-----
14,352.92
Face Value
5.00
Total Extraordinary Income/
5.00
5.00
13

14. 5. Functional Department:
-Today M&M has two main operating divisions:-
The automotive division manufactures utility and light commercial vehicles. The
farm equipment of division makes agricultural tractors and other farm equipments.
M&M employees more than 25,000 people and has 6 states of an art
manufacturing facilities spread over 5,00,000 sq.mts., it has over 30 sales offices
supported by a network of over 500 dealers, 500 authorized service points and 600
stock points across the country, this network is connected to company‟s plants by
an extensive IT infrastructure.
M&M outstanding manufacturing and engineering skills allow it to constantly
innovate and new products for the Indian market. Proof of this expertise is the
launch of Bolero, a new generation utility vehicle and tile Arjun, a sophisticated
agricultural tractor.
The company‟s commitment to technology-driven innovation is reflected in the
setting up of Mahindra research valley, a 100 acre facility that will house, less than
one roof, the company‟s engineering research and product development wings.
The M&M philosophy of growth is centered on a belief in people. As a result the
company has put in place initiatives that seek to reward and retain the best talent in
the industry. M&M are also known for its progressive labour management
practices.
14

15. In the community development sphere, the company has implemented several
programs that have benefitted the people and institutions will its areas of
measurements.
6. Business Development Operations:
-Marketing Strategy, Sales Promotion & Selling Process carried out by the
company:-
Before going to promotion strategy the company must take decision on the total
promotion budget and choice of the promotional tools to be used one of the most
difficult marketing decisions facing companies is to work out on how much to
spend on promotion.
ADVERTISEMENT TOOLS:
- Banners and posters
- Printing and calendars
- Catalogue advertising
- Window display
- Pamphlets advertising
- Construction of circles
- Gift bags/ carry bags
- Anniversary functions
- News papers
- Wall paintings.
15

16. SALES PROMOTION:
- Good communication system and consumer relation services
- Gifts to loyal customers
- Offering gift with the product (LIVE)
- Participation in marketing fair in Sindhanur
- Free service coupon warranty
- Fuel check up camp.
SELLING PROCESS:
The selling process is an important aspect of ever organization. Sales operations
carried by Mahindra tractors.
- Telephonic enquiry
- Walk in customer
- Sales experience
- Showroom demonstration
- Test drive
- Vehicle delivery
16

17. MAHINDRA OPERATIONS:
Mahindra tractors operate in ten countries and has a fairly large customer base in
the United States, Australia, Chile, Serbia, Indian Subcontinent, Iran, Syria and a
major part of the African continent among many more. Mahindra operates in
China, North America and Australia through its subsidiaries. These subsidiaries are
also responsible for sales. It also operates in some Indian states through its
subsidiaries namely Mahindra Gujarat and Swaraj.
-Mahindra India:
Mahindra tractors in number one in sales in India – the largest tractor market in the
world and it has been the market leader since 1983. Its sales are predominantly in
the states of Gujarat, Haryana, Punjab, Maharashtra and the Southern States. Its
sales in Gujarat are under the label Mahindra Gujarat and its sales in Punjab are
under the label Swaraj. In 1999, Mahindra purchased 100% of Gujarat tractors
from the Government of Gujarat and Mahindra purchased a 64.6% stake in Swaraj
in 2004.
-Mahindra USA:
In 1994, the company entered the American market as Mahindra USA, and in the
few years since, its tractors are being sold and serviced by hundreds of tractor
dealers throughout the country. Mahindra USA, a subsidiary of Mahindra Tractors,
is responsible for sales in the North American continent. Mahindra has three
assembly plants in the US. One assembly plant is at its North American
headquarters in Houstan, Texas, another in Red Bluff, California and the latest
assembly and distribution centre moved from Calhoun, Georgia to Chattanooga,
17

18. Tennessee at the end of 2009. In August of 2012 Mahindra USA opened its fourth
assembly and distribution centre in Bloomsburg, Pennsylvania.
In addition to building their own tractors, Mahindra also sources tractors from
other manufacturers. For the USA market, Mahindra has bought tractors from
Mitsubishi and Tong Yang Moolsan to cover selected product ranges.
-Mahindra Australia:
Based in Brisbane, Mahindra Australia is a branch of Mahindra & Mahindra Ltd.
In 2005, the company entered the Australian market with the launch of its
assembly & customer support centre in Acacia Ridge, QLD. Currently, the
company‟s products are sold and serviced by 40 dealers throughout Australia.
Mahindra Australia is also responsible for sales in New Zealand and the rest of
Australasia. The Company's products are distributed in Fiji by Carpenters Motors.
In Western Australia and South Australia, Mahindra tractors are distributed by
McIntosh Distribution.
-Jiangling:
In 2004, seeing an opportunity to enter the growing tractor market in China,
Mahindra purchased an 80% stake in Jiangling Tractors from Jiangling Motor
Company. Mahindra also has a factory in China.
Mahindra has also formed a joint venture with Yueda group in Yancheng, China.
18

19. 19

20. 20

21. 7. Financial Status:
-Following is the Balance sheet of Mahindra & Mahindra Ltd:
Parameter
MAR'13
(Rs. in Cr.)
MAR'12
YoY
(Rs. in Cr.)
%Change
EQUITY AND LIABILITIES
Share Capital
295.16
294.52
0.22%
Total Reserves
14,232.30
11,699.47
21.65%
Shareholder's Funds
14,658.92
12,104.69
21.10%
Long-Term Borrowings
0.00
0.00
0.00%
Secured Loans
266.67
400.01
-33.33%
Unsecured Loans
2,905.77
2,773.82
4.76%
Deferred Tax Assets / Liabilities
614.85
527.13
16.64%
Other Long Term Liabilities
379.83
236.32
60.73%
Long Term Trade Payables
35.57
38.45
-7.49%
Long Term Provisions
441.59
363.49
21.49%
Share Warrants & Outstanding
21

22. Total Non-Current Liabilities
4,644.28
4,339.22
7.03%
Trade Payables
5,579.71
4,736.35
17.81%
Other Current Liabilities
1,052.17
1,226.70
-14.23%
Short Term Borrowings
54.63
0.39
13907.69%
Short Term Provisions
1,463.88
1,362.61
7.43%
Total Current Liabilities
8,150.39
7,326.05
11.25%
Total Liabilities
27,453.59
23,769.96
15.50%
Non-Current Assets
0.00
0.00
0.00%
Gross Block
9,005.78
7,865.47
14.50%
Less: Accumulated Depreciation
4,047.92
3,572.12
13.32%
Less: Impairment of Assets
0.00
0.00
0.00%
Net Block
4,957.86
4,293.35
15.48%
Lease Adjustment A/c
0.00
0.00
0.00%
Capital Work in Progress
495.54
569.93
-13.05%
Intangible assets under development
367.94
224.80
63.67%
Current Liabilities
ASSETS
22

23. Pre-operative Expenses pending
0.00
0.00
0.00%
Assets in transit
0.00
0.00
0.00%
Non Current Investments
10,571.50
9,260.45
14.16%
Long Term Loans & Advances
2,087.47
1,476.68
41.36%
Other Non Current Assets
29.85
36.45
-18.11%
Total Non-Current Assets
18,510.16
15,861.66
16.70%
Currents Investments
1,261.96
1,036.90
21.71%
Inventories
2,419.77
2,358.39
2.60%
Sundry Debtors
2,208.35
1,928.53
14.51%
Cash and Bank
1,781.41
1,188.43
49.90%
Other Current Assets
508.54
465.06
9.35%
Short Term Loans and Advances
763.40
930.99
-18.00%
Total Current Assets
8,943.43
7,908.30
13.09%
793.04
582.25
36.20%
7,681.47
6,871.40
11.79%
Current Assets Loans & Advances
Net Current Assets (Including Current
Investments)
Total Current Assets Excluding Current
Investments
23

24. Miscellaneous Expenses not written off
0.00
0.00
0.00%
Total Assets
27,453.59
23,769.96
15.50%
Contingent Liabilities
2,092.76
2,215.53
-5.54%
Total Debt
3,488.59
3,580.76
-2.57%
Book Value (in Rs.)
0.00
204.56
-100.00%
Adjusted Book Value (in Rs.)
245.91
203.43
24

25. -The following is the Profit & Loss A/c of Mahindra & Mahindra Ltd.:
Parameter
MAR'13
MAR'12
Change
(Rs. In Cr.)
(Rs. in Cr.)
%
Gross Sales
43,412.65
34,348.18
26.39%
Less :Inter divisional transfers
0.00
0.00
0.00%
Less: Sales Returns
0.00
0.00
0.00%
Less: Excise
2,971.49
2,500.99
18.81%
Net Sales
40,441.16
31,847.19
26.99%
Increase/Decrease in Stock
-78.03
-579.89
86.54%
Raw Materials Consumed
30,502.55
24,097.10
26.58%
Power & Fuel Cost
206.39
175.78
17.41%
Employee Cost
1,866.45
1,701.78
9.68%
Other Manufacturing Expenses
436.91
388.77
12.38%
General and Administration Expenses
114.53
100.19
14.31%
Selling and Distribution Expenses
1,381.15
1,187.29
16.33%
Miscellaneous Expenses
1,317.07
1,029.44
27.94%
EXPENDITURE:
25

26. Expenses Capitalized
0.00
0.00
0.00%
Total Expenditure
35,747.02
28,100.46
27.21%
PBIDT (Excl OI)
4,694.14
3,746.73
25.29%
Other Income
564.33
489.78
15.22%
Operating Profit
5,258.47
4,236.51
24.12%
Interest
191.19
162.75
17.47%
PBDT
5,067.28
4,073.76
24.39%
Depreciation
710.81
576.14
23.37%
4,356.47
3,497.62
24.56%
Exceptional Income / Expenses
90.62
108.27
-16.30%
Profit Before Tax
4,447.09
3,605.89
23.33%
Provision for Tax
1,094.27
727.00
50.52%
PAT
3,352.82
2,878.89
16.46%
Extraordinary Items
0.00
0.00
0.00%
Adj to Profit After Tax
0.00
0.00
0.00%
Profit Balance B/F
7,904.54
6,208.54
27.32%
Profit Before Taxation & Exceptional
Items
26

27. Appropriations
11,257.36
9,087.43
23.88%
Equity Dividend (%)
260.00
250.00
4.00%
Earnings Per Share (in Rs.)
56.80
48.87
16.21%
Book Value (in Rs.)
245.91
203.43
20.88%
8. Findings of the Study:
The following is derived from the data evaluated and analyzed by survey:

According to the survey it was found that Mahindra tractors have a brand
loyalty than other tractors, because of its advanced features.

Among 50 respondents it was found that 52%, which is of 26 respondents,
was aware of Mahindra tractors and like to purchase Mahindra vehicles
only because of its good performance.

Out of 50 respondents it was found that 62% which of 31 respondents
purchase tractors for agricultural purpose, 14% respondents for business
and 24% respondents for other purposes, therefore we can say agriculture is
the main reason for purchasing of tractors.

According to survey, it was clear that the availability of spare parts was
very easy.

Out of 50 respondents it can be seen that 36% i.e. 18 respondents purchases
tractors by wall and 4% among 54% of the respondents were purchased
from others. The 02 or 03 respondents by TV ads and magazines.
27

28. 
Out of respondents we find that 54%, which of 27 respondents are in a
income group of Rs. 71,000 to Rs. 1,00,000 and 12% which are respondents
are in an income level of Rs. 41,000 to 71,000.

Out of 50 respondents it was found that 30 respondents are influenced by
company showroom during purchase, company sales man and rest of others
by advertising friends/relatives, etc. influence 20 respondents.

Among 50 respondents 35 are like to purchase vehicle through credit mode
and 15 respondents by cash.
28

29. 9. Conclusion:
Mahindra & Mahindra motors have a very good market share in the vehicle
segment specifically SUV.
The company is offering good services, which is reflected on the satisfaction of the
customer.
Majority of the customer are satisfied with the design of the vehicle.
Mahindra & Mahindra motors are providing better facilities as compared to other
brands.
As 67% of the respondents are satisfied that they are happy with the products, it
satisfies that the customer satisfaction levels are very high. If the company were to
identify the pitfalls in their product and undertake remedial measure, thus it will
lead to more good word of mouth publicity.
Though majority of the customer are satisfied that the maintenance cost of
Mahindra vehicles is less, around 20% are not satisfied which may be because of
comparison with the newly launched competing brands coming with even lower
maintenance cost.
As 80% of the respondents are happy with the space availability in Mahindra
vehicles, it can be conducted that the company has undertaken proper R&D in this
aspect.
A 20% of the respondents who have answered negatively may be comparing with
the vehicle in the same category launched very recently.
29

30. 10. Bibliography:
Marketing Management:- Philip Kotler
Magazine:- Auto India
Website:- www.mahendra.com
www.wikipedia.com
www.google.com
www.scribd.com
www.profit.ndtv.com
30

31. THANK
YOU
31