WORKING CAPITAL ANALYSIS OF HEROCYCLE LTD.

A PROJECTREPORT

Submitted by:

NITIN PAL SINGH

ACKNOWLEDGEMENT

Behind this successful undertaking is the blessing and guidance of many. This formal piece of acknowledgement may not be sufficient to express my feelings of gratitude and deep respect that have experienced during my learning process at Hero Cycles. This endeavor would not have been successful without the help and encouragement from a lot of people with whom I had good fortunate of interacting during course of journey. I am indebted to Mr. Bharat Goyal (Sr V.P.Finance cum Company Secretary) for the knowledge and experience that I gained from him during course of training which I can easily look at as my most rewarding phase the course of my study. Without his immaculate and intellectual guidance, sustained efforts and friendly approach, it would have been difficult to achieve the result in a short span of period. Not leaving behind the contribution of all other staff members at Finance Department for sharing with us the wealth of their experience and knowledge.

PREFACE

MBA is stepping stone to management career. In order to achieve practical, positive and concrete results, the classroom learning need to be effectively fed to the realities of the situation existing outside the classroom. This is practical true for management. To develop healthy managerial and administrative skills in the potential managers it is necessary that theoretical knowledge must be supplemented with exposure of real environment. Actually it is very vital for the management and it is in the practical training that the measuring of management is itself realized. I took summer training in well-managed organization and was fortunate to get a good exposure. In this project report an attempt has been made to cover different aspects of my training.

NITIN PAL SINGH

INTRODUCTION

Bicycle was seen in India in the year 1890. Import of cycles, however, started in 1905 and continued for more than 50 years. The Government in July 1953 announced complete ban on imports, but cycle kept on simmering in the country till 1961. In 1890, selling price of an imported bicycle was around Rs. 45/-; in 1917, during the First World War the price jumped to Rs. 500/- but dropped considerably, month by month and came down to Rs. 35/- or so (U.K. makes) and Rs. 15/- or so (Japanese models).

It would be interesting to mention that in 1919, five persons in Punjab imported cycles and used them on The Mall, Simla. These included one Bishop, Two military men and two contractors including S. Pala Singh Bhogal (Grand Father of Mr. M.S. Bhogal of Ludhiana). Under special permission of the Governor, they were allowed to use cycles on The Mall only for one hour in a day. They imported B.S.A. Cross bar Cycle from U.K. and it used to be a kind of Mela at that particular hour on the Mall in Simla, the scene watched by hundreds of people every day. Later, a firm was formed under the name of Singh & Co. with shops on Railway Road, Jalandhar and Bazaar Vakillan, Hoshiarpur, which imported bicycles in the year 1930 onwards.

THE ORGANISATION HERO CYCLES LTD

The Beginning

We look over our shoulders, we see the past. We use it to make a better present and a beautiful tomorrow, as tomorrow isnt just another day; its another chance for us to better ourselves and to excel.

Hero Cycles is a product of this philosophy. The philosophy that instills commitment, team work and foresight. Heros colossal journey started before independence. The four Munjal brothers, hailing from a small town called Kamalia, now in Pakistan, are the men who are behind the mission. Brotherhood apart, what knit the men together was the wealth of will, integrity, ambition & determination. In the year 1944, they decided to start a business of bicycle spare parts in Amritsar. Its modest beginning and the next 3 years saw the business grow rapidly. But the dark clouds of partition eclipsed their plans of the future. With renewed vigor and optimism, the operational base was shifted to Ludhiana. By 1956, the brothers had begun manufacturing key components of bicycles and as a logical way forward, began to assemble the entire cycle at their manufacturing plant in Ludhiana. In the early days, the plant had a capacity for 25 cycles per day. Over the next few

years, the Bicycle Unit started growing in stature and size, attracting skilled engineers, technocrats, administrators and entrepreneurs. From a modest beginning of mere 639 bicycles in the year 1956, Hero Cycles products over 18500 cycles a day today, the highest in global reckoning. With the 48% share of the Indian market, this volume has catapulted Hero in the Guinness Books of World Records in 1986 and edge over global players is being maintained since then.

A tiny acorn has now become a mighty Oak. From cycle to two - wheelers were a natural step, and the Hero Group came into being. The Hero Group, today, is a vast conglomerate of companies, either in the form of collaborations, joint ventures or fully owned subsidiaries, with more than Rs. 10000 Crore turnover annually. Hero Group, besides being the worlds largest manufacturers of bicycles, motorcycles and chains to this date, has diversified into newer segments like Information Technology, IT Enabled Services and Financial Services.

THE HERO GROUP

The Hero Group has done business differently right from the inception and that is what has helped us to achieve break-through in whatever product category we have ventured. The Groups low key, but focused; style of management has earned the plaudits amidst investors, employees, vendors and dealers, as also worldwide recognition.

The growth of the Group through the years has been influenced by the number of factor:

The Hero Group through the Hero Cycles Division was the first to introduce the concept of just-in-time inventory. The Group boasts of superb operational efficiencies. Every assembly line worker operates two machines simultaneously to save time and improve productivity. The fact that most of the machines are either developed or fabricated in-house has resulted in low inventory levels.

In Hero cycles Limited, the just-in-time inventory principle has been working since the beginning of production in the limit in the unit and is functional even till date. The vendors bring in the raw material and by the end of the day the finished product is rolled out of the factory. This is the Japanese style of production and in India; Hero is the first company to have mastered the art of the just-in-time inventory principle

.

HERO GROUP COMPANIES

Hero Group ranks amongst the Top 10 Indian Business Houses comprising 18 companies, with an estimated turnover of US$1.8 billion during the fiscal year 2003-2004.Hero Cycles Limited

Hero Honda Motors Limited

Hero Cold Rolling Division

Hero Motors Limited

Hero Exports

LOGO

Majestic Auto Limited

Rockman Cycle Industries

LOGO

Highway Cycle Industries

LOGO

Sunbeam Auto Limited

LOGO

Munjal Auto Industries Limited

Munjal Showa Limited

14

Munjal Castings

Munjal Auto Components

Hero Global Design

Hero Corporate Services Limited

Hero ITES

Hero Mind mine

Hero Soft

Munjal e-systems

Easy Bill Limited

The Driving Force: Chairman

Dr.Brijmohan Lall Munjal, patriarch of the US$ 3.19 billion Hero Group was born in 1923, in what is now Pakistan. After partition, the Munjal brothers started a small business of manufacturing bicycle components in Ludhiana in North India in the face of the bottlenecks of industrial infrastructure and investments. Dr Lall led a small time manufacturer of 60 cycles a day to become a manufacturing giant, which churns out not only over 17,000 cycles per day but is also diversified into various domains. Undoubtedly, Dr.Lall is a first generation business entrepreneur of the 1950s'.

Dr.Lall has enriched the Hero Group with his vision of sound business governance and value driven management practices. His foresight has made the Hero Group a leader in its business. Dr Brijmohan Lall is a role model for Indian Industry in corporate governance and ethical and value-driven management practices. His principle-based leadership has led the Group companies to receive the best industrial governance and safety awards and acquire stringent value certifications.

Dr.Lall was amongst the first Indian industrialists to effectively implement backward integration and he is acknowledged as the trend setter in the area. Apart from the promotion of the Indian industry, he is the actively involved in many national associations such as CII, SIAM, ASSOCHAM and PHD and is a member of the Regional Board of the Reserve Bank of India. He is Honorary Fellow of the Indian Institute of Industrial Engineering.

Dr.Lall has received various accolades and awards for his immense contribution to the Indian industry. He was adjudged Businessman of the Year in 1994 by a leading business magazine - Business India.

In 1995, Dr.Lall received the National Award for outstanding contribution to the Development of Indian Small Scale Industry. (NSIC award - presented by the President of India)

In 1999, the Business Baron recognized him as the "Most Admired CEO."

The PHD Chamber of Commerce and Industry presented him with the

Distinguished Entrepreneurship Award in 1997, in recognition of his outstanding exemplary entrepreneurship. Xavier Labour Relations Institute (XLRI), a premier institution has conferred on him the honor of Sir Jehangir Ghandy Medal forIndustrial Peace in 2000.

Ernst and Young has recognized him as the "Entrepreneur of the year 2001."

All India Management Association conferred him with the Lifetime Achievement award for "Managment"(2003)

Banaras Hindu University, Varanasi one of the most prestigious Universities of India conferred him with a Doctrate; degree of "Doctors of letters" Honoris Causa in October 2004

The Government Of India honoured him with the prestigious Padma Bhushan" in March 2005 for his contribution to Trade and Industry

MILESTONES

Heros success saga contains the element of courage, great; determination, enterprises and perseverance coupled with vision and meticulous planning:

1956Hero Cycles Ltd. is established.

1961Rockman Cycle Industries Ltd. established which is today the largest manufacturer of bicycle chains & hubs in the world.

1963Bicycle exports take off from India a faray into the international market.

1971Highway Cycles was set up. It is today the largest manufacturer of single speed & multi-speed freewheels in the country.

1975Hero Cycles Limited became the largest manufacturer of bicycles in India.

1978Majestic Auto Limited was formed and Hero Majestic Moped was introduced.

1981Munjal Casting established.

1984Hero Honda Motors Limited established in joint venture with Honda Motors, Japan to manufacture Motorcycles. It is now the worlds largest producer of two-wheelers.

1985- Munjal Showa Ltd. established to manufacture shock absorbers and struts and is today one of the topmost shock absorber manufacturers companies in this country.100cc Hero Honda Motorcycle was launched, which, later on in 1988, became No.1 among all motorcycles in India.

1986Hero Cycles Limited entered the Guinness Books of World Records as the Largest bicycle manufacturer in the world.

1987Hero Motors, a division of Majestic Auto Limited set up on collaboration with Steyr Diamler Puch of Austria.

1987Gujarat Cycles Limited, now known as Munjal Auto Centre Ltd. was established to manufacture and export state-of-the-art bicycles and light products in its full automated plant at Wagodia.

1987Sunbeam Auto Limited, earlier a unit of Highway Cycle Ind. Ltd., established as an ancillary to Hero Honda. It has the largest die casting plant in India.

1988Hero Puch was introduced by Hero Motors Ltd., which was a revolutionary machine to set new records of petrol.

1989Ranger bicycles (a generic name for Mountain Bikes today) was introduced by Hero Cycles Limited.

1990Hero Cold Rolling Division established which is one of the most modern steel cold rolling plants in India.

1991Hero Honda received National Productivity Council Award and also the Economic Times Harvard Business School Association Award against 200 contenders.

1991Hero Cycles introduced Kid the first branded bike in childrens segment.

1992Hero Cycles introduces Impact, the first citibike in India.

1992Munjal Showa Ltd. received national safety award.

1993Hero Exports was established as International Trading Division for group & non-group products.

1995Hero Corporate Services Ltd. was established.The first exerbike from Hero Group was introduced with the name Allegro.

1996Hero Winner, a large wheeled scooter with a choice of 50 cc & 75 cc engines was launched by Hero Motors Ltd.

1998Hero Briggs & Stratton Auto (P) Ltd. was set up to produce 4-stroke two wheeler engines in various cubic capacities.

1998Munjal Auto Components established to manufacture gear shaft & gear blanks for motorcycles.

2000The first fully automated bicycles by the name POWERBIKE was introduced by Hero Cycles Limited. Hero Corporate diversified into I.T. and I.T. Enabled Services through its services segment Hero Corporate Services Limited.

2001Hero Honda emerges as the market leader in motorcycles with the sales of over a million motorcycles and a market share of 47%.

2002Hero Cycles Limited ties up with National Bicycle Industries, a part of Matsushita Group, Japan, to manufacture high-end bicycles.Fastener World established.

2002Easy Bills Limited established to offer utility bill collection and retail services.

2003Tie-up with Live Bridge Inc., U.S.A., Aprilia Scooters, Haly & Bombardier Rotax GmbH of Germany.

2003Super Starter Series Launched by Hero Cycles Limited.

2003Hero Honda continues to be the worlds largest manufacturer of two-wheelers with the market of more than 48%.

2004Hero Retail Insurance Business established.Super Smart Series introduced by Hero Cycles Limited.

2005Hero ITES strengthens its relationship with ACS, USA USD 5 BILLION-market cap and fortune 500 companies.

2006Hero Honda crosses a unit sales threshold of 3 MILLION motorcycles.

2006Hero Honda enters the scooters segment, launches 100 cc pleasure.

2006Hero group celebrates GOLDEN JUBILLEE YEAR since inception. It was commemorated by sales of over 15 million motorcycles & over 100 million bicycles.

2007Hero group has made 13 models of e-bikes.

HERO: THE SUPER BRAND

By Definition, a Super brand offers consumers significant emotional and physical advantages over its competitors, which consciously or subconsciously consumers want, recognize and are willing to pay a premium for. A Super brand cannot be substituted. It is part of our life. It has become one with us.In the morning, we want a familiar flavour of tea, brush with a familiar toothbrush, using a familiar taste of toothpaste. The soap we use has a familiar smell. The shaving cream and the shaving razor are familiar and so is the tang of the aftershave. And so through the day, we reach out for familiars.In a departmental store, we go to familiar sections and shop familiar brands. When a new one appears in the racks, we stop and look at it suspiciously. Often, we postpone the decision to try a new for another day, another time. When a brand embeds itself into our lives and we are willing to go to next shop, to look for it, we are longer looking for a brand. We are searching for a Super brand.What makes a Super brand? Own the years; the Indian market place has been witness to the emergence of a wide variety of Super brands. Many have followed the Standard rules of becoming a Super brand: great product energy to exploit the market, relevance to consumer needs of wants, edge in business technology, superb distribution and superbly chain and consistent quality. It is a leap from branding to brand leadership.Considered as Oscars of Branding, in 25 countries of the world, the Super Brands in India were bought by the finest marketing guru of all times Late Shunu Sen and the unbiased rating agency Super Brands India is now headed by advertising in India Mr. Dilip Sehgal, Mr. KMS Ahluwalia, Mr. Mike Khanna, Mr. Nabankur Gupta, Mr. Piyush Pandey, Mr. Raghav Bahl, Mr. Sunil k Alagh, Mrs. Tara Sinha and Mr. Yogi C Deveshwar, besides others.Globally, a select few, exceptionally powerful brands, are recognized as Super Brands. Some of the Indian brands have made it into this unique hall of fame, and amongst that coveted group features Hero Cycles. Super Brands are actually the big ideas, which 23 provoke us to explore the realms of our dreams and inspire us to live satisfying life styles. Anchored in omnipotent consumer insights, the super brands go beyond mere functional promises as they trigger deeply embedded emotional chords.Hero Cycles has been one of the most progressive and dynamic brands for the decades now. More than 3200 dealers, 4800 employees and more than 9.6 crore satisfied customers, have directly or indirectly, endeavored tirelessly to make Hero Cycles a phenomenal success and are the true guardians of this brand.Ambitions, belief, empathy and a strong culture of sensitivity are at the heart of Hero Cycles brand. Each of these values is reflected in the companys products, its communication and its dealings with suppliers, employees, dealers and customers. Be it companys environment friendly manufacturing processes or the brand initiatives for the lower income customers, leadership is all about capturing the hearts & minds of the people- the way a true Hero always does.

GLOBAL GEARING: EXPORTS

As early as in the 1960s' very few Indian bicycle manufacturers were interested in exports. However, the Hero Group's foray into the overseas markets in 1963 pioneered Indian exports in the bicycle segment. It was a move prompted essentially by the need to remain attuned to the global marketplace.

While initial exports were restricted to Africa and the Middle East, today more than 50 percent of the exports from Hero CyclesLimited 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 been continuously upgrading technology and has set up special units - like Gujarat Cycles Limited (now Munjal Auto Industries Limited), to meet international quality standards. Munjal Auto Industries Limited has state-of-the-art equipments imported from Europe and Taiwan. The unit is designed to match international standards and is an Export Oriented Unit (EOU). Its products are supplied to the International Markets of developed countries like United Kingdom, Germany, and France etc.The Group's exports have gone beyond cycles and their components. The success of the Hero Majestic moped did not remain confined to Indian shores. Finding enthusiastic buyers across the world, it became the largest exported moped from India.

Hero Puch is perhaps the first Indian two-wheeler to be homologated abroad (in Spain) and has assembly plants in Mauritius and Egypt. Today Hero Puch mini-motorcycles can also be seen in Paraguay, Mexico, Argentina, Turkey and Holland.

Group Company, Munjal Showa Limited is one of the largest suppliers of shock absorbers to major auto giants in Japan, United States and the United Kingdom, amongst other developed markets.In 1993 Hero Exports was established as the International Trading Division for Group and non-Group products. The Government of India recognizes Hero Exports as a Trading House.And the latest diversification for the Group in the export market is in the area of Software exports and providing Business Processing and Contact Center Services through Hero Corporate Service limited. The company exports services to many Fortune 1000 corporations in the USA, UK and Australia and has offices in UK & USA to manage client relationships.

VISION AND MISSION

The Vision

We, at the Hero Group are continuously striving for synergy between technology, systems and human resources to provide products and services that meet the quality, performance, and price aspirations of the customers. While doing so, we maintain the highest standards of ethics and societal responsibilities, constantly innovate products and processes, and develop teams that keep the momentum going to take the group to excellence in everything we do.

The Mission Statement

Its our mission to strive for synergy between technology, systems and human resources, to produce products and services that meet the quality, performance and price aspirations of our customers. While doing so, we maintain the highest standards of ethics and societal responsibilities.This mission is what drives us to new heights in excellence and helps us forge a unique and mutually beneficial relationship with all our stakeholders. We are committed to move ahead resolutely on this path, shown to us by visionaries like Mr. Satyanand Munjal, Mr. Om Prakash Munjal, the late Mr. Dayanand Munjal and late Mr. Raman Kant Munjal. Mr. Brijmohan Lall Munjal, Chairman & MD THE HERO GROUP.

Quality: The Driving Force

At Hero Cycles, quality is a tradition, be it in the form of well trained labour, technically superb machines or world class quality. The conformance to quality at Hero begins on shop floor, with every worker ensuring at each stage manufacturing, that only perfect product passes through his hands. Heros production department too believes in following the zero-defect approach and continuous upgradation of its manufacturing systems. The marketing and operations teams are also constantly creating new and effective strategies using modern management techniques. And finally, every Hero cycle goes through a series of rigorous quality checks before it leaves the factory. No wonder, Hero is in proud possession of ISO-9001, ISO-9002 & BVQI certifications and also ISO 14001, environmental compliance endorsement from the Ministry of Environment.Constant quality upgradation ensures that the company stays in the global mainstream and maintains its edge, through excellence. A technology tie-up with National Bicycle Industries of Japan led to the launch of the World 1 series of cycles, besides introduction of new frame designing and features like- A-frame, D-frame, Y-frame, Swan shaped frame, speedometers & indicators among other

Building Relationships

At Hero, its always believed that there is much more to life than just business. As a company with a heart, it has certain commitments towards its employees, the society and the nation. Though growing incomes, changing life styles and availability of cheap customer finance has changed the market scenario enormously; Hero believes that cycles can still be the driving force of the rural economy. By introducing the loan facilities under Hero Cycle Loan Yojana through Corporation Bank and Oriental Bank of Commerce, Hero Cycles has enabled low income customers to purchase cycles on easy term. Commitment to its employees is just as important as commitment to the society. All efforts are taken to make sure that employees are provided the best working conditions as work culture at Hero revolves around the philosophy-if theres one way to work, its with the heart. At Hero Cycles, there is a strong affinity towards building the relationships with employees, workers, vendors and dealers. Job security, growth opportunity and respect are the unspoken, yet understood components of every mans package who chooses to work within the fold ofHero family. It is quite common to find two generations of the same family working together in the company, or the workers sharing their skills with otherfamily members and passing on finest training to each other. It goes without saying that people at Hero are its largest investment and easily the largest asset.At customer front too, Heros perception of customer relationship management (CRM) does not end with merely meeting their expectations and aspirations or by ensuring complete customer delight by overnight turnaround of customer complaints, but it goes several steps beyond that horizon. The company believes in delivering value to the customers even before they feel the need. This has helped Hero Cycles develop immense brand loyalty and customer satisfaction. Like a true Super Brand, Hero has been able to attract the respect and awe of not only its users, but also those who are directly or indirectly exposed to it.

RESEARCH AND DEVELOPMENTOF HERO CYCLES

1. Specific areas in which R&D carried out by the company: -Increasing competition in the market place has brought into sharp focus importance of differentiation. Our in-house Research & Development Centre, which is recognized by DSIR Govt. of India, plays a pivotal role in launch of innovative product models on continuous basis. Our product models excel in meeting expectations from extremely demanding customers of todays modern era.

2. Benefits derived as a result of the above R & D activities: -This brought the concept of high quality low cost/fancy bicycles.

3. Future plan of action: - Though the domestic market for standard bicycles is shrinking since last three years but the fancy segment has shown a significant upsurge in the demand. Moreover India has a very small share of Global Market. The up graduation of technology through in-house research will assist the company in design development to capture the vast untapped market potential.

Technology Absorption, Adaptation and Innovation

(ii) The company is upgrading technology absorption and innovation to enhance its range of product both in domestic and export. Some of new designs developed through in house research and registered under Design Act with Controller General of Patents Design and Trade Marks are Anaconda, wizard, crusader, DTB, Miss India, Twinkle (Brat) and Tech Team.While in Indian market it is directed towards introducing products at lower cost

e.g. Wonder Years and Brat series to the benefit of masses or high-end technology products like Street Racer, Fusion, Yiking Hero and Miss India Series (for the ladies) which completes the total product range.(iii) The company has not imported any technology in the last 5 years. However, it has entered into a technical assistance agreement with national Bicycle Industrial Co. Ltd. Kashiwara City, Osaka, Japan in 2002 for upgrading its technology.

Outlook

During the year 2006-07 the economy has shown further improvements and the GDP has also increased. Your directors are pleased to inform you that despite the volatility in the prices of main inputs i.e. steel and nickel your company has increased its production by 5.47% vis a vis previous year by introducing new era light alloy bicycles and powered cycles as well as bikes with a sincere focus on students.

Industry producing the rolling steel strips can be broadly classified into two categories i.e. narrow (400mm) and wide (1650mm). Your company comes under mid segment with a capacity to produce up to 800mm wide strips. The industry is further classified into Stand Alone manufacturer and Integrated manufacturer. Though the Stand Alone manufacturer are putting up a stiff competition , your directors are hopeful that companys C.R.Division will do well by putting emphasis on special grades, narrow and thinner strips with short delivery period and fast customization.INNOVATIONS

Born out of PassionThe ore goes into fire only to shed off its impurities. Similar is the man whose virtues shine when he is tried by the fire of life. Taking upon Novelty itself as a competitor, the Hero Cycles, has been always striving for perfection and innovation in every aspect

of their dealings. The pursuit to innovate is endless at Hero, so much so that innovation has become a buzz word in Hero premises. Hero Cycles has been able to use changes and new trends to its advantage by identifying emerging need gaps and expanding its product portfolio to appeal to different kinds of customers. In its endeavour to keep a step-ahead of times, Heros most advanced & modern R & D department continuously creates innovative products having functional attributes & aesthetics, meeting the aspirational needs of its proud customers around the globe. As a result, Hero Cycles was able to launch several new concepts and models in bicycles like the Mountain Bikes, Racer Bikes, Dirt Terrain Bikes & D-frame bikes besides creating a variety of cycles for different user segments and sub-segments including women and children, students, adventure seekers, labourers, city customers and fitness conscious. Rolling out nineteen new models in just one year, itself speaks volume for Heros emphasis on innovations & designs.

Promotions

Until 1986, the company had no need for mass communication. But as competition started growing, Hero Cycles begun to feel the need for creating lasting impression on the customers mind. In the mid 1980s Hero was perceived to be the manufacturer of the basic black bicycles. The company required an image change. It needed to communicate to customers the vast portfolio of products that it had, particularly in the recreational segment. The launch of innovative products and their use as image builders happened simultaneously. Since 1986, the communication strategy has been to build each product separately and create a unique positioning for them. In this way the Ranger was positioned as the bike for outdoor fun, Impact was the preferred choice among city riders and Jet was projected as the lightest running roadster while Hawk was the racers edge. Each of these launches and their promotion, gave the Hero brand a new meaning. The brand has also used celebraties - including film stars Sanjay Dutt, Rani Mukherjee, Hrithik Roshan and Ameesha Patel. The latest is Indias new bowling sensation, Irfan Pathan who has also been a real life Hero cycle user.

SOCIAL RESPONSIBILTIES

In this way, the company has fulfilled its social obligation. Charged with their mission nationalistic fervor, the Hero Group has always been actively involved in Social and Medicare activities, such as providing medical facilities for the under privileged, Hospitals, Heart Research Foundation and Mobile Medical Vans. Hero also runs schools and colleges, maintains parks and public facilities.

MAJOR PRODUCTS

The Hero Cycles Ltd. Manufactures cycles, rims , free wheels ,hubs & chains and cold rolled strips as a main product. Company has long portfolio of different range of cycles. Company has 132models in the list , covers all the three section-gents, ladies and kids. It also manufactures cycles parts for its own requirements. After fulfilling the requirements of company ,it can export its remaining quantity

The main products are:-

i) Cycles

ii) Rims

iii) Free wheels

iv) Hubs and Chains

v) Cold Rolled strips

vi) E-Bikes

COMPETITORS

IN CYCLE MARKET:

AVON

OPERA

TI

ATLAS

OTHERS (NEELAM,KW,BS)

IN E-BIKE MARKET:

CHINA HITECH

AVON

OPERA

ULTRA

TVS

OWNERSHIP OF MANAGEMENT

BOARD OF DIRECTORS

SH. OM PARKASH MUNJAL (CHAIRMAN CUM M.D.)

SH. PANKAJ MUNJAL (CO-CHAIRMAN CUM M.D.- NEW HERO AUTO RIM DIV.)

SH. S.K. RAI (M.D. WORKS)

DR. M.A. ZAHIR (DIRECTOR)

DR. SANDEEP DINODIA (DIRECTOR)